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/raid1/www/Hosts/bankrupt/TCRLA_Public/120423.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 Monday, April 23, 2012, Vol. 13, No. 081 Headlines A N T I G U A LIAT: Workers Get Stay of Termination A R G E N T I N A ADVANCED TELEMEDIA: Creditors' Proofs of Debt Due May 31 ARGENOVO SRL: Applies for Bankruptcy Protection BIRCHMAN CONSULTORES: Creditors' Proofs of Debt Due June 18 ESPECIALISTA EN TENTACIONES: Creditors' Proofs of Debt Due June 1 ESTABLECIMIENTO AVICOLA: Asks for Bankruptcy Proceedings IP NETWORK: Creditors' Proofs of Debt Due May 11 JUSTICE TELECOMUNICACIONES: Creditors' Proofs of Debt Due May 24 MIX COMUNICACIONES: Asks for Bankruptcy Proceedings TODO NOVEDADES: Creditors' Proofs of Debt Due May 22 C A Y M A N I S L A N D S CHINA BRANDS: Shareholders' Final Meeting Set for May 24 INTL TRADE: Shareholders' Final Meeting Set for May 1 INTL TRADE (CAYMAN): Shareholders' Final Meeting Set for May 1 G U Y A N A REDJET: Guyana is Still Studying Proposals T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: To Make Jamaican Pilots Redundant CL FIN'L: CLICO Policyholders Gets Grant for Judicial Review V E N E Z U E L A BANCO INDUSTRIAL: Regulators Want Bank Out of Florida X X X X X X X X * BOND PRICING: For the Week April 16 to April 20, 2012 - - - - - ============= A N T I G U A ============= LIAT: Workers Get Stay of Termination ------------------------------------- Caribbean360.com reports that the ongoing discussions between representatives of Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, the unions and the Antigua and Barbuda Ministry of Labor has proved a saving grace for the 25 LIAT workers who should have been on the breadline this week. Mediator in the dispute, Antigua and Barbuda Minister of Labour Dr Errol Cort, has told Antigua media that it was agreed that the terminations would be deferred to allow for further dialogue, according to Caribbean360.com. The report notes that at the heart of the dispute, over which hangs the cloud of a region-wide disruption of intra-Caribbean travel through threatened industrial action, is the firing of those LIAT workers as a result of the regional airline's decision to outsource its Quikpak & Cargo Operations in Antigua. Caribbean360.com says that the stay of termination will be at least for two weeks following the meeting between all parties last Friday, April 13, at which it was agreed by request of Minister Cort that there would be a two-week extension of the time-frame for a consultation between the company and select representatives of the company's unions. The meeting between LIAT, Ministry of Labor officials, and the Antigua & Barbuda Workers' Union (ABWU), agreed to reconvene on April 23, 2012, to finalize these matters, the report notes. Caribbean360.com relays that according to a joint-release issued by LIAT and ABWU following last week's meeting, the planned consultation will be chaired by the Minister of Labor and is intended to provide an opportunity for additional dialogue between the unions and the company on the company's business plans for 2012 and going forward. In providing an update to the media, Dr. Cort said LIAT had agreed to prepare and circulate to the unions all necessary and relevant information that would be guiding the future of the company and this information should be circulated by (April 20). Dr. Cort also disclosed that the meeting he will chair next Monday will include representation from other unions throughout the region, Caribbean360.com says. Caribbean360.com discloses that Dr. Cort said the meeting would encompass full dialogue on LIAT's business plan and where the company is going, and allow the unions the opportunity to weigh in and express their views on the company's direction as outlined. 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 ================= ADVANCED TELEMEDIA: Creditors' Proofs of Debt Due May 31 -------------------------------------------------------- Griselda Isabel Eldestein, the court-appointed trustee for Advanced Telemedia International Argentina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 31, 2012. Ms. Eldestein will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, 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: Griselda Isabel Eldestein Lambare 1140 Argentina ARGENOVO SRL: Applies for Bankruptcy Protection ----------------------------------------------- Argenovo SRL applied for bankruptcy protection. The company has defaulted on its payments last Dec. 21, 2011. BIRCHMAN CONSULTORES: Creditors' Proofs of Debt Due June 18 ----------------------------------------------------------- Ines Etelvina Clos, the court-appointed trustee for Birchman Consultores (Argentina) SRL's reorganization proceedings, will be verifying creditors' proofs of claim until June 18, 2012. Ms. Clos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, 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 May 7, 2013. The Trustee can be reached at: Ines Etelvina Clos Sarmiento 944 Argentina ESPECIALISTA EN TENTACIONES: Creditors' Proofs of Debt Due June 1 ----------------------------------------------------------------- Gerardo Garcia, the court-appointed trustee for Especialista en Tentaciones SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 1, 2012. Mr. Garcia will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, 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: Gerardo Garcia Madero 1364 Argentina ESTABLECIMIENTO AVICOLA: Asks for Bankruptcy Proceedings -------------------------------------------------------- Establecimiento Avicola Las Acacias SA asked for bankruptcy proceedings. The company has defaulted on its payments last Dec. 21. IP NETWORK: Creditors' Proofs of Debt Due May 11 ------------------------------------------------ Gustavo Adolfo Aran, the court-appointed trustee for IP Network SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 11, 2012. Mr. Aran will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, 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: Gustavo Adolfo Aran Viamonte 1464 Argentina JUSTICE TELECOMUNICACIONES: Creditors' Proofs of Debt Due May 24 ---------------------------------------------------------------- Jose Angel Tsanis, the court-appointed trustee for Justice Telecomunicaciones Argentina SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 24, 2012. Mr. Tsanis will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 33, 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: Jose Angel Tsanis Teniente General Juan Domingo Peron 1410 Argentina MIX COMUNICACIONES: Asks for Bankruptcy Proceedings --------------------------------------------------- Mix Comunicaciones SA requested the opening of bankruptcy proceedings by default. The company has defaulted on its payments last Feb. 12, 2012. TODO NOVEDADES: Creditors' Proofs of Debt Due May 22 ---------------------------------------------------- Elizabeth Maria Teresa Zanaboni, the court-appointed trustee for Todo Novedades SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 22, 2012. Ms. Zanaboni will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 47, 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: Elizabeth Maria Teresa Zanaboni Vera 272 Argentina =========================== C A Y M A N I S L A N D S =========================== CHINA BRANDS: Shareholders' Final Meeting Set for May 24 -------------------------------------------------------- The shareholders of China Brands Investments Limited will hold their final meeting on May 24, 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: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands INTL TRADE: Shareholders' Final Meeting Set for May 1 ----------------------------------------------------- The shareholders of Intl Trade Finance Fund Limited will hold their final meeting on May 1, 2012, 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: Michael Pearson c/o Brad Kirby Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1(345) 814 3471 INTL TRADE (CAYMAN): Shareholders' Final Meeting Set for May 1 -------------------------------------------------------------- The shareholders of Intl Trade Finance Fund (Cayman) Limited will hold their final meeting on May 1, 2012, 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: Michael Pearson c/o Brad Kirby Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1(345) 814 3471 =========== G U Y A N A =========== REDJET: Guyana is Still Studying Proposals ------------------------------------------ Jamaica Gleaner reports that the Guyana government said it is still studying proposals submitted by REDjet (Airone Caribbean/Airone Ventures Limited) that suspended its services to several regional destinations, including Georgetown, last month. "We haven't concluded, we haven't made decisions in that direction, but we haven't ruled anything out as yet either. We want to study it very carefully. My information is that while REDjet was flying, there was a fairly sizeable increase in arrivals in Guyana, so it's something that we have to study," the report quoted by President Donald Ramotar said. Acting Tourism Minister Irfann Ali confirmed that REDjet officials had made a presentation to the government on the issue, according to Jamaica Gleaner. "I'd be frank to say that REDjet officials, they came for a meeting. They made a presentation to the government of Guyana. That presentation is now on the desk of the president and it will be brought to cabinet," Mr. Ali said, the report notes. Last month, Jamaica Gleaner discloses that a senior Barbados government minister said that efforts were being made to have the low-cost carrier resume operations within a two-month period. The report notes that Trinidad and Tobago has, like Barbados, revoked the licenses granted to the carrier that in March suspended its services to various regional destinations. The privately owned airline did not give specific reasons for the shutdown last month, but suggested that it was expecting state assistance to continue operations and blamed "subsidized" competitors for its troubles, Jamaica Gleaner notes. The report relays that Mr. Ramotar said the airline presented an assessment of the impact it has had on regional travel since entering the market, as well as a financial viability plan to be considered by Cabinet. The report adds that St Kitts and Nevis Tourism Minister Richard Skerritt urged regional governments to help the airline return to the skies. 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. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: To Make Jamaican Pilots Redundant ----------------------------------------------------- Caribbean360.com reports that Caribbean Airlines Limited has announced that all positions of pilots represented by the Jamaican Airline Pilots' Association will be made redundant next month. Reports published 64 of the 75 JAPLPA members are employed by CAL which also operates Air Jamaica, according to Caribbean360.com. Kingston-based pilots were advised of the decision by CAL representatives and those from the subsidiary CARIBAL Limited that their positions will be made redundant from May, CAL said in a statement obtained by the Caribbean360.com. However, the report says Senator Kavan Gayle, head of the Bustamante Industrial Trade Union, has described the intended move as an attempt at union busting to break up the JALPA as a trade union representing Jamaican pilots. Reports quoted Mr. Gayle as accusing CAL of trying to make the pilots redundant and offer them new terms and conditions for which they have to attend interviews to determine who will be rehired, Caribbean360.com notes. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. CL FIN'L: CLICO Policyholders Gets Grant for Judicial Review ------------------------------------------------------------ Keino Swamber at Trinidad Express reports that the United Policyholders Group has been granted leave to apply for judicial review of the government's decision not to pay them the full sum of money due on their CLICO Executive Flexible Premium Annuities (EFPA). Justice Joan Charles said she was satisfied that the group has raised several grounds for judicial review with a reasonable prospect of success, according to Trinidad Express. The report relates that the policyholders initiated legal action against Prime Minister Kamla Persad-Bissessar and the Cabinet of Trinidad and Tobago. Trinidad Express relays that it was later agreed that the Attorney General will be substituted as the proposed defendant. The report notes that attorneys acting on behalf of the group contended that there was a guarantee given by the State in 2009 that their money in the Colonial Life Insurance Company Ltd (CLICO) would be safe and, if there was any deficit in the company's statutory funds that Government would make up the deficit, the report says. Trinidad Express discloses that Queen's Counsel Peter Knox submitted that when the new administration took up office in 2010, Finance Minister Winston Dookeran announced a plan to repay policyholders their money without interest over a period of 20 years. The report relates that this plan, Mr. Dookeran said, was inconsistent with the guarantee given by the previous government. Trinidad Express notes that it was argued that where a Government or a public authority wants to change a policy which has created a legitimate expectation of a substantive benefit, which is a protection in public law, it has to adduce evidence to show an overriding public interest. Mr. Knox said a court would then have to determine whether the argument of an overriding public interest is a genuine one or whether the change of policy was so unfair that it amounted to an abuse of public power, Trinidad Express says. The report notes that the policyholders also asked the court to grant them an interim order which compels Government to give details of the assets of CLICO which have been sold and how the proceeds of the sales were applied. Trinidad Express discloses that they also asked that Government give details of the EFPA policyholders who have been paid in full since January 2009. Charles, in her 59-page judgment, said the group should be granted disclosure of some of the documents sought and responses to the requests for information. Appearing with Knox were attorneys Ramesh Lawrence Maharaj SC, Vijaya Maharaj and Nyala Badal while Persad-Bissessar and her Cabinet were represented by attorneys Allan Newman QC, Deborah Peake SC, Kelvin Ramkissoon and Kerry-Ann Oliverie, 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. ================= V E N E Z U E L A ================= BANCO INDUSTRIAL: Regulators Want Bank Out of Florida ----------------------------------------------------- Brian Bande at South Florida Business Journal reports that Florida regulators told a bank owned by the Venezuelan government that it is bank non grata in the state. The Florida Office of Financial Regulation filed an administrative action to revoke the international bank branch license of Banco Industrial de Venezuela, which has its office in Miami, according to South Florida Business Journal. The report relates that the bank opposed the move and requested a hearing before an administrative law judge to determine its fate. The report recalls that this is the same bank that agreed to pay a US$1.8 million fine to U.S. regulators in April 2011. The action could further inflame diplomatic tensions between the U.S and Venezuelan President Hugo Chavez, who has been critical of U.S. foreign policy, South Florida Business Journal notes. South Florida Business Journal relays that President Chavez recently ordered the closure of his consulate in Miami. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 16 to April 20, 2012 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-USDDIS 8.28 12/31/2033 USD 65.44 ARGENT-USDDIS 8.28 12/31/2033 USD 69.5 ARGENT-USDDIS 8.28 12/31/2033 USD 72 ARGENT-PAR 1.18 12/31/2038 ARS 41.7 ARGENT-EURDIS 7.82 12/31/2033 EUR 56 ARGENT-EURDIS 7.82 12/31/2033 EUR 65 ARGENT-EURDIS 7.82 12/31/2033 EUR 60 ARGENT-JPYDIS 4.33 12/31/2033 JPY 42 ARGENT-JPYPAR 0.45 12/31/2038 JPY 15 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT BOGAR 2 2/4/2018 ARS 144 ARGNT-BOCON PRE9 2 3/15/2014 ARS 74.3 EMP DISTRIB NORT 9.75 10/25/2022 USD 60 EMP DISTRIB NORT 9.75 10/25/2022 USD 58 PROV BUENOS AIRE 9.625 4/18/2028 USD 64.07 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.66 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.97 PROV BUENOS AIRE 10.875 1/26/2021 USD 70.9 TRANSENER 9.75 8/15/2021 USD 79 BRAZIL ------ BANCO CRUZEIRO 8.875 9/22/2020 USD 80 REDE EMPRESAS 11.125 USD 54 REDE EMPRESAS 11.125 USD 52.88 REDE EMPRESAS 11.125 USD 38.02 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 56.25 BCP FINANCE BANK 5.01 3/31/2024 EUR 51.13 BCP FINANCE BANK 5.31 12/10/2023 EUR 53.63 BCP FINANCE CO 5.543 EUR 30.33 BCP FINANCE CO 4.239 EUR 32.83 BES FINANCE LTD 6.625 EUR 91.75 BES FINANCE LTD 5.58 EUR 43.75 BES FINANCE LTD 4.5 EUR 53.12 CAM GLOBAL FIN 6.08 12/22/2030 EUR 68 CHINA AUTOMATION 7.75 4/20/2016 USD 75.5 CHINA FORESTRY 10.25 11/17/2015 USD 56 CHINA FORESTRY 10.25 11/17/2015 USD 50.5 CHINA SUNERGY 4.75 6/15/2013 USD 52 EFG ORA FUNDING 1.7 10/29/2014 EUR 55.79 ESFG INTERNATION 5.753 EUR 35.33 JINKOSOLAR HOLD 4 5/15/2016 USD 50.87 LDK SOLAR CO LTD 10 2/28/2014 CNY 49.04 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.67 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.67 LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32 LUPATECH FINANCE 9.875 USD 73.25 LUPATECH FINANCE 9.875 USD 74.63 PUBMASTER FIN 5.943 12/30/2024 GBP 73.37 PUNCH TAVERNS 4.767 6/30/2033 GBP 72 RENHE COMMERCIAL 11.75 5/18/2015 USD 62.03 RENHE COMMERCIAL 13 3/10/2016 USD 65 RENHE COMMERCIAL 11.75 5/18/2015 USD 62.88 RENHE COMMERCIAL 13 3/10/2016 USD 61.5 SOLARFUN POWER H 3.5 1/15/2018 USD 63.2 SOLARFUN POWER H 3.5 1/15/2018 USD 64.34 SPG LAND HOLDING 13.5 4/8/2016 USD 75.25 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 1.521 CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.13 ESVAL S.A. 3.8 7/15/2012 CLP 12.59 MASISA 4.25 10/15/2012 CLP 10 QUINENCO SA 3.5 7/21/2013 CLP 25.51 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 74.64 PUERTO RICO CONS 6.2 5/1/2017 USD 59.38 PUERTO RICO CONS 6.5 4/1/2016 USD 69.47 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 72.5 PETROLEOS DE VEN 5.5 4/12/2037 USD 57.39 PETROLEOS DE VEN 5.375 4/12/2027 USD 57 PETROLEOS DE VEN 5.25 4/12/2017 USD 71.5 PETROLEOS DE VEN 5.125 10/28/2016 USD 74.99 VENEZUELA 7 3/31/2038 USD 67.56 VENEZUELA 7 3/31/2038 USD 67.5 *********** 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 * * *