/raid1/www/Hosts/bankrupt/TCRLA_Public/100805.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
Thursday, August 5, 2010, Vol. 11, No. 153
Headlines
A R G E N T I N A
AUTOPISTAS DEL SOL: Extends Restructuring Offer to August 9
NICOLAS MOORE: Creditors' Proofs of Debt Due on August 23
* ARGENTINA: U.S. Court Rejects Country's Bid to Unfreeze Assets
* ARGENTINA: Buenos Aires Readies Bond Sale
B A R B A D O S
CABLE & WIRELESS: Appoints Dr. David McBean as Managing Manager
B E R M U D A
MEMORY DEVICES: Creditors & Contributories to Meet on August 13
B R A Z I L
BR MALLS: Second Qtr. Net Profit Drops 7.8% to BRL73.8 Million
BV FINANCEIRA: Moody's Assigns 'Ba1' Rating on Senior Shares
COMPANHIA SIDERURGICA: In Talks to Buy Stake in Belo Monte Project
DIAGNOSTICOS DA AMERICA: S&P Raises Corp. Credit Ratings to 'BB'
GAFISA SA: Second Qtr. Profit Up 41% to BRL114.1 Million
TAM SA: Board Approves Capital Increase
C A Y M A N I S L A N D S
ARSHAN LIMITED: Creditors' Proofs of Debt Due on August 13
BUD INVESTMENTS: Creditors' Proofs of Debt Due on August 13
CASSIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13
CHANCEY INVESTMENTS: Creditors' Proofs of Debt Due on August 13
CITIVENTURE 96: Commences Liquidation Proceedings
CONOCOPHILLIPS WQ: Creditors' Proofs of Debt Due on September 2
DGAM MOSAIC: Creditors' Proofs of Debt Due on September 3
DGAM MOSAIC: Creditors' Proofs of Debt Due on September 3
EGB CAYMAN: Creditors' Proofs of Debt Due on September 2
HEALTHALPHA FUND: Creditors' Proofs of Debt Due on September 2
HIGHLAND FINANCIAL: Creditors' Proofs of Debt Due on September 2
INT GROUP: Creditors' Proofs of Debt Due on September 6
LB CCP: Creditors' Proofs of Debt Due on September 2
LUCKY STAR: Creditors' Proofs of Debt Due on August 13
MILE INVESTMENTS: Creditors' Proofs of Debt Due on August 13
RAB ENERGY: Creditors' Proofs of Debt Due on September 2
RREEF REFLEX: Creditors' Proofs of Debt Due on August 27
RREEF REFLEX: Members' Final Meeting Set for August 30
SALINA LIMITED: Creditors' Proofs of Debt Due on August 13
TREVOSE INVESTMENT: Creditors' Proofs of Debt Due on August 13
ZENO PRIME: Creditors' Proofs of Debt Due on September 2
C O L O M B I A
BANCOLOMBIA SA: 2Q Net Profit Seen Up As Demand for Credit Rises
ECOPETROL SA: BP Plc Will Sell Colombia Assets to Firm
J A M A I C A
CASH PLUS: Case Against Former Owner Moved to High Court
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Lawmakers Okay Sale of Refidomsa Stake
PETROLEOS DE VENEZUELA: 2009 Earnings Drop 54% to US$4.39 Billion
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A R G E N T I N A
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AUTOPISTAS DEL SOL: Extends Restructuring Offer to August 9
-----------------------------------------------------------
Autopistas del Sol S.A. has again extended the closing date for a
restructuring offer until August 9, 2010, 2010, as many creditors
continue to turn up their noses at the deal, Shane Romig at Dow
Jones Newswires reports. The latest restructuring offer was set
to end on July 16, 2010.
According to the report, a sweetened offer last month managed to
bring more bondholders on board and brought the company closer to
hitting its minimum acceptance level. So far, the report relates,
60% of the company's bondholders, representing about US$184
billion, have accepted the proposal, up from 42% at the end of
June.
As reported in the Troubled Company Reporter-Latin America on
June 24, 2010, Dow Jones Newswires said that Autopistas del Sol
again extended the closing date for a restructuring offer to
July 16, 2010, from June 17, 2010. The report related that the
offer was first made in January, and has been extended several
times. The report noted that the company is trying to get at
least two-thirds of its bondholders to sign onto the restructuring
proposal, which it hopes will allow the company to trim its
liabilities and avoid bankruptcy. The report recalled that Ausol
del Sol failed to make a US$9 million interest payment Nov. 23,
2010, resulting to a default on its US$307 million debt and
leading the government to step in to audit and monitor the
company's debt restructuring. Ausol del Sol suffered last year due
to lower traffic levels, increasing operational costs and a
devaluation of the peso, the report added.
About Autopistas del Sol
Autopistas del Sol S.A. operates and maintains motorways in
Argentina. The company runs part of the Pan-American highway as
toll concession.
* * *
As of June 23, 2010, the company continues to carry Standard and
Poor's "D" long-term foreign issuer credit rating. The company
also continues to carry S&P's "D" national long-term issuer credit
rating.
NICOLAS MOORE: Creditors' Proofs of Debt Due on August 23
---------------------------------------------------------
The court-appointed trustee for Nicolas Moore y Andres Delbino
S.H.'s reorganization proceedings, will be verifying creditors'
proofs of claim until August 23, 2010.
* ARGENTINA: U.S. Court Rejects Country's Bid to Unfreeze Assets
----------------------------------------------------------------
The U.S. Court of Appeals for the Second Circuit rejected
Argentina's bid to free some assets that have been held in trust
since 2007, following the country's roughly US$100 billion debt
default five years earlier, Jonathan Stempel at Reuters reports.
The report relates that the Court of Appeals upheld an August 2009
order by U.S. District Judge Thomas Griesa allowing the assets to
stay frozen.
According to the report, the order had been sought by two big
Argentina debt holders, EM Limited and NML Capital Ltd.
The report notes that the trust had been established in 1999 to
hold American depositary shares being issued by state-owned Banco
Hipotecario. The report relates that it held about US$90 million
of assets at the time of the 2007 order, and is administered by
U.S. Bank Trust NA.
In its ruling, the Second Circuit said that while the trust was
purportedly established under Argentine law, it would violate New
York public policy to recognize it because it gave Argentina the
authority to direct its use "for its own benefit" at the expense
of creditors. "The funds were properly attached and restrained to
satisfy the debts of the Republic," the appeals court concluded,
the report relates.
According to Judge Griesa, the trust mainly held ADSs that
corresponded to Class D shares being issued to the general public,
and which were to be used to satisfy investor redemptions of
options. After the options expired in 2004, the trust still held
9.09 million ADSs, he said.
Judge Griesa handles U.S. litigation over the Argentina default.
Reuters relates that on August 25, 2010, the appeals court is
expected to hear Argentina's appeal of the judge's April 7 ruling
allowing the seizure of US$100 million of central bank deposits in
New York to pay EM and NML.
The case is EM Ltd et al v. Argentina et al., U.S. Second Circuit
Court of Appeals, No. 09-3908.
* * *
As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term foreign currency debt
ratings. The company also continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short-term
debt ratings.
* ARGENTINA: Buenos Aires Readies Bond Sale
-------------------------------------------
Drew Benson at Bloomberg News reports that Buenos Aires's
borrowing costs are falling to a two-month low relative to
Argentina, prompting the province to move forward with plans to
sell its first international bond since 2007. The province's
9.375% bonds due in 2018 yield 274 basis points, or 2.74
percentage points, more than Argentine bonds, the smallest gap
since May 20, according to data compiled by Bloomberg and JPMorgan
Chase & Co.
Buenos Aires Economy Minister Alejandro Arlia may meet with
investors abroad this month as the government aims to sell US$500
million worth of bonds as early as September, a spokeswoman for
the province, Felisa Stangatti, told the news agency in a
telephone interview.
"The idea is to sell the bond in September as long as yields
continue to drop a little bit each day," the report quoted Ms.
Stangatti as saying. "We are looking to get a yield as close to
one digit as possible," she added, the report relates.
* * *
As of August 4, 2010, Buenos Aires continues to carry Moody's "B3"
long-term, local currency issuer, and foreign currency long-term
debt ratings. The province also continues to carry Standard and
Poor's "B-" long-term issuer credit ratings.
* * *
As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term foreign currency debt
ratings. The company also continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short-term
debt ratings.
===============
B A R B A D O S
===============
CABLE & WIRELESS: Appoints Dr. David McBean as Managing Manager
---------------------------------------------------------------
Cable & Wireless plc's LIME has appointed Dr. David McBean as the
managing director for the company's customer solutions in
Barbados, Gleaner/Power 106 News reports. Dr. McBean will take up
his new position at LIME on September 8. The report relates that
Dr. McBean resigned as the chief executive officer of the CVM
group.
According to the report, Dr. McBean will lead the company's
product management team and will be accountable for product
strategy, product planning and management, and the delivery of
customer and product solutions in the region.
About LIME
LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.
About Cable & Wireless
Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company. The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments. It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US. Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands. Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States. Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.
According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook. The company continues to Standard & Poor's "BB-
"long-term foreign and local issuer credit ratings and "B" short-
term foreign and local issuer credit ratings.
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B E R M U D A
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MEMORY DEVICES: Creditors & Contributories to Meet on August 13
---------------------------------------------------------------
The contributories and creditors of Memory Devices Limited will
hold their first meeting, on August 13, 2010, at 10:00 a.m. and
11:00 a.m., respectively, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
===========
B R A Z I L
===========
BR MALLS: Second Qtr. Net Profit Drops 7.8% to BRL73.8 Million
--------------------------------------------------------------
BR Malls Participacoes S.A.'s second quarter net profit dropped
7.8% to BRL73.8 million (US$42.2 million) from BRL80.04 million in
the second quarter of 2009, as its debt service costs increased in
the period, Rogerio Jelmayer at Dow Jones Newswires reports.
According to the report, last year's earnings were fueled by the
reduction of debt-service costs, which was impacted by the
appreciation of the Brazilian real versus the U.S. dollar.
BR Malls, the report notes, reported a financial expense of
BRL12.6 million in the second quarter from a gain of BRL16.7
million in the year-ago period. The report relates that net
revenue rose 32% to BRL123 million from BRL93.58 million.
About BR Malls
Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:
-- foreign currency issuer default rating at 'BB-';
-- local currency issuer default rating at 'BB-';
-- long-term national scale rating at 'A(Bra)';
-- US$175 million perpetual notes at 'BB-'.
BV FINANCEIRA: Moody's Assigns 'Ba1' Rating on Senior Shares
------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aa1.br Brazilian national scale rating and of (P)Ba1 global
local currency rating to the senior shares to be issued by BV
Financeira -- Fundo de Investimento em Direitos Creditorios IV (BV
FIDC IV or the issuer), a securitization backed by a pool of
vehicle loans originated by BV Financeira S.A. -- Credito,
Financiamento e Investimento (BV Financeira).
The ratings are based on these principal factors:
-- The 20% minimum credit enhancement in form of subordination
supporting the senior shares;
-- The 4.5% minimum excess spread;
-- Retention of excess spread within the structure while senior
shares remain outstanding, which increases available credit
enhancement throughout the life of the transaction;
-- The overall credit characteristics of the securitized pool of
vehicle loans which benefits from BV Financeira's established
underwriting policy, fund eligibility criteria and
concentration limits;
-- The transaction structure and its legal framework, including
the bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations; and
-- The financial strength, operational quality and ability of BV
Financeira, the originator and primary servicer, to service
the underlying assets.
Structure
BV FIDC IV is a closed-ended FIDC and will issue senior shares and
subordinated shares. The subordinated shares will be entirely
retained by the seller. The final maturity of the senior shares
is 36 months after issuance. The senior shares will accrue a
floating-rate interest of CDI (Brazilian Interbank Rate) times an
annual spread of 110%. The senior shares will pay 6 monthly
principal and interest amortization payments starting on month 31
and ending on month 36 of the transaction. No interest or
principal payments will be made to the subordinated shares as long
as there are senior shares outstanding. No partial redemptions of
subordinated shares are allowed at any time.
In order to insure timely repayment of principal and interest
payments on the senior shares on the final payment date, the
trustee will reinvest cash flows arising from the vehicle loan
portfolio into eligible liquid assets as the transaction
approaches the scheduled amortization dates.
The transaction structure includes triggers leading to revision
events. Should a revision event occur, revolving purchases of new
vehicle loans are immediately stopped and a shareholders meeting
is called at which point the shareholders may decide to place the
fund into early liquidation. Key revision event triggers include:
-- Breach of the minimum subordination level (20%);
-- Breach of minimum excess spread (4.5%);
-- Downgrade of the senior shares rated by Moody's below the
initial Aa1.br /Ba1 rating level;
Pool Characteristics And Servicing
The collateral backing the senior shares consists of a pool of
vehicle loans that meet the fund's eligibility criteria including:
i. final maturity of vehicle loans must be before final maturity
date of the senior shares
ii. maximum pool concentration per type of vehicle: motorcycle
10%, heavy vehicles 20% and sedans up to 100%;
iii. sum of installments should not be more than BRL50,000 per
obligor (companies or individuals).
All securitized loans must conform to BV Financeira's loan
underwriting criteria, including these key obligor requirements:
i. be at least 18 years old;
ii. maintain a clean record on the main credit bureau agencies
(Serasa and SPC);
iii. provide a two-year employment history (one-year employment
history for motorcycles);
iv. have no record of bankruptcy, repossession or foreclosure;
v. maximum debt-to-income: 30% (all monthly debt & rent payments
to monthly gross income).
Servicing of loans is performed entirely in-house by BV Financeira
and benefits from established systems and processes.
Banco Bradesco S.A. (which Moody's rates A1 for global local
currency deposits and Aaa.br on Brazilian national scale) will act
as master servicer (custodiante) of the transaction as well as
Payment Bank. Its responsibilities include, among other duties,
verifying that all receivables purchased by the fund meet the
eligibility criteria, monitoring the early amortization triggers,
in addition to managing all of the issuer's daily financial and
operating activities.
Votorantim Asset Management DTVM Ltda will be the trustee.
The Originator
BV Financeira is the fourth largest originator of vehicle loans in
Brazil, ranking after Itau Unibanco S.A, Banco Bradesco S.A and
Santander, with a total loan portfolio of about BRL25.6 billion as
of June 2010. It is wholly owned subsidiary of Banco Votorantim
S.A. BV Financeira operates through approximately 20,000
certified car dealers mainly located in the South and Southeast
regions of Brazil, and focuses primarily on used sedans and sport-
utility vehicles.
BV Financeira is fully controlled by Banco Votorantim S.A. (which
Moody's rates A3 for global local currency deposits and Aaa.br on
Brazilian national scale).
Headquartered in Sao Paulo, BV is one of the largest banks of the
Brazilian banking system, posting R$94.8 billion in total assets
and R$8 billion in equity as of March 31, 2010. In January 2009,
the group settled a strategic partnership with Banco do Brasil, a
federally owned institution and largest bank in the country, which
now holds 50.00% in total equity capital of Banco Votorantim.
This transaction was approved by regulatory authorities in
September 2009. BV is involved in multiple lines of business such
as consumer finance (mostly vehicles financing), corporate
banking, capital markets, brokerage, treasury, international
business and asset management.
Rating Methodology
In assigning the (P)Ba1 / (P)Aa1.br ratings to the Senior Shares,
Moody's considered the key sources of credit enhancement --
subordination and excess spread -- in a stressed scenario with
view on the historical performance of the auto loan assets. In
addition, Moody's considered risk factors common to all auto loan
transactions such as credit losses and lost cash flows due to loan
prepayments and re-financings, funding cost increases and
transaction expenses.
These risk factors were stressed to evaluate the impact on Senior
Shareholders.
This transaction was rated on both a probabilistic simulation
approach to evaluate losses under a large number of scenarios, as
well as on a deterministic basis to assess how the transaction
structure would perform in simultaneous stresses of the risk
factors such as a combined increase in default rate, prepayments
and interest rates. Moody's observes the impact on the resulting
cash flows available for servicing the Senior Shares, and
calculate whether the promised target return of 110% of CDI is
met.
In rating the transaction, Moody's considered a base case of
historical portfolio performance including credit losses of 5.5%
p.a. and a prepayment rate of 15% p.a.
The break even credit loss rate is 15% per annum (or 2.7x base
case annual credit losses) at which point the senior shares start
to experience losses, assuming a stressed interest rate (CDI)
environment of 15%, prepayment rate of 15% per annum and minimum
discount rate of 145% of CDI.
Rating Action
The complete rating action is:
* BV FIDC IV -- Senior Shares -- (P)Aa1.br (National Scale) &
(P)Ba1 (Global Local Currency Scale).
COMPANHIA SIDERURGICA: In Talks to Buy Stake in Belo Monte Project
------------------------------------------------------------------
Companhia Siderurgica Nacional S.A. and Vale SA are in talks to
buy a stake in the Belo Monte hydroelectric dam project in the
Amazon, Katia Cortes at Bloomberg News reports, citing O Estado de
S. Paulo newspaper.
According to the report, the companies may have rights to 10% of
the dam's energy to supply their own operations, the newspaper
said, without saying how it got the information.
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate. The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects. The group also operates in Brazil, Portugal, and the
U.S.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's Investors Service affirmed Companhia
Siderurgica Nacional's corporate family rating of "Ba1" on the
global scale. The rating outlook remains stable. Simultaneously,
Moody's assigned a "Ba1" foreign currency rating and a stable
rating outlook to the issuance of senior unsecured notes due 2020
in the amount of between US$500 million and US$1 billion by CSN
Resources S.A., to be fully and unconditionally guaranteed by CSN.
DIAGNOSTICOS DA AMERICA: S&P Raises Corp. Credit Ratings to 'BB'
----------------------------------------------------------------
Standard & Poor's Rating Services said that it raised its ratings
on Brazil-based diagnostic service company Diagnosticos da America
S.A., including raising the global and national scale corporate
credit ratings to 'BB' from 'BB-' and to 'brA+' from 'brA',
respectively. The outlook is stable.
"The upgrade reflects the improvement in DASA's credit metrics
after the company reduced the pace of acquisitions and focused on
integrating and capturing synergies from its portfolio of assets,"
said Standard & Poor's credit analyst Debora Confortini.
In the past few months, the company's margins have improved,
benefiting from economies of scale, more efficient operation and
positioning of its many brands, and diversification of its service
portfolio. It has used positive cash generation to deleverage and
improve liquidity.
The ratings on Brazil-based DASA reflect the company's aggressive
growth strategy, organically and through acquisitions. Standard &
Poor's also takes into account integration the challenges of
acquired laboratories and exposure to the competitive and
fragmented diagnostics industry, one with relatively low barriers
to entry.
These risk factors are mitigated by DASA's local market
leadership, quality improvement in its clinical and imaging
diagnostic operations, efficient multibrand platform, and
increasing business diversification as to regions, customers, and
income levels. The ratings also reflect the favorable long-term
prospects for Brazil's diagnostic testing services industry amid
increasing average life expectancy and greater access to health
insurance.
The stable outlook reflects S&P's expectation that DASA will
continue to gain from its larger scale and efficiency initiatives,
and maintain prudent approach to investment decisions.
GAFISA SA: Second Qtr. Profit Up 41% to BRL114.1 Million
--------------------------------------------------------
Fabiola Moura at Bloomberg News reports that Gafisa SA's second-
quarter profit increased 41% to BRL114.1 million (US$64.9 million)
in April to June, up from BRL81.1 million in the same period of
2009, as the nation's construction industry benefited from a
government program to expand low-income housing and "attractive"
interest rates for mortgages. The report relates that new
projects rose 61% to BRL1 billion and net sales were up 31% to
BRL927 million.
The initiative, together with low interest rates, is benefiting
Brazil's construction companies, SLW Corretora de Valores analyst
Erick Scott Hood told the news agency in a phone interview.
The report notes that the company forecast an Ebitda margin for
the year of between 19 to 21%. The report adds that the total
number of contracts signed for Gafisa SA homes increased 6.5% to
BRL889.8 million.
About Gafisa SA
Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and also
one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20 different
states. With an estimated market share of 6% in Brazil, Gafisa
had net revenues of BRL1.3 billion in the last 12 months ending on
March 31, 2008.
* * *
As reported in the Troubled Company Reporter-Latin America on
December 14, 2009, Moody's assigned a "Ba1" local currency rating
to Gafisa S.A. At the same time, Moody's affirmed Gafisa's
Ba2/A1.br corporate family ratings.
TAM SA: Board Approves Capital Increase
---------------------------------------
TAM S.A. informed shareholders that its Board of Directors
approved the company's capital Increase during the meeting held on
July 30, 2010.
The Capital Increase will be for BRL144,395,450 upon the issuance
of 5,621,634 new common shares at the issuance price of BRL25.69
each common share.
Maria Claudia Oliveira Amaro, Mauricio Rolim Amaro, Noemy Almeida
Oliveira Amaro and Joao Francisco Amaro, all TAM-Empreendimentos
e Participacoes S.A. shareholders, the controlling shareholder of
the company with 44,804,238 common shares and 24,768,755 preferred
shares as well as Marcos Adolfo Tadeu Senamo Amaro, Amaro Aviation
Participacoes S.A partner, holding 5,295,149 common shares of the
Company, will subscribe and pay up the shares in the Capital
Increase under these conditions, if no preemptive right is
exercised by other shareholders, which were not named:
Shareholder No. of New Common Shares
----------- ------------------------
Maria Claudia Oliveira Amaro 858,688
Mauricio Rolim Amaro 858,688
Noemy Almeida Oliveira Amaro 2,576,109
Joao Francisco Amaro 469,461
Marcos Adolfo Tadeu Senamo Amaro 858,688
The issuance price of the shares in the Capital Increase was
determined, without the unjustified dilution to the current
shareholders of the Company based on the average closing price of
the Company's preferred shares at BM&FBovespa, in 30 days prior to
the Material Fact of July 13, 2010, as provided under 170 article,
1st of Law 6404/76 as amended. The choice of the market price on
the Company's preferred shares in order to determine the issuance
price of the common shares takes into account the high liquidity
of the Company's preferred shares.
In view of the Capital Increase, the Company's corporate capital
shall be BRL819,892,396.48 represented by 55,816,683 common
shares, 100,390,098 preferred shares and the Capital Increase is
made within the limits of the authorized capital as set forth
under article 6th to the Bylaws.
Reasons for the Capital Increase
The capital increase is part of the operation to acquire the
company TAM Milor Taxi Aereo, Representacoes, Marcas e Patentes
S.A. as explained in the Material Fact of July 13, 2010. TAM
Milor was the owner of TAM trademarks and the similar trademarks
used by the Company, and its controlled TAM Linhas Aereas S.A. and
other associated companies. The use of such trademarks by
mentioned companies was rendered formal by the trademarks use
license agreement signed on March 10, 2005, which provides on the
payment of the monthly compensation adjusted by IGP-M on behalf of
the trademarks owner, as informed on the information related to
the concerned parties' transactions, rendered by the Company in
its periodical reports. TAM Milor also receives the compensation
from TAM Aviacao Executiva e Taxi Aereo S.A. for using TAM
trademarks. TLSA has the control on TAM trademarks by the
acquisition of all TAM Milor shares which are integrated to the
assets by means of the investment in TAM Milor. TLSA paid the
total price of BRL169,877,000 for the purchase of TAM Milor
shares, where 15% in cash and the 85% balance of BRL144,395,450
represented by promissory notes on sellers' behalf. The sellers,
the current TAM Milor shareholders, are also shareholders of the
Company, and jointly own the majority of the common shares. The
same seller shall contribute with the Credit to the Company's
capital increase, by subscribing the new common shares and
complying with the preemptive right of other shareholders to take
part in such subscription. Therefore, the Company shall be the
owner of the Credit. The same Credit shall be used for the
capital increase of the TLSA controlled, the Credit debtor.
About TAM SA
Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip. As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip. With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights. In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.
* * *
As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" long-term issuer credit ratings. The company also
continues to carry Fitch Rating's "BB-" long-term issuer default
ratings.
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C A Y M A N I S L A N D S
==========================
ARSHAN LIMITED: Creditors' Proofs of Debt Due on August 13
----------------------------------------------------------
The creditors of Arshan Limited are required to file their proofs
of debt by August 13, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
BUD INVESTMENTS: Creditors' Proofs of Debt Due on August 13
-----------------------------------------------------------
The creditors of Bud Investments Limited are required to file
their proofs of debt by August 13, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
CASSIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13
--------------------------------------------------------------
The creditors of Cassis Investments Limited are required to file
their proofs of debt by August 13, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
CHANCEY INVESTMENTS: Creditors' Proofs of Debt Due on August 13
---------------------------------------------------------------
The creditors of Chancey Investments Ltd. are required to file
their proofs of debt by August 13, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
CITIVENTURE 96: Commences Liquidation Proceedings
-------------------------------------------------
Citiventure 96 Private Participations Limited commenced
liquidation proceedings on July 14, 2010.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Cititrust (Bahamas) Limited
c/o Maples and Calder
PO Box 309, Ugland House, Grand Cayman KY1-1104
Cayman Islands
CONOCOPHILLIPS WQ: Creditors' Proofs of Debt Due on September 2
---------------------------------------------------------------
The creditors of Conocophillips WQ Ltd. are required to file their
proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 28, 2010.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949-0880
Facsimile: (345) 949-0881
P.O. Box 847, George Town, Grand Cayman KY1-1103
Cayman Islands
DGAM MOSAIC: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
The creditors of DGAM Mosaic Multi-Strategy Master Fund are
required to file their proofs of debt by September 3, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 12, 2010.
The company's liquidator is:
Keith Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o David Thacker
Telephone: 345-815-2631
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
DGAM MOSAIC: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
The creditors of DGAM Mosaic Multi-Strategy Fund are required to
file their proofs of debt by September 3, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 12, 2010.
The company's liquidator is:
Keith Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o David Thacker
Telephone: 345-815-2631
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
EGB CAYMAN: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The creditors of EGB Cayman, Co. are required to file their proofs
of debt by September 2, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 22, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
HEALTHALPHA FUND: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------------
The creditors of Healthalpha Fund are required to file their
proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 30, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
HIGHLAND FINANCIAL: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------------------
The creditors of Highland Financial Holdings Group, LLC are
required to file their proofs of debt by September 2, 2010, to be
included in the company's dividend distribution.
INT GROUP: Creditors' Proofs of Debt Due on September 6
-------------------------------------------------------
The creditors of INT Group Ltd are required to file their proofs
of debt by September 6, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 15, 2010.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
LB CCP: Creditors' Proofs of Debt Due on September 2
----------------------------------------------------
The creditors of LB CCP AIV GP Holdings Ltd are required to file
their proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 15, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
LUCKY STAR: Creditors' Proofs of Debt Due on August 13
------------------------------------------------------
The creditors of Lucky Star Limited are required to file their
proofs of debt by August 13, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
MILE INVESTMENTS: Creditors' Proofs of Debt Due on August 13
------------------------------------------------------------
The creditors of Mile Investments Ltd are required to file their
proofs of debt by August 13, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
RAB ENERGY: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The creditors of RAB Energy SPC Limited are required to file their
proofs of debt by September 2, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769-4422
Facsimile: (+1) 345 769-9351
Landmark Square 1st Floor
64 Earth Close, West Bay Beach
PO Box 715, George Town Grand Cayman KY1-1107
Cayman Islands
RREEF REFLEX: Creditors' Proofs of Debt Due on August 27
--------------------------------------------------------
The creditors of RREEF Reflex Master Portfolio Ltd. are required
to file their proofs of debt by August 27, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 16, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949-3344
Facsimile: (345) 949-2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
RREEF REFLEX: Members' Final Meeting Set for August 30
------------------------------------------------------
The members of RREEF Reflex Master Portfolio Ltd. will hold their
final meeting, on August 30, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on July 16, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949-3344
Facsimile: (345) 949-2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
SALINA LIMITED: Creditors' Proofs of Debt Due on August 13
----------------------------------------------------------
The creditors of Salina Limited are required to file their proofs
of debt by August 13, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
TREVOSE INVESTMENT: Creditors' Proofs of Debt Due on August 13
--------------------------------------------------------------
The creditors of Trevose Investment Company are required to file
their proofs of debt by August 13, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2010.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
ZENO PRIME: Creditors' Proofs of Debt Due on September 2
--------------------------------------------------------
The creditors of The Zeno Prime Offshore Fund, Ltd. are required
to file their proofs of debt by September 2, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on June 29, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
===============
C O L O M B I A
===============
BANCOLOMBIA SA: 2Q Net Profit Seen Up As Demand for Credit Rises
----------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that Bancolombia SA
is expected to post a second-quarter net profit higher than a year
ago as demand for credit is picking up, though low rates are
squeezing the bank's margins.
According to the report, the bank has cut its key rate to a record
low 3% in a bid to boost the country's economy by stimulating
demand. For the bank, the report relates, the effects of low
rates mean narrower spreads between the rates the bank charges on
credits and the rates it pays on deposits.
The report notes Bancolombia SA Chief Executive Jorge Londono said
the bank expects its loan portfolio will rise between 8% and 10%
this year as a result of the growing economy and lower rates. "We
don't want to change that for the time being, but we are seeing
what is happening with optimism," the report quoted Mr. Londono as
saying.
Mr. Londono, the report discloses, said that the bank's loan
portfolio didn't grow at all in 2009 as a result of the economic
slowdown. The report relates that the country's economic
expansion slowed to 0.8% in 2009, down from 2.7% en 2008.
The median estimate of five analysts polled by Dow Jones Newswires
put the bank's second-quarter net profit at COP306 billion (US$167
million), from COP253 billion in the same period last year.
About Bancolombia S.A.
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006. Bancolombia
is the only Colombian company with an ADR level III program in the
New York Stock Exchange.
* * *
As of July 29, 2010, the company continues to carry Moody's "Ba2"
long-term and foreign long-term bank deposits ratings. The
company also continues to carry Fitch Ratings' "B+" subordinate
debt rating.
ECOPETROL SA: BP Plc Will Sell Colombia Assets to Firm
------------------------------------------------------
Brian Swint and Heather Walsh at Bloomberg News report that BP
Plc, which is seeking to raise funds to pay compensation for the
Gulf of Mexico oil spill, agreed to sell fields in Colombia to
Ecopetrol SA and Talisman Energy Inc. for US$1.9 billion in cash.
According to the report, Ecopetrol SA will take 51% of BP's
production, exploration and transportation business in the South
American country and Canada's Talisman the rest. The report
relates that they will pay a US$1.25 billion deposit and the
remainder on completion. The assets produce the equivalent of
about 25,000 barrels of oil and gas a day, the report notes.
Bloomberg says BP Chairman Carl-Henric Svanberg said that the
company will triple its planned asset sales to as much as US$30
billion to meet the cost of the spill.
BP's Colombia assets, the report notes, have about 60 million
barrels of oil equivalent in proved reserves. The purchase
includes BP's stake in the Cusiana field in northeastern Colombia,
its share in rights to explore in blocks in the Caribbean Sea and
stakes in pipelines including Oleoducto Central SA that carries
oil to the nation's northern coast, Bogota-based Ecopetrol said in
a statement obtained by the news agency.
The report discloses Rupert Stebbings, head of the Medellin-based
unit of Chilean brokerage Celfin Capital SA, said that Ecopetrol
SA paid US$20.15 per barrel for BP's proven and probable reserves.
Ecopetrol may be betting that exploration will uncover new oil and
natural gas reserves in northeastern Colombia and in offshore
blocks as it seeks to increase production, he added, the report
relates.
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co/-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas Company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol. The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined
products.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 13, 2010, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on Ecopetrol SA.
=============
J A M A I C A
=============
CASH PLUS: Case Against Former Owner Moved to High Court
--------------------------------------------------------
The Jamaican government said that the fraud case involving former
Cash Plus Limited's former boss Carlos Hill is to be transferred
to the High Court, RadioJamaica reports. The report relates that
Mr. Hill is to be tried by a judge and jury before the High Court.
According to the report, Deputy Director of Public Prosecutions
Diahann Gordon-Harrison said that the state was moving the case
against Mr. Hill to the Home Circuit Court in Downtown Kingston
where he could face a maximum seven years if convicted for fraud.
Mrs. Gordon-Harrison, the report notes, told the court Mr. Hill
will be tried for the more serious charge of fraudulently inducing
investors to pump money into his Ponzi scheme. The report relates
the charge comes under Section 28 of the Larceny Act and attracts
a maximum sentence of seven years.
The report says that the case will be transferred in late
September after the Home Circuit court reopens for the new term.
The Prosecutor, the report discloses, also said that the
government will still be pursuing the fraud charge against Mr.
Hill, his brother Bertram and former Cash Plus accountant Peter
Wilson before the Corporate Area Criminal Court. The case is set
for mention at the Corporate Area Criminal Court on September 20.
About Cash Plus
Cash Plus Limited is an investment club in Jamaica. It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations. The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill. The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.
In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership. Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008. The firm has 40,000 lenders
with loans totaling J$4 billion. Cash Plus was unable to repay
its investors. The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Lawmakers Okay Sale of Refidomsa Stake
--------------------------------------------------------------
The Chamber of Deputies approved the sale of a 49% stake in the
Dominican Refinery (Refidomsa) to Petroleos de Venezuela, with 82
votes in favor and 12 against, The Dominican Today reports. The
report relates that the deputies of the opposition PRSC and PRD
parties split their votes.
According to the report, the Dominican government retains 51% of
the Refidomsa shares and its management. The report relates that
PDVSA paid US$133.5 million and the contract will now be sent to
who's expected to sign it into law.
As reported in the Troubled company Reporter-Latin America on
May 6, 2010, Dow Jones Newswires said that Venezuela President
Hugo Chavez said he will finalize a deal for PDVSA. According to
the report, the Venezuelan government said that the refinery,
which began operation in 1973, manages the supply of about half of
the Dominican Republic's fuel needs. The report related that
Venezuela has been talking about purchasing the minority stake in
the 34,000 barrel-a-day refinery for nearly a year. The value of
the 49% stake has been reported at more than US$130 million,
though Venezuelan officials say it will paid by shaving off some
of the debt the Dominican Republic owes Venezuela from oil sales,
the report notes.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating. The company also continues to carry
Standard and Poor's "B+" long-term issuer credit ratings.
As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets. The\
report related that PDVSA said that total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before. According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.
PETROLEOS DE VENEZUELA: 2009 Earnings Drop 54% to US$4.39 Billion
-----------------------------------------------------------------
Forrest Jones at Dow Jones Newswires reports that Petroleos de
Venezuela President Rafael Ramirez saw a 54% drop in net profit
for 2009 compared to 2008. The report relates that lower oil
prices plus output cuts by the Organization of Petroleum Exporting
Countries pushed company earnings down to US$4.39 billion in 2009
from US$9.49 billion a year earlier.
According to the report, Venezuela produced 3.012 millions of
barrels of crude oil a day in 2009 from 3.260 million barrels a
day in 2008. In terms of volume, the report notes, exports
dropped to 2.68 million barrels a day from 2.90 million a year
earlier.
PDVSA's total operating revenue dropped to US$75 billion in 2009
from US$126.36 billion a year earlier, the report notes.
Dow Jones Newswires relates Walter Molano, head of research at BCP
Securities in Connecticut, said PDVSA's lower profits are also due
to management problems and a loss of investment.
Mr. Ramirez also ruled out further debt issues at PDVSA, quieting
market talk that the oil company might sell bonds to fill the
state's coffers with a fresh supply of greenbacks with which
importers could tap to buy products from abroad, the report adds.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating. The company also continues to carry
Standard and Poor's "B+" long-term issuer credit ratings.
As reported in the Troubled Company Reporter-Latin America on
January 25, 2010, Reuters said that Petroleos de Venezuela's total
debt jumped 42% in 2009 after it borrowed heavily to pay off
service company debts and intervene in currency markets. The\
report related that PDVSA said that total outstanding debt rose to
US$21.4 billion from US$15.1 billion the year before. According
to the report, PDVSA built up billions of dollars in debts to
service companies after the 2008 collapse of oil prices.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
***********
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.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. 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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2010. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *