/raid1/www/Hosts/bankrupt/TCRLA_Public/131014.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
Monday, October 14, 2013, Vol. 14, No. 203
Headlines
B R A Z I L
BANCO GMAC: Moody's Affirms Baseline Credit Assessment at Ba3
OGX PETROLEO: Bondholders Unlikely to Reach Deal This Week
OGX PETROLEO: Brazil Denies Request to Suspend Oil Field Dev't.
* EIKE BATISTA: Firms Look to Exit Historic Building
C A Y M A N I S L A N D S
BELMONT TRADING: Commences Liquidation Proceedings
BRIGANTINE HIGH: Creditors' Proofs of Debt Due Nov. 7
CAPITANIA EQUITY: Commences Liquidation Proceedings
CONFIDAS CONSULTANTS: Creditors' Proofs of Debt Due Oct. 28
DALTON CDO: Creditors' Proofs of Debt Due Nov. 7
EASTON ASIA: Creditors' Proofs of Debt Due Nov. 7
FLY CAPITAL: Commences Liquidation Proceedings
JAPAN NPL 1: Creditors' Proofs of Debt Due Nov. 6
JAPAN NPL 2: Creditors' Proofs of Debt Due Nov. 6
KNOLLWOOD CDO II: Creditors' Proofs of Debt Due Nov. 6
LIFE CAPITAL: Commences Liquidation Proceedings
MIDAS INVESTMENTS: Creditors' Proofs of Debt Due Nov. 8
OLYMPIA (PTC): Creditors' Proofs of Debt Due Nov. 8
VALE CAPITAL II: Creditors' Proofs of Debt Due Nov. 6
ZOE PDP: Creditors' Proofs of Debt Due Nov. 6
C O S T A R I C A
BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable
G U A T E M A L A
EMPRESA ELECTRICA: S&P Raises Rating to 'BB'; Outlook Stable
GUATEMALA ELECTRICITY: S&P Raises Rating on $100MM Notes to 'BB'
J A M A I C A
ALCOA INC: Posts Slim Profit Of US$24 Million
* JAMAICA: Bank of Jamaica Asked to Relax Liquidity Requirements
M E X I C O
CEMEX SAB: Disclose Acceptance for Purchase of US$470M 2016 Notes
P U E R T O R I C O
AMBAC FINANCIAL: Discloses US$2.5 Billion Puerto Rico Exposure
X X X X X X X X X
BOND PRICING: For the Week From Oct.7 to Oct. 11, 2013
- - - - -
===========
B R A Z I L
===========
BANCO GMAC: Moody's Affirms Baseline Credit Assessment at Ba3
-------------------------------------------------------------
Moody's Investors Service has affirmed Banco GMAC S.A.'s (Banco
GMAC) baseline credit assessment (BCA) of ba3, which is equivalent
to a bank financial strength of D-. Moody's also affirmed the
bank's global local and foreign currency deposit ratings of Ba3
and Not-Prime, long- and short-term, respectively, and the
Brazilian national scale deposit ratings of A3.br and BR-2, long-
and short-term, respectively. The outlook on all ratings is
stable.
The following ratings of Banco GMAC S.A. were affirmed:
Bank financial strength of D-, stable outlook, which maps to a
standalone baseline credit assessment of ba3
Long-term global local-currency deposit rating: Ba3, stable
outlook
Short-term global local-currency deposit rating: Not Prime
Long-term foreign-currency deposit rating: Ba3, stable outlook
Short-term foreign-currency deposit rating: Not Prime
Long-term Brazilian national scale deposit ratings: A3.br, stable
outlook
Short-term Brazilian national scale deposit ratings: BR-2
Ratings Rationale:
The affirmation of Banco GMAC's ratings acknowledges the low risk
profile of the bank's loan portfolio and its conservative
standards for originating loans, both features that support its
good asset quality ratios, said Moody's. Banco GMAC's unsupported
BCA of ba3 continues to reflect limited diversification of
earnings and the bank's reliance on wholesale funding, two
intrinsic characteristics of a captive finance operation.
