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/raid1/www/Hosts/bankrupt/TCRLA_Public/120704.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, July 4, 2012, Vol. 13, No. 131 Headlines B E R M U D A EIP ADVISORY: Creditors' Proofs of Debt Due July 13 EIP ADVISORY: Member to Hear Wind-Up Report on July 31 GTR CORPORATION: Creditors' Proofs of Debt Due July 13 GTR CORPORATION: Members' Final Meeting Set for Aug. 8 LIBERTY FINANCIAL: Creditors' Proofs of Debt Due July 13 LIBERTY FINANCIAL: Members' Final Meeting Set for Aug. 7 B O L I V I A BISA SEGUROS: Moody's Keeps 'B1' Insurance Finc'l. Strength Rating BNB LEASING: Moody's Assigns 'Ba3' Corporate Family Ratings LA VITALICIA: Moody's Affirms 'B2' IFS Rating; Outlook Negative B R A Z I L BANCO DO NORDESTE: Moody's Affirms 'D' Bank Finc'l Strength Rating * BRAZIL: IDB Grants US$59 Million Loan for Urban Infrastructure C A Y M A N I S L A N D S CONCLAVE INVESTMENTS: Shareholders' Final Meeting Set for July 11 DIAMOND NOTCH: Shareholders' Final Meeting Set for July 19 DRV ASSET: Shareholder to Hear Wind-Up Report on July 19 FITZROY LTD: Shareholders' Final Meeting Set for July 11 HSYD HOLDINGS: Sole Member to Hear Wind-Up Report on July 31 LG PROPERTIES: Shareholders' Final Meeting Set for July 19 MIKAN CAYMAN: Members' Final Meeting Set for July 9 MILLENIUM INVESTMENT: Shareholders' Final Meeting Set for July 11 SKYLAN HOLDINGS: Shareholders' Final Meeting Set for July 11 STG CAPITAL: Shareholder to Hear Wind-Up Report on July 24 C O S T A R I C A * COSTA RICA: Banco BAC Gets US$40 Million Loan From IDB - - - - - ============= B E R M U D A ============= EIP ADVISORY: Creditors' Proofs of Debt Due July 13 --------------------------------------------------- The creditors of EIP Advisory, Ltd. are required to file their proofs of debt by July 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 27, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda EIP ADVISORY: Member to Hear Wind-Up Report on July 31 ------------------------------------------------------ The member of EIP Advisory, Ltd. will receive on July 31, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 27, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda GTR CORPORATION: Creditors' Proofs of Debt Due July 13 ------------------------------------------------------ The creditors of GTR Corporation Ltd. are required to file their proofs of debt by July 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda GTR CORPORATION: Members' Final Meeting Set for Aug. 8 ------------------------------------------------------ The members of GTR Corporation Ltd. will hold their final meeting on Aug. 8, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 28, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LIBERTY FINANCIAL: Creditors' Proofs of Debt Due July 13 -------------------------------------------------------- The creditors of Liberty Financial Ltd. are required to file their proofs of debt by July 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 26, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LIBERTY FINANCIAL: Members' Final Meeting Set for Aug. 7 -------------------------------------------------------- The members of Liberty Financial Ltd. will hold their final meeting on Aug. 7, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 26, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ============= B O L I V I A ============= BISA SEGUROS: Moody's Keeps 'B1' Insurance Finc'l. Strength Rating ------------------------------------------------------------------ Moody's Lain America has affirmed the B1 global local-currency insurance financial strength (IFS) ratings and the Aa2.bo IFS ratings on the Bolivian national scale of BISA Seguros y Reaseguros S.A. The outlooks for the ratings have been changed to positive from stable. Ratings Rationale BISA Seguros is the general insurance subsidiary of the major Bolivian financial conglomerate BISA Group, whose ultimate parent company is Banco BISA S.A. The company distributes a wide range of property and casualty (P&C) products, as well as health and personal accident coverages. According to Moody's, the positive outlook for BISA Seguros' ratings reflects the company's strong profitability track record, its stable and very good combined ratio over the past years, which has averaged 90%, its leading position in the Bolivian P&C insurance market, and its adequate capitalization. The positive outlook also reflects the recent upgrade of Banco BISA's GLC deposit rating to Ba2 from Ba3, which followed the upgrade of Bolivia's GLC sovereign debt rating to Ba3 from B1. Still mitigating BISA Seguros' positive credit developments are 1) the company's still significant investment risks, given its concentrations in local government bonds and domestic bank deposits which are still below investment-grade, and 2) Bolivia's specific operating environment, which in Moody's view also has a speculative grade profile. The rating agency noted these two factors are common to most Bolivian insurers, and that as investment policy is mandated by local regulatory guidelines, local insurers have limited flexibility with respect to portfolio composition. Among factors that could lead to the upgrade of BISA Seguros' ratings, Moody's indicated the following: 1) sustained capitalization levels, with gross underwriting leverage (gross premiums and loss reserves relative to shareholders' equity) consistently below 5x; and 2) continued solid profitability, with combined ratios around 90% and returns on equity consistently above 15%. Conversely, the outlook could be changed back to stable should BISA Seguros' gross underwriting leverage remain above 5x shareholders' equity, its profitability metrics deteriorate, or the overall quality of assets worsens. Based in La Paz, Bolivia, BISA Seguros reported net income of Bs$ 3 million for the quarter ended March 31, 2012, and shareholders' equity of Bs$95 million, 6% lower than the Bs$ 99 million reported at fiscal year-end 2011, due to a dividend payment. BNB LEASING: Moody's Assigns 'Ba3' Corporate Family Ratings ----------------------------------------------------------- Moody's Investors Service assigned global local and foreign currency corporate family ratings (CFRs) ratings of Ba3 to BNB Leasing S.A. At the same time, Moody's America Latina assigned to BNB Leasing local and foreign currency ratings of Aaa.bo on the Bolivian national scale. All ratings have stable outlooks. Moody's also assigned long term global local and foreign currency debts rating of (P) Ba3 to BNB Leasing's debt program totaling US$8,000,000 or its equivalent in Bolivian currency (Bolivianos), corresponding to a national scale rating of Aaa.bo. A long term global local currency senior debt rating of Ba3 was also assigned to the expected first issuance under the program for an amount of Bs. 32 million, and to the two series under that issuance, for Bs. 16 million each. A Aaa.bo local currency national scale debt rating was assigned to the first issuance and to the two series. The following ratings were assigned to BNB Leasing S.A.: Global Local and Foreign Currency Corporate Family Rating: Ba3, stable outlook Bolivian National Scale Local and Foreign Currency Corporate Family Rating: Aaa.bo, stable outlook US$8 million debt program Global long term local currency debt rating: (P) Ba3, with stable outlook Global long term foreign currency debt rating: (P) Ba3, with stable outlook National Scale long term local currency debt rating: Aaa.bo, with stable outlook National Scale long term foreign currency debt rating: Aaa.bo, with stable outlook The following ratings were assigned to Bs.32 million first issuance under the program: Global long term local currency debt rating: Ba3, with stable outlook National Scale long term local currency debt rating: Aaa.bo, with stable outlook The following ratings were assigned to Serie A totaling Bs.16 million Global long term local currency debt rating: Ba3, with stable outlook National Scale long term local currency debt rating: Aaa.bo, with stable outlook The following ratings were assigned Serie B totaling Bs.16 million Global long term local currency debt rating: Ba3, with stable outlook National Scale long term local currency debt rating: Aaa.bo, with stable outlook Rating Rationale Moody's said that BNB Leasing's global local and foreign currency CFR ratings of Ba3 reflects the company's stand-alone credit profile of b3. The ratings also incorporate Moody's assessment of a high likelihood of support deriving from its controlling shareholder, Banco Nacional de Bolivia (rated D-, Ba2/ NP), which, according to Moody's Joint-Default Analysis (JDA) methodology, results in a three-notch uplift from BNB Leasing's unsupported stand-alone credit profile. The stand-alone credit profile of b3 reflects BNB Leasing's limited diversification and below average financial metrics, particularly its profitability, turning a profit only in the first quarter of 2012, which reflects its start-up operations of only 18 months. The company also operates in Bolivia's small and developing leasing market against two already established and larger competitors, BISA Leasing and Fortaleza Leasing. Moody's however also acknowledged the company's adequate liquidity and capital levels that benefit from its affiliation with its large bank parent, together with its strong brand recognition and nationwide presence that should support its future growth and ability to meet this competition head on. BNB Leasing is headquartered in La Paz, Bolivia. As of March 2012, the company had total assets of Bs 41.85 million (US$ 6.1 million) and loans of Bs 35.7 million (US$ 5.2 million). LA VITALICIA: Moody's Affirms 'B2' IFS Rating; Outlook Negative --------------------------------------------------------------- Moody's Latin America affirmed La Vitalicia Seguros y Reaseguros de Vida S.A.'s B2 global local currency (GLC) insurance financial strength (IFS) rating, and its Aa3.bo IFS on Bolivia's national scale (NS). The outlooks for the ratings remain negative. La Vitalicia, which is 97%-owned by Banco BISA S.A. (GLC bank deposit rating of Ba2), is one of the two companies that administer run-off annuity funds in the pay-out phase for pensioners in Bolivia, holding about 75% of the market's reserves in this segment. The company also distributes other types of life insurance and annuities to the general population in Bolivia. Ratings Rationale Moody's said that La Vitalicia's ratings primarily reflect its significant asset/liability mismatch on its run-off pension liabilities. La Vitalicia has experienced a sharp decline in its profitability because of spread compression given the very low market interest rates in Bolivia, combined with inflation-adjusted guarantees on its pension liabilities. The rating agency went on to say that the negative outlook reflects its concern about the company's ability to face a longer period of low market interest rates, given its current weaker economic capital cushion. Moody's analyst Diego Nemirovsky added, "Although we do not assume that this trend of low interest rates will continue over the long term, there are some uncertainties about the timing and pace of positive interest rate reversal." Moody's also cited the following factors constraining the company's overall credit profile: 1) La Vitalicia's significant and concentrated investment risk in Bolivian government bonds and local bank deposits --although this is common for every Bolivian insurer and the Bolivian GLC sovereign rating and several bank GLC deposit ratings were recently upgraded by Moody's; 2) the asset- liability management challenges associated with its inflation- adjusted annuities with spread compression and reinvestment risk; and 3) the weak operating environment in Bolivia, also common for every Bolivian insurer. Factors that could lead to a further downgrade of La Vitalicia's ratings include the following: 1) continued impairment in the company's capitalization levels, (i.e.: decrease in its capital base of 20% or more, or failure to comply with minimum regulatory capital requirements); and 2) sustained weak profitability for an extended period. On the other hand, the company's outlook could change back to stable from negative if the company is able to restore its capital adequacy and profitability. Moody's added that, notwithstanding the recent upgrade of Banco BISA's GLC deposit rating to Ba2 from Ba3, which followed the upgrade to Ba3 from B1 of Bolivia's GLC sovereign debt rating, the rating agency does not ascribe rating uplift to La Vitalicia from its ownership by Banco BISA, primarily because of the run-off nature of its annuity pension liabilities, as well as the modest degree of integration of La Vitalicia's product distribution and customer base with Banco BISA. Based in La Paz, Bolivia, La Vitalicia reported net income of Bs$4 million for the quarter ended March 31, 2012, and shareholders' equity of Bs$396 million, equal to that reported at fiscal year- end 2011. =========== B R A Z I L =========== BANCO DO NORDESTE: Moody's Affirms 'D' Bank Finc'l Strength Rating ------------------------------------------------------------------ Moody's Investors Service has affirmed the ratings of Banco do Nordeste do Brasil S.A. (BNB), including the D bank financial strength rating (BFSR), the long and short-term global local and foreign currency deposit and debt ratings of Baa2 and Prime-2, and the long-term and short-term Brazilian national scale deposit ratings of Aaa.br and BR-1, respectively. The outlook is stable for all ratings. The ratings affirmation follows the June 20, 2012 announcement that BNB's Board of Directors has accepted the resignation of its President and replaced two other senior executives. That follows the discovery of credit and operational irregularities at the bank in mid-2011. The following ratings were affirmed with stable outlooks: Bank Financial Strength Rating: D Long-term Global Local Currency Deposit Rating: Baa2 Long-term Foreign Currency Senior Unsecured Debt Rating: Baa2 Short-term Foreign Currency Deposit rating: Prime-P-2 Long-term Brazilian National Scale Bank Deposit Rating : Aaa.br Short-term Brazilian National Scale Bank Deposit Rating: BR-1 Ratings Rationale Moody's said that the executive changes at BNB related to a series of credit losses related to operational irregularities by certain managers of the bank between 2009 and early 2011 are indicative of a weak corporate governance and risk management framework at the bank. Moody's views these events as ratings neutral as the bank has already set aside provisions to cover potential losses related to those 24 transactions totaling BRL 126 million that are of manageable size relative to both the bank's loan book and equity (less than 1% and 3% , respectively). Moreover, as the principal administrator of FNE (the Fundo Constitucional de Financiamento do Nordeste), the bank has distributed the US$126 MM in losses among FNE and BNB, each absorbing its respective entitled risk portion of the deals. Moody's also noted that while BNB initiated changes to its risk management structure in early 2012,including the creation of new credit risk underwriting procedures and improved staffing of both risk management and corporate governance areas, the success of this initiative must be proven over time. Such improvements will require a change in the bank's risk culture and demand the full support of top executives as well as substantial resources to overhaul the bank's risk management and credit underwriting standards. In the meantime, business development and asset growth could be curtailed and possibly dampen the bank's earnings performance. BNB's D financial strength rating and Ba2 standalone credit assessment incorporate its extensive regional presence and entrenched franchise as the main provider of long-term financing in its target market of the growing northeastern region of Brazil. The ratings also reflect BNB's steady earnings generation that relies on its constitutional mandate as the sole manager of the FNE. The FNE is a funding vehicle with the responsibility for allocating constitutional resources to social and economic development programs in the Northeast region that accounted for total assets of BRL37.7 billion as of December 2011. Moreover, as a public bank with a development role and with close ties to the central regional state government, BNB enjoys a relatively stable and low-cost funding that it sources from government-owned entities and federal social and economic programs and public projects. BNB's Baa2 deposit ratings benefit from three notches of uplift due Moody's assessment of the probability of systemic support because of the importance of its regional franchise and deposit market shares. Upward pressure on BNB's ratings is unlikely in the medium term given the unfortunate episode of the operating irregularities. In addition, a substantial increase in losses as a result of asset quality deterioration, particularly with respect to similar transactions, may not be accommodated in the bank's current ratings. The BFSR could also come under pressure if further operational misconduct, legal or political developments come to light that would diminish the bank's competitive advantages. The last rating action on Banco do Nordeste do Brasil S.A. was on April 26, 2012 when Moody's assigned a long term foreign currency rating to its proposed senior unsecured debt of USD300 million of seven years tenor. The principal methodologies used in these banks were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007. Banco do Nordeste do Brasil S.A. is headquartered in Fortaleza, Brazil, and had total consolidated assets of BRL26.4 billion (US$14.2 billion) and equity of BRL2.3 billion (US$1.2 billion) as of December 31, 2011. * BRAZIL: IDB Grants US$59 Million Loan for Urban Infrastructure ---------------------------------------------------------------- The Inter-American Development Bank approved a loan of up to $59 million for urban infrastructure and transportation improvements in the municipality of Blumenau, state of Santa Catarina, in southern Brazil. An additional $59 million will be provided by the local government, bringing the total potential investment to $118 million. With the resources, the local government will be able to improve and expand the integrated urban transportation system, build new transfer terminals, rehabilitate roads and bridges and implement pedestrian walkways and bicycle routes. All these actions are part of the municipality's urban development program, known as Blumenau 2050. Investments will also be directed to the Aterro-Fonte bus corridor rehabilitation, the building of two new terminals, Itoupava and Agua Verde, and to institutional strengthening. "The program's main goal is to improve quality of life and social- environmental conditions in a city with 1.7 inhabitants per vehicle, one of Brazil's highest ownership rate", says Alejandro Taddia, the IDB's project team leader. Due to a combination of geographic limitations and economic growth, Blumenau, one of the country's most important industrial areas, has been suffering from inadequate transportation infrastructure. The IDB's loan is for a 25-year term, with a five-year grace period, and carries a variable interest rate based on LIBOR. =========================== C A Y M A N I S L A N D S =========================== CONCLAVE INVESTMENTS: Shareholders' Final Meeting Set for July 11 ----------------------------------------------------------------- The shareholders of Conclave Investments Limited will hold their final meeting on July 11, 2012, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson c/o Saskia Lawrence PO Box 765 10 Market Street Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7212 Facsimile: (345) 949 7120 DIAMOND NOTCH: Shareholders' Final Meeting Set for July 19 ---------------------------------------------------------- The shareholders of Diamond Notch Opportunities Fund, Ltd. will hold their final meeting on July 19, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands DRV ASSET: Shareholder to Hear Wind-Up Report on July 19 -------------------------------------------------------- The shareholder of DRV Asset Management will receive on July 19, 2012, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1803 Facsimile: (345) 949-9877 FITZROY LTD: Shareholders' Final Meeting Set for July 11 -------------------------------------------------------- The shareholders of Fitzroy Ltd will hold their final meeting on July 11, 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: Hugh Dickson c/o Saskia Lawrence PO Box 765 10 Market Street Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7212 Facsimile: (345) 949 7120 HSYD HOLDINGS: Sole Member to Hear Wind-Up Report on July 31 ------------------------------------------------------------ The sole member of HSYD Holdings Limited will receive on July 31, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers PO Box 71 Road Town, Tortola British Virgin Islands LG PROPERTIES: Shareholders' Final Meeting Set for July 19 ---------------------------------------------------------- The shareholders of LG Properties (Cayman) Ltd. will hold their final meeting on July 19, 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: Donna Lloyd George 340 Royal Poinciana Way Suite 321 Palm Beach, FL 33480 USA Telephone: 561-835-1352 Facsimile: 561-835-1371 MIKAN CAYMAN: Members' Final Meeting Set for July 9 --------------------------------------------------- The members of Mikan Cayman Holdings Limited will hold their final meeting on July 9, 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 MILLENIUM INVESTMENT: Shareholders' Final Meeting Set for July 11 ----------------------------------------------------------------- The shareholders of Millenium Investment Fund, SPC will hold their final meeting on July 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: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SKYLAN HOLDINGS: Shareholders' Final Meeting Set for July 11 ------------------------------------------------------------ The shareholders of Skylan Holdings Ltd. will hold their final meeting on July 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: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands STG CAPITAL: Shareholder to Hear Wind-Up Report on July 24 ---------------------------------------------------------- The shareholder of STG Capital Fund, Ltd. will receive on July 24, 2012, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 949 9876 Facsimile: (345) 949-9877 =================== C O S T A R I C A =================== * COSTA RICA: Banco BAC Gets US$40 Million Loan From IDB -------------------------------------------------------- Banco BAC San Jose S.A., Costa Rica's largest private bank, will get a loan of as much as US$40 million from the Inter-American Development Bank (IDB) to expand mortgage financing and lending to small and medium-sized enterprises (SMEs). The IDB loan will provide Banco BAC with longer term financing that will allow the bank to offer mortgages to middle and lower middle-income families. It will also pave the way for BAC to boost long-term ending to SMEs, a market segment currently underserved by commercial banks in the country. "By promoting greater financial inclusion, this project seeks to address important gaps in much needed medium-and long-term funding for local small and mid-size enterprises, key contributors to the economy and an important driver for employment in Costa Rica," said Daniela Carrera-Marquis, Chief of the Financial Markets Division of the IDB's Structured and Corporate Finance Department. "In addition, by targeting mortgage financing to middle and lower middle-income families, the project responds to an increased demand to channel resources to a population with traditionally limited access to credit for housing." "It's of great importance for BAC Credomatic de Costa Rica Group to have the support of the IDB, especially given the limited depth of the Costa Rican capital markets. This long-term financing, which confirms the IDB's trust in our institution, will allow us to meet important investment needs of small and medium-sized enterprises, as well as the mortgage needs of our middle-income clients. We take pride in this pioneering transaction in the Costa Rican financial sector," said Gerardo Corrales, Executive Vice-President of BAC Credomatic de Costa Rica. The IDB loan is part of the beyondbanking Program, which seeks to promote sustainable environmental, social and corporate governance principles among Latin American and Caribbean financial intermediaries through financial and technical cooperation. Banco BAC is the largest private-sector bank in Costa Rica and forms part of one of the most important regional financial groups in Central America, with operations in Panama, Nicaragua, Guatemala, Honduras, and El Salvador, In 2010, the group was acquired by Banco de Bogot�, which is part of Grupo Aval, the largest financial conglomerate in Colombia. *********** 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 * * *