/raid1/www/Hosts/bankrupt/TCRLA_Public/120320.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, March 20, 2012, Vol. 13, No. 053
Headlines
A R G E N T I N A
TERMINALES PORTUARIOS: S&P Rates $110MM Sr. Secured Notes 'BB'
* ARGENTINA: Moody's Reviews Ratings of 19 Banks for Downgrade
B R A Z I L
GOL LINHAS: Gets Consent of Debenture Holders on Non-Compliance
ENTRAIS ELETRICAS: Moody's Continues to Monitor 'Ca' Ratings
MINERVA SA: S&P Raises Corporate Credit Rating to 'B+'
C A Y M A N I S L A N D S
ARWA IAM: Creditors' Proofs of Debt Due May 22
CARIBBEAN OIL: Creditors' Proofs of Debt Due April 12
CEDAR FUND: Creditors' Proofs of Debt Due April 3
GIPPER IAM: Creditors' Proofs of Debt Due May 22
INVESTCORP OPPORTUNISTIC: Creditors' Proofs of Debt Due May 22
MACRO VOLATILITY: Creditors' Proofs of Debt Due April 11
MVC FUND 2: Creditors' Proofs of Debt Due April 11
OCELOT RUSSIAN: Creditors' Proofs of Debt Due April 10
PARMALAT CAPITAL: Court Enters Wind-Up Order
PHI RUSSIA: Creditors' Proofs of Debt Due April 11
POINT-PLUS FIRST: Creditors' Proofs of Debt Due April 11
PRODIGY OPPORTUNITIES: Creditors' Proofs of Debt Due April 12
REAL ASSETS: Commences Liquidation Proceedings
SFR LTD: Creditors' Proofs of Debt Due April 11
M E X I C O
CORPORACION GEO: S&P Rates US$400-Mil. Sr. Unsecured Notes 'BB-'
GRUPO KUO: Fitch Affirms 'BB' Issuer Default Rating
GRUPO POSADAS: S&P Affirms 'CCC+' Corporate Credit Rating
T R I N I D A D & T O B A G O
CL FIN'L: PM Won't Comment Until He Sees CLICO Forensic Audit
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
TERMINALES PORTUARIOS: S&P Rates $110MM Sr. Secured Notes 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' preliminary
rating to the 25-year, senior secured notes issuance of up to
$110 million proposed by Peru-based Terminales Portuarios
Euroandinos Paita S.A. (TPE). The outlook is stable.
"The assignment of a final rating will be subject to the final
issuance of satisfactory documentation," S&P said.
Standard & Poor's 'BB' preliminary rating reflects these
weaknesses:
* The project's exposure to the volatile commodity and container
trade volumes, as potential decreases over traffic levels
and/or regional production could hinder the concessionaire's
revenues;
* Small scale of operations compared with other ports in the
region;
* Relatively concentrated customer base.
As of November 2011, TPE's top-10 clients generated about 77% of
its consolidated revenues;
* Exposure to climatic factors, such as the El Ni¤o phenomenon,
that are beyond the operator's control; and
* A back-loaded amortization schedule, with about 55% of
principal amortizing in the last quarter of the bonds' life.
Several strengths counterbalance these weaknesses:
* A favorable concession agreement with a clear mechanism of
tariff adjustment, service quality, and mandatory investments,
with a detailed time schedule and triggers properly defined in
terms of capacity reached;
* Adequate structural protections, with a six-month debt service
reserve account (DSRA), the need to comply with a minimum 1.5x
debt service coverage ratio (DSCR) to make restricted payments,
and a three-year concession tail;
* A fixed-price, turnkey, and date-certain engineering,
procurement, and construction contract backed by letters of
credit from investment-grade financial institutions (covering
10% of the aggregate amount); and
Adequate minimum and average DSCR of 1.3x and 2.8x, respectively,
under Standard & Poor's base-case scenario.TPE was awarded, in
September 2009, a concession contract to design, build, finance,
operate, and transfer the port of Paita, in the Piura Region of
northern Peru, for 30 years. The port handles about 152,000 20-
foot-equivalent units yearly, mainly exports of regional
agricultural and hydrobiological products.
"The stable outlook reflects our expectation that TPE will show
adequate operating performance, benefiting from improving traffic
fundamentals fueled by prosperous economic conditions in the
northern region of Peru, which would allow TPE to maintain the
above-mentioned metrics," S&P said.
* ARGENTINA: Moody's Reviews Ratings of 19 Banks for Downgrade
--------------------------------------------------------------
Moody's Investors Service on March 16 announced it was continuing
its review of deposit ratings and stand-alone financial strength
ratings of 19 banking groups in Argentina whose ratings had been
placed on review for possible downgrade on November 21, 2011.
Moody's Latin America also announced it was continuing its review
of the long term debt ratings of 19 banking groups in Argentina
whose ratings had been placed on review for possible downgrade on
Nov. 21, 2011. At the same time, Moody's placed on review for
downgrade the national scale ratings of 13 of those groups.
Moody's said it would also reassess the standalone baseline
credit assessments of seven additional banks. The announcement
follows Moody's global assessment of linkages between financial
institutions and sovereign credit risk.
The reviews will be focused on the sensitivity and degree to
which certain issuers' standalone credit profiles that are
currently above the B3 rating of the Argentinean sovereign are
correlated with sovereign credit quality. They will also take
into account the effect on banks' financial fundamentals of the
Argentinean government's recent macroeconomic measures as
outlined in the rating actions of Nov. 21, 2011.
Review Rationale
During the reviews, Moody's will assess the degree to which
issuers' standalone credit profiles are correlated with that of
the Argentinean sovereign. The reviews will take into account
(i) the extent to which the entities' business is dependent on
the domestic macroeconomic and financial environment, (ii)
reliance on market-based and therefore more confidence-sensitive
funding, and (iii) direct or indirect exposures to domestic
sovereign debt. This review reflects Moody's assessment of the
correlation between sovereign and financial institutions' credit
risk globally, a view that is further discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on Feb. 13, 2012.
Given the expectation that the standalone ratings of the affected
institutions are likely to be rated at or below the Argentinean
sovereign rating, the rating review will in each case also focus
on a reassessment of Moody's assumptions for parental or systemic
support as a source of rating uplift from the standalone ratings.
Which Firms Are Affected
REVIEWS FOR DOWNGRADE
Banco del Chubut
Banco de la Ciudad de Buenos Aires
Banco Comafi S.A.
Banco Credicoop Cooperativo Limitado
Banco de Galicia y Buenos Aires S.A.
Compania Financiera Argentina S.A.
Banco de Servicios y Transacciones S.A.
HSBC Bank Argentina S.A.
Banco Industrial S.A.
Banco Itau Argentina S.A.
Banco Macro S.A.
Banco del Tucuman S.A.
Multifinanzas Compania Financiera S.A.
Banco Patagonia S.A.
GPAT Compania Financiera S.A.
PSA Finance Argentina S.A.
Banco Piano S.A.
Banco Santander Rio S.A.
Banco de Santiago del Estero S.A.
Nuevo Banco de la Rioja S.A.
Standard Bank Argentina S.A.
Grupo Supervielle S.A.
Banco Supervielle S.A.
Cordial Compania Financiera S.A.
Banco de Valores S.A.
REASSESSMENTS OF STANDALONE BASELINE CREDIT ASSESSMENT
Banco de Inversion y Comercio Exterior
Banco Cetelem S.A.
Banco de la Provincia de Cordoba
Banco Finansur S.A.
Banco Saenz S.A.
Banco de Servicios Financieros
Toyota Compania Financiera S.A.
===========
B R A Z I L
===========
GOL LINHAS: Gets Consent of Debenture Holders on Non-Compliance
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. informs its shareholders and
the market that, in reference to the Notice to the Market of
Feb. 14, 2012, VRG (a company controlled by the Company) has
obtained the consent of debenture holders (waiver) in relation to
its non-compliance with certain restrictive contractual clauses
related to its 4th and 5th debenture issues. This waiver was
approved by the Annual Meeting of Debenture Holders on March 15,
2012, and, as a result, the Company is now compliant with its
obligations with the debenture holders of the 4th and 5th
debenture issues. Consequently, there will be no alterations to
the Company's liquidity as a result of these obligation and the
amount related to these issues will once again be classified as
long-term for the purpose of the Company's 1Q12 results
disclosure.
Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2012, Fitch Ratings has assigned an expected rating of
'BB-(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
perpetual bonds. These notes will be issued through GOL's wholly
owned subsidiary, VRG Linhas Aereas S.A., and will be
unconditionally guaranteed by GOL.
ENTRAIS ELETRICAS: Moody's Continues to Monitor 'Ca' Ratings
------------------------------------------------------------
Moody's Investors Service has decided to maintain and continue to
monitor the Ca/Ca.br issuer ratings of Centrais Eletricas do Para
(CELPA) and the Ca rating of CELPA's senior unsecured 5-year
US$250 million bonds rather than withdraw those ratings as
outlined in our previous press release.
