/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150901.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, September 1, 2015, Vol. 16, No. 172 Headlines B R A Z I L BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg. JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million C A Y M A N I S L A N D S CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22 CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22 EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22 EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22 LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22 NEW CHAUMET: Members' Final Meeting Set for Oct. 22 TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22 TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22 TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22 TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22 C H I L E AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating CHILE: Low Copper Prices Will Force Country to Borrow Money D O M I N I C A N R E P U B L I C DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert J A M A I C A JAMAICA: Official Proposes US$1-Billion Job Creation Fund M E X I C O CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1' FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable P U E R T O R I C O ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel CYMA CLEANING: Case Summary & 20 Largest Unsecured Creditors DITO INC.: Case Summary & 20 Largest Unsecured Creditors PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =========== B R A Z I L =========== BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg. ------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on global and national scale corporate credit ratings on BR Properties S.A. to negative from stable. S&P also affirmed its 'BB' global scale and 'brAA-' national scale corporate credit ratings on the company. At the same time, S&P affirmed its 'brAA' secured and 'brAA-' unsecured debt ratings on BR Properties. The rating action reflects S&P's view that the recently announced sale of assets, if approved, may weaken the company's competitive position, depending on the asset quality of the remaining portfolio. In addition, the Brazilian economy has deteriorated during the past few quarters amid higher inflation and interest rates and an overcapacity in the office rental markets in Sao Paulo and Rio de Janeiro. S&P believes that macroeconomic and industry conditions will remain difficult in the near term, potentially pressuring occupancy, delinquency rates, rent readjustments, and profitability. BR Properties is the largest real estate operator company in Brazil with a high quality portfolio with several AAA properties in favorable locations. This is despite the sale of several properties during the past few years, which reduced the company's scale and increased its concentration in the office space segment. S&P excludes the recently announced sale of 15 properties into its base case because they are still subject to several approvals. Nevertheless, S&P notes that these transactions may cause them to reassess the company's business risk profile depending on overall quality of the remaining portfolio because the sale may raise vacancy rates, lower monthly rents, and jeopardize pricing power in the next few years. Likewise, S&P could revise its financial risk profile assessment. Despite BR Properties' currently high quality portfolio, its operating metrics have faltered during the past few quarters resulting in higher financial and physical vacancy rates, rent readjustments below inflation rates, and more volatile profitability metrics. In addition, the significant increase in basic interest rates in Brazil pushed up the company's debt, further pressuring its credit metrics. JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million --------------------------------------------------------------- Reuters reports that JBS SA said its second-quarter net profit slumped 68.5 percent to BRL80 million ($22.7 million) from a year earlier. JBS' earnings before interest, taxes, depreciation and amortization -- a measure of cash flow known as EBITDA -- was BRL3.577 billion in the quarter, up 47 percent from BRL2.432 billion a year earlier, according to the filing, notes Reuters. JBS said it ended the quarter with a net debt of BRL34.8 billion, the report relates. The company said on June 21 it would acquire Moy Park Ltd, the British unit of rival Marfrig Global Foods SA. On July 1, JBS SA said it was buying Cargill Inc's U.S. pork business for $1.45 billion, a deal which would make it one of the largest and most powerful meat companies in the United States, the report relays. JBS's board also approved the repurchase of 116,102,539 shares, including 54,309,482 treasury shares, the report adds. As reported in the Troubled Company Reporter-Latin America on June 24, 2015, Standard & Poor's Ratings Services said that it has affirmed its 'BB+' global scale corporate credit and issue-level ratings on JBS S.A. and its subsidiary, JBS USA. S&P also affirmed its 'brAA+' national scale rating on JBS. The outlook for all corporate ratings remains positive. ========================== C A Y M A N I S L A N D S ========================== CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22 ---------------------------------------------------------------- The shareholders of Chaumet Investments II Limited will hold their final meeting on Oct. 22, 2015, at 11:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22 ---------------------------------------------------------------- The shareholders of Chronograph Limited will hold their final meeting on Oct. 22, 2015, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22 -------------------------------------------------------- The shareholders of Ebel Equity Limited will hold their final meeting on Oct. 22, 2015, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22 ------------------------------------------------------- The shareholders of Equity Esa Limited will hold their final meeting on Oct. 22, 2015, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22 -------------------------------------------------------- The members of Luxury Corporate Holdings Ltd will hold their final meeting on Oct. 22, 2015, at 1:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 NEW CHAUMET: Members' Final Meeting Set for Oct. 22 --------------------------------------------------- The members of New Chaumet Holdings Limited will hold their final meeting on Oct. 22, 2015, at 12:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22 ------------------------------------------------------------- The members of Timepiece Holdings II Limited will hold their final meeting on Oct. 22, 2015, at 12:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22 -------------------------------------------------------------- The members of Timepiece Holdings III Limited will hold their final meeting on Oct. 22, 2015, at 12:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22 ----------------------------------------------------- The members of Timepiece Ltd. will hold their final meeting on Oct. 22, 2015, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22 ------------------------------------------------------ The members of Timepiece Note Holdings Limited will hold their final meeting on Oct. 22, 2015, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 ========= C H I L E ========= AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating ---------------------------------------------------------------- Fitch Ratings has affirmed AES Gener S.A.'s (Gener) ratings as follows: -- Foreign and local currency Issuer Default Ratings (IDRs) at 'BBB-'; -- International senior unsecured debt at 'BBB-'; -- International junior subordinated debt at 'BB'; -- National long-term ratings at 'A+(cl)'; -- Domestic senior unsecured debt at 'A+(cl)'; -- National equity rating at 'Nivel 2(cl)'. The Rating Outlook is Stable. KEY RATING DRIVERS Gener's ratings reflect the company's balanced contractual position and a diverse portfolio of generation assets. The ratings recognize that the company's major plants operate under constructive regulatory environments in Chile and Colombia. Credit risks include possible environmental and/or political issues, which could result in cost overruns or additional modifications in new and/or existing projects. The credit risks also include the regulatory uncertainties in Argentina related to Termoandes S.A., though these are mitigated given Argentina represented only 5% of consolidated EBITDA during 2014. In addition, the company could face pressure from its controlling shareholder, AES Corp. ('BB- '/Outlook Negative), to increase dividends above those forecast by Fitch. The company has sufficient liquidity to cushion itself through significant capex needs in the short- to medium-term. Gener's equity rating reflects its shares' solid liquidity and 100% availability on the Santiago Stock Exchange during the August 2015 rolling 12-month period. In this period, the company had an average daily trading volume of USD1.191 million. Gener's free float continues to be 29.3%. Improved Financial Results: In the first half of 2015 (1H15), AES Gener's EBITDA generation totaled USD310 million, which was 9% higher on a year-over-year (YoY) basis. In Chile the company was the market share leader in terms of generation volumes for 1H15, with a 28.5% share. The company achieved its highest-ever EBITDA generation results in its Chilean Central Interconnected System (SIC) operations during 1H15, helped by higher efficient generation and incremental leasing income from its Nueva Renca power plant. The improvement in overall financial results was also assisted by higher demand from unregulated customers in the Northern Interconnected System (SING). In the last 12 months (LTM) ended June 2015, the company generated EBITDA of USD691 million, which is 3% higher than in 2014 and 11% higher versus 2013. EBITDA margins have expanded from 27.7% in 2013 to 31.2% in the LTM June 2015. Overall, financial results have come in slightly better than Fitch's forecast. Robust Expansion Spending: The company continues on an aggressive expansion phase which brings with it execution risk (e.g. construction delays, accidents, cost-overruns). In addition, the expansion plan has resulted in additional pressure on the company's cash flow generation and credit metrics. Positively, the company has extensive history of finishing major projects on time and on budget. AES Gener's first phase of expansion took place between 2007-2013 in which time the company successfully expanded its generation capacity by 48% to reach 5,082MW of installed capacity at a total investment cost of USD3 billion. The company is in the midst of what it has termed a second phase of expansion, which involves five major projects under construction that will increase installed capacity by 25%, with the total investment cost for this expansion phase expected to cost USD4 billion. The Guacolda V Project's cost is USD450 million (152MW coal-fired expansion), but it is currently 99% completed and on schedule to become operational in 4Q15. AES Gener's non- conventional renewable energy project, the Solar Andes Project (21MW), whose investment will total USD45 million, is also on schedule to be operational in 2H15. Tunjita, a 20MW run-of-the- river project in Colombia at a total cost of USD67 million, remains on schedule to be operational in 1H16. The largest projects currently being constructed are Cochrane (USD1.35 billion) and Alto Maipo (USD2.05 billion). AES Gener initiated construction in March 2013 of its 532MW Cochrane coal project in the SING, with an estimated investment of approximately USD1.35 billion. In the Cochrane project, AES Gener has incorporated Mitsubishi Corporation as a shareholder with a 60%:40% equity stake, respectively. For Alto Maipo (531MW run-of- the-river project), AES