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/raid1/www/Hosts/bankrupt/TCRLA_Public/130612.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, June 12, 2013, Vol. 14, No. 115 Headlines B R A Z I L BR MALLS: S&P Affirms & Withdraws 'BB' Corp. Credit Rating JBS SA: Ba3 CFR on Moody's Review for Downgrade After Marfrig Bid LATAM AIRLINES: S&P Assigns 'BB' CCR; Outlook Positive OGX PETROLEO: Billionaire Founder Sells Shares for First Time C A Y M A N I S L A N D S ALLFIVE LIMITED: Creditors' Proofs of Debt Due June 21 ASA LEASING 4: Commences Liquidation Proceedings BLUE ATTRACTION: Creditors' Proofs of Debt Due July 2 BROOKSTONE INVESTMENTS: Creditors' Proofs of Debt Due June 21 CHOLIM CORPORATION: Creditors' Proofs of Debt Due June 21 CRYSTAL VICTORY: Creditors' Proofs of Debt Due July 22 DAINTREE LIMITED: Creditors' Proofs of Debt Due June 21 GALIAM FUND: Creditors' Proofs of Debt Due July 4 GALIAM MASTER: Creditors' Proofs of Debt Due July 4 JANA PIRANHA: Creditors' Proofs of Debt Due June 25 NGBO HOLDING: Creditors' Proofs of Debt Due June 24 NORTHHAVEN LIMITED: Creditors' Proofs of Debt Due June 21 SPRINGTIME LIMITED: Creditors' Proofs of Debt Due June 21 WANDA LIMITED: Creditors' Proofs of Debt Due June 21 ZULIA ONE: Creditors' Proofs of Debt Due July 5 V E N E Z U E L A HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter PETROTRIN: No Word On Losses Following Fishermen's Protest X X X X X X X X * Fitch Sees Modest Deterioration in Bank Asset Quality for EMs - - - - - =========== B R A Z I L =========== BR MALLS: S&P Affirms & Withdraws 'BB' Corp. Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on BR Malls Participacoes S.A. to positive from stable. At the same time, S&P affirmed its 'BB' global scale and 'brAA' national scale corporate credit ratings on the company. Subsequently, S&P withdrew the ratings at the issuer's request. The ratings on BR Malls reflected S&P's opinion that the company has managed its significant growth prudently. The outlook revision reflected S&P's expectations that the company will further improve credit metrics as it concludes important capex and consolidates new malls. The company's stable and predictable cash flows and "adequate" liquidity with a long-term debt profile and smooth amortization schedule are positive rating factors. However, the ratings also reflect the risks inherent to the development of the company's sizable portfolio of projects and acquisition of new assets, as well as the industry's expected significant growth and consolidation. JBS SA: Ba3 CFR on Moody's Review for Downgrade After Marfrig Bid ----------------------------------------------------------------- Moody's placed under review for possible downgrade the long-term ratings for JBS S.A and its wholly-owned subsidiaries following the proposed acquisition of Marfrig's Seara Brasil and Zenda operations for BRL 5.85 billion. The following ratings have been place under review for possible downgrade: JBS SA: - CFR / Senior Unsecured Rating: Ba3 Issuer: JBS USA: - $650 M 7.250% senior notes due 2021, guaranteed by JBS USA Holdings, JBS SA, JBS Hungary Holdings Kft: Ba3 - $700 M 11.625% senior notes due 2014, guaranteed by JBS USA Holdings, JBS SA, JBS Hungary Holdings Kft : Ba3 - $475 M senior term loan B due 2018, guaranteed by JBS USA Holdings, JBS SA, JBS Hungary Holdings Kft : Ba2 - $700 M 8.250% global notes due 2020, co-issued by JBS USA Finance and guaranteed by JBS USA Holdings, JBS SA, JBS Hungary Holdings Kft : Ba3 Issuer: JBS Finance II - $900 M 8.250% global bonds due 2018, guaranteed by JBS Hungary Holdings Kft and JBS SA : Ba3 Issuer: JBS SA - $300 M 10.500% global notes due 2016, guaranteed by JBS Hungary Holdings Kft, JBS USA Holdings, JBS USA LLC and Swift Beef Company : Ba3 Issuer: Bertin SA - $350 M 10.250% senior notes due 2016, guaranteed by JBS Hungary Holdings Kft : Ba3 Ratings Rationale: The review was triggered by the announcement of the proposed acquisition of Marfrig's Seara Brasil and Zenda leather operations for BRL 5.85 billion (approximately $2.8 billion). The purchase price will be entirely paid through the assumption of Marfrig's bank debt maturing between 2013 and 2017 and will negatively impact JBS's short term leverage and cash flow generation. During the review process Moody's will assess JBS's financial policies, growth strategy and leverage policy going forward and specifically its appetite for further acquisitions. Moody's will also consider the short-term impact on leverage and on the company's ability to generate positive free cash flow, as well as the expected timing for the turnaround in Seara's operations. Seara Brasil's performance has been recently affected by factors such as the US drought in 2012 and the integration of Brasil Foods assets. Accordingly, in addition to gross debt level and potential EBITDA generation, Moody's will examine the increase in capex and working capital requirements over the next few quarters. Moody's analysis will also focus on the potential gains to come from the renegotiation of such debt, including potential interest rate reduction and improvements in operating profile. Headquartered in Sao Paulo, Brazil, JBS S.A. ("JBS") is the world's largest protein producer in terms of revenues, slaughter capacity and production. It is the leader beef, chicken and leather player and a leading lamb producer on a global basis, besides being the third largest pork producer in the USA. The company has large scale and diversification, with presence in more than 100 countries. Consolidated net revenues totaled BRL 75.7 billion for the fiscal year ended in 2012, with adjusted EBITDA margin of 6.9% in the same period. JBS USA, represented by beef operations in the US and Australia, is the company's largest business segment in terms of revenues, representing 46% of total. Secondly comes JBS Mercosul, represented by beef and more recently poultry operations mainly in Brazil, with 24% of revenues. Pilgrim's Pride, the company's 75%- owned poultry business in the US, accounts for 21% of revenues, while the US Pork business contributes with the balance of 9%. The principal methodology used in this rating was the Global Protein and Agriculture Industry Methodology published in May 2013. LATAM AIRLINES: S&P Assigns 'BB' CCR; Outlook Positive ------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB' global scale corporate credit rating to Latam Airlines Group S.A. (Latam). S&P also affirmed its 'BB' rating on its subsidiary, TAM S.A. The outlook is positive. The 'BB' ratings on Latam reflect S&P's opinion of the company's "satisfactory" business risk profile and "significant" financial risk profile. Latam's business risk profile assessment reflects the company's strong competitive position as the main carrier in Latin America due to its leadership in several domestic markets in the region, capillarity, diversified international routes, and a major cargo business. Latam was established following the merger of Brazil- based TAM and Chile-based LAN Airlines S.A. in June 2012. The newly formed airline company operates a network that serves more than 60 million passengers per year to more than 130 interconnected destinations. S&P has a favorable opinion regarding the consolidation of Latam's business segments and the prospects of improving its operating results over the next few years, as the company will benefit from higher capacity utilization - load factors - and lower procurement costs. In addition, Latam's mature cargo business boosts the company's revenue diversification, contributing around 15% of total revenues. Finally, S&P expects market conditions in Brazil to improve gradually over the next few quarters, as the airlines adjust their capacity to a slower demand growth and the recent consolidation trend in the industry eases the competition in the domestic market. The offsetting factors is a less developed market--that offers growth potential but tends to be more volatile than that in other parts of the world, and the company's exposure to risks inherent to the airline business, such as its capital intensive nature and its exposure to economic cycles. OGX PETROLEO: Billionaire Founder Sells Shares for First Time ----------------------------------------------------------- Alex Cuadros at Bloomberg News reports that Brazilian billionaire Eike Batista sold shares of his flagship oil producer OGX Petroleo (OGXP3) & Gas Participacoes SA for the first time, after plowing almost $1 billion of his own cash into the company. OGX's controlling shareholder sold 70.5 million shares from May 24 to May 29 for BRL121.8 million ($56.7 million), according to a company regulatory filing obtained by Bloomberg News. Bloomberg News notes that Eike Batista, chairman and founder of OGX Petroleo & Gas Participacoes SA, who has seen more than US$28 billion of his net worth evaporate since last year, is selling off assets that include his Embraer Legacy 600 jet to raise cash as his startups pile on losses. "For him to sell at this level, he must really need the cash. . . . It's not a good sign," said Fabio Cardoso, a partner at Rio de Janeiro-based equity advisory firm Adinvest Consultoria, in a telephone interview. Bloomberg News relates that Mr. Batista, who has seen more than $28 billion of his net worth evaporate since last year, is selling off assets that include his Embraer Legacy 600 jet to raise cash as his startups pile on losses. Last month, the report recalls, Mr. Batista raised BRL1.4 billion by selling a stake in power- generation venture MPX Energia SA to Germany's E.ON SE. Separately, OGX sold an $850 million stake in a field to Malaysia's Petroliam Nasional Bhd. Excluding the options program that allows OGX management to buy shares from him as part of their compensation, it's the first time Mr. Batista has sold shares in his most-valuable company since OGX's 2008 initial public offering, data compiled by Bloomberg show. Mr. Batista had previously injected at least BRL2 billion into OGX since the IPO, the report discloses. Mr. Batista is worth $6.3 billion, down from a peak of $34.5 billion in March last year, according to the Bloomberg Billionaires Index. Bloomberg News discloses that that Mr. Batista's stake in OGX is worth $1.1 billion after the sale reported June 11. OGX may need to raise $1 billion from Mr. Batista through a put option to cover spending next year, Standard & Poor's said in April after cutting the company's credit rating. Under terms of the option, which expires in May 2014, Mr. Batista would pay BRL6.3 per share, as much as four times the price he sold at last month, Bloomberg News adds. Based in Rio de Janeiro, Brazil, OGX is one of the largest independent exploration and production companies in Latin America. * * * As reported in the Troubled Company Reporter - Latin America on May 21, 2013, Fitch Ratings has downgraded OGX Petroleo e Gas Participacoes S.A.'s foreign and local currency Issuer Default Rating (IDR) to 'B-' from 'B' and its long-term National Scale rating to 'BB+(bra)' from 'BBB-(bra)'. ========================== C A Y M A N I S L A N D S ========================== ALLFIVE LIMITED: Creditors' Proofs of Debt Due June 21 ------------------------------------------------------ The creditors of Allfive Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands ASA LEASING 4: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on May 23, 2013, the members of Asa Leasing 4 resolved to voluntarily liquidate the company's business. The company's liquidator is: David Dyer Telephone: (345) 949 8244 Facsimile: (345) 949 5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands BLUE ATTRACTION: Creditors' Proofs of Debt Due July 2 ----------------------------------------------------- The creditors of Blue Attraction (Cayman) Limited are required to file their proofs of debt by July 2, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2013. The company's liquidator is: Roy Angliss PO Box 141, La Tonnelle House Les Banques, St. Sampson Guernsey Channel Islands Telephone: +44 (1481) 712 374 Facsimile: +44 (1481) 722 046 BROOKSTONE INVESTMENTS: Creditors' Proofs of Debt Due June 21 ------------------------------------------------------------- The creditors of Brookstone Investments Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands CHOLIM CORPORATION: Creditors' Proofs of Debt Due June 21 --------------------------------------------------------- The creditors of Cholim Corporation are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 17, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman Cayman Islands KY1-1102 Cayman Islands CRYSTAL VICTORY: Creditors' Proofs of Debt Due July 22 ------------------------------------------------------ The creditors of Crystal Victory Investment Limited are required to file their proofs of debt by July 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 8, 2013. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point, Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299 6482 Facsimile: (441) 299 6526 DAINTREE LIMITED: Creditors' Proofs of Debt Due June 21 ------------------------------------------------------- The creditors of Daintree Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands GALIAM FUND: Creditors' Proofs of Debt Due July 4 ------------------------------------------------- The creditors of Galiam Fund (Offshore), Ltd. are required to file their proofs of debt by July 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 17, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler/Kim Charaman Telephone: (345) 943 3100 GALIAM MASTER: Creditors' Proofs of Debt Due July 4 --------------------------------------------------- The creditors of Galiam Master Fund, Ltd. are required to file their proofs of debt by July 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 17, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler/Kim Charaman Telephone: (345) 943 3100 JANA PIRANHA: Creditors' Proofs of Debt Due June 25 --------------------------------------------------- The creditors of Jana Piranha Master Fund, Ltd. are required to file their proofs of debt by June 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2013. The company's liquidator is: Ogier c/o Piers Dryden Telephone: (345) 815 1842 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands NGBO HOLDING: Creditors' Proofs of Debt Due June 24 --------------------------------------------------- The creditors of NGBO Holding International Ltd. are required to file their proofs of debt by June 24, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2013. The company's liquidator is: MBT Trustees Ltd. Telephone: 945 8859 Facsimile: 949 9793 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands NORTHHAVEN LIMITED: Creditors' Proofs of Debt Due June 21 --------------------------------------------------------- The creditors of Northhaven Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands SPRINGTIME LIMITED: Creditors' Proofs of Debt Due June 21 --------------------------------------------------------- The creditors of Springtime Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands WANDA LIMITED: Creditors' Proofs of Debt Due June 21 ---------------------------------------------------- The creditors of Wanda Limited are required to file their proofs of debt by June 21, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949 0355 Facsimile: (345) 949 0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands ZULIA ONE: Creditors' Proofs of Debt Due July 5 ----------------------------------------------- The creditors of Zulia One Ltd. are required to file their proofs of debt by July 5, 2013, to be included in the company's dividend distribution. The company's liquidator is: BDS Corporate Service Limited Banca del Sempione (Overseas) Limited George Street, George House 3rd Floor, P.O. Box N-8159 Nassau Bahamas ================= V E N E Z U E L A ================= HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter ------------------------------------------------------------- Harvest Natural Resources, Inc., filed its quarterly report on Form 10-Q, reporting net income of $46.0 million for the three months ended March 31, 2013, compared with net income of $2.3 million for the same period last year. The Company currently does not have any revenue or operating cash inflow and, historically its main source of cash has been dividends from Petrodelta, S.A. The Company indirectly owns a net 32 percent interest in Petrodelta. For the three months ended March 31, 2013, the Company recorded net income from unconsolidated equity affiliates of $49.5 million, compared to net income from unconsolidated equity affiliates of $16.9 million during the same period in 2011. The Company's balance sheet at March 31, 2013, showed $629.0 million in total assets, $105.8 million in total liabilities, and stockholders' equity of $523.2 million. According to the regulatory filing, while the Company believes the issuance of additional equity securities, short- or long-term debt financing, farm-downs, delay of the discretionary portion of its capital spending to future periods and/or operating cost reductions could be put into place which would not jeopardize its operations and future growth plans, these circumstances raise substantial doubt about our ability to continue to operate as a going concern. A copy of the Form 10-Q is available at http://is.gd/Bbilvb Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, and China and business development offices in Singapore and the United Kingdom. PETROTRIN: No Word On Losses Following Fishermen's Protest ---------------------------------------------------------- Azard Ali at Trinidad and Tobago Newsday reports that officials from state-owned Petroleum Company of Trinidad and Tobago on June 9 refused to state exactly how much revenue was lost arising out of a protest by fishermen at one of its oil rigs in the Gulf of Paria which prevented the routine 6:00 a.m. changing of shift for workers on the rig. President of the Icacos United Fishermen Garry Edwards who spearheaded the protest on the high seas, told Newsday that during the protest, the fishermen also succeeded in preventing a boat with supplies from reaching Rig 110, according to Trinidad and Tobago Newsday. The report relates that the fishermen are up in arms against Petrotrin for failing to meet and treat with them on monetary compensation for depleted fish stocks in waters where new off shore drilling exploration is currently underway for new gas finds in waters off Cedros. A release, signed by the company's Corporate Communications Manager Gillian Friday, stated: "During this morning's protest, efforts were made to tamper with some of the safety equipment located around the drilling rig. Petrotrin strongly condemns such action as it has potential to compromise not only the safety of the company's employees and its equipment, but more so the safety of the protestors themselves and other fisherfolk who may innocently wander into the area," the report discloses. The report notes that efforts to contact Petrotrin to ascertain whether the company suffered losses proved futile. The report adds that in its statement, Petrotrin said that the fishermen have not provided any conclusive evidence, that the company's operations in the waters off the Cedros coast, are adversely affecting fish stock. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. =============== X X X X X X X X =============== * Fitch Sees Modest Deterioration in Bank Asset Quality for EMs --------------------------------------------------------------- Fitch Ratings says in a new special report that it continues to expect a moderate deterioration in bank asset quality across many emerging markets (EMs) as loan books season following recent credit growth. However, in most cases Fitch believes still solid economic performance will help to limit increases in non- performing loans (NPLs), and banks' profits and capital should comfortably absorb impairment charges. The most notable exception is China, although Negative Outlooks also remain in India, Slovenia, Argentina and Venezuela. Asset quality in China remains a concern given the magnitude and pace of credit growth. A rising share of new credit, particularly among mid-tier banks, is being booked off-balance sheet, complicating risk assessments. Loss-absorption capacity is under pressure, and is likely to be more of an issue as loans season. Most banks can absorb a rise in delinquencies to mid-single digits, after which government support may be required. Fitch expects Indian banks' NPL ratios to increase gradually over the next few quarters due to the economic slowdown and significant restructured, but currently performing, infrastructure loans. However, profits and reserves should absorb credit costs, and the authorities remain committed to supporting government banks' capital. Outlooks in other EM Asia banking sectors are stable due to only a moderate expected increase in credit costs, strong profit and sound capitalisation. The sharper-than-expected deceleration of the Brazilian economy, following recent rapid credit expansion, is causing somewhat higher impairment in retail/SME portfolios, and the lower policy rate has put some pressure on margins. However, most banks' still comfortable capital and liquidity mitigate these concerns. Elsewhere in LatAm, Outlooks are Stable in Mexico, Chile, Peru and Colombia, but Negative on Argentine and Venezuelan banks due to potential macro rebalancing/volatility. Turkish banks' credit metrics have remained sound after recent rapid credit growth and the slowdown in 2012. Fitch expects only a moderate increase in NPLs as loan books season, with economic growth supporting credit quality. Further erosion of still sound capital and funding ratios should be limited, given expected loan growth of 15%-20%. In Russia, Fitch has concerns about rapid retail loan growth, legacy corporate asset quality problems, tighter capital and a slowing economy. Solid performance and capital at some banks mitigate these risks, while others are more vulnerable. Progress with loan book clean-ups in Kazakhstan and Ukraine remains limited. Slovenian banks need significant recapitalisation due to increasing, and weakly reserved, NPLs. Elsewhere in central and eastern Europe, there are signs of NPLs stabilising in some of the weaker markets, and parent banks remain supportive. Government stimulus, in particular through infrastructure spending, should support growth in the GCC, aiding banks' performance and asset quality, but legacy NPLs are significant in the UAE and Kuwait. Lower NPLs at South African banks have been driven in part by low interest rates, but consumer loan growth creates downside risks. 82% of EM bank IDRs had a Stable Outlook at end-Q113. 15% of ratings had a Negative Outlook/Watch, with concentrations in India, Slovenia, Venezuela and Argentina, but this was down from 18% at end-Q312 as South African and Belarusian banks' Outlooks were revised to Stable following sovereign credit profile changes. *********** 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 * * *