/raid1/www/Hosts/bankrupt/TCRLA_Public/130611.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 11, 2013, Vol. 14, No. 114
Headlines
A R G E N T I N A
GENNEIA SA: New Notes Offer of Up to $20MM Gets Moody's B3 Rating
B R A Z I L
MARFRIG ALIMENTOS: JBS Agrees to Buy Food-Processing Assets
OMNI SA: Fitch Assigns 'B' Long-term Issuer Default Ratings
C A Y M A N I S L A N D S
AL RAJHI: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING GROUP: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING HOLDINGS: Creditors' Proofs of Debt Due July 3
[REDACTED -- July 3, 2014]
CCB INTERNATIONAL: Creditors' Proofs of Debt Due June 22
FREIGHTER KING: Creditors' Proofs of Debt Due July 5
HAV2 (IV): Shareholder to Receive Wind-Up Report on June 21
ISUPPLI INC: Shareholder to Receive Wind-Up Report on June 21
LSP PENN EB I: Shareholders' Final Meeting Set for June 24
LSP PENN EB II: Shareholders' Final Meeting Set for June 24
MATTER FUND: Commences Liquidation Proceedings
T.W.E.: Commences Liquidation Proceedings
TAIT ASIA: Creditors' Proofs of Debt Due July 3
TAZMARINE LTD: Shareholder Receives Wind-Up Report
TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
TELEOS MASTER: Member to Hear Wind-Up Report on June 21
THREADNEEDLE INSTITUTIONAL: Creditors' Proofs of Debt Due June 24
THREE KINGDOMS: Creditors' Proofs of Debt Due July 3
TRAIN FINANCING: Shareholders' Final Meeting Set for June 21
D O M I N I C A N R E P U B L I C
* DOMINCAN REP: Proposed US$30 Departure Tax Stokes Tourism Woes
M E X I C O
IXE BANCO: Fitch Affirms and Withdraws Viability Rating at 'bb+'
TENEDORA NEMAK: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
P U E R T O R I C O
EMERITO ESTRADA: Case Summary & 20 Largest Unsecured Creditors
V E N E N Z U E L A
CORPORACION ELECTRICA: S&P Affirms 'B' Ratings; Outlook Negative
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
GENNEIA SA: New Notes Offer of Up to $20MM Gets Moody's B3 Rating
-----------------------------------------------------------------
Moody's Latin America assigned B3/A3.ar ratings to Genneia's Class
XII proposed notes for up to $20 million and at the same time
affirmed its B3/A3.ar global local currency corporate family
rating and the B3/A3.ar senior unsecured rating on Genneia's other
outstanding notes. The outlook for all ratings is stable.
Genneia will use proceeds from the new notes to repay other short
term debt, to finance its working capital needs and to complete
the financing of its 2013 investment program.
Rating Rationale:
The B3/A3.ar ratings are supported by Genneia's stable cash flows
arising primarily from its wind and "energia distribuida" (ED)
operations coupled with its moderately leveraged financial
position.
The wind generation that entered into commercial operations in
early 2012 is producing energy in line with expectations, showing
capacity factors above 40% at times, and producing stable revenues
under a long term (15 years), fixed price contract. In addition,
in spite of reduced prices under the renewed ED contracts, the
company has extended its contractual horizon to 7 years from the
original 3 year contract. This agreement going forward should also
generate stable revenues of approximately $ 120 million per year .
The ratings are also supported by the various payment mechanisms
available for debt repayment. Most of Genneia's outstanding debt
is payable from direct transfers to a trustee arising from
collections under the Res. 220 ED contracts and by payments under
the "off-take contract" with Cammesa for the wind farm production.
The issuance of the Class 12 notes coupled with the completion of
its investment plan for 2013/2014 along with stabilized operations
and cash flows should result in positive levels of free cash flow
in relation to existing debt over the coming years.
Nevertheless, the ratings remain mainly constrained by the
concentration of its operations in only the Argentinean market,
which has been highly unpredictable in recent years. Furthermore,
most of Genneia's cash flows arise from contracts where the off-
taker is Cammesa, a federal government agency that administers the
wholesale electricity market in Argentina. Cammesa administers not
only the operation of the system but also manages its collections
and payments. Since the price paid for electricity by most
consumers is not enough to cover electricity production costs,
Cammesa faces an ongoing operating deficit that is currently
financed with federal government resources to facilitate payments
to the producers. This represents a high degree of exposure to
Argentine government credit risk (B3, Negative), which adds a cap
to the ratings.
Additional constraining factors are Genneia's relatively tight
liquidity and limited financial flexibility. In particular,
Moody's sees Genneia's limited flexibility under its current bank
loan covenants as challenging.
The stable outlook reflects Moody's expectation that Genneia will
stabilize its cash flows and operations during fiscal year 2013
and beyond while reducing leverage over time.
Negative pressure on the ratings or outlook could occur if
Genneia's financial policy becomes more aggressive than expected.
Specifically, Moody's would become concerned should debt to EBITDA
exceed 4.5x times; interest coverage (CFO pre WC +
Interest/Interest) falls below 1.5x or RCF /Debt becomes lower
than 10%.
The ratings could also come under downward pressure if payments
from Cammesa begin to experience significant delays. In addition,
given Genneia's exposure to Argentine government credit risk, a
negative rating action at the sovereign level could also add
further downwards rating pressure.
Given Genneia's ratings current constraining factors, limited
prospects exist for an upgrade over the near term. Longer term a
rating up-grade would require Genneia to continue to generate
stable cash flows from its ED business and from its wind
generation farm for which Moody's would expect capacity
realizations of around 40%. Quantitatively, a rating upgrade would
require Genneia to generate CFO (pre WC) to debt of above 20%, and
positive levels of FCF on a sustainable basis. In addition, the
sovereign rating would need to be upgraded as well.
Genneia S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991 in the gas distribution
and transportation business under its previous denomination
"Emgasud". However, since 2008 power generation has been its main
business, contributing more than 90% of its total revenues. For
the last 12 months ending March 2013 Genneia reported revenues of
approximately $ 160 million.
The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.
===========
B R A Z I L
===========
MARFRIG ALIMENTOS: JBS Agrees to Buy Food-Processing Assets
-----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA agreed to buy
some food-processing assets from Marfrig Alimentos SA.
The agreement involves assets from the Seara Foods unit, according
to the two unnamed sources, according to Bloomberg News.
Bloomberg News, citing The Wall Street Journal, relates that JBS
SA will buy the Brazilian poultry unit of Seara for US$2.5 billion
to US$3 billion, citing four unidentified people close to the
deal.
For Marfrig, the most indebted meatpacker in the Western
Hemisphere, the deal means a reduction in net debt that jumped
seven-fold in the past five years to about BRL10 billion (US$4.7
billion) as of March 31, Bloomberg News notes.
Bloomberg News discloses that Marfrig owns three food-processing
units under the Seara Foods umbrella:
-- Seara Brasil, which supplies chicken nuggets, sausages and
hot dogs to the Brazilian market;
-- Keystone Foods, the U.S. largest hamburger patties supplier
to McDonald's Corp.; and
-- Moy Park, in Europe, maker of ready-to-eat chicken meals
endorsed by celebrity chef Jamie Oliver.
Bloomberg News says that Marfrig's net debt equals 4.4 times
earnings before interest, taxes, depreciation and amortization.
Bloomberg News notes that Marfrig aims to cut gross debt by as
much as BRL2 billion, Sergio Rial, head of the food-processing
unit Seara Foods, said May 14.
About Marfrig Alimentos
Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products. Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals. The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.
* * *
As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A. The outlook is negative.
OMNI SA: Fitch Assigns 'B' Long-term Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned the following ratings to Omni S.A.
Credito, Financiamento e Investimento:
-- Foreign and local currency Long-term Issuer Default Ratings
(IDRs) 'B'; Outlook Stable;
-- Foreign and local currency Short-term IDRs 'B';
-- Viability Rating 'b';
-- Support Rating '5';
-- Support Rating Floor of 'No Floor'.
At the same time, Fitch has affirmed Omni's other ratings as
follows:
--National long-term rating at 'BBB-(bra)'; Outlook Stable;
--National short-term rating at 'F3 (bra)'.
KEY RATING DRIVERS - IDRS AND NATIONAL RATINGS
The ratings of Omni are driven by its Viability Rating (VR).
Omni's ratings reflect the institution's good systems and risk
controls, as well as adequate profitability ratios. It also
considers Omni's experience in its main business focus, financing
autos (cars, trucks and utility vehicles, especially used, up to
25 years old, as well as new and used motorcycles) for the lower
purchasing power classes ('C' and 'D'), a segment less exploited
by the competition.
The ratings also consider Omni's small size compared with its
peers, high leverage, its business market, greater susceptibility
to fluctuations in the economy, and its still limited access to
long-term funding sources. This presupposes high revenue and
business concentrations, typical of institutions with these
characteristics.
Omni continued to present operating results slightly above the
average of banks and finance companies focused on consumers. Its
delinquency ratios have also been high and greater than those
reported in traditional banking activities, given the nature of
consumer credit to the low-income classes. However, its high
delinquency is well monitored and offset by the high interest
rates charged and the diversification of its portfolio, which,
according to Fitch, is not expected to experience excessive
deterioration.
Omni's funding will continue to rely on the securitization of
assets for receivables-backed investment funds (FIDCs), as well as
time deposits with special guarantees (DPGE I and II). Omni also
has about BRL210 million (time deposits, notes and hybrid capital)
funded by its shareholder. Omni is studying an overseas issuance
of about USD50 million. Given the lower competition which allows
Omni to be selective with its underwriting, the finance company
plans to maintain the size of its loan portfolio at the current
level.
Due to loan portfolio retention, Fitch's calculation of core
capital-to-total weighted risk assets remained around 9% in 2012,
a percentage that is considered to be low. The agency weights
loans sold to FIDCs at 75%. Hybrid capital and debt instruments,
considered in regulatory capital as Tier 2, were not included in
this calculation, although Fitch recognizes the benefits of this
additional long-term source of funding.
Omni has been increasing its private label credit card operations,
mainly with small supermarket chains. Their participation in
earnings, however, is still small, but will tend to grow over the
long term.
RATING SENSITIVITIES - IDRS AND NATIONAL RATINGS
Omni's ratings could benefit from growth in the capital structure,
greater funding diversification, and an improvement in its asset
quality ratios. On the other hand, negative pressures on the
rating may come from: a decrease in operating earnings and
operational ROAA falling below 1.0%; Fitch core capital ratio
below 8%; an increase in the level of encumbered assets; and/or a
significant deterioration of its asset quality ratios.
Founded in 1968 as Distribuidora de Titulos e Valores Mobiliarios
(DTVM), a securities dealer, Omni was converted into a finance
company in 1994. In first quarter 2013, Omni presented total
assets of BRL1.4 billion (USD703 million), net worth of BRL152,6
million (USD75.8 million) and net income of BRL6,5 million (USD3.2
million).
==========================
C A Y M A N I S L A N D S
==========================
AL RAJHI: Creditors' Proofs of Debt Due July 3
----------------------------------------------
The creditors of Al Rajhi Cement Sukuk Company are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 14, 2013.
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) 943 3100
ASIA PACKAGING: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of Asia Packaging Company Limited are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 13, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
ASIA PACKAGING GROUP: Creditors' Proofs of Debt Due July 3
----------------------------------------------------------
The creditors of Asia Packaging Group Holdings Limited are
required to file their proofs of debt by July 3, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 13, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
ASIA PACKAGING HOLDINGS: Creditors' Proofs of Debt Due July 3
-------------------------------------------------------------
The creditors of Asia Packaging Holdings Limited are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 13, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
[REDACTED -- July 3, 2014]
CCB INTERNATIONAL: Creditors' Proofs of Debt Due June 22
--------------------------------------------------------
The creditors of CCB International Holdings (Cayman) Limited 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:
Ning An
c/o Michelle R. Bodden-Moxam
Portcullis TrustNet (Cayman) Ltd.
The Grand Pavilion Commercial Centre
Oleander Way, 802 West Bay Road
P.O. Box 32052 Grand Cayman, KY1-1208
Cayman Islands
FREIGHTER KING: Creditors' Proofs of Debt Due July 5
----------------------------------------------------
The creditors of Freighter King Limited are required to file their
proofs of debt by July 5, 2013, to be included in the company's
dividend distribution.
The company's liquidator is:
Bernard Mcgrath
69 Dr. Roy's Drive
PO Box 1043, George Town
Grand Cayman KY1-1102
Cayman Islands
HAV2 (IV): Shareholder to Receive Wind-Up Report on June 21
-----------------------------------------------------------
The shareholder of HAV2 (IV) Limited will receive on June 21,
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:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943 3100
ISUPPLI INC: Shareholder to Receive Wind-Up Report on June 21
-------------------------------------------------------------
The shareholder of Isuppli Inc. will receive on June 21, 2013, at
9:45 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
LSP PENN EB I: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of LSP Penn EB I, Ltd will hold their final
meeting on June 24, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
James Bartlett
1700 Broadway, 35th Floor
New York, NY 10019
United States
LSP PENN EB II: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------------
The shareholders of LSP Penn EB II, Ltd. will hold their final
meeting on June 24, 2013, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
James Bartlett
1700 Broadway, 35th Floor
New York, NY 10019
United States
MATTER FUND: Commences Liquidation Proceedings
----------------------------------------------
On May 10, 2013, the sole shareholder of Matter Fund Ltd. resolved
to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Marco Racy Kheirallah
c/o Avenida Brigadeiro Faria Lima,
No. 2277, 9th Floor, conjuntos 1603 and 1604
Sao Paulo, Sao Paulo
Brazil
T.W.E.: Commences Liquidation Proceedings
-----------------------------------------
On May 14, 2013, the members of T.W.E. 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:
Sami Dahmani
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
TAIT ASIA: Creditors' Proofs of Debt Due July 3
-----------------------------------------------
The creditors of Tait Asia Ltd. are required to file their proofs
of debt by July 3, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 16, 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
TAZMARINE LTD: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Tazmarine Ltd. received on June 7, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945 8859
Facsimile: 949 9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
--------------------------------------------------------------
The member of Teleos International, Ltd will receive on June 21,
2013, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Daniel Gressel
88 Cedar Cliff Road
Riverside, Connecticut 06878
United States of America
TELEOS MASTER: Member to Hear Wind-Up Report on June 21
-------------------------------------------------------
The member of Teleos Master Fund, Ltd will receive on June 21,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Daniel Gressel
88 Cedar Cliff Road
Riverside, Connecticut 06878
United States of America
THREADNEEDLE INSTITUTIONAL: Creditors' Proofs of Debt Due June 24
-----------------------------------------------------------------
The creditors of Threadneedle Institutional Global Equity (Master)
Fund are required to file their proofs of debt by June 24, 2013,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on May 9, 2013.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
THREE KINGDOMS: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of The Three Kingdoms Korea Fund Inc are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 17, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
TRAIN FINANCING: Shareholders' Final Meeting Set for June 21
------------------------------------------------------------
The shareholders of Train Financing Corporation Limited will hold
their final meeting on June 21, 2013, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Fides Limited
c/o Ian Goddard and Natalee McLean
P.O. Box 10338 Grand Cayman KY1-1003
Telephone: (345) 949 7232
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINCAN REP: Proposed US$30 Departure Tax Stokes Tourism Woes
----------------------------------------------------------------
Dominican Today reports that the Internal Taxes Agency proposed to
increase the departure tax at ports and airports from US$20, to
US$30, levied on all travelers, national or foreign.
For the tourism sector, the request to raise the tax feels like a
bucket of cold water, who say the increase would add to the
already spiraling cost of airfare, according to Dominican Today.
Dominican Today relates that although the proposal to the
Executive Branch had included the elimination of the US$10 tax of
the tourist card to fuse it with the $20 departure tax in the case
of foreigners, the draft of the bill cites only the US$30, without
distinction.
===========
M E X I C O
===========
IXE BANCO: Fitch Affirms and Withdraws Viability Rating at 'bb+'
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the international- and/or
national-scale ratings of Ixe Banco and Fincasa Hipotecaria,
former subsidiaries of Grupo Financiero Banorte (GFNorte). Fitch
has withdrawn these ratings since Ixe Banco and Fincasa
Hipotecaria were recently merged into Banco Mercantil del Norte
(Banorte), the largest of GFNorte's subsidiaries. Accordingly,
Fitch will no longer provide ratings or analytical coverage for
Ixe Banco and Fincasa Hipotecaria, since both entities no longer
exist, although rating coverage is maintained for both GFNorte and
Banorte, among other related entities. Ixe Banco's hybrid
securities remain outstanding and are now under Banorte's
obligations.
The following ratings have been affirmed and withdrawn:
Ixe Banco
-- Long-term foreign currency IDR at 'BBB';
-- Short-term foreign currency IDR at 'F2';
-- Long-term local currency IDR at 'BBB';
-- Short-term local currency IDR at 'F2';
-- Viability Rating at 'bb+';
-- Support Rating at '2';
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)'.
Fincasa Hipotecaria
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)
TENEDORA NEMAK: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings on Tenedora Nemak S.A. de C.V. (Nemak) to positive from
stable. At the same time, S&P affirmed its 'BB-' global scale
corporate credit and senior unsecured ratings. The recovery
rating of '3' remains unchanged. S&P also affirmed its 'mxA-'
national scale long-term corporate credit rating on the company.
"The outlook revision follows Nemak's strengthened capital
structure through the refinancing of a portion of its debt, and
its improved operating performance," said Standard & Poor's credit
analyst Bernardo Gonzalez. In February 2013, Nemak issued senior
unsecured notes for $500 million. Nemak used all proceeds to
refinance a significant portion of its debt amortizations
scheduled for 2015 and 2016, which S&P had viewed as a potential
refinancing risk. Due to higher production volumes and the
adequate integration of J.L. French Automotive Castings Inc, its
operating performance has remained in line with S&P's expectations
for improved metrics in 2013. As a result, its key financial
ratios have continued to strengthen and are in line with S&P's
expectations. S&P now assess Nemak's financial risk profile as
"significant" rather than "aggressive."
"The ratings on Nemak reflect our assessment of the company's
"weak" business risk profile (similar to most of its rated peers)
and "significant" financial risk profile, as per our rating
criteria. Our assessment of the company's "weak" business risk
profile reflects the concentration of more than 60% of its sales
volume in the three major U.S.-based automakers--Ford Motor Co.
(Ford), General Motors Co. (GM), and Chrysler Group LLC
(Chrysler)--its concentration in manufacturing cylinder heads and
engine blocks (about 85% of revenues), and the cyclical nature of
the automotive industry. The company's good and fairly stable
operating margins, worldwide leading position in the aluminum
components casting sector for the automotive industry, geographic
diversification, close and long-term relationship with key
customers, and high-technology processes partly offset these
factors. Our assessment of its "significant" financial risk
profile reflects the company's improved capital structure,
stronger key financial ratios and "adequate" liquidity. On the
other hand, it incorporates the company's growth strategy through
debt financed acquisitions," S&P added.
=====================
P U E R T O R I C O
=====================
EMERITO ESTRADA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Emerito Estrada Rivera Isuzu De PR Inc.
P.O. Box 11847
San Juan, PR 00922
Bankruptcy Case No.: 13-04608
Chapter 11 Petition Date: June 4, 2013
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Edward A. Godoy
Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
FUENTES LAW OFFICES
P.O. Box 9022726
SAN JUAN, PR 00902-2726
Tel: (787) 722-5216
Fax: (787) 722-5206
E-mail: alex@fuentes-law.com
Scheduled Assets: $16,490,000
Scheduled Liabilities: $8,680,399
The petition was signed by Hector Estrada Colon, president.
Debtor's List of Its 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Municipio De San Juan Municipal Patents $166,932
P.O. Box 4355
San Juan, PR 00901
Steven McClintock Settlement Agreement $120,000
Buchanan Office, Suite 101
Guaynabo, PR 00968-8001
Centennial De Pr Telephone & Fax $30,842
P.O. Box 71333 Service
San Juan, PR 00936-8433
Complete Truck Bodies Parts $29,122
CPA Jose Rosa Rivera Professional Services $28,610
Barnes Distribution Supplies $22,114
Jose Rodriguez Perez Settlement Agreement $19,000
Sala, Hernandez & Garcia Legal Services $16,093
Preferred Health Plan Health Plan $14,854
Oriental Auto Deficiency on Auto $13,584
Loans
Estudio Legal Garcia Legal Services $10,075
Mario Dumont Professional Services $10,000
Estudios Tecnicos, Inc. Professional Services $10,000
Crowley Liner Freight Charges $9,715
ODV Appraisal Group Appraisal $9,500
Almacenes Arilope Storage $9,030
National Ceramics Materials $6,466
Aeronet Wireless Broadband Corp. Internet Communications $5,957
Hold Smart Supplies $3,588
Econocaribe Parts $3,518
===================
V E N E N Z U E L A
===================
CORPORACION ELECTRICA: S&P Affirms 'B' Ratings; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
Corporacion Electrica Nacional S.A. (Corpoelec). The outlook
remains negative.
Standard & Poor's ratings on Corpoelec reflect its opinion that
there is an "almost certain" likelihood that its owner, the
Bolivarian Republic of Venezuela (B+/Negative/B), would provide
timely and sufficient extraordinary support to the company in the
event of financial distress. Therefore, the corporate credit
rating on Corpoelec is a notch higher than its 'b-' stand-alone
credit profile (SACP). In accordance with S&P's criteria for
government-related entities (GRE), its view of an almost certain
likelihood of extraordinary support is based on S&P's assessment
of Corpoelec's critical role as the only provider of electric
services in Venezuela. In S&P's opinion, this provides a strong
economic incentive for the sovereign to support the company during
periods of financial distress. S&P also takes into account its
very strong link with the government, given the government's full
ownership of Corpoelec.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
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