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/raid1/www/Hosts/bankrupt/TCRLA_Public/110811.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, August 11, 2011, Vol. 12, No. 158 Headlines C A Y M A N I S L A N D S ATHOS FUNDING: Shareholders Receive Wind-Up Report LEAFS CMBS I: Shareholders' Final Meeting Set for August 23 NGFD-ALTERNATIVE: Shareholders' Final Meeting Set for August 23 NGFD-EMERGING: Shareholders' Final Meeting Set for August 23 NGFD-HY BOND: Shareholders' Final Meeting Set for August 23 NGFD-HY EQUITY: Shareholders' Final Meeting Set for August 23 NGFD-INCOME EQUITY: Shareholders' Final Meeting Set for August 23 NGFD-INVESTMENT: Shareholders' Final Meeting Set for August 23 SELIGMAN FINANCIAL: Shareholders' Final Meeting Set for August 24 SELIGMAN FUND: Shareholders' Final Meeting Set for August 24 SELIGMAN GLOBAL: Shareholders' Final Meeting Set for August 24 SELIGMAN MASTER: Shareholders' Final Meeting Set for August 24 SELIGMAN INVESTMENT: Shareholders' Final Meeting Set for August 24 TIKEHAU CREDIT: Shareholders' Final Meeting Set for August 31 TIKEHAU MASTER: Shareholders' Final Meeting Set for August 31 J A M A I C A CLARENDON ALUMINA: Government to Decide on Sale of Firm's Shares * JAMAICA: First Quarter Aid Flow Drops 76% to JM$663 Million M E X I C O VITRO SAB: Noteholders Want Recognition Petition Dismissed T R I N I D A D & T O B A G O CL FINANCIAL: To Lay Out New Payment Plan to Bondholders Today X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =========================== C A Y M A N I S L A N D S =========================== ATHOS FUNDING: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Athos Funding Ltd received on August 9, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands LEAFS CMBS I: Shareholders' Final Meeting Set for August 23 ----------------------------------------------------------- The shareholders of Leafs CMBS I Ltd. will hold their final meeting on August 23, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-ALTERNATIVE: Shareholders' Final Meeting Set for August 23 --------------------------------------------------------------- The shareholders of NGFD-Alternative Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-EMERGING: Shareholders' Final Meeting Set for August 23 ------------------------------------------------------------ The shareholders of NGFD-Emerging Bond Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-HY BOND: Shareholders' Final Meeting Set for August 23 ----------------------------------------------------------- The shareholders of NGFD-HY Bond Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-HY EQUITY: Shareholders' Final Meeting Set for August 23 ------------------------------------------------------------- The shareholders of NGFD-HY Equity Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-INCOME EQUITY: Shareholders' Final Meeting Set for August 23 ----------------------------------------------------------------- The shareholders of NGFD-Income Equity Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NGFD-INVESTMENT: Shareholders' Final Meeting Set for August 23 -------------------------------------------------------------- The shareholders of NGFD-Investment Grade Bond Trading Ltd. will hold their final meeting on August 23, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SELIGMAN FINANCIAL: Shareholders' Final Meeting Set for August 24 ----------------------------------------------------------------- The shareholders of Seligman Financial Spectrum Master Fund will hold their final meeting on August 24, 2011, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SELIGMAN FUND: Shareholders' Final Meeting Set for August 24 ------------------------------------------------------------ The shareholders of Seligman Financial Spectrum Fund will hold their final meeting on August 24, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SELIGMAN GLOBAL: Shareholders' Final Meeting Set for August 24 -------------------------------------------------------------- The shareholders of Seligman Global Tech Spectrum (Master) Fund will hold their final meeting on August 24, 2011, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SELIGMAN MASTER: Shareholders' Final Meeting Set for August 24 -------------------------------------------------------------- The shareholders of Seligman Investment Opportunities Master Fund will hold their final meeting on August 24, 2011, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SELIGMAN INVESTMENT: Shareholders' Final Meeting Set for August 24 ------------------------------------------------------------------ The shareholders of Seligman Investment Opportunities Fund will hold their final meeting on August 24, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TIKEHAU CREDIT: Shareholders' Final Meeting Set for August 31 ------------------------------------------------------------- The shareholders of Tikehau Credit Opportunities Fund will hold their final meeting on August 31, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TIKEHAU MASTER: Shareholders' Final Meeting Set for August 31 ------------------------------------------------------------- The shareholders of Tikehau Credit Opportunities Master Fund will hold their final meeting on August 31, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ============= J A M A I C A ============= CLARENDON ALUMINA: Government to Decide on Sale of Firm's Shares ---------------------------------------------------------------- RJR News reports that Jamaica Minister of Finance Audley Shaw said a decision will be made on the sale of the government's stake in Clarendon Alumina Production (CAP) before the end of August. The delayed divestment is one of the factors contributing to the International Monetary Fund (IMF) pushing back its quarterly review of Jamaica, according to RJR News. "We have before us, offers for the purchase of our shareholding in Clarendon Alumina Production and a decision should be made by the end of August," RJR News quoted Mr. Shaw as saying. Last year, the report recalls, the government agreed with the IMF to divest its stake in Jamaica Railway Corporation (Jamalco), which is owned through CAP. However, RJR News relates that the deadline to complete the transaction by March 31, 2011, was missed. Headquartered in Kingston Jamaica, Clarendon Alumina Production (CAP) is 100% owned by the Government of Jamaica. CAP holds a 45% interest, as a co-tenant in common, in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, a Delaware, USA limited liability company. AMJ is owned by Alcoa World Alumina LLC and Alcoa Caribbean Alumina Holdings, LLC. These two companies are indirectly wholly owned 60% by Alcoa, Inc., and 40% by Alumina Ltd. * * * As reported in the Troubled Company Reporter on Jan. 28, 2010, Moody's Investors Service changed the ratings outlook of Clarendon Alumina Production to stable. The rating on CAP's $200 million of 8.5% senior unsecured notes due 2021 remains Caa1. * JAMAICA: First Quarter Aid Flow Drops 76% to JM$663 Million ------------------------------------------------------------- Jamaica Gleaner reports that foreign aid to Jamaica has slowed down amid uncertainty about the International Monetary Fund agreement and the secretive discussions on the country's performance on the last two tests. A newly released financial data from the Ministry of Finance revealed that Jamaica was expecting aid flows of JM$2.8 billion in the first fiscal quarter ending June, but got only JM$663 million, a JM$2.1 billion or 76% shortfall, according to Jamaica Gleaner. The report relates that the European Union has already acknowledged that it has cut off distributions pledged to Jamaica, pending more certainty on the IMF talks. Jamaica Gleaner notes that Jamaica was also JM$2.4 billion off- target on tax collections, forcing a re-engineering of its spending plans in the quarter. Jamaica Finance Minister Audley Shaw issued spending warrants valued at JM$79.5 billion, but this was JM$9.6 billion less than budgeted, the report relays. Jamaica Gleaner says a third of the savings, JM$3.1 billion, was from lower-than-projected domestic debt-servicing charges, while JM$5.6 billion was due to retrenched capital and recurrent programs. The report notes that total revenue and grants for the period amounted to JM$73.6 billion -- JM$64.4 billion in the form of taxes. Jamaica Gleaner discloses that the dramatic cuts were more than sufficient to keep Mr. Shaw well within his first-quarter deficit mark. * * * As reported in the Troubled Company Reporter-Latin America on July 29, 2011, in its annual report on Jamaica's sovereign ratings, Moody's Investors Service said its Jamaica's B3 foreign- and local-currency government bond ratings and stable outlook reflect the country's low economic development, moderate institutional strength, weak government finances, and high susceptibility to shocks. =========== M E X I C O =========== VITRO SAB: Noteholders Want Recognition Petition Dismissed ---------------------------------------------------------- Members of the Ad Hoc Group of Vitro Noteholders ask the U.S. Bankruptcy Court for the Northern District of Texas to dismiss the case purportedly commenced by the filing of the recognition petition by Alejandro Francisco Sanchez-Mujica and Javier Arechavleta Santos. The Adhoc Group serves as holders of or managers of entities that hold beneficial interests in three series of notes issued by Vitro, S.A.B. de CV and guaranteed by Vitro Packaging de Mexico S.A. de CV, and parties-in-interest in the Debtors' cases. According to the Noteholders, VPM's recognition petition must be denied as a matter of law because VPM's center of main interest is not in Mexico, the petitioners are not eligible under the Mexican law to be its foreign representatives and because VPM is not currently party to a foreign proceeding within the meaning of Section 101(23) of the Bankruptcy Code. 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. The U.S. subsidiaries subsequently sold their businesses to an affiliate of Sun Capital Partners Inc. for US$55 million. 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. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: To Lay Out New Payment Plan to Bondholders Today -------------------------------------------------------------- Jamaica Gleaner reports that Jamaica Central Securities Depository (JCSD) said CL Financial Limited will today, August 11, offer its latest payment plan to bondholders, including the Black Sand investment titans, regarding a US$240-million bond in default. The parties were expected to finalize payment last month following the initial 2009 default of the bond, used mainly to finance CL Financial's 2008 acquisition of Lascelles deMercado & Company. The report relates that Black Sand Acquisition Inc. is seeking to acquire Lascelles deMercado in lieu of payment, amid other reasons outlined by the investors. The bond was issued through CL Financial's subsidiary CL Spirits, according to Jamaica Gleaner. Another tranche was issued in Trinidad, bringing the total to US$342 million, the report relates. Jamaica Gleaner notes that JCSD is the trustee for the note holders and the banks that have lent money to CL Financial in this deal. The report relays JCSD General Manager Robin Levy explained that the bond's principal has been in default but its interest payments have always been met by the CL Financial. Jamaica Gleaner discloses that Mr. Levy said the CL Sprits bond should have matured Jan. 2010, but CL Financial bought time following a series of negotiations with stakeholders. The report relates that the amount still owed to bondholders was not ascertained. CL Spirits was the vehicle chiefly used by CL Financial to acquire Lascelles deMercado, as well as raise debt to help finance the US$9.25-per share deal that closed in July 2008, Jamaica Gleaner recalls. CL Financial's Jamaican-owned assets include Lascelles deMercado and, up to last week, a 38% stake, or 554 million shares, in Jamaica Money Market Brokers held by subsidiaries Colonial Life Insurance Company (Trinidad) Limited (CLICO) and CLICO Investment Bank, Jamaica Gleaner says. Last month, Jamaica Gleaner discloses, Lascelles deMercado made a JM$3-billion dividend payment to shareholders. CL Financial, which holds 87% Lascelles stock, mainly via CL Spirit, earned JM$2.5 billion from the dividends, or about 12% of the total value of the bond in default, the report notes. As reported in the Troubled Company Reporter-Latin America on Aug. 2, 2011, Trinidad Express said that Black Sand plans to acquire 90% of Lascelles de Mercado's ordinary shares, all its 6% preference shares and its 15% preference shares. Lascelles de Mercado's shares are traded on the Jamaican Stock Exchange. In a statement from Jamaica-based Pan Caribbean Financial Services Ltd, the principal broker of the bid, Black Sand said Lascelles shareholders US$3.86 each for ordinary shares and US$0.29 for its 6% preference shares and US$0.23 for its 15% preference shares, according to Trinidad Express. TCRLA noted that RJR News said Lascelles de Mercado former boss William McConnell will lead Black Sand in the takeover. RJR News related that Black Sand said it's seeking to take over the company because it believes the future of the company is in serious jeopardy. CL Spirits defaulted on US$342 million of notes issued in Trinidad and Tobago and Jamaica that are secured by a pledge of CL Financial's shares in Lascelles de Mercado, Black Sand said in a statement obtained by Trinidad Express. 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 --------------------------------------------- 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. * * * End of Transmission * * *