/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110526.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, May 26, 2011, Vol. 12, No. 103 Headlines A R G E N T I N A FURNITURE ARGENTINA: Creditors' Proofs of Debt Due July 15 HILARIO CACOPARDO: Asks for Bankruptcy Proceedings INNOVO PRODUCCIONES: Creditors' Proofs of Debt Due July 11 JNC SA: Applies for Reorganization Proceedings METALURGICA FAEM: Requests Opening of Bankruptcy Proceedings VIDACOM SA: Creditors' Proofs of Debt Due June 24 C A Y M A N I S L A N D S FOCUS PORTFOLIOS: Shareholders' Final Meeting Set for June 10 MADB LEASING: Shareholders' Final Meeting Set for June 16 MEDICAL FACTORING: Shareholders' Final Meeting Set for June 16 NIKKO PACVEN: Members Receive Wind-Up Report ROCKWELL DIVERSIFIED: Members' Final Meeting Set for May 31 SIGNUM XENON: Shareholders' Final Meeting Set for June 10 SILOM LIMITED: Shareholder to Receive Wind-Up Report on June 16 PARTNERS PRIVATE: Shareholders' Final Meeting Set for June 10 QUANTICA GENERAL: Shareholders' Final Meeting Set for June 10 C O L O M B I A FABRICATO SA: Paid Down Bankruptcy Debt to COP5.5 Billion J A M A I C A JAMAICA URBAN TRANSIT: Losses Exceed Half a Billion Dollars M E X I C O ATIZAPAN DE ZARAGOZA: Moody's Downgrades Issuer Rating to 'B1' P U E R T O R I C O CARIBBEAN PETROLEUM: To Pay US$8.2MM in Environmental Liabilities X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= FURNITURE ARGENTINA: Creditors' Proofs of Debt Due July 15 ---------------------------------------------------------- Jorge Alberto Testa, the court-appointed trustee for Furniture Argentina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 15, 2011. Mr. Testa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, 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: Jorge Alberto Testa Maipu 459 Argentina HILARIO CACOPARDO: Asks for Bankruptcy Proceedings ------------------------------------------------- Hilario Cacopardo-Nelida Mercedes Chavez Sociedad de Hecho asked for bankruptcy proceedings. The company has defaulted on its payments due February 22, 2011. INNOVO PRODUCCIONES: Creditors' Proofs of Debt Due July 11 ---------------------------------------------------------- Gladys Beatriz Benito, the court-appointed trustee for Innovo Producciones SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 11, 2011. Ms. Benito will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, 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: Gladys Beatriz Benito Uruguay 618 JNC SA: Applies for Reorganization Proceedings ---------------------------------------------- JNC SA applied for reorganization proceedings. The company has defaulted on its payments due February 22, 2011. METALURGICA FAEM: Requests Opening of Bankruptcy Proceedings ------------------------------------------------------------ Metalurgica Faem SA requested the opening of bankruptcy proceedings. The company stopped making payments between December 2010 and last March. VIDACOM SA: Creditors' Proofs of Debt Due June 24 ------------------------------------------------- Adriana Patricia Barragan, the court-appointed trustee for Vidacom SA's reorganization proceedings, will be verifying creditors' proofs of claim until June 24, 2011. Ms. Barragan will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, 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: Adriana Patricia Barragan Lavalle 1290 Argentina =========================== C A Y M A N I S L A N D S =========================== FOCUS PORTFOLIOS: Shareholders' Final Meeting Set for June 10 ------------------------------------------------------------- The shareholders of Focus Portfolios Limited will hold their final meeting on June 10, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345) 949-8244 Facsimile: (345) 949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands MADB LEASING: Shareholders' Final Meeting Set for June 16 --------------------------------------------------------- The shareholders of MADB Leasing Limited will hold their final meeting on June 16, 2011, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MEDICAL FACTORING: Shareholders' Final Meeting Set for June 16 -------------------------------------------------------------- The shareholders of Medical Factoring Corporation will hold their final meeting on June 16, 2011, 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: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NIKKO PACVEN: Members Receive Wind-Up Report -------------------------------------------- The members of Nikko Pacven Walden Investments Ltd received on May 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Pacven Walden Management Co. Japan) Pte Ltd. c/o Maples and Calder, Attorneys-at-Law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands ROCKWELL DIVERSIFIED: Members' Final Meeting Set for May 31 ----------------------------------------------------------- The members of Rockwell Diversified Fund Limited will hold their final meeting on May 31, 2011, 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: Philip Manduca Telephone: + 447770 477499 High Lanes, North Drive Wentworth, Surrey GU25 4NL United Kingdom SIGNUM XENON: Shareholders' Final Meeting Set for June 10 --------------------------------------------------------- The shareholders of Signum Xenon Limited will hold their final meeting on June 10, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345) 949-8244 Facsimile: (345) 949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands SILOM LIMITED: Shareholder to Receive Wind-Up Report on June 16 --------------------------------------------------------------- The shareholder of Silom Limited will receive on June 16, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands PARTNERS PRIVATE: Shareholders' Final Meeting Set for June 10 ------------------------------------------------------------- The shareholders of Partners Private Equity Management, Inc. will hold their final meeting on June 10, 2011, 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 QUANTICA GENERAL: Shareholders' Final Meeting Set for June 10 ------------------------------------------------------------- The shareholders of Quantica General Partner Inc. will hold their final meeting on June 10, 2011, 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 =============== C O L O M B I A =============== FABRICATO SA: Paid Down Bankruptcy Debt to COP5.5 Billion --------------------------------------------------------- Blake Schmidt at Bloomberg News reports that Fabricato SA said it has paid down its debts under Colombia's bankruptcy law to COP5.6 billion (US$3 million). The company made a payment of 13.8 billion pesos to the country's tax agency as part of its obligations under the bankruptcy law, it said in a regulatory filing, according to Bloomberg. Fabricato SA is Colombia's biggest textile maker. ============= J A M A I C A ============= JAMAICA URBAN TRANSIT: Losses Exceed Half a Billion Dollars ----------------------------------------------------------- RJR News reports that Mike Henry, the Jamaican Minister of Transport and Works, said Jamaica Urban Transit Company racked up losses of more than half a billion dollars in the last fiscal year. Mr. Henry told Parliament that government subsidies for students and the elderly factored heavily in the$554 million shortfall in revenue to the JUTC, according to RJR News. RJR News notes that the Transport Minister pointed to significant reductions in the government's subventions to the JUTC. "Much improvements have taken place in the company so the subvention from the Ministry of Finance to cover those persons I spoke of has been greatly reduced from JM$707.6 million received in budget year 2008-2009, JM$707.6 million received for budget year 2009-2010, JM$600 million received in budget year 2010-2011 and a voted amount of only JM$450 million for 2011-2012," Mr. Henry told Gordon House, the report adds. About Jamaica Urban Transit Company Jamaica Urban Transit Company was established in 1998 to provide a centrally managed state-of-the-art public bus service. The government invested US$6 billion aiming to have an efficient transport system and for the Jamaican people. * * * As reported in the Troubled Company Reporter-Latin America on February 13, 2009, RadioJamaica said JUTC defaulted on loan obligations with RBTT Bank and Petrocaribe Development Fund, among others, due to cash flow problems. The Ministry of Information, as cited by Radio Jamaica, stated that the JUTC operates an overdraft facility of US$520 million at the National Commercial Bank which expired in February. The report noted that the Ministry said this facility is consistently utilized at the upper limit and, on occasions, exceeds the limit giving rise to the imposition of penalty charges above 43%. =========== M E X I C O =========== ATIZAPAN DE ZARAGOZA: Moody's Downgrades Issuer Rating to 'B1' -------------------------------------------------------------- Moody's de Mexico downgraded the Municipality of Atizapan's issuer ratings to B1 (Global Scale, local currency) and Baa2.mx (Mexico National Scale) from Ba2 and A2.mx, respectively. The outlook on the issuer ratings remains negative. In addition, Moody's de Mexico downgraded the debt ratings assigned to the MXN 430 million enhanced loan (original face value) from Scotiabank to Ba2 (Global Scale, local currency) and A2.mx (Mexico National Scale) from Baa3 and Aa2.mx, respectively. Ratings Rationale The downgrades reflect a greater than expected deterioration in Atizapan's financial and debt indicators in 2010. Specifically, the municipality registered 1) a sizable increase in its operating deficit, 2) cash financing requirements for the third consecutive year, and 3) a continued increase in its already high debt levels, including a sharp rise in short term debt. The deterioration was driven by a significant increase in the municipality's operating expenditures, including personal services, transfers and general services, which was not offset by a corresponding growth in revenues. The negative outlook reflects Moody's expectation that the Municipality's debt levels will continue to increase and acknowledges that Atizapan faces significant challenges to reduce operating expenditures and narrow its fiscal imbalances. Furthermore, it reflects near to medium term refinancing risks, given that short term obligations represent a large portion of total debt. Atizpan registered a rapid and profound deterioration of operating margins and recorded a cash financing requirement for a third consecutive year in 2010. Gross operating balances decreased from a surplus of 14.8% of operating revenues in 2006 to a deficit of - 19.2% in 2010, and the municipality registered a cash financing requirement of equal to a substantial 15.8% of total revenues despite a significant cut in capital expenditures. The aforementioned financial deterioration resulted in a significant increase in debt, from no debt in 2006 to 64% of operating revenues in 2010, which is one of the highest levels of any Mexican municipality rated by Moody's. This significant increase in debt burden exerts pressure on Atizapan's already limited financial flexibility and constrains payment capacity. In addition, 39.5% of total debt is comprised by short term loans which has contributed to an extremely weak liquidity position and potential refinancing risk in the near term. Given that Atizapan has already pledged the maximum allowed level of 30% of its federal general fund participation revenues to its existing long term enhanced loan, it will be challenged in the near term to raise additional long term funds in order to refinance its short term debt in Moody' s opinion. The MXN 430 million (original face value) enhanced loan, issued in 2007, with a current outstanding amount of approximately MXN 390 million, has a maturity of 15 years and an interest coupon composed of the 28-day Mexican Interbank plus 50 basis points. The loan is a direct obligation of the Municipality of Atizapan and is payable through a trust (Banamex NO. 16223-8) to which the Municipality of Atizapan has pledged the rights to 30% of its participation revenues. The action on the loan ratings reflect the downgrade of Atizapan's issuer ratings. It also incorporates the impact of an amendment to the loan agreement that has cut reserves levels to MXN 20 Million, or 6x debt service coverage, from an average of 16.2x. While this is a significant decrease, Moody's notes that the reserve levels remain high compared to similar transactions. Although Moody's does not expect upward pressure on the ratings, if Atizapan successfully (a) refinances or repays short term obligations, (b) narrows fiscal imbalances reducing borrowing needs, and (c) stabilizes debt metrics, these could lead to a revision of the outlook back to stable. If Atizapan fails to (a) refinance or repay short term obligations, (b) reduce gross operating deficits and cash financing requirements, and (c) limit debt levels below 70% of operating revenues, these could likely lead to a further downgrade on the ratings. The ratings on the loan could also be downgraded if debt service coverages fall materially below Moody's expectations, though Moody's notes that it has been performing well to-date, with average debt service coverages in excess of 3.0x. The principal methodologies used in this rating were Regional and Local Governments Outside the US published in May 2008, The Application of Joint Default Analysis to Regional and Local Governments, published in December 2008 and Enhanced Municipal and State Loans in Mexico published in January 2011. 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 differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." ===================== P U E R T O R I C O ===================== CARIBBEAN PETROLEUM: To Pay US$8.2MM in Environmental Liabilities ----------------------------------------------------------------- Under a settlement agreement lodged in federal bankruptcy court in Delaware, Caribbean Petroleum Corp., Caribbean Petroleum Refining L.P., and Gulf Petroleum Refining Corp. - Puerto Rico will pay more than $8.2 million to address environmental liabilities relating to CAPECO's former petroleum distribution facility in Bayamon, Puerto Rico, and more than 170 service stations owned or leased by CAPECO throughout Puerto Rico. The $8.2 million payment will reimburse the Environmental Protection Agency (EPA) and the U.S. Coast Guard for cleanup costs incurred at the Bayamon facility during the bankruptcy, and cover penalties for violations of the Clean Water Act (CWA) and Resource Conservation and Recovery Act (RCRA) during the bankruptcy. The settlement also provides the United States with allowed general unsecured claims in excess of $18 million. Those claims are for cleanup costs and penalties for violations of the CWA and RCRA before the bankruptcy, and will be paid based on the availability of funds in the bankruptcy estate. CAPECO filed Chapter 11 petitions in the bankruptcy court in August 2010 following a series of catastrophic explosions and fires at the Bayamon facility on Oct. 23, 2009. The explosions, measuring 2.8 on the earthquake Richter scale, destroyed 15 above- ground storage tanks and damaged another 17 above-ground storage tanks, releasing approximately 30 million gallons of petroleum. EPA, serving as lead federal agency, conducted emergency cleanup actions with funds from the Oil Spill Liability Trust Fund administered by the U.S. Coast Guard's National Pollution Funds Center. In February 2011, the United States filed proofs of claim against CAPECO in the bankruptcy proceeding, seeking to recover cleanup costs as well as penalties for violations of the CWA and RCRA. The bankruptcy settlement is part of a broader settlement that includes three non-bankruptcy agreements announced on May 2, 2011 between EPA and Puma Energy Caribe LLC, under which Puma will perform cleanup work at the Bayamon facility. A fourth non- bankruptcy agreement, among Puma, the EPA and the Commonwealth of Puerto Rico, requires that Puma undertake comprehensive compliance measures at 147 of the service stations and make environmentally beneficial improvements at the service stations that are not required by regulations. Puma acquired the Bayamon facility and 147 service stations on May 11, 2011, through a court-ordered bankruptcy sale. CAPECO has also agreed to pay $850,000 to address the costs of investigation and remediation that is determined to be needed at service stations not acquired by Puma "This bankruptcy settlement and the earlier agreements with Puma Energy are the result of a commitment by the United States to clean up the contaminated CAPECO site after the catastrophic explosions and fires in October 2009," said Ignacia S. Moreno, Assistant Attorney General for the Environment and Natural Resources Division at the Department of Justice. "T[he] settlement will send a message to the regulated community that they cannot declare bankruptcy and avoid environmental liabilities." "T[he] bankruptcy settlement and the earlier agreements with the new owner, Puma, will advance the ongoing work to clean up the former CAPECO facility," said EPA Regional Administrator Judith Enck. "EPA is encouraged that Puma has agreed to perform necessary environmental work. EPA will continue to ensure that the cleanup of this facility, and compliance efforts at the service stations, are done properly and that the health of people in the surrounding communities is protected." The bankruptcy settlement is subject to approval by the bankruptcy court. Before approval, the settlement agreement will be lodged with the court for a period of seven days to afford members of the public an opportunity to comment on the settlement. About Caribbean Petroleum San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka CAPECO, owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations. The Debtor estimated assets of US$100 million to US$500 million and debts of US$500 million to US$1 billion as of the Petition Date. Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum Refining (Puerto Rico) Corporation filed separate Chapter 11 petitions on Aug. 12, 2010. John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman, Esq., and Zachary H. Smith, Esq, of Cadwalader, Wickersham & Taft LLP, in New York, serve as lead counsel to the Debtors. Mark D. Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton & Finger, P.A., in Wilmington, Delaware, serve as local counsel. The Debtors' financial advisor is FTI Consulting Inc. The Debtors' chief restructuring officer is Kevin Lavin of FTI Consulting Inc. Kurtzman Carson Consultants LLC serves as the noticing, claims and balloting agent to the Debtors. In December 2010, the Debtor won bankruptcy court approval to sell its business to Puma Energy International for US$82 million. Puma obtained Capeco's entire retail network, which consists of 157 locations, gasoline, diesel and other fuel storage facilities as well as undeveloped land and a private deep water jetty. This is Caribbean Petroleum's second stint in Chapter 11. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *