/raid1/www/Hosts/bankrupt/TCRLA_Public/150609.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, June 9, 2015, Vol. 16, No. 112
Headlines
A R G E N T I N A
ARGENTINA: Ordered to Pay Additional $5.4 Bil. to Bondholders
BUENOS AIRES: S&P Keeps CCC- Rating on US$500M Notes After Add-on
C A Y M A N I S L A N D S
BA 1998: Commences Liquidation Proceedings
BIENVILLE HEALTH: Placed Under Voluntary Wind-Up
CAL DIVE: Commences Liquidation Proceedings
HARBERT MACRO: Placed Under Voluntary Wind-Up
HARBERT MACRO MASTER: Placed Under Voluntary Wind-Up
KAWA SOLAR: Creditors' Proofs of Debt Due June 24
MEDIA TOOLS: Placed Under Voluntary Wind-Up
PARAMOUNT AIRCRAFT: Creditors' Proofs of Debt Due June 30
TYLER LIMITED: Creditors' Proofs of Debt Due June 24
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: 20%++ Fall in Exports Since 2012 'Alarming'
DOMINICAN REPUBLIC: Benchmark Rate From 5.25% to 5.0%
* DOMINICAN REPUBLIC: Cuban Foreign Ministers Eyes Stronger Ties
E C U A D O R
ECUADOR: Gets OPEC's Support in Dispute With Chevron
E L S A L V A D O R
TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' IDR; Outlook Stable
J A M A I C A
JAMAICA: Cuts Caricom Imports by Almost 40%
P E R U
CORPORACION PESQUERA: S&P Affirms Then Withdraws 'B' LT CCR
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: Inflation Expected to Rise, Central Bank Says
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Ordered to Pay Additional $5.4 Bil. to Bondholders
-------------------------------------------------------------
EFE News reports that U.S. District Judge Thomas Griesa has handed
down a new decision against Argentina in a long-running debt case,
ruling that the country must pay $5.4 billion to a group of "me-
too" creditors based on an equal-treatment provision in their bond
contracts.
The more than 500 plaintiffs hold debt that Argentina defaulted on
in 2001 and refused to join the vast majority of creditors in
accepting steep haircuts in 2005 and 2010 restructurings,
according to EFE News.
The report notes that Judge Griesa, a federal judge in Manhattan,
ruled in 2012 in favor of another group of holdout bondholders led
by two hedge funds -- NML Capital Ltd., a unit of Paul Singer's
Elliott Management Corp., and Aurelius Capital Management --,
ordering Argentina to pay them $1.3 billion plus interest.
The "me-too" creditors were not initially a part of that earlier
suit but later argued that they should also benefit from Griesa's
ruling, the report relays.
Argentina has refused to pay the holdout creditors, calling hedge
funds such as NML Capital "vulture funds," while also attempting
to pay the exchange bondholders, the report notes.
The report says that Judge Griesa wrote in his latest ruling that
by trying to pay the holders of restructured debt Buenos Aires is
violating a "promise to rank plaintiffs' bonds equally with its
later-issued external indebtedness."
Buenos Aires slammed the latest ruling, saying it will file an
appeal, the report notes.
"These plaintiffs are the same vulture funds that already obtained
a similar order in the past, but now they disguise themselves in
new cases like 'me-too' to exert more pressure" on Argentina to
reach a settlement, Argentine Economy Minister Axel Kicillof said,
the report discloses.
Buenos Aires and holdout creditors have been locked in a
longstanding legal battle that stems from a massive Argentine debt
default in 2001 amid a financial meltdown and economic depression,
the report relays.
The origins of the debt problem go back to Argentina's 1976-1983
military regime, which presided over a 465-percent expansion in
public indebtedness, 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'.
On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina. Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.
BUENOS AIRES: S&P Keeps CCC- Rating on US$500M Notes After Add-on
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'CCC-' issue-level
rating on the province of Buenos Aires' (PBA's) $500 dollar-
denominated senior unsecured notes due 2021 unchanged following
the add-on of up to $533 million as the province launched a bond
exchange offer on June 2, 2015. At the same time, S&P affirmed
its 'CCC-' foreign and local currency ratings on the PBA. The
outlook remains negative.
RATIONALE
The province is offering an exchange for up to $500 million of its
outstanding $1.05 billion 11.75% international bond due Oct. 5,
2015. The PBA will offer up to $533 million in new notes due 2021
in exchange for the existing bonds. Overall, the province will be
issuing up to $1.03 billion notes due 2021. S&P expects the
province to pay the non-tendered part of the eligible bond in
accordance to original terms and conditions and the risks
associated with the current rating on the PBA.
As per S&P's criteria, "Rating Implications Of Exchange Offers And
Similar Restructurings, Update," May 12, 2009, it don't consider
this exchange offer as tantamount to default because S&P believes
it doesn't meet the conditions to be considered as such. Given
that the province is offering a premium above the market value of
the outstanding bonds (which currently trades above par value)
plus accrued and unpaid interest on such existing bonds, the offer
introduces an incentive to compensate investors for the lower
coupon and the maturity extension offered in the new bonds.
The foreign currency rating on the PBA reflects S&P's 'CCC-'
transfer and convertibility (T&C) risk assessment on Argentina
(foreign currency: SD/SD; local currency: CCC+/Negative/C). S&P
do so to reflect the likelihood that the sovereign could restrict
the domestic entities' access to foreign currency for their debt
obligations. Argentina's external liquidity continues to be
pressured, particularly due to the sovereign's default since
July 30, 2014. In S&P's view, it has fully incorporated these
risks in its 'CCC-' foreign currency rating on the province.
