/raid1/www/Hosts/bankrupt/TCRLA_Public/140729.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, July 29, 2014, Vol. 15, No. 148
Headlines
A N T I G U A & B A R B U D A
LIAT: LIALPA Injunction Filed Against Airline Dismissed
A R G E N T I N A
ARGENTINA: Creditors Seek Names to Stop Deal-Killer Clause
LA PLATA MUNICIPALITY: Fitch Affirms 'B-' IDR; Outlook Negative
* ARGENTINA: IDB Backs Programs to Aid 6.2 Million People
C A Y M A N I S L A N D S
BBH ALTERNATIVE: Shareholder to Hear Wind-Up Report on Sept. 5
CLASS OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 5
GBH CEBU: Shareholders' Final Meeting Set for Aug. 28
LYKAION IAM: Shareholders' Final Meeting Set for Oct. 14
SC GF V TT: Shareholders' Final Meeting Set for Aug. 5
SC USV 2010: Shareholders' Final Meeting Set for Aug. 5
SC USV XIV (TTGP): Shareholders' Final Meeting Set for Aug. 5
SCGF GENPAR: Shareholders' Final Meeting Set for Aug. 5
SCGGF (TTGP): Shareholders' Final Meeting Set for Aug. 5
UNIT TRUST: Shareholder to Hear Wind-Up Report on Aug. 5
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Gov't. Owes Power Firms US$706.7 Million
J A M A I C A
ACCESS FINANCIAL: Court Grants Injunction in Favor of CEO
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
LIAT: LIALPA Injunction Filed Against Airline Dismissed
-------------------------------------------------------
Caribbean360.com reports that an application filed by the Leeward
Islands Airline Pilots Association (LIALPA) against regional
airline Leeward Islands Air Transport, known as LIAT, for an
injunction to freeze funds held in an escrow account in the LIAT
Pension Fund at Antigua Commercial Bank (ACB) has been dismissed.
The pilots have been asking for their portion of the funds to be
separated and placed under the control of trustees who will keep
the money in a trust until a Pilots Pension Plan was established,
according to Caribbean360.com.
The report recalls that in 2009, LIAT's Board of Directors
reportedly instructed the management of the airline to stop paying
the staff Pension Fund into the cash strapped Colonial Life
Insurance Company Ltd. (CLICO), and start paying it into an escrow
account at the ACB, under the Staff Pension Escrow Account.
Up to March of this year, the sum of the account was in the region
of $44 million, reports Caribbean360.com.
The grounds upon which the application was filed, seeks to secure
the monies intended for the company's employee Pension Scheme and
the deposits of both employer and employees to the said pension
scheme, the report relays.
The report discloses that the applicants have accused respondent
LIAT, of holding the pension contribution of the pilots and other
employees in ways that the association considers unsatisfactory
and damaging to the future well being of its members.
In a release following the dismissal of the injunction, LIAT said
the airlines "desire has always been to work with its employees
and their representatives in order to establish a pension plan for
the benefit of all", the report notes.
About LIAT
Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean. The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, Caribbean360.com said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially variable.
On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.
David Evans replaced Mr. Brunton as chief executive officer.
=================
A R G E N T I N A
=================
ARGENTINA: Creditors Seek Names to Stop Deal-Killer Clause
----------------------------------------------------------
Katia Porzecanski and Bob Van Voris, writing for Bloomberg News,
reported that Argentina creditors asked a U.S. judge to allow
intermediaries to identify restructured debt holders, so the South
American nation can seek their waiver of a clause that may scuttle
any deal with holders of defaulted bonds. According to the
report, while Argentina has said it's seeking to negotiate with
holdouts, the nation may be constrained by a "rights against
future offers" clause that obliges it to extend any improved offer
on defaulted bonds to holders of restructured debt.
The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York
(Manhattan).
LA PLATA MUNICIPALITY: Fitch Affirms 'B-' IDR; Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed its rating on the Municipality of La
Plata (the MLP) as follows:
-- Long-term and local currency Issuer Default Rating (IDR) at
'B-', Outlook Negative.
Key Rating Drivers
The affirmation of the MLP's ratings considers its good fiscal and
budgetary performance, generating sound operating margins over the
last years despite the pressures on operating expenditures. The
municipality maintains adequate financial flexibility, low
leverage and sustainability ratios; and its political and academic
relevance.
The inflationary and wage pressures, its high infrastructure
needs, as well as the sovereign rating, all constrain the rating.
Historically, the MLP has recorded sound operating margins. These
savings, together with capital transfers, have enabled MLP to
finance its public investment and even generate surplus budgetary
resources on a regular basis. In 2013, due to higher expenses as
a consequence of recent floods, the operating margin decreased;
nevertheless, it remains positive at 17.2%. Fitch expects to see
a good budgetary performance in 2014; however, the operating
margin is expected to be below the budget (28.3%).
Fitch also views MLP's adequate budgetary flexibility as
favorable.
The MLP's third party-sourced revenue in relation to its total
operating revenue averaged 47.6% during the 2009-2013 period,
which indicates low exposure of MLP's income to federal and
provincial transfers. Moreover, MLP's personnel costs during this
period represented only 32.6% on average of its operating revenue,
which makes its budget performance less vulnerable to current
pressure from wage hikes than other municipalities in the country.
Regarding debt, at year-end 2013, MLP's direct debt was ARS50.4
million, representing a decrease of 5.9% against 2012, maintaining
very low short-term obligations. MLP's indebtedness is very low
at 3.2% of operating revenues and equivalent to 0.2x of the
current balance. The municipal administration does not plan to
take on more debt in 2014; however, Fitch believes that, based on
MLP's present level and sustainability of indebtedness, MLP still
has margin room in the event it decides to incur additional debt
in the future.
In terms of short-term pressure, the good budget performance in
recent years allowed the MLP to improve its liquidity position and
significantly reduce exposure to short-term consolidated and
floating debt. In 2013, short-term debt was equivalent to 8.2% of
operating revenues and had a 29.2 day rotation, while liquidity
covered this debt 1.4x. While these indicators are slightly
higher than those recorded in 2012 due to the deterioration of the
operating margin, they are still considered very good.
The city of La Plata is the Province of Buenos Aires' capital city
and seat of the provincial government as well as home of the
National University of La Plata (one of the country's leading
universities).
These academic and political strengths mean there is a significant
floating population which puts irregular pressure on demand for
municipal services.
RATING SENSITIVITIES
MLP's Negative Outlook reflects a high correlation between the
credit risk of sub nationals and the sovereign. A country ceiling
downgrade would lead to a negative rating action. In addition, a
sharp deterioration in fiscal and financial indicators, along with
an aggressive and unsustainable borrowing policy, might have an
adverse effect on ratings.
* ARGENTINA: IDB Backs Programs to Aid 6.2 Million People
---------------------------------------------------------
The Inter-American Development Bank (IDB) has approved three loans
totaling $410 million for Argentina. The funds will be used to
finance environmental recovery efforts in the Reconquista River
basin and urban solid-waste management to benefit 6.2 million
people, as well as sustainable development of the fishing and fish
farming sector.
With these transactions, so far this year the IDB has approved
US$790 million in financing for Argentina. Besides the sectors
mentioned above, the Bank is acting to support technological
development in Mendoza province, improve the competitiveness of
regional economies and boost highway safety and mobility in the
Buenos Aires metropolitan area.
The US$230 million loan approved to support the Program for
Environmental Clean-up of the Reconquista River calls for an
integrated management plan that will help 3.1 million people and
gives priority to investments to expand coverage of drinking
water, sewer systems and waste water treatment; improve the
integrated management of solid waste; improve the connectivity of
and access to outlying neighborhoods that are hard to reach; and
boost the operational management of the Conquista River Basin
Committee through the development of management tools.
The US$150 million loan to support the Integrated Solid Waste
Management Program is aimed at reducing the amount of waste left
in open-pit dumps and increase the amount placed in sanitary
landfills that are designed, built and operated properly in urban
and tourist areas and increase their recovery and value.
To that end, financing will go toward programs and initiatives
with an eye to education, raising public awareness, the sorting of
waste, collection, transport, transfer, assessment, recycling and
the final destination of solid waste, benefiting 3.1 million
people in 10 municipalities.
The US$30 million in financing for the Sustainable Fishing and
Fish Farming Development Program will help improve research,
planning, administration, control and accounting of the management
of maritime fishing resources with an eye on protecting the
ecosystem. The financing will also support the development of
fish farming in Argentina.
The US$230 million loan to clean up the Reconquista River basin is
over 24 years, with a grace period of six and a half. It carries
an interest rate pegged to the Libor and is accompanied by a local
contribution of US$57.5 million.
The US$150 million for urban solid waste management is over 24
years with a grace period of five and a half, and has an interest
rate pegged to the Libor. The local contribution is US$37.5
million.
Finally, the US$30 million loan for the fishing and fish farming
sectors is over 25 years with a grace period of five and a half.
It also has an interest rate pegged to the Libor and a local
contribution of US$25 million.
==========================
C A Y M A N I S L A N D S
==========================
BBH ALTERNATIVE: Shareholder to Hear Wind-Up Report on Sept. 5
--------------------------------------------------------------
The shareholder of BBH Alternative Strategies - USD will hear on
Sept. 5, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
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
CLASS OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------------
The shareholders of Class Opportunity Fund Limited will hold their
final meeting on Aug. 5, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
GBH CEBU: Shareholders' Final Meeting Set for Aug. 28
-----------------------------------------------------
The shareholders of GBH Cebu Limited Duration Company will hold
their final meeting on Aug. 28, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Francisco C. Sebastian
c/o Maples and Calder Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
LYKAION IAM: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Lykaion IAM Limited will hold their final
meeting on Oct. 14, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
SC GF V TT: Shareholders' Final Meeting Set for Aug. 5
------------------------------------------------------
The shareholders of SC GF V TT, Ltd. will hold their final meeting
on Aug. 5, 2014, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
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
SC USV 2010: Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------
The shareholders of SC USV 2010 TT, Ltd. will hold their final
meeting on Aug. 5, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
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
SC USV XIV (TTGP): Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------------
The shareholders of SC USV XIV (TTGP), Ltd. will hold their final
meeting on Aug. 5, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
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
SCGF GENPAR: Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------
The shareholders of SCGF Genpar, Ltd. will hold their final
meeting on Aug. 5, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
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
SCGGF (TTGP): Shareholders' Final Meeting Set for Aug. 5
--------------------------------------------------------
The shareholders of SCGGF (TTGP), Ltd. will hold their final
meeting on Aug. 5, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
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
UNIT TRUST: Shareholder to Hear Wind-Up Report on Aug. 5
--------------------------------------------------------
The shareholder of Unit Trust Corporation (Cayman) SPC Limited
will hear on Aug. 5, 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:
Nigel Edwards
c/o Unit Trust Corporation
UTC Financial Centre
82 Independence Square
Port of Spain
Trinidad
Telephone: +1 (868) 624 8648
Facsimile: +1 (868) 624 5207
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Gov't. Owes Power Firms US$706.7 Million
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in the ADIE said the government owes them US$706.7 million
as of July 20, of which US$601.4 million has expired.
It said as of the third week of July, the balance spiraled by
US$62.7 million, or a 9.7% jump, according to Dominican Today.
The report notes that ADIE said the power company EGE Haina is
owed US$270.9 million, entirely expired, and US$209.9 million to
AES Dominicana, of which US$141.7 million is expired.
In that week in July the debt in arrears accounted for 70% of the
total, whereas the past due amount jumped to 85% in July, reports
Dominican Today.
The report discloses that in its electric system situation report
for the first half, ADIE affirmed that nearly 60% of the energy
was generated from low-cost sources during that period, such as
natural gas, coal and hydroelectric.
It adds that the power plants fueled with more expensive fuels
accounted for 36% of the supply, the report relays.
Cost Per Kilowatt Hour
The power companies estimate that the average price which the
distribution companies (EDES) pay is 16.63 cents US per kWh, adds
the report.
=============
J A M A I C A
=============
ACCESS FINANCIAL: Court Grants Injunction in Favor of CEO
---------------------------------------------------------
RJR News reports that the court has granted Marcus James, chief
executive officer of Access Financial Services, an injunction
barring his Chairman Brian Goldson and Directors, Chris Berry and
Gary Peart from directly or indirectly acquiring any more shares
in the company.
The injunction prevents them from usurping Mr. James, who owns 46%
of Access Financial, as the majority shareholder, at least until a
judgment is made in a dispute between Mr. James and members of the
board, according to RJR News.
The report notes that the dispute stems from what the board
members charge in a lawsuit is an unjust enrichment of Mr. James
from renovation works done on the company's headquarters.
The report discloses that the injunction also prevents the board
from taking any action to reduce Mr. James' salary as CEO, or
varying his powers in any way.
The injunction was granted July 25. No date has been set for the
matter to be heard by the court, the report notes.
Access Financial Services Limited was established in 2000 and
listed on the Junior Market of the Jamaica Stock Exchange in 2009.
Access is one of the premier providers of loans to Jamaica's
Microfinance Sector. The company's head office is located at 41B
Half-Way Tree Road, Kingston 5.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *