/raid1/www/Hosts/bankrupt/TCRLA_Public/140414.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
Monday, April 14, 2014, Vol. 15, No. 73
Headlines
B R A Z I L
JBS SA: Hires JPMorgan for US$1.3 Billion Food Unit IPO
PARANAPANEMA SA: May Sell Debt, Hires Bank for Road Show
PARANAPANEMA SA: S&P Assigns 'B+' CCR; Outlook Stable
C A Y M A N I S L A N D S
ARGO LIMITED: Creditors' Proofs of Debt Due April 28
BATEAU LIMITED: Creditors' Proofs of Debt Due May 7
FOREFRONT LIMITED: Creditors' Proofs of Debt Due April 28
KENT FUNDING III: Creditors' Proofs of Debt Due May 7
KITTYHAWK LIMITED: Creditors' Proofs of Debt Due April 28
NOVELL (CAYMAN) CR: Placed Under Voluntary Wind-Up
NOVELL (CAYMAN) NCR: Placed Under Voluntary Wind-Up
NS CAPITAL: Creditors' Proofs of Debt Due May 7
NS CAPITAL MASTER: Creditors' Proofs of Debt Due May 7
RUSSET LIMITED: Creditors' Proofs of Debt Due April 28
SUNTECH POWER: Reaches Cooperation Agreement With Wuxi Suntech
G R E N A D A
GRENADA: Proposes to Restructure Defaulted Bonds With 50% Haircut
J A M A I C A
DIGICEL GROUP: Discloses Huge Jump in Subscribers
M E X I C O
GUADALUPE: Moody's Assigns B2 Global Scale Rating; Outlook Stable
X X X X X X X X X
BOND PRICING: For the Week From April 7 to April 11, 2014
- - - - -
===========
B R A Z I L
===========
JBS SA: Hires JPMorgan for US$1.3 Billion Food Unit IPO
-------------------------------------------------------
Cristiane Lucchesi and Gerson Freitas Jr. at Bloomberg News report
that JBS SA hired units of JPMorgan Chase & Co. and Banco Bradesco
SA for a 3 billion-real (US$1.3 billion) initial public offering
of its poultry and processed food unit, according to two people
with direct knowledge of the matter.
The company also hired Banco Itau BBA SA, Banco Santander SA
(SAN), Grupo BTG Pactual (BBTG11) and Banco do Brasil SA to
underwrite the share offering of JBS Foods, the people said,
asking not to be identified because negotiations are confidential,
according to Bloomberg News. The timing of the sale will depend
on market conditions, they added, Bloomberg News relates.
Exame magazine reported the hiring of the banks on April 10.
JBS Foods, the second-largest producer and exporter of poultry and
pork in Brazil, was formed after JBS agreed to buy Seara food
processing assets from Marfrig Global Foods SA for 5.85 billion
reais in June 2013. Seara sales totaled 7.1 billion reais in 2012,
according to Marfrig regulatory filings.
The IPO would help unlock value by separating the unit from the
parent company, a third person said, notes the report.
JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats. It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 3, 2014, Fitch Ratings has assigned an expected rating of
'BB-' to proposed benchmark-size senior unsecured notes offering
by JBS Investments GmbH. These notes will be unconditionally
guaranteed by JBS S.A. and JBS Hungary Holdings Kft. The notes
will rank equally in right of payment with all other present and
future senior unsecured obligations of the issuer and of the
guarantors.
PARANAPANEMA SA: May Sell Debt, Hires Bank for Road Show
--------------------------------------------------------
Thomson Reuters reports that Paranapanema SA hired BB Securities,
Bradesco BBI and Deutsche Bank AG to arrange a series of fixed
income investor meetings in the United States, Asia and Europe,
said a source with direct knowledge of the transaction.
A dollar-denominated bond offering could follow, pending market
conditions, said the source, who requested anonymity because the
deal is in the works, according to Thomson Reuters.
Terms of the deal, such as the size of the offering, are not
immediately available.
Paranapanema S.A. owns and operates the only copper smelter in
Brazil, and currently produces 94 percent of the nation's cathode
output.
PARANAPANEMA SA: S&P Assigns 'B+' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' global scale
and 'brBBB' national scale corporate credit ratings on
Paranapanema S.A. The outlook is stable.
"Our assessment of Paranapanema's "weak" business risk profile
reflects the company's limited scale, scope, and diversification,
its exposure to a cyclical and capital-intensive industry, very
tight and volatile operating margins, and the aggressive
competition from importers and local manufacturers of semi-
manufactured copper products. We view Paranapanema's limited
scale and concentration on a single asset and market as a
weakness. The company's operations rely on its main plant, Dias
D'Avila, located in Bahia, which represents more than 90% of total
volume and revenues. Additionally, Paranapanema has geographical
concentration, as it generates 60%-70% of its revenues from the
Brazilian market. Also, the company's volatile profitability and
operating cash generation is mainly due to its exposure to
volatile copper prices and aggressive competition. Furthermore,
Paranapanema has limited ability to impose price conditions on all
of its product portfolio. Moreover, several Brazilian states' tax
incentives in the past hurt the company's EBITDA, as they fostered
imports. Although those incentives were dropped in early 2013 and
improved Paranapanema's profitability, there is still some
controversy over the long-term dynamics of the market," S&P said.
Those factors lead S&P to categorize volatility of profitability
as "very high."
The offsetting factors are the company's strategic assets, such as
the only smelter plant in Brazil, and its leading position in the
domestic refined copper segment. S&P expects Paranapanema's
recent investments in modernizing its plants and increasing
capacity in new value-added products (tubes) will improve the
company's operating margins.
"Although our base case points to stronger core ratios than the
ones for the "aggressive" financial risk category, we took a more
conservative approach as we deem cash flow volatility as
significantly higher than average. This is mainly due to the
company's exposure to commodity-type products and raw materials
which affect profitability and working capital needs. This was
evident in 2011, when EBITDA declined by about 50% year-over-year
due to the stronger competition from imports," S&P noted.
==========================
C A Y M A N I S L A N D S
==========================
ARGO LIMITED: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
The creditors of Argo Limited are required to file their proofs of
debt by April 28, 2014, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 20, 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
BATEAU LIMITED: Creditors' Proofs of Debt Due May 7
---------------------------------------------------
The creditors of Bateau Limited are required to file their proofs
of debt by May 7, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 19, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
FOREFRONT LIMITED: Creditors' Proofs of Debt Due April 28
---------------------------------------------------------
The creditors of Forefront Limited are required to file their
proofs of debt by April 28, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 18, 2014.
The company's liquidator is:
Kim Chan Su
Room 1808, 18th Floor, Tower II, Admiralty Center
18 Harcourt Road, Admiralty
Hong Kong
Telephone: +852 2528 9899
Facsimile: +852 2804 1004
KENT FUNDING III: Creditors' Proofs of Debt Due May 7
-----------------------------------------------------
The creditors of Kent Funding III, Ltd are required to file their
proofs of debt by May 7, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 19, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
KITTYHAWK LIMITED: Creditors' Proofs of Debt Due April 28
---------------------------------------------------------
The creditors of Kittyhawk Limited are required to file their
proofs of debt by April 28, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 13, 2014.
The company's liquidator is:
Christopher Tushingham
Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P O Box 10147, Grand Cayman KY1-1002
Cayman Islands
NOVELL (CAYMAN) CR: Placed Under Voluntary Wind-Up
--------------------------------------------------
On March 17, 2014, the shareholder of Novell (Cayman) IP CR 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:
Avalon Ltd.
Reference: GL
Telephone: +1 (345) 769 4422
Facsimile: +1 (345) 769 9351
Landmark Square, 1st Floor
64 Earth Close
West Bay Beach
P.O. Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
NOVELL (CAYMAN) NCR: Placed Under Voluntary Wind-Up
---------------------------------------------------
On March 17, 2014, the shareholder of Novell (Cayman) IP NCR 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:
Avalon Ltd.
Reference: GL
Telephone: +1 (345) 769 4422
Facsimile: +1 (345) 769 9351
Landmark Square, 1st Floor
64 Earth Close
West Bay Beach
P.O. Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
NS CAPITAL: Creditors' Proofs of Debt Due May 7
-----------------------------------------------
The creditors of NS Capital Offshore, Ltd are required to file
their proofs of debt by May 7, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 13, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
NS CAPITAL MASTER: Creditors' Proofs of Debt Due May 7
------------------------------------------------------
The creditors of NS Capital Master Fund, Ltd. are required to file
their proofs of debt by May 7, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 13, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
RUSSET LIMITED: Creditors' Proofs of Debt Due April 28
------------------------------------------------------
The creditors of Russet Limited are required to file their proofs
of debt by April 28, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 19, 2014.
The company's liquidator is:
Christopher Tushingham
Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P O Box 10147, Grand Cayman KY1-1002
Cayman Islands
SUNTECH POWER: Reaches Cooperation Agreement With Wuxi Suntech
--------------------------------------------------------------
Suntech Power Holdings Co., Ltd. disclosed that it is aware of the
Hong Kong Stock Exchange announcement made by Shunfeng
Photovoltaic International Ltd. that the conditions precedent to
the purported acquisition of 100% of the equity interests of Wuxi
Suntech pursuant to the terms and conditions under the
restructuring plan of Wuxi Suntech as approved by the Wuxi
Intermediate People's Court have been fulfilled, and as a result
all of the equity interests of Wuxi Suntech shall be transferred
to an affiliate of Shunfeng.
As of April 10, 2014, none of the directors of Power Solar System
Co., Ltd, the joint provisional liquidators of Suntech Power
appointed following Suntech Power's application for a provisional
liquidation in the Cayman Islands, its jurisdiction of
incorporation, or the liquidator of PSS, have given their approval
to any transfer or disposal of the shares of Wuxi Suntech.
As previously announced on February 10, 2014, the liquidator of
PSS and the JPLs of Suntech Power will continue to focus on an
investigation of, among other things, the purchase of PSS's equity
interest in Wuxi Suntech by Shunfeng and to take all steps as
necessary to remedy improper actions which have caused loss to
Suntech Power, PSS, and their creditors. No assurances can be
given, however, that Suntech Power retains equity interest in Wuxi
Suntech, or the benefits having an equity interest entail.
Neither Suntech Power nor the JPLs are currently able to exert
management control or authority over Wuxi Suntech.
Notwithstanding the above, following negotiations by the JPLs with
the current management at Wuxi Suntech, Suntech Power has entered
into a Cooperation Agreement with Wuxi Suntech which provides a
framework for the following (among other things):
-- Suntech Power licenses to Wuxi Suntech certain product
certificates held by Suntech Power. It is expected,
however, that Wuxi Suntech will obtain its own product
certificates later in 2014 in due course;
-- Suntech Power, including its distribution subsidiaries in
the United States and Europe, will act as intermediaries for
the sale of products manufactured by Wuxi Suntech,
facilitating Wuxi Suntech entering into sales contracts with
such customers. For a period of one year, Suntech Power
would earn a commission from Wuxi Suntech in connection with
any such sale;
-- For a period of one year, Suntech Power, including its
customer support representatives at its subsidiaries in the
United States and Europe, would provide after-sales service
for Wuxi Suntech manufactured products which have been sold;
and
-- Wuxi Suntech would support the restructuring of Suntech
Power International, Ltd., the principal operating
subsidiary of Suntech Power in Europe which is currently
engaged in a restructuring proceeding under Swiss law.
About Suntech
Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications. Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.
Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013. That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.
Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture. The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC. They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.
Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code. Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.
In February 2014, Suntech Power disclosed that the joint
provisional liquidators of the Company appointed by the Grand
Court of the Cayman Islands to oversee the restructuring of the
Company have commenced a Chapter 15 proceeding under the U.S.
Bankruptcy Code in a federal court in the Southern District of New
York. Under such a proceeding, the Company is seeking to have
recognized in the United States the Company's overseas provisional
liquidation which has previously been granted in the Cayman
Islands.
=============
G R E N A D A
=============
GRENADA: Proposes to Restructure Defaulted Bonds With 50% Haircut
-----------------------------------------------------------------
Eric Sabo at Bloomberg News reports that Grenada moved to resolve
a year-old default on US$193 million of bonds, proposing two
options to restructure its debt for the second time in a decade.
The eastern Caribbean island's first proposal calls for a 60
percent reduction in face value on its US$194 million of defaulted
bonds originally due 2025, with creditors getting a 6.5 percent
interest rate on the balance with coupon payments restarting in
November and lasting through May 2029, according to Bloomberg
News. A second option calls for a 50 percent haircut and a 5
percent interest rate following a two-year grace period, Bloomberg
News notes.
"The indicative options do not at this stage constitute an offer,"
according to a statement posted on the government's website,
Bloomberg News relays. They're "intended as indication of the
type of restructuring terms that the government believes is
required to bridge the multi-year financing gaps," Bloomberg News
discloses.
Grenada, which was invaded by U.S. forces in 1983, has struggled
to lower debt that reached 109 percent of gross domestic product
last year, according to the International Monetary Fund, Bloomberg
News recalls. The island nation of 110,000 people exports nutmeg
and relies on tourism to fuel its US$770 million economy.
The price on the defaulted 2025 notes has been little changed this
year at about 30.8 cents on the dollar, up from a low of about 29
cents in August last year, Bloomberg News relates.
=============
J A M A I C A
=============
DIGICEL GROUP: Discloses Huge Jump in Subscribers
-------------------------------------------------
RJR News reports that Digicel Group Limited disclosed a 150 per
cent growth in subscribers on its 4th generation network, using
mobile data, in the last year.
The disclosure was made by Barry O'Brien, chief executive officer
of Digicel, who said that the growth had pushed the company to
invest billions of dollars more in its network, according to RJR
News.
RJR News notes that Mr. O'Brien said the growth had been pushed by
platforms such as Whatsapp, Skype and Facebook, which consumers
are turning to for communications instead of traditional voice and
texting.
Mr. O'Brien added that the growth had also been pushed by the
company's move to enable mass market usage of mobile data by
developing its own brand of smart phones, the report notes.
Since that development last year, Digicel Group has reportedly
sold 60 thousand units of the devices, the report relates.
About Digicel Group
Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets. The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.
As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.
===========
M E X I C O
===========
GUADALUPE: Moody's Assigns B2 Global Scale Rating; Outlook Stable
-----------------------------------------------------------------
Moody's de Mexico assigned first-time issuer ratings of Baa3.mx
(Mexico National Scale) and B2 (Global Scale, local currency) with
stable outlook, to the municipality of Guadalupe.
Ratings Rationale
The B2/Baa3.mx ratings assigned to the municipality of Guadalupe
reflect the municipality's positive gross operating balances, a
negative liquidity position and debt levels which are expected to
increase in 2014. The ratings also take into account Guadalupe's
weak management practices.
During the last four years, Guadalupe has registered positive
gross operating balances equivalent to 14.5% of operating
revenues. Nevertheless, these strong operating results
deteriorated during 2013, reflecting pressures related to
personnel services. The gross operating balance in 2013 was
equivalent to 5.9% of operating revenues, compared to the 25.9%
registered in 2012. Moody's expects that the municipality will
continue registering positive results given that the new
administration is implementing measures to control expenditures.
Despite positive operating margins, the municipality has
registered cash financing deficits during the 2010-2013 period
equivalent to -8.6% of total revenues. High infrastructure needs
for providing services to a growing population have driven these
financial results and Moody's expects cash financing deficits to
continue over the next two years.
These deficits have been financed principally through current
liabilities and debt. As such, the municipality registered low
debt levels compared to its rated national peers and a negative
liquidity position.
Moody's expects that the municipality will register higher debt
levels at the end of 2014 as it is authorized to acquire a MXN 180
million loan. If the municipality contracts the total amount,
Moody's expects debt levels to increase to roughly 40% of total
revenues during 2014. The municipality intends to use the new debt
to pay short-term liabilities and for new infrastructure projects.
Liquidity, as measured by net working capital (current assets less
current liabilities), was equivalent to -18% of total
expenditures, which is weak when compared to its national peers.
Moody's expects liquidity to improve thanks to proceeds of the
loan.
Guadalupe defaulted on the second payment of a short-term loan of
MXN 10 million with Banco Interacciones on May 2013. The default
was cured within the following two weeks with no losses to the
lender. Given the low debt levels Guadalupe registered during 2013
(8.6% of operating revenues at the end of fiscal year) and the low
amount of related debt service (0.7% of operating revenues), the
default reflected the weak debt management practices of the
municipality of Guadalupe.
What Could Change The Rating Up/Down
Given the recent default of a short-term obligation, there is a
low probability of upward pressure on the ratings in the near
term. Nevertheless, a strengthening of governance and management
practices, could lead to upward pressure on the ratings over the
medium term, if accompanied by improvement of consolidated
financial results and liquidity.
If the municipality fails to pay any debt obligation, ratings
could face downward pressure. Moreover, a further deterioration in
operating and financial results leading to a higher than expected
increases in debt levels and weaker liquidity, could exert
downward pressure on the ratings.
The principal methodology used in this rating was Regional and
Local Governments published in January, 2013.
The period of time covered in the financial information used to
determine municipality of Guadalupe's rating is between 1 January
2010 and 31 December 2013.
=================
X X X X X X X X X
=================
BOND PRICING: For the Week From April 7 to April 11, 2014
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Aguas Andinas SA 4.15 12/1/2026 CLP 70.91
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 22.55
Argentina Bocon 2 1/3/2016 ARS 68.5
Argentina Boden Bonds 2 9/30/2014 ARS 31.5
Argentina Government
Int'l Bond 7.82 12/31/2033 EUR 75.5
Argentina Government
Int'l Bond 7.82 12/31/2033 EUR 74
Argentina Government
Int'l Bond 8.28 12/31/2033 USD 50
Argentina Government
Int'l Bond 8.28 12/31/2033 USD 55
Argentina Government
Int'l Bond 4.33 12/31/2033 JPY 36.5
Argentina Government
Int'l Bond 0.45 12/31/2038 JPY 15
Argentina Government
Int'l Bond 4.33 12/31/2033 JPY 36.5
Automotores
Gildemeister SA 8.25 5/24/2021 USD 69
Automotores
Gildemeister SA 6.75 1/15/2023 USD 65
Automotores
Gildemeister SA 8.25 5/24/2021 USD 68.4
Automotores
Gildemeister SA 6.75 1/15/2023 USD 64.02
Banco BPI SA/
Cayman Islands 4.15 11/14/2035 EUR 62.5
Banco Supervielle SA 7 8/20/2020 USD 74.12
Banif Finance Ltd 1.68 EUR 35
Bank Austria
Creditanstalt
Finance Cayman Ltd 2.16 EUR 74.8
BCP Finance Co Ltd 5.54 EUR 62.82
BCP Finance Co Ltd 4.24 EUR 60.37
Republic of Venezuela 7 3/31/2038 USD 65.59
Caixa Geral De
Depositos Finance 1.12 EUR 42.5
CAM Global Finance 6.08 12/22/2030 EUR 64.87
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
China Precious Metal
Resources Holdings Co Ltd 7.25 2/4/2018 HKD 65.97
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 57.05
Transener SA 9.75 8/15/2021 USD 68
Transener SA 8.88 12/15/2016 USD 67.6
Transener SA 9.75 8/15/2021 USD 67.5
Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL
Cia Sud Americana de
Vapores SA 6.4 10/1/2022 CLP 61.42
City of Buenos
Aires Argentina 1.95 1/28/2020 USD 70.125
City of Buenos Aires
Argentina 1.95 12/20/2019 USD 70.875
Daphne International
Holdings Ltd 3.13 6/11/2014 CNY 5.25
Decimo Primer
Fideicomiso 4.54 10/25/2041 USD 57.25
Decimo Primer Fideicomiso 6 10/25/2041 USD 69
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 66.99
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 66.125
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 68.375
Glorious Property
Holdings Ltd 13.3 3/4/2018 USD 71.24
Hidili Industry
International
Development Ltd 8.63 11/4/2015 USD 53.25
Hidili Industry
International
Development Ltd 8.63 11/4/2015 USD 52.75
Inversiones Alsacia SA 8 8/18/2018 USD 65.25
Inversiones Alsacia SA 8 8/18/2018 USD
Inversora de Electrica
de Buenos Aires SA 6.5 9/26/2017 USD 43.25
MetroGas SA 8.88 12/31/2018 USD 71.875
Mongolian Mining Corp 8.88 3/29/2017 USD 66
Mongolian Mining Corp 8.88 3/29/2017 USD 64.75
Petroleos de Venezuela SA 6 11/15/2026 USD 60.75
Petroleos de Venezuela SA 5.38 4/12/2027 USD 58
Petroleos de Venezuela SA 5.5 4/12/2037 USD 55
Petroleos de Venezuela SA 6 11/15/2026 USD 59.41
Provincia del Chaco 4 11/4/2023 USD 75
Provincia del Chaco 4 12/4/2026 USD 51.125
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 68.5
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 69.5
Ruta del Bosque Sociedad
Concesionaria SA 6.3 3/15/2021 CLP 73.66
Sifco SA 11.5 6/06/2016 USD 29
SMU SA 7.7 2/8/2020 USD 71.5
SMU SA 7.75 2/8/2020 USD 69.21
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 56.46
Uruguay Notas
del Tesoro 2.5 9/27/2022 UYU 72.08
Venezuela Government
International Bond 6 12/9/2020 USD 72.75
Venezuela Government
International Bond 7.65 4/21/2025 USD 73
Venezuela Government
International Bond 7 3/31/2038 USD 65.75
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 67.52
Virgolino de Oliveira
Finance Ltd 11.8 2/9/2022 USD 67.2
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 67.62
Virgolino de Oliveira
Finance Ltd 11.8 2/9/2022 USD 66.75
***********
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 * * *