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        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

           Friday, December 21, 2012, Vol. 13, No. 254


                            Headlines



A R G E N T I N A

* ARGENTINA: Hedge Fund in Middle of Debt Battle


B E R M U D A

SARANAC INVESTORS: Member to Receive Wind-Up Report on Dec. 20
SOFIUS INVESTMENTS 1: Members' Final Meeting Set for Dec. 18
TUPI NORDESTE: Member to Receive Wind-Up Report on Dec. 21


B R A Z I L

BANCO DE DESENVOLVIMENTO: Moody's Lifts Issuer Rating From Ba1
CENTRAIS ELETRICAS: Moody's Cuts BCA to 'ba3'; Outlook Negative


C A Y M A N  I S L A N D S

ALPER EUROPEAN: Commences Liquidation Proceedings
ALTAI CAPITAL MASTER: Commences Liquidation Proceedings
ALTAI CAPITAL OFFSHORE: Commences Liquidation Proceedings
ARC NBO: Commences Liquidation Proceedings


C H I L E

CHILE MINING: Selling Ana Maria Plant Produced Copper to Madeco


P U E R T O   R I C O

* PUERTO RICO: Moody's Ups Appropriation Bond Ratings From 'Ba1'


U R U G U A Y

* URUGUAY: To Receive $200MM IDB Loan to Finance Power Plant




                            - - - - -


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


* ARGENTINA: Hedge Fund in Middle of Debt Battle
------------------------------------------------
Gretchen Morgenson at The New York Times reports that Gramercy
Funds Management has emerged as a major player in Argentina's
long-running battle against creditors.

The fight is over how much Argentina will pay to cover its 2001
default of $82 billion in sovereign debt, according to The Times.

The Times notes that Thomas P. Griesa, a federal judge in
Manhattan, has ordered Argentina to pay $1.3 billion to investors
who hold the defaulted debt and who refused to participate in the
country's subsequent debt restructurings.  Argentina has declined
to pay.

A group of investment funds that hold Argentine debt created in
the restructuring has filed briefs on behalf of the country, The
Times says.

The report relates that they are led by Gramercy, a $3.4 billion
hedge fund that specializes in emerging market investments and
that is registered with the Securities and Exchange Commission as
an investment adviser.  While Gramercy is an advocate for
Argentina in court, past legal problems at the firm are coming
into focus, the report notes.  They relate to a number of tax
problems experienced by clients of Gramercy Advisors, an affiliate
that ceased operations in 2011, the report relays.

According to federal and state court filings, Gramercy Advisors
arranged deals involving distressed Brazilian debt that the
Internal Revenue Service later ruled to be sham transactions, The
Times notes.  The report relates that hundreds of millions of
dollars in tax losses in these deals have been disallowed for
Gramercy's clients.

An article in The Financial Times that year said Gramercy was
believed to be the largest investor in Argentine debt securities,
The Times discloses.

The Times notes that Gramercy investments that created tax
problems for its clients were known as Distressed Asset Debt deals
or DADs, which involved the purchase of old and uncollected
Brazilian consumer debt obligations belonging to several
retailers.  According to the I.R.S., the obligations were
purchased by Gramercy clients at a price far in excess of their
worth and at a value determined by Gramercy, the report relates.
When the debt was subsequently sold at market value-for pennies on
the dollar-the clients using the investment strategy reported
sizable tax losses, the report says.

The deals were made in the early 2000s.  But after the I.R.S.
ruled that the shelters did not have an economic purpose other
than to generate a tax benefit, back taxes and penalties were
levied, The Times relates.  About 50 investors in the Gramercy
Global Recovery Fund were affected.

The Times says that Gramercy's role in the Argentine dispute does
not involve the kind of tax shelters that have drawn I.R.S.
scrutiny.  Instead, Gramercy is one of the firms holding debt that
was exchanged in the post-default restructuring by Argentina, the
report discloses.  In 2005, the Times recalls that some 91 percent
of $82 billion in bonds were exchanged for new debt worth 25
percent to 29 percent of the original value.

Judge Griesa in New York federal court sided with the holdouts
this year, ruling that the terms of Argentina's debt require it to
pay them when it pays interest on the restructured bonds, the
Times relates.

The report says that Gramercy is leading the charge to overturn
the judge's ruling, which has been stayed by the United States
Court of Appeals for the Second Circuit.

Investors holding the restructured debt have argued that they will
be hurt if Argentina pays the holdouts, the report notes.

The Argentina debt imbroglio has rattled the market for the
nation's debt, the report relays.  Gramercy and others appealing
Judge Griesa's ruling must file their arguments with the court by
Dec. 28. Oral arguments in the case are scheduled for Feb. 27, the
report adds.



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


SARANAC INVESTORS: Member to Receive Wind-Up Report on Dec. 20
--------------------------------------------------------------
The member of Saranac Investors, Ltd. will receive on Dec. 20,
2012, at 10:45 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, Church Street
         Hamilton
         Bermuda


SOFIUS INVESTMENTS 1: Members' Final Meeting Set for Dec. 18
------------------------------------------------------------
The members of Sofius Investments 1 Limited will hold their final
general meeting on Dec. 18, 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, Church Street
         Hamilton
         Bermuda


TUPI NORDESTE: Member to Receive Wind-Up Report on Dec. 21
----------------------------------------------------------
The member of Tupi Nordeste Japan Ltd. will receive on Dec. 21,
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:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda



===========
B R A Z I L
===========


BANCO DE DESENVOLVIMENTO: Moody's Lifts Issuer Rating From Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3, from Ba1, the
long-term global local currency issuer rating of Banco de
Desenvolvimento de Minas Gerais S.A. (BDMG), and to Prime-3, from
Not Prime, its short-term rating. The bank's long-term issuer
ratings in the Brazilian national scale were also raised to Aa1.br
from Aa2.br, with short-term rating remaining unchanged at BR-1.
The outlook on these ratings is stable.

The rating action follows the upgrade on 17 December 2012 of
ratings assigned to the State of Minas Gerais to Baa3 from Ba1.

Additionally, Moody's has upgraded the bank's unsupported baseline
credit assessment (BCA) to ba1 from ba2.

The following ratings assigned to BDMG were upgraded:

  Long-term local currency issuer rating to Baa3 from Ba1, stable
  outlook

  Short-term local currency issuer rating to Prime-3 from Not
  Prime

  Long-term Brazilian national scale issuer rating to Aa1.br from
  Aa2.br

At the same time, the short-term foreign currency rating Not Prime
was withdrawn. Due to an internal administrative error, a short
term foreign currency rating for BDMG was incorrectly assigned on
December 17, 2009.

Rating Rationale

In raising BDMG's standalone credit assessment to ba1, Moody's
acknowledges the consistent expansion of the bank's lending
activities and client base over the past two years, supported by
disciplined risk guidelines, and which have led to improving
earnings generation and recurrence, while maintaining adequate
asset quality. BDMG's management has been able to execute on its
growth plan by expanding the bank's mandate to include the
financing of small and medium size companies and municipalities,
along with its role as development agent for government policies
of the State of Minas Gerais. As a result, the bank's loan mix has
gradually shifted towards a higher share of direct secured lending
to the private sector, while disbursements of government-sponsored
funds declines accordingly.

Moody's also notes that BDMG's loan expansion has primarily relied
on funding from the federal development bank BNDES (A3, stable)
and on its own capital resources, which remains robust given the
earnings reinvestment policy of its sole shareholder, the State
government. Because its policy mandate limits the bank's access to
deposits, Moody's expects BDMG to tap alternative sources of
funding via domestic capital markets, including the issuance of
"letras financeiras", to support further growth of its balance
sheet. To that effect, capitalization ratios will likely decline
over time from very high levels, especially if loans grow faster
than BDMG's ability to replenish capital through earnings.
Moreover, as the bank engage in new activities such as seed equity
investments and sponsorship of small technology projects in
support of state government projects, it may face increasing
earnings and capital volatility.

The upgrade of BDMG's global issuer rating to Baa3 from Ba1 takes
into account (1) the raise of the baseline credit assessment to
b1, and (2) Moody's upgrade of the state of Minas Gerais' rating
to Baa3, from Ba1. BDMG' issuer rating incorporates one notch of
uplift from its b1 BCA as a result of Moody's assessment of the
ability and willingness of the State of Minas Gerais to provide
support to the bank. This assessment is based on BDMG's public
policy role and importance for the regional development and long-
term financing, as well as the demonstrated commitment by its
shareholder to its operations.

The last rating action on Banco de Desenvolvimento de Minas Gerais
occurred on 2 December 2010, when Moody's upgraded the bank's
supported local currency ratings following the upgrade of the
state of Minas Gerais' rating to Ba1 from Ba3. The outlook
remained stable.

The principal methodology used in rating government-related
issuers in Brazil is Moody's "Government-Related Issuers:
Methodology Update," published July 2010. It can be found in the
Rating Methodologies sub-directory on moodys.com.

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 to 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
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance October 2012 "Mapping Moody's National
Scale Ratings to Global Scale Ratings."

Banco de Desenvolvimento de Minas Gerais S.A. is headquartered in
Belo Horizonte, Brazil and had assets of R$3,092 million (US$1,487
million) and equity of R$1,243 (US$598 million) as of  June 30,
2012.


CENTRAIS ELETRICAS: Moody's Cuts BCA to 'ba3'; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Centrais Eletricas
Brasileiras S/A's (Eletrobras) foreign currency issuer rating on
the global scale to Baa3 from Baa2 and at the same time downgraded
its Baseline Credit Assessment (BCA) to ba3 from ba2. Moody's also
downgraded to Baa3 from Baa2 the foreign currency rating of the
senior unsecured USD1.75 billion bond expiring on October 27,
2021. The outlook for all ratings remains negative.

Ratings Rationale

The downgrade rating action has been prompted by Eletrobras'
decision to accept the federal government's offer contemplated in
the federal government's provisional measure #579 to renew its
generation and transmission concessions ahead of their scheduled
expiration between 2015 and 2017, which will dramatically reduce
the company's annual revenues and EBITDA by an estimated amount of
over BRL8 billion in 2013.

Eletrobras' Baa3 foreign currency issuer rating reflects the
strong implicit support of its major shareholder, the Brazilian
federal government (Baa2; positive) and the company's dominant
position in the Brazilian electricity market. The rating is
constrained by Eletrobras' expected poor credit metrics for the
rating category, evolving corporate governance practices and the
risks associated with potential political interference in the
management of the company's business.

The downgrade of the company's BCA to ba3 from ba2 stemmed from
the expected significant deterioration in the company's credit
metrics going forward, which is forecasted to be more pronounced
than what Moody's had previously anticipated.

The negative outlook reflects not only the expected deterioration
in the company's credit metrics over the medium term but also
remaining uncertainties as to whether the company will be able to
streamline and reduce its operating costs and turn around its
distribution utilities.

The significant reduction in Eletrobras' consolidated revenues
will mostly derive from lower transmission revenues which are
expected to be slashed by around 65% along with much lower
generation tariffs that together are estimated at between BRL25
and BRL 27 per MWh which is materially down from the current
realized level of BRL95 per MWh.

The estimated average generation tariff Eletrobras will receive to
cover current operating and maintenance costs, and provide the
company with an estimated 10% fee to operate the power plants,
will range between BRL8 and BRL9 per MWh which is insufficient
using Moody's estimates to cover the company's current operating
costs. The difference between the estimated full tariff ranging
from BRL25 and BRL27 per MWh and the BRL8 and BRL9 per MWh
generation tariff largely consists of estimated transmission
costs, regulatory charges and taxes.

Moody's expects that Eletrobras will post negative cash from
operations (CFO Pre-W/C) over the next couple of years in light of
the significant reduction in revenues, which will not be fully
offset by the reduction in operating costs or additional cash flow
from the completion of new projects during this period.

The magnitude of the expected negative cash from operations over
the next couple of years will largely depend on the ability of
Eletrobras' management to effectively reduce operating costs at
both the transmission and generation businesses, successfully
complete its existing power projects as planned, and turn around
the distribution utilities.

An expected payment of BRL14 billion will partially offset the
significant reduction in the company's cash flow starting in 2013.
Eletrobras is entitled to receive this amount as indemnification
rights for the non-depreciated portion of the concession assets
that will be received from the beginning of 2013 through October
2015. Moody's forecasts that the receipt of these payments should
be sufficient to allow the company to meet its cash needs for the
next 18 to 24 months, after which some kind of capital injection
or financial support will, most likely, be required.

Eletrobras is also expected to receive additional indemnification
rights for non-depreciated transmission assets related to capital
expenditures executed before 2000, as envisaged in the federal
government's provisional measure # 591 published on November 29,
2012. These capital expenditures had not been previously
considered in the federal government provisional measure #579
published on September 11, 2012.

The federal government has not calculated yet the indemnification
amount to be paid to the transmission concessionaries for capital
expenditures executed before 2000, which is expected to be
clarified within the next couple of months. The federal government
has indicated that the indemnification amount for these assets
will not be disbursed immediately but paid over a 30-year period
and adjusted by the consumer inflation index (IPC-A).

It is very difficult to predict the specific indemnification
amount that Eletrobras is entitled to receive given the lack of
more reliable or specific information on the criteria the
regulator ANEEL is expected to use. Per management information,
the current book value of these transmission assets is around BRL
11 billion.

Certainly, the receipt of this potential additional
indemnification amount is credit positive but it will not help the
company to meet its immediate cash needs given the 30-year
amortization and will not materially contribute to financing its
current sizeable annual capital expenditures program, estimated to
exceed BRL10 billion over the next five years.

What Could Change The Rating Up

Given the material deterioration in the company's credit metrics,
Moody's expects over the medium term, the upgrade of the company's
Baa3 issuer rating is highly unlikely in the short to medium term.

The outlook could be stabilized if Moody's views management's
efforts to improve cash generation over the medium term are deemed
successful through the material reduction of operating costs,
turning around the distribution utilities and completing the new
projects as planned.

What Could Change The Rating Down

Pressure to downgrade the rating would grow if deterioration in
the company's credit metrics is more pronounced than what Moody's
now anticipates so that CFO before changes in working capital
becomes lower than 3% over debt for a prolonged period. Such
weaker metrics will occur if management fails to streamline
operating costs, turnaround the distribution utilities and if the
cash flow from the new generation and transmission projects coming
on stream in the next three years falls materially short of
expectations. There might be further pressure for a downgrade
action if Moody's sees deterioration in the company' liquidity
position, which is not incorporated in Moody's base scenario given
the expected receipt of indemnification payments.

In accordance with Moody's methodology for government related
issuers, or GRIs, the Baa3 issuer rating of Eletrobras reflects
the combination of the following inputs:

- Baseline credit assessment (BCA) ba3

- High-level dependence (70%)

- High level of government support (71%-90%)

- The Baa2 rating of the Government of Brazil, which has a
   positive outlook.

Eletrobras is a GRI as defined in Moody's rating methodology "The
Application of Joint Default Analysis to Government Related
Issuers". Moody's methodology for GRIs is to systematically
incorporate into the rating both the stand-alone credit risk
profile or Baseline Credit Assessment (BCA) of the company as well
as an assessment of the likelihood that its government owner would
provide extraordinary support to the company's obligations.

Please refer to Moody's special comments "Rating Government-
Related Issuers in Americas Corporate Finance" and "Government-
Related Issuers: July 2006 Update" at moodys.com for additional
information on GRIs .

Eletrobras' electricity generation has installed capacity of 42
GW, which is equivalent to 37% of Brazil's total generation
installed capacity, including the 7 GW capacity of Itaipu.
Eletrobras' transmission lines above 230KV comprise 54,109 Km or
around 53% of the country's total high voltage transmission lines.
The distribution business, largely consisting of small
distribution companies in the North and Center West portion of the
country sold 15,049GWh in the last twelve months period ended on
September 30, 2012.

Eletrobras is also a financing vehicle with its portfolio of
around BRL28 billion in loans granted to a diverse range of
Brazilian electricity companies, including the USD 6.0 billion
loans to Itaipu. Eletrobras is also the Federal Government's
vehicle to manage some specific funds of the Brazilian electricity
industry such as RGR (Global Reversion Reserve), CCC (Fuel
Consumption Account), CDE (Energy Development Account) and certain
social programs such as the "Light For All" aimed at extending
electricity to the most remote regions of the country.

The principal methodologies used in this rating were Regulated
Electric and Gas Utilities published in August 2009 and
Government-Related Issuers: Methodology Update published in July
2010.



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


ALPER EUROPEAN: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 9, 2012, the sole shareholder of Alper European Credit
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 5, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ALTAI CAPITAL MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Oct. 23, 2012, the sole shareholder of Altai Capital SF Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street
         10th Floor
         New York, NY 10019
         U.S.A.


ALTAI CAPITAL OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------------
On Oct. 23, 2012, the sole shareholder of Altai Capital SF
Offshore Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street
         10th Floor
         New York, NY 10019
         U.S.A.


ARC NBO: Commences Liquidation Proceedings
------------------------------------------
On Oct. 16, 2012, the shareholders of ARC NBO Management Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands



=========
C H I L E
=========


CHILE MINING: Selling Ana Maria Plant Produced Copper to Madeco
---------------------------------------------------------------
In late October 2012, Chile Mining Technologies Inc. commenced
full-scale operations at its Ana Maria plant and began producing
copper cathodes.  To date, the Company has harvested 9 metric tons
of copper from the Ana Maria plant.  The Company is selling the
produced copper to Madeco S.A., a producer of copper cables and
other byproducts, and one of the largest clearinghouses for copper
in Chile.  The Company continues to refine its copper production
process in order to maximize the quality of the copper produced.

In addition to the copper which has been produced, the Company
estimates that it has delivered additional raw mineral containing
roughly 35 metric tons of copper to the Ana Maria plant for future
production.  The Company expects to extract the copper from this
raw material over the next several months, and will continue to
deliver additional mineral for processing.

                         About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended
March 31, 2012, annual report.  The independent auditors noted
that the continuance of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.

The Company's balance sheet at Sept. 30, 2012, showed US$8.72
million in total assets, US$11.24 and a US$2.51 million
stockholders' deficiency.



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


* PUERTO RICO: Moody's Ups Appropriation Bond Ratings From 'Ba1'
----------------------------------------------------------------
Moody's Investors Service is correcting the refunded ratings on
the Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Bonds, Series 1998A to Aaa from Ba1. Due to an
internal administrative error, the refunded rating on these bonds
was inadvertently downgraded on December 13, 2012.

The affected CUSIPs are:

745291CX0
745291CY8
745291CZ5
745291DA9
745291DB7
745291DC5
745291DD3
745291DF8


=============
U R U G U A Y
=============


* URUGUAY: To Receive $200MM IDB Loan to Finance Power Plant
------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a loan for
$200 million to Uruguay finance construction of a 530 MW combined-
cycle gas power plant to help diversify the country's energy mix
in an environmentally sustainable manner.  The new plant will
reduce the vulnerability of the country's energy system in years
when low rainfall affects hydroelectric generation.

The loan will finance construction of the combined-cycle Punta del
Tigre "B" power plant, complementary works, and support for an
environmental management program for the National Electricity
Generation and Transmission Authority (UTE), a decentralized state
agency charged with ensuring sustainable electrical service in
Uruguay.

The Punta del Tigre "B" plant, which will be the country's first
combined-cycle facility, will be built on the same site as Punta
del Tigre "A" plant.  The site is served by a gas pipeline from
the Cruz del Sur pipeline, which will be connected to a future
regasification plant that will supply natural gas to the new
plant.  The plant is located in Colonia Wilson, Department of San
Jose, 40 km. west of Montevideo.

The total investment in the construction of the Punta del Tigre
"B" plant is $741.2 million.  Also participating in the project
are the Andean Development Corporation, with $180 million;
Germany's KfW, with $70 million; and UTE, with $291.2 million.

The IDB loan for $200 million has a term of 25 years, a grace
period of five years, and an interest rate based on LIBOR.


                            ***********


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.

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