/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130702.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, July 02, 2013, Vol. 14, No. 128 Headlines A R G E N T I N A ACURA SA: Proofs of Claim Verification Deadline on July 4 BANCO DE GALICIA: S&P Affirms 'B-' Ratings; Outlook Negative BANCO INDUSTRIAL: Moody's Withdraws B3/Not Prime Deposit Rating DYPSA DESARROLLOS: Requests Court Approval of Court Agreement FARMACIA GRAND: Proofs of Claim Verification Deadline on Aug. 5 FOXMAN FUEGUINA: Proofs of Claim Verification Deadline on Sept. 3 FRIBER SA: Proofs of Claim Verification Deadline on July 12 KELORA SA: Proofs of Claim Verification Deadline on Aug. 2 LOWE ARGENTINA: Proofs of Claim Verification Deadline on July 29 MARCALA SA: Proofs of Claim Verification Deadline on Aug. 9 ORIENTE EXPRESS: Proofs of Claim Verification Deadline on Aug. 1 VILLEY SA: Proofs of Claim Verification Deadline on Aug. 12 B R A Z I L BANCO MERCANTIL: S&P Affirms 'BB-' Rating; Outlook Negative DESENVIX ENERGIAS: Moody's Eyes Possible Ratings Downgrade C H I L E MASONITE INT'L: To Acquire Masisa SA's Operations for $12.5 Mil. SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Underlying Rating H A I T I * HAITI: IDB Makes $25MM Grant to Support Energy Reform M E X I C O PATRIMONIO SA: Moody's Sees Mixed Impact of Loan Modifications * Good Performance Drives Moody's Stable Outlook on Nayarit State X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ACURA SA: Proofs of Claim Verification Deadline on July 4 --------------------------------------------------------- Norberto Bonessi, the court-appointed trustee for Acura SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 4, 2013. Mr. Bonessi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Bonessi is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Norberto Bonessi Av. Juan B. Justo 5096 Buenos Aires, Argentina BANCO DE GALICIA: S&P Affirms 'B-' Ratings; Outlook Negative ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B-' ratings on Banco Galicia. The outlook remains negative. The ratings on Banco Galicia on its "adequate" business position, "weak" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity (as our criteria define these terms). The negative outlook on the bank reflects that on the Republic of Argentina. If S&P downgrades Argentina, it could lower the ratings on all financial institutions that it rates the same as the sovereign. S&P rarely rates these entities above the sovereign long-term rating because they're very likely to be affected by changes in national economy. Also, all the financial institutions operating in Argentina could face indirect effects of a sovereign downgrade. This is because S&P believes a sovereign downgrade is normally associated with, or could lead to, a weaker operating environment for financial institutions, which would very likely erode their creditworthiness. Increasing risks on external debt payments derived from the consequences of legal actions against Argentina in international courts, a worsening external position, mostly likely from financial outflows, or additional policy actions that exacerbate political polarization and further diminish Argentina's growth prospects could lead to a downgrade on Argentina. On the other hand, the ratings could stabilize if the government takes actions that restore investor confidence on medium-term prospects for the economy (on the monetary or structural front), and thus reduce uncertainty over its external liquidity position. A revision to stable on the sovereign outlook will trigger a similar rating action on the country's banks. BANCO INDUSTRIAL: Moody's Withdraws B3/Not Prime Deposit Rating --------------------------------------------------------------- Moody's Investors Service has withdrawn all of its ratings for Banco Industrial S.A. for business reasons. The following ratings of Industrial were withdrawn: Bank Financial Strength Rating: E+, negative outlook Global Long-and Short Term Local-Currency Deposit Rating: B3/Not Prime, negative outlook National Scale Local Currency Deposit Rating: A2.ar Global Long-and Short Term Foreign Currency Deposit Rating: Caa1/Not Prime, stable outlook National Scale Foreign Currency Deposit Rating: Ba1.ar Ratings Rationale: Moody's has withdrawn the ratings for its own business reasons. Banco Industrial S.A. (Argentina) is headquartered in Buenos Aires, Argentina. As of December 2012 the bank had total assets of ARS4,5 billion and equity of ARS489 million. DYPSA DESARROLLOS: Requests Court Approval of Court Agreement ------------------------------------------------------------- Dypsa Desarrollos y Proyectos SA requested court approval of its court agreement entered into with its creditors on March 18, 2013. FARMACIA GRAND: Proofs of Claim Verification Deadline on Aug. 5 --------------------------------------------------------------- Gustavo A. Fiszman, the court-appointed trustee for Farmacia Grand Bourg SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 5, 2013. Mr. Fiszman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Fiszman is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Gustavo A. Fiszman Melian 2743 Buenos Aires, Argentina FOXMAN FUEGUINA: Proofs of Claim Verification Deadline on Sept. 3 ----------------------------------------------------------------- Estudio Bernasconi, Ramirez y Asociados, the court-appointed trustee for Foxman Fueguina SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until Sept. 3, 2013. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The Trustee is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. Creditors will vote to ratify the completed settlement plan during the assembly on June 4, 2014. The Trustee can be reached at: Estudio Bernasconi Ramirez y Asociados; Maipu 374 Buenos Aires, Argentina FRIBER SA: Proofs of Claim Verification Deadline on July 12 ----------------------------------------------------------- Silvia Beatriz Giambone, the court-appointed trustee for Friber SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 12, 2013. Ms. Giambone will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 50, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Ms. Giambone is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Silvia Beatriz Giambone Carlos Pellegrini 1063 Buenos Aires, Argentina KELORA SA: Proofs of Claim Verification Deadline on Aug. 2 ---------------------------------------------------------- Ruben Hugo Faurecon, the court-appointed trustee for Kelora SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 2, 2013. Mr. Faurecon will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Faurecon is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Ruben Hugo Faurecon Av. Corrientes1312 Buenos Aires, Argentina LOWE ARGENTINA: Proofs of Claim Verification Deadline on July 29 ---------------------------------------------------------------- Alfredo Luis Palacio, the court-appointed trustee for Lowe Argentina SACIFI de Cinematografia y Television's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 29, 2013. Mr. Palacio will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Palacio is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Alfredo Luis Palacio Montevideo 368 Buenos Aires, Argentina MARCALA SA: Proofs of Claim Verification Deadline on Aug. 9 ----------------------------------------------------------- Christian Lukasch, the court-appointed trustee for Marcala SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 9, 2013. Mr. Lukasch will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Lukasch is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Christian Lukasch Av. Corrientes 1327 Buenos Aires, Argentina ORIENTE EXPRESS: Proofs of Claim Verification Deadline on Aug. 1 ---------------------------------------------------------------- Alejandra Ethel Giacomini, the court-appointed trustee for Oriente Express SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 1, 2013. Ms. Giacomini will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Ms. Giacomini is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Alejandra Ethel Giacomini Av. Eva Peron 2030 Buenos Aires, Argentina VILLEY SA: Proofs of Claim Verification Deadline on Aug. 12 ----------------------------------------------------------- Marcelo Carlos Rodriguez, the court-appointed trustee for Villey SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 12, 2013. Mr. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Rodriguez is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Marcelo Carlos Rodriguez Cerrito 146 Buenos Aires, Argentina =========== B R A Z I L =========== BANCO MERCANTIL: S&P Affirms 'BB-' Rating; Outlook Negative ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its global scale 'BB- /B' and national scale 'brA-' issuer credit ratings on Banco Mercantil do Brasil S.A. (BMB). The outlook is negative. Standard & Poor's bases its ratings on BMB's "moderate" business position, "weak" capital and earnings, "adequate" risk position, "below-average" funding, and "adequate" liquidity, as S&P's criteria define these terms. "Under our bank criteria, we use our Banking Industry Country Risk Assessment's economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor is based on the country's economic risk score of '5' and an industry risk score of '4'. Brazil's economic risk reflects low GDP per capita, which limits its ability to withstand economic downturns, and household credit capacity. It also considers our view that economic imbalances have increased as a result of rapid credit expansion. As this trend in lending continues amid a slowly growing economy, we are concerned about increasing household debt burden. Conversely, Brazil's improvement in payment culture and rule of law, in addition to moderate leverage in the corporate sector, and the absence of high-risk loans in banks, somewhat mitigate the higher risk factors of our economic risk assessment. We assess the current trend of economic risk as negative. Despite the slowdown in credit expansion during 2012, we believe that the current administration's policies could lead to a new period of rapid credit expansion. Further lending would increase an already hefty debt burden on households, subjecting the system to incremental credit risk," S&P said. "We revised our industry risk score to '4' from '3' as we believe the industry risks in Brazil's banking sector have increased. In our view, there are growing market distortions due to the increased market share of loans from publicly owned banks during 2012 and a growing spread differential between public and private banks. S&P's industry risk assessment still reflects extensive coverage and effective supervision of the financial system and its assessment of system wide funding, sustained by an adequate and stable deposit base. "We continue to view BMB's business position as moderate. It is a medium sized, publicly listed, private bank that has operated in Brazil for over 70 years. With R$14.3 billion in assets and R$9.6 billion in loans as of March 2013 (considering loan assignments with recourse), it is the 26th largest bank by assets according to central bank data, representing less than 1% of the total financial system's assets," S&P said. "We believe the bank's strategy to leverage its branch network is likely to improve its profitability looking forward," said Standard & Poor's credit analyst Vitor Garcia. DESENVIX ENERGIAS: Moody's Eyes Possible Ratings Downgrade ---------------------------------------------------------- Moody's America Latina Ltda. placed under review for possible downgrade Desenvix Energias Renovaveis S.A.'s issuer ratings of Ba3 on the global scale and A2.br on the Brazilian national scale. Moody's also placed under review for possible downgrade the B1 rating on the global scale and Baa1.br rating on the Brazilian national scale of Desenvix's amortizing BRL 100 million debentures, which the company issued in December 2012 with a final maturity in four years. Ratings Rationale: The review of Desenvix's ratings has been prompted by the recent unexpected deterioration in the company's credit metrics, as well as by its weaker liquidity at a time when the regulator ANEEL could potentially apply penalties to Desenvix. Desenvix' weaker than anticipated operational and financial performance in 2012 mainly derived from higher than expected financial expenses along with the operational interruption of one of its subsidiaries, ENERCASA, over most of the year. Higher financial expenses stemmed from the reimbursement of costs associated with the issuance of bank guarantees provided by some of the company's shareholders to Desenvix's power projects, which were BRL 12.3 million in 2012. ENERCASA is a 33 MW co-generation thermal power project fueled by steam from heating of water by burning of sugar cane bagasse. As a result of financial difficulties, ENERCASA's co-generator has been failing to supply sugar cane bagasse to ENERCASA, which prevents the latter from producing electricity to honor its purchase power agreements. As per management information, ENERCASA only produced 21,106 MW/h in 2012, which was equivalent to only 15% of the contracted 140,160 MW/h. In spite of failing to produce the quantity of energy it was contractually obliged to, ENERCASA received its full contractual amount from the Electric Energy Commercialization Chamber (CCEE). As a result, the regulator ANEEL recently determined that ENERCASA needed to reimburse BRL 22 million to CCEE, the amount equivalent to the electricity it failed to produce during the year. At the same time, ANEEL imposed a BRL 11 million penalty for the non- fulfillment of the supply contract as envisaged in the energy concession contract. According to management, ENERCASA reimbursed the BRL 22 million to CCEE in May and is waiting for the regulator's decision on an administrative appeal the company has filed requesting a postponement of the BRL 11 million overdue penalty payment. It has also requested that ANEEL reconsider applying additional contractual penalties. Additional contractual penalties from ANEEL would stem from the non- fulfillment of the company's PPAs given the fact that ENERCASA is likely not to generate electricity in the short- to- medium term because of the lack of a regular supply of sugar cane bagasse. In a stress scenario, Moody's forecasts that such penalties could reach around BRL 20 million in 2013 and BRL 28 million in 2014. Based on ANEEL's dispatch #1,516 the payment of any penalty is suspended until the merit of the company's request is judged by ANEEL. Desenvix's lower than expected cash flow along with potential cash outlays for penalties imposed by the regulator are likely to further deteriorate the company's credit metrics and put additional pressure on its liquidity. Desenvix's inadequate liquidity position is further exacerbated by an unusual high short-term liability of BRL 103 million owed to suppliers as of March 31, 2013. It remains to be seen how management will settle this liability. It is likely to either lengthen its debt profile or reach an agreement that somehow reduces the size of this liability. Regardless of the outcome of the current negotiations with suppliers, it seems that the liability with them will not represent an immediate cash outlay. Moody's does not rule out the possibility of lengthy discussions which could ultimately be decided in court. During the review period Moody's will continue to monitor the company's performance and evaluate management's options to improve its liquidity situation while also addressing the key credit risks associated with the weaker cash from operations that is expected because of lower net consolidated revenues and potential penalties from the regulator. It is anticipated that ANEEL will reach a decision on the company's request within the next two months. Desenvix Energias Renovaveis S.A is a holding company controlled through a shareholding agreement between Jackson Empreendimentos Ltda (not rated), through the equity fund FIP Cevix, with 40.65% of Desenvix's voting and total capital; SN Power, which holds 40.65% of the company's voting and total capital; and the pension fund FUNCEF, which holds the remaining 18.7% of the company's voting and total capital. SN Power is a holding company controlled by two Norwegian companies Statkraft (60%; Baa1, stable) and Norfund (40%). Desenvix holds interests in 15 power plants with a total installed capacity of 349 MW, consisting of 10 small and medium sized hydro- power plants, one biomass plant and four wind power plants. In addition, Desenvix holds 25.5% of two transmission projects for the construction of 511 kilometers of transmission lines. Desenvix is also engaged in the development of three power projects of which two are hydro power plants with total installed capacity of 80 MW and one is a 30 MW wind power plant. The principal methodology used in this rating was Unregulated Utilities and Power Companies Rating Methodology (August, 2009). ========= C H I L E ========= MASONITE INT'L: To Acquire Masisa SA's Operations for $12.5 Mil. ---------------------------------------------------------------- Building online reports that Masonite International Corporation has signed a definitive agreement to acquire the door manufacturing operations of Masisa S.A. for approximately $12.5 million. The transaction includes the door component operations in Cabrero, Chile and a door assembly factory in Chillan, Chile, according to the Building Online. The report relates that the operations to be acquired primarily manufacture high quality stile and rail panel and French wood doors for the North American market. The facilities employ approximately 300 people. "The addition of this manufacturing capability to our existing stile and rail wood door offering in North America will help ensure that our customers have reliable access to the widest range of high quality, cost effective wood door products. . . . This transaction complements our existing residential wood door offering and provides an important additional platform of strategic growth for our company," the report quoted Chris Virostek, Masonite's Senior Vice President of Corporate Development, as saying. * * * As reported in the Troubled Company Reporter-Latin America on July 1, 2013, Fitch Ratings has affirmed Masisa S.A.'s ratings as follows: -- Foreign and local currency Issuer Default Ratings (IDRs) at 'BB'; -- National scale rating of Bond Line No. 355, No. 356, No. 439, No. 440,No. 560, No. 724 and No. 725 at 'A-(cl)'; -- Short-term rating at 'F1(cl)'; -- Long term national scale rating at 'A- (cl)'. The Rating Outlook is Stable. Fitch has also downgraded Masisa's equity rating to 'Primera Clase Nivel 3' from 'Primera Clase Nivel 2 About Masonite International Based in Ontario, Canada, Masonite International Corporation -- http://www.masonite.com/-- (TSE:MHM) is a vertically integrated producer, manufacturing key components of doors, including composite molded and veneer door facings, glass door lites and cut stock. The Company provides these products to its customers in more than 70 countries around the world. The Company is a wholly owned subsidiary of Masonite International Inc. It offers a range of interior and exterior doors. Masonite Canada operates Masonite International's Canadian subsidiaries, well as certain other non- United States subsidiaries. Masonite International, Inc., and six affiliates filed petitions on March 16, 2009, before the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act. The Honorable Justice Campbell presides over the CCAA proceedings. Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc. serve as monitor. Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at Goodmans LLP in Toronto, serve as the Applicants' counsel. Masonite Corporation, based in Tampa, Florida, and several U.S. affiliates filed for Chapter 11 bankruptcy protection on the same day (Bankr. D. Del. Case No. 09-10844). Judge Peter J. Walsh handles the cases. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP; and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A., serve as bankruptcy counsel. The Debtors' Investment Banker and Financial Advisor is Perella Wenberg Partners LLP; the Debtors' Restructuring Advisors is Alvarez & Marsal North American LLC; and the Debtors' Claims Agent is Kurtzman Carson Consultants LLC. As of January 31, 2009, the Debtors had total assets of $1,527,495,443 and total debts of $2,641,590,842. The Debtors filed with the Bankruptcy Court a pre-negotiated reorganization plan together with their petitions. The Plan provides that Masonite's existing senior secured obligations will be converted on a pro rata basis subject to the election of each existing holder of Senior Secured Obligations into: (i) a new first-priority senior secured term loan; (ii) a new second- priority senior secured PIK loan; and (iii) 97.5% of the common equity of the reorganized Masonite. Holders of Masonite's existing senior subordinated notes will be allocated 2.5% of the common equity in the reorganized Masonite plus warrants for 17.5% of the common stock of the reorganized Company, subject to dilution under certain conditions. Holders of Class 5 General Unsecured Claims under the Plan will be unimpaired and is expected to recover 100% under the Plan. At the end of May 2009, the U.S. Court and the Ontario Court entered orders approving Masonite's restructuring plan. The Reorganized Debtors' Plan of Reorganization was declared effective on June 9, 2009. All requests for payment of an administrative claim were due July 24, 2009, which is the date that is 45 days after the Effective Date. SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Underlying Rating ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' Standard & Poor's underlying rating (SPUR) on Sociedad Concesionaria Vespucio Norte Express S.A. (VNE). Given that the SPUR on VNE is higher than the issuer credit rating on bond insurance provider, MBIA Insurance Corp. (B/Stable/--), the 'BB' rating on the senior secured notes reflects the SPUR. The outlook is stable. The SPUR continues to reflect the following risks: -- Relatively weak financial performance after low initial traffic levels, as evidenced by a tight certified debt service coverage ratio (DSCR) of 1.095x as of December 2012. -- Dependence on strong traffic growth, which is contingent upon continued strong GDP growth in Chile; -- A back-loaded amortization schedule, as about 55% of the principal is due during the fourth quarter of the note's life; and -- Customer management risks associated with electronic toll collection. Partly mitigating these weaknesses is its strong liquidity protection, which includes a debt service reserve account, contingent equity and accumulated cash, and therefore providing sufficient headroom against potential cash shortfalls during the life of the notes. During 2012, VNE's traffic and revenues rose about 9.2% and 3.9% in real terms, respectively, compared with 2011; however, 2011 saw a boost in these due to earthquake-related insurance inflows. Therefore, considering only recurring revenues and excluding 2011 insurance proceeds, real revenues increased 13.2% in 2012 due to 9.2% traffic growth and a 3.5% toll adjustment. During the first four months of 2013, traffic increased about 7.2% and real revenues by 12.2% compared with the same period of 2012. "The improvement in operating performance during the past two years boosted the DSCR, to 1.095x in 2012, which we still consider relatively weak, but which should continue to increase during the life of the notes," said Standard & Poor's credit analyst Andrea Zombory. Going forward, S&P's base case assumes a 3.5% real toll adjustment for 2013 and 2014 and traffic growth of 5% in 2013 and 3% in 2014, as well as conservative real revenue growth of 3.5% afterwards, that should lead to a minimum DSCR of 1.16x (in 2013, 2015 and 2025) and an average DSCR of 1.32x. ========= H A I T I ========= * HAITI: IDB Makes $25MM Grant to Support Energy Reform ------------------------------------------------------- The Inter-American Development Bank (IDB) disclosed the approval of a $25 million policy-based grant to support the institutional transformation and modernization of Haiti's energy sector. The resources include $22 million from the IDB Grant Facility and $3 million from the Haiti Reconstruction Fund. The grant is the third in a series of three policy-based operations focused on providing budgetary support to the government of Haiti as it carries out energy policy reforms. The measures will help strengthen institutional capacity and organization of the energy sector; foster better management and operational efficiency of the state utility Electricite diHaiti, and address problems such as electricity theft and fraud. In coordination with other donors, the IDB is assisting Haiti in its efforts to expand access to reliable and affordable electricity services. In recent years it has provided the Haitian government $64.5 million to restore the Peligre hydroelectric plant's generation capacity and upgrade the power distribution network in Port-au-Prince. The IDB has also financed pilot projects to tap renewable resources such as solar energy in Haiti. =========== M E X I C O =========== PATRIMONIO SA: Moody's Sees Mixed Impact of Loan Modifications -------------------------------------------------------------- Moody's de Mexico S.A. de C.V. announced that the loan modification program that Patrimonio S.A. de C.V. SOFOM E.N.R. plans to implement in connection with eleven RMBS transactions could have mixed results depending on the transaction and the assumptions used in the analysis. Moody's will monitor the implementation and results of the program as information becomes available. Moody's cautioned that the final assessment of the impact will depend on (1) the loss severity assumed for defaulted loans; and (2) the re-default rate of modified loans. Moody's notes that it is currently reviewing the severity of loss assumptions on six of the affected deals (MXMACCB 05U, MXMACCB 06U, BRHSCCB 05U, BRHCCB08U & 08-2U & 08-3U, PATRICB 06U and PATRICB 07U). In addition, there is considerable uncertainty regarding re-defaults and loan severities given the limited amount of data available. In principle, a loan modification program could have a credit positive impact on a transaction, because it could turn highly delinquent loans (most of which are 360+ days delinquent) into performing, cash-flowing collateral. However, such programs could lead to a higher severity of loss depending on how the servicer implements the program and how the modified loans perform. In order to analyze whether the impact on the transaction is credit-positive, negative or neutral, Moody's estimated the loss severity that could result from implementing the program on the affected deals, and compared it to the loss severity assumed currently. Moody's considered the following factors: 1) a re-default rate of 55%, which indicates the percentage of loans that re-default after being modified; 2) the loss severity currently assumed for each transaction; and 3) a maximum principal forgiveness of 30% of the loan's outstanding balance, which is the maximum the servicer can provide a borrower. The following are Moody's loss severity assumptions assuming implementation of the loan modification program compared to Moody's current loss severity assumption: - MXMACCB 05U: 46% compared to 42% assumed currently. - MXMACCB 06U: 47% compared to 45% assumed currently. - BRHSCCB 05U: 47% compared to 44% assumed currently. - BRHCCB08U, BRHCCB08-2U & BRHCCB08-3U: 46% compared to 42% assumed currently. - PATRICB 06U: 53% compared to 60% assumed currently. - PATRICB 07U: 53% compared to 60% assumed currently. - MXMACFW 06U & 06-2U: 56% compared to 67% assumed currently. - MXMACFW 07U & 07-2U: 56% compared to 68% assumed currently. - MXMACFW 07-3U & 07-4U: 56% compared to 68% assumed currently. - MXMACFW 07-5U & 07-6U: 57% compared to 69% assumed currently. - BRHCGCB 04U: 58% compared to 73% assumed currently. However, Moody's notes that it is in the process of evaluating its current loss severity assumptions for Mexican RMBS due to rising concerns about the potential for a higher loss severity on defaulted loans. Loan Modification Programs Modifications will take one of the following forms: 1) "Apoyo con quita" (discount on past due amount) which consist in deferring a percentage of past due installments, with the possibility of forgiving a portion of this amount; 2) "Reduccion permanente de la mensualidad con quita" (permanent reduction of the monthly installment) which consist in a discount to the outstanding balance of a delinquent loan, reducing the monthly payment permanently; 3) "Finiquito o venta de derechos litigiosos" (total liquidation) which consist in a discount to the outstanding balance if the loan is paid in full; and 4) "Dacion en pago con incentivo economico" (deed-in-lieu with economic incentive) which consist in obtaining a deed-in-lieu by providing an incentive to the debtor. For both the first and second products, the servicer can forgive principal only if the borrower remains current after modification of the loan during four years for the first case, and permanently for the second one. Moody's based its current opinion on preliminary information it has received from the servicer about the modification program; Patrimonio has yet to finalize the transaction agreements to reflect the program guidelines. Based on the information received, Moody's has identified a number of credit-positive aspects to the program: - The servicer cannot modify current loans. To qualify for a loan modification, the borrower must be delinquent. For the modifications that entail the largest discounts, the loan must be at least 12 months past due; however, if the loan is between 6 and 12 months delinquent, it is subject to detailed analysis and to the approval of a special servicer's committee. In addition, for all cases, the servicer must make sufficient efforts to collect before offering a modification. - The principal haircut cannot be higher than 30% of the outstanding balance of the loan, which limits the servicer's discretion when negotiating the haircuts. - The potential recoveries on the modified loan must be higher than the potential recoveries from the judicial foreclosure process. In order to maximize collections from collateral, the servicer must conduct a net present value analysis to satisfy this condition for each individual loan it plans to modify. - The servicer must negotiate modifications for each loan individually, rather than as part of a general program. Doing so will be positive because the servicer will be able to gain a better understanding of a borrower's financial situation and thus better assess the causes of default and the borrower's willingness to pay, which will determine what type of modification it should offer. - When granting a modification, the servicer must first obtain from the borrower a judicial agreement which permits recovering the house in a shorter period of time, in case of re-default. - The servicer cannot provide more than one modification per borrower. - For the purpose of calculating over-collateralization (OC), the servicer can consider modified loans "current" only if they have been current for at least twelve consecutive months following modification. In general, from an industry perspective, loan modification programs also entail risks: - The current servicing fee structure might not always fully align the interests of investors with those of the servicer. By charging a higher fee for current loans, the servicer could be tempted to provide modifications to borrowers who do not deserve them or to re-modify a loan. This is especially a risk if, for the purposes of calculating the servicer fee, modified loans can be considered "current" just after being restructured, with no time elapsed to show sustained payment. - The servicer could offer modifications without making adequate efforts to collect from borrowers or offer loan modifications to a large number of obligors, increasing the risk of moral hazard. - If the servicer does not document the loan modifications properly, the amount of time necessary to repossess the collateral could lengthen significantly. - Even within the guidelines, the servicer has some discretion with regards to implementing the loan modification program. For example, the program allows the servicer to determine the key assumptions it uses to calculate the net present value of the loss of a modified loan, when compared to the net present value of the loss of a foreclosure process. - A lack of transparency and inadequate reporting of loan modifications will render more difficult the ability to accurately assess the full impact of the loan modification program on the credit quality of the pool. Moody's does not express an opinion as to whether the proposed modification program could have other, non-credit-related effects. Moody's opinion is based in part on how the servicer has stated it expects to implement the program. Further, Moody's current opinion does not preclude the possibility of a downgrade or withdrawal of the rating for any reason, with respect to the implementation and effectiveness of the loan modification program and any adverse effect it might have on the credit quality and performance of the affected transactions. As always, Moody's will continue to monitor the transactions' performance to assess impact of the loan modification program upon implementation. * Good Performance Drives Moody's Stable Outlook on Nayarit State ----------------------------------------------------------------- Moody's de Mexico changes the outlook of the State of Nayarit's A3.mx (Mexico National Scale) and Ba3 (Global Scale, local currency) ratings to stable from negative. At the same time, Moody's affirmed the Ba1 (Global Scale, local currency) and A1.mx (Mexico National Scale) debt ratings of the following six enhanced loans: - MXN 200 million (original face value) enhanced loan from Banorte, with a maturity of 20 years and a pledge of 3.4% of participation revenues - MXN 200 million enhanced loan from BBVA Bancomer (original face value), with a maturity of 10 years and a pledge of 5% of participation revenues - MXN 300 million enhanced loan from Banorte (original face value), with a maturity of 10 years and a pledge of 5.6% of participation revenues - MXN 1,255.6 million (original face value) enhanced loan from Banorte, with a maturity of 20 years and a pledge of 13% of participation revenues - MXN 287.5 million (original face value) enhanced loan from Bansi, with a maturity of 20 years and a pledge of 3.18% of participation revenues - MXN 200 million (original face value) enhanced loan from Bansi, with a maturity of 20 years and a pledge of 2.20% of participation revenues Ratings Rationale: The stable outlook reflects the reduction in cash financing requirements leading to the stabilization of debt metrics, and the strengthening of liquidity. In 2012 the state reduced its deficit to a moderate 2.4% of total revenues after three years of sizeable fiscal deficits, averaging 9.3%. That year Nayarit went through a debt-refinancing process and the new loan contracts include covenants setting: a) year-end ceilings to debt backed by participation transfers until 2032, b) short term debt limits at 6% of total revenues and c) a sinking fund provision for personnel year-end bonuses, among other enhancements. The contracts also establish no new debt contracting in 2013. Accordingly, Moody's expects that in line with these provisions, an adequate performance of own-source revenues and expenditure growth control will result in modest cash financing requirements in 2013 and 2014. Debt levels stabilized at 30% of operating revenues in 2012 and Moody's does not expect significant increases in the near term due to the debt covenants that limit debt contracting in 2013 and only allow a relatively small amount of debt contraction in 2014. Liquidity deteriorated sharply starting in 2009 and despite the improvement by the year end of 2012, it remains a credit challenge. Net working capital (current assets minus current liabilities) as a percentage of total expenditures reached -2.6%, a low level but in line with Nayarit's peers. The affirmation of Nayarit's six enhanced loan debt Ba1/A1.mx ratings reflect the credit enhancements embedded in the loans and their links to the credit quality of the issuer, which ensures that all underlying contract enforcement risks, economic risks and credit culture risks (for which the issuer rating acts as a proxy) are reflected by the enhanced loans ratings. What could change the rating up/down? The continuation of fiscal discipline along with sound debt and liquidity metrics could exert upward pressure on the ratings. Conversely, poor financial performance, growing debt levels and failing to improve the state's tight liquidity position could exert additional downward pressure on the ratings. The ratings assigned to the enhanced loans could face upward or downward rating pressure if actual debt service coverages are materially better or worse than our projections. Given the links between the loans and the credit quality of the obligor, a downgrade of Nayarit's issuer ratings could also exert downward pressure on debt ratings for the loans. Conversely, an upgrade of Nayarit's issuer ratings could result in an upgrade of the ratings on the loans. The principal methodologies used in this rating were Regional and Local Governments published on 18-Jan-2013 and Enhanced Municipal and State Loans in Mexico published on 27-Jan-2011. =============== 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) ------- ------ --------- ------------ FABRICA TECID-RT FTRX1 BZ 66603693.6 -76419244.2 TEKA-ADR TEKAY US 407967021 -392649052 BOMBRIL BMBBF US 359985634 -12154088.6 TEKA TKTQF US 407967021 -392649052 TEKA-PREF TKTPF US 407967021 -392649052 SNIAFA SA-B SDAGF US 11229696.2 -2670544.88 PUYEHUE RIGHT PUYEHUOS CI 25722049 -4310587.75 VULCABRAS-RIGHT VULC1 BZ 656823700 -17327661.6 VULCABRAS-RIGHT VULC2 BZ 656823700 -17327661.6 VULCABRAS-RECEIP VULC9 BZ 656823700 -17327661.6 VULCABRAS-REC PR VULC10 BZ 656823700 -17327661.6 BATTISTELLA-RIGH BTTL1 BZ 158330518 -36518145.6 BATTISTELLA-RI P BTTL2 BZ 158330518 -36518145.6 BATTISTELLA-RECE BTTL9 BZ 158330518 -36518145.6 BATTISTELLA-RECP BTTL10 BZ 158330518 -36518145.6 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 CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3 LUPATECH SA LUPA3 BZ 754879275 -127862714 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 24630103.9 -10366431.8 B&D FOOD CORP BDFCE US 14423532 -3506007 BOMBRIL-RGTS PRE BOBR2 BZ 359985634 -12154088.6 BOMBRIL-RIGHTS BOBR1 BZ 359985634 -12154088.6 LAEP-BDR MILK11 BZ 222902263 -255311019 AGRENCO LTD AGRE LX 325151004 -611658179 LAEP INVESTMENTS LEAP LX 222902263 -255311019 LUPATECH SA LUPAF US 754879275 -127862714 REDE ENERG-UNIT REDE11 BZ 1164635971 -23251158 CELGPAR GPAR3 BZ 2657428496 -817505840 RECRUSUL - RT 4529781Q BZ 48003655.5 -18502124.9 RECRUSUL - RT 4529785Q BZ 48003655.5 -18502124.9 RECRUSUL - RCT 4529789Q BZ 48003655.5 -18502124.9 RECRUSUL - RCT 4529793Q BZ 48003655.5 -18502124.9 REDE ENER-RT 3907727Q BZ 1164635971 -23251158 REDE ENER-RCT 3907731Q BZ 1164635971 -23251158 RECRUSUL-BON RT RCSL11 BZ 48003655.5 -18502124.9 RECRUSUL-BON RT RCSL12 BZ 48003655.5 -18502124.9 BALADARE BLDR3 BZ 159454016 -52992212.8 TEXTEIS RENAU-RT TXRX1 BZ 97868151.6 -91899413.1 TEXTEIS RENAU-RT TXRX2 BZ 97868151.6 -91899413.1 TEXTEIS RENA-RCT TXRX9 BZ 97868151.6 -91899413.1 TEXTEIS RENA-RCT TXRX10 BZ 97868151.6 -91899413.1 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 754879275 -127862714 ALL ORE MINERACA AORE3 BZ 18737017.6 -11880129.6 B&D FOOD CORP BDFC US 14423532 -3506007 LUPATECH SA-ADR LUPAY US 754879275 -127862714 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 18737017.6 -11880129.6 STEEL - RCT ORD STLB9 BZ 18737017.6 -11880129.6 MINUPAR-RT 9314542Q BZ 136398462 -91947867.2 MINUPAR-RCT 9314634Q BZ 136398462 -91947867.2 PET MANG-RT 0229249Q BZ 246810937 -224879124 PET MANG-RT 0229268Q BZ 246810937 -224879124 RECRUSUL - RT 0163579D BZ 48003655.5 -18502124.9 RECRUSUL - RT 0163580D BZ 48003655.5 -18502124.9 RECRUSUL - RCT 0163582D BZ 48003655.5 -18502124.9 RECRUSUL - RCT 0163583D BZ 48003655.5 -18502124.9 PORTX OPERA-GDR PXTPY US 976769403 -9407990.35 PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35 ALL ORE MINERACA STLB3 BZ 18737017.6 -11880129.6 MINUPAR-RT 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SA-RCT RCSL9 BZ 48003655.5 -18502124.9 RECRUSUL - RCT RCSL10 BZ 48003655.5 -18502124.9 ENDESA COSTAN-A CECO1 AR 355868838 -87473853.3 ENDESA COSTAN- CECO2 AR 355868838 -87473853.3 CENTRAL COST-BLK CECOB AR 355868838 -87473853.3 ENDESA COSTAN- CECOD AR 355868838 -87473853.3 ENDESA COSTAN- CECOC AR 355868838 -87473853.3 ENDESA COSTAN- EDCFF US 355868838 -87473853.3 CENTRAL COSTAN-C CECO3 AR 355868838 -87473853.3 CENTRAL COST-ADR CCSA LI 355868838 -87473853.3 ENDESA COST-ADR CRCNY US 355868838 -87473853.3 CENTRAL COSTAN-B CNRBF US 355868838 -87473853.3 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 359985634 -12154088.6 BOMBRIL CIRIO SA BOBRON BZ 359985634 -12154088.6 BOMBRIL-PREF BOBR4 BZ 359985634 -12154088.6 BOMBRIL CIRIO-PF BOBRPN BZ 359985634 -12154088.6 BOMBRIL SA-ADR BMBPY US 359985634 -12154088.6 BOMBRIL SA-ADR BMBBY US 359985634 -12154088.6 BUETTNER BUET3 BZ 109743344 -29812083.5 BUETTNER SA BUETON BZ 109743344 -29812083.5 BUETTNER-PREF BUET4 BZ 109743344 -29812083.5 BUETTNER SA-PRF BUETPN BZ 109743344 -29812083.5 BUETTNER SA-RTS BUET1 BZ 109743344 -29812083.5 BUETTNER SA-RT P BUET2 BZ 109743344 -29812083.5 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 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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 48003655.5 -18502124.9 RECRUSUL SA RESLON BZ 48003655.5 -18502124.9 RECRUSUL-PREF RCSL4 BZ 48003655.5 -18502124.9 RECRUSUL SA-PREF RESLPN BZ 48003655.5 -18502124.9 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 192536335 -145445052 SANSUY SA SNSYON BZ 192536335 -145445052 SANSUY-PREF A SNSY5 BZ 192536335 -145445052 SANSUY SA-PREF A SNSYAN BZ 192536335 -145445052 SANSUY-PREF B SNSY6 BZ 192536335 -145445052 SANSUY SA-PREF B SNSYBN BZ 192536335 -145445052 SNIAFA SA SNIA AR 11229696.2 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88 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 407967021 -392649052 TEKA TEKAON BZ 407967021 -392649052 TEKA-PREF TEKA4 BZ 407967021 -392649052 TEKA-PREF TEKAPN BZ 407967021 -392649052 TEKA-ADR TKTPY US 407967021 -392649052 TEKA-ADR TKTQY US 407967021 -392649052 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 VULCABRAS AZALEI VULC3 BZ 656823700 -17327661.6 VULCABRAS SA VULCON BZ 656823700 -17327661.6 VULCABRAS AZ-PRF VULC4 BZ 656823700 -17327661.6 VULCABRAS SA-PRF VULCPN BZ 656823700 -17327661.6 VULCABRAS-RT PRF VULC11 BZ 656823700 -17327661.6 LOJAS ARAPUA LOAR3 BZ 60020270.1 -3542047972 LOJAS ARAPUA LOARON BZ 60020270.1 -3542047972 LOJAS ARAPUA-PRF LOAR4 BZ 60020270.1 -3542047972 LOJAS ARAPUA-PRF LOARPN BZ 60020270.1 -3542047972 LOJAS ARAPUA-PRF 52353Z US 60020270.1 -3542047972 LOJAS ARAPUA-GDR 3429T US 60020270.1 -3542047972 LOJAS ARAPUA-GDR LJPSF US 60020270.1 -3542047972 BATTISTELLA BTTL3 BZ 158330518 -36518145.6 BATTISTELLA-PREF BTTL4 BZ 158330518 -36518145.6 SAUIPE SA PSEGON BZ 23615862 -840174.001 SAUIPE PSEG3 BZ 23615862 -840174.001 SAUIPE SA-PREF PSEGPN BZ 23615862 -840174.001 SAUIPE-PREF PSEG4 BZ 23615862 -840174.001 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 PUYEHUE PUYEH CI 25722049 -4310587.75 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 PETROLERA DEL CO PSUR AR 64304553.9 -1269120.56 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 *********** Mondayis 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 issuersi public debt and equity securities about which we report. Tuesdayis 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. Donit be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firmis 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 Thursdayis 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 Creditorsi 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 * * *