/raid1/www/Hosts/bankrupt/TCRLA_Public/110714.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, July 14, 2011, Vol. 12, No. 138
Headlines
B E R M U D A
FAIRLINE SHIPPING: Creditors' Proofs of Debt Due July 22
FAIRLINE SHIPPING: Members' Final Meeting Set for August 15
SMART HOME: Placed Under Voluntary Wind-Up
SMART HOME: Placed Under Voluntary Wind-Up
SPARTAN INSURANCE: Creditors' Proofs of Debt Due July 22
B R A Z I L
BROOKFIELD INCORPORACOES: Fitch Upgrades Long-Term IDR to 'BB'
MINERVA S.A.: Moody's Reviews 'B3' Ratings for Possible Upgrade
C A Y M A N I S L A N D S
HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
KINGDOM 5-KR-8: Commences Liquidation Proceedings
KINGDOM 5-KR-37: Commences Liquidation Proceedings
KINGDOM 5-KR-49: Commences Liquidation Proceedings
KINGDOM 5-KR-50: Commences Liquidation Proceedings
KINGDOM 5-KR-58: Commences Liquidation Proceedings
KINGDOM 5-KR-60: Commences Liquidation Proceedings
KINGDOM 5-KR-61: Commences Liquidation Proceedings
KINGDOM 5-KR-69: Commences Liquidation Proceedings
KINGDOM 5-KR-70: Commences Liquidation Proceedings
KINGDOM 5-KR-87: Commences Liquidation Proceedings
KINGDOM 5-KR-88: Commences Liquidation Proceedings
KINGDOM 5-KR-91: Commences Liquidation Proceedings
KINGDOM 5-KR-92: Commences Liquidation Proceedings
J A M A I C A
RBTT: Starts Operating Under RBC Banner as of July 11
M E X I C O
VITRO SAB: Beats Back 12 Renewed Involuntary Petitions
VITRO SAB: Bondholders Not Required to Disclose Holdings
VITRO SAB: Noteholders Skeptical Mediation Will Lead to Accord
VITRO SAB: Credit Agricole Wants to Pursue Claims v. Norteamerica
* TONALA MUNICIPALITY: Moody's Lowers Issuer Ratings to 'Caa2'
P U E R T O R I C O
MIRAMAR REAL ESTATE: Taps C. Agosto and FVP & Galindez as Auditors
REITTER CORP: Amended Plan Outline Filing Extended Until Aug. 31
T R I N I D A D & T O B A G O
CL FINANCIAL: CIB to Pay Legal Costs After Losing Case
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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B E R M U D A
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FAIRLINE SHIPPING: Creditors' Proofs of Debt Due July 22
--------------------------------------------------------
The creditors of Fairline Shipping International Corporation, Ltd.
are required to file their proofs of debt by July 22, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road, Hamilton
Bermuda
FAIRLINE SHIPPING: Members' Final Meeting Set for August 15
-----------------------------------------------------------
The members of Fairline Shipping International Corporation, Ltd.
will hold their final meeting on August 15, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road, Hamilton
Bermuda
SMART HOME: Placed Under Voluntary Wind-Up
------------------------------------------
On June 27, 2011, the members of Smart Home Reinsurance 2004-1
Limited passed a resolution that voluntarily winds up the
company's operations.
John C. McKenna is the company's liquidator.
SMART HOME: Placed Under Voluntary Wind-Up
------------------------------------------
On June 27, 2011, the members of Smart Home Reinsurance 2005-1
Limited passed a resolution that voluntarily winds up the
company's operations.
John C. McKenna is the company's liquidator.
SPARTAN INSURANCE: Creditors' Proofs of Debt Due July 22
--------------------------------------------------------
The creditors of Spartan Insurance Company Ltd. are required to
file their proofs of debt by July 22, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-La-Ville Road
Hamilton
Bermuda
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B R A Z I L
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BROOKFIELD INCORPORACOES: Fitch Upgrades Long-Term IDR to 'BB'
--------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Brookfield Incorporacoes
S.A. and Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
(Brookfield SP) and related issuances:
Brookfield Incorporacoes S.A.
-- Long-term foreign currency Issuer Default Rating (IDR) to
'BB' from 'BB-';
-- Long-term local currency IDR to 'BB' from 'BB-';
-- Long-term national scale rating to 'AA-(bra)' from
'A+(bra)';
-- BRL100 million first debenture issuance due 2013 to 'AA-
(bra)' from 'A+(bra)';
-- BRL366 million second debenture issuance due, the first
series of BRL285 million in 2014 and the second, of BRL81
million, in 2016, to 'AA-(bra)' from 'A+(bra)';
-- BRL300 million third debenture issuance due, the first
series of BRL150 million in 2015 and the second, of BRL150
million in 2016, to 'AA-(bra)' from 'A+(bra)'.
Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
-- Long-term foreign currency IDR to 'BB' from 'BB-';
-- Long-term local currency IDR to 'BB' from 'BB-';
-- Long-term National Scale rating to 'AA-(bra)' from 'A+(bra);
-- BRL75 million third debenture issuance due 2012 to 'AA-
(bra)' from 'A+(bra)'.
In conjunction with these upgrades, Fitch has assigned an 'AA-
(bra)' long-term national scale rating to the proposed fourth
debenture issuance of Brookfield Incorporacoes, up to BRL300
million, due, the first series in 2014 and the second in 2016. The
proceeds will be used to refinance part of the company's debt as
well as to cover general costs.
The Rating Outlook for the corporate ratings is Stable.
The upgrade reflects Brookfield Incorporacoes' capacity to
consistently report strong operating performance in a larger scale
of operations; the improvement of its strategy to preserve robust
liquidity position; and the company's adequate debt maturity
profile, with low corporate debt maturing in 2011 and 2012. The
ratings also incorporate Brookfield Incorporacoes' position as one
of the five largest homebuilders in Brazil; the group's strong
brand name and long track record; its solid and diversified
landbank to support business expansion; and moderate leverage. The
integration and support from the controlling shareholder,
Brookfield Asset Management Inc. (BAM; rated 'BBB' by Fitch) and
adequate corporate governance practices were also considered in
the analysis.
The ratings are constrained by the still high participation of
corporate debt in the company's debt profile and negative cash
flow from operations, which reflects the business expansion.
Brookfield Incorporacoes has the challenge to increase the
utilization of lines of credit from the Housing Financial System
(SFH), which are more adequate for the sector, and to preserve its
current operational metrics in the new cycle of business growth
and in an environment of strong competition and increased pressure
on labor and raw material costs. Additionally, the company will
have to deal with the risk associated with its business strategy
to develop the low income segment, which has higher exposure to
the cyclicality of the homebuilding industry and is highly
correlated to the local economy and strongly vulnerable to an
economic slowdown and to restrictions of credit lines.
The ratings of Brookfield SP reflect the ratings of its holding
company, Brookfield Incorporacoes, which are based on the
consolidated position of Brookfield Incorporacoes and in its 100%
ownership of Brookfield SP, which operates as a regional unit,
fully integrated to Brookfield Incorporacoes.
Robust Liquidity to Support Business Growth:
Brookfield Incorporacoes has a conservative strategy to preserve
strong cash reserve. At the end of March 2011, cash and
marketable securities was BRL989 million and total debt was BRL2.5
billion, with BRL406 million due up to the end of 2011 and BRL600
million in 2012. Out of debt maturities in 2011 and 2012, BRL408
million is related to corporate debt. Brookfield Incorporacoes
will face higher debt maturities in 2013, of BRL554 million. The
company also benefits from the potential liquidity supported by
BRL238 million of receivables from completed and sold units not
linked to debt.
Brookfield Incorporacoes' strong cash and marketable securities
resulted in comfortable cash/short-term debt ratio of 1.8 times
(x) and funds from operations (FFO) + cash/short-term debt ratio
of 2.1x. The company's strategy to preserve a cash position around
BRL1 billion in 2011 and 2012 is positive and should support the
expected growth of project launches to a new level of operations.
Consistent Operational Results:
The company's net revenues and adjusted EBITDA consistently
increased since 2008. Net revenues increased to BRL3.5 billion in
the latest 12 months (LTM) ended March 2011, from BRL792 million
in 2008, while adjusted EBITDA (including interest allocated in
costs) grew to BRL827 million, from BRL215 million, over the same
period. Despite the more adverse environment in 2009 and
increased pressure of costs in 2010, Brookfield Incorporacoes was
able to preserve adjusted EBITDA margin between 21% and 23%, which
is adequate for the sector. Fitch expects gross and EBITDA margins
around 30% and 20%, respectively, in 2011.
Brookfield Incorporacoes' construction capacity and
diversification strategy by selected region and income segment
contributed to the results. T he company is responsible for the
construction of 100% of its projects, which enhances cost controls
and timely delivery of the projects, and is viewed as a
competitive advantage. In 2010, Brookfield Incorporacoes launched
BRL3 billion in potential sales value (PSV) of projects, compared
to BRL2.7 billion in 2008. Sales speed, measured as
presales/supply, remained above 13% per quarter since the second
quarter of 2009, and was 52% for all of 2010, compared to 38% in
2009 and 28% in 2008, indicating increased and high absorption
rate within the industry. The company has the challenge to
preserve its historical operational results in a larger scale of
operations, as the expectation is to launch about BRL5 billion of
PSV in 2011 and BRL5.5 billion in 2012.
Still Low SFH Financing:
Brookfield Incorporacoes' ratings are constrained by the high
participation of corporate debt in the company's debt profile. As
of March 31, 2011, corporate debt represented 73% of total debt of
BRL2.5 billion, as the company financed its business growth mostly
with debentures and working capital lines. The still low
participation of SFH financing of 27% of total debt in March 2011
(33% in 2009) increases the refinancing risk, as loans from the
SFH are guaranteed by specific receivables from units sold and
under construction, and are paid upon the delivery of the units
and the receivables transferred. Fitch expects a more intensive
use of SFH financing in 2011 and 2012, following the already
approved and scheduled disbursements for residential projects
underway.
Leverage is moderate. In the LTM ended March 2011, total
debt/adjusted EBITDA ratio was 3.1x and net debt/adjusted EBITDA
was 1.9x. These numbers are in line with the 3.1x and 1.8x,
respectively, reached in 2009. Fitch expects leverage ratios to
remain around 3.5x in 2011 and increase to around 4.5x in 2012, as
total debt should increase to support the development of new
projects, with a proportional increase of SFH.
Cash Flow Should Remain Negative in 2011:
Brookfield Incorporacoes generated BRL128 million in FFO in the
LTM ended March 2011, compared with BRL318 million in 2010 and
BRL456 million in 2009. Despite higher EBITDA in the period, the
company's cash generation capacity did not evolve, as increased
payment obligations due to strong growth pressured its cash flow.
With high working capital needs of BRL1.1 billion, cash flow from
operations (CFFO) remained negative at BRL994 million in the LTM
ended March 2011. Fitch expects CFFO to remain negative in 2011
and may turn positive in 2012 due to an expected increased inflow
from receivables of ready units of BRL1.5 billion during the year.
But with the new growth cycle starting in 2011, CFFO should become
negative again in 2013.
Solid Track Record in the Brazilian Market:
Brookfield Incorporacoes is among the five largest real estate
companies in Brazil by project launches and revenues and has
operated in the sector for over 30 years in residential and
commercial projects. The company counts on a sizeable and
diversified land bank by income segment and region of BRL17.3
billion of PSV, which may cover around 3.5 years of project
launches. The partnership with IFC is positive, as the company
plans to have from 15% to 20% of project launches in the low
income segment.
Brookfield Incorporacoes should continue to benefit from the
favorable business environment of the Brazilian homebuilding
sector, which has experienced a significant increase in the last
few years. The improved fundamentals of the economy led to income
per capita growth, as well as more flexible financial conditions
to customers. The sector should also benefit in 2011 from the
continued government support and strong access to debt and capital
markets.
Key Rating Drivers:
The ratings could be negatively affected by a more unstable
macroeconomic environment, which may impact the homebuilding
sector's fundamentals and pressure the company's liquidity.
Increased leverage, a decline in operating margins to levels below
the sector average, or a significant reduction in liquidity could
lead to consideration of a Negative Outlook or a rating downgrade.
Positive rating actions could be driven by a reduction in the
participation of corporate debt, coupled with a consistent
improvement in the company's free cash flow generation capacity,
maintenance of robust liquidity position and operational metrics.
