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/raid1/www/Hosts/bankrupt/TCRLA_Public/130731.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 31, 2013, Vol. 14, No. 150 Headlines B R A Z I L DANICA TERMOINDUSTRIAL: Moody's Assigns First-Time Caa1 CFR C A Y M A N I S L A N D S COOLSAND HOLDINGS: Commences Liquidation Proceedings EBANK CAPITAL: Members' Final Meeting Set for Aug. 20 EMERSON CAPITAL: Commences Liquidation Proceedings FLETCHER INCOME: Creditors to Hold Meeting on Aug. 20 INVESTCORP OFFSHORE: Creditors' Proofs of Debt Due Oct. 14 INVESTCORP ONSHORE: Creditors' Proofs of Debt Due Oct. 14 JADE VI: Creditors' Proofs of Debt Due Aug. 19 KOREA FIRST: Creditors' Proofs of Debt Due Aug. 29 LIM ASIA: Commences Liquidation Proceedings MEDLEY CREDIT: Creditors' Proofs of Debt Due Aug. 30 MSR ASIA: Creditors' Proofs of Debt Due Aug. 19 NEW MEDIA: Creditors' Proofs of Debt Due Aug. 19 ORPHEUS CAPITAL: Creditors' Proofs of Debt Due Aug. 19 TOKAI TOKYO: Members' Final Meeting Set for Aug. 20 TOKAI TOKYO MASTER: Members' Final Meeting Set for Aug. 20 C O L O M B I A ISAGEN SA: Colombian Government Seeks at Least $2.4 Bil. for Stake D O M I N I C A N R E P U B L I C * DOMINICAN REP: Private Sector Loans Jump to Nearly US$414.6MM M E X I C O MILLICOM INT'L: Moody's Changes Outlook on Rating to Negative T R I N I D A D & T O B A G O CARIBBEAN AIR: Board to Present Operational Report to Minister - - - - - =========== B R A Z I L =========== DANICA TERMOINDUSTRIAL: Moody's Assigns First-Time Caa1 CFR ----------------------------------------------------------- Moody's America Latina assigned first-time Corporate Family Ratings of Caa1 on the global scale and B2.br on the Brazilian national scale to Danica Termoindustrial Brasil Ltda., a leading provider of insulating thermal panels in Brazil. At the same time, Moody's assigned Caa1/ B2.br ratings to the company's proposed 5- year BRL70 million senior secured debentures. The outlook for all ratings is stable. Proceeds from these debentures will be used to refinance Danica's existing debt maturities. The rating of the notes and the stable outlook assume that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Ratings Rationale: Danica's Caa1 Corporate Family Rating reflects its leveraged capital structure as evidenced by a debt to EBITDA ratio of 6.7x in 2012, adjusted according to Moody's standard adjustments. Balance sheet debt is expected to remain high in 2013, as a result of cost pressures and lukewarm economic growth in Brazil, which limits the company's ability to significantly adjust prices for its end consumers. Danica is a mid-size company, with approximately BRL400 million in gross revenues per year and a leadership position in its niche market. However, compared to other rated peers in the global building materials industry, Danica is a relatively small company based on revenues with limited bargaining power with both suppliers and clients, making it difficult to generate significant levels of earnings and free cash flow to relatively high debt service requirements. Furthermore, the evolving corporate governance and uncertainties regarding the shareholder's long term business strategy are credit constraints. Providing some offset to Danica's elevated debt level is the company's sound business profile characterized by a long track record of operation in Latin America, diversified pool of customers and strong market share position. Additionally, Danica relies on firm orders that should guarantee at least 50% of the expected revenues over the next 12 months. Despite some recent slowdown, the civil construction sector still presents good growth opportunities for Danica given the increasing penetration of insulating thermal panels on residential and industrial projects supported by the product environmental appeal with energy savings and faster construction methods. Nevertheless, Moody's recognizes Danica's currently weak operating margins as a key credit challenge given the company's exposure to volatile raw material prices and hence the need to fully adjust product pricing on a timely basis. Going forward, Moody's anticipates some margin expansion as the building material sectors improve in 2014. Better operational efficiencies with recently implemented modern manufacturing processes, and improved working capital management should also translate into higher levels of free cash flows over the next two or three years, which are anticipated to be used for debt reduction. Despite the prospects of some deterioration in 2013, Moody's projects debt-to-EBITDA will improve to approximately 5.0 times over the two years and interest coverage defined as EBIT-to- interest expense could approach 1.5 times by end-2014 (all ratios incorporate Moody's standard accounting adjustments). The Caa1/B2.br ratings assigned to the proposed BRL70 million senior secured debentures due 2018 are at the same level of the corporate family rating, given that the majority of the company's debt (around 70% as of 12/31/2012) is also secured by real assets or future receivables pledged as collateral. The stable rating outlook reflects Moody's view that Danica's credit metrics will improve as it continues to leverage its market position to distribute and fabricate insulation products for civil construction and industrial uses. The stable outlook also includes Moody's expectations that Danica will significantly improve its liquidity profile with the issuance of the proposed debentures as planned. Moody's does not expect positive rating actions in Danica's ratings over the near term primarily due to the company's elevated debt leverage. However, if the company were to reduce debt using free cash flow such that debt-to-EBITDA falls below 3.5 times and interest coverage -- defined as EBIT-to-interest expense -- is sustained above 2.0 times, the ratings may be considered for an upgrade (all ratios include including Moody's standard adjustments). A better liquidity profile demonstrated by higher availability of cash balances to contend with future economic uncertainties would also support upward ratings movement. Negative rating actions could occur if Danica's operating performance falls below Moody's expectations or if debt-to-EBITDA is sustained above 7.0x and the EBIT-to-interest ratio remains below 1.0x for a prolonged period. Change of control, business acquisitions, significant dividends, or deterioration in the company's liquidity could pressure the ratings as well. The principal methodology used in this rating was the Global Building Materials Industry Methodology published in July 2009. 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 ".mx" for Mexico. Danica Termoindustrial Brasil Ltda is subsidiary of Danica Corporation A/S, a private company owned by the Per Bake Nevermann family. Despite its Danish origin, the group operates primarily in Latin America, with Brazil representing around 85% of the group's consolidated revenues. Headquartered in Joinville, SC, Danica manufactures and distributes of insulation and related products to the industrial, residential, commercial, and marine end-markets. In 2012, Danica Brasil reported BRL310 million ($159 million) in net revenues and BRL18 million ($9.2 million) in EBITDA. ========================== C A Y M A N I S L A N D S ========================== COOLSAND HOLDINGS: Commences Liquidation Proceedings ---------------------------------------------------- On July 10, 2013, the shareholders of Coolsand Holdings Co., Ltd 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: Russell Smith c/o Derek Larner Telephone: (345) 815 4555 BDO CRI (Cayman) Ltd. Governors Square, Floor 2-Building 3 23 Lime Tree Bay Avenue PO Box 31229 Grand Cayman KY1 1205 Cayman Islands EBANK CAPITAL: Members' Final Meeting Set for Aug. 20 ----------------------------------------------------- The members of Ebank Capital Management (Cayman) Ltd. will hold their final meeting on Aug. 20, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands EMERSON CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- On June 25, 2013, the shareholder of Emerson Capital Offshore Fund, Ltd 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: Delta FS Limited c/o Janeen Aljadir Telephone: (345) 743 6626 PO Box 11820 Grand Cayman KY1-1009 Cayman Islands FLETCHER INCOME: Creditors to Hold Meeting on Aug. 20 ----------------------------------------------------- The creditors of Fletcher Income Arbitrage Fund Ltd will hold their annual meeting on Aug. 20, 2013, at 11:00 a.m. The company's liquidator is: Robin Lee Mcmahon c/o Louise Kitching Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1 -1106 Cayman Islands Telephone +1 (345) 814 9077 INVESTCORP OFFSHORE: Creditors' Proofs of Debt Due Oct. 14 ---------------------------------------------------------- The creditors of Investcorp Special Opportunities Offshore Fund Limited are required to file their proofs of debt by Oct. 14, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2013. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP ONSHORE: Creditors' Proofs of Debt Due Oct. 14 --------------------------------------------------------- The creditors of Investcorp Special Opportunities Onshore Fund Limited are required to file their proofs of debt by Oct. 14, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2013. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands JADE VI: Creditors' Proofs of Debt Due Aug. 19 ---------------------------------------------- The creditors of Jade VI, Inc. are required to file their proofs of debt by Aug. 19, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 5, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands KOREA FIRST: Creditors' Proofs of Debt Due Aug. 29 -------------------------------------------------- The creditors of Korea First Mortgage No.5 Limited are required to file their proofs of debt by Aug. 29, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 LIM ASIA: Commences Liquidation Proceedings ------------------------------------------- On July 8, 2013, the shareholder of Lim Asia Alternative Real Estate Fund SPC 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: Oscar Wan LIM Advisors Limited Ruttonjee House, 19th Floor, 11 Duddell Street Central, Hong Kong MEDLEY CREDIT: Creditors' Proofs of Debt Due Aug. 30 ---------------------------------------------------- The creditors of Medley Credit Strategies, Ltd. are required to file their proofs of debt by Aug. 30, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2013. The company's liquidator is: Victor Murray MG Management Ltd. PO Box 30116 Landmark Square, 2nd Floor, 64 Earth Close Seven Mile Beach Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 MSR ASIA: Creditors' Proofs of Debt Due Aug. 19 ----------------------------------------------- The creditors of MSR Asia Acquisitions VI, Inc. are required to file their proofs of debt by Aug. 19, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 12, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands NEW MEDIA: Creditors' Proofs of Debt Due Aug. 19 ------------------------------------------------ The creditors of New Media Corporation are required to file their proofs of debt by Aug. 19, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 3, 2013. The company's liquidator is: Leung, Derek Wai Choi Suites 3301-03, 33rd Floor Tower 2, Nina Tower, 8 Yeung Uk Road, Tsuen Wan, New Territories Hong Kong Telephone: (852) 2594 0600 Facsimile: (852) 2519 3954 ORPHEUS CAPITAL: Creditors' Proofs of Debt Due Aug. 19 ------------------------------------------------------ The creditors of Orpheus Capital Limited are required to file their proofs of debt by Aug. 19, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 5, 2013. The company's liquidator is: Jeffrey Hodkin Harbour Centre, 2nd Floor North Church Street Grand Cayman KY1-1102 Cayman Islands Telephone: +1 (345) 949 2849 Facsimile: (345) 949 5409 TOKAI TOKYO: Members' Final Meeting Set for Aug. 20 --------------------------------------------------- The members of Tokai Tokyo Asia Renaissance Fund Limited will hold their final meeting on Aug. 20, 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 TOKAI TOKYO MASTER: Members' Final Meeting Set for Aug. 20 ---------------------------------------------------------- The members of Tokai Tokyo Asia Renaissance Master Fund Limited will hold their final meeting on Aug. 20, 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 =============== C O L O M B I A =============== ISAGEN SA: Colombian Government Seeks at Least $2.4 Bil. for Stake ------------------------------------------------------------------ Oscar Medina at Bloomberg News reports that Colombia's government will auction its majority stake in electricity company Isagen SA to raise money for infrastructure projects, Finance Minister Mauricio Cardenas said. Colombia in the auction to be held in one month will offer shares at 2,850 pesos each, which would value the government's stake at 4.5 trillion pesos ($2.4 billion), Finance Minister Cardenas told reporters in Bogota, according to Bloomberg News. The government wants to raise 5 trillion pesos or more for its 57.66% stake in the Medellin-based company, Finance Minister Cardenas said, Bloomberg News relates. Bloomberg News notes that after the first auction, which will last 60 days and will be open to a restricted group of bidders including company employees, the government will hold a second round of bidding where it expects to achieve a higher price, Finance Minister Cardenas said. Finance Minister Cardenas didn't say when the second stage will be held. "Naturally, we hope that in the second round when we turn to the market, there'll be competition that increases the final price above this base of 4.5 trillion pesos," Bloomberg News quoted Finance Minister Cardenas as saying. Bloomberg News relates that the government won't spend any of the proceeds from the sale before August 2014, Finance Minister Cardenas said. Bloomberg News adds that the government isn't considering a sale of any part of its stake in oil company Ecopetrol SA (ECOPETL), Finance Minister Cardenas said. =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Private Sector Loans Jump to Nearly US$414.6MM --------------------------------------------------------------- Dominican Today reports that the Dominican Republic Central Bank on July 25 said interest rates fell around 200 base points from April to June, and private sector loans jumped to nearly RD$17.0 billion (US$414.6 million). It revealed an accelerated expansion of private sector loan, from an annual growth rate of 3.5% in December 2012, to more than 11% at the end of June, "without generating distortions to macroeconomic stability," according to Dominican Today. The report relates that the Central Bank said the inter-annual inflation target at the end of June reached 4.80%, below the monetary program's 5.0 percent goal. =========== M E X I C O =========== MILLICOM INT'L: Moody's Changes Outlook on Rating to Negative ------------------------------------------------------------- Moody's Investors Service affirmed the corporate family rating of Millicom International Cellular S.A. and changed the outlook to negative from stable. The change in outlook was based on higher leverage pro forma for the announced combination of Colombia Movil's and UNE's operations in Colombia, which could take time to improve given current challenging operating environment across Millicom's geographies. The following debt instruments were affected: - $ 510 million in senior global notes due 5/20/2020: Ba2, outlook changed to negative from stable - SKr 1750 million floating rate Swedish notes due 10/30/17: Ba2, outlook changed to negative from stable - SKr 250 million floating rate Swedish notes due 10/30/17: Ba2, outlook changed to negative from stable Ratings Rationale: On July 22, 2013, Millicom announced that it has reached an agreement with Empresas Publicas de Medellin ("EPM", Baa3 stable) to combine their respective mobile, TV, broadband and telephony businesses in Colombia; closing is expected for the first quarter of 2014. The transaction will require Millicom to raise additional debt to fund the combination of Colombia Movil (brand name Tigo) with UNE EPM Telecomunicaciones S.A. Moody's expects that, pro forma for the announced transaction, Millicom's adjusted gross debt leverage will be close to 3 times at year end 2013, which negatively compares with one of Moody's target rating downgrade triggers for the company, that is 2.5 times adjusted gross debt to EBITDA. However, the ratings affirmation was based on Moody's expectation that, by the end of 2014, Milicom's adjusted gross leverage should decline as it incorporates the EBITDA from UNE. The Ba1 corporate family rating on Millicom reflects (i) the group's overall strong credit metrics for its rating category; (ii) solid markets shares in its most important geographies; and (iii) the continuing progress made by the group towards achieving a better balance of profits and cash flow generated between the various regions. Moody's believes that the announced transaction is accretive given i) a favorable regulatory environment for competitive telcos in Colombia; ii) the stable operating environment in the country and the recent sovereign rating outlook change to Baa3 positive from Baa3 stable; and iii) the fact that Millicom has been operating in Colombia since 2006, which provides comfort that target operating and financial results should be achieved without major surprises. However, the negative rating outlook is based on the risk that consolidated EBITDA margin will remain under pressure given widespread adverse regulatory environments across Millicom's geographies, which has been placing pressure on profitability. Despite Millicom's commitment to rapidly return to a leverage ratio close to 1 time net debt to EBITDA, deleveraging may turn out more difficult and lengthy than anticipated in light of current operating conditions. Pro forma for the proposed transaction and related additional debt to be raised in the next quarters, Millicom's liquidity is adequate. Moody's anticipates that, during the next six quarters ending in December 31, 2014, the company should be able to use cash on hand of $ 914 million as of June 30, 2013, projected EBITDA and about $ 1 billion in new debt to pay for the proposed combination of UNE ($ 1.2 billion), fund capex and also fulfill cash obligations such as interest payments, working capital and taxes. In Moody's liquidity analysis, it assumed that, in 2014, Millicom will refrain from paying dividends materially higher than what was paid so far in 2013, that is, $ 264 million. Downward pressure on the ratings could develop as a result of, pro forma for the announced transaction, (i) adjusted leverage not declining to close to 2.5x during 2014; (ii) higher-than- anticipated shareholder remuneration, or (iii) a material debt- funded acquisition. Any visible increase in risk in any of the countries in which Millicom operates or in the group's liquidity profile could also exert negative pressure on the rating. Positive pressure on the rating could develop if (i) the group's sustainably maintains its adjusted gross debt leverage below 2x; (ii) its free cash flow/debt ratio remains around 10%; and (iii) the group retains an adequate liquidity position, both consolidated and at the holding company level. An upgrade would also require (i) the group to maintain its strong market positions; (ii) an appropriate balance of risk across the countries in which Millicom operates, with a good level of geographical diversification of cash flows; and (iii) a continued track record with regard to the group's financial policy. EPM currently controls 99.9% of the shares of UNE. At the end of June 2013, UNE, combined with its affiliates EDATEL and ETP, was one of the leading providers of fixed broadband, telephony and pay TV services in Colombia, with close to 1.3 million fixed broadband customers, 1.1 million pay TV customers and 1.6 million fixed telephony users. UNE's fixed network covers in excess of 2.6 million homes with HFC, predominantly in the cities of Medellin, Pereira, Manizales and several other municipalities in the department of Antioquia, out of 13 million households countrywide. The company, with its affiliates, provided at end of June 2013 services to a total of 2.3 million households. Colombia Movil is the third largest mobile company in Colombia, with over six million customers. The company is currently 50% plus 1 share owned by Millicom, 25% owned by UNE and 25% owned by ETB. After combining its operations with those of UNE, Colombia Movil will be 50% plus 1 share owned by EPM and 50% less one share owned by Millicom. Millicom is a global telecommunications investor with cellular operations and licenses in 13 countries in Latin America and Africa. Millicom operates in El Salvador, Guatemala and Honduras in Central America; in Bolivia, Colombia and Paraguay in South America; in Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal and Tanzania in Africa. Millicom also operates cable businesses in six countries in Central and South America. During the last twelve months ended in June 30, 2013, its revenues reached $4, 969 million. The principal methodology used in this rating was the Global Telecommunications Industry Methodology published in December 2010. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: Board to Present Operational Report to Minister -------------------------------------------------------------- RJR News reports that the board of Caribbean Airlines Limited said it is on schedule to present its operational report to Trinidad's Minister of Finance within its three-month time frame. Airline Chairman Phillip Marshall said that the board had been undergoing several sessions on critical issues affecting the airline industry to help take the cash-strapped carrier to a profitable position. The report notes that Mr. Marshall and the new interim board were appointed in mid-May after the previous board headed by Rabindra Moonan was fired. The report relates that Mr. Marshall, and his fellow directors have been charged with coming up with a corporate policy framework intended to turn CAL into a profitable entity, after racking up US$700 million in losses. About Caribbean Airlines Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. In 2010, Port of Spain and Kingston agreed to a deal that allowed the Jamaica government to own 16% of CAL as part of the conditions for CAL taking over the lucrative routes of Air Jamaica. The deal also allows for Trinidad and Tobago agreeing to a US$300 million transition plan for CAL to acquire and operate six Air Jamaica aircraft and eight of its routes. * * * As reported in the Troubled Company Reporter-Latin America on May 20, 2013, Caribbean360.com said that Trinidad and Tobago Finance Minister Larry Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. TCRLA reported on March 21, 2012, that RJR News said Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations. *********** 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 * * *