/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100923.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, September 23, 2010, Vol. 11, No. 187 Headlines A R G E N T I N A AGROPECUARIA TIBET: Creditors' Proofs of Debt Due on October 22 FARMA 365: Creditors' Proofs of Debt Due on November 16 HIGH Q: Creditors' Proofs of Debt Due on November 11 * ARGENTINA: Buenos Aires May Sell US$750 Million in Debt Abroad B E R M U D A BW GROUP: Moody's Affirms Corporate Family Rating at 'Ba1' B R A Z I L CONCESSIONARIA RODOVIA: Moody's Assigns Issuer Ratings on Bonds INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'C' C A Y M A N I S L A N D S BEDFORD LEASING: Shareholders' Final Meeting Set for October 15 BMB-H INVESTMENT: Shareholders' Final Meeting Set for October 15 CAPITAL INSTRUMENTS: Shareholders' Final Meeting Set for Oct. 15 CST INTERNATIONAL: Shareholders' Final Meeting Set for October 15 EPOCH 2001-1: Shareholders' Final Meeting Set for October 15 EPOCH 2002-2: Shareholders' Final Meeting Set for January 8 HALCYON SECURITIZED: Shareholders' Final Meeting Set for Oct. 15 HERTFORD LEASING: Shareholders' Final Meeting Set for October 15 JGB LIMITED: Shareholders' Final Meeting Set for October 15 KABARE FUND: Shareholders' Final Meeting Set for October 27 O'CONNOR CURRENCY: Shareholders' Final Meeting Set for October 29 O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 O'CONNOR STRATEGIC: Shareholders' Final Meeting Set for October 29 O'CONNOR US: Shareholders' Final Meeting Set for October 29 TAINCER COMPANY: Shareholders' Final Meeting Set for October 15 TOPTRONIC INDUSTRIAL: Members Receive Wind-Up Report VLAICU LEASING: Shareholders' Final Meeting Set for October 15 X-AXIS FINANCE: Shareholders' Final Meeting Set for October 15 M E X I C O CREDITO REAL: S&P Affirms 'BB-' Rating on US$60 Mil. Senior Notes GMAC FINANCIERA: Moody's Takes Rating Actions on Four RMBS P U E R T O R I C O BENEFICIAL MORTGAGE: 7 Ex-Execs Indicted in US$20.8MM Fraud Scheme T R I N I D A D & T O B A G O CL FIN'L: No Mutual Funds in CLICO, Unit Trust Corp. Says CL FIN'L: More Investors Rally Against CLICO Repayment Plan CL FIN'L: Credit Unions Seek Help From Opposition Leader X X X X X X X X Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AGROPECUARIA TIBET: Creditors' Proofs of Debt Due on October 22 --------------------------------------------------------------- Daniel Bendersky, the court-appointed trustee for Agropecuaria Tibet SA's reorganization proceedings, will be verifying creditors' proofs of claim until October 22, 2010. Mr. Bendersky will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Daniel Bendersky avenida Corrientes 1675 Argentina FARMA 365: Creditors' Proofs of Debt Due on November 16 ------------------------------------------------------- Nelida Grunblatt de Nobile, the court-appointed trustee for Farma 365 SA's reorganization proceedings, will be verifying creditors' proofs of claim until November 16, 2010. Ms. de Nobile will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Nelida Grunblatt de Nobile Luis Felipe Vallese 1193 Argentina HIGH Q: Creditors' Proofs of Debt Due on November 11 ---------------------------------------------------- Dora Magdalena Paiva, the court-appointed trustee for High Q Argentina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 11, 2010. Ms. Paiva will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Dora Magdalena Paiva Rivadavia 986 Argentina * ARGENTINA: Buenos Aires May Sell US$750 Million in Debt Abroad ---------------------------------------------------------------- Buenos Aires province in Argentina may announce a sale of US$750 million in debt as early as September 24, 2010, Bill Faries at Bloomberg News reports, citing newspaper Ambito Financiero. According to the report, the newspaper said that the Argentine province will sell the five-year bond to yield about 11.5%. * * * As of September 22, 2010, Buenos Aires province continues to carry Moody's "B2" long-term and foreign currency long-term debt rating. The province also continues to carry Standard and Poor's "B" issuer credit ratings. ============= B E R M U D A ============= BW GROUP: Moody's Affirms Corporate Family Rating at 'Ba1' ---------------------------------------------------------- Moody's Investor Services has affirmed BW Group's Ba1 corporate family rating and senior unsecured debt rating with a stable outlook. This affirmation follows the announcement by its 67%-owned subsidiary, BW Offshore Limited, that it has made an offer to acquire the remaining 70% ownership in its associate Prosafe Production Public Limited. Additionally, BW Offshore has entered into an agreement to dispose of APL Plc to National Oilwell Varco. To fund the acquisition cost of around US$480 million, BW Offshore expects to issue around 202 million in new shares to Prosafe's existing shareholders and pay cash of around US$145 million. It also expects to receive around US$500 million from the disposal of APL -- subject to the usual final adjustments for deviations from agreed working capital accounts -- to part fund the acquisition and future capital expenditures of BW Offshore. Both transactions are targeted to complete before the end of 2010, subject to customary regulatory and shareholder approvals. "The acquisition, which is -- as indicated -- funded by an equity- share swap, and cash from the disposal of APL, will have no material impact on BW Group's financial profile," says Peter Choy, a Moody's Vice President and Senior Credit Office, adding, "The combination of Prosafe will further enhance the global market position of BW Offshore in the Floating Production Storage Offloading business." "The completion of sale of APL -- which will more than fund the cash payment for the Prosafe acquisition -- will further enhance the liquidity profile of BW Offshore, which had cash-on-hand of about US$81 million as of 30 June 2010, and an undrawn credit facility of about US$500 million from the BW Group," says Choy. While BW Group's current ownership in BW Offshore will be diluted to 47% from 67% upon completion of these transactions, Moody's continues to assess BW Group's financial profile with full consolidation of BW Offshore. This is based on the expectation that BW Offshore will continue to rely in the near term upon the US$1.5 billion credit facility from BW Group for funding support. This approach will continue until BW Offshore can demonstrate a strengthening in its financial position and an ability to raise financing comfortably on its own merits. BW Group's Ba1 rating continues to reflect its good level of business diversity with a fair amount of fixed-contract coverage, its prudent operating and financial management track record, its consistently strong liquidity, and weak near-term credit metrics for its rating. BW Group's stable rating outlook reflects Moody's view that it will maintain its strong liquidity position and gradually reduce its leverage in the next two years by using free cash flow arising from moderate improvements in profitability (based on some improvement in freight rates) and lower capital expenditures, such that adjusted Debt/EBITDA will fall to around 5.0x and EBIT/interest will rise above 2.0x in the medium term. A rating upgrade is unlikely in the next 12 months, given BW Group's relatively weak credit metrics. Downward rating pressure could emerge upon further deterioration in the group's financial profile due to a material adverse change in market conditions, or debt-funded acquisitions which result in a worsening of BW Group's credit metrics, with adjusted debt/EBITDA exceeding 5.5x-6.0x , or EBIT/interest falling below 1.25x for a prolonged period. The last rating action was on 2 December, 2009 when BW Group's issuer and debt ratings were downgraded to Ba1 stable. BW Group, domiciled in Bermuda, is a diversified shipping group with operations in five key segments -- tankers, liquefied petroleum gas, liquefied natural gas, floating, production, storage and offloading vessels, and offshore technology. It operates a fleet of 95 vessels. BW is a privately held holding company, 93%-owned by the Sohmen family and 7% by HSBC. =========== B R A Z I L =========== CONCESSIONARIA RODOVIA: Moody's Assigns Issuer Ratings on Bonds ---------------------------------------------------------------- Moody's America Latina Ltda assigned issuer ratings of Baa3 on the global scale and Aa1.br on the Brazilian National Scale to Concessionaria Rodovia Presidente Dutra S/A (NovaDutra). At the same time, Moody's assigned ratings of Baa3 and Aa1.br to NovaDutra's 5-year BRL300 million senior debentures secured by floating guarantees and Ba1 and Aa2.br to 5-year BRL200 million subordinated debentures. The outlook is stable for all ratings. This is the first time Moody's has assigned ratings to NovaDutra. The proposed debentures in the amount of BRL500 million will be used to replace BRL390 million of short-term debt and to support the company's capital expenditures in the near term. Assignments: Issuer: CONCESSIONARIA RODOVIA PRES. DUTRA S.A. -- Issuer Rating: Baa3 (global scale) / Aa1.br (Brazilian national scale) -- BRL300 million debentures secured by floating guarantee: Baa3 / Aa1.br -- BRL200 million subordinated debentures: Ba1 / Aa2.br Ratings Rationale The Baa3 global scale and Aa1.br national scale issuer ratings reflect the essential role of NovaDutra's highway in one of the most densely populated and economically critical regions of the country with an alignment that connects Sao Paulo with Rio de Janeiro. The ratings also reflect the mature nature of the concession, as evidenced by an operating track record that dates back to 1996. The relatively stable regulatory environment for operating toll roads in Brazil and NovaDutra's strong credit metrics for the rating category further support the ratings. The risks associated with significant capital expenditures constrain the rating, as do the high level of investment activity of its controlling shareholder and the limited structural provisions embedded in the debentures. Additional constraints are the relatively short remaining life of the concession, which expires in ten years, and the strong competition from the alternative route, the Ayrton Senna road. Moody's has rated the first tranche of debentures in the amount of BRL300 million at the same level as the NovaDutra's senior unsecured issuer rating to reflect the expected repayment of this debt instrument arising from its floating guarantee. Creditors with a floating guarantee are senior to any unsecured holders in the priority of claims, but junior to any debt that is secured by specific tangible assets. Moody's has rated the second tranche of debentures in the amount of BRL200 million one notch lower than the NovaDutra's issuer rating to reflect the subordination of the debentures to any other debt. In accordance with the Brazilian Corporations Law any unsecured debt in excess of a company's equity capital is required to be subordinated to any other existing or future debt. As of June 30, 2010, and pro-forma for the new transaction, the BRL300 million senior unsecured and the BRL200 million subordinated will be virtually the only two classes outstanding debt of NovaDutra. Credit enhancements embedded in the documentation of the proposed debentures reviewed to date include restrictions on dividend payments. A payout ratio beyond the minimum legal requirement of 25% will be allowed only if the Net Debt to EBITDA ratio is below 4.0 times and the Debt Service Coverage Ratio is higher than 1.2 times. Additional limitations are offered by the concession agreement that requires equity capital to remain above 20% of the accumulated investments in the concession. While a higher leverage restricts dividend distribution, it does not trigger an early maturity event. There are no limitations on additional debt issues ranking above the proposed debt classes or cross default provisions with the parent company and any other debt within the CCR group. There are also no limitations on the provision of intercompany loans. Despite the relatively loose debt structure, Moody's views the risk of any major cash drains from NovaDutra funding new CCR group projects as relatively low in the near term. This view considers CCR's strong liquidity position, which is supported by a BRL1.5 billion cash position outstanding at the holding company level as of June 30, 2010. CCR has historically enjoyed access to the local banking and capital markets and financing for its various concessions has been mostly in the form of non-recourse long-term project finance debt. Additionally, CCR's access to NovaDutra's cash flows is limited as a result of this subsidiary's investment requirements and regulatory oversight. NovaDutra is committed to a significant capital expenditures program estimated at approximately BRL900 million through 2014. The program's primary goal is to reduce traffic congestion (de- bottlenecking), which includes the construction of 22 kilometers of side lanes for local traffic in the metropolitan areas of Sao Paulo, Sao Jose dos Campos and Rio de Janeiro by 2012. A conservative scenario also considers the potential of new investments for road duplication in the Araras' hills in the 2012 to 2014 period, which could bring total capital expenditures to BRL 1.5 billion over the next five years. The terms and conditions for these additional investments are still under negotiation with the federal concession authority, Agencia Nacional de Transportes Terrestres. The ultimate magnitude and timing of the capital investment program could exert pressure on NovaDutra's performance. From a credit perspective, the federal regulatory framework in Brazil is considered adequate in terms of transparency for the tariff setting mechanisms and also in terms of protection against events outside the control of the concessionaire. The ANTT has been generally supportive of toll road operators in the country, as recently illustrated by its approval of NovaDutra's relocation of its toll plazas in order to restore the economic equilibrium lost in 2009 after the concession of the Ayrton Senna Road. NovaDutra has strong credit metrics for the rating category, characterized by a very low leverage to date as measured by the last three-year average Funds From Operations to debt ratio of 164% and Cash interest coverage of 13.0x. Credit metrics have been supported by solid revenue growth. Toll road related revenues in 2009 rose 4.5% over the previous year, following years of strong growth of 12.4% in 2008 and 8.8% in 2007. The increase in competition and unfavorable economic conditions negatively affected toll revenues in 2009, but they have recently rebounded as demonstrated by the 13.7% toll revenue increase during the first half of this year. Despite strong revenue growth, Moody's expects NovaDutra's credit metrics to weaken in the years to come. As a mature concession, NovaDutra is expected to maintain a high dividend payout ratio. This high dividend distribution, along with a significant capital expenditure program, will likely result in increased leverage. Moody's foresees the cash interest coverage ratio deteriorating to approximately 4.0x over the next five years while the FFO to debt ratio will remain in the 35-40% range. The stable outlook reflects Moody's opinion that growth in traffic volume should continue to provide the company with strong cash generation and relatively low leverage. Traffic levels should be helped by the 4-5% annual growth expected for Brazilian GDP in 2011 and thereafter. Moody's expects an increase in leverage and dividend distributions to be prudently managed, so that credit metrics remain adequate for the assigned rating. Moody's would consider an upgrade if the company steadily improves its liquidity profile and achieves sustained credit metrics that exceed expected performance, so that leverage, as measured by the FFO to debt ratio, remains above 45% and cash debt interest coverage ratio stays above 6.0x on a sustainable basis; or if there is a significant extension of the concession tenor. A deterioration in NovaDutra's operating performance so that the FFO to debt ratio falls below 25% and the cash interest coverage ratio falls below 4.0x for an extended period could result in a rating downgrade. A weakened liquidity profile along with tighter than expected financial covenants could also trigger a downgrade action. The ratings of the senior unsecured and subordinated debentures could also be downgraded if NovaDutra were to issue additional debt that ranks above the current debentures in the priority of claims or were to create cross default provisions with the parent company and any other debt within the CCR group. NovaDutra is an operating subsidiary of Companhia de Concessoes Rodoviarias (unrated), one of Brazil's largest toll-road concession groups, which controls approximately 1,577 kilometers of toll road concessions. CCR is controlled by a consortium of AGConcessoes, Camargo Correa, Brisa and Soares Penido Concessoes. CCR's consolidated revenues attained BRL3.4 billion (US$1.9 billion) and an EBITDA of BRL2.2 billion (US$1.2 billion) in the last 12 months ended June 30, 2010, of which NovaDutra accounted for 23% and 18%, respectively. NovaDutra holds a 25-year concession to operate the toll road services of the Presidente Dutra highway (BR-116 RJ/SP), a 402- kilometer toll road linking the nation's two most important metropolitan regions: Sao Paulo and Rio de Janeiro, which the federal regulatory agency, Agencia Nacional de Transportes Terrestres, granted in October 1995. In 2009, the company reported an annual tolled traffic of 127.7 million of equivalent vehicles. INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'C' --------------------------------------------------------------- Fitch Ratings has downgraded the ratings of Independencia S.A and Independencia International Ltd., a special-purpose vehicle wholly-owned and unconditionally guaranteed by Independencia,: Independencia S.A -- Local and foreign currency Issuer Default Rating to 'C' from 'CCC''; -- National scale rating to 'C(bra)' from 'CCC(bra)'. Independencia International Ltd -- US$165 million senior secured notes to 'C/RR4' from 'CCC/RR4'; -- Second lien secured exchange notes to 'C/RR6' from 'CC/RR6'. The downgrade of Independencia's ratings reflects the company's inability to support its monthly payment obligations due to insufficient liquidity. The company announced on Sept. 13, 2010 that it reached an agreement to postpone its cattle and others suppliers monthly payments scheduled for September and October 2010 (BRL9.7 million) by two months to Nov. 8, 2010 under the judicial recovery plan, following filing for bankruptcy protection on Feb. 27, 2009. Fitch believes that the likelihood of additional postponements to Independencia's future scheduled payment dates is significantly high, due to the company's liquidity concerns as highlighted by its cash restrictions and limited access to funding alternatives. Independencia's pending debt maturities up to Oct. 31, 2010 total BRL31 million. This amount includes the 15% coupon payments due on Sept. 30, 2010 in relation to the US$165 million senior secured notes. On March 28, 2010, Independencia completed the exchange of its defaulted notes for a new first priority, senior secured notes issuance of US$165 million. The senior secured notes are fully and unconditionally guaranteed by Independencia S.A and are secured by a first priority security interest on all tangible assets of the company. Despite the above average recovery expected in the event of default for the senior secured notes, the Recovery Ratings for these notes are capped at 'C/RR4' in order to reflect the uncertainties of the Brazilian legal system. The net proceeds of the secured notes (BRL251 million) were used to pay cattle raisers and suppliers, along with funding working capital needs, pending acquisitions and to repay creditors following the Brazilian Bankruptcy process. Independencia's leverage remains high and its EBITDA generation continues to be negative since 2009. Working capital requirements became more pressing following the judicial recovery plan and the resumption of operating activities. As of June 30, 2010, the company held BRL5.4 million of cash and equivalents compared to BRL1.9 billion of debt. In the six months ended on June 30, 2010, Independencia generated negative EBITDA of BRL31.2 million, compared to negative EBITDA of BRL350 million in 2009, indicating an insufficiently slow improving trend. Total debt as of June 30, 2010 was BRL1.9 billion, of which 73% (BRL1.4 billion) is denominated in US$. Debt declined from BRL3.1 billion in 2008 due to the 50% haircut assumed by unsecured creditors in the reorganization plan. Debt as of June 30, 2010 was comprised mainly of BRL823 million of notes (exchange notes and senior secured notes) accounting for 44% of total debt, BRL576 million of working capital lines (31%), and BRL413 million of trade finance debt (22%). ========================== C A Y M A N I S L A N D S ========================== BEDFORD LEASING: Shareholders' Final Meeting Set for October 15 --------------------------------------------------------------- The shareholders of Bedford Leasing Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands BMB-H INVESTMENT: Shareholders' Final Meeting Set for October 15 ---------------------------------------------------------------- The shareholders of BMB-H Investment Trading Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands CAPITAL INSTRUMENTS: Shareholders' Final Meeting Set for Oct. 15 ---------------------------------------------------------------- The shareholders of Capital Instruments Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands CST INTERNATIONAL: Shareholders' Final Meeting Set for October 15 ----------------------------------------------------------------- The shareholders of CST International Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands EPOCH 2001-1: Shareholders' Final Meeting Set for October 15 ------------------------------------------------------------ The shareholders of Epoch 2001-1 Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands EPOCH 2002-2: Shareholders' Final Meeting Set for January 8 ----------------------------------------------------------- The shareholders of Epoch 2002-2, Limited will hold their final meeting, on January 8, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands HALCYON SECURITIZED: Shareholders' Final Meeting Set for Oct. 15 ---------------------------------------------------------------- The shareholders of Halcyon Securitized Products Investors ABS CDO I Ltd will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands HERTFORD LEASING: Shareholders' Final Meeting Set for October 15 ---------------------------------------------------------------- The shareholders of Hertford Leasing Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands JGB LIMITED: Shareholders' Final Meeting Set for October 15 ----------------------------------------------------------- The shareholders of JGB Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands KABARE FUND: Shareholders' Final Meeting Set for October 27 ----------------------------------------------------------- The shareholders of Kabare Fund will hold their final meeting, on October 27, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR CURRENCY: Shareholders' Final Meeting Set for October 29 ----------------------------------------------------------------- The shareholders of O'Connor Currency and Rates Portfolio (Euro) 1 Limited will hold their final meeting, on October 29, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of O'Connor Global Merger & Acquisition Trading Limited will hold their final meeting, on October 29, 2010, 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: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of O'Connor Global Convertible Arbitrage Limited will hold their final meeting, on October 29, 2010, 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: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR GLOBAL: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of O'Connor Global Convertible Arbitrage Limited will hold their final meeting, on October 29, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR STRATEGIC: Shareholders' Final Meeting Set for October 29 ------------------------------------------------------------------ The shareholders of O'Connor Strategic Limited will hold their final meeting, on October 29, 2010, 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: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR US: Shareholders' Final Meeting Set for October 29 ----------------------------------------------------------- The shareholders of O'Connor U.S. Equity Long/Short Investing Limited will hold their final meeting, on October 29, 2010, 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: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands TAINCER COMPANY: Shareholders' Final Meeting Set for October 15 --------------------------------------------------------------- The shareholders of Taincer Company Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands TOPTRONIC INDUSTRIAL: Members Receive Wind-Up Report ---------------------------------------------------- The members of Toptronic Industrial Holding Co. Ltd. received, on August 20, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands VLAICU LEASING: Shareholders' Final Meeting Set for October 15 -------------------------------------------------------------- The shareholders of Vlaicu Leasing Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands X-AXIS FINANCE: Shareholders' Final Meeting Set for October 15 -------------------------------------------------------------- The shareholders of X-Axis Finance Limited will hold their final meeting, on October 15, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands =========== M E X I C O =========== CREDITO REAL: S&P Affirms 'BB-' Rating on US$60 Mil. Senior Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' rating on the up to US$60 million five-year senior unsecured notes proposed by Credito Real S.A. de C.V. SOFOM E.N.R., in addition to the US$150 million senior unsecured notes issued under an indenture dated as of April 14, 2010. The outlook is stable. "The ratings on Credito Real reflect its high dependence on volatile funding sources, primarily market debt, somewhat increasing its refinancing risk," said Standard & Poor's credit analyst Alfonso J. Novelo. "Also, S&P considers the strong competition in payroll discount lending in Mexico," he continued. The company's adequate asset quality, improved and more stable profitability, and improvements in adjusted capitalization partially offset these risks. The rating on the notes also takes into consideration a full foreign-exchange hedge, of principal and interest, during the whole term of the notes. S&P believes a rolling swap hedge to be riskier, and S&P could review the ratings if such a swap is used. The counterparty credit rating remains 'BB-' with a stable outlook. Ratings List Credito Real S.A. de C.V. SOFOM E.N.R. Counterparty credit rating BB-/Stable/-- Rating Affirmed US$210 million five-year senior unsecured notes BB- GMAC FINANCIERA: Moody's Takes Rating Actions on Four RMBS ---------------------------------------------------------- Moody's de Mexico has taken rating actions on four residential mortgage backed securitizations issued by GMAC Financiera S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada in Mexico. The underlying collateral consists of first-lien, fixed-rate loans denominated in UDIS and granted primarily to low- income borrowers. Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada. Issuer: HSBC Mexico, S.A., Instituci�n de Banca Multiple, Grupo Financiero HSBC, Divisi�n Fiduciaria, acting only in its capacity as trustee. -- MXMACFW 06U Class A Certificates: Caa1.mx (sf) (National Scale) and Caa1 (sf) (Global Scale, Local Currency) ratings placed on review for possible downgrade; the last rating action occurred on April 1, 2009, when the ratings were downgraded to Caa1.mx (sf) from Aa3.mx (sf) and to Caa1 (sf) from Baa3 (sf). -- MXMACFW 07-2U Class B Certificates: ratings downgraded to Ca.mx (sf) from Caa1.mx (sf) (National Scale) and to Ca (sf) from Caa1 (sf) (Global Scale, Local Currency); the last rating action occurred on May 7, 2010, when the Caa1.mx (sf) and Caa1 (sf) ratings were placed on review for possible downgrade. -- MXMACFW 07-3U Class A Certificates: ratings downgraded to Ba2.mx (sf) from A3.mx (sf) (National Scale) and to B2 (sf) from Ba3 (sf) (Global Scale, Local Currency); the ratings remain on review for further possible downgrade. The last rating action occurred on April 30, 2009, when the A3.mx (sf) and Ba3 (sf) ratings were placed on review for possible downgrade. -- MXMACFW 07-4U Class B Certificates: ratings downgraded to Ca.mx (sf) from Caa1.mx (sf) (National Scale) and to Ca (sf) from Caa1 (sf) (Global Scale, Local Currency); the last rating action occurred on May 7, 2010, when the Caa1.mx (sf) and Caa1 (sf) ratings were placed on review for possible downgrade. -- MXMACFW 07-6U Class B Certificates: ratings downgraded to Ca.mx (sf) from Caa3.mx (sf) (National Scale) and to Ca (sf) from Caa3 (sf) (Global Scale, Local Currency); the last rating action occurred on May 7, 2010, when the Caa3.mx (sf) and Caa3 (sf) ratings were placed on review for possible downgrade. Ratings Rationale MXMACFW 07-2U, MXMACFW 07-3U, MXMACFW 07-4U, MXMACFW 07-6U The downgrades impacting the MXMACFW 07-2U, MXMACFW 07-3U/MXMACFW 07-4U, and MXMACFW 07-6U transactions are primarily based on the weak performance of the underlying mortgage portfolios and Moody's projection of lifetime cumulative gross defaults and expected losses on the pools. The underlying pools continue to display a sharp ramp-up of delinquencies greater than 90 days that is significantly above Moody's initial expectations considering the seasoning of the transactions. As of August 2010, delinquencies greater than 90 days, including real estate owned, as a percent of the original pool balance for each of the underlying pools were: -- MXMACFW 07-2U: 22.3% after 41 months since closing, versus 13.9% as of 12 months ago -- MXMACFW 07-3U, 07-4U: 26.2% after 37 months since closing, versus 14.9% as of 12 months ago -- MXMACFW07-6U: 33.3% after 35 months since closing, versus 17.9% as of 12 months ago The month-to-month deterioration in performance has been considerable over the past year, with delinquencies greater than 90 days (including REOs) almost doubling for most of the underlying pools. Accumulated net losses, however, represent less than 2% of the original pool balance in all cases given the relatively low number of reported REO sales to date. Further, all of the transactions have relatively high outstanding pool balances (including REOs) ranging from 79% to 84% of the original balance. Given the weak performance trends to date and the high pool factors for each of the transactions, Moody's expects significantly higher lifetime cumulative gross defaults as a percent of the original pool as compared to the level of gross defaults observed to date. Moody's projected the lifetime cumulative gross defaults in each transaction is: -- MXMACFW 07-2U: 38% of original balance, or 49% of current balance -- MXMACFW 07-3U, 07-4U: 44% of original balance, or 54% of current balance -- MXMACFW 07-6U: 51% of original balance, or 61% of current balance After estimating projected lifetime gross default rates as a percent of the current pool balance including REOs, Moody's determined the expected losses by applying a severity of loss assumption on the projected defaulted loan balance (assumed severities range between 68-69% across the three transactions). Moody's updated expected net loss projections are: -- MXMACFW 07-2U: 33% of current balance -- MXMACFW 07-3U, 07-4U: 37% of current balance -- MXMACFW 07-6U: 42% of current balance Moody's then compares these net loss projections with the estimated lifetime available credit enhancement by certificate (including subordination, overcollateralization, and remaining excess spread), which is: -- MXMACFW 07-2U Class B: 29% of current balance -- MXMACFW 07-3U Class A: 33% of current balance -- MXMACFW 07-4U Class B: 26% of current balance -- MXMACFW 07-6U Class B: 19% of current balance Regarding the variability of the ratings of the Class B certificates downgraded to Ca (sf)/Ca.mx (sf) (MXMACFW 07-2U, MXMACFW 07-4U, MXMACFW 07-6U), Moody's notes that as of this date it does not foresee further rating downgrades on the certificates. Certificates with expected recoveries of 35% to 65% are generally rated Ca (sf), while certificates are generally rated C (sf) if their expected recoveries are below 35%. However, a one notch benefit is generally applied for at risk Mexican RMBS certificates that do not experience write-downs in principal balance and are expected to continue receiving coupon payments for many years, as is the case for the affected certificates. As a result, Moody's does not foresee further ratings downgrades on the affected certificates under this approach. Regarding the variability of the Ba2.mx (sf)/B2.mx (sf) ratings of the MXMACFW 07-3U Class A certificates, if expected losses on the underlying pool were to increase by approximately 10% (from the 37% projected currently to approximately 41%), the certificates would likely be downgraded by one notch on the global rating scale. The primary sources of assumption uncertainty are related to the macroeconomic environment, the timing of recovery of the Mexican economy and labor market, and the severity of loss assumption given the limited market data related to historical recoveries for REOs. MXMACFW 06U AND MXMACFW 07-3U The decision to place or maintain the ratings of MXMACFW 06U (86% serviced by Su Casita) and MXMACFW 07-3U (43% serviced by Su Casita) on review for possible downgrade reflects heightened concerns with respect to: i) Su Casita's stability as servicer of these RMBS transactions following Moody's recent downgrades of the company's issuer ratings and its servicer quality rating, and ii) future collateral performance given that an increased risk of a servicer disruption may result in weakening of collections activities, leading to increased delinquencies, lower recoveries, and ultimately higher losses on the securitized pools On September 13, 2010, Moody's downgraded Su Casita's global scale local currency issuer rating to Caa2 from B2 (national scale issuer rating downgraded to Caa2.mx from Baa3.mx), and placed these ratings on review for further possible downgrade. These rating actions follow the announcement on September 10th that negotiations with BBVA Bancomer to purchase a portion of Su Casita's loan portfolio had ceased due to an inability to reach agreement on valuation. Su Casita's current liquidity position is weak, as the company has sufficient funds available to cover existing debt only through the middle of 1Q 2011, at which time the company would suffer a liquidity shortfall. On September 15, 2010, Moody's also downgraded the servicer quality (SQ) rating of Su Casita as servicer of residential mortgage loans to SQ4 from SQ3+; the rating remains on review for further possible downgrade, based on concerns about its stability as servicer. During economic downturns a servicer's financial strength becomes even more important in connection with the performance of the portfolio under management. There is a risk that a company with a weakened financial strength may have a limited ability to devote sufficient resources to sustain its servicing capabilities in a difficult economic environment. Moody's ongoing review of these two certificates will focus on the performance of the transactions and the risk of a potential servicing disruption. Moody's will also focus on Su Casita's ability to repay its short-term obligations, in light of the company's limited access to external sources of capital. In addition, Moody's will also closely monitor the company's capital structure as well any additional support it may receive from Sociedad Hipotecaria Federal. The primary source of assumption uncertainty is Su Casita's ultimate strategic direction and solvency, and the extent of any potential servicing disruptions. Further, Moody's considered that a loan servicer's capabilities can have a significant effect - either positive or negative - on realized loss levels in residential mortgage loan securitizations. Moody's assesses a servicer's ability to affect residential mortgage losses and into the future. A servicer's financial stability could negatively affect its ability to properly perform its duties as primary servicer of securitized mortgage loans. Furthermore, any negative impact on the servicing function may in turn adversely affect the performance of the loans serviced by the company. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of these transactions in the past 6 months. ==================== P U E R T O R I C O ==================== BENEFICIAL MORTGAGE: 7 Ex-Execs Indicted in US$20.8MM Fraud Scheme ------------------------------------------------------------------ caribbeanbusinesspr.com reports that federal and local agents rounded up seven former Beneficial Mortgage executives indicted in a multimillion dollar mortgage scheme that struck some 30 financial institutions and at least 126 homeowners in Puerto Rico. The report relates FBI spokesman Harry Rodriguez said that arrest warrants were executed in San Juan, Caguas, Guaynabo and Brooklyn. According to the report, authorities said the seven suspects are facing a host of federal charges including conspiracy, bank fraud, postal fraud and money laundering tied to an alleged scheme that netted them at least US$20.8 million. The report relates that the busts capped a federal probe into Beneficial Mortgage dating back more than a year. The company's Roosevelt Avenue offices were raided in May 2009 by dozens of federal agents who carted off computers and boxes of documents as evidence in the fraud investigation, the report says. caribbeanbusinesspr.com notes that the fraud scheme centered on illegally retaining payments clients made to creditors to pay off old mortgages or loans after obtaining a refinancing loan, leaving the unwitting clients on the hook for the debt. The charges carry maximum prison terms of 30 years and fines. Among those arrested were: -- Company President Ernesto Acosta Rodriguez, -- Mariluna Roman Rodriguez, -- Samuel Cristy Llamas, -- Leishla Ramos Mateo, -- Yvonne Clever Normandia, -- Jose Blanco Hernandez, and -- Emily Alvarado Santiago. In May 2009, the report relates, the Puerto Rico Financial Institutions Commissioner's Office slapped a cease and desist order on Acosta Rodriguez, Beneficial Mortgage Treasurer Ernesto Acosta Matos and Secretary Carmen Rodriguez Negron for allegedly incurring in "serious" violations of the island's Mortgage Institutions Law. The report relates that the Financial Institutions Commissioner's Office found that Beneficial originated mortgages, packaged them and then sold them on the secondary market to investors including Banco Cooperativo de Puerto Rico. Instead of canceling the mortgages when a client refinanced or sold their home, Beneficial kept the loans in its portfolio, which resulted in consumers being tabbed for two existing mortgages on their credit history, the report says. The report notes that the federal indictment said that the fraud scheme was built around clients who turned to Beneficial Mortgage for a mortgage loan or mortgage refinancing. After granting the loans, Beneficial Mortgage grouped the loans and sold them on the secondary market to Banco Cooperativo, the report relates. The report notes that Beneficial Mortgage was then in charge of forwarding the monthly payments from consumers to Banco Cooperativo. When a client went to a bank covered by the Federal Deposit Insurance Corp. to sell or refinance the property, Beneficial Mortgage would send letters to those banks and the customer saying that the original loan was closed, the report relates. However, the report says, Beneficial Mortgage kept the loans open, retaining the money and continuing to make monthly payments to Banco Cooperativo to disguise the cancellation. Beneficial Mortgage is based in Juan, Puerto Rico. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: No Mutual Funds in CLICO, Unit Trust Corp. Says --------------------------------------------------------- None of the Unit Trust Corporation's mutual funds are invested in Colonial Life Insurance Company (Trinidad) Limited (CLICO) or Clico Investment Bank (CIB), Trinidad and Tobago Newsday reports. CLICO and CIB are subsidiaries of CL Financial Limited. According to the report, UTC said it "will therefore not be affected by government's restructuring plans for Clico's Executive Annuity Plan (EAP) since the corporation never had any investments in these products." However, the report relates, UTC indicated that it does have investments in other subsidiaries of the CL Financial Group. "As of August 31, the exposure consists of Republic Bank bonds and shares, which are valued at TT$515 million and other bonds of TT$377 million secured by shares in the Lascelles Group, a Jamaican spirits group," UTC stated, the report notes. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. CL FIN'L: More Investors Rally Against CLICO Repayment Plan ----------------------------------------------------------- Curtis Rampersad at Trinidad Express reports that two groups of Colonial Life Insurance Company (Trinidad) Limited (CLICO) investors have come together to call for a meeting with Finance Minister Winston Dookeran within 48 hours as they try to get their money back in fewer than 20 years. CLICO is a unit of CL Financial Limited. As reported in the Troubled Company Reporter-Latin America on September 22, 2010, dissatisfied with the government's decision on Colonial Life Trinidad & Tobago Guardian Online said that dissatisfied with the government's decision on (CLICO) depositors, groups are being formed to represent policyholders, Trinidad & Tobago Guardian Online reports. According to the report, two such groups proposing to represent policyholders are the United Clico Policyholders (UCP) and the Clico EFPA Policyholders Group. The Express notes that Peter Permell, CLICO EFPA Policyholders group deputy chairman, said that the groups want a meeting with Dookeran within 48 hours to address their concerns about announcements to repay them without interest and over 20 years. "We are saying payment over 20 years is not acceptable and while we understand Government's position with the economy, there are people who need this money to pay medical bills and they can't wait 20 years," the report quoted Mr. Permell as saying. The group suggested shortening the 20-year payment plan or giving investors interest on their principal investments, he added. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. CL FIN'L: Credit Unions Seek Help From Opposition Leader -------------------------------------------------------- Credit unions told Opposition Leader Dr. Keith Rowley that they felt betrayed by the People's Partnership government and if the State goes ahead with current plans to repay co-operatives that invested in Colonial Life Insurance Company (Trinidad) Limited (CLICO), the credit unions would not be able to pay interest and dividends to their members, Trinidad Express reports. CLICO is a unit of CL Financial Limited. According to the report, Dr. Rowley met with representatives of the Co-operative Credit Union League of Trinidad and Tobago. The report relates that the League asked for the meeting in light of government's budget position to treat the CLICO matter by facilitating a payment of TT$75,000 to investors and any remainder thereafter to be paid in the form of 0% interest 20-year bonds. The League told Dr. Rowley that credit unions were made up of low income earners for the most part, the report notes. The League, the report relates, said it and other individual credit unions invested heavily in CLICO and the government's proposal meant that credit unions would not be able to pay interest and dividends and will not be able to pay investors who wanted to withdraw money. They said they would not be able to sustain daily operations, the report adds. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 22-23, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/NYU Bankruptcy and Business Reorganization Workshop New York University School of Law, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. 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/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 28, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Level Professional Development Program Weil, Gotshal & Manges LLP, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29, 2010 RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC. 17th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York City Contact: 1-903-595-3800; http://www.renaissanceamerican.com/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.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/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. 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, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. 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, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 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, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. 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 * * *