TCRLA_Public/120725.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 25, 2012, Vol. 13, No. 147


                            Headlines



A R G E N T I N A

ARYL SA: Creditors' Proofs of Debt Due Sept. 21
DONWIL SA: Creditors' Proofs of Debt Due Aug. 21
JAMPA SA: Creditors' Proofs of Debt Due Sept. 24
MONSERRAT PRODUCCIONES: Creditors' Proofs of Debt Due Oct. 3
NATURAL WOOD: Creditors' Proofs of Debt Due Aug. 28

SAYRO SA: Creditors' Proofs of Debt Due Aug. 23


B A H A M A S

* BAHAMAS: Gets US$24 Million Loan Assistance From IDB


B A R B A D O S

* BARBADOS: Unemployment Rate is Almost 12%


B E R M U D A

WHITE & SONS: Winding-up Hearing Adjourned Until August


C A Y M A N   I S L A N D S

GLOBAL TRADING: Creditors' Proofs of Debt Due Aug. 16
GLOBAL TRADING MANAGER: Creditors' Proofs of Debt Due Aug. 16
GREENLAKE VIETNAM: Creditors' Proofs of Debt Due Aug. 16
PRALOUP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
PUYDEDOME INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16

SAN LUCA: Creditors' Proofs of Debt Due Aug. 16
TOURMALET INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
VENTOUX INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
WESLEY CAPITAL: Creditors' Proofs of Debt Due Aug. 15
WESLEY CAPITAL-CL: Creditors' Proofs of Debt Due Aug. 15


P U E R T O   R I C O

MSJ LAS CROABAS: Case Summary & 20 Largest Unsecured Creditors
PONCE DE LEON: To Present Plan for Confirmation on Sept. 25


                            - - - - -


=================
A R G E N T I N A
=================


ARYL SA: Creditors' Proofs of Debt Due Sept. 21
-----------------------------------------------
Berta Liliana Kravetz, the court-appointed trustee for Aryl SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 21, 2012.

Ms. Kravetz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:

         Berta Liliana Kravetz
         Lavalle 1527
         Argentina


DONWIL SA: Creditors' Proofs of Debt Due Aug. 21
------------------------------------------------
Estudio Enrique H. Kiperman y Asociados, the court-appointed
trustee for Donwil SA's reorganization proceedings, will be
verifying creditors' proofs of claim until Aug. 21, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 July 11, 2013.

The Trustee can be reached at:

         Estudio Enrique H. Kiperman y Asociados
         Cerrito 836
         Argentina


JAMPA SA: Creditors' Proofs of Debt Due Sept. 24
------------------------------------------------
Juan Carlos Treppo, the court-appointed trustee for Jampa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 24, 2012.

Mr. Treppo 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:

         Juan Carlos Treppo
         Sarmiento 1183
         Argentina


MONSERRAT PRODUCCIONES: Creditors' Proofs of Debt Due Oct. 3
------------------------------------------------------------
Elsa Andrade, the court-appointed trustee for Monserrat
Producciones SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 3, 2012.

Ms. Andrade 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. 8, 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:

         Elsa Andrade
         Av. Callao 449
         Argentina


NATURAL WOOD: Creditors' Proofs of Debt Due Aug. 28
---------------------------------------------------
Antonio Florencio Canada, the court-appointed trustee for Natural
Wood SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 28, 2012.

Mr. Canada 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.

The Trustee can be reached at:

         Antonio Florencio Canada
         Luis Belaustegui 4531
         Argentina


SAYRO SA: Creditors' Proofs of Debt Due Aug. 23
-----------------------------------------------
Francisco Jose Vazquez, the court-appointed trustee for Sayro SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Aug. 23, 2012.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Francisco Jose Vazquez
         Sarmiento 1474
         Argentina


=============
B A H A M A S
=============


* BAHAMAS: Gets US$24 Million Loan Assistance From IDB
------------------------------------------------------
The Inter-American Development Bank (IDB) has approved two loans
for a total of US$24 million to help The Bahamas promote foreign
trade, improve customs operations, and fight poverty and improve
students' health and educational achievements.

A US$16.5 million credit will boost international trade by
enhancing the ability of customs to collect revenue by
strengthening management, modernizing operations, boosting borders
monitoring, and developing the institutional trade platform.

A second, US$7.5 million loan will help fight poverty through the
consolidation of existing programs into a Conditional Cash
Transfer (CCT) program focused on changing behavior to improve
educational achievement and a healthier lifestyle, including
obesity control programs, among children from poor households.

                      Trade Sector Support

"Although The Bahamas is a vibrant economy, the country is
somewhat isolated from international trade circles," the project's
team leader Mario Umana said.  "As a result of the changes and the
technical support to be implemented under the program, The Bahamas
will have modern and agile customs operations, and the country
will be in a better position to join the World Trade
Organization," he added.

The modernization and strengthening of customs' institutional and
operational capacity should reduce the negative impact of revenue-
related offenses such as misclassification, valuation and
contraband; the average time to clear an import declaration from
24 to 7.2 hours; the cost to prepare an import-export declaration
by use of electronic submission from US$20 to US$0; the clearance
time of imports from the time of physical arrival to exit from
customs facilities from 72 to 24 hours; and the revenue-collection
costs by 15 percent.

Cargo manifests submitted electronically and in advance are
expected to increase from 25 percent to 80 percent; the number of
customs declarations submitted electronically from 2 percent to 80
percent; as well as the number of duties and taxes paid
electronically from 0 percent to 80 percent.  Physical
verifications should also be reduced substantially, based on risk
analysis in order to speed up imports and exports processes.
Overall, International Trade transactions will be facilitated with
the implementation of an Electronic Single Window.

Trade related institutions will be strengthened and better
prepared to negotiate and implement trade agreements.

Poverty Alleviation, educational achievement and a healthier
lifestyle

While all students in The Bahamas - a high-income island state
with a population of about 350,000 - complete high school, only
those with better performance levels obtain a graduation
certificate from public high schools.  With assistance from the
IDB, the number of graduates is expected to rise substantially,
while students performing below the required standard for
graduation will be required to attend remedial lessons in order to
receive the transfer.

"Better education outcomes will be one of the main goals of the
program," the project's team leader Luis Tejerina said.

Under the program, the percentage of beneficiaries in the poorest
segment of society is expected to increase from the current 28
percent to 42 percent.  The funds will also support strategies
aimed at boosting school enrolment and attendance.

In addition, the program will tackle obesity, which is a severe
problem in the country-in grade 10, nearly one in every four
children is obese, and the problem increases with age, with two
out of three Bahamians between 21-60 years of age now overweight
or obese. Low-income females are among the most affected.

The program is expected to help reduce children's body mass index
through a series of prevention programs, including school
curriculum that comprises healthy eating, physical activity and
body image; improvements in nutritional quality of food supplied
in schools; support to healthy cultural practices; and support for
teachers, health providers, and families to implement health
promotion strategies and activities, including a reduction of time
spent by children before TV and computer screens.  The program
will also support breast feeding of infants between 0-6 months.

Both loans are from the IDB's ordinary capital and will be for a
25-year term, with 5-1/2 years of grace, and at a variable
interest rate based on LIBOR.



===============
B A R B A D O S
===============


* BARBADOS: Unemployment Rate is Almost 12%
-------------------------------------------
RJR News reports that the rate of unemployment in Barbados is
almost 12%

The research unit in the Barbados Ministry of Finance and Economic
Affairs reports that unemployment from January to March reached
11.8%, according to RJR News.

The report notes that statistics derived from the Continuous
Household Labor Force Survey indicated that the unemployment rate
among males stood at 10.5% and 13.1% among females.

The distributive sectors -- wholesale and retail trade --
accounted for the bulk of jobs in Barbados during the first
quarter of 2012, with 19,900 jobs, followed by construction,
mining and quarrying with 14,100 jobs, accommodation and food
service with 12,000 jobs, while office jobs accounted for 8,700
people, RJR News notes.



