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/raid1/www/Hosts/bankrupt/TCRLA_Public/130403.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, April 3, 2013, Vol. 14, No. 65 Headlines B R A Z I L GOL LINHAS: S&P Puts 'B' CCR on CreditWatch Negative C A Y M A N I S L A N D S BILLION PLUS: Placed Under Voluntary Wind-Up CAMELOT: Placed Under Voluntary Wind-Up CAPITAL ALLIANCE: Shareholder Receives Wind-Up Report CMTF PRIVATE: Placed Under Voluntary Wind-Up COBALT OFFSHORE FUND II: Members Receive Wind-Up Report COBALT OFFSHORE MASTER: Members Receive Wind-Up Report ES HOLDINGS: Placed Under Voluntary Wind-Up FLEXVEST LIMITED: Shareholders Receive Wind-Up Report FQ GLOBAL: Commences Liquidation Proceedings KARNA LTD: Placed Under Voluntary Wind-Up KELTI HOLDINGS: Shareholders Receive Wind-Up Report MATRIX REDUX: Shareholders Receive Wind-Up Report MERCER PARK: Commences Liquidation Proceedings MERCER PARK GP: Commences Liquidation Proceedings OLYMPIA STAR II: Shareholders Receive Wind-Up Report OLYMPIA STAR II PLUS: Shareholders Receive Wind-Up Report RAINBOW FUND: Placed Under Voluntary Wind-Up RAM INTERNATIONAL: Placed Under Voluntary Wind-Up SEMPER UMBRELLA: Members Receive Wind-Up Report UPTI CAYMAN: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: IDB Pledges Support for Government Programs P E R U DOE RUN: La Oroya Sale Under Review, Meeting Set for April 12 P U E R T O R I C O EL FARMER: Access to Banco Popular Cash Collateral Denied CERTENEJAS INCORPORADO: April 23 Hearing on Plan Confirmation S U R I N A M E * SURINAME: Maximum Return on Public Investments in Country - - - - - =========== B R A Z I L =========== GOL LINHAS: S&P Puts 'B' CCR on CreditWatch Negative ----------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' corporate credit rating on Gol Linhas Aereas Inteligentes S.A. (GOL) on CreditWatch with negative implications. The CreditWatch is based on S&P's view that GOL's financial risk profile may not recover as previously expected because of its weaker performance and resulting negative cash flow generation, which S&P now expects to continue at least throughout the first half of 2013. The CreditWatch placement follows the announcement of GOL's results for the fourth quarter of 2012 and its guidance for 2013. S&P believes GOL's performance will remain weak, especially in the first half of 2013 due to both seasonal reasons--as the first half of the year is weaker for airlines--and difficult market and competitive conditions overall, limiting the company's ability to raise fares and improve yields. These negative factors may last longer than S&P previously expected. In addition, GOL's efforts to streamline operations may not be enough to reverse soft cash flow trends in the next year, resulting in a more permanent, highly-leveraged financial profile. While the company has improved load factors by cutting capacity, this has not been enough to offset higher fuel costs. Also, the company continues to lose market share following its attempt to reduce its fleet and cancel routes, resulting in lower passenger traffic. These factors will likely lead to negative cash flows and weak credit metrics. S&P believes GOL's liquidity remains adequate, with cash reserves of R$1.4 billion as of December 2012 (net of restricted cash) and short-term debt maturities of R$700 million in the next 12 months (excluding R$1.1 billion of debentures that were reported due to a covenant breach that has already been waived by debenture holders in early 2013). GOL's cash reserves provide the company with a significant liquidity cushion and its access to bank lines remains adequate, allowing it to rollover its bank debt, mitigating refinancing risks in the short term. However, negative free cash flows may last longer than S&P originally expected, which will keep depleting cash reserves, absent other positive liquidity events, such as the announced IPO of the company's mileage program Smiles. S&P aims to resolve the CreditWatch placement after fully revising its projections for GOL's performance in 2013 and beyond. S&P could downgrade the company by one or two notches if it concludes that it will not be able to reverse its losses and improve cash flows in 2013, resulting in stronger credit metrics such as total debt to EBITDA closer to 6x in the next 12-18 months. ========================== C A Y M A N I S L A N D S ========================== BILLION PLUS: Placed Under Voluntary Wind-Up -------------------------------------------- On Jan. 29, 2013, the sole shareholder of Billion Plus Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 5, 2013, will be included in the company's dividend distribution. The company's liquidator is: Lo Choy Yuk Ching Yvonne 7 Black's Link Repulse Bay Hong Kong CAMELOT: Placed Under Voluntary Wind-Up --------------------------------------- At an extraordinary general meeting held on Jan. 17, 2013, the shareholder of Camelot resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands CAPITAL ALLIANCE: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Jan. 29, 2013, the sole member of Capital Alliance Private Equity, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sam Oniovosa Plot 1684 Sanusi Fafunwa Victoria Island Lagos, Nigeria CMTF PRIVATE: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 6, 2012, the sole shareholder of CMTF Private Equity One resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 31, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Fion Chan Telephone: (852) 3189 6897 Facsimile: (852) 2810 0162 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands COBALT OFFSHORE FUND II: Members Receive Wind-Up Report ------------------------------------------------------- On Feb. 29, 2013, the members of Cobalt Offshore Fund II, Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. 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 COBALT OFFSHORE MASTER: Members Receive Wind-Up Report ------------------------------------------------------ On Feb. 29, 2013, the members of Cobalt Offshore Master Fund II, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. 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 ES HOLDINGS: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 10, 2012, the members of ES Holdings 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: Robert N. Slatter Fordsar (Cayman) Limited Telephone: (345) 945 5799 Facsimile: (345) 945 5899 PO Box 335 Grand Cayman KY1-1301 Cayman Islands FLEXVEST LIMITED: Shareholders Receive Wind-Up Report ----------------------------------------------------- On March 1, 2013, the shareholders of Flexvest Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Theodose Melas Kyriazi c/o Bryan Cave 1290 Avenue of the Americas New York NY 10104-3300 United States of America Telephone: +4 (420) 3207 1180 E-mail: tracey.cherryman@bryancave.com FQ GLOBAL: Commences Liquidation Proceedings -------------------------------------------- On Jan. 17, 2013, the sole shareholder of FQ Global Diversified Alpha Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 27, 2013, will be included in the company's dividend distribution. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Reference: Christine Fletcher Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands KARNA LTD: Placed Under Voluntary Wind-Up ----------------------------------------- At an extraordinary general meeting held on Jan. 18, 2013, the shareholder of Karna Ltd resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands KELTI HOLDINGS: Shareholders Receive Wind-Up Report --------------------------------------------------- On Feb. 20, 2013, the shareholders of Kelti Holdings Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MATRIX REDUX: Shareholders Receive Wind-Up Report ------------------------------------------------- On Jan. 29, 2013, the shareholders of Matrix Redux Emerging Markets Fund, Limited received the liquidator's report on the company's wind-up proceedings and property disposal. 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 MERCER PARK: Commences Liquidation Proceedings ---------------------------------------------- On Jan. 17, 2013, the sole shareholder of Mercer Park Special Situations Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2013, will be included in the company's dividend distribution. 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) 914 3115 MERCER PARK GP: Commences Liquidation Proceedings ------------------------------------------------- On Jan. 17, 2013, the sole shareholder of Mercer Park GP, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2013, will be included in the company's dividend distribution. 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) 914 3115 OLYMPIA STAR II: Shareholders Receive Wind-Up Report ---------------------------------------------------- On March 7, 2013, the shareholders of Olympia Star II Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Newington Ltd. c/o J. Andrew Murray Telephone: (345) 949 9710 P.O. Box 2075 Grand Cayman KY1-1105 31 The Strand Cayman Islands OLYMPIA STAR II PLUS: Shareholders Receive Wind-Up Report --------------------------------------------------------- On March 7, 2013, the shareholders of Olympia Star II Plus Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Newington Ltd. c/o J. Andrew Murray Telephone: (345) 949 9710 P.O. Box 2075 Grand Cayman KY1-1105 31 The Strand Cayman Islands RAINBOW FUND: Placed Under Voluntary Wind-Up -------------------------------------------- At an extraordinary general meeting held on Jan. 16, 2013, the shareholder of Rainbow Fund resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 RAM INTERNATIONAL: Placed Under Voluntary Wind-Up ------------------------------------------------- On Jan. 8, 2013, the sole shareholder of Ram International Holding Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2013, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands SEMPER UMBRELLA: Members Receive Wind-Up Report ----------------------------------------------- On Feb. 29, 2013, the members of Semper Umbrella Funds SPC received the liquidator's report on the company's wind-up proceedings and property disposal. 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 UPTI CAYMAN: Commences Liquidation Proceedings ---------------------------------------------- On Jan. 15, 2013, the shareholders of UPTI Cayman Sub, Inc resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 26, 2013, will be included in the company's dividend distribution. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Chris Van de Water Telephone: +1 (345) 815 2645/ +1 (345) 949 4800 Facsimile: +1 (345) 949 7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: IDB Pledges Support for Government Programs ----------------------------------------------------------------- Dominican Today reports that the Inter-American Development Bank (IDB) has US$250 million available for investment in several projects designed by the Government in the areas of agriculture, education, small businesses and the Colonial City. IDB President Luis Alberto Moreno met with President Danilo Medina, Economy, Planning and Development Minister Temistocles Montas, and Comptroller General Simon Lizardo at the Presidential Palace on Tuesday to look over plans, according to Dominican Today. The report relates that Mr. Moreno said they had US$60 million for small-scale farming projects and US$30 million is being spent on the restoration of the Colonial City with a view to converting the area into a tourist attraction. Mr. Moreno, the report notes, said that as well as these funds, they have an additional US$200 million available for funding government social programs. The IDB head praised what Mr. Moreno described as the "enormous" effort that the Dominican government is making in its attempt to balance public finances, whose effects, Mr. Moreno said, would begin to be seen as of next year 2014, the report adds. ======= P E R U ======= DOE RUN: La Oroya Sale Under Review, Meeting Set for April 12 ------------------------------------------------------------- Tiffany Grabski at BNAmericas reports that the board of creditors of Doe Run Peru, the former operator of the La Oroya metallurgical complex in Peru's Junin region, and the administrator in charge of its liquidation, Right Business, will re-evaluate the sale of La Oroya in a meeting on April 12, a Doe Run Peru representative told BNamericas. The sale was suspended in order to reconsider the restructuring of the company, according to local PR company Community, in charge of public relations for La Oroya's workers union, according to BNAmericas. "The suspension [of the sale] is not official," the Doe Run representative told BNamericas. BNAmericas relates that community representative Paulete Manrique told BNamericas that more than PER60 million (US$23.2 million) is still owed to some 3,000 workers at La Oroya, raising concerns amongst the workers that the sale's suspension could mean they will not receive the money they are due. Operations came to a halt at La Oroya in 2009 when Doe Run Peru declared bankruptcy, the report recalls. In April last year, the report notes that the group of creditors in charge of deciding the future of La Oroya rejected a restructuring plan presented by the company, later approving Right Business' proposal to sell the complex on August 27. BNAmericas says that the zinc processing circuit at the La Oroya complex was restarted in July following a three-year shutdown after Right Business, the creditors and workers were able to reach an initial agreement. The lead circuit has since also been restarted, reaching full production in January 2013, the report discloses. As reported in the Troubled Company Reporter-Latin America on April 16, 2012, Bloomberg News related that Doe Run Peru Vice President Jose Mogrovejo said creditors unanimously rejected a debt restructuring plan and will seek the liquidation of its closed zinc smelter in La Oroya. The creditors included Glencore International Plc, Trafigura Beheer BV and Pan American Silver Corp. Mr. Mogrovejo said the creditors had a 30-day "window" to take a final decision. Carlos Galvez, chief financial officer at precious metals miner Buenaventura, said the plan was rejected because creditors found that it lacked clear financing commitments from parent company Renco Group Inc. and a timetable for a $160 million environmental clean-up, Bloomberg News stated. Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur, local newspaper La Republica related that Doe Run Peru submitted new conditions to complete environmental cleanup at the smelter, including a new restructuring plan in the hopes to restart operations this year. About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. According to Reuters, Peruvian mining minister said earlier this year that creditors were looking at taking over the smelter or liquidating it under a bankruptcy process overseen by regulator Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding before INDECOPI. ===================== P U E R T O R I C O ===================== EL FARMER: Access to Banco Popular Cash Collateral Denied --------------------------------------------------------- The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico has denied El Farmer Inc's request to use cash collateral. The Debtor failed to submit operating budgets and provide a detail of the proposed usage of the funds. As reported by the Troubled Company Reporter on March 5, 2013, the Debtor sought court authorization of a stipulation authorizing the use of Banco Popular de Puerto Rico's cash collateral until April 30, 2013. The Debtor's indebtedness to Banco Popular de Puerto as of the filing date is $11,694,429. BPPR holds and controls a commercial account into which all accounts receivables of the Debtor are deposited by the Debtor's principal client, Suiza Dairy, Inc. The Debtor and the Bank have agreed on the Debtor's continued use of cash collateral. El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012. The Debtor scheduled $18.3 million in assets and $12.0 million in liabilities, including $11.0 million owed to secured creditor Banco Popular De Puerto Rico. The Debtor owns farm lands in Isabela, Puerto Rico. CERTENEJAS INCORPORADO: April 23 Hearing on Plan Confirmation ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico will convene a hearing on April 23, 2013, at 10 a.m., to consider confirmation of Certenejas Incorporado's Plan of Reorganization The hearing scheduled for Feb. 12 was canceled. 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. =============== S U R I N A M E =============== * SURINAME: Maximum Return on Public Investments in Country ----------------------------------------------------------- Managing public investment is one of the most challenging jobs for governments, particularly in the developing world. For public investment to effectively generate development, countries must have the technical and institutional capacity to ensure that the projects selected have the highest economic and social rate of return. In 2010, Suriname laid out an ambitious development program with a number of public sector investments, particularly in infrastructure, to diversify the economy and boost economic growth. To help the country obtain the maximum return on its investments, the IDB is working with the government to implement comprehensive reforms to improve the efficiency of public expenditure management. The reforms represent a concerted effort to plan, manage, execute, and monitor the use of public investments in the entire budget cycle. They are setting clear selection and prioritization criteria for public investment and modernizing financial management, procurement, and audit and control systems to ensure greater transparency and accountability in the decision-making and execution processes. For example, starting in 2012, public investment projects had to be outlined in the government's investment program and subject to a formal review by the Ministry of Finance, which verifies a project's technical, financial, and socioeconomic feasibility as well as its alignment with national development priorities. Over the past two years, the government has established a mechanism for the identification, selection, budget allocation, monitoring, and evaluation of public investment projects. It has created a roadmap to enhance public financial management, put in place regulations for public procurement, and launched a public procurement portal to increase the transparency of government purchases. Last year, Suriname approved a conceptual framework for a new budget law outlining the roles, responsibilities, and coordination required among ministries to streamline the budgetary process and ensure resources are properly allocated to fund public investments. The steady pace at which reforms are being implemented shows that the authorities are committed to changing the status quo. As a result, Suriname is on track to ensure it gets the maximum development return for every cent of public investment. Steps to Improve Management of Public Expenditure in Suriname: * Proper prioritization and selection of projects ensures that the most important projects are fed into the budget process * Revamped public financial system provides the tools to properly allocate resources and monitor the implementation of investments * A modern procurement system generates greater value for money, the quality of spending, and competition. * An overhauled audit and control processes ensures transparency and accountability. *********** 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 * * *