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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, January 23, 2014, Vol. 15, No. 16
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates ARS10.4MM Certificates B2
* Argentine Economy Minister to Meet with Paris Club This Week
B R A Z I L
MINAS GERAIS: Moody's Reviews Ba1 Debentures Rating for Downgrade
OSX BRASIL: Acciona Wins Order Preventing Sale of Unit's Shares
C A Y M A N I S L A N D S
ALCHEMIST ADVISORS: Sole Member Receives Wind-Up Report
ALCHEMIST ASIA: Sole Member Receives Wind-Up Report
BTR ASSET: Shareholder Receives Wind-Up Report
CAM LO: Shareholders Receive Wind-Up Report
CAVALRY CAPITAL: Shareholders Receive Wind-Up Report
CAVALRY MARKET: Shareholders Receive Wind-Up Report
CAVALRY MARKET OFFSHORE: Shareholders Receive Wind-Up Report
CAVALRY TECHNOLOGY: Shareholders Receive Wind-Up Report
LSE OFFSHORE: Shareholders Receive Wind-Up Report
ORION INVESTMENTS: Shareholders Receive Wind-Up Report
QUARTET FOUR: Shareholders Receive Wind-Up Report
RIVOLI HOLDINGS: Shareholder Receives Wind-Up Report
SALE CAYMAN (MP 1): Shareholders Receive Wind-Up Report
SALE CAYMAN (VLE 1): Shareholders Receive Wind-Up Report
SCIENS CLO: Shareholder Receives Wind-Up Report
SCP CHINA: Shareholders Receive Wind-Up Report
SCP INCOME: Shareholders Receive Wind-Up Report
SETA INVESTMENTS: Shareholder Receives Wind-Up Report
TYTO SCIENS: Shareholder Receives Wind-Up Report
YASASHI LEASING: Shareholders Receive Wind-Up Report
D O M I N I C A N R E P U B L I C
DOMINICAN REP: Needs US$3BB to Fix Energy Problem, Official Says
J A M A I C A
* JAMAICA: Manufacturers Concerned on Hike in Bank Charges
- - - - -
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A R G E N T I N A
=================
FIDEICOMISO FINANCIERO: Moody's Rates ARS10.4MM Certificates B2
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
has rated the new structure of Fideicomiso Financiero Bancor
Personales II, to be issued by Deutsche Bank S.A. -- acting solely
in its capacity as issuer and trustee.
Moody's notes that as of Jan. 21, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.
Moody's has withdrawn the ratings previously assigned to the CP
because the structure of the transaction has changed before
issuance and as a result the rating of CP tranche will change.
Moody's has affirmed the ratings of the Class A and Class B Debt
Securities. Moody's has assigned new ratings as follows.
- ARS36,000,000 in Class A Debt Securities (VRDA) of "Fideicomiso
Financiero Bancor Personales II", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)
- ARS4,600,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Bancor Personales II", rated Aa3.ar (sf) (Argentine
National Scale) and B2 (sf) (Global Scale, Local Currency)
- ARS10,400,000 in Certificates (CP) of "Fideicomiso Financiero
Bancor Personales II", rated B2.ar (sf) (Argentine National Scale)
and Caa2 (sf) (Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 8,830 eligible personal loans denominated in
Argentine pesos, originated by Banco de la Provincia de Cordoba
S.A., in an aggregate amount of ARS 49.999.571,61.
These personal loans are granted to pensioners and employees of
the Government of the Province of C¢rdoba in Argentina.
For approximately 62.01% of the securitized portfolio, Banco de
C¢rdoba, as payment agent, deducts the monthly loan installment
directly from the employee's or pensioner's paycheck. For the rest
of the pool, the loan installment is deduct directly from the
employee's paycheck, by the Government of the Province of Cordoba,
after receiving instructions from Banco de Cordoba.
Overall credit enhancement is comprised of subordination: 28.00%
for the VRDA and 18.80% for the VRDB. In addition the transaction
has various reserve funds and excess spread.
Factors that would lead to an upgrade or downgrade of the rating
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from the Government of Cordoba to pensioners and
employees.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
Loss and Cash Flow Analysis
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Banco de
Cordoba's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for with a mean 25% and a
coefficient of variation of 70%.
These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was modeled
by simulating the default of the Banco de Cordoba as the servicer
consistent with its current rating of B3/Baa2.ar.
In the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.
The model results showed 0.00% expected loss for VRDA, 4.23% for
VRDB and 15.73% for the Certificates.
Moody's also evaluated the back-up servicing arrangements in the
transaction. If Banco de C¢rdoba is removed as servicer, Deutsche
Bank S.A. will be appointed as the back-up servicer.
Stress Scenarios
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 8.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to Caa1 (sf) and Caa3 (sf) respectively.
* Argentine Economy Minister to Meet with Paris Club This Week
--------------------------------------------------------------
The American Task Force Argentina on Jan. 20 disclosed that
according to media reports, Argentine Economy Minister
Axel Kicillof will be in Paris this week to talk with Paris Club
members in an effort to settle Argentina's the decade-old
outstanding debts to creditor country governments.
ATFA Co-chairs Dr. Robert Shapiro and Ambassador Nancy Soderberg
issued the following the statement:
"The Argentine government has long refused to negotiate with
public creditor countries such as Germany, Japan, the United
States and the United Kingdom since its 2001 debt default and 2005
restructuring. Alongside these countries, private creditors from
around the world have been waiting patiently an opportunity to
negotiate with the country. These private lenders include
individual pensioners in many countries, including Italy, Germany,
Belgium, the United States and Argentina, as well as many
institutional investors.
"Why does the Argentine government continue to refuse to negotiate
with these private creditors? Time and again, private creditors
have asked the Argentine government to simply negotiate in good
faith on an equitable settlement. In order for such a negotiation
to occur, both sides must be willing to cooperate, and the
Argentine government has remained intransigent."
About the American Task Force Argentina
The American Task Force Argentina (ATFA) is an alliance of
organizations united for a just and fair reconciliation of the
Argentine government's 2001 debt default and subsequent
restructuring. Its members work with lawmakers, the media, and
other interested parties to encourage the United States government
to vigorously pursue a negotiated settlement with the Argentine
government in the interests of American stakeholders.
===========
B R A Z I L
===========
MINAS GERAIS: Moody's Reviews Ba1 Debentures Rating for Downgrade
-----------------------------------------------------------------
Moody's America Latina placed on review for possible downgrade the
Ba1 (sf) (Global Rating) and Aa2.br (sf) (National Scale Rating)
of the 3rd Issuance of Senior Debentures Backed by Re-performing
ICMS taxes issued by MGI- Minas Gerais Participacoes (MGI or the
Issuer). The rating action is driven by a deterioration in the
deal's performance that led to several breaches of the minimum
debt service coverage ratio (DSCR), and reporting inconsistencies.
Issuer: MGI - Minas Gerais Participacoes S.A. 3rd Issuance of
Debentures Backed by Re-performing ICMS Taxes
Senior Debenture, Ba1 (sf)/Aa2.br (sf) Placed Under Review for
Possible Downgrade; previously on Nov 26, 2012 Definitive Rating
Assigned Ba1 (sf)/Aa2.br (sf)
The senior debentures are backed by the right to receive 60% of
collections resulting from monthly payments of renegotiated ICMS
taxes (Imposto sobre Operacoes Relativas a Circulacao de
Mercadorias e Prestacao Servi‡os de Transporte Interestadual e
Intermunicipal e de Comunicacao) originally owed to the State of
Minas Gerais.
Ratings Rationale
The review for possible downgrade is based on the following
factors:
a) Deal Performance. The transaction has performed below Moody's
original expectations. As of November 2013, collections have been
approximately 5.9% lower than Moody's stress scenario.
b) Breach of Debt Service Coverage Ratio. According to the trustee
reports, the DSCR was below the minimum required level (1.8x) in
April, June and September 2013. An evaluation event occurred in
September 2013, given that the trigger was below the minimum level
during three alternative times during a twelve-month period. In
December 2013, investors decided to waive April's DSCR breach, and
did not declare an early amortization event. Finally, in November
2013, the DSCR was again below the minimum required level. On
January 23, 2014, investors will meet to decide whether the
transaction should enter into early amortization. In the context
of a deterioration of the portfolio's performance, Moody's
believes than an early amortization of the transaction would be
credit positive.
c) Reporting Inconsistencies:
a. In June 2013, the Asset Coverage Ratio (ACR) was below the
minimum required level (200%). The ACR is a measure of the level
of overcollateralization in the transaction, as it compares the
performing receivables to the outstanding debt securities'
balance. According to the issuer, there was a miscalculation in
the ACR, as delinquent receivables were deducted twice from the
asset base. Investors requested a third party audit to confirm the
issuer's statement . Crowe Horwath performed a review of the
calculation process and confirmed that the ACR remained in
formula. Investors approved the audit report in November 2013. As
of November 2013, and according to the updated calculation, the
ACR was at 319.15%.
b. In November 2013's servicer report provided by the trustee,
Moody's detected an increase in the amount of receivables due
after the legal final maturity of the transaction (August 2017).
This was unexpected, given the static nature of the underlying
pool of securitized receivables. Also, Moody's noticed a decrease
in the amount of delinquent receivables and a corresponding
increase in the amount of performing collateral. The issuer
confirmed that the terms of some loans have been modified. Moody's
notes that the transaction documents establish that should the
State of Minas Gerais modify or refinance a delinquent loan, it
has to indemnify investors, however it is not clear in the
servicer report, as of November 2013, that this has in fact
occurred.
During the review period, Moody's will focus on the performance of
the collateral, the consistency of the servicer reports and
portfolio performance.
MGI is a public limited company controlled by the State of Minas
Gerais (MG) which holds a direct participation of 99.8% in MGI as
of March 31, 2012. The issuer rating of MG is Baa3 in the global
scale. MGI is not rated by Moody's.
The principal methodology used in this rating was "Moody's
Approach to Rating Future Receivables Transactions" published in
May 2013.
Although the underlying assets were existing at closing, the
approach used to monitor the transaction cash flows, follows the
future receivables methodology.
Factors that would lead to an upgrade or downgrade of the rating
Factors that would lead to a downgrade would be, among others:
further deterioration of the collateral performance, repeated
breaches of the DSCR and continued inconsistencies in the
portfolio reporting.
OSX BRASIL: Acciona Wins Order Blocking Sale of OSX Leasing Shares
------------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that Spanish
construction company Acciona S.A. has won a court order preventing
the sale of shares of Netherlands-based OSX Leasing, said
Acciona's lawyer Leonardo Pietro Antonelli, a partner at Rio de
Janeiro-based Antonelli e Advogados Associados.
OSX Leasing is a subsidiary of shipbuilding firm OSX Brasil S.A .
OSX has been trying to sell its large oil drilling platforms to
raise cash, according to Daily Bankruptcy Review.
As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2013, Reuters said that OSX Brasil SA Chief Financial
Officer Claudio Antonio da Silva Zucker said the company expected
a deal in the coming days to delay an interest payment on bonds
sold to finance an oil production ship, a move that will help the
ailing Brazilian shipbuilder move ahead with a restructuring plan.
A deal will allow OSX SA, controlled by tycoon Eike Batista, to
put off a Dec. 20 interest payment on US$500 million of 9.25%
bonds due in 2015.
Reuters reported on Dec. 5 that 95% of the holders of the
securities had agreed to delay the Dec. 20 payment, worth about
US$11.6 million. One of the conditions is that OSX give up
control, but not ownership, of the OSX-3 ship that secured the
bonds to a captain and crew under the control of creditors,
sources told Reuters at that time.
OSX Brasil, which operates a shipyard north of Rio de Janeiro,
filed for protection from creditors in November on liabilities of
BRL5.34 billion (US$2.30 billion). OSX Brasil, part of Mr.
Batista's troubled Grupo EBX, filed for bankruptcy after Oleo e
Gas Participacoes SA, formerly known as OGX Petroleo e Gas
Participacoes, filed for bankruptcy Oct. 30, according to Reuters.
Reuters notes that the bankruptcy petition left OSX's ship-leasing
unit, which owns three floating, production, storage and
offloading (FPSO) ships, out of the petition as it seeks buyers
for the ships and deals with bondholders and banks that financed
them.
A deal to sell the OSX-2 FPSO, which is in storage in Malaysia,
could be complete in the first half of 2014, Mr. Zucker said,
Reuters relates. OSX is renegotiating its US$263,000 a day lease-
fee on the OSX-1 in Tubarao Azul, Mr. Zucker added.
==========================
C A Y M A N I S L A N D S
==========================
ALCHEMIST ADVISORS: Sole Member Receives Wind-Up Report
-------------------------------------------------------
The sole member of Alchemist Advisors Limited received on Dec. 24,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
Michael C. Lindsay
11 Frensham House
Claremont Road
Surbiton, Surrey KT6 4RG
United Kingdom
ALCHEMIST ASIA: Sole Member Receives Wind-Up Report
---------------------------------------------------
The sole member of The Alchemist Asia Fund Ltd received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Michael C. Lindsay
11 Frensham House
Claremont Road
Surbiton, Surrey KT6 4RG
United Kingdom
BTR ASSET: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of BTR Asset Management Limited received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Ogier
c/o Jonathan Turnham
Telephone: (345) 815-1839
Facsimile: (345) 949-9877
CAM LO: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of Cam Lo Offshore, Ltd received on Dec. 24,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
John Milani
Two Embarcadero Center
Suite 600, San Francisco
California
United States of America 94111
Telephone: (415) 297-3201
CAVALRY CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Cavalry Capital Appreciation Offshore, Ltd
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is
John Milani
Two Embarcadero Center
Suite 600, San Francisco
California
United States of America 94111
Telephone: (415) 297-3201
CAVALRY MARKET: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cavalry Market Neutral Institutional, Ltd
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is
John Milani
Two Embarcadero Center
Suite 600, San Francisco
California
United States of America 94111
Telephone: (415) 297-3201
CAVALRY MARKET OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Cavalry Market Neutral Offshore, Ltd received
on Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
John Milani
Two Embarcadero Center
Suite 600, San Francisco
California
United States of America 94111
Telephone: (415) 297-3201
CAVALRY TECHNOLOGY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Cavalry Technology Offshore, Ltd received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
John Milani
Two Embarcadero Center
Suite 600, San Francisco
California
United States of America 94111
Telephone: (415) 297-3201
LSE OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of LSE Offshore SPV, Ltd received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
ORION INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Orion Investments III Limited received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Gerald Yung
Harvest Capital Partners Limited
37th Floor, China Resources Building
26 Harbour Road, Wanchai
Hong Kong
QUARTET FOUR: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Quartet Four Limited received on Dec. 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
RIVOLI HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Rivoli Holdings Ltd. received on Dec. 24, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is
Christopher P. Meyering
667 Madison Avenue
New York
New York 10065, USA
SALE CAYMAN (MP 1): Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sale Cayman (MP 1) Limited received on
Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
SALE CAYMAN (VLE 1): Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Sale Cayman (VLE 1) Limited received on
Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
SCIENS CLO: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Sciens Clo Holdings Series I 2010 Ltd received
on Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Christopher P. Meyering
667 Madison Avenue
New York
New York 10065, USA
SCP CHINA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SCP China Real Estate Capital Partner II
Limited received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is
Gerald Yung
Harvest Capital Partners Limited
37th Floor, China Resources Building
26 Harbour Road, Wanchai
Hong Kong
SCP INCOME: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of SCP Income Fund CI Limited received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is
Gerald Yung
Harvest Capital Partners Limited
37th Floor, China Resources Building
26 Harbour Road, Wanchai
Hong Kong
SETA INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Seta Investments Inc received on Dec. 30, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is
Alexander Furth
c/o Arcadia Group Ltd.
P.O. Box 10300 Grand Cayman KY1-1003
Cayman Islands
Telephone: (345) 945 1830
TYTO SCIENS: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Tyto Sciens SPV I Ltd received on Dec. 24,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
Christopher P. Meyering
667 Madison Avenue
New York
New York 10065, USA
YASASHI LEASING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Yasashi Leasing Limited received on Dec. 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REP: Needs US$3BB to Fix Energy Problem, Official Says
----------------------------------------------------------------
Dominican Today reports that more than US$3 billion is needed to
solve the electricity problem, of which US$1.95 billion is
already being used to build two coal-fired plants near Bani
(south); US$1 billion for the distributor units and US$500 million
to improve the power lines.
The estimates are from Ruben Jimenez Bichara, chief executive
officer of the Dominican Republic's State-owned Electric Utility
(CDEEE), who said if those plans are executed within the
established period, the country's energy system will be stable
within six years, according to Dominican Today.
The report notes that Mr. Jimenez said the Electricity Pact to be
signed between the Government and the sector's key players (power
companies, business sector and civil society), planned for April
or May, will ensure the implementation of the work plan designed
for that purposes and its sustainability.
"Any job well done and which solves the problem permanently and
also justified. When there's a pact that engages its agents it
will guarantee that the plan can be concluded," the official,
interviewed by elcaribe.com.do, said, the report relates.
=============
J A M A I C A
=============
* JAMAICA: Manufacturers Concerned on Hike in Bank Charges
----------------------------------------------------------
RJR News reports that the Jamaica Manufacturers Association (JMA)
is raising concern about the findings of a study which revealed a
sharp increase in service charges by commercial banks.
In an interim report to Parliament, the Bank of Jamaica said last
year commercial banks and other financial institutions made
several adjustments in fees and transaction charges, according to
RJR News.
Brian Pengelley, JMA President, responding to the revelation, told
RJR News that this was a troubling development, given the
implications for the private sector. Mr. Pengelley, the report
notes, said it will, among other things, adversely affect the cost
of doing business.
"Anything that is adding costs at this time . . . for
manufacturers is almost unacceptable. We are all struggling to
produce effectively as a country, compete external, provide our
local consumers with value and all of these things just keep
adding up and adding costs to manufacturing in Jamaica and make us
even more uncompetitive," the report quoted Mr. Pengelley as
saying.
The report notes that the two major debt exchanges in Jamaica
resulted in a loss of earnings for the financial institutions and
Parliamentarians and others concerned about the hike in fees and
charges, believe this might have been a direct result of the drop
in earnings.
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2014. 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 * * *