/raid1/www/Hosts/bankrupt/TCRLA_Public/131126.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, November 26, 2013, Vol. 14, No. 234
Headlines
A R G E N T I N A
ARCOR: Moody's Says No Ratings Impact on New Local Notes Issuance
ARGENTINA: Fitch Affirms FC Issuer Default Rating at 'CC'
B R A Z I L
FIBRIA CELULOSE: Fitch Says Forestry Sales Have No Ratings Impact
OGX PETROLEO: Discloses Annual Calendar Adjustment in 2013
C A Y M A N I S L A N D S
CAELUS RE II: Creditors' Proofs of Debt Due Dec. 9
CALEDONIAN PCH: Creditors' Proofs of Debt Due Dec. 4
CAMINO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
CHINA WUHAN: Commences Liquidation Proceedings
GO PENG: Placed Under Voluntary Wind-Up
JAPAN REALTY: Commences Liquidation Proceedings
JOETSU INVESTMENTS: Commences Liquidation Proceedings
KHALIJ FUND: Creditors' Proofs of Debt Due Nov. 29
LSE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
MSREF VI RIVER: Commences Liquidation Proceedings
PAMLI GLOBAL: Placed Under Voluntary Wind-Up
RSA MANAGEMENT: Placed Under Voluntary Wind-Up
SALIDA WEALTH: Placed Under Voluntary Wind-Up
SALIDA WEALTH FUND: Placed Under Voluntary Wind-Up
SYC COMMERCIAL: Commences Liquidation Proceedings
C H I L E
SMU SA: Owner Raises US$300 Million for Distressed Firm
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: National Debt as of September is US$27 Bil.
H A I T I
* HAITI: Gets US$50-Million IDB Grant to Improve Transport System
J A M A I C A
* JAMAICA: Construction Sectors Shows Growth in July-September
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARCOR: Moody's Says No Ratings Impact on New Local Notes Issuance
-----------------------------------------------------------------
Moody's Latin America said that the B1 Global Scale Corporate
Family Rating and B1/Aa2.ar ratings for Arcor's USD 200 million
Notes due 2017 and Arcor's Class II and III ARS 300M local notes
are not likely to be affected after the planned issuance of up to
ARS 500 million new local Notes.
Arcor's B1/Aa2.ar ratings continue to take into account the
company's superior fundamental credit quality, its leading market
position in the confectionery and cookies market, its broad
geographic footprint, its franchise strength and growth potential.
In addition, the company shows an adequate liquidity profile
coupled with a sizeable international business that helps the
company continue increasing its footprint in LatAm. Moody's
considers that the planned ARS 500M local notes will not affect
Arcor's financial and credit profile and that the company will
pursue a prudent strategy with respect to its debt allocation,
since proceeds from the new local issuance will be fully used for
refinancing short term debt.
As a result of its credit strengths, Arcor's B1 rating is
positioned two notches above Argentina 's B3 sovereign rating.
Founded in 1951 in Cordoba, Argentina, Arcor S.A.I.C. is one of
the largest food companies in the country with USD 2.8 billion in
sales for the last twelve months ended September 2013 and a total
amount of employees of approximately 20,000. The company holds a
leading market position as one of the largest global producers and
exporters of candy and leading manufacturer of cookies, processed
food and corrugated cardboard under well-known and established
brands.
ARGENTINA: Fitch Affirms FC Issuer Default Rating at 'CC'
---------------------------------------------------------
Fitch Ratings has affirmed Argentina's ratings as follows:
-- Foreign Currency (FC) Issuer Default Rating (IDR) at 'CC';
-- Local Currency (LC) IDR at 'B-'; Outlook Negative;
-- Short-term IDR at 'C';
-- Country Ceiling at 'B-';
-- Foreign Currency Bonds issued under Argentine Law at 'B-'.
