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/raid1/www/Hosts/bankrupt/TCRLA_Public/120815.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, August 15, 2012, Vol. 13, No. 162 Headlines A R G E N T I N A INTERCEMENT BRASIL: S&P Affirms 'BB' Issuer Credit Rating YPF SA: Posts ARS833MM Net Income Since Nationalization B E R M U D A CPI-WESTERN POWER: Creditors' Proofs of Debt Due Aug. 22 CPI-WESTERN POWER: Members' Final Meeting Set for Sept. 10 MEDITOR MASTER: Creditors' Proofs of Debt Due Aug. 30 MEDITOR MASTER: Member to Receive Wind-Up Report on Oct. 17 PEAK FSC: Creditors' Proofs of Debt Due Aug. 22 PEAK FSC: Member to Receive Wind-Up Report on Sept. 12 WHITE & SONS: Judge Appoints KMPG as Liquidators B R A Z I L CAMARGO CORREA: Fitch Affirms 'BB' Ratings C A Y M A N I S L A N D S AL-SHARQ, LTD: Shareholders' Final Meeting Set for Aug. 31 ARMONK CORPORATION: Shareholders' Final Meeting Set for Sept. 13 EIDESIS SPECIAL: Shareholder to Receive Wind-Up Report on Aug. 31 EIDESIS SPECIAL FUND: Member to Hear Wind-Up Report on Aug. 31 GREYSTONE CORPORATION: Shareholders' Meeting Set for Sept. 13 KSB FENG HUANG: Shareholders' Final Meeting Set for Aug. 31 KSB FENG HUANG MASTER: Final Meeting Set for Aug. 31 NEXUS GEMINI: Shareholder to Receive Wind-Up Report on Aug. 22 NORA LIMITED: Members' Final Meeting Set for Aug. 23 PHILOSMITH OFFSHORE: Shareholders' Final Meeting Set for Aug. 24 H A I T I DIGICEL GROUP: Uncovers Fraud in Haiti Operations J A M A I C A WESTERN UNION: JCC Supports Temporary Closure * JAMAICA: S&P Ups Sovereign Credit Ratings to 'B'; Outlook Neg M E X I C O * MUNICIPALITY OF CAMPECHE: Moody's Assigns 'B2' Issuer Ratings P U E R T O R I C O PARADOR VISTAMAR: Case Summary & 14 Unsecured Creditors - - - - - ================= A R G E N T I N A ================= INTERCEMENT BRASIL: S&P Affirms 'BB' Issuer Credit Rating --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' ratings on InterCement Brasil S.A. and its recently-acquired Cimpor Cimentos de Portugal, S.G.P.S. S.A. and removed the ratings from CreditWatch with negative implications. "We had placed the ratings on CreditWatch on April 2, 2012, after InterCement announced a public offer to acquire the remaining 67% of Cimpor's shares on Portugal's stock exchange. The outlook is stable," S&P said. "The rating action follows InterCement's successful takeover of Cimpor from the majority of existing shareholders. InterCement currently owns 72.9% of Cimpor and is working on a separate agreement for the acquisition of Votorantim's stake in Cimpor, through an asset swap, which would increase its ownership of Cimpor to 94.1%. InterCement plans to finalize the reorganization by the end of 2012," S&P said. "We view InterCement and Cimpor as integrated companies, given InterCement's high degree of influence and ownership of Cimpor. Once Cimpor is fully incorporated, InterCement will have access to Cimpor's assets, control of cash and dividend payouts, and direct the combined company's strategy. From a credit standpoint, we now consider both companies as a single-economic group bearing the same default risk," S&P said. YPF SA: Posts ARS833MM Net Income Since Nationalization ------------------------------------------------------- Pablo Gonzalez at Bloomberg News reports that YPF SA said quarterly profit climbed 8% on higher oil prices in the first report since the Argentine company was nationalized by President Cristina Fernandez de Kirchner. Net income increased to ARS833 million (US$181 million) from ARS771 million a year earlier, according to Bloomberg News. Bloomberg News notes that YPF SA said oil production gained 24% in the quarter on higher local prices and also there wasn't a repeat of reduced output in the southern provinces of Chubut and Santa Cruz because of strikes a year ago. Bloomberg News says that local oil prices rose 24% to $70.4 a barrel, the company said. Investments climbed 25% to ARS3.4 billion from a year ago, YPF said, Bloomberg News relates. Bloomberg News recalls that President Fernandez seized a 51% stake from Spain's Repsol SA (REP) in April. Miguel Galuccio was named as chief executive officer to halt declining output and stem fuel imports that doubled to ARS$9.4 billion last year, Bloomberg News says. YPF's refining unit operating profit dropped 27% while refined exports slid 14% in the period, Bloomberg News discloses. About YPF SA Headquartered in Buenos Aires, Argentina, YPF S.A. is an integrated oil and gas company engaged in the exploration, development and production of oil and gas, natural gas and electricity-generation activities (upstream), the refining, marketing, transportation and distribution of oil and a range of petroleum products, petroleum derivatives, petrochemicals and liquid petroleum gas (downstream). The company is a subsidiary of Repsol YPF, S.A., a Spanish company engaged in oil exploration and refining, which holds 99.04% of its shares. Its international operations are conducted through its subsidiaries, YPF International S.A. and YPF Holdings Inc. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's largest oil and gas producer, YPF SA, said it won't exercise an option to lift its stake in the parent company of natural gas distribution firm Metrogas SA after failing to reach an agreement with creditors. As of March 20, 2012, the company continues to carry Fitch Rating's "B+" long-term foreign currency default rating and "BB" long-term local currency issuer default rating. ============= B E R M U D A ============= CPI-WESTERN POWER: Creditors' Proofs of Debt Due Aug. 22 -------------------------------------------------------- The creditors of CPI-Western Power Holdings Ltd. are required to file their proofs of debt by Aug. 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CPI-WESTERN POWER: Members' Final Meeting Set for Sept. 10 ---------------------------------------------------------- The members of CPI-Western Power Holdings Ltd. will hold their final meeting on Sept. 10, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MEDITOR MASTER: Creditors' Proofs of Debt Due Aug. 30 ----------------------------------------------------- The creditors of Meditor Master Cobra Fund Limited are required to file their proofs of debt by Aug. 30, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 26, 2012. The company's liquidator is: James Keyes 101 Front Street Hamilton HM12 Bermuda MEDITOR MASTER: Member to Receive Wind-Up Report on Oct. 17 ----------------------------------------------------------- The member of Meditor Master Cobra Fund Limited will receive on Oct. 17, 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: James Keyes 101 Front Street Hamilton HM12 Bermuda PEAK FSC: Creditors' Proofs of Debt Due Aug. 22 ----------------------------------------------- The creditors of Peak FSC, Ltd. are required to file their proofs of debt by Aug. 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda PEAK FSC: Member to Receive Wind-Up Report on Sept. 12 ------------------------------------------------------ The member of Peak FSC, Ltd. will receive on Sept. 12, 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: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda WHITE & SONS: Judge Appoints KMPG as Liquidators ------------------------------------------------ Lindsay Kelly at The Royal Gazette reports that White & Sons Ltd closed its doors in Warwick Friday after a liquidation order was approved. The Royal Gazette understands that the supermarket's entire staff was laid off as a result of the ruling. According to the report, acting Chief Justice Charles-Etta Simmons signed an order to wind up the store under the provision of the Companies Act 1981 in a 15-minute court hearing at Sessions House on August 10. KPMG was assigned as liquidators for the grocer that has been in the supermarket business in Bermuda since 1924, the report relays. According to the report, KPMG said they are currently assessing a variety of options for White's, including "continuing to operate the business at 22 Middle Road, Warwick while a potential sale of the business is explored". A KPMG spokesperson stated that the liquidation does not affect the operation of White's sister groceries, Hayward's Supermarket or White's Southside, the report adds. Together, the three entities have a staff of approximately 85, the report discloses. According to the Royal Gazette, shipping and courier company International Bonded Couriers of Bermuda, represented by Deborah Correia of Wakefield Quin Limited, filed the petition last month to reclaim money White & Sons Ltd owed them. Since filing, 27 other creditors, including wholesale companies Pitt & Company Ltd and BGA Ltd, have come forward and filed claims, the report notes. The Royal Gazette notes that creditors, suppliers and/or potential purchasers should contact Khalid Davis of KPMG on 294-2628 or khaliddavis@kpmg.bm. =========== B R A Z I L =========== CAMARGO CORREA: Fitch Affirms 'BB' Ratings ------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB' ratings on Brazil-based conglomerate Camargo Correa S.A. and removed the ratings from CreditWatch with negative implications. "We had placed the ratings on CreditWatch on April 2, 2012, after its subsidiary, InterCement Brasil S.A. (BB/Stable/--), announced a public offer to acquire the remaining 67% of Cimpor Cimentos de Portugal, S.G.P.S. S.A.'s shares on Portugal's stock exchange. The outlook is stable," S&P said. "The rating action follows Camargo's successful takeover of Cimpor from the majority of existing shareholders. Camargo group currently owns 72.9% of Cimpor and is working on a separate agreement for the acquisition of Votorantim's stake of Cimpor, through an asset swap, to increase its ownership to 94.1%. Additionally, profitability at Camargo's heavy construction business, Construcoes e Comercio Camargo Correa S.A. (not rated), has improved following losses on a few projects during 2011," S&P said. "The rating affirmation is based on our expectation that Camargo will successfully integrate Cimpor's business into its cement division. With a total estimated installed capacity of about 36 million tons per year, the new consolidated cement division would become a global major player," S&P said. "The rating affirmation also incorporates our expectation that after some losses at some of its projects in 2011 (mainly at Jirau hydroelectric dam), the heavy construction unit's performance would stabilize and Camargo's financial flexibility would improve partly thanks to the asset sale of Usinas Siderurgicas de Minas Gerais S.A. (Usiminas; BBB-/Negative/--) for about R$2.3 billion and the debt repayment of about R$1.1 billion during the first half of 2012." =========================== C A Y M A N I S L A N D S =========================== AL-SHARQ, LTD: Shareholders' Final Meeting Set for Aug. 31 ---------------------------------------------------------- The shareholders of Al-Sharq, Ltd. will hold their final meeting on Aug. 31, 2012, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808, Safat 13149 Kuwait Telephone: (+965) 1844488 Ext-1402 ARMONK CORPORATION: Shareholders' Final Meeting Set for Sept. 13 ---------------------------------------------------------------- The shareholders of Armonk Corporation will hold their final meeting on Sept. 13, 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: Cora Limited Arawak Chambers Sea Meadow House, Blackburne Highway Road Town, Tortola British Virgin Islands EIDESIS SPECIAL: Shareholder to Receive Wind-Up Report on Aug. 31 ----------------------------------------------------------------- The shareholder of Eidesis Special Opportunities Offshore, Ltd. will receive on Aug. 31, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EIDESIS SPECIAL FUND: Member to Hear Wind-Up Report on Aug. 31 -------------------------------------------------------------- The shareholder of Eidesis Special Opportunities Master Fund, Ltd. will receive on Aug. 31, 2012, at 9:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GREYSTONE CORPORATION: Shareholders' Meeting Set for Sept. 13 ------------------------------------------------------------- The shareholders of Greystone Corporation will hold their final meeting on Sept. 13, 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: Cora Limited Arawak Chambers Sea Meadow House, Blackburne Highway Road Town, Tortola British Virgin Islands KSB FENG HUANG: Shareholders' Final Meeting Set for Aug. 31 ----------------------------------------------------------- The shareholders of KSB Feng Huang Development Fund will hold their final meeting on Aug. 31, 2012, at 8:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler KSB FENG HUANG MASTER: Final Meeting Set for Aug. 31 ---------------------------------------------------- The shareholders of KSB Feng Huang Development Master Fund will hold their final meeting on Aug. 31, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler NEXUS GEMINI: Shareholder to Receive Wind-Up Report on Aug. 22 -------------------------------------------------------------- The shareholder of Nexus Gemini Ltd. will receive on Aug. 22, 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: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949-9877 NORA LIMITED: Members' Final Meeting Set for Aug. 23 ---------------------------------------------------- The members of Nora Limited will hold their final meeting on Aug. 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands PHILOSMITH OFFSHORE: Shareholders' Final Meeting Set for Aug. 24 ---------------------------------------------------------------- The shareholders of Philosmith Offshore Partners Ltd. will hold their final meeting on Aug. 24, 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: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay Grand Cayman KY1-1108 Cayman Islands ========= H A I T I ========= DIGICEL GROUP: Uncovers Fraud in Haiti Operations ------------------------------------------------- RJR News reports that Digicel Group Limited has launched an investigation into a fraud in Haiti, one of its biggest markets. In response to a query from Ireland's Independent newspaper, the company issued a brief statement stating that like all multinational companies, it does suffer cases of minor fraud from time to time, according to RJR News. The report relates that Digicel Group said it is an internal matter and the company is conducting a thorough investigation. RJR News notes that it is believed that the mobile phone group has begun a probe into whether a scam existed to skim money from international callers. The scam may have been in operation since 2009 by individuals who managed to route money made on international calls away from Digicel Group, RJR News says. Digicel Group has invested 600 million dollars since entering the Haitian market in 2005, where it now has 3.5 million customers. Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of June 25, 2012, the company continues to carry Moody's "Caa1" senior unsecured debt rating. ============= J A M A I C A ============= WESTERN UNION: JCC Supports Temporary Closure --------------------------------------------- RJR News reports that the Jamaica Chamber of Commerce (JCC) has come out in support of the decision by Western Union to temporarily close its outlets in St. James to conduct a systems review. A statement from the Chamber said it will back the move by Western Union and any other entity that finds it necessary to initiate measures to protect their hard-earned reputation, according to RJR News. The report notes that JCC said there is a suspicion that illegal networks centered in western Jamaica have attempted to utilize the communications infrastructure of a number of corporate institutions whose activities are models of integrity. It says the problem could become widespread and impact more Jamaican businesses and consumers, if the country does not get a firm handle on crime, RJR News notes. * JAMAICA: S&P Ups Sovereign Credit Ratings to 'B'; Outlook Neg --------------------------------------------------------------- Standard & Poor's Ratings Services raised its short-term sovereign credit ratings on Jamaica to 'B' from 'C'. "We also affirmed our 'B-' long-term foreign and local currency issuer ratings. The outlook remains negative. In addition, our 'B' transfer and convertibility (T&C) assessment remains unchanged," S&P said. "The change in the short-term rating to 'B' from 'C' results from the revision of our criteria on the linkage between long-term and short-term ratings for sovereigns," said Standard & Poor's credit analyst Joydeep Mukherji. "According to our revised criteria, the short-term rating on a sovereign is derived uniquely from the long-term rating on the sovereign by applying a linkage that is consistent with that applied to corporate entities with 'strong or adequate' liquidity. As a result, the change in the short-term ratings on Jamaica does not reflect a change in Jamaica's short- term credit prospects." "Jamaica's narrow economic structure, large informal sector, and persistent fiscal and external deficits, which have led to heavy debt-service burdens, constrain our ratings on the country. General government debt could exceed 130% of GDP in fiscal 2012/2013, and the public-sector deficit could exceed the government's target of 4.5% of GDP. Jamaica's interest burden will likely also remain high at about 40% of general government revenue for the foreseeable future. We expect Jamaica's international reserves to cover just over three months of current account payments as of the end of 2012. We expect GDP growth will remain low this year, likely about 1%. In addition, the lack of a new agreement with the International Monetary Fund (IMF) has sustained uncertainty about economic policies, detracting from Jamaica's creditworthiness," S&P said. "Jamaica's stable democratic government and its success in financing a large share of its borrowing needs in the domestic capital markets support the ratings. We expect the government to continue to rely on the domestic capital market, multilateral funding, and strategic international issuances to finance its fiscal and external gap in the short term," S&P said. "Our local and foreign currency ratings on Jamaica are the same because the country's less-developed domestic bond markets and fairly high inflation constrain its monetary policy options. Our T&C assessment is one notch higher than the foreign currency rating. This reflects our opinion that the likelihood of the sovereign restricting access to foreign exchange for Jamaica-based nonsovereign issuers is slightly lower than the likelihood of the sovereign defaulting on its foreign currency obligations. This opinion balances the global orientation of the Jamaican economy against the potential for tighter exchange restrictions in a severe downside scenario," S&P said. "The negative outlook reflects our view of the likelihood of a downgrade if the government fails to increase its primary surplus and meet other requirements that are necessary to once again receive funding from the IMF and other multilateral lending institutions. Our view is that the government's room for fiscal maneuvering is narrowing. If the government fails to stabilize both the external and fiscal accounts, we would likely lower the rating. Conversely, if the government is able to improve its fiscal stance through a credible medium-term economic plan that will bring its IMF agreement on track while reducing external pressures, the sovereign's creditworthiness could improve," S&P said. =========== M E X I C O =========== * MUNICIPALITY OF CAMPECHE: Moody's Assigns 'B2' Issuer Ratings --------------------------------------------------------------- Moody's de Mexico assigned issuer ratings of Baa3.mx (Mexico National Scale) and B2 (Global Scale, local currency) to the Municipality of Campeche. The outlook on the ratings is stable. Ratings Rationale The issuer ratings of Baa3.mx (Mexico National Scale) and B2 (Global Scale, local currency) assigned to the Municipality of Campeche reflect moderate debt levels and cash financing requirements, offset by negative operating balances, and a very tight liquidity position. "Campeche has recorded cash financing requirements between 2007 and 2011 that averaged -5.3% of total revenues. The municipality faces important pressures on both its operating revenues and expenditures" said Maria del Carmen Martinez-Richa, a Moody's sub- sovereign analyst. Own source revenue is equivalent to only 26.8% of operating revenue and recently, federal transfers decreased by 7% from 2010 to 2011. On the expenditure side, pressures on personnel services and transfers have been more acute. Campeche provides around 5.5% of operating revenues to subsidies to the municipal water and transport companies. Campeche has been allocating 3% of operating revenues to employees pensions. As a result, between 2007 and 2011, gross operating margins averaged - 3.5% of operating revenues. Campeche's debt levels are low, net direct and indirect debt was equivalent to 5.9% of operating revenues. The municipality is planning to contract MXN 285 million and debt levels are expected to increase to around 39% of operating revenues. This level remains moderate and below the median of B rated municipalities. However, liquidity is very tight as net working capital to total expenditures was equivalent to -25.7% in 2011. What Can Change The Rating Up/Down A substantial improvement in operating and consolidated financial results and a strengthening in liquidity could exert upward pressure on the ratings. On the contrary, a further weakening in operating and consolidated financial results, leading to increases in debt levels above Moody's expectations and/or a further weakening in its already tight liquidity position, could exert downward pressure on the ratings. ===================== P U E R T O R I C O ===================== PARADOR VISTAMAR: Case Summary & 14 Unsecured Creditors ------------------------------------------------------- Debtor: Parador Vistamar Corporation dba Hotel Parador Vistamar Vistamar Parador Vistamar Corp 6205 Carr 113 N Quebradillas, PR 00678 Bankruptcy Case No.: 12-06292 Chapter 11 Petition Date: August 9, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Frederic Chardon Dubos, Esq. CHARDON DUBOS, PSC Hill Plaza 2847 Avenida Militar Isabela, PR 00662-4099 Tel: (787) 872-0700 Fax: (787) 872-0700 E-mail: chdpsc@gmail.com Estimated Assets: US$0 to US$50,000 Estimated Debts: US$1,000,001 to US$10,000,000 A copy of the Company's list of its 14 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-06292.pdf The petition was signed by Carlos Rafael Fernandez Rodriguez, president. Affiliate that filed separate Chapter 11 petition: Entity Case No. Petition Date ------ -------- ------------- Costa Dorada Apartments Corp. 11-03960 05/10/11 *********** 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 * * *