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/raid1/www/Hosts/bankrupt/TCRLA_Public/110630.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, June 30, 2011, Vol. 12, No. 128 Headlines A R G E N T I N A BANCO BILBAO: S&P Affirms Counterparty Credit Ratings at 'B+/B' B R A Z I L MINERVA SA: S&P Affirms Corp. Credit Rating at 'B'; Outlook Pos. C A Y M A N I S L A N D S ACCENTO FUNDING: Creditors' Proofs of Debt Due July 20 AXA INVESTMENT: Creditors' Proofs of Debt Due July 20 ECM MAC 94: Members' Final Meeting Set for July 11 EMROSE OFFSHORE: Shareholders' Final Meeting Set for July 22 ENERGY AND CLIMATE: Shareholders' Final Meeting Set for July 22 KANAGAWA HOLDING: Creditors' Proofs of Debt Due July 20 NORTH SEA: Shareholder to Hear Wind-Up Report on July 21 NORTH SEA T.K.B: Shareholder to Hear Wind-Up Report on July 21 PINPOINT ASSET: Shareholder to Hear Wind-Up Report on July 25 SCP ATLANTIC: Creditors' Proofs of Debt Due July 18 SCP OCEAN: Creditors' Proofs of Debt Due July 18 SCP SAKONNET: Creditors' Proofs of Debt Due July 18 SPIRIT CREDIT: Shareholder to Hear Wind-Up Report on July 18 STERLING CAPITAL: Shareholders' Final Meeting Set for July 22 TWIN REGENCY: Members' Final Meeting Set for July 11 J A M A I C A SUGAR COMPANY: NWU & Ministry of Agriculture May Hold Meeting M E X I C O CEMEX SAB: IDB to Provide US$10 Million for Microfinance Program MEXICANA AIRLINE: Pilots Union Files Lawsuit Against Former Owners T R I N I D A D & T O B A G O TRINIDAD CEMENT: Closer to Agreement on Re-profiling With Lenders X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= BANCO BILBAO: S&P Affirms Counterparty Credit Ratings at 'B+/B' --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+/B' global scale counterparty credit ratings on Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay). The outlook remains positive. "The uncertainty intrinsic to Paraguay's financial system and the country's high sovereign risk constrain our ratings on BBVA Paraguay," said Standard & Poor's credit analyst Delfina Cavanagh. "Also, the bank's portfolio concentration and relatively weak operating risk management, together with a highly competitive environment, are factors that constrain the rating." "However, the bank's good market position and its healthy financials support the ratings," Ms. Cavanagh added. "The ratings on BBVA Paraguay also take into consideration our group methodology, by which we consider BBVA Paraguay a strategically important subsidiary of Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+)," S&P related. BBVA Paraguay is the second-largest bank in Paraguay, after Banco Regional. The bank offers a wide array of products through its 22 branches, with a high concentration on corporate loans, but it is focusing increasingly on retail. The positive outlook on the global scale ratings reflects that on the sovereign credit ratings on the Republic of Paraguay (B+/Positive/B). "We could raise the ratings on the bank based on the explicit support that the bank's parent company, BBVA, provides enhances its stand-alone credit strength, but the ratings are limited by those on the sovereign," S&P noted. "We could lower the ratings on the bank if Paraguay's economy weakens significantly or if BBVA Paraguay's financials deteriorate," S&P added. =========== B R A Z I L =========== MINERVA SA: S&P Affirms Corp. Credit Rating at 'B'; Outlook Pos. ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Minerva S.A. "At the same time, we have revised the outlook to positive from stable," S&P said. The rating action reflects Minerva's improving capital structure, as it has successfully reduced short-term refinancing risks and improved its overall debt-amortization schedule after it issued mandatorily convertible debentures. "It also reflects Minerva's stable (and, under our projections, improving) credit metrics, even in a domestic environment of high cattle costs, which have so far been passed on to end customers. Minerva's liquidity has also improved. Minerva still reports credit ratios in the highly- leveraged category; however, we believe they will improve because the company will gradually generate higher cash flows as its greenfield projects ramp up beef production. Although we don't expect Minerva to make significant capital expenditures, the ramp- up of production will likely require further investments in working capital, which will cause free operating cash flow (FOCF) to remain negative or low, thus reducing its ability to pay down debt in the intermediate term," S&P related. The company also acquired a processing plant in Uruguay that corresponds to 13% of its overall capacity. "In our opinion, this acquisition will improve Minerva's profitability because that plant is allowed to supply premium markets such as the U.S. and Canada. The company has successfully passed through cattle price increases, partly because of favorable domestic demand, and that has helped EBITDA margins to remain quite stable around 7% in past quarters. We expect margins to hover in the 5%-8% range in the next few years," S&P continued. "The positive outlook reflects our expectations that Minerva will report stronger credit metrics thanks to improving cash flows. We also believe that Minerva will continue improving its capital structure and sustaining adequate liquidity. We can raise the rating if credit metrics consistently improve to an adjusted total debt-to-EBITDA ratio of less than 5.0x and an FFO-to-debt ratio close to 12%, which depends, in our view, on a successful ramp-up of its greenfield projects, favorable market conditions in Brazil (including stable cattle prices), and efficient working-capital management. We could lower the rating if liquidity starts to decline and the adjusted total debt-to-EBITDA ratio remains consistently more than 7.0x, signaling higher debt to sustain working capital needs, a reversal in market trends, or other operating challenges," S&P said. =========================== C A Y M A N I S L A N D S =========================== ACCENTO FUNDING: Creditors' Proofs of Debt Due July 20 ------------------------------------------------------ The creditors of Accento Funding Limited are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 10, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands AXA INVESTMENT: Creditors' Proofs of Debt Due July 20 ----------------------------------------------------- The creditors of AXA Investment Managers & Advisors, Ltd. are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 7, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ECM MAC 94: Members' Final Meeting Set for July 11 -------------------------------------------------- The members of ECM Mac 94 Ltd. will hold their final meeting on July 11, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands EMROSE OFFSHORE: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------ The shareholders of Emrose Offshore Fund will hold their final meeting on July 22, 2011, 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 ENERGY AND CLIMATE: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------------- The shareholders of Energy and Climate Advisors will hold their final meeting on July 22, 2011, 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 KANAGAWA HOLDING: Creditors' Proofs of Debt Due July 20 ------------------------------------------------------- The creditors of Kanagawa Holding Cayman Co., Ltd. are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 10, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NORTH SEA: Shareholder to Hear Wind-Up Report on July 21 -------------------------------------------------------- The sole shareholder of North Sea Transportation Limited will receive on July 21, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 NORTH SEA T.K.B: Shareholder to Hear Wind-Up Report on July 21 -------------------------------------------------------------- The sole shareholder of North Sea T.K.B. Holdings Ltd. will receive on July 21, 2011, at 10:05 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 PINPOINT ASSET: Shareholder to Hear Wind-Up Report on July 25 ------------------------------------------------------------- The sole shareholder of Pinpoint Asset Management Company Ltd. will receive on July 25, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wang Qiang Two International Finance Centre, Level 33 8 Finance Street, Central Hong Kong Telephone: +852 25235990 Facsimile: +852 25235993 SCP ATLANTIC: Creditors' Proofs of Debt Due July 18 --------------------------------------------------- The creditors of SCP Atlantic Fund Ltd are required to file their proofs of debt by July 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 7, 2011. The company's liquidators are: Mr. Robin Lee Mcmahon Mr. Roy Bailey c/o Lynden John Telephone: (345) 814 8915 Facsimile: (345) 814 8529 Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman KY1-1106 Cayman Islands SCP OCEAN: Creditors' Proofs of Debt Due July 18 ------------------------------------------------ The creditors of SCP Ocean Fund Ltd are required to file their proofs of debt by July 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 7, 2011. The company's liquidators are: Mr. Robin Lee Mcmahon Mr. Roy Bailey c/o Lynden John Telephone: (345) 814 8915 Facsimile: (345) 814 8529 Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman KY1-1106 Cayman Islands SCP SAKONNET: Creditors' Proofs of Debt Due July 18 --------------------------------------------------- The creditors of SCP Sakonnet Fund Ltd are required to file their proofs of debt by July 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 7, 2011. The company's liquidators are: Mr. Robin Lee Mcmahon Mr. Roy Bailey c/o Lynden John Telephone: (345) 814 8915 Facsimile: (345) 814 8529 Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman KY1-1106 Cayman Islands SPIRIT CREDIT: Shareholder to Hear Wind-Up Report on July 18 ------------------------------------------------------------ The sole shareholder of Spirit Credit Opportunities, Ltd. will receive on July 18, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 STERLING CAPITAL: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------- The shareholders of Sterling Capital Holdings SPC will hold their final meeting on July 22, 2011, 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 TWIN REGENCY: Members' Final Meeting Set for July 11 ---------------------------------------------------- The members of Twin Regency Limited will hold their final meeting on July 11, 2011, 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: Lion International Management Limited P.O. Box 71, Craigmuir Chambers Road Town, Tortola British Virgin Islands ============= J A M A I C A ============= SUGAR COMPANY: NWU & Ministry of Agriculture May Hold Meeting ------------------------------------------------------------- RJR News reports that a meeting between National Workers' Union and the Ministry of Agriculture may be held this week to discuss the fate of Sugar Company of Jamaica Holdings Limited's workers following the takeover of its sugar factories by the Chinese firm Complant in a little over a month. The report relates that NWU, which represents a majority of SCJ employees, has made a request to the Ministry of Agriculture for urgent talks. The union wants answers on how the workers' displacement will be handled when Complant takes full control of the sugar factories, according to RJR News. "At the end of this crop, the industry will no longer be employed to the Government . . . the workers are presently engaged to the Government through the Sugar Divestment Enterprise. But Complant will be taking over the industry at the end of the sugar crop and therefore, we have said to the minister at a meeting three weeks ago, that it's important that we look at all (the) outstanding (issues), especially terminal arrangements for the presently engaged workers," RJR News quoted Vincent Morrison, NWU President, as saying. Last year, RJR News recalls, Complant spent US$9 million to acquire the Frome, Bernard Lodge, and Monymusk sugar factories. It delayed its formal takeover until a due diligence is completed, the report adds. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =========== M E X I C O =========== CEMEX SAB: IDB to Provide US$10 Million for Microfinance Program ---------------------------------------------------------------- The Inter-American Developmental Bank will support expansion of CEMEX, S.A.B. de C.V.'s microfinance program for low-income families. More than 750,000 low-income families in Mexico, Colombia, Costa Rica, Nicaragua and the Dominican Republic to benefit from the project. Patrimonio Hoy, the housing microfinance program of CEMEX, will expand lending to low-income families in Mexico and four other Latin American countries with a partial credit guarantee of up to US$10 million from IDB. As many as 750,000 families over the next five years are expected to benefit from this project. The IDB guarantee will allow the company to expand its offering of credit products that will, for example, allow them to pay for labor costs related to construction besides materials. The guarantee will also pave the way for the company to scale up its operations in Colombia, Costa Rica, Nicaragua and the Dominican Republic. The partial credit guarantee was approved on June 22 and the signing agreement will occur during the BASE, the First Forum for the Development of the Base of the Pyramid, in Sao Paulo on June 28. Patrimonio Hoy was created in 1998 to meet the rising need for housing microfinance among low-income families, which are at the base of the pyramid in Mexico. This segment of the population lack access to bank credit and government housing finance programs. Through the program, CEMEX has supported more than 300,000 low- income families with the provision of microloans to finance construction material purchases and technical assistance with the participation of distributors. The program has also created a network of promoters made up mostly of female entrepreneurs from the own communities, helping generate an important number of jobs. The partial credit guarantee was provided by the IDB's Opportunities for the Majority Initiative (OMJ). In 2008, the initiative approved a US$10 million partial credit guarantee to support the expansion of CEMEX's Mejora tu Calle, an urban infrastructure improvement program in partnership with local governments that provides microcredit for families to finance street paving and the construction of sidewalks. Created three years ago, OMJ has invested more than US$160 million to help develop novel base-of-the-pyramid business models to integrate the poor into the formal economy, improve their standards of living and promote greater social inclusion. 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 reported in the Troubled Company Reporter-Latin America on June 27, 2011, Standard & Poor's Ratings Services assigned its 'B' senior secured debt rating, and recovery rating of '3', to the issuance of up to $650 million in long-term notes due 2019 proposed by Cemex S.A.B de C.V. MEXICANA AIRLINE: Pilots Union Files Lawsuit Against Former Owners ------------------------------------------------------------------ Mexican Airline Pilots Union (ASPA) has filed a criminal complaint with the Attorney General's Office against Grupo Posadas SAB Chairman Gaston Azcarraga for violating the securities laws, various reports say. Grupo Posadas SAB was the owner of Compania Mexicana de Aviacion or Mexicana Airlines before it went bankrupt. The Wall Street Journal reports that Grupo Posadas said at the time of Mexicana airline's bankruptcy it had ceded its 30.4% stake in the airline, the value of which it had written off as zero in December 2008. The Journal notes that ASPA Secretary General Fernando Perfecto said the union is charging that Grupo Posadas failed to notify the market when it reduced its stake in Mexicana's holding company from 100%. Jonathan Roeder at Bloomberg News, citing an e-mail statement, relates that ASPA said that Grupo Posadas also failed to alert investors about loans given to the airline by Grupo Financiero Banorte SAB and Banco Nacional de Comercio Exterior. The union also charges that Grupo Posadas didn't advise its investors when Mexicana and its subsidiaries sought bankruptcy protection last year, the Journal notes. Meanwhile, the Journal discloses that Group Posadas said in a statement that the complaint is based on false premises, and that the company is confident authorities will reject it, "since the information relevant to public investors has been disclosed by the company in a timely way, and securities authorities haven't made any observations about it." The charges come as Grupo Posadas, which runs more than 100 hotels in Mexico and other parts of Latin America, is considering options for its future, including a capital increase, new partners, or even a possible sale, the Journal adds. 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 did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Closer to Agreement on Re-profiling With Lenders ----------------------------------------------------------------- Darcel Choy at Trinidad & Tobago Newsday reports that Trinidad Cement Limited (TCL) Group is assuring shareholders the company's dialogue with lenders has been productive and it was drawing closer to an agreement on the material terms of the re-profiling of the company. T&T Newsday relates that the Group said they submitted proposals for the re-profiling of its debt portfolio to Lenders. The Group explained the current proposal for restructuring its debt considered an eight-year transaction with interest rates consistent with the risk profile, along with the payment of a consent fee to lenders, according to T&T Newsday. Outstanding interest due to lenders will be capitalized at closing and quarterly periods thereafter through June 2012, the report discloses. As reported in the Troubled Company Reporter-Latin America on Jan. 19, 2011, RadioJamaica said Trinidad Cement Limited has unveiled a major plan to restructure its debt to allow the Group to remain in business given the severe effect of the economic decline on all its markets. The report related that a creditor committee comprising large domestic and international institutional lenders representing 75% of its total debt, has been established. An independent advisor is to be hired to the Committee to assess the cash generating capability, operations and structure of the TCL Group, the report noted. RadioJamaica said TCL, along with the Committee and its advisor, will present the debt restructure plan to its lenders and investors for approval. Meanwhile, T&T Newsday relates that in the company's audited yearly results, it showed TCL recorded a 101% decline in revenue of TT$179 million in 2010, following the 16& decline of TT$333 million recorded in 2009. Trinidad Cement Limited is a cement company. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.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/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.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/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** 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. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300. * * * End of Transmission * * *