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/raid1/www/Hosts/bankrupt/TCRLA_Public/190107.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, January 7, 2019, Vol. 20, No. 4 Headlines B R A Z I L BRAZIL: Deploys Federal Troops in State Suffering Wave of Violence D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Achieves Record Int'l. Reserves of US$7.6BB DOMINICAN REPUBLIC: Economic Growth in 2018 Was Only 3.7% M E X I C O ASEGURADORA PATRIMONIAL: A.M. Best Gives C++ Fin. Strength Rating P U E R T O R I C O BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Challenges Continue V E N E Z U E L A VENEZUELA: Calls in UN Human Rights Commission X X X X X X X X X * BOND PRICING: For the Week December 31 to January 4, 2018 - - - - - =========== B R A Z I L =========== BRAZIL: Deploys Federal Troops in State Suffering Wave of Violence ------------------------------------------------------------------ EFE News reports that some 300 federal troops began deploying in the Brazilian state of Ceara, which this past week has been ravaged by a wave of vandalism that may be orchestrated by gang leaders operating from within the country's prisons. The deployment of troops from the National Public Security Force in the northeastern region was authorized by the government of President Jair Bolsonaro after dozens of firebomb attacks and other incidents of arson that local authorities fear may be coming in response to measures to tighten regulations in the prisons, according to EFE News. As reported in the Troubled Company Reporter-Latin America, Egan-Jones Ratings Company, on October 8, 2018, withdrew its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by the Federative Republic of Brazil. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Achieves Record Int'l. Reserves of US$7.6BB --------------------------------------------------------------- Dominican Today reports that international reserves have reached an unprecedented level in the economic history of the Dominican Republic, reaching US$7.6 billion, taking out free zones, according to the latest official data. The amount represents more than four months of imports, according to Dominican Today. It is estimated that this extraordinary level of reserves, in addition to marking a historic milestone, will contribute to the stability of the foreign exchange market and will allow it to successfully face any external shock that could arise in the economy, as a result of an anticipated global and regional slowdown, the report notes. The country's monetary authorities reported that some US$30 billion in foreign exchange had entered the economy, the report relays. "Foreign currency revenues to the Dominican Republic during the year 2018, for exports of goods, tourism, remittances, direct foreign investment and other services revenues would be around US $ 30 billion, facilitating the accumulation of Gross International Reserves, which reached US $7,2 billion as of December 26, 2018, equivalent to 4.1 months of imports, excluding free zones, "said the preliminary report on the economy's behavior during 2018, the report notes. The flow of foreign currency contributes to the exchange rate stability that at the end of last year had only depreciated by 3.8%, a percentage lower than that registered in the other countries of the Latin American and Caribbean region, the report discloses. The external sectors, such as tourism, remittances, and exports, maintain a remarkable dynamism, which also contributes to closing the year with a lower current account deficit in the balance of payments, the report relays. Tourism alone, entered US $ 7.6 billion in 2018, for a growth of 6%; remittances amounted to US $ 6,5 billion, for an increase of 10.4%, while foreign direct investment is estimated to end around US $ 2.5 billion at the end of 2018, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. DOMINICAN REPUBLIC: Economic Growth in 2018 Was Only 3.7% --------------------------------------------------------- Dominican Today reports that the economist Guillermo Caram affirmed that the Dominican Republic's economic growth consisted of 3.7% and not 7% as announced by the Central Bank when deducting the consolidated public debt. The former Central Banker also noted that calculated in the same way, the annual growth of the economy during the six years that make up the period of President Danilo Medina's government was 2.1%, according to Dominican Today. The report notes that Mr. Caram said the GDP value for 2018 was estimated based on the 7% GDP growth disclosed by the Central Bank based on the amount of GDP in 2017. Likewise, it indicated that the amount of the consolidated public debt to 2018 was estimated based on that published by the Central Bank as of September 2017, increasing it at the same rate that increased between September and December of 2017, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. =========== M E X I C O =========== ASEGURADORA PATRIMONIAL: A.M. Best Gives C++ Fin. Strength Rating ----------------------------------------------------------------- AM Best has assigned a Financial Strength Rating of C++ (Marginal), a Long-Term Issuer Credit Rating of "b+" and a Mexico National Scale Rating of "bbb.MX" to Aseguradora Patrimonial Vida, S.A. de C.V. (Patrimonial Vida) (Mexico). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Patrimonial Vida's balance sheet strength, which A.M. Best categorizes as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Patrimonial Vida's balance sheet strength is underpinned by risk- adjusted capitalization at a weak level, as measured by Best's Capital Adequacy Ratio (BCAR). The ratings also reflect the company's significant underwriting leverage, business profile limited by concentration in a single business line and distribution channel and the company's relatively small size within Mexico's life insurance industry. Partially offsetting these factors are Patrimonial Vida's improving operating performance and well-structured reinsurance program. Patrimonial Vida initiated operations in Mexico City in 2014, providing short-term life insurance coverage for the private and public sectors. As of year-end 2017, the company held a 0.4% market share in the life segment. Patrimonial Vida operates for the most part through a network of agents. AM Best expects the company's risk-adjusted capitalization, which has been pressured by a large volume of sums assured, to improve in the short term through gradual increases in Patrimonial Vida's capital base, consistently supported by positive bottom-line results. Additionally, these positive results will enable gradual improvements in Patrimonial Vida's underwriting leverage and further efficiency in capital management. The company's has a considerable dependence on reinsurance, but it is well-supported by a structure placed with highly rated entities. In AM Best's view, the insurer was able to achieve rapid premium expansion while maintaining profitable underwriting practices in 2017, as reflected by premiums sufficiency levels. Moreover, the company's conservative investment strategy has provided a steady flow of revenues, which in conjunction with technical results, have significantly enhanced profitability, as reflected by a 5.2% return on assets and 41.9% return on equity at year-end 2017. AM Best expects Patrimonial Vida to further strengthen its ERM framework through improvements in systems, an embedded value tool and an internal economic capital model. Positive movement in the ratings or outlooks could take place if the company sustains improvements in its operating performance that enhances risk-adjusted capitalization levels. Negative rating actions could occur if the expected operating performance deviates considerably or weakens, affecting the company's risk-adjusted capitalization. ====================== P U E R T O R I C O ====================== BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant ----------------------------------------------------------- Barranquitas Ultrasound and Mammography Center, Inc. received approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Jimenez Vazquez & Associates, PSC as its accountant. The firm will assist the Debtor in the preparation of monthly operating reports, financial projections and tax returns; provide consulting services; assist in the preparation of a reorganization plan; and provide other accounting services related to its Chapter 11 case. Jose Jimenez, the firm's accountant who will be providing the services, charges an hourly fee of $155. The retainer fee is $1,500. Mr. Jimenez disclosed in a court filing that he and other employees of the firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jose V. Jimenez Jimenez Vazquez & Associates, PSC P.O. Box 3774 Bayamon, PR 00958 Phone: 787.447.0098 Fax: 1-831-309-7425 Email: jvjimenez@jimenezvazquezcpa.com About Barranquitas Ultrasound and Mammography Center Inc. Barranquitas Ultrasound and Mammography Center, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 18-02225) on April 25, 2018. In the petition signed by its president Miriam Alicea Aponte, the Debtor estimated assets and liabilities of less than $500,000 each. Judge Mildred Caban Flores presides over the case. The Debtor hired Carmen D. Conde Torres, Esq., at C. Conde & Assoc. as its legal counsel. The Debtor filed a disclosure statement in support of its Chapter 11 plan of reorganization on October 22, 2018. RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel ---------------------------------------------------------- RGE Caribbean LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Figueroa Y Morgade Legal Advisors as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Maria Mercedes Figueroa y Morgade, Esq., the attorney who will be handling the case, charges an hourly fee of $225. She was paid a retainer of $8,000 prior to the petition date by RGE President Miguel Roberto Camino Landron from his personal account. Ms. Morgade disclosed in a court filing that she is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Maria Mercedes Figueroa y Morgade, Esq. Figueroa Y Morgade Legal Advisors 3415 Alejandrino Ave., Apt. 703 Guaynabo, PR 00969-4856 Tel: 787-234-3981 Email: figueroaymorgadelaw@yahoo.com About RGE Caribbean RGE Caribbean LLC is privately-held company in San Juan, Puerto Rico, engaged in utility system construction. RGE Caribbean sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 18-07178) on Dec. 9, 2018. At the time of the filing, the Debtor disclosed $1,353,420 in assets and $1,904,761 in liabilities. The Hon. Edward A. Godoy is the case judge. The Debtor tapped Figueroa Y Morgade Legal Advisors as its legal counsel, and Tamarez CPA, LLC as its accountant. TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing ----------------------------------------------------- Bankruptcy Judge Keith L. Phillips approved Toys "R" Us Property Company I and affiliates' disclosure statement describing their proposed chapter 11 plan. Plan objection and voting deadline is on Jan. 18, 2019, at 4:00 P.M. Prevailing Eastern Time. Confirmation hearing date is Jan. 24, 2019, at 1:00 P.M. Prevailing Eastern Time. About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors -- sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Challenges Continue -------------------------------------- Trinidad Express reports that business groups, owners and economists all agree that 2018 was indeed a tough year for Trinidad and Tobago. And they expect that 2019 will present its owns challenges, the report adds. The business groups shared with Express Business their goals, hopes and expectations for the year ahead, the report adds. ================= V E N E Z U E L A ================= VENEZUELA: Calls in UN Human Rights Commission ---------------------------------------------- Carlos Camacho at The Latin American Herald reports that the office of the United Nations' top official for human rights, former socialist Chilean President Michelle Bachelet, said she has been officially invited to visit humanitarian-crisis stricken Venezuela, just as the opposition has begun announcing street protests in the days leading to the polemical second inauguration of embattled head of state Nicolas Maduro Jan. 10. The UN has not disclosed a date for Bachelet's visit however. Regional political action group "Grupo de Lima" is meeting also to decide whether or not they will recognize Maduro's second term, according to The Latin American Herald. The dozen-plus nations bloc is meeting without founding member Mexico, which is now taking a neutral stance on Maduro under President Andres Manuel Lopez Obrador, also a left winger, the report notes. "Noticias ONU", the UN's web news service in Spanish, posted: "The High Commissioner for Human Rights, Michelle Bachelet, has received a formal invite by the Government of Venezuela to visit the country," the report relays. The report discloses that Mr. Bachelet has replied to Mr. Maduro's invite, arguing about the need for a "technical team" to visit the oil-rich country before the High Commissioner, her office stated. UN spokeswoman Ravina Shamdashani was quoted by "Noticias ONU" as saying that the team will make sure Bachelet obtains access to "all necessary areas" of Venezuela to do her job, the report notes. "Habitually, when a High Commisioner visits in-country, he or she usually carries out journeys outside of the capital city, to zones where there have been denounces of human rights violations, or to detention centers", Shamdashani stated, the report says. Venezuelan prisons are a notoriously violent part of an already violent counry, and most of them run by pro-government prison bosses, a figure known in Venezuelan vernacular as "pram", "pran" or "principal," the report notes. Mr. Maduro's winning of a second six-year term in mid-2017 was not recognized by the international community or the local opposition, with several countries (led by neighbor Colombia) saying they will meet as the regional anti-Maduro political action group "Grupo de Lima" days before the inauguration to decide whether they recognize the embattled leader's new term or not, the report says. As part of ongoing protest activity, the opposition's "Plataforma de Conflicto" (conflict platform) group disclosed that Venezuelans who oppose Maduro's rule should display the country's flag outside their residences from January 5th onwards to "defend and express support for" the National Assembly, the opposition-held legislative Mr. Maduro has tried to gut of its role and functions since 2016, but which remains the only power outside the executive recognized by the international community, the report says. Expressing support, even peacefully, for the opposition is a risky proposition in Venezuela, where the government is being investigated (by the UN and the International Penal Court) for human rights abuses, including some 8,000 extra judicial executions, where there are 1,551 political prisoners, citizens have been arrested for tweeting and elected officials died while in police custody, the report adds. As reported in the Troubled Company Reporter-Latin America on Aug. 24, 2018, S&P Global Ratings affirmed its 'SD' global scale issuer credit rating and 'D' issue-level ratings on Petroleos de Venezuela S.A. (PDVSA). ================= X X X X X X X X X ================= * BOND PRICING: For the Week December 31 to January 4, 2018 ----------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Banco do Brasil SA/Cayman 6.25 75.043 KY USD Rio Energy SA 6.875 71.638 2/1/2025 AR USD Cia Latinoamericana 9.5 60.447 7/20/2023 AR USD CSN Islands XII Corp 7 69.44 BR USD Agua y Saneamientos 6.625 71.982 2/1/2023 AR USD Odebrecht Finance Ltd 7.5 39.15 KY USD YPF SA 16.5 50.96 5/9/2022 AR ARS Odebrecht Finance Ltd 4.37 35.715 4/25/2025 KY USD Banco Macro SA 17.5 50 5/8/2022 AR ARS Odebrecht Finance Ltd 7.12 37.293 6/26/2042 KY USD China Huiyuan 6.5 75.1 8/16/2020 CN USD Odebrecht Finance 5.125 45.754 6/26/2022 KY USD Noble Holding 6.2 74.46 8/1/2040 KY USD Noble Holding 5.25 70.444 3/15/2042 KY USD Odebrecht Finance 7 58.985 4/21/2020 KY USD Noble Holding 6.05 73.508 3/1/2041 KY USD Odebrecht Finance 5.25 36.2 6/27/2029 KY USD Rio Energy SA 6.875 71.551 2/1/2025 AR USD BCP Finance Co 1.751 74.397 KY EUR Provincia del Chubut 4 10/21/2019 AR USD YPF SA 16.5 50.96 5/9/2022 AR ARS Argentina 7.125 76 6/28/2117 AR USD Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD Odebrecht Finance 6 37.193 4/5/2023 KY USD Banco do Brasil 6.25 76.375 KY USD Cia Latinoamericana 9.5 60.621 7/20/2023 AR USD Polarcus Ltd 5.6 70 7/1/2022 AE USD Argentina 6.875 74.985 1/11/2048 AR USD Provincia del Chubut 7.75 72.304 7/26/2026 AR USD Banco Macro SA 17.5 50 5/8/2022 AR ARS CSN Islands XII Corp 7 74.375 BR USD Provincia de Rio Negro 7.75 70.153 12/7/2025 AR USD Provincia de Entre Rios 8.75 71.083 2/8/2025 AR USD Argentina 4.33 70 12/31/2033 AR JPY Provincia de Entre Rios 8.75 72.333 2/8/2025 AR USD Odebrecht Finance Ltd 4.375 35.242 4/25/2025 KY USD Ironshore Pharma 13 69.621 2/28/2024 KY USD Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD Odebrecht Finance Ltd 7.125 38.674 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 36.187 6/27/2029 KY USD Province of Santa Fe 6.9 74.177 11/1/2027 AR USD Provincia del Chubut 7.75 71.654 7/26/2026 AR USD Argentina 6.25 72.711 11/9/2047 AR EUR Cia Energetica 6.1827 1.105 1/15/2022 BR BRL Odebrecht Finance 7.5 43.5 KY USD Argentina 0.45 31.75 12/31/2038 AR JPY SACI Falabella 2 7/15/2020 CL CLP Province of Jujuy 8.625 72.788 9/20/2022 AR USD Province of Santa Fe 6.9 73.44 11/1/2027 AR USD Ironshore Pharma 13 69.621 2/28/2024 KY USD Tanner Servicios 3.8 52.42 4/1/2021 CL CLP AES Tiete Energia SA 6.78 1.06 4/15/2024 BR BRL Odebrecht Finance Ltd 6 37.19 4/5/2023 KY USD Provincia de Rio Negro 7.75 70.15 12/7/2025 AR USD Odebrecht Finance 7 59.466 4/21/2020 KY USD Odebrecht Finance Ltd 5.12 47.298 6/26/2022 KY USD Provincia de Cordoba 7.12 74.286 8/1/2027 AR USD Argentina 7.125 75.752 6/28/2117 AR USD Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD Enlasa Generacion 3.558 11/15/2023 CL CLP Metrogas SA/Chile 645 8/1/2024 CL CLP Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD Provincia del Chaco 9.375 72.315 8/18/2024 AR USD Fospar S/A 6.53 1.034 5/15/2026 BR BRL Sociedad Concesionaria 2.9547 6/30/2021 CL CLP Esval SA 3.453 3/15/2028 CL CLP Caja de Compensacion 7.75 35.23 3/27/2024 CL CLP Sociedad Austral 318.478 9/20/2019 CL CLP Provincia de Neuquen 7.5 74.753 4/27/2025 AR USD Caja de Compensacion 5.2 9/15/2018 CL CLP Empresa de Transporte 4.341 7/15/2020 CL CLP Corp Universidad 5.968 11/10/2021 CL CLP Provincia de Cordoba 7.125 74.802 8/1/2027 AR USD Provincia del Chaco 9.375 72.585 8/18/2024 AR USD Argentine Republic 7.125 75.322 6/28/2117 AR USD Sylph Ltd 2.367 61.194 9/25/2036 KY USD Banco Security SA 311 7/1/2019 CL CLP Sylph Ltd 2.657 73.081 3/25/2036 KY 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2019. 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. . * * * End of Transmission * * *