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/raid1/www/Hosts/bankrupt/TCRLA_Public/130614.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 Friday, June 14, 2013, Vol. 14, No. 117 Headlines B R A Z I L BANCO RURAL: Moody's Lowers Deposit Ratings One Notch to Caa1 DESARROLLADORA HOMEX: Didn't Pay Bond Coupon, To Use Grace Period DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'C' JBS SA: Fitch Puts 'BB-' Issuer Default Rating on Negative Watch C A Y M A N I S L A N D S AL RAJHI: Shareholder to Hear Wind-Up Report on July 5 ARBROK FUND: Shareholders' Final Meeting Set for June 25 [REDACTED -- July 3, 2014] CCB INTERNATIONAL: Members' Final Meeting Set for June 22 FREIGHTER KING: Members' Final Meeting Set for July 8 GALIAM FUND: Shareholder to Hear Wind-Up Report on July 5 GULFMENA MASTER: Members' Final Meeting Set for July 5 GULFMENA OPPORTUNITIES: Members' Final Meeting Set for July 5 MATTER FUND: Members' Final Meeting Set for June 25 POINT RACE: Creditors' Proofs of Debt Due June 24 TAIT ASIA: Members' Final Meeting Set for July 3 TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21 TELEOS MASTER: Member to Hear Wind-Up Report on June 21 THREADNEEDLE INSTITUTIONAL: Members' Final Meeting Set for June 28 THREE KINGDOMS: Shareholder to Hear Wind-Up Report on July 5 J A M A I C A DIGICEL GROUP: Extends Contract With WICB Until 2016 P U E R T O R I C O ALCO CORP: PR Asset Portfolio Buys Banco Popular Claim V I R G I N I S L A N D S CCT GLOBAL: Over a Dozen Workers Abruptly Terminated X X X X X X X X * Moody's Notes Continuing Rise of Sovereign Defaults - - - - - =========== B R A Z I L =========== BANCO RURAL: Moody's Lowers Deposit Ratings One Notch to Caa1 ------------------------------------------------------------- Moody's Investors Service downgraded to E, from E+, the bank financial strength rating assigned to Banco Rural S.A. and lowered its unsupported baseline credit assessment to caa1, from b3. Moody's also downgraded Rural's long-term global local and foreign currency deposit ratings to Caa1, from B3, and long-term Brazilian national scale deposit rating to Caa1.br, from B1.br. The short- term local and foreign currency deposit ratings of Not Prime and the short-term Brazilian national scale deposit rating of BR-4 remained unchanged. Moody's also maintained the review for possible downgrade on Rural's supported deposit ratings, while the BFSR carries a stable outlook. The following ratings of Banco Rural S.A. were downgraded: Bank financial strength rating: to E from E+, with stable outlook Long-term global local-currency deposit rating: to Caa1 from B3, review for downgrade Long-term foreign-currency deposit rating: to Caa1 from B3, review for downgrade Long-term Brazilian national scale deposit rating: to Caa1.br from B1.br, review for downgrade The following ratings of Banco Rural S.A. were not affected: Short-term global local-currency deposit rating of Not Prime Short-term foreign-currency deposit rating of Not Prime Short-term Brazilian national scale deposit rating of BR-4 Ratings Rationale: Moody's decision to downgrade Rural's ratings is a consequence of the bank's prolonged delay in publishing audited financials for 2012, and resulting opacity about the bank's financial performance and credit risk. Preliminary reports submitted to the Brazilian banking regulator indicate that Rural reported net losses as of year-end 2012, its second consecutive year of weak results that reflect high credit, operating and funding costs combined with poor revenues from core activities. The bank's franchise value has been substantially impaired by image problems affecting its shareholders, as well as from increased competition in its targeted business segment of commercial lending. Moody's noted that after successive capital injections in 2012, Rural's capital ratio reached 12%, according to information provided to regulators. This may also reflect a strategy of limited loan growth in the period, which, however, limits earnings generation. Moreover, the soft economic recovery and the overall high leverage of small and medium size companies may have affected the performance of the bank's loan book in the early part of the year. The uncertainties about Rural's operational viability have led Moody's to maintain the review for downgrade. The last rating action on Rural occurred on September 21, 2012, when Moody's downgraded the bank's global local- and foreign- currency deposit ratings to B3 from B1 and the Brazilian national scale deposit ratings to B1.br and BR-4 from Baa3.br and BR-3, long- and short-term, respectively. Moody's also lowered Rural's standalone baseline credit assessment to b3 from b1. The bank financial strength rating (BFSR) of E+ and short-term global deposit ratings of Not Prime were affirmed. Moody's also placed all ratings on review for possible downgrade. The principal methodology used in rating this bank was "Global Banks" published on May 31, 2013. 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 ".br" for Brazil. Banco Rural S.A. is headquartered in Belo Horizonte, Brazil. As of June 2012, the bank had total assets of approximately R$5.63 billion ($2.79 billion) and equity of R$359 million ($178 million). DESARROLLADORA HOMEX: Didn't Pay Bond Coupon, To Use Grace Period ------------------------------------------------------------------ Jonathan Levin at Bloomberg News reports that Desarrolladora Homex SAB said it didn't make an interest payment due June 11, 2013, on its dollar bonds maturing in 2019. The company plans to use a 30-day grace period, according to a regulatory filing obtained by Bloomberg News. Bloomberg News notes that bonds sold by the company have plunged this year as a shift in government policy to promote more capital- intensive apartments in urban areas over homes in commuter towns depleted their cash. Bloomberg News relates that Homex and its largest publicly traded competitors, Corp. Geo SAB and Urbi Desarrollos Urbanos SAB, have hired financial advisers to study debt restructurings. Bloomberg News discloses that the government's policy move has stemmed a decade of urban expansion in Mexico, with $20,000 homes springing up in subsidized communities built from scratch. Many of those homeowners have abandoned properties to return to cities, in a rejection of deteriorating neighborhoods and long commutes, Bloomberg News notes. DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'C' ------------------------------------------------------------- Fitch Ratings downgrades Desarrolladora Homex, S.A.B. de C.V.'s (Homex) ratings as follows: -- Foreign currency Issuer Default Rating (IDR) to 'C' from 'CCC'; -- Local currency IDR to 'C' from 'CCC'; -- USD250 million in senior notes due 2015 to 'C/RR4' from 'CCC/RR4'; -- USD250 million in senior notes due 2019 to 'C/RR4' from 'CCC/RR4'; -- USD400 million in senior notes due 2020 to 'C/RR4' from 'CCC/RR4'. The ratings remain on Rating Watch Negative. KEY RATING DRIVERS The downgrades follow Homex's announcement that it did not make the interest payment due June 11, 2013 on its senior notes due 2019. The notes contain a 30-day grace period. As a result of the company's actions, a default or a distressed debt exchange (DDE) is highly likely, which would likely impose a material reduction of principal and/or interest vis-a-vis the original contractual terms of the company's capital markets debt. The Recovery Rating of 'RR4' reflects an anticipated recovery in the event of default of between 30% and 50%. Homex reports combining financial information as of Dec. 31, 2012, which has raised concerns about the creation of large intercompany loans/transactions by the company during 2012. Fitch has not been able to ascertain the exact details of the intercompany loans/transactions between Homex, its guarantor subsidiaries, and its non-guarantor subsidiaries. These loans/transactions have the potential to hurt recoveries of external creditors in the event they are treated pari passu by a Mexican bankruptcy court, as this gives Homex's existing shareholders a significant say in a potential debt restructuring. Fitch notes that between Dec. 31, 2011 and Dec. 31, 2012, Homex's non-guarantor subsidiaries reported a MXN17.5 billion increase in the balance sheet line entitled 'due from related parties' and a MXN20.6 billion increase in the balance sheet account line 'due to related parties'. During the same time period, these balance sheet lines for Homex and its guarantor subsidiaries grew by MXN9.9 billion and MXN7.1 billion, respectively. Upon consolidation, Homex reports no figure under the category of 'due to related parties' and only MXN56 million of obligations under the 'due from related parties' category. As of Dec. 31, 2012, Homex had MXN20.7 billion of consolidated debt. RATING SENSITIVITY Failure to pay in full the due amount at the end of the grace period and/or the execution of a DDE will result in a downgrade to Restricted Default (RD). JBS SA: Fitch Puts 'BB-' Issuer Default Rating on Negative Watch ---------------------------------------------------------------- Fitch Ratings has placed JBS S.A.'s (JBS) ratings on Negative Watch following the announcement that it will acquire certain assets from Marfrig Alimentos S.A.'s (Marfrig), including Marfrig's Seara Brazil (Seara) business through the assumption of BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with maturities between 2013 and 2017. The completion of the transaction would require the approval of CADE, the Brazilian antitrust authority. KEY RATING DRIVERS During its review, Fitch will focus on assessing the benefits JBS will receive from increased diversification against the risks of an increasingly leveraged capital structure. The ratings review would also consider JBS's short- to medium-term strategy for improving Seara's operating performance, including additional investments and expected synergies. The composition and the term structure of JBS's debt will also be considered, along with any possible re-financing of the assumed debt. The contemplated transaction appears to be an opportunistic acquisition of desirable, but troubled, assets for a price that in Fitch's opinion assumes rapid and material improvement in Seara's performance. Fitch estimates 2013 EBITDA of the acquired assets to be in the range of BRL600 million. The acquisition is fully debt financed and will increase JBS's net debt-to-EBITDA leverage to above 4.0x, more than one turn above Fitch's expectations of 3.0x net debt to EBITDA in 2013. As of Dec. 31, 2012, JBS's net leverage ratio stood at 3.4x. Fitch expects Seara's free cash flow (FCF) generation to be negative during 2013, considering the investments required to integrate the assets acquired in the middle of 2012 from BRF S.A. as part of an asset swap between the two companies. While Fitch previously expected JBS to generate positive FCF in 2013, the addition of Seara and the related investments will likely lead to negative FCF for JBS in 2013 and possibly 2014. While JBS has successfully integrated several sizable acquisitions, the most recent one, Pilgrim's Pride (PPC) in 2009 for USD2.5 billion, was entirely equity funded. The company's leverage increased in 2011 to 4.5x, the result of a combination of pressure on its U.S. beef business due to the unfavorable cattle cycle and high grain prices which tamed PPC's recovery. In 2013, JBS is expected to benefit from declining grain prices, while the U.S. beef operations are expected to remain challenged but profitable. With the addition of Seara, JBS will become one of the world's largest chicken producers and exporter. Before selling it to JBS, Marfrig purchased Seara from Cargill in 2009 for USD900 million, an 11x-12x valuation. Marfrig more than tripled Seara's business, from USD 1.7 billion in revenues and USD76 million of EBITDA in 2009, to about USD4.5 billion in revenue and estimated EBITDA of USD300 million in 2012. In the middle of 2012, Seara's production capacity more than doubled with the addition of the BRF assets. RATING SENSITIVITIES A downgrade could be precipitated by a weakening of the company's leverage metrics and cash flow generation as expected upon closing of the transaction. The rating could be removed from Negative Watch and stabilized if the capital structure of JBS pro forma for this transaction turns out to be less leveraged than anticipated. Operational improvements and synergies from the transaction would be positive, as would an equity injection. Fitch has placed the following JBS ratings on Negative Watch JBS S.A.: -- Foreign & local currency Issuer Default Rating (IDR) 'BB-'; -- Notes due 2016 'BB-'; -- National scale rating 'A-(bra)'. JBS USA LLC: -- Foreign and local currency IDR 'BB-'; -- Term loan B facility due in 2018 'BB' -- Notes due 2014, 2020, 2021 'BB-'. JBS USA Finance, Inc: -- Foreign and local currency IDR 'BB-'; -- Notes due 2014 'BB-'; -- Bonds due 2020 'BB-'; -- Notes due 2021 'BB-'. ESAL GmbH: -- Notes due 2023 'BB-'. JBS Finance II Ltd: -- Foreign and local currency IDR 'BB-'; -- Notes due 2018 'BB-'. ========================== C A Y M A N I S L A N D S ========================== AL RAJHI: Shareholder to Hear Wind-Up Report on July 5 ------------------------------------------------------ The shareholder of Al Rajhi Cement Sukuk Company will receive on July 5, 2013, 8:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Jennifer Chailler Telephone: (345) 943 3100 ARBROK FUND: Shareholders' Final Meeting Set for June 25 -------------------------------------------------------- The shareholders of Arbrok Fund will hold their final meeting on June 25, 2013, 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. [REDACTED -- July 3, 2014] CCB INTERNATIONAL: Members' Final Meeting Set for June 22 --------------------------------------------------------- The members of CCB International Holdings (Cayman) Limited will hold their final meeting on June 22, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ning An c/o Michelle R. Bodden-Moxam Telephone: (345) 946 6145 Facsimile: (345) 946 6146 Portcullis TrustNet (Cayman) Ltd. The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road, P.O. Box 32052 Grand Cayman, KY1-1208 Cayman Islands FREIGHTER KING: Members' Final Meeting Set for July 8 ----------------------------------------------------- The members of Freighter King Limited will hold their final meeting on July 8, 2013, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands GALIAM FUND: Shareholder to Hear Wind-Up Report on July 5 --------------------------------------------------------- The shareholder of Galiam Fund (Offshore), Ltd. will receive on July 5, 2013, at 9:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 GULFMENA MASTER: Members' Final Meeting Set for July 5 ------------------------------------------------------ The members of Gulfmena Opportunities Master Fund Limited will hold their final meeting on July 5, 2013, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Telephone: (345 -926 1688 c/o Artillery Court Shedden Road P.O. Box 11371, George Town Grand Cayman KY1-1008 Cayman Islands GULFMENA OPPORTUNITIES: Members' Final Meeting Set for July 5 ------------------------------------------------------------- The members of Gulfmena Opportunities Fund Limited will hold their final meeting on July 5, 2013, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Telephone: (345 -926 1688 c/o Artillery Court Shedden Road P.O. Box 11371, George Town Grand Cayman KY1-1008 Cayman Islands MATTER FUND: Members' Final Meeting Set for June 25 --------------------------------------------------- The members of Matter Fund Ltd. will hold their final meeting on June 25, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marco Racy Kheirallah c/o Avenida Brigadeiro Faria Lima, No. 2277, 9th Floor, Conjuntos 1603 and 1604 Sao Paulo, Sao Paulo Brazil POINT RACE: Creditors' Proofs of Debt Due June 24 ------------------------------------------------- The creditors of Point Race Capital 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 14, 2013. The company's liquidator is: Appleby Trust (Cayman) Ltd Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands TAIT ASIA: Members' Final Meeting Set for July 3 ------------------------------------------------ The members of Tait Asia Ltd. will hold their final meeting on July 3, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hsu Chuan-Chuan c/o Michelle R. Bodden-Moxam Telephone: (345) 946 6145 Facsimile: (345) 946 6146 Portcullis TrustNet (Cayman) Ltd. The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1208 Cayman Islands TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21 -------------------------------------------------------------- The member of Teleos International, Ltd will receive on June 21, 2013, 10:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daniel Gressel 88 Cedar Cliff Road Riverside Connecticut 06878 United States of America TELEOS MASTER: Member to Hear Wind-Up Report on June 21 ------------------------------------------------------- The member of Teleos Master Fund, Ltd will receive on June 21, 2013, 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daniel Gressel 88 Cedar Cliff Road Riverside Connecticut 06878 United States of America THREADNEEDLE INSTITUTIONAL: Members' Final Meeting Set for June 28 ------------------------------------------------------------------ The members of Threadneedle Institutional Global Equity (Master) Fund will hold their final meeting on June 28, 2013, to receive 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 THREE KINGDOMS: Shareholder to Hear Wind-Up Report on July 5 ------------------------------------------------------------ The shareholder of The Three Kingdoms Korea Fund Inc will receive on July 5, 2013, at 9:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 ============= J A M A I C A ============= DIGICEL GROUP: Extends Contract With WICB Until 2016 ---------------------------------------------------- Caribbean360.com reports that Digicel Group disclosed that it is extending its sponsorship of the West Indies cricket team for another three years until September 2016. Digicel Group's renewed contract sees the company retain its title as team sponsor which includes all the marketing and branding rights for the team, according to Caribbean360.com. The report relates that Digicel has also been disclosed as major sponsors for the upcoming WICB partnership with CPL Ltd. Digicel Group, with regional headquarters in Jamaica, entered the Panama market in 2008. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. ===================== P U E R T O R I C O ===================== ALCO CORP: PR Asset Portfolio Buys Banco Popular Claim ------------------------------------------------------ Banco Popular de Puerto Rico assigned its Claim No. 97 to PR Asset Portfolio 2013-1 International, LLC, for an undisclosed amount, according to a notice filed April 23 in Puerto Rico bankruptcy court. Ubaldo M. Fernandez Barrera filed the notice on behalf of PR Asset Portfolio 2013-1 International LLC. 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. Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an opinion and order on March 11, 2013, confirming the Amended Chapter 11 Plan of Reorganization filed by Alco Corporation. 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. =========================== V I R G I N I S L A N D S =========================== CCT GLOBAL: Over a Dozen Workers Abruptly Terminated ---------------------------------------------------- Virgin Island News Online reports that over a dozen workers have been terminated by CCT Global Communications on June 3, 2013. In letters handed out to over a dozen employees, CCT Global Communications advised staff that they "must reorganize the workforce to compete with the multinational competitors in the BVI telecommunications arena," according to Virgin Island News Online. The letter was dated June 3, 2013 and signed by General Manager, Jose Luis Fernandez. The report notes that many of the employees came forward to Virgin Island News Online news room claiming that there were no prior meetings or any warning or indication that they would be let go based on redundancy. They also alleged that although the termination will take effect for most in two months from June 3, effective immediately they are not allowed to return to their CCT work station, the report notes. The report discloses that the letter advised them to "immediately return all company property in your possession and to relinquish access to the company premises and systems." When contacted, Mr. Fernandez would not confirm how many workers were laid off in total or how the layoffs would affect the company in the immediate future, the report adds. =============== X X X X X X X X =============== * Moody's Notes Continuing Rise of Sovereign Defaults ----------------------------------------------------- The adverse conditions since the start of the global financial crisis have led to an increase in the number of sovereign defaults, says Moody's Investors Service in its ninth annual sovereign bond default study. Among the 116 Moody's rated sovereigns, there were three defaults in 2012, two by the government of Greece and one by the government of Belize, according to Moody's in "Sovereign Default and Recovery Rates, 1983-2012." Previously, only one default, by the government of Jamaica, was reported between 2009 and 2011. Historically, the study indicates that issuer--weighted recovery rates on defaulted sovereign bonds have averaged 49% over the 1983-2012 period. However, on a value-weighted basis, recovery rates have averaged only 26%. Recoveries in 2012, as measured by post-default trading prices, were 24% in the March Greek debt exchange, 37% in the December Greek debt buyback, and 40% at the time of Belize's default. In addition to presenting an analysis of all sovereign defaults since 1983, the Moody's report compares and contrasts sovereign and corporates with regard to default, migration and recovery rates as well as ratings accuracy measures. Sovereign default rates have been, on average, modestly lower than those for corporate issuers; however, the differences are not significant as the overall size of the sovereign sample is small. Sovereign ratings have had approximately the same level of accuracy as corporate ratings in differentiating defaulters from non-defaulters. "Over the study period, the typical sovereign defaulter was rated B2 within one year of its default event, and all sovereign defaulters had ratings of Ba2 or lower within that period of time," said Merxe Tudela, a Moody's Vice President and author of the report. *********** 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 * * *