Gener incorporated Chilean mining company Minera Los Pelambres S.A., a subsidiary of Antofagasta Minerals S.A., as a 40% shareholder. Non-recourse financing has been closed for both projects and the company used funds from junior subordinated notes (USD300 million) issued in 2013 and a subsequent USD150 million capital increase to fund the equity investments in both projects. Cochrane remains on schedule to become operational in 2016, while Alto Maipo has a commercial operation date (COD) date in 2018. Negative FCF: Primarily due to cash outflows to fund the Cochrane and Alto Maipo projects, Fitch expects the company to generate negative free cash flow (FCF) in 2015-2017, coinciding with peak project capex for 2015-2016. The company should return to positive FCF generation in 2H17. Fitch estimates that Cochrane will become a significant positive cash flow contributor in 2017 while Alto Maipo should do so in 2018. The company's financial strategy revolves around maintaining a balance between continuity of funding and financial flexibility through internally generated cash flows, bank loans, bonds, short-term investments, committed credit lines and uncommitted credit lines. Pressured Credit Metrics: Given AES Gener is in the midst of an aggressive expansion plan, Fitch expects a weakening of the company's credit quality measures in the short- to medium-term. For the LTM ended June 2015, the company's consolidated debt-to- EBITDA and EBITDA coverage metrics were 4.6x and 5.1x , respectively. These ratios are weaker versus leverage levels of 4.3x and 3.6x in 2013 and 2012, though coverage ratios positively improved versus 3.5x in 2013. Excluding the non-recourse debt of the Alto Maipo and Cochrane power plants, AES Gener's debt-to-EBITDA for the LTM June 2015 was 3.4x. Fitch expects the company's consolidated leverage levels to remain in the 4.5x-5x range during 2015-2016, which is on the weak side for the rating category. Leverage levels should slowly decline to the 4x level starting in 2H17 as Cochrane comes on-line and begins generating meaningful cash flows in 2016-2017. High Dividend Payment: AES Gener has a track record of high dividend payments, and Fitch expects the company to continue to pay out 100% of net income going forward. Cash flow could be further pressured in the upcoming expansion phase should this dividend policy be increased to a payout rate above 100% of net income during peak capex periods. RATING SENSITIVITIES A change in AES Gener's commercial policy that results in an imbalanced long-term contractual position would be viewed negatively by Fitch. In addition, a material and sustained deterioration of credit metrics reflected in total consolidated debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt- to-EBITDA ratios above 3.0x-3.5x on a sustained basis could result in a negative rating action. Fitch believes that a positive rating action is limited at this time due to the expected capacity expansion over the next few years. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Fitch believes AES Gener has adequate liquidity to support its financial needs during the peak capex period, with the recent refinancing of its Angamos and Nueva Ventanas project finance debt a positive improvement by helping to reduce interest expense. In addition, the refinancing of its non- consolidated subsidiary, Empresa Electrica Guacolda, should help the company begin to generate meaningful dividend income starting in 2015. The company's liquidity is supported by reported cash on hand of USD190 million as of June 30, 2015, which compares favorably with short-term maturities totalling USD95 million for all of 2015- 2016. The company's liquidity is further buoyed by access to undrawn committed credit lines totalling USD235 million. Positively, the company's debt outstanding has no major maturities coming due during the 2015-2020, which cushions the company for the large build-out taking place. KEY ASSUMPTIONS -- Peak capex for latest expansion program in 2015-2016; -- Cochrane becomes a positive contributor in 2016, with Alto Maipo following suit in 2018; -- 100% of net income dividend payout rate; -- Peak leverage at the 4.5x-5x level during 2015-2016, with leverage declining slowly starting in 2H17 and reaching below 4x level in 2019. Fitch is affirming the following ratings for AES Gener S.A.: -- Foreign and local currency IDRs at 'BBB-'; -- International senior unsecured bond ratings at 'BBB-'; -- International junior subordinated bond ratings at 'BB'; -- Long-term national scale rating at 'A+(cl)' ; -- National senior unsecured bond ratings at 'A+(cl)'; -- National equity rating at 'Primera Clase Nivel 2(cl)'. The Rating Outlook is Stable. CHILE: Low Copper Prices Will Force Country to Borrow Money ----------------------------------------------------------- EFE News reports that Chile's finance minister said that low copper prices will produce a larger budget shortfall and force the country to borrow money on international markets. "We're entering a period in which we'll have very little revenues from copper -- Chile's primary export. That means we'll have a bigger deficit (and) will need to borrow some funds" internationally, Rodrigo Valdes told Canal 13 television, according to EFE News. Copper prices have plunged to six-year lows amid concerns over demand in China, the biggest consumer of the red metal, the report notes. China's stock markets tumbled on Aug. 24, delivering a further blow to the value of copper, which plunged 3.13 percent, notes the report. Mr. Valdes said Chile has sufficient savings and "easy access to the markets" but that the rate of spending will have to slow, the report relays. "This is volatile. We know volatility lasts for some time, but Chile is very well prepared for this situation," Mr. Valdes stressed, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert ----------------------------------------------------------------- Dominican Today reports that a coffee expert from Colombia says that renewal and creation of varieties that are resistant to the Roya disease is the ideal way to revive the country's coffee crop, until a totally new coffee plantation is achieved. Agronomist Carlos Mario Jaramillo from the National Coffee Growers Federation of Colombia said that the strategy that needs to be followed is one of renovation, and the longer this is delayed, the worse the situation will become, according to Dominican Today. The report notes that Mr. Jaramillo added that the policy being applied by the Dominican Coffee Council (CODOCAFE) for recovering the coffee crop is the most appropriate and is essential for the country as it has great potential for coffee production. The report says that Mr. Jaramillo was speaking during a tour of several plantations and discussions with the country's coffee farmers and authorities from the sector. Meanwhile, the CODOCAFE executive director, engineer Jose Fermin Nunez said that this event was organized in order to help producers make the best investment decisions for choosing the varieties for renewing the plantations, the report notes. Mr. Jaramillo said that the sector and the coffee farmers appeared to be well disposed toward finding and making changes, but in order to achieve these changes the solution is to achieve total renewal of these plantations. Mr. Jaramillo added that the most viable, cost-effective and easy to adopt alternative for the producers is the use of Roya- resistant varieties. Engineer Carlos Mario Jaramillo is the National Coordinator of the Special Coffee Program as well as leading Rural Development Projects in Colombia's Coffee Growing Areas, the report adds. ============= J A M A I C A ============= JAMAICA: Official Proposes US$1-Billion Job Creation Fund --------------------------------------------------------- Caribbean360.com reports that a top official of government's Economic Program Oversight Committee (EPOC) has charged the private sector to work with the administration in setting up a US$1 billion fund to finance projects in high growth sectors such as business process outsourcing (BPO) and agriculture. EPOC co-chairman Richard Byles said the US$2 billion raised on the international capital market to pay down the country's PetroCaribe debt would provide the government with access to some US$500 million of "backup funding", and that money could be used to implement major job creation projects, according to Caribbean360.com. The report relates that Mr. Byles challenged the private sector to step up to the plate and match that US$500 million. "Let us have a billion-dollar fund and take that fund and invest it in projects, in economic activities that are productive, that give permanent jobs to Jamaicans," Mr. Byles urged, the report notes. Mr. Byles said once members of the private sector got on board, they would have to be given the assurance that the US$1 billion would be spent "in a productive, constructive manner and not fritted away to give some jobs today and for there to be no jobs tomorrow". The EPOC pointed out that the construction of a technology park with some of the funds would create jobs and attract investors in the BPO sector, while investments in the agricultural sector, using technology and modern equipment, would play a key role in the country's economic development, the report notes. Finance and Planning Minister Dr. Phillips, announced that the government was able to raise US$1.35 billion at a rate of 6.75 per cent and secure a 30-year issue for $650 million at 7.87 per cent, which would enable it to buy back a substantial portion of the country's debt to Venezuela, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. =========== M E X I C O =========== CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1' --------------------------------------------------------------- Moody's de Mexico upgraded the issuer ratings of the municipality of Campeche to Baa2.mx (Mexican National Scale) and B1 (Global Scale, local currency) from Baa3.mx and B2, respectively. The outlook on the ratings remains stable. RATINGS RATIONALE The upgrade of Campeche's ratings to Baa2.mx (Mexican National Scale) from Baa3.mx and to B1 (Global Scale, local currency) from B2 reflects 1) a significant improvement in their management and transparency practices 2) strengthening of operating and consolidated financial results in the last three years, 3) debt levels well below the median of other B-rated Mexican municipalities and 4) own-source revenue levels that is now higher than the median of B-rated Mexican municipalities. Campeche has undertaken a significant improvement in its management and transparency practices. Unlike past years, the municipality's financial information demonstrates greater clarity, especially surrounding debt and debt service data. Financial accounts are published in a timelier manner than in the past. Management practices have also been strengthened reflected in the settlement of the municipality's arrears with the State's pension system which has improved Campeche's liquidity. Own-source revenues to operating revenues grew to 33.8% in 2014 from 22.8% in 2010 due to the implementation of long-lasting measures. This level of own-source revenues along with a general increase of federal transfers has supported the strengthening of its operating and consolidated financial results. The gross operating balance increased to 3.9% of operating revenues in 2014 from -10.9% in 2010 and its cash financing results have been roughly balanced over 2012-14, averaging -0.1% of total revenues. Cash financing surplus in 2014 was equivalent to 0.8% of total revenues, a strong level compared to a median of -14% of its B- rated national peers. As a result of its balanced financial results, debt levels have remained low over the years. At the end of 2014, net direct and indirect debt was equivalent to a low 11% of operating revenues. Moody's expects debt levels to decline in 2015 as the municipality does not have any plans to acquire additional loans. While Campeche's liquidity position has improved, it continues to be a significant credit weakness. Net working capital to total expenditures stood at -12.3% in 2014 up from -24.0% in 2013. The stable outlook reflects Moody's expectation that Campeche will register positive operating results in the next 12-18 months, which should help improve its liquidity position in the near term. WHAT COULD CHANGE THE RATINGS UP/DOWN A significant improvement in their liquidity position and a consistent recording of positive operating and cash financing results, could exert upward pressure on the ratings. Deteriorating operating and financial results that lead to a reduction of its already tight liquidity position or to a substantial increase in debt could exert downward pressure on the ratings. FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million ---------------------------------------------------------------- Hardee's Restaurant of Frontier Star is being sold for $2.66 million, Glenn Tanner at The Paris Post-Intelligencer reports, citing an investment overview packet assembled by EXP Realty Advisors of New York. Post-Intelligencer relates that Hardee's workers were reportedly seeing their paychecks bounce in recent days. According to Post-Intelligencer, the property is not currently among those listed on EXP's website. The report adds that Deke Havener, manager of Hardee's restaurant at 1005 Mineral Wells Avenue in Paris, Tennessee, said that the owner's involvement in bankruptcy proceedings won't have any affect locally and that the local restaurant would continue to operate as usual. Restaurants owned by Frontier Star LLC and Frontier Star CJ LLC wouldn't be affected by the current proceedings, The Restaurant Finance Monitor states, citing a spokesperson for CKE Restaurants, which issues franchise licenses for the two restaurant chains. About Frontier Star Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ LLC are owned by three grandchildren of Carl Karcher, who founded the fast-food chain. The grandchildren include the LeVecke siblings Carl, Margaret and Jason, who is listed as chief executive officer/manager of both companies. The LeVecke siblings had more than 130 Carl's Jr. and Hardee's franchises in seven states and Puerto Vallarta, Mexico, as of late 2013, according to an Arizona Republic article that announced the grand opening of a new sports-themed Carl's Jr. restaurant in Glendale. Frontier Star, LLC (Bankr. D. Ariz. Case No. 15-09383) and affiliate Frontier Star CJ, LLC (Bankr. D. Ariz. Case No. 15- 09385) filed separate Chapter 11 bankruptcy petitions on July 27, 2015, each estimating their assets and liabilities at between $10 million and $50 million. The petitions were signed by Jason LeVecke, CEO/manager. Philip G. Mitchell, Esq., at The Cavanagh Law Firm serves as the Debtors' bankruptcy counsel. Frontier Star, LLC, asked the U.S. Bankruptcy Court for the District of Arizona to issue an order for joint administration of the bankruptcy cases of Frontier Star, LLC, and Frontier Star CJ, LLC, under Lead Case No. 15-09383. GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable ------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its long-term corporate credit rating on Grupo Papelero Scribe S.A. de C.V. to 'B' from 'B+'. The outlook remains stable. At the same time, S&P also lowered its long-term issue-level rating on Scribe's $300 million senior unsecured notes due 2020 to 'B' from 'B+'. The rating action reflects Scribe's weaker-than-expected credit metrics for the 12 months ended June 2015, which will worsen by year-end 2015 on persistent weak local demand and exposure to US dollar-denominated debt, amid high exchange rate volatility. Mexico's sluggish economy, slow government spending due to budget cuts, high pulp prices, and the recent devaluation of the company's functional currency took a toll on Scribe's operating and financial performance for the past few quarters. The bulk of the company's debt and the purchase of its pulp input are dollar- denominated, while the company generates most of its revenues and EBITDA in Mexican peso (MXN). However, in the first six months of 2015, Scribe was able to increase its prices to partially compensate for peso devaluation, which, together with various cost savings measures, should somewhat mitigate the risk of a further drops in the company's operating and financial performance. The stable outlook reflects S&P's view that Scribe's credit metrics will not continue to deteriorate as the company is already operating under very stressed conditions, including a challenging market environment and a functional currency devaluation. Although S&P expects the company to gradually recover in terms of its EBITDA margin, and despite its expectation for positive FOCF generation, S&P believes that Scribe's credit metrics will remain weak, with debt to EBITDA to remain significantly above 5.0x and FFO to debt below 12% in 2015. In the unlikely event of further deceleration in Scribe's volume sales or a greater devaluation of its functional currency (that would result in negative FOCF generation or in a reduction in the company's liquidity), S&P could take a negative rating action. A positive rating action is possible if Scribe posts debt to EBITDA below 5.0x and FFO to debt above 12.0% on a consistent basis, while maintaining positive FOCF generation due to higher- than-expected sales growth and stronger profitability, particularly with an EBITDA margin close to 15%. NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable ---------------------------------------------------- Moody's Investors Service upgraded to Ba1 from Ba2 Nemak, S.A.B. de C.V.'s corporate family and senior unsecured ratings. The outlook is stable. Ratings affected -- Corporate family rating: upgraded to Ba1 from Ba2. -- USD500 million 5.50% senior global notes due 2023: upgraded to Ba1 from Ba2. -- The outlook is stable. Rating Rationale "The ratings upgrade reflects Nemak's strong credit metrics for the rating category with modest leverage and ample interest coverage; its high profitability as compared to other industry peers; its leading position in the aluminum engine blocks and cylinder head market; and its key supplier relationships with several major automakers", said Alonso S nchez, a Vice President at Moody's. Also incorporated in the ratings are the inherent cyclicality of the auto manufacturing industry; the company's sales concentration with the top three US OEMs, which still account for 60% of its volumes; its reliance in North America, which accounts for 61% of revenues; and its product focus into three main segments with the same demand drivers. The company's credit metrics are strong for the rating category with Moody's adjusted debt/EBITDA of 2.2 times as of June 30, 2015. On a quarterly basis, Nemak's leverage (adj. debt/EBITDA) has been between 2.0 and 2.2 times over the last 18 months ended June 2015. Similarly, Nemak's EBITA/Interest expense has been between 4.7 and 6.6 times every quarter over the last 18 months ended June 2015. For the twelve months ended June 30, 2015, Nemak's adj. EBITA/Interest Expense was 5.7 times. According to Nemak's estimates, it has a leading market share in the production of complex and high-tech aluminum components. This leadership is further supported by the company's position as sole supplier of several auto makers in around 85% of Nemak's sales volumes as well by its high rate of success in the replacement of contracts. Nemak's operations are nonetheless closely linked to the performance of the automotive industry in North America, where close to 61% of its revenues are derived. For example, Nemak's sales declined by 20% in 2009 as a result of the worldwide economic crisis and the impact of General Motors and Chrysler Chapter 11 filings. Despite falling sales volumes, Nemak's profitability, as measured by EBITDA per equivalent unit, remained stable at an average USD10.6 during the 2008-2011 period. Although Nemak's exposure to cyclical industry trends is high, its proven resilience in terms of profitability is credit positive. Moody's current outlook for the global automotive manufacturing industry is stable. Moody's expects global light vehicle sales to grow by 2.8% in 2015 and 3% in 2016, with US sales projected to increase by 2.8% in 2015 and 2.4% in 2016. Nemak has a broad customer base with more than 50 clients worldwide and serves around 650 platforms which provide with some revenue diversification. While the Big 3 US OEMs (Ford, GM and Chrysler) account for 60% of sales volumes, the balance is sold to BMW, VW Group, Hyundai, Nissan, and Renault, amongst others. In addition to its main products (cylinder heads and engine blocks), the company continues to increase its product offering through its structural component division, having already closed contracts with four premium OEMs. Nemak is also increasing its vertical integration through machining in order to increase its profitability, improve quality and logistics, and strengthen its competitive position by increasing entry barriers. Nemak's liquidity is good. The company had cash on hands of MXN1.7 billion as of June 30, 2015 that covered 25% of its short- term debt. Free cash flow (defined as cash from operation minus dividends minus capex) was negative in MXN918 million over the twelve months ended June 30, 2015 driven by the dividends paid in the fourth quarter of 2014 and in the second quarter of 2015 totaling MXN1.8 billion. Moody's expects the company to continue posting positive free cash flow over the next years. During July 2015 Nemak completed an initial public offering raising around USD755 million (including the exercise of the overallotment option), out of which it USD150 million were kept at Nemak to finance capital expenditures and for debt reduction. As alternate sources of liquidity, Nemak has committed credit facilities of USD192 million (100% available) and advised lines of credit for around USD500 million that it uses to cover seasonal working capital requirements. The stable outlook reflects our expectation that Nemak will maintain its strong credit metrics and profitability while further reducing its leverage. The ratings could be upgraded if the company maintains its positive free cash flow generation and strong credit metrics with debt/EBITDA below 2.0 times and EBITA/Interest expense over 5.0 times. To be considered for an upgrade, the company should demonstrate continuity of its prudent financial policies under its current shareholder configuration after its recent IPO. The rating could be downgraded if the company's margins are affected by unfavorable dynamics such as a change in the pass- through aluminum price agreements with OEMs or adverse changes in the company's market position. Also, a deterioration of credit metrics with debt/EBITDA increasing over 3.0 times with EBITA/Interest expense declining below 3.5 times or negative free cash flow generation can led to a downgrade. The principal methodology used in these ratings was Global Automotive Supplier Industry published in May 2013. Nemak, S.A.B. de C.V. is a subsidiary of Alfa S.A.B. de C.V. (Baa3, stable), a publicly traded Mexican business group. Nemak produces aluminum cylinder heads, engine blocks and transmission components for light vehicles manufactured by more than 50 customers worldwide. Nemak products are sold mainly in North America and Europe. The company is 75.24% owned by Alfa, 5.45% owned by Ford Motor Co., and the 19.31% balance is publicly traded. During the twelve months ended June 30, 2015 Nemak reported revenues of MXN65.2 billion. ====================== P U E R T O R I C O ====================== ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel --------------------------------------------------------- The Official Committee of Unsecured Creditors of Alonso & Carus Iron Works, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to retain Lowenstein Sandler LLP as counsel to the Committee, effective July 15, 2015. The Committee requires Lowenstein Sandler to: (a) advise the Committee with respect to its rights, duties, and powers in this Chapter 11 Case; (b) assist and advise the Committee in its consultations with the Debtor relative to the administration of this Chapter 11 Case; (c) assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (d) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (e) assist the Committee in its investigation of the liens and claims of the holders of the Debtor's pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (f) assist the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization for the Debtor and accompanying disclosure statements and related plan documents; (g) assist and advise the Committee as to its communications to unsecured creditors regarding significant matters in this Chapter 11 Case; (h) represent the Committee at hearings and other proceedings; (i) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; (j) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (k) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (l) perform such other legal services as may be required or are otherwise deemed to be in the interest of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Lowenstein Sandler will be paid at these hourly rates: Partners $350 Counsel/Senior Associates $275 Associates $200 Paralegals $85 Lowenstein Sandler will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey D. Prol, partner of Lowenstein Sandler, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Lowenstein Sandler can be reached at: Jeffrey D. Prol, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue & 6 Becker Farm Road Roseland, NJ 07068 Tel: (973) 597-2490 Fax: (973) 597-2491 E-mail: jprol@lowenstein.com About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. CYMA CLEANING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- CYMA Cleaning Contractors, Inc. 15-06582 PO Box 29268 San Juan, PR 00929 Innova Industrial Contractor, Inc. 15-06584 PO Box 29177 San Juan, PR 00929 Handy Man Services, Inc. 15-06585 aka Handyman Services, Inc. PO Box 29177 San Juan, PR 00929 Chapter 11 Petition Date: August 27, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtors' Counsel: Mary Ann Gandia-Fabian, Esq. GANDIA-FABIAN LAW OFFICE PO Box 270251 San Juan, PR 00927 Tel: 7873907111 Fax: 787763-8212 Email: gandialaw@gmail.com Estimated Estimated Assets Liabilities ---------- ----------- CYMA Cleaning Contractors $500K-$1MM $1MM-$10MM Innova Industrial Contractor $100K-$500K $50K-$100K Handy Man Services $100K-$500K $1MM-$10MM The petition was signed by Ivelisse Gonzalez Rodriguez, president, CYMA Cleaning Contractors. A list of CYMA Cleaning Contractors' 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/prb15-06582.pdf A list of Innova Industrial Contractor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/prb15-06584.pdf A list of Handy Man Services's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-06585.pdf DITO INC.: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Dito, Inc. 202 Calle Tizol San Juan, PR 00901 Case No.: 15-06573 Chapter 11 Petition Date: August 27, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq. MS LOZADA LAW OFFICE PO Box 9023888 San Juan, PR 00902 Tel: 787 520 6002 Fax: 787 520 6003 Email: lcdamslozada@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Porfirio Diaz Torres, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-06573.pdf PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan ----------------------------------------------------------------- EFE News reports that the Puerto Rican government postponed the presentation of its debt restructuring plan, initially scheduled for Monday, Aug. 31 until Sept. 8 at the latest, and thus the public will have to wait to learn the features of the government's key tool to deal with its $73 billion debt burden. Government chief of staff Victor Suarez announced in a communique that the team preparing the document will not present the restructuring plan to Gov. Alejandro Garcia Padilla on Aug. 31, according to EFE News. The report notes that Mr. Suarez said in a brief communique that "given the fact that in recent days all the government's efforts were focused on preparing the island for the possible passage of a weather phenomenon, the . . . analysis of the consultants and the final editing of the document have not been completed." The financial markets and Puerto Rico's creditors thus must wait another week to learn the details of the "roadmap" of measures to be taken by the government to restructure its public debt, the report relates. The document will also outline the economic policy of the Puerto Rican government to balance the public accounts over the next five years, the report says. The report discloses that the importance of the document is such that the issuance of $750 million in bonds by the aqueduct and port authority, or AAA, that was to have been performed was also delayed at the request of investors, who asked -- before buying the bonds -- to learn of the government's economic plans over the coming five years. Garcia Padilla said in late June that Puerto Rico could no longer afford to make its debt payments, although he gave no details about how the U.S. commonwealth would deal with those obligations, the report notes. Unlike U.S. cities, for instance, Puerto Rico cannot file for Chapter 9 bankruptcy protection, leaving the island without a clear legal recourse for resolving its debt crisis, the report adds. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years ------------------------------------------------ Trinidad Express reports that Trinidad and Tobago Finance Minister Larry Howai said that by the end of fiscal 2015, which closes on September 30, the Government would have spent a total of TT$289 billion under the People's Partnership administration. The minister was responding to claims made by People's National Movement (PNM) political leader Dr. Keith Rowley, in the build-up to the September 7 general election, that Prime Minister Kamla Persad-Bissessar "has spent or authorized expenditure of almost $400 billion," according to Trinidad Express. "If you add up all the budgets and if we spend all the money we budgeted to spend this year, the total amount we would have spent is 289 billion, which is about two-thirds of the figure which is being bandied about everywhere as evidence that this country, this government has been spending widely," Mr. Howai said, Trinidad Express relays. Trinidad Express notes that Mr. Howai spoke on the matter at Caura Road during a small constituency meeting held by the United National Congress (UNC), the majority party in the administration. Mr. Howai also questioned the revenue-earning potential of the PNM's manifesto proposal to decrease Value Added Tax (VAT) from 15 per cent to 12.5 per cent, the report adds. ================= X X X X X X X X X ================= * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ AGRENCO LTD AGRE LX 285996574 -543142756 AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756 AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756 ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3 ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3 ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3 ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF LICPN BZ 11642254.9 -17154460.3 ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3 ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3 BALADARE BLDR3 BZ 159449535 -52990723.7 BATTISTELLA BTTL3 BZ 61230059 -26822453.5 BATTISTELLA-PREF BTTL4 BZ 61230059 -26822453.5 BATTISTELLA-RECE BTTL9 BZ 61230059 -26822453.5 BATTISTELLA-RECP BTTL10 BZ 61230059 -26822453.5 BATTISTELLA-RI P BTTL2 BZ 61230059 -26822453.5 BATTISTELLA-RIGH BTTL1 BZ 61230059 -26822453.5 BI CIA SECURITIZ BICS BZ 38231826.5 -584101.548 BOMBRIL BMBBF US 254413220 -16036964.4 BOMBRIL FPXE4 BZ 19416013.9 -489914853 BOMBRIL BOBR3 BZ 254413220 -16036964.4 BOMBRIL - 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RCT TOYB9 BZ 14874965 -3087009.49 TECTOY - RTS TOYB1 BZ 14874965 -3087009.49 TECTOY - RTS TOYB2 BZ 14874965 -3087009.49 TECTOY SA TOYBON BZ 14874965 -3087009.49 TECTOY SA-PREF TOYBPN BZ 14874965 -3087009.49 TECTOY-PF-RTS5/6 TOYB11 BZ 14874965 -3087009.49 TECTOY-PREF TOYB4 BZ 14874965 -3087009.49 TECTOY-RCPT PF B TOYB12 BZ 14874965 -3087009.49 TEKA TKTQF US 263356756 -337860221 TEKA TEKA3 BZ 263356756 -337860221 TEKA TEKAON BZ 263356756 -337860221 TEKA-ADR TEKAY US 263356756 -337860221 TEKA-ADR TKTPY US 263356756 -337860221 TEKA-ADR TKTQY US 263356756 -337860221 TEKA-PREF TKTPF US 263356756 -337860221 TEKA-PREF TEKA4 BZ 263356756 -337860221 TEKA-PREF TEKAPN BZ 263356756 -337860221 TEKA-RCT TEKA9 BZ 263356756 -337860221 TEKA-RCT TEKA10 BZ 263356756 -337860221 TEKA-RTS TEKA1 BZ 263356756 -337860221 TEKA-RTS TEKA2 BZ 263356756 -337860221 TELEBRAS SA TELB3 BZ 552954651 -19314726.6 TELEBRAS SA TLBRON BZ 552954651 -19314726.6 TELEBRAS SA TBASF US 552954651 -19314726.6 TELEBRAS SA-PREF TELB4 BZ 552954651 -19314726.6 TELEBRAS SA-PREF TLBRPN BZ 552954651 -19314726.6 TELEBRAS SA-RCT TELB9 BZ 552954651 -19314726.6 TELEBRAS SA-RT 0250949D BZ 552954651 -19314726.6 TELEBRAS/W-I-ADR TBH-W US 552954651 -19314726.6 TELEBRAS-ADR TBAPY US 552954651 -19314726.6 TELEBRAS-ADR TBRAY GR 552954651 -19314726.6 TELEBRAS-ADR TBH US 552954651 -19314726.6 TELEBRAS-ADR TBX GR 552954651 -19314726.6 TELEBRAS-ADR RTB US 552954651 -19314726.6 TELEBRAS-ADR TBASY US 552954651 -19314726.6 TELEBRAS-BLOCK TELB30 BZ 552954651 -19314726.6 TELEBRAS-CED C/E TEL4C AR 552954651 -19314726.6 TELEBRAS-CEDE BL RCT4B AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCTB4 AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCT4C AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCT4D AR 552954651 -19314726.6 TELEBRAS-CEDE PF TELB4 AR 552954651 -19314726.6 TELEBRAS-CEDEA $ TEL4D AR 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB31 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT TELE31 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT TBRTF US 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB32 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB30 BZ 552954651 -19314726.6 TELEBRAS-COM RT 0250948D BZ 552954651 -19314726.6 TELEBRAS-COM RTS TELB1 BZ 552954651 -19314726.6 TELEBRAS-PF BLCK TELB40 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT CBRZF US 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB41 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT TELE41 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB42 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB40 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT TBAPF US 552954651 -19314726.6 TELEBRAS-PF RCPT TLBRUP BZ 552954651 -19314726.6 TELEBRAS-RCT RCTB33 BZ 552954651 -19314726.6 TELEBRAS-RCT PRF TELB10 BZ 552954651 -19314726.6 TELEBRAS-RECEIPT TLBRUO BZ 552954651 -19314726.6 TELEBRAS-RTS CMN RCTB1 BZ 552954651 -19314726.6 TELEBRAS-RTS CMN TCLP1 BZ 552954651 -19314726.6 TELEBRAS-RTS PRF RCTB2 BZ 552954651 -19314726.6 TELEBRAS-RTS PRF TLCP2 BZ 552954651 -19314726.6 TELECOMUNICA-ADR 81370Z BZ 552954651 -19314726.6 TEXTEIS RENA-RCT TXRX9 BZ 33757610.2 -74431020.7 TEXTEIS RENA-RCT TXRX10 BZ 33757610.2 -74431020.7 TEXTEIS RENAU-RT TXRX1 BZ 33757610.2 -74431020.7 TEXTEIS RENAU-RT TXRX2 BZ 33757610.2 -74431020.7 TEXTEIS RENAUX RENXON BZ 33757610.2 -74431020.7 TEXTEIS RENAUX RENXPN BZ 33757610.2 -74431020.7 TRESSEM PART SA 1TSSON BZ 471049316 -340913823 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 -469521100 VARIG SA-PREF VAGV4 BZ 966298048 -4695211008 VARIG SA-PREF VARGPN BZ 966298048 -4695211008 WETZEL SA MWET3 BZ 70223531.7 -18205488.6 WETZEL SA MWELON BZ 70223531.7 -18205488.6 WETZEL SA-PREF MWET4 BZ 70223531.7 -18205488.6 WETZEL SA-PREF MWELPN BZ 70223531.7 -18205488.6 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 * * *