/raid1/www/Hosts/bankrupt/TCRLA_Public/100826.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, August 26, 2010, Vol. 11, No. 168
Headlines
A R G E N T I N A
PEPI SA: Asks for Preventive Contest
CONIGLIO SA: Creditors' Proofs of Debt Due on October 7
GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14
GRUPO CLARIN: President Asks Court to Study Papel Prensa Sale
LIBRERIAS CIENFUEGOS: Creditors' Proofs of Debt Due on November 22
PAPEL PRENSA: Government to Seize Operations
SORTITEX SA: Creditors' Proofs of Debt Due on September 23
B E R M U D A
MPF-01 Ltd: Placed Under Voluntary Wind-Up
MPF CORP: Placed Under Voluntary Wind-Up
WASTE MANAGEMENT: Creditors' Proofs of Debt Due on September 16
WASTE MANAGEMENT: Members' Final Meeting Set for September 28
C A Y M A N I S L A N D S
PEQUOT GLOBAL: Shareholders' Final Meeting Set for September 17
PEQUOT NEW: Shareholders' Final Meeting Set for September 17
PEQUOT NEW: Shareholders' Final Meeting Set for September 17
CHERRY CREEK: Shareholders' Final Meeting Set for September 17
COMPASS LIFE: Shareholders' Final Meeting Set for September 15
CONOCOPHILLIPS EXPLORATION: Shareholders' Meeting Set for Sept. 22
CONOCOPHILLIPS WQ: Shareholders' Final Meeting Set for Sept. 22
CP BIDCO: Shareholders' Final Meeting Set for September 17
CP HOLDCO1: Shareholders' Final Meeting Set for September 17
CP HOLDCO2: Shareholders' Final Meeting Set for September 17
CP HOLDCO3: Shareholders' Final Meeting Set for September 19
CP HOLDCO4: Shareholders' Final Meeting Set for September 17
CP HOLDCO5: Shareholders' Final Meeting Set for September 17
ELITEPERFORMANCE SIPS: Shareholders' Meeting Set for Sept. 6
ENVIROSOIL SUNGAI: Shareholders' Final Meeting Set for Sept. 17
FU-TAI INVESTMENT: Shareholders' Final Meeting Set for Sept. 30
JAGUAR COMMODITY: Shareholders' Final Meeting Set for September 30
KOREA ENERGY: Shareholders' Final Meeting Set for September 17
THOUSAND FORTUNE: Members' Final Meeting Set for September 17
TIMBERLINE FUND: Shareholders' Final Meeting Set for September 6
WALLONG FUND: Shareholders' Final Meeting Set for September 16
M E X I C O
CEMEX SAB: Drops the Most in Seven Months in Trading
MEXICANA AIRLINES: Tenedora K, Pilots' Union Acquire Airline
MEXICANA AIRLINES: Resolves CIT Objection to U.S. Injunction
MEXICANA AIRLINES: Asked to Comply With Mandate for PFCs
MEXICANA AIRLINES: Union Negotiations Make Headway
P U E R T O R I C O
CARIBBEAN PETROLEUM: Organizational Meeting for Aug. 26
CARIBE MEDIA: S&P Downgrades Rating to 'CCC-'; Gives Neg. Outlook
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
PEPI SA: Asks for Preventive Contest
------------------------------------
Pepi SA asked for preventive contest.
CONIGLIO SA: Creditors' Proofs of Debt Due on October 7
-------------------------------------------------------
Estudio Carreiro, the court-appointed trustee for Coniglio SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until October 7, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 26, 2011.
The Trustee can be reached at:
Estudio Carreiro
Harvey & Asociados
Argentina
GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14
------------------------------------------------------------
Estudio Basile-Cejas, the court-appointed trustee for Gaia
Ingenieria SA's reorganization proceedings, will be verifying
creditors' proofs of claim until October 14, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on August 5.
The Trustee can be reached at:
Estudio Basile-Cejas
Lavalle 1334
Argentina
GRUPO CLARIN: President Asks Court to Study Papel Prensa Sale
-------------------------------------------------------------
Eliana Raszewski at Bloomberg News reports that Argentine
President Cristina Fernandez de Kirchner asked a court to review
the 1976 acquisition of Papel Prensa SA, a newsprint producer, by
Grupo Clarin SA, in what opposition leaders say is an attempt to
silence critics. The report relates President Fernandez said that
the sale of Papel Prensa SA to Clarin, La Razon and La Nacion was
illegal because the owner, Grupo Graiver, was under inappropriate
pressure when it agreed to the transaction, which came during the
rule of a military dictatorship.
The government, the report says, accuses Grupo Clarin of being
biased against the ruling party in its coverage. A government
report, Bloomberg News relates, said that the newspapers "seized"
the newsprint company from its shareholders with the complicity of
the military.
Meanwhile, Bloomberg News relates, President Fernandez also said
that she will also send a bill to Congress that would designate
the production, sale and distribution of newsprint a "public
interest" and subject the industry to regulations that would
ensure all newspapers can buy paper at the same price and under
similar terms.
The report notes that if President Fernandez succeeds, supplies of
the newsprint needed to publish newspapers would be controlled by
the government.
About Grupo Clarin
Grupo Clarin a media company in Argentina and a market leader in
the cable television and Internet access, printing and publishing,
and broadcasting and programming segments. Its cable television
network is one of the largest in Latin America, with one of the
largest broadband subscriber base in Argentina. Its flagship
newspaper -- Diario Clarin -- is the highest circulation newspaper
in Latin America and the second-highest circulation Spanish-
language newspaper in the world. Grupo Clarin is the largest
producer of media content in Argentina, including news, sports and
entertainment and reaches substantially all segments of the
Argentine population in terms of wealth, geography and age.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 23, 2010, Bloomberg News said that the Argentine government
shut down the Internet service provided by Grupo Clarin SA's
Fibertel unit, saying the company's merger with Cablevision SA was
illegal. The report relates the Planning Minister Julio De Vido
said that customers are free to find other service providers and
the company will cease operations within 90 days. The
government's decision is "illegal and arbitrary," and Cablevision
will pursue all legal actions to continue with Fibertel's Internet
service, the company said in an e-mailed statement obtained by the
news agency.
LIBRERIAS CIENFUEGOS: Creditors' Proofs of Debt Due on November 22
------------------------------------------------------------------
Ida Irene Nussenbaum, the court-appointed trustee for Librerias
Cienfuegos SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until November 22, 2010.
Ms. Nussenbaum will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ida Irene Nussenbaum
Lavalle 2024
Argentina
PAPEL PRENSA: Government to Seize Operations
--------------------------------------------
Argentina is set to seize Papel Prensa's operations, The Wall
Street Journal reports. The report notes that the company has
been jointly owned in three equal shares by Grupo Clarin, La
Nacion and Argentina's government since 1976. The government
holds a 28% stake in the paper maker.
Meanwhile, Buenos Aires Herald reports that Argentina President
Cristina Fernandez de Kirchner disclosed that the Executive Branch
will be presenting documentation regarding alleged crimes against
humanity committed during the illegal appropriation of the Papel
Prensa entity. The report relates President Fernandez said that
Papel Prensa "is the only company that produces and
commercializes" the material "needed to make this paper in
Argentina."
According to the Herald, Grupo Clarin, La Nacion and La Razon
newspapers are featured in the list of officials to be questioned.
The report relates Papel Prensa Director Head Beatriz Paglieri
stated: "We know we are facing strong evidence. However, "the
final call will be made by the President."
About Papel Prensa
Papel Prensa SA is a company Argentina dedicated to the production
of paper from newspaper. Founded in 1972, and its plant, which
opened on September 27 of 1978, is located in the city of Buenos
Aires to San Pedro.
SORTITEX SA: Creditors' Proofs of Debt Due on September 23
----------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Sortitex SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until September 23, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on June 3, 2011.
The Trustee can be reached at:
Miguel Angel Troisi
Cerrito 146
Argentina
=============
B E R M U D A
=============
MPF-01 Ltd: Placed Under Voluntary Wind-Up
------------------------------------------
On September 24, 2010, a petition to wind up the operations of
MPF-01 Ltd. was presented to the Supreme Court of Bermuda.
The company's liquidators are:
Michael W. Morrison
Charles Thresh
KPMG Advisory Limited
Michael Pink of KPMG LP
MPF CORP: Placed Under Voluntary Wind-Up
----------------------------------------
On September 24, 2010, a petition to wind up the operations of MPF
Corp. Ltd was presented to the Supreme Court of Bermuda.
The company's liquidators are:
Michael W. Morrison
Charles Thresh
KPMG Advisory Limited
Michael Pink of KPMG LP
WASTE MANAGEMENT: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------------
The creditors of Waste Management International, Ltd. are required
to file their proofs of debt by September 16, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on August 18, 2010.
The company's liquidator is:
Robin J Mayor
Clarendon House
Church Street, Hamilton
Bermuda
WASTE MANAGEMENT: Members' Final Meeting Set for September 28
-------------------------------------------------------------
The members of Waste Management International, Ltd. will hold
their final meeting, on September 28, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on August 18, 2010.
The company's liquidator is:
Robin J Mayor
Clarendon House
Church Street, Hamilton
Bermuda
==========================
C A Y M A N I S L A N D S
==========================
PEQUOT GLOBAL: Shareholders' Final Meeting Set for September 17
---------------------------------------------------------------
The shareholders of Pequot Global Extension Master Fund, Ltd. will
hold their final meeting, on September 17, 2010, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
PEQUOT NEW: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of Pequot New River Offshore Fund, Ltd. will hold
their final meeting, on September 17, 2010, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
PEQUOT NEW: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of Pequot New Prospect Master Fund, Ltd. will
hold their final meeting, on September 17, 2010, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
CHERRY CREEK: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------------
The shareholders of Cherry Creek CDO II, Ltd. will hold their
final meeting, on September 17, 2010, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
COMPASS LIFE: Shareholders' Final Meeting Set for September 15
--------------------------------------------------------------
The shareholders of Compass Life Assurance (Cayman) Ltd. will hold
their final meeting, on September 15, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marsh Management Services Cayman Ltd.
P.O. Box 1051GT, Governors Square 23 Lime Tree Bay Avenue
George Town, Grand Cayman
Cayman Islands
CONOCOPHILLIPS EXPLORATION: Shareholders' Meeting Set for Sept. 22
------------------------------------------------------------------
The shareholders of Conocophillips Exploration Turkmenistan 21
Ltd. will hold their final meeting, on September 22, 2010, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore Trident Trust Company (Cayman) Limited
Telephone: (345) 949-0880
Facsimile: (345) 949-0881
P.O. Box 847, George Town Grand Cayman KY1-1103
Grand Cayman
CONOCOPHILLIPS WQ: Shareholders' Final Meeting Set for Sept. 22
---------------------------------------------------------------
The shareholders of Conocophillips WQ Ltd. will hold their final
meeting, on September 22, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore Trident Trust Company (Cayman) Limited
Telephone: (345) 949-0880
Facsimile: (345) 949-0881
P.O. Box 847, George Town Grand Cayman KY1-1103
Grand Cayman
CP BIDCO: Shareholders' Final Meeting Set for September 17
----------------------------------------------------------
The shareholders of CP Bidco Limited will hold their final
meeting, on September 17, 2010, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CP HOLDCO1: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of CP HOLDCO1 Limited will hold their final
meeting, on September 17, 2010, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CP HOLDCO2: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of CP HOLDCO2 Limited will hold their final
meeting, on September 17, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CP HOLDCO3: Shareholders' Final Meeting Set for September 19
------------------------------------------------------------
The shareholders of CP HOLDCO3 Limited will hold their final
meeting, on September 19, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CP HOLDCO4: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of CP HOLDCO4 Limited will hold their final
meeting, on September 17, 2010, 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CP HOLDCO5: Shareholders' Final Meeting Set for September 17
------------------------------------------------------------
The shareholders of CP HOLDCO5 Limited will hold their final
meeting, on September 17, 2010, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
ELITEPERFORMANCE SIPS: Shareholders' Meeting Set for Sept. 6
------------------------------------------------------------
The shareholders of Eliteperformance Sips Ltd. will hold their
final meeting, on September 6, 2010, 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:
Stuart Sybersma
Emiliano Brito
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
e-mail: emibrito@deloitte.com
ENVIROSOIL SUNGAI: Shareholders' Final Meeting Set for Sept. 17
---------------------------------------------------------------
The shareholders of Envirosoil Sungai Bera Holdings Inc. will hold
their final meeting, on September 17, 2010, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Peter Anderson
Charmaine Cayasso
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P. O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
FU-TAI INVESTMENT: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of Fu-Tai Investment & Consulting Co., Ltd. will
hold their final meeting, on September 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Seng-Fong Jan
11F, 237 Section 1 Chien Kuo
South Road, Taipei 10657
Taiwan
JAGUAR COMMODITY: Shareholders' Final Meeting Set for September 30
------------------------------------------------------------------
The shareholders of The Jaguar Commodity Fund Limited will hold
their final meeting, on September 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
KOREA ENERGY: Shareholders' Final Meeting Set for September 17
--------------------------------------------------------------
The shareholders of Korea Energy and Gas Shipping will hold their
final meeting, on September 17, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Bernard Mcgrath
69 Dr. Roy's Drive
PO Box 1043 George Town
Grand Cayman KY1-102
Cayman Islands
THOUSAND FORTUNE: Members' Final Meeting Set for September 17
-------------------------------------------------------------
The members of Thousand Fortune Islands Corporation will hold
their final meeting, on September 17, 2010, 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:
Bernard Mcgrath
69 Dr. Roy's Drive
PO Box 1043 George Town
Grand Cayman KY1-1102
Cayman Islands
TIMBERLINE FUND: Shareholders' Final Meeting Set for September 6
----------------------------------------------------------------
The shareholders of The Timberline Fund, Ltd. will hold their
final meeting, on September 6, 2010, 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:
Stuart Jessop
PO Box 2185, Grand Cayman KY1-1105
Cayman Islands
Telephone: (345) 949-1599
WALLONG FUND: Shareholders' Final Meeting Set for September 16
--------------------------------------------------------------
The shareholders of Wallong Fund Limited will hold their final
meeting, on September 16, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Bernadette Bailey-Lewis
Telephone: (345) 946-7665
Facsimile: (345) 946-7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
===========
M E X I C O
===========
CEMEX SAB: Drops the Most in Seven Months in Trading
----------------------------------------------------
Jonathan J. Levin at Bloomberg News reports that CEMEX, S.A.B. de
C.V. dropped the most in seven months in Mexico City trading after
plunging sales of existing U.S. homes signaled cement demand may
miss expectations. The report relates Cemex dropped 5.6% to MXN10
on August 25, 2010, the biggest decline since January 27, 2010.
According to the report, sales of U.S. previously owned homes
dropped 27% in July, twice as much as forecast, to a 3.83 million
annual pace, figures from the National Association of Realtors
showed in Washington.
"These figures suggest the recovery will be slower than expected,"
Gonzalo Fernandez, a Mexico City-based analyst with Banco
Santander SA, told the news agency in a telephone interview.
The report says that demand for single-family houses dropped to a
15-year low and the number of homes on the market swelled, the
report showed. Economists projected sales would fall 13% from
June's previously reported 5.37 million pace, the report adds.
About Cemex SAB
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 12, 2010, CEMEX, S.A.B. de C.V. reached an agreement to sell
some non-core assets in Kentucky for US$90 million in order to pay
down some of its debt, Paul Kiernan at Dow Jones Newswires
reports. According to the report, Cemex acquired the assets in
2007 as part of its US$15.5 billion buyout of Australia's Rinker,
which left the company with a huge debt load, almost in default,
and high exposure to the U.S. home construction market which
withered soon after.
As of May 20, 2010, the company continues to carry Standard and
Poor's "B" long-term issuer credit ratings.
MEXICANA AIRLINES: Tenedora K, Pilots' Union Acquire Airline
------------------------------------------------------------
A group of Mexican investors has acquired a controlling stake in
a holding company that controls Compania Mexicana de Aviacion,
S.A. de C.V., according to The Wall Street Journal.
The group which calls itself Tenedora K has bought a 95% stake in
Nuevo Grupo Aeronautico SA de CV, which controls Mexicana
Airlines and the domestic airlines Mexicana Click and Mexicana
Link. The remaining 5% of shares will be held by the pilots'
union, the report said.
U.S. private equity firm Advent International Corp., who was
cited last week as one of the investor groups interested in
acquiring Mexicana, helped put the deal together but is not
participating as a shareholder in the consortium, according to
Reuters.
Tenedora K was formed by a group of Mexican businessmen to
capitalize the three airlines. Grupo Industrial Omega, a
construction company, and Grupo Arizan, an insurance company, are
among the shareholders.
Tenedora K said the acquisition is a "first step" toward
restructuring Mexicana Airlines and that it will involve
agreements on finances, operations and labor needed to save the
company. The group did not disclose how much it paid for the
controlling share or how much it would invest in the company, the
Journal reported.
However, Grupo Posadas SAB, Mexico's largest hotel operator and
Nuevo Grupo's principal shareholder, said it had sold its 30%
stake in Nuevo Grupo for a "symbolic" value, and that the
transaction was already written off by the company in December
2008, Bloomberg News reported.
Fernando Perfecto, the pilot union's secretary general, said the
price of the sale would be announced on August 25, according to a
report by Bloomberg News.
Mr. Perfecto further disclosed that Mexicana Chief Executive
Officer Manuel Borja Chico left his post on Aug. 20, and Tenedora
K named a new company director whose identity will be revealed on
August 25.
The Mexican Airline Pilots Association last week said it received
a concrete offer from Advent International for US$49 million,
which was only half of what the airline's management said was
needed to maintain operations. Moreover, Advent allegedly wanted
to fly only 30 airliners or 39 planes less than those at present.
Mexicana Airlines executives said earlier that the company needed
an infusion of at least US00 million to continue its operations.
Mexicana Airlines, Mexico's biggest airline, initiated a
voluntary judicial reorganization proceeding pursuant to the
Mexican Business Reorganization Act or Concurso Law in a Federal
Court in Mexico on August 2, 2010. To protect its U.S. assets
from creditors, Mexicana also filed for Chapter 15 in New York.
Mexicana cited failed cost-saving agreements with labor unions as
the main reason for its insolvency petition.
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
MEXICANA AIRLINES: Resolves CIT Objection to U.S. Injunction
------------------------------------------------------------
Mexicana Airlines entered into a stipulation, filed with the U.S.
Bankruptcy Court in Manhattan, resolving the objection of C.I.T.
Leasing Corp., CIT Aerospace International, Wilmington Trust SP
Services (Dublin) Ltd. and Wells Fargo Bank Northwest N.A. to
Mexicana's request for a preliminary injunction.
The stipulation provides that the U.S. Bankruptcy Court's August 2
and 18 orders to Show Cause with Temporary Restraining Order, or
Section 362 of the Bankruptcy Code does not enjoin or prevent the
objecting parties from exercising their rights or remedies with
respect to certain assets. A list of these assets is available
for free at http://bankrupt.com/misc/Mexicana_CITAssets.pdf
Judge Martin Glenn approved the stipulation on August 23, 2010.
A full-text copy of the stipulation is available without charge
at http://bankrupt.com/misc/Mexicana_StipulationCIT.pdf
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
MEXICANA AIRLINES: Asked to Comply With Mandate for PFCs
--------------------------------------------------------
Catherine Ang, acting associate administrator for airports, has
asked Mexicana Airlines to comply with the statutory mandate for
treatment of its passenger facility charges during its insolvency
proceedings.
In a letter to Mexicana Airlines, Ms. Ang asked the company to
comply with Title 49, U.S. Code, Section 40117(m), and 14 Code of
Federal Regulations Part 158.
Section 40117(m) imposes requirements for airlines in bankruptcy
to use in its handling of passenger facility charges while 14 CFR
Section 158 sets out the day-to-day rules for both airports and
air carriers with PFC obligations.
Furthermore, the basic requirements of Section 40117(m) and 14
CFR Section 158.49 direct an air carrier, on entering a
bankruptcy proceeding, to:
(1) remove any PFCs commingled with its corporate revenues;
(2) establish for the duration of the bankruptcy proceeding, a
separate and segregated account, and place therein the PFC
revenues, plus an amount equal to its average monthly PFC
collections; and
(3) refrain from any commingling of future PFC revenue with
any other corporate funds by also placing them in the PFC
account).
Ms. Ang says the company, having filed a Chapter 15 bankruptcy
petition, must also establish the PFC account that must be funded
immediately.
"The average month's PFC balance placed in the PFC account should
be calculated from the average of the airline's past 12 months
of PFC liabilities prior to entering bankruptcy," Ms. Ang says in
the letter.
She further says that any PFCs collected by Mexicana Airlines,
but not remitted to airports, must also be immediately placed in
the PFC account and that the minimum PFC account balance should
never fall below the average monthly amount.
Ms. Ang suggests that Mexicana Airlines continue to deposit its
ticket sales revenue into the company's general operating
accounts combined with PFCs. She further recommends that all PFC
revenue should be accounted for, removed from those accounts and
transferred to the new and separate PFC account at least once
every business day.
"The PFC account is solely for PFC transactions. No separate PFC
account for each airport needs be established," Ms. Ang says,
adding that Mexicana Airlines cannot pledge PFCs as collateral in
any financial transaction.
Ms. Ang asks Mexicana Airlines to provide to the Federal Aviation
Administration by September 2, 2010, a copy of the company's PFC
report prepared under 14 CFR Section 158.65, and include a list
of any airports owed outstanding PFC obligations.
She also asks the company to provide the FAA with a PFC account
statement every fifth day of each month, which discloses the
amount representing the company's average one-month PFC
liability; amount representing any unremitted PFCs; and total
funds dispersed during the month.
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
MEXICANA AIRLINES: Union Negotiations Make Headway
--------------------------------------------------
Nuevo Grupo Aeronautico or "Grupo Mexicana" disclosed that it has
made considerable progress in its talks with its pilots' (ASPA)
and flight attendants' (ASSA) unions.
In an official statement, Grupo Mexicana reported on the progress
of the negotiations aimed at securing the financial viability of
Mexicana Airlines and guaranteeing its continued existence.
According to the statement, during talks with union
representatives, Grupo Mexicana said that it is willing to accede
to these measures, which would take effect immediately:
1. Pilots and flight attendants would be entitled to a share
of the capital stock of Grupo Mexicana -- the holding for
Mexicana Airlines, MexicanaClick and MexicanaLink -- and
related companies like MexicanaLoyalty and MexicanaMRO,
proportionate to contributions made to the company by
unions in their collective labor contracts.
2. A complementary investment group would be invited on board
to provide Mexciana Airlines with the capital injection it
needs to continue operating and secure its financial
viability. This group would also be entitled to a share of
the company's capital stock. Prospective investors are
currently being sought out.
3. Stockholders would be willing to dilute their share
participation as necessary to save Mexicana Airlines, which
serves some 11 million passengers a year, and the
livelihoods of the group's 8,000-plus employees.
Grupo Mexicana acknowledged that its employees are vital to a
long-term solution and assured that it would extend to them its
support and solidarity.
Given the airline's cash flow problems and precarious financial
situation, time will be a determining factor, the company
statement said. However, the fact that the company's unions have
agreed to revise collective contracts in the interests of cost
efficiency is a major step toward financial viability that will
benefit not only employees and passengers in the long term, but
Mexico's commercial aviation industry in general.
"Grupo Mexicana would like to make it known that each and every
one of its employees, both unionized and non-unionized, are
making unprecedented sacrifices to ensure passengers booked on
flights reach their destinations," disclosed the statement.
ASPA/ASSA: Mexicana Shareholders
Starting this month, both the ASPA and ASSA have become
shareholders of Compania Mexicana de Aviacion, S.A. de C.V.,
reports Xinhua News Agency.
The Unions also temporarily agreed that airline staff could
resume work at a flat rate of 10,000 pesos, around US33.33, every
two weeks, regardless of their responsibilities in the firm, says
the report.
Local media reported Wednesday that Mexicana agreed to put 27
Airbus airliners on lease and lower the fleet size to 42,
according to Xinhua.
More than 500 of the airline's pilots and flight attendants
demonstrated inside Mexico City's airport on Aug. 1 to protest
possible layoffs or pay cuts.
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
====================
P U E R T O R I C O
====================
CARIBBEAN PETROLEUM: Organizational Meeting for Aug. 26
-------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on August 26, 2010, at
10:00 a.m. in the bankruptcy case of Caribbean Petroleum Corp., et
al. The meeting will be held at J. Caleb Boggs Federal Building,
844 King Street, Room 5209, Wilmington, DE 19801.
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.
The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code. A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable. The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization. The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.
Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations. The Debtor
estimated its assets at US$100 million to US$500 million and its
debts at US$500 million to US$1 billion as of the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., serves
as counsel to the Debtors. The Debtors' co-counsel is Cadwalader,
Wickersham & Taft LLP. The Debtors' financial advisor is FTI
Consulting Inc. The Debtors' chief restructuring officer is Kevin
Lavin of FTI Consulting Inc.
CARIBE MEDIA: S&P Downgrades Rating to 'CCC-'; Gives Neg. Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on San
Juan, Puerto Rico-based Caribe Media Inc to 'CCC-' from 'CCC+'.
The outlook is negative.
At the same time, S&P lowered the issue-level rating on Caribe's
senior secured credit facilities to 'CCC-' (at the same level as
the 'CCC-' corporate credit rating on the company) from 'CCC+'.
The recovery rating on these loans remains a '3', indicating S&P's
expectation of meaningful (50-70%) recovery for lenders in the
event of a payment default.
The rating downgrade reflects S&P's belief that the consolidated
group of Local Insight Media (LIM) companies will be challenged to
service its current capital structure, given its performance
expectations, as well as covenant tightness and other liquidity
pressures at various operating subsidiaries. S&P believes that
credit measures of the consolidated group will continue to
deteriorate over the near term at an accelerated pace, resulting
in S&P's expectation for a deterioration of interest coverage to
just over 1.0x at the end of 2010, and 1.0x in 2011.
In addition, S&P expects near-term covenant violations at both
Caribe and affiliate Local Insight Regatta Holdings Inc., and S&P
believes that LIM's ability to fund interest on a loan at an
affiliate of Caribe and LIRH will be impaired going forward. In
addition to relying on distributions from Caribe and LIRH,
residual funds from certain other operating subsidiaries have been
used to fund interest on this affiliate loan. A leverage ratio
was recently breached under the terms of a whole business
securitization of these subsidiaries, which has triggered a
partial amortization event of the securitization financing. Among
other things, this breach precludes residual funds from leaving
the securitization structure. Given these circumstances and the
uncertainty around lenders willingness to provide covenant relief
to the extent that distributions would be feasible, it is unclear
how this affiliated loan will be serviced, which could result in a
near-term liquidity event for the consolidated company. S&P
therefore expects LIM will need to consider alternatives regarding
its capital structure, which may include a restructuring or
bankruptcy filing.
The ratings on Caribe are based on the consolidated credit quality
of the LIM family of companies. Caribe is indirectly owned by
Local Insight Media Holdings Inc., that also indirectly owns
entities that participate in the whole business securitization,
consisting of ACS Media (the incumbent yellow page publisher in
Alaska), CBD Media (the incumbent yellow page publisher in
Cincinnati), and HYP Media (the incumbent yellow page publisher in
Hawaii). Holdings is owned in part by certain funds of Welsh,
Carson, Anderson & Stowe; Spectrum Equity Investors; and certain
members of management. Holdings is also the indirect parent of
LIRH. Given the strategic relationships between, and common
management and ownership of the various operating entities, S&P
views the rating of each individual entity based on a global view
of the creditworthiness of all other entities. S&P expects
decisions in support of the owners' operating and financial
strategies will be made with a view toward the collective group of
companies.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
ABI/NYIC Golf and Tennis Fundraiser
Maplewood Golf Club, Maplewood, N.J.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Fordham Law School, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 22-23, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
ABI/NYU Bankruptcy and Business Reorganization Workshop
New York University School of Law, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 1, 2010
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
Kansas City Marriott Downtown, Kansas City, Kan.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 1, 2010
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Chicago Consumer Bankruptcy Conference
Standard Club, Chicago, Ill.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Hilton New Orleans Riverside, New Orleans, La.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 28, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Level Professional Development Program
Weil, Gotshal & Manges LLP, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
The Savoy, London, England
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
Delaware Views from the Bench and Bankruptcy Bar
Hotel du Pont, Wilmington, Del.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Hyatt Regency Dearborn, Dearborn, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29, 2010
RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
17th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York City
Contact: 1-903-595-3800;
http://www.renaissanceamerican.com/
Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, a JW Marriott Resort & Spa,
Scottsdale, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Distressed Investing Conference
Aria Las Vegas
Contact: http://www.turnaround.org/
Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colo.
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casuarina Resort & Spa, Grand Cayman Island
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Hyatt Regency Century Plaza, Los Angeles, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
Duberstein U.S. Courthouse, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - Florida
Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
SUCL/ Alexander L. Paskay Seminar on
Bankruptcy Law and Practice
Marriott Tampa Waterside, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
Byrne Judicial Clerkship Institute
Pepperdine University School of Law, Malibu, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott, Chicago, IL
Contact: http://www.turnaround.org/
May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - New York City
Association of the Bar of the City of New York,
New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Hilton New York, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Canadian-American Cross-Border Insolvency Symposium
Fairmont Royal York, Toronto, Ont.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Sanctuary at Kiawah Island, Kiawah Island, S.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Dublin, Ireland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via
e-mail to conferences@bankrupt.com are encouraged.
***********
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.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. 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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2010. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$625 per half-year,
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *