/raid1/www/Hosts/bankrupt/TCRLA_Public/140609.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, June 9, 2014, Vol. 15, No. 112
Headlines
A R G E N T I N A
ARGENTINA: Returning to Local Bond Market After Five Years
B R A Z I L
BANCO CRUZEIRO: Seeks U.S. Chapter 15 Court Protection
BANCO CRUZEIRO: Chapter 15 Case Summary
INDUSTRIA DE ALIMENTOS: Files for Bankruptcy in U.S.
INDUSTRIA DE ALIMENTOS: Chapter 15 Case Summary
STATE OF MARANHAO: Fitch Affirms Ratings at 'BB+'; Outlook Stable
C A Y M A N I S L A N D S
APHATSUM LIMITED: Creditors' Proofs of Debt Due July 2
BAKER AIRCRAFT: Commences Liquidation Proceedings
BROOKMANS INVESTMENTS: Creditors' Proofs of Debt Due July 2
EUROPEAN INVESTMENT: Shareholder to Hear Wind-Up Report on June 24
FIB HOLDINGS: Creditors' Proofs of Debt Due June 23
HCP BEIJING: Commences Liquidation Proceedings
IRIS HOLDINGS: Creditors' Proofs of Debt Due July 2
JADE I: Creditors' Proofs of Debt Due June 23
MB ASIA: Court Enters Wind-Up Order
MILLENNIUM LBIT INVESTMENT: Creditors' Proofs of Debt Due June 30
D O M I N I C A N R E P U B L I C
XSTRATA PLC: Glencore Falcondo's Plan Mine Dealt Another Setback
M E X I C O
MEXICO: To Get $85.8MM-IDB Loan to Develop Risk Mitigation Program
P E R U
BANCO DE CREDITO: Fitch Keeps Jr. Subordinated Debt Rating at 'BB'
X X X X X X X X X
BOND PRICING: For the Week From June 2 to June 6, 2014
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Returning to Local Bond Market After Five Years
----------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina is
completing its first local bond sale in five years as part of its
efforts to return to global credit markets.
The government offered ARS4.4 billion ($542 million) of three-year
bonds on June 7 with yields tied to the benchmark Badlar rate plus
2 percentage points, or a total of about 26 percent, according to
Bloomberg News. The Treasury issued 5.5 billion pesos of the 2017
notes in March, its first sale in local markets since 2009,
Bloomberg News relates.
Bloomberg News discloses that by tapping the local market,
President Cristina Fernandez de Kirchner's government is reducing
its dependence on state agencies and the central bank to finance
its deficit, while helping the monetary authority drain liquidity
from the economy. Argentina is mending relations with
international creditors, compensating Repsol SA for the takeover
of YPF SA and paying the Paris Club, as it seeks to regain access
to international financing, Bloomberg News relates.
"Since the default, investors were always more willing to lend to
the central bank, but now the market is assigning the Treasury a
similar risk," Bloomberg News quoted Aldo Pignanelli, a former
central bank president who now runs research firm Saver in Buenos
Aires, as saying. "It's another step toward normalization," Mr.
Pignanelli added, Bloomberg News notes.
Argentina is still trying to move beyond a record $95 billion
default in 2001 that locked it out of credit markets, Bloomberg
News discloses. The government is appealing lower court rulings
in U.S. courts that ordered Fernandez to pay holdout creditors
including billionaire Paul Singer in full for defaulted
securities, Bloomberg News relates.
Yield Spread
According to Bloomberg News, the notes Argentina sold in September
2009 yielded Badlar plus 300 basis points, or 3 percentage points.
Badlar, the benchmark rate private banks pay for 30-day deposits
of 1 million pesos, was 12.2 percent at the time. The deposit
rate was 23.81 percent on June 4, according to the latest data
available from the central bank obtained by Bloomberg News.
The notes being sold June 7 yield less than local bonds due 2016
sold by state-controlled oil producer YPF June 6, which pay 320
basis points over Badlar, Bloomberg News discloses. YPF's dollar
notes yield less than Argentine government securities in the bond
market.
With annual inflation estimated at 39 percent in April, investors
who buy the notes are betting the government will be successful in
curbing consumer price increases, according to Mariano Tavelli,
the president of brokerage Tavelli & Cia., who said he might buy
the bonds, Bloomberg News adds.
===========
B R A Z I L
===========
BANCO CRUZEIRO: Seeks U.S. Chapter 15 Court Protection
------------------------------------------------------
Banco Cruzeiro do Sul SA, a failed Brazilian bank, sought
protection in a U.S. bankruptcy court as part of a larger
liquidation process launched by Brazilian authorities, the Daily
Bankruptcy Review reported.
Law360 reported that the Brazilian bank sought Chapter 15 relief
in Miami, where a liquidator suspects some of its assets are
located, after a Brazilian regulator took over its operations.
The bank's liquidator and foreign representative, Eduardo Felix
Bianchini, is asking a Florida bankruptcy judge to recognize the
liquidation pending before the Central Bank of Brazil as the
foreign main proceeding, the Law360 report related. The Central
Bank seized Banco Cruzeiro's and its affiliates' assets in June
2012, Law360 added.
Banco Cruzeiro do Sul S.A., -- http://www.bcsul.com.br/ --
together with its subsidiaries, provides commercial portfolio,
investments, and credit services.
BANCO CRUZEIRO: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Eduardo Relix Bianchini
Chapter 15 Debtor: Banco Cruzeiro Do Sul S.A.
c/o Gregory S. Grossman
Astigarraga Davis Mullins & Grossman, PA
1001 Brickell Bay Drive, 9th Floor
Miami, FL 33131
Chapter 15 Case No.: 14-22974
Type of Business: Bank
Chapter 15 Petition Date: June 4, 2014
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. Laurel M Isicoff
Chapter 15 Petitioner's Counsel: Gregory S Grossman, Esq.
Astigarraga Davis, Esq.
Daniel M. Coyle, Esq.
ASTIGARRAGA DAVIS MULLINS &
GROSSMAN, P.A.
1001 Brickell Bay Drive,
9th Floor, Miami, FL 33131
Tel: (305) 372-8282
Email: ggrossman@astidavis.com
edavis@astidavis.com
dcoyle@astidavis.com
Total Assets: $3.47 billion as of March 31, 2014
Total Liabilities: $4.63 billion as of March 31, 2014
INDUSTRIA DE ALIMENTOS: Files for Bankruptcy in U.S.
----------------------------------------------------
Stephanie Gleason at Daily Bankruptcy Review reports that
Industria de Alimentos Nilza SA filed for bankruptcy in the U.S.
as a trustee appointed in its Brazilian bankruptcy proceeding
investigates whether the company was fraudulently keeping money --
some of which may be in the U.S. -- out of the reach of creditors.
Industria de Alimentos Nilza SA is a Brazilian dairy products
manufacturer.
INDUSTRIA DE ALIMENTOS: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Petitioner: Dr. Alexandre Borges Leite
Chapter 15 Debtor: Industria de Alimentos Nilza, SA
Astigarraga Davis Mullins & Grossman, PA
c/o Gregory S. Grossman
1001 Brickell Bay Drive, 9th Floor
Miami, FL 33131
Chapter 15 Case No.: 14-22549
Type of Business: Engaged in manufacturing products and offering
services in the dairy market.
Chapter 15 Petition Date: May 30, 2014
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. Robert A Mark
Chapter 15 Petitioner's Counsel: Gregory S Grossman, Esq.
Edward H. Davis, Jr. Esq.
Daniel M. Coyle, Esq.
ASTIGARRAGA DAVIS MULLINS
& GROSSMAN, P.A.
1001 Brickell Bay Drive,
9th Floor
Miami, FL 33131
Tel: (305) 372-8282
Fax: (305) 372-8202
Email: ggrossman@astidavis.com
edavis@astidavis.com
dcoyle@astidavis.com
Estimated Assets: $100 million to $500 million
Estimated Debts: $100 million to $500 million
STATE OF MARANHAO: Fitch Affirms Ratings at 'BB+'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Brazilian State of Maranhao's
ratings at 'BB+'. The agency has also affirmed the state's
national long-term rating at 'AA-(bra)'. The Rating Outlook is
Stable.
Key Rating Drivers
The State of Maranhao's ratings affirmation considers the stagnant
fiscal performance of the state through the cycle, as observed in
other Brazilian subnationals. The ratings are also based on the
state's modest economic base, counterbalanced by a high volume of
federal transfers. Despite growing relatively faster than Brazil,
Maranhao's GDP corresponds to less than 2% of Brazil's. Federal
transfers accounted for a high 51.1% of the state's operating
revenues in 2013 (58% in 2012), denoting a below average fiscal
autonomy.
After peaking at 18.4% in 2011, Maranhao's operating margin was
affected negatively by a lower amount of federal transfers in 2013
and sank to 9.3%. This is moderately higher than other Brazilian
subnationals. Fitch believes operating margins should be above 10%
in the years following sustainable growth in proprietary tax
collections and the state's capability of managing expenditures,
even considering the high social demands.
Urbanization and sanitation rates compare very poorly with other
states in Brazil, demanding high and continued investments. With
marginal improvements since June 2013, education and law
enforcement indicators are still below Brazil's, pressuring
personal expenditures. Fitch expects some enhancements in the
medium term when investment plans are fully executed.
The 'Viva Maranhao' is the state's BRL3.8 billion (USD1.7 billion)
infrastructure investment program. Still, project execution is
slow as only 6% is under progress to date. The main projects in
the program are related to city road integration, healthcare and
sewage. Total private investments pipeline should gradually mature
to reach BRL101.4 billion (USD42.2 billion) by 2020, and as of May
2014, roughly 27% of this amount has been completed.
Maranhao holds a moderate debt burden; in 2013, financial debt was
4.5 years of the current balance following an external credit
operation with a private foreign bank to refinance a major portion
of the federal debt. As a result, external debt was 61.1% of total
debt and is fully guaranteed by the Federal Government. As a
prudent measure, the state has constituted a reserve for principal
payments.
Maranhao's pension plans are managed by Fundo Estadual de Pensao e
Aposentadoria (FEPA). The consolidated actuarial deficit totaled
BRL19.7 billion in 2013, corresponding to 1.8 years of the state's
operating revenues. The relatively moderate deficit also is
explained by the fact the state contributes 15% of the
consolidated payroll, which is higher than other states in Brazil.
In 2013, pension-related expenditures were 12% of operating
expenditures and should marginally increase in 2014.
Fitch has affirmed the State of Maranhao's ratings as follows:
--Foreign Currency long-term Issuer Default Rating (IDR) at 'BB+';
Outlook Stable
--Foreign Currency short-term IDR at 'B';
--Local Currency long-term IDR at 'BB+'; Outlook Stable
--Local Currency short-term IDR at 'B';
--National long-term rating at 'AA-(bra)'; Outlook Stable
--National short-term rating at 'F1+(bra)'.
RATING SENSITIVITIES
Upgrade Factors: Although not likely in the short term, Fitch
would consider a positive rating action should Maranhao increase
its importance nationwide and tax autonomy to levels comparable
with the south and southern states of Brazil.
Downgrade Factors: A downgrade would be warranted if operating
margins consistently fall below 10%.
Maranhao is located in the Northeast region of Brazil. With an
estimated Gross Domestic Product of BRL61.5 billion, the state is
the 16th largest state in Brazil with a privileged geographic
position for exports.
==========================
C A Y M A N I S L A N D S
==========================
APHATSUM LIMITED: Creditors' Proofs of Debt Due July 2
------------------------------------------------------
The creditors of Aphatsum Limited are required to file their
proofs of debt by July 2, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 14, 2014.
The company's liquidator is:
Golden Eagle Holdings Ltd.
Barclays Private Bank & Trust (Cayman) Limited
First Caribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 949-7128
BAKER AIRCRAFT: Commences Liquidation Proceedings
-------------------------------------------------
On May 13, 2014, the shareholder of Baker Aircraft Leasing Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Todd Eric Woodward
c/o Aviation Capital Group Corp
610 Newport Center Drive
Suite 1400, Newport Beach
CA 92660
USA
Telephone: +1 (345) 914 6365
BROOKMANS INVESTMENTS: Creditors' Proofs of Debt Due July 2
-----------------------------------------------------------
The creditors of Brookmans Investments Limited are required to
file their proofs of debt by July 2, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 14, 2014.
The company's liquidator is:
Eagle Management Services Limited
c/o Barclays Private Bank & Trust (Cayman) Limited
First Caribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
EUROPEAN INVESTMENT: Shareholder to Hear Wind-Up Report on June 24
------------------------------------------------------------------
The shareholder of European Investment Partners Limited will hear
on June 24, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
IMS Liquidations Ltd
c/o Anna Yonge or Gary Butler
Telephone: (345) 949-4244
Facsimile: (345) 949-8635
P.O. Box 61, Harbour Centre, George Town
Grand Cayman KY1-1102
Cayman Islands
FIB HOLDINGS: Creditors' Proofs of Debt Due June 23
---------------------------------------------------
The creditors of FIB Holdings are required to file their proofs of
debt by June 23, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 14, 2014.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
HCP BEIJING: Commences Liquidation Proceedings
----------------------------------------------
On May 12, 2014, the sole member of HCP Beijing Euro Company
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Gerald Yung
Harvest Capital Partners Limited
China Resources Building, 37th Floor
26 Harbour Road, Wanchai
Hong Kong
IRIS HOLDINGS: Creditors' Proofs of Debt Due July 2
---------------------------------------------------
The creditors of Iris Holdings Limited are required to file their
proofs of debt by July 2, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 14, 2014.
The company's liquidator is:
Golden Eagle Holdings Ltd.
Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
JADE I: Creditors' Proofs of Debt Due June 23
---------------------------------------------
The creditors of Jade I, Inc. are required to file their proofs of
debt by June 23, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 14, 2014.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MB ASIA: Court Enters Wind-Up Order
-----------------------------------
On May 2, 2014, the Grand Court of Cayman Islands entered an order
to wind up the operations of MB Asia Foods Co., Ltd.
The company's liquidator is:
David Griffin
FTI Consulting (Cayman) Limited
2D Landmark Square, 64 Earth Close, SMB
PO Box 30613, Grand Cayman KY11203
Cayman Islands
MILLENNIUM LBIT INVESTMENT: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------------------
The creditors of Millennium LBIT Investment Ltd are required to
file their proofs of debt by June 30, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 12, 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
c/o Christopher Smith
Telephone (345) 947 4700
===================================
D O M I N I C A N R E P U B L I C
===================================
XSTRATA PLC: Glencore Falcondo's Plan Mine Dealt Another Setback
----------------------------------------------------------------
Dominican Today reports that the Special Senate Committee charged
with studying the bill to create Loma Miranda National Park
rendered a report which favors the initiative, the latest in a
series of stunning setbacks for Glencore Falcondo's planned nickel
mine in central La Vega province.
Among other measures, notes Dominican Today, the initiative calls
for payment to the owners of the 32 square kilometers of land.
The report relates that the initiative is slated for debate by the
Senate and if approved, will be sent to the Chamber of Deputies,
which is expected to pass it.
Committee Chairman Rafael Calderon read the bill, which stresses
that the funds obtained from the higher mining fees contained in
the proposed legislation, will pay to repair the damages from that
activity to the environment and natural resources, the report
discloses.
Eminent Domain
Constitutional attorney Eduardo Jorge Prats revealed that Glenore
Falcondo would have to be paid US$4.0 billion if Congress approves
the bill to create Loma Miranda National Park and the Dominican
Government declares it Eminent Domain, the report notes.
Setbacks
Dominican Today relates that the report is the latest setback to
Glencore's planned nickel mine at the controversial site, with
senior leaders of the Catholic Church, community groups and the
Academy of Sciences stating their mounting opposition during the
last few weeks.
As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today. But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.
Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership. Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.
Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome
===========
M E X I C O
===========
MEXICO: To Get $85.8MM-IDB Loan to Develop Risk Mitigation Program
------------------------------------------------------------------
The Ministry of Energy of Mexico, Nacional Financiera (NAFIN) and
the Inter-American Development Bank (IDB) will jointly support the
development of a risk mitigation program for private geothermal
energy projects in the country, in which the company Munich RE
will be involved in the development of an insurance mechanism.
The risk mitigation and financing program will apply innovative
geothermal financing schemes-such as guarantee and insurance
mechanisms-to reduce the risks associated with the exploration of
geothermal energy, one of the main obstacles to the development of
this clean energy source in Mexico and in the rest of Latin
America. The proposed geothermal secondary law in the context of
the Mexican energy reform would further support the successful
development of the program reducing the risk perception of
investors and setting the rules for exploration and exploitation
of this clean energy source more clearly.
As a result, the program is expected to generate 300 MW of clean
energy in a period of six years and thereby reduce emissions of
greenhouse gases in the country.
Mexico is the fourth largest producer of geothermal energy in the
world with an effective installed capacity of 850 MW. However,
this will be the first private sector project in geothermal power
generation in the country's history, as so far the entire
production has been in charge of the Federal Electricity
Commission (CFE).
The financial scheme of the program is a revolving fund to ensure
sustainability beyond the six-year project duration. In addition
to insurance mechanisms in development, the project will include
the possibility of granting guarantees and loans convertible into
non-refundable financial support, depending on the different
stages of project development.
The loan is for a total of $85.8 million and the non-reimbursable
resources add up to $34.3 million. The project is funded with
$54.3 million from the Clean Technology Fund (CTF), $54.3 million
of IDB resources, channeled through NAFIN, and $11.5 million of
Mexico's Energy Secretariat (SENER).
=======
P E R U
=======
BANCO DE CREDITO: Fitch Keeps Jr. Subordinated Debt Rating at 'BB'
------------------------------------------------------------------
Fitch Ratings expects to assign an 'A-(exp)' rating to Banco de
Credito del Peru's (BCP) upcoming U.S. dollar senior unsecured
notes maturing in 2018.
Based on the documentation provided, Fitch has assigned the 'A-
(exp)' rating to BCP's 3.5-year U.S. dollar senior unsecured
fixed-rate notes. The notes - for an amount to be determined -
will be issued by BCP in exchange for the bank's outstanding
senior unsecured bonds maturing in 2016. Principal will mature in
3.5 years, and interest payments will be made semi-annually. The
notes will carry a fixed interest rate to be set at the time of
the issuance.
Key Rating Drivers
BCP has a long-term local currency Issuer Default Rating (IDR) of
A-', and a long-term foreign currency IDR of A-'; both of them
driven by BCP's Viability Rating (VR) which is currently at 'a-'.
BCP's VR, IDR and senior debt ratings are driven by its leading
franchise; consistent, sound performance; diversified balance
sheet and revenues; strong asset quality; adequate capital and
reserve cushions; broad, low-cost deposit base; positive operating
and regulatory environment; ample liquidity; and moderate
efficiency.
The notes will rank pari-passu with all of BCP's existing and
future unsecured debt other than obligations that are, by their
terms, expressly subordinated in right of payment to the notes.
The notes will be effectively subordinated to all of BCP's secured
indebtedness with respect to the value of its assets securing that
indebtedness, and certain direct, unsecured general obligations
that in case of insolvency are granted preferential treatment
pursuant to Peruvian law. The notes will be structurally
subordinated to all of the existing and future liabilities of
BCP's subsidiaries.
BCP will not receive any cash proceeds from the notes (as they
will be exchanged for other senior unsecured notes maturing in
2016); hence, there will be no impact on the bank's moderate
leverage.
Rating Sensitivities
The notes' ratings are sensitive to any changes in BCP's VR and
IDRs; in particular, BCP's VR and IDRs are highly correlated with
the strength of the Peruvian economy; should the economic
environment continue to improve, as is reflected in its sovereign
ratings, and the bank maintain a consistent performance and its
structural strengths, including Fitch Core Capital (FCC) above
12%, BCP's ratings could be upgraded.
Though not Fitch's base case, BCP's VR and IDRs could suffer if
operating environment deterioration materially affects the bank's
asset quality and performance to bring it to levels worse than the
market average, and lead to an erosion of the bank's reserve and
capital cushions (FCC below 9.5% and/or Operating ROAA below 1%).
Fitch currently rates BCP as follows:
-- Long-term foreign currency IDR: 'A-', Stable Outlook;
-- Short-term foreign currency IDR: 'F1';
-- Long-term local currency IDR: 'A-', Stable Outlook;
-- Short-term local currency IDR: 'F1';
-- Viability Rating: 'a-';
-- Support rating: '2';
-- Support floor: 'BBB';
-- Senior unsecured debt: 'A-';
-- Subordinated debt: 'BBB+';
-- Junior subordinated debt: 'BB'.
=================
X X X X X X X X X
=================
BOND PRICING: For the Week From June 2 to June 6, 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
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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *