/raid1/www/Hosts/bankrupt/TCRLA_Public/140311.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, March 11, 2014, Vol. 15, No. 49
Headlines
A R G E N T I N A
TMF TRUST: Moody's Rates ARS17.5MM Certificates 'Ca.ar'
B R A Z I L
OGX PETROLEO: Ready to Auction Off Office Equipment
C A Y M A N I S L A N D S
CHINA OIL: Creditors' Proofs of Debt Due March 17
EMERGING COUNTRIES: Creditors' Proofs of Debt Due March 18
FREEPORT OFFSHORE: Creditors' Proofs of Debt Due March 26
FREEPORT ONSHORE I: Creditors' Proofs of Debt Due March 26
FREEPORT ONSHORE II: Creditors' Proofs of Debt Due March 26
HYDRIADES II: Creditors' Proofs of Debt Due March 26
LATIGO ULTRA: Creditors' Proofs of Debt Due March 26
MEGA GLOBAL: Commences Liquidation Proceedings
SANTIAGO OFFSHORE: Creditors' Proofs of Debt Due March 21
TRANSIT ALLIANCE: Placed Under Voluntary Wind-Up
J A M A I C A
CARIBBEAN CEMENT: To Operate Halberstadt Quarry Within a Month
PAN-CARIBBEAN SUGAR: Continues to Incur Losses
M E X I C O
CREDITO REAL: S&P Retains 'BB' Rating on 5-Yr. Sr. Unsecured Notes
P U E R T O R I C O
PUERTO RICO: Hires Restructuring Expert as Financial Adviser
PUERTO RICO: Gets a Break With Rates on its Bonds
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: Bourse Gives Review on 2013 Performance & Outlook
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
=================
TMF TRUST: Moody's Rates ARS17.5MM Certificates 'Ca.ar'
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 77, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. -- acting
solely in its capacity as Issuer and Trustee.
The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comision
Nacional de Valores, If any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.
ARS232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos 77", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)
ARS17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 77", rated Ca.ar (sf) (Argentine National
Scale) and Ca (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 35,086 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,001,532.24.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
Loss and Cash Flow Analysis:
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.
The model results showed 1.41% expected loss for the Floating Rate
Debt Securities and 53.21% for the Certificates.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.
Stress Scenarios:
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and the Certificates would likely be downgraded to
B1 (sf) and C (sf) respectively.
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B R A Z I L
===========
OGX PETROLEO: Ready to Auction Off Office Equipment
----------------------------------------------------
Luciana Magalhaes and Jeffrey T. Lewis at Daily Bankruptcy Review
report that investors who tried to buy a piece of Brazil's success
story through embattled Brazilian businessman Eike Batista's many
companies now at least have the chance to buy and take home a
piece of the tycoon's failed empire.
OGX Petroleo e Gas Participaaoes S.A., now known as Oleo e Gas is
auctioning off leftover office equipment after it moved from its
offices in the sumptuous Serrador Building in Rio de Janeiro to a
smaller office space nearby, according to Daily Bankruptcy Review.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A., now known as Oleo e Gas, 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, 2013, case number 0377620-56.2013.8.19.0001. 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.
==========================
C A Y M A N I S L A N D S
==========================
CHINA OIL: Creditors' Proofs of Debt Due March 17
-------------------------------------------------
The creditors of China Oil & Gas Fund are required to file their
proofs of debt by March 17, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
EMERGING COUNTRIES: Creditors' Proofs of Debt Due March 18
----------------------------------------------------------
The creditors of Emerging Countries Opportunity Fund, Ltd. are
required to file their proofs of debt by March 18, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 6, 2014.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
FREEPORT OFFSHORE: Creditors' Proofs of Debt Due March 26
---------------------------------------------------------
The creditors of Freeport Offshore SPV I, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2014.
The company's liquidator is:
Ian D. Stokoe
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
FREEPORT ONSHORE I: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
The creditors of Freeport Onshore SPV I, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2014.
The company's liquidator is:
Ian D. Stokoe
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
FREEPORT ONSHORE II: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------------
The creditors of Freeport Onshore SPV II, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2014.
The company's liquidator is:
Ian D. Stokoe
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
HYDRIADES II: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
The creditors of Hydriades II Limited are required to file their
proofs of debt by March 26, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2014.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
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
LATIGO ULTRA: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
The creditors of Latigo Ultra Access Fund Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 13, 2014.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
MEGA GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 11, 2014, the sole shareholder of Mega Global Asset
Management Company Limited resolved to voluntarily liquidate the
company's business.
The company's liquidators are:
Cosimo Borrelli
Borrelli Walsh Limited
Admiralty Centre, Level 17, Tower 1
18 Harcourt Road
Hong Kong
SANTIAGO OFFSHORE: Creditors' Proofs of Debt Due March 21
---------------------------------------------------------
The creditors of Santiago Offshore Gold Partners Ltd are required
to file their proofs of debt by March 21, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 6, 2014.
The company's liquidator is:
Techdis Limited
Suite 2206, Cassia Court
72 Market Street, Camana Bay
P.O. Box 32302 Grand Cayman, KY1-1209
Cayman Islands
c/o Smeets Law (Cayman)
Attorneys-at-Law for the Company
Reference: JAPF
Telephone: (+1) 345 815 2800
Facsimile: (+1) 345 947 4728
TRANSIT ALLIANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Feb. 12, 2014, the sole shareholder of The Transit Alliance
Insurance Co., Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Joel Hammer
c/o Global Captive Management Ltd.
Building 3, 2nd Floor, Governors Square
23 Lime Tree bay Avenue
P.O. Box 1363 Grand Cayman KY1-1108
Cayman Islands
Telephone: +1 (345) 949 7966
Facsimile: +1 (345) 949 8068
=============
J A M A I C A
=============
CARIBBEAN CEMENT: To Operate Halberstadt Quarry Within a Month
--------------------------------------------------------------
Jamaica Observer reports that Caribbean Cement Company Limited
hopes to start using a gypsum quarry that has been dormant for
four decades, within a month.
The Halberstadt Quarry will supply the company's cement plant with
the gypsum needed for the production of ordinary portland and
blended cements, according to Jamaica Observer.
The report notes that the company has already received an
environmental permit with stipulated conditions from the National
Environment and Planning Agency (NEPA).
Of course, becoming operational is subject to receiving other
necessary approvals such as a mining license from the Commissioner
of Mines, the report relates.
"I really can't definitively say when we will start, but I hope to
start within a month," the report quoted Anthony Haynes, general
manager of Caribbean Cement, as saying.
Even so, the report relates that the company has only about three
months' supply of gypsum in its inventory that it has been using
for cement production locally. The overall objective is to also
produce gypsum to meet the demand of its parent company, Trinidad
Cement Limited (TCL) Group.
For the year ended December 31, 2013 the company posted J$594.7
million in local cement sales up from J$536.3 million in the
corresponding period in the prior year or an 11 per cent increase,
while export was six per cent higher during the year under review,
up from J$218.7 million year over year. The company improved its
bottom line and posted a profit of J$113.9 million, compared to a
loss of J$3.3 billion in the prior year.
The Halberstadt Quarry is located towards the eastern boundary of
St Andrew, less than a kilometre west of St Thomas, said the EIS.
It is reportedly approximately 1.5 km north and 1.2 km northeast
of Salt Spring and Bito, St Andrew, respectively.
Caribbean Cement Company Limited manufactures and sells cement.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J$137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News. The report related that
the loss resulted from J$701 million of non-cash foreign exchange
losses compared to J$136 million in 2012.
PAN-CARIBBEAN SUGAR: Continues to Incur Losses
----------------------------------------------
Jamaica Observer reports that Chinese-Owned Pan-Caribbean Sugar
continued to incur losses in the second half of the year,
following a bad start in 2013.
In a profit warning on the Hong Kong Stock Exchange, Hua Lien
International, an affiliate of Pan Caribbean, said that "the
substantial operating loss for the newly acquired sugar business
in Jamaica continued for the second half of 2013," according to
Jamaica Observer.
The report relates that for the first half of 2013, it blamed
foreign exchange losses from US dollar-denominated debts, and the
decrease in fair value of biological assets due to extreme
weather-related conditions, for losses at the group's new
operations in Jamaica.
In the latest profit warning, Hua Lien's board added the
persistent high operating cost to the list, Jamaica Observer
notes.
"The heavy foreign exchange loss from the US dollar-denominated
debts continued in second half as the exchange rate between
Jamaican dollars and US dollars fell by another approximately five
per cent in second half of 2013. The depreciation of the Jamaican
dollars against other major currencies has pushed up the prices of
all major local production inputs, such as labor," said the
company filing, the report discloses.
The profit warning continued: "Drought conditions and hurricane
resulted in the reduction in the quantity of harvested canes and
the decrease in supply of the key raw material leading to a
reduction in the production scale, which together caused an
increase in the per unit production cost for current harvest
season," the report points out.
The report says that high energy cost and low efficiency due to
the insufficiency of electricity and stream generated from the
outdated and old bagasse boiler and turbine also pushed the
company into the red.
Pan-Caribbean bought three Government of Jamaica-owned sugar
assets -- Frome, Monymusk and Bernard Lodge -- and committed to
reviving the industrial and agricultural production plant and
facilities by mid-August 2014. Complant and Hua Lien agreed to
inject US$38 million and US$89 million, respectively, into a joint
venture to purchase Pan-Caribbean Sugar. Some of the funds went
towards the repayment of short-term loans and working capital.
===========
M E X I C O
===========
CREDITO REAL: S&P Retains 'BB' Rating on 5-Yr. Sr. Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' issue-level
rating on Mexican finance company Credito Real, S.A.B. de C.V.,
SOFOM, E.N.R.'s (Credito Real) proposed five-year senior unsecured
notes remains unchanged after it increased the amount to
$350 million from $300 million. The incremental debt doesn't
weaken the company's financial profile, because S&P expects
Credito Real to use part of the proceeds to reduce its position in
local market debt. S&P expects Credito Real's market debt to
represent no more than 70% of its total funding structure and its
short-term market debt funding not to exceed 35% of its total
market debt.
The 'BB' rating on the notes is the same as the long-term global
scale issuer credit rating on Credito Real, and indicates that the
notes will rank equally in right of payment with all of the
company's existing and future senior unsecured debt. S&P expects
Credito Real to use the proceeds for general corporate purposes,
including improving its asset-liability management (through a
tender offer for its outstanding 2015 notes), and for organic and
inorganic loan portfolio growth. The company has the option to
redeem the notes within three years after the issuance date at a
redemption price. The rating on the notes incorporates a cross-
currency swap (CCS) on the principal and interest during the
issuance's term. S&P expects the company to complete a CCS for
the whole amount of the issuance by June 30, 2014, at the latest.
RATINGS LIST
Credito Real, S.A.B. de C.V., SOFOM, E.N.R.
Counterparty Credit Rating
Global scale rating BB/Stable/--
CaVal (Mexico) National Scale mxA/Stable/mxA-2
Senior Unsecured BB
=====================
P U E R T O R I C O
=====================
PUERTO RICO: Hires Restructuring Expert as Financial Adviser
------------------------------------------------------------
Reuters reported that Puerto Rico's Government Development Bank
has hired a restructuring expert to evaluate potential funding
sources and financial proposals for the bank and commonwealth, it
said on March 4, less than a week before the commonwealth's
expected multi-billion dollar municipal bond offering.
According to the report, the GDB, which acts as the territory's
central bank, said the hiring of Millco Advisors LP, a Washington,
D.C.-based affiliate of Millstein & Co LP, should not raise fears
of default.
"We can say clearly, we have not hired anyone to advise on
restructuring. Millco is simply acting as a financial adviser and
has been very helpful with various aspects of the fiscal plan,"
Reuters said, citing GDB spokeswoman Betsy Nazario.
Still, the news is expected to roil a U.S. municipal bond market
that has been growing increasingly anxious about the island's
financial deterioration, the report related. As a territory,
Puerto Rico cannot file for protection under Chapter 9 of the
bankruptcy code. But the commonwealth said in a draft statement
for the bond sale that the GDB is investigating measures akin to a
bankruptcy filing.
"I don't see how this helps demand in any way," said Robert
Donahue, managing director of Municipal Market Advisers, adding
Puerto Rico should have made the announcement weeks ago, the
report further related. "It seems like a bad idea to disclose this
right before a huge deal, especially given Millstein's
background."
* * *
The Troubled Company Reporter, on March 6, 2014, reported that
Fitch Ratings has assigned a 'BB' rating to the Commonwealth of
Puerto Rico's up to $3.5 billion general obligation (GO) Bonds of
2014, Series A. Fitch has also affirmed the 'BB' rating on $10
billion of outstanding GO bonds of the commonwealth. The Rating
Outlook is Negative.
Standard & Poor's Ratings Services, on the same day, has assigned
its 'BB+' rating to Puerto Rico's $3.5 billion series 2014 GO
refunding bonds and placed the rating on CreditWatch with negative
implications, as S&P did the approximately $15.9 billion of
outstanding Puerto Rico GO and guaranteed debt on Feb. 4, 2014.
Moody's Investors Service also assigned a rating of (P) Ba2, with
a negative outlook, to Puerto Rico's planned issuance of up to
$3.5 billion 2014 A General Obligation Bonds. The bonds would
provide liquidity to repay internal loans from the Government
Development Bank for Puerto Rico (GDB), the commonwealth's fiscal
agent, as well as to refund the commonwealth's general obligation
variable rate bonds and terminate related swaps.
PUERTO RICO: Gets a Break With Rates on its Bonds
-------------------------------------------------
Michael Corkery and Mary Williams Walsh, writing for The New York
Times' DealBook, reported that Puerto Rico is expected to sell
roughly $3 billion in bonds today, March 11 at interest rates that
are considerably lower than many investors in the municipal market
had expected, providing a rare bright spot for the cash-squeezed
island.
According to the report, the lower yields, investors say, are
being driven by a combination of factors, including a recent flow
of investments in mutual funds that are large buyers of municipal
bonds, Puerto Rico's progress in closing its chronic budget gap,
its improved financial disclosures and a general sense of relief
that the commonwealth still has access to the debt market.
"There's a very explicit, almost to the point of jarring,
acknowledgment of many problems," the report cited Robert Donahue,
a managing director at Municipal Market Advisors, referring to a
long-sought liquidity report issued last week by the Puerto Rican
government. "Now the commonwealth has opened the curtain."
But the commonwealth's fiscal agent, the Government Development
Bank, also has hired an affiliate of a well-known restructuring
firm, raising concerns among some investors that Puerto Rico is
weighing a revamping of its existing debt load, even as it
prepares to raise fresh funds, the report noted.
"I have to say it lends an element of discomfort as you look at
the new deal," Joseph Rosenblum, director of municipal credit
research at AllianceBernstein, said of the hiring of the
restructuring firm Millco Advisers, an affiliate of Millstein &
Company, the report related. The firm's founder is James E.
Millstein, a former Treasury Department official who oversaw the
government's revamping of the bailed-out insurance giant American
International Group after the financial crisis.
* * *
The Troubled Company Reporter, on March 6, 2014, reported that
Fitch Ratings has assigned a 'BB' rating to the Commonwealth of
Puerto Rico's up to $3.5 billion general obligation (GO) Bonds of
2014, Series A. Fitch has also affirmed the 'BB' rating on $10
billion of outstanding GO bonds of the commonwealth. The Rating
Outlook is Negative.
Standard & Poor's Ratings Services, on the same day, has assigned
its 'BB+' rating to Puerto Rico's $3.5 billion series 2014 GO
refunding bonds and placed the rating on CreditWatch with negative
implications, as S&P did the approximately $15.9 billion of
outstanding Puerto Rico GO and guaranteed debt on Feb. 4, 2014.
Moody's Investors Service also assigned a rating of (P) Ba2, with
a negative outlook, to Puerto Rico's planned issuance of up to
$3.5 billion 2014 A General Obligation Bonds. The bonds would
provide liquidity to repay internal loans from the Government
Development Bank for Puerto Rico (GDB), the commonwealth's fiscal
agent, as well as to refund the commonwealth's general obligation
variable rate bonds and terminate related swaps.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD CEMENT: Bourse Gives Review on 2013 Performance & Outlook
------------------------------------------------------------------
Trinidad Express reports that Bourse Securities Limited gave a
review on Trinidad Cement Limited's 2013 performance and outlook.
Bourse Securities said that following the TT$1.32 loss per share
recorded in the year 2012, Trinidad Cement Limited (TCL) delivered
an EPS of TT$0.24 for 2013 boosted by increased sales locally and
regionally, according to Trinidad Express. The report relates
that sales came in at TT$1.941 billion, 20 per cent higher than
the comparable period of 2012.
Bourse Securities said that an increase in sales of domestic
cement volumes and export levels along with higher profit margins
contributed to TCL's strong earnings before interest, tax,
depreciation and amortization (EBITDA) levels, the report notes.
EBITDA came in at TT$423 million in 2013 which was more than
doubled the TT$154.5 million attained in 2012.
Trinidad Express notes that a quarterly basis, EBITDA levels have
outperformed those of 2012 despite the overall downward trend
throughout the year and even excluding the TT$38.8 million tax
credit included during the second quarter. EBITDA margins have
also improved, increasing from 9.6 per cent in 2012 to 21.8 per
cent in 2013, the report relays.
This improvement is attributed to increases in key operating
metrics with domestic cement sales volumes (especially in Trinidad
and Jamaica) increasing by 13 per cent year-on-year (y-o-y),
cement export volumes increased by 22 per cent y-o-y and clinker
production increased 15 per cent y-o-y, Bourse Securities said,
the report discloses.
The report notes that PBT of TT$52.9 million was a marked
improvement over the TT$384 million loss experienced in the
previous year. Lower depreciation of the Jamaican dollar,
impairment charges, finance costs and a deferred tax credit
provided major benefits to the 2013 results, the report relays.
Bourse Securities said that looking at the balance sheet, TCL's
asset base fell by 1.5 per cent to TT$3.61 billion from TT$3.67
billion while its liabilities decreased by 4.3 per cent from
TT$2.99 billion to TT$2.86 billion, the report discloses.
Bourse Securities said that at a current trading price of TT$2.15,
TCL's stock price is down 2.3 per cent YTD with a trailing P/E of
9.1 times. TCL's stock price traded as high as TT$10.95 in July
2008 before falling to a low of TT$0.95 in May 2013.
The report notes that TCL's results in 2012 were dampened by
production difficulties in the region and a 92-day labor strike in
the Trinidad cement plant. For 2013, the Group's financial
position and liquidity strengthened throughout the year with all
loan payments being made and financial ratio covenants being
achieved, the report relays.
The report says that the Group is optimistic about its performance
in 2014 as critical repairs at its Barbados plant have been
completed and exports are being made to buoyant markets such as
Guyana.
Bourse Securities said that the Trinidad and Tobago market is
forecast to remain buoyant as economic conditions strengthen which
may contribute to improved cement and concrete business. An
increase in TCL's market share will bode well for the Group's
revenue and its ability to finance TT$2 billion in outstanding
debt obligations as at December 2013, the report says.
Bourse Securities said that based on the notes to its financial
statement, TCL's debt service (inclusive of principal and
interest) is forecast to be TT$368 million for 2014. The ability
of TCL to generate and grow sufficient cash flows to service its
debt remains the biggest challenge to the Group coming out of the
restructuring of its debt portfolio, the report notes. Bourse
Securities recommends a HOLD on the stock.
Bourse Securities Limited, a Securities Company Licensed by the
Trinidad and Tobago Securities and Exchange Commission, offers
stock broking services. The firm provides security trading,
investment advisory, and corporate and institutional financing
services.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited
reached an agreement with its debtors on the terms and conditions
attached to the repayment of its debt. The agreement will convert
most of the company's debt into an 8-year facility, to be paid,
quarterly, from March 2013, according to RJR News. The report
related that deal also includes certain performance criteria for
repaying the debt and if those are not met, the company will be
penalized.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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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 * * *