/raid1/www/Hosts/bankrupt/TCRLA_Public/150310.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, March 10, 2015, Vol. 16, No. 048
Headlines
A N T I G U A & B A R B U D A
ANTIGUA & BARBUDA SCHOOL OF NURSING: Closure "Unacceptable"
A R G E N T I N A
ARGENTINA: Judge Dismisses Suit Against President
ARGENTINA: Moody's Says ABS Performance Weakened in December 2014
B E R M U D A
VIMPELCOM LTD: Moody's Says Debt Buyback Offer is Credit Positive
B R A Z I L
ARALCO INDUSTRIA: S&P Affirms then Withdraws 'D' CCR
BANCO PSA: Moody's Upgrades Deposit Ratings to 'Ba1'
PETROLEO BRASILEIRO: Congress Chiefs Deny Wrongdoing in Scandal
C A Y M A N I S L A N D S
ASPEN CREST: Commences Liquidation Proceedings
BLUE SELECT: Placed Under Voluntary Wind-Up
BLUEBAY ASSOCIATES: Commences Liquidation Proceedings
BLUEBAY EMERGING: Commences Liquidation Proceedings
BLUEBAY EMERGING (MASTER): Commences Liquidation Proceedings
CBC MANAGEMENT: Shareholder Receives Wind-Up Report
CHANDLER INTERNATIONAL: Shareholders Receive Wind-Up Report
CONTINENTAL ASSET: Commences Liquidation Proceedings
DEKANIA CDO II: Shareholder to Hear Wind-Up Report on March 13
DGF CHARLIE: Shareholder Receives Wind-Up Report
EWARRANT CAPITAL: Creditors' Proofs of Debt Due March 18
FREE SPIRIT: Shareholder Receives Wind-Up Report
HAV3 (9): Creditors' Proofs of Debt Due March 18
HERALD STRUCTURED: Creditors' Proofs of Debt Due March 18
LES QUATRE: Shareholders Receive Wind-Up Report
MONT BLANC: Creditors' Proofs of Debt Due April 6
MUJAN TOO: Shareholders Receive Wind-Up Report
PARAGON (CAYMAN): Creditors' Proofs of Debt Due March 18
PARAGON CAYMAN GP: Creditors' Proofs of Debt Due March 18
PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due April 1
RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due March 16
SILKEN OVERSEAS: Shareholders Receive Wind-Up Report
SLATE INVESTMENTS: Shareholders Receive Wind-Up Report
SWEETSOP TRADING: Creditors' Proofs of Debt Due April 6
TOWONA MEDIA: Creditors' Proofs of Debt Due March 16
TRINCANA INTERNATIONAL: Shareholder Receives Wind-Up Report
UNITY CAPITAL: Shareholder Receives Wind-Up Report
URBANA HOLDING: Shareholders Receive Wind-Up Report
WESTERN ASSET: Commences Liquidation Proceedings
YAS 1: Creditors' Proofs of Debt Due March 18
C H I L E
SMU SA: S&P Affirms 'CCC+' CCR; Outlook Still Stable
C O S T A R I C A
COSTA RICA: Fitch Rates $1BB Global Bond Issuance 'BB+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Most Fuel Prices Jump, Paced by Gasoline
M E X I C O
EMPRESAS ICA: Reports Unaudited 4Q and Full Year 2014 Results
MEXICO: Growth Outlook Weakens as Business Confidence Erodes
P U E R T O R I C O
DORAL BANK: FDIC Accepts BPPR's Bid for Mortgage Servicing Rights
T R I N I D A D & T O B A G O
FIRST CITIZENS: Seeks to Settle Wage Negotiations
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
===============================
ANTIGUA & BARBUDA SCHOOL OF NURSING: Closure "Unacceptable"
----------------------------------------------------------
The Daily Observer reports that the indefinite closure of the
Antigua & Barbuda School of Nursing has been deemed "unacceptable"
by former Chairman of the University of Antigua & Barbuda
Development Committee, Juno Samuel.
"It is unacceptable to close the school down, it's just totally
unacceptable," the report quoted Mr. Samuel as saying, adding
"This is too important an institution for you to just close it.
You just don't close down a whole professional department."
The report notes that Mr. Samuel added it brings into question the
ability of the authorities to set up and run a university or
department of the University of the West Indies (UWI), as planned
in Antigua & Barbuda.
Former Executive Secretary of the Board of Education D. Gisele
Isaac said the authorities took the wrong decision and could have
simply chosen to relocate the students to another government-
owned building, the report relays.
"We have all these buildings that are empty," Isaac said, "the
school of nursing doesn't have a huge student body, so they could
easily fit into Princess Margaret or Antigua Girls High School,"
the report notes.
"It's very easy to become demoralized and I think if we allow this
to go on for too long we run the real risk of students dropping
out," Mr. Isaac said, the report notes. "We have at least 14
public secondary schools which are basically empty from 1:30 p.m.
every day. What would it take for a little creative thinking to
schedule classes at a different location?"
The report notes that Government Chief of Staff Lionel "Max" Hurst
said the school would reopen at a new location March 2, but Health
Minister Molwyn Joseph revealed this would not be possible.
"We take it as a priority, and we're hoping that within a short
time, that we identify a complete solution," Mr. Joseph said, the
report relays. "We would have preferred to have a solution
sooner, but the fact is it's in everybody's interest to have a
solution that will meet the requirements of the school."
The health minister said the relocation from the Fort Road
location would only be temporary, however, the report adds.
