/raid1/www/Hosts/bankrupt/TCRLA_Public/130604.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, June 4, 2013, Vol. 14, No. 109
Headlines
A R G E N T I N A
CELULOSA ARGENTINA: Fitch Affirms 'B-' FC Issuer Default Rating
B R A Z I L
PESCANOVA BRAZIL: Files for Bankruptcy, Argentine Unit Intact
C A Y M A N I S L A N D S
ASI OFFSHORE: Creditors' Proofs of Debt Due June 21
DKR FUSION: Creditors' Proofs of Debt Due June 18
GOLDENTREE SPECIAL II: Commences Liquidation Proceedings
GOLDENTREE SPECIAL III: Commences Liquidation Proceedings
GOLDENTREE SPECIAL V: Commences Liquidation Proceedings
HJORDIS MARINE: Creditors' Proofs of Debt Due June 11
KAI YIH: Creditors' Proofs of Debt Due June 12
LIQUIDMACRO FUND: Creditors' Proofs of Debt Due June 21
LIQUIDMACRO MASTER: Creditors' Proofs of Debt Due June 21
LLK TECHNOLOGY: Creditors' Proofs of Debt Due June 22
OASIS PERSONNEL: Creditors' Proofs of Debt Due June 20
ODIN CDO I 2: Commences Liquidation Proceedings
ODIN CDO I 3: Commences Liquidation Proceedings
ODIN CDO I 4: Commences Liquidation Proceedings
PROGRESSIVE RETURNS: Creditors' Proofs of Debt Due June 21
SAKURA BONDCO: Commences Liquidation Proceedings
WASTEEQUITYCO: Creditors' Proofs of Debt Due June 20
WASTESHAREHOLDERCO 1: Creditors' Proofs of Debt Due June 20
WASTESHAREHOLDERCO 2: Creditors' Proofs of Debt Due June 20
D O M I N I C A N R E P U B L I C
* DOMINICAN REP: Latest Economic Measures Will Spur Production
H O N D U R A S
* HONDURAS: To Get $100-Million IDB Loan for Bono Program
J A M A I C A
JAMAICA DIVERSIFIED: Fitch Rates $100MM Series 2013-1 Notes 'BB'
M E X I C O
BANCO MONEX: S&P Affirms 'BB+' Rating; Outlook Stable
P E R U
TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes
T R I N I D A D & T O B A G O
CARIBBEAN AIRLINES: Relationship With Air Jamaica a Concern
X X X X X X X X
LATAM TRUST: Fitch Upgrades Rating on CLP5.13BB Notes From 'BB+'
* Norton Rose Combines With Fulbright & Jaworski LLP
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
CELULOSA ARGENTINA: Fitch Affirms 'B-' FC Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the following ratings on Celulosa
Argentina S.A.:
-- Foreign currency Issuer Default Rating (IDR) at 'B-'; Outlook
Negative;
-- Local currency IDR at 'B-'; Outlook Negative;
-- National scale Rating at 'A(arg)'; Outlook Stable.
Rating Fundamentals
Celulosa's 'B-' ratings reflect the company's solid market
position as an integrated pulp, paper and forest products
manufacturer in Argentina and Uruguay. Compared to its peers in
Chile and Brazil, Celulosa is small in size in both revenue and
volume. This results in relatively weak cost structure. The
company's lower economies of scale increase exposure to the
industry's high levels of volatility in international pulp prices.
The company is also exposed to double-digit inflation in Argentina
and other direct and in-direct sovereign related risks, including
transfer and convertibility risks.
Celulosa has vertically integrated production and distribution
operations, although it remains dependent on third parties for its
raw material. The company has a strong market share in the
domestic market, and a diversified and stable customer base. The
company benefits from import tariffs and other agreements, such as
a bilateral trade agreement between the governments of Argentina
and Brazil that limits Brazilian paper imports and reduces
competition in the domestic market.
Celulosa's vulnerability to raw materials is high. As of today,
95% of wood purchases are done on a spot basis, exposing the
company to prices and volume risks. The company has production
assets in Argentina and Uruguay, the latter through its subsidiary
Fanapel.
Financial results came under pressure over the last year. For the
last nine months ended Feb. 28, 2013, Celulosa generated revenues
ofUSD301 (+14% yoy) milliondespite lower volumes resulting from
programmed stoppage of plants for maintenance. Celulosa's improved
sales were achieved through a combination of price increases, and
product mix. EBITDA margins, however, deteriorated (11.5% for
9mo13 vs 12.6% for 9mo12) with costs reflecting Argentina's
double-digit inflation. Celulosa generated USD8.0 million of CFO
for the last nine months as of February 2013. The company used
this cash flow to finance capex and for the payment of preferred
dividends. A recovery in production volumes will boost fourth
quarter results, albeit not enough to compensate for the company's
weak first half. Fitch expects FY13 EBITDA of around USD52
million.
Since May 2012, Celulosa's debt has increased by 7% to USD168.0
million of debt. Nevertheless, Celulosa's 9mo of 4.4x remains low
relative to its rating peers (5.7x average/median gross leverage
for 'B-'-rated corporates) Fitch further expects that the company
will manage its balance sheet to a target ratio of debt-to EBITDA
of around 3.0x. The estimated interest coverage is expected to be
around 3.0x.
Celulosa's liquidity is tight and exposes the company to
refinancing risk. As of February 2013 Celulosa had USD6.5 million
of cash and marketable securities and USD89.7 million of short
term debt. Historically, the company has had a high concentration
of its financial debt in the short term and has consistently been
able to refinance these trade lines of credit. Fitch expects that
Celulosa will continue to successfully rollover its existing debt
in the local financial market.
Celulosa's ratings reflect the company's exposure to domestic
economic conditions. The high level of uncertainty of the
Argentine economy through capital controls and import restrictions
is preventing the company from rolling out any major capital
expenditure plan. Under this scenario, capital expenditures are
expected to remain at maintenance levels; at approximately USD 15
million. Free cash flow will likely be used to gradually reduce
leverage.
Rating Sensitivities
The Foreign Currency & Local Currency IDR of Celulosa could be
affected by a downgrade of the Argentine sovereign rating
(currently 'B-' with a Negative Outlook).
Also a prolonged downturn in pulp & paper prices that result in a
material weakening of the company's capital structure could
produce a rating downgrade.
===========
B R A Z I L
===========
PESCANOVA BRAZIL: Files for Bankruptcy, Argentine Unit Intact
-------------------------------------------------------------
Undercurrent News reports that Pescanova's subsidiary in Brazil
has filed for bankruptcy, according to a company statement issued
on the National Stock Exchange. Undercurrent News relates that
Europapress.es said the subsidiary has applied for a judicial
recovery procedure, which is under consideration.
The report discloses that this latest bit of unraveling from the
shuttered Spanish giant hits Pescanova Brazil, a company located
in Rio de Janeiro, which sells products from Pescanova and
produces tilapia. Pescanova SA controls 98.50% of the Brazilian
subsidiary.
Undercurrent News discloses that the bankruptcy comes on the heels
of multiple Pescanova subsidiary bankruptcies throughout Latin
America.
A Chilean court declared Pesca Chile bankrupt on May 1, and a few
days later, Argentinian subsidiary Argenova filed for bankruptcy
before a judge in Buenos Aires, Undercurrent News notes.
Argenova Remains Intact
Undercurrent News relays that Diario Jornada reported that
Argenova is managing to remain open and hold onto its 44 workers
following an agreement reached between the Argentine government
and the company.
Argenova's processing plant will be leased within the next 15 days
for a period of 24 months, the firm is expected to recover the
plant after that, and it is keeping its fleet operations intact,
Undercurrent News notes.
This agreement comes after what the newspaper calls "arduous"
negotiations between Argenova president Jaime Perez and the
Minister of Agriculture, Livestock and Fisheries, Noberto Yauhar,
Undercurrent News says.
Undercurrent News adds that the Union of Workers of the Food
Industry, which will negotiate with stakeholders over the next 24
months, supports the agreement, the report discloses.
Cash Injection Coming
Undercurrent News relates that a EUR55 million cash injection will
come next week from creditor banks, after Deloitte, the financial
firm appointed to be its administrator in the bankruptcy process,
analyzes the conditions and the judge gives the operation the go
ahead.
The need for that cash is urgent among Pescanova's subsidiaries,
reports Economia Digital. Discontent is prevalent among its
subsidiaries, some of which say they go "in some cases, for two
months without pay," sources familiar with the situation told the
news outlet, Undercurrent News notes.
As of May 24, financial services company Deloitte had ensured
payments for May and June to the company, Undercurrent News says.
Deloitte found that the restructuring would be done with the least
possible impact and organized gradually, reports
JornalDeNegocios.pt, Undercurrent News adds.
==========================
C A Y M A N I S L A N D S
==========================
ASI OFFSHORE: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
The creditors of Asi Offshore Global Relative Value Fund, Ltd. are
required to file their proofs of debt by June 21, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 7, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
DKR FUSION: Creditors' Proofs of Debt Due June 18
-------------------------------------------------
The creditors of DKR Fusion Quantitative Strategies Holding Fund
Ltd. are required to file their proofs of debt by June 18, 2013,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 29, 2013.
The company's liquidator is:
Gene Dacosta
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
GOLDENTREE SPECIAL II: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the members of
Goldentree Special Holdings II Ltd resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
GTAM TS Investment LLC
c/o John O'Driscoll
Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
GOLDENTREE SPECIAL III: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the members of
Goldentree Special Holdings III Ltd resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
GTAM TS Investment LLC
c/o John O'Driscoll
Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
GOLDENTREE SPECIAL V: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the shareholder
of Goldentree Special Holdings V Ltd resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
GTAM TS Investment LLC
c/o John O'Driscoll
Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
HJORDIS MARINE: Creditors' Proofs of Debt Due June 11
-----------------------------------------------------
The creditors of Hjordis Marine Ltd. are required to file their
proofs of debt by June 11, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 26, 2013.
The company's liquidator is:
Campbells Directors Limited
Willow House, Floor 4
Cricket Square, PO Box 268
Grand Cayman KY1-1104
Cayman Islands
Telephone: +1 (345) 949 6258
Facsimile: +1 (345) 945 2877
KAI YIH: Creditors' Proofs of Debt Due June 12
----------------------------------------------
The creditors of Kai Yih Holding Corporation are required to file
their proofs of debt by June 12, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 30, 2013.
The company's liquidator is:
Wu, Yung-Hsiang (Crispin Wu)
No. 98, Sec. 2, Anhe Rd.
Annan Dist., Tainan City 709
Taiwan (R.O.C.)
Telephone: +1886 (6356) 0511
Facsimile: +1886 (6356) 6055
LIQUIDMACRO FUND: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of Liquidmacro Fund, Ltd. are required to file their
proofs of debt by June 21, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 8, 2013.
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
LIQUIDMACRO MASTER: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Liquidmacro Master Fund, Ltd. are required to
file their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 8, 2013.
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
LLK TECHNOLOGY: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------
The creditors of LLK Technology, Inc. are required to file their
proofs of debt by June 22, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 6 2013.
The company's liquidator is:
Portcullis Trustnet (Cayman) Ltd.
c/o Michelle R. Bodden-Moxam
Telephone: (345) 946 6145
Facsimile: (345) 946 6146
The Grand Pavilion Commercial Centre
Oleander Way, 802 West Bay Road
P.O. Box 32052 Grand Cayman KY1-1208
Cayman Islands
OASIS PERSONNEL: Creditors' Proofs of Debt Due June 20
------------------------------------------------------
The creditors of Oasis Personnel Limited are required to file
their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 26, 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) 943 3100
ODIN CDO I 2: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 2) Limited resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
ODIN CDO I 3: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 3) Limited resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
ODIN CDO I 4: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 4) Limited resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
PROGRESSIVE RETURNS: Creditors' Proofs of Debt Due June 21
----------------------------------------------------------
The creditors of Progressive Returns Fund Ltd. are required to
file their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 24, 2013.
The company's liquidator is:
Michael Penner
c/o Marcin Czarnocki
Deloitte & Touche
P.O Box 1787 Grand Cayman KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2228
Facsimile: +1 (345) 949 8258
SAKURA BONDCO: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on April 26, 2013, the members of
Sakura Bondco resolved to voluntarily liquidate the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Sakura Master Holding GP
c/o Rupert Bell
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 949 0100
WASTEEQUITYCO: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
The creditors of Wasteequityco are required to file their proofs
of debt by June 20, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 3, 2013.
The company's liquidator is:
Michael Penner
c/o Grant Hiley
Deloitte & Touche
P.O Box 1787 Grand Cayman KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
WASTESHAREHOLDERCO 1: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
The creditors of Wasteshareholderco 1 are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 3, 2013.
The company's liquidator is:
Michael Penner
c/o Grant Hiley
Deloitte & Touche
P.O Box 1787 Grand Cayman KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
WASTESHAREHOLDERCO 2: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
The creditors of Wasteshareholderco 2 are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 3, 2013.
The company's liquidator is:
Michael Penner
c/o Grant Hiley
Deloitte & Touche
P.O Box 1787 Grand Cayman KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REP: Latest Economic Measures Will Spur Production
---------------------------------------------------------------
The Dominican Today reports that the monetary and financial
authorities' latest measures aimed at spurring production,
especially the sectors which generate jobs, is just what the
country needs, according to the Association of Industries (AIRD)
President Ligia Bonetti, and the economist Franklin Vasquez,.
Mr. Bonetti said the lower fees and eased credit channel more
funds to productive sectors are "positive" steps, as well as
lowering the overnight rate to 4.25%, according to The Dominican
Today.
The report relates that the he business leader said the AIRD and
the financial sector have been working together to seek improved
access to credit for industry this year and hailed the monetary
authorities' decisions to support the process carried out by
banking and industry, "especially one that further eases access to
credit for small and medium industries."
"The payment history, if established definitively in the Asset
Valuation Regulations, constitutes a sign of confidence which must
be had on a client whose accomplishments are desired. Sales
sometimes don't progress favorably, and yet a customer maintains
compliance with their obligations, because being an industrialist
isn't a short-term commitment," the report quoted Mr. Bonetti as
saying.
For Mr. Vasquez, a university professor and expert in SMEs, the
two new measures will supplement the macroeconomic environment
which seeks to stimulate the economy, which, according to Central
Bank figures, remained flat during the first quarter 2013, the
report notes.
===============
H O N D U R A S
===============
* HONDURAS: To Get $100-Million IDB Loan for Bono Program
---------------------------------------------------------
Honduras will improve its efficiency and coverage of the program
to support the social safety net known as the Bono 10,000, with a
$100 million loan approved by the Inter-American Development Bank
(IDB).
The Bono 10,000 Program, established in 2010, has benefited more
than 350,000 poor households. Improving the program's efficiency
and targeting should enable it to reach 50 percent of the
country's poorest rural families.
The project aims to increase the use of services in education,
health and nutrition of pregnant women and children under 18 years
of age through targeted conditional cash transfers. Also the
program is expected to increase the supply of the third cycle of
basic education (7th to 9th grade) in selected rural areas and
improve the efficiency of program management.
The project seeks comprehensive and sustained interventions that
consider gender and cultural factors that constitute barriers to
access opportunities and resources in order to help break the
cycle of poverty. According to the Household Survey Multipurpose
(MPHS) May 2012, two out of three households live in poverty and
nearly half in extreme poverty.
The executing agency will be the Family Allowance Program (PRAF),
a decentralized agency of the Ministry of the Presidency.
The IDB financing consists of $70 million from the ordinary
capital, with a 30-year term, a grace period of 5.5 years and an
interest rate based on LIBOR, and $30 million from the Fund for
Special Operations, with a 40-year term and grace period and 0.25
percent interest. Local counterpart funds total $10 million.
=============
J A M A I C A
=============
JAMAICA DIVERSIFIED: Fitch Rates $100MM Series 2013-1 Notes 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB' to Jamaica Diversified
Payment Rights Company's issuance of $100 million of series 2013-1
notes. The Rating Outlook is Stable. Fitch's rating addresses the
timely payment of interest and principal on a quarterly basis in
accordance with the transaction documents. The expected final
payment date is March 15, 2018 with the option to extend the legal
maturity date up to three years.
The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ; long-term (LT) local currency
Issuer Default Rating (IDR) of 'B-'; Outlook Negative).
Key Rating Drivers
The assigned rating reflects (i) the credit quality of NCBJ and
its going concern assessment score of 'GC1'; (ii) the sovereign
rating and the overall debt restructuring process; (iii) overall
cashflows and coverage levels which include a significant portion
of domestic generated receivables; and (iv) the level of DPR
related debt to overall funding and liabilities.
Over 70% of the Jamaican banking industry is held in two banks,
NCBJ and Bank of Nova Scotia (BNS) with NCBJ being the largest in
terms of assets (45% as of fiscal year-end [FYE] 2012). The bank
was well positioned to manage the fallout from the government's
recent debt restructuring, but the Negative Outlook on its ratings
reflects downside risks for a more challenging operating
environment if the government is not successful at implementing
its IMF programme.
Pro forma quarterly debt service coverage ratios (DSCRs),
calculated according to the transaction documents, are expected to
be above 48.9 times (x) maximum quarterly debt service. The
calculation considers average quarterly flows through DDBs for the
past three years and excludes 65% of flows from certain entities
which have large levels of domestic flows; the remaining amount is
then divided by the maximum expected quarterly debt service to
determine the respective DSCRs.
For purposes of Fitch's analysis, the agency excluded domestic
receivables; Fitch's adjusted DSCR is 40.6x. In addition, the
issuance represents only 2.79% of NCBJ's total liabilities.
Rating Sensitivities
The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' local currency IDR could lead to a
downgrade on the notes. In addition, severe reductions in coverage
levels could also result in rating downgrades.
Transaction Summary
The notes are backed by future flows related to USD-denominated
DPRs originated by NCBJ. DPRs are defined as electronic or other
messages utilized by financial institutions to instruct NCBJ to
make a payment to a beneficiary. For this transaction only USD-
denominated MT102 and MT103 flows (or any other MT100 series) sent
via the SWIFT system will be securitized.
The transaction structure benefits from notice and acknowledgment
agreements signed with designated depositary banks (DDBs), Bank of
New York Mellon, Citibank, HSBC, Barclays Bank PLC, and Wells
Fargo, which irrevocably instruct them to deposit DPR flows into
offshore accounts controlled by the indenture trustee. The
percentage of DPR flows processed by DDBs has averaged over 90% of
total DPRs since 2007.
NCBJ processed approximately $2.4 billion in DPR flows in 2012, up
slightly from $2.3 billion in 2011. While these levels have
steadily increased back to pre-crisis levels, a large portion of
this growth comes from growing domestic receivables.
A new issue report providing additional details on this
transaction will be available on Fitch's web site.
===========
M E X I C O
===========
BANCO MONEX: S&P Affirms 'BB+' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
(Banco Monex). The outlook is stable.
S&P's ratings on Banco Monex reflect its "moderate" business and
risk positions, "strong" capital and earnings, as well as S&P's
assessment of "below average" funding and "adequate" liquidity (as
S&P's criteria define these terms). The bank's stand-alone credit
profile (SACP) is 'bb+'.
S&P's bank criteria used its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR). S&P's anchor for a commercial bank
operating only in Mexico is 'bbb'. In S&P's view, the main risk
for the banks operating in Mexico is economic risk. This is due
to the population's low income level (from a global perspective)
and the decrease in payment capacity amid a low level of domestic
savings. In addition, banks face challenges associated with
lending within a legal framework that is still establishing a
track record of creditor rights. However, underwriting standards
have improved. Additionally, S&P do not view any asset bubbles in
the Mexican economy. Industry risk is not as high, because of
conservative regulation, but supervision still needs to improve.
Healthy competitive dynamics drive the lending system. Funding is
based on stable deposits, and the domestic debt markets are
rapidly expanding. S&P classify the Mexican government as
supportive to its banking system because of past experience and
S&P's belief that it has the capacity to help banks withstand
problems.
=======
P E R U
=======
TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issue rating
on Terminales Portuarios Euroandinos Paita S.A.'s (TPE)
$110 million senior secured notes due 2037 based on continued
sound revenue and traffic performance, which remained in line with
S&P's expectations. The outlook is stable.
"Our 'BB' rating reflects the project's exposure to the volatile
commodity and container trade volumes industry, which we consider
risky in light of the potential declines in traffic levels and
regional production, which could hinder the concessionaire's
revenues," said Standard & Poor's credit analyst Candela Macchi.
Further, the company has a small scale of operations, compared
with other ports in the region, and a relatively concentrated
customer base. As of December 2012, TPE's top 10 clients
generated about 75% of its consolidated revenues. It also has
exposure to adverse weather conditions and natural disasters, such
as the El Nino phenomenon. Its back-loaded amortization schedule,
with about 55% of the principal amortizing in the last quarter of
the bonds' life, is also a weakness.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIRLINES: Relationship With Air Jamaica a Concern
-----------------------------------------------------------
RJR News reports that Prime Minister Portia Simpson Miller said
the relationship between Caribbean Airlines and Air Jamaica which
it acquired two years ago is a great cause of concern for the
Jamaican people.
Mrs. Simpson Miller made the comment while speaking to reporters
in Trinidad, according to RJR News. The report relates that
Trinidad and Tobago's Minister of Finance, Larry Howai, last month
disclosed that CAL's estimated losses for 2012 were US$70 million,
of which US$32 million was identified as losses on Air Jamaica's
routes.
Mr. Howai, the report notes, also said the fuel subsidy for CAL
and Air Jamaica for 2012 was US$40 million US dollars.
A report in the Trinidad Express newspaper said Mrs. Simpson
Miller did not have the opportunity while she was in Trinidad on
Saturday to discuss the matter with Prime Minister Kamla Persad-
Bissessar due to the visit of the President of the People's
Republic of China, the report adds.
About Caribbean Airlines
Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services. It also specializes in
the shipment of fresh cut flowers and packaged meats, hatching
eggs, chocolates, fruits and vegetables, frozen and chilled fish,
vaccines, newspapers, and magazines within the Caribbean, as well
as to North America and Europe.
In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica. The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.
* * *
As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report said the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in
January.
===============
X X X X X X X X
===============
LATAM TRUST: Fitch Upgrades Rating on CLP5.13BB Notes From 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings on the credit-linked notes
issued by LatAm Trust, Series 2007-105 (LatAm 2007-105) as
follows:
-- CLP5,136,000,000 credit-linked notes to 'BBB-sf' from 'BB+sf';
Outlook Stable.
KEY RATING DRIVERS
The rating action follows Fitch's upgrade of the qualified
investment, Merrill Lynch & Co, Inc. subordinated medium-term
notes (rated 'BBB+'; Outlook Stable by Fitch) on May 16, 2013.
Fitch monitors the performance of the underlying risk-presenting
entities and adjusts the rating accordingly through application of
its current credit-linked note (CLN) criteria, 'Global Rating
Criteria for Single- and Multi-Name Credit-Linked Notes' dated
Feb. 21, 2013.
Fitch's rating of LatAm 2007-105 is credit-linked to the rating of
the qualified investment and the reference entity, Endesa, S.A.
(rated 'BBB+'; Outlook Negative). The Rating Outlook reflects the
status of the main risk driver, Merrill Lynch & Co, Inc.
subordinated medium-term notes, which remains the highest risk-
presenting entity due to lower expected recoveries on the
subordinated notes.
RATING SENSITIVITIES
The rating remains sensitive to rating migration of the underlying
risk-presenting entities. A downgrade of either the qualified
investment or the reference entity would likely result in a
downgrade to the notes.
Latam 2007-105 (the issuer) is a single-name CLN structure
referencing Endesa, S.A. via a Credit Default Swap (CDS) between
the issuer and the swap counterparty, Merrill Lynch Capital
Services (MLCS), which is guaranteed by Merrill Lynch & Co., Inc.
The CDS is funded by subordinated medium-term notes (the qualified
investment) issued by Merrill Lynch & Co., Inc. Payments of
interest and principal will be made in U.S. dollar (USD) amounts
adjusted according to both the prevailing value of the Unidad de
Fomento (UF) and the CLP/USD exchange rate.
* Norton Rose Combines With Fulbright & Jaworski LLP
----------------------------------------------------
"I am proud to inform you that effective today, June 3, 2013,
Norton Rose has formally combined with leading US legal practice
Fulbright & Jaworski LLP to create Norton Rose Fulbright,"
announced John Coleman, Managing Partner of Canada Norton Rose
Fulbright.
"This is an exciting step for us and one which we believe will
greatly benefit our clients.
"Norton Rose Fulbright has close to 3,800 lawyers and offers
worldwide coverage from more than 50 cities across Canada, the
United States, Europe, Latin America, Asia, Australia, Africa, the
Middle East and Central Asia. In the United States, we have one of
the country's largest legal practices, with 750 lawyers coast to
coast, including New York, Houston, Dallas, Los Angeles and
Washington, DC.
"As Norton Rose Fulbright, we will be able to provide clients with
a full service US law capability with Canada's largest trading
partner. We can now help with inbound and outbound cross-border
deals seamlessly, with lawyers based in our country's key markets.
We will also have new north-to-south access to the Americas, with
close to 1,500 lawyers in Canada, the US and Latin America.
"Norton Rose Fulbright aims to provide you with world-class legal
skills in corporate, M&A and securities; banking and finance;
dispute resolution and litigation; intellectual property;
antitrust and competition; employment and labour; real estate; and
tax. We have one of the leading global regulation and
investigations practices, with highly experienced regulatory
lawyers in all of our principal locations. We have also
significantly enhanced the depth and breadth of our resources in
financial institutions; energy; infrastructure, mining and
commodities; technology and innovation; transport; and life
sciences and healthcare, which comprise our key industry sector
strengths.
"I will continue to be a member of our global management team and
am joined on the executive by Fulbright & Jaworski's US Managing
Partner, Kenneth Stewart. Canadian Senior Partners Michael Lang
and Bill Tuer, and Partner Jane Caskey, are also members of our
global management team. Our Global Chairman is Adrian Ahern, based
in Sydney and Norman Steinberg, our Canadian Chairman is now also
Global Co-Chair.
"The creation of Norton Rose Fulbright has been a long-term
ambition for us and represents a landmark achievement for both
practices. It puts us on a new level of legal service to clients
in Canada, the US and around the world.
"If you would like further information about the cross-border and
global services we offer, please speak to your relationship lawyer
at Norton Rose Fulbright or visit our website at
http://www.nortonrosefulbright.com"
Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton
Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa
(incorporated as Deneys Reitz Inc) and Fulbright & Jaworski LLP,
each of which is a separate legal entity, are members ("the Norton
Rose Fulbright members") of Norton Rose Fulbright Verein, a Swiss
Verein. Norton Rose Fulbright Verein helps coordinate the
activities of the Norton Rose Fulbright members but does not
itself provide legal services to clients.
* 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 * * *