/raid1/www/Hosts/bankrupt/TCRLA_Public/140916.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, September 16, 2014, Vol. 15, No. 183
Headlines
A N T I G U A & B A R B U D A
ANTIGUA AND BARBUDA: IBL Agrees to Halt Foreclosure of Gov't Lot
ANTIGUA AND BARBUDA: Business Tax Amnesty Program Extended
ANTIGUA AND BARBUDA: OECS Demands Payments on $4.8MM in Arrears
B E L I Z E
BELIZE: "Medium-Term Outlook Is Worse," IMF Board Says
B E R M U D A
BERMUDA AVIATION: Posted $780,000 Profit Following Restatements
OUTERLEA DAIRY FARM: Put Into Liquidation
B R A Z I L
BANCO BVA: Files for Bankruptcy at Local Court
GLOBOAVES SAO PAULO: S&P Affirms Preliminary 'B' CCR
NII HOLDINGS: US and Luxembourg-Based Units Seek Chapter 11
NII HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
NII HOLDINGS: Capital World Investors No Longer a Shareholder
OGX PETROLEO: Batista Facing Financial-Market Crimes in Brazil
C A Y M A N I S L A N D S
ATTUCKS DIVERSITY: Shareholders' Final Meeting Set for Sept. 19
BLMAS OFFSHORE: Shareholders' Final Meeting Set for Sept. 18
FULLERTON ASIAN: Member to Hear Wind-Up Report on Sept. 16
FULLERTON ASIAN MASTER: Member to Hear Wind-Up Report on Sept. 16
FULLERTON MONEX: Member to Hear Wind-Up Report on Sept. 16
HAV3 (11): Shareholder to Hear Wind-Up Report on Sept. 30
HAV3 (13): Shareholder to Hear Wind-Up Report on Sept. 30
HAV3 (18): Shareholder to Hear Wind-Up Report on Sept. 30
UBS ASIA: Shareholders' Final Meeting Set for Oct. 2
UBS ASIA MASTER: Shareholders' Final Meeting Set for Oct. 2
E L S A L V A D O R
EL SALVADOR: Moody's Assigns Ba3 Rating to $800MM Global Bond
J A M A I C A
JAMAICA: Latest S&P Review Expected in "Next Few Weeks"
JAMAICA: Inks US$105 Million in Loans From World Bank
M E X I C O
OFFICE DEPOT: S&P Affirms 'BB' CCR; Outlook Remains Stable
SMU SA: S&P Raises LT Corporate Credit Rating to 'CCC-'
P U E R T O R I C O
GUAYNABO, PUERTO RICO: S&P Affirms 'BB-' Rating on Revenue Bonds
PUERTO RICO: Perry Capital, Other Hedge Funds Provide Support
T R I N I D A D & T O B A G O
SOUTHPARK CINEMAS: To Remain Closed Through September
U S V I R G I N I S L A N D S
WIDE WORLD VACATIONS: Oct. 15 Foreclosure Sale of Condo Unit
X X X X X X X X X
* Resolution on Sovereign Debt Restructuring Adopted
Large Companies With Insolvent Balance Sheets
- - - - -
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A N T I G U A & B A R B U D A
===============================
ANTIGUA AND BARBUDA: IBL Agrees to Halt Foreclosure of Gov't Lot
----------------------------------------------------------------
caribbean360.com reported the Antigua and Barbuda government said
it has reached an agreement with the Intercommercial Bank Limited
(IBL) of Trinidad to halt the sale of 2.03 acres of land used by
the previous government to secure a US$2 million loan in 2009.
The report recounted that the former government had defaulted on
payment on five numerous occasions, the last being on June 4,
2014.
According to the report, Prime Minister Gaston Browne met with
IBL's managing director Krishna Boodhai to discuss repayment of
the loan.
According to a government statement, the IBL Bank "granted an
initial US$2,000,000.00 short term facility to Antigua Barbuda
Property Development Company Limited (APDEC) for a period of
twelve (12) months to assist with the construction of a multilevel
parking deck, shopping plaza, office complex and public transport
terminal on a parcel of land measuring approximately 2.03 acres
known as 'The Bus Station'." The loan was guaranteed by
mortgaging the Crown land east of East Country Pond and the entire
area west of the National Archives that includes Obstie's Bar.
The report noted that the main opposition United Progressive Party
(UPP) has not yet responded to the statement made by the
government.
ANTIGUA AND BARBUDA: Business Tax Amnesty Program Extended
----------------------------------------------------------
caribbean360.com reported that tax officials say they are
extending an amnesty under which businesses were allowed to clear
the arrears owed under the Antigua and Barbuda Sales Tax (ABST)
without penalty. The program began in July and would be extended
until December, according to Ralph Warner, Commissioner of the
Inland Revenue Department (IRD).
"Some of the feedback we got especially from the medium and large
tax payers was that they needed more time to come up with the
funds to take advantage of the initiative. So we decided we will
extend it until December 31," Mr. Warner said, according to the
report.
Mr. Warner added that at least 60 businesses took advantage of the
initiative in the first instance and believes more will do so
given the extended period.
Antigua and Barbudans pay a 15% sales tax.
ANTIGUA AND BARBUDA: OECS Demands Payments on $4.8MM in Arrears
---------------------------------------------------------------
Martina Johnson, writing for The Daily Observer, reported that the
financial controller at the Organization of Eastern Caribbean
States (OECS) Secretariat, Nicholas Devaux wrote to Antigua &
Barbuda's finance ministry on September 12, 2014, demanding the
payments on arrears as of June 30, which amounts to about $4.4
million. The report said Mr. Devaux also asked that payments be
made for July, August and September 2014, in addition to the debit
memo fees of $13,979 for each month.
The report said Antigua & Barbuda's debt to the OECS is in arrears
of just over $4.8 million, thus curtailing its voting rights in
the organization.
The report noted that the seven countries which make up the body
are each required to pay the organization $182,585 monthly to
maintain membership, but Antigua & Barbuda has not made its
contributions for about 27 months, as the quantum of the arrears
show.
The report said the OECS Authority whose member states are
represented by their Heads of Government, is the highest
policy-making organ of the OECS and is responsible for general
direction and control of the performance of the functions of the
organisation.
===========
B E L I Z E
===========
BELIZE: "Medium-Term Outlook Is Worse," IMF Board Says
------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
June 23, 2014, concluded the Article IV Consultation with Belize,
according to a press release dated Sept. 4, 2014, issued by the
IMF. A copy of the statement is available at:
http://www.imf.org/external/np/sec/pr/2014/pr14415.htm
According to the statement, the country's Real GDP growth
plummeted to 0.7 percent in 2013, from 4 percent in 2012, mainly
due to continued declines in oil production and weak agricultural
output, especially sugarcane and citrus. Unemployment stood at
14.2 percent in September 2013 and is on an upward trend since it
hit its lowest level in 2008. Average inflation eased to 0.5
percent from 1.3 percent in 2012, as commodity price pressures
abated. The external current account deficit widened to 4.5
percent of GDP in 2013 up from 1.2 percent in 2012, as exports of
oil and agricultural products fell sharply while imports of fuel
and electricity picked up. International reserves improved to 4.7
months of imports at end-March 2014 (up from 3.3 months at end-
2012) mainly owing to PetroCaribe financing and private inflows.
The primary surplus for FY2013/14 (fiscal year ends in March) is
estimated to have fallen to 1 percent of GDP, from 1.4 percent of
GDP in FY2012/13. Revenue is expected to be better-than-budgeted,
as robust tax revenues more than offset the decline in non-tax
revenues. However, substantial increases in wages and salaries,
transfers and interest payments drove up current expenditure.
Capital expenditures were higher than budgeted because of the need
to rebuild the infrastructure that was badly damaged by rain.
Credit growth and monetary policy continued to be hampered by
weaknesses in the financial system. Private sector credit grew by
3.8 percent (y/y) in March 2014, while broad money grew by 5.2
percent. The banking system remained highly liquid. While
declining, non-performing loans (NPLs) remained high at
16.7percent of total loans at end-March 2014. The banking system's
capital adequacy ratio (CAR) improved to 23.4 percent. The
authorities stepped up their efforts to address other weaknesses
of the financial system, including the adoption of new anti money
laundering and combating the financing of terrorism (AML/CFT)
legislation.
The medium-term outlook is worse than envisaged during the 2013
Article IV consultation. Real GDP growth would be weaker than
expected in the near term but hover around 2.5 percent over the
medium term as declining oil production would be partially offset
by higher output of other commodity exports, tourism and
construction. Inflation would remain low owing to the exchange
rate peg and subdued inflation in trading partners. The
authorities' policy plans would maintain the primary surplus
around 1 percent of GDP in FY14/15 and in the medium term. Low
primary surpluses together with the assumed recognition of debt
related to nationalizations will increase the public debt-to-GDP
ratio. Expansionary fiscal policies, including large wage
increases, would fuel higher domestic consumption and upward
pressures on the external current account deficit. International
reserves could decline substantially over the medium term,
especially if compensation for the nationalized companies adds to
external outflows.
Executive Board Assessment
Directors noted that Belize's macroeconomic performance has
weakened on the back of decelerating growth and increasing fiscal
and external imbalances. The outlook is clouded by significant
risks, including contingent compensation payments for nationalized
companies and banking sector vulnerabilities, while adverse global
developments could put pressure on international reserves and
greatly increase Belize's gross financing needs. Directors agreed
that a vigorous policy response is needed to reduce
vulnerabilities, rebuild policy buffers, and accelerate reforms
that would further strengthen the financial sector, enhance
competitiveness, and boost inclusive growth.
Directors emphasized the need to renew fiscal consolidation
efforts to ensure debt sustainability and create policy buffers in
case downside risks materialize. Most Directors agreed that the
uncertainty surrounding contingent liabilities suggests it would
be prudent to frontload the necessary consolidation, but a number
of other Directors considered a gradual adjustment more
appropriate in light of cyclical conditions. Directors agreed that
strong measures are necessary to moderate goods and services and
wage-related outlays, reform the public employees' pension system,
and broaden the base for the general sales tax. At the same time,
spending on infrastructure, public safety, and flagship social
programs should be protected. Directors concurred that
strengthening public financial management, and procurement in
particular, is key to improve spending quality. They supported the
authorities' efforts to strengthen debt management and looked
forward to the design and implementation of a medium-term debt
management strategy.
Directors welcomed progress in financial sector reform. They
agreed that, in light of remaining vulnerabilities, bank asset
quality should be reassessed through a comprehensive review. They
called for strengthening central bank supervision, including
through hiring of additional examiners and broadening the stress
test methodology to include forward-looking analysis. Directors
encouraged the authorities to finalize the crisis management plan,
including the bank restructuring and resolution framework, making
use of technical assistance from the Fund.
Directors commended the authorities for their recent efforts to
address remaining gaps in the AML/CFT framework to comply with
international standards. They encouraged the authorities to fully
implement the revised AML/CFT framework, including the laws and
regulations recently approved.
Directors concurred that adequate reforms are needed to address
the widening current account deficit and boost job-creating and
inclusive growth. In this regard, a more attractive business
environment would encourage private sector investment, enhance
external competitiveness, and help diversify exports.
=============
B E R M U D A
=============
BERMUDA AVIATION: Posted $780,000 Profit Following Restatements
---------------------------------------------------------------
The Royal Gazette reported that Bermuda Aviation Services Limited
(BAS) has declared a profit of some $780,000 after two significant
restatements for the year ending March 31.
According to a July 18 report by the Gazette, BAS said in a filing
to the Bermuda Stock Exchange that "2014 was another profitable
one, albeit not as strong as the year prior. The consolidated net
income attributable to shareholders was $0.78 million and earnings
per shares were $0.15. This compares with the prior year in which
BAS achieved net income of $1.65 million (restated) and earnings
per share of $0.32 (restated).
"There have been two significant restatements of the March 2013
Financial Statements of note. The most significant change relates
to an accounting methodology change for pensions as prescribed by
International Accounting Standard 19, 'Employee Benefits'. . .
This has resulted in an approximate $0.152 million reduction of
the previously reported 2013 consolidated net income attributable
to shareholders, the establishment of a $2.7 million pension
liability and a $4 million reduction to the 2014 opening net
equity.
"While it is clear that this had a detrimental impact on the
reported 2013 performance, it is important to note that this had
no immediate cash impact to BAS.
"The second restatement of the 2013 Financial Statements relates
to the sale of our subsidiary, Aircraft Services Bermuda Ltd.
(ASB), at the end of the fiscal year. The current operating
results for ASB have been shifted to discontinued operations and
for comparative purposes the 2013 operating results have been
similarly adjusted. The transaction closed on March 31, 2014 and
resulted in a gain on sale of approximately $1.3 million.
OUTERLEA DAIRY FARM: Put Into Liquidation
-----------------------------------------
The Royal Gazette has reported that Outerlea Dairy Farm will
undergo liquidation, and is no longer able to maintain their
business.
According to Gazette's Leanne McGrath, three farm workers --
Nestor Tolentino, 57; Luis Quishpe, 44; and his brother Manuel
Quishpe, 48 -- who say they are owed about $86,000 in unpaid wages
fear they will never get their money now the dairy has gone bust.
The men are employed by Outerlea Dairy Farm in Smith's, which is
owned by Harry Kromer and managed by his son, also Harry.
Mr. Kromer Jr. confirmed the "farm has been put into liquidation",
the report said.
Outerlea is one of the bigger suppliers of milk in Bermuda.
Mr. Kromer Jr. told Gazette that "Everything is in the process of
being sorted out. The employees will be paid once the farm is
liquidated."
Mr. Kromer Jr. is represented by his lawyer Ray DeSilva, Esq., at
law firm Moniz & George. According to the report, Mr DeSilva said
Outerlea Farm was going through the insolvency process and that
"the men will get paid" because employees and the Government take
priority when settling debts. "The position at the moment is
we're going to file [for insolvency] very shortly and have an
official receiver take over," he added. Mr DeSilva also said an
offer had previously been made for the farm, but it would not have
covered all of the debts owed.
Mr. DeSilva is represented by:
Ray DeSilva, Esq.
MONIZ & GEORGE BARRISTERS & ATTORNEYS
31 Queen Street Hamilton HM 11
Tel: (441) 295-8607
Fax: (441) 292-8454
E-mail: rdesilva@mgl.bm
===========
B R A Z I L
===========
BANCO BVA: Files for Bankruptcy at Local Court
----------------------------------------------
Rogerio Jelmayer, writing for the Daily Bankruptcy Review,
reports that small Brazilian bank Banco BVA SA filed for
bankruptcy at a local court, almost two years after the central
bank intervened due to fraud allegations.
Banco BVA S.A. operates as a multiservice bank that operates in
the commercial, investment, loan, financing and investment,
leasing, and foreign exchange areas in Brazil.
GLOBOAVES SAO PAULO: S&P Affirms Preliminary 'B' CCR
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its preliminary 'B'
ratings on Globoaves Sao Paulo Agroavicola Ltda. (Globoaves) and
on its proposed $150 million notes issuance. The company decided
to postpone this issuance due to unfavorable market conditions,
but it still intends to complete the issuance in the short term.
The outlook on the corporate credit rating remains stable.
The final ratings will depend on the debt issuance meeting all the
terms and conditions S&P has assumed. The preliminary ratings
should not be construed as evidence of the final ratings. If
Standard & Poor's does not receive the final documentation within
a reasonable time frame, or if the final documentation departs
from materials reviewed, S&P reserves the right to withdraw or
revise its ratings.
NII HOLDINGS: US and Luxembourg-Based Units Seek Chapter 11
-----------------------------------------------------------
NII Holdings, Inc. and eight of its U.S. and Luxembourg domiciled
subsidiaries, including NII Capital Corp. and NII International
Telecom S.C.A., filed on September 15, 2014, voluntary petitions
seeking relief under Chapter 11 of the U.S. Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of New
York, as the first step to restructuring its debt obligations and
to improve the Company's liquidity.
The Company has been in discussions with its major stakeholders
over the last several months and is optimistic that those
discussions will lead to a debt restructuring plan that will be
reflected in a plan of reorganization that will be submitted in
the proceedings in the near future.
In August, Standard & Poor's Ratings Services downgraded the
Company's corporate credit rating to default 'D' from 'CC'; and
Moody's Investors Service cut its corporate family rating to Caa2
from Caa1, following the Company's failure to pay interest due
Aug. 15, 2014, on $4.4 billion of debt issued by intermediate
holding companies NII Capital Corp. and NII International Telecoms
S.C.A.
The missed interest payment on the debt, S&P noted, follows the
Company's deteriorating operating performance, weak liquidity, and
breach of its financial maintenance covenants for the bank loans
in Brazil and vendor facilities in Brazil and in Mexico, although
it did receive a temporary waiver to the vendor facilities'
covenants for the June 30, 2014 measurement date.
As reported by the Troubled Company Reporter, NII Holdings
reported net loss of $623.31 million on $968.75 million of
operating revenues for the three months ended June 30, 2014,
compared to a net loss of $396.35 million on $1.26 billion of
operating revenues for the same period last year. The Company's
balance sheet at June 30, 2014, showed $7.44 billion in total
assets, $8.02 billion in total liabilities and a stockholders'
deficit of $583.55 million.
The Company's operating subsidiaries in Brazil, Mexico and
Argentina are not part of the U.S. bankruptcy proceedings and will
continue to operate on a "business as usual" basis.
The Debtors will continue to operate as "debtors-in-possession"
under the jurisdiction of the Court and in accordance with the
applicable provisions of the Bankruptcy Code and orders of the
Court. The Company is expected to maintain normal, day-to-day
operations during the course of the Chapter 11 Cases.
The commencement of the Chapter 11 Cases constitutes an event of
default that accelerated the Company's obligations under these
debt instruments:
-- Indenture governing $800,000,000 in outstanding principal
amount of 10% senior notes due 2016, dated as of August 18, 2009,
by and between NII Capital Corp., the guarantors parties thereto
and Wilmington Savings Fund Society, FSB, as successor trustee to
Wilmington Trust Company, as supplemented by that certain
Supplemental Indenture No. 1, dated as of February 8, 2010, that
certain Supplemental Indenture No. 2, dated as of March 8, 2010,
and that certain Supplemental Indenture No. 3, dated as of May 28,
2010;
-- Indenture governing $500,000,000 in outstanding principal
amount of 8.875% senior notes due 2019, dated as of December 15,
2009, by and between NII Capital Corp., the guarantors parties
thereto and U.S. Bank National Association, as successor trustee
to Wilmington Trust Company, as supplemented by that certain
Supplemental Indenture No. 1, dated as of March 8, 2010, and that
certain Supplemental Indenture No. 2, dated as of May 28, 2010;
-- Indenture governing $1,450,000,000 in outstanding
principal amount of 7.625% senior notes due 2021, dated as of
March 29, 2011, by and between NII Capital Corp., the guarantors
parties thereto and Wilmington Savings Fund Society, FSB, as
successor trustee to Wilmington Trust Company, as supplemented by
that certain First Supplemental Indenture, dated as of December 8,
2011;
-- Indenture governing $900,000,000 in outstanding principal
amount of 11.375% senior notes due 2019, dated as of February 19,
2013, by and between NII International Telecom S.C.A., NII
Holdings, Inc. and Wilmington Trust, National Association, as
trustee, as supplemented by that certain First Supplemental
Indenture, dated April 15, 2013; and
-- Indenture governing $700,000,000 in outstanding principal
amount of 7.875% senior notes due 2019, dated May 23, 2013, among
NII International Telecom, S.C.A., NII Holdings, Inc. and
Wilmington Trust, National Association, as trustee.
The Debt Documents provide that as a result of the commencement of
the Chapter 11 Cases the principal and accrued interest due
thereunder shall be immediately due and payable. Any efforts to
enforce those payment obligations under the Debt Documents are
automatically stayed as a result of the filing of the Petitions
and the holders' rights of enforcement in respect of the Debt
Documents are subject to the applicable provisions of the
Bankruptcy Code.
About NII Holdings
NII Holdings, Inc. [NASDAQ: NIHD] -- http://www.nii.com/-- a
publicly held company based in Reston, Va., provides
differentiated mobile communication services for businesses and
high value consumers in Latin America. NII Holdings, operating
under the Nextel brand in Brazil, Mexico and Argentina, offers
fully integrated wireless communications tools with digital
cellular voice services, data services, wireless Internet access
and Nextel Direct Connect(R) and International Direct ConnectSM, a
digital two-way radio.
NII Holdings is a Fortune 500 and Barron's 500 company, and has
also been named one of the best places to work among
multinationals in Latin America by the Great Place to Work(R)
Institute. The Company trades on the NASDAQ market under the
symbol NIHD.
NII HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
NII Holdings, Inc. 14-12611
1875 Explorer Street, Suite 1000
Reston, VA 20190
Nextel International (Services), Ltd. 14-12612
NII Capital Corp. 14-12613
NII Aviation, Inc. 14-12614
NII Funding Corp. 14-12615
NII Global Holdings, Inc. 14-12616
NII International Holdings S.a r.l. 14-12617
NII International Services S.a r.l. 14-12618
NII International Telecom S.C.A. 14-12619
Type of Business: NII Holdings, Inc., is the ultimate parent and
holding company for its debtor and non-debtor
affiliates. Certain of the Debtors' non-debtor
affiliates provide wireless communication
services under the NextelTM brand name for
businesses and consumers in Latin America.
Chapter 11 Petition Date: September 15, 2014
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Shelley C. Chapman
Debtors' Counsel: Scott Greenberg, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: sgreenberg@jonesday.com
- and -
David G. Heiman, Esq.
Carl E. Black, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Tel: (216) 586-3939
Debtors' ALVAREZ & MARSAL NORTH AMERICA, LLC
Restructuring Two Alhambra Plaza, Suite 1101
Advisors: Miami, FL 33134
Tel: 305-704-6700
Fax: 305-704-6701
Attn: Byron Smyl
E-mail: bsmyl@alvarezandmarsal.com
Debtors' ROTHSCHILD, INC.
Financial
Advisors:
Debtors' MCKINSEY RECOVERY & TRANSFORMATION SERVICES
Management U.S., LLC
Consultants:
Debtors' PRIME CLERK LLC
Claims and
Noticing Agent:
Total Assets: $2.88 billion as of June 30, 2014
Total Debts: $3.47 billion as of June 30, 2014
The petition was signed by Daniel E. Freiman, treasurer, vice-
president- corporate development & investor relations.