Nevertheless, the bank's specialized franchise in vehicle
financing benefits from its links to General Motors do Brasil
S.A.'s (GMB, unrated), which has a large participation in the
Brazilian auto industry, resulting in recurring revenues that are
closely tied to GMB's sales volumes.
Moody's noted that the continued stimulus to the car production
and sales in Brazil, allied with a decline in loan origination
from large banks caused by a spike in delinquencies, has benefited
captive finance banks, including Banco GMAC, which has been
reporting robust loan growth since early 2012. As a result of
higher loan volumes and less competition, margins have remained
high and, for the past 18 months, above those of its peers,
positively reflecting in its profitability metrics in the first
half of 2013.
Moody's said the bank's wholesale funding structure remains
vulnerable to changes in cost and availability of funds, which, in
turn, could compress profitability, particularly in a scenario of
rising interest rates. During the last few years, the bank has
maintained access to the domestic funding market and has sought to
diversify its funding sources through the issuance of domestic
debt (Letras Financeiras). Nevertheless, loan sale agreements with
financial institutions and interbank deposits still represent the
majority of Banco GMAC's funding structure, which tends to be
expensive.
Banco GMAC's deposit ratings incorporate Moody's assessment of a
high likelihood of support deriving from General Motors Financial
Company, Inc (b1/Ba3, review for upgrade), which is the bank's new
controlling shareholder as of 1 October 2013. Despite the
assessment of high support, the bank's deposit ratings do not
benefit from any uplift because Banco GMAC's BCA of ba3 is already
above the parent's BCA of b1.
The last rating action on Banco GMAC was on 16 February 2011, when
Moody's upgraded Banco GMAC's financial strength to D-, from E+,
the long-term local and foreign currency deposit ratings to Ba3
from B2, and the national scale deposit ratings to A3.br and BR-2
from Ba1.br and BR-4, long- and short-term, respectively. Moody's
also affirmed the short-term local and foreign currency deposit
ratings at Not Prime. The outlook on all ratings was stable.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.
Banco GMAC is headquartered in Sao Paulo, Brazil. As of 30 June
2013, Banco GMAC had total assets of BRL10.5 billion ($4.8
billion) and shareholders' equity of BRL1.4 billion ($629
million).
OGX PETROLEO: Bondholders Unlikely to Reach Deal This Week
-----------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that advisers
representing distressed Brazilian oil company OGX Petroleo e Gas
Participacoes SA, the flagship of businessman Eike Batista's
teetering empire, and the firm's bondholders do not expect to
reach agreement on a debt restructuring plan this week, according
to two people with knowledge of the negotiations.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2. The rating outlook remains negative.
OGX PETROLEO: Brazil Denies Request to Suspend Oil Field Dev't.
---------------------------------------------------------------
Luciana Magalhaes and Jeff Fick at Daily Bankruptcy Review report
that Brazil's National Petroleum Agency, or ANP, has denied a
request by oil company OGX Petroleo e Gas Participacoes SA,
controlled by businessman Eike Batista, to suspend the development
of three offshore oil fields.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2. The rating outlook remains negative.
* EIKE BATISTA: Firms Look to Exit Historic Building
----------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that
companies controlled by embattled Brazilian entrepreneur Eike
Batista plan to leave the sumptuous Serrador building in the
center of Rio de Janeiro in the next few months, amid a deepening
financial crisis.
==========================
C A Y M A N I S L A N D S
==========================
BELMONT TRADING: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 16, 2013, the shareholders of Belmont Trading Ltd
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Alternative Investment Solutions Ltd.
c/o Margaret Thompson
Telephone: +1 (345) 946 2475
10 Market Street
Suite 140 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
BRIGANTINE HIGH: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------
The creditors of Brigantine High Grade Funding, Ltd are required
to file their proofs of debt by Nov. 7, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 23, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
CAPITANIA EQUITY: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 27, 2013, the shareholder of Capitania Equity Strategies
Fund resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Ricardo Quintero
c/o Rua Tavares Cabral
102 6th Floor
05423-030 Sao Paulo
Brazil
Telephone: +1 (345) 914 6365
CONFIDAS CONSULTANTS: Creditors' Proofs of Debt Due Oct. 28
-----------------------------------------------------------
The creditors of Confidas Consultants Ltd. are required to file
their proofs of debt by Oct. 28, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 24, 2013.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
DALTON CDO: Creditors' Proofs of Debt Due Nov. 7
------------------------------------------------
The creditors of Dalton CDO Ltd. are required to file their proofs
of debt by Nov. 7, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 23, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
EASTON ASIA: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------
The creditors of Easton Asia Fund are required to file their
proofs of debt by Nov. 7, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 25, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
FLY CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 5, 2013, the shareholders of Fly Capital SPV Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Gordon McKie
40 Berkeley Square
London W1J 5AL
United Kingdom
Telephone: +44 20 7451 4297
JAPAN NPL 1: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------
The creditors of Japan NPL 1 Holdings are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 23, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
JAPAN NPL 2: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------
The creditors of Japan NPL 2 Holdings are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 23, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
KNOLLWOOD CDO II: Creditors' Proofs of Debt Due Nov. 6
------------------------------------------------------
The creditors of Knollwood CDO II Ltd. are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 20, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
LIFE CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 5, 2013, the shareholders of Life Capital SPV Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Gordon McKie
40 Berkeley Square
London W1J 5AL
United Kingdom
Telephone: +44 20 7451 4297
MIDAS INVESTMENTS: Creditors' Proofs of Debt Due Nov. 8
-------------------------------------------------------
The creditors of Midas Investments Ltd. are required to file their
proofs of debt by Nov. 8, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 16, 2013.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
OLYMPIA (PTC): Creditors' Proofs of Debt Due Nov. 8
---------------------------------------------------
The creditors of Olympia (PTC) Limited are required to file their
proofs of debt by Nov. 8, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 11, 2013.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
VALE CAPITAL II: Creditors' Proofs of Debt Due Nov. 6
-----------------------------------------------------
The creditors of Vale Capital II are required to file their proofs
of debt by Nov. 6, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 20, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
ZOE PDP: Creditors' Proofs of Debt Due Nov. 6
---------------------------------------------
The creditors of Zoe PDP Limited are required to file their proofs
of debt by Nov. 6, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 20, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
==================
C O S T A R I C A
==================
BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term issuer credit ratings on Banco Internacional de
Costa Rica S.A. (BICSA). The outlook is stable.
The ratings on BICSA continue to reflect S&P's assessment of its
"adequate" business and risk positions, as well as its "adequate"
capital and earnings. S&P also continues to view its funding as
"average" with "adequate" liquidity (as S&P's criteria define
these terms). The bank's stand-alone credit profile (SACP)
remains at 'bb'.
S&P considers BICSA as a government-related entity (GRE) in the
Republic of Costa Rica because of a shareholding structure,
through which the country's two largest public banks wholly own
BICSA. Nonetheless, S&P views the bank as having "limited
importance" and "limited" link with the government. These
assessments stem from the following:
-- A "limited importance" because S&P believes BICSA acts as a
profit-seeking bank in a very competitive environment, and
its activity, in S&P's view, could be easily undertaken by a
private entity; and
-- S&P considers there is a "limited" link with the government
as a result of its belief that the government may not be
willing to provide support on a timely basis.
As a result, S&P bases the ratings on BICSA solely on its SACP,
rather than on expected extraordinary support from the government.
==================
G U A T E M A L A
==================
EMPRESA ELECTRICA: S&P Raises Rating to 'BB'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Empresa
Electrica de Guatemala S.A. (EEGSA) to 'BB' from 'BB-'. The
outlook is stable.
The upgrade follows the National Electric Energy Commission's
(CNEE) decision to increase the value-added distribution (VAD)
tariff by about 5%, effective Aug. 1, 2013. Guatemala has
recently implemented a more predictable tariff-fixing process
resulting in a more reliable regulatory framework. The rating
also reflects EEGSA's "significant" financial risk profile, "fair"
business risk profile, and "adequate" liquidity. "EEGSA enjoys a
strong competitive position as the largest electricity
distribution company in Guatemala and holds a monopoly position,
which results in a stable and predictable cash flow. Furthermore,
the rating reflects the company's prudent debt management and our
expectation that its key financial metrics will remain in line
with our base-case scenario," said Standard & Poor's credit
analyst Maria del Sol Gonzalez. These factors result in EEGSA's
'bb' stand-alone credit risk profile (SACP).
The rating incorporates the challenges inherent in operating in
Guatemala, CNEE's role in setting the VAD tariff to compensate
distribution companies for their investment, and the Guatemalan
power sector's dependence on a developing economy that is
especially vulnerable in times of economic stress.
GUATEMALA ELECTRICITY: S&P Raises Rating on $100MM Notes to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Guatemala
Electricity Trust's $100 million fixed-rate 8.5% notes to
'BB (sf)' from 'BB- (sf)'. The rating action follows S&P's
upgrade earlier of the underlying obligor, Empresa Electrica de
Guatemala S.A. (EEGSA), to 'BB' from 'BB-'.
The source of repayment of the notes are all credit and
collections rights originated under an international loan
agreement entered into between Citibank N.A. and EEGSA, which were
sold to the trust. The rating on the notes is based on the
foreign currency rating on EEGSA as the underlying obligor. The
rating on the notes also reflects its well-defined structure and
the enforceability given by the participation agreement in which
Citibank assigns 100% participation of all credit and collection
rights under the loan agreement.
The notes were issued on Dec. 21, 2004, pay semi-annual interest
of 8.5%, and are scheduled to amortize at maturity on Dec. 21,
2014.
=============
J A M A I C A
=============
ALCOA INC: Posts Slim Profit Of US$24 Million
---------------------------------------------
RJR News reports that the US-based part owner of Jamalco in
Clarendon has made a turnaround after racking up financial losses.
Alcoa Inc. revealed that it realized a slim profit, despite lower
sales and weak aluminum prices, according to RJR News.
The company posted a net profit of US$24 million largely as a
result of cost-cutting efforts compared to a US$143 million loss
during the corresponding period last year, according to RJR News.
The report notes that sales fell slightly to US$5.77 billion
dollars from US$5.83 billion in 2012. RJR News relates that the
world's top aluminum maker by revenue recently lost its spot on
the Dow, which it held for 54 years, after a two-year slide in the
price for raw aluminum driven by global oversupply.
RJR News discloses that Alcoa, which has been one of the worst
performing metals stocks on the market, owns 55 per cent of
Jamalco. The remaining 45 per cent is held by the Government
through Clarendon Alumina Partners.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 31, 2013, Moody's Investors Service downgraded the senior
unsecured debt ratings of Alcoa Inc. to Ba1 from Baa3 and assigned
a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default
Rating. Moody's confirmed the Ba2 preferred stock rating. At the
same time, Moody's withdrew the company's Prime-3 commercial paper
rating and assigned a Speculative Grade Liquidity Rating of SGL-1.
This concludes the review for downgrade initiated on December 18,
2012. The rating outlook is stable.
* JAMAICA: Bank of Jamaica Asked to Relax Liquidity Requirements
----------------------------------------------------------------
RJR News reports that Richard Byles, chairman of the Economic
Programme Oversight Committee (EPOC), has urged the Bank of
Jamaica (BOJ) to relax some of the requirements for banks
regarding liquidity.
Mr. Byles whose committee monitors implementation of the deal with
the International Monetary Fund (IMF) has suggested that tight
liquidity in the Jamaican economy is contributing to a rise in
interest rates and, as a consequence, the banks are restrained
from lending, according to RJR News.
"Because there is a liquidity crunch, the financial sector is
being very cautious about lending, because they don't know whether
people are going to come for their deposits and they want to be in
a position to pay those deposits out. So in a way the programmed
has hit a little pothole in the sense that we should be seeing
banks rushing to give credit, instead they are reluctant because
the liquidity is tight and they are just making sure that they can
cover all the withdrawals," the report quoted Mr. Byles as saying.
The report notes that Mr. Byles said the lower level of liquidity
in the system is due to the government's move to centralize its
accounts at the Bank of Jamaica through the Central Treasury
Management System.
RJR News discloses that effort by the government to bring all its
accounts into the Bank of Jamaica has seen an estimated J$30
billion removed from the formal banking sector.
===========
M E X I C O
===========
CEMEX SAB: Disclose Acceptance for Purchase of US$470M 2016 Notes
-----------------------------------------------------------------
CEMEX, S.A.B. de C.V. discloses that holders of approximately
US$470 million of the outstanding 9.50% Senior Secured Notes due
2016 issued by CEMEX Finance LLC tendered their 2016 Notes at or
prior to the early tender deadline of 5:00 p.m., New York City
time, on Oct. 8, 2013, pursuant to CEMEX's previously discloses
cash tender offer to purchase any and all of the outstanding 2016
Notes.
The cash tender offer is being made pursuant to an offer to
purchase and a related letter of transmittal, each dated Sept. 25,
2013, relating to the 2016 Notes.
The following table summarizes the material pricing terms for the
tender offer:
Title of CUSIP/ISIN Aggregate Early Base
Security Principal Tender Consideration
Amount Date
Outstanding
9.50% 12516UAA3 / $825,000,000 5:00 $1,032.50*
Senior US12516UAA34 p.m.,
Secured U12763AA3 / New
Notes USU12763AA37 York
due City
2016 time,
on
Oct. 8,
2013
Holders of 2016 Notes that validly tendered on or prior to the
Early Tender Date and whose 2016 Notes have been accepted for
purchase are entitled to receive US$1,062.50 per US$1,000
principal amount of 2016 Notes accepted for purchase, which
includes an early tender payment equal to US$30 per US$1,000
principal amount of 2016 Notes accepted for purchase. The early
settlement date on which CEMEX will make payment for such 2016
Notes is expected to be Oct. 9, 2013.
Holders who tender 2016 Notes after the Early Tender Date but at
or prior to 11:59 p.m., New York City time, on Oct. 23, 2013, and
whose 2016 Notes are accepted for purchase will be entitled to
receive only the Base Consideration per US$1,000 principal amount
of 2016 Notes, which amount is equal to the Total Consideration
less the Early Tender Payment. Holders who validly tender their
2016 Notes in the tender offer and whose 2016 Notes are accepted
for purchase will also receive accrued and unpaid interest on
their accepted 2016 Notes from the last interest payment date to,
but not including, the applicable settlement date. 2016 Notes that
have been validly tendered cannot be withdrawn, except as may be
required by applicable law.
CEMEX has retained Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Citigroup Global Markets Inc. to act as Dealer
Managers for the tender offer.
About CEMEX SAB
Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2013, Standard & Poor's Ratings Services raised its
ratings on CEMEX S.A.B. de C.V. (CEMEX) and its subsidiaries,
CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc., to
global scale 'B+' from 'B' and to national scale 'mxBBB' from
'mxBBB-'. The outlook is stable.
=====================
P U E R T O R I C O
=====================
AMBAC FINANCIAL: Discloses US$2.5 Billion Puerto Rico Exposure
--------------------------------------------------------------
Dow Jones Newswires reports that Ambac Financial Group Inc.
disclosed it insures US$2.5 billion of Puerto Rico-related debt,
exposure the bond insurer is making public as a result of worries
about the island's deepening economic and financial difficulties.
Of the company's exposure to Puerto Rico debt, about 90% is
revenue debt -- including revenue pledges from toll receipts, and
sales, gas, rum, and hotel-occupancy taxes, according to Dow Jones
Newswires.
The report relates that Ambac's largest exposure is to sales-tax
revenue bonds totaling US$808 million and issued by the Puerto
Rico Sales Tax Financing Corp. The report relates that those
bonds are safer than other debt issued by Puerto Rico, as the
government isn't allowed to tap the agency's sales taxes to pay
other obligations.
Other exposure listed by Ambac, including the rum and hotel-
occupancy tax revenue bonds, are subject to claw back under Puerto
Rico's constitution, the report discloses.
The report notes that Ambac also said about 10% of the total
Puerto Rico debt it insures is commonwealth general obligation-
backed debt.
The bond insurer, which sells protection on mortgage securities,
filed for Chapter 11 bankruptcy protection in late 2010 after the
Internal Revenue Service questioned the accounting that allowed
the company to receive more than US$700 million in tax refunds,
the report relays.
Ambac completed its financial restructuring and came out of
bankruptcy protection on May 1.
About Ambac Financial
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.
Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.
Ambac's bond insurance unit, Ambac Assurance Corp., is being
restructured by state regulators in Wisconsin. AAC is domiciled
in Wisconsin and regulated by the Office of the Commissioner of
Insurance of the State of Wisconsin. The parent company is not
regulated by the OCI.
Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.
The Blackstone Group LP is the Debtor's financial advisor.
Kurtzman Carson Consultants LLC is the claims and notice agent.
KPMG LLP is tax consultant to the Debtor.
Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors. Lazard Freres
& Co. LLC is the Committee's financial advisor.
Bankruptcy Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012. The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims. The second modified version of the confirmed Plan was
declared effective on May 1, 2013, with Ambac obtaining bankruptcy
court approval of a $100+ million claims settlement with the
Internal Revenue Service.
Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS. The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).
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X X X X X X X X X
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BOND PRICING: For the Week From Oct.7 to Oct. 11, 2013
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 65
Argentine Government
Int'l Bond 7.82 12/31/2033 EUR 63
Argentine Government
Int'l Bond 7.82 12/31/2033 EUR 62.5
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 63.5
Provincia de Buenos
Aires/Argentina 9.625 4/18/2028 USD 67.691
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 52
Capex SA 10 3/10/2018 USD 71.25
Banco Macro SA 9.75 12/18/2036 USD 76.9
Transener SA 9.75 8/15/2021 USD 52.78
Argentina Boden Bonds 2 9/30/2014 ARS 8.49
Argentina Bonar Bonds 20.6633 1/30/2014 ARS 11.27
Argentine Government
Int'l Bond 1.18 12/31/2038 ARS 4.96
Cia Latinoamericana
de Infraestructura & Servic 9.5 12/15/2016 USD 65
Inversora de Electrica
de Buenos Aires SA 6.5 9/26/2017 USD 33.875
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 64
Empresa Distribuidora
Y Comercializadora Norte 10.5 10/9/2017 USD 53
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 64.125
Argentina Bocon 2 3/15/2014 ARS 3.53
Banco Macro SA 9.75 12/18/2036 USD 76.25
Capex SA 10 3/10/2018 USD 73.375
Argentina Bocon 2 1/3/2016 ARS 7.92
Argentina Bocon 2 3/15/2024 ARS 15.56
Argentine Government
Int'l Bond 7.82 12/31/2033 ARS 45
MetroGas SA 8.875 12/31/2018 EUR 68.75
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 51.25
Argentine Government
Int'l Bond 4.33 12/31/2033 USD 35
Provincia de Buenos
Aires/Argentina 9.625 4/18/2028 JPY 68
Transener SA 9.75 8/15/2021 USD 50
Banco Macro SA 9.75 12/18/2036 USD 75
Argentine Government
Int'l Bond 0.45 12/31/2038 USD 8
Argentine Government
Int'l Bond 4.33 12/31/2033 JPY 35
MetroGas SA 8.875 12/31/2018 JPY 65.375
Banco Hipotecario SA 3.95 8/14/2017 USD 69.75
Provincia del Chaco 4 12/4/2026 USD 31.375
Formosa Province of Argentina 5 2/27/2022 USD 68.25
Provincia del Chaco 4 11/4/2023 USD 59.875
Argentine Republic
Government International Bon 5.83 12/31/2033 USD 21.65
BR Cia Energetica
de Sao Paulo 9.75 1/15/2015 ARS 67.234
Gol Finance 8.75 USD 63.5
Sifco SA 11.5 6/6/2016 USD 47.125
Gol Finance 8.75 USD 62
SMU SA 7.75 2/8/2020 USD 66
SMU SA 7.75 2/8/2020 63.2
Cia Sud Americana
de Vapores SA 6.4 10/1/2022 USD 64.7677
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 61.2163
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 33.1948
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 59.3633
Empresa de Transporte
de Pasajeros Metro SA 5.5 7/15/2027 CLP 3.69218
Aguas Andinas SA 4.15 12/1/2026 CLP 72.9238
Hidili Industry
International 8.625 11/4/2015 USD 74.75
Development Ltd
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 62.55
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 67.507
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 36.375
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 61.75
Hidili Industry
International Development 8.625 11/4/2015 USD 72.75
Ltd
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 36.375
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 67.625
Global A&T
Electronics Ltd 10 2/1/2019 USD 68.125
Global A&T Electronics
Ltd 10 2/1/2019 USD 68.375
Bank Austria
Creditanstalt
Finance Cayman Ltd 1.614 EUR 56.95
BCP Finance Co Ltd 5.543 EUR 28.875
BES Finance Ltd 5.58 EUR 61.7
Bank Austria Creditanstalt
Finance Cayman Ltd2 1.838 EUR 56.827
ESFG International Ltd 5.753 EUR 50.75
BCP Finance Co Ltd 4.239 EUR 28.767
BES Finance Ltd 4.5 EUR 56.438
Caixa Geral De
Depositos Finance 1.021 EUR 30.55
Banif Finance Ltd 1.591 EUR 44
Banco Finantia
International Ltd 2.475 7/26/2017 EUR 44.05
BES Finance Ltd 3.058 EUR 73.875
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 42.125
BCP Finance Bank Ltd 5.31 12/10/2023 EUR 67.5
BCP Finance Bank Ltd 5.01 3/31/2024 EUR 64.625
Banco BPI SA/
Cayman Islands 4.15 11/14/2035 EUR 45.625
Mongolian Mining Corp 8.875 3/29/2017 USD 74.75
Puerto Rico Conservation 6.5 4/1/2016 PR 53
Petroleos de
Venezuela SA 9.75 5/17/2035 USD 73.25
Petroleos de
Venezuela SA 5.375 4/12/2027 USD 55
Venezuela Government
International Bond 8.25 10/13/2024 USD 70.5
Venezuela Government
International Bond 9.25 5/7/2028 USD 74.5
Petroleos de
Venezuela SA 5.5 4/12/2037 USD 54.25
Venezuela Government
International Bond 6 12/9/2020 USD 69.75
Venezuela Government
International Bond 7 3/31/2038 USD 62.25
Venezuela Government
International Bond 7.65 4/21/2025 USD 67.5
Petroleos de
Venezuela SA 9.75 5/17/2035 USD 72.5
Bolivarian Republic
of Venezuela 7 3/31/2038 USD 62.157
***********
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 * * *