/raid1/www/Hosts/bankrupt/TCRLA_Public/130528.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 28, 2013, Vol. 14, No. 104
Headlines
A R G E N T I N A
EDENOR SA: Incurs AR$510.4 Million Net Loss in First Quarter
B R A Z I L
COMPANHIA DE SANEAMENTO: Net Operating Revenue Reaches R$2.6BB
COMPANHIA DE SANEAMENTO: Fitch Affirms IDR at 'BB+'
SUL AMERICA: S&P Raises Counterparty Rating to 'BBB-' from 'BB+'
C A Y M A N I S L A N D S
ALBATROSS LEASE: Shareholders to Hear Wind-Up Report on June 6
BEARING CIRCLE: Member to Hear Wind-Up Report Today
BEARING CIRCLE MASTER: Member to Hear Wind-Up Report Today
BEST FUND: Shareholders Receive Wind-Up Report
BRASCAN STRUCTURED: Shareholders to Hear Wind-Up Report on June 7
CLEAN RESOURCES: Commences Liquidation Proceedings
CLEAN RESOURCES ASIA: Commences Liquidation Proceedings
COMPASS KAZAKHSTAN: Member to Hear Wind-Up Report on June 6
DRAGONTECH VENTURES: Member to Hear Wind-Up Report Today
GUNDY LIMITED: Member to Hear Wind-Up Report Today
HSC HEALTHCARE: Creditors' Proofs of Debt Due May 29
PAISLEY LIMITED: Member to Hear Wind-Up Report Today
SENONES FUND: Creditors' Proofs of Debt Due May 29
TRAHAN HEDGED: Placed Under Voluntary Wind-Up
WRA INVESTMENTS: Placed Under Voluntary Wind-Up
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Manufacturing Slump Paces 0.3% 1Q Growth
J A M A I C A
DIGICEL GROUP: Fitch Affirms Issuer Default Rating at 'B'
* JAMAICA: Bartlett Calls for Strategy to Stem Decline in Tourism
M E X I C O
DESARROLLADORA HOMEX: Mancera S.C. Raises Going Concern Doubt
GRUPO FAMSA: Commences Offer to Buy 11.0% Senior Notes Due 2015
GRUPO FAMSA: Fitch Assigns 'B+' Issuer Default Ratings
S U R I N A M E
* SURINAME: Fitch Affirms 'BB-' Issuer Default Ratings
V E N E Z U E L A
* Bolivar Fuerte Devaluation Continues to Pressure U.S. Companies
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
EDENOR SA: Incurs AR$510.4 Million Net Loss in First Quarter
------------------------------------------------------------
Edenor SA reported a net loss of AR$510.43 million on AR$836.37
million of net sales for the three months ended March 31, 2013, as
compared with net loss of AR$90.68 million on AR$709.10 million of
net sales for the same period a year ago. Net Sales increased
17.9 percent to AR$836.4 million in the first quarter of 2013
mainly due to the additional income from the Resolution No. 347/12
which represents approximately Ps. 137.4 million, partially offset
by a decrease in the volume of energy sold.
The Company's balance sheet at March 31, 2012, showed AR$6.11
billion in total assets, AR$6.20 billion in total liabilities and
a AR$92.25 million total deficit.
A copy of the press release is available for free at:
http://is.gd/M8UyMw
About Edenor SA
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.
"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," according to the Company's annual report for
the year ended Dec. 31, 2012.
===========
B R A Z I L
===========
COMPANHIA DE SANEAMENTO: Net Operating Revenue Reaches R$2.6BB
--------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP
disclosed its results for the first quarter 2013.
In 1Q13, net operating revenue reached R$2.6 billion, a 2.6
percent growth compared to 1Q12.
Costs and expenses, including construction costs, in the amount of
R$1.9 billion grew 2.4 percent over 1Q12.
EBIT grew 3.5 percent, from R$701.7 million in 1Q12 to R$726.3
million in 1Q13.
Adjusted EBITDA increased 3.7 percent, from R$888.2 million in
1Q12 to R$921.5 million in 1Q13.
The adjusted EBITDA margin was 34.8 percent in 1Q13 in comparison
to 34.5 percent in 1Q12. Excluding construction revenues and
construction costs, the adjusted EBITDA margin was 42.4 percent in
1Q13 (43.3 percent in 1Q12).
Net income reached R$496.2 million in 1Q13, 0.9 percent higher
than in 1Q12.
COMPANHIA DE SANEAMENTO: Fitch Affirms IDR at 'BB+'
---------------------------------------------------
Fitch Ratings has affirmed Companhia de Saneamento Basico do
Estado de Sao Paulo's (Sabesp) foreign currency and local currency
Issuer Default Rating (IDR) at 'BB+'. At the same time, Fitch has
upgraded its national long-term rating to 'AA(bra)' from 'AA-
(bra)'.
The corporate Rating Outlook is Stable.
Key Rating Drivers
These rating actions reflect the strengthening of Sabep's credit
profile within its international rating category of 'BB+',
resulting in the national rating upgrade. The company has been
consistent in maintaining its robust financial profile, despite
the relevant capex, and sustaining its high EBITDA margins and
reduced financial leverage for its predictable operating segment
in addition to robust liquidity. Fitch has considered favorable
the development of the tariff revision process which has resulted
in moderate tariff adjustment for Sabesp effective April 2013, to
be confirmed in September 2013. The ratings also are supported by
the company's near monopolistic position in its business area, as
well as on the economies of scale obtained as the largest basic
sanitation company in the Americas by number of customers.
Sabesp's ratings are limited by its aggressive capex going
forward, with long-term returns, a recurring need for debt
rollover, despite important progress having been made given debt
issuances in advanced, and the considerable foreign exchange
exposure of its indebtedness. The company has the challenge to
improve its operating ratios due to the new regulatory environment
with higher demand for efficiency on every tariff revision cycle.
Sabesp's businesses are also subject to hydrological conditions
and the political risk inherent to its state control. Sabesp is
also exposed to Brazil's basic sanitation regulatory model, which
is recent and has yet to be tested.
Solid Operational Cash Generation
In the recent years, Sabesp's operational cash generation has been
robust supported by the consistent growth of its activities.
Excluding construction revenue, the company's net revenue of
BRL8.4 billion during the latest 12 months (LTM) ended first
quarter of 2013 (1Q'13) grew 9% against 2011, benefitted by tariff
readjustments of 5.15%, in September 2012, and 6.83%, in September
2011, in addition to the 2.5% increase in the volume of water and
sewage billed.
During the same period, Sabesp reported EBITDA of BRL3.6 billion,
with a 43% margin (excluding the construction revenue), which is
strong for the industry. The company has been successful in
maintaining its operational efficiency, even after additional
expenses, mainly those relative to the contract signed in June
2010 with the Municipality of Sao Paulo (MSP). The company may
benefit from the pass through to the tariffs of the higher
expenses related with the contract with the MSP, if authorized by
the regulatory body (Arsesp), expected to release a decision by
august 2013. The challenge for Sabesp will be to sustain its
robust operating cash generation within the next revision cycles,
when higher efficiencies should be required.
Investments Pressure Free Cash Flow
Fitch believes that Sabesp should continue to report negative free
cash flow (FCF) in view of the high annual investments foreseen,
around BRL2 billion-BRL2.5 billion, mainly focusing the expansion
of sewage collection and treatment services. During the LTM ended
1Q'13, Sabesp reported consistent CFFO, of BRL2.6 billion, which
compares to BRL2.7 billion in 2011. The FCF was a negative at
BRL187 million, pressured by the aggressive investments which
amounted to BRL2.2 billion, and by the dividend distribution of
BRL579 million in the same period.
Maintenance of Adequate Credit Measures
Sabesp has been efficient in sustaining reduced financial leverage
for its operating segment, considering its predictable operating
cash generation. As of March 31, 2013, the company's total
adjusted debt/EBITDA ratio was 3.2x and the net adjusted
debt/EBITDA ratio was 2.6x, compared with 3.4x and 2.7x,
respectively, by the end of 2011.
Fitch's expectations are that the company will manage its net
leverage under 3.0x going forward, despite continued strong
investments, which will be important for future assessments. As of
March 31, 2013, Sabesp's total adjusted debt was BRL11.5 billion,
with significant portion (BRL3.2 billion) exposed to exchange rate
fluctuations and without hedging instruments, which could generate
negative pressures on the company's credit metrics and financial
covenants in the event of a significant devaluation of the Real.
Satisfactory Liquidity Reduces Debt Refinancing Risk
The maintenance of substantially more robust liquidity positions
reduces Sabesp's debt refinancing risk. The volume of financial
obligations maturing in the coming years, despite its manageable
indebtedness maturity profile, combined with expectations for
negative FCFs, indicates the need for continuous and relevant
rollover payment of Sabesp's debt.
The company's strategy to issue its funding needs in advance has
been positive, reducing the company's exposure to tighter
liquidity scenarios. Sabesp's satisfactory track record in
accessing the debt market, due to the strength of its business,
also partially mitigates this risk.
As of March 31, 2013, Sabesp's cash and marketable securities
position was BRL2.1 billion. The BRL850 million short-term debt
coverage ratio by liquidity was 2.5x, being 1.6x including total
payments maturing until 2014.
Low Business Risk
Sabesp's low business risk is based on its almost monopolistic
position as the provider of water and sewage services of 363
municipalities in the state of Sao Paulo and has been confirmed by
its resilient performance in recent years. The company benefits
from the large gains of scale compared to its peers and as the
largest water/wastewater company in the Americas.
Sabesp has been efficient in reducing losses and has made progress
in signing concession contracts with the municipalities it serves.
No significant water supply issues are expected over the short
term. As to the political risk, Fitch has not noted any relevant
change in company's risk after the change of government in the
state of Sao Paulo, in early 2011.
Rating Sensitivities
The ratings could be upgraded as a result of lower commitment of
operational cash generation to investments, or cash generation
growth above Fitch's expectations. An upgrade is also possible in
case the debt profile is lengthened and the reliance of frequent
rollovers is reduced.
Pressure on the ratings could occur in the event of frustrations
and greater volatility of cash generation after the final
definition of the tariff revision, larger than expected
investments and a weakening of the current liquidity policy
resulting on weaker financial profile.
Fitch has taken the following rating actions.
-- Local currency long-term Issuer Default Rating (IDR) affirmed
at 'BB+';
-- Foreign currency long-term IDR at affirmed at 'BB+';
-- USD140 million notes affirmed at 'BB+';
-- USD350 million notes affirmed at 'BB+';
-- National long-term rating upgraded to 'AA(bra)' from
'AA-(bra)'.
SUL AMERICA: S&P Raises Counterparty Rating to 'BBB-' from 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
counterparty credit rating on Sul America Companhia Nacional de
Seguros S.A. (SulAmerica) to 'BBB+' from 'BBB'. Also, S&P
affirmed its 'brAAA' national scale rating on SulAmerica. At the
same time, S&P raised its global scale counterparty credit rating
on Sul America S.A. (SASA; the holding company) to 'BBB-' from
'BB+'. In addition, S&P affirmed its 'brAA+' national scale
rating on SASA. The stand-alone credit profile (SACP) on
SulAmerica is 'bbb+'. The outlook is stable.
The ratings reflect S&P's view of SulAmerica's "strong" business
risk profile (BRP) and "less than adequate" financial risk profile
(FRP), based on S&P's "intermediate risk" Insurance Industry
Country Risk Assessment (IICRA) on Brazil's health and property
and casualty (P&C) insurance segments and the company's "strong"
competitive position. A "less than adequate" capital and
earnings, combined with an "intermediate risk" risk position and
"less than adequate" financial flexibility result in a "less than
adequate" FRP. S&P's assessment of the company's BRP and FRP
indicates an anchor of 'bbb+'. S&P's enterprise risk management
(ERM) and management assessment are consistent with the SACP of
'bbb+'. S&P assess the company's liquidity as "strong."
==========================
C A Y M A N I S L A N D S
==========================
ALBATROSS LEASE: Shareholders to Hear Wind-Up Report on June 6
--------------------------------------------------------------
The shareholders of Albatross Lease Services Limited will receive
on June 6, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ellen J. Christian
c/o BNP Paribas Bank & Trust Cayman Limited
PO Box 10632, 3rd Floor, Royal Bank House
24 Shedden Road, George Town
Grand Cayman KY1-1006
Cayman Islands
e-mail: ellen.christian@bnpparibas.ky
BEARING CIRCLE: Member to Hear Wind-Up Report Today
---------------------------------------------------
The member of Bearing Circle Centennial Fund Ltd. will receive
today, May 28, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on April 26, 2013.
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
BEARING CIRCLE MASTER: Member to Hear Wind-Up Report Today
----------------------------------------------------------
The member of Bearing Circle Centennial Master Fund Ltd. will
receive today, May 28, 2013, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on April 26, 2013.
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
BEST FUND: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The Best Fund Corporation received on May 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Tromino Financial Services Ltd
c/o Fabian Schonenberg
Telephone: (441) 295 5588
Facsimile: (441) 295 5578
2 Reid Street
Hamilton HM 11
Bermuda
BRASCAN STRUCTURED: Shareholders to Hear Wind-Up Report on June 7
-----------------------------------------------------------------
The shareholders of Brascan Structured Notes 2005-2, Ltd. will
receive on June 7, 2013, at 8:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 914 3115
CLEAN RESOURCES: Commences Liquidation Proceedings
--------------------------------------------------
On April 21, 2013, the sole member of Clean Resources (Offshore)
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
CLEAN RESOURCES ASIA: Commences Liquidation Proceedings
-------------------------------------------------------
On April 21, 2013, the sole member of Clean Resources Asia Fund
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
COMPASS KAZAKHSTAN: Member to Hear Wind-Up Report on June 6
-----------------------------------------------------------
The member of Compass Kazakhstan Ltd. will receive on June 6,
2013, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
DRAGONTECH VENTURES: Member to Hear Wind-Up Report Today
--------------------------------------------------------
The member of Dragontech Ventures Limited will receive today, May
28, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Zhang Shenglan
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor
99 Queen's Road Central
Hong Kong
GUNDY LIMITED: Member to Hear Wind-Up Report Today
--------------------------------------------------
The member of Gundy Limited will receive today, May 28, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michella Callender
c/o Wardour Management Services Limited
Telephone: (345) 945 3301
Facsimile: (345) 945 3302
P O Box 10147 Grand Cayman KY1-1002
Cayman Islands
HSC HEALTHCARE: Creditors' Proofs of Debt Due May 29
----------------------------------------------------
The creditors of HSC Healthcare Limited are required to file their
proofs of debt by May 29, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on April 24, 2013.
The company's liquidator is:
Gene Dacosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
PO Box 2681 Grand Cayman KY1-1111
Cayman Islands
PAISLEY LIMITED: Member to Hear Wind-Up Report Today
----------------------------------------------------
The member of Paisley Limited will receive today, May 28, 2013, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Charles Gary Hepburn
Wardour Management Services Limited
Telephone: (345) 945 3301
Facsimile: (345) 945 3302
P O Box 10147 Grand Cayman KY1-1002
Cayman Islands
SENONES FUND: Creditors' Proofs of Debt Due May 29
--------------------------------------------------
The creditors of Senones Fund are required to file their proofs of
debt by May 29, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 26, 2013.
The company's liquidator is:
Clifton House
75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
TRAHAN HEDGED: Placed Under Voluntary Wind-Up
---------------------------------------------
On April 16, 2013, the sole shareholder of Trahan Hedged
Opportunities Fund Offshore resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Joanne Steven
Telephone: 815 1895
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
WRA INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On April 25, 2013, the sole shareholder of WRA Investments
Offshore Fund, Ltd resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Joanne Steven
Telephone: 815 1895
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Manufacturing Slump Paces 0.3% 1Q Growth
--------------------------------------------------------------
The Dominican Today reports that Dominican Republic's economy grew
barely 0.3% in the first quarter, much slower than forecast,
according to the Central Bank.
In its preliminary report the monetary authorities noted that in
the first quarter of 2012 the economy grew 3.8%, 4.3% in 2011 and
7.5% in 2010, according to The Dominican Today. The report
relates that key sectors with a strong impact on employment have
fallen thus far this year, including retail sales (-2.6%), hotels
and restaurants (-0.6%), construction (-2.9%) and local
manufacturing (-3.7%).
Meanwhile banking and related activities jumped 9.8%, education
6.3%, sugar processing 5.3%, health 5.3%, free zone manufacturing
4.3%, communications 3.2%, and housing rentals 3.0%, The Dominican
Today notes.
"A number of factors influenced this performance, such as the
effects of the tax package which has been influencing the
expectations of economic agents since the end of last year. This
has been reflected in a decrease in the domestic demand," the
Central Bank said, The Dominican Today reports.
=============
J A M A I C A
=============
DIGICEL GROUP: Fitch Affirms Issuer Default Rating at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Digicel Group Limited
(DGL) and its subsidiaries Digicel Limited (DL) and Digicel
International Finance Limited (DIFL), collectively referred to as
'Digicel' as follows:
DGL
-- Long-term Issuer Default Rating (IDR) at 'B';
-- US$1.5 billion 8.25% senior subordinated notes due 2020 at
'B-/RR5';
-- US$775 million 10.5% senior subordinated notes due 2018 at
'B-/RR5'.
DL
-- Long-term IDR at 'B';
-- US$800 million 8.25% senior notes due 2017 at 'B/RR4';
-- US$250 million 7% senior notes due 2020 at 'B/RR4';
-- US$1.3 billion 6% senior notes due 2021 at 'B/RR4'.
DIFL
-- Long term ID) at 'B';
-- Senior secured credit facility at 'B+/RR3'.
The Rating Outlook is Stable.
KEY RATING DRIVERS:
Digicel's ratings reflect solid operating performance and CFO
generation, diversified revenue, and the expectation for stable
credit metrics. In addition, the ratings are supported by its
position as the leading provider of wireless services in most of
its markets and strong brand recognition. Digicel's credit quality
is tempered by continued high leverage and the exposure of its
operations to low rated countries. 'RR4' rated securities have
average recovery prospects given default and characteristics
consistent with securities historically recovering 31%-50% of
current principal and related interest.
Under Fitch's approach to rating entities within a corporate group
structure, the IDRs of DGL, DL and (DIFL) are the same and viewed
on a consolidated basis as they have a weaker parent and the
degree of linkage between parent and subsidiaries is considered
strong. For issue ratings, Fitch rates debt at DIFL one notch
higher than its parent DL reflecting its above-average recovery
prospects. DL's ratings reflect the increased burden the DGL
subordinated notes place on the operating assets and the loss of
financial flexibility. The ratings of DGL incorporate their
subordination to debt at DIFL and DL, as well as the subordinated
notes' below-average recovery prospects in the event of default.
Stable Operating Trends:
Fitch expects value added services (VAS) as a percentage of
revenue to continue increasing its share of revenues. Positive
trends in VAS have supported revenues and EBITDA growth over the
past few quarters, offsetting pressures from traditional voice
services in some markets due to reductions in mobile termination
rates (MTR), tax increases and strong competition. In addition
Papua New Guinea (PNG) growth continues to support operating
results. For the quarter ended Dec. 31, 2012, VAS accounted for
23% of service revenues, of which 16% is related to non-SMS. Both
SMS and other data services have posted positive trends.
DGL has diversified its cash flow generation and asset base
leading to lower business risk over the past several years.
Fitch estimates that PNG has become the most meaningful market for
EBITDA contribution, followed by Haiti and Jamaica. Digicel
Pacific Limited (DPL), a subsidiary of DGL, has continued to grow
and has generated positive free cash flow (FCF) over the past
three years. DPL's operating trends are underpinned by PNG which
is now able to pay dividends to DGL. For the 12 months ended Dec.
31, 2012 DPL contributed approximately 24% of DGL's EBITDA. The
most important contributors to DGL's EBITDA are PNG, Haiti,
Jamaica, Trinidad & Tobago and French West Indies (FWI).
Temporary High Cash Balances:
After the recent bond issuances, Digicel has high cash balances
that are estimated to exceed USD1 billion. Fitch believes that the
cash can be used to fund a Digicel-led consortium to participate
in the bidding process for two licenses in Myanmar. This should
take place during the month of June. In the event the consortium
is not awarded with a license, the use of cash balances is still
uncertain but Fitch believes it may be used for some debt
repayment, additional investments in existing markets and special
dividends.
Lower Capex Supporting FCF:
Fitch expects positive FCF in the coming years from existing
operations and in the absence of special dividends. Funds from
operations (FFO) should grow modestly and capex is expected to
decline from its peak in fiscal 2012. The capex-to-revenue ratio
is expected to trend towards 10% in the next few years. Lower
capital expenditures should have a positive effect on FCF in the
medium term amidst a stable dividend policy of USD40 million per
year. DGL paid a USD300 million special dividend during the first
quarter of fiscal 2013. Digicel expects that for the near future
the company will not raise its 42.52% (44.97% including warrants)
stake in Digicel Holdings Central America Limited (DHCAL), which
owns the operation in Panama.
Leverage at DGL remains high but is expected to gradually decline
in the medium term, as EBITDA grows and indebtedness remains
relatively stable. Considering the recent bond issuance for USD1.3
billion at DGL's subsidiary DL and consolidated financial data for
DGL as of Dec. 31, 2012; pro forma total debt-to-EBITDA is close
to 5.0x, while net debt-to-EBITDA should approximate to 4.1x.
Reported leverage as of Dec. 31, 2012 based on last 12 months
EBITDA was 4.4x. At DL, total debt-to-EBITDA was 2.8x for this
same period. DGL's total pro forma debt is now approximately
USD5.7 billion and cash balances approximated USD1.1 million.
Consolidated pro forma total debt is allocated as follows:
USD2,275 million at DGL, USD2,350 million at DL, USD892 million at
DIFL, and US$180 million at DPL.
Improved Maturity Profile:
The debt maturity profile has been extended, with DGL's USD1.5
billion issuance due 2020 done last year and the recent DL USD1.3
billion issuance due 2021. Digicel does not face any significant
maturity until fiscal 2018. Before this date the largest maturity
in a single year is USD354 million in fiscal 2015. Cash balances
of USD353 million as of Dec. 31, 2012 further support liquidity.
RATING SENSITIVITIES:
A negative rating action could be triggered if consolidated
leverage at DGL approaches 6.0x. While refinancing risk was
reduced with the recent issuances, inability to refinance sizeable
bullet maturities in advance in the medium to longer term could
pressure credit quality. Positive factors for credit quality would
be a sustained reduction in gross leverage at DGL to about 4.0x or
below and an increase in FCF generation.
* JAMAICA: Bartlett Calls for Strategy to Stem Decline in Tourism
-----------------------------------------------------------------
RJR News reports that Ed Bartlett, Opposition Spokesman on
Tourism, is calling on the Minister of Tourism Dr. Wykeham McNeil,
to outline a clear strategy to move the country forward, after the
sector recorded another decline in April.
Preliminary data show stopover arrivals declined 2 per cent while
cruise arrivals fell 12 per cent in April after a brief respite in
March from five consecutive months of decline, according to RJR
News. The report relates that Mr. Bartlett said the trend is a
concern, especially given that the declines have occurred for most
of the traditionally strong winter tourist season and calls on the
Minister to craft a response.
RJR News notes that Mr. Bartlett said while the country has seen
declines, it is rare for both stopover and cruise arrivals to fall
in the same month. Mr. Bartlett said he is hoping that Dr. McNeil
will address the issues surrounding the decline and tell the
nation, the marketing plans that will bring more tourists to the
island, RJR News relays.
In the meantime, RJR News discloses that Mr. Bartlett said he is
now trying to negotiate with investors in Europe to consider
options in Jamaica. Mr. Bartlett, who is in now in Spain and will
visit London after, highlighted the areas he is seeking to have
Europeans invest in Jamaica, the report adds.
===========
M E X I C O
===========
DESARROLLADORA HOMEX: Mancera S.C. Raises Going Concern Doubt
-------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. filed with the U.S.
Securities and Exchange Commission on May 22, 2013, its annual
report on Form 20-F for the year ended Dec. 31, 2012.
Mancera, S.C., a member practice of Ernst & Young Global, in
Culiacan, Sinaloa, Mexico, noted that, as discussed in Note 29 to
the financial statements, the Company's current liquidity and
certain other matters raise substantial doubt about its ability to
continue as a going concern.
The Company reported a net loss of MXN1.599 billion on
MXN28.749 billion of revenues in 2012, compared with net income of
MXN1.025 billion on MXN21.749 billion of revenues in 2011.
The Company's balance sheet at Dec. 31, 2012, showed
MXN51.346 billion in total assets, MXN36.599 billion in total
liabilities, and stockholders' equity of MXN14.747 billion.
A copy of the Form 20-F is available at http://is.gd/5gqueD
Desarrolladora Homex, S.A.B. de C.V. is a corporation registered
in Culiacan, Sinaloa, Mexico under the Mexican Companies Law on
March 30, 1998, with an indefinite corporate existence.
The Company is a vertically integrated home development company
engaged in the development, construction and sale of affordable
entry-level, middle-income and tourism housing in Mexico and
affordable entry-level housing in Brazil.
GRUPO FAMSA: Commences Offer to Buy 11.0% Senior Notes Due 2015
---------------------------------------------------------------
Grupo Famsa, S.A.B. DE C.V. has commenced an offer to purchase any
and all outstanding 11.0% Senior Notes due 2015 (CUSIP/ISIN No.
40052WAA0/P7700WCF5 and US40052WAA09/USP7700WCF51) and a
solicitation of consents to amend the indenture relating to the
Notes, upon the terms and subject to the conditions set forth in
the Offer Documents.
The Tender Offer
The Tender Offer will expire at midnight, New York City Time, on
June 12, 2013. Holders who validly tender Notes at or prior to
5:00 P.M., New York City Time, on May 29, 2013 (such time and
date, as the same may be extended, the "Early Tender Deadline"),
unless the Tender Offer is earlier terminated or withdrawn by the
Company, will be eligible to receive the Total Consideration.
Holders who validly tender Notes after the Early Tender Deadline,
but at or prior to the Expiration Time, unless the Tender Offer is
earlier terminated or withdrawn by the Company, will be eligible
to receive the Tender Offer Consideration. Notes tendered may be
withdrawn at any time at or prior to 5:00 P.M., New York City
Time, on May 29, 2013 but not thereafter.
Holders of Notes who validly tender Notes in the Tender Offer and
Consent Solicitation, and whose tender and delivery of Consents
are accepted by the Company, will receive, in addition to accrued
and unpaid interest, for each US$1,000 principal amount of Notes
tendered, an amount in cash in U.S. dollars equal to:
in the case of Notes tendered and related Consents delivered at or
prior to the Early Tender Deadline, an amount equal to
US$1,068.75, consisting of (i) an amount equal to US$1,038.75,
plus (ii) an amount equal to US$30.00 and in the case of Notes
tendered and related Consents delivered after the Early Tender
Deadline, but at or prior to the Expiration Time, the Tender Offer
Consideration.
The terms and conditions of the Tender Offer and Consent
Solicitation are set forth in an Offer to Purchase and Consent
Solicitation Statement dated the date hereof, and in the related
Letter of Transmittal and consent. The Company may amend, extend,
terminate or withdraw the Tender Offer and Consent Solicitation.
The Consent Solicitation
Under the Consent Solicitation, the Company is soliciting Consents
to amend the indenture relating to the Notes, including among
other things, the elimination of most of the restrictive covenants
and certain of the events of default and shortening of the minimum
notice period to holders required for a redemption from thirty
days to six business days prior to the redemption date, with an
additional minimum notice of three business days to the Trustee.
Holders who desire to tender their Notes must deliver Consents to
the Proposed Amendments and holders may not deliver Consents
without tendering the related Notes.
The completion of the Tender Offer and Consent Solicitation is
conditioned, among other things, on the valid delivery to the
tender agent appointed by the Company of the Consents of holders
of at least a majority in principal amount of the outstanding
Notes on or prior to the Expiration Time.
Settlement
Subject to the terms and conditions of the Tender Offer and
Consent Solicitation being satisfied or waived and to the
Company's right to amend, extend, terminate or withdraw the Tender
Offer and Consent Solicitation, the Company expects that payment
for all Notes validly tendered prior to the Early Tender Deadline
and accepted by the Company will be made on the business day the
Company selects promptly following the Early Tender Deadline, or
the business day on which the Company waives the conditions to
consummation of the Tender Offer and Consent Solicitation and that
payment for all Notes validly tendered after the Early Tender
Deadline and at or prior to the Expiration Time and accepted by
the Company will be made on the business day the Company selects
promptly following the Expiration Time or the business day on
which the Company waives the conditions to consummation of the
Tender Offer and Consent Solicitation.
The Company expects the Early Payment Date to be May 31, 2013.
The Company's obligation to accept for purchase and to pay for
Notes validly tendered and not withdrawn pursuant to the Tender
Offer is subject to the satisfaction or waiver of certain
conditions, which are more fully described in the Statement,
including, among others, the Company's receipt of aggregate net
proceeds to fund the total consideration plus accrued and unpaid
interest in respect of all Notes and estimated fees and expenses
relating to the Tender Offer and Consent Solicitation from an
underwritten offering of senior notes exempt from registration
requirements of the U.S. Securities Act of 1933, as amended, on
terms satisfactory to the Company.
In no event will the information contained in this release or the
Offer Documents regarding such underwritten offering constitute an
offer to sell or a solicitation of an offer to buy any securities
offered thereunder.
Credit Suisse Securities (USA) LLC is the dealer manager and
solicitation agent for the Tender Offer and Consent Solicitation.
D.F. King & Co., Inc. has been appointed as the tender agent and
information agent for the Tender Offer and Consent Solicitation.
The Offer Documents will be distributed to holders of Notes
promptly.
GRUPO FAMSA: Fitch Assigns 'B+' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings assigns a 'B+/RR4' rating to the 7.25% USD250
million notes, due 2020, issued by Grupo Famsa, S.A.B. de C.V.
(FAMSA).
Fitch currently rates FAMSA as follows:
-- Foreign currency Issuer Default Rating (IDR) 'B+';
-- Local currency IDR 'B+';
-- Long-term national scale rating 'BBB(mex)';
-- Short-term national scale rating 'F3(mex)';
-- USD200 million senior unsecured notes due in 2015 'B+/RR4';
-- MXN1 billion Certificados Bursatiles issuance due 2014,
'BBB(mex)';
-- MXN1 billion short-term Certificados Bursatiles programs
'F3(mex)'.
The Rating Outlook is Stable.
FAMSA's ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, broadly stable
operating cash flow generation by the retail operation, and a
linkage with its banking subsidiary, Banco Ahorro Famsa (BAF;
rated 'BBB(mex)' by Fitch). On the other hand, the ratings are
constrained by low single-digit same store sales (SSS).
The USD$250 million issuance will be used mostly to pay down
existing debt (specifically, the USD$200 million notes due 2015),
as well as for general corporate uses. 'RR4' rated securities have
characteristics consistent with securities historically recovering
31%-50% of current principal and related interest.
KEY RATING DRIVERS
Fitch expects Mexican retail operations to show low organic growth
(with any increases in revenues coming mostly from store and bank
openings), for the U.S. division to continue generating positive
EBITDA, and for the banking operation to continue facing pressure
in its capital adequacy. FAMSA plans to increase total revenues by
about 7% to 9% and to open 15 stores/banks and 30 standalone banks
in Mexico.
Improving EBITDA
The downsizing of FAMSA USA's footprint resulted in consolidated
EBITDA growing 35.4% for 2012, while consolidated revenues shrank
8.4%. FAMSA USA's recent store closures on the West Coast
(California, Nevada and Arizona) have resulted in lower revenues,
but allowed for U.S. EBITDA generation to reach MXN122 million for
2012, the company's first positive results since 2009, as the
western operations had been unprofitable.
Recently, the firm has tried to improve its category mix,
attempting to deemphasize lower margin categories such as
electronics, and focusing on more profitable categories, such as
furniture. The firm has also tried to broaden its geographic
footprint within Mexico, while at the same time undertaking store
closures and pursuing targeted store openings. FAMSA competes
directly with larger Mexican retail chains such as Coppel and
Elektra, which also target the low-income segment of the
population.
BAF's Profitability Weakening
Fitch believes that BAF is in a process of consolidation, trying
to demonstrate its stability. Some of the challenges the firm
faces, including the deterioration of its loan portfolio and
managing loan-impairment charges, are relevant, due to loan
portfolio growth forecasted by BAF for the next two years. Even
though profitability is adequate, as of 1Q'13, it was negatively
affected due to continued asset deterioration and high operating
expenses.
Lower Leverage
In previous years, FAMSA's leverage levels were high, a result of
negative cash flow from the U.S. operations. Currently, debt-to-
EBITDA and adjusted debt-to-EBITDAR ratios for 1Q'13 LTM
(excluding bank deposits) have fallen to 2.8x and 3.9x,
respectively (1Q'12 LTM: 3.2x and 4.5x). Including bank deposits,
these ratios are 8.6x and 8.2x for 1Q'13 LTM. Since most of the
positive effects from the U.S. store closures are already present
in current levels, Fitch expects them to remain constant in the
short-to-medium term.
Liquidity should be manageable. Prior to this issuance, most large
maturities were due in 2014 and 2015. The company has not issued
dividends for the last few years and it is projecting about MXN350
million of Capex for 2013. For 1Q'13, FAMSA's debt amounted to
MXN6.3 billion and bank deposits totaled MXN12.9 billion. FAMSA's
debt is comprised of senior notes, national short- and long-term
issuances and bank loans. Short-term debt as of Dec. 31, 2012 was
about MXN3.9 billion, with cash holdings of about MXN2.2 billion.
RATING SENSITIVITY
Credit quality could be negatively affected by deterioration in
BAF's creditworthiness, by revenue-increasing efforts which might
result in lower profit margins, by lowered EBITDA generation by
FAMSA USA in 2013 that results in higher leverage levels, as well
as by deterioration in the quality of the loan portfolio.
Conversely, creditworthiness would benefit from increased EBITDA
generation, from lower debt levels and from SSS more in line with
industry.
===============
S U R I N A M E
===============
* SURINAME: Fitch Affirms 'BB-' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has affirmed Suriname's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-' with a Stable
Outlook. Fitch has also affirmed Suriname's Short-term IDR at 'B'
and the Country Ceiling at 'BB-'.
Suriname's ratings are underpinned by its sustained economic
growth and positive investment prospects, low government
indebtedness, robust external balance sheet and improved capacity
of the monetary authorities to safeguard macroeconomic stability.
These credit strengths are balanced by high commodity dependence,
relatively weak monetary, exchange rate and fiscal policy
frameworks, a poor business environment and deficient, albeit
improving, official data quality.
KEY RATING DRIVERS
Suriname's sovereign ratings and Stable Outlook balance the
following factors:
-- The economy has demonstrated resilience and relative dynamism
through adverse external and domestic cycles. Suriname's five-
year average growth rate of 4% in 2012 is above the 'BB' median
of 3.4%. Economic activity could accelerate depending on the
pace of execution of new investments in the gold and oil
sectors.
-- Suriname's low indebtedness and a favorable amortization
schedule reduce refinancing risks. Central government debt of
22% of GDP in 2012 is just over half the 'BB' median. Given
current low indebtedness levels, the sovereign could
accommodate the planned USD600 million (11% of GDP) debut bond
issue without jeopardizing fiscal sustainability.
-- However, a narrow economic base, high fiscal revenue
vulnerability to commodity shocks, shallow domestic capital
markets and a short external repayment record limits Suriname's
ability to sustain high levels of public spending and
government debt.
-- The country's strong external solvency and liquidity buffers
support the fixed exchange rate regime and mitigate risks
derived from high commodity dependence and persistent financial
dollarization. International reserves reached 21% of GDP in
2012, covering 4.5 months of current external payments and 90%
of foreign currency deposits in the banking system.
-- Monetary authorities remain committed to preserve price and
currency stability. Annual inflation fell to 1.4% in March 2013
and is expected to end the year at 4.5%. Increased fiscal
spending and temporary disruptions in the EUR/USD market put
pressure on the Surinamese dollar in the first part of 2013 but
decisive central bank interventions underpinned the domestic
currency to support the fixed exchange rate regime.
-- The fiscal deficit climbed to 2.8% of GDP in 2012 from 1.9% in
2011. While the government is exercising greater current
expenditure restraint, weak budget controls increase the risks
of fiscal slippage in the run up to the general elections in
May 2015. Delays in the implementation of revenue-enhancing
reforms such as the introduction of the value-added tax, the
creation of the sovereign wealth fund and the taxation of the
informal mining sector could compound fiscal vulnerability to
a downturn in commodity prices.
-- Weak regulatory quality and institutional capacity constraints
weigh on government effectiveness. The absence of mining and
investment laws has hindered foreign investment and the
development of new gold reserves. Monetary and fiscal
policymaking rests on the credibility of individual public
officials rather than on institutional and market instruments.
RATING SENSITIVITIES
The current Outlook on the long-term ratings is Stable, which
reflects Fitch's assessment that upside and downside risks to the
rating are currently evenly balanced.
The main factors that individually, or collectively, could trigger
positive rating action:
-- Strengthened budget management and reduced institutional
capacity constraints;
-- Progress towards implementation of investment projects leading
to higher growth in the context of macroeconomic stability.
The main factors that individually, or collectively, could trigger
negative rating action:
-- A sustained erosion of the country's strong international
reserves position;
-- Material deterioration in the fiscal trajectory or confidence
shocks resulting in macroeconomic instability.
KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to a number of assumptions:
-- The fiscal and external forecasts assume that gold prices and
production will remain at relatively high levels.
-- Fitch's growth outlook for 2013-2014 does not factor in the
development of the new potential mining projects with Iamgold
and the Alcoa/Newmont consortium. Fitch assumes that the two
joint ventures will not be operational before 2014 and that the
projects will involve a time to production of at least two
years.
-- The potential effect of an inaugural sovereign international
bond issue of USD600 million on debt sustainability is
considered but not incorporated in the government debt
forecasts. This transaction is contingent upon the legislative
approval of the two new mining contracts.
=================
V E N E Z U E L A
=================
* Bolivar Fuerte Devaluation Continues to Pressure U.S. Companies
-----------------------------------------------------------------
Venezuela's currency devaluation dented first-quarter earnings per
share (EPS) and net profits for U.S. companies with operations or
doing business within this market and Fitch Ratings believes
pressure on the bolivar fuertes (Bs.F.) and potential incremental
charges could continue.
In first-quarter 2013, Ford recorded a $186 million re-measurement
loss in Venezuela; the re-measurement impact at General Motors
(GM) was $162 million while the re-measurement impact at Goodyear
was $115 million. GM also noted that another devaluation of the
Bs.F. to the dollar would result in a $50 million charge based
upon the company's Bs.F.-denominated assets and liabilities as of
March 31, 2013.
The 32% devaluation of the Bs.F. on Feb. 13, 2013 resulted in
relatively moderate nonrecurring charges for issuers with exposure
to this market. However, the impact of the devaluation is greater
than downdrafts to EPS guidance would suggest. There is also a
drag on sales momentum from the Venezuelan market, potential
impact to covenant calculations, and the loss of value as net
monetary assets, particularly local currency cash and working
capital, are being re-measured downward.
Additionally, the recent changes in Venezuela's foreign exchange
(FX) system could reduce the need for the sovereign to issue FX
debt for exchange rate policy purposes. Nevertheless, in the
absence of tighter fiscal and monetary policies with efficiency
improvements in the allocation of FX to the private sector, the
new system is not likely to improve macroeconomic stability.
Hence, future devaluations cannot be ruled out.
Prior to 2010, Venezuela had attractive growth characteristics, as
robust local demand and inflationary pricing benefitted
improvements in the top line and margins. As such, it was part of
the faster growth emerging markets that were sought after by
issuers looking to offset constrained consumption in developed
markets since the financial crisis. Venezuela's previous major
devaluation in 2010 was supplemented by increasing price control
mandates for many consumer goods. Since then, growth and profits
in this market has been less robust for many companies.
Turbulence in emerging markets is nothing new to large
multinational companies. Colgate Palmolive (Colgate) has had a
presence in Latin America starting with Brazil in 1927 and holds
commanding market shares in key product lines throughout the
region. The company has weathered many political and currency
regime changes since then. Therefore, although Venezuela is a
small market representing just 4% of Colgate's sale and operation
profits in the first quarter of 2013, it is committed to remaining
in the Venezuelan market for the long haul despite the 19%
reduction in net income on charges related to the Bs.F.
devaluation.
Venezuela is a small market for most multinational corporations.
U.S.-based consumer product companies typically derive less than
5% of revenues in this country. Avon Products, Inc. (Avon) and
Colgate generate more than 75% of revenues and profits outside the
U.S. while Venezuela represents 4% or less of sales and profits
for both companies. At the larger end, operations in Venezuela
represented more than 18% of revenues and 19% of gross profits for
Coca Cola FEMSA SAB de CV (FEMSA).
Fitch expects that issuers with more reliance on this market for
revenues or profits may continue to be negatively affected.
Additionally, covenants based on profit before taxes could be
affected by the devaluation-related charges. Avon has a covenant
based on profit before taxes and its bank agreements were recently
renegotiated to prove carve-outs for noncash, nonrecurring charges
such as these.
Restrictions on the transfer of cash out of Venezuela continue to
make operating in the country difficult. Payments for commodities
or other dollar-based imports or other manufacturing inputs have
been problematic for decades. While some companies have provided
support through intercompany lending, it is not necessarily ideal
or a solution for all. For example, as of March 31, 2013, Goodyear
had $75 million in payables from Goodyear Venezuela that had been
pending for more than one year before the Venezuelan Currency
Exchange Board's decision. Included in those payables were amounts
owed to the parent company.
The restrictions, which have been in place for several years have
also exposed monetary assets to losing value on a dollar basis.
Avon has had roughly 10%-15% of total cash held in Bs.F. At the
end of 2012, the company had $171 million, or 14% of cash in
Bs.F.; after the devaluation, local currency cash balances are
just $114 million ended March 31, 2013.
"We forecast GDP growth in Latin America to rise to 3.7% in 2013
and 3.9% in 2014, up from our previous growth forecast of 2.8% in
2012. However, Venezuela is considered to be a laggard compared to
the continent's key growth engines such as Colombia and Peru.
Demand from consumers remains robust in a majority of emerging
markets due to low unemployment levels, rising wages, modest
inflation, and improving consumer confidence. However, high
inflation, a poor business environment, and increased intervention
of the state in the economy have weighed on Venezuela's growth
performance," Fitch says.
While price stability has improved for most of Latin America,
central banks have highlighted currency depreciation pressures as
a risk to the region's otherwise benign inflation outlook.
Venezuela's inflation, averaging 21.1% in 2012, is likely to
accelerate with the recent devaluation. Venezuela's macroeconomic
volatility, reflected in high inflation, devaluation risks, and
price controls, coupled with limitations to transfer hard currency
abroad, represent key credit weaknesses that might discourage
foreign investment.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
TEKA TKTQF US 408825446 -369130546
TEKA-PREF TKTPF US 408825446 -369130546
BATTISTELLA-RIGH BTTL1 BZ 242292395 -31883815.5
BATTISTELLA-RI P BTTL2 BZ 242292395 -31883815.5
BATTISTELLA-RECE BTTL9 BZ 242292395 -31883815.5
BATTISTELLA-RECP BTTL10 BZ 242292395 -31883815.5
AGRENCO LTD-BDR AGEN11 BZ 325151004 -611658179
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 246810937 -224879124
PET MANG-RIGHTS 3678569Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229292Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229296Q BZ 246810937 -224879124
LUPATECH SA LUPA3 BZ 796681450 -92628747.2
REDE EMP ENE ELE ELCA4 BZ 1164635971 -23251158
REDE EMP ENE ELE ELCA3 BZ 1164635971 -23251158
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL FPXE4 BZ 19416015.8 -489914902
SANESALTO SNST3 BZ 31802628.1 -2924062.87
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 351436148 -7660238.74
BOMBRIL-RIGHTS BOBR1 BZ 351436148 -7660238.74
LAEP-BDR MILK11 BZ 225295577 -202020979
AGRENCO LTD AGRE LX 325151004 -611658179
LAEP INVESTMENTS LEAP LX 225295577 -202020979
LUPATECH SA LUPAF US 796681450 -92628747.2
REDE ENERG-UNIT REDE11 BZ 1164635971 -23251158
CELGPAR GPAR3 BZ 2657428496 -817505840
RECRUSUL - RT 4529781Q BZ 45007563.8 -17324870.8
RECRUSUL - RT 4529785Q BZ 45007563.8 -17324870.8
RECRUSUL - RCT 4529789Q BZ 45007563.8 -17324870.8
RECRUSUL - RCT 4529793Q BZ 45007563.8 -17324870.8
REDE ENER-RT 3907727Q BZ 1164635971 -23251158
REDE ENER-RCT 3907731Q BZ 1164635971 -23251158
RECRUSUL-BON RT RCSL11 BZ 45007563.8 -17324870.8
RECRUSUL-BON RT RCSL12 BZ 45007563.8 -17324870.8
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 96911396.7 -87693429
TEXTEIS RENAU-RT TXRX2 BZ 96911396.7 -87693429
TEXTEIS RENA-RCT TXRX9 BZ 96911396.7 -87693429
TEXTEIS RENA-RCT TXRX10 BZ 96911396.7 -87693429
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
LUPATECH SA-RT LUPA11 BZ 796681450 -92628747.2
ALL ORE MINERACA AORE3 BZ 20231387.6 -8975347.28
B&D FOOD CORP BDFC US 14423532 -3506007
LUPATECH SA-ADR LUPAY US 796681450 -92628747.2
PET MANG-RT 4115360Q BZ 246810937 -224879124
PET MANG-RT 4115364Q BZ 246810937 -224879124
REDE ENER-RT REDE1 BZ 1164635971 -23251158
REDE ENER-RCT REDE9 BZ 1164635971 -23251158
REDE ENER-RT REDE2 BZ 1164635971 -23251158
REDE ENER-RCT REDE10 BZ 1164635971 -23251158
STEEL - RT STLB1 BZ 20231387.6 -8975347.28
STEEL - RCT ORD STLB9 BZ 20231387.6 -8975347.28
MINUPAR-RT 9314542Q BZ 136700993 -89498652.2
MINUPAR-RCT 9314634Q BZ 136700993 -89498652.2
CONST LINDEN RT CALI1 BZ 14128873.9 -2140102.39
CONST LINDEN RT CALI2 BZ 14128873.9 -2140102.39
PET MANG-RT 0229249Q BZ 246810937 -224879124
PET MANG-RT 0229268Q BZ 246810937 -224879124
RECRUSUL - RT 0163579D BZ 45007563.8 -17324870.8
RECRUSUL - RT 0163580D BZ 45007563.8 -17324870.8
RECRUSUL - RCT 0163582D BZ 45007563.8 -17324870.8
RECRUSUL - RCT 0163583D BZ 45007563.8 -17324870.8
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 20231387.6 -8975347.28
MINUPAR-RT 0599562D BZ 136700993 -89498652.2
MINUPAR-RCT 0599564D BZ 136700993 -89498652.2
CONST LINDEN RCT CALI9 BZ 14128873.9 -2140102.39
CONST LINDEN RCT CALI10 BZ 14128873.9 -2140102.39
PET MANG-RT RPMG2 BZ 246810937 -224879124
PET MANG-RT RPMG1 BZ 246810937 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810937 -224879124
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
RECRUSUL - RT 0614674D BZ 45007563.8 -17324870.8
RECRUSUL - RCT 0614675D BZ 45007563.8 -17324870.8
RECRUSUL - RCT 0614676D BZ 45007563.8 -17324870.8
TEKA-RTS TEKA1 BZ 408825446 -369130546
TEKA-RTS TEKA2 BZ 408825446 -369130546
TEKA-RCT TEKA9 BZ 408825446 -369130546
TEKA-RCT TEKA10 BZ 408825446 -369130546
LUPATECH SA-RTS LUPA1 BZ 796681450 -92628747.2
LUPATECH SA -RCT LUPA9 BZ 796681450 -92628747.2
MINUPAR-RTS MNPR1 BZ 136700993 -89498652.2
MINUPAR-RCT MNPR9 BZ 136700993 -89498652.2
RECRUSUL SA-RTS RCSL1 BZ 45007563.8 -17324870.8
RECRUSUL SA-RTS RCSL2 BZ 45007563.8 -17324870.8
RECRUSUL SA-RCT RCSL9 BZ 45007563.8 -17324870.8
RECRUSUL - RCT RCSL10 BZ 45007563.8 -17324870.8
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.9 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
BOMBRIL BOBR3 BZ 351436148 -7660238.74
BOMBRIL CIRIO SA BOBRON BZ 351436148 -7660238.74
BOMBRIL-PREF BOBR4 BZ 351436148 -7660238.74
BOMBRIL CIRIO-PF BOBRPN BZ 351436148 -7660238.74
BOMBRIL SA-ADR BMBPY US 351436148 -7660238.74
BOMBRIL SA-ADR BMBBY US 351436148 -7660238.74
BUETTNER BUET3 BZ 107788131 -27487916.4
BUETTNER SA BUETON BZ 107788131 -27487916.4
BUETTNER-PREF BUET4 BZ 107788131 -27487916.4
BUETTNER SA-PRF BUETPN BZ 107788131 -27487916.4
BUETTNER SA-RTS BUET1 BZ 107788131 -27487916.4
BUETTNER SA-RT P BUET2 BZ 107788131 -27487916.4
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
REDE ENERGIA SA REDE3 BZ 1164635971 -23251158
CAIUA SA ELCON BZ 1164635971 -23251158
REDE EMPRESAS-PR REDE4 BZ 1164635971 -23251158
CAIUA SA-PREF ELCPN BZ 1164635971 -23251158
CAIUA SA-PRF B ELCA6 BZ 1164635971 -23251158
CAIUA SA-PRF B ELCBN BZ 1164635971 -23251158
CAIUA SA-RTS ELCA2 BZ 1164635971 -23251158
CAIUA SA-DVD CMN ELCA11 BZ 1164635971 -23251158
CAIUA SA-RCT PRF ELCA10 BZ 1164635971 -23251158
CAIUA SA-DVD COM ELCA12 BZ 1164635971 -23251158
CAIUA ELEC-C RT ELCA1 BZ 1164635971 -23251158
CAIUA SA-PRF A ELCAN BZ 1164635971 -23251158
CAIUA SA-PRF A ELCA5 BZ 1164635971 -23251158
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
IGUACU CAFE IGUA3 BZ 251154980 -71879415.8
IGUACU CAFE IGCSON BZ 251154980 -71879415.8
IGUACU CAFE IGUCF US 251154980 -71879415.8
IGUACU CAFE-PR A IGUA5 BZ 251154980 -71879415.8
IGUACU CAFE-PR A IGCSAN BZ 251154980 -71879415.8
IGUACU CAFE-PR A IGUAF US 251154980 -71879415.8
IGUACU CAFE-PR B IGUA6 BZ 251154980 -71879415.8
IGUACU CAFE-PR B IGCSBN BZ 251154980 -71879415.8
SCHLOSSER SCLO3 BZ 56191844.3 -53412737.8
SCHLOSSER SA SCHON BZ 56191844.3 -53412737.8
SCHLOSSER-PREF SCLO4 BZ 56191844.3 -53412737.8
SCHLOSSER SA-PRF SCHPN BZ 56191844.3 -53412737.8
COBRASMA CBMA3 BZ 82889430.3 -2196482618
COBRASMA SA COBRON BZ 82889430.3 -2196482618
COBRASMA-PREF CBMA4 BZ 82889430.3 -2196482618
COBRASMA SA-PREF COBRPN BZ 82889430.3 -2196482618
CONST A LINDEN CALI3 BZ 14128873.9 -2140102.39
CONST A LINDEN LINDON BZ 14128873.9 -2140102.39
CONST A LIND-PRF CALI4 BZ 14128873.9 -2140102.39
CONST A LIND-PRF LINDPN BZ 14128873.9 -2140102.39
D H B DHBI3 BZ 138254322 -115344519
DHB IND E COM DHBON BZ 138254322 -115344519
D H B-PREF DHBI4 BZ 138254322 -115344519
DHB IND E COM-PR DHBPN BZ 138254322 -115344519
DOCA INVESTIMENT DOCA3 BZ 268517428 -205157416
DOCAS SA DOCAON BZ 268517428 -205157416
DOCA INVESTI-PFD DOCA4 BZ 268517428 -205157416
DOCAS SA-PREF DOCAPN BZ 268517428 -205157416
DOCAS SA-RTS PRF DOCA2 BZ 268517428 -205157416
FABRICA RENAUX FTRX3 BZ 66790814.7 -79675855.6
FABRICA RENAUX FRNXON BZ 66790814.7 -79675855.6
FABRICA RENAUX-P FTRX4 BZ 66790814.7 -79675855.6
FABRICA RENAUX-P FRNXPN BZ 66790814.7 -79675855.6
HAGA HAGA3 BZ 19158663.2 -45056708.1
FERRAGENS HAGA HAGAON BZ 19158663.2 -45056708.1
FER HAGA-PREF HAGA4 BZ 19158663.2 -45056708.1
FERRAGENS HAGA-P HAGAPN BZ 19158663.2 -45056708.1
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
IGB ELETRONICA IGBR3 BZ 363687063 -27195507.3
GRADIENTE ELETR IGBON BZ 363687063 -27195507.3
GRADIENTE-PREF A IGBR5 BZ 363687063 -27195507.3
GRADIENTE EL-PRA IGBAN BZ 363687063 -27195507.3
GRADIENTE-PREF B IGBR6 BZ 363687063 -27195507.3
GRADIENTE EL-PRB IGBBN BZ 363687063 -27195507.3
GRADIENTE-PREF C IGBR7 BZ 363687063 -27195507.3
GRADIENTE EL-PRC IGBCN BZ 363687063 -27195507.3
HOTEIS OTHON SA HOOT3 BZ 252819121 -80969977.1
HOTEIS OTHON SA HOTHON BZ 252819121 -80969977.1
HOTEIS OTHON-PRF HOOT4 BZ 252819121 -80969977.1
HOTEIS OTHON-PRF HOTHPN BZ 252819121 -80969977.1
RENAUXVIEW SA TXRX3 BZ 96911396.7 -87693429
TEXTEIS RENAUX RENXON BZ 96911396.7 -87693429
RENAUXVIEW SA-PF TXRX4 BZ 96911396.7 -87693429
TEXTEIS RENAUX RENXPN BZ 96911396.7 -87693429
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT-PREF LCSA4 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
ESTRELA SA ESTR3 BZ 80291424.1 -104213317
ESTRELA SA ESTRON BZ 80291424.1 -104213317
ESTRELA SA-PREF ESTR4 BZ 80291424.1 -104213317
ESTRELA SA-PREF ESTRPN BZ 80291424.1 -104213317
WETZEL SA MWET3 BZ 102020563 -6073582.74
WETZEL SA MWELON BZ 102020563 -6073582.74
WETZEL SA-PREF MWET4 BZ 102020563 -6073582.74
WETZEL SA-PREF MWELPN BZ 102020563 -6073582.74
MINUPAR MNPR3 BZ 136700993 -89498652.2
MINUPAR SA MNPRON BZ 136700993 -89498652.2
MINUPAR-PREF MNPR4 BZ 136700993 -89498652.2
MINUPAR SA-PREF MNPRPN BZ 136700993 -89498652.2
NORDON MET NORD3 BZ 12386508.7 -33450200.1
NORDON METAL NORDON BZ 12386508.7 -33450200.1
NORDON MET-RTS NORD1 BZ 12386508.7 -33450200.1
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 45007563.8 -17324870.8
RECRUSUL SA RESLON BZ 45007563.8 -17324870.8
RECRUSUL-PREF RCSL4 BZ 45007563.8 -17324870.8
RECRUSUL SA-PREF RESLPN BZ 45007563.8 -17324870.8
PETRO MANGUINHOS RPMG3 BZ 246810937 -224879124
PETRO MANGUINHOS MANGON BZ 246810937 -224879124
PET MANGUINH-PRF RPMG4 BZ 246810937 -224879124
PETRO MANGUIN-PF MANGPN BZ 246810937 -224879124
RIMET REEM3 BZ 103098361 -185417655
RIMET REEMON BZ 103098361 -185417655
RIMET-PREF REEM4 BZ 103098361 -185417655
RIMET-PREF REEMPN BZ 103098361 -185417655
SANSUY SNSY3 BZ 191834998 -136761525
SANSUY SA SNSYON BZ 191834998 -136761525
SANSUY-PREF A SNSY5 BZ 191834998 -136761525
SANSUY SA-PREF A SNSYAN BZ 191834998 -136761525
SANSUY-PREF B SNSY6 BZ 191834998 -136761525
SANSUY SA-PREF B SNSYBN BZ 191834998 -136761525
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
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
TEKA-ADR TKTPY US 408825446 -369130546
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 * * *