/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/131114.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, November 14, 2013, Vol. 14, No. 226 Headlines A N T I G U A & B A R B U D A LIAT: St Lucia Calls for Shakeup, Guarantees EC$3 Million Loan A R G E N T I N A ARGENTINA: S&P Cuts LC Ratings on Three Provinces to 'CCC+' B R A Z I L CIA DE SANEAMENTO: Gets Authorization to Increase Rates by 3.14% COMPANHIA DE SANEAMENTO: S&P Affirms 'BB+' Global Scale Rating OGX PETROLEO: Wants to Be Renamed Oleo e Gas Brasil SA PETROLEO BRASILEIRO: PetroChina to Buy Assets in Peru for US$2.6BB C A Y M A N I S L A N D S CROSBY ACTIVE: Shareholders Receive Wind-up Report DAWN CDO: Shareholders' Final Meeting Set for Nov. 29 INTRAWEST CAYMAN: S&P Puts 'B' CCR on Creditwatch Positive JAPAN VALUE: Shareholders Receive Wind-up Report LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25 LITTLE ROCK: Shareholders' Final Meeting Set for Nov. 29 PEP CHANNEL: Shareholders' Final Meeting Set for Nov. 29 RIVERDALE LIMITED: Shareholders' Final Meeting Set for Nov. 21 ROBERTO INVESTMENT: Shareholders' Receive Wind-up Report SONJA INVESTMENTS: Shareholders' Final Meeting Set for Nov. 21 SYMPHONY CLO: Shareholders' Final Meeting Set for Nov. 29 J A M A I C A DIGICEL GROUP: Owner Sets Sights on Papua New Guinea V E N E Z U E L A PETROLEOS DE VENEZUELA: To Sell US$4.5BB in Bonds This Week PETROLEOS DE VENEZUELA: S&P Assigns 'B' Rating to $4.5BB Sr. Notes X X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: St Lucia Calls for Shakeup, Guarantees EC$3 Million Loan -------------------------------------------------------------- Caribbean360.com reports that St. Lucia has called for a shakeup of the financially strapped regional airline Leeward Islands Air Transport, known as LIAT, as it agreed to guarantee a three million EC dollar (One EC dollar = US$0.37 cents) loan for the airline now undergoing a modernization of its aging fleet. "It's not just a matter of changing the chief executive officer but dealing decisively with a problem in management that has been inherited over the years," Caribbean360.com quoted Prime Minister Dr. Kenny Anthony as saying. The report notes that the airline, which last week had been forced to cancel many of its flights because of a strike by pilots, has been without a chief executive officer since Trinidadian Ian Brunton resigned in September. The report relates that Minister Anthony, who is also the finance minister, said that there was also a need for a complete overhaul of the airlines business model in order to ensure its long term sustainability and recommended a revision of operations and logistics. Mr. Anthony, the report discloses, said that LIAT, which flies to more than 21 destinations daily, must stop operating in a traditional manner believing that the only two bases it can have in the region are Antigua and Barbados. The report says that Castries has now become the fifth regional court to have a stake in the airline that in September signed a US$65 million loan with the Barbados-based Caribbean Development Bank (CDB) to finance the purchase of aircraft in the context of a fleet modernization project. The report relays that LIAT said the loan agreements "provide for the loans to be on lent-to and repaid by LIAT over a 13 year period following a grace period of two years". The fleet modernization project involves the replacement of LIAT's aging fleet through a combination of lease and purchase of aircraft; the transition costs associated with the changeover; the upgrade of maintenance facilities, the report discloses. The report notes that Minister Anthony said that while his administration was lending support to the regional airline, it was doing so cautiously. Minister Anthony said that the guarantee comes with stipulations including the selection of routes which he contends should be market driven, the report relays. Minister Anthony said that the St. Lucia government remains firmly behind LIAT which he said was essential for air travel across the region, the report adds. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= ARGENTINA: S&P Cuts LC Ratings on Three Provinces to 'CCC+' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its local currency global scale ratings on the provinces of Cordoba, Buenos Aires, and Mendoza to 'CCC+' from 'B-' and removed them from CreditWatch negative. The outlooks are negative. "At the same time, we affirmed our 'B-' local currency global scale rating on the city of Buenos Aires and removed it from CreditWatch negative. The outlook is negative." "These rating actions follow the Sept. 10, 2013, downgrade of Argentina to 'CCC+' from 'B-' and our subsequent assessment of characteristics of each LRG and their capacity to withstand a sovereign scenario of default," said Standard & Poor's credit analyst Delfina cavanagh. "According to our criteria, the local currency global scale ratings on Argentinean LRGs could be above the sovereign ratings if there's a measurable likelihood that their credit characteristics will remain stronger than those of the sovereign in a scenario of economic or political stress. At the same time, given that the sovereign is rated in a low-speculative grade, we incorporate additional specific considerations, because we have more visibility on the potential sovereign default scenario at this rating level." "Conversely, the foreign currency global scale ratings on Argentinean LRGs are capped at the sovereign's current transfer & convertibility (T&C) level of 'CCC+'. Consequently, we cap our foreign currency global scale ratings on all Argentinean LRGs at 'CCC+'." =========== B R A Z I L =========== CIA DE SANEAMENTO: Gets Authorization to Increase Rates by 3.14% ---------------------------------------------------------------- Helder Marinho at Bloomberg News reports that Cia. de Saneamento Basico do Estado de Sao Paulo (Sabesp) was authorized to increase rates for water and sewage services by 3.14 percent. The increase, which will be effective Dec. 11, was calculated considering annual inflation through July, an efficiency rate and a 2.35 percent adjustment that was granted in April to Sabesp, as the company is known, Arsesp, the Sao Paulo state's water and energy regulator, said in an e-mailed statement, according to Bloomberg News. Cia. de Saneamento Basico do Estado de Sao Paulo (Sabesp), based in the city of Sao Paulo, serves 27.7 million people in the southeastern Brazilian state. COMPANHIA DE SANEAMENTO: S&P Affirms 'BB+' Global Scale Rating -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+' global scale and 'brAA+' national scale corporate credit ratings on Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP). The outlook on both scales remains positive. The company's stand-alone credit profile (SACP) is 'bb+'. "The ratings on SABESP reflect its 'bb+' SACP and incorporate our view that there is a "moderately high" likelihood of extraordinary support from the state of Sao Paulo (BBB-/Stable/--). "On Oct. 31, 2013, the regulator, Agencia Reguladora de Saneamento e Energia, revised tariff schedule, which fixes March 10, 2014, as the publication date of the definitive base tariff and efficiency factor under the new proposed tariff methodology. We continue to assess the current regulatory framework as a limiting factor on our rating on SABESP. We believe that a more transparent and predictable tariff procedure should allow SABESP to post stronger financial performance and can lead to an upgrade." "We apply our criteria for government-related entities in our analysis of SABESP because the state of Sao Paulo owns 50.3% of the company. The remainder is publicly traded, both locally and on the NYSE through American depositary receipts. We believe that there is a "moderately high" likelihood of extraordinary support from the state government in the event of financial distress. This stems from our view of SABESP's role as "important" because it provides essential services to the state's population and it has a "strong" link with the state based on its majority equity stake in the company. For entities we view as benefiting from supportive government policies, possibly through direct assistance or extraordinary intervention--but the likelihood of the latter is lower--the ratings are usually more closely aligned with the SACP. Therefore, we exclude uplift to the rating." OGX PETROLEO: Wants to Be Renamed Oleo e Gas Brasil SA ------------------------------------------------------ Luciana Magalhaes writing for Daily Bankruptcy Review reports that OGX Petroleo e Gas Participacoes SA, the distressed oil company controlled by former billionaire Eike Batista, wants to change its name to Oleo e Gas Brasil SA. As reported in the Troubled Company Reporter on Nov. 1, 2013, Michael Bathon, substituting for Bill Rochelle, the bankruptcy columnist for Bloomberg News, said that OGX Petroleo & Gas's bankruptcy filing puts $3.6 billion of dollar bonds into default in the largest corporate debt debacle on record in Latin America. According to the report, OGX, a startup based in Rio de Janeiro, filed documents in a business tribunal there on Oct. 30, said Sergio Bermudes, a lawyer representing the company's chairman and founder, Eike Batista. The Oct. 30 filing by the oil company that transformed Batista into Brazil's richest man followed a 16-month decline that wiped out more than $30 billion of his personal fortune. The Rio businessman had raised billions of dollars in equity markets to fund OGX's drilling program and other commodities startups. He then tapped debt markets, selling bonds to investors including BlackRock Inc. and Pacific Investment Management Co., the report related. When some of the deposits he had valued at $1 trillion turned out to be duds, OGX lost 98 percent of its value and ran out of cash. The filing, which in Brazil is called a judicial recovery, follows months of negotiations to restructure the dollar bonds, in which OGX sought to convert debt to equity and secure as much as $500 million in new funds. OGX said Oct. 29 that the talks concluded without an agreement. The company's cash fell to about $82 million at the end of September, not enough to sustain operations further than December. About OGX Petroleo Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes S.A. is an independent exploration and production company with operations in Latin America. * * * As reported in the Troubled Company Reporter-Latin America on July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e Gas Participacoes 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. PETROLEO BRASILEIRO: PetroChina to Buy Assets in Peru for US$2.6BB ------------------------------------------------------------------ Aibing Guo and Benjamin Haas at Bloomberg News report that PetroChina Co. will buy Petroleo Brasileiro SA (Petrobras)'s assets in Peru for US$2.6 billion, expanding its portfolio in the region. The Beijing-based company will take over three blocks of oil and gas fields in Peru from the seller, known as Petrobras, it said in a statement to the Hong Kong stock exchange, according to Bloomberg News. Petrobras owns two blocks entirely and has a 46 percent stake in the third. Bloomberg News notes that Petrobras SA, the most indebted publicly traded oil company, has been selling assets to help finance projects in Brazil's deep waters. Bloomberg News discloses that China National Petroleum Corp., PetroChina's state-owned parent, already owns oil and gas assets in Peru as well as in Venezuela. Petrobras, controlled by Brazil's government, agreed to sell oil blocks and pipelines in Colombia to Perenco UK Ltd. for US$380 million last month, Bloomberg News relates. Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 7, 2013, Moody's Investors Service downgraded Petroleo Brasileiro's multiple seniority shelf to (P)Ba1 from (P)Baa3. ========================== C A Y M A N I S L A N D S ========================== CROSBY ACTIVE: Shareholders Receive Wind-up Report -------------------------------------------------- The shareholders of Crosby Active Opportunities Master Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal at the final general meeting held on Nov. 13, 2013. DAWN CDO: Shareholders' Final Meeting Set for Nov. 29 ----------------------------------------------------- The shareholders of Dawn Cdo I, Ltd will hold their final general meeting on Nov. 29, 2013, at 12:00 noon to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Spv (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 INTRAWEST CAYMAN: S&P Puts 'B' CCR on Creditwatch Positive ---------------------------------------------------------- Standard & Poor's Ratings Services assigned Denver-based mountain resort operator and real estate manager and developer Intrawest Resort Holdings Inc. a preliminary 'B' corporate credit rating. The rating outlook is stable. "In addition, we assigned Intrawest's proposed $25 million super- priority revolver due 2018 our preliminary 'BB-' issue-level rating, with a preliminary recovery rating of '1', indicating our expectation for very high (90% to 100%) recovery for lenders in the event of a payment default. "We also assigned Intrawest's proposed $540 million first-lien term loan due 2020 and $55 million letter of credit facility due 2018 our preliminary 'B+' issue-level rating, with a preliminary recovery rating of '2', indicating our expectation for substantial (70% to 90%) recovery for lenders in the event of a payment default." "At the same time, we placed our ratings on Intrawest Cayman L.P., including our 'B-' corporate credit rating, on CreditWatch with positive implications, reflecting the expected improvement in the capital structure of primary subsidiary Intrawest Resorts Holdings Inc. upon the completion of the proposed refinancing. After raising our ratings on Intrawest Cayman L.P. by one notch, we will withdraw them, as the entity will no longer have rated debt outstanding." "The company will use proceeds from the new term loan, along with cash on hand and a one-time distribution from affiliate company Abercrombie & Kent (A&K), to refinance existing secured debt at Intrawest Cayman L.P. and to pay for fees and expenses." "Further, concurrent with the proposed refinancing, affiliates of Intrawest's majority owner Fortress Investment Group will exchange about $1.1 billion of a total $1.4 billion (as of June 30, 2013) in principal and accrued interest of subordinated debt at Intrawest Cayman L.P., for additional equity units in Intrawest Cayman L.P. Provisions of the proposed additional equity units allow for a stated preferred return that is to be paid out before any return to existing common equity units. Nevertheless, we do not view the additional equity units as debt-like, given there is no stated maturity and it is our understanding that almost all of the additional equity units will be allocated to current holders of Intrawest Cayman L.P.'s common equity in roughly the same proportion as the common equity holdings." JAPAN VALUE: Shareholders Receive Wind-up Report ------------------------------------------------- The shareholders of Japan Value Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal at the final general meeting held on Nov. 12, 2013. LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25 ------------------------------------------------------------ The shareholders of Lehman Brothers Philippine Investments I Limited will hold their final general meeting on Nov. 25, 2013, at 12:00 noon to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher Smith Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Tel: +1 345 947 4700 Fax: +1 345 946 6728 E-mail: Christopher.Smith@KRyS-Global.com LITTLE ROCK: Shareholders' Final Meeting Set for Nov. 29 -------------------------------------------------------- The shareholders of Little Rock Ventures Inc., will hold their final meeting on Nov. 29, 2013, at 12:30 p.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: A. Lawson P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands Tel: 345-949-4800 Fax: 345-949-7164 PEP CHANNEL: Shareholders' Final Meeting Set for Nov. 29 -------------------------------------------------------- The shareholders of Pep Channel Investments GP Ltd will hold their final general meeting on Nov. 29, 2013, at 12:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Spv (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands RIVERDALE LIMITED: Shareholders' Final Meeting Set for Nov. 21 -------------------------------------------------------------- The shareholders of Riverdale Limited will hold their final meeting on Nov. 21, 2013 to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust Corporate Services (Cayman) Limited P.O. Box 32322 Grand Cayman KY1-1209 Cayman Islands ROBERTO INVESTMENT: Shareholders' Receive Wind-up Report -------------------------------------------------------- The shareholders of Roberto Investment Ltd received the liquidator's report on the company's wind-up proceedings and property disposal at the final general meeting held on Oct. 30, 2013. SONJA INVESTMENTS: Shareholders' Final Meeting Set for Nov. 21 -------------------------------------------------------------- The shareholders of Sonja Investments Ltd will hold their final meeting on Nov. 21, 2013, at 12:00 noon to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust Corporate Services (Cayman) Limited P.O. Box 32322 Grand Cayman KY1-1209 Cayman Islands Tel: (345) 640-6712 SYMPHONY CLO: Shareholders' Final Meeting Set for Nov. 29 --------------------------------------------------------- The shareholders of Symphony CLO VI, Ltd will hold their final general meeting on Nov. 29, 2013, at 11:15 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Spv (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands ============= J A M A I C A ============= DIGICEL GROUP: Owner Sets Sights on Papua New Guinea ---------------------------------------------------- RJR News reports that Digicel Group owner, Irish billionaire Denis O'Brien has set his eyes on expanding his business footprint in Papua New Guinea after one of his companies secured a US$15 million contract to roll out a high-speed fibre optic network. Mr. O'Brien's latest venture comes close to six years after Digicel Group entered the country's lucrative mobile phone market to compete against the Government-owned operator Bemobile, according to RJR News. The report relates that it is believed that the latter has over 50 per cent market share. Siera Support Services, an Ireland-based sister company of Digicel Papau New Guinea has won the contract to build the high-speed fibre optic network, the report notes. Digicel Group is a telecommunications provider with over 13 million customers across its 31 markets in the Caribbean, Central America and Asia Pacific. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Sell US$4.5BB in Bonds This Week ----------------------------------------------------------- Kejal Vyas, writing for The Wall Street Journal, reports that Venezuela state energy company Petroleos de Venezuela, or PdVSA, will sell US$4.5 billion in bonds this week in a private placement, Oil Minister Rafael Ramirez said. The securities will be sold to various funds and institutions and will carry assorted maturity dates, Mr. Ramirez told reporters without specifying details, according to The Wall Street Journal. The report notes that the minister said the debt sale, which will be the first out of Venezuela this year, will allow the company to meet its oil-industry commitments through the end of the year. The WSJ relates that the announcement comes as Venezuelan bonds have sold off hard in debt markets, along with securities from other developing countries. Bonds issued by PdVSA as well as Venezuela's central government attract high interest from investors thanks to their high yields, and related high risk, the report says. The WSJ discloses that a heavy debt issuer in years past, dollar- denominated bonds in Venezuela have often been used as a vehicle to distribute hard currency in the local economy. The bonds are sold to foreign investors after the initial sale from PdVSA, the report adds. PETROLEOS DE VENEZUELA: S&P Assigns 'B' Rating to $4.5BB Sr. Notes ------------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B' senior unsecured debt rating to Petroleos de Venezuela S.A.'s (PDVSA; B/Negative/--) $4.5 billion notes due 2026. The notes benefit from the unconditional and irrevocable guarantee of payment by PDVSA Petroleo S.A. (not rated), PDVSA's exploration-and-production subsidiary. "The rating on the notes is based on our corporate credit rating on PDVSA. The rating on PDVSA reflects, in turn, our opinion that there is an "almost certain" likelihood of government extraordinary support to PDVSA under financial distress scenarios, extraordinary financial burden under sovereign distress scenario, and our assessment of the company's 'b' stand-alone credit profile (SACP). Our assessment of an "almost certain" likelihood of extraordinary support is primarily based on PDVSA's:"Critical" role as it contributes about 50% of Venezuela's revenues and 90% of its exports, and plays a key role in meeting the sovereign's political and economic objectives and Its "integral" link with the government, given its full and stable ownership of the company and high involvement in the day-to-day operations." "Our SACP assessment, in turn, reflects the company's "weak" business risk profile due to the government's heavy intervention and the company's challenge to increase production. PDVSA's top- line growth has suffered from lower crude oil production, which the Organization of the Petroleum Exporting Countries establishes." "The rating also reflects its "aggressive" financial risk profile due to the continued rise in debt, the challenges to finance the very high capital expenditures needed to develop reserves and increase production, and considerable contributions to the government's social programs, which PDVSA increased to about $40 billion during 2012, representing 35% of its total revenues. However, the company's financial performance and main credit metrics continue to remain relatively strong during the first half of the year with a total debt to EBITDA of 1.4x and funds from operations (FFO) to total debt of 42%, compared with 1.0x and 27%, respectively, during the same period of 2012." "The rating on the proposed senior unsecured notes is also based on our expectation that the ratio of priority liabilities to total assets will remain below 15%, allowing for no structural subordination of the notes." RATINGS LIST Petroleos de Venezuela S.A. Corporate credit rating B/Negative/-- Rating Assigned Petroleos de Venezuela S.A. $4.5 billion sr. unsec. notes B ================= X X X X X X X X X ================= * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *