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/raid1/www/Hosts/bankrupt/TCRLA_Public/140131.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 Friday, January 31, 2014, Vol. 15, No. 22 Headlines B R A Z I L BANCO PSA: Moody's Affirms Rating on Senior Unsecured Debt Ba2 BANCO PSA: Moody's Affirms Currency Deposit Ratings 'Ba2' OGX PETROLEO: BlackRock Says It's No Longer Part of Creditor Group * BRAZIL: Unemployment Rate in December Falls to Record Low C A Y M A N I S L A N D S 360 GLOBAL: Commences Liquidation Proceedings ADVISION MEDIA: Placed Under Voluntary Wind-Up AERO LTD: Commences Liquidation Proceedings GLOBAL MANAGED: Shareholder Receives Wind-Up Report GOLD ALLIANCE: Commences Liquidation Proceedings GONDWANA FUND: Placed Under Voluntary Wind-Up GREEN ALLIANCE: Commences Liquidation Proceedings HELIUM ASSET: Commences Liquidation Proceedings J. ZOROASTER: Commences Liquidation Proceedings JEMEKK TOTAL: Placed Under Voluntary Wind-Up L CAPITAL: Commences Liquidation Proceedings LONGWOOD FINANCE: Placed Under Voluntary Wind-Up MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up PANTHERA/FUNDING: Shareholder Receives Wind-Up Report PRINCETON ASIA: Placed Under Voluntary Wind-Up RAIL HOLDINGS: Shareholder Receives Wind-Up Report SKYSILVER LIMITED: Commences Liquidation Proceedings SOMERSET LTD: Placed Under Voluntary Wind-Up TAS ENERGY: Commences Liquidation Proceedings J A M A I C A SAGICOR LIFE: Pays J$9.5 Billion for RBC Royal M E X I C O DESARROLLADORA HOMEX: May Benefit From Revised Bankruptcy Law - - - - - =========== B R A Z I L =========== BANCO PSA: Moody's Affirms Rating on Senior Unsecured Debt Ba2 -------------------------------------------------------------- Moody's America Latina has affirmed Banco PSA Finance Brasil S.A.'s (Banco PSA) long-term local-currency senior unsecured debt rating of Ba2, assigned to its issuance of "Letras Financeiras". At the same time, Moody's has also affirmed the long-term Brazilian national scale senior unsecured debt rating of Aa3.br. The outlook on the debt rating was changed to negative from stable in line with the negative outlook on Banco PSA's global and national scale deposit ratings. The following ratings were affirmed: Long-term Global Local-Currency Senior Unsecured Debt Rating: Ba2, with negative outlook Long-term Brazilian National Scale Senior Unsecured Debt Rating: Aa3.br, with negative outlook Ratings Rationale Moody's explained that the local-currency senior unsecured debt rating derives from Banco PSA's Ba2 global local-currency deposit rating, which in turn incorporates the bank's standalone credit rating of D- (equivalent to ba3 in the global rating scale), as well as Moody's assessment of a high probability of support that would be forthcoming from its French owner, Banque PSA Finance. The seniority is taken into consideration in the assignment of debt ratings. For a detailed consideration of Moody's action on Banco PSA's ratings, please refer to the press release dated 29 January 2014 "Moody's affirms Banco PSA Finance Brasil's ratings; negative outlook on supported ratings". The last rating action on Banco PSA's senior unsecured debt was on 18 April 2013, when Moody's downgraded Banco PSA's local-currency senior unsecured debt rating to Ba2, from Ba1, and the national scale senior unsecured debt rating to Aa3.br, from Aa2.br. The ratings on these notes had stable outlook. Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo, Brazil, and had total assets of BRL3.32 billion ($1.5 billion) and total equity of BRL370 million ($167.5 million) as of 30 June 2013. BANCO PSA: Moody's Affirms Currency Deposit Ratings 'Ba2' --------------------------------------------------------- Moody's Investors Service has affirmed Banco PSA Finance Brasil S.A.'s (Banco PSA) baseline credit assessment (BCA) of ba3, which is equivalent to a bank financial strength of D-. Moody's has also affirmed the bank's global local and foreign currency deposit ratings of Ba2 and Not-Prime, long- and short-term, respectively, and the Brazilian national scale deposit ratings of Aa3.br and BR- 1, long- and short-term, respectively. At the same time, Moody's has changed to negative from stable the outlook on Banco PSA's long-term deposit and debt ratings, in line with the negative outlook on the unsupported ratings of its French parent Banque PSA Finance. The outlook on Banco PSA's bank financial strength remains stable. The following ratings of Banco PSA Finance Brasil were affirmed: Bank financial strength: D-, with stable outlook, which maps to a standalone baseline credit assessment of ba3; Long-term global local-currency deposit rating: Ba2, with negative outlook; Long-term foreign-currency deposit rating: Ba2, with negative outlook; Long-term Brazilian national scale deposit rating: Aa3.br, with negative outlook; Short-term global local-currency deposit rating: Not Prime; Short-term foreign-currency deposit rating: Not Prime; Short-term Brazilian national scale deposit rating: BR-1 RATINGS RATIONALE The affirmation of Banco PSA's unsupported ratings at D-/ba3 reflects the bank's franchise as a captive finance operation of Peugeot and Citroen in Brazil. The bank's ratings are constrained by earnings profile that shows inherently low diversification, in line with the bank's narrow portfolio of products, comprised of auto loans to individuals and floor-plan financing to car dealers. The bank's wholesale funding structure also limits ratings, given its intrinsically high concentration in terms of deposits and reliance on a small number of institutional depositors, which pressures funding costs upwards. Management made efforts to improve funding diversification by issuing long-tenor banknotes in the domestic market in 2012. In affirming the ratings, Moody's also acknowledges the bank's high capital levels, which appear adequate to cushion against non- performing loans and complement its modest reserve position while supporting loan growth in recent years. However, Moody's highlights the recent and expected volatility in the bank's financial metrics, particularly profitability and asset quality, which reflects the strategic repositioning of Banco PSA's franchise and business targets. The bank intends to focus on higher quality clients, in line with the automakers' plan to increase mark-up on its products, and to concentrate future growth on loans originated within its own client base, which will reflect favorably in its penetration rate. We, therefore, expect Banco PSA to reestablish a track record of consistent profitability under its new strategy. The negative outlook on Banco PSA's supported ratings derives from the negative outlook on the standalone bank financial strength (D/ba2) of its parent Banque PSA Finance (France). The Brazilian subsidiary's Ba2 long-term deposit rating incorporates one notch of uplift from its standalone ba3 credit assessment to reflect Moody's view of a high probability of parental support in the event of stress, based on the subsidiary and parent's shared strategic focus. The last rating action on Banco PSA Finance Brasil S.A. was on 18 April 2013, when Moody's downgraded the bank's global local and foreign currency deposit ratings to Ba2, from Ba1, and national scale deposit rating to Aa3.br, from, Aa2.br. The standalone bank financial strength of D-, which maps to a ba3 in the global rating scale, remained unchanged, as did all the bank's short-term ratings. The outlook on all ratings assigned to Banco PSA was stable. Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo, Brazil, and had total assets of BRL3.32 billion ($1.5 billion) and total equity of BRL370 million ($167.5 million) as of 30 June 2013. OGX PETROLEO: BlackRock Says It's No Longer Part of Creditor Group ------------------------------------------------------------------ Luciana Magalhaes at Dow Jones & Company, Inc. reports that investment management firm BlackRock Inc. said it is no longer part of a creditors group set to participate in the restructuring plan of Eike Batista's bankrupt Oleo e Gas Participacoes SA formerly known as OGX Petroleo e Gas Participacoes SA. As reported in the Troubled Company Reporter-Latin America on Jan. 29, 2014, Reuters said that Oleo e Gas received court authorization to use its assets to guarantee a loan critical to keeping the company in operation. Gilberto Clovis Faria Matos, the judge handling Oleo e Gas' bankruptcy protection filing, ruled that company assets may be used as collateral for up to $200 million of debtor-in-possession, or DIP, financing, according to documents filed with the Rio de Janeiro state court of justice, says Reuters. The TCRLA, on Jan. 28, 2014, citing Daily Bankruptcy Review, reported that Oleo e Gas Participacoes SA said bondholders had agreed to extend a deadline to finalize a restructuring deal until Jan. 31. OGP and bondholders had originally set a Friday deadline to reach a deal on additional financing to maintain the firm's operations, according to Daily Bankruptcy Review. The report related that OGP was then expected to submit its restructuring plan to a Rio de Janeiro bankruptcy court. 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. OGX filed for bankruptcy in a business tribunal in Rio de Janeiro on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The bankruptcy filing puts $3.6 billion of dollar bonds into default in the largest corporate debt debacle on record in Latin America. The filing by the oil company that transformed Eike Batista into Brazil's richest man followed a 16-month decline that wiped out more than $30 billion of his personal fortune. 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. * BRAZIL: Unemployment Rate in December Falls to Record Low ----------------------------------------------------------- David Biller at Bloomberg News reports that Brazil's unemployment rate in December fell to a record low, adding inflation pressure even as the central bank continues raising interest rates. Swap rates rose. The jobless rate fell to 4.3 percent from 4.6 percent in November, the national statistics agency said, according to Bloomberg News. That was lower than forecast by 31 economists surveyed by Bloomberg, whose median estimate was 4.4 percent. Bloomberg News notes that joblessness remained near record lows all last year and helped stoke inflation, which exceeded the government's target for the fourth straight year. Bloomberg news relates that the central bank has responded by raising the benchmark rate in seven successive monetary policy meetings. The data reinforce the likelihood of another 50 basis-point increase, according to Neil Shearing, chief emerging-markets economist at Capital Economics Ltd., Bloomberg News relays/ Swap rates on the contract maturing in January 2015, the most traded in Sao Paulo Jan. 30, 2014, rose six basis points, or 0.06 percentage point, to 11.49 percent at 10:15 a.m. local time. ========================== C A Y M A N I S L A N D S ========================== 360 GLOBAL: Commences Liquidation Proceedings --------------------------------------------- On Dec. 6, 2013, the sole shareholder of 360 Global Capital Ltd resolved to voluntarily liquidate 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: Enrique Abeyta Walkers 190 Elgin Avenue George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 ADVISION MEDIA: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 20, 2013, the sole shareholder of Advision Media Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2014, will be included in the company's dividend distribution. The company's liquidator is: Cheng Haixia Building 804, No.5, Lane 91 Jianguo West Road, Huangpu District Shanghai, PRC Telephone: (021) 5123 2019 Facsimile: (021) 5153 2031 AERO LTD: Commences Liquidation Proceedings ------------------------------------------- On Dec. 3, 2013, the sole shareholder of Aero Ltd resolved to voluntarily liquidate 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: Marcio de Almeida Libanio Avenida Brigadeiro Faria Lima, 2170 Putim - Sao Jose dos Campos Sao Paulo, 12.227-901 Brazil Telephone: (345) 914 6365 GLOBAL MANAGED: Shareholder Receives Wind-Up Report --------------------------------------------------- On Jan. 7, 2014, the shareholder of Global Managed Futures Strategy CFC received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Dec. 13, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands GOLD ALLIANCE: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 3, 2013, the sole shareholder of Gold Alliance Limited resolved to voluntarily liquidate 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: Marcio de Almeida Libanio Avenida Brigadeiro Faria Lima, 2170 Putim - Sao Jose dos Campos Sao Paulo, 12.227-901 Brazil Telephone: (345) 914 6365 GONDWANA FUND: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 3, 2013, the sole shareholder of Gondwana Fund Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Reference: GL Telephone: +1 (345) 769 4422 Facsimile: +1 (345) 769 9351 Landmark Square, 1st Floor, 64 Earth Close West Bay Beach P.O. Box 715, George Town Grand Cayman KY1-1107 Cayman Islands GREEN ALLIANCE: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 3, 2013, the sole shareholder of Green Alliance Limited resolved to voluntarily liquidate 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: Marcio de Almeida Libanio Avenida Brigadeiro Faria Lima, 2170 Putim - Sao Jose dos Campos Sao Paulo, 12.227-901 Brazil Telephone: (345) 914 6365 HELIUM ASSET: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 4, 2013, the shareholders of Helium Asset Management resolved to voluntarily liquidate 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: Syquant Capital Laurent Boscherel c/o Syquant Capital 67 rue la Boetie, 75008 Paris France Telephone: +331.42.56.56.27 J. ZOROASTER: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 2, 2013, the sole member of J. Zoroaster Co. Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 28, 2014, will be included in the company's dividend distribution. The company's liquidator is: Lion International Management Limited Craigmuir Chambers, P.O. Box 71, Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 JEMEKK TOTAL: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 4, 2013, the sole shareholder of Jemekk Total Return Canada Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Ltd. Reference: GL Telephone: +1 (345) 769 4422 Facsimile: +1 (345) 769 9351 Landmark Square, 1st Floor 64 Earth Close West Bay Beach P.O. Box 715, George Town Grand Cayman KY1-1107 Cayman Islands L CAPITAL: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Dec. 5, 2013, the shareholders of L Capital EWJ Cayman Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2014, will be included in the company's dividend distribution. The company's liquidator is: Muhammad Aslam Koomar Ebene Esplanade, 5th Floor 24 Cybercity Ebene Mauritius Telephone: +230 401 2359 Facsimile: +230 401 2301 LONGWOOD FINANCE: Placed Under Voluntary Wind-Up ------------------------------------------------ On Nov. 29, 2013, the sole shareholder of Longwood Finance Fund International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 6, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815 1418 Facsimile: (345) 949 877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up ------------------------------------------------- At an extraordinary meeting held on Nov. 1, 2013, the shareholders of Maystone Holdings Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Dwight Dube Michael Wheaton Telephone (345) 640 5555 PO Box 31661 2 Floor, Regatta Office Park Windward III Grand Cayman KY1-1207 Cayman Islands PANTHERA/FUNDING: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Jan. 7, 2014, the shareholder of Panthera/Funding Cayman Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Dec. 13, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands PRINCETON ASIA: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 4, 2013, the shareholders of Princeton Asia (Cayman) Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Trident Liquidators (Cayman) Ltd c/o Mrs Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town, Grand Cayman KY1-1103 Cayman Islands RAIL HOLDINGS: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Rail Holdings Ltd. received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Dec. 3, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands SKYSILVER LIMITED: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 3, 2013, the sole shareholder of Skysilver Limited resolved to voluntarily liquidate 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: Marcio de Almeida Libanio Avenida Brigadeiro Faria Lima, 2170 Putim - Sao Jose dos Campos Sao Paulo, 12.227-901 Brazil Telephone: (345) 914 6365 SOMERSET LTD: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 4, 2013, the sole shareholder of Somerset Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 10, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815 1802 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands TAS ENERGY: Commences Liquidation Proceedings --------------------------------------------- On Nov. 12, 2013, the shareholders of Tas Energy China Limited resolved to voluntarily liquidate 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: Zheng Shi Unit 5-1-1501 Guanhu Guoji No. 88 East Fourth Ring Road North Beijing 100022 Telephone (+86) 10 5109 6188 ============= J A M A I C A ============= SAGICOR LIFE: Pays J$9.5 Billion for RBC Royal ---------------------------------------------- RJR News reports that Sagicor Group is paying J$9.5 billion for the purchase of Royal Bank of Canada's Jamaican holding, RBC Royal Bank. Senior Officials of Sagicor, led by Chairman R. Danny Williams and President Richard Byles, provided the details of the transaction, notes the report. It was revealed that negotiations started in November with RBC's parent company and were concluded Jan. 28, according to RJR News. President Byles, the report notes, revealed that the balance sheet of the institution will be worth more than the $9.5 billion being paid and that his company will not be assuming any of the bad debts that had been incurred by RBC Royal Bank. The merger will likely result in some branch closures and staff cuts, the report says. Headquartered in St. Michael, Barbados, Sagicor Life Inc. -- http://www.sagicorlife.com/-- is a financial services company, and through its subsidiaries, offers life and health insurance, annuities, pensions, property and casualty insurance, and banking services in the Caribbean, Latin America, the United Kingdom, and the United States. Its Sagicor Life Inc segment offers life and health insurance, annuities, and pension investment administration services in Barbados, Eastern Caribbean, Dutch Caribbean, Bahamas, Central America, and Trinidad and Tobago. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2013, Standard & Poor's Ratings Services said that the 'BB+' financial strength and counterparty credit ratings on Sagicor Life Inc. (Sagicor) and its 'BB-' issue-level ratings on Sagicor Finance Ltd. remain on CreditWatch with negative implications where S&P placed them on Feb. 13, 2012. =========== M E X I C O =========== DESARROLLADORA HOMEX: May Benefit From Revised Bankruptcy Law ------------------------------------------------------------- Jonathan Levin at Bloomberg News reports that there are speculations that Desarrolladora Homex SAB, Mexico's biggest homebuilder by sales until it defaulted on debt last year, will benefit from a revised bankruptcy law. Investors are betting that the new rules will make it easier for Homex SA to recover after a change in government housing policy resulted in a cash hemorrhage and halted most of its operations, according to Aldo Miranda, a trader at Intercam Casa de Bolsa SA, according to Bloomberg News. New bankruptcy rules signed into law this month let companies apply for protection from creditors before their finances become dire, according to a summary of the bill published by the Finance Ministry on its website, Bloomberg News relates. Homex "has many tools to not be delisted and to eventually increase profitability," Mr. Miranda said in an e-mailed response to questions, Bloomberg News notes. About Desarrolladora Homex Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) -- http://www.homex.com.mx/-- is a vertically integrated home development company focused on affordable entry-level and middle- income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex is the largest homebuilder in Mexico, based on revenues, number of homes sold and net income. * * * As reported in the Troubled Company Reporter-Latin America on April 18, 2013, Fitch Ratings downgraded Desarrolladora Homex, S.A.B. de C.V.'s ratings as: -- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-'; -- Local currency IDR to 'B' from 'BB-'; -- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-'; -- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-'; -- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'. The ratings remain on Rating Watch Negative. *********** 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 * * *