/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140211.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, February 11, 2014, Vol. 15, No. 29 Headlines B E R M U D A FAIRMONT HAMILTON: Restructures Operations, Lays Off 10 Workers C A Y M A N I S L A N D S AM INVESTMENT V: Shareholders Receive Wind-Up Report AM INVESTMENT E: Shareholders Receive Wind-Up Report AM INVESTMENT GP: Shareholders Receive Wind-Up Report AM INVESTMENT PARTNERS: Shareholders Receive Wind-Up Report BLUE EDGE: Shareholders Receive Wind-Up Report CICC SECURITIES: Shareholders Receive Wind-Up Report DYNASTY INTERNATIONAL: Shareholders Receive Wind-Up Report FINANCIAL INSTITUTION: Shareholders Receive Wind-Up Report FUTURA FUND: Shareholders Receive Wind-Up Report JAPAN REALTY: Shareholders Receive Wind-Up Report JAPAN REALTY II: Shareholders Receive Wind-Up Report JAPAN REALTY VI: Shareholders Receive Wind-Up Report MACRITCHIE RESOURCE: Shareholders Receive Wind-Up Report MSREF VI SPECIAL A: Shareholders Receive Wind-Up Report MSREF VI SPECIAL B: Shareholders Receive Wind-Up Report MSREF VI T: Shareholders Receive Wind-Up Report MSREF VI TE: Shareholders Receive Wind-Up Report P2 HOLSTEN: Members Receive Wind-Up Report P2 HOLSTEN NARA: Members Receive Wind-Up Report STAR DREAMS: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C BANCO MULTIPLE LEON: Fitch Hikes LT Issuer Default Rating to 'B' J A M A I C A * JAMAICA: Courting Diaspora and Others to Invest in Market P A N A M A * PANAMA: IDB Supports Integrated Risk Management P U E R T O R I C O PUERTO RICO ELECTRIC: Moody's Cuts Rating on $8.8BB Bonds to Ba2 X X X X X X X X X Large Companies With Insolvent Balance Sheets - - - - - ============= B E R M U D A ============= FAIRMONT HAMILTON: Restructures Operations, Lays Off 10 Workers --------------------------------------------------------------- Caribbean360.com reports that Bermuda's ailing tourism industry suffered a fresh blow when the historic Fairmont Hamilton Princess laid off at least 10 of its workers. "Due to changes in our business needs, we are restructuring our operations. As part of this decision, I can confirm that the hotel has made redundant 10 positions," the report quoted hotel General Manager Len Czarnecki as saying. The report notes that the Bermuda Industrial Union (BIU) held talks with the hotel representatives and another was scheduled. The hotel, the oldest in the Fairmont chain, opened its doors on January 1, 1885. ========================== C A Y M A N I S L A N D S ========================== AM INVESTMENT V: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of AM Investment V Fund, Ltd received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Friedman c/o AM Investment Partners, LLC One Liberty Plaza, 27th Floor New York New York 10006 United States of America Telephone: +1 (347) 735 5113 AM INVESTMENT E: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of AM Investment E Fund Ltd received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Friedman c/o AM Investment Partners, LLC One Liberty Plaza, 27th Floor New York New York 10006 United States of America Telephone: +1 (347) 735 5113 AM INVESTMENT GP: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of AM Investment Partners GP, Ltd. received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Friedman c/o AM Investment Partners, LLC One Liberty Plaza, 27th Floor New York New York 10006 United States of America Telephone: +1 (347) 735 5113 AM INVESTMENT PARTNERS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of AM Investment Partners GP II, Ltd received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Friedman c/o AM Investment Partners, LLC One Liberty Plaza, 27th Floor New York New York 10006 United States of America Telephone: +1 (347) 735 5113 BLUE EDGE: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Blue Edge Fund Management Co. Ltd. received on Jan. 6, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Blue Edge Advisors Pte Ltd. c/o Lau Cheng Hock #17-81 Office 2 The Central 8 Eu Tong Sen Street Singapore 059818 Telephone: (203) 554-5166 CICC SECURITIES: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of CICC Securities (HK) Limited received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark 15 Queen's Road Central Hong Kong DYNASTY INTERNATIONAL: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Dynasty International received on Jan. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands FINANCIAL INSTITUTION: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Financial Institution Partners, Ltd received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hovde Capital Advisors LLC c/o Eric D. Hovde 122 W. Washington Ave. Suite 350 Madison, WI 53703 USA Telephone: (608) 255-5175 FUTURA FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Futura Fund Limited received on Jan. 29, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands JAPAN REALTY: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Japan Realty Holding Company received on Jan. 8, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands JAPAN REALTY II: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Japan Realty Finance Company II received on Jan. 8, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands JAPAN REALTY VI: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Japan Realty Holding Company VI received on Jan. 8, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands MACRITCHIE RESOURCE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Macritchie Resource Fund received on Jan. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Telephone: (345)-926-1688 Artillery Court Shedden Road P.O. Box 11371 George Town Grand Cayman KY1-1008 Cayman Islands MSREF VI SPECIAL A: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of MSREF VI Special A Finance Company received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands MSREF VI SPECIAL B: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of MSREF VI Special B Finance Company received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands MSREF VI T: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of MSREF VI T Finance Company received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands MSREF VI TE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of MSREF VI TE Finance Company received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands P2 HOLSTEN: Members Receive Wind-Up Report ------------------------------------------ The members of P2 Holsten Kyoto Holding KY LP Ltd. received on Jan. 13, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands P2 HOLSTEN NARA: Members Receive Wind-Up Report ----------------------------------------------- The members of P2 Holsten Nara Holding KY GP Ltd. received on Jan. 13, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands STAR DREAMS: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Star Dreams received on Jan. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== BANCO MULTIPLE LEON: Fitch Hikes LT Issuer Default Rating to 'B' ---------------------------------------------------------------- Fitch Ratings has upgraded Banco Multiple Leon's (BML) Issuer Default Ratings (IDRs) and removed them from Rating Watch Positive. The Rating Outlook is Stable. Fitch placed BML's IDR on Positive Watch on Dec. 19, 2013, after the announcement that Grupo Financiero Leon (GFL), BML's main shareholder, had agreed, in an all-stock deal, to contribute its financial companies (BML, Valores Leon and Compania Nacional de Seguridad - CONASE) to Centro Financiero BHD (CFBHD). On Jan. 31, 2014, the transaction was completed, thus GFL became an important shareholder of the renamed 'Centro Financiero BHD Leon' (CFBHDL). BML's IDR and National Rating upgrades reflect that upon the conclusion of the transaction among the shareholders of Grupo Leon and CFBHD, BML is considered a core subsidiary of CFBHDL. Hence, the IDRs and National Ratings for BML have been equalized with those of Banco BHD. KEY RATING DRIVERS BANCO MULTIPLE LEON IDRs, VR, SUPPORT AND NATIONAL RATINGS Despite adequate capitalization and sound liquidity management, the bank's Viability Rating (VR) reflects BML's still weak profitability ratios relative to similarly rated international peers (emerging market commercial banks with a VR of 'b-', 'b', and 'b+'). Fitch has revised BML Support rating to '4' and removed it from Rating Watch Positive to reflect the expected support to be received from the renamed CFBHDL. Given that the source of support has changed from the state to institutional, the Support Floor has been withdrawn. BML's subordinated debt rating has been upgraded to reflect the expected support from its new shareholder, but remains one notch down from the long-term National Rating of the bank, given its subordination to all senior creditors. VALORES LEON - NATIONAL RATINGS Valores Leon's National Ratings have been removed from Rating Watch Positive and upgraded to the same level as BML's ratings. Valores Leon's ratings reflect the operational and financial support provided by BML. In Fitch's view, the entity is important to Grupo Leon, as it is a key and integral part of its business, and provides some financial products to core clients. This will continue to be the case once Valores Leon merges with BHD Valores. RATING SENSITIVITIES BML BML's IDRs, VR, Support Rating and National Ratings will be withdrawn once the actual merger with Banco BHD occurs. This is expected to be completed during the first half of 2014. A change in the capacity or propensity of CFBHDL to provide support could result in a revision to BML's IDRs. VALORES LEON Valores Leon's National Ratings will be withdrawn once the actual merger with BHD Valores occurs. This is expected to be completed during the first half of 2014. A change in the capacity or propensity of BML to provide support could result in a revision to Valores Leon's ratings. PROFILE BML ranked fifth out of 15 commercial banks in the Dominican Republic, with a 5% market share by total assets at December 2013. Since Jan. 31, 2014, GFL is 99.36% owned by CFBHDL. Fitch has taken the following rating actions: Banco Multiple Leon SA: -- Foreign and local currency long-term IDR upgraded to 'B' from 'B-', Outlook Stable; -- FC/LC short term IDR affirmed at 'B'; -- Viability Rating affirmed at 'b-'; -- Support Rating upgraded to '4' from '5'; -- Support Floor Rating withdrawn; -- Long-term National Rating upgraded to 'AA-(dom)' from 'A-(dom)', Outlook Stable; -- Short-term National Rating upgraded to 'F1+(dom)' from 'F2(dom)'; -- Long-term National subordinated debt upgraded to 'A+(dom)' from 'BBB+(dom)'. Valores Leon S.A: -- Long-term National Rating upgraded to 'AA-(dom)' from 'A-(dom)', Outlook Stable; -- Short-term National Rating upgraded to 'F1+(dom)' from 'F2(dom)'; -- Long-term National senior unsecured debt rating upgraded to 'AA-(dom)' from 'A-(dom)'. ============= J A M A I C A ============= * JAMAICA: Courting Diaspora and Others to Invest in Market ----------------------------------------------------------- RJR News reports that Jamaica Finance Minister Dr. Peter Phillips has disclosed that the Government of Jamaica is exploring avenues to encourage greater participation in Jamaica's financial market, including an engagement of the Diaspora. Dr. Phillips, addressing a forum hosted for members of the diplomatic corps, said the outreach was being undertaken in collaboration with the World Bank and other agencies, according to RJR News. Dr. Phillips, the report notes, stressed that a substantial macro- economic platform is fundamental to efforts to attract Diaspora investments, and assure members of tangible dividends. In that regard, he said that Arnaldo Brown, Minister of State in the Ministry of Foreign Affairs & Foreign Trade, has been holding discussions with the target groups in the overseas Jamaican communities, the report relates. =========== P A N A M A =========== * PANAMA: IDB Supports Integrated Risk Management ------------------------------------------------- The Inter-American Development Bank (IDB), has approved a loan for up to US$300 million to the Ministry of the Economy and Finance of Panama to reduce the fiscal risk of macroeconomic, financial, and natural-disasters shocks by improving integrated risk management (IRM). Resources will strengthen sovereign asset and liability management, as well as improve financial stability. To this end, the program is structured in three components; macroeconomic stability, strengthening of sovereign asset and liability management, and strengthening of financial stability. Panama's financial and trading links with the rest of the world are the strength of its economic model, but they also make it more vulnerable to external financial and macroeconomic shocks. The country is also vulnerable to natural disasters capable of causing heavy economic losses. The loan includes the formulation of a sovereign asset and liability strategy (SALM) and will strengthen financial regulation and supervision. The project will also formulate a proposal for a national disaster-risk financial management strategy, and the development of instruments allowing for public investment in reducing fiscal liabilities associated with natural disasters. The IDB loan, will be executed by the Ministry of the Economy and Finance of Panama, is for a 20-year term, with a 30-month grace period and an interest rate based on LIBOR. ===================== P U E R T O R I C O ===================== PUERTO RICO ELECTRIC: Moody's Cuts Rating on $8.8BB Bonds to Ba2 ---------------------------------------------------------------- Moody's Investors Service has downgraded the ratings for $8.8 billion of the Puerto Rico Electric Power Authority's (PREPA, Authority) Power Revenue Bonds to Ba2 from Baa3. This rating action concludes the rating review that Moody's initiated on December 20, 2013. PREPA's rating outlook is negative. Summary Rating Rationale The rating action considers Moody's recent rating action on the Commonwealth of Puerto Rico's general obligation bonds, which were downgraded to Ba2 from Baa3 with a negative outlook, along with the ratings of related entities that are based on or capped at the Commonwealth's GO rating, including the Government Development Bank of Puerto Rico (GDB), an important source of liquidity for PREPA. Moody's believes that the PREPA's rating is closely tied to the rating of the Commonwealth given its reliance on GBD as a source of working capital liquidity as well as the importance of revenues from municipal authorities (estimated at 13% of PREPA's revenues). Moreover, the continued weakness in the economy of Puerto Rico, including the lack of economic growth drivers and negative demographic trends, weigh heavily on the rating action and on PREPA's ability to meet numerous strategic initiatives. The downgrade also considers PREPA's recent and prospective credit metrics which continue to remain weak with its adjusted debt service coverage ratio (DSCR) hovering in most years at or below 1.0x. In light of the combination of high electric rates, a weak economy, and the need to debt finance important capital expenditures over the next several years, Moody's do not anticipate any appreciable improvement in PREPA's DSCR or its very high leverage over the next several years. Moody's view the capital investment requirements, which are centered around the conversion of existing fuel oil generation to natural-gas fired generation, as an essential and important long-term investment strategy. Completion of the program will reduce the Authority's very high reliance on imported fuel oil as a generation fuel resource, which should lower electric rates and serve as a catalyst for economic growth within the Commonwealth. The capital investment program is multi-year and challenges remain including building a natural gas infrastructure to support the conversion. In addition to other credit considerations, Moody's do not anticipate any improvement in PREPA's credit metrics until much of the transition to natural-gas fired generation occurs which Moody's expect commencing in the 2017-2018 timeframe at the earliest. The rating action further recognizes PREPA's tight liquidity profile as days cash on hand for year-end 2013 was only 11 days, and PREPA's committed bank lines remain largely drawn, and in need of renewal during 2014. Moody's also note that the aging of accounts receivable has increased on a year-over-year basis, particularly among municipal entities, reflecting the persistent softness in the Puerto Rican economy. In that vein, the rating action recognizes the importance of GDB as a provider of additional liquidity for PREPA. While PREPA's liquidity position has constraints, Moody's do recognize the sizeable amount of restricted funds available to PREPA to satisfy annual debt service and to prefund a portion of its capital investment program, such that PREPA's need to access the debt capital markets is not expected for the next two years. Outlook The negative outlook reflects the negative outlook for the Commonwealth and the GDB as well as our belief that liquidity pressures at PREPA will continue. The negative outlook also considers the uncertainty and obstacles about executing the long- term capital investment plan focused on converting oil-based power generation to natural gas in the face of a very challenging economic environment within the Commonwealth. What could change the rating -- Up In light of the negative outlook, the rating is not expected to move upward over the near-to-medium term. The outlook could stabilize if the rating outlook for the Commonwealth stabilizes and/or PREPA shows substantial progress on the execution of its fuel diversification and cost reduction strategy. What could change the rating -- Down The rating could be pressured downward if debt service coverage ratios fall significantly below projected levels, or the ratings of the Commonwealth and GDB decline further. In addition, the rating could move down if PREPA fails to extend its bank facilities, which will further weaken PREPA's liquidity position. The principal methodology used in this rating was U.S. Public Power Electric Utilities with Generation Ownership Exposure published in November 2011. ================= 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) ------- ------ --------- ------------ AGRENCO LTD AGRE LX 339244073 -561405847 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 10519766.1 -18449684.9 ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9 ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3 ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3 ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3 ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3 ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3 ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3 B&D FOOD CORP BDFCE US 14423532 -3506007 B&D FOOD CORP BDFC US 14423532 -3506007 BALADARE BLDR3 BZ 159449535 -52990723.7 BATTISTELLA BTTL3 BZ 161941587 -30698112.2 BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2 BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2 BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2 BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2 BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2 BIOMM SA BIOM3M BZ 14879155 -13567385 BIOMM SA BIOM3 BZ 14879155 -13567385 BIOMM SA - RCT BIOM9 BZ 14879155 -13567385 BIOMM SA-PREF BIOM4 BZ 14879155 -13567385 BIOMM SA-RT 0905492D BZ 14879155 -13567385 BIOMM SA-RT BIOM2 BZ 14879155 -13567385 BIOMM SA-RTS 0905518D BZ 14879155 -13567385 BIOMM SA-RTS BIOM10 BZ 14879155 -13567385 BIOMM SA-RTS BIOM1 BZ 14879155 -13567385 BOMBRIL BMBBF US 324115454 -16635219.6 BOMBRIL FPXE4 BZ 19416013.9 -489914853 BOMBRIL BOBR3 BZ 324115454 -16635219.6 BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6 BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6 BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853 BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6 BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6 BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6 BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6 BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6 BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12 BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12 BUETTNER BUET3 BZ 96231802.9 -32473494 BUETTNER SA BUETON BZ 96231802.9 -32473494 BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494 BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494 BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494 BUETTNER-PREF BUET4 BZ 96231802.9 -32473494 CAF BRASILIA CAFE3 BZ 160933830 -149277092 CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092 CAFE BRASILIA SA CSBRON BZ 160933830 -149277092 CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092 CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286 CAIUA SA ELCON BZ 1059986022 -76183286 CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286 CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286 CAIUA SA-PREF ELCPN BZ 1059986022 -76183286 CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286 CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286 CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286 CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286 CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286 CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286 CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286 CELGPAR GPAR3 BZ 204382297 -934172491 CENTRAL COST-ADR CCSA LI 319571114 -114350021 CENTRAL COSTAN-B CRCBF US 319571114 -114350021 CENTRAL COSTAN-B CNRBF US 319571114 -114350021 CENTRAL COSTAN-C CECO3 AR 319571114 -114350021 CENTRAL COST-BLK CECOB AR 319571114 -114350021 CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1 CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1 CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1 CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1 CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1 CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1 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 75391731.7 -2212560088 COBRASMA SA COBRON BZ 75391731.7 -2212560088 COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088 COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088 D H B DHBI3 BZ 100548065 -171900717 D H B-PREF DHBI4 BZ 100548065 -171900717 DHB IND E COM DHBON BZ 100548065 -171900717 DHB IND E COM-PR DHBPN BZ 100548065 -171900717 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 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 ENDESA - RTS CECOX AR 319571114 -114350021 ENDESA COST-ADR CRCNY US 319571114 -114350021 ENDESA COSTAN- CECO2 AR 319571114 -114350021 ENDESA COSTAN- CECOD AR 319571114 -114350021 ENDESA COSTAN- CECOC AR 319571114 -114350021 ENDESA COSTAN- EDCFF US 319571114 -114350021 ENDESA COSTAN-A CECO1 AR 319571114 -114350021 ESTRELA SA ESTR3 BZ 71379826.3 -111239817 ESTRELA SA ESTRON BZ 71379826.3 -111239817 ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817 ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817 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 18439489.1 -40509835.2 FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2 FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2 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 18439489.1 -40509835.2 HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9 HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9 HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9 HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9 IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7 IGUACU CAFE IGUA3 BZ 224229556 -68866571 IGUACU CAFE IGCSON BZ 224229556 -6886657 IGUACU CAFE IGUCF US 224229556 -68866571 IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571 IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571 IGUACU CAFE-PR A IGUAF US 224229556 -68866571 IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571 IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571 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 INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8 INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8 INVERS ELEC BUEN IEBA AR 260343959 -14950013.8 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 38302784.1 -3417423475 LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475 LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475 LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475 LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475 LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475 LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475 LUPATECH SA LUPA3 BZ 665993697 -188699451 LUPATECH SA LUPAF US 665993697 -188699451 LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451 LUPATECH SA-ADR LUPAY US 665993697 -188699451 LUPATECH SA-RT LUPA11 BZ 665993697 -188699451 LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451 MANGELS INDL MGEL3 BZ 223698552 -29148696.3 MANGELS INDL SA MISAON BZ 223698552 -29148696.3 MANGELS INDL-PRF MGIRF US 223698552 -29148696.3 MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3 MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3 MINUPAR MNPR3 BZ 115960018 -93783465.1 MINUPAR SA MNPRON BZ 115960018 -93783465.1 MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1 MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1 MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1 MINUPAR-RCT 0599564D BZ 115960018 -93783465.1 MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1 MINUPAR-RT 9314542Q BZ 115960018 -93783465.1 MINUPAR-RT 0599562D BZ 115960018 -93783465.1 MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1 NORDON MET NORD3 BZ 11025606.1 -32196764.5 NORDON METAL NORDON BZ 11025606.1 -32196764.5 NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5 NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526 NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526 NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526 NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526 NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526 NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526 NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526 NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526 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 66017869 -5551136.01 PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18 PORTX OPERA-GDR PXTPY US 976769385 -9407990.18 PUYEHUE PUYEH CI 23402631.8 -5029378.21 PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21 RECRUSUL RCSL3 BZ 42021562 -18866127 RECRUSUL - RCT 4529789Q BZ 42021562 -18866127 RECRUSUL - RCT 4529793Q BZ 42021562 -18866127 RECRUSUL - RCT 0163582D BZ 42021562 -18866127 RECRUSUL - RCT 0163583D BZ 42021562 -18866127 RECRUSUL - RCT 0614675D BZ 42021562 -18866127 RECRUSUL - RCT 0614676D BZ 42021562 -18866127 RECRUSUL - RCT RCSL10 BZ 42021562 -18866127 RECRUSUL - RT 4529781Q BZ 42021562 -18866127 RECRUSUL - RT 4529785Q BZ 42021562 -18866127 RECRUSUL - RT 0163579D BZ 42021562 -18866127 RECRUSUL - RT 0163580D BZ 42021562 -18866127 RECRUSUL - RT 0614673D BZ 42021562 -18866127 RECRUSUL - RT 0614674D BZ 42021562 -18866127 RECRUSUL SA RESLON BZ 42021562 -18866127 RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127 RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127 RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127 RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127 RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127 RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127 RECRUSUL-PREF RCSL4 BZ 42021562 -18866127 REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286 REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286 REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286 REDE ENERGIA SA REDE3 BZ 1059986022 -76183286 REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286 REDE ENER-RCT 3907731Q BZ 1059986022 -76183286 REDE ENER-RCT REDE9 BZ 1059986022 -76183286 REDE ENER-RCT REDE10 BZ 1059986022 -76183286 REDE ENER-RT 3907727Q BZ 1059986022 -76183286 REDE ENER-RT REDE1 BZ 1059986022 -76183286 REDE ENER-RT REDE2 BZ 1059986022 -76183286 REII INC REIC US 14423532 -3506007 RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8 RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8 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 21873314.7 -5053458.96 SANSUY SNSY3 BZ 189305928 -145401613 SANSUY SA SNSYON BZ 189305928 -145401613 SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613 SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613 SANSUY-PREF A SNSY5 BZ 189305928 -145401613 SANSUY-PREF B SNSY6 BZ 189305928 -145401613 SAUIPE PSEG3 BZ 14685534.1 -4799640.46 SAUIPE SA PSEGON BZ 14685534.1 -4799640.46 SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46 SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46 SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1 SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1 SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1 SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1 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 10519766.1 -18449684.9 STEEL - RT STLB1 BZ 10519766.1 -18449684.9 TEKA TKTQF US 375873311 -389045810 TEKA TEKA3 BZ 375873311 -389045810 TEKA TEKAON BZ 375873311 -389045810 TEKA-ADR TEKAY US 375873311 -389045810 TEKA-ADR TKTPY US 375873311 -389045810 TEKA-ADR TKTQY US 375873311 -389045810 TEKA-PREF TKTPF US 375873311 -389045810 TEKA-PREF TEKA4 BZ 375873311 -389045810 TEKA-PREF TEKAPN BZ 375873311 -389045810 TEKA-RCT TEKA9 BZ 375873311 -389045810 TEKA-RCT TEKA10 BZ 375873311 -389045810 TEKA-RTS TEKA1 BZ 375873311 -389045810 TEKA-RTS TEKA2 BZ 375873311 -389045810 TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8 TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8 TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8 TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8 TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8 TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8 VARIG PART EM SE VPSC3 BZ 83017828 -495721697 VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357 VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357 VARIG PART EM-PR VPSC4 BZ 83017828 -495721697 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 602662162 -27406558 VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558 VULCABRAS SA VULCON BZ 602662162 -27406558 VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558 VULCABRAS-RCT 0893211D BZ 602662162 -27406558 VULCABRAS-RCT VULC9 BZ 602662162 -27406558 VULCABRAS-REC PR VULC10 BZ 602662162 -27406558 VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558 VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558 VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558 VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558 VULCABRAS-RTS 0893207D BZ 602662162 -27406558 VULCABRAS-RTS VULC1 BZ 602662162 -27406558 WETZEL SA MWET3 BZ 96094336.6 -4635219.98 WETZEL SA MWELON BZ 96094336.6 -4635219.98 WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98 WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98 WIEST WISA3 BZ 34107195.1 -126993682 WIEST SA WISAON BZ 34107195.1 -126993682 WIEST SA-PREF WISAPN BZ 34107195.1 -126993682 WIEST-PREF WISA4 BZ 34107195.1 -126993682 *********** 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. 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, and Peter A. Chapman, Editors. Copyright 2014. 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 * * *