/raid1/www/Hosts/bankrupt/TCRLA_Public/101021.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, October 21, 2010, Vol. 11, No. 208
Headlines
A R G E N T I N A
ARCOR SAIC: Fitch Assigns 'B+' Issuer Default Rating
CERAMICA NEUQUEN: Creditors' Proofs of Debt Due November 22
COTYLA SRL: Creditors' Proofs of Debt Due November 8
ECO-MANI: Creditors' Proofs of Debt Due November 25
EMPRESA DISTRIBUIDORA: Fitch Withdraws 'B-' Issuer Default Rating
TELECOM ARGENTINA: Fitch Affirms 'B+' Issuer Default Rating
TELEFONICA DE ARGENTINA: Fitch Affirms 'BB-' Issuer Default Rating
* ARGENTINA: S&P Affirms 'B' Rating on Province of Cordoba's Notes
B E R M U D A
FILLCARE REINSURANCE: Creditors' Proofs of Debt Due October 27
FILLCARE REINSURANCE: Members' Meeting Set for November 30
PEACHTREE INSURANCE: Creditors' Proofs of Debt Due October 27
PEACHTREE INSURANCE: Members' Meeting Set for November 30
PHARMACY SERVICES: Creditors' Proofs of Debt Due October 29
PHARMACY SERVICES: Members' Final Meeting Set for November 17
C A Y M A N I S L A N D S
A & B CREDIT: Creditors' Proofs of Debt Due November 11
BLACKROCK CAYMAN: Creditors' Proofs of Debt Due November 11
CREDIT SUISSE: Creditors' Proofs of Debt Due November 11
CREDIT SUISSE: Creditors' Proofs of Debt Due November 11
EVAN HOLDINGS: Creditors' Proofs of Debt Due November 11
EVAN HOLDINGS: Shareholders' Meeting Set for November 12
HATIKVAH LIMITED: Creditors' Proofs of Debt Due November 11
HATIKVAH LIMITED: Members' Meeting Set for November 12
MAESTROS LIMITED: Creditors' Proofs of Debt Due November 12
MANIFOLD LIMITED: Creditors' Proofs of Debt Due November 2
MODULUS INTERNATIONAL: Creditors' Proofs of Debt Due November 12
NIGHTBIRD LIMITED: Creditors' Proofs of Debt Due November 2
OYS SHIBAURA: Creditors' Proofs of Debt Due November 11
TANGARA JAPAN: Creditors' Proofs of Debt Due November 11
TANGARA US: Creditors' Proofs of Debt Due November 11
TANGARA US: Creditors' Proofs of Debt Due November 11
TANGARA US: Creditors' Proofs of Debt Due November 11
U.H.R.: Creditors' Proofs of Debt Due November 11
VALENCE TECHNOLOGY: Creditors' Proofs of Debt Due November 11
VM FINANCE: Creditors' Proofs of Debt Due November 11
XERXES HOLDING: Creditors' Proofs of Debt Due November 11
XERXES HOLDING: Shareholders' Meeting Set for November 12
ZION INVESTMENTS: Creditors' Proofs of Debt Due November 11
ZION INVESTMENTS: Shareholders' Meeting Set for November 12
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Public Debt Tops US$13.97 Billion
M E X I C O
ALESTRA S: S&P Affirms 'B+' Global Corporate Credit Rating
HIPOTECARIA SU: Signs Standstill Agreement With Bondholders
VITRO SAB: Fintech Has Option to Purchase Shares
P U E R T O R I C O
MEDICAL EDUCATIONAL: Plan Outline Hearing Set for December 1
R&G FINANCIAL: Bondholder Seeks Approval to Sue Directors
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Fitch Puts 'B+/RR4' Rating on Senior Debt
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
ARCOR SAIC: Fitch Assigns 'B+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned these ratings to Arcor S.A.I.C.:
-- Foreign currency Issuer Default Rating 'B+';
-- Local currency IDR 'BB-';
-- US$200 million senior unsecured notes due 2017 'B+/RR4';
-- National scale ratings 'AA+(arg)'.]
The Rating Outlook is Stable.
Arcor's 'BB-' local currency IDR reflects the company's strong
business position as a leading Latin American producer of
confectionary and cookie products, as well as its solid capital
structure. The company's positive track record during the 2002
financial crisis in Argentina is also factored into the ratings.
Arcor's 'BB-' local currency IDR is constrained by the high
correlation of its cash flow with the strength of the Argentine
economy and its exposure to variations in commodity prices.
The strong brand equity of Arcor's products in Argentina is due to
its comprehensive distribution network and its presence in the
country for more than 50 years. The company's presence extends
beyond Argentina due to exports to 120 countries and its
production facilities in Chile, Brazil, Mexico and Peru. Exports
to third parties from Argentina and revenues generated outside of
Argentina accounted for approximately 44% of Arcor's total
consolidated revenues at December 2009.
The company's exports and operations outside of Argentina
partially mitigate the risks associated with the potential for
future exchange controls in Argentina. They have resulted in
Arcor's foreign currency IDR being rated 'B+', which is one notch
higher than the 'B' Country Ceiling that Fitch has assigned to
Argentina.
Arcor's leverage is low for the rating category. For the latest
12 months ended June 30, 2010, Arcor had a total debt-to-EBITDA
ratio of 1.9 times and net debt-to-EBITDA of 1.1x. As of June 30,
2010, the company had US$170 million of cash and marketable
securities and US$395 million of debt. Fitch views Arcor's
liquidity position to be manageable. The company had US$163
million of short-term debt at the end of June. This debt is
expected to be refinanced with a mix of cash flow from operations,
cash and marketable securities, and new debt. If Arcor is
successful in issuing the proposed US$200 million notes due 2017,
some of the company's long-term debt will also be refinanced.
For the LTM the company generated US$190 million of cash flow from
operations and US$206 million of EBITDA. While Arcor's cash flow
can be volatile due to the concentration of its operations in
Argentina, it is generally high in relation to capital
expenditures resulting in positive free cash flow during four of
the past two years.
Arcor's operations in investment grade countries such as Brazil
and Chile account for nearly 30% of Arcor's consolidated revenues.
Their contribution to cash flow generation is still weak, however,
and about 85% of Arcor's operating cash flow generation is
generated in Argentina. In the future, this percentage is
expected to decline as Arcor's investments in Brazil mature.
Potential Rating and Outlook Drivers:
The Stable Outlook reflects Fitch's expectations that Arcor will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
around 2x. Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 3.7x. Arcor's management
is intent on maintaining a conservative financial structure.
Any significant increase in Arcor's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action. Conversely, the local currency IDR could be positively
impacted by a better than expected cash flow generation or better
than expected operating results from subsidiaries in investment
grade countries.
CERAMICA NEUQUEN: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------
The court-appointed trustee for Ceramica Neuquen S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 22, 2010.
The trustee will present the validated claims in court as
individual reports on December 21, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 2, 2011.
Creditors will vote to ratify the completed settlement plan during
the assembly on August 8, 2011.
COTYLA SRL: Creditors' Proofs of Debt Due November 8
----------------------------------------------------
The court-appointed trustee for Cotyla S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 8, 2010.
The trustee will present the validated claims in court as
individual reports on December 17, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 26, 2011.
Creditors will vote to ratify the completed settlement plan during
the assembly on February 28, 2011.
ECO-MANI: Creditors' Proofs of Debt Due November 25
---------------------------------------------------
The court-appointed trustee for Eco-Mani S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
November 25, 2010.
The trustee will present the validated claims in court as
individual reports on February 11, 2011. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 26, 2011.
Creditors will vote to ratify the completed settlement plan during
the assembly on September 10, 2011.
EMPRESA DISTRIBUIDORA: Fitch Withdraws 'B-' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn these ratings for Empresa
Distribuidora de Electricidad de Salta S.A.:
-- Foreign currency Issuer Default Rating 'B-';
-- Local currency IDR 'B-';
-- Up to US$33 million proposed debt issuance 'B-/RR4' and
'BBB+(arg).
The ratings have been withdrawn since the forthcoming debt
issuance is no longer expected to proceed as previously envisaged.
In the future, Fitch will not provide or give any analytical
coverage of the issuer on an international scale.
TELECOM ARGENTINA: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the international scale ratings and
upgraded the national scale ratings for Telecom Argentina S.A. and
Telecom Personal S.A.:
TEO
-- Local currency Issuer Default Rating affirmed at 'B+';
-- Foreign currency IDR affirmed at 'B';
-- National Scale Rating upgraded to 'AA(arg)' from 'AA-(arg)';
-- National Scale Equity Rating affirmed at '1'.
Personal
-- Local currency IDR affirmed at 'B+';
-- Foreign currency IDR affirmed at 'B';
-- National Scale Ratings upgraded to 'AA(arg)' from 'AA-(arg)';
-- Obligaciones Negociables affirmed at 'B/RR4' and upgraded to
'AA(arg)' from 'AA-(arg)'.
The Rating Outlook is Stable.
The rating actions reflect continued strong operating performance
driven by mobile services, solid market positions, diversified
portfolio of services with multiple platforms and a strong
financial profile. The ratings are tempered by an unfavorable
regulatory environment in the fixed-line business and inflationary
pressures that affect costs. The ratings also reflect the strong
linkage between the two companies due to legal, operational and
strategic ties. The upgrade in the National Scale rating reflects
Fitch's views of improved credit quality in spite of growing cash
flow generation and lower indebtedness. The 'B' Foreign currency
IDRs are constrained by Argentina's 'B' country ceiling.
The settlement of differences between controlling shareholders
Telecom Italia and Werthein Group at Sofora is positive; however,
Fitch had previously assessed that this event should not affect
the company's credit quality or business strategy. As part of the
settlement, Telecom Italia bought an additional 8% stake at Sofora
from the Werthein Group and now controls 58% of the entity, while
the Werthein Group controls the rest. Sofora is the controlling
shareholder of Nortel Inversora S.A. which controls 54.7% of TEO.
The ratings also consider that ANSES ownership in TEO,
nationalized pension funds which Fitch estimates it own
approximately 20%-24%, should not change TEO's main strategy.
Fitch believes fixed-mobile convergence can help integrated
operators such as TEO to improve customer loyalty, reduce
operating costs and avoid cannibalization between business
segments. In addition, as fixed and mobile data demand grows in
the future, the company's integrated platforms should enable it to
optimize costs and network investments. TEO benefits from a
diversified business mix, with mobile business unit providing an
increasing share of total revenues and EBITDA (73% of consolidated
EBITDA for the 12 months ended June 30, 2010). TEO's incumbent
position in northern Argentina in fixed-line services and mobile
services mitigates potential fixed line traffic loss due to mobile
substitution.
Over the next few years, Fitch expects that TEO should continue
generating pre-dividend FCF (cash from operations minus capex) of
approximately ARS1.2 billion per year, which can be used to pay
dividends. Stable capital expenditures of approximately 15% of
revenues, should underpin cash flow generation. EBITDA and cash
flow has significantly improved over the past two years, driven
primarily by its mobile business despite facing some increases in
operating costs as fixed line rates remain frozen in part of the
fixed-line business.
TEO is focusing its efforts in offering of a full range of
integrated fixed and wireless services. The company's mobile
strategy is oriented towards improving the mix of postpaid users
by promoting 3G services, better customer service and high-end
handsets. Mobile data services have room for growth despite VAS
accounting for 38% of service revenue, as most of the revenue from
VAS relates to text messaging. The strategy on the fixed business
continues to center on bundle offering that includes voice and
broadband services.
TEO is expected to pay Personal's ARS685 million Obligaciones
Negociables due on Dec. 22, 2010 with cash balances and cash flow
generation. After this payment, total debt should be minimal.
Total debt as of June 30, 2010 was ARS868 million of which ARS714
million is allocated at Personal and ARS154 million at Nucleo,
Personal's mobile subsidiary in Paraguay. Credit protection
measures are strong, as of Jun. 30, 2010 leverage metrics of FFO
adjusted leverage and total debt to EBITDA ratio were 0.2 times
and interest coverage indicators of FFO interest coverage and
EBITDA to interest expense were 31.8x and 34.9x, respectively.
TELEFONICA DE ARGENTINA: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed these ratings for Telefonica de
Argentina S.A.:
-- Local currency Issuer Default Rating at 'BB-';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'AA+(arg)';
-- Obligaciones Negociables due November 2010 and August 2011
affirmed at 'BB-/RR3' and 'AA+(arg)', respectively.
The Rating Outlook is Stable.
Telefonica de Argentina S.A.'s ratings are supported by its solid
business position, strong cash flow generation, and sound
financial profile. The ratings are tempered by regulatory risk,
mobile substitution and a currency mismatch between its cash flow
generation and indebtedness. The foreign currency IDR, rated one
notch higher than Argentina's country ceiling, incorporates a
level of implicit support from its controlling shareholder,
Telefonica S.A. of Spain.
Fitch expects TASA to continue its strategy of growing broadband
services and valued added services by improving its network
capabilities. Revenue growth should be driven primarily from
broadband services, which are offered through bundled services, as
local service rates remain frozen. This growth has offset on an
absolute basis operating margin pressures related to cost
increases associated with wages. The company's incumbent position
in the southern region of Argentina results in strong cash flow
generation.
Fitch believes the commercial agreement with DirectTV to offer pay
television services to TASA's customers should enhance the
competitive position of the company. Adding video to its bundle
offering of voice and broadband should strengthen TASA's
competitive position in the residential market. Current
regulation does not allow incumbents TASA and Telecom Argentina to
offer pay-television services on its own. The agreement with
DirectTV which expires in 2011, is expected to be extended if
there is no change in regulation which seems unlikely in the short
term.
Fitch does not anticipate a change in the Telecommunications Law
under the current government and a frozen rates regime is expected
to remain. Profitability has been pressured due to regulatory and
inflationary issues as fixed line operators have experienced cost
increases, mostly related to personnel salaries and wages, but are
not allowed increasing regulated service tariffs to compensate for
cost increases. However, the company has been moving away its
revenue base from regulated services, which accounts for
approximately half of consolidated revenues.
With expected stable to slightly positive EBITDA growth for the
next few years despite slight EBITDA margin reductions. FFO is
expected to be above ARS1.600 billion and even with increased
capital expenditures, free cash flow should be above ARS600
million over the next few years, which is sufficient to pay all
its maturities and even pay some dividends. While there is not a
specific dividend policy, TASA paid ARS342 million in dividends
during the first half of 2010 out of ARS485 million declared.
Fitch views that given the leverage level of TASA, cash flow
generation, cash balances and debt maturity profile; future
dividend payments are manageable.
TASA maturity profile is manageable. Total debt consists
primarily of U.S. dollar denominated market debt adding currency
exposure as the majority of the cash flow is generated in local
currency. The company is expected to pay upcoming debt maturities
with cash balance of ARS843 million as of June 30, 2010 and cash
flow generation. TASA faces two maturities of Obilgaciones
Negociables in the next 12 months, ARS594 million due on Nov. 7,
2010 and ARS455 million due on Aug. 1, 2011. These two maturities
account for 88% of the total debt as of June 30, 2010.
TASA's credit metrics are strong and are expected to continue
improving as the debt is paid at maturity. For the 12 months
ended June 30, 2010, total debt to EBITDA and FFO adjusted
leverage were 0.6 times and 0.6x, respectively. Interest coverage
ratios of EBITDA to interest expense and FFO interest coverage
were 9.3x and 9.4, respectively. Given the strong financial
profile, Fitch believes the company has the financial flexibility
to pay dividends in the future if TASA elects to do so. Despite
having a conservative capital structure, Fitch does not anticipate
the company in the near term to consider increasing its leverage
to levels more consistent with its regional peers.
* ARGENTINA: S&P Affirms 'B' Rating on Province of Cordoba's Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
rating on the Province of Cordoba's (B/Stable/--) senior unsecured
notes due 2017, following the add-on of US$196 million to the
issuance. The notes had an outstanding amount of US$400 million
before the proposed reopening. The notes have a recovery rating
of '3', indicating S&P's expectation of meaningful (50% to 70%)
recovery for noteholders in the event of a payment default. The
issuance is subject to authorization by the federal government of
the Republic of Argentina (B/Stable/B).
The notes will be in the same indenture under which the province
issued and sold US$400 million aggregate principal amount on
Aug. 17, 2010. The notes will have identical terms and conditions
as the initial notes, other than issue date and issue price, and
will constitute part of the same series.
S&P's 'B' counterparty credit rating on the Province of Cordoba
reflects the risk inherent to Argentina. Negative local factors
include high inflation, and lack of predictability regarding the
direction of economic policies in Argentina, including a
significant degree of policy discretion in the relationship
between the central government and the provinces. The ratings
also reflect the province's relatively high debt and limited
fiscal flexibility. Prudent fiscal management, which led to six
consecutive years of balanced budgets (after capital expenditures)
before 2009, somewhat offsets the risks in S&P's view. A well-
diversified economic structure, which tends to minimize Cordoba's
vulnerability to unexpected economic shocks, also supports the
province's creditworthiness, in S&P's opinion.
The '3' recovery rating on the notes is supported by S&P's opinion
of Cordoba's moderate debt-service burden, favorable debt terms,
flexibility to decrease real salaries when conditions are
inflationary, and interest in maintaining a good reputation in the
capital markets.
After Cordoba's US$400 million bond issuance in August, Cordoba's
total debt reached Argentine pesos 11.0 billion (US$2.8 billion),
representing 84% of the province's budgeted 2010 operating
revenues. Including the US$196 million in notes to be issued, the
province's total debt would reach 89% of its estimated operating
revenues for the year. S&P doesn't believe this additional debt
hurts the province's financial profile, but S&P will continue
monitoring further debt increases to analyze the sustainability of
the province's debt.
Ratings List
Province of Cordoba
Counterparty Credit Rating B/Stable/--
$596 Mil. Sr. Unsec. notes due 2017 B
=============
B E R M U D A
=============
FILLCARE REINSURANCE: Creditors' Proofs of Debt Due October 27
--------------------------------------------------------------
The creditors of FillCare Reinsurance Company, 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 wind-up proceedings on October 11, 2010.
The company's liquidator is:
Thomas Hanson
208 S. Akard St., Dallas, Texas 75202
USA
FILLCARE REINSURANCE: Members' Meeting Set for November 30
----------------------------------------------------------
The members of FillCare Reinsurance Company, Ltd. will hold their
final meeting on November 30, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 11, 2010.
The company's liquidator is:
Thomas Hanson
208 S. Akard St., Dallas, Texas 75202
USA
PEACHTREE INSURANCE: Creditors' Proofs of Debt Due October 27
-------------------------------------------------------------
The creditors of Peachtree Insurance Company, 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 wind-up proceedings on October 11, 2010.
The company's liquidator is:
Thomas Hanson
208 S. Akard St., Dallas, Texas 75202
USA
PEACHTREE INSURANCE: Members' Meeting Set for November 30
---------------------------------------------------------
The members of Peachtree Insurance Company, Ltd. will hold their
final meeting on November 30, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 11, 2010.
The company's liquidator is:
Thomas Hanson
208 S. Akard St., Dallas, Texas 75202
USA
PHARMACY SERVICES: Creditors' Proofs of Debt Due October 29
-----------------------------------------------------------
The creditors of Pharmacy Services Insurance, 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 wind-up proceedings on October 1, 2010.
The company's liquidator is:
Christopher Dye
Sofia House, 1st Floor, 48 Church Street
Hamilton, Bermuda
PHARMACY SERVICES: Members' Final Meeting Set for November 17
-------------------------------------------------------------
The members of Pharmacy Services Insurance, Limited will hold
their final meeting on November 17, 2010, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Christopher Dye
Sofia House, 1st Floor, 48 Church Street
Hamilton, Bermuda
==========================
C A Y M A N I S L A N D S
==========================
A & B CREDIT: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of A & B Credit Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Phil Mackey
Babcock and Brown Australia Pty Ltd
MLC Centre, Level 20
19 Martin Place, Sydney NSW 2000
Australia
BLACKROCK CAYMAN: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Blackrock Cayman Cash Advantage Fund Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on October 1, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
CREDIT SUISSE: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Credit Suisse First Boston QESA Ema Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 24,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
CREDIT SUISSE: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Credit Suisse First Boston QESA Ped Ltd. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 24,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
EVAN HOLDINGS: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Evan Holdings Ltd. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
EVAN HOLDINGS: Shareholders' Meeting Set for November 12
--------------------------------------------------------
The shareholders of Evan Holdings Ltd. will hold their final
meeting on November 12, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
HATIKVAH LIMITED: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Hatikvah Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
HATIKVAH LIMITED: Members' Meeting Set for November 12
------------------------------------------------------
The members of Hatikvah Limited will hold their final meeting on
November 12, 2010, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
MAESTROS LIMITED: Creditors' Proofs of Debt Due November 12
-----------------------------------------------------------
The creditors of Maestros Limited are required to file their
proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 30,
2010.
The company's liquidators are:
Bernard McGrath
Annie Chapman
c/o #69 Dr. Roy's Drive
PO Box 1043, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: 949-0050
Facsimile: 949-8062
MANIFOLD LIMITED: Creditors' Proofs of Debt Due November 2
----------------------------------------------------------
The creditors of Manifold Limited are required to file their
proofs of debt by November 2, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
MODULUS INTERNATIONAL: Creditors' Proofs of Debt Due November 12
----------------------------------------------------------------
The creditors of Modulus International Limited are required to
file their proofs of debt by November 12, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on September 13,
2010.
The company's liquidator is:
David A.K. Walker
Adam Keenan
Telephone: (345) 914 8743
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
NIGHTBIRD LIMITED: Creditors' Proofs of Debt Due November 2
-----------------------------------------------------------
The creditors of Nightbird Limited are required to file their
proofs of debt by November 2, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
OYS SHIBAURA: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Oys Shibaura Holdings, Inc. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on October 1, 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
TANGARA JAPAN: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Tangara Japan Leasing Limited are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.
The company's liquidator is:
Phil Mackey
Babcock and Brown Australia Pty Ltd
MLC Centre, Level 20
19 Martin Place, Sydney NSW 2000
Australia
TANGARA US: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Tangara U.S. Leasing Limited are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Phil Mackey
Babcock and Brown Australia Pty Ltd
MLC Centre, Level 20
19 Martin Place, Sydney NSW 2000
Australia
TANGARA US: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Tangara US 2 Leasing Limited are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Phil Mackey
Babcock and Brown Australia Pty Ltd
MLC Centre, Level 20
19 Martin Place, Sydney NSW 2000
Australia
TANGARA US: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Tangara US 6 Leasing Limited are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Phil Mackey
Babcock and Brown Australia Pty Ltd
MLC Centre, Level 20
19 Martin Place, Sydney NSW 2000
Australia
U.H.R.: Creditors' Proofs of Debt Due November 11
-------------------------------------------------
The creditors of U.H.R. are required to file their proofs of debt
by November 11, 2010, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on October 1, 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
VALENCE TECHNOLOGY: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------------
The creditors of Valence Technology International Inc. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 16,
2010.
The company's liquidator is:
Ross A. Goolsby
12303 Technology Blvd.
Ste-950, Austin TX 78727
USA
VM FINANCE: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of VM Finance Inc. are required to file their proofs
of debt by November 11, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on September 29,
2010.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall Grand Cayman KY1-1102
Cayman Islands
XERXES HOLDING: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------
The creditors of Xerxes Holding Ltd. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
XERXES HOLDING: Shareholders' Meeting Set for November 12
---------------------------------------------------------
The shareholders of Xerxes Holding Ltd. will hold their final
meeting on November 12, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
ZION INVESTMENTS: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Zion Investments Limited are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
ZION INVESTMENTS: Shareholders' Meeting Set for November 12
-----------------------------------------------------------
The shareholders of Zion Investments Limited will hold their final
meeting on November 12, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on September 29, 2010.
The company's liquidator is:
C.I. Directors Ltd.
Telephone: 345-943-2337
Facsimile: 345-949-6096
P.O. Box 1100, Grand Cayman KY1-1102
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REPUBLIC: Public Debt Tops US$13.97 Billion
-------------------------------------------------------
Dominican Republic's non-financial public sector debt, including
the internal and external obligations, is US$13.97 billion at the
close of August, the Central Bank affirmed, while that of the
consolidated public sector is US$18.1 billion, The Dominican Today
reports.
According to the report, the central bank said that 97.6% of that
figure, or US$13.6 billion, is the central government debt and the
remaining 2.4% forms part of the debt of the so called Rest of the
Nonfinancial Public Sector. The report notes that the Central
Bank estimates a SPNF yearend debt of around 28.5% of the GDP
(18.5% external debt and 10% internal debt), barely 0.1% of the
GDP higher than the close of 2009.
The central bank, the report notes, said that the current SPNF
component of the foreign debt pertains mainly to the official
multilateral and bilateral debt (75.6%), which generally is
financing under softer conditions, or lower rates and longer
terms, while the debt with private creditors such as the banks or
the holders of Dominican bonds, at the close of August reached
24.4% of the total.
According to Dominican Today, the Central bank added that during
the Administration's term in office a favorable change in the
foreign debt's composition has occurred, which allows greater ease
and flexibility, reduces financial costs and contributes to long
term sustainability.
* * *
As of October 20, 2010, the country continues to carry Moody's B2
country ceiling long-term foreign bank deposit rating and Ba2
country ceiling long-term foreign currency debt rating. The
country also continues to carry Fitch's B long-term issuer default
rating.
===========
M E X I C O
===========
ALESTRA S: S&P Affirms 'B+' Global Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on Alestra S. de R.L. de C.V., including the 'B+' global
scale corporate credit rating, the 'B+' senior unsecured rating,
and the recovery rating of '3', indicating expectation of
meaningful (50% to 70%) recovery in the event of a payment
default. The outlook is stable.
The ratings on Alestra S. de R.L. de C.V. reflect the risks of
competing with larger and better capitalized telecommunication
companies -- primarily incumbent Telefonos de Mexico S.A.B. de
C.V. -- in an industry subject to growing price pressure and a
decline in revenues from traditional long-distance services. "The
ratings also consider Alestra's exposure to foreign-exchange risk
derived from its debt being 100% denominated in U.S. dollars, and
the risk of the expiration at maturity of its agreement to operate
AT&T's global services, that could hurt customer retention," said
Standard & Poor's credit analyst Marcela Duenas.
The company should be able to offset the decline in long-distance
revenues somewhat by capturing growth in the value-added services
segment in Mexico. Further tempering factors include Alestra's
niche competitive strategy of targeting services to multinational
companies, large and midsize enterprises, and high-end residential
users; support from equity owners Alfa S.A.B. de C.V. and AT&T
Mexico (both unrated); the company's well-established network with
a significant footprint in Mexico; and its margin stability and
positive free operating cash flow.
Alestra's network covers approximately 200 cities interconnected
for long-distance services across Mexico, 30 cities with its own
local service infrastructure, and 50 cities with a domestic
virtual private network and Internet services. Its fiber optic
backbone provides transparent access to AT&T's global network.
Alestra shifted its business strategy to offer more value-added
services, mainly data and Internet, and move away from traditional
long-distance services. VAS revenues should continue to grow as
it introduces convergent services to corporate customers, which
are the company's main source of business and represent 75% of
revenues and 88% of EBITDA.
The decline in traditional long-distance services has hurt
Alestra's total revenues. However, notwithstanding revenue
erosion and weaker economic conditions in Mexico, the company's
EBITDA margin has grown, reaching 33% for the 12 months ended June
30, 2010, as it increased its mix of higher margin, value-added
services.
For the 12 months ended June 30, 2010, Alestra posted total debt-
to-EBITDA and funds from operations-to-total debt ratios of 2.5x
and 31.3%, respectively. S&P's expect these ratios to improve
slightly in 2011, as a result of higher margins from VAS. The
indexing of 30% of the issuer's revenues to the U.S. dollar is a
natural hedge against its exposure to foreign-exchange volatility.
Alestra's liquidity is adequate. As of June 30, 2010, the company
reported about Mexican pesos MXN$375.9 million in cash and cash
equivalents, and approximately MXN$327.6 million in restricted
cash held in a trust to guarantee the payment on interconnection
services in dispute with Telmex. The company also generates
positive and stable free operating cash flow as a result of its
moderate capital expenditures, and S&P expects it to continue to
be positive for the next few years. As of June 30, 2010, the
company had posted MXN$419.8 million in FOCF, which compares
favorably with MXN$271.4 million in short-term debt.
As of June 30, 2010, the company was in compliance with its
covenants and headroom is adequate.
The stable outlook reflects S&P's belief that the company will
maintain acceptable financial indicators. S&P could consider
lowering the ratings if Alestra's churn rates and pricing pressure
increase, resulting in a negative FOCF generation and leverage
exceeding 3.0x. Although not likely in the near term, S&P would
consider raising the ratings if the company improves its EBITDA
margin above 35%, maintains debt to EBITDA below 2.0x, and is able
to periodically renew its operational agreement with AT&T.
HIPOTECARIA SU: Signs Standstill Agreement With Bondholders
-----------------------------------------------------------
Jose Enrique Arrioja and Jonathan Roeder at Bloomberg News report
that Hipotecaria Su Casita SA reached a "standstill agreement" on
MXN2 billion of short-term debt with bondholders.
According to the report, under the terms of the agreement,
bondholders will take no legal action against the company in the
next 30 days. The report relates that the agreement was reached
with 94 percent of the short-term debt bondholders and uses
interest as of October 13, 2010.
Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company. Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico. As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and MXN3.080 billion in equity.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 13, 2010 Moody's Investors Service downgraded Hipotecaria
Su Casita, S.A. de C.V.'s senior unsecured debt rating to Ca from
Caa2, global scale local currency issuer rating to Ca from Caa2
(national scale issuer rating to Ca.mx from Caa2.mx) and long-term
corporate family rating to Ca from Caa2. The ratings remain on
review for possible further downgrade.
VITRO SAB: Fintech Has Option to Purchase Shares
------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.,
said that hedge fund Fintec Investments Ltd. has an option to
purchase shares related to a $75 million loan it made to Vitro in
December 2009.
According to the report, David Martinez, chief executive officer
of New York-based Fintech, said that Fintech would be able to
exercise that option after Vitro SAB completes its debt
restructuring with creditors. "Our investment is aligned with
Vitro's effort to capitalize itself and restart sustainable growth
under the current administration."
Bloomberg notes that as part of the December loan agreement, Vitro
SAB agreed to place seven industrial lots in a trust fund to
guarantee payment. The report notes that the rights to those
properties would be returned if Fintech exercises its option.
Bloomberg says Vitro said that Fintech would own a stake in Vitro
of no more than 24% of outstanding shares. The report relates
that Vitro said it would have three years to repurchase the shares
held by Fintech.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
* * *
In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B.
de C.V., given the lack of information following the company's
default on Feb. 2, 2009, and consistent with Fitch's policies.
Fitch will no longer provide ratings or credit research on the
Company. Andres R. Martinez at Bloomberg News said in June that
Vitro was suspended from trading in Mexico City after failing to
file its fourth-quarter earnings report. The company missed the
June 2 deadline for the results, Mexico's stock exchange said in
an e-mailed statement obtained by the news agency. Vitro plans to
file the report once its debt restructuring is complete or if
ordered by a judge. Vitro said that the suspension won't affect
company operations.
On June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.
====================
P U E R T O R I C O
====================
MEDICAL EDUCATIONAL: Plan Outline Hearing Set for December 1
------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico will convene a hearing on December 1,
2010, at 9:00 a.m. to consider adequacy of the Disclosure
Statement explaining Medical Educational and Health Services
Inc.'s proposed Plan of Reorganization. Objections, if any, are
due 15 days prior to the hearing date.
The Debtor will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.
According to the Disclosure Statement, the Plan provides for the
Debtor to be able to comply with the payment plan if it is found
to be successful in its adversary proceeding against the
Municipality of Mayaguez and others. All dividends will be used
to fund the plan. If no damages are granted, but MEDHS; rights as
lease holder are recognized, the rent proceeds from SISSO and at a
later date, from MARC, will fund the plan. Alternative sources of
funds would be the economic exploitation of the parking and the
sale or assignment to third party developers of the right to
develop the office building and mall.
Treatment of Claims and Interests
Class 1 - General Unsecured Undisputed Creditors to receive 100%
payment, in equal monthly installments during a
five-year period.
Class 2 - General Unsecured Disputed Creditors, to the extent that
they are found to be actual creditors of the estate,
they will receive 100% payment, in equal monthly
installments during a five year period. Otherwise they
will receive no payment. There are no secured
creditors, in the Chapter 11 case.
Class 3 - Equity Security and other interest holders: upon
compliance with the plan, all remaining equity,
including real and personal property, including future
proceeds of litigation not needed to implement the plan,
will benefit Equity Security and other interest holders
in a manner proportional to their interest in the
company.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/MedicalEducational_DS.pdf
The Debtor is represented by:
Rafael Gonzalez Velez, Esq.
1806 Calle McLeary Suite 1-B
San Juan, PR 00911-1321
Tel: (787) 726-8866
Fax: (787) 726-8877
E-mail: rgvlo@prtc.net
About Medical Educational and Health Services Inc.
Headquartered in Mayaguez, Puerto-Rico, Medical Educational and
Health Services Inc. was created, specifically, to promote and
advance the establishment and operation of medical educational
facilities and institutions along the western areas of Puerto
Rico. The Company filed for Chapter 11 bankruptcy protection on
June 3, 2010 (Bankr. D. P.R. Case No. 10-04905). The Company
estimated US$10 million to $50 million in assets and US$1 million
to US$10 million in liabilities.
R&G FINANCIAL: Bondholder Seeks Approval to Sue Directors
---------------------------------------------------------
American Bankruptcy Institute reports that a bondholder of R&G
Financial Corp. will ask a Puerto Rico judge to decide whether it
can go ahead with legal action against the bank holding company's
directors to recover US$35 million for the debtor's estate.
San Juan, Puerto Rico-based R&G Financial Corporation filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. D. P.R.
Case No. 10-04124). Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, assists the Company in its restructuring effort.
The Company listed US$40,213,356 in assets and US$420,687,694 in
debts.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Fitch Puts 'B+/RR4' Rating on Senior Debt
-----------------------------------------------------------------
Fitch Ratings expects to assign a 'B+/RR4' rating to Petroleos de
Venezuela, S.A.'s proposed US$3 billion senior unsecured debt
issuance due 2015, 2016 and 2017, as well as the proposed US$3
billion bond exchange. With the exchange, the company is offering
to replace 2011 bonds with new notes due 2013. The company
expects to use the proceeds of the debt issuance to fund capital
investments and for general corporate purposes.
PDVSA's credit quality reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources. This underscores the close link between the company's
credit profile and that of the sovereign. PDVSA's ratings also
consider the company's strong balance sheet; sizeable proven
hydrocarbon reserves; strategic interests in international
downstream assets; private participation in upstream operations;
and geographic proximity to the North American market.
Ratings Linked To Government:
PDVSA's is a state-owned entity whose royalties and tax payments
represent more than 50% of the government's revenues, and it is of
strategic importance to the economic and social policies of the
country. Over the past five years, PDVSA's total transfers to the
government have averaged approximately 37% of revenues. Also, the
government has used PDVSA's balance sheet to nationalize
electricity companies and acquire industrial companies. During
2008, the government also took the additional step of changing
PDVSA's charter and mission statement to allow it to participate
in any industry that could contribute to the social development of
the country, including health care, education, and agriculture.
Strong Credit Metrics:
PDVSA's cash generation declined during 2009 due to lower
hydrocarbon prices. As of year-end 2009, the company reported an
EBITDA and funds from operations of approximately US$26.1 billion
and US$11.3 billion, respectively, down from US$34.9 billion and
US$15.9 billion during 2008. Total financial debt as of Dec. 31,
2009 increased to US$21.4 billion from US$15 billion as of 2008 as
a result of debt issuance during 2009. The leverage level remains
strong for the rating category with a total-debt-to-EBITDA ratio
of 0.8 times and a total adjusted-debt-to-EBITDAR ratio of 1.6x.
Total adjusted debt-to-proved develop producing reserves is also
strong at 2.0x as of year-end 2009. Despite lower cash flow
generation, capital expenditures remain high at US$15.3 billion
during 2009; however, PDVSA's total contributions to the
government significantly declined to US$27.8 billion from US$53.1
billion in 2008.
Large Hydrocarbon Reserves:
Hydrocarbon reserves in the country continue to increase with
proved hydrocarbon reserves of 242 billion barrels of oil
equivalent (boe; approximately 85% oil and 15% natural gas) and
proved developed hydrocarbon reserves of 21 billion boe as of
December 2009. Since the strike at the end of 2002, reporting
disclosures and corporate communications have improved and are now
more consistent with pre-strike levels. Venezuela's reported oil
production has remained relatively stable during the past four
years at approximately 3 million barrels per day despite US$57.7
billion of upstream investments during the past five years, which
has helped offset high decline rates.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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.
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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.
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Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
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January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Distressed Investing Conference
Aria Las Vegas
Contact: http://www.turnaround.org/
Jan. 27-28, 2011
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Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colo.
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Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casuarina Resort & Spa, Grand Cayman Island
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Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons Las Vegas, Las Vegas, Nev.
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Mar. 4, 2011
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Bankruptcy Battleground West
Hyatt Regency Century Plaza, Los Angeles, Calif.
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Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
Duberstein U.S. Courthouse, New York, N.Y.
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Mar. 10, 2011
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Nuts and Bolts - Florida
Tampa, Fla.
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Mar. 10-12, 2011
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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
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Byrne Judicial Clerkship Institute
Pepperdine University School of Law, Malibu, Calif.
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Mar. 31-Apr. 3, 2011
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Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
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April 27-29, 2011
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TMA Spring Conference
JW Marriott, Chicago, IL
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May 5, 2011
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Nuts and Bolts - New York City
Association of the Bar of the City of New York,
New York, N.Y.
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May 6, 2011
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New York City Bankruptcy Conference
Hilton New York, New York, N.Y.
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June 6, 2011
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Canadian-American Cross-Border Insolvency Symposium
Fairmont Royal York, Toronto, Ont.
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June 9-12, 2011
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Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
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July 21-24, 2011
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Hyatt Regency Newport, Newport, R.I.
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July 27-30, 2011
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Southeast Bankruptcy Workshop
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Aug. 4-6, 2011
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Oct. 14, 2011
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NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
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Oct. __, 2011
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International Insolvency Symposium
Dublin, Ireland
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Oct. 25-27, 2011
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Hilton San Diego Bayfront, San Diego, CA
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Dec. 1-3, 2011
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23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
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Apr. 19-22, 2012
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Annual Spring Meeting
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July 14-17, 2012
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Southeast Bankruptcy Workshop
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Aug. 2-4, 2012
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Nov. 29 - Dec. 2, 2012
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Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
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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
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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. Agravante, 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.
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