=============
B E R M U D A
=============


WHITE & SONS: Winding-up Hearing Adjourned Until August
-------------------------------------------------------
The Royal Gazette reports that the a Supreme Court hearing on a
petition to wind up troubled White & Sons supermarket group has
been adjourned.

The adjournment until August was to allow for time for
negotiations and due diligence on White's, according to The Royal
Gazette.

The report notes that the petition for the winding up of White's,
which has been in the supermarket business here since 1924, was
put forward by shipping and courier company IBC Ltd, which is owed
money by the company.

In addition, earlier this month wholesale companies Pitt & Company
Ltd and BGA Ltd took out writs against White's "carrying on
business as White & Sons Supermarket, Southside Supermarket and
Haywards Supermarket", the report says.

Attorney Deborah Correia of Wakefield Quin told The Royal Gazette
in an interview that "The outcome of Friday's hearing was that by
consent of the parties the hearing was adjourned until 9:30 a.m.
on Aug. 10, 2012 in order to allow for negotiations and due
diligence to be conducted on the company."



===========================
C A Y M A N   I S L A N D S
===========================


GLOBAL TRADING: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------------
The creditors of Global Trading Strategies (Master) SPC are
required to file their proofs of debt by Aug. 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GLOBAL TRADING MANAGER: Creditors' Proofs of Debt Due Aug. 16
-------------------------------------------------------------
The creditors of Global Trading Strategies Manager Limited are
required to file their proofs of debt by Aug. 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 28, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GREENLAKE VIETNAM: Creditors' Proofs of Debt Due Aug. 16
--------------------------------------------------------
The creditors of Greenlake Vietnam Real Estate Fund Ltd are
required to file their proofs of debt by Aug. 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PRALOUP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
----------------------------------------------------------
The creditors of Praloup Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PUYDEDOME INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
------------------------------------------------------------
The creditors of Puydedome Investments Limited are required to
file their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SAN LUCA: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------
The creditors of San Luca Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TOURMALET INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
------------------------------------------------------------
The creditors of Tourmalet Investments Limited are required to
file their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


VENTOUX INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
----------------------------------------------------------
The creditors of Ventoux Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WESLEY CAPITAL: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------
The creditors of Wesley Capital Institutional Master Fund, Ltd.
are required to file their proofs of debt by Aug. 15, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WESLEY CAPITAL-CL: Creditors' Proofs of Debt Due Aug. 15
--------------------------------------------------------
The creditors of Wesley Capital-CL Master Fund, Ltd. are required
to file their proofs of debt by Aug. 15, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



=====================
P U E R T O   R I C O
=====================


MSJ LAS CROABAS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: MSJ Las Croabas Properties Inc.
        aka Ocean Club At Seven Seas
        Road 9987 KM 6.0
        Las Croabas
        Bo. Las Croabas
        Fajardo, PR 00738

Bankruptcy Case No.: 12-05710

Chapter 11 Petition Date: July 19, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

About the Debtor: MSJ Las Croabas is a Puerto-Rico based land
                  developer.

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Scheduled Assets: $609,845

Scheduled Liabilities: $43,174,292

The petition was signed by Michael Scarfia, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Gibraltar Construction Co., Inc.   --                  $10,908,742
Banco Popular
Ctr. Bldg. #1132
Hato Rey, PR 00918

FDIC/Real Estate Capital Key Bank  --                   $8,635,807
11501 Outlook, Suite 300
Overland Park, KS 66211

TOA Landscape                      --                     $800,000
7969 Calle Los Bravos HC2
Sabana Seca, PR 00952

Albanileria Mo                     --                     $477,199
HC 01 Box 4878
Naguabo, PR 00718-9727

Orlando Vazquez Torres             --                     $250,000
#2221 Jacaranda Manor
Calle D Apt 5
Ponce, PR 00731

A. Avanti Kitchens                 --                     $243,303

Rolei Electrica                    --                     $206,379

Benkar Construction                --                     $163,433

Coplin Enterprises, Inc.           --                      $94,369

Atlas Roofing                      --                      $72,175

Rolei Electrica                    --                      $66,057

Professional Power Services        --                      $59,436

Diaz Masso, Inc.                   --                      $50,750

Antonio Rios Plumbing              --                      $50,562

I H Professional Tile, Inc.        --                      $49,002

Air Master Window & Door           --                      $46,015

Steel & Pipes, Inc.                --                      $41,633

Prasa                              --                      $38,795

Constructora Benitez Corp.         --                      $36,660

Maderas 3C                         --                      $32,933


PONCE DE LEON: To Present Plan for Confirmation on Sept. 25
-----------------------------------------------------------
U.S. Bankruptcy Judge Enrique S. Lamoutte Inclan will convene a
hearing on Sept. 25, 2012 at 2:00 p.m. to consider confirmation of
Ponce De Leon 1403 Inc.'s Chapter 11 Plan.

The disclosure statement order signed June 25 provides that
objections to the Plan are due 45 days prior to the confirmation
hearing.

The judge approved the Disclosure Statement following a hearing
held June 19 despite objections by PRLP 2011 Holdings LLC.

PRLP, a secured creditor, argued in June 8 filings that the
Disclosure Statement should not be approved because the Plan was
"patently unconfirmable as it would not be feasible".  The
creditor noted that the Debtor failed to explain how it proposes
to finance the payment of 100% of claims to unsecured creditors
when it is only able to derive cash from the sale of the apartment
units and commercial spaces, all of which are PRLP's collateral in
this case.

The Debtor responded that the PRLP's argument regarding the
alleged violation of the absolute priority rule is meritless and
unfounded.  The Debtor noted that as provided in the Disclosure
Statement and Plan, payments to General Unsecured Creditors will
commence ONLY after payment in full of the secured claim owed to
PRLP.

Specifically, the Debtor will commence payments to the General
Unsecured Creditors of prepetition debt on the 36 months after the
Effective Date of the Plan or will commence payments to this class
the first month after it has paid its secured creditor if this
date is earlier than 36 months after the Effective Date.  The
Debtor will pay all outstanding and allowed claims in this class
at 100% of the allowed claim on a monthly basis within six years
from the Effective Date.  Therefore the Debtor will be making
monthly installment payments to this Class of creditors for months
37 to 72 of the Plan or, if the Secured Creditor is paid prior to
36 months after the Effective Date, it will commence the monthly
payments one month after it has paid its secured creditor.

With respect to secured claims, PRLP's secured claims $12.20
million claim will be paid under one of these scenarios:

  (1) the Debtor will surrender a set of units to PRLP that is the
      indubitable equivalent of the Debtor's outstanding
      obligation on the Effective Date.

  (2) Pursuant to an agreement with PRLP and QB Construction,
      Inc., for the sale of the Debtors, the Debtor will continue
      administering and selling units for the benefit of PRLP and
      provide payment in full of the amounts owed to PRLP within a
      term of 35 months by apportioning a certain percentage of
      the proceeds from each sale to PRLP.  Interest will
      accumulate at the same rate agreed to the original terms of
      the loan agreement.

  (3) Subject to availability of secured financing, the Debtor
      will arrange or request a third party to purchase the
      mortgage note from PRLP in an amount equal to 50% of the
      outstanding obligation.  Payment of this amount will be made
      within 90 days from the signature of the asset agreement.

PRLP and the general unsecured creditors are impaired under the
Plan.

Equity holders won't receive any dividend but they will retain
their equity interests.

A copy of the Disclosure Statement is available at:

      http://bankrupt.com/misc/Ponce_De_Leon_DS_041312.pdf

Cash Collateral

At the June 19 hearing, the bankruptcy judge also gave the Debtor
authority to use cash collateral.  After considering the range of
value of the properties pending to be sold ($15 - $18 million),
the amount of secured debt owed to PRLP ($11.5 to $11.7 million),
the history of postpetition sales (13, that is, one per month),
the statutory requirement that maintenance fees be paid, and the
amount of critical expenses outlined in the budget submitted by
the Debtor in its motion for use of cash collateral, the Court
finds that payment to PRLP of 70% of the sale of individual units
constitutes adequate protection.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso
Vicens as accountant, with compensation to be paid in such amounts
as may be allowed by the Court.


                            ***********


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.


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