/raid1/www/Hosts/bankrupt/TCRLA_Public/110719.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
Tuesday, July 19, 2011, Vol. 12, No. 141
Headlines
A R G E N T I N A
CABLEVISION SA: Fitch Affirms 'B' Long-Term Foreign Currency IDR
COMPANIA DE TRANSPORTE: Fitch Rates Class 2 Notes at 'B-/RR4'
B E R M U D A
ITG JAPAN: Creditors' Proofs of Debt Due August 15
SOUTHAMPTON HOLDINGS: Creditors' Proofs of Debt Due July 27
SOUTHAMPTON HOLDINGS: Members' Final Meeting Set for August 16
B R A Z I L
INDEPENDENCIA SA: Receives Five Bids for Assets, Valor Reports
C A Y M A N I S L A N D S
ASPET NOUVEAU: Shareholders' Final Meeting Set for August 5
CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for August 4
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
DARK BLUE: Shareholder to Hear Wind-Up Report on August 8
GARDEN REACH: Shareholders' Final Meeting Set for August 5
GOLDMAN SACHS: Shareholders' Final Meeting Set for August 5
LARRAU NOUVEAU: Shareholders' Final Meeting Set for August 5
LIONGATE BALTIC: Shareholders' Final Meeting Set for August 5
MOSELLE NOUVEAU: Shareholders' Final Meeting Set for August 5
PANDA GLOBAL: Members' Final Meeting Set for July 19
PANDA GLOBAL: Members' Final Meeting Set for July 19
ROBIN LTD: Members' Final Meeting Set for July 22
WEST GATE: Shareholders' Final Meeting Set for August 5
ZEBRA LIMITED: Members Receive Wind-Up Report
J A M A I C A
* JAMAICA: Faces Another Delay for IMF Review
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: Shareholders Knock Board Over Falling Shares
U R U G U A Y
* URUGUAY: Fitch Upgrades Foreign Currency IDR to 'BB+'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
CABLEVISION SA: Fitch Affirms 'B' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Cablevision S.A.'s long-term foreign
currency Issuer Default Rating (FC IDR) at 'B' and its local
currency IDR at 'B+'. Fitch has also affirmed the 'B/RR4' ratings
on Cablevision's senior unsecured notes due in 2016.
The Rating Outlook is Stable.
The ratings are supported by the company's solid business position
and strong credit protection measures. They take into
consideration high regulatory risk and political interference
within the media industry. Other credit concerns include
Cablevision's lack of revenue diversity, costs pressures derived
from the double-digit inflation environment, the evolving
competitive landscape, and the currency mismatch between the
company's peso-denominated cash flow and its dollar-denominated
debt. Cablevision's FC IDR is capped by Argentina's country
ceiling of 'B', while its Recovery Rating of 'RR4' is constrained
by the soft cap of 'RR4' for bonds issued by Argentine corporates.
Cablevision's cash flow stability is supported by scale and a
large client base with 3.4 million subscribers as of March 2011.
Cablevision leverages its scale by offering various digital
services that allow it to improve average revenue per user (ARPU),
and maintain operating margins and subscriber loyalty while
lowering subscriber churn levels. Nevertheless, the company's
business has improved at a slower pace than expected due to the
obstacles imposed by regulators as it seeks to start its telephony
service. During the latest 12 months (LTM) ended March 31, 2011,
Cablevision generated US$1.3 billion of revenues and US$470
million of EBITDA. These figures compare with US$1.1 billion of
revenues and US$415 million of EBITDA during the LTM ended
March 31, 2010.
The political climate in Argentina continues to present challenges
for media and entertainment companies as a result of various
regulatory and legal actions. These include threats to regulate
cable TV prices, as well as efforts to nullify Cablevision's
merger with Multicanal S.A. Fitch will continue monitoring the
evolution of these actions and judicial processes and their impact
upon Cablevision's credit quality.
As the largest pay-TV provider in Argentina, Cablevision has been
able to maintain operating margins within historical levels,
despite double-digit inflation and growing competitive conditions.
Some factors that have contributed to the company's success in
maintaining margins are: synergies obtained through the merger; an
increase in its network's bi-directional capabilities to 60%,
which has allowed the company to add subscribers with more than
one service and increase ARPU; its investments in dark fiber
rings, which has allowed it to transport almost 90% of internal
traffic through its own network; and, finally, the high percentage
of variable costs, mainly for programming. In addition, as double-
play offerings and premium services demand grow in the future, the
company's platform should enable it to optimize costs and network
investments.
As of March 31, 2011, Cablevision had US$513 million of financial
debt. Cablevision recently redeemed its sr. unsecured notes due
2012, 2013 and 2015 with the proceeds of a private placement. The
new terms and conditions of the debt allow for dividend payments.
It is expected that by year end, the company's debt will increase
to approximately US$650 million. The additional debt will be used
to finance working capital needs and fund part of its capex
program. Despite the increase in debt, leverage metrics should
remain conservative. At the end of 2011, the company's total
debt-to-EBITDA ratio is expected to be 1.6 times (x), an increase
from 1.1x as of March 31, 2011.
Cablevision's liquidity position is supported by expected free
cash flow generation and approximately US$145 million of cash on
hand as of March 31, 2011. The maturity profile of the debt goes
from 2014 to 2017 with annual principal services in the range of
US$100 to US$190 million. Over the next few years, Fitch expects
that Cablevision should continue generating pre-dividend free cash
flow after capex of approximately US$100 million per year, which
can be used to pay dividends.
Cablevision is the largest multiple system operator (MSO) in
Argentina serving 3.4 million (including Uruguay and Paraguay)
pay-TV basic subscribers out of 7 million and 7.5 million of home-
passed, showing a high pay-TV penetration compared to Latin
American peers and more than 1 million of Internet subscribers.
As of July 14, 2011, pay-TV revenues account for almost 80% of
total revenues, and Internet accounts for the remaining 20%.
Cablevision is indirectly controlled by the Argentine media group
Clarin (60%) and 40% by Fintech Advisory Inc.
COMPANIA DE TRANSPORTE: Fitch Rates Class 2 Notes at 'B-/RR4'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4' international scale rating
to Compania de Transporte de Energia Electrica en Alta Tension
Transener S.A.'s proposed class 2 senior unsecured notes issuance
for approximately US$ 148.6 million. The 'RR4' Recovery Rating on
the issuance reflects an average expected recovery in the event of
default. The proceeds from the notes will be used to fund the
exchange and tender offer of Transener's class 1 notes due in
2016.
Transener has announced an exchange and tender offer for
approximately US$122 million of class 1 notes (net of Transener's
and Transba S.A.'s holdings). The purpose of this transaction is
to extend the average life of Transener's debt and reduce
refinancing risk.
Transener's foreign currency Issuer Default Rating (IDR) of 'B-'
reflects the material lag in tariff adjustments, the weak
regulatory environment, its exposure to growing inflation and the
currency mismatch between revenues and debt. The rating
incorporates the company's first priority of payment from the
wholesale electricity market, the maintenance of conservative
credit metrics for the rating category and a manageable debt
maturity profile -- following the proposed transaction.
Delays in collections of its regulated revenues from the
administrator of the wholesale electric market (CAMMESA) are a
concern due to losses in the electric system. A significant and
sustained delay in such collections could potentially lead to a
negative rating action.
At March 2011, Transener's total debt was US$148 million (97%
dollar denominated), with a total adjusted debt/EBITDA ratio of
2.5 times (x) and an EBITDA/interest expense ratio of 3.0x.
Latest 12 months (LTM) EBITDA as of March 2011 was US$58 million.
Current credit metrics are expected to decline absent any tariff
increases, subject to the peso devaluation and cost increases.
Despite an adverse environment, Transener has a good track record
in terms of service quality. Service interruptions were low at
0.62 per 100km.
Transener has the exclusive concession to operate the main
national high voltage transmission grid and the province of Buenos
Aires' transmission grid, through its 90% stake in Transba S.A.
Transener accounts for approximately 95% of the national high
voltage grid. In addition, the company has non-regulated revenues
associated with services provided to third parties both locally
and internationally.
=============
B E R M U D A
=============
ITG JAPAN: Creditors' Proofs of Debt Due August 15
--------------------------------------------------
The creditors of ITG Japan Ltd. are required to file their proofs
of debt by August 15, 2011, to be included in the company's
dividend distribution.
The company's liquidator is:
Garth A. Calow
c/o Nigel J.S. Chatterjee
PricewaterhouseCoopers
P.O. Box HM 1171, Hamilton, HM EX
Bermuda
SOUTHAMPTON HOLDINGS: Creditors' Proofs of Debt Due July 27
-----------------------------------------------------------
The creditors of Southampton Holdings Ltd. are required to file
their proofs of debt by July 27, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 11, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
SOUTHAMPTON HOLDINGS: Members' Final Meeting Set for August 16
--------------------------------------------------------------
The members of Southampton Holdings Ltd. will hold their final
meeting on August 16, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on July 11, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
===========
B R A Z I L
===========
INDEPENDENCIA SA: Receives Five Bids for Assets, Valor Reports
--------------------------------------------------------------
Jessica Brice at Bloomberg News, citing Valor Economico, reports
that Independencia SA has received five bids as part of an auction
to sell assets and use the proceeds to pay off debt.
The newspaper said that creditors of the meatpacker, which has
estimated debt of BRL1.9 billion (US$1.2 billion), will evaluate
the bids at a meeting on July 22 in Sao Paulo, Bloomberg News
says.
The assets are being auctioned for at least BRL706.9 million, Sao
Paulo-based Valor said, the report discloses.
About Independencia SA
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.
===========================
C A Y M A N I S L A N D S
===========================
ASPET NOUVEAU: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of Aspet Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for August 4
-----------------------------------------------------------------
The shareholders of Cedarview Leveraged Opportunities MA, Ltd.
will hold their final meeting on August 4, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Swiss Re Services Limited
30 St Mary's Axe
London
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
-------------------------------------------------------------
The shareholder of Comas Strategy Fund I Limited will receive on
July 26, 2011, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
David T. Smith
Equus Asset Management Partners
27 Queen Street, 3rd Floor
Hamilton HM 11
Bermuda
COMAS STRATEGY: Shareholder to Hear Wind-Up Report on July 26
-------------------------------------------------------------
The shareholder of Comas Strategy Fund Limited will receive on
July 26, 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:
David T. Smith
Equus Asset Management Partners
27 Queen Street, 3rd Floor
Hamilton HM 11
Bermuda
DARK BLUE: Shareholder to Hear Wind-Up Report on August 8
---------------------------------------------------------
The shareholder of Dark Blue Investments Limited will receive on
August 8, 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:
Jeremy Spratt
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563 / 345-949-4800
Facsimile: +44 (0) 20 7694 3533 / 345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
GARDEN REACH: Shareholders' Final Meeting Set for August 5
----------------------------------------------------------
The shareholders of Garden Reach Ltd. will hold their final
meeting on August 5, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945-4777
Facsimile: 945-4799
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
GOLDMAN SACHS: Shareholders' Final Meeting Set for August 5
-----------------------------------------------------------
The shareholders of Goldman Sachs Master Alpha Transport Fund,
Ltd. will hold their final meeting on August 5, 2011, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
LARRAU NOUVEAU: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Larrau Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
LIONGATE BALTIC: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------------
The shareholders of Liongate Baltic Fund will hold their final
meeting on August 5, 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:
Mourant Ozannes Cayman Liquidators Limited
Harbour Centre, Third Floor
42 North Church Street
George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
MOSELLE NOUVEAU: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------------
The shareholders of Moselle Nouveau Investments Limited will hold
their final meeting on August 5, 2011, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
PANDA GLOBAL: Members' Final Meeting Set for July 19
----------------------------------------------------
The members of The Panda Global Master Fund, Ltd. will hold their
final meeting on July 19, 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:
Alan Turner
Turner & Roulstone
Strathvale House, 3rd Floor
90 North Church Street
P.O. Box 2636, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: 1 345 943 5555
PANDA GLOBAL: Members' Final Meeting Set for July 19
----------------------------------------------------
The members of The Panda Global Fund, Ltd. will hold their final
meeting on July 19, 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:
Alan Turner
Turner & Roulstone
Strathvale House, 3rd Floor
90 North Church Street
P.O. Box 2636, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: 1 345 943 5555
ROBIN LTD: Members' Final Meeting Set for July 22
-------------------------------------------------
The members of Robin Ltd will hold their final meeting on July 22,
2011, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
WEST GATE: Shareholders' Final Meeting Set for August 5
-------------------------------------------------------
The shareholders of West Gate Leveraged Loan Fund, Ltd. will hold
their final meeting on August 5, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Harbour Centre, Third Floor
42 North Church Street
George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
ZEBRA LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Zebra Limited received on June 20, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: Faces Another Delay for IMF Review
---------------------------------------------
RJR News reports that there has been another delay to the
International Monetary Fund review of Jamaica's performance under
the standby facility.
Jamaica Minister of Finance Audley Shaw indicated last week that
other issues have resulted in the setback, according to RJR News.
The public sector wage dispute over the 2009 to 2012 contract
period is now settled, RJR News points out. That issue involved
public sector staffing costs going forward. But Daryl Vaz, the
Minister with responsibility for Information, said that was not
the only matter on which the IMF expressed concern, the report
relates.
Jamaica Civil Service Association former president Wayne Jhones
told Prime Minister Bruce Golding last week that with the signing
of the wage agreement, urgent negotiations should start on wage
agreements going forward, RJR News recounts.
Meanwhile, the IMF has told the Golding administration to indicate
what levels the public sector wage bill will be going forward, RJR
News cites. And since that information has not come as yet, the
Finance Ministry said the completion of the IMF reviews has been
further delayed, the report relates.
Based on Mr. Shaw's statement, the review has been delayed because
the IMF is concerned that the cost of the public sector could
derail the Government's economic program, by requiring greater
borrowing if revenue targets are not met, RJR News notes.
The Finance Ministry release said the government and public sector
unions will now have to come to an agreement about the cost of the
public sector, RJR News points out.
Another critical matter is that of tax reform, which has also been
urged to be moved, according to RJR News. The matter includes
reducing discretionary waivers, and further improving tax
administration, the report cites.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD CEMENT: Shareholders Knock Board Over Falling Shares
-------------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that several
shareholders of Trinidad Cement Limited Group took the group's
Board to task at the Annual General Meeting (AGM) over the
financial losses incurred by the group and the decision to
withhold dividend payments for the next three years while the
group's TT$1.8 billion debt is re-profiled.
During the AGM, the group's debt re-profiling plan was broken down
for shareholders by Group Chairman Andy J Bhajan and Group Finance
Manager Lincoln Parmasar, according to T&T Newsday.
The TT$1.8 billion debt re-profiling will include a moratorium on
payment of interest and principle for 18 months, which will be
added on to the debt, T&T Newsday notes. The interest per year,
according to the report, is estimated to be US$160 million, which
TCL Group plans to pay off over an eight-year period.
The debt re-profiling specifically include payment of 50% of the
debt over the eight years, following which the lenders expect the
group to refinance at the end of the eight years, the report
relays.
Group Chief Executive Officer Dr. Rollin Bertrand tried to
reassure shareholders that a re-profiling of the group's debt and
the group's expected entrance into the French Caribbean and
Venezuelan markets, plus projected increased sales to Brazil,
would see TCL shares rise in value once again. Currently, shares
are worth about TT$2, from a 2005 peak of TT$10, T&T Newsday
notes.
According to the 2010 Annual Report, the group's Jamaican and
Barbados subsidiaries -- Caribbean Cement Company Limited and
Arawak Cement -- were the hardest hit by depressed market
conditions in the region, T&T Newsday reports.
"The Group recorded an overall loss of TT$80.3 million, of which
TT$4.3 million related to discontinued operations, compared with a
profit of TT$94.3 million for 2009. The loss attributable to
Group shareholders amounted to TT$48.6 million compared with a
profit of TT$95.8 million in 2009. As a consequence, Losses per
Share in 2010 was 20 cents compared with Earnings per Share of 39
cents for 2009," Mr. Bertrand said in the report obtained by the
news agency.
As reported in the Troubled Company Reporter-Latin America on
June 30, 2011, Trinidad & Tobago Newsday said 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 related that the Group said they
submitted proposals for the re-profiling of its debt portfolio to
Lenders. A separate TCRLA report on Jan. 19, 2011, citing
RadioJamaica, related that 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.
Trinidad Cement Limited is a cement company.
=============
U R U G U A Y
=============
* URUGUAY: Fitch Upgrades Foreign Currency IDR to 'BB+'
-------------------------------------------------------
Fitch Ratings has taken these rating actions on the Issuer Default
Ratings (IDRs) and Country Ceiling for Uruguay:
-- Foreign currency IDR upgraded to 'BB+' from 'BB';
-- Local currency IDR upgraded to 'BBB-' from 'BB+';
-- Foreign currency short-term IDR affirmed at 'B';
-- Country ceiling upgraded to 'BBB' from 'BBB-'.
The Rating Outlook is revised to Stable from Positive.
The upgrade reflects Fitch's opinion that Uruguay's external and
fiscal vulnerabilities have reduced owing to improvements in its
external and fiscal solvency ratios, strengthened external
liquidity as well as better currency composition and maturity
structure of government debt. High GDP per capita income, strong
social indicators, and a solid institutional framework underpin
Uruguay's creditworthiness. Fitch believes policy continuity and
political stability are solidly anchored by a strong institutional
framework
Uruguay's growth performance and outlook remain quite favorable.
Its five-year average growth increased to 6.2% in 2010,
considerably higher than the 'BB' median over the same period.
Reduced trade and financial links with Argentina make Uruguay less
vulnerable to economic developments in its neighbor.
While Uruguay is likely to continue outperforming peers in terms
of growth over the forecast period, inflationary pressures have
increased as a result of external price shocks, weather conditions
and the rapid pace of domestic demand. Inflation could average
7.5% in 2011, almost two full percentage points above the forecast
for the 'BB' median (5.6%).
'While the macroeconomic policy framework has strengthened,
further improvement in monetary policy credibility, greater
coordination between monetary and fiscal policies, as well as
moderate wage increases, would be essential to bringing inflation
down closer to levels comparable to peers,' said Erich Arispe,
Director in Fitch's Sovereign Group. While financial
dollarization has receded, it still remains relatively high
exposing the economy to FX shocks.
The favorable growth momentum, exchange rate appreciation and
relatively moderate fiscal deficits have supported debt reduction
in recent years, a trend that is likely to continue. According to
Fitch estimates, central government debt could fall to 44.1% of
GDP in 2011 from 50.2% in 2008, slightly above the 'BB' median.
Uruguayan authorities continue to implement a proactive debt
management, reducing both foreign currency and roll-over risks.
Local currency denominated debt has improved in recent years and
could equal approximately 43% of total debt in 2011.
'Comparatively moderate government financing requirements and low
government revenue volatility mitigate the impact of economic
shocks on public finances,' added Mr. Arispe.
On the positive side, Uruguay's current account deficits are
likely to remain moderate and over-financed by FDI inflows over
the forecast period. Moreover, the increase in international
reserves in 2011 could boost the external liquidity ratio to 168%
in 2012, slightly below the 'BB' median of 176%.
Nevertheless, given the still high levels of financial
dollarization and commodity dependence, higher external liquidity
levels would further improve the economy's resilience to external
shocks. In addition, higher international reserves would be
positive for the sovereign's net external debt position as Uruguay
continues to be among the largest net external debtors, at 46% of
CXR, in the 'BB' category.
A sustained improvement in external and fiscal balance sheets as
well as further consolidation of macroeconomic stability will be
positive for creditworthiness. On the other hand, while not
Fitch's base, a material deterioration in government debt burden
and composition or increased macroeconomic in stability could also
weigh on Uruguay's credit profile.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- -------
ARGENTINA
IMPSAT FIBER-USD IMPTD AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
SOC COMERCIAL PL COME AR 175824387 -338338057
SOC COMERCIAL PL CADN EU 175824387 -338338057
SOC COMERCIAL PL CVVIF US 175824387 -338338057
SOC COMERCIAL PL CADN SW 175824387 -338338057
SOC COMERCIAL PL COMEC AR 175824387 -338338057
COMERCIAL PL-ADR SCPDS LI 175824387 -338338057
SOC COMERCIAL PL CADN EO 175824387 -338338057
SOC COMERCIAL PL COMED AR 175824387 -338338057
SOC COMERCIAL PL CAD IX 175824387 -338338057
COMERCIAL PLA-BL COMEB AR 175824387 -338338057
SOC COMERCIAL PL SCDPF US 175824387 -338338057
SOCOTHERM-5 VT-A STHE5 AR 101075648 -3157975.35
SOCOTHERM SA-B STHE AR 101075648 -3157975.35
SOCOTHERM-SP ADR SOCOY US 101075648 -3157975.35
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
BELIZE
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
LAEP-BDR MILK11 BZ 439175082 -60172005
LAEP INVESTMENTS LEAP LX 439175082 -60172005
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCAS SA DOCAON BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
BATTISTELLA-PREF BTTL4 BZ 349898179 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898179 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898179 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898179 -3135090.39
BATTISTELLA BTTL3 BZ 349898179 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898179 -3135090.39
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -123554206
BOMBRIL BMBBF US 316331265 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -123554206
BOMBRIL SA-ADR BMBBY US 316331265 -123554206
BOMBRIL-PREF BOBR4 BZ 316331265 -123554206
BOMBRIL BOBR3 BZ 316331265 -123554206
BOMBRIL SA-ADR BMBPY US 316331265 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331265 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -123554206
TELEBRAS-CED C/E TEL4C AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCTB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4D AR 269372906 -13465060.7
TELEBRAS-CM RCPT TBRTF US 269372906 -13465060.7
TELEBRAS-CEDEA $ TEL4D AR 269372906 -13465060.7
TELEBRAS-ADR TBAPY US 269372906 -13465060.7
TELEBRAS-ADR TBASY US 269372906 -13465060.7
TELEBRAS-COM RT TELB1 BZ 269372906 -13465060.7
TELEBRAS SA TELB3 BZ 269372906 -13465060.7
TELEBRAS SA-PREF TELB4 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF TLCP2 BZ 269372906 -13465060.7
TELEBRAS-PF BLCK TELB40 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF RCTB2 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB42 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB32 BZ 269372906 -13465060.7
TELEBRAS-ADR TBX GR 269372906 -13465060.7
TELEBRAS SA TLBRON BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB30 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TLBRUP BZ 269372906 -13465060.7
TELEBRAS-CEDE BL RCT4B AR 269372906 -13465060.7
TELEBRAS-CEDE PF TELB4 AR 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB31 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT CBRZF US 269372906 -13465060.7
TELEBRAS SA-PREF TLBRPN BZ 269372906 -13465060.7
TELEBRAS-RECEIPT TLBRUO BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TELE31 BZ 269372906 -13465060.7
TELEBRAS-RCT PRF TELB10 BZ 269372906 -13465060.7
TELEBRAS/W-I-ADR TBH-W US 269372906 -13465060.7
TELEBRAS-RTS CMN TCLP1 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TBAPF US 269372906 -13465060.7
TELEBRAS SA-RT TELB9 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TELE41 BZ 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4C AR 269372906 -13465060.7
TELECOMUNICA-ADR 81370Z BZ 269372906 -13465060.7
TELEBRAS-BLOCK TELB30 BZ 269372906 -13465060.7
TELEBRAS-RCT RCTB33 BZ 269372906 -13465060.7
TELEBRAS-ADR TBRAY GR 269372906 -13465060.7
TELEBRAS SA TBASF US 269372906 -13465060.7
TELEBRAS-ADR RTB US 269372906 -13465060.7
TELEBRAS-RTS CMN RCTB1 BZ 269372906 -13465060.7
TELEBRAS-ADR TBH US 269372906 -13465060.7
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 -42606769.7
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
SANSUY SA-PREF A SNSYAN BZ 200809365 -115213257
SANSUY SA SNSYON BZ 200809365 -115213257
SANSUY SNSY3 BZ 200809365 -115213257
SANSUY-PREF B SNSY6 BZ 200809365 -115213257
SANSUY-PREF A SNSY5 BZ 200809365 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809365 -115213257
BALADARE BLDR3 BZ 159454016 -52992212.8
DHB IND E COM-PR DHBPN BZ 151796583 -160270949
D H B-PREF DHBI4 BZ 151796583 -160270949
DHB IND E COM DHBON BZ 151796583 -160270949
D H B DHBI3 BZ 151796583 -160270949
FABRICA RENAUX-P FTRX4 BZ 109683744 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683744 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683744 -48836146.4
FABRICA RENAUX FRNXON BZ 109683744 -48836146.4
FABRICA TECID-RT FTRX1 BZ 109683744 -48836146.4
WETZEL SA MWET3 BZ 100017711 -5359345.82
WETZEL SA MWELON BZ 100017711 -5359345.82
WETZEL SA-PREF MWELPN BZ 100017711 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711 -5359345.82
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592602.5
DOC IMBITUBA IMBI3 BZ 96977064 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064 -42592602.5
DOCAS IMBITUBA IMBION BZ 96977064 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064 -42592602.5
ESTRELA SA ESTR3 BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486.8
ESTRELA SA ESTRON BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486.8
ACO ALTONA EALT3 BZ 89152030 -9848587.47
ACO ALTONA SA EAAON BZ 89152030 -9848587.47
ACO ALTONA-PREF EAAPN BZ 89152030 -9848587.47
ACO ALTONA-PREF EALT4 BZ 89152030 -9848587.47
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
SCHLOSSER SA-PRF SCHPN BZ 73036750 -34357832.6
SCHLOSSER SCLO3 BZ 73036750 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036750 -34357832.6
SCHLOSSER SA SCHON BZ 73036750 -34357832.6
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144534 -60655823.4
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
MINUPAR-RT 9314542Q BZ 63144534 -60655823.4
IGB ELETRONICA IGBR3 BZ 61088978 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088978 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088978 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088978 -282692297
GRADIENTE ELETR IGBON BZ 61088978 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088978 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088978 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088978 -282692297
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
WIEST WISA3 BZ 34108201 -126997429
WIEST-PREF WISA4 BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
RECRUSUL - RT RCSL2 BZ 31427766 -30307605.7
RECRUSUL RCSL3 BZ 31427766 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605.7
RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605.7
SANESALTO SNST3 BZ 31044053 -1843297.83
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474 -4918659.9
ALL ORE MINERACA STLB3 BZ 23040051 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
FER HAGA-PREF HAGA4 BZ 21299043 -62858780.7
FERRAGENS HAGA HAGAON BZ 21299043 -62858780.7
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858780.7
HAGA HAGA3 BZ 21299043 -62858780.7
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAF BRASILIA CAFE3 BZ 21097370 -903951461
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
NORDON METAL NORDON BZ 15354597 -26859636.7
NORDON MET NORD3 BZ 15354597 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597 -26859636.7
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
CHIARELLI SA CCHON BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
HERCULES HETA3 BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
***********
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.
* * * End of Transmission * * *