/raid1/www/Hosts/bankrupt/TCRLA_Public/121015.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, October 15, 2012, Vol. 13, No. 205
Headlines
A R G E N T I N A
CGK GROUP: Creditors' Proofs of Debt Due Nov. 23
REXCEL SA: Creditors' Proofs of Debt Due Oct. 18
TAPITEX SRL: Creditors' Proofs of Debt Due Nov. 15
* ARGENTINA: Moody's Corrects June 22 Rating Release on Banks
B E R M U D A
ALL WRAP UP: Closes Operations on Economic Downturn
PLYMOUTH INSURANCE: Creditors' Proofs of Debt Due Oct. 17
PLYMOUTH INSURANCE: Member to Receive Wind-Up Report on Nov. 7
B R A Z I L
COSAN SA: S&P Affirms 'BB' Global Scale Issuer Credit Rating
DESENVIX ENERGIAS: Moody's Assigns '(P)Ba3' Corp. Family Rating
SUZANO PAPEL: High Leverage Cues Fitch to Downgrade Ratings
C A Y M A N I S L A N D S
CAUCA VALLEY: Creditors' Proofs of Debt Due Oct. 15
DSAM GLOBAL: Creditors' Proofs of Debt Due Oct. 15
EIRE PRECINCT: Creditors' Proofs of Debt Due Oct. 24
EIRE THE: Creditors' Proofs of Debt Due Oct. 24
FIREBRICK ASIA: Creditors' Proofs of Debt Due Oct. 24
FIREBRICK ASIA MASTER: Creditors' Proofs of Debt Due Oct. 24
MSN 283: Creditors' Proofs of Debt Due Oct. 24
NEUBERGER BERMAN: Creditors' Proofs of Debt Due Oct. 15
NEWCASTLE CDO VII: Placed Under Voluntary Wind-Up
PAC-RIM INVESTMENTS: Creditors' Proofs of Debt Due Oct. 23
C O L O M B I A
CORPBANCA: Moody's Changes Outlook on Ratings to Negative
J A M A I C A
* JAMAICA: Banking Sector to Hold Talks on SLB Crash Crunch
M E X I C O
TRILOGY INTERNATIONAL: S&P Affirms 'B-' Corporate Credit Rating
P A R A G U A Y
BANCO AMAMBAY: Moody's Assigns 'E+' BFSR; Outlook Stable
P U E R T O R I C O
PRWIRELESS INC: S&P Cuts CCR to 'CCC' on Weaker Operating Results
T R I N I D A D & T O B A G O
CARIBBEAN AIRLINES: "Not Perturbed" by WestJet Presence
X X X X X X X X
* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2012
- - - - -
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A R G E N T I N A
=================
CGK GROUP: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------
Lidia Margarita Diaz, the court-appointed trustee for CGK Group
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 23, 2012.
Ms. Diaz 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:
Lidia Margarita Diaz
Av. Independencia 26321
Argentina
REXCEL SA: Creditors' Proofs of Debt Due Oct. 18
------------------------------------------------
Estudio Diaz, Podesta y Asociados, the court-appointed trustee for
Rexcel SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Oct. 18, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:
Estudio Diaz, Podesta y Asociados
Maipu 726
Argentina
TAPITEX SRL: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------
Dante Francisco Giampaolo, the court-appointed trustee for Tapitex
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 15, 2012.
Mr. Giampaolo 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.
The Trustee can be reached at:
Dante Francisco Giampaolo
Tomas Manuel de Anchorena 672
Argentina
* ARGENTINA: Moody's Corrects June 22 Rating Release on Banks
-------------------------------------------------------------
Moody's Investors Service issued a correction to the June 22,
2012, rating release on 31 financial institutions in Argentina.
Revised release follows.
Moody's Investors Service has downgraded the standalone bank
financial strength ratings or lowered the standalone credit
assessments of 31 financial institutions in Argentina by one to
five notches. These rating actions reflect the detrimental effects
of Argentina's macroeconomic, political and country risk
environment on financial institutions coupled with Moody's
assessment of the high correlation between their credit profiles
and that of the sovereign.
Moody's also downgraded by one to three notches the global scale
local currency deposit ratings of 28 banks and six finance
companies, and the issuer ratings of one financial services
holding company and one commodities exchange. Moody's Latin
America has also downgraded the long term local and foreign
currency debt ratings of 19 Argentinean banks and finance
companies.
At the same time, Moody's downgraded, on its national scale for
Argentina, the local currency deposit and issuer ratings of 26
institutions and lowered the local and foreign currency debt
ratings of 13 and 7 institutions, respectively.
Short and long term foreign currency deposit ratings on both the
global and national scales were unaffected by this rating action;
however global scale foreign currency debt ratings of four
institutions were affected.
All the revised ratings carry a stable outlook, with the exception
of Standard Bank Argentina's local currency deposit and debt
ratings that remain on review for possible downgrade in light of
its acquisition by China's ICBC pending regulatory approval.
The rating actions conclude the reviews for possible downgrade
Moody's initiated on November 21, 2011, in light of the potential
adverse effects on Argentinean bank credit fundamentals of a
weakening economic outlook coupled with government measures and
currency controls. The rating actions also conclude the reviews
continued or initiated on March 16 and March 21, 2012 of financial
institutions with standalone credit assessments above the B3
rating of the Argentinean government, as discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published 13 February 2012, and in the special
comment "Banks and Sovereigns: Risk Correlations Constrain
Standalone Bank Credit Assessments," published 30 April 2012.
Moody's has also reassessed its assumptions about the probability
of government support for Argentinean banks, finance companies and
commodities exchange. As a result of this reassessment, the
systemic support indicator for Argentina has been lowered to B2
from B1, which has contributed to the downgrade of the local
currency ratings. The ratings outcomes are also influenced by the
recent lowering of Argentina's local currency deposit and debt
ceilings to Ba3 from Ba1 in light of increased political and
country risk. The new ceiling now caps the local currency ratings
of all financial institutions at Ba3.
Moody's standalone bank financial strength ratings and standalone
credit assessments for the rated Argentinean financial
institutions now range between E+ and E, from D+ and E+
previously, and between ba3 and caa2, from ba1 and caa1
previously.
Local currency deposit and debt ratings now range between Ba3 and
B3, from Ba1 and B3 previously, reflecting the downgrade of the
standalone ratings together with the reduced systemic support
assumptions and local currency ceilings.
Please see
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143390for
the full list of affected issuers and their credit ratings.
=============
B E R M U D A
=============
ALL WRAP UP: Closes Operations on Economic Downturn
---------------------------------------------------
The Royal Gazette reports that after 17 years in business,
landmark Washington Mall store, All Wrapped Up, is closing its
doors next month, blaming the economic downturn for plunging
sales.
The gift and card store's owner Peter Richold said two jobs will
be lost, according to The Royal Gazette. The report relates that
November will also see the closure of the Carole Holding store on
Front Street. It's also been open 17 years.
The report notes that Mr. Richold said he just couldn't hang on
any longer in the Island's continuing recession and the outlook
for Christmas was "not good".
"Business is just getting progressively worse," he told The Royal
Gazette, noting he had really begun to see it drop off the
beginning of this year, the report says.
Mr. Richold said the payroll tax break for retailers was a help,
but not enough to stay afloat, the report relates.
"Doing retail in our present economy is very stressful especially
when Bermuda has lost so many non-Bermudian workers who were also
my customers . . . . My health and sanity is most important as I
make this change. So after 17 years of operation, All Wrapped Up
will close for Business by end of November 2012," the report
quoted Mr. Richold as saying.
Last September, the report recalls, Mr Richold had closed a newly
opened second store, All Wrapped Up Home, that was in the new part
of the Washington Mall.
Meanwhile, the report relates that Burnaby Street retailer Foreign
Cargo said last month it was going out of business; while in the
East End, St George's lost Crisson's jewellery store, which closed
citing lack of tourist business.
PLYMOUTH INSURANCE: Creditors' Proofs of Debt Due Oct. 17
---------------------------------------------------------
The creditors of Plymouth Insurance Company, Ltd. are required to
file their proofs of debt by Oct. 17, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
PLYMOUTH INSURANCE: Member to Receive Wind-Up Report on Nov. 7
--------------------------------------------------------------
The member of Plymouth Insurance Company, Ltd. will receive on
Nov. 7, 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 Oct. 1, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
===========
B R A Z I L
===========
COSAN SA: S&P Affirms 'BB' Global Scale Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Cosan
S.A. Industria e Comercio and its controlling company, Cosan Ltd.
(jointly referred to as Cosan) to positive from stable. "At the
same time, we affirmed our 'BB' global scale ratings on the
company," S&P said.
"The outlook revision reflects our view that the company improved
its business risk profile after it acquired several gas and fuel
distributors and increased its logistics operations, which, in our
opinion, result in more stable sources of cash flows. At the same
time, we believe that the acquisitions, which Cosan financed with
long-term funding with favorable debt amortization profile, will
result in higher cash flow generation," S&P said.
DESENVIX ENERGIAS: Moody's Assigns '(P)Ba3' Corp. Family Rating
---------------------------------------------------------------
Moody's America Latina Ltda assigned a (P) Ba3 corporate family
rating on the global scale and a A2.br corporate family rating on
the national scale to Desenvix Energias Renovaeis S.A. At the same
time, Moody's assigned a (P) B1 rating on the global scale and
Baa1.br rating on the national scale to the senior unsecured 4-
year amortizing BRL100 million debentures to be issued by Desenvix
in the local market. This is the first time Moody's has assigned a
rating to Desenvix. The outlook is stable for all ratings.
Ratings Rationale
The (P) provisional ratings will remain in place until the full
disbursement of the BRL100 million debentures expected to occur
within the end of the year and the receipt of BRL85 million from
China Development Bank (CDB), which management indicates it
expects to occur between October and November. Should the company
fail to obtain the full amount, Moody's will review all ratings
accordingly. Given the company's sizeable capital expenditure
program and its moderate concentration of short-term debt, the
issuance of the 4-year debentures as well as the receipt of the
CDB funding are crucial for the successful implementation of the
current investment program while also improving the holding
company's liquidity position over the near term.
The proceeds of the debentures will be used to pay off existing
short-term debt and support the company's capital expenditures
program.
The (P) Ba3/A2.br corporate family ratings reflect the expertise
of the company's management in the construction and running of
small hydro power plants and the expected stability and
predictability of cash flows based on long-term energy supply
contracts signed in the regulated market. The adequate level of
the company's corporate governance, which is backed up by a
shareholding agreement among its three shareholders, and the
company's ability to secure long-term debt for most its power
projects, further support the ratings.
The (P) B1 global scale rating of the debentures is one notch
lower than the (P) Ba3 global scale corporate family rating
because of the structural subordination of the debt at the level
of the holding company to that at the level of its operating
subsidiaries. Lenders to operating subsidiaries generally have
superior claims on the cash flow generated at the operating level
than do debt holders at the holding company.
The relatively short span of Desenvix' operating history as a
holding company for power assets, the company's high leverage and
ambitious capital expenditures program constrain the ratings as
does its relatively weak liquidity position.
The stable outlook reflects Moody's expectation that Desenvix's
credit metrics will remain relatively stable from 2012 through
2014 and improve thereafter when most of the power projects under
construction will have come on stream. Moody's forecasts that cash
from operations before changes in working capital over debt will
average 8% while interest coverage will average 2.2x during this
period.
This base case scenario could change if the company were to win
new power projects or go ahead with the construction of the 135 MW
Sao Roque hydro-power plant project without any further
capitalization from its shareholders.
Should the company pursue the construction and operation of any
other sizeable project, Moody's will evaluate the impact of this
sizeable capital expenditure program on capital structure and
liquidity arrangements, in order to make sure credit metrics
remain appropriate for the Ba3/A2.br corporate family rating
category.
Given the current sizeable capital expenditure program over the
medium term an upgrade rating action is unlikely in the short
term. Quantitatively, an upgrade rating action would require
stronger credit metrics so that CFO before changes in working
capital becomes higher than 12% over debt and interest coverage
stays above 4.0x on a sustainable basis.
A negative rating action could be triggered by deterioration in
the company's liquidity position, which could come from the
company's inability to raise timely funding, or if projected cash
flow falls short of expectations. Quantitatively, there could be
growing pressure for a downgrade rating action if the company's
metrics weaken so that cash from operations before changes in
working capital over debt falls below 7% and interest coverage
becomes lower than 1.8x for a prolonged period.
Desenvix Energias Renov veis S.A is a holding company controlled
through a shareholding agreement between Jackson Empreendimentos
Ltda (not rated) through the equity fund FIP Cevix, with 40.65% of
Desenvix's voting and total capital; SN Power which holds 40.65%
of the company's voting and total capital; and the pension fund
FUNCEF which holds the remaining 18.7% of the company's voting and
total capital. SN Power is a holding company controlled by two
Norwegian companies Statkraft (60%; Baa1, stable) and Norfund
(40%).
The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.
Desenvix holds interests in 15 power plants with a total installed
capacity of 349 MW, consisting of 10 small and medium sized hydro-
power plants, one biomass plant and four wind power plants. In
addition, Desenvix holds 25.5% of two transmission projects for
the construction of 511 kilometers of transmission lines. Desenvix
is also engaged in the development of two hydro-power plants with
total installed capacity of 80MWand a 30 MW wind power plant..
SUZANO PAPEL: High Leverage Cues Fitch to Downgrade Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Suzano Papel
e Celulose S.A.'s and its subsidiary Suzano Trading Ltd.:
Suzano
-- Long-term foreign currency Issuer Default Rating (IDR) to
'BB-' from 'BB';
-- Long-term local currency IDR to 'BB-' from 'BB';
-- Long-term national scale rating to 'A(bra)' from 'A+(bra)';
-- 3rd Debentures Issuance, in the amount of BRL500 million, due
in 2014 and 2019, to 'A(bra)' from 'A+(bra)'.
Suzano Trading Ltd.
-- Long-term foreign currency IDR to 'BB-' from 'BB';
-- USD650 million senior notes due Jan. 23, 2021 to 'BB-' from
'BB'.
The Rating Outlook for the corporate ratings is Stable.
The downgrades reflects Suzano's high leverage and Fitch's
concerns about the company's ability to deleverage quickly
following the completion of its Maranhao pulp mill at the end of
2013 due to the expectation of a low pulp price environment in the
next couple of years. Fitch projects Suzano's net leverage to
reach about 6.5x before the mill is complete from 5.7x as of June
30, 2012. This leverage is higher than that previously projected
for Suzano during the construction phase of its project.
Suzano's manageable near-term amortization schedule and its strong
business position support the ratings at the levels of 'BB-
'/'A(bra)' despite credit metrics that remain high for these
categories. Suzano recently took steps to improve its liquidity.
During July, the company completed a BRL1.5 billion equity
offering, obtained a BRL2 billion stand-by credit facility and
extended the maturity of about BRL1.2 billion of debt.
The company has a strong position in the bleached eucalyptus kraft
market pulp (BEKP) industry. Its position is supported by a large
forestry base, which assures it of a competitive production cost
structure in the future and provides it with organic growth
opportunities. The value of the company's land and forests as of
June 30, 2012 was BRL6.3 billion. Suzano is also the leading
producer of printing and writing paper in Brazil, as well as
paperboard.
Suzano Trading Ltd. is a wholly owned subsidiary of Suzano and is
incorporated in the Cayman Islands. The USD650 million senior
notes are unconditionally and irrevocably guaranteed by Suzano.
The credit quality of Suzano and Suzano Trading Ltd. have been
linked according to Fitch's 'Parent and Subsidiary Rating Linkage'
criteria report dated Aug. 8, 2012.
Leverage Expected to Increase:
As of June 30, 2012, Suzano had BRL9.8 billion of total debt and
BRL2.8 billion of cash, resulting in net debt of BRL7 billion.
These figures compare with net debt of BRL5.6 billion at the end
of 2011 and BRL3.6 billion at the end of 2010. Suzano's net debt-
to-EBITDA ratio of 5.7x is higher than a ratio of 4.5x that was
previously projected by Fitch due to weak pulp prices, new debt
and the appreciation of the U.S. dollar versus the Brazilian real
- as about 50% of Suzano's debt is denominated in U.S. dollars.
Suzano has historically operated with a higher level than its
Latin America peer group. Between 2008 and 2011, Suzano's net
leverage ratio averaged 3.6x.
Suzano's leverage should continue to increase, pressured by
depressed pulp prices and its expansion plans. Fitch expects
Suzano's net debt-to-EBITDA ratio to increase to 6.5x by the end
of 2013. Deleveraging is not anticipated until at least 2014 or
2015. The company should invest about BRL2.6 billion in the second
half of 2012 and BRL1.4 billion in 2013, financed with BNDES line
of credit and ECAs loans. Higher than expected leverage ratios,
negatively affected by weaker cash flow generation could result in
higher leverage ratios that could breach covenant levels. Suzano
may choose to use some of its cash to prepay these obligations.
Sustainable Competitive Advantage; Low Production Cost Structure:
Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity. The company's market shares of 35% in
uncoated printing and writing paper and 26% in paperboard allow it
to be a price leader in Brazil. Suzano also produces 1.9 million
tons of market pulp, which makes it one of the 10 largest
producers of market pulp in the world. Suzano's new pulp mill at
Maranhao should begin operations at the end of 2013 and will add
an annual production capacity of 1.5 million tons.
Like other producers of hardwood pulp in Brazil, Suzano enjoys a
production cost structure that is among the lowest in the world.
This enables Suzano to generate positive cash flows during troughs
in the pulp and paper cycle. Suzano's competitive advantage is
viewed as sustainable. The company owns and leases 802,000
hectares of land in Brazil, of which 436,000 are used for the
development of eucalyptus plantations (349,000 own planted area).
Strong Liquidity:
Suzano has historically maintained a strong cash reserves. As of
June 30, 2012, cash and marketable securities was BRL2.8 billion.
Liquidity covered short-term debt obligations by a ratio of 1.9x.
This compares with cash to short-term debt ratios of 1.4x in
December 2011 and 2.6x in December 2010. Suzano has manageable
debt maturities of BRL1,017 million during the second half of
2012, BRL929 million in 2013 and BRL1,145 million in 2014. The
company's liquidity strengthened during 2012 as the company
concluded its equity offering in the amount of BRL1.5 billion in
July, restructured and extended debt amortization profile (about
BRL1.2 billion) and closed a BRL2 billion stand-by credit
facility.
Cash Flow Generation Pressured by High Investments and Weaker Pulp
Prices:
Suzano generated BRL1.2 billion of EBITDA and BRL770 million of
funds from operations (FFO) during the latest 12 months (LTM)
ended June 2012. This compares with a high of BRL1.7 billion of
EBITDA and BRL1.2 billion of fund from operations (FFO) during
2010. With investments of BRL2.2 billion and dividends of BRL96
million, free cash flow was negative BRL1.4 billion during the
LTM. Suzano's high capital expenditures and weak pulp prices
should further pressure free cash flow for the next 18 months.
The company's cash position could benefit from the sale of non-
core assets or partnerships.
Potential Rating or Outlook Drivers:
Negative rating actions are unlikely in the near term. If the
company's ratios continue to decline beyond levels anticipated by
Fitch, additional negative rating actions could follow. A
weakening of the company's liquidity position could also result in
negative rating actions. A positive rating action is not likely
due to Fitch's view that pulp price will remain at low levels in
the near term, which limits cash flow generation capacity.
Additional pro-active steps by the company to materially bolster
its capital structure in the absence of high operating cash flow
would be viewed positively and could result in a positive rating
action.
==========================
C A Y M A N I S L A N D S
==========================
CAUCA VALLEY: Creditors' Proofs of Debt Due Oct. 15
---------------------------------------------------
The creditors of Cauca Valley Holdings, Ltd. are required to file
their proofs of debt by Oct. 15, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 31, 2012.
The company's liquidator is:
Hugh Dickson
c/o John Royle
10 Market Street #765, Camana Bay
Grand Cayman KY1 9006
Cayman Islands
Telephone: (345) 769 7206
Main Telephone: (345) 949 7100
Facsimile: (345) 9497120
DSAM GLOBAL: Creditors' Proofs of Debt Due Oct. 15
--------------------------------------------------
The creditors of DSAM Global Value Fund, Ltd. are required to file
their proofs of debt by Oct. 15, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 11, 2012.
The company's liquidator is:
Richard Finlay
c/o Gene DaCosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
PO Box 2681 Grand Cayman KY1-1111
Cayman Islands
EIRE PRECINCT: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------
The creditors of Eire Precinct (Freehold) Limited are required to
file their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 31, 2012.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
87 Mary Street
George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
EIRE THE: Creditors' Proofs of Debt Due Oct. 24
-----------------------------------------------
The creditors of Eire The Peaks (Freehold) Limited are required to
file their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 31, 2012.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
87 Mary Street
George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
FIREBRICK ASIA: Creditors' Proofs of Debt Due Oct. 24
-----------------------------------------------------
The creditors of Firebrick Asia Fund are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Aug. 31, 2012.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
FIREBRICK ASIA MASTER: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------------------
The creditors of Firebrick Asia Master Fund are required to file
their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 31, 2012.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MSN 283: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------
The creditors of MSN 283 Ltd. are required to file their proofs of
debt by Oct. 24, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 5, 2012.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
NEUBERGER BERMAN: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------
The creditors of Neuberger Berman International Opportunities,
Ltd. are required to file their proofs of debt by Oct. 15, 2012,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 30, 2012.
The company's liquidator is:
Richard Finlay
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
NEWCASTLE CDO VII: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Aug. 23, 2012, the shareholders of Newcastle CDO VII, Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Darren Riley
c/o Ellen J. Christian
Telephone: 345 945 9208
Facsimile: 345 945 9210
c/o BNP Paribas Bank & Trust Cayman Limited
3rd Floor Royal Bank House, Shedden Road
George Town, Grand Cayman
Cayman Islands
PAC-RIM INVESTMENTS: Creditors' Proofs of Debt Due Oct. 23
----------------------------------------------------------
The creditors of Pac-Rim Investments Limited are required to file
their proofs of debt by Oct. 23, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 30, 2012.
The company's liquidator is:
Nicholas Reeves
Suite 608 1 Macquarie Place
Sydney, NSW 2000
Australia
Telephone: +61 2 8006 4439
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C O L O M B I A
===============
CORPBANCA: Moody's Changes Outlook on Ratings to Negative
---------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of CorpBanca and CorpGroup Interhold (Interhold) to negative from
stable following CorpBanca's October 9th announcement that it will
acquire 100% of Helm Bank S.A. (Colombia) through its subsidiary,
Banco CorpBanca Colombia from Helm Corporation. The acquisition is
expected to be completed by March 2013 subject to regulatory
approvals.
The negative outlook was placed on CorpBanca's D+ standalone bank
financial strength rating (BFSR) and baa3 baseline credit
assessment (BCA) and the bank's Baa1 long term local and foreign
currency deposit ratings. The bank's Prime-2 short term local and
foreign currency deposit ratings were unaffected by this action.
Moody's also changed the outlook to negative on the Ba3 issuer and
foreign currency debt ratings of Corp Group Interhold S.A.
(Interhold), CorpBanca's ultimate holding company, as they are
anchored on the stand-alone rating of the bank.
The outlook on the following ratings was changed to negative from
stable:
CorpBanca:
Bank financial strength rating of D+
Long term local and foreign currency deposit ratings of Baa1
Corp Group Interhold S.A.:
Long term local and foreign currency issuer ratings of Ba3
Long term foreign currency senior debt rating of Ba3
RATING RATIONALE
Moody's said that the negative outlook on CorpBanca's ratings
reflects the potential for negative pressure on the bank's
financial fundamentals as a result of its second large cross
border bank acquisition in less than 12 months. The acquisition of
Helm Bank represents a doubling of the bank's exposure in the
Colombian market within a very short time frame, a transaction
that also hinges on the group's ability to raise a large amount of
capital in a financing plan still to be detailed. Moody's noted
that a major deviation from the planned capital structure
supporting the acquisition could result in further negative rating
actions.
The negative outlook also encompasses the risk of greater than
expected integration and credit costs, as well as the costs of
acquiring and merging the two banks in Colombia, away from
CorpBanca's traditional Chilean footprint.
Moody's also highlighted the execution risk related to the
acquisition financing plan in light of current market
uncertainties, noting at the same time CorpBanca's recent well
orchestrated and successful capital raise to finance its
acquisition of Santander Colombia. Also mitigating some of the
execution risk is the fact that a portion of the capital raise has
already been earmarked for placement with either existing or new
shareholders such as the International Finance Corporation (IFC),
that recently agreed to take a 5% interest in CorpBanca, as well
as the sellers and owners of Helm Corporation.
CorpBanca plans to raise US$ 600 million in the form of Tier 1
capital, about one-third of which corresponds to the IFC's recent
investment, to finance the acquisition. An additional $300-$400
million may also be raised in the form of a Tier 2 eligible
international subordinated bond, which together with the capital
raise will allow it to comply with local regulatory requirements
that limit cross border acquisitions to 40% of a bank's total
capital. CorpBanca will then provide $285 million to finance the
Colombian purchase, while the sellers, Helm Corporation, will
provide $440 million, for which they will receive a 20% stake in
the combined Colombian operation. CorpBanca will maintain voting
control of about 64%.
Moody's said that CorpBanca's acquisition of Helm makes strategic
sense as it is designed to consolidate the bank's position in
Colombia's growing economy and financial system with a critical
mass of market share, which is expected to double to around 7% in
loans and deposits from around 3% currently, and to position it as
the fifth largest bank in the country. This enhanced market share
together with Helm Bank's portfolio and customer base of large
corporations will bolster CorpBanca's ability to compete with the
large Colombian banks that dominate the domestic banking industry.
Moody's also explained that the rating outlook for the Ba3 issuer
and debt ratings assigned to CorpGroup Interhold, the bank's
holding, was also changed to negative from stable, as they are
anchored on the baa3 standalone rating of the bank. The negative
outlook points to potential pressure on the ability of the bank to
upstream dividends to Interhold in the event of unforeseen profit
pressures and in light of regulatory capital requirements in both
Chile and Colombia.
The principal methodology used in rating CorpBanca and Corp Group
Interhold S.A. was Moody's Consolidated Global Bank Rating
Methodology published in June 2012.
Based in Santiago, CorpBanca is the fifth largest bank in Chile,
with US$26.5 billion (CLP 13.3 trillion) in consolidated assets,
US$16.8 billion deposits, and US$1.9 billion shareholders' equity
as of June 30, 2012. CorpBanca is majority-owned by CorpGroup
Banking S.A. (45.87%), which is in turn wholly-owned and
controlled by the Saieh Group through its ultimate holding
company, CorpGoup Interhold, for a combined 61% controlling stake.
Established in 1996 and incorporated in Chile, Corp Group
Interhold reported unconsolidated assets of US$1.7 billion (
CLP915.8 billion), equity of US$ 1.36 billion, and net income of
US$50.1 million as of December 31, 2011. On a consolidated basis
Interhold and its subsidiaries reported total assets of US$18.3
billion and controlling shareholders' equity of US$1.36 billion as
of December 31, 2011. Interhold is majority owned and controlled
by the Saieh family group with a 75.64% stake via CG Financial
Chile B.V. and CorpGroup Financial S.A. (Chile).
=============
J A M A I C A
=============
* JAMAICA: Banking Sector to Hold Talks on SLB Crash Crunch
-----------------------------------------------------------
RJR News reports that members of the Jamaican banking sector are
to hold talks aimed at coming up with possible solutions to the
crash crunch facing the Students' Loan Bureau (SLB).
The viability of the SLB's revolving loan fund is under threat as
the agency struggles to meet its budgetary allocation for
providing loans to tertiary students this academic year, according
to the RJR News.
The report relates that US$4.2 billion is needed however, only
$1.7 or 41% of the amount has been identified.
The government has turned to lending institutions to help fill the
gap, RJR News notes.
RJR News says that Jamaica Education Minister Ronald Thwaites said
a committee led by NCB Jamaica Limited boss Patrick Hylton is to
discuss the matter.
===========
M E X I C O
===========
TRILOGY INTERNATIONAL: S&P Affirms 'B-' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Trilogy International Partners LLC. "At
the same time, we lowered the rating on the company's senior
secured notes to 'CCC' from 'CCC+'. The issue-level rating on
the notes is two notches below our corporate credit rating,
reflecting the structurally subordinated position of the parent
company's debt to its subsidiaries. The two-notch difference
results from a ratio of priority debt to assets exceeding 30%,
according to our criteria. The outlook is stable," S&P said.
The rating on Trilogy reflects its "vulnerable" business risk
profile, based on its exposure to country, regulatory, and
foreign-exchange risks due to its operations in countries with
volatile political and economic conditions. "The rating also
reflects strong competition in its markets, a capital-intensive
industry, 'less-than-adequate' liquidity, 'highly leveraged'
financial risk profile, including our expectation that the
leverage ratio will likely remain above 5x and that the company
will generate negative free operating cash flow through 2012.
Offsetting factors include the some geographic diversity of the
company's operations, its manageable debt maturities, and growth
prospects in New Zealand and Bolivia," S&P said.
===============
P A R A G U A Y
===============
BANCO AMAMBAY: Moody's Assigns 'E+' BFSR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a standalone bank financial
strength rating (BFSR) of E+ to Banco Amambay S.A., which maps to
b2 in the long-term scale. Moody's also assigned long- and short-
term global local-currency deposit ratings of B1 and Not Prime, as
well as long- and short-term foreign-currency deposit ratings of
B2 and Not Prime. The outlook on all the ratings is stable.
The following ratings were assigned to Banco Amambay S.A.:
Bank Financial Strength Rating: E+, with stable outlook.
Long- and short-term global local-currency deposit rating: B1 and
Not Prime, with stable outlook.
Long- and short-term foreign currency deposit rating: B2 and Not
Prime, with stable outlook.
RATINGS RATIONALE
Moody's said the bank' standalone rating incorporates Amambay's
modest size and niche commercial banking business franchise in the
Paraguayan banking system, where it ranks as the 13th largest by
loan size, with a market share of 2.8% of the system's deposits.
The rating is also constrained by Amambay's volatile earnings
generation, derived from its focus on short-term lending to
corporate and small companies, and foreign exchange and trade
services, as well as the poor granularity of its funding. The
bank's comfortable capitalization reflects its highly liquid
balance sheet, and provides adequate cushion against unexpected
losses or future growth plans, while evidences shareholders'
commitment to the operation.
Moody's also noted that Amambay faces strong competition by larger
banks in the market segments in which it is focused, and which
challenges the preservation of its current ample margins,
particularly in light of its volatile earnings and fairly
concentrated deposit base. As of June 2012, Amambay's top 20
depositors account for 61% of total deposits. The rating also
captures the bank's growing operating costs as a result of large
personnel expenses, IT investments and other operating expenses.
Moody's noted that Amambay's short-term operations provide
adequate cash flows and loan granularity, but requires continuous
commercial effort to rebuild its loan book under adequate risk
origination guidelines and controls to maintain asset quality.
Following two years of fast expansion, problem loans have
increased by 40 basis points over the past two quarters, to 2.2%
as of June 2012. Furthermore, as Amambay develops a higher-income
consumer lending franchise through personal loans and credit
cards, it is likely to experience pressure in its asset quality
metrics in the future.
Amambay's standalone rating maps to a b2 baseline credit
assessment (BCA), and is one notch below the B1 government bond
rating for Paraguay. Moody's assesses a moderate probability of
systemic support in an event of stress, given the relatively
modest importance of Amambay within the Paraguayan financial
system; as a result, the standalone credit assessment benefits
from one notch of uplift to B1 in Moody's global local-currency
deposit rating scale. In addition, Amambay's foreign currency
deposits rating of B2 is constrained by the ceiling for foreign
currency deposits in Paraguay of B2.
Banco Amambay S.A. is headquartered in Asuncion, Paraguay, and had
assets for US$333.4 million and equity for US$51.1 million as of
June 2012.
=====================
P U E R T O R I C O
=====================
PRWIRELESS INC: S&P Cuts CCR to 'CCC' on Weaker Operating Results
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Guaynabo, Puerto Rico-based wireless carrier PRWireless
Inc. (d/b/a Open Mobile) to 'CCC' from 'B'. The outlook is
developing.
"We also lowered the issue-level rating on approximately $180
million of outstanding secured credit facilities to 'CCC' from 'B'
while the recovery rating on those facilities remains at '3',
indicating our expectation for meaningful (50%-70%) recovery in
the event of a payment default," S&P said.
"The downgrade follows a significant loss of wireless customers
during the second quarter of 2012 that will depress revenues,
EBITDA, and free operating cash flow (FOCF) for at least a number
of quarters. Most importantly, we expect weaker operating results
to stress near-term liquidity. PRWireless, along with other Puerto
Rican telecommunication providers, services a significant number
of lower-income customers that qualify for a governmental Lifeline
financial assistance program. PRWireless receives a monthly
subsidy of $13.50 for each Lifeline customer. However, a recent
regulatory initiative to ensure the eligibility of Lifeline
customers led to a material decline in Lifeline customers across
the entire Puerto Rican telecommunications market. The
disqualification of a substantial number of PRWireless' Lifeline
customers was the largest contributor to its over 11% loss of
customers during the first half of 2012," S&P said.
"We expect EBITDA to be pressured not only by those customer
losses but also by higher subscriber acquisition costs, including
upfront costs for the recently offered iPhone, as well as other
smartphones. Our expectation of continuing pressure on EBITDA,
combined with cash usage to support marketing of higher-end
phones, were key factors in the revision of our assessment of
liquidity to 'weak' from 'less than adequate.' PRWireless may not
have sufficient cash resources to fund operations and debt service
obligations, in the near term. Even if the company does manage to
maintain a cash balance, it will be difficult for it to remain in
compliance with the debt leverage covenant in its credit
agreement, especially as that covenant tightens in the second
quarter of 2013," S&P said.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIRLINES: "Not Perturbed" by WestJet Presence
-------------------------------------------------------
RJR News reports that Caribbean Airlines Limited said it's not
perturbed by the increased presence of Canadian air carrier
WestJet in the region.
Starting November 16, WestJet will launch a Port of Spain to
Toronto service from the Piarco International Airport, according
to RJR News.
The report relates that the airline will operate the route as a
seasonal service, offering non-stop flights to and from Toronto
until April 27 next year.
Head of Corporate Communications at CAL, Clint Williams, told
Trinidad's Express newspaper that the airline always welcomes
competition especially since it had proven value to its loyal
customers, RJR News relates.
Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services. It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.
* * *
As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2012
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 63.51
ARGENT-$DIS 8.28 12/31/2033 USD 70.88
ARGENT-$DIS 8.28 12/31/2033 USD 71.38
ARGENT-$DIS 8.28 12/31/2033 USD 74.5
ARGENT-PAR 1.18 12/31/2038 ARS 39.66
ARGENT-EURDIS 7.82 12/31/2033 EUR 45
ARGENT-EURDIS 7.82 12/31/2033 EUR 66.5
ARGENT-EURDIS 7.82 12/31/2033 EUR 66
ARGENT-JPYDIS 4.33 12/31/2033 JPY 44
ARGENT-JPYPAR 0.45 12/31/2038 JPY 15
ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8
ARGNT-BOCON PRE9 2 3/15/2014 ARS 58.75
BANCO MACRO SA 9.75 12/18/2036 USD 72.25
BANCO MACRO SA 9.75 12/18/2036 USD 71.03
BANCO MACRO SA 9.75 12/18/2036 USD 73.75
CAPEX SA 10 3/10/2018 USD 75
CAPEX SA 10 3/10/2018 USD 75
CIA LATINO AMER 9.5 12/15/2016 USD 70
EMP DISTRIB NORT 9.75 10/25/2022 USD 50.5
EMP DISTRIB NORT 10.5 10/9/2017 USD 39.83
EMP DISTRIB NORT 9.75 10/25/2022 USD 46.88
PROV BUENOS AIRE 9.625 4/18/2028 USD 65.38
PROV BUENOS AIRE 9.625 4/18/2028 USD 66.5
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.17
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.38
PROV BUENOS AIRE 10.875 1/26/2021 USD 73.63
PROV BUENOS AIRE 10.875 1/26/2021 USD 74.13
PROV DE FORMOSA 5 2/27/2022 USD 65.25
PROV DE MENDOZA 5.5 9/4/2018 USD 73.13
PROV DE MENDOZA 5.5 9/4/2018 USD 75.03
PROV DEL CHACO 4 12/4/2026 USD 31.5
PROV DEL CHACO 4 11/4/2023 USD 58.25
TRANSENER 9.75 8/15/2021 USD 45
TRANSENER 9.75 8/15/2021 USD 42
BRAZIL
------
BANCO BONSUCESSO 9.25 11/3/2020 USD 76
BANCO BONSUCESSO 9.25 11/3/2020 USD 74.13
BANCO CRUZEIRO 8.875 9/22/2020 USD 26.75
BANCO CRUZEIRO 8.875 9/22/2020 USD 20.5
BANCO CRUZEIRO 8.5 2/20/2015 USD 35.13
BANCO CRUZEIRO 7 7/8/2013 USD 21
BANCO CRUZEIRO 8.25 1/20/2016 USD 22
BANCO CRUZEIRO 7.625 4/21/2014 USD 20.5
BANCO CRUZEIRO 8 9/17/2012 USD 21
BANCO CRUZEIRO 8.25 1/20/2016 USD 43.75
BANCO CRUZEIRO 8.5 2/20/2015 USD 40.5
CESP 9.75 1/15/2015 BRL 72.6
REDE EMPRESAS 11.125 USD 28.88
REDE EMPRESAS 11.125 USD 28.88
REDE EMPRESAS 11.125 USD 29.95
CAYMAN ISLAND
-------------
BCP FINANCE BANK 5.01 3/31/2024 EUR 65
BCP FINANCE BANK 5.31 12/10/2023 EUR 67.5
BCP FINANCE CO 4.239 EUR 29.75
BCP FINANCE CO 5.543 EUR 31.17
BES FINANCE LTD 5.58 EUR 39.5
BES FINANCE LTD 4.5 EUR 50.67
CAM GLOBAL FIN 6.08 12/22/2030 EUR 46.75
CHINA FORESTRY 10.25 11/17/2015 USD 58.2
CHINA FORESTRY 10.25 11/17/2015 USD 56.88
CHINA SUNERGY 4.75 6/15/2013 USD 52.4
EFG HELLAS CAYMA 9 6/8/2019 EUR 61
EFG ORA FUNDING 1.7 10/29/2014 EUR 51.11
ESFG INTERNATION 5.753 EUR 35.67
GOL FINANCE 8.75 USD 70.6
GOL FINANCE 8.75 USD 69
JINKOSOLAR HOLD 4 5/15/2016 USD 43.74
LDK SOLAR CO LTD 4.75 4/15/2013 USD 65.1
LUPATECH FINANCE 9.875 USD 56.75
LUPATECH FINANCE 9.875 USD 55.38
RENHE COMMERCIAL 13 3/10/2016 USD 51.25
RENHE COMMERCIAL 13 3/10/2016 USD 50.63
RENHE COMMERCIAL 11.75 5/18/2015 USD 52.01
RENHE COMMERCIAL 11.75 5/18/2015 USD 51.63
SHINSEI FIN CAYM 6.418 USD 67.13
SHINSEI FIN CAYM 6.418 USD 67.13
SHINSEI FINANCE 7.16 USD 67.63
SHINSEI FINANCE 7.16 USD 67.63
SOLARFUN POWER H 3.5 1/15/2018 USD 72.87
SOLARFUN POWER H 3.5 1/15/2018 USD 74
SUNTECH POWER 3 3/15/2013 USD 29
SUNTECH POWER 3 3/15/2013 USD 31.05
CHILE
-----
CGE DISTRIBUCION 3.25 12/1/2012 CLP 10.1
CHILE 3 1/1/2042 CLP 62.55
CHILE 3 1/1/2042 CLP 62.55
CHILE 3 1/1/2040 CLP 63.91
CHILE 3 1/1/2040 CLP 63.91
CHILE 3 1/1/2032 CLP 70.96
CHILE 3 1/1/2032 CLP 70.97
CHILE 3 1/1/2030 CLP 73.41
CHILE 3 1/1/2030 CLP 73.41
COLBUN SA 3.2 5/1/2013 CLP 50.4
MASISA 4.25 10/15/2012 CLP 10.18
QUINENCO SA 3.5 7/21/2013 CLP 12.52
PUERTO RICO
-----------
BANCO SANTANDER 6.1 6/1/2032 USD 63.59
BANCO SANTANDER 6.3 6/1/2032 USD 65.36
PUERTO RICO CONS 6.5 4/1/2016 USD 63.88
VENEZUELA
---------
ELEC DE CARACAS 8.5 4/10/2018 USD 75.5
PETROLEOS DE VEN 5.5 4/12/2037 USD 61.85
PETROLEOS DE VEN 5.375 4/12/2027 USD 61.38
VENEZUELA 7 3/31/2038 USD 71.44
VENEZUELA 7 3/31/2038 USD 71.5
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *