/raid1/www/Hosts/bankrupt/TCRLA_Public/130507.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, May 7, 2013, Vol. 14, No. 89
Headlines
A N T I G U A & B A R B U D A
LATAM Airlines: Fitch Downgrades Issuer Default Rating to 'BB'
A R G E N T I N A
EDENOR SA: Incurs ARS1 Billion Net Loss in 2012
C A Y M A N I S L A N D S
6S SMALL: Creditors' Proofs of Debt Due May 8
ALL SEASONS: Creditors' Proofs of Debt Due May 8
ASCEND CL: Creditors' Proofs of Debt Due May 8
ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
BALU HOLDINGS: Placed Under Voluntary Wind-Up
FISCH TREND: Creditors' Proofs of Debt Due May 8
FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
GREENWICH (CAYMAN): Members Receive Wind-Up Report
GREENWICH (CAYMAN) II: Members Receive Wind-Up Report
GREENWICH (CAYMAN) III: Members Receive Wind-Up Report
MARATHON OIL: Creditors' Proofs of Debt Due May 10
NHN GLOBAL: Creditors' Proofs of Debt Due May 21
RADCLIFFE USD: Placed Under Voluntary Wind-Up
RIDLEY PARK: Creditors' Proofs of Debt Due May 10
RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
SHU HOLDINGS: Placed Under Voluntary Wind-Up
THAMES RIVER: Creditors' Proofs of Debt Due May 9
TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
UNITY CAPITAL: Creditors' Proofs of Debt Due May 8
C H I L E
CCU: Slumps in Chile as BofA Says Sell on AmBev Pressure
H A I T I
YELE HAITI FOUNDATION: Owes HVS US$108,972, Faces Suit
J A M A I C A
* JAMAICA: IMF Executive Board OKs US$932.3 Million Arrangement
M E X I C O
BANCO INTERACCIONES: Moody's Removes (hyb) Indicator from Rating
RDS ULTRA-DEEPWATER: S&P Affirms 'B' Rating on $270MM Notes
P U E R T O R I C O
SWISS CHALET: Puerto Rico Judge Won't Reconsider Prior Order
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
LATAM Airlines: Fitch Downgrades Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded LATAM Airlines Group S.A.'s (LATAM)
foreign currency Issuer Default Rating (IDR) to 'BB' from 'BB+'.
In addition, Fitch has affirmed TAM S.A.'s (TAM) foreign and local
currency IDRs at 'BB' and its national long-term rating at
'A+(bra)'.
The Rating Outlook is Stable.
The rating downgrade reflects LATAM's weak operational
performance, negatively impacted by its Brazilian operations, and
the deterioration in its capital structure resulting in high
adjusted gross leverage, lease-adjusted debt/EBITDAR basis, by the
end of December 2012. It also incorporates Fitch's revised
expectations for the company's financial profile during the next
24 months ended in December 2014. Fitch expects the business will
deleverage over the course of 2013, yet not to levels sufficient
to support a 'BB+' rating. Fitch foresees net leverage ratio
(lease adjusted net debt/EBITDAR) reaching between 4.5 - 5.0x by
the end of the year from 6.8x at the end of2012.
LATAM's ratings incorporate its diversified business model, strong
regional market position, high gross adjusted leverage, and low
liquidity. The ratings also incorporate the company's strong
market position in the domestic and international Brazilian market
as well as the volatility in the operational results - associated
within these markets - through the economic cycle.
The Stable Outlook reflects expectations that the company will
stabilize its operations and execute its business plan during 2013
reaching EBITDAR margins around 17%, lowering net adjusted
leverage to between 4.5 - 5.0x, and improved liquidity following
the execution of recently announced equity increase. The
challenging operating environment in the Brazilian domestic market
should continue to limit further improvements on operating cash
flow generation.
Fitch has equalized LATAM and TAM's ratings to incorporate the
strong credit linkage between both entities with significant
legal, operational and strategic ties existing between the two
companies. This credit linkage is reflected in the existence of
cross guarantees and cross default clauses related to the aircraft
financing for both entities, no restriction in terms of dividends
and/or intercompany loans between both entities with substantially
all dividend flow generated by TAM expected to be directed to
LATAM through its non-voting shares in TAM. In addition, the
financing of the combined fleet plan capital expenditure is
primarily implemented through LATAM with the new aircrafts being
subleased to TAM. LATAM maintains indirectly substantially all of
the economic rights and 20% of the voting rights in TAM, which is
an affiliate company of LATAM.
KEY RATING DRIVERS
High Financial Leverage:
The ratings incorporate the company's current high leverage and
the expectation that the company's net adjusted financial leverage
will improve toward the end of 2013, reaching levels between4.5 -
5.0x. On a combined basis, including TAM, the company's gross,
measured by total adjusted debt divided by EBITDAR, and net
adjusted leverage ratios were 7.5x and 6.8x in latest 12 months
(LTM) ended Dec. 31, 2012. On a combined basis, the company
achieved revenues, EBITDAR, and an EBITDAR margin of USD13.0
billion, USD1.6 billion, and 12.3%, respectively, during LTM
Dec. 31, 2012. In addition, the company's total adjusted debt was
approximately USD12.8 billion at the end of December 2012. This
debt includes USD9.8 billion in on-balance-sheet debt and USD3
billion in off-balance-sheet obligations related to operating
leases with combined rental payments of around USD431 million for
LTM Dec. 31, 2012.
The company's free cash flow (FCF) is expected to be negative
during 2013 and 2014 driven by its capex plan. Although the
company has adjusted down its capital expenditures (capex) related
to its fleet plan during the next few years, the capex plan
remains high relative to its cash flow generation. The company
maintains a fleet plan that calls for capex levels of USD2.0
billion and USD2.0 billion during 2013 and 2014, respectively,
resulting in a consolidated capacity increase of 2.7% in 2013 and
1.2% in 2014. From a strategic and operational point of view, the
company's fleet renewal is viewed as a positive as it will provide
a cost advantage in terms of fuel consumption. By the end of
December 2012, LATAM's consolidated fleet was composed of 327
aircraft units, distributed among its short haul/regional fleet
(232 units), long haul fleet (79 units); and cargo fleet (16
units).
Turnaround of Brazilian Operations Key Credit Factor:
Decline in the company's adjusted net leverage is expected to come
from improved cash flow generation, measured by EBITDAR. LATAM's
2012 EBITDAR margin was 12.3%, which negatively compares to prior
year margins, primarily driven by TAM's operational performance.
TAM's EBITDAR margin declined from 13.1% in 2011 to 5.1% in 2012.
The weakening of TAM's margins during 2012 reflects the very
challenging scenario - driven by devaluation of the real, fuel
prices, and competition - faced by the company resulting in a
negative RASK - CASK spread in 2012 (RASK: revenues per available
seat kilometer; CASK: cost per available seat kilometer).
Fitch base case for 2013 considers a recovery in LATAM's EBITDAR
margin during 2013, driven by better result from Brazilian
operations, reaching levels around 16%-17%. This recovery is
expected to come from several initiatives being implemented by the
company in its Brazilian operations which includes capacity
reduction in the Brazilian domestic market of around 7% during
2013, better passenger segmentation allowing for a 10 point
improvement in load factors, which are approximately at 80% by
April 2013, and cost reduction initiatives.
Liquidity to Improve, USD1 Billion Equity Increase Incorporated:
Fitch views the company's liquidity position as low for the rating
category, although this is partially compensated by the company's
access to alternative sources of liquidity. At the end of December
2012, the company had a cash position of USD1.1 billion, along
with USD208 million in unused committed line of credit. LATAM
faces debt amortizations of USD1 billion per year during 2013 and
2014. This level of liquidity (cash and marketable securities plus
unused committed credit lines) represents 10% of the company's
revenues for LTM Dec. 31, 2012 (USD13 billion). In addition, at
the end of December 2012, the company had an additional source of
available liquidity in the form of financing against 75% of its
pre-delivery payments (PDP) deposits of approximately USD650
million.
Positively incorporated is the expectation that Latam's liquidity
position will strengthen by the end of 2013. The company's
financial strategy considers raising equity of up to USD1 billion,
which has been recently announced and is expected to successfully
be fully executed during the third quarter of 2013. This
initiative is viewed as positive credit factor, as the targeted
outcome of this measure should improve the company's liquidity.
Market Position and Business Diversification:
LATAM's business model offers a solid regional market position and
a high degree of geographic and product diversification that
benefits capacity management and produces operating results that
are less volatile - in relative terms - in adverse business
conditions. The company maintains a leading market position in the
domestic markets of Brazil, Chile and Peru with participations of
approximately 40%, 70%, and 65%, respectively. The company's
market share in the Colombian domestic market is around 20%. The
company's market share position in terms of ASK in the intra-
regional traffic is estimated around 55%, while its participations
in the traffic of the Latin American region with USA/Canada and
Europe is estimated at 24% and 13%, respectively. The company
maintains a good business diversification with International
Passengers, Domestic Brazil, Domestic Spanish Speaking Countries,
and Cargo divisions representing 36%, 31%, 15% and 16%,
respectively, of the company's total revenues by the end of
December 2012.
RATING SENSITIVITIES:
Considerations that could lead to a negative rating action (Rating
or Outlook):
A negative rating action could be triggered by a deterioration of
the company's credit protection measures, especially in a fuel
spike or falling demand scenario in the company's main markets,
due to sizeable negative FCF funded with additional debt. Total
adjusted net debt to EBITDAR consistently at or above 5.5x coupled
with liquidity deterioration would likely result in a negative
rating action.
Considerations that could lead to a positive rating action (Rating
or Outlook):
Conversely, Fitch may take a positive rating action if a
combination of the following factors takes place: improvement in
the company's net adjusted leverage below 4.0x; solid liquidity;
and improving FCF generation trending toward neutral to positive
levels.
Fitch has taken the following rating actions:
LATAM Airlines Group S.A.:
-- Long-term Issuer Default Rating (IDR) downgraded to 'BB'
from 'BB+';
-- National Equity Rating affirmed at Primera Clase Nivel 2 (cl).
TAM S.A.:
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- National long-term rating affirmed at 'A+(bra)'.
Tam Linhas Aereas S.A.
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- National long-term rating affirmed at 'A+(bra)';
-- BRL600 million debentures due 2017 affirmed at 'A+(bra)'.
Tam Capital Inc.
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD300 million senior unsecured note due 2017 affirmed at 'BB'.
Tam Capital Inc. 2
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD300 million senior unsecured note due to 2020 affirmed
at 'BB'.
Tam Capital Inc. 3:
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD500 million senior unsecured note due affirmed at 'BB'.
=================
A R G E N T I N A
=================
EDENOR SA: Incurs ARS1 Billion Net Loss in 2012
-----------------------------------------------
Edenor S.A. filed with the U.S. Securities and Exchange Commission
its annual report on Form 20-F disclosing a loss of ARS1.01
billion on ARS3.72 billion of revenue from sales for the year
ended Dec. 31, 2012, as compared with a net loss of ARS291.38
million on ARS2.80 billion of revenue from sales for the year
ended Dec. 31, 2011.
The Company's balance sheet at Dec. 31, 2012, showed ARS6.80
billion in total assets, ARS6.31 billion in total liabilities and
ARS489.28 million in total equity.
"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases or their replacement by a new remuneration system, the
Board of Directors has raised substantial doubt about the ability
of the Company to continue as a going concern in the term of the
next fiscal year."
A copy of the Form 20-F is available for free at:
http://is.gd/z6E1UI
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
==========================
C A Y M A N I S L A N D S
==========================
6S SMALL: Creditors' Proofs of Debt Due May 8
---------------------------------------------
The creditors of 6S Small Cap Opportunity Fund Ltd are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 18, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
ALL SEASONS: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of All Seasons Africa Multi-Strategy Master Fund
Limited are required to file their proofs of debt by May 8, 2013,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on March 13, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
ASCEND CL: Creditors' Proofs of Debt Due May 8
----------------------------------------------
The creditors of Ascend CL Fund Ltd. are required to file their
proofs of debt by May 8, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 20, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
-----------------------------------------------------
The creditors of Ascend CL Master Fund Ltd. are required to file
their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 20, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
BALU HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Balu Holdings Corporation resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Raymond E. Whittaker
FCM LTD.
Governor's Square
Ground Floor, West Bay Road
PO Box 1982 Grand Cayman KY-1104
Cayman Islands
FISCH TREND: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of Fisch Trend Multi Manager Fund are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 22, 2013.
The company's liquidator is:
Michael Penner
c/o Elaine Willis
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue
George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 3303
Facsimile: +1 (345) 949 8258
e-mail: ewillis@deloitte.com
FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
--------------------------------------------------------
The creditors of Foxhill Opportunity Offshore Fund, Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 15, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
----------------------------------------------------
The creditors of Gavea Brazilian Managers Fund Ltd. are required
to file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 21, 2013.
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
GREENWICH (CAYMAN): Members Receive Wind-Up Report
--------------------------------------------------
The members of Greenwich (Cayman) I Limited received on, April 30,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
GREENWICH (CAYMAN) II: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Greenwich (Cayman) II Limited received on,
April 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
GREENWICH (CAYMAN) III: Members Receive Wind-Up Report
------------------------------------------------------
The members of Greenwich (Cayman) III Limited received on,
April 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
MARATHON OIL: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Marathon Oil Jupiter Limited are required to file
their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.
The company's liquidator is:
Y.R. Kunetka
5555 San Felipe
St. Houston, Texas 77056
U.S.A.
NHN GLOBAL: Creditors' Proofs of Debt Due May 21
------------------------------------------------
The creditors of NHN Global Ltd are required to file their proofs
of debt by May 21, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 15, 2013.
The company's liquidator is:
Kim Chan Su
Admiralty Centre
Room 1808, 18th Floor Tower II
18 Harcourt Road, Admiralty
Hong Kong
Telephone: +8 (522) 528 9899
Facsimile: +8 (522) 804 1004
RADCLIFFE USD: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 12, 2013, the sole shareholder of Radcliffe USD Fund II,
Ltd. resolved 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
RIDLEY PARK: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Ridley Park Paragon Fund Limited are required to
file their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 20, 2013.
The company's liquidator is:
K.D. Blake
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Kassi Desrochers
Telephone: +1 (345) 914 4473/ +1 (345) 949 4800
Facsimile: +1 (345) 949 7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Ridley Park Paragon Master Fund Limited are
required to file their proofs of debt by May 10, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 20, 2013.
The company's liquidator is:
K.D. Blake
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Kassi Desrochers
Telephone: +1 (345) 914 4473/ +1 (345) 949 4800
Facsimile: +1 (345) 949 7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
SHU HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Shu Holdings Corporation resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Raymond E. Whittaker
FCM LTD.
Governor's Square
Ground Floor, West Bay Road
PO Box 1982 Grand Cayman KY-1104
Cayman Islands
THAMES RIVER: Creditors' Proofs of Debt Due May 9
-------------------------------------------------
The creditors of Thames River Distressed Focus Fund Limited are
required to file their proofs of debt by May 9, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 14, 2013.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Traxis Global Equity Macro Offshore Fund Ltd. are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 11, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
UNITY CAPITAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Unity Capital International (Cayman) Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 18, 2013.
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
=========
C H I L E
=========
CCU: Slumps in Chile as BofA Says Sell on AmBev Pressure
--------------------------------------------------------
Eduardo Thomson at Bloomberg News report that Cia. Cervecerias
Unidas SA (CCU) fell the most since 2008 after Bank of America
Corp. recommended investors dump the shares amid falling beer
sales and intensifying competition.
CCU, controlled by Chile's Luksic family, slumped 5.5 % to 7,740
pesos at 1:01 p.m. on May 4, 2012, in Santiago, its biggest fall
on a closing basis since December 2008, according to Bloomberg
News. The country's benchmark Ipsa index advanced 0.5 percent.
Bloomberg News notes that Bank of America cut its rating to the
equivalent of sell from hold, saying the Santiago-based company's
alcoholic beverage business was disappointing in the first
quarter.
Brazilian rival Cia. de Bebidas das Americas, also known as AmBev,
is likely to push to expand Chilean operations, according to Bank
of America, Bloomberg News relates.
"We look for AmBev to continue leveraging excess affiliate
capacity, cheap shipping and a strong peso to grow its Chilean
operations and pressure CCU profitability," analysts Robert Ford
and Melissa Byun wrote in an e-mailed note obtained by Bloomberg
News.
Cia. Cervecerias Unidas SA (CCU) is Chile's biggest brewer.
=========
H A I T I
=========
YELE HAITI FOUNDATION: Owes HVS US$108,972, Faces Suit
------------------------------------------------------
Antigua Observer reports that the Yele Haiti foundation of former
Fugees front man Wyclef Jean is being sued by HVS Global
Hospitality Services that said the now-defunct charity owes it
US$108,972.
HVS Global Hospitality said Yele failed to fulfill a promise for
job training it gave to Haitians in 2011, according to Antigua
Observer.
The report notes that HVS's lawsuit, filed in the Manhattan
Supreme Court, said Yele agreed to pay US$285,000 for a
hospitality and education training program in Haiti in May 2011.
Antigua Observer relays that the court paper said Yele signed a
contract promising to pay HVS in installments over the course of
the six-month training. But the controversial charity fell behind
and ignored invoices sent by HVS, the report notes.
HVS is suing the charity to recoup the initial payments it never
received, plus interest lost on the amount since April 20, 2012,
the report discloses. The company also wants Yele to pay its
attorney fees, the report says.
The report relates that this is the first New York lawsuit filed
against the Manhattan-based charity activated in 2005. Several
Haiti-based companies have reportedly sued the organization over
unpaid debts, the report notes.
Yele reported taking in US$2 million in the wake of the 2010
earthquake that rocked the French speaking nation but its
heightened international profile led to questions about spotty
bookkeeping and frequent payouts to members of Mr. Jean's family,
the report says.
Yele shut down in 2012 after a forensic audit challenged
foundation payments to Mr. Jean, his family and associates from
the US$16 million pot that the organization raised over seven
years, the report recalls.
The New York State Attorney General reportedly opened an
investigation into its finances after it was revealed Yele did not
file income tax returns for several years, the report notes.
Mr. Jean said his foundation's troubled finances were due to
ignorance, not corruption, the report adds.
=============
J A M A I C A
=============
* JAMAICA: IMF Executive Board OKs US$932.3 Million Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a four-year Extended Fund Facility (EFF) arrangement for
Jamaica to support the authorities' comprehensive economic reform
agenda.
The EFF arrangement amounts to SDR 615.38 million (about US$932.3
million), the equivalent of 225 percent of Jamaica's quota in the
IMF.
The financing arrangement forms a critical part of a total funding
package of US$2 billion from Jamaica's multilateral partners
including the World Bank and the Inter-American Development Bank,
with each having preliminarily agreed to allocate US$510 million
over the next four years. The Executive Board approval enables an
initial disbursement by the IMF of an amount equivalent to SDR
136.75 million (about US$207.2 million).
Following the Executive Board's discussion, Mr. David Lipton First
Deputy Managing Director and Acting Chair of the Board, stated:
"For most of the past three decades, Jamaica has suffered from
very low growth, high public debt, and serious social challenges.
Key factors behind these problems have been Jamaica's
unsustainable debt burden, low competiveness, a weak business
climate, and lack of policy credibility. During 2012/13, the
authorities started to tighten fiscal policy and prepared a
comprehensive four-year economic reform program to address these
challenges.
"The main objective of the program is to put public debt on a
firmly downward trajectory and thereby create a virtuous cycle of
debt sustainability and higher economic growth. The authorities'
multi-layered reform agenda comprises ambitious fiscal
consolidation, improvement in competitiveness, debt reduction, and
improved social protection programs.
"Achieving higher and sustained growth is key to increase the
welfare of Jamaicans and ensure the country's long-term
macroeconomic stability. The authorities' growth agenda
integrates ambitious fiscal consolidation with structural reforms
to reduce impediments to growth and facilitate strategic
investments.
"While the full benefits of the reform agenda may take time to
materialize, the reforms are urgently needed to ensure a more
prosperous future for Jamaica. To enhance sustainability of the
reform agenda, fair burden sharing of the reform effort is
essential. A central component of the program is the authorities'
package of measures to promote social coherence that includes a
floor on social spending, an improved social safety net, and
programs to increase employment.
"The authorities recognize that safeguarding the financial sector
is also critical. They have established a Financial Sector Support
Fund to offer assistance, if needed, to financial institutions
participating in the recent debt exchange.
"Although the risks to the program are high, the implementation of
the prior actions, the frontloaded nature of the reform agenda,
and the envisaged collaboration with development partners should
help foster the successful implementation of the program."
===========
M E X I C O
===========
BANCO INTERACCIONES: Moody's Removes (hyb) Indicator from Rating
----------------------------------------------------------------
Moody's Investors Service removed a hybrid indicator (hyb)
previously attached to the rating of MXP500 million Tier 2 capital
notes due November, 16 2018 (ISIN: MX0QBI000010) issued by Banco
Interacciones, S.A. A "(hyb)" indicator was previously appended to
the rating of this subordinated debt due to an internal
administrative error.
On November 29, 2012, Moody's de Mexico affirmed the B1 long term
global local currency subordinated debt rating assigned to Banco
Interacciones. On its Mexican National Scale, Moody's affirmed the
long term subordinated debt rating of Baa1.mx assigned to these
notes. The outlook is stable.
RDS ULTRA-DEEPWATER: S&P Affirms 'B' Rating on $270MM Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on RDS
Ultra-Deepwater Ltd. (RDS) to stable from positive. At the same
time, S&P affirmed its 'B' issue rating on RDS' $270 million
senior secured notes due 2017.
The outlook revision reflects the lower-than-expected prepayment
of the bank loan. "We had expected that by year-end 2013 the
outstanding balance on the unrated senior bank loan would be about
5% of the $225 million initially contracted. However, we have
revised our base-case to indicate that by year-end, the
outstanding balance of the bank loan will be about 20% of the
initial contracted amount," said Standard & Poor's credit analyst
Monica Ponce. The rating reflects the project's cash flow
mechanism which has allowed a significant debt reduction despite
the December 2012 rig failure.
RDS is a wholly owned special-purpose finance subsidiary of
Rubicon Drilling Services - Aluguer de Equipamentos Tecnologicos,
Unipessoal LDA (Rubicon; not rated), a limited liability company
organized under the laws of Portugal. RDS issued the notes and
made an intercompany loan to Rubicon, which agreed to purchase
Centenario (formerly PetroRig III), an ultra-deepwater
semisubmersible drilling rig. Through a related company, Grupo R
Exploracion Marina S.A. de C.V. (GREM; not rated), the rig entered
into a long-term charter contract with Pemex Exploracion y
Produccion (Pemex E&P; not rated), a wholly owned subsidiary of
Pemex. RDS, Rubicon, and GREM belong to Grupo R, a group of
companies that service the Mexican energy and industrial sectors.
=====================
P U E R T O R I C O
=====================
SWISS CHALET: Puerto Rico Judge Won't Reconsider Prior Order
------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte denied the request of McP&G,
Inc., d/b/a Terranova Realty Group, for reconsideration of the
Court's prior order denying its administrative expense claim in
the Chapter 11 case of Swiss Chalet, Inc.
"In its Motion to Reconsider, Terrranova does not allege an
intervening change of law, newly-discovered evidence or manifest
error of law. Instead, it reiterates, as it did in its previous
Answer to Order to Show Cause . . . that the reasons for non-
compliance with this court's orders to file the proposed findings
of fact and conclusions of law . . . was due to a misplacement of
the initial draft sent by the Debtor's counsel to its attorney,
that on March 15, 2013, its attorney sent a draft to the Debtor's
counsel of the proposed findings of fact and conclusions of law,
that it requested 5 days to file the proposed findings of fact and
conclusions of law . . . which elapsed on March 20, 2013, and that
its second failure to file the proposed findings of fact and
conclusions of law was 'due to Debtor's counsel previous
commitments and the fact that he was outside of Puerto Rico for
approximately one week', which is 'not attributable to Terranova'
. . . . Terranova, however, did not timely inform the court of
the foregoing nor did it request an additional extension of time.
It opted instead to idly stand in spite of the prior opportunities
this court afforded it in its previous orders," the Court ruled.
A copy of Judge Lamoutte's April 26, 2013 Opinion and Order is
available at http://is.gd/ErfOwOfrom Leagle.com.
About The Swiss Chalet
The Swiss Chalet Inc., developed the Gallery Plaza Condominium and
Atlantis Condominium in San Juan, Puerto Rico. SCI also owns the
DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent to
the Gallery Plaza. SCI filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 11-04414) on May 27, 2011. Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants. In its schedules, the Debtor disclosed
total assets of $115,580,977 and total debts of $138,603,384. The
petition was signed by Arnold Benus, director.
The Debtor's Joint Amended Plan of Reorganization was confirmed on
Feb. 2, 2012.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 369642685 -49030758.7
ENDESA COSTAN-A CECO1 AR 369642685 -49030758.7
ENDESA COSTAN- CECO2 AR 369642685 -49030758.7
CENTRAL COST-BLK CECOB AR 369642685 -49030758.7
ENDESA COSTAN- CECOD AR 369642685 -49030758.7
ENDESA COSTAN- CECOC AR 369642685 -49030758.7
ENDESA COSTAN- EDCFF US 369642685 -49030758.7
CENTRAL COSTAN-C CECO3 AR 369642685 -49030758.7
CENTRAL COST-ADR CCSA LI 369642685 -49030758.7
ENDESA COST-ADR CRCNY US 369642685 -49030758.7
CENTRAL COSTAN-B CNRBF US 369642685 -49030758.7
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
BRAZIL
------
FABRICA TECID-RT FTRX1 BZ 66790814.7 -79675855.6
TEKA-ADR TEKAY US 408825446 -369130546
BOMBRIL BMBBF US 351436148 -7660238.74
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AGRENCO LTD-BDR AGEN11 BZ 325151004 -611658179
REII INC REIC US 14423532 -3506007
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PET MANG-RECEIPT 0229296Q BZ 246810937 -224879124
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SANESALTO SNST3 BZ 31802628.1 -2924062.87
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LAEP-BDR MILK11 BZ 225295577 -202020979
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CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
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ALL ORE MINERACA AORE3 BZ 20231387.6 -8975347.28
B&D FOOD CORP BDFC US 14423532 -3506007
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PET MANG-RT 4115364Q BZ 246810937 -224879124
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RECRUSUL - RT 0163579D BZ 45007563.8 -17324870.8
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RECRUSUL - RCT 0163582D BZ 45007563.8 -17324870.8
RECRUSUL - RCT 0163583D BZ 45007563.8 -17324870.8
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
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PET MANG-RT RPMG2 BZ 246810937 -224879124
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PET MANG-RECEIPT RPMG10 BZ 246810937 -224879124
LAEP INVESTMEN-B 0122427D LX 225295577 -202020979
LAEP INVES-BDR B 0163599D BZ 225295577 -202020979
RECRUSUL - RT 0614673D BZ 45007563.8 -17324870.8
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RECRUSUL - RCT RCSL10 BZ 45007563.8 -17324870.8
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
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CAIVA SERV DE EL 1315Z BZ 1164635971 -23251158
CHIARELLI SA CCHI3 BZ 10041449.5 -79185336.9
CHIARELLI SA CCHON BZ 10041449.5 -79185336.9
CHIARELLI SA-PRF CCHI4 BZ 10041449.5 -79185336.9
CHIARELLI SA-PRF CCHPN BZ 10041449.5 -79185336.9
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D H B DHBI3 BZ 138254322 -115344519
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SANSUY SA-PREF B SNSYBN BZ 191834998 -136761525
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
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STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
TEKA TEKA3 BZ 408825446 -369130546
TEKA TEKAON BZ 408825446 -369130546
TEKA-PREF TEKA4 BZ 408825446 -369130546
TEKA-PREF TEKAPN BZ 408825446 -369130546
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TEKA-ADR TKTQY US 408825446 -369130546
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
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
BATTISTELLA BTTL3 BZ 242292395 -31883815.5
BATTISTELLA-PREF BTTL4 BZ 242292395 -31883815.5
SAUIPE SA PSEGON BZ 16327067.6 -6893336.18
SAUIPE PSEG3 BZ 16327067.6 -6893336.18
SAUIPE SA-PREF PSEGPN BZ 16327067.6 -6893336.18
SAUIPE-PREF PSEG4 BZ 16327067.6 -6893336.18
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
COLOMBIA
--------
PUYEHUE RIGHT PUYEHUOS CI 25367370.6 -3712717.52
PUYEHUE PUYEH CI 25367370.6 -3712717.52
***********
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.
* * * End of Transmission * * *