/raid1/www/Hosts/bankrupt/TCRLA_Public/141104.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, November 4, 2014, Vol. 15, No. 218
Headlines
A N T I G U A & B A R B U D A
LIAT: Wants a Smaller Airline in 2015
A R G E N T I N A
ARGENTINA: Fitch Lowers Rating on Par Bonds to 'D'
ARGENTINA: Continuing Default Leads to Weaker Economy, Fitch Says
ARGENTINA: Says It Received Bids for US$2.23 Billion in 4G Auction
ARGENTINA: Suspends P&G Over Tax Claims
B R A Z I L
BRAZIL: Budget Deficit Widens to Record as Downgrade Looms
PETROLEO BRASILEIRO: In Standoff With Auditor on Firing Executive
C A Y M A N I S L A N D S
ALTERNATIVEFOCUS PRIVATE: Creditors' Proofs of Debt Due Nov. 5
ARA ASIAN: Placed Under Voluntary Wind-Up
BALDER MANAGEMENT: Creditors' Proofs of Debt Due Nov. 6
EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
FUKUOKA PREFERRED: Commences Liquidation Proceedings
GAMA CAPITAL: Creditors' Proofs of Debt Due Nov. 5
NIAGARA DISCOVERY: Commences Liquidation Proceedings
RADCLIFFE SPC: Creditors' Proofs of Debt Due Nov. 5
RD CARD ONE: Commences Liquidation Proceedings
RD CARD TWO: Commences Liquidation Proceedings
WD MASTER: Placed Under Voluntary Wind-Up
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Moody's Affirms B1 Sovereign Rating
G R E N A D A
GRENADA: S&P Affirms then Withdraws 'SD' Sovereign ICRs
J A M A I C A
ACCOUNTANT GENERAL: No Delay in Payments for Pensioners
M E X I C O
ZACATECAS, MEXICO: Moody's Puts Ba1 Debt Rating to MXN100MM Loan
N I C A R A G U A
* NICARAGUA: To Get US$85MM IDB Loan for Hospital Care Program
P E R U
ANDINO INVESTMENT: S&P Lowers CCR to 'B'; Outlook Stable
GRUPO EMBOTELLADOR: Fitch Affirms BB+ IDR, Outlook Revised to Neg.
P U E R T O R I C O
PUERTO RICO ELECTRIC: S&P Retains CreditWatch on Power Rev. Bonds
T R I N I D A D & T O B A G O
PETROLEUM COMPANY: To Reduce Expenditure
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
LIAT: Wants a Smaller Airline in 2015
-------------------------------------
Jamaica Observer reports that LIAT, operating as Leeward Islands
Air Transport, hinted at the possibility of layoffs in the coming
months as it seeks to develop a "smaller airline in 2015".
The airline, which is owned by the governments of Antigua and
Barbuda, Dominica, St Vincent and the Grenadines, and Barbados,
said it is about to embark on its annual budget-planning exercise
and to put in place its operational plans for 2015, according to
Jamaica Observer.
"As a result of the airline's fleet transition program, LIAT will
be a smaller airline in 2015 than in 2014, operating a fleet of
nine aircraft as opposed to 11 in 2014," it said, the report
notes.
The chief executive officer of the Antigua-based airline, David
Evans said, like any responsible business, "we have to examine our
cost base, and if we fly fewer aircraft in 2015 than in 2014, we
also need to reduce our costs to reflect this," the report
relates.
"We have also been mandated by our board of directors to ensure
that our costs reflect the level of activity that we carry out,"
he said, notes the report.
But, Mr. Evans acknowledged "it is too early to say what impact
there may be on jobs as a result of this, and the company will
consult with its staff and their representatives over its plans
before making any announcement," the report adds.
Earlier this year, notes Jamaica Observer, LIAT said it would take
"decisive action" to deal with unprofitable routes as it seeks to
make its operations financially viable.
"We have been trying, before going the harsh route, to persuade
people to invest. We have met with a number of governments and
prime ministers . . . we have expressed to them that we will have
no other option but to cut the service," LIAT Chairman Jean Holder
said then, the report adds.
About LIAT
LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua. It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean. The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, Caribbean360.com said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.
On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.
David Evans replaced Mr. Brunton as chief executive officer.
=================
A R G E N T I N A
=================
ARGENTINA: Fitch Lowers Rating on Par Bonds to 'D'
--------------------------------------------------
Fitch Ratings downgrades Argentina's ratings as:
-- Par Bonds issued under Foreign Law to 'D' from 'C'.
In addition, Fitch has affirmed:
-- Foreign Currency Issuer Default Rating (IDR) at 'RD';
-- Local Currency IDR at 'CCC';
-- Short-term Foreign Currency IDR at 'RD';
-- Country Ceiling at 'CCC'.
-- Performing Foreign Law Exchanged Securities (Global 17) at
'C';
-- Local Currency exchanged bonds under Argentine Law at 'CCC';
-- Foreign and Local Currency non-exchanged securities under
Argentine Law at 'CCC';
-- Discount Bonds issued under Foreign Law at 'D'.
The ratings on all of Argentina's Fitch-rated securities have been
simultaneously withdrawn as these are no longer considered to be
relevant to Fitch's coverage.
KEY RATING DRIVERS
Argentina has not been able to cure the missed coupon payments on
its par bonds issued under foreign law after the expiration of the
30-day grace period on Oct. 30. According to Fitch's criteria,
this constitutes an event of default and Fitch has downgraded the
affected securities to 'D'. The only exchanged FC bond under
foreign law that remains performing is the Global17 bond, which
has a coupon payment scheduled for Dec. 2. Moreover, cross-
default provisions allow for holders of exchanged bond series
currently not in default to declare the acceleration of bond
payments.
Fitch's affirmation of the foreign currency IDR at 'RD' reflects
Argentina's inability to cure the default. Fitch's affirmation of
the local currency IDR at 'CCC' reflects the agency's view that
the economy will continue to suffer from higher uncertainty and
financial volatility following the sovereign default, especially
as the duration of default is unpredictable. The Argentine
economy is already in recession and this is likely to worsen as
the default event affects confidence and potentially further
constrains foreign exchange flows to the country, leading to
exchange rate volatility (official as well as parallel market
rates). Potentially higher fiscal deficits and monetization of
those deficits could further weaken Argentina's economy.
Moreover, pressure on foreign reserves is likely to resume,
especially next year as there are sizeable maturities falling due
on some of these bonds (e.g. Boden 2015).
RATING SENSITIVITIES
Note that the Foreign and Local Currency IDRs do not have Rating
Outlooks.
The resumption of timely debt service on defaulted bonds will
likely lead to the upgrade of the foreign currency IDR. At such
time, Fitch will review Argentina's ratings and make an assessment
based on the sovereign's capacity to service debt, its economic
fundamentals, and the remaining litigation risks.
ARGENTINA: Continuing Default Leads to Weaker Economy, Fitch Says
-----------------------------------------------------------------
Argentina's failure to cure its missed coupon payments on Oct. 30
constitutes a default under Fitch Ratings' criteria and has led to
a downgrade of the affected securities to 'D'. The government's
inability to reach a resolution will continue to affect already
difficult economic conditions and prospects in Argentina,
according to a new Fitch report published Oct. 31.
"Economic conditions have deteriorated significantly in 2014, with
GDP expected to post a -1.9% contraction this year, after a 3%
expansion in 2013," said Santiago Mosquera, Director in Fitch's
Latin America Sovereign Group. "We anticipate the economy will
contract even further, by -2.6% in 2015, if Argentina fails to
clear the default before presidential elections are held in
October next year. This should lead to additional pressures on
inflation, exchange rate and reserves."
Deficit monetization due to a lack of financing options has fueled
annual inflation in 2014 (41.1% according to private estimates by
9M14). The election cycle and a potential decision to mitigate
negative side effects from the default could lead to an additional
widening in the fiscal deficit and its monetization in the context
of constrained financing, further undermining inflation and
exchange rate dynamics.
Argentina's external position is expected to continue to weaken in
light of lower soy prices, contained sales of soy exports, strong
demand for FX by local economic agents, limited capital inflows
and a demanding external debt servicing calendar. International
reserves could dip below USD18bn next year, when the central
government faces over USD12bn in FC debt service.
As a cure of the default under the current administration is far
from assured, both the business community and the opposition are
looking beyond the 2015 presidential elections. The next
administration could potentially implement a more pragmatic
economic program and attempt to resolve the sovereign default to
improve financing flexibility. With a recovery in capital flows
and cross-border financing under this scenario, GDP growth could
be restored in 2016. However, growth would not pick up until
2017, as the unwinding of distortions created over the past few
years will likely prove to be challenging.
* * *
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: Says It Received Bids for US$2.23 Billion in 4G Auction
------------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina received
bids totaling US$2.23 billion in an auction of 4G mobile-phone
airwaves, a move that will double the country's capacity for
wireless calls and Internet access while boosting dwindling
foreign reserves.
The local units of Telefonica SA (TEF), Telecom Argentina SA and
America Movil SAB (AMXL), which each hold about a third of the
nation's mobile-phone market, all vied for a share of two 4G
frequency bands and for 22 percent of already-existing 3G
spectrum, according to Bloomberg News. They'll compete against a
new fourth operator, Arlink SA, a unit of media conglomerate Grupo
Uno, owned by Daniel Vila and Jose Luis Manzano, Bloomberg News
notes. The starting bid for 10 segments of the spectrum was
US$1.97 billion, the Communication Secretary's office said in an
e-mailed statement obtained by Bloomberg News.
The winning bids will be announced in mid-November, the government
has said.
"This is very important, not only because it's been guaranteed
that a fair price was paid for a natural, limited and, in some
cases, scarce resource such as the spectrum but also because the
investments the companies will have to make in infrastructure are
about $2 billion, which will contribute to foreign currency
sustainability in the future," the Communications Secretary's
office said in the statement, Bloomberg News relays.
Bloomberg News says that the government's insistence that the
participation fee be paid in dollars prompted Grupo Clarin SA
(GCLA)'s Cablevision unit to drop out of the auction, arguing that
it can't get access to dollars amid currency restrictions imposed
by the government three years ago. Locked out of global capital
markets due to litigation with holdout creditors, the nation has
depended on its shrinking reserves to service performing debt and
import energy, Bloomberg News notes. Inflows of US$2 billion
would represent about 7 percent of current reserve levels, the
report relates.
No Pesos
"The state wants to bolster its foreign reserves," Enrique
Carrier, director of Buenos Aires-based telecommunications
research firm Carrier y Asociados, told Bloomberg News by
telephone. "The operators wanted to pay in pesos at the official
exchange rate and the government told them to bring dollars from
abroad."
In a document released by the communications secretary, Claro,
America Movil's local unit, said that the central bank doesn't
permit purchases of foreign currency to pay for the auction's
license fee and asked if it could be paid in pesos instead,
Bloomberg News notes. The communications secretary said the
operator should refer to Article 30 of the auction document, which
says that "the bidding currency will be U.S. dollars," Bloomberg
News relates.
Argentina, South America's second-largest economy, has been slow
to develop 4G technology, Mr. Carrier said, notes the report.
Apart from the impoverished region north of Brazil known as the
Guianas, the rest of South America has already begun to develop
4G, Mr. Carrier said, Bloomberg News says. The technology offers
faster speeds capable of handling streaming video.
The Argentine government has given companies a five-year deadline
to install the new technology in 98 percent of the country,
Bloomberg News adds.
ARGENTINA: Suspends P&G Over Tax Claims
---------------------------------------
BBC News reports that Argentina has banned the consumer products
giant Procter & Gamble (P&G) from doing business in the country,
accusing the firm of tax fraud.
A statement on the presidential website, published on Nov. 2, said
P&G had inflated the price of imports by US$138 million (GBP87
million) in an effort to get money out of the South American
country, according to BBC News.
The report notes that Argentina also accused the firm of
attempting to avoid taxes. The report relates that the alleged
fraud involves shipments of razors and other hygiene products.
P&G, which is based in the US, could not be reached for comment,
due to the time difference, the report says.
The statement, published on behalf of Argentina's Federal
Administration of Public Revenue (Afip), added that details of the
alleged fraud have been sent to its counterpart in the US -- the
Securities and Exchange Commission, the report adds.
arynews.tv relates that P&G will be able to resume operations in
Argentina once it has paid its tax bill and fines.
"We have got to put an end to multinationals using harmfully
plotted out tax maneuvers" that hurt national governments, said
tax office Chief Ricardo Echegaray said, P&G relays.
===========
B R A Z I L
===========
BRAZIL: Budget Deficit Widens to Record as Downgrade Looms
----------------------------------------------------------
Mario Sergio Lima and Rachel Gamarski at Bloomberg News report
that Brazil's budget deficit unexpectedly widened to a record in
September, prompting the government to say it won't meet its
fiscal target as a possible credit downgrade looms. Swap rates
rose.
The budget deficit widened to BRL69.4 billion (US$28.4 billion),
more than twice the BRL31.1 billion median estimate in a Bloomberg
survey of six analysts. The gap is the biggest since the series
began in December 2001, and for the first time ever, Brazil posted
a primary deficit for the first nine months of the year, totaling
BRL15.3 billion, according to Bloomberg News.
The report notes that fresh off the closest election win since the
return of democracy, President Dilma Rousseff faces the challenge
of pulling Brazil out of recession, slowing above target inflation
and preventing a further deterioration of fiscal accounts that
threatens the country's investment grade status.
Last week, the central bank surprised analysts with an interest
rate increase, marking the first measure in an effort to regain
investor confidence, Bloomberg News notes. Now the government has
to cut spending, said Jankiel Santos, chief economist at Banco
Espirito Santo de Investimento, Bloomberg News relays.
"The credit rating firms have made it clear that the fiscal
dynamics are very bad and a downgrade will happen if there isn't a
clear, very strong and credible signal the government will reverse
spending increases," Mr. Santos told Bloomberg News in a phone
interview from Sao Paulo. "It remains to be seen if the
government will be able to do so," Mr. Santos added.
Real Weakens
Bloomberg News says that the real weakened 2 percent to 2.4510 per
U.S. dollar at 1:16 p.m. local time on Oct. 31, after the budget
report, erasing part of the 2.41 percent gain on Oct. 30. Swap
rates on the contract due in January 2017, the most traded in Sao
Paulo Oct. 30, rose 16 basis points, or 0.16 percentage point, to
12.37 percent, Bloomberg News notes.
Standard & Poor's in March downgraded Brazil's credit rating to
one level above junk, citing a slowdown in economic growth and a
deterioration in fiscal accounts, Bloomberg News relays. Moody's
Investors Service signaled it could cut Brazil's credit rating to
one level above junk when it lowered the outlook to negative in
September, Bloomberg News notes.
The primary surplus, which excludes interest payments, narrowed to
0.61 percent of gross domestic product in the 12 months through
September, compared with a 1.9 percent target for 2014, Bloomberg
News relays.
Bloomberg News notes that the government will present a bill to
revise its fiscal target in November, Treasury Secretary Arno
Augustin told reporters in Brasilia. Mr. Augustin said the 2015
target of at least 2 percent of GDP is still viable.
"I don't believe" Brazil will be downgraded, Bloomberg News quoted
Mr. Augustin as saying.
Weaker Activity
The September result "arises from weaker economic activity,
falling revenue and rising investments," said Tulio Maciel, the
central bank's director of economic research, to reporters in
Brasilia, Bloomberg News discloses. "This result signals that at
the end of the year we will have an expansionary fiscal policy,
when we had been assuming a neutral policy," Bloomberg News quoted
Mr. Maciel as saying.
Fiscal policy should tend toward neutrality by the end of 2015,
Mr. Maciel added.
The central bank on Oct. 29 raised the benchmark interest rate a
quarter-point to 11.25 percent in a bid to slow inflation,
surprising traders and most economists who forecast a hold,
Bloomberg News notes. It was the first increase since April.
The cost to protect the nation's debt securities against non-
payment for five years dropped as investors interpreted the
central bank move as a sign President Rousseff is willing to
unwind policies that fanned inflation and boosted the budget
deficit, Bloomberg News notes.
Annual Rate
Inflation in the month through mid-October accelerated to 0.48
percent from 0.39 percent a month earlier, while the annual rate
held at 6.62 percent, Bloomberg News notes. The central bank
targets annual inflation of 4.5 percent, plus or minus two
percentage points, Bloomberg News relates.
Brazil's economy entered recession after gross domestic product
shrank 0.6 percent in the second quarter in the biggest quarterly
contraction since 2009, Bloomberg News relays. That followed a
revised 0.2 percent drop in the first three months of the year,
Bloomberg News discloses.
GDP will expand 0.3 percent in 2014, the worst performance in five
years and shy of the Latin American and global average, according
to analysts surveyed by Bloomberg.
PETROLEO BRASILEIRO: In Standoff With Auditor on Firing Executive
-----------------------------------------------------------------
Sabrina Valle at Bloomberg News reports that Petroleo Brasileiro
SA's auditor PricewaterhouseCoopers is demanding that the Rio de
Janeiro-based producer fire a top executive who is cited in a
corruption investigation before it approves the third-quarter
earnings, said two people with direct knowledge of the issue.
Petrobras discussed dismissing Sergio Machado, the head of the
Transpetro transport unit, for four hours at a board meeting
without reaching a decision because some members said they were
concerned it would cause friction in President Dilma Rousseff's
ruling coalition, the people said, who declined to be named
because the information isn't public, Bloomberg News notes. PwC
may have additional demands apart from Mr. Machado's dismissal
before it approves the earnings report, one of the people said,
Bloomberg News relates.
Mr. Machado has denied any irregularities and said the accusations
are absurd, Transpetro said in an e-mailed response to Bloomberg
from its press department. Mr. Machado has no knowledge about
discussions at Petrobras's board meeting or any recommendations
from PwC, according to the response.
The state-controlled oil company is at the center of a wide-
ranging, multi-billion dollar money laundering and bribery
investigation that has put President Rousseff, who was the
company's chairwoman from 2003 to 2010, on the defensive,
Bloomberg News discloses. It was a major theme in elections last
month that President Rousseff won by a small margin, reports
Bloomberg News.
Petrobras's former head of refining Paulo Roberto Costa, who is
currently under house arrest under a plea bargain agreement with
prosecutors, said in videotaped testimony he received BRL500,000
(US$202,000) in payments from Mr. Machado, Bloomberg News notes.
Mr. Machado is the only Petrobras executive cited by Costa for
alleged bribing who still works at the company, Bloomberg News
discloses.
Former Senator
A majority of the 10-member board favored dismissing Mr. Machado
to guarantee compliance with PwC's requirements, while others
voiced concern at firing a former senator and ally of Senate
President Renan Calheiros, the people said, Bloomberg News
discloses. Executives at the meeting said Mr. Machado has refused
to step down on his own, the people said, Bloomberg News notes.
Mr. Machado, who was first elected to the senate in 1994, joined
Calheiros's PMDB party in 2001 that became part of former
president Luiz Inacio Lula da Silva's ruling coalition in 2003,
and it remains part of President Rousseff's political alliance,
Bloomberg News says. Mr. Machado has headed Transpetro since
2003.
PwC alerted Petrobras in written correspondence before the board
meeting that it wouldn't approve Transpetro accounts signed by Mr.
Machado and urged it to take action, according to the documents
reviewed by Bloomberg. PwC said it may need to notify U.S.
authorities and cancel the contract with Petrobras that expires at
the end of this year, the documents show, Bloomberg News says.
The report says PwC's ultimatums highlight how the corruption
allegations expose Petrobras to scrutiny in other jurisdictions
where its securities trade. It also shows the company is
deepening internal investigations to comply with market rules
outside of Brazil at the request of third parties, Bloomberg News
discloses.
Fuel Price
The report notes that Petrobras suspended the meeting without
discussing a fuel price increase that investors were hoping for.
Petrobras originally planned to release its earnings on Nov. 1,
and it delayed the announcement without explaining why or
announcing a new date. Brazilian companies have until Nov. 14 to
release third-quarter results, and the company currently plans to
release on that day, one of the people said, Bloomberg News notes.
Bloomberg News says that management is dedicating time to
investigate the claims and executives, including Chief Executive
Officer Maria das Gracas Foster, have been traveling to Brasilia
to testify before congress at a time it is trying to double
production from deepwater fields in the Atlantic.
Earlier last month Petrobras hired two law firms to investigate
alleged corruption after PwC said it wouldn't sign off on
quarterly results, the people said, Bloomberg News discloses. PwC
told Petrobras it would have to alert U.S. authorities if
appropriate action wasn't taken, the people said.
Petrobras is a "victim" in the investigation and is collaborating
with authorities, it said in a Oct. 27 statement, Bloomberg News
adds.
Talks to Resume Tomorrow
Sabrina Valle, writing for Bloomberg News said Petrobras' board
will resume talks tomorrow, Nov. 5, over PwC's demand to have Mr.
Machado removed, said two people with knowledge of the issue.
The report added that the former head of refining Paulo Roberto
Costa, who's under house arrest under a plea bargain deal with
prosecutors, said in videotaped testimony he received BRL500,000
(US$202,000) from Mr. Machado, the only Petrobras executive cited
by Costa for alleged bribing who still works at the company.
About Petroleo Brasileiro
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products. The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 23, 2014, Moody's Investors Service downgraded Petrobras
S.A.'s (Petrobras)'s Preferred Shelf (Foreign Currency) rating to
(P)Ba1 from (P)Baa3.
==========================
C A Y M A N I S L A N D S
==========================
ALTERNATIVEFOCUS PRIVATE: Creditors' Proofs of Debt Due Nov. 5
--------------------------------------------------------------
The creditors of Alternativefocus Private Equity I, Ltd. are
required to file their proofs of debt by Nov. 5, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 24, 2014.
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
ARA ASIAN: Placed Under Voluntary Wind-Up
-----------------------------------------
On Sept. 10, 2014, the sole shareholder of Ara Asian Asset Income
Fund resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Stephen Ray Finch
7 Temasek Boulevard
#04-02A Suntec Tower One
038987, Singapore
Facsimile: 6568 359672
BALDER MANAGEMENT: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------------
The creditors of Balder Management are required to file their
proofs of debt by Nov. 6, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 18, 2014.
The company's liquidator is:
Christopher Kennedy
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
EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Aug. 28, 2014, the sole shareholder of Everbright Ashmore
Raycom Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Nov. 3, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Antoine Bastian
c/o Richard Bennett/Phoebe Chan
Telephone: +852 3656 6069/ +852 3656 6063
Facsimile: +352 949-9877
Ogier Fiduciary Services (Cayman) Limited
89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
FUKUOKA PREFERRED: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 25, 2014, the shareholder of Fukuoka Preferred Capital 2
Cayman Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Oct. 28, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GAMA CAPITAL: Creditors' Proofs of Debt Due Nov. 5
--------------------------------------------------
The creditors of Gama Capital Management Fund are required to file
their proofs of debt by Nov. 5, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 22, 2014.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
NIAGARA DISCOVERY: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 4, 2014, the sole shareholder of Niagara Discovery 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:
Michael Grant
c/o Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6386
RADCLIFFE SPC: Creditors' Proofs of Debt Due Nov. 5
---------------------------------------------------
The creditors of Radcliffe SPC, Ltd. are required to file their
proofs of debt by Nov. 5, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 22, 2014.
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
RD CARD ONE: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 22, 2014, the shareholders of RD Card Cayman One Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Palamon Capital Partners, LLP
as the general partner of the general partner of
Palamon European Equity II, L.P.
c/o Cleveland House, 33 King Street, London SW1Y 6RJ
Telephone: +1 (345) 914 6365
RD CARD TWO: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 24, 2014, the sole shareholder of RD Card Cayman Two
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Palamon European Equity II, L.P.
c/o Cleveland House, 33 King Street
London SW1Y 6RJ
Telephone: +1 (345) 914 6365
WD MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------
On Sept. 22, 2014, the sole shareholder of WD Master Fund, Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 29, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Moody's Affirms B1 Sovereign Rating
-------------------------------------------------------
Moody's Investors Service has affirmed the Dominican Republic's B1
sovereign rating. The rating outlook remains stable.
The key drivers of the rating action are the following:
1) A strengthening recovery in economic activity and, importantly,
improving external finances.
2) The fiscal deterioration from 2012 has been reversed and public
debt will likely stabilize this year.
3) Nevertheless, the risk of electoral-related fiscal easing in
2016 remains latent.
The sovereign's B1 rating is underpinned by 'moderate (-)'
economic strength given its relatively wealthy and dynamic
economy, 'low (-)' institutional strength, 'very low (+)' fiscal
strength owing to a high share of foreign currency in the
government's debt profile, and 'moderate (-)' susceptibility to
event risk given relatively weak external liquidity.
The stable outlook balances recent progress on fiscal
consolidation and decreased external imbalances, with latent
vulnerabilities related to an increasing cost of funding, limited
progress in curbing electricity sector challenges and the
persistent risk of fiscal easing ahead of 2016 elections.
The Dominican Republic's local-currency country risk ceilings,
foreign currency bond ceiling, and foreign-currency bank deposit
ceilings remain unchanged at Ba1, Ba2 and B2, respectively. These
ceilings reflect a range of undiversifiable risks to which issuers
in any jurisdiction are exposed, including economic, legal and
political risks. These ceilings act as a cap on ratings that can
be assigned to the foreign and local-currency obligations of
entities domiciled in the country.
Rating Rationale
The principal driver of Moody's decision to affirm the Dominican
Republic's sovereign rating is the continued recovery in economic
activity and improving external finances. The advent of gold
exports and higher tourism receipts underpinned the recovery in
the second half of 2013, bringing full-year economic growth to
4.6%. This offset the slowdown in the first half of 2013 as the
authorities enacted consolidation measures to cut government
expenditure and raise taxes in order to narrow the large fiscal
imbalance. Economic activity accelerated strongly in the first
half of 2014 with output expanding 7.2%. The firming US recovery
has had a positive impact on tourism, trade and remittances to the
Dominican economy, while construction and manufacturing activity
are expanding at robust rates. Moody's expects more moderate
growth in the second half of 2014, owing to a higher base of
comparison, and that full-year growth will likely reach 6% in
2014. Moody's estimates that output growth will reach 4.8% in
2015.
Moreover, the external current account deficit declined to 4.1% of
GDP in 2013 from 6.7% in 2012. The commencement of commercial
operations at the Pueblo Viejo gold mine significantly increased
export receipts and will likely sustain a continued narrowing of
the external deficit. Moody's forecasts that the current account
deficit will narrow to 3.5% of GDP by the end of 2014 and the
adjustment will likely continue in 2015.
The second driver underpinning the rating affirmation is the
strong reduction in the fiscal deficit. Following substantial
fiscal slippage related to the 2012 elections, consolidation has
proceeded apace. As had been the case in the previous two
presidential election cycles, the authorities have reversed the
2012 fiscal expansion that culminated in a 6.5% of GDP central
government deficit from a 2.5% deficit in 2011. Moody's forecasts
that the fiscal deficit will decrease to 2.6% of GDP in 2014, and
that consolidation is likely through 2015 with the deficit
narrowing to a sustainable 2.3%, implying a primary surplus of
0.6%. The improvement in the fiscal balance will likely halt
negative debt dynamics in 2014, and debt ratios will decrease in
2015 to slightly under 40% of GDP.
The third driver of the affirmation is the risk of electoral-
related fiscal easing in 2016. Despite the continued progress on
consolidation and the favorable macroeconomic outlook, the fiscal
outlook beyond 2015 is clouded by the 2016 presidential and
legislative elections. Fiscal slippage similar in magnitude to
that of 2012 would likely jeopardize the sustainability of public
finances, raising debt ratios and interest payments that would
pressure the sovereign's creditworthiness. The government's
interest-to-revenue ratio reached 15.9% at the end of 2013 and is
projected to rise to 19% by 2015.
The authorities are conscious of the important deterioration in
the interest-to-revenue ratio, but highlight their commitment to
fiscal consolidation as a way to address the greater interest
expenditures. Spending restraint ahead of the elections will be
key in determining the sovereign's credit prospects. A significant
widening of the fiscal deficit in 2015 and 2016 would lead to a
deterioration of creditworthiness given a larger debt and interest
burden. Conversely, fiscal restraint would mark an inflection
point, signaling a break with a traditional credit weakness and
improved institution strength that would support a stronger credit
profile.
What Could Move The Rating Up/Down
The sovereign's rating could face upward pressure if
vulnerabilities to external shocks decline, and if budgetary
flexibility is improved through a combination of structural
revenue increases and reduced transfers to the electric sector.
Continued consolidation of government finances and fiscal
restraint through the 2016 general election would also support an
improvement in credit quality.
Conversely, a weakening of external finances that results in a
substantial decrease of foreign exchange reserves or an abrupt
depreciation of the currency could put downward pressure on the
rating. Material fiscal slippage that reverses progress on
consolidation and leads to continued increases in debt levels or
funding costs could also lead to a lower rating.
GDP per capita (PPP basis, US$): 12,173 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 4.6% (2013 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 3.9% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -2.8% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -4.1% (2013 Actual) (also known as
External Balance)
External debt/GDP: 44.3% (2013 Actual)
Level of economic development: Low level of economic resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On 30 October 2014, a rating committee was called to discuss the
rating of the Dominican Republic, Government of. The main points
raised during the discussion were: The issuer's economic
fundamentals, including its economic strength, have materially
increased. The issuer's fiscal or financial strength, including
its debt profile, has materially increased. The issuer has become
less susceptible to event risks.
The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
=============
G R E N A D A
=============
GRENADA: S&P Affirms then Withdraws 'SD' Sovereign ICRs
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'SD/SD' long- and
short-term sovereign issuer credit ratings on Grenada and its 'D'
ratings on Grenada's senior unsecured debt. Subsequently, S&P
withdrew the ratings. S&P's transfer and convertibility
assessment was 'BBB-' at the time of withdrawal.
RATIONALE
The ratings on Grenada reflected the government's 2013 default and
continuing nonpayment status on its US$193 million bonds and
Eastern Caribbean dollar (XC$) 184 million bonds, both due in
2025. Grenada's net general government debt totaled 95% of GDP at
the end of 2013. Its government interest burden was 16% of
general government revenues in 2012, the year prior to default.
The government of Grenada rescheduled its commercial debt in 2005
and its Paris Club debt in 2006 after two hurricanes destroyed
much of the island's infrastructure in 2004-2005.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that all the key rating factors were
unchanged.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the rationale and outlook. The weighting of all rating factors
is described in the methodology used in this rating action.
RATINGS LIST
Ratings Affirmed
Grenada
Sovereign Credit Rating SD/--/SD
Transfer & Convertibility Assessment BBB-
Senior Unsecured D
Ratings Subsequently Withdrawn
To From
Grenada
Sovereign Credit Rating NR/--/NR SD/--/SD
Transfer & Convertibility Assessment NR BBB-
Senior Unsecured NR D
=============
J A M A I C A
=============
ACCOUNTANT GENERAL: No Delay in Payments for Pensioners
-------------------------------------------------------
RJR News reports that the Ministry of Finance, said pensioners
paid by the Accountant General's Department, will not experience a
delay in the payment of pensions for next month.
The Ministry said, while it does not anticipate any disruptions,
clients should call the office if they have concerns, according to
RJR News.
The report relates that the advisory follows arrest of five
persons by the Major Organised Crime and Anti-Corruption Agency
(MOCA), which is probing a massive fraud at the Accountant
General's Department. A senior employee is among the detainees.
MOCA investigators alleged, that over an unspecified period,
employees at the Accountant General's Department, diverted funds
from the accounts of pensioners who have died, the report notes.
It's reported that millions of dollars have been stolen in the
racket, the report adds.
===========
M E X I C O
===========
ZACATECAS, MEXICO: Moody's Puts Ba1 Debt Rating to MXN100MM Loan
----------------------------------------------------------------
Moody's de Mexico assigned debt ratings of Ba1 (Global Scale,
local currency) and A1.mx (Mexico National Scale) to the following
two enhanced loans of the municipality of Zacatecas:
-- MXN 110 million enhanced loan from Banorte (original face
value)
-- MXN 40 million enhanced loan from Banobras (original face
value)
Both loans have a maturity of 12 years with 9 months of grace
period for principal payments and are paid through a master trust
(Invex, trust number F 2150). The loans pay an interest rate
composed of the 28-day Mexican Interbank Interest Rate (TIIE in
Spanish) plus a spread.
Ratings Rationale
The Ba1/A1.mx debt ratings assigned to the enhanced loans reflect
the underlying creditworthiness of the municipality of Zacatecas
(Ba3/A3.mx, stable outlook), supported by the following legal and
credit enhancements embedded in the loans:
MXN 110 million enhanced loan with Banorte
1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.
2. Strong trust structure based on an irrevocable instruction to
the State of Zacatecas regarding the transfer of 24.5% of the
municipality's participations to the trustee.
3. Very strong debt service coverage ratios: under a Moody's base
case scenario estimated cash flows generate 3.5x debt service
coverage at the lowest point during the life of the loan. Under a
stress case scenario, estimated cash flows provide 2.4x debt
service coverage, at the lowest point during the life of the loan.
4. Moderate level of reserves that represent a minimum of 1.7x
debt service coverage throughout the life of the loan and provide
enough cushion against payment delays.
MXN 40 million enhanced loan with Banobras
1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.
2. Strong trust structure based on an irrevocable instruction to
the State of Zacatecas regarding the transfer of 10.0% of the
municipality's participations to the trustee.
3. Very strong debt service coverage ratios: under a Moody's base
case scenario estimated cash flows generate 3.3x debt service
coverage at the lowest point during the life of the loan. Under a
stress case scenario, estimated cash flows provide 2.4x debt
service coverage, at the lowest point during the life of the loan.
4. Moderate level of reserves that represent a minimum of 1.4x
debt service coverage throughout the life of the loan and provide
enough cushion against payment delays.
What Could Move The Ratings Up/Down
Given the links between the loans and the credit quality of the
obligor, an upgrade of the municipality of Zacatecas' issuer
rating would likely result in an upgrade of its enhanced loans
ratings. The ratings could also face upward pressure if observed
and projected debt service coverage ratios increase above current
thresholds. Conversely, a downgrade of the municipality of
Zacatecas' issuer ratings could also exert downward pressure on
the ratings of the loans. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.
The methodologies used in these ratings were Enhanced Municipal
and State Loans in Mexico published in June 2014 and Regional and
Local Governments published on January 2013.
The period of time covered in the financial information used to
determine the rating is between 1 January 2009 and 31 December
2013.
=================
N I C A R A G U A
=================
* NICARAGUA: To Get US$85MM IDB Loan for Hospital Care Program
--------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved an US$85
million loan to improve the availability and quality of
specialized out-patient and hospital care in the western region of
Nicaragua. To do this, efforts will be made to integrate with the
network of primary and community health care so as to benefit
people's health.
The program will help to slow down mortality related to chronic
diseases and maternal and neo-natal mortality in the region.
Western Nicaragua has the highest incidence of chronic kidney
disease in the country and accounts for 18 percent of all deaths,
compared to six percent at the national level. At the same time,
the departments of Le¢n and Chinandega suffer from a high rate of
deaths of people aged 30 to 49 because of cardiovascular problems,
far above the national average.
Most of the new resources will be allocated for construction,
equipment and management updating at the new Hospital Escuela
Oscar Danilo Rosales Argello (HEODRA). HEODRA is a regional
hospital, which leads the network of services in the western
region. It is estimated that 75 percent of the current
infrastructure is in poor condition, weakening its capacity to
respond to people's health needs.
The new HEODRA will feature 346 beds, eight operating rooms, 34
out-patient offices and a maintenance plan that ensures the
sustainability of the investment. A hospital information system
will be implemented to support organizational and management
innovations. The goal is for the hospital to offer specialized
services, boast high-quality clinical departments with up to date
technology and adequate and skilled staff to serve the population
better.
Financing will be provided for the new hospital to optimize its
integration in the network with the supply of equipment,
rehabilitation or extension of the primary care units so they can
deal with the demand that they are supposed to handle. The
project all calls for the strengthening of the Center for
Maintenance of Medical Teams at the national level.
The program aims to improve kidney health by developing a project
offering education and prevention, health care workers' training
and review of protocols. A national registry of kidney patients
will be created and a kidney transplant unit will be created.
The resources in the operation come in equal parts from the IDB's
ordinary capital and its Fund for Special Operations. The
government of Nicaragua will contribute an estimated US$5.6
million, for an overall cost of US$90.6 million. The executing
agency is the Nicaraguan Health Ministry.
=======
P E R U
=======
ANDINO INVESTMENT: S&P Lowers CCR to 'B'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on Andino Investment Holding S.A.A. (AIH) to 'B' from 'B+'.
The outlook is stable.
"The downgrade reflects the company's weaker-than-expected
operating performance, which resulted in a deterioration in its
credit metrics," said Standard & Poor's credit analyst Marcus
Fernandes. This was mainly due to unfavorable external economic
conditions, including weaker terms of trade, which slowed Peruvian
economic growth. The downgrade also reflects S&P's view of AIH's
negative free cash flow generation prospects in the next two
years, and its expectation that debt to EBITDA will remain more
than 5.0x in the next 12-18 months.
GRUPO EMBOTELLADOR: Fitch Affirms BB+ IDR, Outlook Revised to Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' foreign and local currency
Issuer Default Ratings (IDRs) of Grupo Embotellador Atic S.A.
(Atic) and revised the Outlook to Negative from Stable. In
conjunction with this rating action, Fitch has affirmed the 'BB+'
rating of Ajecorp B.V.'s (Ajecorp) USD450 million notes due in
2022. Ajecorp is a wholly owned subsidiary of Atic and is
incorporated in the Netherlands as a limited liability company.
Ajecorp's 2022 notes are unconditionally guaranteed by Atic and
its key operating subsidiaries.
The Negative Outlook reflects increased loans to sister companies,
while market conditions remain difficult in key markets such as
Peru, Colombia, Mexico and Thailand. The loans have benefited a
beverage company in Indonesia owned by Atic's shareholders. The
ratings of Atic and Ajecorp will be downgraded within six months
if this company is not brought into the guarantor group. Even if
this were to occur, the ratings would likely remain with a
Negative Outlook. Fitch remains concerned about the company's
weak cash flow generation in crucial countries such as Peru,
Colombia and Mexico. If Atic's performance in these markets does
not recover within 12 to 18 months, negative rating actions will
likely occur.
KEY RATING DRIVERS
High Leverage and Tight Liquidity
Fitch projects that Atic's year-end net leverage ratio will be
3.8x absent the incorporation of any sister companies. The
company's challenging markets, along with its loans to related
parties, have increased this figure from 3.1x in 2013 and 2.2x in
2012. Atic had USD534 million of consolidated debt as of June 30,
2014 versus USD75 million of cash and marketable securities. Only
USD42 million of the company's debt is due in the short term.
Atic also has undrawn liquidity facilities. Atic's cash has
fallen from USD202 million in 2012. During 2013, the company
spent USD90 million on capex and around USD75 million on loans to
related parties.
Cash Flow Pressured
Fitch expects EBITDA to be around USD125 million for 2014. Atic's
EBITDA has been pressured by strong competition in Thailand, the
implementation of taxes on caloric beverages in Mexico in 2014,
intense price competition between Pepsi and Coca-Cola in Colombia,
and poor market conditions in Peru. The company continues to be
cash flow negative in Brazil and is quickly decreasing the scope
of its operations in that country. Atic's EBITDA during the LTM
ended June 30, 2014 was USD122 million. This figure compares
poorly with USD140 million in 2013 and USD150 million in 2012.
Limited Upside in Thailand
The company's presence in Thailand has decreased and cash flow
from this market is not expected to rebound to historical levels.
During 2012, Thailand represented around 15% of Atic's EBITDA.
The company has decreased its production and distribution presence
in this market following changes in market dynamics during 2012.
Key competitors in this market are Coca-Cola, PepsiCo, Inc.
(Pepsi) and Thai Beverage Plc. When Pepsi's bottling agreement
with ThaiBev expired at the end of 2012, ThaiBev launched its own
soft drink and quickly captured about 20% of Thailand's carbonated
soft drink market. At the same time, Coca-Cola seized the
opportunity to re-enter the market in the second half of 2013 and
aggressively expanded its presence.
Geographic Diversification
Colombia represented 49% of Atic's consolidated EBITDA as of
June 30, 2014. The company's next most important market was Peru
(35%), followed by Central America (27%), Ecuador (10%), and
Venezuela (10%). Historically its home market of Peru has been a
non-cola market, which benefits B-brand producers as they rely
heavily upon non-cola products. Central America and Ecuador have
become drivers of sales growth. The level of geographic
diversification mitigates to a degree the company's exposure to
markets such as Venezuela, where economic and political
uncertainty are high.
Market Position in 'B' Brand Segment
Atic has a relatively small presence in each country with market
shares typically below 20% and faces strong competition from Coca-
Cola and Pepsi in each market. Atic prices its products
approximately 30% to 40% lower than Coca-Cola's products and
competes directly against other producers of non-branded products
in the 'B' brand segment of the market. The company's target
customers are price sensitive consumers in the lower economic
classes. Nearly 90% of its consolidated sales occur at mom-and-
pop stores. Its key brands are 'Big Cola' and 'Kola Real'.
Family Ownership
Substantial loans to related companies are permitted under the
bond indenture but remain credit concerns. Atic's controlling
shareholders, the Ananos family, own other beverage companies,
such as Callpa Limited and Kinlest Investments, which produce and
sell Aje-brand beverages. Many of these companies are domiciled
in Asia. The family also directly owns the formulas for the
beverages produced by the company, which results in the transfer
of some operating profits to the shareholders in the form of
royalty payments.
RATING SENSITIVITIES
A positive rating action is not likely to occur in 2014 or 2015.
A negative rating action would occur if Atic fails to incorporate
the operations of a substantial sister company into the guarantee
structure. The Negative Outlook will most likely continue to
remain even if the company adds additional guarantors. If the
company's operations do not improve in other markets and leverage
remains above 3x, a rating downgrade will likely occur.
=====================
P U E R T O R I C O
=====================
PUERTO RICO ELECTRIC: S&P Retains CreditWatch on Power Rev. Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services has maintained its CreditWatch
on Puerto Rico Electric Power Authority's (PREPA) power revenue
bonds. S&P originally placed the rating on CreditWatch with
negative implications June 18, 2014.
"The rating, which we lowered to 'CCC' from 'B-' on July 29,
indicates that we believe the authority's debt is vulnerable to
nonpayment and depends upon favorable business, financial, and
economic conditions for the obligor to meet its commitment," said
Standard & Poor's credit analyst Judith Waite. "In this event,
PREPA is not likely to have the capacity to meet its financial
commitment on its obligations," Ms. Waite added.
PREPA has $8.3 billion of power revenue bonds. A pledge of the
electric system's net revenues secures the bonds.
"We believe that the absence of an overarching solution to
liquidity issues and the structural imbalance among its revenues,
operating expenses, and debt service commitments suggests an
increasing likelihood that the authority will not be able to
satisfy debt service obligations on time and will avail itself of
the Puerto Rico Public Corporation Debt Enforcement and Recovery
Act to restructure its debt," S&P said. The law, which took
effect June 28, "allows public corporations, among other things,
to adjust their debts in the interest of all creditors affected
thereby; provides procedures for the orderly enforcement and, if
necessary, the restructuring of debt in a manner consistent with
the Commonwealth Constitution and the U.S. Constitution; and
maximizes returns to all stakeholders by providing them going
concern value based on each obligor's capacity to pay."
PREPA's inability to successfully negotiate renewal of liquidity
facilities needed to purchase oil has compounded its weakened
financial position. The negotiating deadline for the revolving
credit facilities has been extended to March 31, 2015. This
extension is part of an agreement with Insurers and bondholders
controlling more than 60 percent of the authority's bonds to amend
the existing bond documents to provide it with liquidity and time
to work with its creditors to develop a restructuring plan.
In accordance with the agreement, PREPA hired a chief
restructuring officer to assist it develop a restructuring plan
proposal by March 2, 2015, that is reasonably acceptable to at
least two-thirds of forbearing bondholders. In the interim, the
authority must develop by Dec. 15, 2014, a five-year plan to
address its numerous operational and financial challenges. The
chief restructuring officer will deliver a report on best
practices to the authority by Nov. 15, 2014.
Liquidity is the immediate risk. The forbearance agreement
requires PREPA to provide an initial 13-week cash flow forecast
with monthly updates. It also allows the authority to use cash in
the construction fund to provide some additional interim
liquidity. The bank lines used to purchase oil are almost fully
drawn but are paid down as revenue associated with fuel costs
comes in, and then redrawn to purchase additional oil.
Although not making credit facility payments is not a default
under the revenue bond indenture, S&P believes the authority's
inability to repay the amounts outstanding will increase the
likelihood that it will restructure its debt. S&P will lower the
rating if PREPA restructures its debt by extending maturity dates
to reduce annual debt service payments, which S&P would view as a
default under its criteria.
S&P expects to resolve the CreditWatch placement in the next four
months after it has evaluated PREPA's plans and the actions they
will take to resolve the imbalance between revenues, expenses, and
debt service. S&P will lower the rating if PREPA restructures the
debt by extending maturity dates, which is a default according to
its rating policies.
================================
T R I N I D A D & T O B A G O
================================
PETROLEUM COMPANY: To Reduce Expenditure
----------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
increased efficiency and reduced expenditure are just two ways in
which the Petroleum Company of Trinidad and Tobago Limited
(Petrotrin) is taking steps to mitigate against the recent fall in
crude oil prices.
Contingency plans are being devised "to see how the company would
fare based on oil prices ranging from US$70 per barrel to US$90
per barrel," the report quoted Petrotrin Chief Executive Officer
and President, Khalid Hassanali, as saying.
In an interview with Newsday, Mr. Hassanali said these plans would
be based on data obtained from a "sensitivity analysis" of
Petrotrin's budget for fiscal 2015; October 1, 2014 to Sept. 30,
2015, which was completed last week, and from one of the company's
"five-year forecast."
Questioned about the possible reduction in staff's working
hours/shifts and/or laying off of staff, Mr. Hassanali said this
was not on the agenda, notes the report. Rather, Petrotrin "has
already started to cut costs in exploration and production (E&P),
refining and marketing, and at the administrative level," the
report relates.
"We are also looking at ways to improve our refinery (profit)
margins; which have been narrow for some time now, by looking for
new markets/better prices for our products and better prices for
our crude," Mr. Hassanali stated, according to the report.
Trinidad and Tobago's budgeted oil price of US$80 is pegged to the
price of West Texas Intermediate (WTI) crude oil, the report
relates. WTI and Brent crude "suffered heavy losses in Friday
trading (October 31), ending a week that saw some early optimism
resurface for the oil market," the United Press International
(UPI) reported, says Newsday.
"WTI dipped briefly below the $80 threshold in Monday trading
(October 27)," UPI noted, "with Brent moving in parallel," the
report relays. "Early price movements were a reflection of a grim
forecast about future contracts from Goldman Sachs, which trumped
the optimism that greeted a European Central Bank stress test
concluding durability in the face of further financial strain."
Although there was "some traction" last Tuesday (October 28),
following upbeat earnings reports for energy companies which said
they were "coping with the bear market for crude oil," UPI
reported that by Friday, Brent and WTI had suffered losses, with
WTI and Brent both shedding more than US$1 to trade at US$79.96
and US$84.76 per barrel, respectively, the report notes.
"Long-term contracts show WTI hovering around US$79 per barrel,
before recovering by mid-2015. For Brent, there are few signs of
a rebound above the US$90 mark," UPI stated, the report adds.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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
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
***********
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
202-362-8552.
* * * End of Transmission * * *