/raid1/www/Hosts/bankrupt/TCRLA_Public/111118.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
Friday, November 18, 2011, Vol. 12, No. 229
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Gives C.ar Rating to B Notes
GOMAPLAST SA: Creditors' Proofs of Debt Due Feb. 1
INSUMOS MEDICOS: Creditors' Proofs of Debt Due Feb. 7
B E R M U D A
DUMBARTON LTD: Sole Member to Receive Wind-Up Report on Dec. 5
EARTH FINANCE: Creditors' Proofs of Debt Due Nov. 18
EARTH FINANCE: Members' Final Meeting Set for Dec. 8
WIND FINANCE: Creditors' Proofs of Debt Due Nov. 18
WIND FINANCE: Members' Final Meeting Set for Dec. 8
C A Y M A N I S L A N D S
DINVEST JAPAN: Members' Final Meeting Set for Nov. 21
ECM SERVICES: Shareholders Receive Wind-Up Report
FOCAL LIMITED: Members' Final Meeting Set for Nov. 21
FRONTIER PARTNERS: Shareholders' Final Meeting Set for Nov. 18
GALAXY FUND: Members' Final Meeting Set for Nov. 21
GIOVINE LONG: Shareholders' Final Meeting Set for Nov. 25
GLOBAL OPPORTUNITIES: Shareholders' Final Meeting Set for Nov. 25
KENMAR GLOBAL: Shareholders' Final Meeting Set for Dec. 22
MELCHIOR GLOBAL: Shareholders' Final Meeting Set for Nov. 21
MELCHIOR GLOBAL: Shareholders' Final Meeting Set for Nov. 21
MENTIN INVESTMENTS: Members' Final Meeting Set for Nov. 21
SANDRINGHAM HOLDINGS: Shareholders' Final Meeting Set for Nov. 25
SPRING LOTUS: Members' Final Meeting Set for Nov. 21
STAPLE STREET: Shareholders' Final Meeting Set for Nov. 30
TRENDSQUARE REALIZATION: Members' Final Meeting Set for Nov. 21
ZAIS INVESTMENT: Court Denies Motion for Reconsideration
M E X I C O
DULCES ARBOR: Hires Law Firm to Investigate Largest Creditor
FINANCIERA BEPENSA: Moody's Assigns Ba3 Currency Issuer Ratings
- - - - -
=================
A R G E N T I N A
=================
FIDEICOMISO FINANCIERO: Moody's Gives C.ar Rating to B Notes
------------------------------------------------------------
Moody's Latin America (Moody's) has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie IX issued by
Equity Trust Company (Argentina) S.A.- acting solely in its
capacity as issuer and trustee.
Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.
- ARS26,578,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Pvcred Serie IX", rated Aaa.ar (sf)
(Argentine National Scale) and Ba2 (sf) (Global Scale, Local
Currency)
- ARS60,907,000 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero Pvcred Serie IX", rated Aaa.ar (sf)
(Argentine National Scale) and Ba2 (sf) (Global Scale, Local
Currency)
- ARS19,933,000 in Class B Debt Securities of "Fideicomiso
Financiero Pvcred Serie IX", rated C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale, Local Currency)
- ARS3,322,000 in Certificates of "Fideicomiso Financiero Pvcred
Serie IX", rated C.ar (sf) (Argentine National Scale) and C (sf)
(Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
13,818 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.
The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 18%. The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus a spread to be defined. The Floating
Rate Debt Securities' interest rate will never be higher than 26%
or lower than 14%. The Class B Fixed Rate Securities will bear a
fixed interest rate of 24%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 73.84% and
13,89% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance. The subordination levels will
increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 26.00% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 26% for Class A floating rate securities.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to September 2010. In assigning the rating to
this transaction, Moody's assumed a triangular distribution for
each one of the different pools securitized, for the PVCred and
the "Staff" pool losses a most likely scenario of 20%, with a
minimum of 10% and a maximum of 30% were assumed, for the Cuota Ya
loans, a minimum of 15%, a maximum of 35% and a most likely
scenario of 25% were assumed. Moreover, a triangular distribution
of 50% as the most likely, 40% as a minimum and 60% as a maximum
was assumed for the refinanced loans and another triangular
distribution with a maximum of 28%, a minimum of 8% and a most
likely of 18% was assumed for the loans with a discounted
installment. Also, Moody's assumed a triangular distribution for
prepayments centered around a most likely scenario of 40%, with a
minimum of 30% and a maximum of 50%.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 1.23% for the Floating Rate Debt
Securities, 82.23% expected loss for Class B Fixed Rate Debt
Securities and 100.00% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool the ratings of the Class A
Fixed Rate would be unchanged. The ratings of the Class A
Floating Rate be likely downgraded to B3 (sf) and the ratings of
the Class A Fixed Rate, the Class B and the CP would remain
unchanged.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi (Ba3/Aa2.ar) will be appointed as the back-up
collection agent.
The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity and the unemployment rate in Argentina.
GOMAPLAST SA: Creditors' Proofs of Debt Due Feb. 1
--------------------------------------------------
Fernando Jose Marziarte, the court-appointed trustee for Gomaplast
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 1, 2012.
Mr. Marziarte will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:
Fernando Jose Marziarte
Avenida Callao 930
Argentina
INSUMOS MEDICOS: Creditors' Proofs of Debt Due Feb. 7
-----------------------------------------------------
Gonzalo Cueva, the court-appointed trustee for Insumos Medicos
Patricios SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 7, 2012.
Mr. Cueva will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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.
Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 3, 2012.
The Trustee can be reached at:
Gonzalo Cueva
Joaquin V. Gonzalez 1429
Argentina
=============
B E R M U D A
=============
DUMBARTON LTD: Sole Member to Receive Wind-Up Report on Dec. 5
--------------------------------------------------------------
The sole member of Dumbarton, Ltd. will receive on Dec. 5, 2011,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
Ernest Morrison is the company's liquidator.
EARTH FINANCE: Creditors' Proofs of Debt Due Nov. 18
----------------------------------------------------
The creditors of Earth Finance Ltd. are required to file their
proofs of debt by Nov. 18, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 2, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
EARTH FINANCE: Members' Final Meeting Set for Dec. 8
----------------------------------------------------
The members of Earth Finance Ltd. will hold their final meeting on
Dec. 8, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Nov. 2, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
WIND FINANCE: Creditors' Proofs of Debt Due Nov. 18
---------------------------------------------------
The creditors of Wind Finance Ltd. are required to file their
proofs of debt by Nov. 18, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 2, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
WIND FINANCE: Members' Final Meeting Set for Dec. 8
---------------------------------------------------
The members of Wind Finance Ltd. will hold their final meeting on
Dec. 8, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Nov. 2, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
===========================
C A Y M A N I S L A N D S
===========================
DINVEST JAPAN: Members' Final Meeting Set for Nov. 21
-----------------------------------------------------
The members of Dinvest Japan & Asia Realization Ltd. will hold
their final meeting on Nov. 21, 2011, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Russell Gleisner
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Telephone: +1(345) 814 2330
e-mail: rgleisner@deloitte.com
ECM SERVICES: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Oct. 27, 2011, the shareholders of ECM Services Limited
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
FOCAL LIMITED: Members' Final Meeting Set for Nov. 21
-----------------------------------------------------
The members of Focal Limited will hold their final meeting on
Nov. 21, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
FRONTIER PARTNERS: Shareholders' Final Meeting Set for Nov. 18
--------------------------------------------------------------
The shareholders of Frontier Partners will hold their final
meeting on Nov. 18, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814 7366
Facsimile: (345) 945 3902
Grand Cayman KY1-1111
Cayman Islands
GALAXY FUND: Members' Final Meeting Set for Nov. 21
---------------------------------------------------
The members of Galaxy Fund Ltd. will hold their final meeting on
Nov. 21, 2011, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Russell Gleisner
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Telephone: +1(345) 814 2330
e-mail: rgleisner@deloitte.com
GIOVINE LONG: Shareholders' Final Meeting Set for Nov. 25
---------------------------------------------------------
The shareholders of Giovine Long Only Ltd. will hold their final
meeting on Nov. 25, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
GLOBAL OPPORTUNITIES: Shareholders' Final Meeting Set for Nov. 25
-----------------------------------------------------------------
The shareholders of Global Opportunities Fund Ltd. will hold their
final meeting on Nov. 25, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
KENMAR GLOBAL: Shareholders' Final Meeting Set for Dec. 22
----------------------------------------------------------
The shareholders of Kenmar Global Eco Fund I SPC Limited will hold
their final meeting on Dec. 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MELCHIOR GLOBAL: Shareholders' Final Meeting Set for Nov. 21
------------------------------------------------------------
The shareholders of Melchior Global Macro Fund Limited will hold
their final meeting on Nov. 21, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MELCHIOR GLOBAL: Shareholders' Final Meeting Set for Nov. 21
------------------------------------------------------------
The shareholders of Melchior Global Macro (Master) Fund Limited
will hold their final meeting on Nov. 21, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MENTIN INVESTMENTS: Members' Final Meeting Set for Nov. 21
----------------------------------------------------------
The members of Mentin Investments Ltd. will hold their final
meeting on Nov. 21, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
SANDRINGHAM HOLDINGS: Shareholders' Final Meeting Set for Nov. 25
-----------------------------------------------------------------
The shareholders of Sandringham Holdings Limited will hold their
final meeting on Nov. 25, 2011, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
SPRING LOTUS: Members' Final Meeting Set for Nov. 21
----------------------------------------------------
The members of Spring Lotus Limited will hold their final meeting
on Nov. 21, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
STAPLE STREET: Shareholders' Final Meeting Set for Nov. 30
----------------------------------------------------------
The shareholders of Staple Street Aviation Fund Ltd. will hold
their final meeting on Nov. 30, 2011, at 10:00 a.m., to receive
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Stuart Brankin
Desmond Campbell
Telephone: (345) 949 5586
c/o Aston Corporate Managers, Ltd.
P.O. Box 1981 Grand Cayman, KY1-1104
Cayman Islands
TRENDSQUARE REALIZATION: Members' Final Meeting Set for Nov. 21
---------------------------------------------------------------
The members of Trendsquare Realization Ltd. will hold their final
meeting on Nov. 21, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Russell Gleisner
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Telephone: +1(345) 814 2330
e-mail: rgleisner@deloitte.com
ZAIS INVESTMENT: Court Denies Motion for Reconsideration
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey has
denied the application of Zais Investment Grade Limited VII to
reconsider its order denying the employment of Maples & Calder as
special Cayman Islands counsel.
As reported in the Troubled Company Reporter on May 30, 2011,
Zais has proposed to tap Maples and Calder to advise and consult
with respect to matters of Cayman Islands law, including, without
limitation, all implications of Cayman Islands concerning the
Debtor's day to day operations and day to day bankruptcy
proceedings.
About Zais Investment Grade Limited
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 US$365,771,549 in liabilities in its
schedules.
===========
M E X I C O
===========
DULCES ARBOR: Hires Law Firm to Investigate Largest Creditor
------------------------------------------------------------
Dulces Arbor, S. De R.L. De C.V., has sought and obtained
permission form the U.S. bankruptcy Court for the Western District
of Texas to expand the scope of David Pierce, Esq. and his law
firm Pierce & Little to include appearance as necessary, to bring
to light the facts of the Debtor's post dealing with Maple
Commercial Finance Corp., the largest creditor in the Chapter 11
case.
On July 22, 2011, the Debtor filed its application to employ
Mr. Pierce as special counsel, to pursue an adversary proceeding
in the Court for turnover and patent infringement and tortuous
interference, and to pursue an action for attorney's breach of
fiduciary duty in the United States District Court in Austin,
Texas. Mr. Pierce's employment was approved by the Court on
July 25, 2011.
Maple Commercial said in open court that it was withdrawing its
objection, without prejudice, based upon the circumstances that
there is no active proceeding in which PIERCE is currently
representing any members of the Ducorsky family (Raymond, Mark,
Brad, or Norma) or Blueberry Sales, LP, each of whom is an insider
and creditor in this case.
DULCE ABNOR, through is counsel in the main case, consented on the
record that the objection could be re-asserted if Pierce resume ot
took up anew any representation of any of the Ducorskys or
Bluberry Sales LP.
The Court accordingly allows the withdrawal of the MAPLE
Objection, without prejudice to refilling if PIERCE resumes or
takes up anew any representation of any of the Ducorskys or
Bluberry Sales LP.
About Dulces Arbor
Dulces Arbor, S. de R.L. de C.V., aka Dulces Arbor, S.A. de C.V.,
is a Mexican corporation that has been doing business for years in
the greater El Paso-Ciudad Juarez area in Texas. It filed for
Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 11-31199) on
June 22, 2011. Judge Leif M. Clark presides over the case.
In its petition, the Debtor estimated assets of US$10 million to
US$50 million, and debts of US$1 million to US$10 million. The
petition was signed by Raymond Ducorsky, sole administrator.
Mr. Ducorsky is also its largest unsecured creditor with a
US$2,300,000 claim.
The U.S. Trustee said that a committee has not been appointed
because an insufficient number of persons holding unsecured claims
against Dulces Arbor, S. de R.L. de C.V, have expressed interest
in serving on a committee. The U.S. Trustee reserves the right to
appoint a committee should interest developed among the creditors.
FINANCIERA BEPENSA: Moody's Assigns Ba3 Currency Issuer Ratings
---------------------------------------------------------------
Moody's assigned Financiera Bepensa S.A. de C.V. SOFOM E.N.R.
(Financiera Bepensa) long and short term global local currency
(GLC) issuer ratings of Ba3 and Not Prime, At the same time,
Moody's de Mexico assigned long- and short-term Mexican National
Scale issuer ratings of A3.mx/MX-2 to Financiera Bepensa. All
these ratings have stable outlooks.
Ratings Rationale
Financiera Bepensa's B3 unsupported baseline credit assessment
(BCA) reflects its modest size and franchise value as the captive
financial arm of its economic group Grupo Bepensa. Although the
company benefits from exploiting the chain of business available
in its economic group by providing financial products to its
affiliate companies, their suppliers and customers, these
relationships result in a high level of dependence to the extent
that its intrinsic franchise value, earnings generation, and
business potential are very limited. Financiera Bepensa's family-
based ownership structure along with sizable exposures to related
parties increase Moody's concerns regarding potential corporate
governance risks.
The ratings also reflect Financiera Bepensa's poorly diversified
funding structure and weak liquidity profile. Of particular
concern is the absence of long term funding sources and access to
debt capital markets, as well as the important concentration on a
few uncommitted bank lines as its main funding sources.
Other limiting factors include the company's current expansion
plans outside of the group's business relationships. While this
initiative is good from an asset and earnings diversification
perspective, it also raises concerns in terms of the inherent
execution risks particularly as the company expands into market
segments, customers and products with very different dynamics
relative to those present within its group affiliates. Large
credit concentrations, as well as the company's small absolute
size and limited business scope also weigh negatively on the
ratings.
The ratings are partially balanced by the strong synergies that
can be achieved with Financiera Bepensa's conglomerate, and which
have supported its expansion to date. Moody's also acknowledges
Financiera Bepensa's strong brand name on a regional basis, and it
robust capitalization ratios.
According to Moody's, the Ba3 global local currency issuer rating
incorporates three notches of uplift from the issuer's baseline
credit assessment (BCA) of B3, to reflect Moody's assessment of
the probability that Grupo Bepensa could support Financiera
Bepensa in a situation of stress. This is because of its
strategic importance to the group and the benefits it derives from
business relationships, customer base, funding support, regional
presence, capital and brand name.
However, as Financiera Bepensa expands beyond the group's
relationships, Moody's will reassess its opinion on the
probability of support, which could result in changes to Moody's
assumptions of group support.
***********
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 * * *