MINERVA S.A.: Moody's Reviews 'B3' Ratings for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the B3 global scale corporate family rating of Minerva
S.A., following the announcement of a planned offering of BRL 300
million in mandatorily convertible debentures, which is likely to
be treated as equity by Moody's.
Ratings placed under review for possible upgrade are:
Minerva S.A.
-- Corporate Family Rating: B3/Under Review for possible upgrade
Issuer: Minerva Overseas Ltd.
-- US$35 million 9.500% guaranteed senior unsecured bonds due
Feb. 1, 2017: B3/Under Review for possible upgrade
Issuer: Minerva Overseas II Ltd.
-- US$374 million 10.875% guaranteed senior unsecured bonds due
Nov. 15, 2019: B3/Under Review for possible upgrade
The review process will focus on four key factors. First, the
equity treatment and use of proceeds from the planned convertible
debt offering and its impact on Minerva's leverage and capital
structure. Second, the company's appetite to participate in M&A
opportunities over the near-to-medium term and how this could have
an impact on its commitment to further deleverage its balance
sheet and modify its revenue mix. Specifically, Moody's will
evaluate Minerva's interest to consider its entry into other
protein categories and further expand its still small contribution
to revenues from value-added products. Third, the ability of the
company to maintain its track record of relatively stable
operating margins, partially through its hedging activities, at a
time of increased volatility in both the commodity and financial
markets. Fourth, the ability of the company to turn free cash
flow positive on a sustainable basis commencing with fiscal 2012.
Minerva's ratings could be upgraded if Moody's expects the trend
towards greater diversification of Minerva's revenue and cash flow
streams to continue, with increased contribution of processed
products to generate positive free cash flow. Upwards pressure
would also depend on the company's ability to reduce adjusted
total debt to EBITDA ratio to below 5.0x, EBITA to Interest
Expense above 1.5x and CFO to Net Debt above 10%, for at least two
consecutive quarters.
Moody's last rating action for Minerva occurred on Jan. 13, 2011,
when Moody's changed Minerva's B3 corporate family ratings outlook
to positive from stable. The positive outlook reflected Moody's
belief that Minerva would further deleverage, prudently manage
CAPEX and expand processed food's participation on revenues.
The principal methodology used in rating Minerva was the Protein
and Agriculture rating methodology published on September 3, 2009.
Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
website.
Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL 3.5 billion (approx. US$2.1 billion) at
LTM March 2011 and installed slaughtering capacity of 10.340 heads
of cattle per day, Minerva is the third largest Brazilian exporter
of beef and beef byproducts and has ten own beef production
facilities in Brazil as well as presence in Paraguay and Uruguay.
===========================
C A Y M A N I S L A N D S
===========================
HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
----------------------------------------------------------------
The creditors of Highbridge Statistically Enhanced Equity
Portfolio-Europe, Ltd. are required to file their proofs of debt
by August 4, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on June 20, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
----------------------------------------------------------------
The creditors of Highbridge Statistically Enhanced Equity
Portfolio-U.S., Ltd. are required to file their proofs of debt by
August 4, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on June 20, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
KINGDOM 5-KR-8: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-8, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-37: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-37, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-49: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-49, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-50: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-50, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-58: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-58, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-60: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-60, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-61: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-61, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-69: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-69, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-70: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-70, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-87: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-87, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-88: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-88, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-91: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-91, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-92: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-92, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1
Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
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J A M A I C A
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RBTT: Starts Operating Under RBC Banner as of July 11
-----------------------------------------------------
RJR News reports that RBTT will start operating under the banner
of its parent company, the Royal Bank of Canada starting July 11.
The rebranding comes three years after RBC acquired RBTT and
delisted it from the Jamaica Stock Exchange, according to RJR
News. Trinidad-based RBTT was acquired by RBC in October 2007 for
US$2.2 billion.
As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2010, RadioJamaica News said that Port Antonio Branch,
branch of the RBTT Bank in Portland, closed its doors for the
final time on November 30, 2010. The Portland unit closure came
four months after RBTT first announced the closure of three of its
20 branches islandwide. Branches in Fairfield, St. James, and
Southdale in St. Elizabeth were also closed. According to
RadioJamaica, Clive Grayson, manager of the RBTT Port Antonio
branch, said the closure of accounts and relocation of others
proceeded in an orderly manner over the past four months, with a
particularly busy period on November 29-30, 2010. Meanwhile, an
undisclosed number of port Antonio-based RBTT employees, who have
given outstanding customer service through the banks transition
from Citizens Bank to Union Bank and then to RBTT, are expected to
join the ranks of Portland's unemployed.
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M E X I C O
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VITRO SAB: Beats Back 12 Renewed Involuntary Petitions
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB won a skirmish with holders of some of the
US$1.2 billion in defaulted bonds.
A bankruptcy judge in Dallas wrote an opinion on July 8 denying a
request by bondholders to reconsider rulings entered in April
refusing to put a dozen Vitro subsidiaries into Chapter 11
involuntarily. In his opinion last week, U.S. Bankruptcy Judge
Harlin "Cooter" Hale said the April rulings weren't "manifest
error," Bloomberg relates.
Judge Hale told Vitro to file papers by July 13 specifying the
amount of fees it seeks to recover as a result of beating back the
involuntary petitions, according to Bloomberg.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States. On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).
Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V. The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.
Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange. Together, they held US$75 million, or approximately
6% of the outstanding bond debt. The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The Ad Hoc Group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro. The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq., of White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11. The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
VITRO SAB: Bondholders Not Required to Disclose Holdings
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Harlin "Cooter" Hale, in a
short opinion on July 7, concluded that an ad hoc group of
bondholders isn't obliged to disclose details about purchases and
sales of Vitro securities.
With courts divided on the issue, Judge Hale took sides with
bankruptcy judges having a narrow view of the disclosure
requirement, Bloomberg cites.
Vitro filed papers in a Dallas bankruptcy court, charging the
bondholder group with failure to abide by Rule 2019 of the Federal
Rules of Bankruptcy Procedure, which requires a "committee
representing more than one creditor" to provide details about
trading in company securities.
Judge Hale, however, concluded that the group isn't a "committee"
because the members represent only themselves and don't purport to
advocate the interest of anyone else, Bloomberg cites.
Mr. Rochelle notes that the U.S. Supreme Court approved an
amendment to Bankruptcy Rule 2019 to become effective in December.
The revised rule is intended to create uniformity by clarifying
who is and who isn't required to disclose trading details.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States. On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).
Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V. The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.
Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange. Together, they held US$75 million, or approximately
6% of the outstanding bond debt. The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11. The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
VITRO SAB: Noteholders Skeptical Mediation Will Lead to Accord
--------------------------------------------------------------
The Ad Hoc Group of Vitro Noteholders said in court filings
Thursday they are ready and willing to meet with Vitro, S.A.B. de
C.V. and to engage in settlement negotiations. However, the
Noteholders are skeptical that going directly to mediation will
lead to a settlement because the parties have not had any
conversations for several months.
According to the Noteholders group, each side blames the other for
the lack of dialog, but assessing blame is hardly productive at
this point. It is unusual to introduce a third-party (i.e., a
mediator) into the equation prior to there being direct
communications between the two sides. The group said its members
are a different group than the last one that had settlement
discussions with Vitro, and believes that the first step in any
constructive resolution of that matter would be to have a face-to-
face meeting of principals. This should be done before any
mediation, the group notes.
The Noteholders suggested that both sides meet during the week of
July 18 or July 25. The meeting, the group said, should be a
settlement discussion under Federal Rule of Evidence 408, and
should take place in the New York metropolitan area. The meeting
would consist of decision-makers, not their assignees. In the
case of Vitro, it should be a representative of Vitro's board of
directors and a representative of the Sada family, Vitro's largest
stockholder.
The Noteholders group also said former Judge James Garrity is an
acceptable mediator to the extent he is available.
In its request, Vitro proposed that mediation will commence on a
mutually convenient date on or after July 27, 2011, and not later
than August 2011, and will continue from time to time as may be
acceptable to the Mediator and the Participants.
Vitro Packaging de Mexico S.A. de C.V. commenced together with its
Chapter 15 filing, an adversary proceeding seeking a temporary
restraining order and preliminary injunction against ACP Master,
Ltd.; Ad Hoc Group of Vitro Noteholders; Aurelius Capital Master,
Ltd.; Aurelius Convergence Master, Ltd.; Elliott International
L.P.; The Liverpool Limited Partnership; and Does 1-1000, to bar
them from initiating any action to collect on the debts during the
"gap period," while the Court is considering whether to grant
recognition of the Voluntary Mexican Proceeding as a foreign main
proceeding under sections 1515 and 1517 of the Bankruptcy Code.
The Noteholders objected to the request.
On July 7, the Court granted in part Vitro Packaging's motion to
compel mediation.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
On June 30, 2011, Vitro Packaging de Mexico S.A. de C.V. filed a
Chapter 15 petition (Bankr. N.D. Tex. Case No. 11-34224).
Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.
The Foreign Representatives are represented by:
David M. Bennett, Esq.
Katharine E. Battaia, Esq.
Cassandra A. Sepanik, Esq.
THOMPSON & KNIGHT LLP
1722 Routh Street, Suite 1500
Dallas, TX 75201
Tel: (214) 969-1700
Fax: (214) 969-1751
E-mail: david.bennett@tklaw.com
katie.richter@tklaw.com
cassandra.sepanik@tklaw.com
- and -
Andrew M. Leblanc, Esq.
MILBANK, TWEED, HADLEY & MCCLOY LLP
1850 K Street, NW, Suite 1100
Washington, DC 20006
Telephone: (212) 835-7500
Facsimile: (212) 263-7586
E-mail: aleblanc@milbank.com
- and -
Risa M. Rosenberg, Esq.
Thomas J. Matz, Esq.
Jeremy C. Hollembeak, Esq.
MILBANK, TWEED, HADLEY & MCCLOY LLP
1 Chase Manhattan Plaza
New York, NY 10005-1413
Telephone: (212) 530-5000
Facsimile: (212) 530-5219
E-mail: rrosenberg@milbank.com
tmatz@milbank.com
jhollembeak@milbank.com
Attorneys for the Ad Hoc Group of Vitro Noteholders are:
Jeff P. Prostok, Esq.
Lynda L. Lankford
FORSHEY & PROSTOK, LLP
777 Main St., Suite 1290
Fort Worth, TX 76102
Telephone: (817) 877-8855
Facsimile: (817) 877-4151
E-mail: jprostok@forsheyprostok.com
llankford@forsheyprostok.com
- and -
Allan S. Brilliant, Esq.
Benjamin E. Rosenberg, Esq.
Craig P. Druehl, Esq.
Dennis H. Hranitzky, Esq.
DECHERT LLP
1095 Avenue of the Americas
New York, NY 10036
Telephone: (212) 698-3500
Facsimile: (212) 698-3599
E-mail: allan.brilliant@dechert.com
benjamin.rosenberg@dechert.com
craig.druehl@dechert.com
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P. opposed
the exchange. Together, they held US$75 million, or approximately
6% of the outstanding bond debt. The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P., as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq.,
of White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11. The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
VITRO SAB: Credit Agricole Wants to Pursue Claims v. Norteamerica
-----------------------------------------------------------------
Credit Agricole Corporate and Investment Bank on Thursday told the
bankruptcy court in Dallas, Texas that it wants no part of the
mediation requested by Vitro, S.A.B. de C.V.
Credit Agricole clarified that it is only a creditor of Vitro
Norteamerica S.A. de C.V., and not (i) a party to any adversary
proceeding, the chapter 15 Case of either Vitro SAB or Vitro
Packaging de Mexico de S.A. de C.V., the concurso mercantil filed
by either Vitro or VPM; or (ii) a direct or guarantee or otherwise
co-obligated creditor of either Vitro or VPM.
Credit Agricole said it cannot free itself from the litigation
entanglements "so earnestly pursued by Vitro and the
representatives of its noteholders from which dispute Vitro admits
it is entirely estranged." Credit Agricole contends it should be
relieved of any restraint to pursue remedies other than as to
Vitro and VPM and accordingly, should not be delayed or detained
by the mediation motion.
Credit Agricole is represented by:
Andrew Brozman, Esq.
Jeff Butler, Esq.
Wendy Rosenthal, Esq.
CLIFFORD CHANCE US LLP
31 West 52nd Street
New York, NY 10019-6131
Telephone: 212-878-8000
Facsimile: 212-878-8375
E-mail: andrew.brozman@cliffordchance.com
jeff.butler@cliffordchance.com
wendy.rosenthal@CliffordChance.com
- and -
Holland N. O'Neil, Esq.
Virgil Ochoa, Esq.
GARDERE WYNNE SEWELL LLP
1601 Elm Street, Suite 3000
Dallas, Texas 75201-4761
Telephone: 214-999-3000
Facsimile: 214-999-4667
E-mail: honeil@gardere.com
vochoa@gardere.com
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States. On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).
Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V. The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.
Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange. Together, they held US$75 million, or approximately
6% of the outstanding bond debt. The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq.,
of White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11. The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
* TONALA MUNICIPALITY: Moody's Lowers Issuer Ratings to 'Caa2'
--------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Tonala's issuer
ratings to Caa2 (Global Scale, Local Currency) and Caa2.mx (Mexico
National Scale) from Baa3.mx (Mexico National Scale) and B2
(Global Scale, Local Currency). The outlook has been revised to
negative. Moody's also downgraded debt ratings assigned to
Tonal 's MXN550 million enhanced loan (original face value) from
Interacciones to B2.mx/B3 from A3.mx/Ba3. In addition, Moody's
assigned ratings of Caa2.mx/Caa2 to a MXN 250 million enhanced
loan from HSBC.
Ratings Rationale
The downgrades reflects the following factors: 1) recent financial
deterioration has been greater than expected, as evidenced by
large cash financing requirements and gross operating deficits, 2)
low likelihood that fiscal imbalances will be redressed by
recently implemented cost reduction measures, 3) expectations that
already very high debt levels will continue to increase as a
result and 4) the fact that the HSBC loan, which represents
approximately 30% of Tonala's total outstanding debt, will become
due and payable immediately because of a rating trigger embedded
in one of its loan contracts that automatically triggers an early
amortization if the loan is rated below Baa1.mx. Moody's does
not believe that Tonala has the resources to repay this
obligation. The ratings assigned to the MXN250 million loan
reflect the underlying credit quality of the municipality of
Tonala and the lack of meaningful credit enhancements provided by
the structure.
The ratings outlook was revised to negative from stable reflecting
the possibility that Tonala's MXN550 million loan may now also be
called at any time due to another rating trigger that permits the
lender to declare an early amortization if the loan rating falls
below Baa2.mx. If the loan is called, Tonala's issuer ratings
would face further downward pressure. If Tonala is able to
refinance its debt obligations in a manner than enhances its
financial flexibility while avoiding a default, the outlook could
be revised to stable. Depending upon the specific circumstances
of the restructuring, the ratings could potentially face upward
pressure.
The Caa2/Caa2.mx debt ratings assigned to the HSBC loan reflect
the following structural weaknesses, as a result of which the loan
ratings do not receive any uplift from the issuer rating:
* Low debt service coverage ratios (below 1.0x DSC) provided by
pledged revenues.
* No required reserves
* Loan immediately due and payable in full if rated Baa2.mx or
below. Tonala lacks the resources to pay outstanding amount.
The downgrade of the debt ratings assigned to the MXN 550 million
loan reflects the downgrade of Tonala's issuer ratings. While the
loan enhancements continue to provide a two notch uplift from the
issuer ratings, per Moody's methodology on rating enhanced loans,
the loan ratings are directly linked to the credit quality of the
issuer, which ensures that underlying contract enforcement risks,
economic risks and credit culture risks (for which the issuer
rating acts as a proxy) are embedded in the enhanced loans
ratings.
=====================
P U E R T O R I C O
=====================
MIRAMAR REAL ESTATE: Taps C. Agosto and FVP & Galindez as Auditors
------------------------------------------------------------------
Miramar Real Estate Management Inc. seeks authority from the
United States Bankruptcy Court for the District of Puerto Rico to
employ FPV & Galindez, CPAs, PSC, and its principal, Marcos A.
Claudio Agosto, as its external auditors and restructuring
advisors.
The Debtor asserts that services are required in its
reorganization process in the areas of Plan Development,
Liquidation Analysis, Claims Administration, Feasibility,
Negotiations, Investment, Financing and other matters.
Miramar wishes to retain Mr. Agosto and FPV as its external
auditors and insolvency and restructuring advisors, in the
exercise of their powers and duties, on all financial matters
pertaining to the reorganization in its Chapter 11 proceedings.
FPV has served as external auditors for the Debtor and Debtor's
stockholder since December 31, 2005.
Mr. Agosto assures the Court that his firm is a disinterested
party within the meaning of Sections 101(3) and 327 of the
Bankruptcy Code.
San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
filed for Chapter 11 bankruptcy protection on March 2, 2011
(Bankr. D. P.R. Case No. 11-01786). Fausto D. Godreau Zayas,
Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the
Debtor's bankruptcy counsel. The Debtor estimated its assets and
debts at US$100 million to US$500 million.
REITTER CORP: Amended Plan Outline Filing Extended Until Aug. 31
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico extended until Aug. 31, 2011,
Reitter Corporation's time to file its amended disclosure
statement.
The Court has also rescheduled to Sept. 27, at 2:30 p.m., the
hearing to consider adequacy of the disclosure statement.
In its extension request, the Debtor related that after the
appointment of CPA Carrasquillo, he and his team have conducted a
comprehensive analysis of Debtor's operations and its proposed
plan of reorganization. However, more time is needed in order to
complete its analysis insofar as a thorough reconciliation of all
claims have to be completed to establish the feasibility of the
proposed plan. As such, CPA Carrasquillo has advised the Debtor
that the feasibility report will be concluded on or before
Aug. 15, 2011.
The Debtor added that it obtained the consent of the IRS and Banco
Popular for the use of the cash collateral through Aug. 31.
As reported in the Troubled Company Reporter on March 18, the
Debtor filed with the Court a proposed Chapter 11 plan and a
disclosure statement explaining the plan. Under the plan, Reitter
proposed to make payments to its creditors which primarily consist
of:
(i) payment of all administrative expenses on the later of the
effective date of the plan and the date those claims become
allowed;
(ii) monthly payment of 100% of all allowed priority tax claims
to be made within the sixth year of the date of assessment
of each particular claim;
(iii) payment of 100% of all claims from holders of executory
contracts that are being assumed by Reitter;
(iv) payment of approximately 2.8% of allowed unsecured claims
in 60 monthly payments to begin 30 days after the effective
date of the plan;
Reitter will also continue to pay its secured creditor, Banco
Popular, under an agreed-upon payment scheme.
The effective date of the proposed plan will be 120 days after an
order confirming the plan is final and unappealable.
About Reitter Corporation
San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010. In its schedules, the Debtor disclosed
$20,440,765 in total assets and $17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., in San Juan, P.R., represents the
Debtor as counsel.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: CIB to Pay Legal Costs After Losing Case
------------------------------------------------------
Trinidad Express reports that High Court Judge Andre desVignes
struck out on July 11 several counterclaims filed by Colonial Life
Insurance Company (Trinidad) Limited Investment Bank in a lawsuit
filed in 2009 against the bank's former directors Andre Monteil
and Richard Trotman.
CIB is a subsidiary of CL Financial Limited.
CIB is seeking to recover a multi-million-dollar loan from Messrs.
Monteil and Trotman, according to Trinidad Express.
Trinidad Express notes that Judge desVignes ordered CIB to pay the
legal costs incurred by Messrs. Monteil and Trotman in defending
the application.
The former directors' lawyers objected to CIB being allowed to
file a reply to their defense and the court upheld the majority of
those objections, according to the report.
The trial is likely to be heard in 2013. Lawyers will have
another case management hearing in December.
CIB alleged that Messrs. Monteil and Trotman secured a
TT$78 million loan from CIB when Mr. Monteil was chairman,
Trinidad Express notes. The lawsuit alleged that Mr. Monteil
approached CIB for the loan in December 2007 to purchase shares in
Home Mortgage Bank (HMB) and he used Stone Street Capital to
borrow the money for the shares, while Mr. Trotman facilitated the
loan allegedly with the knowledge that Mr. Monteil was at the time
an executive member of Stone Street Capital, Trinidad Express
relays.
After the CL Financial Group collapsed, CIB sought to recover its
losses. The loan, with interest, is said to be in the vicinity of
TT$123 million, Trinidad Express discloses.
CIB is being represented by attorneys Neil Bisnath and Lydia
Mendonca.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
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, 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.
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