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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 30, 2010, Vol. 11, No. 193
Headlines
A R G E N T I N A
CASEMA SRL: Creditors' Proofs of Debt Due on November 15
CONSTRUCCIONES PB: Creditors' Proofs of Debt Due on October 14
PEDISA SA: Creditors' Proofs of Debt Due on October 25
RELUCE SA: Creditors' Proofs of Debt Due on October 15
SUCESION DE: Creditors' Proofs of Debt Due on November 5
* ARGENTINA: S&P Assigns 'B' Rating on Buenos Aires' Bonds
B R A Z I L
BANCO BONSUCESSO: Moody's Assigns 'D' Bank Strength Rating
BANCO PECUNIA: Fitch Affirms Individual Rating at 'D'
BANCO RURAL: S&P Affirms 'B-' Counterparty Credit Rating
MINERVA OVERSEAS: Reveals Early Results for Exchange Offer
C A Y M A N I S L A N D S
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
BLUEFIN MULTI: Court Enters Wind-Up Order
BLUEFIN MULTI: Creditors' First Meeting Set for October 5
DRAGON'S ARM: Creditors' Proofs of Debt Due on October 25
DRAKE LONG: Creditors' Proofs of Debt Due on October 27
ELLIPTICAL MASTER: Commences Liquidation Proceedings
ELLIPTICAL OFFSHORE: Commences Liquidation Proceedings
EUROPEAN PEARL: Creditors' Proofs of Debt Due on October 29
EUROPEAN PEARL: Creditors' Proofs of Debt Due on October 29
HEKLA LIMITED: Creditors' Proofs of Debt Due on October 27
LASER LEASING: Creditors' Proofs of Debt Due on October 28
MELLON OFFSHORE: Creditors' Proofs of Debt Due on October 27
NIPPON SAISEI: Creditors' Proofs of Debt Due on October 27
PAN ASIA: Commences Liquidation Proceedings
PRONOUS OFFSHORE: Creditors' Proofs of Debt Due on October 27
QBASIS MULTUS: Creditors' Proofs of Debt Due on October 20
TT LONG/SHORT: Creditors' Proofs of Debt Due on October 27
TT LONG/SHORT: Creditors' Proofs of Debt Due on October 27
TUSCAN INVESTMENTS: Creditors' Proofs of Debt Due on October 27
C H I L E
COMPANIA MINERA: Chile Court Freezes US$9.7 Million Assets
J A M A I C A
RBTT BANK: BITU Asks Bank to Halt Restructuring Exercise
M E X I C O
AMERICAS MINING: S&P Downgrades Rating on Senior Loan to 'BB+'
FIDEICOMISO ABN: S&P Corrects Ratings on Three Classes of Certs.
P A R A G U A Y
VISION BANCO: S&P Affirms Counterparty Credit Rating at 'B+'
T R I N I D A D & T O B A G O
CL FIN'L: No Political Agenda in CLICO "Rescue," Maharaj Says
X X X X X X X X
Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
CASEMA SRL: Creditors' Proofs of Debt Due on November 15
--------------------------------------------------------
Marta Susana Rosental, the court-appointed trustee for Casema
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until November 15, 2010.
Ms. Rosental will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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 company's liquidator is:
Marta Susana Rosental
Viamonte 1592
Argentina
CONSTRUCCIONES PB: Creditors' Proofs of Debt Due on October 14
--------------------------------------------------------------
Christina Barbier, the court-appointed trustee for Construcciones
PB SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until October 14, 2010.
Ms. Barbier 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. 15, 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 company's liquidator is:
Christina Barbier
Avenida Callao 449
Argentina
PEDISA SA: Creditors' Proofs of Debt Due on October 25
------------------------------------------------------
Matias Leon Zafran, the court-appointed trustee for Pedisa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 25, 2010.
Mr. Zafran will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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 company's liquidator is:
Matias Leon Zafran
Avenida Callao 420
Argentina
RELUCE SA: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------
Isabel Eugenia De Francesco, the court-appointed trustee for
Reluce SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 15, 2010.
Ms. De Francesco will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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 company's liquidator is:
Isabel Eugenia De Francesco
Uruguay 660
SUCESION DE: Creditors' Proofs of Debt Due on November 5
--------------------------------------------------------
Alberto Antonio Rodriguez, the court-appointed trustee for
Sucesion de Carlos Alberto Elia's reorganization proceedings, will
be verifying creditors' proofs of claim until November 5, 2010.
Mr. Rodriguez 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. 14, 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 company's liquidator is:
Alberto Antonio Rodriguez
Parana 1083
Argentina
* ARGENTINA: S&P Assigns 'B' Rating on Buenos Aires' Bonds
----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term foreign currency issue credit rating to the US$550 million
senior unsecured bond due in 2015 issued by the Province of Buenos
Aires, Argentina.
The Province of Buenos Aires was upgraded on Sept. 14, 2010, to
'B' on the global scale and 'raAA-' on the national scale,
following the upgrade of the Republic of Argentina. "That rating
action reflected the strong links between the two entities," said
Standard & Poor's credit analyst Sebastian Briozzo. "Not only
does the province receive about 50% of its revenues as transfers
from the federal government under the intergovernmental
arrangement in Argentina (the Coparticipation system), but also
the Republic of Argentina remains the province's most important
creditor. Therefore, S&P is assigning both the 'B' global scale
rating and the 'raAA-' national scale rating to the US$550 million
senior unsecured bond due in 2015 issued by the province of Buenos
Aires."
The strong rebound in economic activity in Argentina in 2010 will
help contain fiscal deterioration in the Province of Buenos Aires.
However, the combination of recent developments, such as a high
level of inflation prevailing in Argentina (estimated at 25% for
2010), and structural factors such as a relatively low levels of
federal transfers in relation to the province's population or GDP
participation, will continue to challenge fiscal management in the
Province of Buenos Aires.
Nonetheless, despite its high debt level--equivalent to 90% of the
province's revenues at the end of 2009--the fact that most of the
provincial debt (57% as of March 2010) is held with the federal
government at relatively sound conditions significantly limits the
roll-over risk of market debt, which constitutes 35% of the total
debt.
The stable outlook on Buenos Aires reflects Standard & Poor's
assessment on the sovereign rating of Argentina, given the strong
links between the two entities. Greater deterioration in the
sovereign could challenge transfers and additional financing for
the Province of Buenos Aires, and could put the province rating at
risk given the strong dependence on national government transfers
to narrow the fiscal and financial gap. Alternately, a greater
level of financial flexibility for the sovereign could have
positive implications for the rating on the Province of Buenos
Aires.
===========
B R A Z I L
===========
BANCO BONSUCESSO: Moody's Assigns 'D' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of D to Banco Bonsucesso S.A. Moody's also assigned global
local- and foreign-currency deposit ratings of Ba2 and Not Prime,
long- and short-term, respectively; and Brazilian national scale
deposit ratings of A1.br and BR-1, long- and short-term,
respectively. All ratings have a stable outlook.
These ratings were assigned to Bonsucesso:
* Bank financial strength rating: D, stable outlook
* Global local-currency deposit ratings: Ba2 and Not Prime, stable
outlook
* Foreign-currency deposit ratings: Ba2 and Not Prime, stable
outlook
* Brazilian national scale deposit ratings: A1.br and BR-1, stable
outlook
Ratings Rationale
Moody's said that Bonsucesso's D BFSR is supported by adequate
profitability and asset quality indicators, both of which reflect
the bank's operations focused on the niche market of payroll
lending. The ratings also incorporate Bonsucesso's modest size
and franchise relative to other banks in the financial system and
to its product-specific peers.
Moody's said the low delinquency of the bank's loan book, as
measured by the ratio of past due loans to total loans, is
positive for the ratings. Such performance reflects the intrinsic
low-risk nature of payroll loans, as well as Bonsucesso's robust
credit underwriting, which is backed by proprietary IT systems
that assist management in risk monitoring.
Moody's also acknowledges that Bonsucesso's profitability
indicators benefit in part from the anticipation of future revenue
from interest on sold loan portfolios, as per current accounting
rules. "If such revenues were to be accrued during the term of
those loan operations, as expected to happen early in 2012,
Bonsucesso's profitability ratios would likely decline", said
Moody's analyst Alexandre Albuquerque.
Bonsucesso's proven ability to originate payroll loans allowed it
to sell approximately half the volume it produced in the first six
months of 2010 to third parties, part of which -- 25% of the total
originated -- with risk recourse to the bank. Moreover, the
business model of originating and selling payroll loans provides
access to complementary funding and eases pressure on capital
needs.
Moody's recognizes that future earnings recurrence would therefore
depend on the bank's ability to maintain its loan sale agreements
with other financial institutions, while diversifying its largely
wholesale, concentrated funding structure. In that respect,
Moody's added that ratings are constrained by the low
diversification of the bank's funding sources, with significant
participation of high-cost special time deposits and credit sale
agreements.
Bonsucesso also has a small portfolio of loans to small- and mid-
sized companies, which brings earnings diversification. However,
Moody's will monitor the bank's evolution in such a highly
competitive market, given that the growth of this loan book would
require additional capital allocation and could also lead to
potential pressure on profitability, since margins for this
products are smaller than those of payroll loans.
Bonsucesso is headquartered in Belo Horizonte, Brazil, with assets
totaling R$2.0 billion (US$1.13 billion) and equity of R$377
million (US$209 million) as of June 30, 2010.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
BANCO PECUNIA: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------
Fitch Ratings has affirmed all ratings assigned to Banco Pecunia
S.A.:
-- Long-Term Foreign Currency Issuer Default Rating at 'BBB';
Outlook Positive;
-- Short-Term Foreign Currency IDR at 'F2';
-- Long-Term Local Currency IDR at 'BBB+'; Outlook Positive;
-- Short-Term Local Currency IDR at 'F2';
-- Individual Rating at 'D';
-- Support Rating at '2';
-- Long-Term National Rating at 'AAA(bra)'; Outlook Stable;
-- Short-Term National Rating at 'F1+(bra)'.
Pecunia's Foreign and Local Currency IDRs, as well as its National
Ratings reflect the support of its parent bank, Societe Generale
Brasil S.A. (IDR 'BBB' with a Positive Outlook), fully subsidiary
of Societe Generale (IDR 'A+' with a Stable Outlook), and the
importance of Brazilian retail operations to the head office.
These ratings further factor in the ample access to funding lines,
mainly from head-office, which keeps close control over Pecunia,
as shown by the centralized treasury. The Individual Rating
reflects its modest size, low business diversification, high
delinquency ratios, and negative results as a consequence of high
provisioning expenses which have put pressure on net equity. In
Fitch's opinion, these aspects have an impact on Pecunia's
Individual Rating.
Since February 2010, SGBr holds full control over Pecunia, after
acquisition of the 30% of its total capital previously held by
Banif Banco Internacional do Funchal (IDR 'BBB+' with a Stable
Outlook), which participation was obtained after the acquisition
of Tecnicredito's global operations in September 2009.
Despite its modest size compared to SG assets, Pecunia is part of
a strategy to increase consumer finance globally. By 1H'11, its
operations are expected to be integrated into Banco Cacique S.A.,
which is also specialized in consumer credit and is 100%
controlled by SGBr. Until then, Pecunia will endeavor to maximize
its results through headcount reduction and plans to have its
collection activities unified with Cacique's, in addition to
centralizing its treasury at SGBr.
Due to the excessive volume of delinquency shown in credit
consumers, the bank strategically decided to leave this segment
and engage exclusively in financing used cars, aged 10 years on
average. This bank would have somewhat of a niche in this arena
as this market in Brazil is not yet sufficiently covered by the
large banks. The high delinquency volume has required high
provisioning expenses, which led Pecunia to experience consecutive
losses.
Pecunia's funding comes mainly from head-office lines at
competitive prices through SGBr. The bank received a total
capital injection of BRL80 million during the first semester of
2010, which Fitch considers essential for budget feasibility and
business continuity. Supervision by the Central Bank of Brazil
and monitoring of the group's capital adequacy are carried out on
a consolidated basis. At the end of June 2010, intangibles of
SGBr were equivalent of high 58.5% of its consolidated net equity.
Created in 1962, Pecunia and its subsidiaries Credial
Empreendimentos e Servicos Ltda. and Dial Cia. Securitizadora de
Creditos Financeiros are engaged in financing used automobiles.
BANCO RURAL: S&P Affirms 'B-' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' global scale
and raised its Brazilian national scale counterparty credit
ratings on Banco Rural S.A. to 'brBB' At the same time, S&P
revised the outlook to positive from stable.
"S&P raised the Brazilian national scale rating and revised the
outlook on the bank primarily to reflect its improved governance
practices and overall financial profile, particularly in its
credit metrics," said Standard & Poor's credit analyst Ricardo
Brito. Banco Rural is steadily turning around the quality of its
loan portfolio. "The ratings on the bank also benefit from its
long track record of servicing small and midsize enterprises and
from the shareholders' commitment to improve its overall
standings," he continued.
The short history of these improvements, low profitability
resulting from the bank's small scale for its heavy structure, and
limited growth prospects given limited financial flexibility
constrain the ratings.
The positive outlook reflects S&P's view that Banco Rural's risk
metrics and overall financial performance are likely to be
satisfactory over the next 12 months, based on the bank's business
profile and the country's positive economic environment. S&P may
raise the ratings on the bank if it can sustain the favorable
asset quality trend, profitability develops to adequate levels,
with the majority of its income coming from operating and
recurring gains, and if it can maintain capitalization at tiers
consistent with ratings. The ratings will become pressured if the
bank's asset quality deteriorates, capitalization weakens, or if
governance practices, including risk management practices, appear
weaker than S&P anticipated.
MINERVA OVERSEAS: Reveals Early Results for Exchange Offer
----------------------------------------------------------
Minerva Overseas II Ltd. disclosed that pursuant to its previously
announced private exchange offer for any and all of the
outstanding 9.50% Notes due 2017 issued by Minerva Overseas Ltd.
for its 10.875% Notes due 2019 and the related solicitation of
consents to certain previously announced proposed amendments to
the indenture governing the old notes, eligible holders of
US$124,417,000 in aggregate principal amount of old notes,
representing 78.05% of the outstanding old notes, had validly
tendered and not withdrawn their old notes and delivered the
related consents at or prior to 5:00 p.m., New York City time, on
September 28, 2010. Minerva II also announced that it has
accepted for exchange all the old notes that were validly tendered
at or prior to the early participation date.
Minerva II has received the requisite consents to execute a
supplemental indenture to the old notes indenture containing the
super majority consent modifications, which eliminate certain
provisions, including substantially all of the restrictive
covenants and certain events of default, and provide for an issuer
substitution provision under the old notes indenture as described
in the exchange offer documents.
Eligible holders who validly tendered their old notes and
delivered their consents at or prior to the early participation
date will receive US$990.476 in principal amount of new notes for
each US$1,000 in principal amount of such old notes. The exchange
offer is scheduled to expire at 11:59 p.m., New York City time, on
October 1, 2010. Eligible holders who validly tender their old
notes after the early participation date but at or prior to the
expiration date will receive US$952.381 in principal amount of new
notes for each US$1,000 in principal amount of old notes accepted
for exchange.
All eligible holders whose old notes are validly tendered and
accepted for exchange will also receive a cash payment equal to
the accrued and unpaid interest on such old notes accepted for
exchange from the last interest payment date up to but excluding
the exchange date. The amount of new notes to be issued to any
holder will be issued in minimum denominations of US$50,000 and
integral multiples of US$1,000 above such amount and will be
rounded down to the nearest US$1,000. Any fractional portion of
new notes not received as a result of rounding down will be paid
in cash.
The exchange offer and consent solicitation are being solicited
only from holders of old notes who have properly completed,
executed and delivered to the information agent an eligibility
letter, whereby such holder has represented to Minerva II that it
is one of the following (i) a "qualified institutional buyer",
(ii) an institutional "accredited investors" or (iii) a non-"U.S.
Person". Holders who have satisfied this requirement are referred
to as "eligible holders."
The new notes have not been and will not be registered under the
Securities Act or any state securities laws, may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements, and will therefore be
subject to substantial restrictions on transfer.
About Minerva Overseas
Minerva Overseas II Ltd., a wholly-owned subsidiary of Minerva
S.A. Minerva S.A. produces and sells beef, leather and live
cattle in Brazil, and is one of the country's three largest
exporters in the sector in terms of gross sales revenue, exporting
to around 80 countries.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Standard & Poor's Ratings Services said that it
has assigned its 'B-' rating to the forthcoming US$250 million
senior unsecured notes due 2020 to be issued by Minerva Overseas
II Ltd., a wholly owned subsidiary of Brazil-based beef company
Minerva S.A. The notes will be unconditionally and irrevocably
guaranteed by Minerva.
==========================
C A Y M A N I S L A N D S
==========================
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
-------------------------------------------------------------
The creditors of Aladdin Relative Value Credit Master Fund Limited
are required to file their proofs of debt by October 22, 2010, to
be included in the company's dividend distribution.
The company commenced wind-up proceedings on September 9, 2010.
The company's liquidator is:
Ogier
c/o Michael Bunn
Telephone: (345) 815-1848
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
-------------------------------------------------------------
The creditors of Aladdin Relative Value Credit Fund Limited are
required to file their proofs of debt by October 22, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on September 9, 2010.
The company's liquidator is:
Ogier
c/o Michael Bunn
Telephone: (345) 815-1848
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
ALADDIN RELATIVE: Creditors' Proofs of Debt Due on October 22
-------------------------------------------------------------
The creditors of Aladdin Relative Value Credit Fund II Limited are
required to file their proofs of debt by October 22, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on September 9, 2010.
The company's liquidator is:
Ogier
c/o Michael Bunn
Telephone: (345) 815-1848
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
BLUEFIN MULTI: Court Enters Wind-Up Order
-----------------------------------------
On September 7, 2010, the Grand Cayman Court of Cayman Islands
entered an order to wind up the operations of Bluefin Multi
Strategy Fund SPC.
The company's liquidator is:
Jonathan Murphy
c/o jonathan.murphy@krysandassoc.com
Facsimile: +1345 946 6728
BLUEFIN MULTI: Creditors' First Meeting Set for October 5
---------------------------------------------------------
The creditors of Bluefin Multi Strategy Fund SPC will hold their
first meeting, on October 5, 2010, at 4:00 p.m., to receive the
liquidator's report on the company' wind-up proceedings and
property disposal.
The company's liquidator is:
Jonathan Murphy
c/o jonathan.murphy@krysandassoc.com
Facsimile: +1345 946 6728
DRAGON'S ARM: Creditors' Proofs of Debt Due on October 25
---------------------------------------------------------
The creditors of Dragon's Arm Company are required to file their
proofs of debt by October 25, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 13, 2010.
The company's liquidators are:
David Preston
Beverly Bernard
P.O. Box 1109, Grand Cayman KY1-1102
Cayman Islands
c/o Isabel Mason
Telephone: 949-7755
Facsimile: 949-7634
DRAKE LONG: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------
The creditors of The Drake Long Volatility Fund, Ltd are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on September 13,
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
ELLIPTICAL MASTER: Commences Liquidation Proceedings
----------------------------------------------------
On September 7, 2010, the sole shareholder of Elliptical Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.
The company's liquidators are:
Kenneth M. Krys
Margot MacInnis
Krys & Associates Cayman Ltd.
Governors Square
Caymans Islands
ELLIPTICAL OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------------
On September 7, 2010, the sole shareholder of Elliptical Offshore
Fund, Ltd. resolved to voluntarily liquidate the company's
business.
The company's liquidators are:
Kenneth M. Krys
Margot MacInnis
Krys & Associates Cayman Ltd.
Governors Square
Caymans Islands
EUROPEAN PEARL: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------
The creditors of European Pearl Fund Limited are required to file
their proofs of debt by October 29, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 20, 2010.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor P.O. Box 1344
Grand Cayman KY1-1108
Cayman Islands
EUROPEAN PEARL: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------
The creditors of European Pearl Investment Limited are required to
file their proofs of debt by October 29, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 20, 2010.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor P.O. Box 1344
Grand Cayman KY1-1108
Cayman Islands
HEKLA LIMITED: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Hekla Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 13, 2010.
The company's liquidators are:
David Preston
Bronwynne R. Arch
Telephone: 949-7755
Facsimile: 949-7634
P.O. Box 1109, Grand Cayman KY-1102
Cayman Islands
LASER LEASING: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Laser Leasing Limited are required to file their
proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 31, 2010.
The company's liquidator is:
Jeremy Simon Spratt
KPMG LLP 8 Salisbury Square
London, EC4Y 8BB, United Kingdom
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563
Facsimile: +44 (0) 20 7694 3533
KPMG P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
FAO: David Thacker
Telephone: 345-949-4800
Facsimile: 345-949-7164
MELLON OFFSHORE: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Mellon Offshore Enhanced Global Opportunity Fund,
Ltd. are required to file their proofs of debt by October 27,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on August 19, 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
NIPPON SAISEI: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Nippon Saisei Real Estate Investments Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 14,
2010.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
PAN ASIA: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on August 31, 2010, the members
of Pan Asia Special Opportunities Fund (Cayman) resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Pan Asia Capital Manager Limited
Hong Kong Diamond Exchange Building, 8th Floor
8 Duddell Street
Central, Hong Kong
PRONOUS OFFSHORE: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Pronous Offshore Fund Ltd. are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Stuart Sybersma
c/o Jennifer Chailler
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949 7500
Facsimile: (345) 949 8258
e-mail: jchailler@deloitte.com
QBASIS MULTUS: Creditors' Proofs of Debt Due on October 20
----------------------------------------------------------
The creditors of Qbasis Multus Fund are required to file their
proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on August 31, 2010.
The company's liquidator is:
Ogier
Kane Yuk Wong
Telephone: (852) 3120-9362
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
TT LONG/SHORT: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of TT Long/Short Europe Fund Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on September 10,
2010.
The company's liquidator is:
Stuart Sybersma
c/o Jennifer Chailler
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949 7500
Facsimile: (345) 949 8258
e-mail: jchailler@deloitte.com
TT LONG/SHORT: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of TT Long/Short Europe Alpha Fund Limited are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 10,
2010.
The company's liquidator is:
Stuart Sybersma
c/o Jennifer Chailler
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949 7500
Facsimile: (345) 949 8258
e-mail: jchailler@deloitte.com
TUSCAN INVESTMENTS: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The creditors of Tuscan Investments Offshore Fund, Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
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 H I L E
=========
COMPANIA MINERA: Chile Court Freezes US$9.7 Million Assets
----------------------------------------------------------
A Chilean court on September 24, 2010, froze all US$9.7 million in
assets belonging to troubled mining company Compania Minera San
Esteban Primera to fund the huge rescue operation for 33 miners
trapped below ground since early August, Dow Jones' DBR Small Cap
reports, citing Agence France-Presse.
Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.
=============
J A M A I C A
=============
RBTT BANK: BITU Asks Bank to Halt Restructuring Exercise
--------------------------------------------------------
A meeting will be held on Monday, October 4, 2010, between RBTT
Bank Jamaica management and representatives of the Bustamante
Industrial Trade Union, to discuss the contentious restructuring
exercise at the bank and the impact on workers, RadioJamaica
reports.
As reported in the Troubled Company Reporter-Latin America on
September 28, 2010, RadioJamaica said that RBTT Bank's move to
implement aspects of its planned restructuring without completing
consultations with the union representing employees has not gone
down well. According to the report, Kavan Gayle, president
general of Bustamante Industrial Trade Union said that the bank's
management presented its plan during a meeting a month ago.
However, the report related, he said that the union requested more
information which has not yet been provided. Mr. Gayle, the
report noted, wrote to the management of RBTT demanding that the
bank withdraw its planned intention to roll out the new structure.
As reported in the Troubled Company Reporter-Latin America on
August 2, 2010, RadioJamiaca said that more than 30 employees of
RBTT bank could lose their jobs following the closure of three of
the bank's branches. The report related that RBTT bank disclosed
that following a strategic review of its operations it has decided
to close it branches at Fairview in Montego Bay, St. James, Port
Antonio in Portland and Southfield in St. Elizabeth
===========
M E X I C O
===========
AMERICAS MINING: S&P Downgrades Rating on Senior Loan to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its rating on
Americas Mining Corp.'s senior secured credit facility to 'BB+'
from 'BBB-'. S&P also removed the rating from CreditWatch, were
S&P placed it with negative implications on April 6, 2010. The
corporate credit rating on AMC remains unchanged at 'BBB-'. The
outlook remains stable.
The rating action follows the completion of S&P's review of AMC
and its subsidiaries' debt structure. In S&P's view, AMC's credit
facility is structurally subordinate to its subsidiaries' priority
claims, resulting in a one-notch downgrade, as indicated by S&P's
criteria. S&P's previous rating on the facility did not
incorporate the prospect of any additional debt at the company's
subsidiaries. During the second quarter of 2010, Southern Copper
Corp. issued US$1.5 billion in senior unsecured notes.
The structural subordination follows the methodology established
under S&P's corporate ratings criteria. S&P lowered the rating to
reflect the company's creditors' disadvantage in terms of the
claim on the assets, compared with its subsidiaries' creditors in
a default scenario. S&P lower its rating on a debt issue by one
notch when more senior claims represent more than 20% of the
assets, for investment-grade issuers, according to its criteria.
In AMC's case, this figure is currently about 43%.
To date, AMC has prepaid US$650 million of the US$1.5 billion
credit facility, which represented the entire prepayable portion
of the loan, funded mainly through SCC dividends. The company
also has paid the US$280 million Asarco asbestos note. Currently,
Asarco has no debt.
In July 2010, Grupo Mexico announced that AMC is proposing to
combine the operations of SCC and Asarco under common ownership
and management, which is currently subject to certain conditions.
S&P is evaluating the potential implications this transaction
could have on SCC's operations, as well as the synergies and cost
efficiencies AMC expects to achieve through the proposed
transaction.
AMC's financial performance remains robust, supported by stronger
copper prices than those of last year and the reincorporation of
Asarco since December 2009, which, in S&P's opinion, has somewhat
improved AMC's business profile by bolstering its position as a
leading copper producer and expanding its geographic reach.
During the first half of 2010, sales and EBITDA increased by 120%
and 161%, respectively, compared with the same period in 2009.
Key financial metrics are also in line with S&P's expectations,
despite higher debt levels, as evidenced by adjusted total debt to
EBITDA of 1.4x, EBITDA interest coverage of 14x, and FFO to total
debt of 47.6%. S&P also expect that the start of operations in
the Cananea mining complex, which is estimated to reach full
capacity by February 2011, will continue to boost AMC's copper
production.
S&P view AMC's liquidity as adequate. As of June 30, 2010, the
company held US$2.5 billion in cash, from which US$171 million is
restricted, which includes SCC's recent US$1.5 billion bond
issuance. Also, the company posted free operating cash flow of
about US$2.2 billion in the 12 months ended June 30, 2010, which
compares favorably with US$177 million of short-term debt.
Nevertheless, S&P expects most of the current cash in hand will be
used to fund SCC's capital expenditure program in the following
years. AMC maintains ample covenant headroom established under
its credit agreement.
The stable outlook reflects S&P's expectation that AMC will
maintain solid financial performance and that its debt levels will
decrease over the next few years. S&P could lower the ratings if
the company increases its current debt levels, or if SCC's
intensive capital expenditure program for the following years
substantially reduces AMC's free operating cash flow generation.
S&P could raise the ratings if AMC's cash cost improves, which
could happen if mining production in Mexico increases or if higher
ore grades in new projects are attained.
Ratings List
Americas Mining Corp.
Corporate Credit Rating BBB-/Stable/--
Downgraded; CreditWatch Action
Americas Mining Corp.
To From
-- ----
Senior Secured BB+ BBB-/Watch Neg
FIDEICOMISO ABN: S&P Corrects Ratings on Three Classes of Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected the reference to the
ratings it assigned to three classes of certificates from
Fideicomiso ABN Amro CDO DBCB on the Global Credit Portal on
RatingsDirect.
On Sept 9, 2010, S&P lowered its ratings on classes A-IO, A-1, and
A-2 and removed the ratings from CreditWatch with negative
implications, where S&P had placed them on May 19, 2010.
Ratings Corrected
Fideicomiso ABN Amro CDO DBCB
Rating
------
Series To From
------ -- ----
A-IO mxCCC (sf) mxA+ (sf)/Watch Neg
A-1 mxCCC (sf) mxA+ (sf)/Watch Neg
A-2 mxCCC (sf) mxA+ (sf)/Watch Neg
===============
P A R A G U A Y
===============
VISION BANCO: S&P Affirms Counterparty Credit Rating at 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
counterparty credit rating on Vision Banco S.A.E.C.A. The outlook
remains positive.
"S&P is affirming its rating on Vision because the bank maintains
adequate credit quality despite the high growth it has achieved in
the past five years," said Standard & Poor's credit analyst
Delfina Cavanagh.
"S&P's ratings on Vision are constrained by Paraguay's uncertain
financial system and the country's high sovereign risk. Also,
high growth has weakened capitalization, and this strategy could
continue to put pressure on capital," said Ms. Cavanagh.
"Visi?n's good market position, adequate asset quality,
conservative provisioning policy, and good profitability somewhat
offset the weaknesses."
In addition, the strong expansion in Paraguay's financial system
amid deficiencies in its institutional and legal framework is
putting some pressure on the operating performance of Vision and
other entities operating in Paraguay.
A favorable rating factor for Vision is its adequate asset quality
indicators. Despite high growth for the past five years, Vision
has maintained a low delinquency ratio, which was 1.7% as of June
30, 2010, similar to that of the Paraguayan banking system.
However, the bank could face some difficulties in continuing to
increase its loan portfolio--mainly in the microfinance segment--
amid highly competitive conditions, while maintaining healthy
asset quality indicators.
Visi?n has maintained strong profitability thanks to its high
interest margins and diverse revenue structure. However,
profitability has been declining since 2009, in line with most
banks given the lower interest margins that have resulted from
significant competition, high investment levels in the opening of
new branches, and risk-management improvements.
Visi?n's capitalization has weakened because of the bank's
significant expansion, which resulted in its loan portfolio
growing at an average rate of 45% from 2004 to 2009.
"The positive outlook reflects S&P's expectation that despite
Paraguay's still-high operating and sovereign risks, its recent
measures to consolidate its strategic position among banks will
enable Vision to continue to improve its competitive position,"
said Ms. Cavanagh.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: No Political Agenda in CLICO "Rescue," Maharaj Says
-------------------------------------------------------------
Ria Taitt and Renuka Singh at Trinidad Express reports that former
attorney general Ramesh Lawrence Maharaj, who is representing the
Colonial Life Insurance Company (Trinidad) Limited (CLICO)
Policyholders Protection Association, said that his intervention
in the CLICO matter was devoid of political motives and was all
about the rule of law. CLICO is a subsidiary of CL Financial
Limited.
According to the report, responding to statements from Finance
Minister Winston Dookeran that people were using the CLICO issue
to resuscitate their careers, Mr. Maharaj said: "I am dealing with
a very serious issue and if Finance Minster Winston Dookeran wants
to trivialize it, that's up to him. But he is the person who has
a political career and I would advise him to act on the principles
of good governance, consultation, transparency and accountability.
I do not have a political career. I have a legal career and that
is what I am interested in (the law)."
Trinidad Express notes that Mr. Maharaj is contending that the
Central Bank has the sole authority to make decisions regarding
CLICO. The report relates Mr. Maharaj has written asking the Bank
to confirm that no decision has been made by it on this matter and
that it would not abide by or implement or consider the decision
made by the government to pay up to TT$75,000 in cash and to pay
any remainder in 20 annual payments at zero interest.
Trinidad Express relates that depositors are calling for a meeting
with Prime Minister Kamla Persad-Bissessar.
Meanwhile, Peter Permell, deputy chairman of the CLICO
Policyholders Group, said they hoped to only use the legal route
as a "last resort," 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
---------------------------------------------
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 * * *