/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130620.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 Thursday, June 20, 2013, Vol. 14, No. 121 Headlines A R G E N T I N A CUANTICO SRL: Proofs of Claim Verification Deadline on July 31 DIMENSION VERDE: Proofs of Claim Verification Deadline on July 12 MASTELLONE HERMANOS: S&P Lowers CCR to 'CCC'; Outlook Negative PILISAR: Moody's Rates New ARS100.7MM Guaranteed Bank Loan 'B2' PRESTAMED SA: Files for Reorganization Proceedings SOFT PACK: Proofs of Claim Verification Deadline on July 11 VOSS SACI: Proofs of Claim Verification Deadline on June 26 C A Y M A N I S L A N D S 3A WINDRIDER: Creditors' Proofs of Debt Due July 9 BURRATOR CAPITAL: Commences Liquidation Proceedings CHAMP EXPLORER: Creditors' Proofs of Debt Due July 17 GREENHEART CAPITAL: Commences Liquidation Proceedings JADE VIII: Creditors' Proofs of Debt Due July 9 MARATHON PORTFOLIO: Creditors' Proofs of Debt Due July 19 MSR ASIA: Creditors' Proofs of Debt Due July 9 PARVUS EUROPEAN: Creditors' Proofs of Debt Due July 9 TURNSTONE INTERNATIONAL: Creditors' Proofs of Debt Due July 18 WOODS COMPANY: Commences Liquidation Proceedings H O N D U R A S * HONDURAS: To Get $50MM IDB Loan to Expand Health Services M E X I C O CORPORACION INTERAMERICANA: S&P Raises CCR to 'B+'; Outlook Stable GRUPO TMM: Incurs MXN781.1-Mil. Net Loss in 2012 MAXCOM TELECOMUNICACIONES: Misses Interest Payment to Noteholders PETROLEOS DE VENEZUELA: S&P Lowers Corporate Credit Rating to 'B' P U E R T O R I C O LAUSELL INC: Disclosure Statement Hearing Set for Aug. 7 X X X X X X X X * Moody's Outlook on Chemical Sectors is Negative * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= CUANTICO SRL: Proofs of Claim Verification Deadline on July 31 -------------------------------------------------------------- Susana Mabel Costa, the court-appointed trustee for Cuantico SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 31, 2013. Ms. Costa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 26, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The Trustee is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Susana Mabel Costa Alicia Moreau de Justo 2030 Buenos Aires, Argentina DIMENSION VERDE: Proofs of Claim Verification Deadline on July 12 ----------------------------------------------------------------- Luis Alberto Cortes, the court-appointed trustee for Dimension Verde SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 12, 2013. Mr. Cortes will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The Trustee is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Luis Alberto Cortes; Av. Cordoba 1646 Buenos Aires, Argentina MASTELLONE HERMANOS: S&P Lowers CCR to 'CCC'; Outlook Negative -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Mastellone Hermanos S.A. to 'CCC' from 'CCC+'. At the same time, S&P lowered the issue rating on the company's senior unsecured notes to 'CCC' from 'CCC+'. The outlook is negative. The downgrade reflects S&P's expectation that Mastellone's liquidity will be significantly pressured over the next 12 months. Higher costs, which cannot be fully passed on to sales prices, together with significant exchange rate losses, given the accelerating pace of the Argentine peso depreciation, will continue to erode the company's results and cash flows. Under this scenario, S&P expects sources of funds to fall short of uses by about $30 million over the second half of 2013. Nevertheless, S&P believes Mastellone will be able to meet the semiannual debt service payment of about $37 million, which includes the $20 million principal payment of the E bullet notes due June 21, 2013. PILISAR: Moody's Rates New ARS100.7MM Guaranteed Bank Loan 'B2' --------------------------------------------------------------- Moody's Latin America has assigned first-time B2 global local currency rating and an Aa3.ar National Scale Rating to Pilisar's ARS 100.7 million bank credit lines with Banco de la Nacion Argentina ("BNA"; not rated) with a negative outlook in line with the current rating and outlook of its guarantor, Newsan. At the same time, Moody's has assigned a Caa3 global local currency corporate family rating to Pilisar S.A. The outlook for this rating is stable. Proceeds will be used to satisfy the company's capital expenditures and working capital program. Ratings Rationale: The Caa3 Global Local Currency Corporate Family Rating reflects the company's small scale and size, narrow product lines, and concentration in a single market. The ratings also consider the company's rapid growth, short and volatile operating history and the financial and operational risks of its future expansion. Pilisar's limited geographic diversity, operating in a relatively low GDP per capita region, and its meaningful dependence on its primary manufacturing location in Argentina also constrain the ratings The B2/Aa3.ar rating for the bank loan reflects the full and unconditional guarantee of the debt by Newsan S.A. 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 ".ar" for Argentina. The negative outlook on the guaranteed bank loan reflects the negative outlook on Newsan's ratings. Newsan's ratings outlook is negative, in line with Moody's negative outlook for the Argentine government's B3 rating. The negative outlook for Newsan reflects Moody's view that the creditworthiness of the company cannot be completely de-linked from the credit quality of the Argentine government and thus their ratings need to closely reflect the risk that Newsan shares with the sovereign. Moody's believes that a weaker sovereign has the potential to create a ratings drag on companies operating within its borders, and that it is therefore appropriate to limit the extent to which these issuers can be rated higher than the sovereign. Moody's notes that a downgrade of Newsan's ratings would result in a negative rating action for Pilisar's ARS 100.7 million bank credit lines with Banco de la Nacion Argentina. Even though an upgrade is not anticipated in the foreseeable future, Pilisar's ratings could experience upward pressure if Newsan's B2 rating were to be upgraded. In addition, upward pressure could result if Pilisar is able to expand its size and production levels as well as generate steady organic revenue growth. Additionally, a rating upgrade would be possible if Pilisar demonstrates a sustainable business model after the successfully re-launch of the SIAM brand name in the local market. The principal methodology used in this rating was the Asian Consumer Electronics Industry Methodology published in December 2010. Headquartered in Buenos Aires, Argentina, Pilisar is a local appliance manufacturer. With total revenues of ARS 2.4 million in the latest fiscal year ended March 31, 2012, the company was founded in 2005 and it is majority owned by Newsan's local shareholders. PRESTAMED SA: Files for Reorganization Proceedings -------------------------------------------------- Prestamed SA has requested for reorganization approval after failing to pay its liabilities since May 3, 2012. The reorganization petition, once approved by the court, will allow the company to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 22 in Buenos Aires. Clerk No. 43 assists the court in this case. The debtor can be reached at: Prestamed SA Suipacha 396 Buenos Aires, Argentina SOFT PACK: Proofs of Claim Verification Deadline on July 11 ----------------------------------------------------------- Leon Sergio Fucks, the court-appointed trustee for Soft Pack SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 11, 2013. Mr. Fucks will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 19, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The Trustee is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Leon Sergio Fucks Montevideo 596 Buenos Aires, Argentina VOSS SACI: Proofs of Claim Verification Deadline on June 26 ----------------------------------------------------------- Estudio Vergara, the court-appointed trustee for Voss SACI's reorganization proceedings, will be verifying creditors' proofs of claim until June 26, 2013. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Voss SACI's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The Trustee is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Estudio Vergara Sala, Spinelli y Asociados Combate de los Pozos 1564 Buenos Aires, Argentina ========================== C A Y M A N I S L A N D S ========================== 3A WINDRIDER: Creditors' Proofs of Debt Due July 9 -------------------------------------------------- The creditors of 3A Windrider Fund are required to file their proofs of debt by July 9, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 29, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands BURRATOR CAPITAL: Commences Liquidation Proceedings --------------------------------------------------- On May 21, 2013, the sole shareholder of Burrator Capital Limited passed a resolution that voluntarily liquidates the company's business. The company's liquidator is: Reverio Capital Limited c/o Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman, KY1-9005 Cayman Islands CHAMP EXPLORER: Creditors' Proofs of Debt Due July 17 ----------------------------------------------------- The creditors of Champ Explorer Holdings Limited are required to file their proofs of debt by July 17, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 28, 2013. 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 GREENHEART CAPITAL: Commences Liquidation Proceedings ----------------------------------------------------- On June 1, 2013, the shareholder of Greenheart Capital Fund (Offshore) Ltd passed a resolution that voluntarily liquidates the company's business. The company's liquidator is: Greenheart Capital Partners LLC c/o 263 Tresser Blvd., 9th Floor Stamford, CT 06901, USA Telephone: +1 (345) 914 6365 JADE VIII: Creditors' Proofs of Debt Due July 9 ----------------------------------------------- The creditors of Jade VIII, Inc. are required to file their proofs of debt by July 9, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MARATHON PORTFOLIO: Creditors' Proofs of Debt Due July 19 --------------------------------------------------------- The creditors of Marathon Portfolio International Limited are required to file their proofs of debt by July 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Y.R. Kunetka 5555 San Felipe St. Houston, Texas 77056 U.S.A. MSR ASIA: Creditors' Proofs of Debt Due July 9 ---------------------------------------------- The creditors of MSR Asia Acquisitions X, Inc. are required to file their proofs of debt by July 9, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PARVUS EUROPEAN: Creditors' Proofs of Debt Due July 9 ----------------------------------------------------- The creditors of Parvus European Plus Fund are required to file their proofs of debt by July 9, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 30, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands TURNSTONE INTERNATIONAL: Creditors' Proofs of Debt Due July 18 -------------------------------------------------------------- The creditors of Turnstone International Ltd. are required to file their proofs of debt by July 18, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 28, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands WOODS COMPANY: Commences Liquidation Proceedings ------------------------------------------------ On May 28, 2013, the sole shareholder of Woods Company Limited passed a resolution that voluntarily liquidates the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Christopher R. Rodi 700 Crossroads Bldg, 2 State St Rochester, NY 14614 ================ H O N D U R A S ================ * HONDURAS: To Get $50MM IDB Loan to Expand Health Services ----------------------------------------------------------- Honduras will utilize a $50 million loan from the Inter-American Development Bank (IDB) to improve access to quality health services, especially in poor rural areas, enabling the government to double the number of beneficiaries by 2015. Honduras has achieved significant improvements in health indicators over the past 20 years, increasing life expectancy and lowering maternal and infant mortality rates. However, important problems remain, particularly the unequal access to health services for the country's rural poor. This is especially true for maternal and child health: Only 20 percent of poor women undergo prenatal controls, compared to 79 percent nationally. Maternal and infant mortality rates are much higher in rural areas. In addition, Honduras has the second- highest rate of child malnutrition in Central America, with 30 percent of children under the age of five malnourished. In that age group, more than half the deaths are attributable to malnutrition. The project aims to strengthen the institutional capacity of the Ministry of Health (SESAL), the entity responsible for its execution. The main challenge will be in rural areas where it is necessary to ensure the availability of human resources, materials and medicines for permanent attention to protect the most vulnerable groups. Through the implementation of decentralized management, the aim is to improve access, efficiency and quality of services, in order to reduce by 25 percent the mortality rate for hospitalized women and by 15 percent the number of neonatal deaths. The IDB financing consists of $35 million from ordinary capital, with a 30-year term, a grace period of 5.5 years and an interest rate based on LIBOR, and $15 million from the Fund for Special Operations, with a 40-year term and grace period and 0.25 percent interest. =========== M E X I C O =========== CORPORACION INTERAMERICANA: S&P Raises CCR to 'B+'; Outlook Stable ------------------------------------------------------------------ Standard & Poor's Ratings Services raised its corporate credit and issue-level ratings on Corporacion Interamericana de Entretenimiento S.A.B. de C.V. (CIE) to 'B+' from 'B-'. At the same time, S&P revised the recovery rating of the high-yield bonds to '3' from '4', reflecting its expectation of meaningful (50%- 70%) recovery of principal on the bonds in the event of a payment default. The outlook is stable. The upgrade is based on CIE's improved financial metrics as a result of the significant reduction of its debt through the proceeds received from the sale of its media unit to America Movil S.A.B. de C.V. (AMX) for MXN1.07 billion and the issuance of a new short-term note for MXN991 million. The ratings on CIE reflect its "weak" business risk profile and its "aggressive" financial risk profile. These assessments take into account the company's "less-than-adequate" liquidity, the low EBITDA margin of the concert business resulting from high artist clout, the holding company's dependence on CIE Entretenimiento's dividends to fulfill its debt service obligations, the concentration of its operations in Mexico, and dependence on the timing of global concert tours, seasonality, and consumer and corporate discretionary spending and tastes. "The partly offsetting factors are the company's improved financial metrics following a considerable debt reduction, its favorable competitive position thanks to its operation of the largest venue network in Mexico and the leading ticketing operation in a joint venture with Ticketmaster, high entry barriers to the concert market, and higher profitability compared to its international peers, despite the low margins of the industry," said Standard & Poor's credit analyst Marcela Duenas. GRUPO TMM: Incurs MXN781.1-Mil. Net Loss in 2012 ------------------------------------------------ Grupo TMM, S.A.B., filed on June 12, 2013, Amendment No. 1 on Form 20-F/A to amend its annual report on Form 20-F for the fiscal year ended Dec. 31, 2012, as originally filed with the Securities and Exchange Commission on May 15, 2013, solely for the purposes of (i) re-filing the Company's financial statements in Item 18 to include the signature of Salles Sainz - Grant Thornton, S.C. ("SSGT"), independent registered public accounting firm, in its Report of Independent Registered Public Accounting Firm with respect to the Company's financial statements and (ii) filing or furnishing new certifications by the Company's principal executive officer and principal financial officer as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended. Salles Sainz - Grant Thornton, S.C., in Mexico City, expressed substantial doubt about Grupo TMM's ability to continue as a going concern, citing the Company's significant net losses in 2012 and 2010, principally as a result of its comprehensive financing cost. The Company reported a net loss of MXN781.1 million on MXN3.335 billion of transportation revenue in 2012, compared to net income of MXN191.6 million on MXN3.345 billion of transportation revenue in 2011. The gain on exchange of MXN41.0 million and MXN1.165 billion included in the consolidated statement of operations for the years ended Dec. 31, 2012, and 2011, respectively, is due to the significant appreciation of the Mexican peso against the U.S. dollar, where a large portion of the debt is denominated in Mexican pesos, represented by the issuance of the trust certificates. The Company's balance sheet at Dec. 31, 2012, showed MXN12.945 billion in total assets, MXN12.286 billion in total liabilities, and stockholders' equity of $658.8 million. A copy of the Form 20-F/A is available at http://is.gd/nnQ3Mk Mexico City-based Grupo TMM, S.A.B. (OTC: GTMAY and BMV: TMM A) is a Latin American intermodal transportation company. Through its branch offices and network of subsidiary companies, TMM provides ocean and land transportation services. MAXCOM TELECOMUNICACIONES: Misses Interest Payment to Noteholders ----------------------------------------------------------------- Maxcom Telecomunicaciones, S.A.B. de C.V. disclosed that it intends to utilize a 30-day grace period with respect to June 18 2013's scheduled interest payment of approximately US$11 million on its 11% Senior Notes due 2014 to allow the Company to continue discussions with a new investor and certain of the note holders to recapitalize and reorganize the Company's debt. Maxcom believes that it is prudent to utilize such grace period to implement a comprehensive recapitalization that would significantly reduce Maxcom's debt service expense and position Maxcom for growth with a US$45 million capital infusion. Maxcom, private equity firm Ventura Capital Privado, S.A. de C.V., an ad hoc committee representing a significant amount of the Senior Notes and certain of its current equity holders have been negotiating the terms of restructuring and recapitalization agreements, which would be implemented through a voluntary, prepackaged Chapter 11 filing under the U.S. Bankruptcy Code and an equity tender offer in accordance with U.S. and Mexican securities laws. The Company intends to operate in the ordinary course of business during this period and continue to provide a high level of responsiveness to its customers, vendors and business partners. No assurances can be given that a proposed recapitalization and restructuring will be successful or that holders of Maxcom's debt obligations and/or relevant stakeholders will reach an agreement. If a consensual, pre-packaged Chapter 11 restructuring cannot be implemented, Maxcom may be forced to file for bankruptcy or concurso mercantil without the support of a significant portion of its creditors. A failure to complete a restructuring through pre- packaged restructuring Chapter 11, or otherwise, could have a material adverse effect on the business or the interests of holders of Maxcom's debt and equity securities. The Company has engaged Lazard and its alliance partner Alfaro, Davila y Rios, S.C. as its financial advisor and Kirkland & Ellis, LLC and Santamarina y Steta, S.C. as its U.S. and Mexican legal advisors to assist the Company in evaluating potential restructuring proceedings, including the commencement of a Chapter 11 case. The Ad Hoc Committee has retained Cleary Gottlieb Steen & Hamilton, LLP and Cervantes Sainz, S.C., as its U.S. and Mexican legal advisors. Ventura has retained VACE Partners as its financial advisor, and Paul Hastings LLP and Jones Day as its U.S. and Mexican legal advisors, respectively. About Maxcom Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico City, Mexico, is a facilities-based telecommunications provider using a "smart-build" approach to deliver last-mile connectivity to micro, small and medium-sized businesses and residential customers in the Mexican territory. Maxcom launched commercial operations in May 1999 and is currently offering local, long distance, data, value-added, paid TV and IP-based services on a full basis in greater metropolitan Mexico City, Puebla, Tehuacan, San Luis, and Queretaro, and on a selected basis in several cities in Mexico. * * * Maxcom carries a 'CC' corporate credit rating from Standard & Poor's Ratings Services and a "Caa1" from Moody's Investors Service. PETROLEOS DE VENEZUELA: S&P Lowers Corporate Credit Rating to 'B' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B+'. The outlook remains negative. Prior to this rating action S&P assessed the company's stand- alone credit profile (SACP) at 'b+'. "We will reassess PDVSA's SACP during the next 60 days in light of the recent sovereign downgrade but the outcome will not affect our 'B' rating on PDVSA due to the company's GRE status and the likelihood of negative government intervention under a sovereign distress scenario," said Standard & Poor's credit analyst Fabiola Ortiz. ===================== P U E R T O R I C O ===================== LAUSELL INC: Disclosure Statement Hearing Set for Aug. 7 -------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico will convene a hearing to consider the adequacy of the amended disclosure statement explaining Lausell Inc.'s plan of reorganization on Aug. 7, 2013, at 09:00 a.m. Objections to the disclosure statement must be filed on or before June 24. Holders of allowed general unsecured claims (Class 6) are impaired and will recover 2% of their claim amount. Payment of the Class 6 Claims will come from the $50,000 carve out to be reserved from the proceeds of the sale of the Debtor's assets to La Re. La Re, as Purchaser, will provide a Cash payment to fund the Plan sufficient to (i) settle in full the secured claims of First Bank Puerto Rico and Citibank, N.A., for $5,600,000, in Cash; (ii) and will assume certain of Debtor's debts for $3,080,489, including the claim of Puerto Rico Industrial Development Co. (Class 2). A full-text copy of the Disclosure Statement dated June 3, 2013, is available for free at: http://bankrupt.com/misc/LAUSELLds0603.pdf Charles A. Cuprill, Esq. -- ccuprill@cuprill.com -- at Charles A. Cuprill, P.S.C. Law Offices, in San Juan, PR, with Tel. No. 787- 977-0515 and Fax No. 787-977-0518, is the Debtor's counsel. About Lausell Inc. Lausell, Inc., filed a bare-bones Chapter 11 petition (Bankr. D.P.R. Case No. 12-02918) on April 17, 2012, in Old San Juan, Puerto Rico. Lausell, also known as Aluminio Del Caribe, is a manufacturer of windows and doors. Bankruptcy Judge Mildred Caban Flores oversees the case. Charles Alfred Cuprill, Esq., at Charles A. Curpill, P.S.C. Law Offices, in San Juan, Puerto Rico, serves as counsel to the Debtor. The Bayamon, Puerto Rico-based company disclosed $34,059,950 in assets and liabilities of $24,489,414 in its amended schedules. =============== X X X X X X X X =============== * Moody's Outlook on Chemical Sectors is Negative ------------------------------------------------- Moody Investors Service's outlook for the North American and EMEA chemical industry remains negative, based on the ratings agency's depressed economic forecast for Europe, uncertainty around China's growth rate and the modest pace of economic recovery in the US. "The North American and EMEA chemical industry will continue to be pressured primarily by poor industrial activity in Europe," says Vice President -- Senior Analyst James Wilkins in the new report, "European Weakness and Uncertain Demand from Asia Keep Chemicals in Doldrums." "Sales volumes declined for many European chemical firms in the second half of 2012, with disappointing financial results in early 2013 a reflection of the region's contracting GDP and industrial production," Wilkins says. Moody's projects that economic recovery will begin to take hold in Europe in the second half of this year, but the firm does not foresee a large increase in demand for chemicals there over the next 12 to 18 months. In addition, much depends on the strength of China's economy, since China accounts for a large portion of global growth and has supported the North American and EMEA chemical industry in recent years. Moody's expects stable growth in China, Wilkins says, but demand for chemicals has not broadly reflected the country's recent economic growth statistics. Meanwhile, over the next year or so modest economic growth and low natural gas feedstock prices will support sales and margins for North American chemical producers, continuing to allow them to export to Latin America and Asia. Low natural gas prices in North America will benefit producers of ethylene, methanol and ammonia. Higher agricultural production and low natural gas prices will boost North American producers of nitrogen-based fertilizers and methanol, according to the report. Chemicals sold in certain non- cyclical end markets such as food, beverages, medical products and personal care, should also continue to perform well through this year and next, the report says. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 * * *