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/raid1/www/Hosts/bankrupt/TCRLA_Public/120418.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 Wednesday, April 18, 2012, Vol. 13, No. 077 Headlines A N T I G U A LIAT: Layoffs Leads to Union Strike Threat; Labor Ministry Meddles A R G E N T I N A YPF SA: Fitch Cuts Local Currency Issuer Default Rating to 'B' * Argentina's YPF Nationalization Can be Harmful to Investment B A R B A D O S REDJET: Asks Guyana Government for Financial Assistance B E R M U D A WALKWAY TECHNOLOGIES: Creditors' Proofs of Debt Due May 8 C A Y M A N I S L A N D S CAPSTONE ALTUM: Shareholders' Final Meeting Set for May 11 DEL MAR INDEX: Shareholders' Final Meeting Set for May 11 DEL MAR SPECIAL: Shareholders' Final Meeting Set for May 11 GENTLE PERSUADER: Shareholders' Final Meeting Set for May 30 HAV2 (I) LIMITED: Shareholders' Final Meeting Set for May 11 HAV2 (IX): Shareholders' Final Meeting Set for May 11 HAV2 (XI): Shareholders' Final Meeting Set for May 11 HEISENBERG MANAGEMENT: Shareholders' Final Meeting Set for May 2 MSR ASIA: Members' Final Meeting Set for April 30 OUCHY CORPORATION: Members Receive Wind-Up Report J A M A I C A JUCT: Clampdown on Illegal Operators Hikes Up Profit Margin * JAMAICA: Huge Trade Deficit With Trinidad D O M I N I C A N R E P U B L I C PRESTIGE HOLDINGS: Pulls Out of Dominican Republic After Losses P U E R T O R I C O CONSTRUCTORA DE HATO: Files for Chapter 11 in Puerto Rico JMR DEVELOPMENT: Wants Until July 2 to Propose Chapter 11 Plan JMR DEVELOPMENT: Mireya Santos-Soto Withdraws from Representation T R I N I D A D & T O B A G O CL FIN'L: Policyholders File Appeal Against Judge's Decision - - - - - ============= A N T I G U A ============= LIAT: Layoffs Leads to Union Strike Threat; Labor Ministry Meddles ------------------------------------------------------------------ Guardian Media reports that an industrial action at Leeward Islands Air Transport, known as LIAT, could shut down the airline, as Antigua and Barbuda's Workers Union general secretary Senator David Massiah warned of "dire consequences" if it failed to withdraw letters which informed staff of the Quikpak Cargo Department that they would be without jobs. Guardian Media relates that Mr. Massiah, also president of the Caribbean Congress of Labour, said that he had commenced talks with regional trade unions on how exactly to carry out industrial action. The Ministry of Labour has invited LIAT and ABWU to the bargaining table in an effort to prevent threatened strike, Guardian Media says. As reported by the Troubled Company Reporter on April 12, 2012, RJR News reported that more than 20 employees of LIAT at its cargo department have been made redundant. The Antigua Observer reported that of the 28 employees who service the Cargo and Quick Pak Department, only three were spared the plight of redundancy. According to Guardian Media, ABWU found the move as "premature," noting that it had requested a comprehensive management plan from LIAT to help better manage the layoffs, which the company failed to provide. The Management of LIAT and representatives of ABWU met on April 13, 2012, under the auspices of the Dr. Errol Cort, Minister of Labour, Government of Antigua & Barbuda, resulted to an agreement to extend by two weeks the time-frame for a consultation between parties, Caribarena.com relates. The report says that the consultation will be headed by the Minister of Labour. The meeting will continue on April 23, 2012. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= YPF SA: Fitch Cuts Local Currency Issuer Default Rating to 'B' -------------------------------------------------------------- Fitch Ratings has downgraded the following ratings for YPF S.A.: -- Local currency (LC) Issuer Default Rating (IDR) to 'B' from 'B+'; -- National scale rating to 'AA(arg)' from 'AA+(arg)'; -- Class III notes for USD50 million to 'AA(arg)' from 'AA+ (arg)'; -- Class V notes for ARP100 million to 'AA(arg)' from 'AA+ (arg)'; -- Two bond programs for USD1 billion each to 'AA(arg)' from 'AA+(arg)'. The Rating Outlook for the ratings has been revised to Stable from Negative. In conjunction with these rating actions, Fitch has affirmed YPF's foreign currency (FC) IDR at 'B' with a Stable Outlook. Fitch has also affirmed the USD100 million notes due 2028 at 'B/RR4'. The 'RR4' reflects average recovery prospects in the event of default. Fitch has also affirmed YPF's equity rating at 'Level 1'. The rating downgrades reflect the Argentine government's recent announcement that it intends to introduce legislation to nationalize YPF. As a result, YPF's LC IDR has been downgraded to the same level as the sovereign's 'B' rating. The government announced it intends take over YPF's class D shares owned by Repsol and divide the ownership of these shares between the Federal government (51%) and the oil and gas producing provinces (49%). Fitch believes the law to allow the implement YPF's take over will be approved by the Congress within a short time frame. Ownership by the government will likely lead to greater inefficiencies and lower profitability as government owned entities tend to incorporate more social strategies into their business strategy. Fitch also anticipates that a state owned YPF would take an active role in guarantying Argentina's domestic oil and gas supply. This role might include managing and paying for natural gas imports, which in 2011 represented a cost of USD 9.4 billion. The government has also declared oil and gas production is an activity of public interest. The affirmation of YPF's FC IDR at 'B' reflects that the rating was previously moved to the same rating level as the sovereign. The company's bondholders can request that YPF repurchase the notes at 100% plus accrued interest if an event of nationalization takes place and is continuing. Such a request can be claimed by bondholders representing 25% of principal of YPF's outstanding domestic and international notes. Until now, YPF maintained an adequate business profile as Argentina's dominant integrated oil company along with good credit ratios. Key credit concerns center on YPF's weak upstream operating measures, a debt profile concentrated on the short term and exposure to government's interference risk. As of December 2011, YPF's cash position was USD339 million which compares to USD1.9 billion of short-term debt. Following the take over of Repsol YPF's stake in YPF, the government is expected to hold 51% of the company, the Petersen Group 25%, Repsol YPF 6%, while the remainder is traded in the stock exchange. * Argentina's YPF Nationalization Can be Harmful to Investment -------------------------------------------------------------- Fitch believes decision by Argentina's government to begin the process of nationalizing YPF S.A., the country's largest energy producer, adds to Argentina's policy uncertainty and could prove to be harmful for long-term private investment. This action also underscores the unfavorable business environment, as characterized by increased government intervention and regulatory uncertainty in the country. Fitch notes that a high level of policy unpredictability, typical for 'B' category-rated sovereigns, has been incorporated to a large extent in the current ratings of Argentina. The government announced on April 17, 2012, its intention to submit a bill to Congress authorizing the state to acquire 51% of the shares of YPF from Repsol, Spain's largest energy company, owner until now of a 57% stake. At the same time, the government decreed that it will immediately assume control over management of YPF. The terms of the takeover are uncertain, but we will continue to monitor how these would affect Argentina's public finances and financing flexibility. Regulated energy tariffs and a domestic energy subsidy program have reduced investment and production incentives in Argentina, contributing to a rise in energy imports and reversal in the country's energy trade surplus. With the YPF nationalization, the government aims to reverse the downward trend in oil and gas production. The proposed nationalization of YPF comes on the heels of other interventionist policies the government has introduced over the past few months. Authorities have imposed tougher controls on capital and current account flows to preserve international reserves and control depreciating pressures on the currency. All these measures highlight the relatively weak overall policy framework of Argentina, which continues to heavily weigh on its sovereign creditworthiness. Fitch currently rates Argentina's foreign and local currency IDRs 'B' with Stable Rating Outlooks. =============== B A R B A D O S =============== REDJET: Asks Guyana Government for Financial Assistance ------------------------------------------------------- Barbados Nation reports that Guyana Minister of Public Works and Transport Robeson Benn has confirmed that REDjet CEO Ian Burns has approached the ministry, along with the Ministry of Tourism, for financial assistance. Citing Minister Benn, the Sunday Sun relates that the government will still decide on the finance request. REDjet is also reportedly in talks with Venezuelan investors "who have interests in the airline industry", Barbados Nation says. About REDjet REDjet (Airone Caribbean/Airone Ventures Limited) is a startup low-cost carrier (LCC) based at the Grantley Adams International Airport in Christ Church, Barbados, near Bridgetown. Incorporated in Barbados, the privately owned airline features a fleet of McDonnell Douglas MD-82 and MD-83 aircraft. * * * As reported in the Troubled Company Reporter-Latin America on March 26, 2012, RJR News reports that REDjet's decision to suspend all flights came a day after the airline announced the addition of its new route to Antigua and Barbuda. REDjet officials are calling on the Barbadian government for close to $8,000,000 in assistance, and to receive the same subsidies as other airlines, RJR News noted. The report disclosed that Mr. Maharaj said governments cannot continue to expose themselves as a guarantor to private enterprises. ============= B E R M U D A ============= WALKWAY TECHNOLOGIES: Creditors' Proofs of Debt Due May 8 --------------------------------------------------------- The creditors of Walkway Technologies Ireland are required to file their proofs of debt by May 8, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 2, 2012. The company's liquidators are: Charles Thresh Mike Morrison KPMG Advisory Limited 4 Pa-La-Ville Road, Hamilton Bermuda =========================== C A Y M A N I S L A N D S =========================== CAPSTONE ALTUM: Shareholders' Final Meeting Set for May 11 ---------------------------------------------------------- The shareholders of Capstone Altum Credit Intermediate Fund, Ltd. will hold their final meeting on May 11, 2012, at 8:45 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 DEL MAR INDEX: Shareholders' Final Meeting Set for May 11 --------------------------------------------------------- The shareholders of Del Mar Index Opportunities Intermediate Fund Ltd. will hold their final meeting on May 11, 2012, at 9:10 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 DEL MAR SPECIAL: Shareholders' Final Meeting Set for May 11 ----------------------------------------------------------- The shareholders of Del Mar Special Opportunities Intermediate Fund Ltd. will hold their final meeting on May 11, 2012, 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 GENTLE PERSUADER: Shareholders' Final Meeting Set for May 30 ------------------------------------------------------------ The shareholders of The Gentle Persuader Fund will hold their final meeting on May 30, 2012, 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: John Sutlic Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands HAV2 (I) LIMITED: Shareholders' Final Meeting Set for May 11 ------------------------------------------------------------ The shareholders of HAV2 (I) Limited will hold their final meeting on May 11, 2012, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HAV2 (IX): Shareholders' Final Meeting Set for May 11 ----------------------------------------------------- The shareholders of HAV2 (IX) Limited will hold their final meeting on May 11, 2012, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HAV2 (XI): Shareholders' Final Meeting Set for May 11 ----------------------------------------------------- The shareholders of HAV2 (XI) Limited will hold their final meeting on May 11, 2012, 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 SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HEISENBERG MANAGEMENT: Shareholders' Final Meeting Set for May 2 ---------------------------------------------------------------- The shareholders of Heisenberg Management Ltd. will hold their final meeting on May 2, 2012, 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 Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MSR ASIA: Members' Final Meeting Set for April 30 ------------------------------------------------- The members of MSR Asia Acquisitions IV, Inc. will hold their final meeting on April 30, 2012, 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 OUCHY CORPORATION: Members Receive Wind-Up Report ------------------------------------------------- The members of Ouchy Corporation received on April 13, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ezequiel A. Camerini Fox & Horan, Camerini LLP 825 Third Avenue, 12th Floor New York New York 10022 United States of America ============= J A M A I C A ============= JUCT: Clampdown on Illegal Operators Hikes Up Profit Margin ----------------------------------------------------------- RJR News reports that since the clampdown on illegal taxi operators in the Half-Way Tree area of St Andrew, the Jamaica Urban Transit Company is reporting an improved profit margin as a result of increased passenger load. The company said that while the numbers have trended up, the level of earning is dependent on the peak hours and the day of the week, according to RJR News. The report relates that with the traffic police taking their operation to downtown Kingston routes with effect from this morning, the JUTC is expecting an even greater increase. RJR News notes that a police team led by head of the police Traffic Department, Senior Superintendent Radcliffe Lewis took their operation to downtown Kingston on Monday, April 16. About Jamaica Urban Transit Company Jamaica Urban Transit Company was established in 1998 to provide a centrally managed state-of-the-art public bus service. The government invested US6 billion aiming to have an efficient transport system and for the Jamaican people. * * * As reported in the Troubled Company Reporter-Latin America on February 13, 2009, RadioJamaica said JUTC defaulted on loan obligations with RBTT Bank and Petrocaribe Development Fund, among others, due to cash flow problems. The Ministry of Information, as cited by Radio Jamaica, stated that the JUTC operates an overdraft facility of US520 million at the National Commercial Bank which expired in February. The report noted that the Ministry said this facility is consistently utilized at the upper limit and, on occasions, exceeds the limit giving rise to the imposition of penalty charges above 43%. * JAMAICA: Huge Trade Deficit With Trinidad ------------------------------------------- RJR News reports that another attempt is being made to address the huge trade deficit between Jamaica and Trinidad and Tobago. Trinidad's Trade Minister Stephen Cadiz is to lead a delegation to the island on April 26, according to RJR News. The report relates that the delegation will comprise eight members from Trinidad's public sector and about 20 business people from the private sector on a buyers' mission. RJR News notes that Mr. Cadiz said the objective for the four-day trip is to narrow the differential in trade between Trinidad and Jamaica. Mr. Cadiz said the purpose of the visit is to identify Jamaican goods for import, the report relays. The report recalls that in 2010, the total exports to Jamaica stood at TT$4.5 billion with the trade deficit standing at over TT$4 billion in Trinidad and Tobago's favor. =================================== D O M I N I C A N R E P U B L I C =================================== PRESTIGE HOLDINGS: Pulls Out of Dominican Republic After Losses --------------------------------------------------------------- Paul Allen at the Jamaica Observer reports that Prestige Holdings Limited has signed a deal to sell its 12 KFC restaurants and two TGI Friday's in the Dominican Republic, after experiencing management and severe losses. Prestige Holdings equally holds the rights to KFC and TGI Friday's restaurants in that country. The Jamaica Observer relates that under the signed stock purchase agreement, Montlac Corp. will acquire Prestige's 50% stake. The report says that final sale will be completed by the end of April. According to the Jamaica Observer, Prestige made increased profits of 11.4% or TT$36 million for the year ended Nov. 30, 2011, but suffered losses in some of its overseas operations. The Jamaica Observer relates that Prestige posted a loss of TT$29.5 million from writing off debt and discontinuing its operations in the Dominican Republic. The Dominican Republic losses badly affected Prestige's shareholders' profit as TT$7 million was attributed to them, some way off the TT$24.3 million of 2011, the Jamaica Observer reports. Prestige Holdings Limited is the franchise holder for TGI Friday's in Jamaica. The restaurant operator, which is most dominant in Trinidad, runs several quick service restaurants in the Dominican Republic. ===================== P U E R T O R I C O ===================== CONSTRUCTORA DE HATO: Files for Chapter 11 in Puerto Rico --------------------------------------------------------- Constructora De Hato Rey Incorporada filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02876-11) in Old San Juan, Puerto Rico, on April 13, 2012. The Debtor is represented by Charles Alfred Cuprill, Esq., at Charles A. Curpill, PSC Law Office, in San Juan. The Debtor disclosed US$10.8 million in assets and US$6.86 million in liabilities in its schedules. The Debtor owns parcels of land in Puerto Rico with an aggregate value of US$1.82 million. The Debtor has "uncollectible" receivables of US$4.05 million owed by affiliates. It also has construction equipment worth US$4.1 million. Secured debt only totals US$2.13 million. A copy of the schedules filed with the petition is available for free at: http://bankrupt.com/misc/prb12-02876.pdf JMR DEVELOPMENT: Wants Until July 2 to Propose Chapter 11 Plan -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico extended until July 2, 2012, JMR Development Group, Corp., and JMR Tourist Development Group, Corp.'s exclusive period to file a Chapter 11 Plan. The Debtors explained that they needed more time to negotiate with various entities to obtain postpetition financing necessary for the preparation of their Plan and Disclosure Statement. The postpetition financing for the completion of the construction of their hotel and casino facilities will be provided and guaranteed by various governmental agencies or financial institutions. About JMR Development Group JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D. P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico. CPA Luis R. Carrasquillo & CO., P.S.C serves as financial accountant. The Debtor scheduled assets of US$12,732,474 and debts of US$48,587,611. An affiliate, JMR Tourist Development Group Corp. sought Chapter 11 protection (Case No. 11-07911) on the same day. JMR DEVELOPMENT: Mireya Santos-Soto Withdraws from Representation ----------------------------------------------------------------- Mireya Santos-Soto, Esq., notified the U.S. Bankruptcy Court for the District of Puerto Rico that she has withdrawn as counsel of record to JMR Development Group, Corp., and JMR Tourist Development Group, Corp. As reported in the Troubled Company Reporter on Nov. 3, 2011, the Court authorized the Debtor to employ Charles A. Cuprill, P.S.C., Law Offices as counsel. Ms. Santos-Soto added that Charles A. Cuprill-Hernandez will continue representing Debtor in the matter. Ms. Santos-Soto also requested that her name be removed from all filings and notices henceforth. About JMR Development Group JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D. P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico. CPA Luis R. Carrasquillo & CO., P.S.C serves as financial accountant. The Debtor scheduled assets of US$12,732,474 and debts of US$48,587,611. An affiliate, JMR Tourist Development Group Corp. sought Chapter 11 protection (Case No. 11-07911) on the same day. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Policyholders File Appeal Against Judge's Decision ------------------------------------------------------------ Trinidad and Tobago Newsday reports that a notice of appeal has been filed by the group of Clico policyholders against Justice Devindra Rampersad's decision to dismiss their application for preemptive costs in their legal challenge of the legality of the bailout plan offered to them by Finance Minister Winston Dookeran. Justice Rampersad dismissed the application for preemptive costs in a lawsuit brought by the Percy Farrell Group of EFPA policyholders, saying they were not entitled to pre-emptive costs on their application to have the money to pursue their litigation be paid out of the Statutory Trust Fund established by the Central Bank, according to T&T Newsday. The report relates that orders for pre-emptive costs are made in exceptional circumstances in cases involving public interest challenges, where claimants apply to Justice Rampersad for an order that there be no order as to costs against them, whatever the outcome of the proceedings. T&T Newsday relays that Justice Rampersad said he had no discretion to interfere with the Statutory Fund without regard to the risk assessment factor. In their appeal, the report says that the group is contending that the judge erred in law and misdirected himself in inviting and entertaining submissions by the respondents. T&T Newsday notes that the policyholders are also arguing that he failed to consider and take into account that he appointed Farrell to represent the whole class of EFPA policyholders and that it would have been unfair to expose Farrell to the payment of costs when he applied to the court for protection. The group further contends that Justice Rampersad confused their application for preemptive costs with the application for declarations in relation to the administration of the Statutory Trust in their lawsuit, T&T Newsday discloses. The report notes that the Percy Farrell Group said Justice Rampersad was wrong to find that there was no evidence that Clico would be unable to satisfy its liabilities when they became due in relation to the claimants. They are also arguing that Justice Rampersad should not have ventured into considering the merits of the case and make findings on issues in the substantive case, 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. *********** 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 * * *