/raid1/www/Hosts/bankrupt/TCRLA_Public/120606.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, June 6, 2012, Vol. 13, No. 112
Headlines
A R G E N T I N A
ARKEMA SA: Requests Opening of Bankruptcy Proceedings
CAIMED SA: Creditors' Proofs of Debt Due June 15
CHAMICAL COMPACTACION: Asks for Bankruptcy Proceedings
DESARROLLOS HOTELEROS: Creditors' Proofs of Debt Due June 26
ESTER MONTOYA: Applies for Bankruptcy Protection
FGV CONSTRUCCIONES: Creditors' Proofs of Debt Due July 10
FIDEICOMISO FINANCIERO: Moody's Lowers Global Ratings to 'Ba3'
FONDO GARANTIAS: Moody's Affirms 'B3' IFS Rating; Outlook Stable
GAMMA SYSTEMS: Creditors' Proofs of Debt Due July 11
GEOALLIANZ SRL: Creditors' Proofs of Debt Due June 25
INDUSTRIAS RODES: Creditors' Proofs of Debt Due June 25
INSUMOS HOSPITALARIOS: Creditors' Proofs of Debt Due June 11
JM SEOANE: Applies for Bankruptcy Protection
PIANS SRL: Asks for Bankruptcy Proceedings
SUPERVIELLE CREDITOS: Moody's Rates ARS4.8-Mil. Certs. 'Caa2'
B R A Z I L
BR PROPERTIES: S&P Assigns 'BB' Issuer Credit Rating
D O M I N I C A N R E P U B L I C
BANCO MULTIPLE: Adequate Liquidity Cues Fitch to Affirm Ratings
H A I T I
* HAITI: IDB OKs US$15MM Grant for Agriculture Policy Reform
M E X I C O
AXTEL SAB: Fitch Downgrades Rating on Two Senior Notes to 'B/RR4'
P A N A M A
* PANAMA: IDB OKs US$100MM Loan to Cut Vulnerability to Disasters
P U E R T O R I C O
CONSTRUCTORA DE HATO: Amends Schedules of Assets and Liabilities
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: Starts Re-Orientation Program for Workers
- - - - -
=================
A R G E N T I N A
=================
ARKEMA SA: Requests Opening of Bankruptcy Proceedings
-----------------------------------------------------
Arkema SA requested the opening of bankruptcy proceedings.
The company has defaulted on its payments last Dec. 31, 2011.
CAIMED SA: Creditors' Proofs of Debt Due June 15
------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Caimed SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 15, 2012.
Mr. Grisolia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 2, 2013.
The Trustee can be reached at:
Hector Julio Grisolia
Salguero 2533
Argentina
CHAMICAL COMPACTACION: Asks for Bankruptcy Proceedings
------------------------------------------------------
Chamical Compactacion SA asked for bankruptcy proceedings.
The company stopped making payments last April.
DESARROLLOS HOTELEROS: Creditors' Proofs of Debt Due June 26
------------------------------------------------------------
Miguel Adolfo Kupchik, the court-appointed trustee for Desarrollos
Hoteleros SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 26, 2012.
Mr. Kupchik 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. 18, 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:
Miguel Adolfo Kupchik
San Luis 3067
Argentina
ESTER MONTOYA: Applies for Bankruptcy Protection
------------------------------------------------
Ester Montoya applied for bankruptcy protection.
The company stopped making payments last March 27.
FGV CONSTRUCCIONES: Creditors' Proofs of Debt Due July 10
---------------------------------------------------------
Mirta Haydee Addario, the court-appointed trustee for FGV
Construcciones SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 10, 2012.
Ms. Addario will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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:
Mirta Haydee Addario
Lavalle 1454
Argentina
FIDEICOMISO FINANCIERO: Moody's Lowers Global Ratings to 'Ba3'
--------------------------------------------------------------
Moody's Latin America has downgraded several structured finance
transactions in Argentina, following the downgrade of the local
currency country ceiling of Argentina to Ba3 from Ba1. National
scale ratings did not change.
The complete rating action is the following:
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 44
VDF TV, Downgraded to Ba3 (sf); previously on Mar 23, 2011
Assigned Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 45
VDF TV, Downgraded to Ba3 (sf); previously on May 5, 2011 Assigned
Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 46
VDF TV, Downgraded to Ba3 (sf); previously on May 23, 2011
Assigned Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 47
VDF TFA, Downgraded to Ba3 (sf); previously on Jun 6, 2011
Assigned Ba1 (sf)
VDF TV, Downgraded to Ba3 (sf); previously on Jun 6, 2011 Assigned
Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 48
Class A Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Jul 7, 2011 Assigned Ba1 (sf)
Floating Rate Debt Securities, Downgraded to Ba3 (sf); previously
on Jul 7, 2011 Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 49
VDF TFA, Downgraded to Ba3 (sf); previously on Aug 15, 2011
Assigned Ba1 (sf)
VDF TV, Downgraded to Ba3 (sf); previously on Aug 15, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 50
VDF TV, Downgraded to Ba3 (sf); previously on Sep 7, 2011 Assigned
Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 51
VDF TV, Downgraded to Ba3 (sf); previously on Sep 22, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 52
VDF TFA, Downgraded to Ba3 (sf); previously on Oct 27, 2011
Assigned Ba1 (sf)
VDF TV, Downgraded to Ba3 (sf); previously on Oct 27, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 53
VDF TV., Downgraded to Ba3 (sf); previously on Oct 25, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 54
VDF TVA, Downgraded to Ba3 (sf); previously on Nov 18, 2011
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on Nov 18, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XL
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLI
VDF TV, Downgraded to Ba3 (sf); previously on Oct 26, 2010
Assigned Ba1 (sf)
VFD TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLII
VDF TV, Downgraded to Ba3 (sf); previously on Nov 16, 2010
Assigned Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLIII
VFD TV, Downgraded to Ba3 (sf); previously on Mar 1, 2011 Assigned
Ba1 (sf)
VDF TFC, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXIV
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXIX
Floating Rate Debt Securities, Downgraded to Ba3 (sf); previously
on Sep 23, 2010 Assigned Ba1 (sf)
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXV
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVI
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVII
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVIII
Certificates, Downgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba1 (sf)
Class C Fixed Rate Debt Securities, Downgraded to Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba1 (sf)
Issuer: Fideicomiso Financiero Chubut Regalˇas Hidrocarburˇferas I
VDF B, Downgraded to Ba3 (sf); previously on Jul 27, 2010
Definitive Rating Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred III
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie I
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie II
CP, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie IV
VRDB, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded
to Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie IX
VRDA TV - Class A Floating Rate Debt Securities, Downgraded to Ba3
(sf); previously on Nov 15, 2011 Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie V
VRDB, Downgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded
to Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VI
VRDA TV, Downgraded to Ba3 (sf); previously on May 17, 2011
Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VII
VRDA TV - Class A Floating Rate Debt Securities, Downgraded to Ba3
(sf); previously on Jul 26, 2011 Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VIII
VRDA TV - Class A Floating Rate Debt Securities, Downgraded to Ba3
(sf); previously on Sep 19, 2011 Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero PVCred Serie X
VRDA TF - Class A Fixed Rate Debt Securities, Downgraded to Ba3
(sf); previously on Jan 19, 2012 Assigned Ba2 (sf)
VRDA TV - Class A Floating Rate Debt Securities, Downgraded to Ba3
(sf); previously on Jan 19, 2012 Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XI
VRDA TF - Class A Fixed Rate Debt Securities, Downgraded to Ba3
(sf); previously on Mar 7, 2012 Assigned Ba2 (sf)
VRDA TV - Class A Floating Rate Debt Securities, Downgraded to Ba3
(sf); previously on Mar 7, 2012 Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XII
VRDA TF, Downgraded to Ba3 (sf); previously on May 9, 2012
Assigned Ba2 (sf)
VRDA TV, Downgraded to Ba3 (sf); previously on May 9, 2012
Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 55
VDF TVA, Downgraded to Ba3 (sf); previously on Dec 2, 2011
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on Dec 2, 2011
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 56
VDF TVA Class A, Downgraded to Ba3 (sf); previously on Jan 23,
2012 Assigned Ba1 (sf)
VDF TV Class B, Downgraded to Ba3 (sf); previously on Jan 23, 2012
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 57
VDF TFA, Downgraded to Ba3 (sf); previously on Feb 15, 2012
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on Feb 15, 2012
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 58
VDF TFA, Downgraded to Ba3 (sf); previously on Mar 13, 2012
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on Mar 13, 2012
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 59
VDF TFA, Downgraded to Ba3 (sf); previously on Apr 11, 2012
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on Apr 11, 2012
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 60
VDF TFA, Downgraded to Ba3 (sf); previously on May 9, 2012
Assigned Ba1 (sf)
VDF TVB, Downgraded to Ba3 (sf); previously on May 9, 2012
Assigned Ba1 (sf)
Issuer: Fideicomiso Financiero Supervielle Leasing 7
VDF TFA, Downgraded to Ba3 (sf); previously on Aug 9, 2011
Assigned Ba2 (sf)
Issuer: Fideicomiso Financiero Supervielle Personales 5
VDF TVA, Downgraded to Ba3 (sf); previously on Jan 17, 2012
Assigned Ba2 (sf)
Rating Rationale
The downgrade is primarily driven by the downgrade of Argentina's
local currency country ceiling to Ba3 from Ba1. For more details
about Argentina's ratings please refer to the credit report on the
Government of Argentina, published May 30, 2012.
The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions. They indicate the rating level
that will generally be assigned to the financially strongest
obligations in the country. The country ceiling for local currency
bonds and notes is expressed on the long-term global scale.
Moody's notes that the performance of the securitizations included
in this rating action is sound and it has been within Moody's
original expectations. Credit enhancement levels for most of the
tranches of securitizations included in this rating action
increased since closing due to turbo sequential structures that
capture the totality of the available excess spread to pay down
the notes.
FONDO GARANTIAS: Moody's Affirms 'B3' IFS Rating; Outlook Stable
----------------------------------------------------------------
Moody's Latin America affirmed its B3 global local currency and
A3.ar Argentina national scale insurance financial strength (IFS)
ratings of Fondo Garantias de Buenos Aires (Fogaba). The outlook
for the company's ratings is stable.
Fogaba is one of the largest reciprocal guaranty insurers in
Argentina. The company is sponsored by the Province of Buenos
Aires to facilitate access to bank loans and other types of
financing, and to foster greater economic activity, for small and
medium-sized companies domiciled in this important province of
Argentina.
Ratings Rationale
Moody's explained that the affirmation of Fogaba's ratings
reflects not only its overall stable business and financial
profile but also the relatively stable situation of its main
shareholder, the Province of Buenos Aires (Moody's long-term
issuer rating at B3 and A3.ar), which owns approximately 63% of
the company. Among Fogaba's credit strengths are its favorable
market position in the reciprocal guarantee sector as the second
largest in terms of in force guarantees, the insured portfolio's
adequate diversification by industry and high granularity of its
pool of guarantees, and the sustained high level of recovery on
its delinquent guarantees. Moody's analyst Alejandro Pavlov noted:
"Fogaba's diversification of guarantees by economic activity of
its customers is well balanced among manufacturing industries (34%
of total), agribusiness (22%), services (21%) and retail stores
and commerce (with 20%). In addition, the aggregate exposure to
its top ten individual clients represents less than 4% of its
total outstanding guarantees. Finally, the fact that more than 99%
of its outstanding guarantees are denominated in local currency is
also a positive factor, since this strategy practically eliminates
any potential currency mismatch in case of a rally in the foreign
exchange rate".
The rating agency went on to say that offsetting these credit
strength are the weak quality of Fogaba's investments -- largely
influenced by regulatory limitations for foreign instruments --
its relatively high leverage (the ratio of current outstanding
guarantees divided by investments) and the strong dependence on
its main shareholder -- the Province of Buenos Aires -- for
capital contributions to fund its growth over the long term.
Moody's also explained that Fogaba's investments are concentrated
in speculative-grade instruments such as Argentine sovereign
bonds, bonds of the Province of Buenos Aires, and shares of local
mutual funds, which constrain its overall credit profile because
they all carry below investment-grade ratings. Another challenge
for Fogaba, is to maintain its underwriting standards and risk
selection process given its rapid growth recently (e.g. the
company's in force guarantees have increased more than 4 times
during the past two years). The elevated sovereign risks and weak
operating environment of Argentina are other credit weaknesses
explaining the rating.
According to Moody's, factors that could lead to an upgrade of
Fogaba's ratings include the following: an upgrade in the Province
of Buenos Aires' issuer rating, a sustained level of Fogaba's
delinquent guarantees below 5% of its total investments, sustained
history of improved profitability, and/or an improvement in the
operating environment and/or a significant upgrade of Argentina's
sovereign bond rating. Conversely, factors that could lead to a
downgrade of Fogaba's ratings include the following: a downgrade
of the Province of Buenos Aires' issuer rating, a prolonged
increase in operating leverage above 3.5x shareholders' equity for
more than two years, a sustained increase in delinquencies above
5% of company investments, or a deterioration of the operating
environment and/or a downgrade of Argentina's sovereign ratings.
Based in La Plata, Argentina, Fogaba reported net income of
AR$24.1 million during fiscal year 2011, as compared with AR$12.1
million in 2010. Total assets as of December 31, 2011 were
AR$256.4 million, and shareholders' equity was AR$253.5 million.
The company's total fees and commissions nearly tripled during
2011, due to the significant increase in the level of outstanding
guarantees.
GAMMA SYSTEMS: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
Hector Edgardo Grum, the court-appointed trustee for Gamma Systems
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 11, 2012.
Mr. Grum will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 10, 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:
Hector Edgardo Grum
San Martin 551
Argentina
GEOALLIANZ SRL: Creditors' Proofs of Debt Due June 25
-----------------------------------------------------
Estudio Carreiro, the court-appointed trustee for Geoallianz SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until June 25, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 27, 2013.
The Trustee can be reached at:
Estudio Carreiro, Harvey y Asociados
Teniente General Juan Domingo Peron 1143
Argentina
INDUSTRIAS RODES: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
Hector Martinez, the court-appointed trustee for Industrias Rodes
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until June 25, 2012.
Mr. Martinez will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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 April 22, 2013.
The Trustee can be reached at:
Hector Martinez
Teniente General Juan Domingo Peron 1219
Argentina
INSUMOS HOSPITALARIOS: Creditors' Proofs of Debt Due June 11
------------------------------------------------------------
Hector Jorge Garcia, the court-appointed trustee for Insumos
Hospitalarios Chacabuco SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 11, 2012.
Mr. Garcia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:
Hector Jorge Garcia
Uruguay 572
JM SEOANE: Applies for Bankruptcy Protection
--------------------------------------------
JM Seoane Construcciones Instalaciones SRL applied for bankruptcy
protection.
The company has defaulted on its payments on February.
PIANS SRL: Asks for Bankruptcy Proceedings
------------------------------------------
Pians SRL asked for bankruptcy proceedings.
The company has defaulted on its payments last Aug. 4, 2010.
SUPERVIELLE CREDITOS: Moody's Rates ARS4.8-Mil. Certs. 'Caa2'
-------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 61, a
transaction that will be issued by Equity Trust S.A. - acting
solely in its capacity as Issuer and Trustee.
As of June 4, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.
- ARS38,400,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 61", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)
- ARS67,200,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 61", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)
- ARS9,600,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 61", rated Aa2.ar
(sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)
- ARS4,800,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 61", rated Caa2.ar (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 22,933 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,004,046.03.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of subordination: 68% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are derived
from the historical performance to date of the Supervielle's
pools.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Class B Floating Rate Debt Securities,
6,28% expected loss for Class C Fixed Rate Debt Securities and
39.67% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
16%, a minimum of 11% and a maximum of 26%), the ratings of the
Classes A and Class B would remain the same. The ratings for Class
C Fixed Rate debt securities and Certificates would be likely
downgraded to Ca (sf) and C (sf) respectively.
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
===========
B R A Z I L
===========
BR PROPERTIES: S&P Assigns 'BB' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' global scale
and 'brAA' national scale issuer credit ratings to BR Properties
S.A. (BRPR). The outlook on both ratings is stable. "In addition,
we are assigning our 'brAA' national scale to BRPR's proposed
R$400 million debentures," S&P said.
"We view BRPR's business profile as 'satisfactory' and its
financial profile as 'significant.' The ratings reflect our
expectations that the company will keep benefiting from stable
cash flow streams from its quality asset portfolio consisting of
properties at favorable locations, primarily in commercial and
industrial segments. As a result, we expect occupancy rates to
remain high (currently at 99%) and fairly resilient to market
downturns, especially with the increasing share of built-to-suit
projects after the merger with One Properties. The combined asset
portfolio is stronger, in our view, and One Properties' projects
provide a growth potential, as preconstruction risks have been
cleared and prerental agreements are at comfortable levels. We
expect revenue growth to come also from rent prices increasing
above inflation rate, because of favorable office space demand in
the regions where the company operates, and currently below-market
rental prices for many of its properties," S&P said.
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO MULTIPLE: Adequate Liquidity Cues Fitch to Affirm Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the Dominican-based
Banco Multiple Leon (BML) and its related entity, Valores Leon.
Banco Multiple Leon S.A.'s (BML) ratings reflect its adequate
liquidity ratios as well as its strengthened capital base. The
ratings also incorporate the operational support of its majority
shareholder, the Leon family. Nevertheless, the bank's still
volatile asset quality metrics and weak profitability ratios
relative to similarly rated Latin American regional peers (Long-
term Issuer Default Ratings of 'B-' 'B', or 'B+') continue to
limit BML's ratings.
Sustained improvements in asset quality metrics and profitability
could be positive for creditworthiness. An unexpected
deterioration in asset quality or profitability that pressures the
bank's capital ratios could negatively affect its ratings.
In the event that BML experiences difficulties, support, while
possible, cannot be relied upon given the Dominican Republic's low
credit ratings.
BML's subordinated debt does not contain any equity component
according to Fitch's methodology, as there is no possibility of
deferring the interest payments in case of stress. Fitch upgraded
BML's subordinated bond rating to 'BBB(dom)' from 'BBB-(dom)', in
line with its methodology 'Rating Bank Regulatory Capital and
Similar Securities' published on Dec. 15, 2011. This methodology
establishes that the difference between the issuer and the hybrid
instrument ratings is only one notch, when hybrids absorb losses
only in case of dissolution or liquidation, after accomplishing
all privileged obligations of the bank.
As a result of a decision to curb the loan portfolio's credit risk
due to a less favorable economic backdrop, the bank increased its
investment portfolio with higher-yielding public securities.
Moreover, the bank has been able to retain and increase a
diversified funding base, as well as reduce its reliance on
institutional funding, with a successful expansion in the retail
market. At end-March 2012, cash and marketable securities
represented an adequate 51% of total deposits, money market, and
short-term funding.
Even though the bank has improved credit risk controls and cleaned
up most of the legacy problem loans, asset quality metrics remain
volatile and lag those of its domestic and similarly rated
regional peers.
Impaired loans declined to 3.54% of total loans at YE 2011,
reflecting significant charge-offs and foreclosed assets, though
this improving trend reversed slightly during the first quarter of
2012 as this ratio reached 3.82% by end March 2012, in part due to
a reduced loan portfolio. However, at 91% loan loss reserve,
coverage of these loans (92.1% at end-March 2012) is low in light
of still important loan concentrations, increased participation in
the riskier retail segment, and regulatory risk ratings. As a
result, Fitch expects BML's asset quality indicators to remain
volatile in the near term.
BML's net interest margin has strengthened since 2010, due to the
bank's proactive policy to adequately manage asset and liability
interest rates and maintain lower financial expenses in this
rising interest rate environment. However, provisioning expenses
and high overhead costs continue to weigh on the bank's net
income-to-average assets ratio of 1.1% at the end of March 2012,
which remained weak relative to the Dominican market and regional
peers.
In Fitch's view, it is likely that profitability ratios will
decline slightly in 2012, given results of the first quarter,
lower asset growth and the bank's target of increasing loan loss
reserve coverage.
BML's capitalization ratios strengthened in 2011, as the share of
Dominican central bank instruments increased as a proportion of
the balance sheet. The bank's Fitch core capital-to-risk weighted
assets ratio increased to 14.23% at March 31, 2012, from 13.93% at
YE 2010, still lower than the market average but comparable with
the median of adequately capitalized banks in the region.
Nevertheless, Fitch believes capitalization could be stronger in
light of still low profitability and volatile asset quality.
Valores Leon's ratings reflect the operational and financial
support provided by BML. In Fitch's view, a clear commercial
identification of this entity with BML, and the reputation risk to
which it would be exposed in the case of eventual troubles at
Valores Leon results in a high probability of direct or indirect
support by BML, should it be required. As such, any changes in
BML's creditworthiness would have a direct impact on the ratings
of Valores Leon.
As of March 2012, BML ranked fifth out of 15 commercial banks in
the Dominican Republic, with a 5.9% market share by total assets.
At the same date, the Leon family controlled 89.1% of BML, while
Darby Probanco Holding L.P. (a subsidiary of Darby Overseas
Investment Inc.) controlled the remaining 10.9%.
Valores Leon initiated operations in 2002. The institution is a
broker-dealer subsidiary of Grupo Financiero Leon (GFL), led by
the Leon family, which in turn controls the largest industrial
group in the Dominican Republic, with a particular focus on the
beverage industry.
Considering the aforementioned factors, Fitch has taken the
following rating actions:
Banco Multiple Leon:
-- Long-term foreign and local currency IDRs affirmed at 'B-';
Stable Outlook;
-- Short-term foreign and local currency rating affirmed at 'B';
-- Viability Rating affirmed at 'b-';
-- Support Rating affirmed at 5;
-- Long-term National rating affirmed at 'BBB+(dom)'; Stable
Outlook;
-- Short-term National rating affirmed at 'F2(dom)';
-- Long-term National subordinated debt upgraded to 'BBB(dom)'
from 'BBB-(dom)';
-- Support Floor affirmed at NF.
Valores Leon
-- Long-term National rating affirmed at 'BBB+(dom)'; Stable
Outlook;
-- Short-term National rating affirmed at 'F2(dom)';
-- Long-term National senior unsecured debt rating affirmed at
'BBB+(dom)'.
=========
H A I T I
=========
* HAITI: IDB OKs US$15MM Grant for Agriculture Policy Reform
------------------------------------------------------------
A US$15 million grant from the Inter-American Development Bank
will assist Haiti in its efforts to modernize its agricultural
policies and institutions to increase farm productivity and
competitiveness. The IDB resources will be complemented with a
$7 million grant from the Haiti Reconstruction Fund.
The program, the first of a series of three policy-based grants,
will provide budget support as the Haitian government carries out
reforms to address several of the major constraints hampering
agriculture, which continues to play a dominant role in the
country's economy. Several donors, including the IDB, are
providing financial and technical assistance for these reforms.
Farming provides the principal means of subsistence for over 1
million Haitian families and generates about half of the country's
jobs. Agricultural productivity, which is lower than in other
countries in Latin America and the Caribbean, has declined over
the past two decades, with significant output drops in key crops
such as bananas, coffee and rice.
Among the reforms Haiti will undertake is strengthening the
Ministry of Agriculture (MARNDR) to carry out its planning,
programming and budgeting functions, improve its capacity to
manage, monitor and evaluate programs and increase the
effectiveness of its services. Under this program the ministry
will create a team of public procurement specialists to boost its
capacity to absorb and administer financial resources provided by
the government's treasury and donors.
This reform will enable the MARNDR to better execute programs
under its management. At present, IDB grants are financing
agriculture projects totaling more than US$200 million in Haiti,
including crop intensification, irrigation, rural value chains,
farming technology transfers, land tenure clarification and
watershed management.
Another reform involves updating land administration policies and
legal and institutional frameworks. About 60% of privately owned
parcels lack property titles, a situation that limits long-term
rural investment and farmers' access to credit. Land titling in
Haiti is costly and cumbersome and governed by antiquated laws and
procedures. Under this program the government will promote
legislation to enable surveyors and notaries to use modern
technologies that could increase the efficiency of their services.
Haiti will also promote new legislation to assign legal status to
water user associations, enabling farmers to manage and maintain
irrigation systems. Policies will be updated to ensure
coordination between irrigation and watershed management. An
inter-agency commission will monitor the management of the Peligre
dam, seeking to balance the demands of hydro power generation with
the need to provide water to irrigate the Artibonite valley, the
country's principal rice-growing region.
In addition, Haiti needs to build up its agricultural health
system to international standards in order to protect crops and
livestock from domestic and exotic pests and diseases. The
reforms will start by establishing an operational plan with
specific targets and rationalizing the use of financial resources
for such services.
To expand access to improved farming technologies the reforms will
promote the creation of a renewed agricultural research system
capable of providing guidance to local rural producers. They will
also expand gradually a system of smart subsidies, especially in
the northern region where the IDB is concentrating investments,
fostering the development of farming advisory services.
The program was designed in coordination with other donors
supporting Haiti's efforts to improve agriculture, including the
World Bank, IFAD, IICA, USAID, USDA, the European Union, France,
Canada and Brazil.
Haiti and the IDB
The Inter-American Development Bank is Haiti's leading
multilateral donor. Since the 2010 earthquake it has approved
US$534 million in new grants and disbursed US$396 million for the
Haitian government, supporting investments in agriculture,
transportation, energy, water and sanitation, education and
private sector development.
===========
M E X I C O
===========
AXTEL SAB: Fitch Downgrades Rating on Two Senior Notes to 'B/RR4'
-----------------------------------------------------------------
Fitch Ratings has downgraded Axtel, S.A.B. de C.V. ratings as
follows:
-- Local currency Issuer Default Rating (IDR) to 'B' from 'B+';
-- Foreign currency IDR to 'B' from 'B+';
-- US$490 million senior notes due 2019 to 'B/RR4' from
'B+/RR4';
-- US$275 million senior notes due 2017 to 'B/RR4' from
'B+/RR4';
-- Long-term national scale rating to 'BB+(mex)' from 'BBB
(mex)'.
The Rating Outlook is Negative.
Axtel's rating downgrade reflects higher than expected leverage
levels due to weak operating performance and continued negative
free cash flow (FCF). The combination of poor operating results
during the first quarter of 2012 and exposure of indebtedness to
the USD, with current MXN above 14 per USD, results in a total
debt to LTM EBITDA of approximately 3.5x. The Negative Outlook
reflects concerns related to exposition of the company's debt to
the USD, given the current level of the MXN, in conjunction with
recent weak results. Expectation of total debt to EBITDA to be
above 3.5x over time due to continued weak operating results or
a devaluation of the MXN would pressure the ratings and should
result in resolving the Negative Outlook with a downgrade.
Considering LTM results as of March 31, 2012 and current level of
the MXN, a covenant breaching of the syndicated loan is getting
closer. If the MXN should average 14.10 for a whole quarter and
considering the total debt to LTM EBITDA as of March 31, 2012, the
ratio should approach the covenant level of 3.5x. For covenant
purposes the debt is calculated by adding hedges gains or losses
(most of Axtel currency hedges are interest only, leaving the
principal exposed to the USD). While it is likely that a waiver
can be obtained for the syndicated loan if the covenant is
breached, as banks participating in the syndicate are relationship
banks of the company, this can put additional pressure to Axtel's
financial flexibility.
Strategy Focused on Broadband and ICT Services
Axtel's strategy aims to strengthen its service portfolio with a
bundle offering to high-end broadband to both residential and
corporate customers as well as Information and Telecommunications
Technology (ICT) services to both users. Since 2011, the company
is making significant investments in deploying fiber to the home
(FTTH), allowing them to add more than 60,000 new broadband users
in the last year (March 2011 to March 2012). However the company
still lacks of a video offering for the residential segment.
Axtel seeks to mitigate voice revenue reduction and strengthen its
competitive position by increasing EBITDA generation from the
corporate segment which partially compensates intense competition
in the residential market.
The company faces strong competitive pressures from operators with
broadband and integrated services that could affect revenues and
at the same time maintain high investment levels for the company.
Internet and data services revenue growth have helped to offset
revenue reductions of local voice and international traffic to
sustain their results. For the first quarter of 2012, EBITDA
margin drop to 30% due to pricing and volume pressures on
international long distance (ILD) services and may close at this
level for year-end considering costs related to the acquisition of
new subscribers. In the middle term, EBITDA generation is tied to
how quickly the company achieves further data and Internet
revenues that could offset declining voice revenues.
Recent regulatory rulings have favored Axtel's cost structure, but
ILD prices were down more than expected during the first quarter
of 2012, affecting operating results. Revenue and EBITDA losses
due to the decline in ILD prices could be partly offset by higher
revenues from data services in the medium term. Fitch views that
any major regulatory change should be neutral to positive for
Axtel. However, Axtel has a disagreement regarding mobile
interconnection rates with Telcel and international long distance
settlement with Telmex that can result in a liability to Axtel of
MXN3.219 billion. A negative outcome may result in non-recurring
expense for Axtel but could negatively affect its credit quality.
Leverage Higher Than Expected:
Leverage measured by total debt to EBITDA and FFO adjusted
leverage, weakened during 2011 and was higher than Fitch's
expectations of close to 3.0x and 3.7x, respectively. For the 12
months ended in March 31, 2012; total debt to EBITDA and FFO
adjusted leverage were 3.2x and 4.4x respectively. These measures
reflect a MXN of 12.80 for the valuation of debt in USD at the end
of March of 2012. Axtel expects to adjust their Capex
requirements which should be close to US$170 million by 2012 and
thereby mitigate the impact of lower EBITDA generation due to the
decline in international traffic prices. Fitch incorporates that
over the next few years, Axtel's total debt should remain
relatively stable, with FCF being slightly negative or minimal as
the company reinvests most of its cash flow from operations.
Therefore any improvement or weakening in leverage should be
linked either to the MXN fluctuation or to operating issues.
Despite a reduction of more than MXN964 million in cash balances
during the first quarter of 2012, short-term liquidity risk
remains manageable given its debt maturity profile. For the next
two years, the company has debt maturities of MXN739 million with
cash of MXN461 million as of March 2012 and unused credit
facilities for USD40 million that supports its liquidity position.
Total debt is composed of MXN3.521 billion (U.S. $275 million) in
senior notes due 2017, MXN6.273 billion (U.S. $490 million) in
senior notes due 2019, MXN786 million (USD61 million) in a
syndicated loan and MXN686 million (USD54 million) in other loans
and capital leases. Axtel has swapped to MXN the debt service of
its 2017 and existing 2019 senior notes to a fix rate in MXN,
however the principal amount remains exposed to the USD, adding
currency risk.
===========
P A N A M A
===========
* PANAMA: IDB OKs US$100MM Loan to Cut Vulnerability to Disasters
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan for
US$100 million to help Panama reduce its vulnerability to natural
disasters and the effects of climate change.
The program is designed to improve risk management, reduce
potential economic losses caused by natural events, and strengthen
the country's capacity to adapt to climate change.
Panama could incur losses from natural events equivalent to an
estimated 5.4 percent to 9.0 percent of its GDP, according to the
Disaster Deficit Index, which analyzes a country's economic
capacity to deal with catastrophic events every 100 years. As
such, Panama lacks sufficient resources to cope with significant
losses and reconstruct affected infrastructure.
The program includes strengthening the Ministry of Economy and
Finance in the development of a financial strategy that includes a
reserve fund to cover recurring natural events. The program will
also support policy and risk management plans that help improve
the indicators that measure the country's performance in this
sector.
Panama's vulnerability to natural events has been increasing as a
result of rapid urban growth, infrastructure development in areas
at risk, intensive land use changes, and environmental degradation
of watersheds. Economically vulnerable sectors such as
agriculture and tourism, as well as the Panama Canal watershed,
face particularly high risks.
In the last decade, the Panamanian government has declared a state
of emergency on eight occasions. The most recent was in December
2010, when heavy and prolonged rains forced the closing of the
Panama Canal (for only the fourth time in the canal's 96 years of
operation) and also left much of Panama City without drinking
water for several weeks. The IDB approved US$20 million in April
2011 to help the country respond to that emergency.
This is the second in a series of three programmatic loans to
Panama for a total of approximately US$300 million. Financing was
extended for a period of 20 years with a grace period of three
years and a variable interest rate based on LIBOR.
=====================
P U E R T O R I C O
=====================
CONSTRUCTORA DE HATO: Amends Schedules of Assets and Liabilities
----------------------------------------------------------------
Constructora De Hato Rey Incorporada filed with the U.S.
Bankruptcy Court for the District of Puerto Rico its amended
schedules of assets and liabilities, disclosing:
Name of Schedule Assets Liabilities
---------------- ----------- -----------
A. Real Property US$1,817,004
B. Personal Property $8,884,720
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims US$2,127,037
E. Creditors Holding
Unsecured Priority
Claims $128,232
F. Creditors Holding
Unsecured Non-priority
Claims $4,592,425
----------- -----------
TOTAL US$10,701,724 US$6,847,693
A full-text copy of the schedules are available for free at:
http://bankrupt.com/misc/CONSTRUCTORA_DE_HATO_sal.pdf
The Debtor previously disclosed $10,761,724 in total assets and
$6,855,877 in total liabilities.
About Constructora De Hato
San Juan, Puerto Rico-based Constructora De Hato Rey Incorporada
owns parcels of land in Puerto Rico with an aggregate value of
US$1.82 million. It 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 petition was signed by Waldemar Carmona Gonzalez,
president. The Debtor is represented by Charles Alfred Cuprill,
Esq., at Charles A. Curpill, PSC Law Office, in San Juan.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD CEMENT: Starts Re-Orientation Program for Workers
----------------------------------------------------------
Trinidad and Tobago Newsday reports that the re-orientation
program for workers at Trinidad Cement Limited reportedly
proceeded without incident yesterday after both parties appeared
in the Industrial Court, which scheduled a November hearing for
the dispute.
Days after the 90-day strike and lockout action was brought to an
end after the matter was reported to the Industrial Court by the
OWTU, the company reportedly locked its gates for the orientation
process saying only groups of 30 workers would be allowed to
participate in any single orientation process, according to
Trinidad and Tobago Newsday.
However, the report notes that the company stated the process
would have begun yesterday and was expected to be concluded
tomorrow. When Newsday visited the compound early yesterday
morning, workers were observed peacefully entering the compound
while a company official said normal procedures were occurring at
the compound.
About Trinidad Cement
Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt. The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.
***********
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 * * *