/raid1/www/Hosts/bankrupt/TCRLA_Public/110628.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, June 28, 2011, Vol. 12, No. 126
Headlines
A R G E N T I N A
* PROVINCE OF CORDOBA: S&P Affirms 'B' Global Scale Credit Rating
B E R M U D A
GROSVENOR SPECIAL: Creditors' Proofs of Debt Due July 20
GROSVENOR SPECIAL: Members' Final Meeting Set for August 2
C A Y M A N I S L A N D S
B767 OWNER: Creditors' Proofs of Debt Due July 1
CAYMAN LIFE: Creditors' Proofs of Debt Due July 11
CYCLADIC ARCHIPELAGO: Creditors' Proofs of Debt Due July 18
MONZA FUND: Creditors' Proofs of Debt Due July 13
MONZA MASTER: Creditors' Proofs of Debt Due July 13
OBREM CAPITAL: Creditors' Proofs of Debt Due July 21
PERENNIAL MASTER: Creditors' Proofs of Debt Due July 21
SHINHAN CARD 2007-1: Creditors' Proofs of Debt Due July 20
SHINHAN CARD 2007-2: Creditors' Proofs of Debt Due July 20
SILVERSTONE MASTER: Creditors' Proofs of Debt Due July 13
SOTER 2007-CRN2: Creditors' Proofs of Debt Due July 20
SOTER 2007-GSC: Creditors' Proofs of Debt Due July 20
TRITON 245: Creditors' Proofs of Debt Due July 21
TRITON 250: Creditors' Proofs of Debt Due July 21
TRITON 575: Creditors' Proofs of Debt Due July 21
ZAIS INVESTMENT: Files List of Largest Unsecured Creditors
C H I L E
LA POLAR: Faces Bankruptcy, Shareholders Approve Capital Increase
C O L O M B I A
* COLOMBIA: Fitch Upgrades Currency IDR to 'BBB-' From 'BB+'
T R I N I D A D & T O B A G O
CL FINANCIAL: Former Chairman Seeks to Delay Investigation
TRINIDAD CEMENT: Annual Meeting Set on July 15
X X X X X X X X
* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
* PROVINCE OF CORDOBA: S&P Affirms 'B' Global Scale Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale
issuer credit rating on the Province of Cordoba (Republic of
Argentina) at 'B'. "At the same time, S&P affirmed its national
scale rating on Cordoba at 'raAA'. The recovery rating on the
province's unsecured debt remains unchanged at '3'. The outlook is
stable," S&P said.
"Our ratings on Cordoba are limited by the high risk inherent to
the Republic of Argentina (B/Stable/B). Negative factors locally
include high inflation, low investment, a lack of predictability
as to the direction in which economic policies in Argentina will
go, and an increasingly challenging political environment," said
Standard & Poor's credit analyst Delfina Cavanagh. The province's
relatively weak liquidity position and its underfunded pension
system pose a risk to budgetary performance and the sustainability
of its debt. Somewhat offsetting these risks are Cordoba's good
budgetary performance and manageable contingent liabilities. Also,
its diversified economic structure reduces its vulnerability to
unexpected economic shocks.
In 2010 the unconsolidated balance of the province showed a high
operating surplus of almost 14% of operating revenues and a high
fiscal surplus after capital expenditures of 7.5% of total
revenues (9.4% of operating revenues and 3% of total revenues when
considering the consolidated fiscal balance). "We expect revenues
will keep increasing significantly in 2011, sustained by economic
growth and high inflation. Nevertheless, we also expect
expenditures to increase significantly, based on high inflation
amid presidential and governorship elections that could result in
pressure for higher salaries -- even though salaries' increases
were already determined. Overall, we expect an operating surplus
for 2011, and we believe that the financial result will closely
depend on the speed at which the province executes its public
infrastructure projects. We believe that pension funds could pose
a considerable risk to budgetary performance as long as the
province doesn't enter into long-term negotiations with the
central government to cover Cordoba's pension fund system
deficit," S&P related.
"The stable outlook reflects our expectation that the province
will continue its good budgetary performance in 2011 amid economic
growth and high inflation in Argentina, and that this will
compensate for its weak liquidity position and the risks posed by
its underfunded pension system. A sovereign upgrade on Argentina
could lead to a positive rating action on the province. More
deterioration in liquidity or an increase in debt to an
unsustainable level could prompt us to lower the ratings," S&P
added.
=============
B E R M U D A
=============
GROSVENOR SPECIAL: Creditors' Proofs of Debt Due July 20
--------------------------------------------------------
The creditors of Grosvenor Special Reserve Fund Limited are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 16, 2011.
The company's liquidators are:
Charles Thresh
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-La-Ville Road
Hamilton
Bermuda
GROSVENOR SPECIAL: Members' Final Meeting Set for August 2
----------------------------------------------------------
The members of Grosvenor Special Reserve Fund Limited will hold
their final meeting on August 2, 2011, at 10:00 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on June 16, 2011.
The company's liquidators are:
Charles Thresh
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-La-Ville Road
Hamilton
Bermuda
===========================
C A Y M A N I S L A N D S
===========================
B767 OWNER: Creditors' Proofs of Debt Due July 1
------------------------------------------------
The creditors of B767 Owner Limited are required to file their
proofs of debt by July 1, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is:
Charles Meyer
777 Long Ridge Road
Bldg C
Stamford, Connecticut 06927
USA
CAYMAN LIFE: Creditors' Proofs of Debt Due July 11
--------------------------------------------------
The creditors of Cayman Life Settlements I are required to file
their proofs of debt by July 11, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 6, 2011.
The company's liquidator is:
William Reeves
c/o Anchin Block & Anchin LLP
1375 Broadway, New York
New York 10018, USA
CYCLADIC ARCHIPELAGO: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------------
The creditors of Cycladic Archipelago Fund are required to file
their proofs of debt by July 18, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 7, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
MONZA FUND: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of Monza Fund are required to file their proofs of
debt by July 13, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
MONZA MASTER: Creditors' Proofs of Debt Due July 13
---------------------------------------------------
The creditors of Monza Master Fund are required to file their
proofs of debt by July 13, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
OBREM CAPITAL: Creditors' Proofs of Debt Due July 21
----------------------------------------------------
The creditors of Obrem Capital Offshore, Ltd., are required to
file their proofs of debt by July 21, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 31, 2011.
The company's liquidator is:
K.D. Blake
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o Corinne Bateman
Telephone: 345-815-2606 / 345-949-4800
Facsimile: 345-949-7164 / 345-949-7164
PERENNIAL MASTER: Creditors' Proofs of Debt Due July 21
-------------------------------------------------------
The creditors of The Perennial Master Fund Limited are required to
file their proofs of debt by July 21, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 8, 2011.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
SHINHAN CARD 2007-1: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of Shinhan Card 2007-1 International Ltd are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 6, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
SHINHAN CARD 2007-2: Creditors' Proofs of Debt Due July 20
----------------------------------------------------------
The creditors of Shinhan Card 2007-2 International Ltd are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 6, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
SILVERSTONE MASTER: Creditors' Proofs of Debt Due July 13
---------------------------------------------------------
The creditors of Silverstone Master Fund are required to file
their proofs of debt by July 13, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SOTER 2007-CRN2: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Soter 2007-CRN2, Ltd. are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 6, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
SOTER 2007-GSC: Creditors' Proofs of Debt Due July 20
-----------------------------------------------------
The creditors of Soter 2007-GSC, Ltd. are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 6, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
TRITON 245: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 245 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
TRITON 250: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 250 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
TRITON 575: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Triton 575 Ltd. are required to file their proofs
of debt by July 21, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 8, 2011.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
ZAIS INVESTMENT: Files List of Largest Unsecured Creditors
----------------------------------------------------------
Zais Investment Grade Limited VII filed with the U.S. Bankruptcy
Court for the District of New Jersey a list of its largest
unsecured creditors, disclosing:
Name of Creditor Nature of Claim Amount of Claim
---------------- --------------- ----------------
The Bank of New York Indenture Trustee US$365,500,000
Mellon Trust Company,
N.A., as indenture
trustee under indenture
dated as of Oct. 19, 2005
c/o Emmet Marvin &
Martin, LLP
177 Madison Avenue
Morristown, NJ 07960
Anchorage Capital Noteholder $82,726,290
Master Offshore,
Ltd.
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive, 3rd Fl.
Lawrenceville, NJ 08648
Anchorage Illiquid Noteholder $42,620,235
Opportunities Offshore
Master. L.P.
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive, 3rd Fl
Lawrenceville, NJ 08648
BNYMEL/TST Noteholder Unknown
Brown Bros Noteholder Unknown
CGM/SAL BR Noteholder Unknown
Citibank Noteholder Unknown
Company Trade Unknown
Announcements Office
Goldman Noteholder Unknown
GRF Master Fund, L.P. Noteholder $7,925,615
c/o Fox Rothschild LLP
Princeton Pike
Corporate Center
997 Lenox Drive 3rd Fl
Lawrenceville, NJ 08648
Issuer Services Noteholder Unknown
JPMCBNA Noteholder Unknown
Jones Day Trade $201,647
MapleFS Limited Trade Unknown
Maples and Calder Trade $62,397
MLPFS/FIX Noteholder Unknown
Moody's Investor's Trade Unknown
Service
Natixis Financial SWAP Unknown
Products LLC Counterparty
Registrar Government Unknown
SSB&T CO Noteholder Unknown
Standard & Poor's Trade Unknown
Structure Finance
Ratings
WELLS BKNA Noteholder Unknown
ZAIS Group, LLC Trade Unknown
About Zais Investment Grade
Zais Investment Grade Limited VII is based in Grand Cayman.
On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF
Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore
Masters, L.P. filed an involuntary Chapter 11 petition against
Zais Investment Grade Limited VII. On April 26, 2011, the U.S.
Bankruptcy Court for the District of New Jersey entered an order
for relief under chapter 11 of the Bankruptcy Code.
The Debtor tapped Wollmuth Maher & Deutsch LLP as general
bankruptcy counsel, and Jones Day as special counsel.
The Debtor disclosed $365,771,549 in liabilities in its schedules.
=========
C H I L E
=========
LA POLAR: Faces Bankruptcy, Shareholders Approve Capital Increase
-----------------------------------------------------------------
Jude Webber at Financial Times reports that La Polar shareholders
approved a US$212 million capital increase that could prove a
lifeline as the company reels from a customer credit scandal that
wiped US$1 billion off its market value and left it a facing
bankruptcy for the second time in its history.
After plunging 80% in two weeks, shares in the company rallied
ahead of the shareholder meeting, and were 15% higher when they
were suspended early in the session, according to Financial Times.
The report notes that the company's shares closed on Tuesday,
June 21, 2011, at CLP467.26, giving La Polar a market value of
CLP116 billion (US$246 million) from CLP581 billion on June 8,
before the scandal erupted.
"The shares have rallied because the chances of reaching a deal to
salvage the company have increased," Financial Times quotes
Francisco Errandonea, an analyst at Santander Investment in Chile,
as saying.
Financial Times notes that the company is battling to stay afloat
amid market speculation about potential purchasers. It went
bankrupt 12 years ago and was bought by Southern Cross Group, the
private equity group, which subsequently sold its shares, the
report recalls.
Financial Times says pension funds had imposed tough conditions on
their support for the share increase, including a freezing of the
company's investment plan, a halt to expansion in Colombia, where
it opened its first store this year, and a block on executive
stock options.
The company has admitted to restructuring about US$1 billion of
overdue credit without informing either the 400,000 customers
involved or the board, in what critics say was an attempt to keep
a lid on bad loss provisions, Financial Times says. It has debts
of some US$850 million and now said it will have to set aside
nearly US$900 million in loan loss provisions, double its initial
estimates, the report relates.
Financial Times notes that the company has fired several of its
staff and its interim chairman stepped down this week citing
"fraud." The report says the former chairman's replacement, Cesar
Barros, led Chile's salmon exporters' association and renegotiated
with lenders after a credit crunch in the sector. Mr. Barros has
vowed to get to the bottom of the scandal, and the government has
opened a criminal investigation, the report adds.
La Polar, which caters to less affluent customers than its larger
rivals Cencosud, Falabella and Ripley, sells everything from
washing machines through computers to children's toys and has
operations in Chile and Colombia.
===============
C O L O M B I A
===============
* COLOMBIA: Fitch Upgrades Currency IDR to 'BBB-' From 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded these ratings for Colombia:
-- Foreign currency IDR to 'BBB-' from 'BB+';
-- Local currency IDR to 'BBB' from 'BBB-';
-- Foreign currency short-term IDR to 'F3' from 'B';
-- Country ceiling to 'BBB' from 'BBB-'.
The Rating Outlook is revised to Stable from Positive.
Colombia's upgrade to investment grade is supported by its track
record of prudent economic policies, demonstrated resilience to
external and domestic shocks, as well as the improvement in its
external credit metrics. Moreover, the administration of President
Juan Manuel Santos has moved forward an extensive reform agenda to
bolster the credibility and predictability of public finances and
enhance the country's growth trajectory.
"Increased macroeconomic policy credibility, a flexible exchange
rate regime, strengthened external liquidity position and moderate
external debt have steadily improved the economy's capacity to
absorb external shocks," said Erich Arispe, Director in Fitch's
Sovereign Group.
Colombia's five-year average growth is expected to equal 4.2% in
2011, above the 3.1% of the 'BBB' median. The new government's
pro-growth strategy provides upside risk to growth over the
forecast period. Colombia is also likely to maintain broad
macroeconomic stability with inflation slightly above 3% in 2011
and 2012.
Colombia's general government deficit at nearly 3% of GDP in 2010
was higher than peers and is likely to decline gradually over the
forecast period due to high expenditure rigidity and sustained
spending pressures. Moreover, Colombia's revenue base remains
relatively low compared with investment grade peers. However,
Fitch considers that the present administration has worked to
develop its fiscal responsibility credentials during its first
year in office by implementing revenue-enhancing measures and
outperforming its 2010 fiscal targets in spite of the Winter
Emergency.
More importantly, Colombia's Congress has recently approved three
key pieces of legislation. The Fiscal Sustainability Reform
provides the government with the legal tools to manage expenditure
pressures, while the Fiscal Rule and Reform to the Royalty System
could prove to be useful mechanisms both to increase the counter-
cyclical capacity of the general government as well as provide a
credible path toward fiscal consolidation.
"While Colombia's general government debt, at 42% of GDP, remains
above rating peers, its favorable currency composition, a
manageable amortization profile and the sovereign's impeccable
debt repayment record mitigate this credit weakness," added
Mr. Arispe. In addition, continued growth and fiscal consolidation
could result in lower debt levels in comparison with the 'BBB'
median over the forecast period.
The country's external debt, at 22.5% of GDP, is lower than peers,
and Colombia's external liquidity, at 194%, is stronger than the
134% 'BBB' median. The sovereign remains a net external debtor in
contrast to the net creditor position of the 'BBB' median. This
balance sheet weakness is partly mitigated by the manageable
sovereign external debt amortization profile and strong external
liquidity position. Moreover, Colombia's access to the IMF's
Flexible Credit Facility (FCL) further reduces its vulnerabilities
to external shocks.
A favorable growth trajectory, further strengthening of the
external balance sheet, as well as successful implementation of
the recently passed fiscal reforms that deliver fiscal
consolidation and debt reduction would be viewed positively. While
not Fitch's base case, persistent fiscal deterioration leading to
negative debt dynamics would be negative for the ratings.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Former Chairman Seeks to Delay Investigation
----------------------------------------------------------
Renuka Singh at Trinidad Express reports that former CL Financial
Limited Chairman Lawrence Duprey made moves to stall the
Commission of Enquiry into probing into the collapse of his
company. The report relates that the Enquiry, which had a
procedural hearing in April, is scheduled to begin receiving
evidence between June 27, 2011, and July 8, at Winsure Building,
Richmond Street, Port of Spain.
Mr. Duprey claimed that a lawsuit filed by the Central Bank
against him and other former company officials, will strain his
legal resources as both proceedings will overlap, according to
Trinidad Express.
The report notes that a five-page document issued by the legal
team representing Mr. Duprey was delivered to Commissioner Sir
Anthony Coleman and all other interested parties to the
proceedings, requesting that the Enquiry be put off until the
civil lawsuit between the Central Bank and Mr. Duprey was
resolved.
As reported in the Troubled Company Reporter-Latin America on
June 10, 2011, Jamaica Observer said that the Central Bank of
Trinidad and Tobago (CBTT) and CLICO have filed civil proceedings
against Mr. Duprey. CBTT said in a statement obtained by the news
agency that the civil proceedings have been filed against Mr.
Duprey, former director Andre Monteil as well as CL Financial,
Dalco Capital Management Limited and Stone Street Capital Limited
arising from the failure of CLICO. "The claims include
allegations of mismanagement of CLICO and misapplication and
misappropriation of its income and assets to the detriment of its
policyholders and mutual fund investors. CBTT and CLICO are
seeking damages, equitable compensation and declarations related
to certain agreements and property of CLICO, Jamaica Observer
quoted CBTT as saying.
Trinidad Express says that legal sources said that if the Enquiry
is not voluntarily rescheduled Mr. Duprey's legal team are
prepared to head to High Court to seek an injunction blocking the
proceedings.
Meanwhile, Trinidad Express notes, the Enquiry was also appointed
to investigate the collapse of the Hindu Credit Union.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
TRINIDAD CEMENT: Annual Meeting Set on July 15
----------------------------------------------
Trinidad Cement Limited has advised the Exchange that its Board of
Directors has fixed Friday, July 15, 2011 as the date for the
Company's Annual Meeting. The Directors have also fixed June 20,
2011 as the record date for shareholders entitled to receive
notice of the meeting.
Trinidad Cement Limited is a cement company.
* * *
As reported in the Troubled Company Reporter on Jan. 19, 2011,
RadioJamaica reports that Trinidad Cement Limited has unveiled a
major plan to restructure its debt. The exercise is being
undertaken to allow the Group to remain in business given the
severe effect of the economic decline on all its markets,
according to the report. RadioJamaica noted that the TCL has
disclosed that a creditor committee comprising large domestic and
international institutional lenders representing 75% of its total
debt, has been established. An independent advisor is to be hired
to the Committee to assess the cash generating capability,
operations and structure of the TCL Group, the report noted.
===============
X X X X X X X X
===============
* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
---------------------------------------------------------------
French pharmaceutical services company Novasep Holding S.A.S. last
week opted to use its 30-day grace period for the interest payment
on its senior secured notes due in 2016. Under Standard & Poor's
Ratings Services' criteria, this payment deferral as tantamount to
a selective default. This raises the 2011 global corporate
default tally to 17, said an article published Friday by Standard
& Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (June 17 - 23, 2011) (Premium)."
Ten of this year's defaults were based in the U.S., two were based
in Canada, another two were based in New Zealand, and one each was
based in the Czech Republic, France, and Russia. By comparison,
45 global corporate issuers had defaulted by this time in 2010. Of
these defaulters, 32 were U.S.-based issuers, two were European
issuers, four were from the emerging markets, and seven were in
the other developed region (Australia, Canada, Japan, and New
Zealand).
Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010. Of the remaining four,
two issuers defaulted after they filed for bankruptcy, another had
its banking license revoked by its country's central bank, and the
fourth was forced into liquidation as a result of regulatory
action. Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.
Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%. A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast. The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011. This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping S&P's default expectations relatively upbeat in the next
12 months. S&P is seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias.
In addition to its baseline projection, S&P forecasts the default
rate in our optimistic and pessimistic scenarios. In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected. As a result, S&P
would expect the default rate to be 1.2% (18 defaults in the next
12 months).
On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is its pessimistic scenario
-- S&P expects the default rate to be 3.3% (50 defaults) by March
2012. S&P bases its forecasts on quantitative and qualitative
factors that it considers, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market. S&P updates its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PLA-BL COMEB AR 143096734 -251846058
COMERCIAL PL-ADR SCPDS LI 143096734 -251846058
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SOC COMERCIAL PL COME AR 143096734 -251846058
SOC COMERCIAL PL COMED AR 143096734 -251846058
SOC COMERCIAL PL CAD IX 143096734 -251846058
SOC COMERCIAL PL CADN EO 143096734 -251846058
SOC COMERCIAL PL SCDPF US 143096734 -251846058
SOC COMERCIAL PL COMEC AR 143096734 -251846058
SOC COMERCIAL PL CADN EU 143096734 -251846058
SOC COMERCIAL PL CVVIF US 143096734 -251846058
SOC COMERCIAL PL CADN SW 143096734 -251846058
BRAZIL
ACO ALTONA EALT3 BZ 89152030 -9848587.47
ACO ALTONA SA EAAON BZ 89152030 -9848587.47
ACO ALTONA-PREF EAAPN BZ 89152030 -9848587.47
ACO ALTONA-PREF EALT4 BZ 89152030 -9848587.47
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
ALL ORE MINERACA STLB3 BZ 23040051 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051 -8699861.07
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454016 -52992212.8
BATTISTELLA BTTL3 BZ 349898179 -3135090.39
BATTISTELLA-PREF BTTL4 BZ 349898179 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898179 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898179 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898179 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898179 -3135090.39
BOMBRIL BMBBF US 316331265 -123554206
BOMBRIL BOBR3 BZ 316331265 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331265 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -123554206
BOMBRIL SA-ADR BMBBY US 316331265 -123554206
BOMBRIL SA-ADR BMBPY US 316331265 -123554206
BOMBRIL-PREF BOBR4 BZ 316331265 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -123554206
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -123554206
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
CAF BRASILIA CAFE3 BZ 21097370 -903951461
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
CHIARELLI SA CCHON BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
D H B DHBI3 BZ 151796583 -160270949
D H B-PREF DHBI4 BZ 151796583 -160270949
DHB IND E COM DHBON BZ 151796583 -160270949
DHB IND E COM-PR DHBPN BZ 151796583 -160270949
DOC IMBITUBA IMBI3 BZ 96977064 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064 -42592602.5
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592602.5
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS IMBITUBA IMBION BZ 96977064 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592602.5
DOCAS SA DOCAON BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
ESTRELA SA ESTR3 BZ 89585906 -80761486.8
ESTRELA SA ESTRON BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486.8
FABRICA RENAUX FRNXON BZ 109683744 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683744 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683744 -48836146.4
FABRICA RENAUX-P FTRX4 BZ 109683744 -48836146.4
FABRICA TECID-RT FTRX1 BZ 109683744 -48836146.4
FER HAGA-PREF HAGA4 BZ 21299043 -62858780.7
FERRAGENS HAGA HAGAON BZ 21299043 -62858780.7
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858780.7
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
GRADIENTE ELETR IGBON BZ 61088978 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088978 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088978 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088978 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088978 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088978 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088978 -282692297
HAGA HAGA3 BZ 21299043 -62858780.7
HERCULES HETA3 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 42606769.7
IGB ELETRONICA IGBR3 BZ 61088978 -282692297
LAEP INVESTMENTS LEAP LX 439175082 -60172005
LAEP-BDR MILK11 BZ 439175082 -60172005
LATTENO FOOD COR LATF US 14423532 -3506007
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
NORDON MET NORD3 BZ 15354597 -26859636.7
NORDON METAL NORDON BZ 15354597 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597 -26859636.7
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -18460611
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
RECRUSUL RCSL3 BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL2 BZ 31427766 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766 -30307605.7
RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605.7
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
SANESALTO SNST3 BZ 31044053 -1843297.83
SANSUY SNSY3 BZ 200809365 -115213257
SANSUY SA SNSYON BZ 200809365 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809365 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809365 -115213257
SANSUY-PREF A SNSY5 BZ 200809365 -115213257
SANSUY-PREF B SNSY6 BZ 200809365 -115213257
SCHLOSSER SCLO3 BZ 73036750 -34357832.6
SCHLOSSER SA SCHON BZ 73036750 -34357832.6
SCHLOSSER SA-PRF SCHPN BZ 73036750 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036750 -34357832.6
STAROUP SA STARON BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TELEBRAS SA TLBRON BZ 269372906 -13465060.7
TELEBRAS SA TELB3 BZ 269372906 -13465060.7
TELEBRAS SA TBASF US 269372906 -13465060.7
TELEBRAS SA-PREF TELB4 BZ 269372906 -13465060.7
TELEBRAS SA-PREF TLBRPN BZ 269372906 -13465060.7
TELEBRAS SA-RT TELB9 BZ 269372906 -13465060.7
TELEBRAS/W-I-ADR TBH-W US 269372906 -13465060.7
TELEBRAS-ADR TBAPY US 269372906 -13465060.7
TELEBRAS-ADR TBASY US 269372906 -13465060.7
TELEBRAS-ADR TBRAY GR 269372906 -13465060.7
TELEBRAS-ADR RTB US 269372906 -13465060.7
TELEBRAS-ADR TBX GR 269372906 -13465060.7
TELEBRAS-ADR TBH US 269372906 -13465060.7
TELEBRAS-BLOCK TELB30 BZ 269372906 -13465060.7
TELEBRAS-CED C/E TEL4C AR 269372906 -13465060.7
TELEBRAS-CEDE BL RCT4B AR 269372906 -13465060.7
TELEBRAS-CEDE PF TELB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4C AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCTB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4D AR 269372906 -13465060.7
TELEBRAS-CEDEA $ TEL4D AR 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB30 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB31 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB32 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TELE31 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TBRTF US 269372906 -13465060.7
TELEBRAS-COM RT TELB1 BZ 269372906 -13465060.7
TELEBRAS-PF BLCK TELB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TLBRUP BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TBAPF US 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT CBRZF US 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TELE41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB42 BZ 269372906 -13465060.7
TELEBRAS-RCT RCTB33 BZ 269372906 -13465060.7
TELEBRAS-RCT PRF TELB10 BZ 269372906 -13465060.7
TELEBRAS-RECEIPT TLBRUO BZ 269372906 -13465060.7
TELEBRAS-RTS CMN TCLP1 BZ 269372906 -13465060.7
TELEBRAS-RTS CMN RCTB1 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF RCTB2 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF TLCP2 BZ 269372906 -13465060.7
TELECOMUNICA-ADR 81370Z BZ 269372906 -13465060.7
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
WETZEL SA MWET3 BZ 100017711 -5359345.82
WETZEL SA MWELON BZ 100017711 -5359345.82
WETZEL SA-PREF MWELPN BZ 100017711 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711 -5359345.82
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST-PREF WISA4 BZ 34108201 -126997429
CHILE
CHILESAT CO-ADR TL US 1.075E+09 -61844614.3
CHILESAT CORP SA TELEX CI 1.075E+09 -61844614.3
CHILESAT CO-RTS CHISATOS CI 1.075E+09 -61844614.3
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
TELEX-A TELEXA CI 1.075E+09 -61844614.3
TELEX-RTS TELEXO CI 1.075E+09 -61844614.3
TELMEX CORP SA CHILESAT CI 1.075E+09 -61844614.3
TELMEX CORP-ADR CSAOY US 1.075E+09 -61844614.3
***********
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 * * *