/raid1/www/Hosts/bankrupt/TCRLA_Public/131029.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, October 29, 2013, Vol. 14, No. 214
Headlines
A R G E N T I N A
EDENOR SA: Pampa Holds 6.3% of American Depositary Shares
B R A Z I L
ENEVA SA: Said To Be in Talks to Avert Early Debt Payment
JBS SA: Discloses US$1 Million 7.75% Senior Notes Offering
OGX PETROLEO: Said to File for Bankruptcy in the "Coming Days"
OGX PETROLEO: Expects Tubarao Martelo Oil Output by End of Nov.
* PERNAMBUCO: Gets US$400MM IDB Loan for Reforms Program
C A Y M A N I S L A N D S
BTR GLOBAL: Shareholder to Receive Wind-Up Report on Nov. 12
CORPORACION ROSARITSA: Member to Receive Wind-Up Report on Nov. 14
CREP INVESTMENT: Shareholder to Receive Wind-Up Report on Nov. 15
INVESTMENT YARD: Shareholder to Receive Wind-Up Report on Nov. 15
MARCUARD GROWTH: Members' Final Meeting Set for Oct. 30
MILMAN INVESTMENTS: Members' Final Meeting Set for Nov. 15
SALITSA LTD: Shareholder to Receive Wind-Up Report on Nov. 14
TIMBERLAKE INSURANCE: Member to Receive Wind-Up Report on Nov. 13
WITCO LIMITED: Members' Final Meeting Set for Nov. 15
C O L O M B I A
* COLOMBIA: To Get US$400MM IDB Loan to Strengthen Training System
P U E R T O R I C O
PUERTO RICO: Heavily Indebted, Weighs on U.S. Muni-Bond Market
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
EDENOR SA: Pampa Holds 6.3% of American Depositary Shares
---------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission on Oct. 23, 2013, Pampa Inversiones S.A. and
Pampa Energia S.A. (Pampa Energy Inc.) disclosed that they
beneficially owned 27,913,674 American Depositary Shares, each
representing 20 Class B Shares, of Empresa Distribuidora y
Comercializadora Norte S.A. (EDENOR) representing 6.3 percent of
the shares outstanding. A copy of the regulatory filing is
available for free at http://is.gd/egpR3P
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.
The Company's balance sheet at June 30, 2013, showed Ps.7.21
billion in total assets, Ps.5.47 billion in total liabilities and
Ps.1.74 billion in total equity.
===========
B R A Z I L
===========
ENEVA SA: Said To Be in Talks to Avert Early Debt Payment
---------------------------------------------------------
Cristiane Lucchesi, Juan Pablo Spinetto and Blake Schmidt at
Bloomberg News report that Eneva SA is in talks with banks and
partners to avoid redemption of US$300 million of debt owed by a
natural gas company it owns with former billionaire Eike Batista.
Three people with knowledge of the talks said Eneva SA is seeking
accords with creditors of OGX Maranhao Petroleo & Gas SA, in which
Eneva has a 33 percent stake, to forego early payment rights that
may be triggered if Batista's OGX Petroleo & Gas Participacoes SA
enters into default, according to Bloomberg News. The company
formerly known as MPX Energia is also in talks with prospective
buyers of OGX's stake in the venture and may acquire the remaining
shares itself, according to Bloomberg News.
Bloomberg News discloses that Eneva SA is attempting to
disentangle itself from OGX's collapse after Dusseldorf-based EON
SE started buying shares from Batista in January 2012 to gain a
foothold in Brazil as profits at home declined. At the time,
Bloomberg News notes, Chief Executive Officer Johannes Teyssen
described German-speaking Batista as "one of the most successful
businessmen in Brazil" and MPX as an ideal partner.
Bloomberg News relays that EON became Eneva SA's largest holder on
May 29 and increased its stake in a private placement on July 4,
three days after OGX said it would probably have to shut its only
producing oil field, and Mr. Batista was replaced as Eneva
chairman.
Eneva spokesman Guido Knott said EON and Batista continue to
jointly control Eneva through a shareholder agreement, Bloomberg
News says.
Looming Default
Bloomberg News discloses that OGX, the centerpiece of Eike
Batista's commodities empire, missed an Oct. 1 interest payment on
US$1.1 billion of bonds, triggering a 30-day grace period. The
Rio de Janeiro-based company is also considering filing for
bankruptcy protection later this month or early next, two people
briefed on the plans said, Bloomberg News relates.
Either of those events could trigger cross-default clauses in the
debt of affiliated companies such as the gas venture with Eneva,
the people said, Bloomberg News notes.
Maranhao, in which OGX holds a 66 percent stake, has at least
BRL600 million (US$300 million) of outstanding debt. The company
has a 70 percent stake in seven gas blocks at Brazil's Parnaiba
basin in partnership with Petra Energia SA, Bloomberg News
relates.
Units of Banco Itau BBA and Banco Santander SA each lent BRL200
million to Maranhao, while Morgan Stanley issued a 200 million-
real loan, according to the company filings obtained by Bloomberg
News.
'Natural' Interest
Bloomberg News notes Eneva SA is negotiating with banks to try to
avert debt redemption and with Petra and other partners to seek a
buyer for OGX's stake in Maranhao, the people said. EON and Eneva
could also buy OGX's stake, thereby nullifying the cross-default
clauses, two people said, Bloomberg News relates.
Petra is another prospective buyer, one person said, Bloomberg
News notes.
Grupo BTG Pactual, the investment bank controlled by billionaire
Andre Esteves, acquired 28.2 million Eneva shares for US$78.7
million, Eneva said Sept. 6, Bloomberg News notes. Eike Batista
still holds a 24 percent stake.
Bloomberg News discloses Eneva SA said on Sep. 24 that as a
minority holder in Maranhao, it would be "natural" for the company
to be interested in the remaining shares. The utility has first
option to buy shares in the venture, according to a regulatory
filing, Bloomberg News relays.
The company had nothing to announce, it said in response to a
regulatory query after O Globo newspaper reported Aug. 21 that OGX
may sell its stake in the Parnaiba gas blocks, Bloomberg News
notes.
Bloomberg News says that Eike Batista is seeking BRL1.2 billion
for his remaining 24 percent stake in Eneva, according to two
people with direct knowledge of the talks.
Bloomberg News notes that potential buyers have balked at the
asking price because of concern over cross-default risk at
Maranhao, said one person familiar with the talks.
Eneva SA (ENEV3) is a Brazilian utility controlled by Germany's
EON SE and Eike Batista.
JBS SA: Discloses US$1 Million 7.75% Senior Notes Offering
----------------------------------------------------------
JBS S.A. disclosed to its shareholders and to the market in
general the pricing of their Senior Notes Offering due 2020 with a
coupon of 7.75% in the aggregate principal amount of US$1.0
billion, with the offering scheduled to close on October 28, 2013.
The Notes will be issued through JBS' wholly-owned subsidiary, JBS
Investments GmbH.
JBS intends to use the proceeds of this offering to extend its
debt maturity profile by refinancing a portion of its outstanding
short-term debt and for general corporate purposes. The Notes
were more than five times oversubscribed. Standard & Poor's and
Fitch issued BB and BB- ratings, respectively, for the Notes.
The Notes will not be registered under the Securities Act of 1933,
as amended, or any state securities laws and may not be offered or
sold in the United States or to any U.S. persons absent
registration under the Securities Act, or pursuant to an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Notes are being offered only to
"qualified institutional buyers" under Rule 144A of the Securities
Act or, outside the United States, to persons other than "U.S.
persons" in compliance with Regulation S under the Securities Act.
Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's
largest protein producer in terms of revenues, slaughter capacity
and production. It is the leader beef, chicken and leather player
and a leading lamb producer on a global basis, besides being the
third largest pork producer in the USA. The company has large
scale and diversification, with presence in more than 100
countries.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2013, Fitch Ratings affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-'
as well as its 'A-(bra)' national scale rating. Fitch has also
affirmed at 'BB-' rating on the notes due in 2016 issued by JBS
and the 'A-(bra)' rating of its debentures due in 2015.
OGX PETROLEO: Said to File for Bankruptcy in the "Coming Days"
--------------------------------------------------------------
Emily Glazer, Luciana Magalhaes and John Lyons, writing for The
Wall Street Journal, reported on Oct. 25 that Petroleo e Gas
Participacoes SA is set to file for bankruptcy protection in
Brazil in the coming days, people familiar with the matter said.
According to the WSJ report, the company is expected to be
reorganized but the next steps are unclear.
Meanwhile, David Kashi, writing for International Business Times,
reported Friday that the Brazilian tycoon Eike Batista's main
company has reportedly filed for bankruptcy after Mr. Batista
couldn't salvage a deal to merge the firm or raise outside
capital. IBTimes, citing a Wall Street Journal report on Friday,
said Mr. Batista, 56, was unable to find further financial backing
or partners. Mr. Batista reportedly lost about $33 billion in the
last year.
WSJ said a bankruptcy would be the biggest ever in Latin America,
and an ignominious milestone in the former powerboat racer's rise-
and-fall. WSJ also said the decision is a jarring reversal from
just last year, when the entrepreneur was listed among the world's
richest on the Forbes list with estimated wealth over $30 billion,
the WSJ report related. But his wealth has plunged since OGX
admitted it could find little oil. That sent shares falling across
his commodities companies. Mr. Batista later fell off the Forbes
list.
OGX has been trying to strike a settlement with the company's bond
holders, who collectively hold about $3.6 billion in company
paper, the WSJ report said. The holders include some of the
world's largest, such as BlackRock Inc. and bond giant Pacific
Investment Management Co., who backed a company that had no oil
production or profits. Bankruptcy loomed since OGX missed a bond
payment this month.
The company and creditors convened in Rio de Janeiro to strike a
restructuring deal, but those talks fell through, people familiar
with the talks said, the WSJ report further related. OGX is also
running out of cash. One difficulty in the discussions has been
Mr. Batista's snap decision-making, say people involved. He has
recently switched bankers and lawyers, and fired management with
little notice.
Luciana Magalhaes, writing for Daily Bankruptcy Review, had
reported that advisers for OGX and for some of the oil firm's
bondholders could wrap up the current round of talks on overdue
bond payments as early as Oct. 24 or 25, said a person familiar
with the situation.
About OGX Petroleo
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: Expects Tubarao Martelo Oil Output by End of Nov.
---------------------------------------------------------------
Jeb Blount and Sabrina Lorenzi at Reuters report that two sources
said OGX Petroleo e Gas Participacoes SA expects to start output
from its Tubarao Martelo offshore oil field by the end of
November.
The company has begun the process of linking up the field's
completed production wells to the OSX-3 floating production,
storage and offloading platform (FPSO), the sources said,
according to Reuters. The vessel, a converted oil tanker, is
owned by Batista's OSX Brasil SA shipyard and ship-leasing
company, Reuters notes.
Eike Batista, the report relates, is counting on output at Tubarao
Martelo to ease talks with creditors over the restructuring of
about US$5 billion of OGX debt to keep the company operating.
Without a deal, the report notes, OGX risks losing its exploration
and production licenses to Tubarao Martelo and other areas. Those
areas represent the company's only major source of new revenue
from oil production or asset sales, Reuters relates.
In May, Reuters recalls, Malaysia's state oil company Petroliam
Nasional Bhd agreed to buy 40 percent of Tubarao Martelo and an
adjacent area for US$850 million but has yet to pay for the areas
due to the unresolved debt issues.
The OSX-3 production ship assigned to Tubarao Martelo's output is
complete and anchored in the field, according to a transcript of
conversations between OSX management and bondholders made by the
Norwegian trustee of OSX bonds, the report discloses.
The report relates that OSX has US$19 million left to pay on its
installation contract with Japanese construction and engineering
group Modec Inc. under engineering, procurement, construction and
installation contract. It owes $11 million of that by the end of
January and $8 million by August, the transcript said, the report
relays.
Reuters says that OSX-3, which should be ready to enter service in
the field by the end of October, according to the Norwegian
transcripts, could be sold for US$1.15 to US$1.17 billion if the
buyer were to use it in the Atlantic Ocean without much conversion
work.
Because OSX gets all of its current revenue from OGX, which also
leases its OSX-1 ship in the Tubarao Azul field, its fate is
directly tied to OGX, the report notes. Tubarao Azul and Tubarao
Martelo are both in the Campos offshore basin northeast of Rio de
Janeiro, the report discloses.
Reuters notes that lower-than-expected output at OGX's first
field, Tubarao Azul, in 2012 led to a collapse in the share prices
of all the traded companies in Batista's mining, oil, shipbulding,
port operation and electricity group, EBX.
About OGX Petroleo
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.
* PERNAMBUCO: Gets US$400MM IDB Loan for Reforms Program
--------------------------------------------------------
The state of Pernambuco in Brazil will use a loan for US$400
million from the Inter-American Development Bank (IDB) to
consolidate its fiscal balance in a program of reforms designed to
expand public and private investment on a sustainable basis and
raise revenue.
The IDB financing is being extended as policy-based loan, which
will provide flexible support for policy and institutional reforms
through rapid disbursement of lending resources.
