/raid1/www/Hosts/bankrupt/TCRLA_Public/140923.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 23, 2014, Vol. 15, No. 188
Headlines
A N T I G U A & B A R B U D A
* ANTIGUA & BARBUDA: May Become 2nd Highest Debtor Nation, PM Says
A R G E N T I N A
ARGENTINA: Has Gone Rogue, U.S. Judges Say
ARGENTINA: Albright's Group Met With Officials on Debt Case
B E R M U D A
WATFORD HOLDING: A.M. Best Puts 'bb' Debt Rating to $225MM Shares
B R A Z I L
CEAGRO AGRICOLA: Fitch Affirms 'B' IDR; Outlook Stable
HYPERMARCAS SA: Fitch Affirms 'BB+' Issuer Default Rating
SUZANO PAPEL: Fitch Upgrades Issuer Default Ratings to 'BB'
* BRAZIL: Real Drops to Seven-Month Low as Silva's Support Falls
C A Y M A N I S L A N D S
ANASOSPI HOLDINGS: Creditors' Proofs of Debt Due Sept. 29
BONSAI INVESTMENTS: Creditors' Proofs of Debt Due Oct. 7
CONOCOPHILLIPS EXPLORATION: Placed Under Voluntary Wind-Up
DV ABSOLUTE: Creditors' Proofs of Debt Due Sept. 29
GEORGETOWN FINANCE: Creditors' Proofs of Debt Due Sept. 29
HUTCHISON WHAMPOA (12): Creditors' Proofs of Debt Due Oct. 20
HUTCHISON WHAMPOA (13): Creditors' Proofs of Debt Due Oct. 20
MATLINPATTERSON MUNICIPAL: Creditors' Proofs of Debt Due Sept. 30
PINEAPPLE LTD: Creditors' Proofs of Debt Due Oct. 1
ROTELLA MOLINERO: Commences Liquidation Proceedings
J A M A I C A
JAMAICA: S&P Affirms LT 'B-' Sovereign Credit Rating, Outlook Pos.
* JAMAICA: Increase in Aviation Fees Necessary, Minister Says
M E X I C O
GRUPO MEXICO: Buenavista Copper Mine Beset by More Flooding
* MEXICO: Growth Getting Consumer Spending Boost, Aportela Says
P U E R T O R I C O
CARIBBEAN PETROLEUM: Chapter 11 Claim Distribution Orders Upheld
X X X X X X X X X
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 & BARBUDA: May Become 2nd Highest Debtor Nation, PM Says
------------------------------------------------------------------
The Daily Observer reports that Antigua & Barbuda could soon find
itself in the company of Japan, Zimbabwe, and Greece, the
countries with the highest national debts.
In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer. However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report notes.
Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report relates.
"I think we are going to become the country with the second
highest debt-to-GDP in the world," the report quoted Minister
Browne as saying.
"I think Japan is just over 200 per cent, St Kitts is up there
with about 150 or 155 per cent and I suspect that we may even
exceed St Kitts. But these are things we have to do," Mr. Browne
added.
The Daily Observer relates that the debt-to-GDP ratio measures a
country's national debt against its gross domestic product (GDP).
It compares what a country owes to what it produces and is an
indicator of its ability to repay loans.
According to the Central Intelligence Agency's (CIA) World Fact
Book, Japan is the most indebted country in the world with a debt-
to-GDP ratio of 226 per cent, the report notes. It is followed by
Zimbabwe and Greece at 202 and 175 per cent, respectively, the
report adds.
=================
A R G E N T I N A
=================
ARGENTINA: Has Gone Rogue, U.S. Judges Say
------------------------------------------
Jamaica Gleaner reports that judges on a federal appeals court
panel said they suspect Argentina has gone rogue, ignoring court
orders and bullying a US bank to try to prevent it from obeying a
court order.
Judge Reena Raggi of the 2nd U.S. Circuit Court of Appeals made
the South American nation seem like it was adopting the ways of
the Wild West, saying it was "basically holding the gun" to the
head of Citibank's branch in Argentina by suggesting it could face
criminal prosecution if it failed to process Argentina's payments
to some bondholders at the end of this month, according to Jamaica
Gleaner.
"We have a party who will not conform itself to the law," Jamaica
Gleaner quoted Circuit Judge Barrington Parker said as saying.
Jamaica Gleaner notes that the bank has been told by a New York
judge not to process the payments in compliance with a court
order. That order requires U.S. hedge funds holding fully valued
Argentina bonds to be paid US$1.5 billion if Argentina pays
bondholders who traded their bonds in 2005 and 2010 for bonds of
lesser value, Jamaica Gleaner relates.
The US hedge funds, led by New York billionaire hedge fund
investor Paul Singer, refused to swap their bonds at a discount
after Argentina's record US$100 billion default on its national
debt in 2001, the report discloses.
Argentina's President, Cristina Fernandez, has labeled them
"vultures" and vowed to pay them nothing unless they accept the
same deal as other bondholders, the report says.
Last week, President Fernandez signed a new law letting Argentina
pay bondholders locally to dodge the US financial system, Jamaica
Gleaner relays. Economists differed over whether the law will help
or hurt the country's economy, the report notes.
Citibank Attorney Karen Wagner told a three-judge panel that it
was too late for the bank to avoid processing payments at the end
of September, Jamaica Gleaner discloses. Later, though, Ms.
Wagner said the bank will obey any appeals court ruling, but could
face "very serious damage" if the ruling does not go its way, the
report relays.
"We have a gun to our head and the gun will probably go off,"
Jamaica Observer quoted Ms. Wagner as saying.
Ms. Wagner asked the judges to stay the effect of US District
Judge Thomas P. Griesa's order banning the processing of bond
payments if the court did not agree that the order did not apply
to Citibank, because its branch is in Argentina and subject to
Argentina laws, the report notes.
Roy Englert, representing the US bondholders, urged the appeals
court to ban Citibank from making payments, saying to rule
otherwise would "feed Argentina's efforts to evade" Judge Griesa's
orders, the report relays.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment. Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001. A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed. The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
ARGENTINA: Albright's Group Met With Officials on Debt Case
-----------------------------------------------------------
Katia Porzecanski and Charlie Devereux at Bloomberg News report
that a consulting group headed by former Secretary of State
Madeleine Albright met with Argentine officials in an effort to
solve a dispute over defaulted debt that's left the country unable
to make bond payments.
Albright Stonebridge Group was asked by so-called holdout
creditors, led by billionaire Paul Singer's Elliott Management
Corp., to assist in "finding a mutually satisfactory resolution of
the debt issue," Ben Chang, a spokesman, said in an e-mail to
Bloomberg News. "We indicated we would do so only if the
government of Argentina would not object to such an effort," Mr.
Chang said.
Bloomberg News notes that meetings with government officials were
held to assess their interest in a solution, Mr. Chang said.
President Cristina Fernandez de Kirchner is in a standoff with the
investors after her refusal to comply with U.S. court orders to
repay them in full for bonds the country stopped servicing in 2001
triggered a new default on notes that were restructured after the
crisis 13 years ago, Bloomberg News discloses.
Ms. Fernandez said on her website that the group's co-chair,
former U.S. Commerce Secretary Carlos Gutierrez, laid out a five-
point plan by holdouts to undermine the nation if it didn't pay,
Bloomberg News relates. The plan includes attacks on the
president's image and generating rumors about the instability of
the economy, she wrote, Bloomberg News notes.
"We've already seen this movie and it ended very badly in 2001,"
Ms. Fernandez wrote, Bloomberg News relates. "Debt, a handing
over of our patrimony and misery and tragedy for Argentines.
They're trying to do it again," Ms. Fernandez added.
Orchestrated Attacks
Economy Minister Axel Kicillof blamed attacks orchestrated by the
holdouts for the peso's plunge to a record low on the black market
last week, Bloomberg News discloses. The exchange rate on the
illegal street market that Argentines turn to when they can't
obtain dollars from the government fell to 15.1 pesos per dollar
Sept. 17, 79 percent weaker than the official rate of 8.42 pesos
per dollar, Bloomberg News relays.
Minister Kicillof also said the black market peso's fall is
related to comments made by the U.S. embassy's charge d'affaires
in Buenos Aires, who was reprimanded by Foreign Minister Hector
Timerman for describing the blocked payment as a default. The
government said it's not in default since it deposited the money
in the bond trustee's account at the Argentine central bank,
Bloomberg News adds.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment. Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001. A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed. The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
=============
B E R M U D A
=============
WATFORD HOLDING: A.M. Best Puts 'bb' Debt Rating to $225MM Shares
-----------------------------------------------------------------
A.M. Best Co. has assigned an issuer credit rating of "bbb-" to
Watford Holding Ltd. (Watford) (Bermuda). Concurrently a debt
rating of "bb" has been assigned to the $225 million 8.5%
cumulative preference shares issued earlier in the year when
Watford was initially capitalized. The outlook assigned to the
ratings is stable.
The ratings were privately assigned in March 2014 when A.M. Best
assigned a public financial strength rating of A- (Excellent) and
the issuer credit rating of "a-' to the lead operating company,
Watford Re Ltd. (Bermuda). At the request of the company, the
debt and holding company ratings are now being released publicly.
Key rating triggers that could result in positive rating actions
would be Watford Holding Ltd. meeting or exceeding its business
plan. Negative rating actions could occur if Watford fails to
execute its business plan over the long term.
===========
B R A Z I L
===========
CEAGRO AGRICOLA: Fitch Affirms 'B' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ceagro Agricola Ltda
(Ceagro) as:
-- Foreign and local currency Issuer Default Ratings (IDRs) at
'B';
-- National scale rating at 'BBB(bra)';
-- USD100 million senior unsecured notes due 2016 at 'B/RR4'.
The rating Outlook is Stable
KEY RATING DRIVERS
ESTABLISHED BUSINESS POSITION
Ceagro Agricola Ltda. has established long-term relationships with
grain producers, suppliers, and off-takers. The company's profile
has benefited from an increase in its operating scale that has
allowed it to purchase fertilizers at lower prices and increase
the volume of barter originations. The average term of the
relationship with its producers is greater than five years; no
single producer represents more than 2% of its annual origination.
HIGH EBITDA MARGIN
Ceagro reported in 1H14 a net income margin of 4.7% which was an
improvement from 2.4% in 2013 and 1.9% in 2012 Ceagro's EBITDA
margin of 11.4% for the last 12 month to June 2014 (13.2% as of
FYE13) remains also strong in relation to the 7.8% margin in 2012.
These margins compare favorably with the 4% margin of many trading
companies. Ceagro's strong margin occurred despite inflation for
inputs such as fertilizer and logistics, and lower corn and
soybean prices. Fitch expects the group's EBITDA margin to be
slightly lower in 2014 compared to 2013 due to cost inflation for
items such as logistics and freight. Fitch also expects double
digit volumes growth in 2014 due to increased volumes, notably for
soybeans.
OPERATIONAL RISK AND MEDIUM SMALL SIZE
Ceagro's medium size and reliance upon key top executives to
develop its activity are key credit constraints. The lack of
geographic and commodity diversification compared to its large and
established competitors are also factors that limit its ratings.
Additional concerns include the limitation of the group's soybean
export capacity due to Brazil's underdeveloped infrastructure and
that most of its sales are concentrated to a small number of off-
takers. Commodity and price risks are offset by the company's
hedging strategy when entering in a barter transaction. Ceagro
finances corn and soybean producers in Brazil through the supply
of fertilizer and pesticides, in exchange for a contracted portion
of the producer's crop yield and a first priority secured claim of
at least 100% and usually 120% of this contracted crop yield.
WORKING CAPITAL REQUIREMENTS
Fitch expects Ceagro trades originated through its barter system
to represent about 55% of revenues in 2014 (52% of revenues during
2013.) The group also implements some spot transactions. Unlike
trades through the barter system, spot market trades require
working capital for short periods of time and have lower profit
margins.
ASSET LIGHT MODEL
Ceagro has a minimal amount of balance sheet assets. Total
property, plant and equipment amounted to BRL66 million as of June
2014. Ceagro invested in a new storage facility during 2013 in
order to accommodate growing volumes. Total capex for the year
was high at BRL32 million. As of June 2014, the group has
invested BRL18 million. Fitch expects Ceagro's capex to reach
about BRL 23 million in 2014. This amount is projected to
decrease next year as the company has not made plans to construct
additional storage facilities.
NET LEVERAGE
The group leverage is low for the rating category. Ceagro's LTM
net debt to EBITDA ratio decreased to 2.4x as of June 2014
compared to 2.7x at fiscal year-end 2013 (FYE13). Fitch expects
Ceagro's net debt to EBITDA ratio to remain at the same level at
FYE14 which is below the bond covenant incurrence test at 3.25x.
Using Fitch's readily marketable inventories adjustments (RMI) the
net adjusted leverage was 1.8x as of 1H14.
HIGH SHORT-TERM FINANCING
The company finances its growth mainly through short-term
financing. As of June 30, 2014, Ceagro's had cash and cash
equivalents of BRL102 million and short-term debt of BRL369
million. This reliance upon short-term debt is due to the group's
growth strategy and the need to finance its working capital needs
with short-term export-financing. Most of Ceagro's liquidity is
related to its soybean inventory of BRL161 million at the end of
June.
Using Fitch's RMI measurement, the group's liquidity ratio was
about 0.9x at June 2014. This ratio does not include advances to
suppliers which include grains that are stored in producers'
warehouses but are immediately available to be collected and sold.
Including advances to suppliers, this ratio would have been at
1.3x. Aside from the trade finance, Ceagro doesn't face the
amortization of significant debt until its 10.75% May 2016 USD100
million senior notes mature. The bond benefits from a pledge on a
collection and debt service reserve account where each off-taker
make all payments of export receivables and where Ceagro has to
maintain the equivalent of a semi-annual interest coupon amount
RATING SENSITIVITIES
Considerations that could lead to a negative rating action (Rating
or Outlook) include an increase in the company's net debt/EBITDA
leverage above the range of 3.5 - 4.0x over a sustained period.
Leverage could increase either by weakening profitability, the
launch of a large debt-financed investment program or sudden drop
in trading volumes. Changes in its risk management, resulting in
a higher exposure to commodity prices and exchange rate
volatility, would also be viewed negatively.
Considerations that could lead to a positive rating action (Rating
or Outlook) includes the group's demonstrated ability to maintain
EBTIDA margins in the 8% - 10% level, generate positive free cash
flow and increase in trading volumes without disproportionately
increasing leverage or deteriorating the liquidity profile.
HYPERMARCAS SA: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed these ratings of Hypermarcas S.A.'s
(Hypermarcas):
-- Long-term foreign currency Issuer Default Rating (IDR) at
'BB+';
-- Long-term local currency IDR at 'BB+';
-- Senior unsecured notes due in 2021 at 'BB+';
-- Long-term national scale rating at 'AA(bra)';
-- Third debentures issuance at 'AA(bra)';
The Rating Outlook for the corporate ratings is revised to
Positive from Stable.
The Positive Outlook reflects Fitch expectation that Hypermarcas'
business and financial profile will strengthen over the
intermediate term. The company is about to conclude the
consolidation of its production facilities with solid benefits on
operating margins and cash flow generation, and consequently
leading to deleverage trend. This associated with Hypermarcas'
strong business fundamentals as one of the main players operating
in the resilient's Pharmaceutical and Consumer sectors in Brazil,
place the company at the very high end of the 'BB+' rating
category, and could potentially warrant 'BBB-' ratings over the
next 12-24months.
KEY RATING DRIVERS
Hypermarcas' ratings reflect its leading position in the
competitive pharmaceutical and consumer Brazilian market, the
strength and diversification of its brands and the resilience of
the pharma business. The company's low ticket and less
discretionary consumer portfolio are key to support its strong
business fundamentals. Hypermarcas' operations are expected to
continue to benefit from the long-term positive fundamentals of
the under-penetrated Brazilian healthcare market.
Strong Business Position; Diversified Product Portfolio
Hypermarcas has one of the largest and most diversified consumer
products portfolios in Brazil, with focus on the pharmaceutical,
beauty and personal care segments. The company's business
strategy is to capture synergies through the integration of the
pharma and consumer businesses into a single cost platform in
terms of packaging, distribution, advertising and marketing.
Currently, the company's pharma segment accounts for 56% of
revenues, while the consumer segment accounts for 44% of revenues.
The pharma business is by far the most profitable division,
responsible for approximately 65% of the gross profit during the
last four years.
Improving Profitability
Over the last 12 months ended June 30, 2014, Hypermarcas
successfully almost completed the restructuring of its businesses
and the consolidation of its operating platform, which had
positive impact in margins. Currently, more than 95% of the
pharma division and more than 85% of the consumer division are
already integrated in the Midwest Brazil. In 2011, the company
had 23 mills and distribution centers (DCs) around the countryin
comparison to 3 industrial facilities and 2 DCs currently. The
industrial plants integration resulted in gains of scale and
higher efficiencies with industrial productivity increasing 24%
and unit costs decreasing 18% in comparison to 2012).
During the last 12 months ended on June 30, 2014, Hypermarcas'
EBITDA reached BRL1.1 billion, an increase from BRL1 billion in
2013 and BRL869 million of EBITDA in 2012. The company's EBITDA
margin has continued to improve, reaching 24.5% from 23.5% in 2013
and 22.4% in 2012. The dilution of G&A mitigated higher marketing
investments (20%) which is line with the company's strategy to
strengthen its brands with end-consumers, the medical community
and the points of sale. For June 2014 (LTM), Funds from
Operations (FFO) reached a record level of BRL548 million and CFFO
generation was of BRL331 million pressured by BRL217 million of
working capital needs. In the same period, free cash flow (FCF)
was positive by BRL100 million.
Going forward, Hypermarcas business expansion should most rely on
market demand growth as Fitch does not expects any relevant
improvements in profitability. The pharma segment should continue
to post solid performance due to its resilient performance while
in the consumer segment Hypermarcas should face tougher
competition and may require higher marketing expenses.
Further Decline in Leverage Expected
The continued recovery in the operating cash flow generation and
FCF generation has supported the company's deleveraging trend. As
of June 30, 2014 (LTM), the company's net debt/EBITDA ratio
dropped to 2.5x compared to an average of 3.4x in the period 2010-
2013 and to 3.1x in 2012 and 5.1x in 2011. Net leverage is
expected to reach 2.5x at the end of 2014 and 2.2x by 2015. The
company could also benefit from a potential non-operating asset
sale of around BRL150 million, per Fitch's estimates, over the
next 12 months. This could also accelerate the deleveraging
trend. Nevertheless, Fitch has not incorporated this assumption
in its base case forecast.
Fitch forecasts that Hypermarcas' FCF generation will strengthen
during 2014 and 2015 on supported by operating cash flow
improvements, lower interest payments and a more moderate capex
disbursement. The company's commitment with a deleverage trend
should limit aggressive dividend distribution in the short-term.
For 2014 and 2015, Fitch forecasts FCF at around BRL150 million.
As of June 30, 2014, Hypermarcas reported BRL4.5 billion of
consolidated financial debt, composed by debentures totaling
BRL2.6 billion (59%), loans and financing (21%) and bonds (16%).
On November, 2013, the company repurchased 56% of bonds
outstanding in the amount of USD420 million out of USD750 million.
The remaining balance is due in 2021. Around 31% of Hypermarcas'
debt is denominated in USD, which includes the bonds and some bank
loans. To mitigate FX exposure, the company operates with hedge
instruments for its debt-service payments in the next 12 months
and for total debt principal and suppliers.
Strong Liquidity
Hypermarcas has a track record of keeping strong cash balances,
with average coverage of 2.3x of its short-term debt over the last
five years. As of June, 30 2014, the company had BRL4.5 billion
of debt, of which BRL690 million is due in the short term.
Hypermarcas has a robust cash position, with BRL1.7 billion in
cash and marketable securities and additional liquidity that comes
from two stand-by credit facilities totaling BRL970 million, which
can be drawn down until 2015 and has a final maturity in 2019.
Hypermarcas' cash balance and stand-by facilities supports debt
amortization through 2016 and part of 2017. As of June 30, 2014
the company's cash plus CFFO/short-term debt ratio was 3.0x in
comparison to 1.6x in 2013 and 3.2x in 2012.
RATING SENSITIVITIES
Ratings upgrades should occur as a result of the continuous
strengthening of the company's business profile and solid
financial leverage, with net leverage around 2.5x on a sustainable
basis. The maintenance of strong liquidity and well managed debt
schedule profile would also be mandatory for an upgrade.
Fitch does not consider a negative rating action over the next 12-
18 months. An unexpected material debt-financed acquisition could
lead to a negative rating pressure.
SUZANO PAPEL: Fitch Upgrades Issuer Default Ratings to 'BB'
----------------------------------------------------------
Fitch Ratings has upgraded the following ratings of Suzano Papel e
Celulose S.A.'s (Suzano) and its subsidiary Suzano Trading Ltd.:
Suzano
-- Long-term foreign currency Issuer Default Rating (IDR) to
'BB' from 'BB-';
-- Long-term local currency IDR to 'BB' from 'BB-';
-- Long-term national scale rating to 'A+(bra)', from 'A(bra)'.
Suzano Trading Ltd.
-- Long-term foreign currency IDR to 'BB' from 'BB-', and
withdraw;
-- USD650 million senior notes due Jan. 23, 2021 to 'BB' from
'BB-'.
The Rating Outlook for the corporate ratings is revised to Stable
from Positive.
The upgrade of Suzano's ratings reflects Fitch's expectation that
net leverage will be reduced to 3.5x or below by the end of 2015.
The key driver of lower leverage is the ramp up of the Maranhao
pulp mill, which was inaugurated at the end of 2013 and should
reach full output during 2015. This mill, which has an annual
production capacity of 1.5 million tons, should increase Suzano's
annual EBITDA from around USD775 million in 2013 to more than
USD1.1 billion by the end of 2015. For this projection, Fitch
used a low net pulp price of USD600 per ton for BEKP, which
reflects significant oversupply of pulp.
Suzano Trading Ltd. is a wholly owned subsidiary of Suzano and is
incorporated in the Cayman Islands. Its long-term foreign
currency has been withdrawn as it is not considered analytically
significant due to the unconditional and irrevocable guaranteed of
its USD650 million senior notes by Suzano.
KEY RATING DRIVERS
Leverage Expected to Decline in 2015 and 2016
Suzano's net debt-to-EBITDA ratio for the latest 12 months (LTM)
was 4.7x as of June 30, 2014, per Fitch's calculation.
Historically, Suzano has operated with a higher level than its
Latin America peer group, with an average net leverage ratio of
3.6x between 2008 and 2011. Fitch expects Suzano's net leverage
to fall to 3.5x or below by the end of 2015 due to high output by
Maranhao. The calculation for net leverage by Fitch assumes
trough pulp prices. If prices were USD100 per ton higher, the
company's net leverage ratio would decline to around 2.7x.
Capex to Decline
Suzano had BRL12.6 billion of total debt and BRL3.1 billion of
cash as of June 30, 2014. These figures compare with BRL9.4
billion of net debt at the end of 2013 and BRL6.6 billion at the
end of 2012. The increase of net debt during the past few years
was due to nearly USD3 billion of investments in the Maranhao pulp
mill and related forests. This mill increased the company's
market pulp capacity to 3.4 million tons per year. Capex should
taper off during the next two years around USD750 million per year
as the company scales back investments.
Significant Forestry Holdings
The company owns and leases 889,000 hectares of land in Brazil, of
which 458,000 are used for the development of eucalyptus
plantations (372,000 own planted area). Under IFRS, the value of
the company's biological assets was BRL3 billion and the value of
land was BRL4.3 billion as of June 30, 2014. The productivity of
these forestry assets provide it with a sustainable competitive
advantage versus its peers in the Northern Hemisphere and
additional growth opportunities. Considering the value of
biological assets the company's adjusted net leverage for forestry
assets would be 3.2x at the end of June 2014 and should be around
2.5x at the end of 2015.
Solid Business Position
Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity. The company's market shares of 36% in
uncoated printing and writing paper and 29% in paperboard allow it
to be a price leader in Brazil. With 3.4 million tons of market
pulp capacity, Suzano is the fourth largest producer of market
pulp in the world. Like other producers of hardwood pulp in
Brazil, Suzano enjoys a production cost structure that is among
the lowest in the world. This enables Suzano to generate positive
cash flows during troughs in the pulp and paper cycle.
Strong Liquidity and Comfortable Debt Amortization Schedule
Suzano has historically maintained a strong cash position. As of
June 30, 2014, the company had BRL3.1 billion of cash and
marketable securities. Liquidity covered short-term debt
obligations by a ratio of 2.4x. Suzano has manageable debt
maturities of BRL634 million during the second half of 2014
(2H'14), BRL1.1 billion in 2015, and BRL1.9 billion in 2016.
Cash Flow Generation to Improve
Suzano generated BRL2 billion of EBITDA and BRL1.4 billion of
funds from operations (FFO) during the LTM ended June 2014. This
compares with BRL1.7 billion of EBITDA and BRL907 million of FFO
during 2013. The company's EBITDA generation benefited from the
new pulp sales volume from Maranhao as well as reduction in
operational costs and expenses, which partially mitigated weak
pulp prices. The company's CFFO was negatively affected by high
working capital needs from the new pulp mill and was only BRL12
million in the LTM ended June 2014. With high investments of
BRL1.8 billion and dividends of BRL122 million, free cash flow
(FCF) was negative BRL1.9 billion during the LTM. Cash flow could
benefit during 2014 and 2015 from a weaker currency, which should
reduce the company's cost structure.
RATING SENSITIVITIES
Suzano's credit ratings could be positively affected by a
reduction of net leverage to levels consistently below 3.0x
through the cycle and by higher than expected cash generation
during 2015 and 2016. Additional proactive steps by the company
to materially bolster its capital structure in the absence of high
operating cash flow would be viewed positively and could result in
a positive rating action. A positive outlook for pulp prices in
the next couple of years could also bolster the probability of
positive rating actions.
Negative rating actions could be driven by a weakening of the
company's liquidity position and by net leverage in the range of
4.5x to 5.0x during an investment cycle, considering pulp prices
at USD600 per ton. Additional factors that could make it harder
to achieve the aforementioned leverage metrics would include pulp
prices below USD550 per ton, as well as any debt financed
acquisitions.
* BRAZIL: Real Drops to Seven-Month Low as Silva's Support Falls
----------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real fell to a
seven-month low as a voter poll showed a drop in voter support for
Marina Silva as President Dilma Rousseff defended her economic and
fiscal policies before the October election.
The real dropped 0.1 percent to 2.3682 per U.S. dollar, extending
last week's decline to 1.2 percent. Swap rates, a gauge of
expectations for changes in borrowing costs, increased six basis
points, or 0.06 percentage point, to 11.69 percent on the contract
due in January 2016 as a report showed inflation accelerated,
according to Bloomberg News. They were up eight basis points
since Sept. 12.
"Markets are not pleased with President Rousseff gaining support,"
Joao Paulo de Gracia Correa, a trader at Correparti Corretora de
Cambio in Curitiba, Brazil, told Bloomberg News in a telephone
interview.
The real slid as a Sept. 17-18 Datafolha poll of 5,340 people
published by the newspaper Folha de S.Paulo showed that President
Rousseff would have 37 percent support in the first round of
voting scheduled for Oct. 5, compared with 30 percent for Silva
and 17 percent for a third candidate, Aecio Neves, Bloomberg News
discloses. Speculation that a new government would revive
economic growth had helped to push the real to a one-month high on
Aug. 29, Bloomberg News relates.
A prior Datafolha poll showed 36 percent backing for President
Rousseff, 33 percent for Ms. Silva and 15 percent for Mr. Neves.
The incumbent and Ms. Silva would be tied in potential second-
round voting, the new Datafolha survey shows.
Faster Inflation
Swap rates rose Sept. 20, as the national statistics agency
reported that inflation was faster than the upper limit of the
official target, Bloomberg News relays. Consumer prices increased
6.62 percent in the 12 months through mid-September, the most
since June 2013, Bloomberg News adds. The central bank's
preferred range is 4.5 percent plus or minus two percentage
points.
Brazil is also dealing with its first recession since 2009. Gross
domestic product contracted 0.6 percent in the second quarter
following a revised decline of 0.2 percent in the first three
months of 2014, the national statistics agency reported last
month, Bloomberg News discloses.
The currency climbed earlier Sept. 20, amid speculation that the
currency's 5.8 percent drop from where it was at the end of last
month would be unsustainable, Bloomberg News notes.
The 14-day relative strength index of the real versus the dollar
remained below 30 Sept. 20, a level some traders interpret as a
sign that a currency's slide may be overdone, Bloomberg News
relates.
To bolster the currency, Brazil sold US$198 million of currency
swaps Sept. 20, under a program started last year and rolled over
contracts worth US$296 million, Bloomberg News relays.
Finance Minister Guido Mantega said in an O Estado de S. Paulo
interview that while the central bank acted correctly to avoid
volatility, the currency intervention program isn't expected to be
extended beyond December, Bloomberg News notes.
The direction of economic policy will be maintained in 2015 if
Rousseff is re-elected, Mr. Mantega said. The president said 2
weeks ago that Mr. Mantega won't stay in her cabinet if she wins a
second term in next month's vote, Bloomberg News adds.
==========================
C A Y M A N I S L A N D S
==========================
ANASOSPI HOLDINGS: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------------
The creditors of Anasospi Holdings are required to file their
proofs of debt by Sept. 29, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Aug. 22, 2014.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
BONSAI INVESTMENTS: Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------------
The creditors of Bonsai Investments Limited are required to file
their proofs of debt by Oct. 7, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 25, 2014.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170 George Town
Grand Cayman Cayman Islands KY1-1102
Cayman Islands
CONOCOPHILLIPS EXPLORATION: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On Aug. 18, 2014, the shareholders of Conocophillips Exploration
Turkmenistan Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd.
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town,
Grand Cayman, KY1-1103
Cayman Islands
DV ABSOLUTE: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------
The creditors of DV Absolute Return Fund are required to file
their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 10, 2014.
The company's liquidator is:
Mark Bloom
371 Holland Road, #15-01
Singapore 278698
GEORGETOWN FINANCE: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------------
The creditors of Georgetown Finance Ltd. are required to file
their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 19, 2014.
The company's liquidator is:
Maya D. Sutorius-Feijen
P.O. Box 31106, 89 Nexus Way
Camana Bay, Grand Cayman KY1-1205
Cayman Islands
HUTCHISON WHAMPOA (12): Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------------
The creditors of Hutchison Whampoa Finance (12) JP Limited are
required to file their proofs of debt by Oct. 20, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 12, 2014.
The company's liquidator is:
Ying Hing Chiu
Level 54, Hopewell Centre
183 Queen's Road East
Hong Kong
Telephone: (852) 2980-1988
Facsimile: (852) 2882-6700
HUTCHISON WHAMPOA (13): Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------------
The creditors of Hutchison Whampoa International (13) Limited are
required to file their proofs of debt by Oct. 20, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 12, 2014.
The company's liquidator is:
Ying Hing Chiu
Level 54, Hopewell Centre
183 Queen's Road East
Hong Kong
Telephone: (852) 2980-1988
Facsimile: (852) 2882-6700
MATLINPATTERSON MUNICIPAL: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------------------
The creditors of Matlinpatterson Municipal Fund Ltd. are required
to file their proofs of debt by Sept. 30, 2014, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 22, 2014.
The company's liquidator is:
Ogier
c/o Joanne Huckle
Telephone: (345) 815 1895
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PINEAPPLE LTD: Creditors' Proofs of Debt Due Oct. 1
---------------------------------------------------
The creditors of Pineapple Ltd. are required to file their proofs
of debt by Oct. 1, 2014, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 20, 2014.
The company's liquidator is:
Ogier
c/o Justin Savage
Telephone: (345) 815 1816
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ROTELLA MOLINERO: Commences Liquidation Proceedings
---------------------------------------------------
On Aug. 25, 2014, the sole shareholder of Rotella Molinero
Multistrat Master Fund Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Rotella Capital Management, Inc.
800 Bellevue Way NE
Suite 200, Bellevue
WA 98004, USA
Telephone: +1 (312) 467 2700
c/o Niall Hanna
Walkers, 190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 814 4201
Facsimile: +1 (345) 949 7886
e-mail: niall.hanna@walkersglobal.com
=============
J A M A I C A
=============
JAMAICA: S&P Affirms LT 'B-' Sovereign Credit Rating, Outlook Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
foreign and local currency and 'B' short-term foreign and local
currency sovereign credit ratings on Jamaica. At the same time,
S&P revised the outlook on the long-term sovereign credit ratings
to positive from stable. In addition, S&P affirmed its 'B'
transfer and convertibility (T&C) assessment.
S&P's rating on Jamaica reflects its high level of general
government debt and interest burden, which contributes to fiscal
and monetary inflexibility. S&P projects the gross general
government debt burden to be 135% of GDP in 2014 (Standard &
Poor's deducts debt that the public-sector National Insurance Fund
holds). Interest payments are likely to consume more than 25% of
general government revenues in the current fiscal year. The
country's weak economic structure, with negative average per
capita GDP growth of 2.1% annually during 2008-2012, and small,
open economy increase its vulnerability to adverse external
economic developments. The country remains vulnerable to
hurricanes because of its location in the hurricane belt.
The ratings also reflect Jamaica's stable democracy and open
political system that sustains political stability and policy
predictability. The government, led by Prime Minister Portia
Simpson-Miller of the People's National Party, enjoys a strong
majority in Parliament and does not face elections till late 2016.
The country has demonstrated its willingness to service its debt
through running a primary budget surplus (the budget balance less
interest payments) of 7.5% of GDP last year and could achieve a
similar target in the current fiscal year. The central government
ran a small overall fiscal surplus of 0.1% of GDP last year,
helped in part by reduced interest payments following a debt
exchange affecting locally issued debt that the sovereign had
undertaken in early 2013.
The government has taken difficult initial steps to gain greater
exchange-rate flexibility and fiscal credibility, including
meeting its fiscal targets last year. It has also passed laws to
strengthen budget management, as well as to strengthen the
autonomy of the supervisors of the financial sector. S&P expects
that the economy could grow higher than 1% this year and possibly
2%-3% in future years and that the current account deficit could
decline below 7% of GDP in 2014.
Successful adherence to performance targets set in Jamaica's four-
year International Monetary Fund program, along with the issuance
of an $800 million external bond earlier this year, have supported
market confidence and external liquidity. Net foreign exchange
reserves have more than doubled in the last 12 months to exceed
$2.1 billion. Nevertheless, currency depreciation added to
Jamaica's debt burden in 2013 and may do so again in future
because more than half of total debt is dollar denominated.
The positive outlook reflects the at least one-in-three
possibility that S&P could raise the long-term ratings to 'B' in
the next six to 18 months if Jamaica sustains the improvement in
its external liquidity position, backed by continued GDP growth
and greater fiscal credibility that arises from reaching budget
targets. Adhering to ambitious fiscal and other policy
commitments would gradually boost domestic confidence and
encourage greater investment. That, along with more rapid job
creation, could strengthen the economic and political pillars
supporting Jamaica's long-term strategy to reduce its heavy debt
burden. The resulting reduction in the risk of a sharp
depreciation of the currency could help improve Jamaica's debt
trajectory , leading to a higher credit rating.
Conversely, slippage on fiscal or other reform targets could
diminish investor confidence and limit the country's growth
prospects. Similarly, external shocks such as a sudden rise in
oil prices or loss of external funding from Venezuela's
PetroCaribe program could unexpectedly weaken the currency,
putting pressure on interest rates as well as boosting inflation.
Under such a scenario, the recent improvement in external
liquidity could be reversed, and potential currency depreciation
could increase the government's debt burden. S&P could revise the
outlook back to stable as a result.
* JAMAICA: Increase in Aviation Fees Necessary, Minister Says
-------------------------------------------------------------
RJR News reports that the Government of Jamaica has defended a
plan to double aviation fees at the country's two main
international airports in January. Tourism Minister Dr. Wykeham
McNeil told RJR News that the hike had become necessary.
Dr. McNeil was responding to concerns raised by the International
Air Transport Association (IATA) which has warned regulators in
Jamaica against raising the tax charged to airlines, according to
RJR News.
The report notes that IATA said aviation taxes increase the cost
of travelling and will make Jamaica less competitive to other
destinations. But, Dr. McNeil countered with the argument that
the amount of fees paid by airlines which land in Jamaica should
be viewed against upcoming plans for the two airports, the report
relates.
One crucial element of those plans, he said, was the pending
divestment of Norman Manley Internaitonal Airport in Kingston, Dr.
McNeil discloses.
"You do want to have the expansion of your facilities . . . so
what you have to look at is the cost-benefit analysis and work out
what's best for the country," the report quoted Dr. McNeil as
saying.
The report adds that the Tourism Minister said that IATA's
assessment of the possible impact of the increased aviation fees
was short-sighted.
===========
M E X I C O
===========
GRUPO MEXICO: Buenavista Copper Mine Beset by More Flooding
-----------------------------------------------------------
Andrew Willis at Bloomberg News reports that Grupo Mexico SAB said
heavy rains during Hurricane Odile caused new flooding at its
Buenavista del Cobre copper mine in the northwestern Mexican state
of Sonora, sparking pollution concerns.
Rains last week caused two reservoirs at the mine to fill with
water, prompting the company to activate pumping teams as it seeks
to contain the situation, Grupo Mexico said in a statement
obtained by Bloomberg News.
A spill at the same mine Aug. 6 contaminated the water supplies of
at least 24,000 people, according to the government, Bloomberg
News notes. Shares fell in response, and the company spent US$150
million on its cleanup effort, Bloomberg News relates.
Bloomberg News discloses that chemicals were released following
the latest flooding at Buenavista and have contaminated the
Bacanuchi and Sonora rivers, said Vidal Vasquez Chacon, the mayor
of Arizpe, according to the newspaper Reforma. Acid levels in the
rivers are normal, Grupo Mexico said in its statement obtained by
Bloomberg News.
Grupo Mexico is among the world's largest copper producers, with
mining operations in Mexico, Peru and the U.S. The company aims to
produce 850,000 metric tons of copper this year, raising that to
1.3 million tons by 2017.
* MEXICO: Growth Getting Consumer Spending Boost, Aportela Says
---------------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Mexico's economy is
expanding in line with the government's 2014 forecast as domestic
consumer demand accelerates, Deputy Finance Minister Fernando
Aportela said in an interview in Cairns, Australia.
Growth driven by the manufacturing and export sector is now also
spilling over to domestic demand and fueling a recovery in
construction following increased government spending this year,
Aportela said on the sidelines of a Group of 20 meeting, according
to Bloomberg News. Mr. Aportela cited strong auto and retail
sales as well as employment growth in recent months, Bloomberg
News relays.
"Public spending has also had its impact," Bloomberg News quoted
Mr. Aportela as saying. "It started with exports and
manufacturing, and now we see an improvement in the domestic
market as well."
Mexican President Enrique Pena Nieto this month asked Congress to
approve a budget deficit for next year of 1 percent of gross
domestic product from 1.5 percent approved for this year,
Bloomberg News notes. The government seeks to reduce the deficit
in 2015 and erase it in coming years after increasing spending
this year in an effort to boost an economy that grew 1.1 percent
last year, the least since the 2009 recession, Bloomberg News
says.
It forecast the economy will grow 2.7 percent this year.
"The impulse of the counter-cyclical measures will continue," said
Mr. Aportela, reports Bloomberg News. "From the outset the
deficit was going to be temporary," Mr. Aportela added.
Petroleos Mexicanos, the state-owned oil company, will not be
granted a tax refund even after it over-reported crude output, Mr.
Aportela said, the report notes.
Issue Closed
"Pemex has correctly paid its taxes," Bloomberg News quoted Mr.
Aportela as saying. "I'd say that issue is closed."
Pemex, whose taxes provide Mexico's government with about a third
of its budget, had been preparing a request for the reimbursement
of taxes after over-reporting crude output for the first seven
months of the year, according to investor relations head Rolando
Galindo, Bloomberg News discloses.
Pemex Chief Executive Officer Emilio Lozoya announced Sept. 11
investments of US$5.5 billion including a fertilizer plant, a
second phase of the Los Ramones gas pipeline and ultra-low sulfur
diesel plants in five refineries, Bloomberg News adds.
======================
P U E R T O R I C O
=====================
CARIBBEAN PETROLEUM: Chapter 11 Claim Distribution Orders Upheld
----------------------------------------------------------------
Jeff Sistrunk at Law360 reports that the Third Circuit on Sept. 18
rejected Intertek USA Inc.'s argument that orders entered in
Caribbean Petroleum Corp.'s Chapter 11 bankruptcy case give
priority to tort claimants over other general unsecured creditors
in the distribution of certain insurance proceeds, saying the
plain language of the orders makes no such provision.
A three-judge appellate panel agreed with a Delaware federal judge
that, contrary to Intertek's position, the bankruptcy court orders
in question "unambiguously provide for pro rata distribution to
all holders of general unsecured claims, including tort claims,"
according to Law360.
"We conclude that the bankruptcy documents at issue are
unambiguous and were effectuated according to their plain
meaning," Judge Cheryl Ann Krause wrote for the panel, the report
notes.
Law360 recalls that a massive explosion at Capeco's fuel storage
facility in Bayamon, Puerto Rico, in October 2009 left it on the
hook for environmental damage liabilities and hundreds of millions
of dollars in tort claims, according to court documents. The
blast and resultant lawsuits led the company and its affiliates to
file for Chapter 11.
Intertek, which provided delivery services for Capeco, was named
as a co-defendant in some suits over the explosion and brought
claims for contribution and indemnification against the debtors,
court papers said, Law360 relays.
Capeco's insurer, Chartis Insurance Co., disputed the scope of its
obligations and subsequently reached a settlement with the debtors
whereby it would buy back the policies for US$24 million,
according to court documents, Law360 notes. The deal funded
distributions to holders of allowed general unsecured claims,
including tort claims, while permanently barring pending and
future claims under the Chartis policies against Chartis itself,
court papers said, Law360 relates.
The bankruptcy court confirmed both the buyback order and Capeco's
liquidation plan in May 2011. The plan provided that holders of
general unsecured claims, including tort claims, would receive a
pro rata share of the Chartis proceeds, according to court
documents, Law360 says.
Law360 relates that Intertek, which didn't object to the plan,
filed a motion and adversary complaint in October 2012, arguing
that the buyback and plan confirmation orders provide tort
claimants with a priority interest over other unsecured creditors.
Law360 notes that the bankruptcy court denied the motion, and a
Delaware federal judge later affirmed its holding, concluding that
Intertek's arguments are a "time-barred collateral attack on the
plan itself" and that the terms of the buyback order and plan are
unambiguous as to tort claimants' rights, according to court
documents.
On appeal, Intertek contended that the plain language of the
orders must be read in view of Puerto Rico's direct action
statute, which allows tort claimants to file a direct action
against an insurer, Law360 relates. According to Intertek,
language in the buyback order, coupled with that statute's intent,
calls for the Chartis proceeds to be removed from the bankruptcy
estate and placed in a separate fund to first satisfy the tort
claimants' interests, court documents said, the report discloses.
Only after the tort claimants' interests have been satisfied would
the funds be distributed pro rata to other general unsecured
creditors, Intertek argued, Law360 relates.
Judge Krause wrote that the appellate panel can't accept "this
tortured reading" of the documents at issue. The liquidation plan
"states clearly and simply that all holders of general unsecured
claims, including tort claims, are entitled to a pro rata
distribution of the Chartis proceeds, and is devoid of any
language suggesting that holders of tort claims are entitled to
different recovery than other members of the same class or are to
be treated as a separate sub-class," Judge Krause wrote, Law360
relays.
"In sum, while sharing liability insurance proceeds with other
unsecured creditors may be unpalatable for tort claim holders and,
if timely raised, arguably implicated public policy concerns in
light of Puerto Rico's direct action statute, that is what the
buyback order and Plan unambiguously provided," Judge Krause
wrote. "Nothing in either document remotely suggests otherwise,
and Intertek failed to object to either in a timely manner," Judge
Krause added.
Peter Friedman -- pfriedman@omm.com -- of O'Melveny & Myers LLP,
who is representing Capeco's liquidation trustee FTI Consulting
Inc., praised the ruling.
"We are pleased that the Third Circuit affirmed the decision of
the other two courts to look at this issue and concluded that the
plain language of the plan means what it says," the report quoted
Mr. Friedman as saying. "This decision represents another step
forward for the trust's beneficiaries," Mr. Friedman added.
Judges Marjorie O. Rendell, Joseph A. Greenaway Jr. and Cheryl Ann
Krause sat on the Third Circuit panel.
Intertek is represented by Eric J. Monzo -- emonzo@morrisjames.com
-- of Morris James LLP, John J. Kenney -- jkenney@hnrklaw.com --
and Juan A. Skirrow -- jskirrow@hnrklaw.com -- of Hoguet Newman
Regal & Kenney LLP and Paul H. Silverman --
psilverman@mclaughlinstern.com -- of McLaughlin & Stern LLP.
FTI is represented by Peter Friedman -- pfriedman@omm.com -- of
O'Melveny & Myers LLP, Christopher J. Updike --
christopher.updike@cwt.com -- of Cadwalader Wickersham & Taft LLP
and Mark D. Collins -- collins@rlf.com -- and Jason M. Madron --
madron@rlf.com -- of Richards Layton & Finger PA.
The case is Intertek USA Inc. v. Caribbean Petroleum Corp. et al.,
case number 13-4415, in the U.S. Court of Appeals for the Third
Circuit.
About Caribbean Petroleum
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico, for the import, offloading, storage and distribution of
petroleum products. Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations. The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.
John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors. Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc. The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc. Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.
In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million. Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.
The Fourth Amended Joint Plan of Liquidation for Caribbean
Petroleum and its debtor affiliates became effective on June 3,
2011.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-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
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BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
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BUETTNER SA-RT P BUET2 BZ 95403660.1 -37550595.1
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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 1029019993 -128321599
CAIUA SA ELCON BZ 1029019993 -128321599
CAIUA SA-DVD CMN ELCA11 BZ 1029019993 -128321599
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
CENTRAL COST-ADR CCSA LI 271025064 -37667553.4
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
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 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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
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