TCRLA_Public/110901.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, September 1, 2011, Vol. 12, No. 173

                            Headlines



A R G E N T I N A

AREA DIGITAL: Asks for Reorganization Proceedings
INARGOL SA: Creditors' Proofs of Debt Due September 21
JWPR: Creditors' Proofs of Debt Due October 11
LUCEILUN SA: Creditors' Proofs of Debt Due September 14
SEATANK LOGISTIC: Applies for Bankruptcy Protection


B E R M U D A

MILLENNIUM GLOBAL: U.S. Court Recognizes Bermuda Case


C A Y M A N   I S L A N D S

ALPINA ASSET: Commences Liquidation Proceedings
AMERICAN PEGASUS: Commences Liquidation Proceedings
AVANGARD RUSSIA: Creditors' Proofs of Debt Due September 14
CHIRIN ASIA: Creditors' Proofs of Debt Due September 14
FALLING WATER: Creditors' Proofs of Debt Due September 6

GENEVA HOLDINGS: Creditors' Proofs of Debt Due September 14
HESS BRASIL: Creditors' Proofs of Debt Due September 15
HESS PERU: Creditors' Proofs of Debt Due September 15
HESS (PHILIPPINES-SC 41): Creditors' Proofs of Debt Due Sept. 15
VALOR PRIVATE: Creditors' Proofs of Debt Due September 14


J A M A I C A

* JAMAICA: Financial Sector Accumulates More Bad Debts


P U E R T O   R I C O

HOTEL AIRPORT: Taps Francisco Molina as Accountant
LA CORTEZ ENERGY: Reports US$982,300 Net Income in 2nd Quarter


T R I N I D A D  &  T O B A G O

CL FIN'L: Government Needs TT$20 Bil. to Set CLICO Affairs Right


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


=================
A R G E N T I N A
=================


AREA DIGITAL: Asks for Reorganization Proceedings
-------------------------------------------------
Area Digital SA asked for reorganization proceedings.

The company has defaulted on its payments last June 2010.


INARGOL SA: Creditors' Proofs of Debt Due September 21
------------------------------------------------------
Sergio Leandro Novick, the court-appointed trustee for Inargol
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 21, 2011.

Mr. Novick will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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:

         Sergio Leandro Novick
         Libertad 359
         Argentina


JWPR: Creditors' Proofs of Debt Due October 11
----------------------------------------------
Mirta Neomi Matayoshi, the court-appointed trustee for JWPR aka
Jewelry & Watches Paul Richard SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until October 11, 2011.

Ms. Matayoshi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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:

         Mirta Neomi Matayoshi
         Montevideo 771
         Argentina


LUCEILUN SA: Creditors' Proofs of Debt Due September 14
-------------------------------------------------------
Bernardino Alberto Margolis, the court-appointed trustee for
Luceilun SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 14, 2011.

Mr. Margolis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Bernardino Alberto Margolis
         Parana 426
         Argentina


SEATANK LOGISTIC: Applies for Bankruptcy Protection
---------------------------------------------------
Seatank Logistic SA applied for bankruptcy protection.

The company has defaulted on its payments.


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B E R M U D A
=============


MILLENNIUM GLOBAL: U.S. Court Recognizes Bermuda Case
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Bermudian liquidators for Millennium Global
Emerging Credit Master Fund Ltd. are entitled to use bankruptcy
courts in the U.S., Bankruptcy Judge Allan Gropper ruled in a
36-page opinion on Aug. 26.

According to the report, Judge Gropper ruled that the court in
Bermuda should be the primary court in charge of the bankruptcy.
BCP Securities LLC, which is being investigated by the liquidators
and may be sued, objected to a finding that Bermuda was the
companies' "center of main interests."  Judge Gropper disagreed,
ruling that Bermuda is entitled to recognition as the "foreign
main bankruptcy." He therefore approved the Chapter 15 petition.
The ruling means that the liquidators from Bermuda may use
U.S. courts to perform an investigation and file suits.

A separate objection by GlobeOp Financial Services, LLC, was
withdrawn after an agreement between the parties was reached that
if recognition were granted, the automatic stay would not prevent
GlobeOp from pursuing any claims it may have against the Funds
outside the United States.

Meanwhile, Bermuda will distribute assets to creditors and
determine the validity of claims, according to the report.

Mr. Rochelle notes that Judge Gropper, a U.S. bankruptcy judge in
New York, disagreed with two prior rulings from other courts and
ruled that the location of the COMI, or center of main interests,
should be based on facts existing when the first liquidation began
in Bermuda.  He disagreed with other courts believing that the
plain meaning of Chapter 15 requires using facts when the Chapter
15 petition was filed.

According to Mr. Rochelle, the funds' COMI was in Bermuda, Judge
Gropper said, because two of the three directors were from Bermuda
while a bank, the custodian, and the auditor were also in Bermuda.
Judge Gropper said Bermuda was the "only reasonably ascertainable"
COMI even though there were no creditors nor any investors in
Bermuda and the funds' manager was in the U.K.  To find the COMI
anywhere else would be "pure speculation," Judge Gropper said.
Judge Gropper also said there was "insufficient evidence" to find
a COMI anywhere besides Bermuda.

Judge Gropper, according to Mr. Rochelle's report, distinguished a
Chapter 15 case involving two hedge funds created by Bear Stearns
Cos. where U.S. Bankruptcy Judge Burton Lifland concluded that the
Cayman Island wasn't the COMI because the business was run out of
New York.

Judge Gropper ended his opinion by ruling that the liquidators
were entitled to a two-year extension on time limits for filing
lawsuits under Section 108 of the Bankruptcy Code.

Judge Gropper said in his opinion that some $9 million already was
spent by the liquidators for lawyers in Bermuda and the U.S.
Chapter 15 is not a full-blown bankruptcy.  It's designed to
assist a primary bankruptcy pending outside the U.S.

A copy of Judge Gropper's Aug. 26, 2011 Memorandum of Decision is
available at http://is.gd/vPYXvHfrom Leagle.com.

Attorneys for BCP Securities, LLC, are:

          Marc D. Powers, Esq.
          Oren J. Warshavsky, Esq.
          Natacha Carbajal, Esq.
          BAKER & HOSTETLER LLP
          45 Rockefeller Plaza, 11th Floor
          New York, NY 10111
          Tel: 212-589-4216
          Fax: 212-589-4201
          E-mail: mpowers@bakerlaw.com
                  owarshavsky@bakerlaw.com
                  ncarbajal@bakerlaw.com

Attorney for GlobeOp Financial Services, LLC, is:

          Jonathan D. Cogan, Esq.
          KOBRE & KIM LLP
          800 Third Avenue
          New York, NY 10022
          Tel: 212-488-1206
          Fax: 212-488-1226
          E-mail: Jonathan.Cogan@kobrekim.com

                   About Millennium Global Funds

Millennium Global Emerging Credit Fund Limited and Millennium
Global Emerging Credit Master Fund Limited filed petitions under
Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case Nos.
11-13171 and 11-13172) on June 30, 2011.  The two Millennium
entities were a pair of Bermuda-based funds created to invest in
sovereign and corporate debt instruments.  They were once
affiliated with U.K. investment manager Millennium Global
Investments Ltd.  The two Funds were ill-equipped to survive the
financial downturn of late 2008.  They went into liquidation in
Bermuda in October 2008 following default with their prime
brokers.

Michael W. Morrison, Charles Thresh, and Richard Heis at KPMG
Advisory Ltd. have been appointed as liquidators and foreign
representatives of the Millennium funds in proceedings pending
before the Supreme Court of Bermuda, Commercial Court.

Judge Allan L. Gropper presides over the Chapter 15 cases.
Susheel Kirpalani, Esq., at Quinn Emanuel Urquhart & Sullivan LLP,
serves as counsel to the Foreign Representatives.

The Foreign Representatives estimated the assets of Millennium
Global Emerging Credit Master Fund between US$10 million and
US$50 million, and its debts between US$100 million and US$500
million.

Millennium Global Emerging Credit Fund's assets and debts are
estimated to be between US$10 million to US$50 million.


===========================
C A Y M A N   I S L A N D S
===========================


ALPINA ASSET: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on July 21, 2011, the members of
Alpina Asset Management Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         David Sargison
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


AMERICAN PEGASUS: Commences Liquidation Proceedings
---------------------------------------------------
On July 20, 2011, the Grand Court of the Cayman Islands placed
American Pegasus SPC under the supervision of Stuart Sybersma and
Michael Pearson, the company's official liquidators.

The Liquidators can be reached at:

         Stuart Sybersma
         Michael Pearson
         c/o Rob Rintoul
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: rrintoul@deloitte.com


AVANGARD RUSSIA: Creditors' Proofs of Debt Due September 14
-----------------------------------------------------------
The creditors of Avangard Russia Growth Fund are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


CHIRIN ASIA: Creditors' Proofs of Debt Due September 14
-------------------------------------------------------
The creditors of Chirin Asia Pacific Master Fund Limited are
required to file their proofs of debt by September 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814-6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


FALLING WATER: Creditors' Proofs of Debt Due September 6
--------------------------------------------------------
The creditors of Falling Water Ltd. are required to file their
proofs of debt by September 6, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 16, 2011.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman KY1-1002
         Cayman Islands


GENEVA HOLDINGS: Creditors' Proofs of Debt Due September 14
-----------------------------------------------------------
The creditors of Geneva Holdings Limited are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 26, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


HESS BRASIL: Creditors' Proofs of Debt Due September 15
-------------------------------------------------------
The creditors of Hess Brasil (BM-ES-30) Limited are required to
file their proofs of debt by September 15, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS PERU: Creditors' Proofs of Debt Due September 15
-----------------------------------------------------
The creditors of Hess Peru (Block 118) Limited are required to
file their proofs of debt by September 15, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS (PHILIPPINES-SC 41): Creditors' Proofs of Debt Due Sept. 15
----------------------------------------------------------------
The creditors of Hess (Philippines-SC 41) Limited are required to
file their proofs of debt by September 15, 2011, to be included in
the company's dividend distribution.

The company's liquidator is:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


VALOR PRIVATE: Creditors' Proofs of Debt Due September 14
---------------------------------------------------------
The creditors of Valor Private Fund Ltd. are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

         David Blair
         c/o Custom House Fund Services (Ireland) Limited
         25 Eden Quay
         Dublin 1
         Ireland


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J A M A I C A
=============


* JAMAICA: Financial Sector Accumulates More Bad Debts
------------------------------------------------------
RJR News reports that Bank of Jamaica's quarterly monetary policy
report for April to June revealed that the local financial sector
has seen a further increase in bad debts.

The policy report showed that the quality of the private sector
loan portfolio deteriorated significantly during the three months,
according to RJR News.

RJR News notes that the non-performing loans to total private
sector loans increased to 9% at the end of June, from 7.8% at the
end of March.  The report relates that with respect to the overall
loan portfolio, the ratio of non-performing loans to total loans
was 7.9%.

This was up from 6.9% in the January to March quarter, RJR News
says.

The report relays that manufacturing, construction and tourism
were the sectors which largely accounted for the overall decline
in loan quality.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, in its annual report on Jamaica's sovereign
ratings, Moody's Investors Service said its Jamaica's B3 foreign-
and local-currency government bond ratings and stable outlook
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.


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P U E R T O   R I C O
=====================


HOTEL AIRPORT: Taps Francisco Molina as Accountant
--------------------------------------------------
Hotel Airport Inc. asks the U.S. Bankruptcy Court for the District
of Puerto Rico for permission to employ Francisco J. Garrido
Molina CPA to provide accounting services, including, but not
limited to, preparing tax returns, financial projections,
auditing, and other tasks.

Mr. Molina will charge a flat rate of US$2,050 (US$1,400 + US$650)
per month, with a US$50 monthly increment for every five
additional employees that the debtor adds to its payroll.  Mr.
Molina will bill US$125 per hour for additional services.

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  In its petition, the
Debtor estimated US$10 million to $50 million in both assets and
debts.  The petition was signed by David Tirri, its president.


LA CORTEZ ENERGY: Reports US$982,300 Net Income in 2nd Quarter
--------------------------------------------------------------
La Cortez Energy, Inc., filed its quarterly report on Form 10-Q,
reporting net income of US$982,347 on US$639,441 of oil revenues
for the three months ended June 30, 2011, compared with a net loss
of US$2.9 million on US$75,891 of oil revenues for the same period
in 2010.

During the three months ended June 30, 2011, the Company
recognized an unrealized gain from the decrease in the fair value
of derivative warrant instruments liability of approximately
US$1.9 million compared to an unrealized loss of US$657,531 during
the three month period ended June 30, 2010.

The Company reported net income of US$3.2 million on
US$1.0 million of oil revenues for the six months ended June 30,
2011, compared with a net loss of US$3.8 million on US$166,274 of
oil revenues for the same period last year.

During the six months ended June 30, 2011, the Company recognized
an unrealized gain from the decrease in the fair value of
derivative warrant instruments liability of roughly US$6.4 million
compared to an unrealized loss of US$102,023 during the six months
ended June 30, 2010.

The Company's balance sheet as of June 30, 2011, showed
US$27.7 million in total assets, US$3.3 million in total
liabilities, and shareholders' equity of US$24.4 million.

BDO USA, LLP, in Houston, Texas, expressed substantial doubt about
La Cortez Energy's ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has limited operating history, no
historical profitability, and has limited available funds.

A copy of the Form 10-Q is available at http://is.gd/BsETbK

Headquartered in Bogota, Colombia, La Cortez Energy, Inc. (OTC BB:
LCTZ) -- http://www.lacortezenergy.com/-- is an international,
early stage oil and gas exploration and production company
focusing its business in South America.  The Company has entered
into two initial working interest agreements, with Petronorte and
with Emerald, and has acquired a private company, Avante Colombia.

The Company was initially incorporated in the State of Nevada on
June 9, 2006, under the name La Cortez Enterprises, Inc., to
pursue certain business opportunities in Mexico.  During 2008, the
Company's Board of Directors decided to redirect the Company's
efforts towards identifying and pursuing business in the oil and
gas sector in South America.


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T R I N I D A D  &  T O B A G O
===============================


CL FIN'L: Government Needs TT$20 Bil. to Set CLICO Affairs Right
----------------------------------------------------------------
Clint Chan Tack at Trinidad and Tobago Newsday reports that
Trinidad and Tobago Finance Minister Winston Dookeran said the
government will spend an estimated TT$20 billion to 'straighten
out' the affairs of Colonial Life Insurance Company (Trinidad)
Limited (Clico) and its parent conglomerate, CL Financial Group
Limited.

Stating that the recent financial accounts of both Clico and CL
Financial would be made public soon, Mr. Dookeran said government
will have to use CL Financial's asset base "in the long term to
get back its money," T&T Newsday relates.  "By the time, we have
finished, we would have spent at least TT$20 billion and this is
not to include the Caricom requests," the report quoted Mr.
Dookeran as saying.

Stating that shares in Republic Bank and TT Methanol Holdings are
the two major assets which Clico has outside of its traditional
insurance assets, Mr. Dookeran said the returns from those assets
"are now in Clico's payments," according to T&T Newsday.

"They have not turned the corner but there have been improvements
in the returns of those two assets at this point in time," T&T
Newsday quoted Mr. Dookeran as saying.

Explaining that once the "toxic assets" which caused Clico's
collapse has been removed and the company placed on a solid
financial footing again, Mr. Dookeran said government is currently
working on the rate of discount for bonds which will be issued to
Clico policyholders, the report notes.

T&T Newsday relays that government Chief Whip Dr. Roodal Moonilal
said legislation pertaining to the issuance of those bonds will be
addressed during parliamentary sittings which are scheduled to
take place before the end of the current fiscal year on Sept. 30.

T&T Newsday notes the Finance Ministry said that as of Aug. 9,
7,150 persons with balances of less than TT$75,000 have accepted
the offer government made to them in the last Budget.  The
approved cases represent a total dollar value of TT$227.7 million,
the report adds.

                        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.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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, 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.


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