Consolidated List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Wilmington Savings Fund Bond Debt- $1,500,674,479
Society, FSB 7.625% Notes
500 Delaware Avenue
Attn: Patrick J. Healy,
VP and Director
Tel: 302-888-7420
Fax: 302-421-9137
Email: phealy@wsfsbank.com
Wilmington Trust, National Bond Debt- $961,728,125
Association as Trustee 11.375% Notes
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attn: Joshua C. Jones, CCTS
Tel: 302-636-6484
Fax: 302-636-4149
Email:
jjones2@wilmingtontrust.com
Wilmington Savings Fund Bond Debt- $846,666,667
Society, FSB 10% Notes
500 Delaware Avenue
Wilmington, DE 19801
Attn: Patrick J. Healy
VP and Director
Tel: 302-888-7420
Fax: 302-421-9137
Email: phealy@wsfsbank.com
Wilmington Trust Bond Debt- $732,746,875
National Association 7.875% Notes
as Trustee
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attn: Joshua C. Jones, CCTS
Tel: 302-636-6481
Fax: 302-636-4149
Email:
jjones2@wilmingtontrust.com
U.S. Bank National Association Bond Debt- $511,093,750
1420 Fifth Avenue, 7th Floor 8.875% Notes
Seattle, WA 98101
Attn: Diana Jacobs
Vice President
Fax: 206-344-4694
Email: diana.jacobs@usbank.com
China Development Bank Guaranty Undetermined
Shenzhen Branch
No. 1093 Shennan Zhong Road,
Shenzhen 518031
P.R. China
Attn: Che Nan, Deputy Director
Client Division II
Tel: 86-755-25942783
Fax: 86-755-25987725
Email: chenan@cdb.com
American Tower Guaranty Undetermined
Do Brazil-Cessao
De Infra-Estrutrua-LTDA
c/o American Tower Corporation
116 Huntington Avenue
Boston, MA 02116
Attn: Ed Disanto
Tel: 617-375-7500
Fax: 617-375-7575
Ericsson, Inc. Trade Debt $840,405
Attn: Nina Macpherson
General Counsel
1300 E Woodfield Rd
Schaumburg, IL 60173
Tel: 847-619-6227
Fax: 972-583-2273
American Express Company Trade Debt $52,903
Corporate Services Operations
AESP-P
20022 North 31st Ave
Mail Code AZ-08-03-11
Phoenix, AZ 85027
Attn: Thomas Tierney
Senior Vice President
Fax: 623-492-3884
UBS Securites, LLC Trade Debt $32,076
Wilmington Trust
National Association as Trustee Bond Debt- $23,082
2.875% Notes
Verizon Trade Debt $20,092
Caten McGuire Trade Debt $14,656
Amazon Web Services, Inc. Trade Debt $8,135
Tata Communications Trade Debt $6,233
Expesite, LLC Trade Debt $3,914
Concur Technologies Trade Debt $3,319
Offix, LC Trade Debt $3,142
Clearwater Analytics Trade Debt $2,218
Impact Office Products Trade Debt $1,997
NII HOLDINGS: Capital World Investors No Longer a Shareholder
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Capital World Investors, a division of
Capital Research and Management Company, disclosed that as of
Sept. 9, 2014, it had ceased to beneficially own shares of common
stock of NII Holdings Inc. Capital World previously held
18,194,205 shares at Dec. 31, 2013. A copy of the regulatory
filing is available for free at http://is.gd/A2qzz4
About NII Holdings
NII Holdings is a publicly held company based in Reston, Va., that
provides differentiated mobile communication services for
businesses and consumers in Latin America. NII Holdings, operating
under the Nextel brand in Brazil, Mexico and Argentina, offers
fully integrated wireless communications tools with digital
cellular voice services, data services, wireless Internet access
and Nextel Direct Connect(R) and International Direct ConnectSM, a
digital two-way radio.
The Company's balance sheet at June 30, 2014, showed
$7.44 billion in total assets, $8.02 billion in total liabilities
and a stockholders' deficit of $583.55 million.
As reported by the Troubled Company Reporter - Latin America on
August 21, 2014, Standard & Poor's Ratings Services said it
lowered the corporate credit rating on NII Holdings Inc. to 'D'
from 'CC'. Moody's Investors Service also cut its corporate
family rating to Caa2 from Caa1. The downgrade followed NII's
failure to pay interest due Aug. 15, 2014, on debt issued by
subsidiaries NII Capital Corp. and NII International Telecoms
S.C.A. The missed interest payment on the debt follows the
company's deteriorating operating performance, weak liquidity, and
breach of its financial maintenance covenants for the bank loans
in Brazil and vendor facilities in Brazil and in Mexico.
OGX PETROLEO: Batista Facing Financial-Market Crimes in Brazil
------------------------------------------------------------
Bloomberg News' Jonathan Levin reported that Brazilian federal
prosecutors in Rio de Janeiro state accused former billionaire
Eike Batista of financial-market crimes and are seeking to freeze
his assets. Prosecutors accused Mr. Batista of using privileged
information in the sale of stock of Oleo & Gas Participacoes SA,
formerly known as OGX Petroleo e Gas Participacoes S.A., one of
Mr. Batista's companies.
The freeze could affect assets valued at as much as 1.5 billion
reais (US$641 million), and may include homes, cars, boats,
airplanes and financial holdings, Bloomberg said, citing a
statement posted on the office's web site. The charges of insider
trading and market manipulation carry jail sentences in Brazil of
as much as 13 years, according to the statement.
OGX filed for bankruptcy protection in October 2013 after spending
more than 10 billion reais since it was founded in 2007. Mr.
Batista also owns a shipbuilding company that has entered Brazil's
bankruptcy process.
In a separate report, Bloomberg's David Biller and Mr. Levin
reported that lawyers said Brazil's criminal case against Mr.
Batista will be a complex one that may take a year to come to
trial and as long as 10 years to be fully resolved.
Luciana Magalhaes, writing for The Wall Street Journal, reported
that Mr. Batista and his attorneys have repeatedly denied that the
businessman did anything wrong. If Mr. Batista is convicted,
notes WSJ, the assets would be used to pay fines, the costs of a
trial and damages to victims of his crimes, prosecutor Orlando
Monteiro Espindola da Cunha said in court documents.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29, 2013 that the talks
concluded without an agreement.
==========================
C A Y M A N I S L A N D S
==========================
ATTUCKS DIVERSITY: Shareholders' Final Meeting Set for Sept. 19
---------------------------------------------------------------
The shareholders of Attucks Diversity Fund Limited will hold their
final meeting on Sept. 19, 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:
Attucks Assets Management, LLC
c/o Leslie F. Bond, Jr.
321 North Clark Street
Suite 1450, Chicago
Illinois 60654
United States of America
Telephone: +1 (312) 422 9900
e-mail: contactus@attucksfunds.com
BLMAS OFFSHORE: Shareholders' Final Meeting Set for Sept. 18
------------------------------------------------------------
The shareholders of BLMAS Offshore SIF, Ltd will hold their final
meeting on Sept. 18, 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:
Charles W. Griege, Jr.
c/o Barnaby Gowrie
Telephone: +1 (345) 914 6365
FULLERTON ASIAN: Member to Hear Wind-Up Report on Sept. 16
----------------------------------------------------------
The member of Fullerton Asian Multi-Strategies Non-US Feeder Fund
will hear on Sept. 16, 2014, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Koh Boon San
60B Orchard Road, #06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Facsimile: 65 6828 6208
FULLERTON ASIAN MASTER: Member to Hear Wind-Up Report on Sept. 16
-----------------------------------------------------------------
The member of Fullerton Asian Multi-Strategies Master Fund will
hear on Sept. 16, 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:
Koh Boon San
60B Orchard Road, #06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Facsimile: 65 6828 6208
FULLERTON MONEX: Member to Hear Wind-Up Report on Sept. 16
----------------------------------------------------------
The member of Fullerton Monex Asia Feeder will hear on
Sept. 16, 2014, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Koh Boon San
60B Orchard Road, #06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Facsimile: 65 6828 6208
HAV3 (11): Shareholder to Hear Wind-Up Report on Sept. 30
---------------------------------------------------------
The shareholder of HAV3 (11) Limited will hear on Sept. 30, 2014,
at 10:15 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 Jennifer Chailler
Telephone: (345) 943-3100
HAV3 (13): Shareholder to Hear Wind-Up Report on Sept. 30
---------------------------------------------------------
The shareholder of HAV3 (13) Limited will hear on Sept. 30, 2014,
at 10:30 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 Jennifer Chailler
Telephone: (345) 943-3100
HAV3 (18): Shareholder to Hear Wind-Up Report on Sept. 30
---------------------------------------------------------
The shareholder of HAV3 (18) Limited will hear on Sept. 30, 2014,
at 11:30 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 Jennifer Chailler
Telephone: (345) 943-3100
UBS ASIA: Shareholders' Final Meeting Set for Oct. 2
----------------------------------------------------
The shareholders of UBS Asia Opportunities Limited will hold their
final meeting on Oct. 2, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
UBS ASIA MASTER: Shareholders' Final Meeting Set for Oct. 2
-----------------------------------------------------------
The shareholders of UBS Asia Opportunities Master Limited will
hold their final meeting on Oct. 2, 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:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
====================
E L S A L V A D O R
====================
EL SALVADOR: Moody's Assigns Ba3 Rating to $800MM Global Bond
-------------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba3 to the $800
million global bond issued on September 11, 2014 by the government
of El Salvador with a scheduled maturity date in 2027.
Ratings Rationale
The Ba3 rating assigned to the bond is at the same level as the
long-term foreign-currency issuer rating of the Government of El
Salvador.
El Salvador's Ba3 rating incorporates the country's low economic
strength, reflected by the small scale of the economy (GDP: $24
billion; Ba median: $45 billion), moderate GDP per capita ($7,500
PPP basis versus Ba median: $6,500), and limited diversification.
Economic growth has been lackluster over the past decade,
averaging just 1.8% annually, compared to the 3.7% median average
among Ba-rated peers. Low growth is partly attributable to El
Salvador's historically low rates of investment, which date back
to prior administrations, and low productivity. Gross fixed
investment has averaged 14% of GDP over the past five years,
compared to the median average of 19% among Ba-rated peers.
Institutional strength is moderate (-), reflecting World Bank
governance indicators (i.e., rule of law and government
effectiveness) that rank below the median for the Ba peer group.
Alternatively, the government has an extended track record of
capital markets access and has implemented several structural
reforms in an effort to strengthen the country's fiscal and
financial frameworks.
Moody's assess the government's financial strength at moderate
(+). In spite of repeated efforts at fiscal consolidation, partial
implementation of fiscal adjustment measures and continued weak
growth have made it difficult for the government to narrow the
fiscal deficit on a sustained basis - the government missed its
2013, 2012 and 2011 fiscal targets. Government deficits have
hovered around 4% of GDP over the last four years and non-
financial public sector (NFPS) debt is likely to reach shy of 60%
of GDP this year.
Susceptibility to event risk is moderate, mostly reflecting
external vulnerability factors. Risk to external events involves
heavy reliance upon exports to, and remittances and foreign direct
investment from, the US, which leave El Salvador highly exposed to
a downturn in the US economy, as evidenced in 2009. External
shocks in 2009 led the economy to contract by 3.1%, more than any
other Central American country. As that episode demonstrated, El
Salvador has a limited ability to manage shocks, given
dollarization (i.e., no monetary or exchange rate policies) and
limited fiscal space.
El Salvador is also vulnerable to tropical storms/hurricanes,
having experienced seven of them between 2009-13. These climate
events have had a negative impact on economic activity -
particularly in agriculture and on government finances given the
need to repair damages to infrastructure.
=============
J A M A I C A
=============
JAMAICA: Latest S&P Review Expected in "Next Few Weeks"
-------------------------------------------------------
rjrnewsonline.com reported that Jamaica is set to receive its
latest review by Standard and Poor's in the next few weeks. The
report said S&P was in the country in August to gather data to
determine the rating to assign the country.
The report recounted that Standard and Poor's upgraded its rating
of Jamaica from CCC+ to B- last year, citing improving fiscal
conditions under the IMF program.
As reported by the Troubled Company Reporter-Latin American on
July 7, 2014, Fitch Ratings assigned Jamaica's USD800 million
global bond issuance due 2025 a rating of 'B-'. The bonds have a
coupon rate of 7.625%. The proceeds will be used to meet external
financing needs for the 2014/2015 fiscal year, including the
repayment of a USD150 million bond maturing in October 2014, and
prefund 2015/2016 fiscal year maturities.
Jamaica carries Fitch Ratings' long-term foreign currency Issuer
Default Rating (IDR) of 'B-' with stable outlook.
Jamaica carries a Caa3 government bond rating from Moody's
Investors Service, according to a TCR-LA report dated June 10,
2014.
JAMAICA: Inks US$105 Million in Loans From World Bank
-----------------------------------------------------
caribbean360.com reported that Jamaica has signed three loans
totalling US$105 million with the World Bank to support three
government projects:
-- the Foundation for Competitiveness and Growth, which
will receive US$50 million;
-- the Youth Employment in Digital Animation Industry,
US$20 million; and
-- the Strategic Public Sector Transformation Project,
US$35 million.
The report said the government's Finance and Planning Minister Dr.
Peter Phillips, who leads a four-member delegation to the United
States, signed the accord, while World Bank Country Director for
the country, Sophia Sirtaine, signed for the bank.
"The projects are intended to further the overarching goals of the
government of Jamaica-World Bank Country Strategy for the period
2014 - 2017; to support the government's investments in key
strategic areas, including physical sustainability in youth
employment; public sector modernization and to facilitate a more
enabling environment for private sector growth," Mr. Phillips
said, according to the report.
===========
M E X I C O
===========
OFFICE DEPOT: S&P Affirms 'BB' CCR; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
corporate credit on Office Depot de Mexico, S.A. de C.V. (ODM).
S&P also affirmed its 'BB' issue-level rating to the company's
$350 million senior unsecured notes, with a recovery rating of
'3'. The outlook on the corporate credit rating is stable.
"Despite less dynamism in the Mexican economy, a more cautious
consumer following the implementation of Mexico's fiscal reform,
ODM's revenue growth has contracted, and we believe this is the
main challenge for the company in the next 12 months," said
Standard & Poor's credit analyst Sandra Tinoco. However, ODM has
continued to post positive free operating cash flow (FOCF) and
maintained it "adequate" liquidity with ample cushion in its debt
to EBITDA covenant. Moreover, the company financed the
acquisition of the Mexican office supplies wholesaler, Casa
Marchand, in April of this year with its own cash. This, and
S&P's expectation of improved revenue growth due to a recovery in
the Mexican economy maintain S&P's view that ODM will continue
generating positive FOCF despite S&P's expectation for a more
aggressive expansion program in the next two years. S&P expects
the company will continue funding potential small-to medium-size
acquisitions with own cash, while it maintains stable key credit
metrics.
The stable outlook reflects S&P's expectation that ODM will
maintain its solid market position in the Mexican office supply
segment, while keeping favorable EBITDA margins of 13.5%-14% in
the next two years. The outlook also reflects S&P's expectation
that the company's cash flow generation will continue to finance
its organic growth and potential small-to medium-size
acquisitions, maintaining stable key credit metrics with a debt-
to-EBITDA ratio less than 4.0x and EBITDA interest coverage close
to 4.0x.
SMU SA: S&P Raises LT Corporate Credit Rating to 'CCC-'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on SMU S.A. y Subsidiarias (SMU) to 'CCC-' from 'SD'
(selective default). At the same time, S&P affirmed its rating on
its $300 million unsecured notes at 'CCC-'. S&P also placed the
ratings on CreditWatch with negative implications.
On Sept. 2, 2014, SMU obtained a waiver from syndicated banks and
Bice bank topay down the debt related to the Construmart sale that
was due in July of this year. The company owes Chilean peso (CLP)
38 billion ($64 million) to syndicated banks, and CLP1.6 billion
($2.7 million) to Bice bank. The waiver expires on Sept. 30,
2014. S&P expects the final agreement as described below would
improve SMU's debt maturity profile and allow it to continue
enhancing its operating performance and strengthen its
profitability and cash flow generation in the coming months.
SMU is proposing to pay down a portion of the debt it owes to
syndicated banks, and the entirety of its debt to Bice bank. This
debt is related to the sale of Construmart. SMU's controlling
shareholders plan to fund the payments as follows:
-- On Sept, 30, 2014, they would buy the syndicated banks CLP10
billion ($17 million) and Bice bank CLP1.6 billion ($2.7
million) debt.
-- On May 30, 2015 SMU would buy the remaining debt due to Bice
Bank for about CLP1 billion ($1.7 million).
"SMU proposes to pay down its remaining debt to syndicated banks
related to the sale of Construmart (about CLP28 billion or $47
million) by May 30, 2015, with the possibility of an extension up
to Nov. 2015 if the asset is not yet sold," said Standard & Poor's
credit analyst Sandra Tinoco. SMU also has to pay debt related to
the sale of its 40% stake in Montserrat for about CLP25 billion
($42 million) on May 30, 2015, a payment it plans to extend to
Nov. 2015 also. If SMU fails to sell its assets by Nov. 2015, the
shareholders would then pay down 50% of the total debt related to
the sale of Construmart and Montserrat. Finally, the company is
seeking to amend certain covenants in its agreements with the
syndicated banks and Bice bank.
S&P will resolve the CreditWatch placement, once the waivers
expire and it has more information regarding additional waivers or
a final agreement. If the company doesn't obtain a final
agreement or additional waivers from its syndicated banks and BICE
bank, S&P could lower the ratings to 'D' due to the cross default
of SMU's bonds, including its $300 million senior unsecured notes.
S&P could raise the ratings by at least one notch if SMU obtains a
final agreement with its banks as described.
=====================
P U E R T O R I C O
=====================
GUAYNABO, PUERTO RICO: S&P Affirms 'BB-' Rating on Revenue Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' rating
on the Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority issued for
the Municipality of Guaynabo's industrial revenue bonds series
1998A bonds. The outlook is negative.
"We base the affirmation on an intercept of property taxes by the
Puerto Rico Municipal Revenues Collection Center," said Standard &
Poor's credit analyst David Hitchcock.
At the same time, Standard & Poor's has withdrawn its 'BB-' rating
on the authority's Guaynabo industrial revenue bonds series 1995A
due to lack of information from Puerto Rico Municipal Revenues
Collection Center (known by its Spanish acronym of the CRIM) or
the Government Development Bank for Puerto Rico (GDB) regarding
the intercept of property tax for lease payments securing the
1995A bonds.
The 1998A bonds are secured by a lease with the municipality of
Guaynabo; however, S&P views the ultimate security as property
taxes collected by the CRIM, which is distributed directly in an
amount necessary to pay debt service in advance of due dates to
the GDB. The GDB is authorized to pay lease payments directly to
the bond trustee. Based on S&P's criteria, this rating will
likely move with that of the GO rating of the Commonwealth of
Puerto Rico.
The negative outlook on the series 1998A bonds reflects S&P's
outlook on the Commonwealth of Puerto Rico's GO bonds.
PUERTO RICO: Perry Capital, Other Hedge Funds Provide Support
-------------------------------------------------------------
Michael Corkery, writing for The New York Times' DealBook,
reported that a group of 28 hedge funds and other investment firms
are dispensing unofficial advice, providing public relations
support, and offering to lend money to Puerto Rico. According to
the report, the hedge funds, including Perry Capital, Fir Tree
Partners and other members of the self-styled Ad Hoc Group of
investors, have bought $4.5 billion of Puerto Rico government
guaranteed and tax-supported bonds -- or roughly 10 percent of the
total -- making them a financial and political force on the
island.
================================
T R I N I D A D & T O B A G O
================================
SOUTHPARK CINEMAS: To Remain Closed Through September
-----------------------------------------------------
Nikita Braxton-Benjamin, writing for Trinidad Express Newspapers,
reported that Southpark Cinemas 10, owned by foreign businessman
Robert Carrady, will remain closed for the rest of this month.
The report said the magistrate hearing the applications for
exhibitor licence and cinema licences said that he had "serious
concerns" about the San Fernando cineplex and denied the licence.
The magistrate said he needed more information.
The owners had expected to open the cinema's doors Sept. 11,
following a court hearing.
Mr. Carrady also owns Caribbean Cinemas.
The report recounted that a day after the August 20 gala opening
of the cineplex, police officers and fire officials shut down the
cinema, saying it was without the necessary licence. The report
noted that George Borges, director of operations at Caribbean
Cinemas, appeared before the court last week on behalf of South
Park Cinemas Ltd as the application for an exhibitor licence and
ten cinema licences (one for each screen) was called before the
San Fernando First Magistrates' Court.
Trinidad Express's Sue-Ann Wayow reported on August 29, that
Southpark Cinemas 10 was expected to reopen on September 12. Mr.
Carrady said the cinema operator's licence should be granted by
September 11.
Attorney Romney Thomas represented the company in the matter.
The matter was adjourned to October 2.
===============================
U S V I R G I N I S L A N D S
===============================
WIDE WORLD VACATIONS: Oct. 15 Foreclosure Sale of Condo Unit
------------------------------------------------------------
In compliance with an Amended Writ of Execution issued out of the
Superior Court of the Virgin Islands, Division of St. Thomas, on
or about August 4, 2014, wherein Plaintiff Virgin Grand Villas -
St. John Condominium Owners Association is the Plaintiff and Wide
World Vacations, Inc. is the Defendant, Civil No. ST - 12 - CV -
480, Action for Debt, Foreclosure of Lien and Breach of Contract,
the Superior Court Marshal will sell at public sale to the highest
and best bidder on October 15, 2014, at 10:00 a.m., at the
Superior Court Marshal's Office, Farrelly Justice Center, St.
Thomas, U.S. Virgin Islands, the real property consisting of:
"Undivided one Fifty-first (1/51) (1.96%) interest in Unit No.
3427, Week No. 16, an Annual Unit Week, in the Virgin Grand Villas
- St. John Condominium located in a portion of the real property
described as follows: Remainder Parcel No. 479 Estate Chocolate
Hole, No. 11 Cruz Bay Quarter, St. John, U.S. Virgin Islands,
being 12.2971 acres, more or less, as shown on PWD No. D9-4224-
T88, as more fully described in the Declaration Establishing a
Plan for Condominium Ownership of Virgin Grand Villas - St. John
Condominium, and amendments and supplements thereto (hereinafter
the "Declaration"), and which Weekly Seasonal Ownership Interests
and Periods of Use are created by the Third Supplemental
Declaration Establishing a Weekly Seasonal Ownership Plan for
Condominium Ownership of Virgin Grand Villas - St. John
Condominium, and amendments thereto both as recorded in the Office
of the Recorder of Deeds of St. Thomas and St. John, United States
Virgin Islands; consisting of a 1 bedroom, 2 bath townhouse of
1,000 square feet located on the 2nd floor of building 34,
together with all appurtenances and improvements thereto."
The terms of purchase include: 10% of the purchase price must be
deposited with the Marshal no later than the close of business on
the day of sale, and, upon failure to do so, the Marshal reserves
the right to award the sale to the next highest bidder. The
balance of the sum bid must be paid within 30 days, or the deposit
will be retained by the Marshal as and for liquidated damages and
applied toward satisfaction of the Judgment for which the property
is being sold, and the Marshal further reserves the right, in such
event, to award the sale to the next highest bidder. All payments
must be made by cash, certified check, bank check, or U.S. postal
money order. Personal uncertified checks will not be accepted.
The case is, Virgin Grand Villas - St. John Condominium Owners'
Association, Plaintiff, vs. Wide World Vacations, Inc., Defendant,
ST - 12 - CV - 480.
DARWIN DOWLING
Chief, Superior Court Marshal
DATED: September 9, 2014
By: VINCE SIMMONDS
Assistant Marshal
The Plaintiff is represented by:
Richard H. Dollison, Esq.
LAW OFFICES OF RICHARD H. DOLLISON, P.C.
48 Dronningens Gade, Ste. 2C
5302 Store Tvaer Gade, PMB 111
St. Thomas, U.S.V.I. 00802
Tel: (340) 774-7044
Fax: (340) 774-7045
E-mail: rhd@rdollisonlaw.com
=================
X X X X X X X X X
=================
* Resolution on Sovereign Debt Restructuring Adopted
-----------------------------------------------------
The General Assembly adopted four resolutions on September 9,
including one on sovereign debt restructuring that would establish
an intergovernmental negotiation process aimed at increasing the
efficiency, stability and predictability of the international
financial system.
With 124 votes in favour, 11 votes against and 41 abstentions, the
Assembly adopted "Towards the establishment of a multilateral
legal framework for sovereign debt restructuring processes"
(document A/68/L.57/Rev.1).
Introducing the draft resolution, Sacha Sergio Llorentty Soliz
(Bolivia), speaking for the "Group of 77" developing countries and
China, said the text stressed the importance of timely, effective,
understandable and lasting debt restructuring solutions for
developing countries that would promote growth in an inclusive
manner.
However, Terri Robl (United States), speaking in explanation of
vote, stressed that she could not support a statutory mechanism
for sovereign debt restructuring as such a mechanism was likely to
create economic uncertainty. That uncertainty could impact upon
the provision of financing to developing countries. In the past,
market-oriented approaches had been preferred and work was ongoing
in the International Monetary Fund (IMF) and elsewhere.
Furthermore, not only had the resolution presupposed a final
outcome, which inhibited proper discussion, it had been snuck onto
the docket at the very end of the session, establishing a costly
mandate and asking Member States "to write a blank cheque".
Hector Timerman, Minister for Foreign Affairs of Argentina,
expressing pride that so many countries supported the resolution,
stated that as a "democratic forum par excellence", the General
Assembly was the right place for discussions aiming at embarking
on an ethical political and legal pathway to end unbridled
speculation. The clear majority agreed it was time to establish a
legal framework for restructuring that respected creditors while
allowing debtors to emerge from debt safely. The profits
currently made by vulture funds were scandalous and were funnelled
into campaigning and lobbying to prevent changes to the situation.
Addressing those who had not voted in favour of the resolution, he
noted that those delegates generally represented centres of
finance. Yet, a legal restructuring framework would benefit
developed, as well as developing, countries. Sovereign debt held
development back and the establishment of a better system could
improve global economic security. The Assembly's democratic
decision to support the creation of a mechanism would give the
peoples of the world what they deserved, saving them from the
"sinister masters of opulence" who ran vulture funds.
Rodolfo Reyes Rodriguez ( Cuba) pointed out that vulture funds did
not deserve the name "vulture". Vultures contributed positively
to ecosystems; vulture funds were parasitic. Developing countries
had paid many times the amounts originally received as loans and
that ate resources essential to development. He wondered how much
progress on the Millennium Development Goals had been missed
through such denial of resources.
Shorna-Kay Marie Richards (Jamaica), noting how recent events
brought urgency to addressing sovereign debt and establishing a
multilateral mechanism for restructuring, said that the United
Nations dealt with States' sustainable development objectives.
Therefore, the General Assembly was an appropriate forum in which
to consider those issues. The private market could not fully
address problems of unsustainable sovereign debt. That had been
particularly apparent in speculation by specialized investment
funds that purchased distressed and deeply discounted sovereign
debt on secondary markets for the sole purpose of recouping full
value through litigation.
The Assembly then took up the draft resolution, "Programme of
activities for the implementation of the International Decade for
People of African Descent" (document A/68/L.58), which it adopted
without a vote.
Karel Jan Gustaaf van Oosterom (Netherlands), introducing the
draft resolution "Report of the International Criminal Court"
(document A/68/L.59), said that the document provided political
support for the International Criminal Court and the work it
carried out, while underlining the important relationship between
the Court and the United Nations. The text also served to remind
the world of the need to cooperate with the Court to ensure its
effective functioning.
Speaking before the action, Almustafa Mubarak Hussein Rahamtalla (
Sudan) said the International Criminal Court targeted African
States. His country was not party to the Rome Statute and,
therefore, was not bound by its decisions, particularly given that
Sudan's national justice system was ready and able to deal with
any legal issues.
Christian Wenaweser ( Liechtenstein) voiced regret that the text
demonstrated a lack of progress since the previous year and looked
forward to a higher quality, more relevant document in the future.
He underscored that the text was the only one dealing with the
relationship between the United Nations and the International
Criminal Court. States parties to the Rome Statute had offered
ideas for improving the draft, but few were included. He called
on the Security Council to use its power to refer States not party
to the Rome Statute to the Court and said the recent Council visit
to the Court should be followed up by practical measures.
Thembile Elphus Joyini ( South Africa) said, as a State party to
the Rome Statute, his country was well aware of the tremendous
costs of investigations and persecutions of cases referred to the
Court by the Security Council. Such costs should be borne by the
United Nations. He went on to express disappointment that the
resolution did not include a paragraph on financing.
Koki Muli Grignon ( Kenya) said her country believed that the
current implementation and interpretation of the Rome Statute was
counterproductive and antagonistic. The Rome Statute was
undergoing a test of veracity, usefulness and impartiality and she
urged the international community to take prompt and decisive
action to ensure that the "Kenya cases" do not drag on ad
infinitum.
The Assembly then took up the draft resolution titled "Enhancement
of the administration and financial functioning of the United
Nations" (document A/68/L.42/Rev.1), adopting it without a vote.
Also speaking were representatives of Iceland, Russian Federation,
Japan, Italy (on behalf of the European Union), Nicaragua, China,
Morocco, South Africa, Brazil, Ecuador, El Salvador, India,
Singapore, Syria, Colombia, Mexico, Sri Lanka, Egypt, Canada,
Norway, Australia, Uruguay, Chile, Venezuela, Algeria, Costa Rica
and Hungary.
The Assembly was to reconvene at 3 p.m. on September 10 to
consider three draft resolutions and a report of the Ad Hock
Working Group on the Revitalization of the work of the General
Assembly.
* * *
caribbean360.com reported that Juan Pablo Bohoslavsky, an
independent expert charged by the UN Human Rights Council to
monitor the effects of foreign debt on the enjoyment of all human
rights, particularly economic, social and cultural rights, said "a
multilateral legal framework would help to fill the current legal
void and reduce uncertainty related to debt restructuring
processes."
"Vulture fund litigation not only prevents indebted countries from
using resources freed up by debt relief for social and economic
rights, it also complicates debt restructuring processes," said
Mr. Bohoslavsky, according to the report.
"Financial business enterprises, including hedge funds or so-
called 'vulture funds' have to respect human rights and should
exercise human rights due diligence to identify, prevent, mitigate
and account for adverse human rights impacts as outlined by the
Guiding Principles on Business and Human Rights.
"An international legal framework should be seen as complementary
to existing UN Guiding Principles on Foreign Debt and Human Rights
and on Business and Human Rights, to national legislation limiting
vulture fund litigation and to collective action clauses in
sovereign bonds."
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-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
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
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 115297369 -19538107
BATTISTELLA-PREF BTTL4 BZ 115297369 -19538107
BATTISTELLA-RECE BTTL9 BZ 115297369 -19538107
BATTISTELLA-RECP BTTL10 BZ 115297369 -19538107
BATTISTELLA-RI P BTTL2 BZ 115297369 -19538107
BATTISTELLA-RIGH BTTL1 BZ 115297369 -19538107
BOMBRIL BMBBF US 309951278 -57714449.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 309951278 -57714449.4
BOMBRIL - RTS BOBR11 BZ 309951278 -57714449.4
BOMBRIL CIRIO SA BOBRON BZ 309951278 -57714449.4
BOMBRIL CIRIO-PF BOBRPN BZ 309951278 -57714449.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 309951278 -57714449.4
BOMBRIL SA-ADR BMBBY US 309951278 -57714449.4
BOMBRIL-PREF BOBR4 BZ 309951278 -57714449.4
BOMBRIL-RGTS PRE BOBR2 BZ 309951278 -57714449.4
BOMBRIL-RIGHTS BOBR1 BZ 309951278 -57714449.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 95403660.1 -37550595.1
BUETTNER SA BUETON BZ 95403660.1 -37550595.1
BUETTNER SA-PRF BUETPN BZ 95403660.1 -37550595.1
BUETTNER SA-RT P BUET2 BZ 95403660.1 -37550595.1
BUETTNER SA-RTS BUET1 BZ 95403660.1 -37550595.1
BUETTNER-PREF BUET4 BZ 95403660.1 -37550595.1
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
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CAIUA SA ELCON BZ 1029019993 -128321599
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CAIUA SA-DVD COM ELCA12 BZ 1029019993 -128321599
CAIUA SA-PREF ELCPN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCAN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCA5 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCA6 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCBN BZ 1029019993 -128321599
CAIUA SA-RCT PRF ELCA10 BZ 1029019993 -128321599
CAIUA SA-RTS ELCA2 BZ 1029019993 -128321599
CAIVA SERV DE EL 1315Z BZ 1029019993 -128321599
CELGPAR GPAR3 BZ 202489694 -1054621126
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CENTRAL COSTAN-B CRCBF US 271025064 -37667553.4
CENTRAL COSTAN-B CNRBF US 271025064 -37667553.4
CENTRAL COSTAN-C CECO3 AR 271025064 -37667553.4
CENTRAL COST-BLK CECOB AR 271025064 -37667553.4
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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 73710194.2 -2330089496
COBRASMA SA COBRON BZ 73710194.2 -2330089496
COBRASMA SA-PREF COBRPN BZ 73710194.2 -2330089496
COBRASMA-PREF CBMA4 BZ 73710194.2 -2330089496
D H B DHBI3 BZ 103378506 -180639480
D H B-PREF DHBI4 BZ 103378506 -180639480
DHB IND E COM DHBON BZ 103378506 -180639480
DHB IND E COM-PR DHBPN BZ 103378506 -180639480
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2670745328 -202996314
ELEC ARG SA-PREF EASA6 AR 945325071 -56471446.1
ELEC ARGENT-ADR EASA LX 945325071 -56471446.1
ELEC DE ARGE-ADR 1262Q US 945325071 -56471446.1
ELECTRICIDAD ARG 3447811Z AR 945325071 -56471446.1
ENDESA - RTS CECOX AR 271025064 -37667553.4
ENDESA COST-ADR CRCNY US 271025064 -37667553.4
ENDESA COSTAN- CECO2 AR 271025064 -37667553.4
ENDESA COSTAN- CECOD AR 271025064 -37667553.4
ENDESA COSTAN- CECOC AR 271025064 -37667553.4
ENDESA COSTAN- EDCFF US 271025064 -37667553.4
ENDESA COSTAN-A CECO1 AR 271025064 -37667553.4
ESTRELA SA ESTR3 BZ 76575881.3 -120012837
ESTRELA SA ESTRON BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTR4 BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTRPN BZ 76575881.3 -120012837
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 19848769.9 -38798309.5
FERRAGENS HAGA HAGAON BZ 19848769.9 -38798309.5
FERRAGENS HAGA-P HAGAPN BZ 19848769.9 -38798309.5
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 346216965 -42013205.9
GRADIENTE EL-PRA IGBAN BZ 346216965 -42013205.9
GRADIENTE EL-PRB IGBBN BZ 346216965 -42013205.9
GRADIENTE EL-PRC IGBCN BZ 346216965 -42013205.9
GRADIENTE-PREF A IGBR5 BZ 346216965 -42013205.9
GRADIENTE-PREF B IGBR6 BZ 346216965 -42013205.9
GRADIENTE-PREF C IGBR7 BZ 346216965 -42013205.9
HAGA HAGA3 BZ 19848769.9 -38798309.5
HOTEIS OTHON SA HOOT3 BZ 238958413 -22929896.5
HOTEIS OTHON SA HOTHON BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOOT4 BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOTHPN BZ 238958413 -22929896.5
IGB ELETRONICA IGBR3 BZ 346216965 -42013205.9
IGUACU CAFE IGUA3 BZ 214061113 -63930746.9
IGUACU CAFE IGCSON BZ 214061113 -63930746.9
IGUACU CAFE IGUCF US 214061113 -63930746.9
IGUACU CAFE-PR A IGUA5 BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGCSAN BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGUAF US 214061113 -63930746.9
IGUACU CAFE-PR B IGUA6 BZ 214061113 -63930746.9
IGUACU CAFE-PR B IGCSBN BZ 214061113 -63930746.9
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 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
KARSTEN CTKCF US 161482221 -4141092.01
KARSTEN CTKON BZ 161482221 -4141092.01
KARSTEN SA CTKA3 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA9 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA10 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA1 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA2 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPF US 161482221 -4141092.01
KARSTEN-PREF CTKA4 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPN BZ 161482221 -4141092.01
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
LOJAS ARAPUA LOAR3 BZ 38857516.9 -3355978520
LOJAS ARAPUA LOARON BZ 38857516.9 -3355978520
LOJAS ARAPUA-GDR 3429T US 38857516.9 -3355978520
LOJAS ARAPUA-GDR LJPSF US 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOAR4 BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOARPN BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF 52353Z US 38857516.9 -3355978520
LUPATECH SA LUPA3 BZ 584100366 -304853641
LUPATECH SA LUPTF US 584100366 -304853641
LUPATECH SA LUPAF US 584100366 -304853641
LUPATECH SA LUPTQ US 584100366 -304853641
LUPATECH SA -RCT LUPA9 BZ 584100366 -304853641
LUPATECH SA-ADR LUPAY US 584100366 -304853641
LUPATECH SA-ADR LUPAQ US 584100366 -304853641
LUPATECH SA-RT LUPA11 BZ 584100366 -304853641
LUPATECH SA-RTS 1041054D BZ 584100366 -304853641
LUPATECH SA-RTS LUPA1 BZ 584100366 -304853641
MANGELS INDL MGEL3 BZ 186096273 -50186882
MANGELS INDL SA MISAON BZ 186096273 -50186882
MANGELS INDL-PRF MGIRF US 186096273 -50186882
MANGELS INDL-PRF MGEL4 BZ 186096273 -50186882
MANGELS INDL-PRF MISAPN BZ 186096273 -50186882
MINUPAR MNPR3 BZ 90210352.5 -117166643
MINUPAR SA MNPRON BZ 90210352.5 -117166643
MINUPAR SA-PREF MNPRPN BZ 90210352.5 -117166643
MINUPAR-PREF MNPR4 BZ 90210352.5 -117166643
MINUPAR-RCT 9314634Q BZ 90210352.5 -117166643
MINUPAR-RCT 0599564D BZ 90210352.5 -117166643
MINUPAR-RCT MNPR9 BZ 90210352.5 -117166643
MINUPAR-RT 9314542Q BZ 90210352.5 -117166643
MINUPAR-RT 0599562D BZ 90210352.5 -117166643
MINUPAR-RTS MNPR1 BZ 90210352.5 -117166643
NORDON MET NORD3 BZ 10859129.2 -33570700.5
NORDON METAL NORDON BZ 10859129.2 -33570700.5
NORDON MET-RTS NORD1 BZ 10859129.2 -33570700.5
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
OGX PETROLEO CTCO3 BZ 2104841243 -4244633894
OLEO E GAS P-ADR OGXPY US 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EO 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EU 2104841243 -4244633894
OLEO E GAS P-ADR 8OGB GR 2104841243 -4244633894
OLEO E GAS PART OGXP3 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP5 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP6 BZ 2104841243 -4244633894
OLEO E GAS PART OGXPF US 2104841243 -4244633894
OSX BRASIL - RTS 0701756D BZ 2670745328 -202996314
OSX BRASIL - RTS 0701757D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812903D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812904D BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB1 BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB9 BZ 2670745328 -202996314
OSX BRASIL SA OSXB3 BZ 2670745328 -202996314
OSX BRASIL SA EBXB3 BZ 2670745328 -202996314
OSX BRASIL SA OSXRF US 2670745328 -202996314
OSX BRASIL S-GDR OSXRY US 2670745328 -202996314
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
PETROLERA DEL CO PSUR AR 70120174.9 -27864484
PILMAIQUEN PILMAIQ CI 200140666 -20597929.7
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 21553021.9 -5145184.07
PUYEHUE RIGHT PUYEHUOS CI 21553021.9 -5145184.07
RECRUSUL RCSL3 BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529789Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529793Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163582D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163583D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614675D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614676D BZ 41395863.2 -21007926.7
RECRUSUL - RCT RCSL10 BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529781Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529785Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163579D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163580D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614674D BZ 41395863.2 -21007926.7
RECRUSUL SA RESLON BZ 41395863.2 -21007926.7
RECRUSUL SA-PREF RESLPN BZ 41395863.2 -21007926.7
RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
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 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
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
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 7335626Q BZ 33401974.6 -468978.338
TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338
TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338
TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338
TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338
TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338
TECTOY TOYB3 BZ 33401974.6 -468978.338
TECTOY TOYB13 BZ 33401974.6 -468978.338
TECTOY SA TOYBON BZ 33401974.6 -468978.338
TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338
TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338
TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338
TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338
TEKA TKTQF US 367577608 -421708949
TEKA TEKA3 BZ 367577608 -421708949
TEKA TEKAON BZ 367577608 -421708949
TEKA-ADR TEKAY US 367577608 -421708949
TEKA-ADR TKTPY US 367577608 -421708949
TEKA-ADR TKTQY US 367577608 -421708949
TEKA-PREF TKTPF US 367577608 -421708949
TEKA-PREF TEKA4 BZ 367577608 -421708949
TEKA-PREF TEKAPN BZ 367577608 -421708949
TEKA-RCT TEKA9 BZ 367577608 -421708949
TEKA-RCT TEKA10 BZ 367577608 -421708949
TEKA-RTS TEKA1 BZ 367577608 -421708949
TEKA-RTS TEKA2 BZ 367577608 -421708949
TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2
TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2
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
WETZEL SA MWET3 BZ 97509409.1 -4549842.72
WETZEL SA MWELON BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72
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 * * *