/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150203.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, February 3, 2015, Vol. 16, No. 023 Headlines B R A Z I L OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks C A Y M A N I S L A N D S 55 NORTH CAPITAL: Shareholders Receive Wind-Up Report AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report AZURE MARINE: Shareholders Receive Wind-Up Report BRIGADE CREDIT: Shareholder Receives Wind-Up Report ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report GALENA AZURITE: Shareholders Receive Wind-Up Report GIC EVENT: Shareholder Receives Wind-Up Report HUNT OVERSEAS: Shareholders Receive Wind-Up Report LODESTONE GLOBAL: Shareholders Receive Wind-Up Report LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report SENEGAL HUNT: Shareholders Receive Wind-Up Report TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report VALU-TRAC MASTER: Shareholder Receives Wind-Up Report VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report C H I L E CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative J A M A I C A JAMAICA: Trade Deficit with the USA Increases M E X I C O METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg. P A N A M A BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System V E N E Z U E L A VENEZUELA: Oil Cash Waning, Shelves Lie Bare X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =========== B R A Z I L =========== OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar ----------------------------------------------------------- Reuters reports that a court in Brazil's Sao Paulo state seized on Jan. 30, 8.9 percent of the shares that construction group OAS SA has in infrastructure company Investimentos e Participacoes em Infraestrutura SA, alleging that the debt-ridden group is in imminent risk of insolvency. Judge Roberto Corcioli Filho of the state of Sao Paulo Justice Court told Reuters that he ordered the seizure at the behest of Pentagono SA DTVM, which as a trustee represents the interests of holders of BRL160 million (US$60 million) in OAS local debt notes. Judge Corcioli's order followed OAS's decision to move around some of the 105 million common and preferred shares it owns in the infrastructure firm, known as Invepar, according to Reuters. The plaintiffs suspect OAS transferred the shares to protect them from their clients, the note holders, and other creditors, according to court documents, the report notes. Judge Corcioli said in a phone interview that the decision was a temporary, pre-emptive measure which could also be appealed, the report relates. It could be reversed should OAS prove the transfer of the securities was legal, Judge Corcioli added. OAS did not have an immediate comment. The seizure comes as OAS struggles with the impact from a graft and money-laundering scandal afflicting key client Petrobras, which has undercut its own access to financing and revenue flow, the report relays. OAS failed to pay interest on US$400 million of global bonds and on 100 million reais of debt earlier this year, and bankers are speculating that a sale of the stake in Invepar could help OAS raise cash to honor some obligations, the report notes. OAS controls a 25 percent stake in Invepar through its wholly controlled OAS Infraestrutura SA subsidiary, the report discloses. Some of Brazil's largest civil construction companies are facing increased scrutiny and limited access to bond and loan markets after federal prosecutors found that executives at state- controlled Petrobras negotiated bribes in exchange for building, leasing and other contracts, the report adds. OAS S.A., together with its subsidiaries, provides civil engineering and heavy construction services. It is engaged in the management and execution of projects and works; purchase and sale of properties and intermediation; investment in other entities, consortiums, condominiums, real estate funds, public utilities, and concessions. The company was formerly known as OAS Engenharia e Participacoes S.A. OAS S.A. is headquartered in Sao Paulo, Brazil. PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal ----------------------------------------------------------- Global Insolvency News, citing Financial Times, reports that Brazil's Petroleo Brasileiro S.A. has admitted it is so far unable to calculate how much money was stolen from the company in a vast corruption scandal that has shaken confidence in the world's second-largest emerging market. After two months of delays, the state-controlled oil producer finally published its unaudited financial statements for the third quarter of 2014 at just after 4:00 a.m. on Jan. 27, in Brazil to avoid breaking some of its debt covenants, according to Global Insolvency News. Petrobras said at the current time it was "impracticable to measure in a correct, complete and definite manner" its losses from an alleged bribery and kickback scheme at the company -- believed to be the largest of its kind in Brazilian history, the report notes. The company added it was examining alternative methods to calculate the losses, the report says. Jan. 27's announcement caused widespread anger among investors and Brazilian taxpayers alike, prompting Petrobras' shares to fall more than 10 per cent in early trading, the report notes. Analysts had widely expected Petrobras to book a writedown of up to US$20 billion in what would have been a vital first step to regain credibility in the market and the trust of PricewaterhouseCoopers, its auditors, who have refused to sign off its accounts since November, the report adds. 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 Dec. 11, 2014, Moody's Cut Petrobras S.A.'s baseline credit assessment to ba1. WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks ---------------------------------------------------------- Vanessa Dezem at Bloomberg News reports that the bankruptcy of a turbine maker in Brazil is threatening to derail BRL5 billion (US$2 billion) of wind parks being built by a unit of state-run power utility Eletrobras, said three people with direct knowledge of the matter. The unit, Furnas, canceled at least BRL2 billion of turbine supply contracts after Wind Power Energia SA, the Brazilian arm of Industrias Metalurgicas Pescarmona SA, or Impsa, filed for bankruptcy protection late last year, said one of the people, who asked not to be named because the matter isn't public, according to Bloomberg News. Bloomberg News notes that Furnas had also planned to buy Impsa turbines for additional projects, bringing the total to BRL5 billion. That leaves Furnas and its partners in the parks, including J&F Investimentos SA and Banco BMG SA, with a tough choice: Either wait for another local supplier, which are already operating at full capacity, to take on the order or convince an international company to set up shop in Brazil to be eligible for cheap state financing. Either way, Furnas will incur losses with the projects because of delays, the person said, Bloomberg News notes. A third option -- importing the turbines and forgoing the state loans -- was discarded because it would make the parks unprofitable, said the person, Bloomberg News relays. "Impsa was an important turbine supplier in Brazil," Antonio Tovar, head of the renewable energy department at national development bank BNDES, said in an interview on Jan. 12 in Rio de Janeiro, Bloomberg News notes. "Its bankruptcy has disrupted the market," BNDES added. China Shipbuilding Furnas in an e-mailed response to questions confirmed that at least one of the parks is delayed and that it's seeking turbines from manufacturers already operating in Brazil or willing to open a factory, Bloomberg News relays. Furnas has had talks with state-owned China Shipbuilding Industry Co. to build a turbine factory in Brazil, according to the person familiar with the situation, reports Bloomberg News. Furnas has also asked Brazil's energy regulator Aneel to extend the deadline for some parks to start operating, the person said, Bloomberg News relays. Bloomberg News notes that Furnas, whose parent company is formally known as Centrais Eletricas Brasileiras SA, was awarded the contracts in 2013 to build and operate the parks in Rio Grande do Norte and Ceara states. If the parks, with planned capacity of 462 megawatts, aren't operating this year, Furnas and its partners will be forced to meet some supply contracts by buying electricity on the spot market to resell to customers, probably at a loss, Bloomberg News relays. The BRL2 billion order was insured, according to the person familiar with the matter. The total BRL5 billion investment was for eight parks with planned capacity 1.04 gigawatts, Bloomberg News notes. As of September, Impsa had contracts to supply 1.5 gigawatts of turbines in Brazil, accounting for 12 percent of the market, making it the nation's fourth-biggest supplier, according to Bloomberg New Energy Finance. ========================== C A Y M A N I S L A N D S ========================== 55 NORTH CAPITAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of 55 North Capital Partners Ltd received on Jan. 15, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. 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 AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Audley Investments III received on Dec. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Russell Homer c/o Tanya Armstrong Telephone: (345) 946-0820 Facsimile: (345) 946-0864 P.O. Box 2499, George Town Grand Cayman KY1-1104 Cayman Islands AZURE MARINE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Azure Marine Ltd. received on Dec. 30, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Philip Mosely Harbour Centre, Ground Floor P.O. Box 1569 42 North Church Street, George Town Grand Cayman KY1-1110 Cayman Islands Telephone: +1 (345) 949 4018 Facsimile: +1 (345) 949 7891 BRIGADE CREDIT: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Brigade Credit Offshore Fund I Ltd. received on Dec. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Jonathan Turnham Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Ermitage Global Multi-Strategy Fund received on Dec. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Jason Robinson Telephone: 345-815-2600 Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands 2nd Floor Century Yard, Cricket Square Elgin Avenue, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-4800 Facsimile: (345) 949-7164 GALENA AZURITE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Galena Azurite Fund Limited received on Dec. 29, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Russell Homer c/o Tanya Armstrong Telephone: (345) 946-0820 Facsimile: (345) 946-0864 P.O. Box 2499, George Town Grand Cayman KY1-1104 Cayman Islands GIC EVENT: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of GIC Event Driven Fund Limited received on Dec. 30, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o James Macfee Telephone: 345-914-4465 Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands 2nd Floor Century Yard, Cricket Square Elgin Avenue, George Town Grand Cayman Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 HUNT OVERSEAS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Hunt Overseas Operating Company (Ghana-Cayman) Ltd. received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands LODESTONE GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Lodestone Global Natural Resources Feeder Company Ltd. received on Dec. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9903 Facsimile: (345) 943 9900 LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Lodestone Global Natural Resources Hedge Fund received on Dec. 23, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9903 Facsimile: (345) 943 9900 PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Pragma Universal Fund Limited received on Dec. 30, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot MacInnis Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands SENEGAL HUNT: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Senegal Hunt Oil Company received on Dec. 22, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Tiedemann Global Emerging Markets QP Ltd. received on Dec. 22, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Barbara Warga Naratil c/o Justin Savage Telephone: (345) 815 1816 Facsimile: (345) 949-9877 VALU-TRAC MASTER: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Valu-Trac Master Fund SPC received on Dec. 22, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited) c/o Jonathan Roney Telephone: (345) 949-9876 Facsimile: (345) 949-9877 VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Valu-Trac Strategic Fund SPC received on Dec. 22, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited) c/o Jonathan Roney Telephone: (345) 949-9876 Facsimile: (345) 949-9877 ========= C H I L E ========= CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative --------------------------------------------------- Standard & Poor's ratings services lowered its corporate credit and issue ratings on CAP S.A. to 'BB+' from 'BBB-'. The outlook is negative. "The downgrade reflects our expectation that CAP's financial risk profile will weaken in the next two years due to the eroding iron prices," said Standard & Poor's credit analyst Marcus Fernandes Even though the new price assumptions for 2015 and 2016 are $20 per ton lower than S&P's previous ones, the hit on CAP's financial performance wouldn't be as hard given the company's cost-cutting efforts and lower capital expenditures (capex). Moreover, freight costs have significantly dropped and the Chilean peso depreciated 10% in the past six months, all of which S&P expects to mitigate the impact of lower iron ore prices. ============= J A M A I C A ============= JAMAICA: Trade Deficit with the USA Increases --------------------------------------------- RJR News reports that new data show Jamaica has been importing more goods from the United States, resulting in an increase in the trade deficit with its major trading partner. During the period January to October last year, the value of imports from the US grew by US$165.6 million, or 9.8%, according to RJR News. The report notes that the total imports were valued at US$1.85 billion, compared to $1.69 billion during the corresponding period in 2013. Expenditure on goods from the US accounted for 38.6 per cent of Jamaica's total imports during the ten months, the report relates. Exports Down And according to the Statistical Institute of Jamaica, during that period, the value of Jamaican exports to America fell by US$166 million, or 25%, to US$487 million, the report relays. This comprised nearly 40 per cent of the country's total earnings from exports, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, 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. =========== M E X I C O =========== METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg. ----------------------------------------------------------------- Standard & Poor's Ratings Services placed its long-term global and Mexico National (CaVal) scale ratings on five Mexican residential mortgage-backed securities (RMBS) transactions originated and serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R (Metrofinanciera) on CreditWatch with negative implications. S&P placed on CreditWatch with negative implications its National scale ratings on Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales' classes METROCB 05U, MFCB 05U, and METROCB 06U and on Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II's classes MTROCB 07U and MTROCB08U, as well as S&P's global scale ratings on classes MTROCB 07U and MTROCB 08U. The negative CreditWatch placements reflect the fact that the overcollateralization levels have remained very weak, and have even declined, in most of the classes, when compared with those observed in S&P's last rating action in October 2013. In S&P's opinion, this is due to the transactions' low recovery levels, except for classes MTROCB 07U and MTROCB 08U; although, even for these classes, their recovery levels have been insufficient to revert the deterioration in non-performing loans (measured over the pool's outstanding balances) and overcollateralization. Classes METROCB 05U and MFCB 05U have partial credit guarantees (PCGs) provided by Sociedad Hipotecaria Federal S.N.C. (SHF) for up to 26% and 11% of the outstanding balance of the notes, respectively. These PCGs can be disbursed to cover interests shortfalls under possible liquidity events. However, they cannot be disbursed to restore the parity between current assets and liabilities; therefore, their capacity to provide credit protection to losses is very limited. S&P will resolve the negative CreditWatch placements within the next 30 days. S&P is conducting a full review of the transactions, considering its observed performance and its stressed assumptions for foreclosure frequency and loss severity. S&P could lower its ratings by one or more notches if the current credit enhancement levels on the deals are not sufficient to withstand its stress scenarios consistent with their current ratings; otherwise, S&P could affirm its ratings. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS PLACED ON WATCH NEGATIVE Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales Series Maturity Rating date To From METROCB 05U 2/20/2034 mxA (sf)/Watch Neg mxA (sf) MFCB 05U 10/24/2033 mxBBB- (sf)/Watch Neg mxBBB- (sf) METROCB 06U 11/14/2033 mxB- (sf)/Watch Neg mxB- (sf) Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II Series Maturity Rating date To From MTROCB 07U 12/1/2033 CCC (sf)/Watch Neg CCC (sf) MTROCB 07U 12/1/2033 mxB- (sf)/Watch Neg mxB- (sf) MTROCB 08U 4/1/2033 CCC+ (sf)/Watch Neg CCC+ (sf) MTROCB 08U 4/1/2033 mxB (sf)/Watch Neg mxB (sf) =========== P A N A M A =========== BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term counterparty credit ratings on Banco Panameno de la Vivienda, S.A. y Subsidiarias (Banvivienda). S&P subsequently withdrew the ratings at the issuer's request. The outlook was stable at the time of withdrawal. The ratings on Banvivienda reflected its "moderate" business position, "adequate" capital and earnings, "adequate" risk position, "below average" funding, and "adequate" liquidity, as our criteria define these terms. The ratings on Banvivienda do not incorporate notches for group support or extraordinary government support. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System ---------------------------------------------------------------- Trinidad Express reports that Trinidad and Tobago Central Bank has sold US$400 million to the banking system this month. This is the largest foreign exchange intervention made by the Central Bank in a single month to date, the Bank said in a statement, according to Trinidad Express. The second largest monthly sale was US$315 million in November 2010, when unsatisfied demand and significant tightening also persisted in the foreign exchange market, the report relates. The Central Bank said it started its 2015 strategic foreign exchange management program with a US$200 million intervention on January 15, the report relays. Eight days later, on January 23, the Bank sold US$100 million. The latest foreign exchange intervention of US$100 million took place Jan. 27. "These sales amounted to US$400 million in the space of two weeks. These larger and more frequent interventions reflect the nature of Central Bank's 2015 foreign exchange management," the Bank stated, the report notes. "Despite selling US$1.7 billion to the banking system in 2014, significant unsatisfied demand carried over into the start of 2015. The negative national sentiment surrounding sharply falling oil prices aggravated unsatisfied demand for foreign exchange as future demands from the public and business community have been brought forward," the Bank said, adds the report. The Bank further said: "With elevated domestic liquidity levels fuelling strong growth of consumer credit and helping to finance substantial imports of consumer durables, Central Bank's foreign exchange interventions are indirectly contributing to absorbing excess liquidity in the banking system," Trinidad Express notes. One objective of the Bank's monetary policy is to maintain stable conditions in the domestic foreign exchange market, it said. "Our 2015 foreign exchange program is framed in the context of our medium-term balance of payments outlook, which prudently views lower energy prices as a cyclical phenomenon over the next three years. This year's program is aimed at preventing foreign exchange shortfalls from arising as a result of escalating demand and reduced supply due to lower energy export earnings," said the Bank, the report relays. Trinidad and Tobago's net official reserves currently stand at US$11.1 billion, representing 12.5 months of import cover, the report adds. ================= V E N E Z U E L A ================= VENEZUELA: Oil Cash Waning, Shelves Lie Bare -------------------------------------------- Global Insolvency News reports that Venezuelans have put up with shortages and long lines for years. But as the price of oil, the country's main export, has plunged, the situation has grown so dire that the government has sent troops to patrol huge lines snaking for blocks. Some states have barred people from waiting outside stores overnight, and government officials are posted near entrances, ready to arrest shoppers who cheat the rationing system, the International New York Times reported, according to Global Insolvency News. Because Venezuela is so dependent on oil sales to buy imports of food, medicine and many other basics, the drop in oil prices means that there is even less hard currency to buy what the country needs. Even before oil prices tumbled, Venezuela was in the throes of a deep recession, with one of the world's highest inflation rates and chronic shortages of basic items, the report relays. ================= X X X X X X X X X ================= * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 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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 2015. 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 * * *