/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130114.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, January 14, 2013, Vol. 14, No. 9 Headlines A R G E N T I N A BANCO CONTINENTAL: Moody's Downgrades Standalone BFSR to 'D-' B A R B A D O S LIME: Barbados on Brink of National Strike Over Lay-Offs B E R M U D A CAREFUSION BERMUDA: Placed Under Voluntary Wind-Up CHASE INTERNATIONAL: Member to Receive Wind-Up Report on Jan. 11 CHEVRON INDONESIA: Members Receive Wind-Up Report DURHAM OVERSEAS: Members Receive Wind-Up Report MASTER MULTI-PRODUCT: Member Receives Wind-Up Report MOMENTUM INSTITUTIONAL: Members Receive Wind-Up Report B R A Z I L CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On C A Y M A N I S L A N D S APOLLO MANHATTAN: Commences Liquidation Proceedings ASHDALE LIMITED: Placed Under Voluntary Wind-Up BASIX CAPITAL: Commences Liquidation Proceedings BRITISH WEST: Placed Under Voluntary Wind-Up CRYSTAL OPPORTUNITIES: Commences Liquidation Proceedings CRYSTAL OPPORTUNITIES OFFSHORE: Commences Liquidation Proceedings EMERGING MARKETS: Commences Liquidation Proceedings EURISSIMO LTD: Commences Liquidation Proceedings FARROW MANAGEMENT: Placed Under Voluntary Wind-Up H&QAP CHG: Commences Liquidation Proceedings KARKAT INVESTMENTS: Commences Liquidation Proceedings KAZIMIR EMERGING: Commences Liquidation Proceedings MOBILE NET: Placed Under Voluntary Wind-Up MSR PROJECT: Commences Liquidation Proceedings PADMASAMBHAVA HOLDINGS: Placed Under Voluntary Wind-Up PEACEFUL HOPE: Placed Under Voluntary Wind-Up SALIDA GLOBAL: Placed Under Voluntary Wind-Up SEVEN ARROWS: Placed Under Voluntary Wind-Up SINTEMARIE LIMITED: Placed Under Voluntary Wind-Up TAU COMPASS: Commences Liquidation Proceedings M E X I C O CORPORACION PESQUERA: Fitch Rates US$175MM Unsecured Notes 'B+' TELEFONICA CELULAR: Moody's Raises CFR to 'B3'; Outlook Stable P A R A G U A Y * PARAGUAY: Fitch Assigns 'BB-' LT Issuer Default Rating P U E R T O R I C O BMF INC: Firstbank Withdraws Objection to Confirmation of Plan CERTENEJAS INCORPORADO: Court Sets Feb. 12 Confirmation Hearing EMPRESAS BERDUT: Case Summary & 9 Largest Unsecured Creditors M, P, M, INC: Case Summary & Unsecured Creditor T R I N I D A D & T O B A G O PETROTRIN: Looking to Invest TT$7 Billion in New Drill Sites X X X X X X X X * BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013 - - - - - ================= A R G E N T I N A ================= BANCO CONTINENTAL: Moody's Downgrades Standalone BFSR to 'D-' ------------------------------------------------------------- Moody's Investors Service has upgraded the standalone bank financial strength ratings of Banco Continental S.A.E.C.A. (Banco Continental) and Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay) to D- from E+, and raised their baseline credit assessment to ba3, from b1. At the same time, Moody's upgraded the long and short-term global local currency deposit ratings of BBVA Paraguay to Ba1/Not Prime, from Ba2/Not Prime. Banco Continental's local currency deposits rating was unaffected. Additionally, Moody's has upgraded the long-term global foreign- currency deposit ratings of BBVA Paraguay, Banco Continental and Banco Amambay S.A to B1/Not Prime, from B2/Not Prime. Moody's has also upgraded the long-term foreign-currency debt ratings of BBVA Paraguay and Banco Continental to Ba1 and Ba2, respectively, from Ba3. The outlook on all the ratings is stable. The rating actions follow Moody's upgrade to Ba3, from B1, of Paraguay's government bond ratings. At the same time, Paraguay's foreign currency bond ceiling was upgraded to Ba1 from Ba3; whereas the foreign currency deposit ceiling was upgraded to B1 from B2. The sovereign rating action was announced on January 8th, 2012. The following ratings were upgraded: Banco Continental - Bank financial strength rating to D- from E+; stable outlook - Foreign currency deposit rating to B1/Not Prime, from B2/Not Prime, stable outlook - Foreign currency debt rating to Ba2, from Ba3, stable outlook BBVA Paraguay - Bank financial strength rating to D- from E+; stable outlook - Local currency deposits rating to Ba1/Not Prime, from Ba2/Not Prime, stable outlook - Foreign currency deposit rating to B1/Not Prime, from B2/Not Prime, stable outlook - Foreign currency debt rating to Ba1, from Ba3, stable outlook Banco Amambay - Foreign currency deposit rating to B1/Not Prime, from B2/Not Prime, stable outlook Ratings Rationale The upgrade of the bank financial strength ratings of Banco Continental and BBVA Paraguay, reflects Moody's assessment on the banks' market position and franchise value as the first and fourth largest players in the Paraguayan financial system, with respectively 16.7% and 10.9% market share in deposits as of October 2012. The rating action also follows Moody's upgrade of Paraguay's sovereign ratings, to which the banks' ratings tend to be closed aligned. Improvements in the government financial strength and the country's external liquidity, combined with favorable growth outlook through investments, bodes well for the operating environment and banking business. Both banks have well- defined footprints in the corporate and SMEs lending segments, although their relatively high credit risk concentration in the agribusiness sector could add volatility to earnings and asset quality. The upgrade of BBVA Paraguay's local currency deposits rating incorporates its higher standalone credit assessment, as well as the high probability of support by its parent, BBVA Spain (Baa3 negative) that Moody's assesses in an event of stress.. The upgrade of the long term foreign currency debt ratings of Banco Continental and BBVA Paraguay, to Ba2 from Ba3, and to Ba1 from Ba3, respectively, derives from Moody's upgrade of Paraguay's foreign currency debt ceiling to Ba1, from Ba3. Finally, the upgrade of the long term foreign currency deposit ratings of Banco Continental, BBVA Paraguay and Banco Amambay are the direct result of Moody's raising Paraguay's foreign currency deposits ceiling to B1, from B2. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. =============== B A R B A D O S =============== LIME: Barbados on Brink of National Strike Over Lay-Offs -------------------------------------------------------- Caribbean360.com reports that approximately 25,000 workers across Barbados are awaiting word from their trade union as to exactly when they will be given the signal to stop work in solidarity with 97 workers severed by LIME -- Landline, Internet, Mobile and Entertainment -- this month. This is the result of a breakdown in negotiations between the Barbados Workers' Union (BWU) and LIME on Jan. 9, after around four hours of talks mediated by the Ministry of Labor, led by line minister Dr. Esther Byer-Suckoo, according to Caribbean360.com. The report relates that at the heart of the impasse is the telecommunications major's refusal to rescind the severance letters that it sent to the 97 employees after it closed down and outsourced its retail operations to a third-party in a measure aimed at increasing profitability and improving customer service, according to LIME managing director Alex McDonald. The report notes that following failed talks, general secretary of the BWU Roy Trotman told media as he and his team emerged from the Ministry of Labor offices that he would be seeking permission from the trade union's general counsel to call a national strike. Minister Byer-Suckoo, in brief comments to the media following the meeting, said she was disappointed that the issue was not resolved, and although it was the union's right to call a strike, such action would not solve the problem, the report discloses. The report relays that Minister Byer-Suckoo expressed optimism that the parties would return to the negotiation table since "a lot was at stake" and a strike was not in the interest of either the BWU or LIME. Minister Byer-Suckoo noted that she had other options she could act on in an effort to bring about a settlement while not specifying what these were, the report notes. However, the report discloses that there is a possibility that Prime Minister Freundel Stuart could step into the fray as the minister also informed reporters that when Cabinet meets today, she will update the Prime Minister on the outcome of the dispute. LIME -- Landline, Internet, Mobile and Entertainment -- is a communications company. LIME is the Caribbean division of Cable & Wireless Communications (CWC). LIME territories include Jamaica, Barbados, St.Lucia, St.Vincent, Grenada, Dominica, Cayman, Antigua, Anguilla, Montserrat, St.Kitts & Nevis , Turks & Caicos. ============= B E R M U D A ============= CAREFUSION BERMUDA: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 22, 2012, the member of CareFusion Bermuda 224 Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 27, 2012, will be included in the company's dividend distribution. The company's liquidators are: Garth Calow Alison Tomb PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton HM 11 Bermuda CHASE INTERNATIONAL: Member to Receive Wind-Up Report on Jan. 11 ---------------------------------------------------------------- The member of Chase International Insurance Brokerage Limited will receive on Jan. 11, 2013, 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 Nov. 30, 2012. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda CHEVRON INDONESIA: Members Receive Wind-Up Report ------------------------------------------------- The members of Chevron Indonesia Holdings II, Ltd. received on Jan. 10, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 4, 2012. The company's liquidator is: Jeffrey J. Allison Chevron House, 11 Church Street Hamilton Bermuda DURHAM OVERSEAS: Members Receive Wind-Up Report ----------------------------------------------- The members of Durham Overseas Limited received on Jan. 9, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 3, 2012. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda MASTER MULTI-PRODUCT: Member Receives Wind-Up Report ---------------------------------------------------- The member of Master Multi-Product Holdings SPV, Ltd. received on Jan. 7, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Nov. 30, 2012. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM 09 Bermuda MOMENTUM INSTITUTIONAL: Members Receive Wind-Up Report ------------------------------------------------------ The members of Momentum Institutional Performance Strategies Limited received on Jan. 9, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 4, 2012. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda =========== B R A Z I L =========== CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On --------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B+' corporate credit and issue-level ratings on Corporacion Pesquera Inca S.A.C. are not affected following the proposed $75 million add-on to its $175 million bond due 2017. The add-on is under the same terms and conditions as the bond. The company will use the proceeds to pay down operating leasing agreements, for capital expenditures, and improve liquidity. ========================== C A Y M A N I S L A N D S ========================== APOLLO MANHATTAN: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 2, 2012, the members of Apollo Manhattan Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ASHDALE LIMITED: Placed Under Voluntary Wind-Up ----------------------------------------------- On Oct. 30, 2012, the shareholders of Ashdale Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidators are: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands; and DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands BASIX CAPITAL: Commences Liquidation Proceedings ------------------------------------------------ On Oct. 31, 2012, the shareholders of Basix Capital Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: dms Corporate Services Ltd. 20 Genesis Close dms House 2nd Floor Grand Cayman, Cayman Islands BRITISH WEST: Placed Under Voluntary Wind-Up -------------------------------------------- On Oct. 22, 2012, the sole member of British West Indies Realty Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 31, 2012, will be included in the company's dividend distribution. The company's liquidator is: Kirsten Le Pape Turners Management Ltd. Turners Strathvale House, 90 North Church Street P.O. Box 2636 Grand Cayman KY1-1102 Cayman Islands c/o Gavin Lowe Telephone: 1 345 814 0712 CRYSTAL OPPORTUNITIES: Commences Liquidation Proceedings -------------------------------------------------------- On Nov. 1, 2012, the sole shareholder of Crystal Opportunities Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. 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 CRYSTAL OPPORTUNITIES OFFSHORE: Commences Liquidation Proceedings ----------------------------------------------------------------- On Nov. 1, 2012, the sole shareholder of Crystal Opportunities Fund Offshore, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. 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 EMERGING MARKETS: Commences Liquidation Proceedings --------------------------------------------------- On Oct. 30, 2012, the sole shareholder of Emerging Markets Macro Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. 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 EURISSIMO LTD: Commences Liquidation Proceedings ------------------------------------------------ On Oct. 31, 2012, the sole shareholder of Eurissimo Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 14, 2012, will be included in the company's dividend distribution. The company's liquidators are: Stuart Brankin Desmond Campbell Telephone: (345) 949 5586 c/o Aston Corporate Managers, Ltd. P.O. Box 1981 Grand Cayman KY1-1104 Cayman Islands FARROW MANAGEMENT: Placed Under Voluntary Wind-Up ------------------------------------------------- On Oct. 29, 2012, the shareholders of Farrow Management Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands H&QAP CHG: Commences Liquidation Proceedings -------------------------------------------- On Oct. 30, 2012, the sole shareholder of H&QAP CHG GP, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KARKAT INVESTMENTS: Commences Liquidation Proceedings ----------------------------------------------------- On Oct. 30, 2012, the shareholders of Karkat Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 10, 2012, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands KAZIMIR EMERGING: Commences Liquidation Proceedings --------------------------------------------------- On Oct. 26, 2012, the sole shareholder of Kazimir Emerging Europe Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Kazimir Asset Management Limited Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands E-mail: info@kazimir.com MOBILE NET: Placed Under Voluntary Wind-Up ------------------------------------------ On Oct. 26, 2012, the sole member of Mobile Net Invest Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 7, 2012, will be included in the company's dividend distribution. The company's liquidator is: H&J Corporate Services (Cayman) Ltd. Telephone: (345) 949 7555 Anderson Square, 5th Floor Shedden Road PO Box 866 Grand Cayman, KY1-1103 Cayman Islands MSR PROJECT: Commences Liquidation Proceedings ---------------------------------------------- On Oct. 24, 2012, the shareholders of MSR Project Grand Slam Holdings Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth PO Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands PADMASAMBHAVA HOLDINGS: Placed Under Voluntary Wind-Up ------------------------------------------------------ On Oct. 31, 2012, the shareholders of Padmasambhava Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands PEACEFUL HOPE: Placed Under Voluntary Wind-Up --------------------------------------------- On Oct. 31, 2012, the shareholders of Peaceful Hope Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands SALIDA GLOBAL: Placed Under Voluntary Wind-Up --------------------------------------------- On Aug. 28, 2012, the sole shareholder of Salida Global Energy Fund (International) Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 10, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands SEVEN ARROWS: Placed Under Voluntary Wind-Up -------------------------------------------- On Sept. 25, 2012, the sole shareholder of Seven Arrows Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 11, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands SINTEMARIE LIMITED: Placed Under Voluntary Wind-Up -------------------------------------------------- On Oct. 31, 2012, the sole shareholder of Sintemarie Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 10, 2012, will be included in the company's dividend distribution. 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 Telephone: 345 949-7128 TAU COMPASS: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 1, 2012, the members of Tau Compass Investment Management Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands =========== M E X I C O =========== CORPORACION PESQUERA: Fitch Rates US$175MM Unsecured Notes 'B+' --------------------------------------------------------------- Corporacion Pesquera Inca SAC has announced the reopening of its USD175 million senior unsecured notes due 2017, which will carry the same rating as the original deal of 'B+/RR4', according to Fitch Ratings. Copeinca intends to issue USD75 million of additional debt through this reopening. Approximately USD35 million of the proceeds would be used to repay leases that are part of the company's financial debt, while the remaining funds will be used for general corporate purpose. Copeinca is a wholly owned subsidiary of Copeinca ASA, which has fully and unconditionally guaranteed the notes. Its ratings have been linked to Copeinca ASA's through Fitch's parent-subsidiary linkage criteria. The linkage reflects the strong legal and operational ties between Copeinca ASA and Copeinca, centralized treasury and management commonality. Fitch currently rates Copeinca as: Copeinca ASA -- Foreign Currency Issuer Default Rating (IDR) 'B+'. Corporacion Pesquera Inca SAC (COPEINCA) -- Foreign Currency IDR 'B+'; -- USD175 million senior unsecured notes 'B+/RR4' . The Rating Outlook is Stable. Pro forma the transaction, Copeinca's ratio of total debt-to-last 12 months (LTM) EBITDA would climb to 2.7x from 2.3x as of Sept. 30, 2012. This level of leverage is similar to those maintained by the company during 2011 and 2010 of 2.7x and 2.9x, respectively. The re-tap would further strengthen Copeinca's liquidity. The company had cash and marketable securities of USD41 million and short-term debt of USD18 million as of Sept. 30, 2012. Inventories and account receivables, an important part of Copeinca's liquidity, were USD34 million and USD8 million, respectively. Copeinca also maintains adequate levels of unencumbered assets - primarily fishing licenses - that could provide additional financial flexibility, if needed as a last resource source of liquidity. Copeinca's total debt was USD225 million as of Sept. 30, 2012. It was composed mostly of USD175 million of unsecured bonds due 2017 and lease-back contracts. By the end of the first quarter of 2013, Copeinca's total Debt to EBITDA ratio will most likely deteriorate further, but is expected to remain below 3.0x. The company's EBITDA is expected to be below the prior year's as a result of a reduction in the fishing quota for the second fishing season of 2012 to only 800,000 metric tonnes (MT), 68% lower than the maximum limit for the second fishing season of 2011 (2,500,000 MT). The quota reduction will be partially offset by the corresponding increase in fishmeal/fish oil prices to above $2,000 per MT. Prices are expected to remain high until the next fishing season, which starts in May 2013. Copeinca should be able to maintain operations without interruption until the next fishing season. Its semi-annual fixed expenses are estimated to be about US25 million and it has a net cash position of USD23 million as of Sept. 30, 2012, which will be augmented by USD40 million of net debt proceeds from the current offering. Copeinca's ratings continue to reflect the company's solid market position, as the second largest producer in the Peruvian fishmeal industry with a granted fishing quota of 10.7% in Peru's north zone. Inherent exposure to climatic events such as El Nino or 'La Nina' can significantly impact the company's results and are a constraint upon the company's credit ratings. Other constrains include limited product, customer and product diversification. Fishmeal and fish oil represents 100% of the company's sales. China is the company's main market, representing approximately 40%-50% of its total sales. Fitch also believes that Copeinca's financial strategy will continue to result in high dividend payments relative to its EBITDA and CFFO, which limits FCF generation and prevents a strengthening of Copeinca's balance sheet. The 'B+/RR4' rating of the company's unsecured public debt reflects average recovery prospects in the range of 31%-50% of current principal and related interest in the event of default. Fitch uses soft caps on its recoveries in certain markets to reflect concern about creditor rights or weak enforcement of existing laws. This resulted in a cap of Copeinca's debt at the level of 'RR4', which is consistent with anticipated recoveries. Key Rating Drivers: Factors that could result in a negative rating action include sustained deterioration in the company's credit metrics, resulting from some combination of the following elements: adverse climatic conditions and/or declining fishmeal and fish oil prices resulting in increased financial leverage and a weak cash position. Factors that could trigger a positive rating action include significant reduction in leverage levels on a sustained basis, consistent positive free cash flow generation, and product diversification. TELEFONICA CELULAR: Moody's Raises CFR to 'B3'; Outlook Stable -------------------------------------------------------------- Moody's Investors Service upgraded Telefonica Celular del Paraguay S.A. (Telecel)'s corporate family rating to Ba3 from (P)B1. Simultaneously, Moody's upgraded the company's senior unsecured global notes due 2022 to Ba3 from (P)B1. The ratings outlook is stable. Ratings Rationale The ratings upgrade was based on Paraguay's sovereign rating upgrade to Ba3 from B1 on January 8, 2013 as Telecel ratings had been constrained by Paraguay's rating. The rating on Telecel and its notes is supported by the company's status as #1 mobile operator in the country, with an estimated 56% market share; track record of strong and resilient growth despite changes in government; and solid credit profile driven by low adjusted leverage of 0.8x and high adjusted EBITDA margin during the twelve months ending September 30, 2012. The ratings are constrained by the company's modest revenue size (US$617 million in LTM) as compared to global peers; a low amount of free cash flow generation after capex and dividends; a high foreign exchange risk related to USD debt and USD capex; and the competitive nature of the Paraguayan telecom market, which places negative pressure on revenue growth and margins. The Ba3 ratings on Telecel and its notes now reflect the company's intrinsic credit quality and are no longer constrained by Paraguay's sovereign rating. Moody's applies the Global Telecommunications Industry Rating Methodology to assist in the assessment of Telecel's credit quality. The methodology grid suggested rating outcome for Telecel is several levels higher than the assigned ratings. The notching difference is explained by the aforementioned factors. Although Moody's recognizes that Telecel has historically been able to convert Guaranies into USD and transfer the currency outside Paraguay without major difficulty, it cannot be certain that this will continue to be the case in the future. The stable rating outlook reflects Moody's expectation that Telecel will grow at high single digit rates in the next 3 years despite the competitive mobile market given its solid market share and long operating track record; the stable outlook also assumes that the company will be able to sustain current operating and credit metrics. An upward ratings pressure could result from a meaningful reduction in foreign currency exposure either through a robust hedging policy or a sizable increase in the company's hard currency assets or revenues outside Paraguay. However, an upgrade would require that the company maintains strong liquidity and a comfortable debt maturity profile. A downgrade would be considered if expected revenue growth is not achieved or if operating margins decline further than anticipated as a consequence competitors' irrational business behavior. A negative rating action could also be triggered by a debt leverage that reaches 2 times for a prolonged period of time without a clear path to subsequent de-leveraging. The last rating action on Telecel was on December 4, 2012. The principal methodology used in rating Telecel was the Global Telecommunications Industry Methodology published in December 2010. With 3.8 million subscribers as of September 30, 2012, Telecel is the largest mobile telecom operator in Paraguay with an estimated 56% market share. It is 100% owned by Millicom International Cellular S.A. (Ba1 stable). During the last 12 months ended in September 30, 2012, Telecel's revenues amounted to US$617 million. =============== P A R A G U A Y =============== * PARAGUAY: Fitch Assigns 'BB-' LT Issuer Default Rating -------------------------------------------------------- Fitch Ratings has initiated the sovereign coverage of the Republic of Paraguay and has assigned Long-term foreign and local currency Issuer Default Ratings (IDR) of 'BB-'. The Rating Outlook on both ratings is Stable. Fitch has also assigned a Short-term foreign currency rating of 'B' and a Country Ceiling of 'BB'. Rating Rationale Paraguay's ratings balance the strength of the sovereign's fiscal and external balance sheets, low financing risks and prudent macroeconomic policies against high commodity dependence, volatile macroeconomic performance, a low government revenue base and structural constraints such as low income per capita and comparatively weak institutional framework. The economy is estimated to have contracted in 2012 by 1.2% due to the severe drought, sanitary bans on beef exports, and weaker economic activity among the main trade partners. The economy could post a 10% recovery in 2013 if weather conditions normalize and domestic demand maintains a strong pace. Global economic uncertainty, as well as economic sluggishness in Brazil and Argentina, pose additional downside risks to the agency's economic projections for Paraguay. The Paraguayan economy has shown higher average growth rates relative to the 'BB' median, but growth volatility has also been greater due to the large size of its agriculture sector and the negative shocks it receives from adverse weather cycles. Nevertheless, changes in commodity prices of Paraguayan exports and supply shocks in the primary sector do not directly affect fiscal accounts, given the current tax framework. In addition, the financial system has demonstrated resilience to negative shocks in the agriculture sector due to its moderate loan exposure, long loan terms and borrowers' low leverage position. Risks related to high commodity dependence and financial dollarization are partly mitigated by a relatively strong external liquidity position, the sovereign's net external creditor position, comparatively low external amortizations and the availability of multilateral sources of funding. Over the past decade, Paraguay has developed a record of fiscal restraint through different economic and political cycles, which has resulted in moderate fiscal surpluses, low maturities and financing requirements, and one of the lowest debt burdens in the 'BB' rating category in spite of the sovereign's relatively low revenue share. Nevertheless, this fiscal performance is also partially explained by years of public underinvestment. The decision to set up an investment fund (FONACIDE) with additional royalties from the Itaipu dam and to increase both infrastructure and social investment, if properly implemented, could improve growth prospects, and contribute towards diversifying the country's economic base over the long term. However, the decision to use all of FONACIDE's funds as part of the annual government budget instead of partially saving them would limit Paraguay's capacity to accumulate savings in the absence of fiscal surpluses. Paraguay's credit profile is characterized by weaker structural factors in relation to its rating category. Despite faster GDP growth and some progress in reducing poverty, Paraguay remains a relatively poor country compared to 'BB' peers. At the same time, Paraguay lags its rating category peers in Human Development Indicators, the investment rate, business environment and governance indicators. Weak institutions and corruption undermine the rule of law and government effectiveness, and could pose risks to social and political stability. RATING OUTLOOK STABLE The main factors that could lead to a positive rating action are: -- Sustained good growth momentum that would improve debt ratios and allow for improvements in GDP per capita; -- Improvement in the government's revenue base and continued progress in broadening financing sources. The main factors that could lead to a negative rating action are: -- Increased macroeconomic and financial sector instability; -- A sustained fiscal deterioration in the context of financing constraints. KEY ASSUMPTIONS AND SENSITIVITIES The ratings and Outlooks are sensitive to a number of assumptions: -- Fitch's economic growth forecasts factor in a modest recovery in Brazil and Argentina in 2013. Given Paraguay's significant ties to Argentina and Brazil through trade, a sharp deterioration in their economies would materially weaken Paraguay's economic growth performance. -- Fitch assumes that no drought will affect the next agriculture cycle in Paraguay, and that sanitary bans on Paraguayan beef exports are lifted entirely. At the same time, agricultural prices in the commodity markets are expected to remain at current levels. -- Fitch assumes that Paraguay will continue to diversify and develop its financing sources and have access to multilateral funding. ===================== P U E R T O R I C O ===================== BMF INC: Firstbank Withdraws Objection to Confirmation of Plan -------------------------------------------------------------- Following is a narration of the events that have transpired in the Chapter 11 case of BMF, Inc., since the hearing on Sept. 26, 2012, to consider the approval of the Disclosure Statement describing the Debtor's Plan of Reorganization filed May 29, 2012. On Oct. 1, 2012, the Court approved the Debtor's Disclosure Statement describing the Debtor's Plan. On Nov. 1, 2012, FirstBank Puerto Rico filed its opposition to confirmation of the Plan, and also filed a request to have the Chapter 11 case dismissed. On Nov. 14, 2012, the Debtor filed an Amended Plan of Reorganization dated Nov. 14, 2012. Pursuant to the Amended Plan, Banco Popular de Puerto Rico ("BPPR"), owed $4,891,278, will receive deferred cash payments with interest over a period of 60 months based on an amortization term of 30 years, with a final balloon payment for the full outstanding amount then due at the end of the 60 month term. First Bank of Puerto Rico will receive deferred cash payments with interest over a period of 60 months based on an amortization term of 25 years, with a final balloon payment for the full outstanding amount then due at the end of the 60 month term. General unsecured creditors who have filed proofs of claims over $5,000 will be paid 20% of the allowed claims on a monthly basis over a period of 7 years from the Effective Date. General unsecured creditors who have filed proofs of claims $5,000 or less will be paid 20% of the allowed claims within a period of 30 days from the Effective Date. Equity security and interest holders of the Debtor will not receive any dividend or other payment under the Plan and are ineligible to vote. All current equity holders of the Debtor will retain their equity interest under the Plan. A copy of the Amended Plan is available at: http://bankrupt.com/misc/bmf.doc138.pdf Subsequent to the filing of the Amended Plan, Firstbank withdrew its objection to the Amended Plan and its request for dismissal. In a Joint Motion submitted to the Court dated Dec. 4, 2012, the Parties stipulated that Firstbank's treatment under the Amended Plan will be amended such that Firstbank will now receive deferred monthly cash payments based on an amortization schedule of 20 years (instead of the previous 25 years under the Amended Plan) over a period of 60 months, with a balloon payment at the end of the 60 month term. Monthly payments will now be in the amount of $13,242. In addition, the parties have further agreed that one of the Debtor's shareholder, Mr. Bert A. Foti, will provide the bank with additional personal real estate collateral in order to secure compliance of the Debtor to Firstbank. The stipulation does not alter the treatment in Debtor's Amended Plan to any other creditor. About BMF Inc. BMF Inc. operates a water distillation operation to produce bottled drinking water. BMF markets the water it distills -- under the brand Pure H20 -- at various retail chains and restaurants throughout Puerto Rico and the Caribbean region. BMF Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 12-00658) on Jan. 31, 2012. BMF disclosed $12.3 million in assets and $8.9 million in liabilities. CERTENEJAS INCORPORADO: Court Sets Feb. 12 Confirmation Hearing --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has approved the disclosure statement describing the proposed Chapter 11 plan of reorganization of Certenejas Incorporado. The hearing to consider the confirmation of the Plan will be held on Feb. 12, 2013, at 10:00 a.m. Objections to claims must be filed 45 days prior to the confirmation hearing. Acceptances or rejections of the Plan may be filed on/or before 45 days prior to Confirmation hearing. Objections, if any, to confirmation of the Plan will be filed no later than 21 days prior to the Confirmation hearing. A summary of the Plan was reported in the Troubled Company Reporter on Oct. 16, 2012. According to the explanatory disclosure statement, Banco Popular de Puerto Rico, holder of a $40.4 million claim secured by substantially all assets of the Debtor, will recover 100%. On the effective date, the Debtor will surrender, as payment in kind to BPPR or will consent to the foreclosure of the Motel Molino Azul (valued at $6.95 million), Motel Molino Rojo ($5.60 million), Motel Las Palmas ($8.50 million), Motel El Rio ($6.67 million), and Motel El Eden ($3.25 million), and a parcel of land in Rio Grand, Puerto Rico ($1.45 million). The Debtor will retain the real property known as Motel Flor Del Valle (valued at $4.5 million). The balance of BPPR's secured claim for $4.5 million will be paid through monthly payments with a balloon payment of $4.32 million on Dec. 31, 2014. Holders of general unsecured claims aggregating $4.65 million will recover 1%. They will split a $50,000 carve out to be agreed with BPPR. Holders of interests are unimpaired. Mr. Luis Jaime Meaux and Mrs. Marta I. Muniz Melendez will retain their shares unaltered. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Certenejas_Inco_Plan_Outline.pdf About Certenejas Incorporado Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and Motel El Rio -- owns motels or short-term guest houses in Puerto Rico. It filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April 11, 2012. The Debtor disclosed US$27.68 million in assets and US$45.29 million in debts as of the Chapter 11 filing. Charles Alfred Cuprill, Esq., serves as the Debtor's counsel. The petition was signed by Luis J. Meaux Vazquez, president. Certenejas Incorporado and three of its affiliates previously sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to 09-08473) on Oct. 2, 2009. The affiliates are Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget Development Corporation. According to the schedules filed in the 2009 case, Certenejas Incorporado had total assets of US$13,800,000, and total debts of US$41,596,637. The petition was signed by Luis J. Meaux Vazquez, the Company's president. EMPRESAS BERDUT: Case Summary & 9 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Empresas Berdut, Inc. 1537 Ave Ponce De Leon Buzon #1 Sector El Cinco San Juan, PR 00926 Bankruptcy Case No.: 13-00051 Chapter 11 Petition Date: January 8, 2013 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Mildred Caban Debtor's Counsel: Victor Gratacos Diaz, Esq. VICTOR GRATACOS-DIAZ LEGAL OFFICE P.O. Box 7571 Caguas, PR 00726 Tel: (787) 746-4772 E-mail: bankruptcy@gratacoslaw.com Scheduled Assets: $1,802,000 Scheduled Liabilities: $2,514,219 A copy of the Company's list of its nine largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb13-00051.pdf The petition was signed by Elberto Berdut, Inc., president. M, P, M, INC: Case Summary & Unsecured Creditor ----------------------------------------------- Debtor: M, P, M, Inc. GPO Box 6066 San Juan, PR 00936 Bankruptcy Case No.: 13-00057 Chapter 11 Petition Date: January 8, 2013 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Brian K. Tester Debtor's Counsel: Jesus Santiago Malavet, Esq. SANTIAGO MALAVET AND SANTIAGO LAW OFFICE 473 Sagrado Corazon Street San Juan, PR 00915 Tel: (787) 727-3058 Fax: (787) 726-5906 E-mail: jsantiago.smslopsc@gmail.com Scheduled Assets: $3,280,000 Scheduled Liabilities: $1,150,102 The petition was signed by Antonio Nicolas Moreda Toledo, president. The Company's list of its largest unsecured creditors filed with the petition contains only one entry: Entity Nature of Claim Claim Amount ------ --------------- ------------ Antonio Nicolas Moreda Toledo Advances $500,102 GPO Box 6066 San Juan, PR 00936 =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Looking to Invest TT$7 Billion in New Drill Sites ------------------------------------------------------------ Caribbean360.com reports that the recent award of two exploration and production licenses to the state-owned oil company Petroleum Company of Trinidad and Tobago by the Ministry of Energy will result in a near TT$7 billion investment over the next four years. Energy Minister Kevin Ramnarine revealed the award of the licenses for the Trinmar acreages Trinidad Northern Areas Block (TNA) and the North Marine Block, according to Caribbean360.com. The report notes that the licenses, negotiations for which took several months, provide for new work programs, signature and commerciality bonuses, technical equipment, environmental and other bonuses and abandonment provisions. They provide for a term of six years to execute the exploration programs and the development of existing field areas, Caribbean360.com relates. Caribbean360.com says that Mr. Ramnarine described the signing of the license agreement at the Ministry's offices in Tower C, International Waterfront Centre, Wrightson Road, Port of Spain, as an "historic" occasion, as the licenses were being renewed after almost 30 years. "This is also historic, the first updated plan in 35 years. After it gets all its approvals from Cabinet, I will present it at the Energy Conference," the report quoted Mr. Ramnarine as saying. Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express related that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad-Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 63.6 ARGENT-$DIS 8.28 12/31/2033 USD 69.63 ARGENT-$DIS 8.28 12/31/2033 USD 69.63 ARGENT-$DIS 8.28 12/31/2033 USD 70.75 ARGENT-$DIS 8.28 12/31/2033 USD 73.5 ARGENT-PAR 1.18 12/31/2038 ARS 44.91 ARGENT- DIS 7.82 12/31/2033 EUR 45 ARGENT- DIS 7.82 12/31/2033 EUR 59.25 ARGENT- DIS 7.82 12/31/2033 EUR 60 ARGENT- DIS 4.33 12/31/2033 JPY 36 ARGENT- DIS 4.33 12/31/2033 JPY 36 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 51.5 BANCO MACRO SA 9.75 12/18/2036 USD 75.48 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 CAPEX SA 10 3/10/2018 USD 71 CAPEX SA 10 3/10/2018 USD 67.88 CIA LATINO AMER 9.5 12/15/2016 USD 65.3 EMP DISTRIB NORT 10.5 10/9/2017 USD 36.85 EMP DISTRIB NORT 9.75 10/25/2022 USD 47.5 EMP DISTRIB NORT 9.75 10/25/2022 USD 44.63 PROV BUENOS AIRE 9.625 4/18/2028 USD 67.04 PROV BUENOS AIRE 9.625 4/18/2028 USD 66.88 PROV BUENOS AIRE 9.375 9/14/2018 USD 73.86 PROV BUENOS AIRE 9.375 9/14/2018 USD 73.75 PROV BUENOS AIRE 10.875 1/26/2021 USD 75.74 PROV DE FORMOSA 5 2/27/2022 USD 65.5 PROV DE MENDOZA 5.5 9/4/2018 USD 70.38 PROV DEL CHACO 4 12/4/2026 USD 30.88 PROV DEL CHACO 4 11/4/2023 USD 57.75 TRANSENER 9.75 8/15/2021 USD 37.75 TRANSENER 9.75 8/15/2021 USD 41 TRANSENER 8.875 12/15/2016 USD 40.5 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 59.5 BCP FINANCE CO 4.239 EUR 41.06 BCP FINANCE CO 5.5 EUR 39.67 BES FINANCE LTD 4.5 EUR 63.17 BES FINANCE LTD 5.58 EUR 64.33 CHINA FORESTRY 10.25 11/17/2015 USD 53.88 CHINA FORESTRY 10.25 11/17/2015 USD 54.1 CHINA SUNERGY 4.75 6/15/2013 USD 53.46 EFG HELLAS CAYMA 9 3/8/2019 EUR 70.5 ESFG INTERNATION 5.753 EUR 50.67 GOL FINANCE 8.75 USD 65.75 GOL FINANCE 8.75 USD 65 JINKOSOLAR HOLD 4 5/15/2016 USD 50.19 LDK SOLAR CO LTD 4.75 4/15/2013 USD 63 LDK SOLAR CO LTD 10 2/28/2014 CNY 67.82 LUPATECH FINANCE 9.875 USD 37.75 LUPATECH FINANCE 9.875 USD 42 PUBMASTER FIN 6.962 6/30/2028 GBP 62.36 RENHE COMMERCIAL 13 3/10/2016 USD 76.13 SUNTECH POWER 3 3/15/2013 USD 54.38 SUNTECH POWER 3 3/15/2013 USD 53.5 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 42.34 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2040 CLP 67.41 CHILE 3 1/1/2040 CLP 67.41 COLBUN SA 3.2 5/1/2013 CLP 24.86 PUERTO RICO ----------- PUERTO RICO CONS 6.5 4/1/2016 USD 67.5 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 72 PETROLEOS DE VEN 5.375 4/12/2027 USD 76.7 *********** 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., Washington, D.C., 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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *