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/raid1/www/Hosts/bankrupt/TCRLA_Public/141016.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, October 16, 2014, Vol. 15, No. 205 Headlines A R G E N T I N A TMF TRUST: Moody's Assigns 'Caa3.ar' Rating on ARS22.8 in Certs. B A R B A D O S BARBADOS: Seen Needing IMF Help Amid No Growth, High Debt B R A Z I L BRAZIL: Minister Criticizes Loan to Espirito Santo Unit CIMENTO TUPI: S&P Affirms 'B' Global Scale CCR; Outlook Negative C A Y M A N I S L A N D S A.A.M. INVESTMENTS: Placed Under Voluntary Wind-Up ALM LOAN: Creditors' Proofs of Debt Due Oct. 22 CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up CONTRARIAN EUROPEAN: Placed Under Voluntary Wind-Up EME PARTNERS: Placed Under Voluntary Wind-Up EMERALT EMERGING: Placed Under Voluntary Wind-Up ENDEAVOR CAYMAN: Creditors' Proofs of Debt Due Oct. 22 FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 22 MARBLETON GRDC: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: September Prices Climb 0.19%, Paced by Foods DOMINICAN REP: Gov't Delays Hobble Competitiveness, Exporters Warn J A M A I C A JAMAICA: Still Plans to Float Diaspora Bond T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Holds Talks in Tobago on Boosting Airbridge X X X X X X X X X * Global Signs of Slowdown Ripple Across Markets - - - - - ================= A R G E N T I N A ================= TMF TRUST: Moody's Assigns 'Caa3.ar' Rating on ARS22.8 in Certs. ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has rated Fideicomiso Financiero Pvcred Serie XXI. This transaction will be issued by TMF Trust Company (Argentina) S.A. -- acting solely in its capacity as issuer and trustee. The securities for this transaction have not yet been placed in the market. The transaction is pending approval from the Comision Nacional de Valores, if any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. ARS 53,798,000 in Class A Floating Rate Debt Securities (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXI", rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local Currency) ARS 4,891,000 in Class B Floating Rate Debt Securities (VRDB TV) of "Fideicomiso Financiero Pvcred Serie XXI", rated Ba3.ar (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale, Local Currency) ARS 22,823,000 in Certificates (CP) of "Fideicomiso Financiero Pvcred Serie XXI", rated Caa3.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale, Local Currency). Ratings Rationale The rated securities are payable from the cashflow coming from the assets of the trust, which is an amortizing pool of approximately 10,304 eligible personal loans denominated in Argentine pesos, bearing fixed interest rate, originated by Pvcred, a financial company owned by Comafi's Group in Argentina. Only the installments due after February 28, 2015 will be assigned to the trust. The VRDA TV will bear a floating interest rate (BADLAR plus 400bps). The VRDA TV's interest rate will never be higher than 32% or lower than 20%. The VRDB will also bear a floating interest rate (BADLAR plus 500bps). The VRDB TV's interest rate will never be higher than 34% or lower than 22%. Overall credit enhancement is comprised of subordination, various reserve funds and excess spread. The transaction has initial subordination levels of 29.38% for the VRDA TV and 22.96% for the VRDB TV, calculated over the pool's principal balance as August 31, 2014. The subordination levels will increase overtime due to the turbo sequential payment structure. The transaction will have a grace period for principal and interest until April 2015. The transaction also benefits from an estimated 48.47% annual excess spread, before considering losses, taxes or prepayments and calculated at the caps of 32% for the VRDA TV and 34% for the VRDB TV. 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. Although Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, the actual performance of the securitized pool may be affected, among others, by the economic activity, high inflation rates compared with nominal salaries increases and the unemployment rate in Argentina. 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 Pvcred 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. Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, ranging from January 2007 to August 2014. Moody's believes that inflation will accelerate and that nominal increases in salaries and pensions will not keep up with inflation. A decline in real income will deteriorate the credit quality of peso-denominated collateral like the personal loans securitized in this transaction. As a result, Moody's has increased some of the default assumptions in the securitized pools to account for this scenario. Moody's notes that there is significant uncertainty around key macroeconomic variables in Argentina, including inflation rates, salary increases compared to inflation, and economic activity, which have an impact on future performance of this transaction. In assigning the rating to this transaction, Moody's assumed a lognormal distribution of losses for each one of the different securitized subpools : for the PVCred and "Cuotas Bonificadas" loans, a mean of 18% and a coefficient of variation of 60%; and for the "Cuota Ya" loans, a mean of 28% and a coefficient of variation of 60%. Also, Moody's assumed a lognormal distribution for prepayments with a mean of 45% and a coefficient of variation of 70%. Servicer default was modeled by simulating the default of Banco Comafi as the servicer consistent with its current rating of Caa1/Baa1.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 1.27% expected loss for Class A Floating Rate Debt Securities, a 18.52% for the Class B Floating Rate Debt Securities and 42.82% for the Certificates. Moody's also evaluated the back-up servicing arrangements in the transaction. If Pvcred is removed as collection agent, Banco Comafi will be appointed as the back-up collection agent. Stress Scenarios: Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 6% from the base case scenario, the ratings of the Class A Floating Rate Securities, the Class B Floating Rate Securities and of the Certificates would likely be downgraded to B2 (sf), Caa3 (sf) and Ca (sf) respectively. The principal methodology used in this rating was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in September 2014. Moody's National Scale Credit 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 credit 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings". =============== B A R B A D O S =============== BARBADOS: Seen Needing IMF Help Amid No Growth, High Debt --------------------------------------------------------- Aleem Khan at Bloomberg News reports that Barbados business leaders and economists said the Caribbean island should seek an accord with the International Monetary Fund as the government struggles to spur an economy with one of the world's heaviest debt burdens. Efforts by the government to trim the public sector by firing 3,000 workers and reining in spending failed to spark growth in the first half of the year in a country with a debt load equal to 96 percent of gross domestic product, according to Bloomberg News. That prompted the Barbados Chamber of Commerce to say the government should consider talks with the IMF. "We have all the costs of an IMF program already, without the benefits of a loan or stand-by agreement to provide financing for any temporary shortfalls," Bloomberg News quoted Avinash Persaud, a Barbados-born economist and chairman of London-based investment bank Elara Capital, as saying. Barbados's government is using more than 15 percent of tax revenue to pay interest on its debt, Standard & Poor's said in a July report in which it predicted no growth for the $4.2 billion economy, Bloomberg News says. While local banks have cash to lend, there is a reluctance on the part of investors that is stifling growth, said Mr. Persaud, Bloomberg News relates. "The absence of a long-term growth plan that has the confidence of business is part of the short-term problem as businesses seek to hoard foreign exchange and delay investment," Mr. Persaud added, notes the report. Debt Profile Yields on Barbados's 2022 dollar bonds have tumbled to about 8.2 percent this month after spiking to nearly 10 percent in February, when the IMF said the country's debt burden posed a "significant" risk to the economy, discloses Bloomberg News. The yield rose 3 basis points to 8.26 percent at 10:06 a.m. New York time on Oct. 14. Most of Barbados's debt is local, and the amortization profile of its external debt is "manageable and relatively smooth over next two years," according to Richard Francis, a Caribbean analyst with Standard & Poor's, the report relates. The company rates Barbados BB-, three levels below investment grade and in the same category as Nigeria and Jordan. According to Bloomberg News, Lisa Gale, executive director of the Chamber of Commerce, said it would be better to start talks on an IMF plan now rather than wait for things to possibly worsen. Ms. Gale added that she doesn't believe the country of 280,000 people needs a bailout from the Washington-based lender. "We're not necessarily saying 'go to the IMF,' but look at it," Ms. Gale said in an Oct. 6 phone interview with Bloomberg News. "Now is the time for discussion." =========== B R A Z I L =========== BRAZIL: Minister Criticizes Loan to Espirito Santo Unit ------------------------------------------------------- Rogerio Jelmayer and Jeffrey T. Lewis at Daily Bankruptcy Review report that the EUR897 million (US$1.14 billion) investment by Portugal Telecom SGPS SA in the commercial paper of a unit of Espirito Santo International SA appears to have been an illegal transfer of funds, Brazilian communications minister Paulo Bernardo said. The Espirito Santo unit, Rioforte, defaulted on repayment of the debt in July, forcing its parent company to seek legal protection from its creditors days later, according to Daily Bankruptcy Review. CIMENTO TUPI: S&P Affirms 'B' Global Scale CCR; Outlook Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Cimento Tupi S.A.'s (Tupi) global scale ratings to negative from stable. At the same time, S&P affirmed its 'B' global scale corporate credit and issue-level ratings. Also, S&P lowered its national scale rating on the company to 'brBB-' from 'brBB+'. The outlook revision is based on the company's weaker-than- expected operating performance that should delay improvements in cash-flow leverage credit metrics to levels more in line with its current rating. Even though S&P do not expect Tupi's recent add- on on its 2018 notes to increase gross debt, lower operating efficiency amid Pedra do Sino plant's expansion would continue to weaken credit metris in the next couple of quarters. This could pressure the ratings if S&P do not perceive a reverting trend. After the production delays related to Pedra do Sino plant's expansion, which increased company's debt to its peak, all the plants are running at normalized volume levels. S&P continues to expect Tupi to raise its EBITDA margin levels due to operating and logistics cost reductions and lower leverage metrics. Although S&P expects the company to report lower leverage metrics for 2014 and 2015, the pace of reduction is slower than previously expected. ========================== C A Y M A N I S L A N D S ========================== A.A.M. INVESTMENTS: Placed Under Voluntary Wind-Up -------------------------------------------------- On Sept. 8, 2014, the sole shareholder of A.A.M. Investments Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 22, 2014, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949-7128 ALM LOAN: Creditors' Proofs of Debt Due Oct. 22 ----------------------------------------------- The creditors of ALM Loan Funding 2010-3, Ltd. are required to file their proofs of debt by Oct. 22, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 11, 2014. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Sept. 8, 2014, the sole shareholder of Contrarian Advantage Master Fund I Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Tim Cone Telephone: +1 (345) 815 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On Sept. 8, 2014, the sole shareholder of Contrarian Capital Fund I Offshore Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Tim Cone Telephone: +1 (345) 815 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CONTRARIAN EUROPEAN: Placed Under Voluntary Wind-Up --------------------------------------------------- On Sept. 8, 2014, the sole shareholder of Contrarian European Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Tim Cone Telephone: +1 (345) 815 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands EME PARTNERS: Placed Under Voluntary Wind-Up -------------------------------------------- On Sept. 11, 2014, the sole shareholder of EME Partners (Cayman) 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 EMERALT EMERGING: Placed Under Voluntary Wind-Up ------------------------------------------------ On Sept. 11, 2014, the sole shareholder of Emeralt Emerging Europe Fund 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 ENDEAVOR CAYMAN: Creditors' Proofs of Debt Due Oct. 22 ------------------------------------------------------ The creditors of Endeavor Cayman Ltd. are required to file their proofs of debt by Oct. 22, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 11, 2014. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 943-3100 FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 22 ------------------------------------------------------ The creditors of Fraser Sullivan CLO V Ltd. are required to file their proofs of debt by Oct. 22, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 8, 2014. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 943-3100 MARBLETON GRDC: Commences Liquidation Proceedings ------------------------------------------------- On Sept. 12, 2014, the sole shareholder of Marbleton GRDC (Cayman) 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: Richard Sobel, Managing Member, Altai LLC Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: September Prices Climb 0.19%, Paced by Foods ---------------------------------------------------------------- Dominican Today reports that Dominican Republic's Central Bank said September prices climbed 0.19% compared with August, while accumulated inflation in the first nine months stood at 2.53%, less than the 3.57% for the same period a year ago. It said inflation from September 2013 to September 2014 stood at 2.83%, or near its lower limit of the goal of the 4.5% +/- 1% range stipulated in its monetary program for yearend 2014, according to Dominican Today. The Central Bank adds that 0.73% higher food prices in September is what most influenced inflation, followed by non-alcoholic beverages and education, notes the report. DOMINICAN REP: Gov't Delays Hobble Competitiveness, Exporters Warn ------------------------------------------------------------------ Dominican Today reports that the president of the Dominican Exporters Association (ADOEXPO) called the one-stop window for foreign trade more than a necessity and the longer it's delayed the "more advantage we give our competitors." Sadala Khoury said the one-stop window is a modern than an instrument, it "puts us at the level demanded by these times in which the physical borders do not exist . . . but rather those that we impose ourselves through ignorance or lack of implementation of policies to bolster competitiveness," according to Dominican Today. The report notes that Mr. Khoury, in his keynote speech during the Association's monthly luncheon, said he expects President Danilo Medina's Administration to lay firm foundations to carry out efficient and competitive foreign trade, which can lead in any market. Mr. Khoury cited US Customs 24-hour deadlines for maritime cargo, which he affirms Dominican counterpart should bear in mind especially in the case of domestic agro products. "The challenge is stronger, as time starts to run from the moment the crop is harvested," Mr. Khoury said, notes the report. "Our customs law must be updated sooner rather than later, to include aspects that require more expeditious processes if we're to really seek full competitiveness," Mr. Khoury added, the report relays. Mr. Khoury said all exporters are convinced of their sector's paramount importance in the Dominican economy, especially since they generate hard currency, which he affirms contributes to Dominican society, the report notes. Customs Director Fernando Fernandez was the special guest in the activity, attended by ADOEXPO executives from, exporters, Government officials, representatives of business association and diplomats, notes Dominican Today. ============= J A M A I C A ============= JAMAICA: Still Plans to Float Diaspora Bond ------------------------------------------- RJR News reports that the government of Jamaica is still considering plans to tap into the resources of overseas nationals, through the issuing of a Diaspora Bond. According to Arnaldo Brown, Minister of State in the Ministry of Foreign Affairs & Foreign Trade, however, timing is going to be important in respect of its implementation, according to RJR News. With the Diaspora Bond, Jamaicans living overseas would lend money to the Government for a defined period, at a fixed interest rate, through the Jamaica Stock Exchange. The report notes that Mr. Brown said a decision was made not to issue the bond at this time because of the impact it would have on the country's debt burden. The recommendation for the floating of the bond came out of the first Biennial Diaspora Conference, held in Kingston in 2004, the report relates. It was seen as an attractive option for the Government in sourcing capital to fund development initiatives, the report says. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, S&P revised the outlook on the long-term sovereign credit ratings to positive from stable. In addition, S&P affirmed its 'B' transfer and convertibility (T&C) assessment. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Holds Talks in Tobago on Boosting Airbridge --------------------------------------------------------------- Elizabeth Williams at Trinidad Express reports that senior officials of Caribbean Airlines Limited held an urgent meeting with tourism stakeholders in Tobago on Oct. 13, to discuss the airbridge situation and the way forward to better serve the people of Tobago. CAL Chief Executive Michael DiLollo received recommendations from the Tobago Chamber, according to Trinidad Express. Mr. DiLollo and CAL Chairman Philip Marshall met with tourism stakeholders in Tobago to identify solutions to the airbridge issue, notes the report. Chairman of the Tobago Chamber Diana Haddad said she was happy with CAL's intervention. "From that perspective I think he has presented himself and we have all confidence after that meeting that he is the man that can work with us and carry us forward," the report quoted Ms. Haddad as saying. A number of proposals were brought to the table. They include another Caribbean Airlines office in addition to the one located at Crown Point, wildlife risk to aircraft, and assistance in entering and disembarking aircraft, the report relates. "One of the other things is that CAL provides a departure out of Tobago at 5 a.m. for connectivity into Port of Spain, so that is on the table," Ms. Haddad said, the report relays. Chairman of the Tobago Hotel and Tourism Association Chris James said there has been an eight to nine per cent increase in use of the airbridge, the report discloses. Mr. James said the upcoming winter season will be a bumper one for Tobago. "Two Monarch flights coming in from December, we have two British Airways flights coming in from December, we have Apollo and Condor, and this is going to mean that we have more seats coming into the island than we have had for a number of years," the report quoted Mr. James as saying. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on July 11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines is facing another loss. However, Finance Minister Larry Howai is hopeful the loss could be narrowed down to less than TT$100 million, according to Trinidad and Tobago Newsday. Mr. Howai noted the airline industry is not the easiest and many airlines have gone bankrupt at some point. Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. ================= X X X X X X X X X ================= * Global Signs of Slowdown Ripple Across Markets ------------------------------------------------ Ian Talley, Brian Blackstone and Raymond Zhong, writing for The Wall Street Journal, reported that gathering signs of slowdown across many parts of the world, including Germany, China, Japan, Brazil and South Africa, are roiling financial markets and confounding policy makers, who after years of battling anemic economic growth have limited tools left to jump-start a recovery. According to the report, the pullback is sending tremors through global markets, hammering equities after years of steady gains and knocking down commodity prices, although the U.S. remains a relative bright spot, particularly its job market, which is gaining traction after years of fitful growth. *********** 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 * * *