/raid1/www/Hosts/bankrupt/TCRLA_Public/130813.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, August 13, 2013, Vol. 14, No. 159
Headlines
A R G E N T I N A
TRANSENER SA: Incurs AR$44,5MM Net Loss in 1st Half of 2013
TRANSENER SA: Fitch Affirms and Withdraws 'CCC' LT IDR
TRANSPORTADORA GAS: Fitch Affirms and Withdraws 'B-' IDR
B R A Z I L
BANCO BMG: Fitch Views 2Q'13 Results as Credit Positive
BANCO MERCANTIL: S&P Affirms 'BB-' ICR; Outlook Stable
ULTRAPETROL BAHAMAS: Set to Reveal Earnings Today
C A Y M A N I S L A N D S
CHARTER OAK: Shareholders' Final Meeting Set for Aug. 22
CHINA GOLDEN: Shareholders' Final Meeting Set for Aug. 27
CHINA GOLDEN MASTER: Shareholders' Final Meeting Set for Aug. 27
HOLIDAY ISLE: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
JEFFERIES DAKOTA: Creditors' Proofs of Debt Due Aug. 26
JEFFERIES DAKOTA MASTER: Creditors' Proofs of Debt Due Aug. 26
JF THREE: Shareholder to Receive Wind-Up Report on Sept. 6
LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
PERA GLOBAL: Shareholders' Final Meeting Set for Aug. 26
T.W.E: Shareholders' Final Meeting Set for Aug. 20
WOODBOURNE MASTER: Creditors' Proofs of Debt Due Aug. 26
WOODBOURNE SECURITIES: Creditors' Proofs of Debt Due Aug. 26
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Luxury Housing Market Dives
* DOMINICAN REP: Free Zones Give Thanks for Significant Recovery
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
TRANSENER SA: Incurs AR$44,5MM Net Loss in 1st Half of 2013
-----------------------------------------------------------
Compania de Transporte de Energia Electrica en Alta Tension
(Transener S.A.), Argentina's leading electricity transmission
company, announced results for the six-month period ended on
June 30, 2013.
Transener S.A. incurred a consolidated net loss of AR$ 44,5
million for the six-month period ended on June 30th, 2013,
compared to a consolidated net loss of AR$ 32,5 million for the
same period of 2012, mainly due to an increase in the operating
loss and a decrease in the finance profit, partially offset by a
higher profit in the income tax.
A full text copy of the company's financial results is available
for free at:
http://is.gd/TlKdGK
TRANSENER SA: Fitch Affirms and Withdraws 'CCC' LT IDR
------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings for
Transener S.A.:
-- Long-term Foreign Currency Issuer Default Rating at 'CCC';
-- Long-term Local Currency Issuer Default Rating at 'CCC';
-- 2016 notes at 'CCC'/RR4;
-- 2021 notes at 'CCC'/RR4.
The ratings are being withdrawn because Fitch no longer considers
Transener and its debt instrument to be relevant to the agency's
coverage. Fitch will discontinue covering the issue and issuer.
KEY RATING DRIVERS
Transener's ratings reflect the weak regulatory environment and
law enforceability. Transener's full-tariff review is pending
since 2002. The cash revenues of Transener are unstable as
payments from the Wholesale Electric Market Administrator
(CAMMESA) are subject to the discretion of the regulator and the
availability of funds at CAMMESA. The company's CAMMESA reached
AR$152 million as of March 2013.
Transener has a weak operating profile. EBITDA is negative due to
cost increases while tariffs remain frozen. There is concern as to
the company's ability to meet its financial obligations during the
next years.
While Transener has an adequate debt amortization schedule with no
major maturities until 2021, the deterioration of its operating
profile has resulted in high leverage levels and weak coverage
ratios. In Fiscal Year Dec. 2012 the company had AR$760 million
debt, a negative Debt/EBITDA and FFO/Interest coverage ratio 1.6x.
The recovery ratings for Transener's capital markets debt
instruments reflect Fitch's expectation that the company's
creditors would have an average recovery constrained by the soft
cap of 'RR4' for bonds issued by corporates domiciled in
Argentina.
RATING SENSITIVITIES
A negative credit factor considered by the ratings is the
significant deterioration in the company's liquidity.
TRANSPORTADORA GAS: Fitch Affirms and Withdraws 'B-' IDR
--------------------------------------------------------
Fitch Ratings has affirmed and withdraw the following ratings of
Transportadora Gas del Sur S.A. (TGS):
-- Foreign currency Issuer Default Rating (IDR) at 'B-';
Outlook Negative;
-- Local currency IDR at 'B'; Outlook Negative;
-- Unsecured debt at 'B-/RR4'.
The reason for the withdrawal is that TGS and its debt instrument
are no longer considered by Fitch to be relevant to the agency's
coverage. Fitch will not continue covering the issue or the
issuer.
KEY RATINGS DRIVERS
TGS's ratings continue to reflect the weak regulatory framework
that has affected the company's original business model. The
company's core business, its natural gas transportation unit has
been operating with frozen tariffs since 1999, reducing its share
over EBITDA to approximately 24% while its liquefied natural gas
(LNG) processing unit represents 72%. Fitch believes that the
company's credit quality is likely to come under pressure, should
unfavorable regulatory and operating events affect TGS's LNG
business unit. Additional concerns include cost pressures derived
from double digit inflation.
TGS's conservative capital structure mitigates existing
operational and regulatory risks. As of June 2013, debt was USD381
million, with a debt to EBITDA of 2.1 times (x), which is low for
the credit category. Debt is concentrated in the long-term with no
debt maturities until May 2014.
Despite frozen tariffs for its pipeline business and rising
inflation, TGS has maintained good cash generation levels, which
mostly reflect high international prices for LNG. For the quarter
ended June 30, 2013, TGS's EBITDA was 99.12 million, 9% higher
than the same period in 2012.
RATING SENSITIVITIES
TGS's foreign currency IDR is constrained by Argentina's country
ceiling of 'B' and its Recovery Rating of 'RR4' is constrained by
the soft cap of 'RR4' for bonds issued by Argentine Corporates.
Negative credit factors considered by the ratings are the natural
gas unavailability, sharp and sustained decrease in LNG prices and
change in sovereign credit quality.
===========
B R A Z I L
===========
BANCO BMG: Fitch Views 2Q'13 Results as Credit Positive
-------------------------------------------------------
Fitch Ratings considers Banco BMG S.A.'s (Long-Term Foreign
Currency Issuer Default Rating 'B') recently released 2Q'13
results a credit positive.
The figures showed favorable performance especially when compared
to a year earlier. For the first half of 2013, the bank reported
an adjusted net income figure of BRL286 million versus a BRL280
million loss for the same period in 2012.
The 2Q'13 result was equivalent to a healthy annualized ROAA of
2.6%. The bank saw a 45% yoy increase in new payroll deductible
loans (known locally as 'Consignado').
While the bank still relies on asset sales, which, as of June 30,
2013, accounted for nearly 51% of its funding, a relevant portion
of these sales were to Itau Unibanco S.A. following last year's
funding agreement. Fitch Ratings viewed that agreement as very
positive for BMG's core business over the next few years as it
supports the bank with the funding it needs to generate good
recurring earnings in the face of the strong competition in this
niche. Further to asset sales and deposits, the bank also
continues to diversify its funding sources through the use of
special purpose funding vehicles known as 'FIDCs'. Another funding
highlight was the greater use of 'Letra Financeiras' which enables
the growth in long-term funding (average tenor of 3.5 years).
Banco BMG S.A.'s partnership with Itau Unibanco S.A. in Banco Itau
BMG Consignado S.A. has generated BRL 9.2 million during the first
half of 2013, and this JV is expected to perform at an even higher
level given the strong demand and the strengths of its majority
partner. The JV also recently purchased BMG Seguradora S.A. which
was partially owned by the shareholders of Banco BMG. BMG
Seguradora S.A. is expected to further grow the earnings capacity
of the JV and thus will contribute to Banco BMG's revenues via
BMG's 30% ownership share of the JV.
The bank continues to focus on its product niche and even though
asset quality deteriorated from the levels shown a year earlier,
the bank's asset quality remains satisfactory. The bank reported a
good efficiency ratio of 32.7%. In addition to the further
professionalization of its management, the bank is also expected
to complete the transfer of its headquarters to Sao Paulo over the
next 30 days.
Fitch views the above mentioned highlights and other recently
announced results as a credit positive and expects the bank to
continue reporting this positive trend in a sustained manner which
should gradually result in an improved Fitch Core Capital Ratio
('FCC'). As stated in our ratings affirmation of March 22, 2013, a
sustained recovery of recurring earnings and good asset quality
ratios that yields an improvement of its FCC ratio closer to 6%
could favorably impact the bank's viability rating. As of June 30,
2013, BMG's FCC ratio improved to 5%. The ability of the bank to
sustain current positive results and a prudent dividend and growth
strategy may pave the way to achieve a less compromised
capitalization.
Soon to be headquartered in Sao Paulo, Banco BMG S.A. is a mid-
sized, wholesale bank, which is a market leader in paycheck
deductible loans. The bank is privately owned by Mr. Flavio
Pentagna Guimaraes and his family.
BANCO MERCANTIL: S&P Affirms 'BB-' ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' issuer
credit ratings on Banco Mercantil Santa Cruz (BMSC). In addition,
S&P recently determined a negative industry risk for Bolivia in
its Banking Industry Country Risk Assessment (BICRA). The outlook
on the bank is stable.
"In our view, new banking legislation, which Bolivia's Congress is
currently considering, could jeopardize the banks' risk positions
and internal capital generation, as it could regulate interest
rates on loans and fees on services, pressuring margins.
Therefore, we view this legislation as interventionist and the
trend in the industry risk as negative," said Standard & Poor's
credit analyst Vitor Garcia.
The ratings continues to reflect its stand-alone credit profile
(SACP) of 'bb-'. S&P will continue to monitor the bank's
financials and if any pressure on earnings and on its risk
position arise if the law is approved. Nevertheless, S&P expects
BMSC to maintain its current capital levels thanks to an increase
in recent earnings retention and to the possibility of a hybrid
instruments issuance.
S&P views Bolivia's economic risk as relatively high, which
reflects the country's fragmented political landscape, which
discourages private-sector investments, and its heavy dependence
on commodity prices. Despite recent good economic performance and
conservative macroeconomic policies, Bolivia's per capita income
remains very low, limiting the population's debt capacity and
hindering healthy lending in the economy. While the government
has successfully reduced banking system's dollarization and
therefore has limited credit risks, S&P believes regulators should
focus on the banking system's rapid credit expansion in order to
maintain stability in the system.
ULTRAPETROL BAHAMAS: Set to Reveal Earnings Today
-------------------------------------------------
Ultrapetrol Bahamas Ltd will issue its second quarter 2013
quarterly earnings data after the market closes today, Aug. 13,
2013.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 7, 2012, Moody's Investors Service downgraded Ultrapetrol
(Bahamas) Limited's Corporate Family to Caa1 from B3.
Concurrently, the company's $180 million senior secured notes due
November 2014 were downgraded to Caa1 from B3. A speculative
grade liquidity rating of SGL-3 has been assigned reflecting an
adequate liquidity profile. The ratings outlook is stable.
==========================
C A Y M A N I S L A N D S
==========================
CHARTER OAK: Shareholders' Final Meeting Set for Aug. 22
--------------------------------------------------------
The shareholders of Charter Oak Offshore Fund Ltd will hold their
final meeting on Aug. 22, 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:
Deborah J. Ziskin
c/o Charter Oak Partners
10 Wright Street
Suite 210, Westport
CT 06880
CHINA GOLDEN: Shareholders' Final Meeting Set for Aug. 27
---------------------------------------------------------
The shareholders of China Golden Wealth Fund will hold their final
meeting on Aug. 27, 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:
Lor Tak Chiu, Seton
Bank of China Tower, 27th Floor
1 Garden Road, Central
Hong Kong
Facsimile: +852 2526 8295
CHINA GOLDEN MASTER: Shareholders' Final Meeting Set for Aug. 27
----------------------------------------------------------------
The shareholders of China Golden Wealth Master Fund will hold
their final meeting on Aug. 27, 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:
Lor Tak Chiu, Seton
Bank of China Tower, 27th Floor
1 Garden Road, Central
Hong Kong
Facsimile: +852 2526 8295
HOLIDAY ISLE: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------
The creditors of Holiday Isle Limited are required to file their
proofs of debt by Sept. 17, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 22, 2013.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------------
The creditors of Holiday Isle Equity Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 22, 2013.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
HOLIDAY ISLE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------------------
The creditors of Holiday Isle Holdings Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 22, 2013.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
HOLIDAY ISLE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------------------
The creditors of Holiday Isle Investments Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 22, 2013.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
JEFFERIES DAKOTA: Creditors' Proofs of Debt Due Aug. 26
-------------------------------------------------------
The creditors of Jefferies Dakota Fund (Cayman), Ltd. are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 19, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Wright
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
JEFFERIES DAKOTA MASTER: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------------------
The creditors of Jefferies Dakota Master Fund, Ltd. are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 19, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Wright
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
JF THREE: Shareholder to Receive Wind-Up Report on Sept. 6
----------------------------------------------------------
The shareholder of JF Three Holdings Corp. will receive on
Sept. 6, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of Level Radar Fund, Ltd. will hold their final
meeting on Aug. 26, 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:
Robert Aspinall
Grant Hiley
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
PERA GLOBAL: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of Pera Global Holdings Limited will hold their
final meeting on Aug. 26, 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:
Guoming Zhang
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
T.W.E: Shareholders' Final Meeting Set for Aug. 20
--------------------------------------------------
The shareholders of T.W.E. will hold their final meeting on
Aug. 20, 2013, at 4:30 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Sami Dahmani
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
WOODBOURNE MASTER: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------------
The creditors of Woodbourne Master Fund Ltd. are required to file
their proofs of debt by Aug. 26, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 19, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Wright
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
WOODBOURNE SECURITIES: Creditors' Proofs of Debt Due Aug. 26
------------------------------------------------------------
The creditors of Woodbourne Securities Fund Ltd. are required to
file their proofs of debt by Aug. 26, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 19, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Wright
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
====================================
* DOMINICAN REPUBLIC: Luxury Housing Market Dives
-------------------------------------------------
Dominican Today reports that Dominican Republic's luxury housing
market jumped so high in recent years it dramatically changed the
skyline of large cities in just one decade, while the boom in
demand for those properties also led to a growing supply.
The global financial crisis however led to a drop in buyers, and
its current sag has lasted several years, according to Dominican
Today.
According to the report, real estate expert Javier Herrera, quoted
by outlet Listin Diario, said the glut has significantly surpassed
demand, prompting developers to hold off on new projects.
Mr. Herrera noted, however, that the market is in a recovery phase
on tighter profit margin due to the effects of the global crisis,
resulting in smarter investors are more careful buyers, notes the
report.
"Before, people bought a property on paper and obtained profit of
around 20% when they resold. In 2007 you could sell homes at
twice the price they were bought, but this is becoming less
feasible, because the profit isn't the same as a few years ago,"
the report quoted Mr. Herrera as saying.
* DOMINICAN REP: Free Zones Give Thanks for Significant Recovery
----------------------------------------------------------------
Dominican Today reports that in recent years the Free Zones sector
has achieved significant levels of recovery, showing positive
results in its main variables, especially increased exports as
well as creating jobs and companies in the country, said business
leader and Dominican Free Zones Association (ADOZONA) president
Aquiles Bermudez.
Mr. Bermudez stressed the progress made by the productive sector,
during a mass to give thanks officiated by Monsignor Agripino
Nunez Collado to mark ADOZONA's 25th anniversary, according to
Dominican Today.
Mr. Bermudez noted that ADOZONA is currently comprised of 14 Free
Zone Business Associations, 26 private industrial parks, 26
Special Zones and 4 unaffiliated local associations, for a total
of 70 members across the country, the report relates.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
EDENOR-B DNOR AR 1394532232 -3893195.32
EMP DISTRIB-ADR EDN US 1394532232 -3893195.32
EMP DISTRIB-ADR PWD1 GR 1394532232 -3893195.32
EDENOR-B US$ DNORD AR 1394532232 -3893195.32
EDENOR-B C/E DNORC AR 1394532232 -3893195.32
EMPRESA DISTRI-A 0122196D AR 1394532232 -3893195.32
EMPRESA DISTRI-C 0122368D AR 1394532232 -3893195.32
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
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
EDENOR-B EDN AR 1394532232 -3893195.32
EDENOR-B EDNC AR 1394532232 -3893195.32
EDENOR-B EDND AR 1394532232 -3893195.32
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
BRAZIL
------
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
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 339244079 -561405855
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 754879275 -127862714
REDE EMP ENE ELE ELCA4 BZ 1175265498 -62202546.7
REDE EMP ENE ELE ELCA3 BZ 1175265498 -62202546.7
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 339244079 -561405855
LAEP INVESTMENTS LEAP LX 222902263 -255311019
LUPATECH SA LUPAF US 754879275 -127862714
REDE ENERG-UNIT REDE11 BZ 1175265498 -62202546.7
CELGPAR GPAR3 BZ 224346590 -1034483191
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 1175265498 -62202546.7
REDE ENER-RCT 3907731Q BZ 1175265498 -62202546.7
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 1175265498 -62202546.7
REDE ENER-RCT REDE9 BZ 1175265498 -62202546.7
REDE ENER-RT REDE2 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE10 BZ 1175265498 -62202546.7
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 0599562D BZ 136398462 -91947867.2
MINUPAR-RCT 0599564D BZ 136398462 -91947867.2
PET MANG-RT RPMG2 BZ 246810937 -224879124
PET MANG-RT 0848424D BZ 246810937 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810937 -224879124
PET MANG-RECEIPT RPMG10 BZ 246810937 -224879124
LAEP INVESTMEN-B 0122427D LX 222902263 -255311019
LAEP INVES-BDR B 0163599D BZ 222902263 -255311019
RECRUSUL - RT 0614673D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0614674D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614675D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614676D BZ 48003655.5 -18502124.9
TEKA-RTS TEKA1 BZ 407967021 -392649052
TEKA-RTS TEKA2 BZ 407967021 -392649052
TEKA-RCT TEKA9 BZ 407967021 -392649052
TEKA-RCT TEKA10 BZ 407967021 -392649052
LUPATECH SA-RTS LUPA1 BZ 754879275 -127862714
LUPATECH SA -RCT LUPA9 BZ 754879275 -127862714
MINUPAR-RTS MNPR1 BZ 136398462 -91947867.2
MINUPAR-RCT MNPR9 BZ 136398462 -91947867.2
RECRUSUL SA-RTS RCSL1 BZ 48003655.5 -18502124.9
RECRUSUL SA-RTS RCSL2 BZ 48003655.5 -18502124.9
RECRUSUL SA-RCT RCSL9 BZ 48003655.5 -18502124.9
RECRUSUL - RCT RCSL10 BZ 48003655.5 -18502124.9
PET MANG-RTS RPMG1 BZ 246810937 -224879124
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 1175265498 -62202546.7
CAIUA SA ELCON BZ 1175265498 -62202546.7
REDE EMPRESAS-PR REDE4 BZ 1175265498 -62202546.7
CAIUA SA-PREF ELCPN BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCA6 BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCBN BZ 1175265498 -62202546.7
CAIUA SA-RTS ELCA2 BZ 1175265498 -62202546.7
CAIUA SA-DVD CMN ELCA11 BZ 1175265498 -62202546.7
CAIUA SA-RCT PRF ELCA10 BZ 1175265498 -62202546.7
CAIUA SA-DVD COM ELCA12 BZ 1175265498 -62202546.7
CAIUA ELEC-C RT ELCA1 BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCAN BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCA5 BZ 1175265498 -62202546.7
CAIVA SERV DE EL 1315Z BZ 1175265498 -62202546.7
CHIARELLI SA CCHI3 BZ 10063296.6 -79357620
CHIARELLI SA CCHON BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHI4 BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHPN BZ 10063296.6 -79357620
IGUACU CAFE IGUA3 BZ 241713948 -76084456.4
IGUACU CAFE IGCSON BZ 241713948 -76084456.4
IGUACU CAFE IGUCF US 241713948 -76084456.4
IGUACU CAFE-PR A IGUA5 BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGCSAN BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGUAF US 241713948 -76084456.4
IGUACU CAFE-PR B IGUA6 BZ 241713948 -76084456.4
IGUACU CAFE-PR B IGCSBN BZ 241713948 -76084456.4
SCHLOSSER SCLO3 BZ 57116502.2 -55719508.9
SCHLOSSER SA SCHON BZ 57116502.2 -55719508.9
SCHLOSSER-PREF SCLO4 BZ 57116502.2 -55719508.9
SCHLOSSER SA-PRF SCHPN BZ 57116502.2 -55719508.9
COBRASMA CBMA3 BZ 83714759.4 -2293331419
COBRASMA SA COBRON BZ 83714759.4 -2293331419
COBRASMA-PREF CBMA4 BZ 83714759.4 -2293331419
COBRASMA SA-PREF COBRPN BZ 83714759.4 -2293331419
D H B DHBI3 BZ 110495982 -162541773
DHB IND E COM DHBON BZ 110495982 -162541773
D H B-PREF DHBI4 BZ 110495982 -162541773
DHB IND E COM-PR DHBPN BZ 110495982 -162541773
DOCA INVESTIMENT DOCA3 BZ 273120342 -211736207
DOCAS SA DOCAON BZ 273120342 -211736207
DOCA INVESTI-PFD DOCA4 BZ 273120342 -211736207
DOCAS SA-PREF DOCAPN BZ 273120342 -211736207
DOCAS SA-RTS PRF DOCA2 BZ 273120342 -211736207
FABRICA RENAUX FTRX3 BZ 66603693.6 -76419244.2
FABRICA RENAUX FRNXON BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FTRX4 BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FRNXPN BZ 66603693.6 -76419244.2
HAGA HAGA3 BZ 19421487.9 -46077943.1
FERRAGENS HAGA HAGAON BZ 19421487.9 -46077943.1
FER HAGA-PREF HAGA4 BZ 19421487.9 -46077943.1
FERRAGENS HAGA-P HAGAPN BZ 19421487.9 -46077943.1
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 253308748 -83119368.3
HOTEIS OTHON SA HOTHON BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOOT4 BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOTHPN BZ 253308748 -83119368.3
RENAUXVIEW SA TXRX3 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXON BZ 97868151.6 -91899413.1
RENAUXVIEW SA-PF TXRX4 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXPN BZ 97868151.6 -91899413.1
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA 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 72008697.6 -116219949
ESTRELA SA ESTRON BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTR4 BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTRPN BZ 72008697.6 -116219949
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 136398462 -91947867.2
MINUPAR SA MNPRON BZ 136398462 -91947867.2
MINUPAR-PREF MNPR4 BZ 136398462 -91947867.2
MINUPAR SA-PREF MNPRPN BZ 136398462 -91947867.2
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 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
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
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 25722049 -4310587.75
PUYEHUE PUYEH CI 25722049 -4310587.75
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *