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/raid1/www/Hosts/bankrupt/TCRLA_Public/111103.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, November 3, 2011, Vol. 12, No. 218 Headlines A R G E N T I N A ALEJANDRO MAGARINOS: Applies for Bankruptcy Protection ALLOYS SRL: Creditors' Proofs of Debt Due Dec. 19 AREA DIGITAL: Creditors' Proofs of Debt Due Dec. 27 AYA SERVICIOS: Creditors' Proofs of Debt Due Nov. 29 SACRE COEUR: Applies for Bankruptcy Protection SERVICIOS INTEGRALES: Applies for Bankruptcy Protection B A H A M A S BAICO: Barbados Judicial Managers Seek to Liquidate Firm B E R M U D A DIGICEL GROUP: Maybe Interested in Acquiring Eircom B R A Z I L RBS COMUNICACOES: S&P Raises Ratings to 'BB+' on Credit Metrics C A Y M A N I S L A N D S BAUHINIA HOLDINGS: Members Receive Wind-Up Report BLACKSTONE FIFTH: Shareholders' Final Meeting Set for Nov. 9 CLARKSON FREIGHT: Shareholder to Receive Wind-Up Report on Dec. 8 COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 COMMONFUND EVENT-DRIVEN: Shareholders' Meeting Set for Nov. 11 COMMONFUND FIXED: Shareholders' Final Meeting Set for Nov. 11 COMMONFUND LONG: Shareholders' Final Meeting Set for Nov. 11 KITHIRA VENTURES: Shareholders' Final Meeting Set for Nov. 10 KWF ASSETS: Member Receives Wind-Up Report MARSELLA SA: Members Receive Wind-Up Report RAEF INVESTMENTS: Members Receive Wind-Up Report SPARX MAC 21: Members Receive Wind-Up Report STERLING CAPITAL: Shareholders' Final Meeting Set for Nov. 11 C O S T A R I C A INSTITUTO COSTARRICENSE: Fitch Rates Proposed Sr. Bonds at 'BB+' J A M A I C A MONTEGO FREEPORT: To Sell Six Assets, Winds Up Operations X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= ALEJANDRO MAGARINOS: Applies for Bankruptcy Protection ------------------------------------------------------ Alejandro Magarioos Cervantes 1576 applied for bankruptcy protection. The company defaulted on its payments last Sept. 30, 2011. ALLOYS SRL: Creditors' Proofs of Debt Due Dec. 19 ------------------------------------------------- Estudio Behar Di Stefano Asociados, the court-appointed trustee for Alloys SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 19, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 5, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 3, 2012. The Trustee can be reached at: Estudio Behar Di Stefano Asociados Parana 631 Argentina AREA DIGITAL: Creditors' Proofs of Debt Due Dec. 27 --------------------------------------------------- Nelida Grunblatt de Nobile, the court-appointed trustee for Area Digital SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 27, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 20, 2012. The Trustee can be reached at: Nelida Grunblatt de Nobile Felipe Vallese 2195 Argentina AYA SERVICIOS: Creditors' Proofs of Debt Due Nov. 29 ---------------------------------------------------- Marcela Adriana Bellani, the court-appointed trustee for Aya Servicios Industriales SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 29, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 19, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marcela Adriana Bellani Marcelo Torcuato de Alvear 1364 Argentina SACRE COEUR: Applies for Bankruptcy Protection ---------------------------------------------- Sacre Coeur SA applied for bankruptcy protection. SERVICIOS INTEGRALES: Applies for Bankruptcy Protection ------------------------------------------------------- Servicios Integrales Produtec SA applied for bankruptcy protection. The company has defaulted on its payments last 2008. ============= B A H A M A S ============= BAICO: Barbados Judicial Managers Seek to Liquidate Firm -------------------------------------------------------- Julie Wilson at Caribbean News Now reports that Barbados Finance Minister of Finance and Economic Affairs, Chris Sinckler, said British American Insurance Company's issues had been practically resolved. BAICO is a subsidiary of CL Financial Limited. The company's judicial managers in Barbados had recommended that the company's assets be liquidated, according to Caribbean News Now. The report relates that Minister Sinckler explained this would result in minimal government exposure. Minister Sinckler also disclosed that a strategic partner had expressed an interest in buying the assets of BAICO, Caribbean News Now says. British American Insurance Company is a Bahamian company, which is owned by Trinidad-based parent CL Financial. Casey McDonald, the British Virgin Islands liquidator for British American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr. McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson in Miami, Fla. At the time of the filing, the liquidator estimated British American Isle of Venice (BVI), Ltd's asset at less than US$10 million and its debts at more than US$100 million. Two affiliates -- British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) -- are also subject to the jurisdiction of the U.S. Bankruptcy Court. ============= B E R M U D A ============= DIGICEL GROUP: Maybe Interested in Acquiring Eircom --------------------------------------------------- Jamaica Gleaner reports that rumors have emerged that Digicel Group Limited is planning to acquire troubled Irish telecoms provider Eircom. However, the report relates that Digicel Group is refusing to say anything about the topic. It calls the reports speculative, but has made no outright denials, according to Jamaica Gleaner. "We have no comment. We don't comment on speculation," Jamaica Gleaner quoted Antonia Graham, head of group public relations, as saying. The report notes that Eircom delayed the release of its financials amid restructuring its EUR3.7 billion debt, according to filings to shareholders. The report relates that Eircom said it was approached by a third party but declined to identify the provider. Jamaica Gleaner, citing UK-based newspaper The Sunday Times, notes that the suitor is Digicel Group. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========== B R A Z I L =========== RBS COMUNICACOES: S&P Raises Ratings to 'BB+' on Credit Metrics --------------------------------------------------------------- Standard & Poor's Ratings Services raised the ratings on Brazil- based media company RBS Comunicacoes S.A.e Empresas Combinadas (RBS) to 'BB+' from 'BB'. The outlook is stable. "The upgrade is based on our view that the company has maintained consistently prudent financial policies, with strong liquidity and low leverage, despite more volatile EBITDA margins due to investments in new business segments. Even assuming a more aggressive growth strategy into alternative media venues such as Internet sites, events, and education, we expect RBS to maintain credit metrics that are in line with an intermediate financial profile," S&P related. =========================== C A Y M A N I S L A N D S =========================== BAUHINIA HOLDINGS: Members Receive Wind-Up Report ------------------------------------------------- The members of Bauhinia Holdings Limited received on Oct. 21, 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 BLACKSTONE FIFTH: Shareholders' Final Meeting Set for Nov. 9 ------------------------------------------------------------- The shareholders of Blackstone Fifth Avenue Offshore Fund Ltd. will hold their final meeting on Nov. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sean Flynn HF Fund Services Ltd. PO Box 242 45 Market Street Gardenia Court, Camana Bay Grand Cayman KY1-1104 Cayman Islands CLARKSON FREIGHT: Shareholder to Receive Wind-Up Report on Dec. 8 ----------------------------------------------------------------- The shareholder of Clarkson Freight Fund will receive on Dec. 8, 2011, at 3:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Frank Connolly Ross Allen Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place, Mespil Road, Dublin 4, Ireland COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 ---------------------------------------------------------------- The shareholders of Commonfund Absolute Return Investors Company will hold their final meeting on Nov. 11, 2011, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 ---------------------------------------------------------------- The shareholders of Commonfund Absolute Return Multi-Strategy Company will hold their final meeting on Nov. 11, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND ABSOLUTE: Shareholders' Final Meeting Set for Nov. 11 ---------------------------------------------------------------- The shareholders of Commonfund Absolute Return Opportunities Company will hold their final meeting on Nov. 11, 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 c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND EVENT-DRIVEN: Shareholders' Meeting Set for Nov. 11 -------------------------------------------------------------- The shareholders of Commonfund Event-Driven Company will hold their final meeting on Nov. 11, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND FIXED: Shareholders' Final Meeting Set for Nov. 11 ------------------------------------------------------------- The shareholders of Commonfund Fixed Income Arbitrage Company will hold their final meeting on Nov. 11, 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 c/o Jennifer Chailler Telephone: (345) 814 6847 COMMONFUND LONG: Shareholders' Final Meeting Set for Nov. 11 ------------------------------------------------------------ The shareholders of Commonfund Long/Short Equity Company will hold their final meeting on Nov. 11, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KITHIRA VENTURES: Shareholders' Final Meeting Set for Nov. 10 ------------------------------------------------------------- The shareholders of Kithira Ventures Limited will hold their final meeting on Nov. 10, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands KWF ASSETS: Member Receives Wind-Up Report ------------------------------------------ The sole member of KWF Assets Limited received on Oct. 31, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HSBC Trustees (Singapore) Limited 21 Collyer Quay #09-01, HSBC Building Singapore 049320 MARSELLA SA: Members Receive Wind-Up Report ------------------------------------------- The members of Marsella S.A. received on Oct. 21, 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 RAEF INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------ The members of Raef Investments Ltd. received on Oct. 31, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SPARX MAC 21: Members Receive Wind-Up Report -------------------------------------------- The members of Sparx Mac 21 Ltd. received on Oct. 31, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands STERLING CAPITAL: Shareholders' Final Meeting Set for Nov. 11 ------------------------------------------------------------- The shareholders of Sterling Capital Management (Cayman) Limited will hold their final meeting on Nov. 11, 2011, at 8:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 =================== C O S T A R I C A =================== INSTITUTO COSTARRICENSE: Fitch Rates Proposed Sr. Bonds at 'BB+' ---------------------------------------------------------------- Fitch Ratings has assigned a foreign and local currency Issuer Default Ratings (IDR) of 'BB+' to Instituto Costarricense de Electricidad y Subsidiarias (Grupo ICE). Fitch expects to assign a 'BB+' to the company's proposed senior unsecured bond issuance. The Rating Outlook is Stable. Group ICE's ratings are supported by the company's linkage to the Sovereign of Costa Rica (rated with a 'BB+' FC and LC IDR by Fitch) that stems from the government ownership. The linkage between Grupo ICE and the government also reflects the company's political risk resulting from its tariff approval process and government mandated strategy, which temper the ratings to that of the sovereign. The ratings also reflect the government's implicit and explicit support, the company's diversified portfolio of assets and adequate financial profile. Also factored into Grupo ICE's ratings is the company's aggressive capital expenditure program aimed at maintaining a strong market share position in the telecommunication business and an adequate installed electric generation capacity. Diversified Portfolio Assets: Grupo ICE's ratings are supported by the company's diversified portfolio of assets and its strong business position in Costa Rica's electricity and telecommunication industries. The ratings reflect the company's low business risk resulting from its business diversification and characteristics as a utility service provider. Grupo ICE has a legal monopoly in the electricity sector in Costa Rica. The issuer is the largest power generator and electric distribution utility company in the country. As of year-end 2010, Grupo ICE had an installed electric generation capacity of 1,998.8 megawatts (MW) (national capacity of 2,605MW) and was the exclusive owner of the national transmission grid. The national electric industry includes private generation, municipal distribution and electric cooperatives that can generate energy in coordination with Grupo ICE or sell their energy to Grupo ICE. The company is expected to remain a leader in the telecommunications industry in the country, notwithstanding recent changes that opened the industry to competition. Although this will increase competition in the telecommunication industry, it is also expected to enhance regulatory transparency. Adequate Financial Profile: Grupo ICE's ratings reflect the company's solid financial profile characterized by moderate leverage and strong interest coverage, yet with some exposure to foreign exchange risk, which should deteriorate over the medium term as the company pursues its capital expenditures plan. As of the last 12 months (LTM) ended June 30, 2011, the company's EBITDA increased to approximately US$701 million from USD638 million in 2010. This was mainly due to increases in telecom revenues and lower operating costs. As of June 2011, Grupo ICE reported total debt of US$2.5 billion, of which USD469 million was short term and near 80% was denominated in US$. This translated into a moderate financial leverage, as measured by total adjusted debt-to-EBITDAR (annualized) of approximately 3.6 times(x). The company's interest coverage as measured by EBITDAR-to-interest and rent expenses was healthy at 2.6(x) (5.0 x EBITDA/Interest). Aggressive Capital Expenditures Plan: Grupo ICE's capital investment plan over the next several years is considered aggressive and could weaken the company's financial profile absent increasing cash flow generation and adequate tariff adjustments. The company plans to invest approximately US$5 billion over the next five years in order to supply electricity to meet demand and maintain its leadership position in the telecommunication businesses in Costa Rica. Going forward, Grupo ICE's credit metrics could deteriorate significantly. Leverage could increase to over 5.0x if the company finances its capital investment plan heavily with debt. Grupo ICE expects to finance its investments with a combination of internal cash flow, debt, Build Operate and Transfer (BOT) transactions, project finance vehicles and operating leases. High Exposure to Regulatory and Political Interference: Grupo ICE is highly exposed to regulatory interference risk given the lack of clear and transparent electricity and telecommunications tariff schemes. Every year the company submits to the regulator for approval an electricity tariff for end users. Historically, the regulator has approved these tariffs at levels that do not fully recognize the company's moderate exposure to fuel prices borne by its thermoelectric generation business. This increases Grupo ICE's exposure to hydrology risk given that during periods of low hydrology and more thermoelectric generation (8%- 10% of annual generation in average), profitability margins could be pressured. The Telecom tariff has been maintained since 2006. Despite this risk, Grupo ICE has managed to maintain stable cash flow generation. Also, the company is exposed to political interference given that the government appoints and removes ICE's directors and executives, sets and approves the company's tariffs, and regulates its budget. ============= J A M A I C A ============= MONTEGO FREEPORT: To Sell Six Assets, Winds Up Operations --------------------------------------------------------- Jamaica Gleaner reports that Montego Freeport Limited is finalizing plans to sell off six property assets after which the company will be delisted and wound up. The responsibility for selling the company's last four parcels of land has been assigned to parent company Urban Development Corporation, while inside sources say two other properties will otherwise be listed on the market, according to Jamaica Gleaner. The report notes that the lands whose sale UDC would be finalizing were identified as lots A26, A50B, M19 and H51. Jamaica Gleaner relates that the other two properties, Shop 34 at the Freeport Shopping Centre and Apartment G101 at Seawind on the Bay, are to be disposed of by next year. MFL Chairman Johnny Gourzong was said to be unavailable for comment, but his statement to shareholders released with the annual report ahead of the annual general meeting, in August, suggested that hiring UDC as agent would allow Montego Freeport, which has little to no income, to contain its expenses while winding down operations, Jamaica Gleaner discloses. Chairman Gourzong said the lots already had interested buyers. Jamaica Gleaner says that all staff at MFL have been made redundant. The report relates that contract services for general manager, financial consultant and part-time accountant were retained. The company has also advised the Jamaica Stock Exchange that it plans to apply for delisting, Jamaica Gleaner discloses. "Full realization of the company's mandate will only be achieved once the company ensures complete execution of all sales agreement stipulations; in essence, the company is bound to ensure that all the lots it sold are developed according to the respective approved usage," Jamaica Gleaner quoted Mr. Gourzong as saying. At yearend March 2011, the company saw a steep decline in its financial position. It reported JM$40 million of income but had JM$51 million of expenses, and made a net loss of JM$62 million due primarily, Chairman Gourzong said, "to a reassessment, based on present market conditions, of the book values for lots M19 and H51," Jamaica Gleaner discloses. Montego Freeport Limited is largely government-owned through the UDC and its subsidiary, National Hotels and Properties Limited, which together hold 81.95%. The other top shareholders are Dr Irvin Hoo-Fat and Veronica Hoo-Fat, G.L. Enterprises Limited, MFG Trust & Finance Limited a/c 528, Peter Lee, Samuel Hart and Son Limited, Karl Wright, Manchester Pension Trust Fund Limited and Zerlene Taylor-Burbank and family. Montego Freeport Limited was incorporated as a public company on February 15, 1966 to reclaim and develop up to 500 acres of land in a section of the Bogue area, now known as Montego Freeport. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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. 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