TCRLA_Public/130717.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, July 17, 2013, Vol. 14, No. 140


                            Headlines



B R A Z I L

OGX PETROLEO: Given 2 Months to Choose New Board Members
OGX PETROLEO: Default Risk Prompts Moody's to Lower CFR to Ca


C A Y M A N  I S L A N D S

APSON CAPITAL: Shareholders' Final Meeting Set for Aug. 15
CARILLIAM GLOBAL: Shareholders' Final Meeting Set for Aug. 13
CROWN ENTERPRISES: Shareholders' Final Meeting Set for Aug. 13
EASTER: Shareholders' Final Meeting Set for Aug. 13
HARVEST CAYMAN: Shareholders' Final Meeting Set for Aug. 15

MADEIRA POWER: Shareholders' Final Meeting Set for Aug. 13
METCOMP CO: Shareholders' Final Meeting Set for Aug. 13
METCOMP HOLDINGS: Shareholders' Final Meeting Set for Aug. 13
RONYRA WINDSOR: Shareholders' Final Meeting Set for Aug. 20
SAPIC II: Shareholders' Final Meeting Set for Aug. 15

STANDARD PACIFIC: Shareholders' Final Meeting Set for Aug. 2


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: CPAs Also Ask Banks to Lower Lending Rates


M E X I C O

GRUPO ELEKTRA: Fitch Affirms 'BB-' Rating on US$550MM Senior Notes


P U E R T O   R I C O

PUERTO RICO CABLE: Moody's Rates Proposed Debt Facility 'B2'


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Parent Files Appeal Against Injunction


                            - - - - -


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B R A Z I L
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OGX PETROLEO: Given 2 Months to Choose New Board Members
--------------------------------------------------------
Luciana Magalhaes at Dow Jones Newswires, citing Brazil's stock
market operator BM&FBovespa, reports that Brazilian oil company
OGX Petroleo e Gas Participacoes SA, controlled by embattled
billionaire Eike Batista, has two months to choose at least one
independent member for its board of directors.

Without at least one independent board member, it might be
impossible to force Mr. Batista to honor a commitment to inject
more cash into the struggling company, according to Dow Jones
Newswires.

The report notes that BM&FBovespa instructed OGX to appoint at
least one new board member to meet the requirements for trading on
the so-called Novo Mercado.

Earlier, the report relays, the oil company's two remaining
independent board members stepped down, leaving the board with
only four members.

BM&FBovespa requires companies trading on the Novo Mercado to have
at least five members and that at least one in five of them be
independent, the report discloses.

In the case of OGX, this is especially important as its
independent board members are tasked with deciding whether to
demand that the Brazilian tycoon fulfill his commitment to invest
an additional $1 billion in the company, the report notes.

The report says that OGX confirmed that it has received the
notification and said it is taking steps to bring in new board
members to meet the requirement.

OGX, the flagship of Mr. Batista's EBX group of companies,
recently said that four of its five offshore fields aren't
economically viable, the report relays.

The report notes that the company's shares have fallen 90% in the
last 12 months and its bonds are trading at default levels amid
market expectations that OGX will soon need to seek a debt
restructuring.

Mr. Batista is looking for buyers for other companies in the EBX
group to raise cash to pay creditors, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Standard & Poor's Ratings Services lowered its
corporate credit rating on OGX Petroleo e Gas Participacoes S.A.
(OGX) to 'CCC' from 'B-'.  The outlook remains negative.  The
downgrade is primarily based on the company's recently announced
sharply lower production development plan.  According to the
announcement, the three wells at the Tubarao Azul field may cease
production by 2014 due to the company's lack of currently
available technology that would economically allow it to further
increase its production curve.  In addition, OGX cancelled the
orders for new oil platforms, and it won't develop the Tubarao
Tigre, Tubarao Gato, and Tubarao Areia fields.  Tubarao Martelo
field will be the only oil field that OGX is planning to  develop.


OGX PETROLEO: Default Risk Prompts Moody's to Lower CFR to Ca
-------------------------------------------------------------
Moody's Investors Service downgraded OGX Petroleo e Gas
Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2 and
OGX Austria GmbH's senior unsecured notes ratings to Ca from Caa2.
The rating outlook remains negative.

"The rating downgrade of OGX is driven by diminished expectations
that OGX will be able to rely on the $1 billion put option that
was granted by its controlling shareholder given the recent
departure of all of the company's independent board members,"
commented Gretchen French, Moody's Vice President.

Issuer: OGX Petroleo e Gas Participaaoes S.A.

Downgrades:

Corporate Family Rating, Downgraded to Ca from Caa2

Issuer: OGX Austria GMBH

Downgrades:

$2563M 8.5% Senior Unsecured Regular Bond/Debenture, Downgraded to
Ca from Caa2

$1063M 8.375% Senior Unsecured Regular Bond/Debenture, Downgraded
to Ca from Caa2

Ratings Rationale:

OGX's Ca rating reflects high financial leverage relative to the
company's production and cash flows and a weak liquidity profile,
with impaired asset coverage of its unsecured notes. The rating
also reflects weakening corporate governance practices and a
highly uncertain outlook for the company, with the risk of a
default, debt restructuring or bankruptcy filing.

The negative outlook reflects OGX's weak liquidity profile.

OGX's Ca ratings could be withdrawn if the company enters into a
restructuring process.

While unexpected over the near-term given the negative outlook,
the Ca rating could be upgraded if OGX is able to improve its
liquidity profile, while also demonstrating prospects for better
capital productivity and production growth.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry Methodology
published in December 2011.

Based in Rio de Janeiro, Brazil, OGX is an independent exploration
and production company with operations in Latin America.


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C A Y M A N  I S L A N D S
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APSON CAPITAL: Shareholders' Final Meeting Set for Aug. 15
----------------------------------------------------------
The shareholders of Apson Capital will hold their final meeting on
Aug. 15, 2013, at 1:50 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102
          Cayman Islands


CARILLIAM GLOBAL: Shareholders' Final Meeting Set for Aug. 13
-------------------------------------------------------------
The shareholders of Carilliam Global Offshore, Ltd. will hold
their final meeting on Aug. 13, 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:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CROWN ENTERPRISES: Shareholders' Final Meeting Set for Aug. 13
--------------------------------------------------------------
The shareholders of Crown Enterprises Limited will hold their
final meeting on Aug. 13, 2013, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


EASTER: Shareholders' Final Meeting Set for Aug. 13
---------------------------------------------------
The shareholders of Easter will hold their final meeting on
Aug. 13, 2013, at 9:25 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


HARVEST CAYMAN: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------------
The shareholders of Harvest Cayman Holding Ltd. will hold their
final meeting on Aug. 15, 2013, at 1:40 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102
          Cayman Islands


MADEIRA POWER: Shareholders' Final Meeting Set for Aug. 13
----------------------------------------------------------
The shareholders of Madeira Power Limited will hold their final
meeting on Aug. 13, 2013, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


METCOMP CO: Shareholders' Final Meeting Set for Aug. 13
-------------------------------------------------------
The shareholders of Metcomp Co. will hold their final meeting on
Aug. 13, 2013, at 9:05 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall Grand Cayman KY1-1102
          Cayman Islands


METCOMP HOLDINGS: Shareholders' Final Meeting Set for Aug. 13
-------------------------------------------------------------
The shareholders of Metcomp Holdings will hold their final meeting
on Aug. 13, 2013, at 9:10 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall Grand Cayman KY1-1102
          Cayman Islands


RONYRA WINDSOR: Shareholders' Final Meeting Set for Aug. 20
-----------------------------------------------------------
The shareholders of Ronyra Windsor Ltd. will hold their final
meeting on Aug. 20, 2013, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David S. Zweig
          David S. Zweig, Esq.
          Telephone: (858) 274 1818
          Facsimile: (858) 274 8535
          c/o Law Firm of David S. Zweig
          4425 Bayard Street, Suite 200
          San Diego, California 92109


SAPIC II: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------
The shareholders of Sapic II Reference Fund (46) Limited will hold
their final meeting on Aug. 15, 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:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 -8295
          P.O. Box 897 Windward 1
          Regatta Office Park Grand Cayman KY1-1103
          Cayman Islands


STANDARD PACIFIC: Shareholders' Final Meeting Set for Aug. 2
------------------------------------------------------------
The shareholders of Standard Pacific Els Fund, Ltd. will hold
their final meeting on Aug. 2, 2013, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall Grand Cayman KY1-1102
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: CPAs Also Ask Banks to Lower Lending Rates
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's certified public
accountants grouped in ICPARD said they support the Herrera
Industries Association's request for banks to lower lending rates,
to materialize the Government's effort to jump start the economy
with the release of reserve funds.

ICPARD President Pedro Matos asked banks to lower lending rates,
since they should be the first to support the Government's effort
to spur the economy, according to Dominican Today.

Mr. Matos, the report relates, said the release of funds in the
reserve is precisely so banks lower rates, and help bolster
competitiveness and demand for goods and services.

"The banks should take lower lending rates into account as a
matter of responsibility to society, reviving the economy and
enabling the creation of more jobs," the report quoted Mr. Matos
as saying.


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M E X I C O
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GRUPO ELEKTRA: Fitch Affirms 'BB-' Rating on US$550MM Senior Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Grupo Elektra,
S.A.B. de C.V. (Elektra):

-- Foreign and Local Currency Issuer Default Rating (IDR) at
   'BB-';
-- Long-term National Scale Rating at 'A(mex)';
-- Short-term National Scale Rating at 'F2(mex)';
-- US$550 million senior notes due 2018 at 'BB-';
-- MXN $3.5 billion long-term Certificados Bursatiles issuances
   (ELEKTRA13) at 'A(mex)';
-- Short and long-term Certificados Bursatiles program for up
   to MXN $5 billion at 'F2(mex)' and 'A(mex)', respectively.

The Rating Outlook is Stable.

Elektra's ratings reflect its operation's geographical
diversification; its market position both in the retail and
finance business, the latter including Banco Azteca (BAZ; rated
'A+(mex)' by Fitch); as well as the linkage between both
operations. The ratings also incorporate the strong cash flow
generation coming from the recently acquired payday lending
subsidiary, Advance America (AEA), as well as the expectation of
the retail division's leverage (total debt from retail and AEA to
EBITDA from those operations) to be below 2.5 (x) times over the
long term. The ratings are supported by an extensive store network
across Mexico and Latin America. The rating also takes into
account a decrease in revenues at the Mexican retail division that
have been offset by better than expected results at AEA.

Grupo Elektra's retail operations are linked to those of BAZ due
of its business strategy of selling on credit (approximately 60%
of sales). Fitch recently upgraded BAZ's national scale rating by
one notch to 'A+(mex)', which is supported by its management
expertise in consumer credit, asset quality, strong liquidity and
the credit risk of its portfolio. The ratings also take into
consideration the controlling ownership by the Salinas family and
track record of transactions with related entities.

KEY RATING DRIVERS

Decline in Retail Offset by AEA:
Revenue decline in the Mexican retail business during the last
twelve months as of March 31, 2013 was offset by better than
expected results in AEA. This reduction was the result of changes
in commercialization efforts; however, Elektra has undertaken
initiatives that should stabilize retail revenues for the second
half of 2013. For the last 12 months (LTM) ended March 31, 2013,
retail sales dropped by 8% when compared to previous year's
levels. Fitch believes that the retail operation, by diversifying
geographically across Latin America, somewhat mitigates revenue
concentration (operations in Mexico, both retail and financial,
still generate about 75% of the Group's consolidated revenues).

Elektra's 2Q12 acquisition of AEA, a pay day lender provider with
operations mainly in the United States, has mitigated to some
extent lower results from the retail business. Fitch views AEA's
business risk profile to be higher than Elektra, but this is
balanced by BAZ's recent national scale upgrade. Fitch estimates
that, as of 2Q13 LTM, Advance America will generate EBITDA in
excess of MXN 2 billion.

Improved BAZ Credit Profile:
BAZ's ratings consider the bank's improved and sustained
profitability after considerable growth of its loan portfolio,
exhibiting a rapid recovery after the weak metrics reported in the
2008 and 2009 years during the global financial crisis. The bank's
adequate ability to absorb losses, its solid funding structured
through an ample, stable, diversified and low-cost base of core
customer deposits, as well as a conservative dividend payout
policy in recent years, are also part of the bank's ratings
fundamentals. BAZ's ratings also consider its broad experience and
competitive advantage in consumer finance, the high management
costs with which these kind of entities (consumer finance
business) operate (cost-to-income ratio of 82.2% in 1Q13), the
challenges the bank faces to contain the recent deterioration of
its asset quality metrics (non-performing loans/total loans as of
March 2013: 8.20%), mainly derived from the rapid growth of new
businesses; the concentration of its commercial loan portfolio and
its relatively tight capitalization metrics under Fitch's
methodologies (slightly deteriorated recently). Banco Azteca has a
robust franchise that has resulted in good operating performance
and liquidity, supported by its ample base of customer deposits.

BAZ specializes on consumer loans (70% of total loans as of 1Q13),
although they have gradually diversified through the years. The
bank has increased the share of commercial loans, but these remain
highly concentrated by borrower. Fitch believes the robust
franchise of Baz's holding company (Grupo Elektra) provides an
important competitive advantage to the bank and will be crucial to
continue expanding its credit activities. The bank's non-
performing loans recently exhibited deterioration (reaching post-
crisis levels) in response to the rapid growth of new lending
business; however, Fitch expects a recovery as the bank is already
addressing this matter.

Leverage Expected to Decline by 2014
The retail operation's gross leverage (excludings BAZ and other
Latin American financial businesses) is expected to end 2013 at
around 2.7x-2.8x, which is higher than Fitch's long-term
expectation. However, Fitch expects leverage to decline below 2.5x
at the end of 2014 as a result of improved results from both
retail and AEA and remain on those levels over the long term.
Fitch estimates that total debt to EBITDA (1Q13 LTM) is about 3.2x
(2.7x for covenant purposes), as AEA started to consolidate at the
end of the second quarter of 2012. Fitch believes that gross
leverage should approximate to 2.8x as of June 30, 2013
considering some debt repayments during the second quarter of 2013
and 2.4x on a net debt basis. For the LTM ended March 31, 2013,
consolidated debt to EBITDA (including bank deposits) has
diminished to 8.7x, compared to 8.2x over the same period the
previous year.

As of March 2013, the retail business' total debt (excluding BAZ
and other financial businesses) was MXN$19.8 billion, from MXN$
13.9 million in the same period the previous year. Most of this
increase is explained by the acquisition of AEA in 2Q12. Debt is
composed of bank loans, local and international debt issuances and
local structured issuances. Furthermore, Fitch estimates off-
balance sheet debt related to operating leases at about MXN$17.5
billion. Elektra has paid annual dividends of MXN$522 million in
2013 and Fitch expects this amount to grow moderately going
forward.

RATING SENSITIVITIES
Factors that may, individually or collectively, lead to positive
rating actions include a sustained decrease in leverage
approximating 2.0x over time, a recovery in retail sales and
EBITDA, as well as a sustained improvement in Banco Azteca's
credit profile.

Future developments that may, individually or collectively, lead
to negative rating actions include the prospect of leverage above
2.5x for a prolonged period of time, a breach of covenants, an
accelerated increase in debt, without a corresponding increase in
EBITDA on the retail division or AEA, any material contingency
related to AEA that may arise, a deterioration in Banco Azteca's
creditworthiness.

Fitch currently rates these entities as follows:

Banco Azteca de Guatemala, S.A.
-- National long-term rating 'BBB+(gtm)';
-- National short-term rating 'F2(gtm)'.

Banco Azteca (Panama), S.A.
-- National long-term rating 'BBB(pan)';
-- National short-term rating 'F3(pan)'.

Intra Mexicana, a subsidiary of Grupo Elektra
-- MXN $3.0 billion Certificados Bursatiles Fiduciarios issuance
   (DINEXCB-12) by, 'AA-(mex)vra'.


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P U E R T O   R I C O
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PUERTO RICO CABLE: Moody's Rates Proposed Debt Facility 'B2'
------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B3-PD probability of default rating to Puerto Rico Cable
Acquisition Company, Inc. (Choice Cable). Moody's also assigned a
B2 rating to its proposed first lien credit facility, consisting
of a $15 million revolver and a $155 million term loan. Choice
Cable expects to use proceeds to refinance existing debt and to
fund an approximately $55 million distribution to its equity
sponsors.

Puerto Rico Cable Acquisition Company Inc

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B3-PD

$15M First Lien Revolver, Assigned B2, LGD3, 35%

$155M First Lien Term Loan, Assigned B2, LGD3, 35%

Outlook, Stable

Ratings Rationale:

The B2 corporate family rating incorporates the company's moderate
leverage, estimated at about 4.6 times debt-to-EBITDA pro forma
for the transaction, and expectations for operating metrics such
as revenue per homes passed and subscriber penetration to remain
below stateside US cable operating peers. Geographic concentration
and lack of scale constrain the rating, although the company
benefits from the management team's experience running other cable
operators, which facilitates better pricing on equipment,
services, and programming. Moody's anticipates strong positive
free cash flow as capital intensity wanes after a period of heavy
investment beginning in 2009, and the combination of EBITDA growth
and some debt reduction should lead to leverage to the low 4 times
range over the next year. Sponsor ownership weighs negatively on
the rating; Moody's expects the company to use free cash flow to
pay down debt over the next year, but beyond that timeframe a re-
leveraging event from either incremental distributions or a sale
of the company is likely, with timing somewhat dependent on market
conditions.

The stable outlook incorporates expectations for positive free
cash flow and for leverage to decline with the combination of
EBITDA growth and some debt reduction. The outlook also assumes
modest revenue growth, driven primarily by gains in high speed
data customers and growth in the commercial business.

Lack of growth in high speed data subscribers, an acceleration of
video subscriber losses, a material weakening in pricing trends or
a deterioration of the liquidity profile could warrant a
downgrade. The B2 rating could tolerate an increase in leverage to
fund an acquisition or sponsor distribution if Moody's expected
sustained positive free cash flow and leverage in the mid-5 times
debt-to-EBITDA range or better.

Geographic concentration, lack of scale, and the sponsor ownership
constrain the rating. Upward ratings momentum is unlikely absent a
transformative event that meaningfully expanded the company's
scale along with a commitment to maintaining a strong credit
profile.

The principal methodology used in this rating was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Puerto Rico Cable Acquisition Company, Inc., operating under the
brand name Choice Cable TV, provides video, high speed data, and
voice services to approximately 115,000 residential and commercial
customers in the southern and western regions of Puerto Rico. Its
annual revenue is approximately $90 million, and the company is
owned by Spectrum Equity, Hicks Muse Capital, and Patriot Media.
Executives from Patriot Media, who run RCN Telecom Services LLC
(B2 Stable) and Grande Communications Networks LLC (B2 Stable),
manage Choice Cable.


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T R I N I D A D  &  T O B A G O
===============================


CARIBBEAN CEMENT: Parent Files Appeal Against Injunction
--------------------------------------------------------
RJR News reports that less than three days after a High Court
judge granted an injunction blocking its annual general meeting,
Trinidad Cement Limited filed an appeal against the decision.

TCL is the parent company of Caribbean Cement Limited.

The company's notice of appeal contains 14 grounds, according to
RJR News.  The report relates that TCL did not seek an expedited
hearing and was given a hearing date of September 30.

RJR News notes that Justice David Harris granted 11 TCL minority
shareholders the injunction which forced the annual general
meeting which was scheduled for that afternoon to be postponed.

The report says that shareholders, who together hold a 5.68 per
cent stake in TCL, wanted to nominate five directors to the
company's board.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


                            ***********


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.


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