Key Rating Drivers:
The affirmation of the FC IDR reflects the fact that Argentina's
FC securities issued under international law continue to be
subject to a high level of default risk given the ongoing legal
dispute in U.S. Courts between Argentina and some of the holdout
creditors. The timeline of a final resolution remains
unpredictable given the different possible scenarios and the
uncertainty as to the length of judicial proceedings.
Argentina's request for rehearing 'en banc' was recently rejected
by the Second Circuit Court of Appeals. Argentina has stated its
intention to present a cert. petition to the U.S. Supreme Court
corresponding to the Second Circuit's August 2013 decision that
rejected all arguments presented by the sovereign. The Court of
Appeals decided to maintain the stay order pending a resolution by
the Supreme Court. This allows the Argentine government to
continue servicing the exchanged bonds. An adverse ruling and the
lifting of the stay could prevent Argentina from servicing its
performing debt if it failed to make payments to the plaintiffs in
this case.
Besides the legal dispute, Argentina's credit fundamentals
continue to deteriorate with the emergence of 'twin deficits' in
the context of extremely constrained financing sources. Highly
distortive and unpredictable policies continue to weigh on its
growth prospects. At the same time, inflation remains elevated,
with private sector estimates significantly higher than the
official statistics.
The most significant macroeconomic challenge confronting Argentina
is the accelerated pace of decline of foreign exchange reserves
despite existing capital and import controls, as well as the
significant difference between official and parallel market
exchange rates. International reserves have fallen by USD10.3
billion or over 20% so far this year and Fitch forecasts further
declines for the next two years. These dynamics expose Argentina
to a risk of disorderly adjustment in case of an external shock.
Argentina's high tax burden, cyclical tax intake and expansionary
policies during the boom years have increased budgetary rigidities
that are difficult to unwind. Debt dynamics will also be less
favorable than in the past, as currency depreciation, emergence of
primary deficits and weaker growth will reverse the trend of debt
reduction seen in the past. Argentina's debt of 51.6% of GDP for
2013 estimated by Fitch is already above the 'B' median.
The sovereign's extremely limited sources of conventional
financing are a credit concern. The government has relied
increasingly on central bank direct financing which undermines the
already weak quality of the country's institutions and at the same
time engenders inflationary pressures.
Fitch does not expect a major change in economic policy after the
mid-term elections, with the authorities managing through 2014 and
2015 with a combination of additional domestic controls and some
pragmatic measures to avoid a deeper economic and external
malaise.
Rating Sensitivities:
The FC IDR does not have a Rating Outlook. An adverse court ruling
for Argentina and the lifting of the current stay order, if
followed by Argentina's decision to miss a payment on exchanged
debt securities, would constitute a default event. In such a
scenario, Fitch would move Argentina's FC IDR to 'RD' (Restricted
Default) and the bond ratings of the affected securities to 'D'
(Default) should the payment not be made before the expiration of
the grace period. On the other hand, a favorable ruling that
allows Argentina to continue servicing its performing debt and/or
events such as a settlement with the plaintiffs in this legal case
that reduces the likelihood of default could lead to the upgrade
of the FC IDR.
The Negative Outlook on the LC IDR reflects the following risk
factors that may, individually or collectively, result in a
downgrade of the ratings:
--Continued sharp declines in international reserves that
seriously undermine the repayment capacity of Argentina;
--Sustained economic weakness that heightens fiscal pressures,
which in the context of limited financing flexibility leads to
greater monetization of the fiscal deficit with adverse
repercussions for inflation and exchange rate stability.
The current Rating Outlook is Negative for the LC IDR.
Consequently, Fitch's sensitivity analysis does not currently
anticipate developments with a material likelihood, individually
or collectively, leading to a rating upgrade. However, future
developments that may, individually or collectively, lead to a
stabilization of the Outlook include:
-- Easing of external and fiscal financing constraints, including
a sustained stabilization of international reserves;
-- Progress in the overall policy stance that improves prospects
for growth and inflation, as well as greater transparency of
official data;
-- Normalization of relations with creditors and multilaterals.
Key Assumptions:
The ratings and Outlooks are sensitive to a number of assumptions
by Fitch:
-- Fitch assumes no sustained deep decline in commodity prices;
-- No material shock to Argentine's agricultural production and
exports;
-- The authorities implement additional measures to mitigate the
pace of foreign reserves depletion.
===========
B R A Z I L
===========
FIBRIA CELULOSE: Fitch Says Forestry Sales Have No Ratings Impact
-----------------------------------------------------------------
According to Fitch Ratings, Fibria Celulose S.A.'s 'BB+' foreign
and local currency Issuer Default Ratings (IDRs) and Positive
Outlook will not be impacted following the announcement by the
company that it had reached a binding agreement to sell
approximately 210,000 hectares of land to Parkia Participacoes for
BRL1.650 billion, of which BRL1.4 billion would be received at the
closing of the transaction.
In Fitch's view, the transaction created by Fibria essentially
monetizes assets that Fitch had already built into the company's
existing ratings as being readily monetizeable. In Fitch's
February press release, in which the company's Rating Outlook was
revised to Positive from Stable, Fitch stated, Fibria had USD1.6
billion of cash and marketable securities and USD562 million of
short-term debt (as of Dec. 31, 2012). The company enjoys strong
access to both the debt and equities market. Fibria's liquidity is
enhanced with USD500 million unused revolving credit facility. The
company also has land with an accounting value of USD900 million
and forestry plantations on this land with an accounting value of
USD1.650 billion. Fibria has monetized portions of these holdings
in the past to lower leverage and enhance liquidity.
Fitch also noted that the company's credit profile was considered
strong for the 'BB+' and 'AA-(bra)' rating categories and that net
debt reduction by about USD300 million would be viewed positively
and could lead to ratings upgrades. The driver of this debt
reduction was viewed to be cash flow from operations rather than
asset sales. Simultaneously, Fitch pointed out that the company's
credit ratios were allowed to be higher than the median ratios for
a given rating category due to its large land and forestry
holdings, its position as the world's largest pulp producer with a
cost structure that is in the lowest quartile for the industry,
and its stable client base.
While a structure was created that does not result in lease
accounting, Fitch views Fibria's reliance upon the forest on these
lands to be high in the near-to-medium term. The company maintains
first-offer and matching rights during the 24 year contract
period. Fibria is also the manager of the forest plantations
throughout the contract.
Positively, the transaction should result in a lowering of the
company's absolute debt levels as well as its cost of debt. The
company should also be able to invest in new projects that over
time could have higher returns than the capital gains associated
with the land holdings. These projects could include the
construction of a new pulp mill at Tres Lagoas.
Fibria's free cash flow has been strong through the first nine
months of 2013 despite relatively weak pulp prices. During the
first three quarters, Fibria has generated BRL2 billion of EBITDA
and BRL524 million of free cash flow from operations. As of Sept.
30, 2013, Fibria had BRL9.5 billion of total debt and BRL1.6
billion of cash and marketable securities. For the latest 12
months, Fibria's net leverage ratio was 3.0x.
OGX PETROLEO: Discloses Annual Calendar Adjustment in 2013
----------------------------------------------------------
OGX Petroleo e Gas Participaaoes S.A. disclosed that the Company's
financial information disclosure for the third quarter of 2013,
previously issued for until November 22, 2013, was transferred,
with expectation to filing in CVM - Securities Commission, for
until November 29, 2013, after the market settlement on the
BM&FBOVESPA - Securities, commodities and Futures.
The referred adjustment occurs in order to the greater need of
term to evaluate the impacts in the review of the quarterly
information report by the Independent Auditor, owing to the
judicial decision given, in Nov. 21, 2013, by the judgment of the
4th Corporate Court of the Judicial District of the State of Rio
de Janeiro, regarding to the judicial recovery request for OGX
Petroleo e Gas Participacoes S.A., OGX Petroleo e Gas S.A., OGX
International GmbH and OGX Austria GmbH, according to material
fact sent in this date.
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.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30. The bankruptcy filing puts $3.6 billion of dollar
bonds into default in the largest corporate debt debacle on record
in Latin America. The filing by the oil company that transformed
Eike Batista into Brazil's richest man followed a 16-month decline
that wiped out more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.
As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes 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.
==========================
C A Y M A N I S L A N D S
==========================
CAELUS RE II: Creditors' Proofs of Debt Due Dec. 9
--------------------------------------------------
The creditors of Caelus Re II Limited are required to file their
proofs of debt by Dec. 9, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 18, 2013.
The company's liquidators are:
James Trundle
Kevin Poole
P.O. Box 10233 171 Elgin Avenue
Willow House
Grand Cayman
Cayman Islands
Telephone: 914-2270
Facsimile: 949-6021
CALEDONIAN PCH: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of Caledonian PCH Inc. are required to file their
proofs of debt by Dec. 4, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Oct. 24, 2013.
The company's liquidators are:
Bernard McGrath
Annie Chapman
69 Dr. Roy's Drive
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: 949 0050
Facsimile: 949 8062
CAMINO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------------
The creditors of Camino Investments Ltd. are required to file
their proofs of debt by Dec. 10, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 25, 2013.
The company's liquidator is:
Jacqueline Stirling
Bessemer Trust Company (Cayman) Limited
Bessemer Trust Company (Cayman) Limited
P.O. Box 2254 Grand Cayman KY1-1107
Cayman Islands
Telephone: (345) 949-6674
Facsimile: (345) 945-2722
CHINA WUHAN: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 24, 2013, the shareholder of China Wuhan Holdings resolved
to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's business.
The company's liquidator is:
Stephen Nelson
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709, 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
GO PENG: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 21, 2013, the shareholders of Go Peng Kuan Holdings
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: +1 (345) 914 1344
Facsimile: +1 (345) 945 4799
Coutts & Co (Cayman) Limited
Coutts House, 1446 West Bay Road
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
JAPAN REALTY: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 23, 2013, the shareholder of Japan Realty Holding Company
VI 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:
Stephen Nelson
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709, 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
JOETSU INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 23, 2013, the shareholder of Joetsu Investments 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 business.
The company's liquidator is:
Stephen Nelson
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709, 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
KHALIJ FUND: Creditors' Proofs of Debt Due Nov. 29
--------------------------------------------------
The creditors of Khalij Fund Management (Cayman) Limited are
required to file their proofs of debt by Nov. 29, 2013, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 17, 2013.
The company's liquidator is:
Khalij Fiduciaire SA
Telephone: +41 21 96 12 511
Le Forum 1er Etage
Grand Rue 3, CP 317
1820 Montreux 2
Switzerland
LSE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------
The creditors of LSE Offshore SPV, Ltd are required to file their
proofs of debt by Dec. 4, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Oct. 24, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Reference: Tracy Hylton
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348, George Town Grand Cayman KY1-1108
Cayman Islands
MSREF VI RIVER: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 23, 2013, the shareholder of MSREF VI River Six, 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 business.
The company's liquidator is:
Stephen Nelson
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709, 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
PAMLI GLOBAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 22, 2013, the sole shareholder of Pamli Global Credit
Strategies Special Situations Offshore Fund Ltd resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815-1839
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
RSA MANAGEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 24, 2013, the sole member of RSA Management Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 29, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Khalij Fiduciaire SA
Telephone: +41 21 96 12 511
Le Forum 1er Etage
Grand Rue 3, CP 317
1820 Montreux 2
Switzerland
SALIDA WEALTH: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 24, 2013, the shareholder of Salida Wealth Preservation
SPV (International) Limited resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SALIDA WEALTH FUND: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 24, 2013, the shareholder of Salida Wealth Preservation
Fund (International) Limited resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SYC COMMERCIAL: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 21, 2013, the shareholder of SYC Commercial Holdings
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Chan Mei Lan
KPMG
Prince's Building, 8th Floor
10 Chater Road, Central
Hong Kong
c/o Samuel Wan
Telephone: +852 2140 2306
Facsimile: +852 2869 7357
=========
C H I L E
=========
SMU SA: Owner Raises US$300 Million for Distressed Firm
-------------------------------------------------------
Sebastian Boyd at Bloomberg News report that Chilean billionaire
Alvaro Saieh completed a US$300 million capital increase for his
distressed retailer SMU SA after selling stakes in insurance
companies to raise the funds.
Mr. Saieh has fulfilled his pledge to complete the capital
increase by the end of the year, SMU said in a statement
distributed by an external press agency, according to Bloomberg
News. The company plans to sell a further US$200 million of
shares by October 2016, says the report.
Bloomberg News notes that Mr. Saieh made his fortune in banking in
the 1980s and last year spent US$1.3 billion to buy Colombia's
Helm Bank. Bloomberg News relates that SMU is Mr. Saieh's attempt
to build Chile's third-largest retailer by buying a series of
small retail chains throughout Chile. The company said in July it
had breached terms on its debt after restating earnings to show
higher liabilities, Bloomberg News recalls.
SMU bonds due in 2020 are the best-performing in Bloomberg's
emerging-market corporates index this month after posting Latin
America's worst returns in the first 10 months of the year.
Bloomberg News relays that Inversiones La Construccion SA said on
Oct. 1 it would pay US$170 million in cash and assume debt for a
67 percent stake in Corp Group Vida Chile SA, the holding company
through which Mr. Saieh controls two insurers. Mr. Saieh also
sold 31 bank branches for US$83 million to Independencia Rentas
Inmobiliarias, a real estate fund that will lease the space back
to Corpbanca, Bloomberg News adds.
Headquartered in Santiago, Chile, SMU S.A. -- http://www.smu.cl/
-- operates a chain of supermarkets and building supplies stores
in Chile. It operates in three segments: Supermarkets, Building
Supplies, and Support Services and Financing. It also provides
business administration and organization services, and consultancy
services.
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: National Debt as of September is US$27 Bil.
-----------------------------------------------------------------
Dominican Today News reports that Dominican Republic Central Bank
said that the country's debt as of September is US$27.1 billion.
The report relates that the central bank denied that the debt is
50% of GDP as some economists have stated.
The bank said the debt is 44.9% of GDP, of which "the biggest
component is the foreign debt of the public non-financial Sector
(NFP)," totaling US$13.8 billion (23% of GDP), according to
Dominican Today News.
The report notes that while the Central Bank's internal and
external debt tops US$8.3 billion, the intra-governmental debt
(bonds and the Bank's recapitalization) totals US$3.17 billion.
=========
H A I T I
=========
* HAITI: Gets US$50-Million IDB Grant to Improve Transport System
-----------------------------------------------------------------
Haiti will improve the efficiency and safety of its road
transportation system and advance regional integration with a
US$50 million grant from the Inter-American Development Bank
(IDB).
The overall objective of the program is to make road transport in
Haiti more efficient in order to foster economic activity, while
facilitating regional and international integration and economic
development.
The specific objectives of the project include the rehabilitation,
improvement and two-year maintenance of 22.7 kilometers of the
Ennery-Plaisance road section on Route Nationale 1 (RN-1);
enhanced road safety conditions along the road reducing the risk
of accidents involving both vehicles and pedestrians; paving of
main streets in small communities and the institutional
strengthening of the transport sector. The project also includes
a road safety baseline and communication campaign on road safety
for RN1.
The financing consists of a US$50 million grant from the IDB Grant
Facility with a disbursement period of five years.
=============
J A M A I C A
=============
* JAMAICA: Construction Sectors Shows Growth in July-September
--------------------------------------------------------------
RJR News reports that data from the Bank of Jamaica (BOJ) have
shed light on the expansion of the construction sector during the
July to September quarter.
BOJ said that the sector grew during the three months compared to
a four per cent contraction during the corresponding period last
year, according to RJR News. The report relates that BOJ said the
industry's performance largely reflected increases in commercial
and residential construction projects.
BOJ's data showed that for commercial projects, the expansion was
associated with infrastructural development programs such as
Highway 2000 and on-going hotel projects which commenced in the
June quarter, according to RJR News. The report relays that BOJ's
data revealed growth of 0.7 per cent in housing starts largely
influenced the assessed increase in residential projects.
Meanwhile, notes the report, BOJ said the hotels and restaurants
sector also grew during the July to September period although at a
slower pace than the 2.9 per cent growth recorded in 2012.
The report discloses that BOJ said a 1.1 percent increase in
stopover arrivals was the main contributor. This was influenced
by additional airlifts from Russia, Costa Rica and Cuba as well as
new charters out of the United Kingdom and Canada, BOJ data added,
RJR News relates.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
CENTRAL COSTAN-B CRCBF US 355868840 -87473853.9
CENTRAL COSTAN-B CNRBF US 355868840 -87473853.9
CENTRAL COSTAN-C CECO3 AR 355868840 -87473853.9
CENTRAL COST-BLK CECOB AR 355868840 -87473853.9
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
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75975325.5 -2148311127
COBRASMA SA COBRON BZ 75975325.5 -2148311127
COBRASMA SA-PREF COBRPN BZ 75975325.5 -2148311127
COBRASMA-PREF CBMA4 BZ 75975325.5 -2148311127
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
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
EDENOR-B DNOR AR 1394532241 -3893195.34
EDENOR-B EDN AR 1394532241 -3893195.34
EDENOR-B EDNC AR 1394532241 -3893195.34
EDENOR-B EDND AR 1394532241 -3893195.34
EDENOR-B C/E DNORC AR 1394532241 -3893195.34
EDENOR-B US$ DNORD AR 1394532241 -3893195.34
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
EMP DISTRIB-ADR EDN US 1394532241 -3893195.34
EMP DISTRIB-ADR PWD1 GR 1394532241 -3893195.34
EMPRESA DISTRI-A 0122196D AR 1394532241 -3893195.34
EMPRESA DISTRI-C 0122368D AR 1394532241 -3893195.34
ENDESA COST-ADR CRCNY US 355868840 -87473853.9
ENDESA COSTAN- CECO2 AR 355868840 -87473853.9
ENDESA COSTAN- CECOD AR 355868840 -87473853.9
ENDESA COSTAN- CECOC AR 355868840 -87473853.9
ENDESA COSTAN- EDCFF US 355868840 -87473853.9
ENDESA COSTAN-A CECO1 AR 355868840 -87473853.9
ESTRELA SA ESTR3 BZ 71379818.6 -111239805
ESTRELA SA ESTRON BZ 71379818.6 -111239805
ESTRELA SA-PREF ESTR4 BZ 71379818.6 -111239805
ESTRELA SA-PREF ESTRPN BZ 71379818.6 -111239805
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18875306.2 -40047314.2
FERRAGENS HAGA HAGAON BZ 18875306.2 -40047314.2
FERRAGENS HAGA-P HAGAPN BZ 18875306.2 -40047314.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18875306.2 -40047314.2
HOTEIS OTHON SA HOOT3 BZ 227432125 -70780169.8
HOTEIS OTHON SA HOTHON BZ 227432125 -70780169.8
HOTEIS OTHON-PRF HOOT4 BZ 227432125 -70780169.8
HOTEIS OTHON-PRF HOTHPN BZ 227432125 -70780169.8
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 219009123 -69129785
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
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
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
NOVA AMERICA SA NOVA3 BZ 21287490.2 -183535537
NOVA AMERICA SA NOVA3B BZ 21287490.2 -183535537
NOVA AMERICA SA NOVAON BZ 21287490.2 -183535537
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.
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