/raid1/www/Hosts/bankrupt/TCRLA_Public/120117.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, January 17, 2012, Vol. 13, No. 012
Headlines
A R G E N T I N A
ALTO PALERMO: Fitch Affirms Rating on 2 Sr. Unsec. Notes at Low-B
CRESUD SA: Fitch Affirms US$60-Mil. Sr. Unsecured Notes at 'B'
INVERSIONES Y: Fitch Holds Rating on Senior Unsec. Notes at Low-B
BANCO PINE: Fitch Affirms Rating on US$125-Mil. Securities at 'B'
C A Y M A N I S L A N D S
ALTERNATIVEFOCUS PERENNIUS: Shareholder Receives Wind-Up Report
BREVAN HOWARD EQUITY: Shareholder Receives Wind-Up Report
BREVAN HOWARD STRATEGIC: Shareholder Receives Wind-Up Report
DISTRESSED FOCUS: Shareholder Receives Wind-Up Report
EUREKA STRATEGIC: Shareholders Receive Wind-Up Report
LHL CARIBBEAN: Shareholder Receives Wind-Up Report
MONTEGO BAY: Shareholder Receives Wind-Up Report
NEVSKY CAPITAL: Shareholders Receive Wind-Up Report
PUSHKIN FUND: Shareholders Receive Wind-Up Report
RLS COMPANY: Shareholder Receives Wind-Up Report
SAPIC-98 REFERENCE: Shareholders Receive Wind-Up Report
SENTINEL REDEMPTION: Shareholder Receives Wind-Up Report
SOLENT DISTRESSED FUND: Shareholders Receive Wind-Up Report
SOLENT DISTRESSED MASTER: Shareholders Receive Wind-Up Report
SST COMMUNICATIONS: Shareholders Receive Wind-Up Report
THAMES RIVER MAINSTAY: Shareholder Receives Wind-Up Report
THAMES RIVER LEGION: Shareholders Receive Wind-Up Report
TREES (CAYMAN): Shareholder Receives Wind-Up Report
TURNSTONE ASIAN: Shareholders Receive Wind-Up Report
TVR HOLDINGS: Shareholder Receives Wind-Up Report
WARRIOR REDEMPTION: Shareholder Receives Wind-Up Report
WARRIOR II REDEMPTION: Shareholder Receives Wind-Up Report
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Senate Approves to RD$1.44BB Bond Issue
J A M A I C A
DIGICEL GROUP: Court Adjourns TBI's Legal Action Against Firm
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
=================
ALTO PALERMO: Fitch Affirms Rating on 2 Sr. Unsec. Notes at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed Alto Palermo S.A.'s (APSA) ratings as
follows:
-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'BB-';
-- USD120 million senior unsecured notes due in 2017 at
'B+/RR3';
-- USD 50 million Argentine peso-linked notes due in 2012 at
'B+/RR3';
-- National scale rating at 'AA+(arg)';
-- National scale senior unsecured notes at 'AA+(arg)';
-- National equity rating at '1'.
The Rating Outlook is Stable.
The 'RR3' recovery rating reflects good recovery prospects in the
event of default.
APSA's 'BB-' local currency IDR is supported by the company's
strong market position in the Argentine shopping center industry.
While debt at APSA is low in relation to cash flow, Fitch has
linked the credit quality of APSA with its more highly leveraged
parent company, Inversiones y Representaciones S.A. (IRSA).
APSA's local currency IDR is also constrained at 'BB-' due to its
aggressive growth strategy and the high degree of risk associated
with operating in Argentina's real estate industry. APSA's
foreign currency IDR continues to be constrained at 'B' by the
'B' country ceiling assigned to Argentina by Fitch.
APSA has a strong business position in the Argentine shopping
center industry. The company operates 13 shopping centers with a
gross leasable space of approximately 308,000 square meters. The
high quality of these malls and their strategic locations result
in sales per square meter that exceed the market average and
occupancy rates of more than 97%. APSA's revenues are partially
hedged against consumer inflation as the company receives a
percentage of the sales made by tenants of its malls. The
company's high operating margins are due to leases that result in
the tenants paying direct expenses and a percentage of the common
expenses.