Ratings Rationale
Contrary to what Moody's published on Feb. 29, 2012 when it was
announced that CELPA's ratings would be withdrawn, Moody's
decided to maintain CELPA's ratings because the company's
management has indicated that they will continue to publish their
quarterly financial statements and provide adequate disclosure on
a timely basis so that Moody's can continue to evaluate CELPA's
operating performance and the progress of negotiations with their
creditors.
The last rating action on CELPA was on Feb. 29, 2012 when Moody's
downgraded the Issuer ratings of Centrais Eletricas do Para
(CELPA) to Ca from B3 on the global scale and to Ca.br from B1.br
on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA.
The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.
CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
Celpa's total capital.
MINERVA SA: S&P Raises Corporate Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
ratings, including the corporate credit rating, on Brazil-based
meat producer Minerva S.A. to 'B+' from 'B'.
"We have also assigned a Brazilian national scale corporate
credit rating of 'brBBB'," S&P said.
The outlooks on the corporate credit ratings are stable.
"The upgrade reflected the company's improved capital structure,
with longer term debt maturities and considerably lower
refinancing needs, after its February 2012 issuance of $350
million bonds due 2022, the proceeds of which will be used to pay
down short- and medium-term, higher-interest-rate debt," S&P
said.
"Stable-to-somewhat-lower cattle prices for 2012, along with
Minerva's increasing utilization of capacity in its slaughtering,
deboning, and processed-food operations, will also help to
improve cash flow generation and, consequently, leverage metrics,
in our opinion," said Standard & Poor's credit analyst Fl via
Bedran.
"The outlooks are stable, reflecting our expectation that Minerva
will be able to deleverage gradually and that its credit metrics
will improve on higher cash flows from greater utilization of
capacity at its plants and more-favorable market fundamentals for
beef producers in Brazil," S&P said.
"Although its credit metrics are currently tight for the rating
category, we believe its leverage has already peaked and that
higher cash generation will improve its metrics through year-
end," Ms. Bedran added. "At the same time, we expect Minerva will
sustain an adequate liquidity position and reduce its capital
expenditures compared with those of the past two years."
===========================
C A Y M A N I S L A N D S
===========================
ARWA IAM: Creditors' Proofs of Debt Due May 22
----------------------------------------------
The creditors of Arwa IAM Limited are required to file their
proofs of debt by May 22, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
CARIBBEAN OIL: Creditors' Proofs of Debt Due April 12
-----------------------------------------------------
The creditors of Caribbean Oil Purchase Company Ltd are required
to file their proofs of debt by April 12, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 27, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CEDAR FUND: Creditors' Proofs of Debt Due April 3
-------------------------------------------------
The creditors of Cedar Fund are required to file their proofs of
debt by April 3, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Feb. 17, 2012.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
GIPPER IAM: Creditors' Proofs of Debt Due May 22
------------------------------------------------
The creditors of Gipper IAM SP Limited are required to file their
proofs of debt by May 22, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
INVESTCORP OPPORTUNISTIC: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------------
The creditors of Investcorp Opportunistic Investments PFIC SPV
Limited are required to file their proofs of debt by May 22,
2012, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
MACRO VOLATILITY: Creditors' Proofs of Debt Due April 11
--------------------------------------------------------
The creditors of Macro Volatility Convexity Fund are required to
file their proofs of debt by April 11, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 23, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MVC FUND 2: Creditors' Proofs of Debt Due April 11
--------------------------------------------------
The creditors of MVC Fund 2 are required to file their proofs of
debt by April 11, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Feb. 23, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
OCELOT RUSSIAN: Creditors' Proofs of Debt Due April 10
------------------------------------------------------
The creditors of Ocelot Russian Power Investments Ltd. are
required to file their proofs of debt by April 10, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 17, 2012.
The company's liquidator is:
Philip Mosely
Cayman Management Ltd.
Harbour Centre, Ground Floor
PO Box 1569, George Town
Grand Cayman KY1-1110
Cayman Islands
Telephone: +1 345 949 4018
Facsimile: +1 345 949 7891
e-mail: general@caymanmanagement.ky
PARMALAT CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
On May 12, 2006, the Grand Court of Cayman Islands entered an
order to wind up the operations of Parmalat Capital Finance
Limited.
Gwynn Hopkins was appointed as liquidator.
The company's liquidator is:
Gwynn Hopkins
PO Box 1102 4th Floor, Building 3
George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: 1 345 946 0081
Facsimile: 1 345 946 0082
PHI RUSSIA: Creditors' Proofs of Debt Due April 11
--------------------------------------------------
The creditors of PHI Russia Property II GP Ltd are required to
file their proofs of debt by April 11, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
POINT-PLUS FIRST: Creditors' Proofs of Debt Due April 11
--------------------------------------------------------
The creditors of Point-Plus First International Limited are
required to file their proofs of debt by April 11, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
PRODIGY OPPORTUNITIES: Creditors' Proofs of Debt Due April 12
-------------------------------------------------------------
The creditors of Prodigy Opportunities Fund Limited are required
to file their proofs of debt by April 12, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 13, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
REAL ASSETS: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 14, 2012, the members of Real Assets Investments Limited
passed a resolution that voluntarily liquidates the company's
business.
Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.
The company's liquidator is:
Cititrust (Bahamas) Limited
c/o Citigroup Fund Services (Cayman), Ltd.
27 Hospital Road
Cayman Corporate Centre, Fifth Floor
George Town Grand Cayman, KY1-1003
Cayman Islands
c/o Schell Stubbs
Telephone: (242) 302-8714
SFR LTD: Creditors' Proofs of Debt Due April 11
-----------------------------------------------
The creditors of SFR, Ltd. are required to file their proofs of
debt by April 11, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Feb. 20, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
===========
M E X I C O
===========
CORPORACION GEO: S&P Rates US$400-Mil. Sr. Unsecured Notes 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' (at the
same level as the corporate credit rating on the company) to the
$400 million bond issuance due 2022 proposed by Mexico-based
homebuilder Corporacion GEO S.A.B. de C.V. "The recovery rating
is '4', indicating our expectation of average (30% to 50%)
recovery for debtholders in the event of a payment default," S&P
said.
"At the same time, we affirmed our 'BB-' global scale and
mxBBB+/mxA-2' national scale corporate credit ratings on the
company. The outlooks remain stable," S&P said.
"The ratings reflect Geo's aggressive financial profile, with
intense working capital requirements and high use of debt to
finance its growth targets in a competitive market," said
Standard & Poor's credit analyst Fernanda Hernandez.
"The ratings also reflect the concentration of mortgage
originations for the company's homes with public institutes
Instituto del Fondo Nacional de la Vivienda para los Trabajadores
(Infonavit) and Fondo de la Vivienda del Instituto de Seguridad y
Servicios Sociales de los Trabajadores del Estado (Fovissste),
and the degree of political risk inherent to these institutions,"
S&P said.
"Geo's fair business profile is evidenced by the company's
position as one of the key leading homebuilders in Mexico, which
provides it with economies of scale, adequate profitability, and
adequate geographic and product diversification," S&P said.
"The stable outlook reflects our expectation that focusing more
on cash flow generation than double-digit growth will allow Geo
to reduce its working capital needs and improve its credit
metrics gradually," S&P said.
GRUPO KUO: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed Grupo Kuo, S.A.B. de C.V.'s ratings as
follows:
-- Long-term Foreign Currency Issuer Default Rating (IDR) at
'BB';
-- Long-term Local Currency IDR at 'BB';
-- Long-term National Scale Rating at 'A(mex)';
-- US$250 million Senior Notes due 2017 at 'BB';
-- MXN700 million Certificados Bursatiles due in 2015 at
'A(mex)'
The Rating Outlook is Stable.
The ratings affirmation reflects Kuo's strong operating
performance in recent years, stable financial profile, solid
liquidity and adequate debt maturity schedule. The company has
maintained organic growth across business segments despite a
challenging economic environment in conjunction with acquisitions
to strengthen its business lines. Recent acquisitions have been
funded with a combination of internal cash generation and debt;
Fitch expects consolidation and integration of these operations
during 2012 as well as the deployment of announced expansions and
new facilities in Asia to complement the company's portfolio.
Kuo's ratings reflect its diversified revenue stream, hard
currency generation with 47.6% of total sales coming from exports
and subsidiaries located outside of Mexico in 2011 (46.5% in
2010), and joint ventures (JVs) with international industry
leaders. The ratings incorporate the company's exposure to
volatility in demand and input costs related to commodity prices
across business lines. The ratings consider Kuo's management
long term target of Net Debt to EBITDA between 1.5 times (x) and
2.5x. Changes in the company's profile beyond this range could
pressure the ratings.
Strong Operating Performance:
During 2011, Kuo's revenues grew 21.8% to US$2.1 billion and
EBITDA increased 15% to US$183 million. Profitability has also
remained relatively stable despite sharp increases in raw
materials across all divisions, with an 8.5% EBITDA margin for
2011, compared to 8.9% in 2010. According to Fitch's
calculations, during 2011 Free Cash Flow (FCF) after dividends,
acquisitions and divestitures was negative for approximately
US$74 million mainly as a result of increased working capital
requirements, capex and acquisitions. On the other hand, total
debt increased only approximately US$40 million to US$414 million
at the end of 2011. Fitch anticipates that Kuo's FCF for the
next 12-24 months to be from negative to neutral as it deploys
its investing plan. Positive factors for the ratings include a
combination of stable profitability across business segments,
neutral to positive FCF generation through the cycle and
consistent leverage below current levels.
Consistent Business Strategy:
During 2011, Kuo continued its investment plan based on a dynamic
business portfolio. Capex during the year was dedicated to
optimize operations across operating segments. In addition, Kuo
made acquisitions or entered new JV's, among others, the
acquisition of a tuna fishing vessel, Fresherized Foods and Aires
del Campo (organic foods) in the Consumer division, JV with
Jiangsu GPRO Group Co. Ltd. (GPRO) to produce Nitrile Rubber
(NBR) in China for the Chemical segment, as well as the
acquisition of aftermarket breaks leader Fritec and Belgium based
Hoerbiger Drivetrain Mechatronics dual clutch transmission
business in the Automotive division. The company continued with
the deployment of the JV to manufacture and distribution of
automotive components in India. During 2011 capex and
acquisitions reached approximately US$150 million. Fitch expects
that Kuo will continue with the strategy observed in past years
oriented to developing high value added products with attractive
returns, through a combination of internal growth and
acquisitions.
Stable Financial Profile:
Kuo's credit metrics remain relatively stable with a slight
increase in leverage ratios at the end of 2011 as a result of
acquisitions financed with debt but without the EBITDA generation
from new businesses. Total Debt to EBITDA for year end 2011 was
2.3x in dollar terms compared to 2.4x and 2.7x at year end 2010
and 2009, respectively. Fitch calculates on a pro forma basis
considering full year results of acquired operations a total debt
to EBITDA ratio of 2.2x. Total debt balance was US$414 million,
higher than US$374 million at the end of 2010. Management
continues with its long-term target of Net Debt to EBITDA between
1.5x and 2.5x.
Solid Liquidity:
Liquidity is adequate, and the debt maturity profile is
manageable. At the end of 2011 Kuo's had a cash balance of US$34
million, available committed credit lines of approximately US$100
million and short term debt of US$34 million; during January 2012
the company used US$50 million to refinance short term debt and
fund working capital and capex requirements. Kuo's debt maturity
profile is manageable during 2012-2014 after the recent
refinancing in January of this year, with total amortizations of
approximately US$52 million and material maturities starting in
2015 when approximately US$50 million of Certificados Bursatiles
come due.
GRUPO POSADAS: S&P Affirms 'CCC+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Mexican hotel operator Grupo Posadas S.A.B. de C.V. "We affirmed
the global scale corporate credit and senior unsecured debt
ratings at 'CCC+', and the national scale corporate credit rating
at 'mxB+'," S&P said.
The recovery rating on the senior unsecured notes due 2015 is
unchanged at '4'.
The outlook is negative.
"The affirmation of the ratings reflects Posadas' continued
limited financial flexibility to face its debt maturities in
2013," said Standard & Poor's credit analyst Sandra Tinoco.
These maturities total about $3.1 billion. Especially including
the Mexican debt capital market maturities that are due in April
2013, Standard & Poor's believes this could lead to a possible
distressed exchange.
"Moreover, we believe that Posadas will still have limited access
to debt, as we expect the company to be in noncompliance with its
debt incurrence covenant of unadjusted EBITDA interest coverage
of 2.5x in the next two years," S&P said.
"Therefore, the company will have to continue seeking strategies
including the sale of assets or obtaining additional
capitalization," S&P said.
"The ratings on Posadas reflect its aggressive financial policy,
the cyclicality of the lodging industry, its geographic
concentration in Mexico, and its low profitability," S&P said.
"The company's recent significant unwinding of its derivatives
position, the possible paydown of most of its 2012 debt
maturities with the proceeds of the potential issuance of
mandatorily convertible debentures, its status as the largest
hotel operator in Mexico, and its diversified hotel portfolio,
including well-known brands, partially offset the negatives," S&P
said.
"Posadas' financial profile is 'highly leveraged,' as our
criteria define it, and we assess Posadas' business profile as
'weak,'" S&P said.
"The outlook is negative. The low probability of Posadas' meeting
its significant Mexican debt capital market maturity
('certificados burs tiles') in April 2013 (as a result of its
'weak' liquidity and our expectation of limited cash flow
generation), raises the possibility of a distressed debt
restructuring. Therefore, we could lower the ratings in the next
year if the company doesn't obtain additional capitalization
and/or sell assets to meet its debt obligations for first-half
2013," S&P said.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: PM Won't Comment Until He Sees CLICO Forensic Audit
-------------------------------------------------------------
NationNews reports that Barbados Prime Minister Freundel Stuart
will not give any comment on the Deloitte Canada forensic audit
into the operations of CLICO International Life Insurance until
he sees a copy of the report. CLICO International Life Insurance
Ltd. is a member of the CL Financial Group.
Prime Minister Stuart again said he would not respond to the
report, excerpts of which have been carried in NATION
publications, according to NationNews. "If there is a report, I
want to see it. Nobody is going to cull any paragraph that suits
them either and ask me to comment on it," Prime Minister Stuart
told the Lower House, the report relates.
At the same time, the report notes that Prime Minister Stuart
said his position on the matter did not mean that he was not
concerned about the CLICO issue, which has affected thousands of
policyholders and investors in Barbados and the Eastern
Caribbean.
The Prime Minister told his parliamentary colleagues that he was
"not going to be coerced into putting my mouth in gear" before he
had a chance to see the full document, 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$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
SOC COMERCIAL PL COMEC AR 167911092 -342440147
SOC COMERCIAL PL CADN EU 167911092 -342440147
SOC COMERCIAL PL COME AR 167911092 -342440147
SOC COMERCIAL PL SCDPF US 167911092 -342440147
SOC COMERCIAL PL CADN EO 167911092 -342440147
SOC COMERCIAL PL CADN SW 167911092 -342440147
SOC COMERCIAL PL CVVIF US 167911092 -342440147
SOC COMERCIAL PL CAD IX 167911092 -342440147
SOC COMERCIAL PL COMED AR 167911092 -342440147
COMERCIAL PL-ADR SCPDS LI 167911092 -342440147
COMERCIAL PLA-BL COMEB AR 167911092 -342440147
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
BELIZE
------
CELGPAR GPAR3 BZ 3.959E+09 -418654757
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
PORTX OPERA-GDR PXTPY US 734596799 -5675399.32
PORTX OPERACOES PRTX3 BZ 734596799 -5675399.32
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 -71738547
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
PETRO MANGUINHOS RPMG3 BZ 418867615 -98663724
PET MANG-RT RPMG1 BZ 418867615 -98663724
PETRO MANGUINHOS MANGON BZ 418867615 -98663724
PET MANG-RECEIPT RPMG10 BZ 418867615 -98663724
PET MANG-RT 0229249Q BZ 418867615 -98663724
PET MANG-RECEIPT 0229292Q BZ 418867615 -98663724
PET MANGUINH-PRF RPMG4 BZ 418867615 -98663724
PET MANG-RT RPMG2 BZ 418867615 -98663724
PET MANG-RECEIPT 0229296Q BZ 418867615 -98663724
PET MANG-RIGHTS 3678565Q BZ 418867615 -98663724
PET MANG-RECEIPT RPMG9 BZ 418867615 -98663724
PET MANG-RIGHTS 3678569Q BZ 418867615 -98663724
PETRO MANGUIN-PF MANGPN BZ 418867615 -98663724
PET MANG-RT 0229268Q BZ 418867615 -98663724
PET MANG-RT 4115364Q BZ 418867615 -98663724
PET MANG-RT 4115360Q BZ 418867615 -98663724
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
BATTISTELLA BTTL3 BZ 313830220 -5623755.88
BATTISTELLA-RECP BTTL10 BZ 313830220 -5623755.88
BATTISTELLA-RECE BTTL9 BZ 313830220 -5623755.88
BATTISTELLA-RIGH BTTL1 BZ 313830220 -5623755.88
BATTISTELLA-PREF BTTL4 BZ 313830220 -5623755.88
BATTISTELLA-RI P BTTL2 BZ 313830220 -5623755.88
HOTEIS OTHON-PRF HOTHPN BZ 309799346 -23928667
HOTEIS OTHON SA HOTHON BZ 309799346 -23928667
HOTEIS OTHON SA HOOT3 BZ 309799346 -23928667
HOTEIS OTHON-PRF HOOT4 BZ 309799346 -23928667
TEKA TEKAON BZ 278124701 -447124084
TEKA-ADR TKTPY US 278124701 -447124084
TEKA-ADR TKTQY US 278124701 -447124084
TEKA TKTQF US 278124701 -447124084
TEKA TEKA3 BZ 278124701 -447124084
TEKA-PREF TEKA4 BZ 278124701 -447124084
TEKA-PREF TKTPF US 278124701 -447124084
TEKA-PREF TEKAPN BZ 278124701 -447124084
TEKA-ADR TEKAY US 278124701 -447124084
DOCAS SA DOCAON BZ 265185849 -158092426
DOCA INVESTI-PFD DOCA4 BZ 265185849 -158092426
DOCAS SA-RTS PRF DOCA2 BZ 265185849 -158092426
DOCA INVESTIMENT DOCA3 BZ 265185849 -158092426
DOCAS SA-PREF DOCAPN BZ 265185849 -158092426
SANSUY SA SNSYON BZ 180443812 -114112111
SANSUY SA-PREF B SNSYBN BZ 180443812 -114112111
SANSUY SA-PREF A SNSYAN BZ 180443812 -114112111
SANSUY-PREF B SNSY6 BZ 180443812 -114112111
SANSUY SNSY3 BZ 180443812 -114112111
SANSUY-PREF A SNSY5 BZ 180443812 -114112111
DHB IND E COM DHBON BZ 155020175 -122349774
D H B-PREF DHBI4 BZ 155020175 -122349774
D H B DHBI3 BZ 155020175 -122349774
DHB IND E COM-PR DHBPN BZ 155020175 -122349774
TEXTEIS RENA-RCT TXRX10 BZ 133619338 -68177415.4
RENAUXVIEW SA TXRX3 BZ 133619338 -68177415.4
RENAUXVIEW SA-PF TXRX4 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX1 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXPN BZ 133619338 -68177415.4
TEXTEIS RENA-RCT TXRX9 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX2 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXON BZ 133619338 -68177415.4
MINUPAR MNPR3 BZ 130265489 -6044124.99
MINUPAR-RCT 9314634Q BZ 130265489 -6044124.99
MINUPAR SA-PREF MNPRPN BZ 130265489 -6044124.99
MINUPAR-PREF MNPR4 BZ 130265489 -6044124.99
MINUPAR-RT 9314542Q BZ 130265489 -6044124.99
MINUPAR-RCT MNPR9 BZ 130265489 -6044124.99
MINUPAR-RT MNPR1 BZ 130265489 -6044124.99
MINUPAR SA MNPRON BZ 130265489 -6044124.99
BUETTNER SA-PRF BUETPN BZ 97195114 -13140028.8
BUETTNER BUET3 BZ 97195114 -13140028.8
BUETTNER SA-RT P BUET2 BZ 97195114 -13140028.8
BUETTNER SA-RTS BUET1 BZ 97195114 -13140028.8
BUETTNER SA BUETON BZ 97195114 -13140028.8
BUETTNER-PREF BUET4 BZ 97195114 -13140028.8
FABRICA RENAUX-P FRNXPN BZ 95282688 -59034912
FABRICA RENAUX FTRX3 BZ 95282688 -59034912
FABRICA TECID-RT FTRX1 BZ 95282688 -59034912
FABRICA RENAUX-P FTRX4 BZ 95282688 -59034912
FABRICA RENAUX FRNXON BZ 95282688 -59034912
COBRASMA SA COBRON BZ 93053413 -2050908520
COBRASMA-PREF CBMA4 BZ 93053413 -2050908520
COBRASMA CBMA3 BZ 93053413 -2050908520
COBRASMA SA-PREF COBRPN BZ 93053413 -2050908520
ESTRELA SA-PREF ESTR4 BZ 92218510 -92769915.9
ESTRELA SA ESTRON BZ 92218510 -92769915.9
ESTRELA SA ESTR3 BZ 92218510 -92769915.9
ESTRELA SA-PREF ESTRPN BZ 92218510 -92769915.9
GRADIENTE-PREF A IGBR5 BZ 69132281 -253174445
IGB ELETRONICA IGBR3 BZ 69132281 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281 -253174445
GRADIENTE ELETR IGBON BZ 69132281 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281 -253174445
SCHLOSSER-PREF SCLO4 BZ 61819354 -42308353.6
SCHLOSSER SCLO3 BZ 61819354 -42308353.6
SCHLOSSER SA-PRF SCHPN BZ 61819354 -42308353.6
SCHLOSSER SA SCHON BZ 61819354 -42308353.6
CAF BRASILIA-PRF CAFE4 BZ 49512076 -999279159
CAF BRASILIA CAFE3 BZ 49512076 -999279159
CAFE BRASILIA-PR CSBRPN BZ 49512076 -999279159
CAFE BRASILIA SA CSBRON BZ 49512076 -999279159
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
RECRUSUL - RT RCSL1 BZ 42802194 -19134971.9
RECRUSUL SA-PREF RESLPN BZ 42802194 -19134971.9
RECRUSUL - RCT 4529793Q BZ 42802194 -19134971.9
RECRUSUL - RT 4529781Q BZ 42802194 -19134971.9
RECRUSUL SA RESLON BZ 42802194 -19134971.9
RECRUSUL - RCT 0163583D BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL12 BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL10 BZ 42802194 -19134971.9
RECRUSUL - RCT 4529789Q BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL11 BZ 42802194 -19134971.9
RECRUSUL - RT 0163580D BZ 42802194 -19134971.9
RECRUSUL - RT RCSL2 BZ 42802194 -19134971.9
RECRUSUL - RT 0163579D BZ 42802194 -19134971.9
RECRUSUL-PREF RCSL4 BZ 42802194 -19134971.9
RECRUSUL RCSL3 BZ 42802194 -19134971.9
RECRUSUL - RCT 0163582D BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL9 BZ 42802194 -19134971.9
RECRUSUL - RT 4529785Q BZ 42802194 -19134971.9
WIEST-PREF WISA4 BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
SANESALTO SNST3 BZ 31802628 -2924062.87
CONST BETER SA 1007Q BZ 31374374 -1555470.16
CONST BETER-PFA COBE5B BZ 31374374 -1555470.16
CONST BETER-PR B COBEBN BZ 31374374 -1555470.16
CONST BETER SA COBEON BZ 31374374 -1555470.16
CONST BETER-PF A COBE5 BZ 31374374 -1555470.16
CONST BETER-PF B COBE6 BZ 31374374 -1555470.16
CONST BETER SA COBE3B BZ 31374374 -1555470.16
CONST BETER-PR B 1009Q BZ 31374374 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374374 -1555470.16
CONST BETER-PR A COBEAN BZ 31374374 -1555470.16
CONST BETER SA COBE3 BZ 31374374 -1555470.16
CONST BETER SA 1COBON BZ 31374374 -1555470.16
CONST BETER-PR A 1008Q BZ 31374374 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374374 -1555470.16
CONST BETER-PF B COBE6B BZ 31374374 -1555470.16
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
FERRAGENS HAGA-P HAGAPN BZ 21992326 -56631998.5
FER HAGA-PREF HAGA4 BZ 21992326 -56631998.5
HAGA HAGA3 BZ 21992326 -56631998.5
FERRAGENS HAGA HAGAON BZ 21992326 -56631998.5
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
TECEL S JOSE SJOS3 BZ 18420379 -64108300.1
TECEL S JOSE-PRF FTSJPN BZ 18420379 -64108300.1
TECEL S JOSE FTSJON BZ 18420379 -64108300.1
TECEL S JOSE-PRF SJOS4 BZ 18420379 -64108300.1
NORDON MET NORD3 BZ 15971163 -28156360.8
NORDON MET-RTS NORD1 BZ 15971163 -28156360.8
NORDON METAL NORDON BZ 15971163 -28156360.8
LARK MAQS-PREF LARK4 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK1 BZ 15298294 -2072193.19
LARK MAQUINAS-PR LARPN BZ 15298294 -2072193.19
LARK MAQUINAS LARON BZ 15298294 -2072193.19
LARK MAQS LARK3 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK2 BZ 15298294 -2072193.19
CHIARELLI SA CCHON BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHPN BZ 14960467 -43105640.5
CHIARELLI SA CCHI3 BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHI4 BZ 14960467 -43105640.5
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
CONST A LINDEN LINDON BZ 14398838 -3020065.57
CONST A LIND-PRF CALI4 BZ 14398838 -3020065.57
CONST A LIND-PRF LINDPN BZ 14398838 -3020065.57
CONST LINDEN RCT CALI9 BZ 14398838 -3020065.57
CONST LINDEN RCT CALI10 BZ 14398838 -3020065.57
CONST LINDEN RT CALI2 BZ 14398838 -3020065.57
CONST A LINDEN CALI3 BZ 14398838 -3020065.57
CONST LINDEN RT CALI1 BZ 14398838 -3020065.57
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
-----
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502 -1250905.47
PUYEHUE PUYEH CI 24447502 -1250905.47
***********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *