/raid1/www/Hosts/bankrupt/TCRLA_Public/140325.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 25, 2014, Vol. 15, No. 59
Headlines
A R G E N T I N A
ENTRE RIOS: Moody's Assigns (P)Caa1 Rating to Note Program
B R A Z I L
BRAZIL: Biggest Fund Manager Says Local Bonds 'Very Attractive'
COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Rating to Debentures
MINERVA S.A.: S&P Assigns 'BB-' Rating on $300MM Perpetual Notes
C A Y M A N I S L A N D S
EAGLE INVESTOR I: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR II: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR III: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR IV: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR IX: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR V: Creditors' Proofs of Debt Due April 10
MAPLE LEAF 11: Placed Under Voluntary Wind-Up
MAPLE LEAF 12: Placed Under Voluntary Wind-Up
MAPLE LEAF 13: Placed Under Voluntary Wind-Up
MAPLE LEAF 14: Placed Under Voluntary Wind-Up
D O M I N I C A N R E P U B L I C
DOMINICAN REP: Union Vows to Stage Strikes to Protest Fuel Prices
P A R A G U A Y
BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
LOS PORTALES: S&P Assigns 'B+' CCR & Rates $200MM Sr. Notes 'B+'
U R U G U A Y
* URUGUAY: To Get US$14.5MM IDB Loan to Improve Fin'l. Management
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ENTRE RIOS: Moody's Assigns (P)Caa1 Rating to Note Program
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Ba3.ar
(Argentina National Scale) ratings to the 2014 Short-Term Treasury
Note Program of the Province of Entre Rios. The ratings are in
line with the province's long term local currency issuer ratings,
which carry a stable outlook.
Ratings Rationale
The 2014 program, authorized by provincial's Decree N 4891/13
considers a maximum issuance of ARS641.7 million. Each individual
series can carry a maturity of up to 365 days.
The assigned debt ratings reflect Moody's view that the total
amount considered under this program, which represents less than
3% of the province's 2014 expected revenues, is already
incorporated in the Caa1/Ba3.ar issuer ratings assigned to the
province of Entre Rios.
The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.
What Could Change The Rating Up/Down
Moody's does not expect upward pressures in the Province of Entre
R¡os's ratings in the near to medium term. Further systemic
deterioration or idiosyncratic risks arising in the rated issuer
could exert downward pressure on the ratings assigned.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings.
===========
B R A Z I L
===========
BRAZIL: Biggest Fund Manager Says Local Bonds 'Very Attractive'
---------------------------------------------------------------
Ney Hayashi at Bloomberg News reports that Brazil's sovereign and
corporate local bonds are "very attractive" following increases in
the target lending rate, according to Banco do Brasil SA's asset
management unit.
While Brazil's growth is forecast by economists to slow, long-term
bonds returning 7 percentage points above the annual inflation
rate are good opportunities, said Carlos Takahashi, the head of BB
DTVM, the nation's biggest fund manager, which oversees BRL512
billion (US$220 billion) in Brazil including bonds and equities,
according to Bloomberg News.
"Fixed-income assets look very attractive," Mr. Takahashi told
Bloomberg News in a phone interview from Sao Paulo. "There are
some issues in Brazil, but you shouldn't make the mistake of
thinking that things are worse than they really are," Mr.
Takahashi said, Bloomberg News relays.
Bloomberg News says that Mr. Takahashi said recent equity declines
have created opportunities, with exporters and financial
institutions poised to outperform the Ibovespa stock index.
Investors whose portfolios mirror the gauge will probably end up
"disappointed" this year, Mr. Takahashi said, Bloomberg News
discloses.
Bloomberg News notes that policy makers raised the benchmark
lending rate last month for an eighth straight time, increasing it
to 10.75 percent as inflation remained faster than the
government's target. Brazil's economic growth will slow to 1.7
percent this year after an expansion of 2.3 percent in 2013,
according to a central bank survey of economists published, notes
the report.
Bloomberg News says that Brazil's main equity gauge entered a bear
market on March 14 after falling 20 percent from its October high
through that day. The measure has since pared the drop to 16
percent, Bloomberg News adds.
COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Rating to Debentures
-----------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba1 rating on the global
scale, and an Aa2.br Brazilian National Scale Rating ("NSR") to
the BRL250 million senior unsecured, non-convertible debentures
(the "Seventh Issuance") that the Companhia de Saneamento de Minas
Gerais S.A.(COPASA) plans to issue in April 2014. At the same
time, Moody's affirmed the Ba1 and Aa2.br ratings for both the
outstanding senior unsecured debentures, which were rated in 2012,
as well as the Corporate Family Rating ("CFR") on the global and
NSR, respectively. The outlook remains positive for all ratings.
The proceeds of the Seventh Issuance will be used to finance
COPASA's CAPEX program as well as extend its financial debt
maturities. COPASA expects to issue the securities in up to two
tranches with maturities of 5 and 7 years, depending on market
conditions.
Ratings Rationale
The Ba1 and Aa2.br corporate family ratings reflect COPASA's
strong credit metrics for the rating category along with its
stable operating cash flows derived from long-term concession
contracts executed with 73.4% of the municipalities of the State
of Minas Gerais (Baa3; stable), high operating efficiency, low
delinquency rates, secure access to adequate water supply,
diversified customer base, and strong support from the State
Government given COPASA's role as provider of essential services
in the State of Minas Gerais (MG).
The positive outlook reflects the rating of the State of Minas
Gerais (Baa3/stable), our expectation that the current
uncertainties in the regulatory framework will be resolved in the
first half of 2014, and that the Company will continue to stay
focused on its core business (i.e. the provision of water and
sewage services) by continuing to grow its portfolio of water and
sewage concessions and customers, while meeting their expectations
by delivering high quality services in an efficient manner.
However, the ratings continue to be constrained by: (i) the lack
of definition of and the timing for the implementation of the
methodology for tariff revisions, including the definition of the
productivity factor, which affects tariff adjustments, and is yet
to be defined by the State regulatory agency (ARSAE-MG); (ii) the
high CAPEX investment program; and (iii) the potential for
political interference given the importance of the services
provided by COPASA to 69% of the State's population.
The recent track record of tariff adjustments shows that, at least
since 2005, MG's State Government has supported COPASA by granting
adjustments indexed to domestic inflation (as measured by the IGPM
index). In 2009, the adjustment was suspended by MG's courts until
MG's State regulatory agency was created (August 2009). In 2010,
the tariff adjustment defined by ARSAE-MG was 3.96%. In February
2011, ARSAE-MG published the Normative Resolution 03/2011 and the
Technical Note 03/2011, which defined the parametric formula for
tariff adjustments, but not the formula for tariff revisions. In
March 2011, the tariff adjustment was 7.02%, following the
aforementioned Resolution and Note (the IGPM index was 10.95%).
Thereafter, ARSAE-MG authorized tariff adjustments of 4.34% (April
2012; IGPM index of 3.65%), and 5.25% (May 2013; IGPM index of
5.53%).
The tariff adjustment formula also includes a productivity factor;
however, this factor still needs to be defined by ARSAE-MG, which
has temporarily set the value of the productivity factor for the
tariff adjustments to zero, until the first tariff revision takes
place.
The CAPEX program is another factor that constrains the ratings,
given that historically COPASA has made large investments (around
BRL800 -- 900 million per year), which is expected to continue in
the medium to long-term. Given that the water and sewage sectors
in Brazil require significant investments, which typically carry
low margins, there is a clear need for COPASA to continue to
access low cost, long-tenor financing.
The Seventh Issuance debentures will have financial covenants of
EBITDA / Debt Service coverage ratio equal or higher than 1.5x,
and Net Debt / EBITDA equal or less than 3.0x, the same financial
covenants of the outstanding rated debentures.
An upgrade in the ratings would require that ARSAE-MG fully define
the implementation of a market-based tariff review methodology
combined with a positive track record in administering the water
and sewage regulatory framework in MG.
An upgrade would also require that COPASA show continued
strengthening of its credit metrics on a sustainable basis, as a
result of stronger cash flow generation and lower leverage, which
would result in Funds from Operations ("FFO") / Net Debt above
25%, and FFO Interest Coverage above 4.0x. A rating upgrade could
also be triggered by a rating upgrade of the State of Minas
Gerais, given that COPASA is a GRI.
Conversely, downward rating pressure could result from: (i) a
tariff review that does not remunerate current or future
investments in a fair manner; (ii) political interference that
could affect COPASA's operating and financial performance; (iii)
perceived weaker support from the State of Minas Gerais; (iv)
deteriorating liquidity; and (v) deteriorating metrics as a result
of increased leverage to finance CAPEX or high dividend payouts,
and/or lower cash generation, which would result in an FFO/Net
Debt ratio below 15%, and FFO Interest Coverage below 2.5x for an
extended period.
The methodologies used in this rating were Global Regulated Water
Utilities published in December 2009. Other methodologies used
include Government-Related Issuers: Methodology Update published
in July 2010.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".
Companhia de Saneamento de Minas Gerais S.A. ("COPASA" or the
"Company") was founded in 1963, and is currently the incumbent
water and sewage company in the State of Minas Gerais ("MG" or the
"State"), Southeast Brazil. COPASA is controlled by the State of
Minas Gerais ("MG"), which owns 51.13% of COPASA's voting shares;
the remaining shares are listed on BM&FBOVESPA's stock exchange
(Symbol: CSMG3); 87.7% of the floated shares are held by foreign
investors.
As of December 31, 2013, on a consolidated basis, COPASA's water
services reached 14.55 million people, which corresponds to 69% of
MG's population, an increase of 3.4% as compared to 2012; sewage
services reached 9.3 million people, an increase of 6.2% over
2012. In 2013, sewage connections increased by 6.4% to 2.4
million, while water connections increased by 3.6% to 3.9 million.
COPASA's customers are spread across 626 municipalities, which
corresponds to 73.4% of the State's 853 municipalities. COPASA has
concessions to operate water-only services in 343 municipalities
(54.8% of covered municipalities), and water and sewage services
in 283 municipalities (remaining 45.2% of COPASA's coverage).
COPASA fully-owns three operating subsidiaries: (i) COPASA Aguas
Minerais de Minas S/A, which explores and commercializes mineral
water;(ii) COPASA Servicos de Saneamento Integrado do Norte e
Nordeste de Minas Gerais S/A - Copanor, which provides water and
sewage services to the northern region of MG; and (iii) COPASA
Servicos de Irrigacao S/A, which provides irrigation services for
the Jaiba project. In the fiscal year ended on December 31, 2013
(FY2013), these subsidiaries generated net operating revenues of
BRL18.6 million, which accounted for only 0.6% of COPASA's
consolidated operating revenues.
In 2013, COPASA had net operating revenues (excluding construction
revenues) from water and sewage services of about BRL3.02 billion,
an increase of 8.6% over net operating revenues in 2012 (BRL2.78
billion). According to Moody's standard adjustments, EBITDA stood
relatively flat at BRL1.19 billion in 2013 versus BRL1.21 billion
in 2012, while net income had a slight decrease to BRL419.8
million from BRL481.7 million in the previous year.
MINERVA S.A.: S&P Assigns 'BB-' Rating on $300MM Perpetual Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating to Minerva S.A.'s proposed $300 million perpetual notes.
S&P also raised its national scale corporate credit rating on the
company to 'brA' from 'brA-'. At the same time, S&P affirmed its
'BB-' global scale corporate credit rating on Minerva. The
outlook on the corporate credit ratings is stable. S&P expects
Minerva to use the proceeds to pay down short-term and higher
interest debt.
The upgrade reflects S&P's expectation that Minerva will continue
to improve its credit metrics through higher cash flow generation,
while it maintains a long-term debt amortization profile and
strong liquidity. The company has significantly expanded its
slaughtering capacity in the past few months through the
acquisitions of Frigorifico Carrasco and Jana£ba plant from
Frigorifico Kaiowa S.A. and the investment agreement with BRF S.A.
(BBB-/Stable/--) in which Minerva will acquire two beef plants
from BRF in exchange for a 15% stake in Minerva, which is still
subject to regulatory approval. The company improved its capital
structure by extending debt maturities and lowering interest
rates, while it didn't incur additional debt nor committed cash
outflows to expand its capacity. As a result, S&P estimates a
faster-than-expected deleveraging, as the company integrates the
operations and increases cash flow generation.
==========================
C A Y M A N I S L A N D S
==========================
EAGLE INVESTOR I: Creditors' Proofs of Debt Due April 10
--------------------------------------------------------
The creditors of Eagle Investor I Inc are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
EAGLE INVESTOR II: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor II Inc are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
EAGLE INVESTOR III: Creditors' Proofs of Debt Due April 10
----------------------------------------------------------
The creditors of Eagle Investor III Inc. are required to file
their proofs of debt by April 10, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
EAGLE INVESTOR IV: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor IV Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
EAGLE INVESTOR IX: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor IX Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
EAGLE INVESTOR V: Creditors' Proofs of Debt Due April 10
--------------------------------------------------------
The creditors of Eagle Investor V Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2014.
The company's liquidator is:
Krys Global VL Services Limited
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Telephone: (345) 947 4700
MAPLE LEAF 11: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 11 Limited 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:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
MAPLE LEAF 12: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Finance 12 Limited 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:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
MAPLE LEAF 13: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 13 Limited 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:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
MAPLE LEAF 14: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 14 Limited 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:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REP: Union Vows to Stage Strikes to Protest Fuel Prices
-----------------------------------------------------------------
Dominican Today reports that Transporters Union (CNTU) threatened
to stage a strike to protest the increasing price of natural gas,
which climbed for two consecutive weeks.
Drivers understand that the measure, which they describe as unfair
and out of context, has to do with the government conspiring
against the use of natural gas in passenger vehicles, according to
Dominican Today.
In the past two weeks the authorities have increased RD$2.00 to
the price of natural gas, which will cost RD$32.50 per cubic from
March 22 to 28, the report notes.
===============
P A R A G U A Y
===============
BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit ratings and senior unsecured debt ratings on Banco
Continental S.A.E.C.A. (Banco Continental). The outlook is
stable.
The ratings on Banco Continental reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity. The 'BB-' issuer credit rating on the bank
reflects its 'bb-' stand-alone credit profile (SACP), as it does
not incorporate any external support.
S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Paraguay is 'b+'.
S&P's economic risk assessment on Paraguay reflects its very low-
income levels, developing and volatile economy, evolving political
institutions, and limited monetary flexibility. Paraguay's
institutional framework is weak in terms of debt management and
financial supervision. Economy is vulnerable to political
dynamics because Paraguay's political institutions are still
evolving. Monetary flexibility suffers from the high, albeit
declining, level of dollarization in the economy (40% of loans are
dollar denominated as of mid-2013), rapid credit growth, and
customer and sector loan concentration. S&P also considers
payment culture and rule of law as "very weak."
"Our industry risk assessment views Paraguay's regulatory
framework, although improving, as still lagging international
standards. The government doesn't have a track record of
effective support to its banking sector. Although the banking
sector's competitive dynamics, risk appetite, and asset quality
have remained stable during the past five years, the central bank
doesn't regulate or supervise deposit-taking financial
institutions (cooperatives) that have a large market share in
terms of loans and deposits. We believe that these entities could
create market distortions by increasing their market shares. The
banks mostly rely on deposits for funding, but they're
increasingly tapping external funding sources due to the rising
demand for export-oriented loans and the need to match balance
sheets," S&P said.
Banco Continental has a "strong" business position based on its
relevant presence as one of the largest financial entities in
Paraguay, which provides the bank with significant business
stability. The entity has a wide coverage in the Paraguayan
market in diverse sectors of the economy and ranked first in the
system in term of loans with a market share of 18.4%, as of
Dec. 31, 2013. By the end of 2013, it fell one position in terms
of assets and now occupies second place with a 17.43% market
share, and also fell to third place in terms of deposits with a
share of 15.94%. However, the reductions in market participations
represent less than 100 basis points (bps) and, in the case of
deposits, the decline was mainly related to the bank's efforts to
optimize funding mix and costs. "We expect deposits to continue
representing the bank's most important funding source and that the
bank will continue to be one of the largest players in the
country," said Standard & Poor's credit analyst Ivana Recalde.
=======
P E R U
=======
LOS PORTALES: S&P Assigns 'B+' CCR & Rates $200MM Sr. Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Los Portales S.A. (Portales). The outlook is
stable. S&P is also assigning a 'B+' issue-level rating to the
company's proposed $200 million seven-year bullet senior unsecured
notes.
Peru's strong economic fundamentals and its unique housing
industry characteristics (specifically its self-home-construction)
and relatively low banking penetration compared to other countries
in Latin America reflect Portales' "weak" business risk profile,
in our view. Moreover, S&P believes that the company's business
model leads to less volatile cash flows compared to those of its
regional peers. Although Portales has an established position in
the land development market, its expansion and shift towards
diversifying its product offering into real estate will require
significant investments, leading to a peak in debt levels in 2014
and negative free operating cash flow for at least another year.
"We assess Portales' financial risk profile as "aggressive." The
company's land development segment generates the majority of its
EBITDA, including scheduled income from lot sales through non-
mortgage financing, which we believe represents a moderately high
industry risk as it is, in our view, the first phase of the
homebuilding platform. Although the company is seeking to further
diversify into its rental divisions--including operating parking
lots and shopping malls--we believe its core business as a
developer will represent the greatest concentration during the
next two to three years. However, compared to traditional home
developers in other Latin American countries, in our view,
Peruvian players enjoy lower execution risk, faster working
capital cycle, and higher predictability of receivables due to the
self-home-construction model and non-mortgage financing schemes,"
S&P said.
=============
U R U G U A Y
=============
* URUGUAY: To Get US$14.5MM IDB Loan to Improve Fin'l. Management
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$14.5
million loan to Uruguay that will finance a program to implement
an integrated, state-of-the-art financial information system that
will improve government management of the budget, finances and
accounting.
Through this new system the Government Financial Management
Modernization Program aims to enhance operational efficiency in
the handling of public spending and yield timely, valuable
information that supports the decision-making process in the
budgetary cycle.
The program will benefit the people of Uruguay by contributing to
transparency and efficiency in public spending. In particular it
will serve the public sector by generating information that will
support decision-making and monitoring during the budgetary cycle.
Plans include the development and implementation of the
integrated, state-of-the-art Financial Information System and the
institutional strengthening of Ministry of the Economy and Finance
offices and government agencies that are directly involved in the
budgetary process.
The IDB financing is composed of a US$14.5 million loan over 25
years with a 5.5-year grace period and an interest rate pegged to
the LIBOR. The loan is being matched by a Uruguayan contribution
of US$12.3 million.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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.
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