/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160418.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 Monday, April 18, 2016, Vol. 17, No. 75 Headlines B A H A M A S BAICO: Shortfall Will Cost Taxpayers Tens of Millions, Says KPMG C A Y M A N I S L A N D S ALPS REAL: Sole Member to Hear Wind-Up Report on May 13 ANASAZI SYSTEMATIC: Members to Hear Wind-Up Report on April 28 ANGLO ASIA: Sole Member to Hear Wind-Up Report on May 10 CHEYNE DISCOVERY: Shareholders to Hear Wind-Up Report on May 2 ENERGON PHIL: Shareholder to Hear Wind-Up Report on April 26 FARNDALE INVESTMENTS: Sole Member to Hear Wind-Up Report on May 10 HC ASSET: Shareholders Receive Wind-Up Report MARIAM INVESTMENT: Sole Member to Hear Wind-Up Report on May 10 MONSOON ASIA-PACIFIC: Members to Hear Wind-Up Report on April 21 PORTMAN AQUA: Shareholder to Hear Wind-Up Report on May 6 RARTAN INVESTMENTS: Shareholders Receive Wind-Up Report SION ASSETS: Sole Member to Hear Wind-Up Report on May 10 SKYLA HOLDINGS: Members' Final Meeting Set for April 29 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Elections Won't Affect Economic Performance DOMINICAN REP: Leader Says Only Paying Will Halt Spiraling Debt J A M A I C A JAMAICA: NROCC Projects Deficit of J$6-Billion P U E R T O R I C O ANNA'S LINENS: Case Converted to Chapter 7 Liquidation EQUA MANAGEMENT: Asks Court to Extend Exclusivity Thru July 21 REBUS CORP: Case Summary & 4 Unsecured Creditors SPORTS AUTHORITY: Wilmington Appeals Consigned Goods Sale Orders X X X X X X X X X * BOND PRICING: For the Week From April 11 to April 15, 2016 - - - - - ============= B A H A M A S ============= BAICO: Shortfall Will Cost Taxpayers Tens of Millions, Says KPMG ---------------------------------------------------------------- Pat Hoyos at Caribbean360.com reports that transferring British American's Barbados life and annuity policies to Sagicor Life would cost taxpayers BDS$57 million (US$28.5 million) -- the difference between the failed insurance company's assets and liabilities, KPMG said in its final report made public. KPMG Barbados, in its role as judicial manager (JM) for British American Insurance Co. (B'dos) Ltd. (BAICO), has handed in that report to the Supreme Court, according to Caribbean360.com. It includes the recommended course for BAICO's Life and Annuity Policies. The report notes that BAICO's judicial manager is KPMG Transactions and Restructuring Ltd., acting through Lisa Taylor and Michael Edghill, who are both managing directors of KPMG Barbados. BAICO's health, property and personal accident policies, with the consent of the Financial Services Commission, and with the Court's approval, were transferred in late 2011 to Sagicor Life Inc. and Sagicor General Insurance Inc., the report relays. Following that agreement, Sagicor also expressed interest in the remaining policies, the report discloses. According to KPMG's final report, "the JM has been able to agree the terms of a Sale and Purchase Agreement ('SPA') with Sagicor for the transfer of the Life and Annuity Policies together with the support from the GOB [Government of Barbados] to fund the shortfall in the Statutory Fund," the report notes. According to Caribbean360.com, BAICO's liabilities to individual Life and Annuity Policyholders, "far outweigh the assets in the Statutory Fund being held to their benefit and there are no other assets available elsewhere in the Company to satisfy those claims or to otherwise 'top-up' the Statutory Fund to meet the deficit." However, this does not include the company's real estate held in the Statutory Fund which Sagicor is not in a position to take over and which, instead, will be transferred to the Government at a total valuation of BDS$26.6 million (US$13.3 million). In exchange, the government will issue a bond for the same value as the property investments to Sagicor, the report relays. In total, BAICO's assets stand at just over BDS$70 million (US$35 million), including the real estate portfolio, and its liabilities stand at close to BDS$127 million (US$63.5 million), the report discloses. A shortfall of BDS$56.8 million (US$28.4 million) would therefore have to be met by the government. "Sagicor will have to maintain a statutory fund to support the liabilities under the transferring policies, but cannot be expected to 'top-up' BAICO's Statutory Fund. In the circumstances the GOB Support will be utilized to make up the deficit in the Statutory Fund," the report stated, Caribbean360.com relays. As for what policyholders will get out of the deal, should it be approved by the High Court and the government, there will be no loss in cash value or fund values to the policyholders, as long as they wait for a period of five years after such agreement is reached, the report notes. If policyholders seek to access their funds sooner, they will be paid on a sliding scale basis that starts at 15 per cent within one year and increases by the same percentage after each year, the report adds. About BAICO British American Insurance Company is a Bahamian company, which is owned by Trinidad-based parent CL Financial. Casey McDonald, the British Virgin Islands liquidator for British American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr. McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson in Miami, Fla. At the time of the filing, the liquidator estimated British American Isle of Venice (BVI), Ltd's asset at less than US$10 million and its debts at more than US$100 million. Two affiliates -- British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) -- are also subject to the jurisdiction of the U.S. Bankruptcy Court. ========================== C A Y M A N I S L A N D S ========================== ALPS REAL: Sole Member to Hear Wind-Up Report on May 13 ------------------------------------------------------- The sole member of Alps Real Asset Income Fund (Cayman) Ltd. will hear on May 13, 2016, at 4:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 ANASAZI SYSTEMATIC: Members to Hear Wind-Up Report on April 28 -------------------------------------------------------------- The members of Anasazi Systematic Long Short B, Ltd. will hear on April 28, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 Windward 1, Regatta Office Park P.O. Box 897 Grand Cayman KY1-1103 Cayman Islands ANGLO ASIA: Sole Member to Hear Wind-Up Report on May 10 -------------------------------------------------------- The sole member of Anglo Asia Investments Limited will hear on May 10, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG1110 British Virgin Islands CHEYNE DISCOVERY: Shareholders to Hear Wind-Up Report on May 2 -------------------------------------------------------------- The shareholders of Cheyne Discovery Fund I Inc. will hear on May 2, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 Windward 1, Regatta Office Park P.O. Box 897 Grand Cayman KY1-1103 Cayman Islands ENERGON PHIL: Shareholder to Hear Wind-Up Report on April 26 ------------------------------------------------------------ The shareholder of Energon Phil Holdings will hear on April 26, 2016, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Deepti Kapoor Hu Siew Lok 1 George Street, # 14-04, One George Street Singapore 049145 Telephone: +65 6713 0046/+65 6592 0081 Facsimile: +65 6220 0042 FARNDALE INVESTMENTS: Sole Member to Hear Wind-Up Report on May 10 ------------------------------------------------------------------ The sole member of Farndale Investments Limited will hear on May 10, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG1110 British Virgin Islands HC ASSET: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of HC Asset Finance (Cayman) Ltd. received on May 2, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 MARIAM INVESTMENT: Sole Member to Hear Wind-Up Report on May 10 --------------------------------------------------------------- The sole member of Mariam Investment Holdings Limited will hear on May 10, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG1110 British Virgin Islands MONSOON ASIA-PACIFIC: Members to Hear Wind-Up Report on April 21 ---------------------------------------------------------------- The members of Monsoon Asia-Pacific Fund Ltd will hear on April 21, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jonathan Law Landmark Square West Bay Road P.O. Box 775 Grand Cayman KY1-9006 e-mail: christine.holland@dilloneustace.ie PORTMAN AQUA: Shareholder to Hear Wind-Up Report on May 6 --------------------------------------------------------- The shareholder of Portman Aqua Investments Limited will hear on May 6, 2016, at 9:15 a.m., 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 c/o Susan Craig Telephone: (345) 943-3100 RARTAN INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Rartan Investments Ltd. received on May 2, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright Omar Grant P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949-7576 Facsimile: (345) 949-8295 SION ASSETS: Sole Member to Hear Wind-Up Report on May 10 --------------------------------------------------------- The sole member of Sion Assets Limited will hear on May 10, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG1110 British Virgin Islands SKYLA HOLDINGS: Members' Final Meeting Set for April 29 ------------------------------------------------------- The members of Skyla Holdings Ltd. will hold their final meeting on April 29, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Turners Management Ltd. P.O. Box 2636 Cayman Islands Century Yard, 4th Floor Cricket Square, Elgin Avenue, George Town Grand Cayman KY1-1102 c/o Alan Turner Telephone: +1 (345) 814 0700 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Elections Won't Affect Economic Performance --------------------------------------------------------------- Dominican Today reports that central banker Hector Valdez Albizu said it's unlikely that the electoral process affects the Dominican economy's performance. "We project that the Dominican Republic will continue its strong economic performance this year, growing at its potential level of 5.5 percent to 6%. After the crisis of 2003-2004, the financial sector has undergone considerable development by implementing sound policies that have dealt with fundamental weaknesses and greatly improved performance," the official said, interviewed by British magazine First, according to Dominican Today. The report notes that Mr. Valdez made a comprehensive account of the behavior of the Dominican and regional economies, and what differentiates them. "Generally speaking, there are two types of economies in Latin America and the Caribbean: focusing on the export of raw materials and primary products and, like ours, that although small, are open, flexible and diversified," Mr. Valdez added. After an average growth rate of 4.3% from 2004 to 2011, the economies of Latin America grew only 2.6% in 2015, the report relays. "The growth of our economy has not been affected by the financial crisis in the US or the slowdown in China," Mr. Valdez said, noting that tourism, the economy's main sector, posted earnings of US$6.5 billion in 2015, while remittances from Dominicans living abroad topped US$4.5 billion, says the report. Mr. Valdez said Dominican Republic's earnings in tourism, remittances, foreign investment and exports of goods and services totaled US$23 billion last year, or 35 percent of GDP, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. DOMINICAN REP: Leader Says Only Paying Will Halt Spiraling Debt --------------------------------------------------------------- Dominican Today reports that President Danilo Medina said the only thing that will halt the country's spiraling foreign debt is to strike a balance by surmounting the hurdles of interest payments and amortize it with capital. "At that time, we will then be in a balance with an economy in equilibrium so that we can grow without major disruption and we will try to correct that with the fiscal pact," Mr. Medina told reporters after a meeting at the National Business Council (CONEP) to explain his proposal for his term in office if reelected, according to Dominican Today. At the meeting, Mr. Medina said his plan of government for a next term coincides to a large part with the business sector's demands, notes the report. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. ============= J A M A I C A ============= JAMAICA: NROCC Projects Deficit of J$6-Billion ---------------------------------------------- RJR News reports that National Road Operating and Constructing Company (NROCC) is to rack up another deficit this fiscal year, however, it's expected to be less than what was recorded in 2015/2016. According to the 2016/2017 Jamaica Public Bodies report tabled April 14, NROCC is projecting a deficit of J$6 billion down from $7.6 billion, the report notes. NROCC's core functions include overseeing the design, construction and maintenance of highways and related facilities, RJR News relays. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. ====================== P U E R T O R I C O ====================== ANNA'S LINENS: Case Converted to Chapter 7 Liquidation ------------------------------------------------------ Anna's Linens, Inc., at the end of March 2016, won an order from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, converting its Chapter 11 case to a case under Chapter 7 of the Bankruptcy Code. In seeking a conversion, the Debtor relates that although it was working on a transaction that would preserve its going concern value through a plan of reorganization or sale of its operations, such efforts were not successful and the case transitioned into a liquidation. The Debtor further relates that the liquidation of the Debtor's assets has substantially concluded. It notes that the estate still retains substantial claims and causes of action which may be pursued for the benefit of all creditors. The Debtor told the Court that the Official Committee of Unsecured Creditors requested that the Debtor remain in Chapter 11 and utilize its debtor in possession personnel and its professionals to prosecute certain claims and causes of action, which the Debtor has been doing. The Debtor further tells the Court that numerous matters and scheduled for hearing on March 23, 2016. The Debtor contends that the Committee has requested that the Debtor convert this case to one under Chapter 7 of the Bankruptcy Code promptly upon entry of orders resolving the matters scheduled for hearing on March 23, 2016, and that it agreed to do so. The Conversion Order provides: a. The debtor in possession or chapter 11 trustee, if the Debtor is not a debtor-in-possession, must file a schedule of unpaid debts incurred after commencement of the chapter 11 case by April 14. b. The debtor in possession or chapter 11 trustee, if the Debtor is not a debtor in possession, must file and transmit to the United States trustee a final report and account by April 30. c. The Debtor or chapter 11 trustee, if the Debtor is not a debtor in possession, must immediately turn over to the chapter 7 trustee all records and property of the estate remaining in its custody and control. d. By April 14, the Debtor must file the statements and schedules required by FRBP 1019(1)(A) and 1007, if such documents have not already been filed. e. If the Debtor is an individual, within 30 days of the date of this order or before the first date set for the meeting of creditors, whichever is earlier, Debtor must file a statement of intention with respect to retention or surrender of property securing consumer debts. f. Within 30 days of the date of this order, the Debtor must, if the case is converted AFTER confirmation of a plan, file: (1) A schedule of all property not listed in the final report and account which was acquired after commencement of the chapter 11 case but before entry of the Conversion Order. (2) A schedule of executory contracts and unexpired leases entered into or assumed after the commencement of the chapter 11 case but before entry of the Order, and (3) A schedule of unpaid debts not listed in the final report and account which were incurred after the commencement of the chapter 11 case but before entry of the Order. Anna's Linens is represented by: David B. Golubchik, Esq. Eve H. Karasik, Esq. Juliet Y. Oh, Esq. LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. 10250 Constellation Boulevard, Suite 1700 Los Angeles, CA 90067 Telephone: (310)229-1234 Facsimile: (310)229-1244 E-mail: dbg@lnbyb.com ehk@lnbyb.com jyo@lnbyb.com About Anna's Linens Anna's Linens is a specialty retailer offering home textiles, furnishings and decor at attractive prices. Headquartered in Costa Mesa, California, operates a chain of 268 company owned retail stores throughout 19 states in the United States (including Puerto Rico and Washington, D.C.) generates over $300 million in annual revenue and employs a workforce of over 2,500 associates. Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-13008) in Santa Ana, California, on June 14, 2015. The case is assigned to Judge Theodor Albert. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor estimated assets of $50 million to $100 million and debt of $100 million to $500 million. The U.S. trustee overseeing the Chapter 11 case of Anna's Linens Inc. appointed seven creditors to serve on the official committee of unsecured creditors. EQUA MANAGEMENT: Asks Court to Extend Exclusivity Thru July 21 -------------------------------------------------------------- Equa Management, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to extend the periods within which the Debtor has the exclusive right to file a disclosure statement and plan of reorganization, and to solicit acceptances that will lead to the confirmation of the plan. Specifically, Equa Management seeks a 90-day extension from the April 21, 2016, deadline through and including July 21, 2016, of the exclusivity period to file the Disclosure Statement and the Plan; and accordingly extend the term to solicit acceptances without prejudice to seek further extensions. Pursuant to Section 1121 of the Bankruptcy Code, debtors have the exclusive right to file plan(s) in the first 120 days after the date of an order for relief and an additional 60 days -- for a total of 180 days -- to solicit acceptances to such plan(s). Bankruptcy Code Section 1121(d) provides this Court may extend the Exclusive Periods for cause. Specifically, Section 1121(d) (1) provides: "[O]n request of a party in interest made within the respective periods specified in subsections (b) and (c) of this section and after notice and a hearing, the court may for cause . . . increase the 120-day period or the 180-day period referred to in this section." Equa Management says it is working to meet its Chapter 11 operating and reporting requirements. It has retained an external financial advisor approved by the Court and has recruited an in house accountant to assist the Debtor in the turnaround financial refurbishing essential to an efficient and emerging reorganization process. The Debtor and its advisors have complied with the Office of the United States Trustee mandates by appearing at the Initial Debtor Interview (IDI), appearing to testify at the meeting of creditors under section 341 of the Bankruptcy Code and tendered requested information. They also have requested a 30-day extension to comply with the reporting requirements under the Bankruptcy Code and the Bankruptcy Rules, and are also designing and structuring its plan of reorganization and disclosure statement. The Debtor contends that termination of the Exclusive Periods at this juncture would give rise to the concomitant threat of multiple plans and a contentious confirmation process. Such a process would undoubtedly lead to needless litigation, resulting in administrative costs that would cause diminishing the potential recovery pay-out to the general unsecured creditors and would delay Debtor's ability to confirm a plan, the Debtor says. Equa Management, Inc., based in Caguas, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 15-10189) on December 23, 2015. Hon. Mildred Caban Flores oversees the case. Alexis Fuentes Hernandez, Esq., at FUENTES LAW OFFICES, LLC, serves as the Debtor's counsel. Equa Management estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by William Casteline, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-10189.pdf REBUS CORP: Case Summary & 4 Unsecured Creditors ------------------------------------------------ Debtor: Rebus, Corp. fka Baranda/Lopez Inc. PO Box 9780 San Juan, PR 00908 Case No.: 16-02891 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: April 13, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Brian K. Tester Debtor's Counsel: Homel Mercado Justiniano, Esq. Calle Ramirez Silva #8 Ensanche Martinez Mayaguez, PR 00680 Tel: (787) 831-2577 Fax: (787) 805-7350 E-mail: hmjlaw2@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Pedro Martinez, president. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-02891.pdf SPORTS AUTHORITY: Wilmington Appeals Consigned Goods Sale Orders ---------------------------------------------------------------- Wilmington Savings Fund Society, FSB, appeals to the U.S. District Court for the District of Delaware, pursuant to 28 U.S.C. Sec. 158(a) and Rules 8002 and 8003 of the Federal Rules of Bankruptcy Procedure, from: (1) The interim order authorizing the Debtors to continue to sell consigned goods in the ordinary course of business free and clear of all liens, claims, encumbrances, and interests; and grant administrative expense priority and purchase money security interests to consignment vendors for consigned goods delivered postpetition, dated March 11, 2016 (the "Interim Order"), as modified by the Order, dated March 11, 2016 (the "Reconsideration Order"); and (2) The supplemental interim order authorizing Sports Authority Holdings, Inc., et al., to continue to sell certain prepetition consigned goods, entered on April 5, 2016. Wilmington Savings filed the appeal in its capacity as successor Administrative Agent and Collateral Agent (the "Term Loan Agent") under the Amended and Restated Credit Agreement, dated as of Nov. 16, 2010, by and among The Sports Authority, Inc., as the Borrower, Slap Shot Holdings, Corp., as Holdings, Wilmington Savings Fund Society, FSB, as successor Administrative Agent and Collateral Agent to Bank of America, N.A, and the lenders from time to time party thereto (the "Term Loan Lenders"). On March 3, 2016, an initial hearing was held on the Debtors' motion to (a) for authorization to (i) continue to sell consigned goods in the ordinary course of business, (ii) grant administrative expense priority to consignment vendors for consigned goods delivered postpetition, (b) and grant replacement liens to vendors with perfected security interests in consigned goods and/or remit the consignment sale price arising from the sale of consigned goods to putative consignment vendors. Various consignment vendors, including Agron, Inc., Gordini USA, Inc., SGS Sports, Inc., Castlewood Apparel Corp., Implus Footcare, LLC, and ASICS America Corporation filed objections to the Motion. On March 11, 2016, Judge Mary F. Walrath granted the Motion on an interim basis. The Court ordered that the Debtors will deposit all the consignment sale proceeds from the postpetition sale of prepetition consigned goods into a separate escrow account at Wells Fargo Bank, N.A. The contents of the escrow account will remain segregated until the earliest of the following to occur: (a) written agreement by the Debtors; the DIP Agent; the DIP FILO Agent; Bank of America, N.A., as agent under the ABL Credit Agreement (the "ABL Agent"); the FILO Agent; and Wilmington Savings Fund Society, FSB, as successor Term Agent; and any consignment vendor that asserts an interest in the Escrow Proceeds, or (b) further order of the Court that directs the Debtors where and when to disburse the Escrow Proceeds. To the extent that the Debtors believe after reasonable due diligence that there is a legitimate case or controversy as to whether a consignment vendor has a valid, perfected, unavoidable and senior lien or ownership right or interest in the prepetition consigned goods, then the Debtors will, in their discretion, on or before March 23, 2016, file an adversary proceeding in the Court seeking, among other things, a declaration that such consignment vendor does not have a valid, perfected, unavoidable and senior lien or ownership right or interest in the prepetition consigned goods. On March 11, 2016, upon consideration of the Debtors' oral motion for reconsideration of the Interim Order, the Court ordered that a further hearing will be held on March 16 to address the issue of what procedure will be followed in the event a consigner provides notice to the Debtors to cease selling its goods. Pursuant to the Supplemental Order entered April 5, 2016, Judge Walrath ruled that: * The Motion is denied on the basis that the Debtors are not entitled to relief under Sec. 363(f)(4) of the Bankruptcy Code; * Pending a final hearing, the Debtors are authorized to sell the prepetition consigned goods pursuant to the applicable consignment agreements. The Debtors are directed to remit proceeds of the prepetition consigned goods to the consignment vendors pursuant to the terms of the applicable consignment agreements in the ordinary course of business. A consignment agreement that was not terminated prior to the Petition Date will constitute written consent of the applicable consignment vendor to the sale by the Debtors of any prepetition consigned goods. Counsel to Wilmington Savings Fund Society, FSB, as Term Loan Agent: MORRIS NICHOLS ARSHT & TUNNELL LLP Robert J. Dehney, Esq. Gregory W. Werkheiser, Esq. Daniel B. Butz, Esq. 1201 N. Market St., 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 E-mail: rdehney@mnat.com gwerkheiser@mnat.com dbutz@mnat.com - and - BROWN RUDNICK LLP Robert J. Stark, Esq. William R. Baldiga, Esq. May Orenstein, Esq. Bennett S. Silverberg, Esq. Seven Times Square New York, NY 10036 Tel: (212) 209-4800 Fax: (212) 209-4801 E-mail: rstark@brownrudnick.com wbaldiga@brownrudnick.com morenstein@brownrudnick.com bsilverberg@brownrudnick.com About Sports Authority Holdings Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From April 11 to April 15, 2016 ------------------------------------------------------------ Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- ---- Alpha Star Holding II Lt 8.45 66.477 3/19/2034 EC USD Andino Investment Holdin 5.36 74.336 11/25/2020 EC USD Andino Investment Holdin 8.5 37.1 4/10/2018 VE USD Anton Oilfield Services 11.75 41 10/21/2026 VE USD Anton Oilfield Services 8.875 19.5 3/29/2017 MN USD BA-CA Finance Cayman 2 L 8 6.625 12/31/2018 CL USD BA-CA Finance Cayman Ltd 5.75 69.812 12/1/2034 KY USD Banco Bilbao Vizcaya Arg 4.375 46.75 4/25/2025 KY USD Banco BPI SA/Cayman Isla 7.5 61.25 4/3/2017 BR USD Banco do Brasil SA/Cayma 7.5 45.88 KY USD Banco do Brasil SA/Cayma 7.5 44.2 KY USD Banco do Brasil SA/Cayma 10 128.271 12/31/2020 KY USD Banco do Brasil SA/Cayma 4.625 69.075 3/1/2021 KY USD Banco Santander Puerto R 7.5 45 4/25/2019 HK USD BCP Singapore VI Cayman 8.625 68.5 11/1/2018 AE USD BCP Singapore VI Cayman 0.9551 42.75 12/1/2039 KY USD CA La Electricidad de Ca 5.93 73.652 11/1/2021 EC USD Caixa Geral De Depositos 9.5 29.75 4/23/2019 BR USD China Shanshui Cement Gr 7.375 69.875 1/31/2020 PE USD China Shanshui Cement Gr 6.5 69.989 12/1/2023 EC USD China Shanshui Cement Gr 7 47.25 4/21/2020 KY USD CSN Islands XI Corp 5.93 73.051 1/1/2022 EC USD CSN Islands XI Corp 10.75 34.639 2/12/2023 BR USD CSN Islands XII Corp 7 73.33 1/17/2023 CO COP CSN Islands XII Corp 3.95 61.977 3/15/2022 KY USD Decimo Primer Fideicomis 6.375 73.875 5/15/2043 CR USD Decimo Primer Fideicomis 7.7 68.067 7/1/2029 EC USD Delta Investment Horizon 5.36 75.108 12/30/2020 EC USD Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD Ecuador Government Domes 7.5 65.375 4/3/2017 BR USD Ecuador Government Domes 6 43.875 4/5/2023 KY USD Ecuador Government Domes 6.25 73.089 4/6/2017 VE USD Ecuador Government Domes 6.375 73.835 5/15/2043 CR USD Ecuador Government Domes 6 31 5/16/2024 VE USD Ecuador Government Domes 9.75 36.95 5/17/2035 VE USD Ecuador Government Domes 4.625 69.5 5/21/2023 CN USD Ecuador Government Domes 8.5 75.01 5/25/2016 CN USD Ecuador Government Domes 3 74.109 5/26/2020 ID USD Ecuador Government Domes 8.45 65.784 5/30/2034 EC USD Ecuador Government Domes 9.25 35 5/7/2028 VE USD Ecuador Government Domes 4.875 75.819 6/1/2027 KY USD Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD Ecuador Government Domes 7.7 68.164 6/11/2029 EC USD Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD Ecuador Government Domes 8.45 65.975 6/11/2034 EC USD Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD Ecuador Government Domes 7.7 68.158 6/12/2029 EC USD Ecuador Government Domes 7.7 68.195 6/12/2029 EC USD Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD Ecuador Government Domes 7.75 70.121 6/25/2028 EC USD Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD Ecuador Government Domes 5.125 43.35 6/26/2022 KY USD Ecuador Government Domes 5.125 44.625 6/26/2022 KY USD Ecuador Government Domes 7.125 43.5 6/26/2042 KY USD Ecuador Government Domes 7.125 42 6/26/2042 KY USD Ecuador Government Domes 5.25 43 6/27/2029 KY USD Ecuador Government Domes 6.35 31.25 6/30/2021 KY USD Ecuador Government Domes 6.35 31.5 6/30/2021 KY USD Ecuador Government Domes 7.7 68.032 7/1/2029 EC USD Ecuador Government Domes 7.7 68.067 7/1/2029 EC USD Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD Ecuador Government Domes 8.45 65.863 7/1/2034 EC USD Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD Ecuador Government Domes 13.625 62 8/15/2018 VE USD Ecuador Government Domes 13.625 45 8/15/2018 VE USD Ecuador Government Domes 13.625 49.881 8/15/2018 VE USD Empresa de Telecomunicac 5.64 71.931 12/30/2021 EC USD Empresa de Telecomunicac 5.42 50 3/28/2019 NO NOK Empresa Generadora de El 8.25 45.75 4/25/2018 KY BRL Empresa Generadora de El 4.625 72.512 5/21/2023 CN USD ESFG International Ltd 5.25 52 4/12/2017 VE USD General Exploration Part 5.125 34.75 12/15/2017 BR EUR General Shopping Finance 6.21 71.552 11/25/2023 EC USD General Shopping Finance 11.75 70.75 4/23/2018 KY USD Global A&T Electronics L 7.75 69.333 11/7/2028 EC USD Global A&T Electronics L 5.93 73.359 12/1/2021 EC USD Global A&T Electronics L 10 62.75 2/1/2019 SG USD Global A&T Electronics L 8.45 66.646 2/6/2034 EC USD Gol Finance Inc 6.75 23.75 10/1/2022 KY USD Gol Finance Inc 8.625 67.75 11/1/2018 AE USD Gol Finance Inc 4.15 71.5 11/14/2035 KY EUR Gol Finance Inc 5.25 47.25 3/15/2042 KY USD Gol Finance Inc 5.375 31.45 4/12/2027 VE USD Gol Finance Inc 5.5 32.64 4/12/2037 VE USD Gol Finance Inc 8.25 45.75 4/25/2018 KY BRL Golden Eagle Retail Grou 6 70.25 10/25/2041 PA USD Golden Eagle Retail Grou 6.95 65 4/1/2025 KY USD Greenfields Petroleum Co 12.75 42.4 2/17/2022 VE USD Honghua Group Ltd 6.5 67.24 11/15/2020 KY USD Honghua Group Ltd 8.45 66.414 4/2/2034 EC USD Instituto Costarricense 7.75 69.149 11/8/2028 EC USD Instituto Costarricense 7.5 51.602 4/15/2031 KY USD Inversiones Alsacia SA 7.5 46.274 11/6/2018 CN USD Inversiones Alsacia SA 10 62.75 2/1/2019 SG USD Inversora Electrica de B 7.5 34 4/25/2019 HK USD Kaisa Group Holdings Ltd 5.64 70.192 11/25/2021 EC USD Kaisa Group Holdings Ltd 5.61 68.567 12/1/2022 EC USD MIE Holdings Corp 7.75 70.495 10/23/2028 EC USD MIE Holdings Corp 6.21 71.691 11/1/2022 EC USD MIE Holdings Corp 8 57.65 4/15/2021 KY USD Mongolian Mining Corp 5.5 36.5 10/23/2020 BR USD Mongolian Mining Corp 8.875 16 3/29/2017 MN USD NB Finance Ltd/Cayman Is 7.75 69.111 11/8/2028 EC USD Newland International Pr 12.75 44.25 2/17/2022 VE USD Newland International Pr 7 46.125 4/21/2020 KY USD Noble Holding Internatio 6.625 22 10/1/2022 KY USD Noble Holding Internatio 5.75 61.11 10/24/2023 BR USD Noble Holding Internatio 4.125 61.46 11/1/2022 BR USD Noble Holding Internatio 6 30.75 11/15/2026 VE USD Noble Holding Internatio 5.93 71.815 11/25/2022 EC USD Noble Holding Internatio 7.5 46.5 11/6/2018 CN USD Noble Holding Internatio 7.75 69.371 11/7/2028 EC USD Noble Holding Internatio 9.875 31.05 11/9/2019 BR USD Odebrecht Drilling Norbe 7.25 53.375 1/18/2018 KY USD Odebrecht Drilling Norbe 7.75 69.102 12/19/2028 EC USD Odebrecht Finance Ltd 7 38.55 BR USD Odebrecht Finance Ltd 7 39.5 BR USD Odebrecht Finance Ltd 5.753 1 KY EUR Odebrecht Finance Ltd 7.75 37.25 10/13/2019 VE USD Odebrecht Finance Ltd 8.25 35.75 10/13/2024 VE USD Odebrecht Finance Ltd 9 35.75 11/17/2021 VE USD Odebrecht Finance Ltd 4 70.666 11/4/2023 AR USD Odebrecht Finance Ltd 0.9551 42.75 12/1/2039 KY USD Odebrecht Finance Ltd 7.75 69.102 12/19/2028 EC USD Odebrecht Finance Ltd 8 74.5 12/20/2049 CN CNY Odebrecht Finance Ltd 6 33.25 12/9/2020 VE USD Odebrecht Finance Ltd 3.38 63.175 2/7/2035 KY EUR Odebrecht Finance Ltd 3.8734 98 3/21/2017 KY USD Odebrecht Finance Ltd 7 36 3/31/2038 VE USD Odebrecht Finance Ltd 7.45 53.07 4/15/2027 KY USD Odebrecht Finance Ltd 6.875 73.411 4/22/2016 CN CNY Odebrecht Offshore Drill 9.375 37.75 1/13/2034 VE USD Odebrecht Offshore Drill 6 29.125 10/28/2022 VE USD Odebrecht Offshore Drill 7.125 65.73 12/15/2021 KY USD Odebrecht Offshore Drill 7.75 69.066 12/19/2028 EC USD Oi SA 7 73.33 1/17/2023 CO COP Oi SA 8 6 12/31/2018 CL USD Pesquera Exalmar SAA 2.8791 73.715 11/30/2032 CL USD Pesquera Exalmar SAA 7.65 35.5 4/21/2025 VE USD Petroleos de Venezuela S 6.25 54.25 KY USD Petroleos de Venezuela S 8.75 28.25 BR USD Petroleos de Venezuela S 0.99 43.333 KY EUR Petroleos de Venezuela S 5.95 50.25 1/30/2018 NO NOK Petroleos de Venezuela S 7.375 73.5 1/31/2020 PE USD Petroleos de Venezuela S 5.93 73.967 10/1/2021 EC USD Petroleos de Venezuela S 6.625 22.375 10/1/2022 KY USD Petroleos de Venezuela S 5.5 35.59 10/23/2020 BR USD Petroleos de Venezuela S 4.125 62 11/1/2022 BR USD Petroleos de Venezuela S 11 70.125 11/13/2020 PE USD Petroleos de Venezuela S 10 63.75 2/1/2019 SG USD Petroleos de Venezuela S 10.75 34.125 2/12/2023 BR USD Petroleos de Venezuela S 6.05 49 3/1/2041 KY USD Petroleos de Venezuela S 6.8 50 3/15/2038 KY USD Petroleos de Venezuela S 7.95 55.25 4/1/2045 KY USD Petroleos de Venezuela S 8 66.25 4/15/2021 KY USD Polarcus Ltd 7.75 69.371 11/7/2028 EC USD Provincia del Chaco 6 45 4/5/2023 KY USD PSOS Finance Ltd 7 41.5 12/1/2018 VE USD Rabobank Chile 5.25 41.55 6/27/2029 KY USD Republic of Ecuador Mini 8.45 65.752 5/30/2034 EC USD Republic of Ecuador Mini 9 37.25 5/7/2023 VE USD Republic of Ecuador Mini 6.4 72.465 6/12/2024 EC USD Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD Republic of Ecuador Mini 8.45 65.97 6/12/2034 EC USD Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD Republic of Ecuador Mini 8.45 65.789 7/17/2034 EC USD Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD Republic of Ecuador Mini 9.25 36.1 7/20/2020 BR USD Republic of Ecuador Mini 9.25 38 7/20/2020 BR USD Republic of Ecuador Mini 7.75 69.949 7/24/2028 EC USD Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD Republic of Ecuador Mini 4.9 73.401 8/1/2020 KY USD Republic of Ecuador Mini 7.75 69.885 8/1/2028 EC USD Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD Republic of Ecuador Mini 6.2 50.923 8/1/2040 KY USD Republic of Ecuador Mini 12.75 43 8/23/2022 VE USD Republic of Ecuador Mini 11.95 40.5 8/5/2031 VE USD Republic of Ecuador Mini 7.7 67.63 9/10/2029 EC USD Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD Republic of Ecuador Mini 8.45 65.552 9/10/2034 EC USD Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD Republic of Ecuador Mini 7.75 69.687 9/11/2028 EC USD Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD Republic of Ecuador Mini 5.625 72.25 9/11/2042 BR USD Republic of Ecuador Mini 9.75 33.382 9/15/2016 BR BRL Republic of Ecuador Mini 9.75 33.625 9/15/2016 BR BRL Republic of Ecuador Mini 9.125 67.887 9/15/2017 VE USD Republic of Ecuador Mini 9.25 40 9/15/2027 VE USD Republic of Ecuador Mini 6.875 55.25 9/21/2019 KY USD Republic of Ecuador Mini 6.875 57 9/21/2019 KY USD Republic of Ecuador Mini 7.45 45.015 9/25/2019 CN USD Republic of Ecuador Mini 7.45 45.125 9/25/2019 CN USD Republic of Ecuador Mini 6.5 58.5 9/26/2017 AR USD Republic of Ecuador Mini 5.375 61.25 9/26/2024 BR USD Republic of Ecuador Mini 5.375 53.75 9/26/2024 BR USD Republic of Ecuador Mini 7.7 67.506 9/30/2029 EC USD Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD Republic of Ecuador Mini 8.45 65.454 9/30/2034 EC USD Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD Samarco Mineracao SA 0.719 43 KY EUR Samarco Mineracao SA 7.75 69.436 10/23/2028 EC USD Samarco Mineracao SA 11.5 35.375 11/13/2018 CA USD Samarco Mineracao SA 1.353 73.375 12/17/2017 KY EUR Samarco Mineracao SA 6.21 68.503 12/30/2023 EC USD Samarco Mineracao SA 8.45 66.646 2/6/2034 EC USD Seagate HDD Cayman 7.75 70.495 10/23/2028 EC USD Seagate HDD Cayman 6.5 69.477 11/25/2024 EC USD Shelf Drilling Holdings 5.125 34.584 12/15/2017 BR EUR Shelf Drilling Holdings 8 52.15 4/15/2027 KY USD Siem Offshore Inc 10 67.99 2/1/2019 SG USD Siem Offshore Inc 7.5 79.5 3/10/2020 CN USD Telemar Norte Leste SA 9 68 KY USD Telemar Norte Leste SA 6.25 50.25 KY USD Telemar Norte Leste SA 5.75 61.25 10/24/2023 BR USD Telemar Norte Leste SA 7.75 69.149 11/8/2028 EC USD Telemar Norte Leste SA 6.875 49 2/6/2018 HK USD Telemar Norte Leste SA 5.25 43.273 3/21/2019 VE USD Telemar Norte Leste SA 5.6 45 3/30/2022 AE USD Transocean Inc 10 55 KY USD Transocean Inc 9 69.75 KY USD Transocean Inc 7.25 54 1/18/2018 KY USD Transocean Inc 4.54 58.625 10/25/2041 PA USD Transocean Inc 11 70 11/13/2020 PE USD Transocean Inc 6.75 104.4036 11/5/2021 PY USD Transocean Inc 7.5 75.375 12/10/2028 PR USD Transocean Inc 8.45 66.618 2/6/2034 EC USD US Capital Funding IV Lt 7.75 70.502 4/25/2028 EC USD US Capital Funding IV Lt 9.75 37.65 5/17/2035 VE USD Usiminas Commercial Ltd 10 55 KY USD Usiminas Commercial Ltd 8.45 66.451 3/19/2034 EC USD USJ Acucar e Alcool SA 6.5 69.901 1/1/2024 EC USD USJ Acucar e Alcool SA 5.93 73.323 12/30/2022 EC USD Vale SA 6.21 71.086 1/1/2023 EC USD Vantage Drilling Interna 9.875 33.25 11/9/2019 BR USD Venezuela Government Int 6.5 69.654 IE USD Venezuela Government Int 8.75 30.125 BR USD Venezuela Government Int 6.75 24.01 10/1/2022 KY USD Venezuela Government Int 4.3 54.766 10/15/2022 KY USD Venezuela Government Int 5.5 35.5 10/23/2020 BR USD Venezuela Government Int 6.5 70.288 11/1/2023 EC USD Venezuela Government Int 6 31.21 11/15/2026 VE USD Venezuela Government Int 9 33.9 11/17/2021 VE USD Venezuela Government Int 8.5 53.55 11/2/2017 VE USD Venezuela Government Int 8.45 66.477 3/19/2034 EC USD Venezuela Government Int 7.5 68.052 4/3/2017 BR USD Venezuela Government Int 6 30.25 5/16/2024 VE USD Venezuela Government Int 8.5 75.01 5/25/2016 CN USD Venezuela Government Int 8.45 65.784 5/30/2034 EC USD Venezuela Government Int 9 12.5 5/31/2017 US CAD Venezuela Government Int 7.7 68.195 6/12/2029 EC USD Venezuela Government TIC 8.45 66.414 4/2/2034 EC USD Venezuela Government TIC 9.5 30.05 4/23/2019 BR USD Venezuela Government TIC 4.375 41 4/25/2025 KY USD VRG Linhas Aereas SA 8.1 53.131 12/15/2041 KY USD VRG Linhas Aereas SA 8.45 66.386 4/2/2034 EC USD XLIT Ltd 8.5 53 11/2/2017 VE USD *********** 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 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any comillionercial 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 202-362-8552. * * * End of Transmission * * *