/raid1/www/Hosts/bankrupt/TCRLA_Public/110906.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, September 6, 2011, Vol. 12, No. 176
Headlines
B E R M U D A
DIGICEL GROUP: Conditions on Claro Merger Give Dealers New Hope
C A Y M A N I S L A N D S
ACA CLO 2007-3: Creditors' Proofs of Debt Due September 15
ASIAN DRAGON: Creditors' Proofs of Debt Due September 15
EMF DIVERSIFIED: Creditors' Proofs of Debt Due September 15
FREERIDER LIMITED: Creditors & Contributories to Meet on Sept. 7
FVP KAIROS: Creditors' Proofs of Debt Due September 15
JAZZ HOLDINGS: Commences Liquidation Proceedings
KPC HOLDINGS: Creditors' Proofs of Debt Due September 15
LONG SHORT: Creditors' Proofs of Debt Due September 15
MEDIA PRESS: Shareholders' Final Meeting Set for September 19
NET JETS: Commences Liquidation Proceedings
PEQUOT DIVERSIFIED: Shareholder to Hear Wind-Up Report Sept. 16
PREMIER ADVISORS: Placed Under Voluntary Wind-Up
PREMIER ADVISORS: Creditors' Proofs of Debt Due October 14
QUADRANGLE OFFSHORE: Creditors' Proofs of Debt Due September 15
TRIUMPH ASSETS: Creditors' Proofs of Debt Due September 15
J A M A I C A
WINDALCO: Plant Reopening Plans Still on Track, Minister Says
M E X I C O
ALESTRA S.: S&P Affirms 'B+' Ratings; Outlook Negative
BENEMERITA UNIVERSIDAD: Moody's Raises Rating to Baa3 from Ba1
VITRO SAB: Unit Files Schedules of Assets and Liabilities
P A R A G U A Y
* REPUBLIC OF PARAGUAY: S&P Ups Foreign Currency Rating to 'BB-'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B E R M U D A
=============
DIGICEL GROUP: Conditions on Claro Merger Give Dealers New Hope
---------------------------------------------------------------
Jamaica Gleaner reports that Yisraeline Geddes, the chief
spokesperson for Claro dealers, has endorsed Prime Minister Bruce
Golding's edict to reject the planned integration of Claro
Jamaica and Digicel Jamaica's networks, saying the separation
could revive business for the dealers.
"We would have a better chance in that scenario. It is a
workable scenario -- the better option of the two . . . . I am
waiting to hear more on that," Jamaica Gleaner quoted Mr. Geddes
as saying.
As reported in the Troubled Company Reporter-Latin America on
Sept. 2, 2011, The Gleaner related that the Jamaican government
has approved Digicel Group's acquisition of Claro Jamaica. Prime
Minister Bruce Golding, however, said that the approval is on the
proviso that Digicel Group continues to operate two separate
networks, in what is meant to be a check on the market leader's
dominance, according to The Gleaner. The Gleaner noted that
Digicel Group wanted to integrate the operations into a single
network, but Prime Minister Golding rejected that plan.
However, Jamaica Gleaner notes that despite Mr. Golding's
announcement the dealers remain uncertain. "The market has died
. . . . and Claro is not talking at all . . . . We are still
uncertain until we get clear word from Claro," Jamaica Gleaner
quoted Mr. Geddes as saying.
About Digicel Group
Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets. By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts &
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname,
Trinidad & Tobago and Turks & Caicos. The Caribbean company also
has coverage in St. Martin and St. Barts. Digicel Pacific
comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of Jan. 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
===========================
C A Y M A N I S L A N D S
===========================
ACA CLO 2007-3: Creditors' Proofs of Debt Due September 15
----------------------------------------------------------
The creditors of ACA CLO 2007-3, Limited, are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 5, 2011.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ASIAN DRAGON: Creditors' Proofs of Debt Due September 15
--------------------------------------------------------
The creditors of Asian Dragon Limited are required to file their
proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 4, 2011.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
EMF DIVERSIFIED: Creditors' Proofs of Debt Due September 15
-----------------------------------------------------------
The creditors of EMF Diversified Fixed Income Fund, Ltd. are
required to file their proofs of debt by September 15, 2011, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on August 4, 2011.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
FREERIDER LIMITED: Creditors & Contributories to Meet on Sept. 7
----------------------------------------------------------------
The creditors and contributories of Freerider Limited will hold
their annual meetings on September 7, 2011, at 10:00 a.m. and
11:00 a.m., respectively.
The company's liquidator is:
Robin Lee Mcmahon
c/o Geoff Baker
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
P.O. Box 510, Grand Cayman KY1-1106
Cayman Islands
Facsimile: (345) 949 8529
e-mail: geoff.baker@ky.ey.com
FVP KAIROS: Creditors' Proofs of Debt Due September 15
------------------------------------------------------
The creditors of FVP Kairos Credit Fund I Limited are required to
file their proofs of debt by September 15, 2011, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on August 3, 2011.
The company's liquidator is:
Chandrakant Mohanty
Unit 901A
Kinwick Centre
32 Hollywood Road
Central, Hong Kong
JAZZ HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On July 25, 2011, the shareholders of Jazz Holdings Limited
passed a resolution that liquidates the company's business.
Only creditors who were able to file their proofs of debt by
September 5, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Jamal Young
Rankin's Plaza, 21 Eclipse Drive
P.O. Box 10734, Grand Cayman KY1-1007
Cayman Islands
KPC HOLDINGS: Creditors' Proofs of Debt Due September 15
--------------------------------------------------------
The creditors of KPC Holdings (Cayman) Inc. are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 3, 2011.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LONG SHORT: Creditors' Proofs of Debt Due September 15
------------------------------------------------------
The creditors of Long Short Trading Ltd. are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 5, 2011.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MEDIA PRESS: Shareholders' Final Meeting Set for September 19
-------------------------------------------------------------
The shareholders of Media Press Ltd. will hold their final
meeting on September 19, 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 liquidators are:
Probitas Limited
Equitas Limited
Clifton House
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
NET JETS: Commences Liquidation Proceedings
-------------------------------------------
On July 25, 2011, the shareholders of Net Jets Europe LP passed a
resolution that liquidates the company's business.
Only creditors who were able to file their proofs of debt by
September 5, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Jamal Young
Rankin's Plaza, 21 Eclipse Drive
P.O. Box 10734, Grand Cayman KY1-1007
Cayman Islands
PEQUOT DIVERSIFIED: Shareholder to Hear Wind-Up Report Sept. 16
---------------------------------------------------------------
The sole shareholder of Pequot Diversified Master Fund, Ltd. will
receive on September 16, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
PREMIER ADVISORS: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 21, 2011, the Grand Court of Cayman Islands entered an
order that winds up the operations of Premier Advisors Fund
Offshore Limited.
The company's liquidators are:
Christopher Dorrien Johnson
Niall GoodsirCullen
Chris Johnson Associates Ltd
80 Shedden Road, Elizabethan Square Phase III
P.O. Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
PREMIER ADVISORS: Creditors' Proofs of Debt Due October 14
----------------------------------------------------------
The creditors of Premier Advisors Fund Offshore Limited are
required to file their proofs of debt by October 14, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 20, 2011.
The company's liquidators are:
Christopher Dorrien Johnson
Niall GoodsirCullen
Chris Johnson Associates Ltd
80 Shedden Road, Elizabethan Square Phase III
P.O. Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
QUADRANGLE OFFSHORE: Creditors' Proofs of Debt Due September 15
---------------------------------------------------------------
The creditors of Quadrangle Offshore (Cayman) LLC are required to
file their proofs of debt by September 15, 2011, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on August 4, 2011.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
TRIUMPH ASSETS: Creditors' Proofs of Debt Due September 15
----------------------------------------------------------
The creditors of Triumph Assets Limited are required to file
their proofs of debt by September 15, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 4, 2011.
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
=============
J A M A I C A
=============
WINDALCO: Plant Reopening Plans Still on Track, Minister Says
-------------------------------------------------------------
RJR News reports that Jamaica Minister Mining Clive Mullings said
despite recent upheavals in the global economy, plans are still
on track for the reopening West Indies Alumina Company's
Manchester plant.
Mr. Mulling said that further progress is being made in
negotiations with WINDALCO's owners, according to RJR News.
"Well yes discussions are going okay; in fact there are some
terms to be ironed out very shortly. One should also understand
that existing contracts also need to be fulfilled. In the short
to medium term, we will ensure that the mines are open to meet
those contractual arrangements that they have" RJR News quoted
Mr. Mulling as saying.
As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2011, RadioJamaica said that the board of UC Rusal has
approved the reopening of the Windalco-Kirkvine Plant. However,
RadioJamaica related, the restart of mining activities is subject
to the approval by UC Rusal's international lenders and further
discussions with its partners on the project. Production at the
Windalco-Kirkvine Plant was temporarily suspended in April 2009
due to cost-cutting measures, RadioJamaica recounted.
RadioJamaica, citing an internet report, noted that the cost of
the restart of operations is expected to be approximately
US$9 million while the plant commissioning budget is
approximately US$17 million.
About WINDALCO
West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean. The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant. The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market. The
company is 93% owned by Russian entity, UC Rusal.
===========
M E X I C O
===========
ALESTRA S.: S&P Affirms 'B+' Ratings; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' ratings on
Mexico-based phone company Alestra S. de R.L. de C.V. and removed
the ratings from CreditWatch with negative implications where S&P
placed them on April 19, 2011. "The recovery rating of . . . .
indicating our expectation of meaningful (50%-70%) recovery in
the event of a payment default, remains unchanged. The outlook
is negative. The CreditWatch removal is based on our review of
the company's business and financial profiles following the
completion of Alfa S.A.B. de C.V.'s purchase of AT&T Inc.'s 49%
stake in Alestra," S&P related.
"Although we believe that Alestra's competitive position has
weakened following the loss of its key strategic partner, AT&T,
we expect Alestra to try to offset this loss by focusing on new
offerings within its value-added services (VAS) portfolio.
However, revenues and EBITDA could come under pressure at the
end of 2012 when AT&T's contracts phase out, given that about 20%
of Alestra's revenues come from AT&T customers. We could lower
the ratings if the leasing of network infrastructure to AT&T and
expansion of its VAS are not enough to compensate for AT&T's
loss," S&P related.
BENEMERITA UNIVERSIDAD: Moody's Raises Rating to Baa3 from Ba1
--------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the Benemerita
Universidad Autonoma de Puebla (BUAP) to Aa3.mx from A1.mx
(Mexico National Scale) and to Baa3 from Ba1 (Global Scale, local
currency). The outlook on the ratings is stable.
Ratings Rationale
"The upgrade reflects (1) a sustainable trend of strong operating
margins, driven by an established and strong market position in
higher education for the region, (2) growth in operating revenues
in conjunction with the management's ability to contain operating
expenditures, (3) low debt levels, and (4) very high liquidity
levels, offset by a large and growing unfunded pension
liability", says Roxana Munoz, Analyst.
BUAP benefits from strong student demand, driven by state
population growth and a well established academic reputation,
which allows the university to remain selective. Despite the
recent expansion of university facilities, including the
development of 9 regional campuses, only 42% of applicants were
offered admission to BUAP in 2010, of which roughly 95% are
matriculated, a high level.
In the last five years, BUAP's credit profile has been
strengthened by the recording of strong positive operating
margins (operating revenues minus operating spending, including
interest payments) that have generated pay-as-you-go financing
for a considerable portion of capital projects. The university
posted positive gross operating balances during the 2006-2010
period averaging 12% of operating revenues, a very high level for
the Mexican context. This performance reflects gains in own-
source revenues and in state and federal transfers in conjunction
with a successful implementation of cost rationalization
measures. Between 2006 and 2010, operating revenues expanded at a
compound annual growth rate (CAGR) of 10%, outpacing the
equivalent 9% CAGR for operating expenditures.
As a result, on a consolidated basis (taking into account capital
revenues and expenditures), BUAP has registered cash financing
surpluses averaging 1% of total revenues between 2006 and 2010.
Given these financial results, the university did not contract
additional debt during 2010 for financing capital expenditures.
As such, BUAP's debt burden declined significantly in 2010.
Specifically, direct debt as a percentage of total revenues
decreased to 5.0% in 2010 from a recent peak of 12% in 2009.
"Given our expectations of balanced consolidated fiscal results
over the near term, Moody's expects debt levels to continue to
decrease in the following years" says Mrs. Munoz. Moody's notes
however, that unfunded pension obligations, equivalent in 2010 to
285% of total revenues, continue to be a challenge as they
continue growing.
The Aa3.mx/Baa3 ratings also reflect BUAP's very high net working
capital (current assets less current liabilities) as a percentage
of total expenditures, which, on average, has been equivalent to
25% for the 2006-2010 period.
The principal methodologies used in this rating were Public
Universities Outside the US published in August 2007 and
Government Related Issuers published in July 2010.
VITRO SAB: Unit Files Schedules of Assets and Liabilities
---------------------------------------------------------
Vitro America LLC filed with the U.S. Bankruptcy Court for
the Northern District of Texas its schedules of assets and
liabilities, and statements of financial affairs, disclosing:
Name of Schedule Assets Liabilities
---------------- ------------ -----------
A. Real Property US$7,401,547
B. Personal Property $79,620,380
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims US$13,323,959
E. Creditors Holding
Unsecured Priority
Claims $240,636,305
F. Creditors Holding
Unsecured Non-priority
Claims $1,237,003,159
------------ --------------
TOTAL US$87,021,927 US$1,490,963,424
A full-text copy of the Schedules is available for free at:
http://bankrupt.com/misc/VITROAMERICA_sal.pdf
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in
Mexico, with consolidated net sales in 2009 of MXN23,991 million
(US$137 billion).
Vitro defaulted on its debt in 2009 and sought to restructure
around US$1 billion in debt, including US$1 billion in notes.
Vitro launched an offer to buy back or swap US$1 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push
through a plan to buy back or swap US$1 billion in debt from
bondholders based on the vote of US$1 billion of intercompany
debt when third-party creditors were opposed. Vitro as a result
dismissed the first Chapter 15 petition following the ruling by
the Mexican court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V.
commenced a voluntary judicial reorganization proceeding under
the Ley de Concursos Mercantiles before the Federal District
Court for Civil and Labor Matters for the State of Nuevo Leon,
the United Mexican States. On June 30, 2011, Vitro Packaging
filed a chapter 15 petition (Bankr. N.D. Tex. Case No. 11-34224).
Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and
Vitro Packaging de Mexico S.A. de C.V. The Foreign
Representatives are represented by David M. Bennett, Esq.,
Katharine E. Battaia, Esq., and Cassandra A. Sepanik, Esq., at
Thompson & Knight LLP, and Andrew M. Leblanc, Esq., Risa M.
Rosenberg, Esq., Thomas J. Matz, Esq., and Jeremy C. Hollembeak,
Esq., at Milbank Tweed Hadley & McCloy LLP.
Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P.,
opposed the exchange. Together, they held US$75 million, or
approximately 6% of the outstanding bond debt. The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer. The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro. The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq., at White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.
10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-
47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-
47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-
47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-
47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11. The U.S. subsidiaries subsequently sold their
businesses to an affiliate of Sun Capital Partners Inc. for US$55
million.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.
===============
P A R A G U A Y
===============
* REPUBLIC OF PARAGUAY: S&P Ups Foreign Currency Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency ratings on the Republic of Paraguay to 'BB-'
from 'B+'.
"At the same time, we affirmed our 'B' short-term foreign and
local currency ratings on the sovereign. The outlook is stable,"
S&P related.
"The upgrade reflects improvements to external and fiscal
flexibility provided by the recently enacted agreement with the
Brazilian government to raise Paraguay's share of revenues from
the Itapu Dam, a hydroelectric power plant on the Paran River
near the Brazil-Paraguay border," said Standard & Poor's credit
analyst Richard Francis. In accordance with legislation passed
by the Brazilian Congress in May 2011, Paraguay's annual revenues
from the Itapu facility are projected to increase by an estimated
1.5% of GDP. This strengthens the ability of the Paraguayan
government to continue to expand social programs and much-needed
infrastructure while maintaining fiscal discipline, which will
likely help lower poverty rates and boost economic growth
prospects.
Paraguay's weak political institutions, less developed economy,
and limited monetary flexibility constrain the ratings. However,
strengthened economic fundamentals and the country's political
maturation support the ratings. Since 2004, the central
government has run fiscal surpluses, resulting in a steadily
declining general government debt burden, which it expects to
reach 14% of GDP in 2011.
At the same time, the country has witnessed continued
strengthening of its external indicators as a result of solid
export growth (except in 2009) and rising international reserves,
which now cover more than three months of current account
payments. "We expect Paraguay's economy to remain solid in 2011,
with per capita GDP growth of 3.7%, down from more than 13% in
2010, which was unusually high because of the rebound from 2009
and a record soya harvest," S&P related.
The stable outlook balances the country's narrow economy and
substantial infrastructure needs against the government's
improving fiscal underpinnings and low debt. The ratings could
improve further if important investment projects are undertaken,
such as a possible aluminum smelter, further boosting growth
prospects and external indicators. Additional reform measures in
the areas of debt management, financial supervision, and the
recapitalization of the central bank, a precursor to inflation
targeting, would also improve rating prospects. On the other
hand, rapid credit growth that impairs external and fiscal
flexibility or leads to financial sector problems could put
downward pressure on the ratings.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
SOC COMERCIAL PL CADN SW 177502185 -343324573
SOC COMERCIAL PL CAD IX 177502185 -343324573
SOC COMERCIAL PL CADN EU 177502185 -343324573
SOC COMERCIAL PL SCDPF US 177502185 -343324573
SOC COMERCIAL PL CVVIF US 177502185 -343324573
SOC COMERCIAL PL CADN EO 177502185 -343324573
SOC COMERCIAL PL COME AR 177502185 -343324573
COMERCIAL PL-ADR SCPDS LI 177502185 -343324573
SOC COMERCIAL PL COMEC AR 177502185 -343324573
COMERCIAL PLA-BL COMEB AR 177502185 -343324573
SOC COMERCIAL PL COMED AR 177502185 -343324573
SOCOTHERM-SP ADR SOCOY US 101075648 -3157975
SOCOTHERM SA-B STHE AR 101075648 -3157975
SOCOTHERM-5 VT-A STHE5 AR 101075648 -3157975
SNIAFA SA-B SNIA5 AR 11229696 -2670544
SNIAFA SA SNIA AR 11229696 -2670544
SNIAFA SA-B SDAGF US 11229696 -2670544
BELIZE
VARIG SA-PREF VARGPN BZ 966298025 -4695211316
VARIG SA VARGON BZ 966298025 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025 -4695211316
VARIG SA VAGV3 BZ 966298025 -4695211316
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291
BATTISTELLA-RI P BTTL2 BZ 355816098 -2564562
BATTISTELLA-RIGH BTTL1 BZ 355816098 -2564562
BATTISTELLA-RECE BTTL9 BZ 355816098 -2564562
BATTISTELLA-RECP BTTL10 BZ 355816098 -2564562
BATTISTELLA BTTL3 BZ 355816098 -2564562
BATTISTELLA-PREF BTTL4 BZ 355816098 -2564562
DOCAS SA DOCAON BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
TELEBRAS-PF BLCK TELB40 BZ 280204646 -21109882
TELEBRAS-RTS PRF RCTB2 BZ 280204646 -21109882
TELEBRAS-COM RT TELB1 BZ 280204646 -21109882
TELEBRAS-CED C/E TEL4C AR 280204646 -21109882
TELEBRAS-ADR TBASY US 280204646 -21109882
TELEBRAS-CM RCPT TBRTF US 280204646 -21109882
TELEBRAS-CEDE PF RCT4D AR 280204646 -21109882
TELEBRAS-CEDE PF RCTB4 AR 280204646 -21109882
TELEBRAS-PF RCPT RCTB41 BZ 280204646 -21109882
TELEBRAS-RTS CMN RCTB1 BZ 280204646 -21109882
TELEBRAS-RECEIPT TLBRUO BZ 280204646 -21109882
TELEBRAS-CM RCPT TELE31 BZ 280204646 -21109882
TELEBRAS SA-PREF TLBRPN BZ 280204646 -21109882
TELEBRAS SA TBASF US 280204646 -21109882
TELEBRAS-PF RCPT RCTB40 BZ 280204646 -21109882
TELEBRAS-CM RCPT RCTB31 BZ 280204646 -21109882
TELEBRAS-RCT RCTB33 BZ 280204646 -21109882
TELEBRAS-RCT PRF TELB10 BZ 280204646 -21109882
TELEBRAS-RTS PRF TLCP2 BZ 280204646 -21109882
TELEBRAS-BLOCK TELB30 BZ 280204646 -21109882
TELEBRAS-ADR TBRAY GR 280204646 -21109882
TELEBRAS-PF RCPT CBRZF US 280204646 -21109882
TELEBRAS-RTS CMN TCLP1 BZ 280204646 -21109882
TELECOMUNICA-ADR 81370Z BZ 280204646 -21109882
TELEBRAS-ADR TBH US 280204646 -21109882
TELEBRAS-CEDEA $ TEL4D AR 280204646 -21109882
TELEBRAS-CEDE PF RCT4C AR 280204646 -21109882
TELEBRAS-PF RCPT TBAPF US 280204646 -21109882
TELEBRAS-ADR TBAPY US 280204646 -21109882
TELEBRAS SA-RT TELB9 BZ 280204646 -21109882
TELEBRAS SA-PREF TELB4 BZ 280204646 -21109882
TELEBRAS/W-I-ADR TBH-W US 280204646 -21109882
TELEBRAS-PF RCPT TELE41 BZ 280204646 -21109882
TELEBRAS-CEDE PF TELB4 AR 280204646 -21109882
TELEBRAS SA TELB3 BZ 280204646 -21109882
TELEBRAS-PF RCPT RCTB42 BZ 280204646 -21109882
TELEBRAS-ADR RTB US 280204646 -21109882
TELEBRAS-CM RCPT RCTB32 BZ 280204646 -21109882
TELEBRAS-ADR TBX GR 280204646 -21109882
TELEBRAS SA TLBRON BZ 280204646 -21109882
TELEBRAS-CM RCPT RCTB30 BZ 280204646 -21109882
TELEBRAS-CEDE BL RCT4B AR 280204646 -21109882
TELEBRAS-PF RCPT TLBRUP BZ 280204646 -21109882
HOTEIS OTHON SA HOOT3 BZ 255036149 -426067695
HOTEIS OTHON-PRF HOOT4 BZ 255036149 -426067695
HOTEIS OTHON-PRF HOTHPN BZ 255036149 -426067695
HOTEIS OTHON SA HOTHON BZ 255036149 -426067695
TEKA TKTQF US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TKTQY US 246866965 392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
SANSUY SNSY3 BZ 200809364 -115213256
SANSUY-PREF A SNSY5 BZ 200809364 -115213256
SANSUY SA-PREF B SNSYBN BZ 200809364 -115213256
SANSUY SA-PREF A SNSYAN BZ 200809364 -115213256
SANSUY-PREF B SNSY6 BZ 200809364 -115213256
SANSUY SA SNSYON BZ 200809364 -115213256
D H B-PREF DHBI4 BZ 185992309 -151323933
D H B DHBI3 BZ 185992309 -151323933
DHB IND E COM-PR DHBPN BZ 185992309 -151323933
DHB IND E COM DHBON BZ 185992309 -151323933
BALADARE BLDR3 BZ 159454015 -529922121
FABRICA RENAUX-P FRNXPN BZ 109683743 -488361468
FABRICA TECID-RT FTRX1 BZ 109683743 -488361468
FABRICA RENAUX-P FTRX4 BZ 109683743 -488361468
FABRICA RENAUX FTRX3 BZ 109683743 -488361468
FABRICA RENAUX FRNXON BZ 109683743 -488361468
WETZEL SA MWET3 BZ 100017711 -535934519
WETZEL SA MWELON BZ 100017711 -535934519
WETZEL SA-PREF MWELPN BZ 100017711 -535934519
WETZEL SA-PREF MWET4 BZ 100017711 -535934519
DOC IMBITUBA-RT IMBI1 BZ 96977064 -425926022
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -425926022
DOC IMBITUBA IMBI3 BZ 96977064 -425926022
DOC IMBITUBA-RT 8218594Q BZ 96977064 -425926022
DOC IMBITUB-PREF IMBI4 BZ 96977064 -425926022
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -425926022
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -425926022
DOCAS IMBITUBA IMBION BZ 96977064 -425926022
DOC IMBITUBA-RT 9866923Q BZ 96977064 -425926022
ESTRELA SA-PREF ESTRPN BZ 89585906 -807614863
ESTRELA SA-PREF ESTR4 BZ 89585906 -807614863
ESTRELA SA ESTRON BZ 89585906 -807614863
ESTRELA SA ESTR3 BZ 89585906 -807614863
ACO ALTONA-PREF EALT4 BZ 89152030 -984858771
ACO ALTONA EALT3 BZ 89152030 -984858771
ACO ALTONA SA EAAON BZ 89152030 -984858771
ACO ALTONA-PREF EAAPN BZ 89152030 -984858771
VARIG PART EM SE VPSC3 BZ 830178286 -495721699
VARIG PART EM-PR VPSC4 BZ 830178286 -495721699
TEXTEIS RENA-RCT TXRX9 BZ 730958339 -103943205
TEXTEIS RENAU-RT TXRX2 BZ 730958339 -103943205
TEXTEIS RENAUX RENXON BZ 730958339 -103943205
TEXTEIS RENA-RCT TXRX10 BZ 730958339 -103943205
RENAUXVIEW SA-PF TXRX4 BZ 730958339 -103943205
TEXTEIS RENAU-RT TXRX1 BZ 730958339 -103943205
RENAUXVIEW SA TXRX3 BZ 730958339 -103943205
TEXTEIS RENAUX RENXPN BZ 730958339 -103943205
SCHLOSSER SA-PRF SCHPN BZ 730367499 -343578329
SCHLOSSER SCLO3 BZ 730367499 -343578329
SCHLOSSER-PREF SCLO4 BZ 730367499 -343578329
SCHLOSSER SA SCHON BZ 730367499 -343578329
MINUPAR-RCT 9314634Q BZ 631445339 -606558236
MINUPAR SA MNPRON BZ 631445339 -606558236
MINUPAR-RT MNPR1 BZ 631445339 -606558236
MINUPAR-RCT MNPR9 BZ 631445339 -606558236
MINUPAR MNPR3 BZ 631445339 -606558236
MINUPAR-PREF MNPR4 BZ 631445339 -606558236
MINUPAR-RT 9314542Q BZ 631445339 -606558236
MINUPAR SA-PREF MNPRPN BZ 631445339 -606558236
GRADIENTE EL-PRC IGBCN BZ 610889775 -282692297
GRADIENTE ELETR IGBON BZ 610889775 -282692297
GRADIENTE EL-PRB IGBBN BZ 610889775 -282692297
GRADIENTE-PREF C IGBR7 BZ 610889775 -282692297
GRADIENTE-PREF A IGBR5 BZ 610889775 -282692297
GRADIENTE-PREF B IGBR6 BZ 610889775 -282692297
IGB ELETRONICA IGBR3 BZ 610889775 -282692297
GRADIENTE EL-PRA IGBAN BZ 610889775 -282692297
VARIG PART EM-PR VPTA4 BZ 494321248 -399290396
VARIG PART EM TR VPTA3 BZ 494321248 -399290396
CIMOB PART-PREF GAFP4 BZ 44047411 -456699639
CIMOB PART-PREF GAFPN BZ 44047411 -456699639
CIMOB PARTIC SA GAFP3 BZ 44047411 -456699639
CIMOB PARTIC SA GAFON BZ 44047411 -456699639
WIEST WISA3 BZ 341082013 -126997429
WIEST SA-PREF WISAPN BZ 341082013 -126997429
WIEST SA WISAON BZ 341082013 -126997429
WIEST-PREF WISA4 BZ 341082013 -126997429
RECRUSUL - RCT RCSL10 BZ 31427766 -303076056
RECRUSUL - RCT RCSL9 BZ 31427766 -303076056
RECRUSUL RCSL3 BZ 31427766 -303076056
RECRUSUL SA RESLON BZ 31427766 -303076056
RECRUSUL - RT RCSL2 BZ 31427766 -303076056
RECRUSUL SA-PREF RESLPN BZ 31427766 -303076056
RECRUSUL-PREF RCSL4 BZ 31427766 -303076056
RECRUSUL - RCT 4529793Q BZ 31427766 -303076056
RECRUSUL-BON RT RCSL12 BZ 31427766 -303076056
RECRUSUL-BON RT RCSL11 BZ 31427766 -303076056
RECRUSUL - RT 4529785Q BZ 31427766 -303076056
RECRUSUL - RT 4529781Q BZ 31427766 -303076056
RECRUSUL - RCT 4529789Q BZ 31427766 -303076056
RECRUSUL - RT RCSL1 BZ 31427766 -303076056
SANESALTO SNST3 BZ 310440535 -184329732
STAROUP SA-PREF STARPN BZ 276636045 -7174512
STAROUP SA STARON BZ 276636045 -7174512
BOTUCATU TEXTIL STRP3 BZ 276636045 -7174512
BOTUCATU-PREF STRP4 BZ 276636045 -7174512
CONST BETER SA COBE3 BZ 254694742 -491865999
CONST BETER SA COBEON BZ 254694742 -491865999
CONST BETER-PF B 1COBBN BZ 254694742 -491865999
CONST BETER-PR B COBEBN BZ 254694742 -491865999
CONST BETER-PF B COBE6 BZ 254694742 -491865999
CONST BETER-PF A 1COBAN BZ 254694742 -491865999
CONST BETER-PR A COBEAN BZ 254694742 -491865999
CONST BETER SA 1COBON BZ 254694742 -491865999
CONST BETER SA COBE3B BZ 254694742 -491865999
CONST BETER-PR B 1009Q BZ 254694742 -491865999
CONST BETER-PR A 1008Q BZ 254694742 -491865999
CONST BETER-PF A COBE5 BZ 254694742 -491865999
CONST BETER SA 1007Q BZ 254694742 -491865999
FERRAGENS HAGA-P HAGAPN BZ 237328278 -658835559
FER HAGA-PREF HAGA4 BZ 237328278 -658835559
HAGA HAGA3 BZ 237328278 -658835559
FERRAGENS HAGA HAGAON BZ 237328278 -658835559
ALL ORE MINERACA STLB3 BZ 23040051 -8699861
ALL ORE MINERACA AORE3 BZ 23040051 -8699861
STEEL - RCT ORD STLB9 BZ 23040051 -8699861
STEEL - RT STLB1 BZ 23040051 -8699861
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
CAFE BRASILIA SA CSBRON BZ 210973691 -903951460
CAF BRASILIA CAFE3 BZ 210973691 -903951460
CAF BRASILIA-PRF CAFE4 BZ 210973691 -903951460
CAFE BRASILIA-PR CSBRPN BZ 210973691 -903951460
TECEL S JOSE SJOS3 BZ 190673232 -52580501
TECEL S JOSE-PRF SJOS4 BZ 190673232 -52580501
TECEL S JOSE FTSJON BZ 190673232 -52580501
TECEL S JOSE-PRF FTSJPN BZ 190673232 -52580501
NORDON METAL NORDON BZ 153545974 -268596368
NORDON MET NORD3 BZ 153545974 -268596368
NORDON MET-RTS NORD1 BZ 153545974 -268596368
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
REII INC REIC US 14423532 -3506007
CHIARELLI SA CCHI3 BZ 14300741 -467294324
CHIARELLI SA-PRF CCHI4 BZ 14300741 -467294324
CHIARELLI SA CCHON BZ 14300741 -467294324
CHIARELLI SA-PRF CCHPN BZ 14300741 -467294324
HERCULES SA HERTON BZ 126891179 -170680899
HERCULES HETA3 BZ 126891179 -170680899
HERCULES-PREF HETA4 BZ 126891179 -170680899
HERCULES SA-PREF HERTPN BZ 126891179 -170680899
GAZOLA GAZO3 BZ 124521441 -40298531
GAZOLA SA-DVD PF GAZO12 BZ 124521441 -40298531
GAZOLA-RCPT PREF GAZO10 BZ 124521441 -40298531
GAZOLA SA-DVD CM GAZO11 BZ 124521441 -40298531
GAZOLA-PREF GAZO4 BZ 124521441 -40298531
GAZOLA SA GAZON BZ 124521441 -40298531
GAZOLA-RCPTS CMN GAZO9 BZ 124521441 -40298531
GAZOLA SA-PREF GAZPN BZ 124521441 -40298531
ARTHUR LANG-RC C ARLA9 BZ 116422552 -171544616
ARTHUR LAN-DVD P ARLA12 BZ 116422552 -171544616
ARTHUR LANG-RC P ARLA10 BZ 116422552 -171544616
ARTHUR LANGE ARLA3 BZ 116422552 -171544616
ARTHUR LANGE SA ALICON BZ 116422552 -171544616
ARTHUR LANGE-PRF ALICPN BZ 116422552 -171544616
ARTHUR LANG-RT C ARLA1 BZ 116422552 -171544616
ARTHUR LANG-RT P ARLA2 BZ 116422552 -171544616
ARTHUR LANGE-PRF ARLA4 BZ 116422552 -171544616
ARTHUR LAN-DVD C ARLA11 BZ 116422552 -171544616
F GUIMARAES-PREF FGUI4 BZ 110165424 -151840377
F GUIMARAES FGUI3 BZ 110165424 -151840377
FERREIRA GUIMARA FGUION BZ 110165424 -151840377
FERREIRA GUIM-PR FGUIPN BZ 110165424 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599104 -50416404
CHILESAT CORP SA TELEX CI 1156945109 -122555289
TELEX-A TELEXA CI 1156945109 -122555289
TELMEX CORP-ADR CSAOY US 1156945109 -122555289
TELEX-RTS TELEXO CI 1156945109 -122555289
CHILESAT CO-ADR TL US 1156945109 -122555289
CLARO COM SA CHILESAT CI 1156945109 -122555289
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555289
PUERTO RICO
TEXTIL SAN CRI-C SNCRISC1 PE 59428057 -8824587
TEXTIL SAN CRI-C SNCR/C PE 59428057 -8824587
***********
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.
* * * End of Transmission * * *