Including the $500 million issuance, S&P expects PBA's total debt
to be more than ARP111 billion or about 43% of the province's
estimated 2015 operating revenues, compared with ARP90.3 billion
at the end of 2014. Given the PBA's moderate debt level, S&P
don't believe this issuance will hurt the province's financial
profile.
A deteriorating macroeconomic environment--weak economic growth,
high inflation, a dual exchange rate, and uncertainty over medium-
terms prospects, which further exacerbate Argentina's volatile and
underfunded intergovernmental institutional framework--limits the
PBA's creditworthiness. The province posted an operating surplus
of ARP3.3 billion, or 1.7% of operating revenues, in 2014, higher
than 0.2% in 2013. This stems from ARP4.5 billion in
extraordinary nontax revenue following the 2013 debt restructuring
agreement with the federal government. The PBA's deficit after
capex was 0.4% of total revenues. S&P expects some volatility in
its fiscal results in 2015 and 2016 due to inflation of 35%-40%.
S&P also expects the province to tighten its revenue collection
while continuing to restrain the growth of its operating expenses
amid high inflation.
As of the end of 2014, the province's debt totaled ARP90.3
billion, almost 58% of which was denominated in foreign currency.
This factor underscores the PBA's exposure to currency risk
because adverse exchange rate movements could increase debt amid
the Argentine peso's consistent slide. As of Dec. 31, 2014, PBA
owed 37.5% of its total debt to the federal government, 53.4% to
domestic and international bondholders, 7.8% to multilateral
credit organizations, and the remaining 1.3% to bilateral credit
agencies.
OUTLOOK
The negative outlook reflects S&P's expectations that further
restrictions to foreign currency access could jeopardize PBA's
ability to honor its financial obligations amid limited external
financing due to the sovereign's recent selective default. S&P
could lower the ratings on the province in the next 12-18 months
if the central government further tightens its exchange control
regime, which could impair PBA's ability to service foreign
currency debt in 2015. On the other hand, S&P could raise its
ratings if the risks of the sovereign's access to foreign currency
diminish.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
RATINGS LIST
Ratings Affirmed
Buenos Aires (Province of)
Issuer Credit Rating CCC-/Negative/--
Senior Unsecured CCC-
==========================
C A Y M A N I S L A N D S
==========================
BA 1998: Commences Liquidation Proceedings
------------------------------------------
On May 12, 2015, the shareholders of BA 1998 Partners Fund LDC
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:
Merrill Lynch Alternative Investments LLC
c/o Jeff McGoey
250 Vesey Street
New York
New York 10080
United States of America
Telephone: +1 (212) 449 3520
BIENVILLE HEALTH: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 15, 2015, the sole shareholder of Bienville Health Science
Partners Master Fund, Ltd. resolved to voluntarily wind up the
company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Bienville Capital Management, LLC
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
CAL DIVE: Commences Liquidation Proceedings
-------------------------------------------
On May 11, 2015, the sole shareholder of Cal Dive Offshore
Services, 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:
Quinn J. Hebert
Cal Dive Offshore International Ltd
Telephone: (713) 361-2600
Facsimile: (713) 587-7338
2500 CityWest Blvd.
Suite 2200, Houston
Texas 77042
USA
HARBERT MACRO: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 15, 2015, the sole shareholder of Harbert Macro Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Harbert Macro Fund GP, LLC
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
HARBERT MACRO MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On May 15, 2015, the sole shareholder of Harbert Macro Master
Fund, Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Harbert Macro Fund GP, LLC
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
KAWA SOLAR: Creditors' Proofs of Debt Due June 24
-------------------------------------------------
The creditors of Kawa Solar Investments Offshore Ltd. are required
to file their proofs of debt by June 24, 2015, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on May 18, 2015.
The company's liquidator is:
SCL Limited
Smeets Law (Cayman)
Reference: JAPF
Telephone: (+1) 345 815 2800
Facsimile: (+1) 345 947 4728
Suite 2206, Cassia Court
72 Market Street, Camana Bay
P.O. Box 32302 Grand Cayman, KY1-1209
Cayman Islands
MEDIA TOOLS: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 15, 2015, the sole shareholder of Media Tools Global
Services Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Waldyr Gozzi
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PARAMOUNT AIRCRAFT: Creditors' Proofs of Debt Due June 30
---------------------------------------------------------
The creditors of Paramount Aircraft Leasing (Pal), Inc. are
required to file their proofs of debt by June 30, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 16, 2015.
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
TYLER LIMITED: Creditors' Proofs of Debt Due June 24
----------------------------------------------------
The creditors of Tyler Limited are required to file their proofs
of debt by June 24, 2015, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 15, 2015.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands KY1-1102
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: 20%++ Fall in Exports Since 2012 'Alarming'
---------------------------------------------------------------
Dominican Today reports that the Industries Association (AIRD)
president Campos de Moya called the more than 20% fall in
Dominican Republic's domestic non-mining exports since 2012
"alarming."
"This means that for every five dollars we received for the value
of our non-mining domestic exports in the first quarter of 2012,
in the first quarter of 2015 we received one dollar," de Moya
said, according to Dominican Today.
Mr. de Moya said that although price fluctuation of some local
products can explain part of the decline, Dominican Republic has
yet to stay on track for sustained growth in exports, both in
volume and value, the report notes.
In a statement, the head of the AIRD said the Central Bank
confirmed a 5% fall in exports in the first quarter compared to
the same period a year ago and, as an economist already noted,
it's the most significant reduction posted in one quarter in the
past five years, and the third consecutive quarter of decline, the
report relates.
The report discloses that Mr. De Moya said that even putting gold
aside, which has had a significant drop in global prices, domestic
exports fell 4.3% in the first quarter compared with last year,
and prompted him to ask "what are we doing wrong that national
production has yet to fully stabilize our exports' sustained
growth? What are the economic and social implications of the
industrial policies that are implemented in Dominican Republic?"
DOMINICAN REPUBLIC: Benchmark Rate From 5.25% to 5.0%
-----------------------------------------------------
Dominican Today reports that the Central Bank disclosed a decrease
of its monetary policy benchmark rate for a third consecutive
month, in this occasion a decline of 25 basis points, from 5.25%
to 5.00% per annum starting June 1.
It said the decision places this year's cumulative rate reduction
at 125 basis points, according to Dominican Today.
According to the short term liquidity management formula, the
overnight rate is reduced from 3.75% to 3.50% per annum and the
rate of expansion facilities (repos) decreased from 6.75% to 6.50%
per annum, the report says.
Outlook
"The decision to cut the benchmark rate was adopted after
analyzing the national macroeconomic picture, especially the
balance of risks around inflation projections and the evolution of
the relevant international environment and its impact on market
expectations and the Dominican economy," the Central Bank said the
report notes.
"It's expected that the policy decision will impact positively on
economic growth without jeopardizing the inflation target in the
policy horizon," the central bank added, the report relays.
* DOMINICAN REPUBLIC: Cuban Foreign Ministers Eyes Stronger Ties
----------------------------------------------------------------
Dominican Today reports that the Dominican Foreign Affairs
minister Andres Navarro met with his Cuban counterpart Bruno
Rodriguez, aimed at bolstering bilateral ties between Havana and
Santo Domingo.
Mr. Navarro and Mr. Rodriguez discussed the upcoming CELAC-EU
Summit, the formation of a RD-Cuba Joint Commission, as well as
trade and cooperation within the changes in hemispheric relations,
according to Dominican Today.
"In the new foreign policy set forth by president Danilo Medina
stronger bilateral relations in the Caribbean is a priority and in
this context seek to boost ties with friendly countries like
Haiti, Puerto Rico, Cuba, Jamaica, Trinidad and Tobago, among
others," the official said, the report notes.
=============
E C U A D O R
=============
ECUADOR: Gets OPEC's Support in Dispute With Chevron
----------------------------------------------------
EFE News reports that the Organization of the Petroleum Exporting
Countries expressed support for Ecuador in an ongoing arbitration
process brought against that member nation by U.S. oil supermajor
Chevron Corp.
"The Conference (the oil cartel's top authority) expressed its
support to Ecuador in the exercise of its sovereign rights over
its natural resources, in accordance with international law," OPEC
said after a ministerial meeting in the Austrian capital,
according to EFE News.
OPEC called for "amicable negotiations and a good faith resolution
for the dispute, within a framework of utmost respect for the
sovereignty of Ecuador and without resorting to ex parte (for the
benefit of only one party) pre-judgement measures that would make
impartial solutions more difficult," the report relates.
U.S. oil company Texaco, which Chevron acquired in 2001, was
accused by residents of the northeastern village of Lago Agrio of
dumping billions of gallons of crude residue and toxic waste water
in a nearby area of the Ecuadorian Amazon between 1964 and the
early 1990s, the report discloses.
After a decades-long legal fight in the United States and Ecuador,
a Lago Agrio court ordered Chevron in 2011 to pay $19 billion in
damages for that pollution, the report says.
In a November 2013 decision, Ecuador's highest court, the National
Court of Justice, upheld the earlier verdict but lowered the
damages award to $8.6 billion, the report relays.
Chevron, which has no assets in Ecuador, has refused to pay,
saying the court rulings against the company there lack merit and
are the result of an unprecedented fraud, notes the report.
Besides fighting the case in Ecuador, Chevron filed an
international arbitration claim against Ecuador in 2009 before the
Permanent Court of Arbitration in The Hague, accusing the country
of violating its obligations under the U.S.-Ecuador bilateral
investment treaty, investment agreements and international law,
the report discloses.
Through that process, it is seeking to hold Ecuador accountable
for what it describes as the "denial of justice" that occurred
with the multi-billion-dollar pollution verdict, the report says.
Separately, Chevron secured a favorable ruling in March 2014 by a
New York federal court, which found that the Ecuadorian judgment
was the product of fraud and racketeering activity, the report
notes.
According to the report, the oil company said that Texaco ceased
operating in Ecuador in 1992 and that state-owned oil company
Petroecuador, which it says should be the target of the
plaintiffs' legal action, has been "the sole and exclusive owner
and operator of greatly expanded operations in the area from (that
year) to the present."
The pollution case was initially filed against Texaco in New York
in 1993, but after inheriting the lawsuit Chevron succeeded in
having it moved from the United States to Ecuador in 2003, four
years before President Rafael Correa came to power amid voter
anger at corruption and traditional politicians, the report
discloses.
Chevron, however, later said the case had become politicized under
the leftist Correa and that it could not receive a fair trial, the
report notes.
Although the oil company maintains that Texaco was cleared of any
liability for damages after performing remediation work in the
mid-1990s, plaintiffs say that 1998 agreement with the Ecuadorian
government of the time did not release it from third-party claims
and that Chevron is reneging on its pledge to abide by whatever
decision was handed down by the Ecuadorian courts, the report
says.
Chevron, however, says that 1990s agreement also released Texaco
from any liability for collective third-party claims, the report
notes.
The Ecuadorian plaintiffs have sought to enforce the judgment in
countries including Argentina, Canada and Brazil by asking courts
in those nations to seize Chevron's assets, the report adds.
====================
E L S A L V A D O R
====================
TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Telemovil El Salvador, S.A.'s foreign
and local currency Issuer Default Ratings at 'BB'. The Rating
Outlook is Stable. Fitch has simultaneously withdrawn the ratings
as the bonds were repaid.
KEY RATING DRIVERS
Telemovil's ratings reflect its leading market positions in the
mobile and pay-TV segment in El Salvador, backed by its well-
established network coverage and quality, and resultant strong
brand recognition. The ratings also factor in Telemovil's strong
linkage with its parent, Millicom International Cellular S.A.
(MIC) (rated 'BB+' by Fitch), which helps Telemovil to achieve
synergies related to the larger scale of the parent and provides
expertise in management.
The company's credit quality is tempered by a persistently high
level of competition which continues to weigh on its market share
and cash flow generation.
RATING SENSITIVITIES
The company has completed the repayment of USD311 million notes in
April 2015, which were issued by Telemovil Finance Co., Ltd. and
fully guaranteed by Telemovil. Fitch will no longer provide
ratings or analytical coverage of the issuer.
=============
J A M A I C A
=============
JAMAICA: Cuts Caricom Imports by Almost 40%
-------------------------------------------
RJR News reports that Jamaica has cut its imports from CARICOM by
almost 40 per cent in the first two months of 2015.
Imports from the region during January and February were valued at
US$80 million, down from US$131 million in the similar period a
year ago, according to RJR News.
Most of the decline was due to lower imports of oil from Trinidad
& Tobago, the report notes.
Food and chemical imports from the region also declined, the
report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'. In addition, S&P affirmed the 'B'
short-term ratings on Jamaica. The outlook on the long-term
ratings is stable. S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.
=======
P E R U
=======
CORPORACION PESQUERA: S&P Affirms Then Withdraws 'B' LT CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and issue-level ratings on Corporacion Pesquera
Inca S.A.C. and removed them from CreditWatch negative following a
similar action on China Fishery Group Ltd. (CFG; Copeinca's parent
company). S&P subsequently withdrew the ratings at Copeinca's
request.
At the time of the withdrawal, the rating on Copeinca mirrored
that of CFG (global scale: B/Stable/--). On May 20, 2015, S&P
affirmed its ratings on CFG and removed them from CreditWatch
negative following the timely completion of its rights issue and
repayment of Copeinca's notes. Therefore, Copeinca can now
provide a guarantee to the outstanding balance of CFG's
$650 million credit facility and $300 million notes. Moreover,
S&P continues to view Copeinca as a "core" subsidiary of CFG,
based on the level of integration of the group's fishmeal
operations in Peru. Copeinca's significant contribution to the
group's cash flows and consolidated revenue base, because it
generates about 80% of CFG's sales, also supports S&P's
assessment.
The stable outlook on Copeinca at the time of the withdrawal
mirrored that on CFG and reflected S&P's expectation that CFG
won't breach its financial covenants and will lower its leverage,
but would remain vulnerable to volatility cash flows.
================================
T R I N I D A D & T O B A G O
================================
* TRINIDAD & TOBAGO: Inflation Expected to Rise, Central Bank Says
------------------------------------------------------------------
Daily Express reports that Trinidad and Tobago's rate of inflation
is expected to rise this year because of pressure on food prices
and continued spending on motor vehicles and other goods, the
Central Bank has warned.
The bank said its Monetary Policy Committee was concerned about
rising inflationary pressures, according to Daily Express.
The report notes that this was disclosed during the latest
Monetary Policy Forum, hosted by the San Juan Business
Association, at the House of Angostura, Laventille.
A Central Bank statement released at the meeting said: "Based on
the recently rebased Retail Prices Index, headline inflation stood
at almost six per cent in April 2015, the report discloses. Core
inflation accelerated to a ten-month high of around two per cent
in April 2015," the report relays.
The report notes that it said the committee expects inflationary
pressures to further pick up in the rest of 2015 due to a number
of factors:
-- the rainy season has begun with the possibility of flooding
causing disruptions to agricultural supplies and the
attendant effect on food price inflation, which continues to
drive overall headline inflation. As at April 2015, food
inflation stood at nine per cent, close to double-digit
territory;
-- growth of consumer credit remains strong, suggesting
consumers are still willing to borrow to finance the
purchase of new motor vehicles and other consumer durables,
despite subdued economic conditions.
"We expect recently concluded wage agreements with teachers and
civil servants, as well as successful settlement of outstanding
negotiations with the Police, Fire and Prison services to increase
consumer spending and inflationary pressures," the Central Bank
stated, the report discloses.
=================
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)
------- ------ --------- ------------
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
METROGAS SA-A 153255Z AR 331403741 -24462400.6
METROGAS SA-C 153263Z AR 331403741 -24462400.6
LA POLAR SA NUEVAPOL CI 571550458 -31565432.3
TECTOY-PF-RTS5/6 TOYB11 BZ 27114628.6 -8215580.95
TEKA-ADR TEKAY US 313948165 -395261073
GOL-PREF GOLL4 BZ 3769323901 -125802483
GOL-ADR GOL US 3769323901 -125802483
GOL GOLL3 BZ 3769323901 -125802483
METROGAS-B MGSBF US 331403741 -24462400.6
BOMBRIL BMBBF US 323685704 -31241748
KARSTEN CTKCF US 174656858 -10482924.6
KARSTEN-PREF CTKPF US 174656858 -10482924.6
MANGELS INDL-PRF MGIRF US 176399866 -61689625.2
TEKA TKTQF US 313948165 -395261073
TEKA-PREF TKTPF US 313948165 -395261073
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
TEC TOY SA-PREF TOYDF US 27114628.6 -8215580.95
PUYEHUE RIGHT PUYEHUOS CI 17878064 -7344408.97
BATTISTELLA-RIGH BTTL1 BZ 120474772 -21271905.1
BATTISTELLA-RI P BTTL2 BZ 120474772 -21271905.1
BATTISTELLA-RECE BTTL9 BZ 120474772 -21271905.1
BATTISTELLA-RECP BTTL10 BZ 120474772 -21271905.1
AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756
GOL-ADR GOQ GR 3769323901 -125802483
PET MANG-RIGHTS 3678565Q BZ 140957879 -410925540
PET MANG-RIGHTS 3678569Q BZ 140957879 -410925540
PET MANG-RECEIPT 0229292Q BZ 140957879 -410925540
PET MANG-RECEIPT 0229296Q BZ 140957879 -410925540
MMX MINERACAO TRES3 BZ 1223308090 -312940530
INEPAR-RT ORD 3697782Q BZ 1191789041 -214360998
INEPAR-RT PREF 3697786Q BZ 1191789041 -214360998
INEPAR-RCT ORD 3697790Q BZ 1191789041 -214360998
INEPAR-RCT PREF 3697794Q BZ 1191789041 -214360998
RB CAPITAL RBCS3B BZ 13996658.5 -815.062365
MMX MINERACA-GDR MMXMY US 1223308090 -312940530
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL FPXE4 BZ 19416013.9 -489914853
SANESALTO SNST3 BZ 21339668.9 -6954061.77
BOMBRIL-RGTS PRE BOBR2 BZ 323685704 -31241748
BOMBRIL-RIGHTS BOBR1 BZ 323685704 -31241748
MMX MINERACA-GDR 0567931D CN 1223308090 -312940530
MMX MINERACA-GDR 3M11 GR 1223308090 -312940530
LAEP-BDR MILK33 BZ 222902269 -255311026
AGRENCO LTD AGRE LX 285996574 -543142756
LAEP INVESTMENTS LEAP LX 222902269 -255311026
INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
OSX BRASIL SA OSXB3 BZ 2592199410 -291661108
MMX MINERACAO MMXCF US 1223308090 -312940530
CELGPAR GPAR3 BZ 233784351 -1156798479
RECRUSUL - RT 4529781Q BZ 25757600.8 -21626049.7
RECRUSUL - RT 4529785Q BZ 25757600.8 -21626049.7
RECRUSUL - RCT 4529789Q BZ 25757600.8 -21626049.7
RECRUSUL - RCT 4529793Q BZ 25757600.8 -21626049.7
RECRUSUL-BON RT RCSL11 BZ 25757600.8 -21626049.7
RECRUSUL-BON RT RCSL12 BZ 25757600.8 -21626049.7
BALADARE BLDR3 BZ 159449535 -52990723.7
TEXTEIS RENAU-RT TXRX1 BZ 48951015.5 -73535330.8
TEXTEIS RENAU-RT TXRX2 BZ 48951015.5 -73535330.8
TEXTEIS RENA-RCT TXRX9 BZ 48951015.5 -73535330.8
TEXTEIS RENA-RCT TXRX10 BZ 48951015.5 -73535330.8
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
NEWTEL PARTICIPA NEWT3 BZ 10517157.2 -10542831.7
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
EBX BRASIL SA CTMN3 BZ 2592199410 -291661108
GOL-ADR GOLN MM 3769323901 -125802483
OSX BRASIL SA EBXB3 BZ 2592199410 -291661108
LA POLAR-RT LAPOLARO CI 571550458 -31565432.3
ELECTRICIDAD ARG 3447811Z AR 948261051 -148983927
TEC TOY-RT 7335610Q BZ 27114628.6 -8215580.95
TEC TOY-RT 7335614Q BZ 27114628.6 -8215580.95
TEC TOY-RCT 7335626Q BZ 27114628.6 -8215580.95
TEC TOY-RCT 7335630Q BZ 27114628.6 -8215580.95
MMX MINERACAO-RT 4111484Q BZ 1223308090 -312940530
MMX MINERACA-RCT 4111488Q BZ 1223308090 -312940530
GOL-RT 0113333D BZ 3769323901 -125802483
GOL-RT 0113334D BZ 3769323901 -125802483
GOL-RCT 0113335D BZ 3769323901 -125802483
GOL-RCT 0113338D BZ 3769323901 -125802483
PET MANG-RT 4115360Q BZ 140957879 -410925540
PET MANG-RT 4115364Q BZ 140957879 -410925540
INEPAR-RT ORD INEP1 BZ 1191789041 -214360998
INEPAR-RT PREF INEP2 BZ 1191789041 -214360998
INEPAR-RCT ORD INEP9 BZ 1191789041 -214360998
INEPAR-RCT PREF INEP10 BZ 1191789041 -214360998
MINUPAR-RT 9314542Q BZ 76619687.5 -91780261.5
MINUPAR-RCT 9314634Q BZ 76619687.5 -91780261.5
MMX MINERACAO-RT 0626050D BZ 1223308090 -312940530
MMX MINERACA-RCT 0626051D BZ 1223308090 -312940530
PET MANG-RT 0229249Q BZ 140957879 -410925540
PET MANG-RT 0229268Q BZ 140957879 -410925540
RECRUSUL - RT 0163579D BZ 25757600.8 -21626049.7
RECRUSUL - RT 0163580D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0163582D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0163583D BZ 25757600.8 -21626049.7
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
OSX BRASIL S-GDR OSXRY US 2592199410 -291661108
TEC TOY-RT 1254570D BZ 27114628.6 -8215580.95
TEC TOY-RT 1254571D BZ 27114628.6 -8215580.95
TEC TOY-RCT 1254572D BZ 27114628.6 -8215580.95
TEC TOY-RCT 1254573D BZ 27114628.6 -8215580.95
MMX MINERACAO MMXM11 BZ 1223308090 -312940530
MINUPAR-RT 0599562D BZ 76619687.5 -91780261.5
MINUPAR-RCT 0599564D BZ 76619687.5 -91780261.5
PET MANG-RT RPMG2 BZ 140957879 -410925540
PET MANG-RT 0848424D BZ 140957879 -410925540
PET MANG-RECEIPT RPMG9 BZ 140957879 -410925540
PET MANG-RECEIPT RPMG10 BZ 140957879 -410925540
GOL-RT GOLL1 BZ 3769323901 -125802483
GOL-RT 1003237D BZ 3769323901 -125802483
GOL-RCT GOLL9 BZ 3769323901 -125802483
GOL-RCT 1003238D BZ 3769323901 -125802483
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
RECRUSUL - RT 0614673D BZ 25757600.8 -21626049.7
RECRUSUL - RT 0614674D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0614675D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0614676D BZ 25757600.8 -21626049.7
TEKA-RTS TEKA1 BZ 313948165 -395261073
TEKA-RTS TEKA2 BZ 313948165 -395261073
TEKA-RCT TEKA9 BZ 313948165 -395261073
TEKA-RCT TEKA10 BZ 313948165 -395261073
MINUPAR-RTS MNPR1 BZ 76619687.5 -91780261.5
MINUPAR-RCT MNPR9 BZ 76619687.5 -91780261.5
LA POLAR-RT LAPOLAOS CI 571550458 -31565432.3
RECRUSUL SA-RTS RCSL1 BZ 25757600.8 -21626049.7
RECRUSUL SA-RTS RCSL2 BZ 25757600.8 -21626049.7
RECRUSUL SA-RCT RCSL9 BZ 25757600.8 -21626049.7
RECRUSUL - RCT RCSL10 BZ 25757600.8 -21626049.7
OSX BRASIL - RTS 0701756D BZ 2592199410 -291661108
OSX BRASIL - RTS 0701757D BZ 2592199410 -291661108
LA POLAR SA LAPOLAR CI 571550458 -31565432.3
MMX MINERACA-RTS MMXM1 BZ 1223308090 -312940530
MMX MINERACA-RCT MMXM9 BZ 1223308090 -312940530
OSX BRASIL - RTS 0812903D BZ 2592199410 -291661108
OSX BRASIL - RTS 0812904D BZ 2592199410 -291661108
OSX BRASIL SA OSXRF US 2592199410 -291661108
OSX BRASIL - RTS OSXB1 BZ 2592199410 -291661108
OSX BRASIL - RTS OSXB9 BZ 2592199410 -291661108
NEWTEL PARTI-RTS 1051621D BZ 10517157.2 -10542831.7
PET MANG-RTS 1227980D BZ 140957879 -410925540
AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756
LAEP-BDR MILK11 BZ 222902269 -255311026
MMX MINERACA-GDR MMXMD US 1223308090 -312940530
MMX MINERACAO MMXXF US 1223308090 -312940530
GOL PREF - RTS GOLL2 BZ 3769323901 -125802483
GOL PREF - RCT GOLL10 BZ 3769323901 -125802483
BOMBRIL - RTS BOBR11 BZ 323685704 -31241748
KARSTEN SA - RTS CTKA1 BZ 174656858 -10482924.6
KARSTEN SA - RTS CTKA2 BZ 174656858 -10482924.6
KARSTEN SA - RCT CTKA9 BZ 174656858 -10482924.6
KARSTEN SA - RCT CTKA10 BZ 174656858 -10482924.6
NEWTEL PARTI-RCT NEWT9B BZ 10517157.2 -10542831.7
NEWTEL PARTI-RTS NEWT1B BZ 10517157.2 -10542831.7
CELGPAR-RTS GPAR11 BZ 233784351 -1156798479
LA POLAR-RTS BON LAPOLAOB CI 571550458 -31565432.3
PET MANGUINH-RTS RPMG1 BZ 140957879 -410925540
METROGAS-B METR AR 331403741 -24462400.6
METROGAS-B BLOCK METRB AR 331403741 -24462400.6
METROGAS-B METRC AR 331403741 -24462400.6
METROGAS-B METRD AR 331403741 -24462400.6
METROGAS SA MGAI US 331403741 -24462400.6
METROGAS-B MGSB GR 331403741 -24462400.6
METROGAS-ADR MGS US 331403741 -24462400.6
METROGAS-ADR MGSA GR 331403741 -24462400.6
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-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 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 LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
BOMBRIL BOBR3 BZ 323685704 -31241748
BOMBRIL CIRIO SA BOBRON BZ 323685704 -31241748
BOMBRIL-PREF BOBR4 BZ 323685704 -31241748
BOMBRIL CIRIO-PF BOBRPN BZ 323685704 -31241748
BOMBRIL SA-ADR BMBPY US 323685704 -31241748
BOMBRIL SA-ADR BMBBY US 323685704 -31241748
BUETTNER BUET3 BZ 82872146.2 -36299304.3
BUETTNER SA BUETON BZ 82872146.2 -36299304.3
BUETTNER-PREF BUET4 BZ 82872146.2 -36299304.3
BUETTNER SA-PRF BUETPN BZ 82872146.2 -36299304.3
BUETTNER SA-RTS BUET1 BZ 82872146.2 -36299304.3
BUETTNER SA-RT P BUET2 BZ 82872146.2 -36299304.3
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
IGUACU CAFE IGUA3 BZ 190073766 -74308212
IGUACU CAFE IGCSON BZ 190073766 -74308212
IGUACU CAFE IGUCF US 190073766 -74308212
IGUACU CAFE-PR A IGUA5 BZ 190073766 -74308212
IGUACU CAFE-PR A IGCSAN BZ 190073766 -74308212
IGUACU CAFE-PR A IGUAF US 190073766 -74308212
IGUACU CAFE-PR B IGUA6 BZ 190073766 -74308212
IGUACU CAFE-PR B IGCSBN BZ 190073766 -74308212
SCHLOSSER SCLO3 BZ 46981417.3 -55419754.7
SCHLOSSER SA SCHON BZ 46981417.3 -55419754.7
SCHLOSSER-PREF SCLO4 BZ 46981417.3 -55419754.7
SCHLOSSER SA-PRF SCHPN BZ 46981417.3 -55419754.7
KARSTEN SA CTKA3 BZ 174656858 -10482924.6
KARSTEN CTKON BZ 174656858 -10482924.6
KARSTEN-PREF CTKA4 BZ 174656858 -10482924.6
KARSTEN-PREF CTKPN BZ 174656858 -10482924.6
COBRASMA CBMA3 BZ 68585867.9 -2324358597
COBRASMA SA COBRON BZ 68585867.9 -2324358597
COBRASMA-PREF CBMA4 BZ 68585867.9 -2324358597
COBRASMA SA-PREF COBRPN BZ 68585867.9 -2324358597
D H B DHBI3 BZ 94806424.1 -188014922
DHB IND E COM DHBON BZ 94806424.1 -188014922
D H B-PREF DHBI4 BZ 94806424.1 -188014922
DHB IND E COM-PR DHBPN BZ 94806424.1 -188014922
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
HAGA HAGA3 BZ 17930008.8 -31863962
FERRAGENS HAGA HAGAON BZ 17930008.8 -31863962
FER HAGA-PREF HAGA4 BZ 17930008.8 -31863962
FERRAGENS HAGA-P HAGAPN BZ 17930008.8 -31863962
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
IGB ELETRONICA IGBR3 BZ 307112239 -59872446.9
GRADIENTE ELETR IGBON BZ 307112239 -59872446.9
GRADIENTE-PREF A IGBR5 BZ 307112239 -59872446.9
GRADIENTE EL-PRA IGBAN BZ 307112239 -59872446.9
GRADIENTE-PREF B IGBR6 BZ 307112239 -59872446.9
GRADIENTE EL-PRB IGBBN BZ 307112239 -59872446.9
GRADIENTE-PREF C IGBR7 BZ 307112239 -59872446.9
GRADIENTE EL-PRC IGBCN BZ 307112239 -59872446.9
HOTEIS OTHON SA HOOT3 BZ 207664352 -21612890.7
HOTEIS OTHON SA HOTHON BZ 207664352 -21612890.7
HOTEIS OTHON-PRF HOOT4 BZ 207664352 -21612890.7
HOTEIS OTHON-PRF HOTHPN BZ 207664352 -21612890.7
RENAUXVIEW SA TXRX3 BZ 48951015.5 -73535330.8
TEXTEIS RENAUX RENXON BZ 48951015.5 -73535330.8
RENAUXVIEW SA-PF TXRX4 BZ 48951015.5 -73535330.8
TEXTEIS RENAUX RENXPN BZ 48951015.5 -73535330.8
INEPAR INEP3 BZ 1191789041 -214360998
INEPAR SA INPRON BZ 1191789041 -214360998
INEPAR-PREF INEP4 BZ 1191789041 -214360998
INEPAR SA-PREF INPRPN BZ 1191789041 -214360998
INEPAR-COM DVD INEP11 BZ 1191789041 -214360998
INEPAR BONUS B INEP12 BZ 1191789041 -214360998
INEPAR-PRF DVD INEP13 BZ 1191789041 -214360998
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
MANGELS INDL MGEL3 BZ 176399866 -61689625.2
MANGELS INDL SA MISAON BZ 176399866 -61689625.2
MANGELS INDL-PRF MGEL4 BZ 176399866 -61689625.2
MANGELS INDL-PRF MISAPN BZ 176399866 -61689625.2
ESTRELA SA ESTR3 BZ 101429217 -112373470
ESTRELA SA ESTRON BZ 101429217 -112373470
ESTRELA SA-PREF ESTR4 BZ 101429217 -112373470
ESTRELA SA-PREF ESTRPN BZ 101429217 -112373470
MET DUQUE DUQE3 BZ 75039127.4 -2847420.37
MET DUQUE MDUON BZ 75039127.4 -2847420.37
MET DUQUE-PREF DUQE4 BZ 75039127.4 -2847420.37
MET DUQUE-PREF MDUPN BZ 75039127.4 -2847420.37
WETZEL SA MWET3 BZ 85449973 -19170318.6
WETZEL SA MWELON BZ 85449973 -19170318.6
WETZEL SA-PREF MWET4 BZ 85449973 -19170318.6
WETZEL SA-PREF MWELPN BZ 85449973 -19170318.6
MINUPAR MNPR3 BZ 76619687.5 -91780261.5
MINUPAR SA MNPRON BZ 76619687.5 -91780261.5
MINUPAR-PREF MNPR4 BZ 76619687.5 -91780261.5
MINUPAR SA-PREF MNPRPN BZ 76619687.5 -91780261.5
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
RECRUSUL RCSL3 BZ 25757600.8 -21626049.7
RECRUSUL SA RESLON BZ 25757600.8 -21626049.7
RECRUSUL-PREF RCSL4 BZ 25757600.8 -21626049.7
RECRUSUL SA-PREF RESLPN BZ 25757600.8 -21626049.7
PETRO MANGUINHOS RPMG3 BZ 140957879 -410925540
PETRO MANGUINHOS MANGON BZ 140957879 -410925540
PET MANGUINH-PRF RPMG4 BZ 140957879 -410925540
PETRO MANGUIN-PF MANGPN BZ 140957879 -410925540
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANSUY SNSY3 BZ 164647493 -171565662
SANSUY SA SNSYON BZ 164647493 -171565662
SANSUY-PREF A SNSY5 BZ 164647493 -171565662
SANSUY SA-PREF A SNSYAN BZ 164647493 -171565662
SANSUY-PREF B SNSY6 BZ 164647493 -171565662
SANSUY SA-PREF B SNSYBN BZ 164647493 -171565662
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
PILMAIQUEN PILMAIQ CI 169175281 -28425493.1
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
STAROUP SA STARON BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TECTOY TOYB3 BZ 27114628.6 -8215580.95
TECTOY SA TOYBON BZ 27114628.6 -8215580.95
TECTOY-PREF TOYB4 BZ 27114628.6 -8215580.95
TECTOY SA-PREF TOYBPN BZ 27114628.6 -8215580.95
TEC TOY SA-PREF TOYB5 BZ 27114628.6 -8215580.95
TEC TOY SA-PF B TOYB6 BZ 27114628.6 -8215580.95
TECTOY TOYB13 BZ 27114628.6 -8215580.95
TECTOY-RCPT PF B TOYB12 BZ 27114628.6 -8215580.95
TEKA TEKA3 BZ 313948165 -395261073
TEKA TEKAON BZ 313948165 -395261073
TEKA-PREF TEKA4 BZ 313948165 -395261073
TEKA-PREF TEKAPN BZ 313948165 -395261073
TEKA-ADR TKTPY US 313948165 -395261073
TEKA-ADR TKTQY US 313948165 -395261073
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
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
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
ELEC ARG SA-PREF EASA6 AR 948261051 -148983927
ELEC ARGENT-ADR EASA LX 948261051 -148983927
ELEC DE ARGE-ADR 1262Q US 948261051 -148983927
LOJAS ARAPUA LOAR3 BZ 37959788.7 -3613691912
LOJAS ARAPUA LOARON BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF LOAR4 BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF LOARPN BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF 52353Z US 37959788.7 -3613691912
LOJAS ARAPUA-GDR 3429T US 37959788.7 -3613691912
LOJAS ARAPUA-GDR LJPSF US 37959788.7 -3613691912
BATTISTELLA BTTL3 BZ 120474772 -21271905.1
BATTISTELLA-PREF BTTL4 BZ 120474772 -21271905.1
HOPI HARI SA PQTM3 BZ 129077627 -2031408.69
HOPI HARI-PREF PQTM4 BZ 129077627 -2031408.69
PARQUE TEM-DV CM PQT5 BZ 129077627 -2031408.69
PARQUE TEM-DV PF PQT6 BZ 129077627 -2031408.69
PARQUE TEM-RT CM PQTM1 BZ 129077627 -2031408.69
PARQUE TEM-RT PF PQTM2 BZ 129077627 -2031408.69
PARQUE TEM-RCT C PQTM9 BZ 129077627 -2031408.69
PARQUE TEM-RCT P PQTM10 BZ 129077627 -2031408.69
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
NEWTEL PARTICIPA NEWT3B BZ 10517157.2 -10542831.7
NEWTEL PARTICIPA 1NEWON BZ 10517157.2 -10542831.7
MMX MINERACAO MMXM3 BZ 1223308090 -312940530
TRESSEM PART SA 1TSSON BZ 1223308090 -312940530
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
PUYEHUE PUYEH CI 17878064 -7344408.97
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
***********
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 * * *