/raid1/www/Hosts/bankrupt/TCRLA_Public/101123.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, November 23, 2010, Vol. 11, No. 231
Headlines
A R G E N T I N A
AERUS SRL: Creditors' Proofs of Debt Due March 4
AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27
CONPRET SRL: Creditors' Proofs of Debt Due February 21
D G PRODUCCIONES: Creditors' Proofs of Debt Due March 7
MED INTER: Creditors' Proofs of Debt Due February 14
MIZ LUK: Creditors' Proofs of Debt Due December 21
PETRA OBRAS: Creditors' Proofs of Debt Due February 15
TECNOPROM SA: Creditors' Proofs of Debt Due February 11
TOTAL GUARD: Creditors' Proofs of Debt Due December 27
B A H A M A S
IFH PERU: S&P Raises Rating to 'BB-'; Gives Stable Outlook
B E R M U D A
KOCH CT: Creditors' Proofs of Debt Due December 10
KOCH CT: Member to Receive Wind-Up Report on December 17
RSL COMMUNICATIONS: Court Appoints Chatterjee as Liquidator
B R A Z I L
JHSF PARTICIPACOES: Moody's Assigns 'Ba3' Corporate Family Ratings
MRS LOGISTICA: S&P Gives Positive Outlook; Affirms 'BB' Rating
C A Y M A N I S L A N D S
ALLIANCEBERNSTEIN: Creditors' Proofs of Debt Due December 6
AS FOUR: Shareholders' Final Meeting Set for December 10
AS PORTSQUARE: Shareholders' Final Meeting Set for December 10
BUKHATIR INVESTMENTS: Shareholders' Final Meeting Set for Dec. 10
COOPER MULTI-STRATEGY: Member to Hear Wind-Up Report on Nov. 29
CPC SCHWEPPES: Creditors' Proofs of Debt Due December 8
DELFINO 15: Members' Final Meeting Set for November 19
HALMORE OVERSEAS: Members' Final Meeting Set for November 30
HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
JADE GLOBAL: Shareholder to Receive Wind-Up Report on December 10
MERIDIAN ABSOLUTE: Shareholders' Final Meeting Set for December 10
MERIDIAN ABSOLUTE: Shareholders' Final Meeting Set for Dec. 10
MERIDIAN PERFORMANCE: Shareholders' Final Meeting Set for Dec. 10
PSO TRADING: Shareholders' Final Meeting Set for December 9
PSO TRADING: Shareholders' Final Meeting Set for December 9
PSO TRADING: Shareholders' Final Meeting Set for December 9
RL CAPITAL: Creditors' Proofs of Debt Due December 8
SSARIS HOLDINGS: Creditors' Proofs of Debt Due November 24
VIVID BLUE: Members' Final Meeting Set for November 19
VOLUNTEER INSURANCE: Shareholder Receives Wind-Up Report
M E X I C O
INDUSTRIAS UNIDAS: Reaches US$372-Million Debt Agreement
IXE GRUPO: Fitch Affirms All Ratings With Stable Outlook
IXE GRUPO: S&P Puts Low-B Ratings on CreditWatch Positive
MEXICANA AIRLINE: Mexico Judge Accepts Units' Bankruptcy Filing
P E R U
BANCO INTERNACIONAL: S&P Raises Counterparty Credit Rating
P U E R T O R I C O
HACIENDA JUANITA: Files for Chapter 7
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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AERUS SRL: Creditors' Proofs of Debt Due March 4
------------------------------------------------
The court-appointed trustee for Aerus S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 4, 2011.
The trustee will present the validated claims in court as
individual reports on April 18, 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
June 2, 2011.
AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27
----------------------------------------------------------
The court-appointed trustee for Autopista Moron S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 27, 2010.
The trustee will present the validated claims in court as
individual reports on March 25, 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
May 12, 2011.
CONPRET SRL: Creditors' Proofs of Debt Due February 21
------------------------------------------------------
Susana Erusalimsky, the court-appointed trustee for Conpret SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 21, 2010.
Ms. Erusalimsky will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Susana Erusalimsky
Espinosa 2501
Argentina
D G PRODUCCIONES: Creditors' Proofs of Debt Due March 7
-------------------------------------------------------
The court-appointed trustee for D G Producciones Digitales S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 7, 2011.
The trustee will present the validated claims in court as
individual reports on April 19, 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
June 3, 2011.
MED INTER: Creditors' Proofs of Debt Due February 14
----------------------------------------------------
Maria Cristina Osso, the court-appointed trustee for Med Inter
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 14, 2010.
Ms. Osso will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 13, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.
The Trustee can be reached at:
Maria Cristina Osso
Araujo 1442
Argentina
MIZ LUK: Creditors' Proofs of Debt Due December 21
--------------------------------------------------
Eduardo Daniel Grunen, the court-appointed trustee for Miz Luk
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 21, 2010.
Mr. Grunen 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 Trustee can be reached at:
Eduardo Daniel Grunen
Avenida Presidente Roque Saenz Pena 1219
Argentina
PETRA OBRAS: Creditors' Proofs of Debt Due February 15
------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Petra Obras
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 15, 2010.
Ms. Palermo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Ines Palermo
Florida 336
TECNOPROM SA: Creditors' Proofs of Debt Due February 11
-------------------------------------------------------
The court-appointed trustee for Tecnoprom S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 11, 2011.
The trustee will present the validated claims in court as
individual reports on March 31, 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
May 16, 2011.
TOTAL GUARD: Creditors' Proofs of Debt Due December 27
------------------------------------------------------
Carmen Beatriz Santa Maria, the court-appointed trustee for Total
Guard SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 27, 2010.
Ms. Maria 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 Trustee can be reached at:
Carmen Beatriz Santa Maria
Avenida Corrientes 1557
Argentina
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B A H A M A S
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IFH PERU: S&P Raises Rating to 'BB-'; Gives Stable Outlook
----------------------------------------------------------
Standard & Poor's Rating Services said that it raised its ratings
on Bahamas-incorporated holding company IFH Peru Ltd. to 'BB-'
from 'B+'. The outlook is stable.
The rating action reflects S&P's view of an enhanced portfolio
credit quality, following the upgrade of IFH's main operating
subsidiary Banco Internacional del Peru S.A. (Interbank) ratings
to 'BBB-'.
"It also reflects improving conditions for the Peruvian financial
system and favorable near-term economic growth prospects, which in
turn positively impact Interbank's ability to pay dividends that
are expected to continue boosting IFH's cash flows," said Standard
& Poor's credit analyst Diego Ocampo. These factors more than
offset the IFH's projected debt increase at the current rating.
The ratings continue to reflect IFH's portfolio concentration in
Interbank, its lack of liquid investments, and the fact that its
cash flow is inherently volatile, because factors affecting net
income (a driver for dividends) are multiple, and its main cash
generating subsidiaries are exposed to economic cycles and
consumer spending. In addition, other factors, such as mandatory
reserve increases, could impair Interbank's ability to pay
dividends consistently. Also, the company's aggressive investment
strategy and financial policy, and its certain exposure to foreign
exchange rate risk, given that its debt is dollar denominated
while its cash generation is mainly originated in Peruvian soles,
hurt the ratings. Partly mitigating these factors are Interbank's
relatively good credit quality, the fact that the company owns
majority stakes in all of its subsidiaries, which gives it the
control over the cash and financial policies, and prudent expected
liquidity.
During the nine months that ended September 2010, IFH collected
US$86.5 million in dividends, of which US$65 million came from
Intergroup Financial Services (mainly Interbank), compared with
US$27 million in 2009. Given the good prospects for the Peruvian
economy and the financial system in particular, S&P expects
dividends coming from IFS to exceed US$60 million in 2011 and
likely 2012 and 2013, significantly above S&P's original
expectations.
A pro forma debt level at US$250 million would still be
commensurate with S&P's expectations for the rating (S&P is
assuming debt increases for up to US$100 million in the near
term). Such a leverage would result in net debt to operating cash
flow (dividends received less operating costs--before capital
expenditures and financing activities) to be lower than 1.5x in
2010 and to remain lower than 4x in the medium term. Also, IFH's
loan-to-value ratio would be significantly lower than 25%,
considering the market capitalization of Intergroup and the book
value for the rest of the unlisted companies.
In S&P's opinion, IFH's liquidity position is adequate,
incorporating S&P's expectations that the company would maintain a
minimum cash position equal to one year of debt service. As of
Sept. 30, 2010, the company had a cash position of US$31 million
(of which US$16 million consisted of Peruvian Global 2016 bonds)
compared with short-term debt commitments for US$8 million.
In accordance with the terms and conditions of the rated debt,
dividends are allowed only if the next coupon is deposited in a
special payment account.
The stable outlook reflects S&P's vision that IFH would benefit
from enhanced cash flows going forward and would finance the bulk
of the investment plan for its retail division in 2011 with debt
increases. This would bring some portfolio diversification in the
long term. Nonetheless, current portfolio composition and
aggressive financial policy currently limits rating upside. S&P
may lower the ratings if cash flow dynamics evidence a more
volatile pattern than anticipated, particularly if the company
does not adjust its investment activity and dividend policy to
counterbalance it or if leverage grows beyond prudent levels,
shown by a net debt to operating cash flow greater than 4x.
=============
B E R M U D A
=============
KOCH CT: Creditors' Proofs of Debt Due December 10
--------------------------------------------------
The creditors of Koch CT Investments GP, Ltd. are required to file
their proofs of debt by December 10, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 8, 2010.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11, Bermuda
KOCH CT: Member to Receive Wind-Up Report on December 17
--------------------------------------------------------
The member of Koch CT Investments GP, Ltd. will receive on
December 17, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on November 8, 2010.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11, Bermuda
RSL COMMUNICATIONS: Court Appoints Chatterjee as Liquidator
-----------------------------------------------------------
On November 4, 2010, the Supreme Court of Bermuda appointed Nigel
J. Chatterjee of PricewaterhouseCoopers Advisory Ltd as liquidator
of RSL Communications, Ltd.
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B R A Z I L
===========
JHSF PARTICIPACOES: Moody's Assigns 'Ba3' Corporate Family Ratings
------------------------------------------------------------------
Moody's America Latina has assigned first-time Ba3 local currency
and A2.br Brazil national scale corporate family ratings to JHSF
Participacoes S.A. and Ba2/Aa3.br to its proposed BRL270 million
10-year senior secured debentures. The proceeds will be used to
finance the construction of the company's projects and to
reinforce their cash position. The outlook for the ratings is
stable.
Ratings Assigned:
-- Corporate Family Rating: Ba3/A2.br
-- BRL270 million senior secured debentures: Ba2/Aa3.br
Ratings Rationale
"JHSF's Ba3 rating reflects its strong brand name and track record
in the Brazilian higher income construction market, as well as in
the construction and rental of shopping malls and office
buildings", said Moody's Analyst, Marcos Schmidt. "The rating
also considers the company's good profitability, in part derived
from its diversification into the real estate rental business, and
relatively strong debt protection metrics when compared to its
local peers. JHSF's conservative financial management and
liquidity policies that lead to high cash reserves on its balance
sheet are also positives to the rating", added Schmidt.
On the other hand, JHSF's rating is constrained by the company's
pro-forma higher leverage after the issuance of new indebtedness
and its small size when compared to local and global peers. There
is also an element of concentration risk due to their focus on a
few projects mainly located in the state of Sao Paulo, targeting
mostly higher income homebuyers. Unlike its peers, JHSF's
projects are more focused in higher income units priced above
BRL500 thousand, and for that reason the majority of its clients
cannot benefit from cheaper loans or FGTS ("Fundo de Garantia do
Tempo de Servi‡o") severance funds or government programs such as
Minha Casa Minha Vida.
JHSF's main shareholders are its founder and chairman, Fabio
Chimeti Auriemo (40.7%) and his son and CEO Jose Auriemo Neto
(also 40.7%). The remaining balance (approximately 18.6%) is free
float. Despite being managed by its founders, all other executive
directors and board members are professionals hired from the
market. The company is traded on the stock market under the Novo
Mercado corporate governance standards and therefore needs to
comply with many corporate governance practices such as 100%
voting shares, 100% Tag along, minimum 5 board members of which
20% must be independent, auditing committee, ethics code, share
trading policy and disclosure policy.
With some BRL560 million of net revenues in the LTM ending in
September, 2010, JHSF is small when compared to its larger rated
competitors, such as PDG (Ba2/Aa3.br/Sta, with pro-forma sales of
BRL3.3 billion), Cyrela (Ba2/Aa2.br/Sta, BRL2.7 billion) and
Gafisa (Ba2/A1.br/Neg, BRL2.0 billion). The limited size reduces
its scale, bargaining power and diversification, both in terms of
product price point and geography. On the other hand, JHSF has
stronger cash flow metrics than its larger peers given the
differentiated payment schedules where the homebuyers pay on
average 60% of the unit value before the end of construction. The
company's landbank is concentrated on 9 projects, mostly in the
state of Sao Paulo, comprising 85.4% of the total landbank. Sao
Paulo represents 45% of the Brazilian real estate market.
Despite its fast growth, mainly organically, JHSF has been able to
maintain an adequate capital structure and coverage with total
adjusted Debt to Book Capitalization of around 39.3% in September
2010 and EBIT to Interest of 2.4 times. However, leverage will
increase to around 47.9% after the issuance of the BRL270 million
debentures. JHSF's pro-forma capital structure is comprised of
working capital (23.4%) and BNDES loans related to construction
(6.8%), unsecured debentures (38.9%) and secured debentures
(29.9%).
With high commitments in the beginning of the construction phase,
Brazilian homebuilders generally have substantial working capital
requirements before financing begins. Given the high purchasing
power of its clients however, JHSF, is able to sell its units with
30% down payment and receives 30% more during the construction
process thereby reducing the working capital consumption. The
company has been financing their clients for the remaining 40% for
two years. It is important to mention that the apartment is
transferred to the homebuyer only when the remaining 40% is fully
paid down, either with cash or through a mortgage signed with a
commercial bank.
At the end of September, 2010, JHSF had BRL522 million in cash and
marketable securities on its balance sheet. In August 2010, the
company raised BRL250 million in senior unsecured local debentures
due in August 2015 with the objective of lengthening the company's
debt maturity profile and reinforcing its cash position. Also
with the objective of strengthening its liquidity position, the
company is now proposing BRL270 million in 10-year senior secured
debentures. With the new issuance, the company's cash balance
would increase to around BRL792 million leaving it in a
comfortable position to meet its ST debt maturity commitments of
BRL127 million and working capital requirements (historically
around BRL100 million a year but expected to increase to around
BRL250 million a year over the next two years given the higher
volume of launches in the company's pipeline). The company has
BRL500 million in committed lines for construction already tied to
projects in their pipeline. These lines of credit were signed
with both government and commercial banks and will be disbursed
during the construction process.
The company has an internal commitment of maintaining a minimum
cash balance of BRL200 million or large enough to cover at least
two years of construction costs of its on-going projects. But
those are not formal written polices approved by the board of
directors.
The proposed senior secured debentures are rated one notch higher
than JHSF's CFR given the high proportion of unsecured debt and
the quality of the collateral being offered. The collateral
includes a first priority perfected security interest under the
Brazilian law ("alienacao fiduciaria") in the receivables from all
lease contracts originated in Shopping Cidade Jardim mall and a
second priority mortgage of the same mall, which according to a
third party appraisal, is valued at BRL600 million. The mall
currently generates an estimated value of BRL40 million a year.
The first priority mortgage on the mall belongs to a BRL61 million
BNDES loan due in November 2014, once this amortizing loan is
fully repaid the second priority mortgage becomes a first priority
mortgage releasing the alienacao fiduciaria from the receivables.
The receivables although will still flow through an escrow account
held by the fiduciary agent until the final payment of the
debentures in 2020 and need to meet a minimum pre-established
amount that starts at BRL24 million per year in 2010 and increases
every year up to BRL32 million by the end of 2020. This amount
will be measured quarterly by the fiduciary agent. A breach in
the minimum amount for two quarters in a 12 month period would be
considered as an event of default.
A meaningful increase in the amount of secured debt in the
company's capital structure could result in a downgrade of JHSF's
secured debt rating.
The stable outlook takes into consideration that JHSF will
maintain adequate liquidity on its balance sheet to execute its
launched projects and growth plans while preserving a minimum cash
balance to face weaker economic environments and honor its debt
obligations during a downturn in the homebuilding industry.
JHSF's rating or outlook could experience upward pressure if the
company is able to increase the share of its shopping malls and
office rental business in its revenue base, geographically
diversify its landbank, and at the same time reduce its leverage
metrics to pre-debenture issuance levels. Quantitatively,
positive pressure could arise from an increase in the revenue
share from shopping malls and office rentals to at least 20% (9.8%
for the last twelve months ended in September 2010) of net
revenues, reduce total debt to capitalization below 40% (47.9%
pro-forma in the end of September 2010), and increase interest
coverage (EBIT to Interest expense) to above 4.5 times (2.4 times
for the last twelve months ended in September 2010) on a
sustainable basis.
JHSF's ratings would likely be downgraded if Total Debt to
Capitalization increased above 50% (47.9% pro-forma in the end of
September 2010) on a sustainable basis or if the company were to
face a significant deterioration in its liquidity profile due to a
downturn in the homebuilding industry or an excessive dividend
payout that could instead be used in the down payment of debt.
Negative pressure could arise if the company diverged from its
internal minimum cash policy mentioned earlier.
JHSF's Ba3 local currency corporate family rating reflects its
global default and loss expectation, while the A2.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers. Moody's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs in Brazil are
designated by the ".br" suffix. Issuers or issues rated A2.br
demonstrate above-average creditworthiness relative to other
domestic issuers. NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.
Headquartered in Sao Paulo and established in 1972, JHSF is a
holding company with activities in the residential and office
development of mixed-use, luxury projects, development and
management of shopping malls and office rentals. In 2007, the
company joined the luxury hotel business with the acquisition of
Hotel Fasano. JHSF is one of the leaders in the luxury
residential segment in the state of Sao Paulo and over the past 38
years they developed more than six million square meters of real
estate projects, particularly in the city of Sao Paulo.
MRS LOGISTICA: S&P Gives Positive Outlook; Affirms 'BB' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Brazil-based railroad company MRS Logistica S.A. to
positive from stable. At the same time, S&P affirmed its 'BB'
global scale and 'brAA' Brazilian national scale corporate credit
ratings on the company.
"The change in the outlook reflects the positive momentum for
global iron ore demand and S&P's expectation that MRS will benefit
from it to strengthen its cash flows," said Standard & Poor's
credit analyst Piero Parolin. S&P also expect the company to
sustain strong credit metrics for the current rating category even
with a heavy investment plan for the next few years, benefiting
from flexibility to finance a significant portion of capital
expenditure with internal cash flow and favorable credit lines.
On the other hand, S&P also factor regulatory uncertainties
stemming from a possible revision of the Brazilian railroads
regulation, although S&P currently do not incorporate any negative
effects on the company's cash flows and growth prospects.
The ratings on MRS reflect its cargo and client concentration,
limited scope of assets as a comparatively short railroad,
projected increased capital expenditure to cope with booming
demand, and regulatory uncertainties still to be resolved. MRS'
favorable tariff model with captive-cargo clients, the importance
of its assets and relationship with its major shareholders, its
adequate debt profile and low bank denominated debt, and the
resilience of its cash flows, which benefit from wide-scope taker-
or-pay contracts partially offset the negative factors.
MRS' business profile is fair. Fundamentals for Brazil's exports
of iron ore, MRS' main cargo, remain strong, although reliant on
increasing demand from China, and the railroad transported volumes
are expected to continue increasing. Tariff reductions coupled
with increasing higher headcount led EBITDA margin to weaken to
49.2% in the 12 months ended in September 2010, compared with
58.4% a year ago. However, it is still significantly stronger
than other rated peers.
The company's financial profile is significant. MRS prepaid tax-
related obligations in third-quarter 2010, reducing total debt by
about R$540 million. This transaction has neutral cash flow
effects, as captive clients will reimburse payments. Debt
reduction partially offset the negative effects from lower average
tariffs and MRS' adjusted total debt-to-EBITDA ratio and funds
from operations -to-total debt ratios remained fairly stable, at
2.1x and 48.1%, respectively, in September 2010, compared with
2.0x and 44.2% a year ago. MRS' investment plan (MRS 2015) is
robust for the next years. However, because it can finance
capital expenditure with internal cash generation, MRS' credit
metrics are expected to remain sound, with adjusted total debt to
EBITDA and FFO to total debt hovering around 2.5x and 35%,
respectively, in the next few years.
MRS' liquidity is adequate as of September 2010. Although the
company reported R$361.4 million in adjusted short-term debt,
compared with R$323.4 million of cash reserves, liquidity will
improve with the reimbursement of the tax-related obligation
prepayment. MRS counts on strong FFO, which reached R$1.1 billion
in the 12 months ended in September 2010, fair access to capital
markets, and favorable credit lines with Banco Nacional de
Desenvolvimento Economico e Social. The amortization schedule is
smooth, and part of MRS' indebtedness is related to long-term
concession and lease payments. S&P don't expect MRS to distribute
dividends aggressively because of its heavy capital expenditure
program.
The positive outlook reflects S&P's expectation that MRS will
benefit from booming iron ore exports to sustain cash flows and
fund capital expenditure while maintaining an adequate liquidity
position. A potential upgrade of MRS would depend on more clarity
about the possible changes in the Brazilian railroad regulation,
assuming the company sustains stronger adjusted debt to EBITDA and
FFO to total debt within 2.0x and 2.5x and 35% to 40%,
respectively. On the other hand, S&P could lower the ratings if
regulation changes (although S&P currently does not anticipate
that) imply a weakening business profile or a significant negative
effect on MRS' cash flows.
==========================
C A Y M A N I S L A N D S
==========================
ALLIANCEBERNSTEIN: Creditors' Proofs of Debt Due December 6
-----------------------------------------------------------
The creditors of Alliancebernstein Global Diversified Strategies -
Market Neutral (USD Managed) Ltd. - Hedge Fund B are required to
file their proofs of debt by December 6, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on October 29, 2010.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
AS FOUR: Shareholders' Final Meeting Set for December 10
--------------------------------------------------------
The shareholders of AS Four Holdings Inc. will hold their final
meeting on December 10, 2010, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
AS PORTSQUARE: Shareholders' Final Meeting Set for December 10
--------------------------------------------------------------
The shareholders of AS Portsquare Holdings Inc. will hold their
final meeting on December 10, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
BUKHATIR INVESTMENTS: Shareholders' Final Meeting Set for Dec. 10
-----------------------------------------------------------------
The shareholders of Bukhatir Investments Sukuk Company Limited
will hold their final meeting on December 10, 2010, at 8:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
COOPER MULTI-STRATEGY: Member to Hear Wind-Up Report on Nov. 29
---------------------------------------------------------------
The shareholder of Cooper Multi-Strategy Fund Ltd. will receive on
November 29, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michelle Richie
Telephone: (345) 815 7155
Facsimile: (345) 949-9876
CPC SCHWEPPES: Creditors' Proofs of Debt Due December 8
-------------------------------------------------------
The creditors of CPC Schweppes SBS, Ltd. are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on October 25, 2010.
The company's liquidator is:
Gregory Giannini
3030 Olive Street, Suite 500
Dallas, TX 75219
United States
DELFINO 15: Members' Final Meeting Set for November 19
------------------------------------------------------
The members of Delfino 15 International Ltd. will hold their final
meeting on November 19, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
HALMORE OVERSEAS: Members' Final Meeting Set for November 30
------------------------------------------------------------
The members of Halmore Overseas Holding Ltd. will hold their final
meeting on November 30, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Andreas Gilgen
c/o Stephen R. Nelson
Telephone: 949-4544
Facsimile: 949-8460
c/o Charles Adams Ritchie & Duckworth
Zephyr House, 122 Mary Street
PO Box 709, Grand Cayman KY1-1107
Cayman Islands
HSBC ALPHA: Shareholder to Receive Wind-Up Report on November 29
----------------------------------------------------------------
The shareholder of HSBC Alpha Investments (UK) Limited will
receive on November 29, 2010, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidators are:
David Preston
Beverly Bernard
c/o Isabel Mason
Telephone: 949-7755
Facsimile: 949-7634
JADE GLOBAL: Shareholder to Receive Wind-Up Report on December 10
-----------------------------------------------------------------
The shareholder of Jade Global Investments Limited will receive on
December 10, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Antony Christopher Hind
c/o Monika Mielczarek
Telephone: +44 (0) 1534 672543
Facsimile: +44 (0) 1534 672425
1 Grenville Street, St Helier
Jersey, JE4 9PF Channel Islands
MERIDIAN ABSOLUTE: Shareholders' Final Meeting Set for December 10
------------------------------------------------------------------
The shareholders of Meridian Absolute Return Erisa SPC, Ltd. will
hold their final meeting on December 10, 2010, at 9:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
MERIDIAN ABSOLUTE: Shareholders' Final Meeting Set for Dec. 10
--------------------------------------------------------------
The shareholders of Meridian Absolute Return Erisa Fund, Ltd. will
hold their final meeting on December 10, 2010, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
MERIDIAN PERFORMANCE: Shareholders' Final Meeting Set for Dec. 10
-----------------------------------------------------------------
The shareholders of Meridian Performance Partners Erisa Fund, Ltd.
will hold their final meeting on December 10, 2010, at 9:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
PSO TRADING: Shareholders' Final Meeting Set for December 9
-----------------------------------------------------------
The shareholders of PSO Trading I, Ltd. will hold their final
meeting on December 9, 2010, at 5:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Abraham Pfeiffer
Daniel Priestley
Telephone: (345) 946 1577
Facsimile: (345) 947 0826
c/o PA Corporate Services Limited
PO Box 30310, Grand Cayman KY1-1102
Cayman Islands
PSO TRADING: Shareholders' Final Meeting Set for December 9
-----------------------------------------------------------
The shareholders of PSO Trading II, Ltd. will hold their final
meeting on December 9, 2010, at 5:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Abraham Pfeiffer
Daniel Priestley
Telephone: (345) 946 1577
Facsimile: (345) 947 0826
c/o PA Corporate Services Limited
PO Box 30310, Grand Cayman KY1-1102
Cayman Islands
PSO TRADING: Shareholders' Final Meeting Set for December 9
-----------------------------------------------------------
The shareholders of PSO Trading III, Ltd. will hold their final
meeting on December 9, 2010, at 5:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Abraham Pfeiffer
Daniel Priestley
Telephone: (345) 946 1577
Facsimile: (345) 947 0826
c/o PA Corporate Services Limited
PO Box 30310, Grand Cayman KY1-1102
Cayman Islands
RL CAPITAL: Creditors' Proofs of Debt Due December 8
----------------------------------------------------
The creditors of RL Capital II Co. are required to file their
proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on October 28, 2010.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
SSARIS HOLDINGS: Creditors' Proofs of Debt Due November 24
----------------------------------------------------------
The creditors of Ssaris Holdings II Ltd. are required to file
their proofs of debt by November 24, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on October 29, 2010.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Christine Fletcher
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108
Cayman Islands
VIVID BLUE: Members' Final Meeting Set for November 19
------------------------------------------------------
The members of Vivid Blue Ltd. will hold their final meeting on
November 19, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
VOLUNTEER INSURANCE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Volunteer Insurance Limited received on
October 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Timothy Le Cornu
c/o Nico Mellett
PO Box 31237 Grand Cayman KY1-1205
Cayman Islands
Telephone: (345) 947-4700
Facsimile: (345) 946-6728
===========
M E X I C O
===========
INDUSTRIAS UNIDAS: Reaches US$372-Million Debt Agreement
--------------------------------------------------------
Robert Burgess and Thomas Black at Bloomberg News report that
Industrias Unidas SA de CV said it reached a tentative agreement
with creditors to swap US$372 million of debt for new securities
on a par-for-par basis.
Bloomberg relates that IUSA said holders of its US$200 million in
11.5% senior notes due 2016 and lenders that extended an
US$800,000 credit facility will get new senior secured notes.
According to Bloomberg, the company will also offer a separate
series of secured notes to holders of US$146 million in various
copper sales agreements and US$25 million of commercial paper.
Bloomberg notes that members of a creditors committee confirmed
they reached an agreement in principle with IUSA. IUSA's
controlling shareholders will raise US$25 million of equity to pay
debt, with US$8.3 million of that due when the transaction closes,
the committee said in a statement, Bloomberg says.
The debt restructuring is part of Chapter 11 court proceedings for
IUSA's Tubo de Pasteje SA de CV and Reading, Pennsylvania-based
Cambridge-Lee Holdings Inc. units, the company said in an e-mailed
statement, Bloomberg discloses. The units told the U.S.
Bankruptcy Court for the District of Delaware they made
"significant progress" in discussions with noteholders, Bloomberg
notes.
Bloomberg recalled that the Chapter 11 filing followed a November
2009 default on the 11.5% senior notes due 2016. IUSA is the
issuer of the notes, which were secured by a pledge of the stock
of Cambridge-Lee, Bloomberg added.
About Industrias Unidas
Industrias Unidas is a Mexican diversified industrial group,
manufacturing a wide range of copper-based and electrical products
for the housing and electrical power sectors mainly in Mexico and
the U.S. As of September 2009, last twelve month revenues were
about US$1.3 billion.
* * *
As of November 22, 2010, the company continues to carry Moody's
"Caa3" long-term rating.
IXE GRUPO: Fitch Affirms All Ratings With Stable Outlook
--------------------------------------------------------
Following the announcement of a final binding agreement to fully
integrate the operations of Ixe Grupo Financiero into Grupo
Financiero Banorte through an all-stock deal, Fitch Ratings has
affirmed GFNorte's ratings with a Stable Outlook. The affirmation
is based on Fitch's expectation that the merger will have a
moderate effect on GFNorte's financial profile as the acquisition
will be entirely financed through a shares exchange mechanism. At
the same time, Fitch has placed the ratings for IxeGF and its
subsidiaries on Rating Watch Positive, as they are likely to be
upgraded and aligned to GFNorte's at completion of the acquisition
agreement.
Upon completion of this transaction, all IxeGF's subsidiaries will
become GFNorte's subsidiaries. Fitch considers this operation to
be strategically positive for GFNorte as it should enhance over
time its competitive, commercial and financial position amidst an
increasingly challenging operating environment.
In Fitch's opinion, the immediate negative effects on GFNorte's
and Banorte's financial fundamentals are well contained since the
settlement scheme does not involve any cash disbursement which
could have negatively impacted the companies' liquidity and
capitalization profiles. The all-stock deal structure represents
the main driver behind Fitch's affirmation of GFNorte's and
Banorte's IDRs with a Stable Outlook. However, some execution
risk remains for GFNorte, as operational synergies are expected to
be achieved gradually resulting in some near term pressures on
profitability and efficiency. While the goodwill generated by
this transaction will somewhat affect capital adequacy at the
group's level, Fitch believes Banorte's capitalization ratios
remain acceptable (3Q'10: 16.6% as per local regulation).
Fitch also affirmed Ixe Banco's Individual rating at 'C/D' as
Fitch expects its balance sheet structure and financial condition
to remain relatively unchanged; albeit gradual benefits in the
midterm might be obtained once the operational platforms and risk
management processes become aligned. Fitch also affirmed Ixe
Banco's Support rating floor at 'NF', but this rating is expected
to be withdrawn upon completion of the transaction to reflect that
the likely source of potential support for Ixe Banco will be of
institutional nature.
The national scale ratings of GFNorte's non-banking subsidiaries
(Arrendadora y Factor Banorte, Casa de Bolsa Banorte and Seguros
Banorte Generali) reflect support considerations associated with
GFNorte's and Banorte's credit quality. Similarly, upon
completion of the transaction, the ratings of IxeGF and all its
subsidiaries are likely to be upgraded and aligned to those of
GFNorte and Banorte in order to reflect the implicit support
received from a higher rated holding company.
Fitch has affirmed these ratings:
GFNorte:
-- Long-term foreign and local currency IDRs at 'BBB';
-- Short-term foreign and local currency IDRs at 'F2';
-- Individual rating at 'C';
-- Support rating at '5';
-- Support rating floor at 'NF'.
Banco Mercantil del Norte (GFNorte's main subsidiary):
-- Long-term foreign and local currency IDRs at 'BBB';
-- Short-term foreign and local currency IDRs at 'F2';
-- Individual rating at 'C';
-- Support rating at '2';
-- Support rating floor at 'BBB-';
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)';
-- National-scale long-term rating for local issues of
subordinated unsecured debt at 'AA(mex)'.
Arrendadora y Factor Banorte:
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)'.
Casa de Bolsa Banorte:
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)'.
Seguros Banorte Generali:
-- National-scale Insurer Financial Strength at 'AA(mex)'.
The Outlook for the long-term ratings is Stable.
Fitch has placed these ratings on Rating Watch Positive:
IxeGF:
-- National-scale long-term rating 'A-(mex)';
-- National-scale short-term rating 'F2(mex)'.
Ixe Banco (IxeGF's main subsidiary):
-- Long-term foreign and local currency IDRs 'BB';
-- Short-term foreign and local currency IDRs 'B';
-- Support rating '5';
-- US$120 million junior subordinated perpetual notes 'B+';
-- US$120 million 10-year junior subordinated securities 'B+';
-- National-scale long-term rating 'A(mex)';
-- National-scale short-term rating 'F1(mex)'.
Ixe Casa de Bolsa:
-- National-scale long-term rating 'A(mex)';
-- National-scale short-term rating 'F1(mex)'.
Fincasa Hipotecaria:
-- National-scale long-term rating 'A-(mex)';
-- National-scale short-term rating 'F2(mex)'.
Ixe Automotriz:
-- National-scale long-term rating 'A-(mex)';
-- National-scale short-term rating 'F2(mex)'.
Fitch has also affirmed these ratings:
Ixe Banco:
-- Individual rating at 'C/D';
-- Support rating floor at 'NF'.
IXE GRUPO: S&P Puts Low-B Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its ratings
on IXE Grupo Financiero S.A.B. de C.V., IXE Banco S.A.
(BB/Stable/B), and all its rated subsidiaries on CreditWatch with
positive implications. The rating action follows Grupo Financiero
Banorte S.A.B. de C.V. (not rated), the holding company of Banco
Mercantil del Norte S.A. (BBB-/Stable/A-3), announcement that it
has entered a binding agreement to merge with IXEGF. The
transaction will be carried out through an exchange of newly
issued GFB shares for IXEGF shares. The operations of both
entities will be integrated in one financial group, which is
expected to be named Grupo Financiero Banorte - IXE.
"S&P believes that this agreement could benefit IXEGF and its
rated subsidiaries primarily in terms of financial flexibility, by
being part of a larger, more diversified, stronger group," said
Standard & Poor's credit analyst Arturo Sanchez. The agreement
includes all of IXEGF subsidiaries and their respective
liabilities. On the other hand, S&P believes that this
acquisition would result in further improvements in Banorte's
business profile, especially in terms of geographic and client
diversification.
Currently, the ratings on IXE Banco--IXEGF main operating
subsidiary--continue to reflect the bank's aggressive expansion
strategy that continues to result in poor profitability levels and
its moderate capitalization measures. The ratings gain support
from IXE Banco's good asset quality, as well as its adequate
liquidity and funding profile.
As usual, the transaction is subject to shareholder and regulatory
approvals, which is expected to close during first-quarter 2011.
If it is completed, S&P will likely raise the ratings on IXEGF,
IXE Banco, and its rated subsidiaries. However, the level to
which the ratings on the entities will be raised will depend on
S&P's final assessment as to the integration and S&P's view of its
group status within the new financial group, and whether they will
remain legally existing entities. If, contrary to S&P's
expectations, the transaction is not completed, S&P would affirm
IXEGF and all related entities at their current levels.
MEXICANA AIRLINE: Mexico Judge Accepts Units' Bankruptcy Filing
---------------------------------------------------------------
Adriana Lopez Caraveo and Jonathan J. Levin at Bloomberg News
report that a Mexico judge accepted the bankruptcy filing for
MexicanaClick and MexicanaLink.
MexicanaClick and MexicanaLink are the low-fare subsidiaries of
Grupo Mexicana de Aviacion SA.
According to Bloomberg, the company disclosed the judge's ruling
in an e-mailed statement.
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion. William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
=======
P E R U
=======
BANCO INTERNACIONAL: S&P Raises Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term counterparty credit rating on Banco Internacional del Peru
S.A. to 'BBB-' from 'BB+' and removed it from CreditWatch with
positive implications where its was placed on Aug. 23, 2010,
because of S&P's expectations that the positive economic
environment will have a positive effect on the Peruvian banking
system. The upgrade mainly reflects Interbank's gradually
improving market position and financial performance benefitting
from a positive economic environment in Peru. The outlook is
stable.
"The rating mainly reflects Interbank's good market position as
the fourth-largest Peruvian bank with a strong retail franchise,
its relatively large and stable deposit base, healthy asset
quality, high profitability, good liquidity, and financial
flexibility, said Standard & Poor's credit analyst Sergio Fuentes.
The aggressive expansion of its 'B+' indirect parent IFH Peru
Ltd., which could require relatively high dividends or other
alternative type of financing sources, the risks inherent to the
Peruvian economy, and high competitive pressures from larger banks
partly offset these strengths. Although a bankruptcy of IFH will
not consolidate with Interbank, it could potentially affect its
financial flexibility. However, S&P believes that Peruvian
regulator to preserve the financial health of the banking system
would restrict potential extraordinary high cash upstream from
Interbank to IFH. In addition, S&P considers that Interbank's
overall good stand-alone creditworthiness and high liquidity
should allow it to face any potential weakening of its financial
flexibility under such scenario.
Interbank has a strong retail franchise composed of about 230
branches and a good market position commanding 11% of total loans
and 12% of total deposits in the Peru as of Sept. 30, 2010.
Interbank also benefits from its sizable, stable, and relatively
low-cost deposit base, which represents 72% of funding base and
98% of total loans. Although most of the deposits are short term,
the bank enjoys a high liquidity--as evidenced by liquid assets
representing a high 31% of total adjusted assets as of Sept. 30,
2010. In addition, Interbank enjoys a high profitability, as
evidenced by return on average assets (ROAA) that reached 2.8%
according to annualized figures as of Sept. 30, 2010. Also, the
bank enjoys a healthy asset quality, as nonperforming loans (NPLs)
represented a low 1.6% of total loans, which compares well with an
average of about 1.7% for the local financial system.
Furthermore, the loan loss reserves to NPLs reached a relatively
high 2.6x as of Sept. 30, 2010.
On the other hand, Interbank faces the risks inherent to the
Peruvian economy, which still has a relatively high poverty level
and informal structure, and high competitive pressures from larger
banks. S&P expects the bank to continue expanding its loan
portfolio in the last quarter of 2010 and in 2011 and being
specially focused in the retail segment while maintaining a
healthy asset quality and high profitability based on the growing
economic environment in Peru.
Intergroup Financial Services Corp. controls Interbank with an
equity share of 99.3% as of June 30, 2010. Approximately 0.7% of
the bank's shares trade in the Lima Stock Exchange. In turn, IFH
controls Intergroup, with 72.2% of the group's shares. The
Rodriguez-Pastor family, a renowned Peruvian family, controls IFH.
The stable outlook reflects S&P's expectation that Interbank will
preserve its good market position, high profitability, healthy
asset quality, high liquidity, and adequate capitalization. A
further consolidation of its competitive position and additional
improvements in terms of loan portfolio mix and operating
efficiencies could derive in a positive rating action. On the
other hand, S&P could lower the ratings on Interbank if the bank's
overall credit metrics deteriorate or if its liquidity and
financial flexibility significantly weaken.
====================
P U E R T O R I C O
====================
HACIENDA JUANITA: Files for Chapter 7
-------------------------------------
Hacienda Juanita Parador has filed for Chapter 7 bankruptcy.
Caribbeanbusinesspr.com reports the Puerto Rico Boletin, a local
bankruptcy information service, said that the Hernandez & Canovas
Corp. lists US$1.6 million debts in the liquidation filing.
Caribbeanbusinesspr.com relates that principal creditors include
Banco Popular (US$1.3 million), the Puerto Rico Tourism Co.
(US$47,000) and the U.S. Internal Revenue Service (US$45,000).
Hacienda Juanita Parador is a 21-room hotel and restaurant sits on
24 lush acres of a former coffee plantation in the mountains of
Maricao. The building that the houses the restaurant was build in
the 1830s and the site served as a thriving coffee plantation into
the last century. It was opened as a parador in the mid 1970s.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
AUTOPISTAS SOL AUSO AR 364771500 -6265989.027
AUTOPISTAS SOL APDSF US 364771500 -6265989.027
SOC COMERCIAL PL CVVIF US 135685132 -249657809.9
COMERCIAL PLAT-$ COMED AR 135685132 -249657809.9
SOC COMERCIAL PL SCDPF US 135685132 -249657809.9
SOC COMERCIAL PL CAD IX 135685132 -249657809.9
SOC COMERCIAL PL COME AR 135685132 -249657809.9
COMERCIAL PL-C/E COMEC AR 135685132 -249657809.9
COMERCIAL PLA-BL COMEB AR 135685132 -249657809.9
SOC COMERCIAL PL CADN SW 135685132 -249657809.9
SOC COMERCIAL PL CADN EO 135685132 -249657809.9
COMERCIAL PL-ADR SCPDS LI 135685132 -249657809.9
SNIAFA SA-B SNIA5 AR 11229696 -2670544.877
SNIAFA SA-B SDAGF US 11229696 -2670544.877
SNIAFA SA SNIA AR 11229696 -2670544.877
BRAZIL
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
AGRENCO LTD AGRE LX 542862484 -297848370.7
AGRENCO LTD-BDR AGEN11 BZ 542862484 -297848370.7
LAEP-BDR MILK11 BZ 432349610 -161351898.4
LAEP INVESTMENTS LEAP LX 432349610 -161351898.4
PARMALAT LCSA3 BZ 388720052 -213641143.9
PARMALAT-PREF LCSA4 BZ 388720052 -213641143.9
PARMALAT BRASIL LCSAON BZ 388720052 -213641143.9
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641143.9
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641143.9
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641143.9
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.724
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.724
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.724
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.724
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.724
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.724
DOCA INVESTIMENT DOCA3 BZ 343189539 -89982750
DOCAS SA-RTS PRF DOCA2 BZ 343189539 -89982750
DOCAS SA-PREF DOCAPN BZ 343189539 -89982750
DOCAS SA DOCAON BZ 343189539 -89982750
DOCA INVESTI-PFD DOCA4 BZ 343189539 -89982750
BOMBRIL-RGTS PRE BOBR2 BZ 289427238 -121390489.3
BOMBRIL CIRIO-PF BOBRPN BZ 289427238 -121390489.3
BOMBRIL BOBR3 BZ 289427238 -121390489.3
BOMBRIL-PREF BOBR4 BZ 289427238 -121390489.3
BOMBRIL SA-ADR BMBBY US 289427238 -121390489.3
BOMBRIL CIRIO SA BOBRON BZ 289427238 -121390489.3
BOMBRIL SA-ADR BMBPY US 289427238 -121390489.3
BOMBRIL-RIGHTS BOBR1 BZ 289427238 -121390489.3
BOMBRIL BMBBF US 289427238 -121390489.3
TELEBRAS SA TBASF US 244716404 -14836627.73
TELEBRAS-ADR RTB US 244716404 -14836627.73
TELEBRAS SA-RT TELB9 BZ 244716404 -14836627.73
TELEBRAS-ADR TBX GR 244716404 -14836627.73
TELEBRAS-CM RCPT RCTB32 BZ 244716404 -14836627.73
TELEBRAS-RECEIPT TLBRUO BZ 244716404 -14836627.73
TELEBRAS-CM RCPT TELE31 BZ 244716404 -14836627.73
TELEBRAS-ADR TBASY US 244716404 -14836627.73
TELEBRAS-PF RCPT RCTB40 BZ 244716404 -14836627.73
TELEBRAS-CEDEA $ TEL4D AR 244716404 -14836627.73
TELEBRAS-PF RCPT RCTB42 BZ 244716404 -14836627.73
TELEBRAS-ADR TBAPY US 244716404 -14836627.73
TELEBRAS/W-I-ADR TBH-W US 244716404 -14836627.73
TELEBRAS-PF RCPT TELE41 BZ 244716404 -14836627.73
TELEBRAS-RTS CMN TCLP1 BZ 244716404 -14836627.73
TELEBRAS-COM RT TELB1 BZ 244716404 -14836627.73
TELEBRAS SA TELB3 BZ 244716404 -14836627.73
TELEBRAS SA-PREF TELB4 BZ 244716404 -14836627.73
TELEBRAS-PF RCPT TBAPF US 244716404 -14836627.73
TELEBRAS-PF BLCK TELB40 BZ 244716404 -14836627.73
TELEBRAS-RTS PRF RCTB2 BZ 244716404 -14836627.73
TELEBRAS-RTS PRF TLCP2 BZ 244716404 -14836627.73
TELEBRAS-RTS CMN RCTB1 BZ 244716404 -14836627.73
TELEBRAS-ADR TBH US 244716404 -14836627.73
TELEBRAS-PF RCPT RCTB41 BZ 244716404 -14836627.73
TELEBRAS-CEDE PF RCTB4 AR 244716404 -14836627.73
TELEBRAS-CM RCPT TBRTF US 244716404 -14836627.73
TELEBRAS-CEDEA $ RCT4D AR 244716404 -14836627.73
TELEBRAS-CED C/E RCT4C AR 244716404 -14836627.73
TELEBRAS-PF RCPT CBRZF US 244716404 -14836627.73
TELECOMUNICA-ADR 81370Z BZ 244716404 -14836627.73
TELEBRAS-BLOCK TELB30 BZ 244716404 -14836627.73
TELEBRAS-RCT RCTB33 BZ 244716404 -14836627.73
TELEBRAS-CEDE BL RCT4B AR 244716404 -14836627.73
TELEBRAS-ADR TBRAY GR 244716404 -14836627.73
TELEBRAS SA-PREF TLBRPN BZ 244716404 -14836627.73
TELEBRAS-RCT PRF TELB10 BZ 244716404 -14836627.73
TELEBRAS-CEDE PF TELB4 AR 244716404 -14836627.73
TELEBRAS-CED C/E TEL4C AR 244716404 -14836627.73
TELEBRAS SA TLBRON BZ 244716404 -14836627.73
TELEBRAS-CM RCPT RCTB30 BZ 244716404 -14836627.73
TELEBRAS-CM RCPT RCTB31 BZ 244716404 -14836627.73
TELEBRAS-PF RCPT TLBRUP BZ 244716404 -14836627.73
HOTEIS OTHON SA HOOT3 BZ 239702780 -38730311.42
HOTEIS OTHON SA HOTHON BZ 239702780 -38730311.42
HOTEIS OTHON-PRF HOOT4 BZ 239702780 -38730311.42
HOTEIS OTHON-PRF HOTHPN BZ 239702780 -38730311.42
TEKA TKTQF US 229977754 -351007550.5
TEKA-ADR TEKAY US 229977754 -351007550.5
TEKA TEKAON BZ 229977754 -351007550.5
TEKA-ADR TKTQY US 229977754 -351007550.5
TEKA-PREF TEKAPN BZ 229977754 -351007550.5
TEKA TEKA3 BZ 229977754 -351007550.5
TEKA-PREF TEKA4 BZ 229977754 -351007550.5
TEKA-PREF TKTPF US 229977754 -351007550.5
TEKA-ADR TKTPY US 229977754 -351007550.5
BALADARE BLDR3 BZ 159454016 -52992212.81
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.78
SANSUY SNSY3 BZ 147187163 -86606310.78
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.78
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.78
SANSUY SA SNSYON BZ 147187163 -86606310.78
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.78
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857291.8
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857291.8
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857291.8
IGB ELETRONICA IGBR3 BZ 145256033 -273857291.8
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857291.8
GRADIENTE ELETR IGBON BZ 145256033 -273857291.8
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857291.8
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857291.8
PET MANG-RT RPMG2 BZ 140673541 -164925695
PET MANG-RT 4115360Q BZ 140673541 -164925695
PET MANG-RT 4115364Q BZ 140673541 -164925695
PET MANGUINH-PRF RPMG4 BZ 140673541 -164925695
PET MANG-RT RPMG1 BZ 140673541 -164925695
PETRO MANGUINHOS RPMG3 BZ 140673541 -164925695
PETRO MANGUIN-PF MANGPN BZ 140673541 -164925695
PET MANG-RIGHTS 3678569Q BZ 140673541 -164925695
PET MANG-RECEIPT RPMG9 BZ 140673541 -164925695
PETRO MANGUINHOS MANGON BZ 140673541 -164925695
PET MANG-RIGHTS 3678565Q BZ 140673541 -164925695
PET MANG-RECEIPT RPMG10 BZ 140673541 -164925695
D H B DHBI3 BZ 139112728 -464095219.3
D H B-PREF DHBI4 BZ 139112728 -464095219.3
DHB IND E COM-PR DHBPN BZ 139112728 -464095219.3
DHB IND E COM DHBON BZ 139112728 -464095219.3
RIMET-PREF REEM4 BZ 98343507 -133499963.5
RIMET-PREF REEMPN BZ 98343507 -133499963.5
RIMET REEM3 BZ 98343507 -133499963.5
RIMET REEMON BZ 98343507 -133499963.5
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609.3
VARIG PART EM SE VPSC3 BZ 96617351 -460274609.3
DOC IMBITUB-PREF IMBI4 BZ 93031452 -40080158.43
DOC IMBITUBA-RTC IMBI1 BZ 93031452 -40080158.43
DOCAS IMBITUBA IMBION BZ 93031452 -40080158.43
DOCAS IMBITUB-PR IMBIPN BZ 93031452 -40080158.43
DOC IMBITUBA IMBI3 BZ 93031452 -40080158.43
DOC IMBITUBA-RTP IMBI2 BZ 93031452 -40080158.43
WETZEL SA MWELON BZ 87767331 -7143891.358
WETZEL SA-PREF MWELPN BZ 87767331 -7143891.358
WETZEL SA MWET3 BZ 87767331 -7143891.358
WETZEL SA-PREF MWET4 BZ 87767331 -7143891.358
ACO ALTONA EALT3 BZ 81612029 -10647927.21
ACO ALTONA SA EAAON BZ 81612029 -10647927.21
ACO ALTONA-PREF EALT4 BZ 81612029 -10647927.21
ACO ALTONA-PREF EAAPN BZ 81612029 -10647927.21
ESTRELA SA-PREF ESTRPN BZ 76255458 -69760619.71
ESTRELA SA ESTRON BZ 76255458 -69760619.71
ESTRELA SA-PREF ESTR4 BZ 76255458 -69760619.71
ESTRELA SA ESTR3 BZ 76255458 -69760619.71
RIOSULENSE SA RSULON BZ 68368524 -9647727.042
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.042
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.042
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.042
RENAUXVIEW SA TXRX3 BZ 63668805 -94477605.85
TEXTEIS RENAUX RENXON BZ 63668805 -94477605.85
RENAUXVIEW SA-PF TXRX4 BZ 63668805 -94477605.85
TEXTEIS RENA-RCT TXRX10 BZ 63668805 -94477605.85
TEXTEIS RENAU-RT TXRX1 BZ 63668805 -94477605.85
TEXTEIS RENAU-RT TXRX2 BZ 63668805 -94477605.85
TEXTEIS RENAUX RENXPN BZ 63668805 -94477605.85
TEXTEIS RENA-RCT TXRX9 BZ 63668805 -94477605.85
FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833.04
FABRICA RENAUX FRNXON BZ 63036915 -59781833.04
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833.04
FABRICA RENAUX FTRX3 BZ 63036915 -59781833.04
FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833.04
MINUPAR SA-PREF MNPRPN BZ 60015033 -53107712.85
MINUPAR MNPR3 BZ 60015033 -53107712.85
MINUPAR-RT MNPR1 BZ 60015033 -53107712.85
MINUPAR-RCT MNPR9 BZ 60015033 -53107712.85
MINUPAR SA MNPRON BZ 60015033 -53107712.85
MINUPAR-PREF MNPR4 BZ 60015033 -53107712.85
VARIG PART EM TR VPTA3 BZ 49432124 -399290425.8
VARIG PART EM-PR VPTA4 BZ 49432124 -399290425.8
CIMOB PART-PREF GAFPN BZ 39881387 -41560336.89
CIMOB PART-PREF GAFP4 BZ 39881387 -41560336.89
CIMOB PARTIC SA GAFON BZ 39881387 -41560336.89
CIMOB PARTIC SA GAFP3 BZ 39881387 -41560336.89
WIEST SA-PREF WISAPN BZ 39838114 -93371563.06
WIEST-PREF WISA4 BZ 39838114 -93371563.06
WIEST SA WISAON BZ 39838114 -93371563.06
WIEST WISA3 BZ 39838114 -93371563.06
SANESALTO SNST3 BZ 31044051 -1843297.832
STAROUP SA-PREF STARPN BZ 27663605 -7174512.028
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.028
STAROUP SA STARON BZ 27663605 -7174512.028
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.028
CONST BETER SA 1007Q BZ 23747401 -4784798.526
CONST BETER SA COBE3B BZ 23747401 -4784798.526
CONST BETER-PF A 1COBAN BZ 23747401 -4784798.526
CONST BETER SA 1COBON BZ 23747401 -4784798.526
CONST BETER SA COBEON BZ 23747401 -4784798.526
CONST BETER-PR A COBEAN BZ 23747401 -4784798.526
CONST BETER-PF A COBE5 BZ 23747401 -4784798.526
CONST BETER SA COBE3 BZ 23747401 -4784798.526
CONST BETER-PR A 1008Q BZ 23747401 -4784798.526
CONST BETER-PR B 1009Q BZ 23747401 -4784798.526
CONST BETER-PF B 1COBBN BZ 23747401 -4784798.526
CONST BETER-PR B COBEBN BZ 23747401 -4784798.526
CONST BETER-PF B COBE6 BZ 23747401 -4784798.526
STEEL - RCT ORD STLB9 BZ 22548846 -4346785.695
STEEL DO BRASIL STLB3 BZ 22548846 -4346785.695
STEEL - RT STLB1 BZ 22548846 -4346785.695
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.21
CHIARELLI SA CCHI3 BZ 22274027 -44537138.21
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.21
CHIARELLI SA CCHON BZ 22274027 -44537138.21
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.2
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.2
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.2
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.2
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.2
CAF BRASILIA CAFE3 BZ 20327861 -810559464.2
CAF BRASILIA-PRF CAFE4 BZ 20327861 -810559464.2
CAFE BRASILIA-PR CSBRPN BZ 20327861 -810559464.2
CAFE BRASILIA SA CSBRON BZ 20327861 -810559464.2
TECEL S JOSE-PRF SJOS4 BZ 19067322 -52580501.1
TECEL S JOSE FTSJON BZ 19067322 -52580501.1
TECEL S JOSE SJOS3 BZ 19067322 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067322 -52580501.1
FERRAGENS HAGA-P HAGAPN BZ 18770787 -60946123.59
FERRAGENS HAGA HAGAON BZ 18770787 -60946123.59
FER HAGA-PREF HAGA4 BZ 18770787 -60946123.59
HAGA HAGA3 BZ 18770787 -60946123.59
UNI CIDADE UNCI3 BZ 15460621 -5200646.591
NORDON MET-RTS NORD1 BZ 15209019 -20936822.94
NORDON METAL NORDON BZ 15209019 -20936822.94
NORDON MET NORD3 BZ 15209019 -20936822.94
PROMAN PRMN3B BZ 12878932 -38408.01805
PROMAN PRMN3 BZ 12878932 -38408.01805
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.25
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.25
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.25
GAZOLA GAZO3 BZ 12452143 -40298506.25
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.25
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.25
GAZOLA SA GAZON BZ 12452143 -40298506.25
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.25
SAUIPE PSEG3 BZ 11690510 -5076538.038
SAUIPE SA-PREF PSEGPN BZ 11690510 -5076538.038
SAUIPE-PREF PSEG4 BZ 11690510 -5076538.038
SAUIPE SA PSEGON BZ 11690510 -5076538.038
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.86
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.86
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.86
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.86
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.86
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.86
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.86
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.86
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.86
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.86
SCHLOSSER-PREF SCLO4 BZ 11513499 -58660176.33
SCHLOSSER SCLO3 BZ 11513499 -58660176.33
SCHLOSSER SA-PRF SCHPN BZ 11513499 -58660176.33
SCHLOSSER SA SCHON BZ 11513499 -58660176.33
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377.4
FERREIRA GUIMARA FGUION BZ 11016542 -151840377.4
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377.4
F GUIMARAES FGUI3 BZ 11016542 -151840377.4
HERCULES HETA3 BZ 10710103 -164239944.3
HERCULES-PREF HETA4 BZ 10710103 -164239944.3
HERCULES SA-PREF HERTPN BZ 10710103 -164239944.3
HERCULES SA HERTON BZ 10710103 -164239944.3
CHILE
CHILESAT CO-ADR TL US 670035499 -88041020.22
CHILESAT CORP SA TELEX CI 670035499 -88041020.22
TELEX-A TELEXA CI 670035499 -88041020.22
TELMEX CORP-ADR CSAOY US 670035499 -88041020.22
TELMEX CORP SA CHILESAT CI 670035499 -88041020.22
CHILESAT CO-RTS CHISATOS CI 670035499 -88041020.22
TELEX-RTS TELEXO CI 670035499 -88041020.22
***********
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. 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.
* * * End of Transmission * * *