The company's results are closely correlated with the performance
of the economy, which has proven to be quite volatile. APSA has
a high degree of concentration in the near term for its lease
agreements, with approximately 38% of lease contracts expiring
before the end of 2012. While this ratio is high for the
industry, APSA's strong market position allows it to renew
contracts and update leasing terms conveniently.
APSA's leverage is low, and its interest coverage is adequate.
For the last 12 months (LTM) ended Sept. 30, 2011, the company's
total debt-to-EBITDA ratio was 1.0 times (x), while its EBITDA-
to-interest ratio was 8.0x. As of Sept. 30, 2011, APSA had
USD141 million of total debt, excluding USD32 million of
convertible notes that are expected to fully convert at maturity
given the current stock price. Only 13% of the company's debt is
short term. The company had USD61 million of cash and marketable
securities, covering short-term debt by 2.8x.
For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, as well as the size of the asset
base. APSA's portfolio of assets is strong, with undepreciated
book capital of USD629 million as of Sept. 30, 2011. These
assets are mostly unencumbered, as secured debt represents less
than 5% of its total debt load. The company's leverage, as
measured by total debt as a percentage of undepreciated book
capital, was 27% as of Sept. 30, 2011. This percentage would be
even lower at market values. The large pool of unencumbered
assets at APSA provides financial flexibility and results in
above-average recovery prospects in the event of default.
For the LTM ended of Sept. 30, 2011, APSA had USD154 million of
EBITDA, an improvement from USD147 million during the fiscal year
ended June 30, 2011. The improvement continues to show the
positive performance of the company's shopping centers.
APSA is 95% owned by IRSA. On a consolidate basis, IRSA had
USD364 million of sales and generated USD195 million of EBITDA
during the LTM as of Sept. 30, 2011. IRSA had USD597 million of
consolidated debt and USD88 million of consolidated cash.
Excluding the debt at APSA, the main debt obligations of IRSA are
USD150 million notes maturing in 2017 and USD150 million notes
maturing in 2020. IRSA's notes and APSA's USD120 million notes
maturing in 2017 do not have cross guarantees.
The Stable Outlook reflects Fitch's expectations that APSA will
manage its balance sheet to a targeted debt-to-EBITDA ratio
around 1.5x. Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 5.0x. APSA's management
is intent on maintaining a conservative financial structure.
Any significant increase in APSA's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action. APSA's FC IDR could be affected by an upgrade or
downgrade of the Argentine Country Ceiling of 'B'.
CRESUD SA: Fitch Affirms US$60-Mil. Sr. Unsecured Notes at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cresud S.A.C.I.F. y A.
(Cresud) as follows:
-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'B';
-- USD60 million senior unsecured bullet notes due in 2014 at
'B/RR4';
-- National scale at 'AA-(arg)';
-- National scale senior unsecured notes at 'AA-(arg)';
-- Equity rating at 'Category 1'.
The Rating Outlook is Stable.
Cresud's ratings are supported by its position as a leading
company in the agribusiness and real estate sectors in Argentina.
Cresud owns 63.2% of IRSA ('BB-' local currency IDR), a leading
real estate company in Argentina dedicated to real estate
development, office rentals, and shopping mall operations through
its subsidiary, Alto Palermo (APSA). IRSA represents
approximately 83% of Cresud's consolidated EBITDA and 64% of
consolidated assets. Cresud has a growing presence in the
agribusiness sector. The company is dedicated to the acquisition
of farms that have growth potential and seeks to benefit over the
medium to long term from an appreciation of the land's value.
Fitch links the ratings of Cresud and IRSA. This linkage
reflects factors such as strong strategic and operational ties
and the fact that IRSA's upstream dividends represent a relevant
part of Cresud's cash flow from operations. Cresud's rating is
notched down from IRSA's rating because of the structural
subordination of its debt to IRSA's cash flow and its weaker
stand-alone financial profile. The dividend flow to Cresud from
IRSA is expected to be relatively stable. In June 2011 the
company received dividends of USD14.1 million and in November
2011 received dividends of USD31 million from IRSA.
The ratings are constrained by above-average risks associated
with operating in the real estate segment in Argentina. Due to
weather conditions and commodity prices, the cash flow of its
agribusiness division is also volatile. Cresud owns 26 farms
with an aggregate surface of approximately 474,124 hectares in
Argentina and has the right to use 132,000 additional hectares.
It also has a presence in Bolivia (16,255 hectares), Paraguay
(45,578 hectares), and in Brasil (175,211 hectares) through its
35.75% stake in BrasilAgro.
The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity, as a result of unencumbered assets and
land that could be sold. For the real estate industry, the
emphasis of Fitch's methodology is on portfolio quality and
diversity and size of the asset base. Cresud's consolidated
portfolio of assets is strong with USD1.65 billion of
undepreciated book capital as of Sept. 30, 2011. The company's
leverage, as measured by total consolidated debt as a percentage
of undepreciated book capital, was 53% at the end of September
2011. This percentage would be even lower at market values.
On a consolidated basis, Cresud had USD586 million of sales and
generated USD233 million of EBITDA during the last 12 months
(LTM) ended Sept. 30, 2011. These figures compare with USD878
million of consolidated debt, resulting in a net debt-to-EBITDA
ratio of 3.0 times (x) and an EBITDA-to-interest expense ratio of
3.0x. Consolidated EBITDA consists of USD140 million from the
shopping mall segment developed by APSA, USD52 million from IRSA
(including office rentals, developments, and hotels) and USD40
million from the agribusiness segment. Long-term debt accounts
for 62% of total debt and includes USD420 million of senior notes
at APSA and IRSA that mature between 2017 and 2020.
The ratings consider the somewhat high leverage on a standalone
basis when compared to the agribusiness cash generation
(unconsolidated net debt-to-EBITDA at 6.6x as of Sept. 30, 2011).
The company's stand-alone debt rose to USD234 million, from
USD182 million on June 30, 2011. Short-term debt accounted for
60% of Cresud's standalone total debt. Cresud's debt is
supported by its asset portfolio; its main assets include the
participations in IRSA and BrasilAgro, its portfolio of farms,
and its inventory of crops and livestock. A significant portion
of Cresud's assets could be sold in traded markets, providing
Cresud with additional liquidity to support its short-term debt
obligations. The company extended the average life of its debt
through the issuance of USD60 million senior unsecured notes due
in 2014.
The Stable Outlook reflects Fitch's expectations that Cresud will
manage its balance sheet to a consolidated total debt-to-EBITDA
ratio of around 4.0x. Any significant increase in Cresud's
leverage ratio would weaken credit quality and could result in a
negative rating action. Cresud's ratings would also be affected
by an upgrade or downgrade of the Argentina's country ceiling.
INVERSIONES Y: Fitch Holds Rating on Senior Unsec. Notes at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Inversiones y
Representaciones S.A. (IRSA):
-- Foreign Currency Issuer Default Rating (IDR) at 'B';
-- Local Currency IDR at 'BB-';
-- USD150 million senior unsecured notes due in 2017 at
'B+/RR3';
-- USD150 million senior unsecured notes due in 2020 at
'B+/RR3';
-- National Scale rating at 'AA+(arg)';
-- National Scale Senior Unsecured Notes at 'AA+(arg)';
-- National equity rating at '1'.
The Rating Outlook is Stable.
The RR3 recovery rating reflects above average recovery prospects
in the event of default.
IRSA's Local Currency IDR reflects its strong performance and
positive operating trends. IRSA has a leading position in the
shopping center segment through its subsidiary, Alto Palermo S.A.
(APSA, 94.9% owned). The shopping centers segment accounted for
65.8% of its consolidated operating results for the fiscal year
ended June 30, 2011. IRSA is also the leader in the development
and management of office buildings in Buenos Aires (14.4% of
consolidated operating results). The balance of IRSA's operating
results is derived from three premium hotels and its residential
property development division.
IRSA's IDR is constrained at 'BB-' by above-average risks
associated with real estate development in Argentina. These risks
include sharp downturns in economic activity. Devaluation risk
is also present for IRSA as most of its cash flow is denominated
in Argentine pesos and a substantial part of its debt is in U.S.
dollars. This is partially mitigated by IRSA's dollar-
denominated asset portfolio and investments in assets outside of
Argentina.
IRSA's foreign currency IDR continues to be constrained at 'B'
due to Argentina's 'B' country ceiling. Timely payment of U.S.
dollar debt obligations could be constrained by the imposition of
transfer or convertibility (T&C) restrictions in the event of a
sovereign stress. The 'B+/RR3' rating of the company's foreign
debt obligations reflect Fitch's opinion that if IRSA misses the
timely payment of debt obligations due to government
restrictions, lenders would have above-average recovery prospects
due to the strong standalone business and financial profile of
the company.
IRSA maintains a moderate level of debt, as well as a manageable
liquidity position, due to unencumbered assets and land that
could be sold. For the real estate industry, the emphasis of
Fitch's methodology is on portfolio quality, diversity, and size.
IRSA's asset portfolio is strong with USD1.18 billion of
undepreciated book capital as of Sept. 30, 2011. These assets
are mostly unencumbered as secured debt represents less than 5%
of total debt. Leverage, measured by total debt as a percentage
of undepreciated book capital, was 50% at Sept. 30, 2011. This
percentage would be even lower at market values.
On a consolidated basis, IRSA had USD364 million of sales and
generated USD195 million of EBITDA during the last twelve months
(LTM) ended Sept. 30, 2011. These figures compare with USD597
million of debt, resulting in a total debt-to-EBITDA ratio of
3.2x and an EBITDA-to-interest expense ratio of 3.2x. APSA
accounted for only 29% of IRSA's consolidated debt. IRSA's main
debt obligations are USD150 million notes maturing in 2017 and
2020. APSA also has a USD120 million note maturing in 2017.
These notes do not have cross guarantees.
IRSA had USD166 million of consolidated short-term debt
obligations as of Sept. 30, 2011, of which USD22 million are
associated with debt at APSA. These figures compare with
USD88 million of cash and marketable securities. Approximately
USD61 million of the company's cash is at APSA. IRSA is expected
to meet its upcoming debt obligations with a mix of cash from
operations and the rollover of existing debt. Importantly, both
IRSA and APSA own key parcels of land in strategic areas of
Buenos Aires, which could be sold to improve the company's
liquidity or used for new developments. The book value of this
undeveloped land exceeds USD100 million.
Despite lower leverage at its subsidiary APSA, the local currency
IDRs of APSA and IRSA have been linked at 'BB'. This linkage
reflects factors that align the credit quality of the company,
such as strong strategic ties, and the fact that APSA's upstream
dividends represent a relevant part of IRSA's cash flow
generation.
The Stable Outlook reflects Fitch's expectation that IRSA will
manage its balance sheet to reach a total debt-to-EBITDA ratio of
less than 3.5x.
Any significant increase in IRSA's targeted leverage ratio would
weaken credit quality and could result in a negative rating
action. Also, IRSA's FC IDR could be affected by an upgrade or
downgrade of the Argentine Country Ceiling of 'B'.
BANCO PINE: Fitch Affirms Rating on US$125-Mil. Securities at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings and removed from Rating
Watch Negative various subordinated securities issued by the
three Brazilian banks listed below. On Dec. 15, 2011, Fitch
Ratings announced the revision of its criteria: 'Rating Bank
Regulatory Capital and Similar Securities'; as a consequence
certain securities were placed on Rating Watch Negative in
various countries; pending a review of the individual conditions
of each issuance.
Tier II subordinated debt securities in Brazil are mostly issued
under the umbrella of the Resolution 3444 and Resolution 3532
issued by the Central Bank in 2007 and 2008, respectively. As
such, in order to receive capital treatment (Tier II) such
securities must comply with several minimum requirements,
including, among others mandatory deferral of coupon payments if
the issuer is in non-compliance of minimum capital requirements
or if payment would cause a breach of the minimum regulatory
capital ratio.
Under Fitch's new criteria, such instruments are notched for the
combination of higher loss severity in case of a non-performance
given their subordinated nature, and for non-performance risk,
driven by the activation of a going-concern loss-absorption
feature, such as the minimum regulatory capital ratio. Under the
terms of the affected securities, deferral of coupon and
principal is tied to the fulfillment of the minimum regulatory
capital ratio, while voluntary deferral ahead of that point is
not contemplated; hence, the non-performance risk is considered
moderate.
In the case of subordinated debt and other hybrid securities
which were rated by Fitch and are still in circulation, the
following ratings were removed from Negative Watch and their
issuance ratings affirmed:
Itau Unibanco Holding S.A.
-- USD1 billion subordinated issuance which matures 2020 at
'BBB';
-- USD1.250 billion subordinated issuance which matures 2021 at
'BBB';
-- USD500 million subordinated issuance which matures 2021, at
'BBB'.
Banco Bradesco S.A.
-- USD750 million subordinated issuance which matures 2019 a
'BBB'.;
-- USD1.1 billion subordinated issuance which matures 2021 at
'BBB'.
Banco Pine S.A.
-- USD125 million subordinated issuance which matures 2017 at
'B'.
===========================
C A Y M A N I S L A N D S
===========================
ALTERNATIVEFOCUS PERENNIUS: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholders of Alternativefocus Perennius Ltd received on
Dec. 28, 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
BREVAN HOWARD EQUITY: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Brevan Howard Equity Strategies Fund Limited
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Linda Mellett
Telephone: +1-345-914-4494 / +1-345-949-4800
Facsimile: +1-345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
BREVAN HOWARD STRATEGIC: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Brevan Howard Strategic Opportunities Feeder
Fund Limited received on Dec. 28, 2011, the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Linda Mellett
Telephone: +1-345-914-4494 / +1-345-949-4800
Facsimile: +1-345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
DISTRESSED FOCUS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Distressed Focus Redemption Limited received
on Jan. 30, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
EUREKA STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Eureka Strategic Services Limited received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Hugh Dickson
Grant Thornton Specialist Services (Cayman) Ltd
48 Market Street, 2nd Floor, Unit 4290
Canella Court, Camana Bay
Grand Cayman
Cayman Islands
LHL CARIBBEAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of LHL Caribbean (Cayman) Limited received on
Jan. 11, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
MONTEGO BAY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Montego Bay Investment Fund received on
Jan. 13, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: +1 (345) 815-1793
Facsimile: +1 (345) 949-9877
NEVSKY CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Nevsky Capital Holdings Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
PUSHKIN FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pushkin Fund SPC received on Dec. 29, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mark Longbottom
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
RLS COMPANY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of RLS Company Ltd received on Jan. 11, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
SAPIC-98 REFERENCE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sapic-98 Reference Fund (44) Limited received
on Jan. 12, 2012, 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
SENTINEL REDEMPTION: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Sentinel Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
SOLENT DISTRESSED FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Solent Distressed Credit Fund received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Hugh Dickson
Grant Thornton Specialist Services (Cayman) Ltd
48 Market Street, 2nd Floor, Unit 4290
Canella Court, Camana Bay
Grand Cayman
Cayman Islands
SOLENT DISTRESSED MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Solent Distressed Credit Master Fund received
on Dec. 29, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Hugh Dickson
Grant Thornton Specialist Services (Cayman) Ltd
48 Market Street, 2nd Floor, Unit 4290
Canella Court, Camana Bay
Grand Cayman
Cayman Islands
SST COMMUNICATIONS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of SST Communications, Ltd. received on Jan. 11,
2012, 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
THAMES RIVER MAINSTAY: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Thames River Mainstay Fund Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
THAMES RIVER LEGION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Thames River Legion Fund Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
TREES (CAYMAN): Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Trees (Cayman) Limited received on Jan. 11,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
TURNSTONE ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Turnstone Asian Fund SPC received on Dec. 29,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Mrs Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847 George Town
Grand Cayman KY1-1103
Cayman Islands
TVR HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of TVR Holdings Limited received on Jan. 12,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
WARRIOR REDEMPTION: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Warrior Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
WARRIOR II REDEMPTION: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Warrior II Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Senate Approves to RD$1.44BB Bond Issue
-------------------------------------------------------------
Dominican Today reports that the Senate approved Dominican
Republic's Treasury Ministry's proposal to issue a
RD$1.44 billion bond to improve the storage capacity of the rice
mills.
The Senate's measure amends the article of Law 353-11, which had
allocated RD$5.0 billion for the agro sector, of which
RD$1.0 billion were earmarked for the rice sector, according to
Dominican Today.
The report relates that the amendment raises the allotment to
RD$1.440 billion and also stipulates a higher interest rate, from
five to 10%, to prevent jeopardizing the yield of the bond issue.
=============
J A M A I C A
=============
DIGICEL GROUP: Court Adjourns TBI's Legal Action Against Firm
-------------------------------------------------------------
The Royal Gazette reports that TeleBermuda International (TBI)'s
legal action over Digicel Group offering long distance has been
adjourned pending consideration by the Telecommunications
Commission.
TBI launched judicial review proceedings against the Business
Development and Tourism Minister Wayne Furbert and the Registrar
of Companies after Digicel Group relaunched the controversial
long distance service last month, according to The Royal Gazette.
The report relates that the case was adjourned until January 31
to see what now occurs in relation to a Commission inquiry and
decision, expected in early February.
"Following Digicel/Transact's announcement that, effective
immediately, it has resumed offering, selling, and marketing its
International Long Distance (ILD) via Voice over Internet
Protocol (VOIP) service, the Government would like to state that
it intends to refer the matter of whether this service is in
compliance with the terms of the licences provided to
Telecommunication (Bermuda and West Indies) Ltd (TBWL) and
Transact Ltd to the Telecommunications Commission, pursuant to
Section 16 of the Telecommunications Act 1986," the government
said in a statement obtained by the news agency.
The Royal Gazette notes that the Commission could not take up the
matter until it was formally gazetted. A January 6 notice in the
Official Gazette named the Commission's chairman as Ronald
Simmons, and members as Angela Berry, Tulani Bulford, Ricardo
Campbell, John Cunningham, Dion E Smith, Ronald Stan, D Kent
Stewart, and John Johnson, the report adds.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
SOC COMERCIAL PL COMEC AR 167911091.5 -342440147
COMERCIAL PL-ADR SCPDS LI 167911091.5 -342440147
SOC COMERCIAL PL CVVIF US 167911091.5 -342440147
SOC COMERCIAL PL CADN EO 167911091.5 -342440147
SOC COMERCIAL PL CAD IX 167911091.5 -342440147
COMERCIAL PLA-BL COMEB AR 167911091.5 -342440147
SOC COMERCIAL PL CADN SW 167911091.5 -342440147
SOC COMERCIAL PL COMED AR 167911091.5 -342440147
SOC COMERCIAL PL COME AR 167911091.5 -342440147
SOC COMERCIAL PL SCDPF US 167911091.5 -342440147
SOC COMERCIAL PL CADN EU 167911091.5 -342440147
SOCOTHERM-5 VT-A STHE5 AR 103531720.8 -8075882.84
SOCOTHERM-SP ADR SOCOY US 103531720.8 -8075882.84
SOCOTHERM SA-B STHE AR 103531720.8 -8075882.84
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
SNIAFA SA SNIA AR 11229696.22 -2670544.88
BELIZE
------
VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316
VARIG SA VAGV3 BZ 966298025.5 -4695211316
VARIG SA VARGON BZ 966298025.5 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316
PORTX OPERA-GDR PXTPY US 734596799.1 -5675399.32
PORTX OPERACOES PRTX3 BZ 734596799.1 -5675399.32
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
BOMBRIL-PREF BOBR4 BZ 451055441.4 -71738547
BOMBRIL SA-ADR BMBPY US 451055441.4 -71738547
BOMBRIL BOBR3 BZ 451055441.4 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441.4 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441.4 -71738547
BOMBRIL SA-ADR BMBBY US 451055441.4 -71738547
BOMBRIL BMBBF US 451055441.4 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441.4 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441.4 -71738547
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
HOTEIS OTHON SA HOTHON BZ 367095149.8 -27491830.2
HOTEIS OTHON-PRF HOOT4 BZ 367095149.8 -27491830.2
HOTEIS OTHON-PRF HOTHPN BZ 367095149.8 -27491830.2
HOTEIS OTHON SA HOOT3 BZ 367095149.8 -27491830.2
DOCAS SA-PREF DOCAPN BZ 265185848.9 -158092426
DOCA INVESTIMENT DOCA3 BZ 265185848.9 -158092426
DOCAS SA DOCAON BZ 265185848.9 -158092426
DOCA INVESTI-PFD DOCA4 BZ 265185848.9 -158092426
DOCAS SA-RTS PRF DOCA2 BZ 265185848.9 -158092426
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PET MANG-RT RPMG1 BZ 231024467.2 -184606117
PET MANG-RECEIPT 0229296Q BZ 231024467.2 -184606117
PET MANG-RECEIPT 0229292Q BZ 231024467.2 -184606117
PET MANG-RT RPMG2 BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467.2 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467.2 -184606117
PET MANG-RT 0229249Q BZ 231024467.2 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467.2 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467.2 -184606117
PET MANG-RT 0229268Q BZ 231024467.2 -184606117
PETRO MANGUINHOS MANGON BZ 231024467.2 -184606117
PET MANG-RT 4115364Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467.2 -184606117
PET MANG-RT 4115360Q BZ 231024467.2 -184606117
D H B-PREF DHBI4 BZ 185992309.4 -151323933
DHB IND E COM DHBON BZ 185992309.4 -151323933
D H B DHBI3 BZ 185992309.4 -151323933
DHB IND E COM-PR DHBPN BZ 185992309.4 -151323933
SANSUY SA-PREF B SNSYBN BZ 180443811.7 -114112111
SANSUY-PREF A SNSY5 BZ 180443811.7 -114112111
SANSUY SA SNSYON BZ 180443811.7 -114112111
SANSUY-PREF B SNSY6 BZ 180443811.7 -114112111
SANSUY SNSY3 BZ 180443811.7 -114112111
SANSUY SA-PREF A SNSYAN BZ 180443811.7 -114112111
WETZEL SA-PREF MWELPN BZ 100017711.4 -5359345.82
WETZEL SA MWELON BZ 100017711.4 -5359345.82
WETZEL SA MWET3 BZ 100017711.4 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711.4 -5359345.82
FABRICA RENAUX FTRX3 BZ 95282687.94 -59034912
FABRICA RENAUX-P FRNXPN BZ 95282687.94 -59034912
FABRICA RENAUX FRNXON BZ 95282687.94 -59034912
FABRICA TECID-RT FTRX1 BZ 95282687.94 -59034912
FABRICA RENAUX-P FTRX4 BZ 95282687.94 -59034912
ESTRELA SA ESTRON BZ 92218510.26 -92769915.9
ESTRELA SA ESTR3 BZ 92218510.26 -92769915.9
ESTRELA SA-PREF ESTRPN BZ 92218510.26 -92769915.9
ESTRELA SA-PREF ESTR4 BZ 92218510.26 -92769915.9
TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -103943206
RENAUXVIEW SA TXRX3 BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXPN BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXON BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -103943206
SCHLOSSER SA SCHON BZ 73036749.69 -34357832.6
SCHLOSSER SCLO3 BZ 73036749.69 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036749.69 -34357832.6
SCHLOSSER SA-PRF SCHPN BZ 73036749.69 -34357832.6
MINUPAR-RT MNPR1 BZ 63144533.79 -60655823.4
MINUPAR-RT 9314542Q BZ 63144533.79 -60655823.4
MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823.4
MINUPAR MNPR3 BZ 63144533.79 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144533.79 -60655823.4
MINUPAR SA MNPRON BZ 63144533.79 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823.4
GRADIENTE-PREF A IGBR5 BZ 61088977.95 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088977.95 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088977.95 -282692297
GRADIENTE ELETR IGBON BZ 61088977.95 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088977.95 -282692297
IGB ELETRONICA IGBR3 BZ 61088977.95 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088977.95 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088977.95 -282692297
CAF BRASILIA-PRF CAFE4 BZ 59053509.86 -1138743393
CAFE BRASILIA SA CSBRON BZ 59053509.86 -1138743393
CAF BRASILIA CAFE3 BZ 59053509.86 -1138743393
CAFE BRASILIA-PR CSBRPN BZ 59053509.86 -1138743393
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
WIEST WISA3 BZ 34108201.43 -126997429
WIEST SA WISAON BZ 34108201.43 -126997429
WIEST SA-PREF WISAPN BZ 34108201.43 -126997429
WIEST-PREF WISA4 BZ 34108201.43 -126997429
RECRUSUL SA RESLON BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766.04 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL2 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766.04 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766.04 -30307605.7
RECRUSUL RCSL3 BZ 31427766.04 -30307605.7
SANESALTO SNST3 BZ 31044053.25 -1843297.83
STAROUP SA STARON BZ 27663604.95 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
CONST BETER SA COBEON BZ 25469474.32 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474.32 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474.32 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474.32 -4918659.9
CONST BETER SA 1007Q BZ 25469474.32 -4918659.9
CONST BETER SA 1COBON BZ 25469474.32 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6B BZ 25469474.32 -4918659.9
CONST BETER-PFA COBE5B BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474.32 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474.32 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474.32 -4918659.9
CONST BETER SA COBE3B BZ 25469474.32 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474.32 -4918659.9
CONST BETER SA COBE3 BZ 25469474.32 -4918659.9
STEEL - RT STLB1 BZ 23040051.4 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051.4 -8699861.07
ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07
FERRAGENS HAGA HAGAON BZ 21992326.22 -56631998.5
HAGA HAGA3 BZ 21992326.22 -56631998.5
FERRAGENS HAGA-P HAGAPN BZ 21992326.22 -56631998.5
FER HAGA-PREF HAGA4 BZ 21992326.22 -56631998.5
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1
TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1
NORDON METAL NORDON BZ 15354597.14 -26859636.7
NORDON MET NORD3 BZ 15354597.14 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597.14 -26859636.7
CHIARELLI SA CCHI3 BZ 14960467.36 -43105640.5
CHIARELLI SA-PRF CCHI4 BZ 14960467.36 -43105640.5
CHIARELLI SA-PRF CCHPN BZ 14960467.36 -43105640.5
CHIARELLI SA CCHON BZ 14960467.36 -43105640.5
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
HERCULES SA HERTON BZ 12689117.49 -170680899
HERCULES HETA3 BZ 12689117.49 -170680899
HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899
HERCULES-PREF HETA4 BZ 12689117.49 -170680899
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
CHILE
-----
CHILESAT CORP SA TELEX CI 1156945109 -122555290
TELMEX CORP-ADR CSAOY US 1156945109 -122555290
TELEX-A TELEXA CI 1156945109 -122555290
CHILESAT CO-ADR TL US 1156945109 -122555290
TELEX-RTS TELEXO CI 1156945109 -122555290
CLARO COM SA CHILESAT CI 1156945109 -122555290
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502.09 -1250905.47
PUYEHUE PUYEH CI 24447502.09 -1250905.47
***********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *