/raid1/www/Hosts/bankrupt/TCRLA_Public/130319.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
Tuesday, March 19, 2013, Vol. 14, No. 55
Headlines
A R G E N T I N A
CENTRAL TERMICA: Moody's Confirms Global Scale Rating at 'B3'
* ARGENTINA: Moody's Cuts Rating on Foreign Law Bonds to 'Caa1'
* Moody's Assigns (P)B3 Global Scale Rating to Cordoba's Notes
B R A Z I L
BANCO ABC: Fitch Upgrades Issuer Default Rating From 'BB+'
BANCO BMG: S&P Affirms 'B' Rating; Outlook Stable
FIBRIA CELULOSE: S&P Raises Rating From 'BB'; Outlook Stable
C A Y M A N I S L A N D S
ADVISER BOND: Shareholders Receive Wind-Up Report
ALIF ALIF MEDIA: Shareholders Receive Wind-Up Report
ALIF ALIF HOLDING: Shareholders Receive Wind-Up Report
CRESCENT GROUP: Commences Liquidation Proceedings
CSAM TOTAL: Shareholder Receives Wind-Up Report
GAMBRINUS INVESTMENTS: Members Receive Wind-Up Report
GL DEVELOPMENT: Commences Liquidation Proceedings
GLOBAL FUND: Commences Liquidation Proceedings
HMTF-LA OUTDOOR: Shareholders Receive Wind-Up Report
INVESTCORP EARLY: Shareholders Receive Wind-Up Report
KURMA HOLDINGS: Shareholders Receive Wind-Up Report
LEICESTER CAYMAN: Placed Under Voluntary Wind-Up
LMF SELECT: Shareholders Receive Wind-Up Report
MERIDIAN PERFORMANCE: Shareholders Receive Wind-Up Report
PMI CDS: Commences Liquidation Proceedings
RAB INNOVATIONS: Placed Under Voluntary Wind-Up
RAMIUS ALTERNATIVE: Commences Liquidation Proceedings
SITO EMERGING: Placed Under Voluntary Wind-Up
VCM SYSTEMATIC: Shareholders Receive Wind-Up Report
ZENITH FUND: Placed Under Voluntary Wind-Up
C O L O M B I A
PACIFIC RUBIALES: Posts Decision on Quifa Association Contract
PACIFIC RUBIALES: S&P Raises CCR to 'BB+'; Outlook Stable
C O S T A R I C A
* COSTA RICA: S&P Raises Issuer Credit Rating to 'BB+'
M E X I C O
FINANCIERA INDEPENDENCIA: Incurs Ps.120.4MM Net Loss in 4Q12
FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Rating on $200MM Notes
SERVICIOS CORPORATIVOS: S&P Rates $270MM Notes & $50MM Add-On B+
P U E R T O R I C O
ALCO CORP: Wins Confirmation of Amended Reorganization Plan
RESTAURANT HOLDING: Moody's Changes Ratings Outlook to Negative
* PUERTO RICO: Fitch Expects Banks to Face Challenges in 2013
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
CENTRAL TERMICA: Moody's Confirms Global Scale Rating at 'B3'
-------------------------------------------------------------
Moody's Latin America downgraded the ratings on Central Termica
Loma de la Lata S.A.'s USD178 million (USD165 million outstanding)
in the national scale to Baa1.ar from A3.ar and confirmed its B3
global scale rating. The outlook is stable.
This rating action concludes the review initiated on Dec. 21, 2012
when Moody's placed the ratings on review for a possible downgrade
as a consequence of the turbine's failure that caused the combined
cycle plant to cease operations.
Ratings Rationale:
The downgrade in the NSR is mainly prompted by the change to the
original terms and conditions of the notes that occurred as a
result of the aforementioned failure. The key amendments to the
notes consist of the capitalization of its next two interest
payments due in March and September 2013 and the postponement of
the first principal payment, due in September 2013.
Although the new terms and conditions have been agreed to and
accepted by the note holders, the postponed interest and principal
payments are considered a payment default per Moody's definition.
Nevertheless, in confirming the B3 rating Moody's acknowledges
that: 1) business interruption insurance is expected to cover
CTLLL's lost benefits beginning February 1st; 2) the turbine's
repair costs are also covered by insurance; 3) the company had
sufficient liquidity on its balance sheet to make the March
interest payment; 4) 2012 fiscal year revenues and cash flows
confirmed the project's potential for strong cash generation when
the combined cycle plant is operating under normal conditions and
5) the plant is expected to become fully operational during the
second quarter of the year and. resume its cash generation
capacity to levels similar to those achieved in 2012.
For the fiscal year ending 2012 CTLLL's CFO pre WC (cash from
operations pre-working capital) to debt stood at 40% while CFO pre
WC plus Interest to Interest was at 3.6x.
The downgrade to Baa1.ar in the national scale also reflects our
view that CTLLL's relative position in relation to other B3 rated
companies in the same industry has weakened given the turbine
failure and its relatively weak operating track-record.
If the repair of the turbine takes longer than now anticipated and
CTLLL is not able to resume the production of electricity under
the Res 220 contract with Cammesa in a timely manner, in order to
generate enough cash flows for the debt servicing of the notes on
a consistent and sustainable basis, the ratings could be
downgraded.
Given the plant's operating track record, a rating upgrade will
require that CTLLL demonstrate a prolonged period of operations
without any unanticipated technical disruption while maintaining a
prudent financial profile.
The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.
CTLLL is an electric generation company that operates a thermo-
electric power plant located in the province of Neuquen-Argentina,
with an installed net capacity of 535 MW. CTLLL is fully owned by
Pampa Energia S.A. (not rated) the largest, fully-integrated
electricity company in Argentina. Through its subsidiaries, the
company is engaged in the generation, transmission and
distribution of electricity within the country. Pampa has an
installed capacity of approximately 2,217 MW, which represents
about 8% of the country's installed capacity.
Moody's National Scale Ratings 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
".mx" for Mexico
* ARGENTINA: Moody's Cuts Rating on Foreign Law Bonds to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service lowered the rating of Argentina's
foreign law bonds to Caa1. The downgrade reflects the increased
default risk of these bonds deriving from ongoing legal
proceedings in US courts, and differentiates this portion of
Argentina's debt from the rest.
Moody's also affirmed Argentina's B3 issuer rating, which applies
to Argentina's domestic legislation bonds, and affirmed the Ca
rating on Argentina's $6.3 billion of debt untendered in the 2005
and 2010 debt swaps that remains in default. The outlook on all
these ratings is negative.
Moody's also affirmed Argentina's B3 foreign currency bond
ceiling, Caa1 foreign currency deposit ceiling, and the Ba3 local
currency bond and deposit ceilings.
Ratings Rationale:
On October 26, 2012 the US Second Circuit Court of Appeals upheld
a lower court ruling requiring the government of Argentina to pay
litigating bondholders concurrently with any payments to holders
of its restructured debt. The litigating bondholders, or holdouts,
are investors that did not participate in Argentina's 2005 or 2010
debt swaps. The litigating claims are US$ 1.3 billion, but could
expand to almost US$ 12 billion if all holdout claims (US$ and
EUR) can leverage the legal precedent -or US$ 7.5 billion if only
NY law claims benefit. The appeals court wrote that bond
documents' pari passu language "prohibits Argentina, as bond
issuer, from formally subordinating the bonds by issuing superior
debt." The court further ruled that as bond payer Argentina could
not pay other bonds without paying litigating bondholders.
The legal case was sent back to the district court to clarify the
formula to be used to pay both groups of bond holders, and whether
- and how - the ruling impacts third parties involved in
Argentina's payments process, and then the case returned to the
appeals court. On February 27 the appeals court held oral
arguments on the case. On March 1 the court asked Argentina to
propose a payment formula for holdouts, a proposal Argentina must
submit by March 29.
While there are multiple possible legal outcomes to this case, we
note two major credit scenarios:
1. The first results in a ruling that affirms litigant
bondholder's claims of full restitution, but provides no practical
enforcement mechanism and therefore leaves restructured debt
service unaffected, or that provides an alternative payment
formula to litigating bondholders that Argentina's government is
willing to accept.
2. The second is any ruling that Argentina's government refuses to
abide by and that impacts payments to restructured debt
bondholders. In this scenario payments to restructured debt
bondholders are attached and/or Argentina chooses an alternative
payment mechanism to avoid such attachments, resulting in delayed
payments or net present value losses to investors in restructured
debt.
Although Argentina has the financial means to meet any legal
obligation to litigating bondholders, the government has
repeatedly stated that it would not pay litigating bondholders in
full. The rating action reflects the risk that the final court
ruling will result in some delay or loss to restructured foreign-
law debt bondholders.
The issuer rating and domestic-legislation bond ratings remain B3
to reflect the fact that the majority of bonds outstanding are
domestic legislation bonds and are expected to be unaffected by
the final court ruling. Argentina's B3 rating balances the
country's economic development and improved debt metrics with
continuing concerns about the country's policy mix and political
volatility.
Argentina's GDP per capita is more than three times the median of
B-rated sovereigns, and its economy larger and more diversified
than its peer group. The debt burden is similar to rating peers
but is improving at a faster rate and we expect it will continue
falling this year and next. But Argentina's haphazard economic
policy decisions coupled with increasing questions about the
reliability of official statistics make it extremely difficult to
know with certainty Argentina's real economic conditions, raising
questions about the country's ability to manage adverse shocks.
What Could Change The Rating Up/Down
Moody's could consider moving the issuer rating outlook back to
stable upon evidence that Argentina's policy mix becomes more
consistent and predictable. In particular, a resolution of either
the Paris Club debt arrears or material improvements in the
quality of official economic data would be considered credit
positive for the rating.
Argentina's foreign legislation bonds could potentially be
upgraded back to the issuer rating if the final court ruling does
not impact Argentina's payments on its restructured debt.
A downgrade of the issuer rating could result if policy decisions
end up negatively impacting the main economic and debt metrics.
Additionally, a large and sustained deterioration of commodity
prices, a persistent decline in international reserves and failure
to make needed fiscal adjustments leading to a rise in the debt
ratios, could also result in a lower rating. A further downgrade
of Argentina's foreign legislation debt could result if
Argentina's reaction to a final court ruling involves missed
payments to restructured debt bondholders.
Previous Rating Action
Moody's previous action affecting Argentina's government bond
rating was implemented on September 17, 2012, when the rating
agency placed Argentina's government bond ratings on negative
outlook.
* Moody's Assigns (P)B3 Global Scale Rating to Cordoba's Notes
--------------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Baa2.ar (local currency) to the 2013 Short-Term Treasury Note
Program of the Municipality of Cordoba. At the same time, Moody's
Investors Service has assigned a global scale rating of (P)B3
(local currency) to this program. The ratings are in line with the
municipality's long term local currency issuer ratings, which
carry a negative outlook.
Ratings Rationale:
The maximum amount to be issued under the program is ARS 300
million, according to the authorization under the law (ordenanza)
12.139. The municipality will issue an initial offer (Series IV)
of AR$ 20 million which will mature within a period of 160 days.
The amount to be issued represents less than 1% of the
municipality's 2012 total revenues.
The first issuance under the program, Series IV, will be backed by
the Contribution over Commerce, Industry, and Service Companies.
These notes will have two interest payments, the first 85 days
after issuance and the second at maturity.The assigned debt
ratings reflect Moody's view that the willingness and capacity of
the Municipality of Cordoba to honor these short-term treasury
notes is in line with the municipality's long-term credit quality
as captured in the B3/Baa2.ar issuer ratings.
Cordoba's issuer ratings reflect the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of the Municipality of
Cordoba, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
city operates and ultimately anchors its credit quality to that of
the Sovereign.
The Municipality of Cordoba's intrinsic creditworthiness is
characterized by a strong revenue flexibility, low debt to revenue
levels, and strong gross operating surpluses. These positive
features are partially offset by a weak liquidity position and an
ongoing trend of cash financing deficits. Like most sub-national
governments in Argentina, and within a context of high inflation
rates, the Municipality of Cordoba still faces ongoing pressures
from salary renegotiations, limiting its spending flexibility.
What Could Change The Rating Up/Down
Moody's does not expect upward pressures in the Municipality of
Cordoba's ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable. The city could be downgraded
if the negative outlook on the sovereign rating materializes into
a rating downgrade. Furthermore, any action taken by the central
government that would negatively impact the ability of the city to
repay its financial obligations could lead to a further downgrade.
Any such actions would be viewed by Moody's as further
illustration of a deteriorating institutional framework and an
unstable policy environment.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.
The last rating action was on October 17, 2012 when issuer and
debt ratings (local currency) were downgraded to B3/Baa2.ar from
B2/Aa3.ar; Negative Outlook.
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
".mx" for Mexico.
===========
B R A Z I L
===========
BANCO ABC: Fitch Upgrades Issuer Default Rating From 'BB+'
----------------------------------------------------------
Fitch Ratings has taken the following rating actions on Banco ABC
Brasil S.A.:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) upgraded to 'BBB-' from 'BB+'; Outlook Stable;
-- Short-term foreign and local currency IDRs upgraded to 'F3'
from 'B';
-- Viability rating upgraded to 'bbb-' from 'bb+';
-- Support rating affirmed at '3';
-- Long-term national rating upgraded to 'AA(bra)' from 'AA-
(bra)'; Outlook Stable;
-- Short-term national rating affirmed at 'F1+(bra)'.
KEY RATING DRIVERS: LIQUIDITY, RISK MANAGEMENT, ASSET QUALITY
The upgrade on Banco ABC Brasil S.A.'s (ABCBr) foreign currency
and local currency Issuer Default Ratings (IDRs), viability rating
and long term national ratings are based on the bank's low risk
profile, which is underpinned by its low funding cost, sound risk
management and consistent profitability over the years even facing
a fierce and volatile competitive environment. Over the last
years, improvements included a further diversification of its
funding profile leading to a stronger asset and liabilities
management as it continues to expand its corporate and middle
market operations. Its credit portfolios are conservatively
matched and continue to show strong liquidity. Its continued high
quality asset and liquidity combined with its satisfactory
profitability and capital adequacy evidences the bank's overall
solid financial strength.
The upgrade takes into account the bank's conservative approach
towards risk management and the consistent and solid asset quality
indicators that compare very well to peers during the weaker
economic environment seen during the last two years. The bank
focuses on the lower-risk corporates and a middle market segment.
The growth of the middle market has been managed prudently
following the bank's conservative risk profile.
The assignment of a VR higher than that of its parent reflects the
fact that ABCBr has a strong and well regarded franchise in the
Brazilian market, its management's independence combined with a
very limited funding dependence from its parent. Such independence
was tested satisfactorily during 2011 during the Libyan crisis.
While the impact of the higher credit costs, higher levels of
liquid assets, and lower interest rates led to a reduction in
ABCBr's 2012 operational profit and net income, the bank was still
able to report satisfactory profitability ratios in a challenging
business environment (ROAA of 1.9% and an average of 2.1% in the
last five years). The bank's medium-term strategy is to grow the
percentage of the middle market segment from the current 14% to
25% of the total credit portfolio through its expanded sales
platforms which have already grown the number of middle market
clients while maintaining conservative per client exposure and
average tenors below 10 months. On the corporate segment, which
ABCBr views as a more mature market, the bank has been successful
in expanding its fee related business via cross-selling to
companies with more sophisticated demand for advisory and treasury
services, including derivatives and M&A.
Fitch core capital/risk-weighted assets at Dec. 2012 was an
adequate 10.6%, although it was lower than the 11.3% of the
previous year in part due to the growth in risk assets. Regulatory
capital rose further to a comfortable 15.9%. Major shareholder
Arab Banking Corporation (ABC; IDR 'BB+/Stable Outlook) is
strongly capitalized and has shown willingness and ability to
provide support if needed. Fitch believes that in a stress
scenario, ABCBr would receive some degree of support from ABC.
RATING SENSITIVITIES:
Given its funding profile and narrow business niche, further
upgrades of the bank's ratings may be limited under its current
business model.
Although unlikely in Fitch's view, a significant deterioration of
ABCBr's asset quality that results in credit costs that severely
limit its profitability and ability to grow its capital, combined
with a reduction on its liquidity or capitalization position could
lead towards a reduction on the bank's ratings. A decline in Fitch
core capital to risk-weighted assets ratio below 9% along with a
reduction in operating income to average asset ratio below 2%
could result in a ratings review.
Established in 1989, Banco ABC Brasil S.A. is a midsized wholesale
bank, which focuses in the corporate (companies whose annual sales
are above BRL 400 million) and middle market segments (companies
with net sales between BRL30 and BRL400 million).
BANCO BMG: S&P Affirms 'B' Rating; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' global scale
and 'brBB+' national scale ratings on Banco BMG S.A. (Banco BMG).
The outlook remains stable.
S&P based its ratings on Banco BMG on its "weak" business
position, "weak" capital and earnings, "adequate" risk position,
"below-average" funding, and "moderate" liquidity, as S&P's
criteria define these terms.
"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Brazil is 'bbb', based on the country's economic risk
score of '5' and an industry risk score of '4'. Brazil's economic
risk reflects its low GDP per capita levels that limit its ability
to withstand economic downturns and household credit capacity. It
also considers our view that economic imbalances have increased as
a result of rapid credit expansion. "As this trend in lending
continues amid a slowly growing economy, we are concerned about
the increasing household debt burden," said Standard & Poor's
credit analyst Cynthia Cohen Freue. Conversely, Brazil's
improvement in payment culture and rule of law, in addition to
moderate leverage in the corporate sector and the absence of high-
risk loans in banks, somewhat mitigate the higher risk factors in
our economic risk assessment. We assess the trend of economic
risk as negative. Despite the slowdown in credit during 2012, we
believe that a new period of rapid credit expansion could result
from the current administration's policies. Further lending would
increase an already hefty debt burden on households, subjecting
the system to incremental credit risk," S&P said.
FIBRIA CELULOSE: S&P Raises Rating From 'BB'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Fibria
Celulose S.A. to 'BB+' from 'BB'. The outlook is stable.
The rating action reflects S&P's expectation that Fibria's debt
reduction will continue. Since the company began a new financial
policy since the first quarter of 2011, which mandates to keep the
leverage ratio below 3.5x, it has prepaid around $1.2 billion in
debt, and S&P expects that trend to continue in the near future.
S&P's base-case scenario comprises annual debt reductions of
around $600 million in 2013 and 2014, and may involve a
combination of internally generated cash, excess liquidity and
eventually, proceeds from additional sales of non-core assets.
==========================
C A Y M A N I S L A N D S
==========================
ADVISER BOND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of The Adviser Bond Fund Ltd received on Jan. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Ben Gillooly
Telephone: (345) 815 1764
Facsimile: (345) 949 9877
ALIF ALIF MEDIA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Alif Alif Media Company received on Nov. 19,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company commenced liquidation proceedings on Nov. 19, 2012.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
ALIF ALIF HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Alif Alif Media Holding Company received on
Nov. 19, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Nov. 19, 2012.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
CRESCENT GROUP: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Crescent Group Ltd. resolved to voluntarily
liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 28, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
c/o Kim Charaman
Telephone: (345) 943 3100
Facsimile: (345) 945 4757
Grand Cayman, KY1-9005
Cayman Islands
CSAM TOTAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of CSAM Total Commodity Return, Ltd. received on
Jan. 31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943 3100
GAMBRINUS INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Gambrinus Investments received on Jan. 21, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
GL DEVELOPMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 14, 2012, the sole shareholder of GL Development, Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 28, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 943 3100
Facsimile: (345) 945 4757
Intertrust (Cayman) Limited
Grand Cayman KY1-9005
Cayman Islands
GLOBAL FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 19, 2012, the sole shareholder of Global Fund resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 31, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
K. Beighton
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Eleanore Laureles
Telephone: +1 (345) 914 4466/ +1 (345) 949 4800
Facsimile: +1 345 949 7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
HMTF-LA OUTDOOR: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of HMTF-LA Outdoor Advertising Partners Company
received on Jan. 25, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 20, 2012.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
INVESTCORP EARLY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Investcorp Early Stage Fund Limited SPC
received on Jan. 31, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
Boundary Hall, Cricket Square
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
KURMA HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Kurma Holdings Limited received on Dec. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Russell Smith
Derek Larner
BDO CRI (Cayman) Ltd
Building 3, 2nd Floor, Governor's Square
23 Lime Tree Bay Avenue
PO Box 31229 Grand Cayman KY1-1205
Cayman Islands
LEICESTER CAYMAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 14, 2012, the sole shareholder of Leicester Cayman Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 21, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Lucio Velo
CH-6901 Lugano 1
Via G. Marconi 2
CP6618 Switzerland
LMF SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of LMF Select Assets, Ltd received on Dec. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Russell Smith
Derek Larner
BDO CRI (Cayman) Ltd
Building 3, 2nd Floor, Governor's Square
23 Lime Tree Bay Avenue
PO Box 31229 Grand Cayman KY1-1205
Cayman Islands
MERIDIAN PERFORMANCE: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Meridian Performance Partners, Ltd. received
on Jan. 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Meridian Diversified Fund Management, LLC
20 Corporate Woods Blvd., 4th Floor, Albany
NY 12211 USA
Telephone: (518) 432 1600
E-mail: thickey@mcphedge.com
PMI CDS: Commences Liquidation Proceedings
------------------------------------------
On Dec. 17, 2012, the sole shareholder of PMI CDS (Cayman) VII
Limited resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Aodh O Murchu
28 Upper Pembroke Street
Dublin 2
Ireland
Telephone: +3 (531) 234 2641
E-mail: aodh.omurchu@pmigroup.com
RAB INNOVATIONS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 14, 2012, the sole shareholder of Rab Innovations (Master)
Fund Limited resolved to voluntarily wind up the company's
operations.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: +1 (345) 769 4422
Facsimile: +1 (345) 769 9351
Landmark Square, 1st Floor
64 Earth Close West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
RAMIUS ALTERNATIVE: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 20, 2012, the sole shareholder of Ramius Alternative
Replication Master Fund Ltd. resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
Ramius Alternative Solutions LLC
c/o Sharon Gnessin
599 Lexington Avenue, 19th Floor
New York
New York 10022
United States of America
Telephone: +1 (646) 562 1702
SITO EMERGING: Placed Under Voluntary Wind-Up
---------------------------------------------
The shareholders of Sito Emerging Fund Ltd resolved to voluntarily
wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 28, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345 -926 1688
E-mail: info@lindsay.ky
Artillery Court, Shedden Road
P.O. Box 11371 Grand Cayman KY1-1008
Cayman Islands
VCM SYSTEMATIC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of VCM Systematic Alternative Beta Replication
Fund Ltd received on Jan. 25, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 20, 2012.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
ZENITH FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 21, 2012, the sole shareholder of Zenith Fund SPC resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 21, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
===============
C O L O M B I A
===============
PACIFIC RUBIALES: Posts Decision on Quifa Association Contract
--------------------------------------------------------------
Pacific Rubiales Energy Corp. disclosed that a commercial
arbitration decision in Colombia has been rendered in connection
with its dispute with Ecopetrol, S.A. regarding the interpretation
of the high-prices clause of its Quifa Association Contract. The
Company is evaluating the decision as it leaves open several
unresolved issues. The Company is also evaluating all of its
alternative remedies under Colombian laws and applicable
international treaties.
The Company's share of production in the Quifa SW field is 60%
before royalties. This participation may decrease when the
application of the PAP is triggered.
On Sept. 27, 2011, Ecopetrol and the Company agreed on an
arbitration process to settle differences in the interpretation of
the PAP clause in the Quifa Association Contract and its effect on
their share of production.
On March 13, 2013, the arbitration panel delivered its decision
interpreting that the PAP formula should be calculated on 100% of
the production of the Quifa SW field, instead of simply the
Company's 60%.
However, the arbitration panel expressly denied Ecopetrol's demand
for an order for Pacific Rubiales to deliver the associated
volumes of hydrocarbons as a result of its interpretation of the
PAP formula. The arbitration decision is not yet firm nor does it
provide enforceable remedies against the Company.
In the event that the interpretation of the PAP formula by the
arbitration panel becomes enforceable, the Company would be
required to deliver an additional 1,393,252 bbl of oil to
Ecopetrol, representing Ecopetrol's additional share in Quifa SW
production from April 3, 2011 to Dec. 31, 2012, which in any case
would be delivered in kind from future production out of 10% of
its daily net share of production of the Quifa SW field (as of
present, approximately 2,270 bbl/d over a 20 month period). This
additional volume has been recorded as an over-lift on the
Company's consolidated financial statements as at Dec. 31, 2012.
As a result of the above and under prudent accounting practice, a
provision has been made in the Company's 2012 year-end financials
to account for cumulative amounts accrued as:
-- US$92 million negative impact on 2012 EBITDA, from US$2,110
million to US$2,018 million, representing approximately a 4%
reduction.
-- US$61 million negative impact on 2012 Net Income, from
US$589 million to US$528 million, which is around a 10%
reduction.
The Company is evaluating all available courses of action and will
vigorously defend its rights under the Quifa Association contract.
Pacific Rubiales, a Canadian company and producer of natural gas
and crude oil, owns 100% of Meta Petroleum Corp., which operates
the Rubiales, Piriri and Quifa heavy oil fields in the Llanos
Basin, and 100% of Pacific Stratus Energy Colombia Corp., which
operates the La Creciente natural gas field in the northwestern
area of Colombia. Pacific Rubiales has also acquired 100% of
PetroMagdalena Energy Corp., which owns light oil assets in
Colombia, and 100% of C&C Energia Ltd., which owns light oil
assets in the Llanos Basin. In addition, the Company has a
diversified portfolio of assets beyond Colombia, which includes
producing and exploration assets in Peru, Guatemala, Brazil,
Guyana and Papua New Guinea.
The Company's common shares trade on the Toronto Stock Exchange
and La Bolsa de Valores de Colombia and as Brazilian Depositary
Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under
the ticker symbols PRE, PREC, and PREB, respectively.
PACIFIC RUBIALES: S&P Raises CCR to 'BB+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
senior unsecured debt ratings on Pacific Rubiales Energy Corp.
(PRE) to 'BB+' from 'BB'. The outlook is stable.
"The upgrade is based on the company's improved diversification in
2012 due to its acquisitions, mitigating the risk of a significant
decrease in cash generation from 2016 with the expiration of the
Rubiales and PirirĄ concession," said Standard & Poor's credit
analyst Fabiola Ortiz. The company has demonstrated a strong
track record and ability to successfully implement its business
plan, and S&P assumes it will be able to develop the newly
acquired fields during the next three to four years, thus
mitigating the impact of those concessions. Even though capital
requirements will be substantial over next few years, S&P expects
the proposed bond issue and internal cash generation will fund
these investments. Therefore, S&P expects only a slight
deterioration in credit metrics.
==================
C O S T A R I C A
==================
* COSTA RICA: S&P Raises Issuer Credit Rating to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services announced that it is
withdrawing its recovery ratings on all speculative-grade
sovereign and international public finance loans and debt issues.
In the future, S&P may provide commentary on recovery prospects
for certain sovereign and international public finance debt in
selective cases where S&P believes its views would be of
particular interest to investors.
S&P has revised its issue-level ratings on one issuer, The
Republic of Costa Rica, as a result of these recovery rating
withdrawals. The recovery rating on Costa Rica's senior unsecured
debt was previously '2', indicating S&P's expectation of
substantial (70% to 90%) recovery for debtholders in the event of
a payment default. As per Standard & Poor's notching criteria for
a '2' recovery rating, the issue-level rating was notched up one
from the 'BB' issuer credit rating on the republic, to 'BB+'.
With the recovery rating withdrawal, S&P has lowered the issue-
level rating to 'BB' from 'BB+'. The 'BB' issuer rating,
reflecting Costa Rica's overall creditworthiness, is unaffected.
All of the other withdrawn recovery ratings, except for the
recovery rating on the City of Buenos Aires' senior unsecured
debt, were either '3' (indicating a 50% to 70% recovery
expectation) or '4' (30% to 50% recovery expectation). Because
S&P don't notch its issue ratings from the related issuer ratings
for recovery ratings of '3' or '4', the announcement did not
affect any other issue-level ratings aside from those on Costa
Rica's unsecured debt.
The City of Buenos Aires' unsecured debt also carried a recovery
rating of '2'; however, the issue ratings on the city's debt are
capped by Argentina's transfer and convertibility (T&C) assessment
and, therefore, are also unaffected by the recovery rating
withdrawal. (The T&C assessment reflects S&P's opinion of the
likelihood of the sovereign restricting nonsovereign access to
foreign exchange needed for debt service.)
RATINGS LIST
Issue-Level Rating Lowered; Recovery Rating Withdrawn
To From
Costa Rica (Republic of)
Senior Unsecured BB BB+
Recovery Rating NR 2
Recovery Rating Withdrawn
To From
Albania (Republic of)
Recovery Rating NR 4
To From
Barbados
Recovery Rating NR 3
To From
Belarus (Republic of)
Recovery Rating NR 4
To From
Belize
Recovery Rating NR 4
To From
Bolivarian Republic of Venezuela
Recovery Rating NR 4
To From
Bolivia (Plurinational State of)
Recovery Rating NR 4
To From
Buenos Aires (City of)
Recovery Rating NR 2
To From
Buenos Aires (Province of)
Recovery Rating NR 3
To From
Catalonia (Autonomous Community of)
Recovery Rating NR 4
To From
Central Bank of Tunisia
Recovery Rating NR 3
To From
Cordoba (Province of)
Recovery Rating NR 3
To From
Croatia (Republic of)
Recovery Rating NR 4
To From
Cyprus (Republic of)
Recovery Rating NR 4
To From
Dnipropetrovsk (City of)
Recovery Rating NR 4
To From
Dominican Republic
Recovery Rating NR 3
To From
Ecuador (Republic of)
Recovery Rating NR 4
To From
Egypt (Arab republic of)
Recovery Rating NR 3
To From
El Salvador (Republic of)
Recovery Rating NR 3
To From
Gabonese Republic
Recovery Rating NR 4
To From
Georgia (Government of)
Recovery Rating NR 4
To From
Ghana (Republic of)
Recovery Rating NR 4
To From
Greece (Hellenic Republic)
Recovery Rating NR 4
To From
Grenada
Recovery Rating NR 4
To From
Guatemala (Republic of)
Recovery Rating NR 3
To From
Hungary
Recovery Rating NR 3
To From
Indonesia (Republic of)
Recovery Rating NR 3
To From
Instituto Valenciano de Finanzas
Recovery Rating NR 4
To From
Jamaica
Recovery Rating NR 3
To From
Jordan (Hashemite Kingdom of)
Recovery Rating NR 4
To From
Kyiv (City of)
Recovery Rating NR 4
To From
Kyiv Finance PLC
Recovery Rating NR 4
To From
Lebanon (Republic of)
Recovery Rating NR 4
To From
Leningrad Oblast
Recovery Rating NR 3
To From
Lviv (City of)
Recovery Rating NR 4
To From
Macedonia (Republic of)
Recovery Rating NR 3
To From
Mendoza (Province of)
Recovery Rating NR 3
To From
Metropolitano de Lisboa E.P.
Recovery Rating NR 4
To From
Mongolia
Recovery Rating NR 3
To From
Montenegro (Republic of)
Recovery Rating NR 3
To From
Nigeria (Federal Republic of)
Recovery Rating NR 4
To From
Novosibirsk (City of)
Recovery Rating NR 3
To From
Pakistan (Islamic Republic of)
Recovery Rating NR 3
To From
Paraguay (Republic of)
Recovery Rating NR 3
To From
PARPUBLICA - Participacoes Publicas (SGPS) S.A.
Recovery Rating NR 4
To From
Philippines (Republic of the)
Recovery Rating NR 3
To From
Plovdiv (City of)
Recovery Rating NR 3
To From
Portugal (Republic of)
Recovery Rating NR 4
To From
Republic of Fiji
Recovery Rating NR 4
To From
Romania
Recovery Rating NR 3
To From
Sakha (Republic of)
Recovery Rating NR 3
To From
Samara Oblast
Recovery Rating NR 3
To From
Senegal (Republic of)
Recovery Rating NR 4
To From
Serbia (Republic of)
Recovery Rating NR 4
To From
Sri Lanka (Democratic Socialist Republic of)
Recovery Rating NR 4
To From
Stara Zagora (City of)
Recovery Rating NR 3
To From
Sverdlovsk Oblast
Recovery Rating NR 4
To From
Tomsk Oblast
Recovery Rating NR 3
To From
Tver Oblast
Recovery Rating NR 3
To From
Ufa (City of)
Recovery Rating NR 3
To From
Ukraine
Recovery Rating NR 4
To From
Valencia (Autonomous Community of)
Recovery Rating NR 4
To From
Varna (City of)
Recovery Rating NR 3
To From
Vietnam (Socialist Republic of)
Recovery Rating NR 3
To From
Zambia (Republic of)
Recovery Rating NR 3
===========
M E X I C O
===========
FINANCIERA INDEPENDENCIA: Incurs Ps.120.4MM Net Loss in 4Q12
------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V. posted results for the
three- and twelve-month periods ended Dec. 31, 2012. During
fourth quarter 2012 the company recorded a Net Loss of Ps.120.4
million compared with Net Income of Ps.20.2 million in 4Q11.
Earnings per share (EPS) for the quarter were negative Ps.0.1682
compared with Ps.0.0281 for the same period last year
As of Dec. 31, 2012 total liabilities were Ps.7,196.6 million,
down 9.7% from the Ps.7,973.3 million reported on Dec. 31, 2011.
On a sequential basis, total liabilities decreased 4.8% from
Ps.7,561.0 million in Sept. 30, 2012.
At the end of 4Q12, Findep's debt consisted of Ps.2,513.9 million
of senior guaranteed notes due March 2015, Ps.1,501.6 million in
medium-term notes "Certificados Bursatiles" due May 2014, as well
as Ps.2,722.9 million of bank and other entities loans. The
Company's total lines of credit amounted to Ps.3,824.7 million at
the end of 4Q12, of which Ps.1,639.1 million, or 42.8%, are
available.
This includes the lines of credit at Finsol and AEF.
During the quarter, Apoyo Financiero Inc. obtained a US$4.75
million line of credit with California based, Bridge Bank. The
line of credit matures in November 2013 and pays an interest rate
equivalent to approximately 4.5%.
Also during this quarter, FINAFIM granted Apoyo Econ˘mico Familiar
a new Ps.60 million line of credit that pays an interest rate of
Cetes plus 550 basis points and matures in December 2015.
Of the total lines of credit, Ps.1,500 million mature in December
2013, Ps.65 million in November 2013, Ps.70 million in July 2014,
Ps.170 million in October 2014, Ps.260 million in April 2015,
Ps.60 million in December 2015 and the remaining Ps.1,700 million
have an evergreen feature.
On Aug. 30, 2011, the Company entered into a step-up interest rate
swap from a floating to a fixed rate for a notional amount of
Ps.1,500.0 million to hedge the medium-term notes "Certificados
Bursatiles" for a three-year period starting on Sept. 7, 2011.
The interest rate for the first twelve months was 6.95% and
thereafter it is 7.80% until maturity.
As of Dec. 31, 2012 stockholder's equity was Ps.2,858.9 million, a
6.4% decrease from Ps.3,052.9 million in the same year-ago period,
reflecting the Ps.50.7 million negative impact in Financial
Instruments - Derivatives plus the Ps.116.5 million Net Loss
generated during the period.
A full text copy of the company's financial result is available
for free at:
http://bankrupt.com/misc/FINANCIERA_INDEPENDENCIA4Q.pdf
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.
FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Rating on $200MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
counterparty credit ratings on Financiera Independencia S.A.B. de
C.V. SOFOM E.N.R. (Findep). At the same time, S&P affirmed its
'mxBBB/mxA-3' Mexican national scale ratings on Findep. S&P also
affirmed its 'B+' rating on Findep's $200 million senior unsecured
notes due March 2015. The outlook on the long-term ratings
remains stable.
The ratings on Findep reflect its expected moderate profitability
and asset quality metrics, and the highly competitive market in
which it operates. S&P continues to consider the company's
satisfactory liquidity risk management, adequate funding
structure, and geographic and client diversity as positive rating
factors.
SERVICIOS CORPORATIVOS: S&P Rates $270MM Notes & $50MM Add-On B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and its '4' recovery rating to Servicios Corporativos Javer
S.A.P.I. de C.V.'s (Javer) existing $270 million senior unsecured
notes and a $50 million add-on. At the same time, S&P affirmed
its 'B+' corporate credit rating on the company. The outlook is
positive.
"Javer will seek to amend its existing $270 million notes due 2021
for an additional $50 million," said Standard & Poor's credit
analyst Fernanda Hernandez. The company will use the proceeds to
refinance ViveICA's existing debt, which Javer will absorb upon
the acquisition's completion.
The ratings on Javer reflect the concentration of its mortgage
originations in Infonavit, a government related entity that
provides housing credit and is somewhat subject to political risk.
Javer will improve its scale and geographic diversity following
the ViveICA acquisition. ViveICA is a subsidiary of Empresas ICA
S.A.B. de C.V. (ICA; BB-/Stable/--). However, S&P believes Javer
is exposed to a competitive and mature housing industry in Mexico,
especially in the central states. Javer will also face
integration risks; it expects to collect significant efficiency
gains from acquired assets, but this might be a challenge to
realize. The rating incorporates Javer's "adequate" liquidity and
sound capital structure due to low debt maturities in the next
several years and the high brand recognition in the regions where
it operates. S&P assess Javer's business risk profile as "weak"
and its financial risk profile as "aggressive."
=====================
P U E R T O R I C O
=====================
ALCO CORP: Wins Confirmation of Amended Reorganization Plan
-----------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an opinion and order on March 11,
2013, confirming the Amended Chapter 11 Plan of Reorganization
filed by Alco Corporation.
The Court finds that the Plan sets forth realistic and attainable
goals and is not part of a visionary scheme to take advantage of
the reorganization process. Management has taken the necessary
measures to implement its new business strategy and is capable of
performing its duties under the Amended Plan, Judge Flores held.
The Court overruled the objection to confirmation filed by
Betteroads Asphalt Corporation, Petroleum and Emulsion
Manufacturing Corporation, and Betterecycling Corporation. The
Court further denied the Betteroads Group's request to convert the
case to Chapter 7.
The Betteroads Group had argued the Debtor is administratively
insolvent and will be unable to pay administrative expenses upon
the effective date of the Amended Plan.
The Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.
A copy of the Bankruptcy Court's March 11, 2013 Opinion and Order
is available at http://is.gd/Q1uMZRfrom Leagle.com.
About Alco Corp.
Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort. Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants. The Debtor scheduled
$11.2 million in assets and $7.76 million in debts. The petition
was signed by Alfonso Rodriguez, president.
RESTAURANT HOLDING: Moody's Changes Ratings Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service changed the ratings outlook of
Restaurant Holding Company to negative from stable while affirming
its long term ratings, including the B3 Corporate Family Rating
and Caa1-PD Probability of Default Rating.
The outlook revision reflects Moody's expectation that RHC's
operating trends will remain under pressure near-term, owing to
weak macroeconomic factors in Puerto Rico, volatile commodity
prices, and the intense competitive environment among quick
service restaurants ("QSR"). In the past two quarters of fiscal
2013, Caribbean's comparable restaurant sales declined in the mid
single-digit percentage range on a year-over-year basis. Moody's
is concerned that comparable restaurant sales will remain negative
over coming quarters as the aforementioned challenges persist.
Ratings affirmed:
Corporate Family Rating at B3
Probability of Default Rating at Caa1-PD
$22.5 million senior secured revolving credit facility due 2016 at
B3 (LGD3, 32%). Revised from (LGD3, 31%)
$182 million senior secured term loan due 2017 at B3 (LGD3, 32%).
Revised from (LGD3, 31%)
Ratings Rationale:
RHC's B3 CFR reflects its high financial leverage of about 5.5
times and Moody's expectation that it will increase to the 6.0
times range (excluding preferred stock adjustment) over the next
12 to 18 months as EBITDA levels modestly deteriorate. The rating
also reflects the company's high exposure to consumer spending
patterns, modest scale, and narrow geographic concentration. The
rating is supported by the company's leading position in the
Puerto Rico QSR segment as a result of its exclusive development
agreement within Puerto Rico and the strength of the Burger King
brand. The rating also reflects sufficient coverage of cash
interest expense (on an EBITDA less capex basis) and Moody's
expectation that RHC will maintain an adequate liquidity profile
near-term.
Moody's could downgrade RHC's ratings if its operating metrics
such as same store sales, customer traffic, and operating profit
continue to decline resulting in debt to EBITDA (excluding
preferred equity adjustment) approaching 6.5 times, EBITDA less
capex to interest falling to one time, or sustained negative free
cash flow. Downward ratings pressure could also result if the
company's liquidity profile weakens.
Given the weak economic environment in Puerto Rico, positive
ratings momentum is not expected in the near term, but could occur
if the company is able to develop a track-record of improved
operating performance, increase its scale and geographic
diversification, and sustain debt to EBITDA below 5.0 times.
The principal methodology used in this rating was the Global
Restaurant Methodology published in June 2011. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.
Restaurant Holding Company, through an exclusive territorial
development agreement with Burger King Corporation, is the sole
franchisee of Burger King restaurants in Puerto Rico with
approximately 179 units as of January 2013. In 2011 the company's
subsidiary Latin American Subs, LLC acquired the rights to operate
the Firehouse Subs franchise in Puerto Rico and currently there
are seven Firehouse Subs restaurants operating. Caribbean is a
wholly-owned subsidiary of BKH Acquisition Corp., which in turn is
majority-owned by Castle Harlan Partners, a private equity firm
that purchased the company in 2004.
* PUERTO RICO: Fitch Expects Banks to Face Challenges in 2013
-------------------------------------------------------------
Fitch Ratings expects Puerto Rican banks to face continuing
operating challenges in 2013, despite recent efforts by local
institutions to build capital, improve performance and strengthen
balance sheets. Weak economic fundamentals in Puerto Rico will
likely persist this year, and banks will face ongoing risks of
rising asset quality pressure and limited improvements to
financial performance.
In light of the weak macro backdrop, as well as commercial and
residential real estate markets that remain stressed, Puerto Rican
banks will be forced to maintain high capital levels to absorb
shocks that could drive net charge-off (NCO) and nonperforming
loan (NPL) levels higher in 2013.
Although growth in problem assets slowed in 2011 and 2012, NPLs
remain stubbornly high, and NCOs could increase if the island's
economic growth falters and financial pressure on borrowers
builds. Fitch believes NCOs may begin to increase from residential
mortgages given the rising delinquency rates and the increase in
foreclosures.
For most banks, the capital position has improved during the past
two years due largely to a combination of equity raising and
preferred stock issuance and/or conversions. The build-up of
capital was viewed as necessary given the significant decline in
credit quality. In Fitch's view, given uncertainties in the local
economy, prudent capital positions are expected.
On Jan. 17, 2013, Fitch completed its Puerto Rican bank peer
review. See Fitch's press release titled 'Fitch Takes Rating
Action on Puerto Rico Banks Following Peer Review' for a summary
of those actions.
The full report 'Puerto Rican Banks Peer Review (Face Headwinds in
2013)' is available at www.fitchratings.com.'
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 395826857.5 -540627165.4
AGRENCO LTD-BDR AGEN11 BZ 395826857.5 -540627165.4
ALL ORE MINERACA AORE3 BZ 21657457.41 -7184940.816
ALL ORE MINERACA STLB3 BZ 21657457.41 -7184940.816
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.86
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.86
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.86
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.86
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.86
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.86
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.86
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.86
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.86
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.86
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454015.9 -52992212.81
BATTISTELLA BTTL3 BZ 246036232.2 -51251360.68
BATTISTELLA-PREF BTTL4 BZ 246036232.2 -51251360.68
BATTISTELLA-RECE BTTL9 BZ 246036232.2 -51251360.68
BATTISTELLA-RECP BTTL10 BZ 246036232.2 -51251360.68
BATTISTELLA-RI P BTTL2 BZ 246036232.2 -51251360.68
BATTISTELLA-RIGH BTTL1 BZ 246036232.2 -51251360.68
BOMBRIL BMBBF US 344846084.5 -16082109.13
BOMBRIL FPXE4 BZ 19416015.78 -489914901.9
BOMBRIL BOBR3 BZ 344846084.5 -16082109.13
BOMBRIL CIRIO SA BOBRON BZ 344846084.5 -16082109.13
BOMBRIL CIRIO-PF BOBRPN BZ 344846084.5 -16082109.13
BOMBRIL HOLDING FPXE3 BZ 19416015.78 -489914901.9
BOMBRIL SA-ADR BMBPY US 344846084.5 -16082109.13
BOMBRIL SA-ADR BMBBY US 344846084.5 -16082109.13
BOMBRIL-PREF BOBR4 BZ 344846084.5 -16082109.13
BOMBRIL-RGTS PRE BOBR2 BZ 344846084.5 -16082109.13
BOMBRIL-RIGHTS BOBR1 BZ 344846084.5 -16082109.13
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.028
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.028
BUETTNER BUET3 BZ 106809931.8 -26451200.98
BUETTNER SA BUETON BZ 106809931.8 -26451200.98
BUETTNER SA-PRF BUETPN BZ 106809931.8 -26451200.98
BUETTNER SA-RT P BUET2 BZ 106809931.8 -26451200.98
BUETTNER SA-RTS BUET1 BZ 106809931.8 -26451200.98
BUETTNER-PREF BUET4 BZ 106809931.8 -26451200.98
CAF BRASILIA CAFE3 BZ 160938139.9 -149281089.5
CAF BRASILIA-PRF CAFE4 BZ 160938139.9 -149281089.5
CAFE BRASILIA SA CSBRON BZ 160938139.9 -149281089.5
CAFE BRASILIA-PR CSBRPN BZ 160938139.9 -149281089.5
CELGPAR GPAR3 BZ 2657428496 -817505840.1
CENTRAL COST-ADR CCSA LI 369642685.3 -49030758.7
CENTRAL COSTAN-B CRCBF US 369642685.3 -49030758.7
CENTRAL COSTAN-B CNRBF US 369642685.3 -49030758.7
CENTRAL COSTAN-C CECO3 AR 369642685.3 -49030758.7
CENTRAL COST-BLK CECOB AR 369642685.3 -49030758.7
CHIARELLI SA CCHI3 BZ 11165368.88 -88048393.7
CHIARELLI SA CCHON BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHI4 BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHPN BZ 11165368.88 -88048393.7
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.724
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.724
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.724
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.724
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.59
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.59
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.59
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.59
COBRASMA CBMA3 BZ 84044218.09 -2153724140
COBRASMA SA COBRON BZ 84044218.09 -2153724140
COBRASMA SA-PREF COBRPN BZ 84044218.09 -2153724140
COBRASMA-PREF CBMA4 BZ 84044218.09 -2153724140
CONST A LINDEN CALI3 BZ 12894010.61 -2805191.164
CONST A LINDEN LINDON BZ 12894010.61 -2805191.164
CONST A LIND-PRF CALI4 BZ 12894010.61 -2805191.164
CONST A LIND-PRF LINDPN BZ 12894010.61 -2805191.164
CONST LINDEN RCT CALI9 BZ 12894010.61 -2805191.164
CONST LINDEN RCT CALI10 BZ 12894010.61 -2805191.164
CONST LINDEN RT CALI1 BZ 12894010.61 -2805191.164
CONST LINDEN RT CALI2 BZ 12894010.61 -2805191.164
D H B DHBI3 BZ 138254321.9 -115344518.7
D H B-PREF DHBI4 BZ 138254321.9 -115344518.7
DHB IND E COM DHBON BZ 138254321.9 -115344518.7
DHB IND E COM-PR DHBPN BZ 138254321.9 -115344518.7
DOCA INVESTIMENT DOCA3 BZ 262638432.2 -199076299.9
DOCA INVESTI-PFD DOCA4 BZ 262638432.2 -199076299.9
DOCAS SA DOCAON BZ 262638432.2 -199076299.9
DOCAS SA-PREF DOCAPN BZ 262638432.2 -199076299.9
DOCAS SA-RTS PRF DOCA2 BZ 262638432.2 -199076299.9
ENDESA COST-ADR CRCNY US 369642685.3 -49030758.7
ENDESA COSTAN- CECO2 AR 369642685.3 -49030758.7
ENDESA COSTAN- CECOD AR 369642685.3 -49030758.7
ENDESA COSTAN- CECOC AR 369642685.3 -49030758.7
ENDESA COSTAN- EDCFF US 369642685.3 -49030758.7
ENDESA COSTAN-A CECO1 AR 369642685.3 -49030758.7
ESTRELA SA ESTR3 BZ 83538938.27 -102223933.2
ESTRELA SA ESTRON BZ 83538938.27 -102223933.2
ESTRELA SA-PREF ESTR4 BZ 83538938.27 -102223933.2
ESTRELA SA-PREF ESTRPN BZ 83538938.27 -102223933.2
F GUIMARAES FGUI3 BZ 11016542.14 -151840377.4
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377.4
FABRICA RENAUX FTRX3 BZ 70649865.99 -75488504.45
FABRICA RENAUX FRNXON BZ 70649865.99 -75488504.45
FABRICA RENAUX-P FTRX4 BZ 70649865.99 -75488504.45
FABRICA RENAUX-P FRNXPN BZ 70649865.99 -75488504.45
FABRICA TECID-RT FTRX1 BZ 70649865.99 -75488504.45
FER HAGA-PREF HAGA4 BZ 20081896.26 -49045924.81
FERRAGENS HAGA HAGAON BZ 20081896.26 -49045924.81
FERRAGENS HAGA-P HAGAPN BZ 20081896.26 -49045924.81
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377.4
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377.4
HAGA HAGA3 BZ 20081896.26 -49045924.81
HOTEIS OTHON SA HOOT3 BZ 255452990.1 -73565093.67
HOTEIS OTHON SA HOTHON BZ 255452990.1 -73565093.67
HOTEIS OTHON-PRF HOOT4 BZ 255452990.1 -73565093.67
HOTEIS OTHON-PRF HOTHPN BZ 255452990.1 -73565093.67
IGUACU CAFE IGUA3 BZ 262778568.4 -57161259.46
IGUACU CAFE IGCSON BZ 262778568.4 -57161259.46
IGUACU CAFE IGUCF US 262778568.4 -57161259.46
IGUACU CAFE-PR A IGUA5 BZ 262778568.4 -57161259.46
IGUACU CAFE-PR A IGCSAN BZ 262778568.4 -57161259.46
IGUACU CAFE-PR A IGUAF US 262778568.4 -57161259.46
IGUACU CAFE-PR B IGUA6 BZ 262778568.4 -57161259.46
IGUACU CAFE-PR B IGCSBN BZ 262778568.4 -57161259.46
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
LA POLAR SA NUEVAPOL CI 623197996 -605184455.9
LA POLAR SA LAPOLAR CI 623197996 -605184455.9
LA POLAR-RT LAPOLARO CI 623197996 -605184455.9
LA POLAR-RT LAPOLAOS CI 623197996 -605184455.9
LATTENO FOOD COR LATF US 14423532 -3506007
LUPATECH SA LUPA3 BZ 943240001.5 -5971578.447
LUPATECH SA LUPAF US 943240001.5 -5971578.447
LUPATECH SA -RCT LUPA9 BZ 943240001.5 -5971578.447
LUPATECH SA-ADR LUPAY US 943240001.5 -5971578.447
LUPATECH SA-RT LUPA11 BZ 943240001.5 -5971578.447
LUPATECH SA-RTS LUPA1 BZ 943240001.5 -5971578.447
MINUPAR MNPR3 BZ 153054387.9 -2037402.694
MINUPAR SA MNPRON BZ 153054387.9 -2037402.694
MINUPAR SA-PREF MNPRPN BZ 153054387.9 -2037402.694
MINUPAR-PREF MNPR4 BZ 153054387.9 -2037402.694
MINUPAR-RCT 9314634Q BZ 153054387.9 -2037402.694
MINUPAR-RCT 0599564D BZ 153054387.9 -2037402.694
MINUPAR-RCT MNPR9 BZ 153054387.9 -2037402.694
MINUPAR-RT 9314542Q BZ 153054387.9 -2037402.694
MINUPAR-RT 0599562D BZ 153054387.9 -2037402.694
MINUPAR-RTS MNPR1 BZ 153054387.9 -2037402.694
NORDON MET NORD3 BZ 12234778.35 -30283728.64
NORDON METAL NORDON BZ 12234778.35 -30283728.64
NORDON MET-RTS NORD1 BZ 12234778.35 -30283728.64
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.2
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.2
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.2
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.2
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.2
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.2
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 246810936.7 -224879124.2
PET MANG-RECEIPT 0229296Q BZ 246810936.7 -224879124.2
PET MANG-RECEIPT RPMG9 BZ 246810936.7 -224879124.2
PET MANG-RECEIPT RPMG10 BZ 246810936.7 -224879124.2
PET MANG-RIGHTS 3678565Q BZ 246810936.7 -224879124.2
PET MANG-RIGHTS 3678569Q BZ 246810936.7 -224879124.2
PET MANG-RT 4115360Q BZ 246810936.7 -224879124.2
PET MANG-RT 4115364Q BZ 246810936.7 -224879124.2
PET MANG-RT 0229249Q BZ 246810936.7 -224879124.2
PET MANG-RT 0229268Q BZ 246810936.7 -224879124.2
PET MANG-RT RPMG2 BZ 246810936.7 -224879124.2
PET MANG-RT RPMG1 BZ 246810936.7 -224879124.2
PET MANGUINH-PRF RPMG4 BZ 246810936.7 -224879124.2
PETRO MANGUINHOS RPMG3 BZ 246810936.7 -224879124.2
PETRO MANGUINHOS MANGON BZ 246810936.7 -224879124.2
PETRO MANGUIN-PF MANGPN BZ 246810936.7 -224879124.2
PORTX OPERACOES PRTX3 BZ 976769402.8 -9407990.345
PORTX OPERA-GDR PXTPY US 976769402.8 -9407990.345
PUYEHUE PUYEH CI 24251713.88 -3390038.992
PUYEHUE RIGHT PUYEHUOS CI 24251713.88 -3390038.992
RECRUSUL RCSL3 BZ 41094940.32 -21379158.76
RECRUSUL - RCT 4529789Q BZ 41094940.32 -21379158.76
RECRUSUL - RCT 4529793Q BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0163582D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0163583D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0614675D BZ 41094940.32 -21379158.76
RECRUSUL - RCT 0614676D BZ 41094940.32 -21379158.76
RECRUSUL - RCT RCSL10 BZ 41094940.32 -21379158.76
RECRUSUL - RT 4529781Q BZ 41094940.32 -21379158.76
RECRUSUL - RT 4529785Q BZ 41094940.32 -21379158.76
RECRUSUL - RT 0163579D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0163580D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0614673D BZ 41094940.32 -21379158.76
RECRUSUL - RT 0614674D BZ 41094940.32 -21379158.76
RECRUSUL SA RESLON BZ 41094940.32 -21379158.76
RECRUSUL SA-PREF RESLPN BZ 41094940.32 -21379158.76
RECRUSUL SA-RCT RCSL9 BZ 41094940.32 -21379158.76
RECRUSUL SA-RTS RCSL1 BZ 41094940.32 -21379158.76
RECRUSUL SA-RTS RCSL2 BZ 41094940.32 -21379158.76
RECRUSUL-BON RT RCSL11 BZ 41094940.32 -21379158.76
RECRUSUL-BON RT RCSL12 BZ 41094940.32 -21379158.76
RECRUSUL-PREF RCSL4 BZ 41094940.32 -21379158.76
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 113010473 -78451102.12
RENAUXVIEW SA-PF TXRX4 BZ 113010473 -78451102.12
RIMET REEM3 BZ 103098360.9 -185417654.6
RIMET REEMON BZ 103098360.9 -185417654.6
RIMET-PREF REEM4 BZ 103098360.9 -185417654.6
RIMET-PREF REEMPN BZ 103098360.9 -185417654.6
SANESALTO SNST3 BZ 31802628.1 -2924062.868
SANSUY SNSY3 BZ 183655396.8 -138233504.6
SANSUY SA SNSYON BZ 183655396.8 -138233504.6
SANSUY SA-PREF A SNSYAN BZ 183655396.8 -138233504.6
SANSUY SA-PREF B SNSYBN BZ 183655396.8 -138233504.6
SANSUY-PREF A SNSY5 BZ 183655396.8 -138233504.6
SANSUY-PREF B SNSY6 BZ 183655396.8 -138233504.6
SAUIPE PSEG3 BZ 18005034.37 -5223527.469
SAUIPE SA PSEGON BZ 18005034.37 -5223527.469
SAUIPE SA-PREF PSEGPN BZ 18005034.37 -5223527.469
SAUIPE-PREF PSEG4 BZ 18005034.37 -5223527.469
SCHLOSSER SCLO3 BZ 56671769.64 -52218991.26
SCHLOSSER SA SCHON BZ 56671769.64 -52218991.26
SCHLOSSER SA-PRF SCHPN BZ 56671769.64 -52218991.26
SCHLOSSER-PREF SCLO4 BZ 56671769.64 -52218991.26
SNIAFA SA SNIA AR 11229696.22 -2670544.877
SNIAFA SA-B SDAGF US 11229696.22 -2670544.877
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.877
STAROUP SA STARON BZ 27663604.95 -7174512.028
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.028
STEEL - RCT ORD STLB9 BZ 21657457.41 -7184940.816
STEEL - RT STLB1 BZ 21657457.41 -7184940.816
TEKA TKTQF US 363575480.9 -371579997.4
TEKA TEKA3 BZ 363575480.9 -371579997.4
TEKA TEKAON BZ 363575480.9 -371579997.4
TEKA-ADR TEKAY US 363575480.9 -371579997.4
TEKA-ADR TKTPY US 363575480.9 -371579997.4
TEKA-ADR TKTQY US 363575480.9 -371579997.4
TEKA-PREF TKTPF US 363575480.9 -371579997.4
TEKA-PREF TEKA4 BZ 363575480.9 -371579997.4
TEKA-PREF TEKAPN BZ 363575480.9 -371579997.4
TEKA-RCT TEKA9 BZ 363575480.9 -371579997.4
TEKA-RCT TEKA10 BZ 363575480.9 -371579997.4
TEKA-RTS TEKA1 BZ 363575480.9 -371579997.4
TEKA-RTS TEKA2 BZ 363575480.9 -371579997.4
TEXTEIS RENA-RCT TXRX9 BZ 113010473 -78451102.12
TEXTEIS RENA-RCT TXRX10 BZ 113010473 -78451102.12
TEXTEIS RENAU-RT TXRX1 BZ 113010473 -78451102.12
TEXTEIS RENAU-RT TXRX2 BZ 113010473 -78451102.12
TEXTEIS RENAUX RENXON BZ 113010473 -78451102.12
TEXTEIS RENAUX RENXPN BZ 113010473 -78451102.12
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721699.8
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396.3
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396.3
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721699.8
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WETZEL SA MWET3 BZ 93591243.36 -7959637.409
WETZEL SA MWELON BZ 93591243.36 -7959637.409
WETZEL SA-PREF MWET4 BZ 93591243.36 -7959637.409
WETZEL SA-PREF MWELPN BZ 93591243.36 -7959637.409
***********
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, Julie Anne L. Toledo, 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 * * *