/raid1/www/Hosts/bankrupt/TCRLA_Public/130312.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, March 12, 2013, Vol. 14, No. 50
Headlines
B A H A M A S
BRITISH AMERICAN: U.S. Court to Hear Suit Against Ex-Directors
B R A Z I L
NATIONAL COMMERCIAL: S&P Lowers Issuer Credit Rating to 'CCC+/C'
OAS SA: S&P Affirms 'BB-' Rating; Outlook Stable
C A Y M A N I S L A N D S
ACCESS OFFSHORE: Commences Liquidation Proceedings
ASSET & ASHE: Commences Liquidation Proceedings
ASSET & ASHE MANAGEMENT: Commences Liquidation Proceedings
AUSTIN CAPITAL: Commences Liquidation Proceedings
AUSTIN CAPITAL SAFE: Commences Liquidation Proceedings
BLACKROCK SELECT: Placed Under Voluntary Wind-Up
DEVELOPMENT PRINCIPLES: Placed Under Voluntary Wind-Up
GENESIS PARTNERS II: Commences Liquidation Proceedings
GULFMENA OPPORTUNITIES: Placed Under Voluntary Wind-Up
GULFMENA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up
HM MVS: Commences Liquidation Proceedings
JEMEKK LONG/SHORT: Placed Under Voluntary Wind-Up
KRIYA UPROFISH: Placed Under Voluntary Wind-Up
NBK-FRONTIER MULTI: Placed Under Voluntary Wind-Up
PMI CDS: Commences Liquidation Proceedings
SEER CAPITAL: Commences Liquidation Proceedings
SL ONE: Placed Under Voluntary Wind-Up
SL TWO: Placed Under Voluntary Wind-Up
UPROFISH CAPITAL: Placed Under Voluntary Wind-Up
WESTCLIFF INTERNATIONAL: Commences Liquidation Proceedings
G R E N A D A
* GRENADA: Plans to Restructure Public Debt
J A M A I C A
* JAMAICA: Hopes to Earn Over J$360 Billion in Taxes
M E X I C O
* MEXICO: Moody's Confirms Naucalpan's B3.mx Issuer Rating
P U E R T O R I C O
EMPRESAS INTEREX: Plan Outline Hearing Scheduled for March 27
JC PENNEY: Cuts Additional 2,200 Workers to Slash Costs
V E N E Z U E L A
* VENEZUELA: Fitch Keeps Negative Outlook on 'B+' Sovereign Rtng
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B A H A M A S
=============
BRITISH AMERICAN: U.S. Court to Hear Suit Against Ex-Directors
--------------------------------------------------------------
Bankruptcy Judge Erik P. Kimball tossed out the request of
Lawrence Duprey and Vishnu Ramlogan to dismiss Count I of the
adversary complaint filed against them by British American
Insurance Company Limited, a Chapter 15 debtor. The Court also
rejected the Defendants' request for the Court to abstain from
adjudicating Count I.
In Count I, British American Insurance Company Limited seeks
damages for breach of fiduciary duty against its former directors,
including the Defendants. The Defendants argue that the claim
presented in Count I is a tort claim constituting intangible
property located outside the United States and that the Bankruptcy
Court is without jurisdiction to entertain such a claim in light
of the provisions of 11 U.S.C. Sec. 1521(a)(5). The Defendants
argue that the Court also lacks subject matter jurisdiction as Mr.
Brian Glasgow, the foreign representative of BAICO in the nonmain
chapter 15 case, lacks standing to pursue Count I because he
represents only a branch of BAICO in Saint Vincent and the
Grenadines and not the entire entity. The Defendants argue that
permitting Mr. Glasgow to bring Count I under United States
bankruptcy jurisdiction would have unintended and unwelcome
consequences. In the alternative, the Defendants argue that the
Court should abstain from adjudicating Count I under the
permissive abstention provisions of 28 U.S.C. Sec. 1334(c)(1).
Judge Kimball, however, held that:
-- there is "related to" jurisdiction over Count I of
the complaint under 28 U.S.C. Sec. 1334(b);
-- 11 U.S.C. Sec. 1521(a)(5) does not present a limitation
on the Court's subject matter jurisdiction;
-- 11 U.S.C. Sec. 1521(a)(5) limits the Court's in rem
jurisdiction but such jurisdiction is not implicated in
Count I; and
-- 28 U.S.C. Sec. 1334(c)(1) does not permit the Court to
abstain from hearing Count I on a permissive basis.
The lawsuit is styled as, BRITISH AMERICAN INSURANCE COMPANY
LIMITED, Plaintiff, v. ROBERT FULLERTON, BRIAN BRANKER, RAMCHAND
RAMNARINE, LAWRENCE DUPREY, VISHNU RAMLOGAN, SHIVA RAMBERRAN,
GREEN ISLAND HOLDINGS, LLC, and CHARLES PRATT, Defendants, Adv.
Proc. No. 11-03118 (Bankr. S.D. Fla.). A copy of the Court's
Feb. 28, 2013 Memorandum Opinion is available at
http://is.gd/d9Bu30from Leagle.com.
About BAICO
British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company. BAIC is owned by
Trinidad-based parent CL Financial. BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).
By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.
===========
B R A Z I L
===========
NATIONAL COMMERCIAL: S&P Lowers Issuer Credit Rating to 'CCC+/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to
'CCC+/C' 'B-/B'. The downgrade follows the completion of the
sovereign domestic debt exchange program and the resulting upgrade
of Jamaica to 'CCC+/C' from 'SD'. The ratings on the bank remain
on CreditWatch with negative implications, where S&P put them on
Feb. 15, 2013. S&P is also lowering NCBJ's stand-alone credit
profile (SACP) to 'b' from 'b+' following the change in Banking
Industry Country Risk Assessment (BICRA) on Jamaica to group '10'
from group '9'.
"The bank's downgrade reflects its significant exposure to
Jamaican sovereign-debt securities and loans to public entities
(62% of its total investment and loan portfolio). As a result,
the sovereign ratings cap the ratings on bank," said Standard &
Poor's credit analyst Vitor Garcia.
OAS SA: S&P Affirms 'BB-' Rating; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'brA-' national scale ratings on OAS S.A. (OAS). At the same
time, S&P assigned its 'brA-2' national scale short-term issue
level rating to the company's proposed 12-month debentures for
R$150 million. The outlook remains stable.
OAS will likely post weaker-than-expected credit metrics for
fiscal 2012, mainly as a result of a higher debt. "We believe
this is a temporary situation related to the progress in its main
projects, and is not indicative of a more aggressive financial
policy or growth strategy," said Standard & Poor's credit
analyst Luciano Gremone. Therefore, S&P's expectations regarding
the company's ability to reduce its debt and strengthen its credit
metrics over the next two to three years remain unchanged.
The ratings on OAS continue to reflect its "fair" business risk
profile and "aggressive" financial risk profile. The ratings also
reflect the company's large debt due to aggressive growth strategy
of previous years and some execution risks associated with the
ramp-up of its main investments. The positive rating factors are
OAS' favorable market position in the Brazilian engineering and
construction (E&C) industry and the expectation that the company's
growth strategy will moderate and it will pay down its debt in the
next few years.
==========================
C A Y M A N I S L A N D S
==========================
ACCESS OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Access Offshore Fund,
Ltd resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Harold Stuart Zlot
c/o John O'Driscoll
Walkers
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
ASSET & ASHE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 14, 2012, the sole shareholder of Asset & Ashe Investment
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Xu Zhijun
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
ASSET & ASHE MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 14, 2012, the sole shareholder of Asset & Ashe Management
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Xu Zhijun
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
AUSTIN CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Austin Capital Next
Generation Offshore Fund, Ltd resolved to voluntarily liquidate
the company's business.
The company's liquidator is:
David Friedman
3801 North Capital of Texas Highway, Suite E-
240-89, Austin, Texas, 78746
USA
Telephone: +1 (512) 600 5225
E-mail: dfriedman@acminvestment.com
AUSTIN CAPITAL SAFE: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Austin Capital Safe
Harbor Portable Alpha Offshore Fund One, Ltd resolved to
voluntarily liquidate the company's business.
The company's liquidator is:
David Friedman
3801 North Capital
Texas Highway
Suite E-240-89, Austin
Texas, 78746
USA
BLACKROCK SELECT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Blackrock Select Hedge
Ltd. passed a resolution to wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Lisa Clarke
c/o Jane Fleming or Lisa Clarke
Telephone: (345) 945 2187/ (345) 945 2197
PO Box 30464 Grand Cayman KY1-1202
Cayman Islands
DEVELOPMENT PRINCIPLES: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 19, 2012, the sole member of Development Principles Fund
II GP Limited passed a resolution to wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
GENESIS PARTNERS II: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 29, 2011, the shareholders of Genesis Partners II LDC
resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Private Equity Management, Inc.
E. Shalev Management 2000 (1999) Ltd.
c/o 425 Lexington Ave, 2nd Floor
New York, NY, 10017
USA
GULFMENA OPPORTUNITIES: Placed Under Voluntary Wind-Up
------------------------------------------------------
Gulfmena Opportunities Fund Limited was placed under voluntary
wind up.
Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345) 926 1688
Artillery Court
Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
GULFMENA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------------------
Gulfmena Opportunities Master Fund Limited was placed under
voluntary wind up.
Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345) 926 1688
Artillery Court
Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
HM MVS: Commences Liquidation Proceedings
-----------------------------------------
On Dec. 10, 2012, the shareholders of HM MVS Capital Inc resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 24, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
JEMEKK LONG/SHORT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Jemekk Long/Short Canada
Ltd. passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: +1 (345) 769 4422
Facsimile: +1 (345) 769 9351
Landmark Square
1st Floor, 64 Earth Close
West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
KRIYA UPROFISH: Placed Under Voluntary Wind-Up
----------------------------------------------
Kriya Uprofish Macro Fund was placed under voluntary wind up.
Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345) 926 1688
Artillery Court
Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
NBK-FRONTIER MULTI: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 16, 2012, the sole shareholder of NBK-Frontier Multi Asset
Fund SPC passed a resolution to wind up the company's operations.
The company's liquidator is:
Gavin Lowe
Turners Management Ltd.
Strathvale House
90 North Church Street
PO Box 2636 Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (345) 814 0712
PMI CDS: Commences Liquidation Proceedings
------------------------------------------
On Dec. 17, 2012, the sole shareholder of PMI CDS (Cayman) V
Limited resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Aodh O. Murchu
28 Upper Pembroke Street
Dublin 2
Ireland
Telephone: +3 (531) 234 2641
E-mail: aodh.omurchu@pmigroup.com
SEER CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 19, 2012, the sole shareholder of Seer Capital Talf
Opportunity Fund Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt by Jan. 30,
2013, to be included in the company's dividend distribution.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 914 3115
SL ONE: Placed Under Voluntary Wind-Up
--------------------------------------
On Dec. 19, 2012, the sole shareholder of SL One Limited passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Company Secretaries Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
SL TWO: Placed Under Voluntary Wind-Up
--------------------------------------
On Dec. 19, 2012, the sole shareholder of SL Two Limited passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Company Secretaries Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
UPROFISH CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
Uprofish Capital Management was placed under voluntary wind up.
Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345) 926 1688
Artillery Court
Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
WESTCLIFF INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 17, 2012, the sole shareholder of Westcliff International
Fund Ltd resolved to voluntarily liquidate the company's business.
The company's liquidator is:
WCM Cayman, Ltd
c/o John O'Driscoll
Walkers
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
=============
G R E N A D A
=============
* GRENADA: Plans to Restructure Public Debt
-------------------------------------------
The Caribbean Journal reports that Grenada said the government
will undertake a "comprehensive and collaborative restructuring of
its public debt".
Grenada said "circumstances have forced" the move, which will
include its US and Eastern Caribbean-denominated bonds due in
2025, according to The Caribbean Journal.
"The Grenadian economy has been severely affected by the global
financial crisis and -- despite a debt restructuring in 2005 and
the reforms implemented over the last five years under IMF-
supported programs -- has been unable fully to recover from the
devastation wrought by hurricanes Ivan and Emily in 2004 and 2005,
respectively," the government said in a statement obtained by the
news agency.
The Caribbean Journal notes that Grenada's economy grew by just
0.2% in 2012 under the former government of Prime Minister Tillman
Thomas, according to data from the United Nations Economic
Commission for Latin America and the Caribbean. It had been
projected to grow by 1.2% in 2013, the report relates.
The Caribbean Journal discloses that Grenada missed a coupon
payment on its bond due in 2025 in September, eventually making
the payment just before the expiry of its grace period by
borrowing US$4.4 million.
"With further borrowing no longer a viable option, Grenada
confirmed that it will not have the resources to pay the coupons
that fall due on its U.S. Dollar and E.C. Dollar Bonds due 2025 on
March 15, 2013. . . . Moreover, the Government does not expect to
have the funds to do so within the relevant grace periods."
The Caribbean Journal relates that both the US Dollar and EC
Dollar Bonds are based on step-up coupon structures. The coupons
increased from 2.5% to 4.5% in September 2011, and are scheduled
to step up again, to 6.0%, in September 2013, The Caribbean
Journal discloses.
Further step-ups are scheduled for 2015 and 2017, with the final
step-ups, to 9%, scheduled to take place in September 2018, The
Caribbean Journal notes.
Grenada's recovery from the devastating impact of hurricanes Ivan
and Emily was set back by the onset of the global financial
crisis, with a struggling economy seeing annual contractions in
the range of -1.2%.
By way of comparison, the government said, "the annual growth
assumption that underpinned Grenada's 2005 debt restructuring (a
restructuring that involved no haircut to the principal of the
debt stock) was 4.7% per annum," the report discloses.
The Caribbean Journal notes that the restructuring plans marked
the first major announcement by the government of Prime Minister
Dr. Keith Mitchell.
"The global financial crisis has taken a heavy toll on the
country, and aggravated the severe debt overhang that continues to
weigh down our economy. . . . It is now time for Grenada to
confront the fact that it cannot continue to pay its debts on
current terms, and that the restoration of growth requires the
debt overhang to be resolved. . . . We need a fresh start, and it
is therefore imperative that we approach our creditors promptly to
discuss an orderly restructuring of our liabilities," the report
quoted Finance Minister Mitchell as saying.
The government said it would soon begin initiating contacts with
creditors, including holders of its 2025 bonds and their trustees,
the report notes.
Grenada's Treasury Bills on the Regional Government Securities
Market will not be affected, the report adds.
=============
J A M A I C A
=============
* JAMAICA: Hopes to Earn Over J$360 Billion in Taxes
----------------------------------------------------
RJR News reports that the government of Jamaica is eyeing more
than J$360 billion in taxes for the next financial year.
The figures were presented as part of the medium term fiscal
forecasts, according to RJR News. The report relates that the
government projects tax revenues for this year, will be J$11.7
billion below projections.
The projection was for taxes to exceed J$335 billion this year but
that has been revised down to J$324 billion, RJR News relates.
===========
M E X I C O
===========
* MEXICO: Moody's Confirms Naucalpan's B3.mx Issuer Rating
----------------------------------------------------------
Moody's de Mexico confirmed Naucalpan's issuer ratings of B3.mx
(Mexican National Scale) and B3 (Global Scale, local currency) and
assigns a negative outlook. The rating action concludes the review
for possible downgrade that was initiated on December 4, 2012,
following Naucalpan's default on short-term lines of credit.
In addition, Moody's affirms the debt ratings of a MXN 486 million
(original face value) enhanced loan contracted with Banorte at
Baa3.mx (Mexican National Scale) and B1(Global Scale, local
currency) .
Ratings Rationale:
Naucalpan defaulted in three short-term lines of credit with Banco
Interacciones. Given Naucalpan's acute liquidity pressures it also
defaulted on a factoring facility (cadena productiva) with Banco
del Bajio. Following the default, the review was to evaluate: a)
the willingness of the new administration to pay all outstanding
debt obligations, b) the amount of losses incurred by the banks,
and c) the maintenance of full and timely debt service payments of
Naucalpan's all other debt obligations.
The ratings confirmation reflect: a) the new administration's
recognition of outstanding obligations b) the full refinancing of
the short-term lines of credit (MXN 72 million) with Banco
Interacciones and the restructuring with Banco del Bajio (MXN 15.5
million) to pay due amounts through three installments, and c) the
continued full and timely debt service payments of the
municipality's long-term debt.
In addition to the default, the B3/B3.mx ratings also take into
account Naucalpan's very tight liquidity position, the recording
of unbalanced financial results and moderate debt levels.
According to 2012 preliminary results, net working capital to
total expenditures stood at --36.1% and net direct and indirect
debt was equivalent to 23.8% of operating revenues. The negative
outlook reflects Naucalpan's challenges to structurally improve
its liquidity position and to strengthen its operating and
consolidated financial results.
The affirmation of the MXN 486 million enhanced loan debt ratings
reflect the confirmation of Naucalpan's issuer ratings.
What Could Change The Ratings Up/Down
Given the negative outlook, Moody's does not expect upward
pressure in the short-term. However, the ratings could be
stabilized if liquidity is significantly improved, cash financing
requirements are reduced and gross operating balances turn
positive.
If Naucalpan's liquidity continues to deteriorate and the
municipality recurs again on short-term debt, the ratings could
face downward pressure. Failure to reduce cash financing
requirements and to strengthen gross operating balances could also
exert downward pressure on the rating.
Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Naucalpan's issuer
ratings would likely result in an upgrade of the ratings on the
MXN 486 million enhanced loan. Conversely, a downgrade of
Naucalpan's issuer ratings could also exert downward pressure on
the debt ratings of the loan. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.
The methodologies used in this rating were "Regional and Local
Governments" published in January 2013, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in October 2012.
=====================
P U E R T O R I C O
=====================
EMPRESAS INTEREX: Plan Outline Hearing Scheduled for March 27
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
convene a hearing on March 27, 2013, at 9 a.m., to consider
adequacy of information in the Disclosure Statement explaining
Empresas Interex Inc.'s Chapter 11 Plan. Objections, if any, are
due 14 days prior to the hearing.
As reported in the TCR on Feb. 25, 2013, under the Plan, DF
Services LLC, owed $6,648,614 on a secured claim (Class 1) is
impaired but will have a 100% recovery. The claimant will receive
payment in cash and in full 100% of its claim commencing with the
sale of the seventh residence of those pending to be sold, and the
necessary subsequent residences to be sold at the rate of 70% from
the gross proceeds of the sale of each such residences, until full
payment. DF will retain a second mortgage for $10,000,000 on the
residential housing development, subordinated and subject to that
for $700,000 in favor of Interamerican University of Puerto Rico.
Other secured creditors, namely Banco Popular de Puerto Rico, owed
$1,367,037 on a secured claim (Class 2); Oriental Bank, owed
$300,000 (Class 3), and the Center for Collection of Municipal
Income, owed $86,697 (Class 4), are also impaired but will receive
a 100% recovery. BPPR will receive a promissory note with an
estimated balance of $183,296 as of Nov. 30, 2011, line of credit
for $600,000, and secured mortgage note for $583,741.
Holders of general unsecured claims (Class 5) are impaired but
will have 100% recovery. They will be paid in full satisfaction of
their claims through 60 consecutive monthly installments, without
interest. They will recover 9% during the first yea, 12% during
the following second and third years, 25% during the fourth year,
with the remaining balance of 42% during the fifth year.
Shareholders (Class 6) are unimpaired under the Plan.
"The Debtor believes that the Plan provides the quickest recovery
to Creditors and will maximize the return thereto on their Claims.
ACCORDINGLY, THE DEBTOR URGES ALL CREDITORS TO VOTE IN FAVOR OF
THE PLAN," according to the Disclosure Statement.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/Empresas_Interex_DS.pdf
About Empresas Interex Inc.
San Juan, Puerto Rico-based Empresas Interex Inc. is engaged in
the development, construction, and lease of real estate. One of
the Debtor's construction project is known as Ciudad Atlantis at
Hato Bajo Ward, Arecibo, Puerto Rico.
Empresas Interex filed for Chapter 11 bankruptcy (Bankr. D.P.R.
Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred
Caban Flores presides over the case. The company disclosed
$11,412,500 in assets and $9,335,561 in liabilities.
JC PENNEY: Cuts Additional 2,200 Workers to Slash Costs
-------------------------------------------------------
Jamaica Gleaner reports that J.C. Penney Co. has eliminated an
additional 2,200 jobs as the struggling department store chain
slashes costs after a year of plunging sales and mounting losses.
Company spokesman Joey Thomas said that those being let go worked
in back-office administration in stores and district offices,
according to Jamaica Gleaner. Mr. Thomas said that the cuts
translate to an average elimination of two positions per store,
the report relates.
Jamaica Gleaner says that the cuts come as J.C. Penney lost US$4.3
billion in revenue for the year as a strategy launched in early
2012 by Chief Executive Officer Ron Johnson to scale back most
sales in favor of everyday prices has failed to resonate with
shoppers.
Jamaica Gleaner notes that J.C. Penney reported last month its
quarterly loss widened to US$552 million, or US$2.51 per share,
while revenue slid by a quarter to US$12.98 billion.
The report relates that results for the full year were even more
staggering. J.C. Penney lost US$985 million, or US$4.49 per
share, for the fiscal year, compared with a loss of US$152
million, or 70 cents per share, a year earlier while revenue
dropped 25% to US$12.98 billion from US$17.26 billion, the report
relates.
The report discloses that the latest blow to J.C. Penney is when
one of its biggest shareholders confirmed in a regulatory filing
that it's sold more than 40% of its stake. The move by Vornado
Realty Trust, whose Chairman and Chief Executive Officer Steve
Roth sits on Penney's board, is perhaps the biggest indicator yet
that investors are losing patience with the turnaround strategy,
the report relates.
Mr. Johnson, the report notes, said in New York State Supreme
Court that the Plano, Texas-based company had eliminated 19,000
jobs since he came on board. That figure came up while he was
testifying in a trial that pits Penney against rival Macy's Inc.
over a partnership over the Martha Stewart brand, the report
relates.
The report discloses that when Mr. Johnson joined the retailer,
Penney employed 134,000 people. That means the company has cut
about 16% of its workforce since then, the report adds.
J. C. Penney Company, Inc. -- http://www.jcpenney.com-- through
its subsidiary, J. C. Penney Corporation, Inc., operates a network
of department stores in the United States and Puerto Rico. The
company sells merchandise and services to consumers through its
department stores and through the Internet Website at
http://jcp.com/
=================
V E N E Z U E L A
=================
* VENEZUELA: Fitch Keeps Negative Outlook on 'B+' Sovereign Rtng
----------------------------------------------------------------
The next Venezuelan government will face challenges in quickly
moving to establish a more balanced and sustainable policy mix
that would support improved sovereign credit quality, according to
Fitch. Due to the magnitude of the political transition at hand,
uncertainty over politics and future policy will continue to
represent a key factor influencing the performance of Venezuela's
economy.
Fitch says: "The next government will face a host of economic
problems, including the reduction of fiscal imbalances. The
central government's budget deficit rose to unsustainably high
levels in 2012, even as high oil prices supported government
revenues. A rationalization of heavy pre-election spending levels
will be critical in reducing the rapid pace of debt buildup. We
estimate that the central government's fiscal deficit exceeded 7%
of GDP in 2012.
"In addition, we believe that a focus on the creation of a more
efficient and transparent foreign exchange system would represent
a positive step. Such a system would limit the need for government
FX debt issuance in the domestic market, reduce macroeconomic
distortions and allow more transparent and efficient access to FX
by the private sector. February's devaluation of the bolivar was
an important but insufficient step towards reducing the Venezuelan
currency's overvaluation. Even after the devaluation, heavy demand
for dollars in the Venezuelan economy remains unmet, thus
increasing the risk of greater inflation and shortages.
"Over the medium term, a successful transition to improved growth
performance and reduced vulnerabilities in the Venezuelan economy
will partly depend on the next government's willingness to
increase the coherence and credibility of monetary, fiscal and
exchange rate policies. In addition to the changes outlined above,
improved management of the country's vital oil sector will be
critical for a stabilization of external and fiscal accounts.
"Regardless of the outcome of the upcoming elections, we expect
political considerations to factor heavily into economic
policymaking.
"Over the near term, policymakers will retain a degree of
flexibility in confronting Venezuela's economic challenges. Oil
prices remain at a level that limits destabilizing fiscal
pressures. In addition, government financing needs will be
supported by a captive local market, and the sovereigns' debt
amortization schedule will remain manageable over the next few
years.
"The outlook on Venezuela's 'B+' sovereign rating remains
negative. This reflects the country's weakened policy framework,
which could lead to increased vulnerability to commodity price
shocks and deterioration in fiscal and external credit metrics --
and ongoing political uncertainty. We remain focused on potential
policy changes that could lead to a more balanced, transparent and
sustainable policy mix as the key to improvement in macroeconomic
fundamentals and stronger credit quality."
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 395826857.5 -540627165.4
AGRENCO LTD-BDR AGEN11 BZ 395826857.5 -540627165.4
ALL ORE MINERACA AORE3 BZ 21657457.41 -7184940.816
ALL ORE MINERACA STLB3 BZ 21657457.41 -7184940.816
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.86
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.86
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.86
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.86
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.86
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.86
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.86
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.86
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.86
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.86
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454015.9 -52992212.81
BATTISTELLA BTTL3 BZ 246036232.2 -51251360.68
BATTISTELLA-PREF BTTL4 BZ 246036232.2 -51251360.68
BATTISTELLA-RECE BTTL9 BZ 246036232.2 -51251360.68
BATTISTELLA-RECP BTTL10 BZ 246036232.2 -51251360.68
BATTISTELLA-RI P BTTL2 BZ 246036232.2 -51251360.68
BATTISTELLA-RIGH BTTL1 BZ 246036232.2 -51251360.68
BOMBRIL BMBBF US 344846084.5 -16082109.13
BOMBRIL FPXE4 BZ 19416015.78 -489914901.9
BOMBRIL BOBR3 BZ 344846084.5 -16082109.13
BOMBRIL CIRIO SA BOBRON BZ 344846084.5 -16082109.13
BOMBRIL CIRIO-PF BOBRPN BZ 344846084.5 -16082109.13
BOMBRIL HOLDING FPXE3 BZ 19416015.78 -489914901.9
BOMBRIL SA-ADR BMBPY US 344846084.5 -16082109.13
BOMBRIL SA-ADR BMBBY US 344846084.5 -16082109.13
BOMBRIL-PREF BOBR4 BZ 344846084.5 -16082109.13
BOMBRIL-RGTS PRE BOBR2 BZ 344846084.5 -16082109.13
BOMBRIL-RIGHTS BOBR1 BZ 344846084.5 -16082109.13
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.028
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.028
BUETTNER BUET3 BZ 106809931.8 -26451200.98
BUETTNER SA BUETON BZ 106809931.8 -26451200.98
BUETTNER SA-PRF BUETPN BZ 106809931.8 -26451200.98
BUETTNER SA-RT P BUET2 BZ 106809931.8 -26451200.98
BUETTNER SA-RTS BUET1 BZ 106809931.8 -26451200.98
BUETTNER-PREF BUET4 BZ 106809931.8 -26451200.98
CAF BRASILIA CAFE3 BZ 160938139.9 -149281089.5
CAF BRASILIA-PRF CAFE4 BZ 160938139.9 -149281089.5
CAFE BRASILIA SA CSBRON BZ 160938139.9 -149281089.5
CAFE BRASILIA-PR CSBRPN BZ 160938139.9 -149281089.5
CELGPAR GPAR3 BZ 2657428496 -817505840.1
CENTRAL COST-ADR CCSA LI 369642685.3 -49030758.7
CENTRAL COSTAN-B CRCBF US 369642685.3 -49030758.7
CENTRAL COSTAN-B CNRBF US 369642685.3 -49030758.7
CENTRAL COSTAN-C CECO3 AR 369642685.3 -49030758.7
CENTRAL COST-BLK CECOB AR 369642685.3 -49030758.7
CHIARELLI SA CCHI3 BZ 11165368.88 -88048393.7
CHIARELLI SA CCHON BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHI4 BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHPN BZ 11165368.88 -88048393.7
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.724
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.724
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.724
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.59
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.59
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.59
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.59
COBRASMA CBMA3 BZ 84044218.09 -2153724140
COBRASMA SA COBRON BZ 84044218.09 -2153724140
COBRASMA SA-PREF COBRPN BZ 84044218.09 -2153724140
COBRASMA-PREF CBMA4 BZ 84044218.09 -2153724140
CONST A LINDEN CALI3 BZ 12894010.61 -2805191.164
CONST A LINDEN LINDON BZ 12894010.61 -2805191.164
CONST A LIND-PRF CALI4 BZ 12894010.61 -2805191.164
CONST A LIND-PRF LINDPN BZ 12894010.61 -2805191.164
CONST LINDEN RCT CALI9 BZ 12894010.61 -2805191.164
CONST LINDEN RCT CALI10 BZ 12894010.61 -2805191.164
CONST LINDEN RT CALI1 BZ 12894010.61 -2805191.164
CONST LINDEN RT CALI2 BZ 12894010.61 -2805191.164
D H B DHBI3 BZ 138254321.9 -115344518.7
D H B-PREF DHBI4 BZ 138254321.9 -115344518.7
DHB IND E COM DHBON BZ 138254321.9 -115344518.7
DHB IND E COM-PR DHBPN BZ 138254321.9 -115344518.7
DOCA INVESTIMENT DOCA3 BZ 262638432.2 -199076299.9
DOCA INVESTI-PFD DOCA4 BZ 262638432.2 -199076299.9
DOCAS SA DOCAON BZ 262638432.2 -199076299.9
DOCAS SA-PREF DOCAPN BZ 262638432.2 -199076299.9
DOCAS SA-RTS PRF DOCA2 BZ 262638432.2 -199076299.9
ENDESA COST-ADR CRCNY US 369642685.3 -49030758.7
ENDESA COSTAN- CECO2 AR 369642685.3 -49030758.7
ENDESA COSTAN- CECOD AR 369642685.3 -49030758.7
ENDESA COSTAN- CECOC AR 369642685.3 -49030758.7
ENDESA COSTAN- EDCFF US 369642685.3 -49030758.7
ENDESA COSTAN-A CECO1 AR 369642685.3 -49030758.7
ESTRELA SA ESTR3 BZ 83538938.27 -102223933.2
ESTRELA SA ESTRON BZ 83538938.27 -102223933.2
ESTRELA SA-PREF ESTR4 BZ 83538938.27 -102223933.2
ESTRELA SA-PREF ESTRPN BZ 83538938.27 -102223933.2
F GUIMARAES FGUI3 BZ 11016542.14 -151840377.4
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377.4
FABRICA RENAUX FTRX3 BZ 70649865.99 -75488504.45
FABRICA RENAUX FRNXON BZ 70649865.99 -75488504.45
FABRICA RENAUX-P FTRX4 BZ 70649865.99 -75488504.45
FABRICA RENAUX-P FRNXPN BZ 70649865.99 -75488504.45
FABRICA TECID-RT FTRX1 BZ 70649865.99 -75488504.45
FER HAGA-PREF HAGA4 BZ 20081896.26 -49045924.81
FERRAGENS HAGA HAGAON BZ 20081896.26 -49045924.81
FERRAGENS HAGA-P HAGAPN BZ 20081896.26 -49045924.81
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377.4
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377.4
HAGA HAGA3 BZ 20081896.26 -49045924.81
HOTEIS OTHON SA HOOT3 BZ 255452990.1 -73565093.67
HOTEIS OTHON SA HOTHON BZ 255452990.1 -73565093.67
HOTEIS OTHON-PRF HOOT4 BZ 255452990.1 -73565093.67
HOTEIS OTHON-PRF HOTHPN BZ 255452990.1 -73565093.67
IGUACU CAFE IGUA3 BZ 262778568.4 -57161259.46
IGUACU CAFE IGCSON BZ 262778568.4 -57161259.46
IGUACU CAFE IGUCF US 262778568.4 -57161259.46
IGUACU CAFE-PR A IGUA5 BZ 262778568.4 -57161259.46
IGUACU CAFE-PR A IGCSAN BZ 262778568.4 -57161259.46
IGUACU CAFE-PR A IGUAF US 262778568.4 -57161259.46
IGUACU CAFE-PR B IGUA6 BZ 262778568.4 -57161259.46
IGUACU CAFE-PR B IGCSBN BZ 262778568.4 -57161259.46
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
LA POLAR SA NUEVAPOL CI 623197996 -605184455.9
LA POLAR SA LAPOLAR CI 623197996 -605184455.9
LA POLAR-RT LAPOLARO CI 623197996 -605184455.9
LA POLAR-RT LAPOLAOS CI 623197996 -605184455.9
LATTENO FOOD COR LATF US 14423532 -3506007
LUPATECH SA LUPA3 BZ 943240001.5 -5971578.447
LUPATECH SA LUPAF US 943240001.5 -5971578.447
LUPATECH SA -RCT LUPA9 BZ 943240001.5 -5971578.447
LUPATECH SA-ADR LUPAY US 943240001.5 -5971578.447
LUPATECH SA-RT LUPA11 BZ 943240001.5 -5971578.447
LUPATECH SA-RTS LUPA1 BZ 943240001.5 -5971578.447
MINUPAR MNPR3 BZ 153054387.9 -2037402.694
MINUPAR SA MNPRON BZ 153054387.9 -2037402.694
MINUPAR SA-PREF MNPRPN BZ 153054387.9 -2037402.694
MINUPAR-PREF MNPR4 BZ 153054387.9 -2037402.694
MINUPAR-RCT 9314634Q BZ 153054387.9 -2037402.694
MINUPAR-RCT 0599564D BZ 153054387.9 -2037402.694
MINUPAR-RCT MNPR9 BZ 153054387.9 -2037402.694
MINUPAR-RT 9314542Q BZ 153054387.9 -2037402.694
MINUPAR-RT 0599562D BZ 153054387.9 -2037402.694
MINUPAR-RTS MNPR1 BZ 153054387.9 -2037402.694
NORDON MET NORD3 BZ 12234778.35 -30283728.64
NORDON METAL NORDON BZ 12234778.35 -30283728.64
NORDON MET-RTS NORD1 BZ 12234778.35 -30283728.64
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.2
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.2
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.2
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.2
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.2
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 246810936.7 -224879124.2
PET MANG-RECEIPT 0229296Q BZ 246810936.7 -224879124.2
PET MANG-RECEIPT RPMG9 BZ 246810936.7 -224879124.2
PET MANG-RECEIPT RPMG10 BZ 246810936.7 -224879124.2
PET MANG-RIGHTS 3678565Q BZ 246810936.7 -224879124.2
PET MANG-RIGHTS 3678569Q BZ 246810936.7 -224879124.2
PET MANG-RT 4115360Q BZ 246810936.7 -224879124.2
PET MANG-RT 4115364Q BZ 246810936.7 -224879124.2
PET MANG-RT 0229249Q BZ 246810936.7 -224879124.2
PET MANG-RT 0229268Q BZ 246810936.7 -224879124.2
PET MANG-RT RPMG2 BZ 246810936.7 -224879124.2
PET MANG-RT RPMG1 BZ 246810936.7 -224879124.2
PET MANGUINH-PRF RPMG4 BZ 246810936.7 -224879124.2
PETRO MANGUINHOS RPMG3 BZ 246810936.7 -224879124.2
PETRO MANGUINHOS MANGON BZ 246810936.7 -224879124.2
PETRO MANGUIN-PF MANGPN BZ 246810936.7 -224879124.2
PORTX OPERACOES PRTX3 BZ 976769402.8 -9407990.345
PORTX OPERA-GDR PXTPY US 976769402.8 -9407990.345
PUYEHUE PUYEH CI 24251713.88 -3390038.992
PUYEHUE RIGHT PUYEHUOS CI 24251713.88 -3390038.992
RECRUSUL RCSL3 BZ 41094940.32 -21379158.76
RECRUSUL - RCT 4529789Q BZ 41094940.32 -21379158.76
RECRUSUL - RCT 4529793Q BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0163582D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0163583D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0614675D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0614676D BZ 41094940.32 -21379158.76
RECRUSUL - RCT RCSL10 BZ 41094940.32 -21379158.76
RECRUSUL - RT 4529781Q BZ 41094940.32 -21379158.76
RECRUSUL - RT 4529785Q BZ 41094940.32 -21379158.76
RECRUSUL - RT 0163579D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0163580D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0614673D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0614674D BZ 41094940.32 -21379158.76
RECRUSUL SA RESLON BZ 41094940.32 -21379158.76
RECRUSUL SA-PREF RESLPN BZ 41094940.32 -21379158.76
RECRUSUL SA-RCT RCSL9 BZ 41094940.32 -21379158.76
RECRUSUL SA-RTS RCSL1 BZ 41094940.32 -21379158.76
RECRUSUL SA-RTS RCSL2 BZ 41094940.32 -21379158.76
RECRUSUL-BON RT RCSL11 BZ 41094940.32 -21379158.76
RECRUSUL-BON RT RCSL12 BZ 41094940.32 -21379158.76
RECRUSUL-PREF RCSL4 BZ 41094940.32 -21379158.76
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 113010473 -78451102.12
RENAUXVIEW SA-PF TXRX4 BZ 113010473 -78451102.12
RIMET REEM3 BZ 103098360.9 -185417654.6
RIMET REEMON BZ 103098360.9 -185417654.6
RIMET-PREF REEM4 BZ 103098360.9 -185417654.6
RIMET-PREF REEMPN BZ 103098360.9 -185417654.6
SANESALTO SNST3 BZ 31802628.1 -2924062.868
SANSUY SNSY3 BZ 183655396.8 -138233504.6
SANSUY SA SNSYON BZ 183655396.8 -138233504.6
SANSUY SA-PREF A SNSYAN BZ 183655396.8 -138233504.6
SANSUY SA-PREF B SNSYBN BZ 183655396.8 -138233504.6
SANSUY-PREF A SNSY5 BZ 183655396.8 -138233504.6
SANSUY-PREF B SNSY6 BZ 183655396.8 -138233504.6
SAUIPE PSEG3 BZ 18005034.37 -5223527.469
SAUIPE SA PSEGON BZ 18005034.37 -5223527.469
SAUIPE SA-PREF PSEGPN BZ 18005034.37 -5223527.469
SAUIPE-PREF PSEG4 BZ 18005034.37 -5223527.469
SCHLOSSER SCLO3 BZ 56671769.64 -52218991.26
SCHLOSSER SA SCHON BZ 56671769.64 -52218991.26
SCHLOSSER SA-PRF SCHPN BZ 56671769.64 -52218991.26
SCHLOSSER-PREF SCLO4 BZ 56671769.64 -52218991.26
SNIAFA SA SNIA AR 11229696.22 -2670544.877
SNIAFA SA-B SDAGF US 11229696.22 -2670544.877
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.877
STAROUP SA STARON BZ 27663604.95 -7174512.028
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.028
STEEL - RCT ORD STLB9 BZ 21657457.41 -7184940.816
STEEL - RT STLB1 BZ 21657457.41 -7184940.816
TEKA TKTQF US 363575480.9 -371579997.4
TEKA TEKA3 BZ 363575480.9 -371579997.4
TEKA TEKAON BZ 363575480.9 -371579997.4
TEKA-ADR TEKAY US 363575480.9 -371579997.4
TEKA-ADR TKTPY US 363575480.9 -371579997.4
TEKA-ADR TKTQY US 363575480.9 -371579997.4
TEKA-PREF TKTPF US 363575480.9 -371579997.4
TEKA-PREF TEKA4 BZ 363575480.9 -371579997.4
TEKA-PREF TEKAPN BZ 363575480.9 -371579997.4
TEKA-RCT TEKA9 BZ 363575480.9 -371579997.4
TEKA-RCT TEKA10 BZ 363575480.9 -371579997.4
TEKA-RTS TEKA1 BZ 363575480.9 -371579997.4
TEKA-RTS TEKA2 BZ 363575480.9 -371579997.4
TEXTEIS RENA-RCT TXRX9 BZ 113010473 -78451102.12
TEXTEIS RENA-RCT TXRX10 BZ 113010473 -78451102.12
TEXTEIS RENAU-RT TXRX1 BZ 113010473 -78451102.12
TEXTEIS RENAU-RT TXRX2 BZ 113010473 -78451102.12
TEXTEIS RENAUX RENXON BZ 113010473 -78451102.12
TEXTEIS RENAUX RENXPN BZ 113010473 -78451102.12
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721699.8
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396.3
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396.3
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721699.8
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WETZEL SA MWET3 BZ 93591243.36 -7959637.409
WETZEL SA MWELON BZ 93591243.36 -7959637.409
WETZEL SA-PREF MWET4 BZ 93591243.36 -7959637.409
WETZEL SA-PREF MWELPN BZ 93591243.36 -7959637.409
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
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