/raid1/www/Hosts/bankrupt/TCRLA_Public/111108.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, November 8, 2011, Vol. 12, No. 221
Headlines
A R G E N T I N A
FONDO GAINVEST: Moody's Puts (P)B3 Global Fund Scale Fund Rating
GRUP GRAF: Creditors' Proofs of Debt Due Dec. 1
KASSE SA: Creditors' Proofs of Debt Due Dec. 2
SUPER UNO: Creditors' Proofs of Debt Due Feb. 10
B O L I V I A
BANCO DE DESARROLLO: Moody's Gives 'B1' Currency Issuer Ratings
C A Y M A N I S L A N D S
ACORN (USD): Shareholders' Final Meeting Set for Nov. 24
AFFIRMED HEALTHCARE: Shareholder Receives Wind-Up Report
CHABA II: Members Receive Wind-Up Report
COMMON SENSE: Shareholders' Final Meeting Set for Nov. 9
EMR MASTER: Shareholders' Final Meeting Set for Nov. 10
EYTON CAYMAN: Shareholders Receive Wind-Up Report
FIRST DALLAS: Shareholder Receives Wind-Up Report
ICE EM SPECIAL: Shareholder to Hear Wind-Up Report on Nov. 11
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
LEPORELLO LTD: Shareholders' Final Meeting Set for Nov. 11
MILOS LIMITED: Shareholders' Final Meeting Set for Nov. 14
SCHERING-PLOUGH PRODUCTS: Shareholders' Meeting Set for Nov. 11
SVDJ LIMITED: Members Receive Wind-Up Report
UBS ALPHA: Shareholders' Final Meeting Set for Nov. 11
* CAYMAN ISLAND: Olympus Corp.'s US$1BB Investment Disappears
D O M I N I C A N R E P U B L I C
* DOMINICAN REP: To Get US$200MM IDB Loan for Electricity Sector
J A M A I C A
NATIONAL ROAD: S&P Gives 'B-' Rating on US$294 Million Notes
M E X I C O
* MANZANILLO MUNICIPALITY: Moody's Cuts LC Rating to Ba2
T R I N I D A D & T O B A G O
CL FIN'L: Former Execs to Testify in Commission of Enquiry Probe
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
FONDO GAINVEST: Moody's Puts (P)B3 Global Fund Scale Fund Rating
----------------------------------------------------------------
Moody's has assigned provisional bond fund and market risk ratings
to Fondo Gainvest Regional a newly launched fund that will be
managed by Gainvest S.A whose primary objective is to invest in
Argentinean sub-sovereign and sovereign bonds.
The provisional ratings include a global bond fund scale fund
rating of (P)B3 and a national scale fund rating of A3.ar.
Moody's has also assigned a market risk rating of (P)MR5 to the
fund, which denotes " high sensitivity" to interest rate changes
and other market movements.
"The fund ratings are based on Moody's expectation that the
Gainvest Regional will maintain over 75% of invested assets in
Sub-sovereign Bonds issued by local governments with a minimum
rating of B3/A3.ar consistent with Argentinean Government bonds
credit rating. In addition to sub-sovereign credit exposure, the
remainder of the fund's asset allocation will be in Sovereign debt
issued or guaranteed by the government of Argentina rated
[B3/A3.ar]. The fund will expect to maintain maturity-adjusted
weighted average credit quality consistent with B3/A3.ar," said
Moody's lead analyst Carlos de Nevares.
Additionally this new fund would be applicable for investment by
Fondo de Garantia de Sustentabilidad, which manages Argentina's
Nationalized Pension Fund. The Pension Fund is targeting
increased exposure to the local provinces in order to promote
their economic development. Funds like Gainvest Regional FCI are
being developed, in part, to provide a convenient vehicle to
access these assets. The Gainvest Regional is a financial vehicle
for the National Pension fund to provide funding to this economic
sector.
The fund's MR5 market risk rating reflects Moody's opinion of high
total return risks and price sensitivity given the relative
illiquidity of sub-sovereign bonds in difficult capital market
conditions, credit profile of the assets and the thin secondary
market for these securities. From a maturity perspective, Moody's
expects the fund will target a weighted average maturity of 3-5
years which given the B3 rated assets is likely to have
significant market sensitivity. Moody's has supplemented its
market risk evaluation by analyzing the historical NAV volatility
of other funds with similar strategies as this is a newly launched
fund.
Gainvest SA. SGFI. is an Argentina-domiciled subsidiary of INTL FC
Stone. As of September, Gainvest S.A managed investments of
approximately ARS879 million or approximately US$202 million.