=================
A R G E N T I N A
=================
ARGENTINA: Judge Dismisses Suit Against President
-------------------------------------------------
EFE News reports that a federal judge threw out a lawsuit alleging
that Argentine President Cristina Fernandez and other
administration officials obstructed the probe into the death of
prosecutor Alberto Nisman, who had accused the head of state of
seeking to cover up the involvement of Iran in a 1994 terrorist
attack on a Jewish cultural center in Buenos Aires that claimed 85
lives.
Judge Ariel Lijo said Argentine journalist Cristian Sanz's
accusations against Fernandez for alleged abuse of authority and
breach of her public duties had no merit due to the "absence of a
crime," state-run news agency Telam reported, according to EFE
News.
"There are no solid arguments" to support the accusation, Judge
Lijo said, the report notes.
The report relates that Mr. Sanz also named Cabinet chief Anibal
Fernandez, Attorney General Alejandra Gils Carbo and Security
Secretary Sergio Berni in his complaint, filed on Feb. 6.
The report notes that Mr. Sanz accused the president of "engaging
in reckless conduct" by initially publicly supporting the
hypothesis of suicide but then days later changing course and
saying the January fatal shooting of Mr. Nisman was a homicide,
thus "sullying the judicial investigation" into the prosecutor's
death.
The journalist also accused the other administration officials of
"casting suspicion" on former agents at Argentina's intelligence
agency who had recently been fired and on Diego Lagomarsino, who
worked for the prosecutor and provided him with the gun that
killed him, the report relays.
Mr. Lagomarsino has been charged with providing a firearm to
someone not licensed to use one, the report notes.
Mr. Nisman, the special prosecutor for the 1994 attack on the AMIA
Jewish organization, was found dead in his Buenos Aires apartment
on Jan. 18, four days after he announced the charges against
Fernandez, the report recalls.
The prosecutor died of a single shot to the temple. The case
remains under investigation as a "suspicious death," the report
discloses.
Another prosecutor, Gerardo Pollicita, took up the accusation
following Mr. Nisman's death and filed a brief with Judge Daniel
Rafecas in mid-February asking him to approve formal charges
against President Fernandez, Foreign Minister Hector Timerman and
six other people, the report relays.
But that magistrate dismissed the charges late last month, saying
in a ruling that the evidence does not provide even minimal
support for the accusations against Fernandez or the others, the
report discloses.
Mr. Pollicita on March 4 appealed that ruling.
The report says that Mr. Nisman's accusation against Fernandez
cited the Memorandum of Understanding her administration signed
with Iran in 2013 to facilitate the AMIA investigation as the
principal instrument of the purported cover-up.
The late prosecutor said that intercepts of telephone calls among
some of the prospective defendants -- though not Fernandez or
Timerman -- showed the outlines of a plan for Argentina to get
Interpol to rescind the red notices the international police
agency had issued for the arrest of Iranians accused in the AMIA
bombing, the report notes.
In exchange, according to Mr. Nisman, Iran was supposed to sell
oil to Argentina, the report adds.
The Fernandez administration has pointed out that no part of the
ostensible conspiracy ever came to fruition, and the man who
headed Interpol for 15 years until last November rebutted Mr.
Nisman's key accusation, the report relays.
"I can say with 100 percent certainty, not a scintilla of doubt,
that Foreign Minister Timerman and the Argentine government have
been steadfast, persistent and unwavering that the Interpol's red
notices be issued, remain in effect and not be suspend or
removed," Ronald K. Noble said in January, the report discloses.
Many in the Argentine Jewish community believe the AMIA bombing
was ordered by Iran and carried out by Tehran's Hezbollah allies,
the report says.
Both the Iranian government and the Lebanese militia group deny
any involvement and some have pointed out that the accusation
relies heavily on information provided by the CIA and Israel's
Mossad spy agency, both with an interest in blackening the
reputation of Tehran, the report notes.
Prosecutors have yet to secure a single conviction in the case,
the report relates.
In September 2004, 22 people accused in the bombing were acquitted
after a process plagued with delays, irregularities and tales of
witnesses' being paid for their testimony, the report adds.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment. Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001. A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as 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'. 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'.
ARGENTINA: Moody's Says ABS Performance Weakened in December 2014
-----------------------------------------------------------------
The performance of the Argentine asset-backed securities market
showed signs of weakness during the three-month period ended
December 2014, according to the latest indices published by
Moody's Investors Service.
The 90-plus delinquency rate increased to 3.79% in December 2014
from 3.76% in September 2014 and 3.39% in December 2013. The 30-
plus delinquency rate decreased to 4.62% in December 2014 from
4.74% in September 2014 but increased from 4.52% in December 2013.
The increase in delinquencies of Argentine ABS performance is due
mainly to the transactions without automatic deduction.
Securitized portfolios have performed within Moody's original
expectations. Moreover, the credit quality of most Argentine
securitizations remains strong because they benefit from robust
structural features, such as high initial subordination levels,
high excess spread levels and turbo sequential payment structures
that capture any available excess spread to repay the rated debt.
The prepayment rate decreased to 18.12% in December 2014 from
19.04% in September 2014.
Overall, Moody's has rated 96 Argentine ABS transactions since
2010, of which 41 are outstanding, with a total outstanding pool
balance of ARS2.578 billion as of December 2014, down from
ARS3.228 billion in December 2013. In the three-month period
ended December 2014, Moody's rated five new tranches, and 12
tranches were fully repaid.
=============
B E R M U D A
=============
VIMPELCOM LTD: Moody's Says Debt Buyback Offer is Credit Positive
-----------------------------------------------------------------
Moody's Investors Service said that VimpelCom Ltd's (Ba3 on review
for downgrade) tender offer to repurchase up to $2.1 billion of
its outstanding Eurobonds is credit positive. The debt reduction
will support VimpelCom Holdings B.V.'s financial metrics, which
will be affected by deteriorated operating environment and severe
domestic currency depreciation in Russia, which is one of the
VimpelCom group's core markets.
On March 2, 2015, VimpelCom Amsterdam B.V. which is a wholly owned
subsidiary of VimpelCom Ltd announced a cash tender offer for
certain outstanding US dollar-denominated Eurobonds issued by
VimpelCom Holdings B.V., UBS (Luxembourg) S.A. and VIP Finance
Ireland Limited, and guaranteed by VimpelCom's Russian subsidiary,
Vimpel-Communications OJSC. The offer expires on March 30, 2015.
It includes three Eurobond issues which will be repurchased at a
premium if tendered before a specific time on 13 March 2015.
Moody's primarily bases its assessment of VimpelCom's business and
financial profile on VimpelCom Holdings B.V. because it
consolidates VimpelCom's businesses in Russia and Ukraine, which
underpin the VimpelCom group's ability to service its debt
obligations through cash distributions from those entities.
Moody's estimates that VimpelCom Holdings B.V.'s Moody's-adjusted
debt/EBITDA would grow above 3.2x by year-end 2015 from 2.8x as of
September 2014, assuming no voluntary debt repurchase. The
anticipated $2.1 billion debt reduction would result in a 0.5x
decline in VimpelCom Holdings B.V.'s Moody's-adjusted debt/EBITDA.
The debt reduction would partially offset the negative effect of
rouble depreciation and the deteriorated operating environment in
Russia on VimpelCom Holdings B.V.'s leverage in 2015. In
addition, the reduction in foreign-currency denominated debt would
reduce VimpelCom's foreign currency risks at a time when two of
its main functional currencies, i.e., the Russian rouble and
Ukrainian hryvna, have sharply depreciated against the US dollar.
The offer is in line with VimpelCom's announced approach to use
the proceeds from the recent sale of 51% in its indirect
subsidiary Orascom Telecom Algerie SpA (Djezzy, unrated) earlier
in 2015 to reduce debt. Although the maximum amount of
outstanding principal to be repurchased under the tender offer
($2.1 billion) is lower than the group's proceeds from the sale of
a stake in Djezzy ($3.8 billion), Moody's understands that
VimpelCom will consider further options to reduce debt with the
remaining proceeds from the deal.
VimpelCom's ratings remain on review for downgrade. They were
placed on review in December 2014 along with the ratings of 44
other non-financial corporates operating in Russia. In addition
to the assessment of the effect of the deteriorated operating
environment in Russia and double depreciation on VimpelCom's
financial profile and liquidity, the review will take into account
the outcome of the tender offer and its effect on VimpelCom's
financial metrics.
Domiciled in Bermuda and headquartered in the Netherlands,
VimpelCom Ltd is a holding company for Vimpel-Communications OJSC,
Kyivstar, Wind Telecomunicazioni S.p.A. and Global Telecom Holding
S.A.E., with strong positions in Russia, Ukraine, Kazakhstan,
Italy, Algeria, Pakistan, and operations in countries in the
Commonwealth of Independent States (CIS), Africa and South-East
Asia. In the last 12 months to Sep. 30, 2014, VimpelCom generated
revenue of $20.8 billion and EBITDA of $8.6 billion (Moody's-
adjusted). VimpelCom Holdings B.V. generated revenue of $11.0
billion and EBITDA of $5.0 billion (Moody's-adjusted) for the same
period.
===========
B R A Z I L
===========
ARALCO INDUSTRIA: S&P Affirms then Withdraws 'D' CCR
----------------------------------------------------
Standard & Poor's Ratings Services affirmed and then withdrew its
global and national scale corporate credit and issue-level ratings
on Aralco Industria e Comercio S.A. At the time of the
withdrawal, all ratings were 'D' because the company was still
negotiating with its creditors for a judicial recovery plan, which
it filed on Feb. 28, 2014.
BANCO PSA: Moody's Upgrades Deposit Ratings to 'Ba1'
----------------------------------------------------
Moody's Investors Service upgraded Banco PSA Finance Brasil S.A.'s
(Banco PSA) long-term global local and foreign currency deposit
ratings to Ba1, from Ba2, and the long-term Brazilian national
scale deposit rating to Aa2.br, from Aa3.br. The rating action
follows Moody's upgrade of the ratings of its French parent Banque
PSA Finance, announced on Feb. 27, 2015. At the same time,
Moody's maintained unchanged Banco PSA's baseline credit
assessment (BCA) of ba3, equivalent to a bank financial strength
rating of D-, the short-term global local and foreign currency
deposit ratings of Not Prime, and the short-term Brazilian
national scale deposit rating of BR-1. The outlook on all ratings
is stable.
For further details, please refer to the press release dated 27
February 2015 "Moody's upgrades Banque PSA Finance's ratings
following the upgrade of its parent Peugeot S.A."
The following ratings of Banco PSA Finance Brasil were upgraded:
-- Long-term global local-currency deposit rating: to Ba1, from
Ba2, with stable outlook;
-- Long-term foreign-currency deposit rating: to Ba1, from Ba2,
with stable outlook;
-- Long-term Brazilian national scale deposit rating: to
Aa2.br, from Aa3.br, with stable outlook
The following ratings of Banco PSA Finance Brasil remained
unchanged:
-- Bank financial strength rating: D-, with stable outlook,
equivalent to a baseline credit assessment of ba3
-- Short-term global local-currency deposit rating: Not Prime;
-- Short-term foreign-currency deposit rating: Not Prime;
-- Short-term Brazilian national scale deposit rating: BR-1
The upgrade of Banco PSA's supported ratings to Ba1, from Ba2, is
driven by the upgrade of the standalone bank financial strength
rating (BSFR) of its parent Banque PSA Finance (France) to D+ from
D, which now is equivalent to a ba1 BCA. The Brazilian
subsidiary's Ba1 long-term deposit rating incorporates two notches
of uplift from its standalone ba3 credit assessment to reflect
Moody's view of a high probability of parental support in the
event of stress, based on the shared strategic focus of the
subsidiary and its parent.
Banco PSA's standalone BCA of ba3 reflects the bank's adequate
financial metrics, particularly profitability and asset quality.
The bank's interest income increased by 13% in the 12 months to
June 2014, despite the decline in vehicle production and new car
sales in the Brazilian market. Banco PSA's role as captive
financing arm of automakers Peugeot and Citroen allowed it to
sustain business volumes through subsidized interest rates and
sales promotions. The bank's past due loan ratio remains below
the system's average for auto loan delinquency, reflecting
selective credit origination, while its adequate capitalization
provides cushion against non-performing loans. Conversely, the
standalone ratings remain limited by the bank's funding structure,
which is highly concentrated on institutional depositors that tend
to be more volatile and to pressure funding costs up.
The stable outlook on Banco PSA's ratings reflects the expectation
that as a captive bank, it will continue to benefit from special
arrangements with its parent car manufacturers. Nevertheless,
continuing weak performance of the Brazilian car industry may hurt
its asset quality and profitability.
The principal methodology used in this rating was Global Banks
published in July 2014.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in "za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL3.03 billion ($1.37 billion)
and total equity of BRL435 million ($197.5 million) as of June 30,
2014.
PETROLEO BRASILEIRO: Congress Chiefs Deny Wrongdoing in Scandal
----------------------------------------------------
Philip Sanders at Bloomberg News reports that Brazil's
congressional heads denied involvement in the country's largest
corruption scandal after being named among dozens of politicians
for investigation.
Renan Calheiros and Eduardo Cunha, the heads of the Senate and
lower house respectively, and Rio de Janeiro Senator Lindbergh
Farias all rejected allegations of graft in the kickback scheme
dubbed Carwash, according to Bloomberg News. Mr. Lindbergh told
the Folha de Sao Paulo newspaper in an interview that while he may
have acted improperly, his actions weren't illegal, Bloomberg News
relates. The senator said he took a BRL2 million donation
($650,000) from Andrade Gutierrez SA, a Rio-based construction
company.
"Do you really think someone said: 'Look, this money that I'm
going to help you with is a bribe?' That doesn't happen," said Mr.
Farias, who had originally asked Petroleo Brasileiro SA for money
before being directed to Andrade Gutierrez, Bloomberg News notes.
"How was I supposed to know that the money from a big company for
my campaign was coming from a process like this one?"
Bloomberg News relays that the inquiry is related to alleged
kickbacks at the state-controlled Petrobras, which may have
funneled hundreds of millions of dollars to political parties.
The investigation threatens to heighten tension between Congress
and the executive branch, likely delaying proposals by Finance
Minister Joaquim Levy to cut spending and increase taxes, said
Christopher Garman, director for Latin America at political risk
consulting firm Eurasia Group, Bloomberg News discloses.
"In the next couple of weeks and months, the government will
suffer defeats," Mr. Garman told Bloomberg News in an interview by
phone after the announcement. "If they put bills to a vote,
they'll lose."
48 Politicians
Bloomberg News relays that the prosecutor general has named 48
politicians for investigation in the Carwash scandal, hailing from
parties including the ruling Workers' Party, or PT, and the allied
Brazilian Democratic Movement Party, or PMDB. A lobbyist for the
PMDB was also named. The prosecutors were given the green light to
release the list by Brazil's Supreme Court March 6, Bloomberg News
says.
The court has said it doesn't have the authority to investigate
President Dilma Rousseff, whose approval rating is the lowest of
any Brazilian president in 15 years, Bloomberg News discloses.
A broad, independent, and rigorous investigation amounts to a
tough application of justice to those who are corrupt, President
Rousseff said in a nationally televised speech commemorating
International Womens' Day, Bloomberg News notes. As President
Rousseff spoke, inhabitants of some neighborhoods in Sao Paulo and
Brasilia shouted protests out their windows and banged on pans,
Bloomberg News relates.
Denying Charges
Bloomberg News discloses that Mr. Cunha said in a statement on his
website he's innocent of any charges of corruption in the probe.
Bloomberg News relates that Mr. Calheiros wrote on his Twitter
account he hasn't committed any graft, adding he will answer any
questions "in the light of day."
Among others named by prosecutors in the case are President
Rousseff's former energy minister, Edison Lobao, and her prior
chief of staff, Senator Gleisi Hoffmann.
Bloomberg News notes that President Rousseff's ruling alliance is
strained as coalition partners jostle for power and disagree over
austerity measures designed to shrink the budget deficit and
prevent a credit-rating downgrade. Mr. Calheiros and Mr. Cunha
are members of the PMDB.
Mr. Cunha said in an interview with CBN radio the investigation
will undermine the government's relationship with the coalition as
prosecutors include politicians in the probe without evidence of
wrongdoing, Bloomberg News notes.
'Political Unrest'
"The political unrest caused by the Carwash operation is just
[start]ing and has already worsened the prospects for Levy's fiscal
adjustment," Bernardo Rodarte, who oversees BRL1 billion at Sita
Corretora, said before the court's announcement, Bloomberg News
notes. "The more than BRL20 billion that depend on congressional
approval are totally necessary or Brazil will risk losing its
investment-grade status," Mr. Rodarte added.
New policy measures will remain in place as long as necessary to
rebalance the economy, slow inflation permanently, and produce
results by the end of this year, President Rousseff said in her
speech, Bloomberg News notes. "They are measures to fix our
accounts and thereby continue the growth process with income
distribution in the safest, quickest and most sustainable way,"
President Rousseff added.
Petrobras Downgrade
Folha de Sao Paulo reported March 6 that Levy said congressional
approval of legislation to shore up fiscal accounts was paramount
to re-establish investor confidence, Bloomberg News notes.
Petrobras was cut to junk by Moody's Investors Service on Feb. 24.
The ratings company put Brazil's sovereign rating on a negative
outlook in September, Bloomberg News relays.
Swap rates maturing in January 2017 surged 26 basis points, or
0.26 percentage point, to 13.43 percent on March 6. The real fell
2 percent to 3.064 per U.S. dollar and has dropped 13 percent so
far this year, the worst performance among the 16-most traded
currencies tracked by Bloomberg.
On March 6, JPMorgan Chase & Co. lowered its recommendation on
Petrobras notes to hold. The New York-based bank said that the
notes could decline if the company fails to meet an April 30
deadline to release audited financial statements from the third
quarter showing the impact of the investigation, Bloomberg News
adds.
About Petroleo Brasileiro
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it 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
March 6, 2015, the deepening investigation into an alleged
kickback scheme at Petroleo Brasileiro SA (Petrobras) has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, according to a new report from Moody's
Investors Service.
==========================
C A Y M A N I S L A N D S
==========================
ASPEN CREST: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 3, 2015, the shareholders of Aspen Crest Partners 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:
Lee Yu Chuan
8B Pinecrest
65 Repulse Bay Road, Repulse Bay
Hong Kong
BLUE SELECT: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 27, 2015, the sole shareholder of Blue Select Fund Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Priestleys
c/o Martina de Lima
Telephone: (345) 946-1577
Caribbean Plaza, 2nd Floor
878 West Bay Road
George Town
P.O. Box 30310 Grand Cayman KY1-1202
Cayman Islands
BLUEBAY ASSOCIATES: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 28, 2015, the shareholders of Bluebay Associates 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 liquidators are:
Russell Smith
Niall Goodsir-Cullen
BDO CRI (Cayman) Ltd
Building 3 - 2nd Floor
Governor's Square
23 Lime Tree Bay Avenue, Grand Cayman
Cayman Islands
BLUEBAY EMERGING: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 28, 2015, the shareholders of The Bluebay Emerging Market
Enhanced Opportunity Fund 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 liquidators are:
Russell Smith
Niall Goodsir-Cullen
BDO CRI (Cayman) Ltd
Building 3 - 2nd Floor
Governor's Square
23 Lime Tree Bay Avenue, Grand Cayman
Cayman Islands
BLUEBAY EMERGING (MASTER): Commences Liquidation Proceedings
------------------------------------------------------------
On Jan. 28, 2015, the shareholders of The Bluebay Emerging Market
Enhanced Opportunity (Master) Fund 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 liquidators are:
Russell Smith
Niall Goodsir-Cullen
BDO CRI (Cayman) Ltd
Building 3 - 2nd Floor
Governor's Square
23 Lime Tree Bay Avenue, Grand Cayman
Cayman Islands
CBC MANAGEMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of CBC Management, Ltd. received on Feb. 26, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Kiyomi Bernet-Yaegasi
St Johannes-Strasse 10, 6300 Zug
Switzerland
CHANDLER INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Chandler International Limited received on
Feb. 12, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
CONTINENTAL ASSET: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 30, 2015, the shareholder of Continental Asset Management
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:
Charalambos Michaelides
Telephone: +357 22 555800
Facsimile: +357 22 555803
e-mail: pambos.michaelides@abacus.com.cy
5 Themistokli Dervi Street
Elenion Building, P.C.
1066 Nicosia
Cyprus
DEKANIA CDO II: Shareholder to Hear Wind-Up Report on March 13
--------------------------------------------------------------
The shareholder of Dekania CDO II, Ltd. will receive on March 13,
2015, at 9:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
DGF CHARLIE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of DGF Charlie, Ltd. received on March 5, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Christian Waltisperger
Telephone: +423 236 5342
Facsimile: +423 236 5513
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
EWARRANT CAPITAL: Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
The creditors of Ewarrant Capital Management Ltd. are required to
file their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 1, 2015.
The company's liquidator is:
Richard Chisholm
2425 Olympic Blvd.
Suite 120E, Santa Monica
CA, 90404, USA
Harrison Leong
Telephone: 310-315-8843
FREE SPIRIT: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Free Spirit received on Feb. 24, 2015, 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
HAV3 (9): Creditors' Proofs of Debt Due March 18
------------------------------------------------
The creditors of HAV3 (9) Limited are required to file their
proofs of debt by March 18, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 4, 2015.
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
HERALD STRUCTURED: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
The creditors of Herald Structured Funds SPC are required to file
their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 30, 2015.
The company's liquidator is:
K.D. Blake
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Georgina Lowry
Telephone: +1 (345) 914-4398
Facsimile: +1 (345) 949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
Telephone: +1 (345) 949-4800
Facsimile: +1 (345) 949-7164
LES QUATRE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Les Quatre Ours Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
MONT BLANC: Creditors' Proofs of Debt Due April 6
-------------------------------------------------
The creditors of Mont Blanc Investment Ltd. are required to file
their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 21, 2015.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
P.O. Box 71 Road Town, Tortola
British Virgin Islands
c/o Philip C Pedro
HSBC International Trustee Limited
Compass Point
Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-652
MUJAN TOO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Mujan Too Limited received on Feb. 12, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
PARAGON (CAYMAN): Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
The creditors of Paragon (Cayman) Managers are required to file
their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 30, 2015.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
PARAGON CAYMAN GP: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
The creditors of Paragon Cayman GP are required to file their
proofs of debt by March 18, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 5, 2015.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due April 1
-----------------------------------------------------------
The creditors of Passionfruit Trading III (Cayman) Limited are
required to file their proofs of debt by April 1, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 15, 2015.
The company's liquidator is:
Lion International Management Limited
P.O. Box 71 Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
c/o Mr Philip C Pedro
HSBC International Trustee Limited
Compass Point
Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-652
RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due March 16
--------------------------------------------------------
The creditors of Riverside Global Value Fund Offshore Investors
are required to file their proofs of debt by March 16, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 12, 2015.
The company's liquidator is:
Peter Goulden
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647;
or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
94 Solaris Avenue Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
SILKEN OVERSEAS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Silken Overseas Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
SLATE INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Slate Investments Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
SWEETSOP TRADING: Creditors' Proofs of Debt Due April 6
-------------------------------------------------------
The creditors of Sweetsop Trading III (Cayman) Limited are
required to file their proofs of debt by April 6, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 26, 2015.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
c/o Mr Philip C Pedro
HSBC International Trustee Limited
Compass Point
Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
TOWONA MEDIA: Creditors' Proofs of Debt Due March 16
----------------------------------------------------
The creditors of Towona Media Holding Company Limited are required
to file their proofs of debt by March 16, 2015, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 30, 2015.
The company's liquidator is:
Margot Macinnis
Telephone: 345 926 8038
Suite 731 10 Market Street
Camana Bay
Grand Cayman KY1 9006
Cayman Islands
TRINCANA INTERNATIONAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Trincana International Inc. received on
Feb. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
UNITY CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Unity Capital Partners (Cayman) Ltd received on
Jan. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
URBANA HOLDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Urbana Holding Company received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 3, 2015, the sole shareholder of Western Asset Emerging
Markets Opportunity 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:
Gavin L. James
Walkers
190 Elgin Avenue
George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6386
YAS 1: Creditors' Proofs of Debt Due March 18
---------------------------------------------
The creditors of YAS 1 are required to file their proofs of debt
by March 18, 2015, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Jan 31, 2015.
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
=========
C H I L E
=========
SMU SA: S&P Affirms 'CCC+' CCR; Outlook Still Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and issue-level ratings on SMU S.A. y Filiales (SMU). The
outlook remains stable.
"The ratings on SMU reflect our assessment of the company's tight
finances, which could hamper the recovery of its main credit
metrics. We also incorporate our view of an unsustainable capital
structure, which is still dependent on committed capital
injections," said Standard & Poor's credit analyst Francisco
Serra.
"We view the Chilean retail industry as highly competitive, with
large, well-established participants. Although SMU holds a good
market position in Chile's supermarket industry, we believe SMU's
operating performance could weaken as stronger peers begin to
focus on gaining market share at the expense of profits or
earnings growth. Nevertheless, we expect the company to continue
focusing on efficiencies rather than store growth, which include
the termination of leases (from 2013 and 2014 closed stores) and
additional cost savings resulting in EBITDA margins in the mid-
single digits in the next two years. This would represent a
significant turnaround from 2013's negative margin. However,
SMU's geographic concentration in a single country and still
limited track record for improving operations and margins limit
our assessment of its business risk profile at "vulnerable"," S&P
added
SMU presents weak credit metrics due to its significant adjusted
debt (about Chilean peso [CLP] 1.2 trillion as of Sept. 2014)
compared with relatively low EBITDA and cash flow generation,
which leads to a "highly leveraged" financial risk profile.
Although the sale of non-core assets (such as SMU's 40% stake of
Montserrat) and a committed capital injection will somewhat reduce
debt and improve the company's liquidity position, S&P expects
SMU's leverage to remain high and its capital structure to remain
unsustainable over the next few years. The high debt burden and
capital amortizations will likely consume a large portion, if not
all of SMU's equity commitments, which will weaken the liquidity
again unless the company improves its operating efficiency
resulting in stronger cash generation.
===================
C O S T A R I C A
===================
COSTA RICA: Fitch Rates $1BB Global Bond Issuance 'BB+'
-------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to Costa Rica's USD1 billion global bond issuance maturing
March 12, 2045. The bonds have a coupon rate of 7.158%.
The proceeds will be used for the refinancing of domestic and
external sovereign debt.
KEY RATING DRIVERS
Costa Rica's ratings are underpinned by its capacity to attract
large foreign investment into high value-added manufacturing and
services industries. The country remains a competitive
jurisdiction among regional and rating peers thanks to its strong
social development indicators, well-educated workforce, political
stability, rule of law and active free-trade agreements with China
and the U.S. Adequate international reserves and a well-
diversified export base enhance the economy's capacity to absorb
adverse terms-of-trade shocks.
Nonetheless, Costa Rica's high structural fiscal deficits, slower
economic growth and difficulties in implementing tax reforms over
the last decade have led to worsening debt dynamics. Fitch
expects fiscal deficits to remain elevated at 6% of GDP in 2015-
2016 in the absence of material progress on tax-enhancing
measures. Fitch forecasts that the debt burden could surpass the
'BB' median of 40% in 2016 and would not stabilize before 2019,
even if a frontloaded budget adjustment is assumed. Growth
underperformance and rising borrowings costs pose downside risks
to the pace of fiscal consolidation.
RATING SENSITIVITIES
The rating would be sensitive to any changes in Costa Rica's long-
term foreign currency IDR. Fitch affirmed Costa Rica's ratings at
'BB+' but revised their Outlooks to Negative from Stable on
Jan. 22, 2015.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Most Fuel Prices Jump, Paced by Gasoline
------------------------------------------------------------
Dominican Today reports that most fuels will cost more for the
week from March 7 to 13, when premium gasoline will cost
RD$209.00, for an increase of RD$5.00 and regular will cost
RD$185.60, for an increase of RD$4.00 per gallon.
Premium diesel will cost RD$169.40 for an increase of RD$3.50 and
regular will cost RD$161.30, or RD$3.50 more; optimum diesel will
cost RD$178.80, an increase of RD$2.70 and avtur will cost
RD$115.60, for an increase of RD$4.80 per gallon, according to
Dominican Today.
Kerosene will cost RD$146.90, or RD$1.90 more while fuel oil
remains unchanged at RD$97.08 per gallon, the report notes.
The report relates that propane gas will cost RD$89.70, for an
increase of RD$1.50 per gallon, while natural gas remains
unchanged at RD$31.44 per cubic meter.
The Central Bank's average posted exchange rate of RD$44.87 per
dollar was used to calculate all fuel prices, the report adds.
===========
M E X I C O
===========
EMPRESAS ICA: Reports Unaudited 4Q and Full Year 2014 Results
-------------------------------------------------------------
Empresas ICA, S.A.B. de C.V. disclosed its unaudited results for
the fourth quarter and full year 2014, which have been prepared in
accordance with International Financial Reporting Standards.
Fourth quarter 2014 revenues grew substantially, with increases in
all segments. Adjusted EBITDA rose 19% to MXN1,510 million as
compared to 4Q13.
During the full year 2014, ICA delivered sustained growth in
revenues, margins, and backlog, with revenue growth in excess of
guidance. Adjusted EBITDA reached a record MXN 6,138 million,
with an Adjusted EBITDA margin of 16.7%. The Construction segment
delivered 24% growth in revenue and a 31% increase in Adjusted
EBITDA, as a result of the favorable performance of works
contracted in Mexico and the consolidation effective 2Q14 of
Facchina Construction Group (FCG) in the U.S. Consolidated backlog
rose 16% to MXN 35,545 million. Concessions segment revenues rose
21% and Adjusted EBITDA increased 11%, as a result of the high
rates of vehicle traffic growth. The Airports segment continues
to deliver strong, stable results reflecting the double-digit
increases in passenger traffic.
For the full year and specifically in 4Q14, ICA's comprehensive
financing cost was affected by the depreciation of the Mexican
peso against the U.S. dollar. This affected the net result and
leverage ratios. However, the currency depreciation does not have
an immediate impact on cash flows.
A full text copy of the company's financial results is available
free at:
http://is.gd/S8JxfH
About Empresas ICA
Empresas ICA, S.A.B. de C.V. is an infrastructure company in
Mexico. ICA carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term
assets, including airports, toll roads, water systems, and real
estate. Founded in 1947, ICA is listed on the Mexican and New
York Stock exchanges.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 22, 2014, Moody's Investors Service has changed Empresas ICA,
S.A.B. de C.V. (ICA)'s rating outlook to stable from negative and
affirmed the company's B2 corporate family and senior unsecured
debt ratings.
MEXICO: Growth Outlook Weakens as Business Confidence Erodes
------------------------------------------------------------
Brendan Case at Bloomberg News reports that growth forecasts for
Mexico declined for the sixth straight month as falling oil prices
force the government to rein in spending and business confidence
tumbles to the lowest in five years.
The economy will expand 3.08 percent this year, according to a
central bank survey of analysts released March 10, down from
estimates of 3.29 percent a month ago and 3.85 percent in August,
according to Bloomberg News.
Bloomberg News adds that an index of manufacturing confidence fell
to the lowest since February 2010, the national statistics
institute said.
Economic estimates are weakening after a six-month period in which
the disappearance and presumed murder of 43 college students
sparked nationwide protests, President Enrique Pena Nieto's
approval ratings fell in the wake of home-purchase scandals and
oil prices dropped almost 50 percent, Bloomberg News relates.
Finance Minister Luis Videgaray said that low oil prices may force
the government to keep tightening its belt even after a 2015
spending cut announced Jan. 30, notes Bloomberg News.
"Recent domestic developments involving widely reported acts of
violence, allegations of official corruption, low oil price
environment, and the sluggish performance of the economy may have
started to dent confidence indicators," Alberto Ramos, chief Latin
America economist at Goldman Sachs Group Inc., said in a report,
Bloomberg News discloses. "This may turn consumers and businesses
more defensive and potentially handicap the pace of the ongoing
economic recovery."
Business confidence indexes in the retail and construction
industries also fell last month, the statistics agency said,
Bloomberg News relays. The average growth forecast for 2016
declined to 3.63 percent from 3.8 percent a month ago, the central
bank survey showed, notes the report.
======================
P U E R T O R I C O
======================
DORAL BANK: FDIC Accepts BPPR's Bid for Mortgage Servicing Rights
-----------------------------------------------------------------
Popular, Inc., on March 2 disclosed that the Federal Deposit
Insurance Corporation, as Receiver of Doral Bank, had accepted
Banco Popular de Puerto Rico's bid for the purchase of the
mortgage servicing rights on three pools of residential mortgage
loans serviced for Ginnie Mae, Fannie Mae and Freddie Mac with a
total unpaid principal balance of approximately $5.0 billion as of
December 31, 2014. The mortgage servicing rights were auctioned
separately from the remainder of the assets and liabilities of
Doral Bank.
The purchase price for the mortgage servicing rights is estimated
to be $48.6 million, or 0.97% of the total unpaid principal
balance as of Dec. 31, 2014.
The transfers of the mortgage servicing rights are subject to a
number of specified closing conditions, including the consent of
each of Ginnie Mae, Fannie Mae and Freddie Mac in a form
acceptable to BPPR, and other customary closing conditions.
The transfers are expected to close within the next 60 days,
subject to the conditions described above.
About Doral Financial
Doral Financial is the holding company for Puerto Rico's second-
largest lender. Through its subsidiaries, Doral is engaged in
retail banking activities in Puerto Rico and the United States.
Doral has been in a legal dispute with the commonwealth's treasury
department over whether it is entitled to a $229.9 million tax
refund. In October 2014 a judge in San Juan, Puerto, ruled in
favor of Doral.
On Feb. 27, 2015, Doral Bank, San Juan, PR was closed by the
Commissioner of Financial Institutions of Puerto Rico, and the
Federal Deposit Insurance Corporation was named receiver. As of
Dec. 31, 2014, Doral Bank, which had 26 branched in Puerto Rico,
had $5.9 billion in total assets and $4.1 billion in total
deposits. All deposit accounts, including brokered deposits have
been transferred to Banco Popular de Puerto Rico.
* * *
The Troubled Company Reporter, on Dec. 3, 2014, reported that
Standard & Poor's Ratings Services said that it suspended the 'CC'
issuer credit rating of Doral. The ratings were placed on
CreditWatch with negative implications on May 6, 2014. "Our
suspension of the ratings on Doral reflects a lack of information
to satisfactorily assess the company and make a well-informed
ratings decision," said Standard & Poor's credit analyst Sunsierre
Newsome.
================================
T R I N I D A D & T O B A G O
================================
FIRST CITIZENS: Seeks to Settle Wage Negotiations
-------------------------------------------------
Leah Sorias at Trinidad Express reports that First Citizens
Executive Chairman Anthony Smart has assured workers that the
bank's management and board are seeking to resolve ongoing wage
negotiations.
"All is not lost this time," Mr. Smart said as he addressed about
160 shareholders and employees during the State bank's 18th annual
meeting at the Hilton Trinidad, St Ann's, according to Trinidad
Express.
"The bank is still in negotiations with the union and as a matter
of fact has got to the point where the matter is now before the
Industrial Court, seeking to resolve the outstanding matters. I
want to assure shareholders and members of staff at the bank that
in spite of the fact that the matter is before the Industrial
Court we the management and the board are continuing to explore
ways and see whether we can settle this matter and take it out of
the Industrial Court," the report quoted Mr. Smart as saying.
The union representing the workers, the Banking, Insurance and
General Workers Union (BIGWU) has been negotiating for wage
increases for the period January 1, 2012 to December 31, 2014, the
report says. It is seeking no less than a 14 per cent increase
and have asked for salaries to first be brought up to market
standards before this is done.
BIGWU President Mario Als told Trinidad Express the matter comes
up for hearing on April 14, 15 and 16.
On the issue of the First Citizens' initial public offering (IPO)
last year, Mr. Smart said although the events surrounding it cast
a negative shadow on the bank, the IPO must not be forgotten, the
report relays.
". . . . there are over 11,700 shareholders with thousands of
those persons-first time investors in the stock market- including
some of you who are here with us," the report quoted Mr. Smart as
saying.
Mr. Smart told shareholders that sound corporate governance
continued to be one of the pillars on which the bank's business
was run, notes the report.
Mr. Smart said the bank was constantly looking at ways to enhance
its governance procedures because it believes this is critical to
First Citizens' continuing success, the report relays.
The bank's former chief risk officer Philip Rahaman bought 659,588
shares from the employee bucket during the IPO and later sold
634,588 of those shares four months later to his cousin Imtiaz
Rahaman, his aunt and five family-controlled businesses, recalls
Trinidad Express.
The share purchase raised questions and the financing of the
transaction is under investigation, the report relates.
The IPO scandal has had several casualties: Rahaman; Subhas
Ramkhelawan, managing director of Bourse Securities, who resigned
as an independent senator and former chairman of the Trinidad and
Tobago Stock Exchange; and the former First Citizens board, the
report discloses.
In December last year, former chief executive Larry Nath resigned
with immediate effect not long after the IPO, the report adds.
About First Citizens Bank
First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1. The outlook has been revised
to stable from negative.
=================
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
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TEKA TKTQF US 367577608 -421708949
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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 * * *