Measures to improve the efficiency and transparency of public
spending are expected to cut in half the time needed to issue
environmental permits and expropriation decrees associated with
priority investments, and improve mechanisms for public-private
partnerships, among other actions. The program will increase
public investment funded by the state's own resources from 29
percent to 35 percent and boost tax revenues from 9.3 percent of
its gross domestic product (GDP) in 2012 to 9.5 percent of GDP in
2014.
Pernambuco's economy ranks as the tenth largest among Brazil's 27
states, accounting for 2.5 percent of the country's GDP. The
Bank's policy-based loan will establish a regulatory framework
through the issuance of regulations, resolutions, and
institutional changes need for the adoption of procedures for
revenue management, public expenditure, and investment projects
The IDB financing has a term of 20 years with a five- year grace
period and an interest rate based on LIBOR.
==========================
C A Y M A N I S L A N D S
==========================
BTR GLOBAL: Shareholder to Receive Wind-Up Report on Nov. 12
------------------------------------------------------------
The sole shareholder of BTR Global Prospector II Trading Limited
will receive on Nov. 12, 2013, at 2:30 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
CORPORACION ROSARITSA: Member to Receive Wind-Up Report on Nov. 14
------------------------------------------------------------------
The member of Corporacion Rosaritsa will receive on Nov. 14, 2013,
at 10:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jackie Stirling
Bessemer Trust Company (Cayman) Limited
Telephone: (345) 949 6674
Facsimile: (345) 945 2722
P.O. Box 2254 Grand Cayman KY1-1107
Cayman Islands
CREP INVESTMENT: Shareholder to Receive Wind-Up Report on Nov. 15
-----------------------------------------------------------------
The sole shareholder of Crep Investment W Cayman will receive on
Nov. 15, 2013, at 3:00 p.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
INVESTMENT YARD: Shareholder to Receive Wind-Up Report on Nov. 15
-----------------------------------------------------------------
The sole shareholder of Investment Yard Management Limited will
receive on Nov. 15, 2013, at 3:15 p.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
MARCUARD GROWTH: Members' Final Meeting Set for Oct. 30
-------------------------------------------------------
The members of Marcuard Growth Fund II will hold their final
meeting on Oct. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945 8859
Facsimile: 949 9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
MILMAN INVESTMENTS: Members' Final Meeting Set for Nov. 15
----------------------------------------------------------
The members of Milman Investments Limited will hold their final
meeting on Nov. 15, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
SALITSA LTD: Shareholder to Receive Wind-Up Report on Nov. 14
-------------------------------------------------------------
The sole shareholder of Salitsa Ltd. will receive on Nov. 14,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jackie Stirling
Bessemer Trust Company (Cayman) Limited
Telephone: (345) 949 6674
Facsimile: (345) 945 2722
P.O. Box 2254 Grand Cayman KY1-1107
Cayman Islands
TIMBERLAKE INSURANCE: Member to Receive Wind-Up Report on Nov. 13
-----------------------------------------------------------------
The member of Timberlake Insurance SPC Ltd. will receive on
Nov. 13, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
Owen Dinnall
Dena Thompson
Telephone: 914-2255/ 914-2267/ 949-5263
Facsimile: 949 6021
P.O. Box 10233 Grand Cayman
Cayman Islands
WITCO LIMITED: Members' Final Meeting Set for Nov. 15
-----------------------------------------------------
The members of Witco Limited will hold their final meeting on
Nov. 15, 2013, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
===============
C O L O M B I A
===============
* COLOMBIA: To Get US$400MM IDB Loan to Strengthen Training System
------------------------------------------------------------------
A loan for US$400 million from the Inter-American Development Bank
(IDB) will help Colombia to improve the quality and relevance of
its human resources training system as a basis for boosting the
country's long-term productivity.
The operation is the second extended from an IDB programmatic
policy-based credit line directed at helping to create the
institutional foundations and technical processes on which
Colombia's future National Qualifications System will be created.
The new system will improve the linkage between the country's
labor market and human resource formation by defining, evaluating,
and developing capacity in relation to the needs of the workplace.
It will also make possible the progressive expansion of job skills
acquisition.
The present operation will continue to support improvements in the
system's institutional structure, the design of technical and
operational procedures for designing competency, and certification
standards. It will also seek to involve the productive sector as
a key actor in the reforms being carried out and in the future
system.
The IDB's programmatic loans are fast-disbursing instruments that
provide Bank borrowing member countries with resources to support
public sector budgets related to program goals.
The IDB loan is for a 20-year term, with a 5.5-year grace period
and an interest rate based on LIBOR.
====================
P U E R T O R I C O
====================
PUERTO RICO: Heavily Indebted, Weighs on U.S. Muni-Bond Market
--------------------------------------------------------------
The Economist reported that although investors are now less
jittery about a possible default by the American Treasury, they
are rightly still nervous about a drama unfolding in the market
for state and local debt. Since May, yields on bonds issued by
Puerto Rico, a self-governing American territory, have shot up to
between 8% and 10%, despite their (barely) investment-grade rating
and tax-exempt interest.
According to the report, Puerto Rico carries outsized importance
in America's almost $4 trillion municipal-debt market, which
includes bonds issued by states and other local authorities as
well as by cities. The island's current debt, between $52 billion
and $70 billion (depending on how it is measured), is the third-
largest behind California's and New York's, despite a far smaller
and poorer population. In America's 50 states the average ratio
of state debt to personal income is 3.4%. Ratings agency Moody's
puts Puerto Rico's tax-supported debt at 89%.
The report notes Puerto Rico's debt has long been a staple of
American municipal-bond funds because of its high yields and its
exemption from federal and local taxes -- of particular appeal to
investors in high-tax states -- the report related. That let
Puerto Rico keep borrowing despite its shaky economic and
financial condition, until Detroit's bankruptcy in July alerted
investors to the threat of default by other governments in similar
penury.
America won control of Puerto Rico in the Spanish-American war of
1898, the report related. Its people have American citizenship
and receive American government pensions, but pay no federal tax
on their local income.
Puerto Rico's economy has big structural problems, according to
the report. Participation in the labor force, at 41%, is some 20
percentage points below America's. The island has the federal
minimum wage, even though local productivity and incomes are far
lower than in the rest of America, creating a strong disincentive
to hire. Inflated benefit payments, for disability for instance,
discourage work. Moody's Analytics reckons the territory's
bloated public sector accounts for 20% of employment, compared
with 3.7% for the average state (though it provides some services
that the federal government would on the mainland). Growth and
investment are hampered by bureaucracy, stunted infrastructure and
crime.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 18737018.1 -11880129.9
ALL ORE MINERACA STLB3 BZ 18737018.1 -11880129.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256.1 -17154462.1
ARTHUR LAN-DVD P ARLA12 BZ 11642256.1 -17154462.1
ARTHUR LANGE ARLA3 BZ 11642256.1 -17154462.1
ARTHUR LANGE SA ALICON BZ 11642256.1 -17154462.1
ARTHUR LANGE-PRF ARLA4 BZ 11642256.1 -17154462.1
ARTHUR LANGE-PRF ALICPN BZ 11642256.1 -17154462.1
ARTHUR LANG-RC C ARLA9 BZ 11642256.1 -17154462.1
ARTHUR LANG-RC P ARLA10 BZ 11642256.1 -17154462.1
ARTHUR LANG-RT C ARLA1 BZ 11642256.1 -17154462.1
ARTHUR LANG-RT P ARLA2 BZ 11642256.1 -17154462.1
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454013 -52992212
BATTISTELLA BTTL3 BZ 174796731 -28588662.7
BATTISTELLA-PREF BTTL4 BZ 174796731 -28588662.7
BATTISTELLA-RECE BTTL9 BZ 174796731 -28588662.7
BATTISTELLA-RECP BTTL10 BZ 174796731 -28588662.7
BATTISTELLA-RI P BTTL2 BZ 174796731 -28588662.7
BATTISTELLA-RIGH BTTL1 BZ 174796731 -28588662.7
BIOMM SA BIOM3 BZ 11534236.1 -12761895.5
BIOMM SA-PREF BIOM4 BZ 11534236.1 -12761895.5
BIOMM SA-RT BIOM1 BZ 11534236.1 -12761895.5
BIOMM SA-RT BIOM2 BZ 11534236.1 -12761895.5
BIOMM SA-RTS BIOM9 BZ 11534236.1 -12761895.5
BIOMM SA-RTS BIOM10 BZ 11534236.1 -12761895.5
BOMBRIL BMBBF US 322039321 -20271461.5
BOMBRIL FPXE4 BZ 19416016 -489914907
BOMBRIL BOBR3 BZ 322039321 -20271461.5
BOMBRIL CIRIO SA BOBRON BZ 322039321 -20271461.5
BOMBRIL CIRIO-PF BOBRPN BZ 322039321 -20271461.5
BOMBRIL HOLDING FPXE3 BZ 19416016 -489914907
BOMBRIL SA-ADR BMBPY US 322039321 -20271461.5
BOMBRIL SA-ADR BMBBY US 322039321 -20271461.5
BOMBRIL-PREF BOBR4 BZ 322039321 -20271461.5
BOMBRIL-RGTS PRE BOBR2 BZ 322039321 -20271461.5
BOMBRIL-RIGHTS BOBR1 BZ 322039321 -20271461.5
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 97892219.8 -29984241.8
BUETTNER SA BUETON BZ 97892219.8 -29984241.8
BUETTNER SA-PRF BUETPN BZ 97892219.8 -29984241.8
BUETTNER SA-RT P BUET2 BZ 97892219.8 -29984241.8
BUETTNER SA-RTS BUET1 BZ 97892219.8 -29984241.8
BUETTNER-PREF BUET4 BZ 97892219.8 -29984241.8
CAF BRASILIA CAFE3 BZ 160938144 -149281093
CAF BRASILIA-PRF CAFE4 BZ 160938144 -149281093
CAFE BRASILIA SA CSBRON BZ 160938144 -149281093
CAFE BRASILIA-PR CSBRPN BZ 160938144 -149281093
CAIUA ELEC-C RT ELCA1 BZ 1068602117 -71011565.8
CAIUA SA ELCON BZ 1068602117 -71011565.8
CAIUA SA-DVD CMN ELCA11 BZ 1068602117 -71011565.8
CAIUA SA-DVD COM ELCA12 BZ 1068602117 -71011565.8
CAIUA SA-PREF ELCPN BZ 1068602117 -71011565.8
CAIUA SA-PRF A ELCAN BZ 1068602117 -71011565.8
CAIUA SA-PRF A ELCA5 BZ 1068602117 -71011565.8
CAIUA SA-PRF B ELCA6 BZ 1068602117 -71011565.8
CAIUA SA-PRF B ELCBN BZ 1068602117 -71011565.8
CAIUA SA-RCT PRF ELCA10 BZ 1068602117 -71011565.8
CAIUA SA-RTS ELCA2 BZ 1068602117 -71011565.8
CAIVA SERV DE EL 1315Z BZ 1068602117 -71011565.8
CELGPAR GPAR3 BZ 224346596 -1034483222
CELPA CELP3 BZ 1983995394 -26345832
CELPA-PREF A CELP5 BZ 1983995394 -26345832
CELPA-PREF B CELP6 BZ 1983995394 -26345832
CELPA-PREF C CELP7 BZ 1983995394 -26345832
CELPA-RCT CELP9 BZ 1983995394 -26345832
CELPA-RTS CELP1 BZ 1983995394 -26345832
CENTRAL COST-ADR CCSA LI 355868840 -87473853.9
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CENTRAL COSTAN-B CNRBF US 355868840 -87473853.9
CENTRAL COSTAN-C CECO3 AR 355868840 -87473853.9
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CIA PETROLIFERA MRLM3 BZ 377602206 -3014291.81
CIA PETROLIFERA MRLM3B BZ 377602206 -3014291.81
CIA PETROLIFERA 1CPMON BZ 377602206 -3014291.81
CIA PETROLIF-PRF MRLM4 BZ 377602206 -3014291.81
CIA PETROLIF-PRF MRLM4B BZ 377602206 -3014291.81
CIA PETROLIF-PRF 1CPMPN BZ 377602206 -3014291.81
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
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COBRASMA CBMA3 BZ 75975325.5 -2148311127
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D H B DHBI3 BZ 110495985 -162541778
D H B-PREF DHBI4 BZ 110495985 -162541778
DHB IND E COM DHBON BZ 110495985 -162541778
DHB IND E COM-PR DHBPN BZ 110495985 -162541778
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
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EDENOR-B DNOR AR 1394532241 -3893195.34
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ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
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ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
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ENDESA COSTAN- CECO2 AR 355868840 -87473853.9
ENDESA COSTAN- CECOD AR 355868840 -87473853.9
ENDESA COSTAN- CECOC AR 355868840 -87473853.9
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F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
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FER HAGA-PREF HAGA4 BZ 18875306.2 -40047314.2
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FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
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GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
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HAGA HAGA3 BZ 18875306.2 -40047314.2
HOTEIS OTHON SA HOOT3 BZ 227432125 -70780169.8
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IGUACU CAFE IGCSON BZ 219009123 -69129785
IGUACU CAFE IGUCF US 219009123 -69129785
IGUACU CAFE-PR A IGUA5 BZ 219009123 -69129785
IGUACU CAFE-PR A IGCSAN BZ 219009123 -69129785
IGUACU CAFE-PR A IGUAF US 219009123 -69129785
IGUACU CAFE-PR B IGUA6 BZ 219009123 -69129785
IGUACU CAFE-PR B IGCSBN BZ 219009123 -69129785
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
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LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 54968258.7 -3370955902
LOJAS ARAPUA LOARON BZ 54968258.7 -3370955902
LOJAS ARAPUA-GDR 3429T US 54968258.7 -3370955902
LOJAS ARAPUA-GDR LJPSF US 54968258.7 -3370955902
LOJAS ARAPUA-PRF LOAR4 BZ 54968258.7 -3370955902
LOJAS ARAPUA-PRF LOARPN BZ 54968258.7 -3370955902
LOJAS ARAPUA-PRF 52353Z US 54968258.7 -3370955902
LUPATECH SA LUPA3 BZ 684389276 -151417630
LUPATECH SA LUPAF US 684389276 -151417630
LUPATECH SA -RCT LUPA9 BZ 684389276 -151417630
LUPATECH SA-ADR LUPAY US 684389276 -151417630
LUPATECH SA-RT LUPA11 BZ 684389276 -151417630
LUPATECH SA-RTS LUPA1 BZ 684389276 -151417630
MINUPAR MNPR3 BZ 119382337 -92195102.2
MINUPAR SA MNPRON BZ 119382337 -92195102.2
MINUPAR SA-PREF MNPRPN BZ 119382337 -92195102.2
MINUPAR-PREF MNPR4 BZ 119382337 -92195102.2
MINUPAR-RCT 9314634Q BZ 119382337 -92195102.2
MINUPAR-RCT 0599564D BZ 119382337 -92195102.2
MINUPAR-RCT MNPR9 BZ 119382337 -92195102.2
MINUPAR-RT 9314542Q BZ 119382337 -92195102.2
MINUPAR-RT 0599562D BZ 119382337 -92195102.2
MINUPAR-RTS MNPR1 BZ 119382337 -92195102.2
NORDON MET NORD3 BZ 11154278.4 -30655920.5
NORDON METAL NORDON BZ 11154278.4 -30655920.5
NORDON MET-RTS NORD1 BZ 11154278.4 -30655920.5
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NOVA AMERICA SA 1NOVON BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVA4 BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVA4B BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVAPN BZ 21287490.2 -183535537
NOVA AMERICA-PRF 1NOVPN BZ 21287490.2 -183535537
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON 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
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 64304554.3 -1269120.57
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23274759.4 -4575396.32
PUYEHUE RIGHT PUYEHUOS CI 23274759.4 -4575396.32
RECRUSUL RCSL3 BZ 41210099.9 -18423894.9
RECRUSUL - RCT 4529789Q BZ 41210099.9 -18423894.9
RECRUSUL - RCT 4529793Q BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0163582D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0163583D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0614675D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0614676D BZ 41210099.9 -18423894.9
RECRUSUL - RCT RCSL10 BZ 41210099.9 -18423894.9
RECRUSUL - RT 4529781Q BZ 41210099.9 -18423894.9
RECRUSUL - RT 4529785Q BZ 41210099.9 -18423894.9
RECRUSUL - RT 0163579D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0163580D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0614673D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0614674D BZ 41210099.9 -18423894.9
RECRUSUL SA RESLON BZ 41210099.9 -18423894.9
RECRUSUL SA-PREF RESLPN BZ 41210099.9 -18423894.9
RECRUSUL SA-RCT RCSL9 BZ 41210099.9 -18423894.9
RECRUSUL SA-RTS RCSL1 BZ 41210099.9 -18423894.9
RECRUSUL SA-RTS RCSL2 BZ 41210099.9 -18423894.9
RECRUSUL-BON RT RCSL11 BZ 41210099.9 -18423894.9
RECRUSUL-BON RT RCSL12 BZ 41210099.9 -18423894.9
RECRUSUL-PREF RCSL4 BZ 41210099.9 -18423894.9
REDE EMP ENE ELE ELCA4 BZ 1068602117 -71011565.8
REDE EMP ENE ELE ELCA3 BZ 1068602117 -71011565.8
REDE EMPRESAS-PR REDE4 BZ 1068602117 -71011565.8
REDE ENERGIA SA REDE3 BZ 1068602117 -71011565.8
REDE ENERG-UNIT REDE11 BZ 1068602117 -71011565.8
REDE ENER-RCT 3907731Q BZ 1068602117 -71011565.8
REDE ENER-RCT REDE9 BZ 1068602117 -71011565.8
REDE ENER-RCT REDE10 BZ 1068602117 -71011565.8
REDE ENER-RT 3907727Q BZ 1068602117 -71011565.8
REDE ENER-RT REDE1 BZ 1068602117 -71011565.8
REDE ENER-RT REDE2 BZ 1068602117 -71011565.8
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 89516044.1 -84915135
RENAUXVIEW SA-PF TXRX4 BZ 89516044.1 -84915135
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 22323863.1 -3810831.28
SANSUY SNSY3 BZ 180592889 -139972527
SANSUY SA SNSYON BZ 180592889 -139972527
SANSUY SA-PREF A SNSYAN BZ 180592889 -139972527
SANSUY SA-PREF B SNSYBN BZ 180592889 -139972527
SANSUY-PREF A SNSY5 BZ 180592889 -139972527
SANSUY-PREF B SNSY6 BZ 180592889 -139972527
SAUIPE PSEG3 BZ 18741726.8 -4445594.67
SAUIPE SA PSEGON BZ 18741726.8 -4445594.67
SAUIPE SA-PREF PSEGPN BZ 18741726.8 -4445594.67
SAUIPE-PREF PSEG4 BZ 18741726.8 -4445594.67
SCHLOSSER SCLO3 BZ 57116503.7 -55719510.4
SCHLOSSER SA SCHON BZ 57116503.7 -55719510.4
SCHLOSSER SA-PRF SCHPN BZ 57116503.7 -55719510.4
SCHLOSSER-PREF SCLO4 BZ 57116503.7 -55719510.4
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 18737018.1 -11880129.9
STEEL - RT STLB1 BZ 18737018.1 -11880129.9
TEKA TKTQF US 371193871 -375865470
TEKA TEKA3 BZ 371193871 -375865470
TEKA TEKAON BZ 371193871 -375865470
TEKA-ADR TEKAY US 371193871 -375865470
TEKA-ADR TKTPY US 371193871 -375865470
TEKA-ADR TKTQY US 371193871 -375865470
TEKA-PREF TKTPF US 371193871 -375865470
TEKA-PREF TEKA4 BZ 371193871 -375865470
TEKA-PREF TEKAPN BZ 371193871 -375865470
TEKA-RCT TEKA9 BZ 371193871 -375865470
TEKA-RCT TEKA10 BZ 371193871 -375865470
TEKA-RTS TEKA1 BZ 371193871 -375865470
TEKA-RTS TEKA2 BZ 371193871 -375865470
TEXTEIS RENA-RCT TXRX9 BZ 89516044.1 -84915135
TEXTEIS RENA-RCT TXRX10 BZ 89516044.1 -84915135
TEXTEIS RENAU-RT TXRX1 BZ 89516044.1 -84915135
TEXTEIS RENAU-RT TXRX2 BZ 89516044.1 -84915135
TEXTEIS RENAUX RENXON BZ 89516044.1 -84915135
TEXTEIS RENAUX RENXPN BZ 89516044.1 -84915135
VARIG PART EM SE VPSC3 BZ 83017833.2 -495721727
VARIG PART EM TR VPTA3 BZ 49432124.7 -399290401
VARIG PART EM-PR VPTA4 BZ 49432124.7 -399290401
VARIG PART EM-PR VPSC4 BZ 83017833.2 -495721727
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 591011112 -26163506.4
VULCABRAS AZ-PRF VULC4 BZ 591011112 -26163506.4
VULCABRAS SA VULCON BZ 591011112 -26163506.4
VULCABRAS SA-PRF VULCPN BZ 591011112 -26163506.4
VULCABRAS-RCT VULC9 BZ 591011112 -26163506.4
VULCABRAS-REC PR VULC10 BZ 591011112 -26163506.4
VULCABRAS-RECEIP 0853207D BZ 591011112 -26163506.4
VULCABRAS-RIGHT 0853205D BZ 591011112 -26163506.4
VULCABRAS-RIGHT VULC2 BZ 591011112 -26163506.4
VULCABRAS-RT PRF VULC11 BZ 591011112 -26163506.4
VULCABRAS-RTS VULC1 BZ 591011112 -26163506.4
WETZEL SA MWET3 BZ 95682256.3 -5467518.71
WETZEL SA MWELON BZ 95682256.3 -5467518.71
WETZEL SA-PREF MWET4 BZ 95682256.3 -5467518.71
WETZEL SA-PREF MWELPN BZ 95682256.3 -5467518.71
***********
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 * * *