GRUP GRAF: Creditors' Proofs of Debt Due Dec. 1
-----------------------------------------------
Claudia Debora Fleischman, the court-appointed trustee for Grup
Graf SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 1, 2011.
Ms. Fleischman will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:
Claudia Debora Fleischman
Talcahuano 464
Argentina
KASSE SA: Creditors' Proofs of Debt Due Dec. 2
----------------------------------------------
Estudio Aroca, the court-appointed trustee for Kasse SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 2, 2011.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:
Estudio Aroca, Tabayo & Asociados
Avenida Corrientes 1515
Argentina
SUPER UNO: Creditors' Proofs of Debt Due Feb. 10
------------------------------------------------
Jose Francisco Ruiz, the court-appointed trustee for Super Uno
Supermercados SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 10, 2011.
Mr. Ruiz will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, 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. 23, 2012.
The Trustee can be reached at:
Jose Francisco Ruiz
Avenida Corrientes 4264
Argentina
=============
B O L I V I A
=============
BANCO DE DESARROLLO: Moody's Gives 'B1' Currency Issuer Ratings
---------------------------------------------------------------
Moody's Investors Service assigned first-time long and short term
global local currency issuer ratings of B1 and Not Prime to Banco
de Desarrollo Productivo S.A.M. (BDP), Bolivia's development bank.
BDP is 80% owned by the Plurinational State of Bolivia, through
the Ministry of Economics and Public Finance. Moody's also
assigned long and short term national scale local currency issuer
ratings of Aa2.bo and BO-1.
At the same, the rating agency assigned long term global local and
foreign currency debt ratings of (P) B1 to BDP's senior unsecured
multicurrency debt program totaling Bs. 1 billion or its
equivalent in US Dollars, both corresponding to a national scale
rating of Aa2.bo.
In addition, a long term global local currency senior debt rating
of B1 was assigned to the expected first issuance under the
program for an amount of Bs. 525 million. A Aa2.bo local currency
national scale debt rating was assigned to the first issuance.
The outlooks on all the ratings are stable.
The following ratings were assigned to Banco de Desarrollo
Productivo S.A.M.:
Global Long Term Local Currency Issuer Rating: B1, with stable
outlook.
Global Short Term Local Currency Issuer Rating: Not Prime
National Scale Long Term Local Currency Issuer Rating: Aa2.bo,
with stable outlook.
National Scale Short Term Local Currency Issuer Rating: BO-1
The following ratings were assigned to Bs. 1 billion senior
unsecured debt program:
Global long term local and foreign currency debt ratings: (P) B1,
with stable outlook
National Scale long term local and foreign currency debt ratings:
Aa2.bo, with stable outlook
The following ratings were assigned to Bs. 525 million first
issuance under the program:
Global long term local currency debt rating: B1, with stable
outlook
National Scale long term local currency debt rating: Aa2.bo, with
stable outlook
Ratings Rationale
Moody's said that BDP's ratings derive from 1) the bank's baseline
credit assessment (BCA) of B2 and 2) the assessment of the
probability of very high dependence and strong support that exists
between BDP and its shareholder, the Bolivian government. No
explicit government guarantee is in place to support BDP's
obligations, nevertheless, the Government's 80% ownership control
of the bank and the alignment of their respective objectives
result in BDP's issuer ratings being at par with Bolivia's
government bond ratings of B1.
BDP explicitly states that its mission is to support the public
policies of the Government, as described in the "National
Development Plan", and includes the support to microfinance
institutions and to small and medium size enterprises, in an
effort to boost the de-dollarization of the Bolivian economy. As
an arm of the Government, BDP's dependence to its main
shareholder, the Bolivian State, its deemed very high.
BDP's baseline credit assessment of B2 incorporates its modest
franchise value within the Bolivian financial industry, as
suggested by a 2% market share in terms of assets and by a still
limited track record (it started its operations as BDP in January
2007, succeeding Nacional Financiera Boliviana - NAFIBO). Moody's
views negatively the high concentration levels found both in its
lending book and funding sources, which can be a cause of
instability to the bank's earnings and asset quality indicators.
As of June 2011, two borrowers accounted for 42% of the total loan
book, while almost half of BDP's funding was derived from a single
credit line. Further expansion of its lending operations should
help improve the granularity of the bank's loan book. In that
regard, the bank's robust capital base, with a Tier 1 ratio of
57%, provides ample opportunities for loan growth.
As a non-deposit taking institution, BDP relies on credit lines
from financial institutions and multilateral entities for its
funding, which is predominantly long-term, and thus, an important
differentiation in the Bolivian market. Credit lines from
multilateral agencies, including IDB and KfW, are provided to BDP
through the Bolivian Ministry of Finance. As a second-floor bank,
BDP onlends the resources to financial entities and not directly
to final borrowers, and its credit risk exposure is, therefore, to
Bolivian financial institutions.
Moody's view favorably the decision in June by the ministry of
finance to assume the foreign exchange risks associated with these
foreign currency liabilities, a move that is likely to limit the
volatility of BDP's earnings. This is particularly relevant in
light of the bank's mission of boosting local currency lending,
which will further increase the structural currency mismatch of
its balance sheet. As of June 2011, its foreign currency assets
accounted for 40% of the total footings, while foreign currency
liabilities were 65% of total.
Banco de Desarrollo Productivo S.A.M. is Headquartered in La Paz,
Bolivia, and it had assets of Bs. 1.3 billion (US$ 182 million)
and an equity for Bs. 395 million (US$56 million) as of June 2011.
===========================
C A Y M A N I S L A N D S
===========================
ACORN (USD): Shareholders' Final Meeting Set for Nov. 24
--------------------------------------------------------
The shareholders of Acorn (USD) Fund Limited will hold their final
meeting on Nov. 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:
Susan Lo
Tricor Services Limited
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
AFFIRMED HEALTHCARE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Affirmed Healthcare, Ltd. received on Nov. 1,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Simon Conway
c/o Adam Keenan
Telephone: (345) 914 8743
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
CHABA II: Members Receive Wind-Up Report
----------------------------------------
The members of Chaba II (Cayman) 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:
Timothy Le Cornu
c/o Jeremy Anderson
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
Telephone: +1 345 947 4700
Facsimile: +1 345 946 6728
e-mail: Jeremy.Anderson@KRySGlobal.com
COMMON SENSE: Shareholders' Final Meeting Set for Nov. 9
--------------------------------------------------------
The shareholders of Common Sense Portable Alpha Offshore 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:
Mark Wentzien
15350 SW Sequoia Parkway
Suite 250, Portland
Oregon 97224
United States of America
EMR MASTER: Shareholders' Final Meeting Set for Nov. 10
-------------------------------------------------------
The shareholders of EMR Master Fund, Ltd 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 House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
EYTON CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Eyton Cayman Ltd. received on Nov. 4, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
FIRST DALLAS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of First Dallas International, Ltd received on
Nov. 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Geoffrey Varga
c/o Camele Burke
Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
PO Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9904
Facsimile: (345) 943 9900
ICE EM SPECIAL: Shareholder to Hear Wind-Up Report on Nov. 11
-------------------------------------------------------------
The shareholder of Ice EM Special Situations Fund (Cayman), Ltd.
will receive on Nov. 11, 2011, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan McLean
Telephone: (345) 815 1805
Facsimile: (345) 949-9877
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Invesco Navigator Fund Ltd received on Nov. 1,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ian D. Stokoe
c/o Adam Keenan
Telephone: (345) 914 8743
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
INVESCO NAVIGATOR: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Invesco Navigator Fund (Offshore) Ltd received
on Nov. 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian D. Stokoe
c/o Adam Keenan
Telephone: (345) 914 8743
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
LEPORELLO LTD: Shareholders' Final Meeting Set for Nov. 11
----------------------------------------------------------
The shareholders of Leporello Investments Ltd. will hold their
final meeting on Nov. 11, 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:
Graham Robinson
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
MILOS LIMITED: Shareholders' Final Meeting Set for Nov. 14
----------------------------------------------------------
The shareholders of Milos Limited will hold their final meeting on
Nov. 14, 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 House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
SCHERING-PLOUGH PRODUCTS: Shareholders' Meeting Set for Nov. 11
---------------------------------------------------------------
The shareholders of Schering-Plough Products Caribe, Inc. 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:
Richard L. Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
SVDJ LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of SVDJ Limited received on Nov. 1, 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
UBS ALPHA: Shareholders' Final Meeting Set for Nov. 11
------------------------------------------------------
The shareholders of UBS Alpha Select XL Limited 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:
Graham Robinson
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
* CAYMAN ISLAND: Olympus Corp.'s US$1BB Investment Disappears
-------------------------------------------------------------
Caribbean News Now reports that The Wall Street Journal, citing
internal documents and Cayman Islands records, said Japanese
camera maker Olympus Corp. paid a group of obscure Cayman Islands-
based companies almost US$1 billion it spent on three start-up
firms.
Local corporate records show that three of the Cayman companies
were dissolved or closed down in 2008 or 2009, shortly after
receiving the money from Olympus, according to Caribbean News Now.
The report relates that the principals of the Cayman Islands
companies couldn't be determined.
Caribbean News Now discloses that the Journal said Olympus wrote
off about three-quarters of the value of the three start-ups as
worthless, a year after the deals closed.
Olympus Executive Vice President Hisashi Mori said the only
information the company has about the shareholders of the three
Japanese companies is the names of entities and their bank
accounts, Caribbean News Now relays.
Caribbean News Now notes that another deal that has drawn scrutiny
at Olympus also involved a large payment, totaling hundreds of
millions of dollars, to a Cayman Island-based company. That
entity has also since been dissolved, Caribbean News Now adds.
The Journal said the Cayman Islands, an offshore financial center
in the Caribbean Sea, is often used by international companies
seeking secrecy and tax-friendly policies, in part because it
publicly discloses little information about companies registered
there, Caribbean News Now says.
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REP: To Get US$200MM IDB Loan for Electricity Sector
----------------------------------------------------------------
The Inter-American Development Bank approved a loan of US$200
million to support the Dominican Republic's efforts to improve the
efficiency, financial management, supply and service quality of
the electricity sector.
The program, approved by the IDB Board of Executive Directors
seeks to reduce generation costs and extend coverage of targeted
electricity subsidies for poor families. It also aims to improve
the managerial, operational and financial sustainability of power
distribution companies, as well as to increase the reliability of
services and to make them more affordable for the country's low-
income population.
The Dominican Republic's three regional distribution companies
(EdeNorte, EdeSur and EdeEste) have made progress in the last two
years. The number of invoiced clients rose 53% from last year
while the number of circuits without blackouts -- a measure of
service quality -- rose 42%.
To cement this progress, indicators have been established to
maximize operational and financial efficiency, including
increasing the number of registered customers and customers with
24-hour service, and setting specific targets to reduce
electricity losses.
To this end, the finances of the distribution companies must be
strengthened in order to reduce government transfers to the
electricity sector. In turn, this will benefit the country's
fiscal accounts, which are vulnerable to changes in international
oil prices, and will free up resources for social investment and
other priorities.
"Thanks to the progress achieved in the electricity sector, the
quality of the management teams at the CDEEE (the Dominican power
utility holding company) and the distribution companies, and the
implementation of changes proposed by the IDB program, the outlook
for the Dominican electricity sector is improving," said IDB
energy specialist Jorge Mercado, the project's team leader. "We
are starting out on a path that will lead to better financial and
operational results."
This is a policy-based programmatic operation, based on the
achievement of policy and institutional improvements. The loan is
for 20 years, with a five-year grace period and an interest rate
based on LIBOR. The executing agency is the Ministry of Finance.
The new program complements the IDB's previous support of the
Dominican Republic energy sector, including the development of the
Electric Sector Modernization Plan, improvements in power
transmission and the promotion of technical and operational
reforms that this new program will continue. The IDB is currently
executing the Electricity Distribution Networks Rehabilitation
Project and studies to improve energy efficiency. At the same
time, the Bank is financing private sector projects to diversify
the energy matrix through wind power generation.
=============
J A M A I C A
=============
NATIONAL ROAD: S&P Gives 'B-' Rating on US$294 Million Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to National Road Operating and Constructing
Co. Ltd.'s (NROCC) proposed issuance of US$294 million in fixed-
rate notes. NROCC will use the proceeds of the proposed issuance
to prepay outstanding debt.
The rating on NROCC's proposed senior unsecured note issuance is
based on the government of Jamaica's (B-/Negative/C) irrevocable
and unconditional guarantee. The government guarantees the due
and punctual payment of principal, interest and additional
amounts, as and when they come due. Any change on the sovereign
ratings on Jamaica will have the same effect on the issue rating
on NROCC's notes.
===========
M E X I C O
===========
* MANZANILLO MUNICIPALITY: Moody's Cuts LC Rating to Ba2
--------------------------------------------------------
Moody's de Mexico downgraded Manzanillo's issuer ratings to A2.mx
from A1.mx (Mexico National Scale) and to Ba2 from Ba1 (Global
Scale, local currency). At the same time, Moody's changed the
outlook to negative from stable.
Ratings Rationale
The downgrade reflects the deterioration of gross operating and
consolidated financial performance which have led to an increase
in Manzanillo's debt metrics. The outlook change reflects Moody's
expectation that the municipality's poor financial performance
will prevail in the near to medium-term leading to further
increases in debt and/or the tightening of liquidity.
The misalignment of operating revenue and operating expenditure
growth has led to the deterioration of Manzanillo's gross
operating balances. Over the period 2006 to 2010, operating
revenues have grown at a compound annual growth rate (CAGR) of 5%
while operating expenditures have grown at a CAGR of 10%. Moody's
expects that this misaligned trend will continue as the 2012
elections draw closer.
"Manzanillo's consolidated financial performance -- which includes
capital revenues and expenditures -- has deteriorated over the
last five years" said Moody's Assistant Vice-President, Adrian
Garza. Manzanillo has registered four deficits over the past five
years which average -3.3% of total revenues, a weak level. Also,
the consolidated financial deficit peaked in 2010 reaching -8.0%
of total revenues.
As a result, debt levels have increased steadily over the past
five years. Net direct and indirect debt to operating revenues
increased to 33% in 2010 from a low 6.3% in 2006, putting
Manzanillo's debt burden at a slightly higher level than Ba rated
peers. Net working capital (current assets minus current
liabilities) has averaged 6% of total expenditures over the period
2006 to 2010, a level in line with its peers. However, Moody's
expects that Manzanillo's poor financial performance will result
in a weaker liquidity position as compared to peers and/or further
increases in debt levels.
Failure to redress this negative trend over the near to medium
term will exert downward pressure on Manzanillo's ratings and will
likely trigger a downgrade. The outlook could be revised back to
stable if the gross operating performance of the municipality
improves and Manzanillo registers balanced consolidated results
that lead to the stabilization of its debt levels.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Former Execs to Testify in Commission of Enquiry Probe
----------------------------------------------------------------
Joel Julien at Trinidad Express reports that former CL Financial
Limited Finance Minister Karen Nunez-Tesheira and Group Financial
Director Andre Monteil are among the witnesses expected to testify
as the Commission of Enquiry into the collapse of CL Financial and
the Hindu Credit Union resumes.
The third evidence hearing is scheduled to start at the Winsure
Building, Richmond Street, Port of Spain, and it is expected to
continue until November 18, according to Trinidad Express.
The report notes that the second evidence hearing which ended on
Sept. 27 heard the testimony of Michael Carballo, the man who
replaced Mr. Monteil. Trinidad Express relates that cross-
examination of Mr. Carballo and re-examination of his evidence are
expected to continue at the evidence hearing.
Trinidad Express discloses that Afra Raymond, president of the
Joint Consultative Council, who was expected to testify in the
second session of evidence hearing, will join the line-up of
witnesses scheduled to appear this session.
Ms. Nunez-Tesheira says she closed two US dollar accounts with
CLICO Investment Bank (CIB) before they were scheduled to mature,
the report recalls. CIB is a subsidiary of CL Financial Limited.
Ms. Nunez-Tesheira was finance minister when the 2009 government
bailout was orchestrated. Mr. Monteil and his company Stone
Street Capital were selected by CL Financial to broker the multi-
billion dollar bailout with the government.
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 US100 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
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
SOC COMERCIAL PL CAD IX 177502185 -343324574
SOC COMERCIAL PL SCDPF US 177502185 -343324574
SOC COMERCIAL PL CVVIF US 177502185 -343324574
SOC COMERCIAL PL COME AR 177502185 -343324574
SOC COMERCIAL PL COMEC AR 177502185 -343324574
COMERCIAL PL-ADR SCPDS LI 177502185 -343324574
SOC COMERCIAL PL CADN EU 177502185 -343324574
SOC COMERCIAL PL CADN EO 177502185 -343324574
SOC COMERCIAL PL COMED AR 177502185 -343324574
COMERCIAL PLA-BL COMEB AR 177502185 -343324574
SOC COMERCIAL PL CADN SW 177502185 -343324574
SOCOTHERM-SP ADR SOCOY US 103531720 -80758824
SOCOTHERM-5 VT-A STHE5 AR 103531720 -80758824
SOCOTHERM SA-B STHE AR 103531720 -80758824
SNIAFA SA-B SDAGF US 11229696 -26705448
SNIAFA SA SNIA AR 11229696 -26705448
SNIAFA SA-B SNIA5 AR 11229696 -26705448
BELIZE
VARIG SA VAGV3 BZ 966298025 -4695211316
VARIG SA VARGON BZ 966298025 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025 -4695211316
VARIG SA-PREF VARGPN BZ 966298025 -4695211316
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291
BATTISTELLA BTTL3 BZ 355816098 -2564562
BATTISTELLA-RECE BTTL9 BZ 355816098 -2564562
BATTISTELLA-PREF BTTL4 BZ 355816098 -2564562
BATTISTELLA-RI P BTTL2 BZ 355816098 -2564562
BATTISTELLA-RECP BTTL10 BZ 355816098 -2564562
BATTISTELLA-RIGH BTTL1 BZ 355816098 -2564562
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCAS SA DOCAON BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
TELECOMUNICA-ADR 81370Z BZ 296917661 -42804871
TELEBRAS-CEDE BL RCT4B AR 296917661 -42804871
TELEBRAS-PF RCPT CBRZF US 296917661 -42804871
TELEBRAS-CEDEA $ TEL4D AR 296917661 -42804871
TELEBRAS-ADR TBAPY US 296917661 -42804871
TELEBRAS-CEDE PF RCT4C AR 296917661 -42804871
TELEBRAS-ADR TBASY US 296917661 -42804871
TELEBRAS-RECEIPT TLBRUO BZ 296917661 -42804871
TELEBRAS-CM RCPT TELE31 BZ 296917661 -42804871
TELEBRAS-CM RCPT TBRTF US 296917661 -42804871
TELEBRAS-PF RCPT RCTB40 BZ 296917661 -42804871
TELEBRAS SA-PREF TLBRPN BZ 296917661 -42804871
TELEBRAS SA TELB3 BZ 296917661 -42804871
TELEBRAS-RCT PRF TELB10 BZ 296917661 -42804871
TELEBRAS SA-PREF TELB4 BZ 296917661 -42804871
TELEBRAS/W-I-ADR TBH-W US 296917661 -42804871
TELEBRAS-CEDE PF RCT4D AR 296917661 -42804871
TELEBRAS-RTS CMN TCLP1 BZ 296917661 -42804871
TELEBRAS-PF BLCK TELB40 BZ 296917661 -42804871
TELEBRAS-RTS PRF RCTB2 BZ 296917661 -42804871
TELEBRAS-CED C/E TEL4C AR 296917661 -42804871
TELEBRAS-PF RCPT TELE41 BZ 296917661 -42804871
TELEBRAS-PF RCPT TBAPF US 296917661 -42804871
TELEBRAS-CEDE PF RCTB4 AR 296917661 -42804871
TELEBRAS SA-RT TELB9 BZ 296917661 -42804871
TELEBRAS-ADR TBH US 296917661 -42804871
TELEBRAS-RTS CMN RCTB1 BZ 296917661 -42804871
TELEBRAS-ADR RTB US 296917661 -42804871
TELEBRAS-COM RT TELB1 BZ 296917661 -42804871
TELEBRAS SA TBASF US 296917661 -42804871
TELEBRAS-CEDE PF TELB4 AR 296917661 -42804871
TELEBRAS-CM RCPT RCTB31 BZ 296917661 -42804871
TELEBRAS-ADR TBRAY GR 296917661 -42804871
TELEBRAS-RTS PRF TLCP2 BZ 296917661 -42804871
TELEBRAS-PF RCPT RCTB41 BZ 296917661 -42804871
TELEBRAS-PF RCPT RCTB42 BZ 296917661 -42804871
TELEBRAS-RCT RCTB33 BZ 296917661 -42804871
TELEBRAS-CM RCPT RCTB32 BZ 296917661 -42804871
TELEBRAS-ADR TBX GR 296917661 -42804871
TELEBRAS SA TLBRON BZ 296917661 -42804871
TELEBRAS-CM RCPT RCTB30 BZ 296917661 -42804871
TELEBRAS-BLOCK TELB30 BZ 296917661 -42804871
TELEBRAS-PF RCPT TLBRUP BZ 296917661 -42804871
HOTEIS OTHON-PRF HOTHPN BZ 255036149 -42606769
HOTEIS OTHON-PRF HOOT4 BZ 255036149 -42606769
HOTEIS OTHON SA HOTHON BZ 255036149 -42606769
HOTEIS OTHON SA HOOT3 BZ 255036149 -42606769
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
PET MANG-RECEIPT 0229296Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PET MANG-RT 0229249Q BZ 231024467 -184606117
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RECEIPT 0229292Q BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT 0229268Q BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
SANSUY SA SNSYON BZ 200809364 -115213257
SANSUY-PREF A SNSY5 BZ 200809364 -115213257
SANSUY-PREF B SNSY6 BZ 200809364 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809364 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809364 -115213257
SANSUY SNSY3 BZ 200809364 -115213257
DHB IND E COM DHBON BZ 185992309 -151323933
D H B-PREF DHBI4 BZ 185992309 -151323933
D H B DHBI3 BZ 185992309 -151323933
DHB IND E COM-PR DHBPN BZ 185992309 -151323933
BALADARE BLDR3 BZ 159454015 -52992212
FABRICA RENAUX-P FTRX4 BZ 109683743 -48836146
FABRICA RENAUX FTRX3 BZ 109683743 -48836146
FABRICA RENAUX-P FRNXPN BZ 109683743 -48836146
FABRICA TECID-RT FTRX1 BZ 109683743 -48836146
FABRICA RENAUX FRNXON BZ 109683743 -48836146
WETZEL SA MWELON BZ 100017711 -5359345
WETZEL SA-PREF MWELPN BZ 100017711 -5359345
WETZEL SA-PREF MWET4 BZ 100017711 -5359345
WETZEL SA MWET3 BZ 100017711 -5359345
ESTRELA SA ESTR3 BZ 89585906 -80761486
ESTRELA SA ESTRON BZ 89585906 -80761486
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486
ACO ALTONA EALT3 BZ 89152030 -98485877
ACO ALTONA SA EAAON BZ 89152030 -98485877
ACO ALTONA-PREF EAAPN BZ 89152030 -98485877
ACO ALTONA-PREF EALT4 BZ 89152030 -98485877
VARIG PART EM-PR VPSC4 BZ 830178286 -495721700
VARIG PART EM SE VPSC3 BZ 830178286 -495721700
TEXTEIS RENAU-RT TXRX2 BZ 730958339 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 730958339 -103943206
TEXTEIS RENAUX RENXPN BZ 730958339 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 730958339 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 730958339 -103943206
TEXTEIS RENAUX RENXON BZ 730958339 -103943206
RENAUXVIEW SA TXRX3 BZ 730958339 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 730958339 -103943206
SCHLOSSER SA SCHON BZ 730367499 -34357832
SCHLOSSER SCLO3 BZ 730367499 -34357832
SCHLOSSER-PREF SCLO4 BZ 730367499 -34357832
SCHLOSSER SA-PRF SCHPN BZ 730367499 -34357832
MINUPAR SA MNPRON BZ 631445339 -60655823
MINUPAR MNPR3 BZ 631445339 -60655823
MINUPAR-RT MNPR1 BZ 631445339 -60655823
MINUPAR-PREF MNPR4 BZ 631445339 -60655823
MINUPAR SA-PREF MNPRPN BZ 631445339 -60655823
MINUPAR-RCT MNPR9 BZ 631445339 -60655823
MINUPAR-RT 9314542Q BZ 631445339 -60655823
MINUPAR-RCT 9314634Q BZ 631445339 -60655823
GRADIENTE EL-PRC IGBCN BZ 610889775 -282692297
GRADIENTE EL-PRB IGBBN BZ 610889775 -282692297
GRADIENTE ELETR IGBON BZ 610889775 -282692297
GRADIENTE-PREF B IGBR6 BZ 610889775 -282692297
GRADIENTE-PREF A IGBR5 BZ 610889775 -282692297
GRADIENTE-PREF C IGBR7 BZ 610889775 -282692297
IGB ELETRONICA IGBR3 BZ 610889775 -282692297
GRADIENTE EL-PRA IGBAN BZ 610889775 -282692297
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
CIMOB PART-PREF GAFP4 BZ 44047411 -45669963
CIMOB PART-PREF GAFPN BZ 44047411 -45669963
CIMOB PARTIC SA GAFON BZ 44047411 -45669963
CIMOB PARTIC SA GAFP3 BZ 44047411 -45669963
WIEST SA WISAON BZ 341082013 -126997429
WIEST SA-PREF WISAPN BZ 341082013 -126997429
WIEST-PREF WISA4 BZ 341082013 -126997429
WIEST WISA3 BZ 341082013 -126997429
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605
RECRUSUL SA RESLON BZ 31427766 -30307605
RECRUSUL RCSL3 BZ 31427766 -30307605
RECRUSUL - RT 4529781Q BZ 31427766 -30307605
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605
RECRUSUL - RT RCSL1 BZ 31427766 -30307605
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605
RECRUSUL - RT 4529785Q BZ 31427766 -30307605
RECRUSUL - RT RCSL2 BZ 31427766 -30307605
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605
SANESALTO SNST3 BZ 310440535 -18432973
BOTUCATU TEXTIL STRP3 BZ 276636045 -7174512
STAROUP SA-PREF STARPN BZ 276636045 -7174512
BOTUCATU-PREF STRP4 BZ 276636045 -7174512
STAROUP SA STARON BZ 276636045 -7174512
CONST BETER-PF B 1COBBN BZ 25469474 -4918659
CONST BETER SA 1007Q BZ 25469474 -4918659
CONST BETER-PR A COBEAN BZ 25469474 -4918659
CONST BETER-PF A 1COBAN BZ 25469474 -4918659
CONST BETER SA COBEON BZ 25469474 -4918659
CONST BETER SA COBE3 BZ 25469474 -4918659
CONST BETER-PR B 1009Q BZ 25469474 -4918659
CONST BETER-PR B COBEBN BZ 25469474 -4918659
CONST BETER-PF B COBE6 BZ 25469474 -4918659
CONST BETER-PFA COBE5B BZ 25469474 -4918659
CONST BETER SA COBE3B BZ 25469474 -4918659
CONST BETER-PF A COBE5 BZ 25469474 -4918659
CONST BETER SA 1COBON BZ 25469474 -4918659
CONST BETER-PR A 1008Q BZ 25469474 -4918659
CONST BETER-PF B COBE6B BZ 25469474 -4918659
FERRAGENS HAGA-P HAGAPN BZ 23732827 -65883555
FER HAGA-PREF HAGA4 BZ 23732827 -65883555
HAGA HAGA3 BZ 23732827 -65883555
FERRAGENS HAGA HAGAON BZ 23732827 -65883555
ALL ORE MINERACA AORE3 BZ 23040051 -8699861
STEEL - RT STLB1 BZ 23040051 -8699861
ALL ORE MINERACA STLB3 BZ 23040051 -8699861
STEEL - RCT ORD STLB9 BZ 23040051 -8699861
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
CAFE BRASILIA-PR CSBRPN BZ 210973691 -903951461
CAF BRASILIA-PRF CAFE4 BZ 210973691 -903951461
CAF BRASILIA CAFE3 BZ 210973691 -903951461
CAFE BRASILIA SA CSBRON BZ 210973691 -903951461
TECEL S JOSE-PRF FTSJPN BZ 190673232 -52580501
TECEL S JOSE SJOS3 BZ 190673232 -52580501
TECEL S JOSE FTSJON BZ 190673232 -52580501
TECEL S JOSE-PRF SJOS4 BZ 190673232 -52580501
NORDON METAL NORDON BZ 153545974 -26859636
NORDON MET NORD3 BZ 153545974 -26859636
NORDON MET-RTS NORD1 BZ 153545974 -26859636
CHIARELLI SA-PRF CCHPN BZ 14960467 -43105640
CHIARELLI SA-PRF CCHI4 BZ 14960467 -43105640
CHIARELLI SA CCHI3 BZ 14960467 -43105640
CHIARELLI SA CCHON BZ 14960467 -43105640
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
HERCULES HETA3 BZ 126891179 -170680899
HERCULES SA-PREF HERTPN BZ 126891179 -170680899
HERCULES-PREF HETA4 BZ 126891179 -170680899
HERCULES SA HERTON BZ 126891179 -170680899
ARTHUR LANGE ARLA3 BZ 116422552 -17154461
ARTHUR LANGE SA ALICON BZ 116422552 -17154461
ARTHUR LANG-RC P ARLA10 BZ 116422552 -17154461
ARTHUR LANG-RC C ARLA9 BZ 116422552 -17154461
ARTHUR LAN-DVD P ARLA12 BZ 116422552 -17154461
ARTHUR LAN-DVD C ARLA11 BZ 116422552 -17154461
ARTHUR LANG-RT P ARLA2 BZ 116422552 -17154461
ARTHUR LANGE-PRF ALICPN BZ 116422552 -17154461
ARTHUR LANGE-PRF ARLA4 BZ 116422552 -17154461
ARTHUR LANG-RT C ARLA1 BZ 116422552 -17154461
F GUIMARAES FGUI3 BZ 110165424 -151840377
F GUIMARAES-PREF FGUI4 BZ 110165424 -151840377
FERREIRA GUIM-PR FGUIPN BZ 110165424 -151840377
FERREIRA GUIMARA FGUION BZ 110165424 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599104 -50416404
CHILESAT CORP SA TELEX CI 1156945109 -122555290
CLARO COM SA CHILESAT CI 1156945109 -122555290
CHILESAT CO-ADR TL US 1156945109 -122555290
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290
TELEX-A TELEXA CI 1156945109 -122555290
TELMEX CORP-ADR CSAOY US 1156945109 -122555290
TELEX-RTS TELEXO CI 1156945109 -122555290
PUYEHUE PUYEH CI 27670046 -407979
PUYEHUE RIGHT PUYEHUOS CI 27670046 -407979
***********
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 * * *