/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120127.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 Friday, January 27, 2012, Vol. 13, No. 020* Headlines A N T I G U A & B A R B U D A STANFORD FIN'L: Judge to Rule If Ponzi Scheme Covered by SIPC B R A Z I L VIRGOLINO FINANCE: Fitch Puts 'B' Rating on Sr. Unsecured Notes VIRGOLINO DE OLIVEIRA: S&P Gives 'B' Rating to US$200-Mil. Notes C A Y M A N I S L A N D S ALBEMARLE INVESTMENTS: Commences Liquidation Proceedings ALPSTAR COMPOSITE: Commences Liquidation Proceedings ALPSTAR EUROPEAN: Commences Liquidation Proceedings ALPSTAR SECURED: Commences Liquidation Proceedings ALPSTAR SUPRA: Commences Liquidation Proceedings BASSO HOLDINGS: Commences Liquidation Proceedings BASSO MULTI-STRATEGY: Commences Liquidation Proceedings ENHANCED FAIRFIELD: Commences Liquidation Proceedings EVENT DRIVEN: Commences Liquidation Proceedings JPMORGAN COMMODITY: Commences Liquidation Proceedings JPMORGAN GLOBAL: Commences Liquidation Proceedings JPMORGAN VALUE: Commences Liquidation Proceedings KALLISTA CB: Commences Liquidation Proceedings LONGBOW INFRASTRUCTURE: Commences Liquidation Proceedings LONGBOW INFRASTRUCTURE MASTER: Commences Liquidation Proceedings MS CEMENT IV: Commences Liquidation Proceedings MSIIEUR VEHICLE: Commences Liquidation Proceedings OZ LEPUS: Commences Liquidation Proceedings OZ TAURUS: Commences Liquidation Proceedings OZ VEGA: Commences Liquidation Proceedings PIMCO LOAN: Commences Liquidation Proceedings PMI CDS: Commences Liquidation Proceedings REFLEXION NZ: Commences Liquidation Proceedings SPLENDOR LEASING: Commences Liquidation Proceedings TALF INVESTMENT: Commences Liquidation Proceedings TECHINSPIRATIONS INC: Placed Under Voluntary Wind-Up TRAFALGAR MULTI-STRATEGY: Commences Liquidation Proceedings TREMONT LONG/SHORT: Commences Liquidation Proceedings VALUE CREATION: Commences Liquidation Proceedings WORLD 401: Placed Under Voluntary Wind-Up J A M A I C A LIME JAMAICA: Chairman Denies Rumors on Operation Shutdown * JAMAICA: Unemployment on the Rise, Statin Data Shows M E X I C O VITRO SAB: Bondholders' Appeal Goes to US Circuit Court in March P U E R T O R I C O AGUAKEM CARIBE: Voluntary Chapter 11 Case Summary SWISS CHALET: Can Employ Alvarez Sepulveda as Special Counsel T R I N I D A D & T O B A G O CL FIN'L: CLICO 'Challengers' Holding Out Until Court Ruling - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD FIN'L: Judge to Rule If Ponzi Scheme Covered by SIPC ------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that a U.S. District Judge in Washington held a hearing Jan. 24 on the request of the U.S. Securities and Exchange Commission to force the Securities Investor Protection Corp. to initiate a liquidation of the R. Allen Stanford Ponzi scheme. If granted, SIPC would pay both costs of the liquidation and at least a portion of customers' claims. SIPC answered by arguing that the Stanford fraud involves certificates of deposit issued by a bank in Antigua, not a broker in the U.S. that's a member of SIPC. SIPC says that its mandate from Congress is to provide payment only for claims of customers of brokers that are covered by SIPC. The case is Securities and Exchange Commission v. Securities Investor Protection Corp., 11-mc-00678, U.S. District Court, District of Columbia (Washington). About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). =========== B R A Z I L =========== VIRGOLINO FINANCE: Fitch Puts 'B' Rating on Sr. Unsecured Notes ---------------------------------------------------------------- Fitch Ratings has assigned foreign and local currency Issuer Default Ratings (IDRs) of 'B' to Virgolino de Oliveira S/A Acucar e Alcool (GVO) and to Virgolino de Oliveira Finance S/A (Virgolino Finance). The Rating Outlook is Stable. Virgolino Finance is a fully owned subsidiary of GVO. Fitch has also assigned a rating of 'B/RR4' to Virgolino Finance's proposed senior unsecured notes of approximately USD200 million for a tenor up to 10 years. The recovery rating follows Fitch's soft cap for recovery ratings in Brazil of 'RR4'. The notes are unconditionally guaranteed by GVO, Agropecuaria Nossa Senhora do Carmo S/A, Acucareira Virgolino de Oliveira S/A and Agropecuaria Terras Novas S/A. Net proceeds from this proposed issuance will be used for general corporate purposes, including the repayment of existing debt, the financing of capital expenditures and the strengthening of cash reserves. GVO's strategic shareholding position in Copersucar fundamentally supports the ratings at their current level. GVO and Virgolino Finance's ratings also reflect the consolidated financial profile of the group, in particular its leveraged capital structure and tight liquidity position. The ratings further incorporate the group's exposure to the cyclicality of the sugar and ethanol commodities' price cycle, as well as the volatility of cash flow generation, exposing the group to refinancing risk. They also reflect the exposure of GVO's sugar cane production business to volatile weather conditions, foreign currency risk relative to a portion of its debt; and the risk of governmental interference in the ethanol commercialization policies within the local market. The ratings benefit from GVO's adequate business model and the geographical location of its production units. Competitive Advantages Linked to GVO's participation in Copersucar: GVO benefits from EBITDAR margins above the industry average and good access to financing, mitigating the risks derived from its middle-tier business position within the industry. The company also benefits from the favorable prospects related to ethanol consumption in the country and Brazil's significant presence in the global sugar trade. GVO's main challenges are related to the expansion of its agricultural activities. The execution of necessary crop investments in order to allow for better capacity utilization and higher processing volumes are key to sustain an increase in its consolidated operational cash flow over the next few years and, consequently, to lower its leverage ratios. Strengthened Business Profile: GVO's position as the largest Copersucar shareholder strengthens its financial and business profiles. The group benefits from Copersucar's robust scale, which results in mitigated demand risks, lower logistics costs and better stability in the company's collection flow. GVO also benefits from less restrictive access to liquidity during challenging operating scenarios when compared to other peers in the agribusiness, due to the credit lines provided by Copersucar. GVO holds 10.36% of Copersucar's total capital. Copersucar's large scale business accounts for approximately 18% of sugar and ethanol sales in the Central South region of Brazil and 10% of the sugar international market, making it an important price making agent. Copersucar has 48 partner mills with a combined sugar cane crushing capacity of around 115 million tons per year and also counts on sales contracts with non-partner mills, in a lesser extent. Cost Savings, Scale Benefits and Risk Management Support Related to Copersucar: GVO sells 100% of its production to Copersucar, through a long term exclusivity contract, mitigating demand risk. Prices for its products are linked to the average sugar and ethanol market prices plus a premium (Esalq+2%). The premium is possible due to logistics savings and scale gains obtained through the partnership with Copersucar. GVO is responsible for the agricultural activities and for the sugar and ethanol production, while Copersucar is responsible for all commercial activities and associated logistics, as well as for the implementation of hedging policies. Copersucar remunerates GVO based on the realized production on a monthly basis during the year, independently of the moment the sale to the final customer occurs. This translates to a higher flexibility in GVO's working capital management compared to other companies that face seasonality in their activities. GVO's businesses are exposed to the volatility of the sugar and ethanol prices. However, the risks of future sales operations through derivatives transactions and eventual margin calls remain under Copersucar's responsibility. Standalone Liquidity Remains Weak: GVO's liquidity position remains weak, despite a number of long term financing transactions that closed during the last year. As of Oct. 31, 2011, the group reported a cash position of BRL127.8 million that covered only 23% of its short-term debt. Partially mitigating refinancing risk, GVO's financial profile benefits from a significant working capital financing line, in the amount of up to 40% of its annual revenues, equivalent to approximately BRL400 million, granted by Copersucar. This credit line is subject to certain limits in terms of revenues and it is linked to guarantees on inventories and/or bank guarantees. This facility is an important liquidity source for GVO, especially in periods of more restrictive access to credit. Leverage Still High: GVO improved its leverage ratios over recent periods, but compared to 2009 and 2008, they still remain relatively high. The group's high debt level derives mainly from large investments made to double production capacity, which were badly timed with the global economic crisis and the downward cycle of the sugar and ethanol industry. These events severely impacted GVO's credit metrics during 2008 and 2009. The group's net debt to EBITDA ratio reached the peak of 13.0 times (x) as of April 30, 2008, being reduced along the last two years, due mainly to the increase in production capacity with the start-up of new industrial facilities and the robust sugar and ethanol average prices in the period. GVO's consolidated net adjusted debt/EBITDAR adjusted by dividends received from Copersucar ratio for the last 12 months (LTM) ended on April 30, 2011 was 4.4x. This ratio should be maintained at around 4.3x for the LTM ending April 30, 2012, with a trend of moderate reduction in following years. This prediction assumes average prices of sugar, hydrous ethanol and anhydrous ethanol of up to BRL850/ton, BRL950/m3 and BRL1050/m3, respectively. These prices compared to average prices of BRL1040/ton, BRL962/m3 and BRL1100/m3 in 2010, respectively. Positive Free Cash Flow, Despite Higher Capital Expenditures: GVO presented a significant decline of 24.6% in sugar cane processing volumes for the LTM ending April 30, 2011. Production reached 8.8 million tones. This performance reflected the negative impact of the Brazilian harvest due to unfavorable weather conditions and low investments in sugar cane crop renovation over the last few years. However, the group's net revenues on a consolidated basis remained relatively stable compared to the previous year, reaching BRL1 billion. This result was obtained due to a sales mix more focused on sugar and to the maintenance of robust average prices for both sugar and ethanol. During the same period, the group reported EBITDAR adjusted for dividends received from Copersucar of BRL349 million, compared to BRL359 million in April 2010. Dividends from Copersucar totaled BRL40 million in the 2010/2011 harvest period. GVO's consolidated funds from operations (FFO) and cash flow from operations (CFO) were BRL310 million and BRL264 million, respectively, for the LTM ended on April 30, 2011. This performance compares to BRL180 million and BRL235 million, respectively, for the same period 2010. Capex totaled BRL 220 million for the recent LTM period, higher than the amounts spent in the previous years. This increase is mainly due to higher expenses related to the expansion and renovation of sugar cane plantations. This is important to sustain higher sugar cane crushing volumes in the next crop periods in order to increase the group's operational cash flow generation. Free cash flow (FCF) was BRL44 million for the period. During the next few years, investments are expected to return to lower levels, between BRL110 million-130 million per year, concentrating on the agricultural area. Fitch expects GVO to generate positive FCF from 2012. Moderate Exposure to FX Fluctuations: GVO's debt profile is moderately exposed to foreign exchange movements. As of Oct. 31, 2011, consolidated adjusted debt including obligations related to leased land was BRL1.8 billion. The debt comprised an international notes issuance (27%); loans granted by Copersucar (21%); financings from the Brazilian Economic Social and Development Bank (BNDES, 15%); export prepayment transactions (11%) and others (26%). For the same period, only the notes issuance was exposed to exchange risks as there was no protection through derivatives for this operation. During the LTM ended April 30, 2011, 55% of GVO's revenues were from exports. Adequate Business Profile: GVO has an adequate business profile, based on its favorable location, diversified production base and operational flexibility. The group consists of four industrial units located in the State of Sao Paulo, conveniently located near the main consumption markets and export channels. GVO has an installed crushing capacity for 12 million tons of sugar cane, with flexibility to reach up to 60% of total capacity for sugar or ethanol. The group's production is totally integrated and benefits from sugar cane supply from its own and leased land for approximately 40% of its needs. The remaining 60% is supplied by third parties, through long term contracts and there is no supply concentration above 5%. Key Rating Drivers: Negative rating actions could be driven by lower than expected operational cash flow generation or deterioration of GVO's operating margins. Improvement in the group's liquidity position coupled with a longer and more manageable debt maturity profile with lower leverage levels, could lead to a positive rating action. Fitch rates GVO and Virgolino Finance as follows. GVO: -- Long-term national scale corporate rating at 'BBB(bra)'; -- 1st debenture issuance due 2014 at 'BBB(bra); -- Foreign and local currency IDR at 'B'. Virgolino Finance: -- Foreign and local currency IDR at 'B'; -- Senior unsecured notes at 'B/RR4'. VIRGOLINO DE OLIVEIRA: S&P Gives 'B' Rating to US$200-Mil. Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' rating to Virgolino de Oliveira Finance Ltd.'s (VOF) approximate $200 million senior unsecured notes. "At the same time, we affirmed our 'B' global-scale and 'brBBB-' Brazilian national-scale corporate credit ratings on VOF's parent, a Brazilian sugar and ethanol producer Virgolino de Oliveira S.A. - Acucar e Alcool (Virgolino). VOF is an indirectly owned subsidiary of AgropecuAria Nossa Senhora S.A. (not rated), which along with its subsidiaries Virgolino, A‡ucareira Virgolino de Oliveira S.A., and AgropecuAria Terras Novas S.A. (collectively, Virgolino), will guarantee the notes. The outlook on the corporate credit rating is stable," S&P said. "The rating on VOF's senior notes is the same as the global-scale corporate credit rating on Virgolino, because we believe no significant subordination to senior secured creditors will exist. Virgolino's secured debt is also overcollateralized by shareholders' assets, and the company will partly use the proceeds of the notes to pay down existing secured debt. The company will also use the notes to finance the renewal and expansion of its sugarcane fields," S&P said. "The rating reflects Virgolino's high debt and its challenges to increase production in the next several years, given its aging sugarcane fields and resulting low capacity utilization (70% of its annual 12 million ton sugarcane crushing capacity). The production and cash flow dropped due to poor weather conditions and low investments in field renewal. Although we believe sugar and ethanol prices should remain strong for the next crop season due to tight supply-demand balances, Virgolino is exposed to margin swings due to price volatility. Risk factors also include its limited product and geographic diversity and climate risk. The partly mitigating factors are its membership in Copersucar -- a large cooperative of 43 Brazilian sugar and ethanol producers -- lower-than-peers' operating and logistic costs, and affordable working credit facilities to finance its production," S&P said. =========================== C A Y M A N I S L A N D S =========================== ALBEMARLE INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------------- On Dec. 9, 2011, the sole shareholder of Albemarle Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ALPSTAR COMPOSITE: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 9, 2011, the sole shareholder of Alpstar Composite Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ALPSTAR EUROPEAN: Commences Liquidation Proceedings --------------------------------------------------- On Dec. 9, 2011, the sole shareholder of Alpstar European Credit Opportunities Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ALPSTAR SECURED: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 9, 2011, the sole shareholder of Alpstar Secured Bank Loan Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ALPSTAR SUPRA: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 9, 2011, the sole shareholder of Alpstar Supra Composite Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BASSO HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Dec. 6, 2011, the shareholders of Basso Holdings (L) Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. 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 BASSO MULTI-STRATEGY: Commences Liquidation Proceedings ------------------------------------------------------- At an extraordinary meeting held on Dec. 6, 2011, the shareholders of Basso Multi-Strategy Holding Fund (L) Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. 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 ENHANCED FAIRFIELD: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 28, 2011, the sole shareholder of Enhanced Fairfield Investment Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: David A.K. Walker c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands EVENT DRIVEN: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 8, 2011, the sole shareholder of Event Driven Vehicle Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JPMORGAN COMMODITY: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 6, 2011, the sole shareholder of JPMorgan Commodity Strategies, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JPMORGAN GLOBAL: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 6, 2011, the sole shareholder of JPMorgan Global Select Equity Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JPMORGAN VALUE: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 6, 2011, the sole shareholder of JPMorgan Value Creation Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KALLISTA CB: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 25, 2011, the sole shareholder of Kallista CB Arbitrage Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o Saskia Lawrence 10 Market Street #765 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: 345 769 7212 Facsimile: 345 949 7120 LONGBOW INFRASTRUCTURE: Commences Liquidation Proceedings ---------------------------------------------------------- On Nov. 29, 2011, the sole shareholder of Longbow Infrastructure Intermediate Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LONGBOW INFRASTRUCTURE MASTER: Commences Liquidation Proceedings ---------------------------------------------------------------- On Nov. 29, 2011, the sole shareholder of Longbow Infrastructure Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MS CEMENT IV: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 8, 2011, the sole shareholder of MS Cement IV Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MSIIEUR VEHICLE: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 8, 2011, the sole shareholder of Msiieur Vehicle Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 OZ LEPUS: Commences Liquidation Proceedings ------------------------------------------- On Dec. 8, 2011, the sole shareholder of Oz Lepus Leasing Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 OZ TAURUS: Commences Liquidation Proceedings -------------------------------------------- On Dec. 8, 2011, the sole shareholder of Oz Taurus Leasing Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 OZ VEGA: Commences Liquidation Proceedings ------------------------------------------ On Dec. 8, 2011, the sole shareholder of Oz Vega Leasing Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PIMCO LOAN: Commences Liquidation Proceedings --------------------------------------------- On Dec. 8, 2011, the sole shareholder of Pimco Loan Opportunities Fund SPV I Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PMI CDS: Commences Liquidation Proceedings ------------------------------------------ On Nov. 22, 2011, the sole shareholder of PMI CDS (Cayman) III Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 REFLEXION NZ: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 8, 2011, the shareholders of Reflexion NZ Investments (CI) SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SPLENDOR LEASING: Commences Liquidation Proceedings --------------------------------------------------- On Dec. 8, 2011, the sole shareholder of Splendor Leasing Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TALF INVESTMENT: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 7, 2011, the sole shareholder of Talf Investment and Recovery Fund Offshore Feeder GP I, Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TECHINSPIRATIONS INC: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Dec. 5, 2011, the shareholder of Techinspirations Inc (Cayman) resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 TRAFALGAR MULTI-STRATEGY: Commences Liquidation Proceedings ----------------------------------------------------------- On Dec. 8, 2011, the sole shareholder of Trafalgar Multi-Strategy Fund resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TREMONT LONG/SHORT: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 2, 2011, the sole shareholder of Tremont Long/Short Equity Portfolio Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 VALUE CREATION: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 8, 2011, the sole shareholder of Value Creation Vehicle Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 WORLD 401: Placed Under Voluntary Wind-Up ----------------------------------------- On Dec. 9, 2011, the sole member of World 401 Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 20, 2012, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ============= J A M A I C A ============= LIME JAMAICA: Chairman Denies Rumors on Operation Shutdown ---------------------------------------------------------- Al Edwards at Jamaica Observer reports that LIME Jamaica Chairman Chris Dehring denied reports that the company is shutting down its operations. Renowned journalist Cliff Hughes, on his Nationwide radio program, disclosed that a 'reliable source' told him that LIME Jamaica would be closing its doors, according to Jamaica Observer. "LIME is reiterating that it is 100 per cent committed to Jamaica and denies reports circulating in the media which raises questions about our future operations. We would like to assure our employees, our loyal customers, our shareholders, our suppliers, and the wider public that we remain committed to serving them. It is therefore imperative that we are not distracted from the real issues plaguing the country's telecom's sector," LIME said in a statement obtained by the news agency. The report notes that Lachlan Johnston, LIME's parent Cable & Wireless Communications Plc's Director of Brand and Communications in London, said that: We have not spoken with a Mr. Cliff Hughes from Jamaica about pulling out of that market and we were equally surprised by that news item. We have no idea where Mr. Hughes got his information and it was no way substantiated by us. The government of Jamaica is fully aware of our commitment to the country and our desire for better regulations that ensure a level playing field. It, too, must be incredulous as to this announcement. The team in Jamaica headed by Chris Dehring, Gary Sinclair and Grace Silvera operate that business and has said that LIME is not pulling out and that remains the case. Jamaica Observer discloses that LIME did lose JM$2.6 billion in a six-month period and its operating costs continue to escalate, but that does not necessarily mean that it will be pulling out of Jamaica. * JAMAICA: Unemployment on the Rise, Statin Data Shows ------------------------------------------------------ RJR News reports that the Statistical Institute of Jamaica, (Statin), said the unemployment rate in Jamaica has increased. Statin said its measures show unemployment in October, which is the last month for which data is available, rose to 12.8%, according to RJR News. By comparison, the report notes that the unemployment rate in July was 12.3%. RJR News discloses that the higher unemployment rate was realized despite 5,500 net new jobs being created between August and September. The report says that is because more people joined the labor force than jobs were created. In all, 9,400 people joined the labor force between August and October, RJR News adds. * * * As of Nov. 16, 2011, the country continues to carry Standard and Poor's "C" short-term debt ratings and "B-" long-term debt ratings. =========== M E X I C O =========== VITRO SAB: Bondholders' Appeal Goes to US Circuit Court in March ---------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Mexican glassmaker Vitro SAB won another skirmish on Jan. 24 in the U.S. Court of Appeals in New Orleans. Holders of some of the US$1.2 billion in defaulted bonds may end up winning the war when the circuit court hears arguments in an expedited appeal in early March. According to the report, Vitro succeeded in persuading the U.S. Bankruptcy Judge in Dallas to halt a lawsuit the bondholders filed in New York state court against Vitro subsidiaries not in bankruptcy in any country. The bankruptcy judge ruled that the state-court suit was automatically halted by the parent's Chapter 15 case because the bondholders wanted the judge to rule that the subsidiaries should oppose approval of the parent's reorganization plan. In a two-page ruling Jan. 24, the appeals court said it was important to hold an expedited appeal to consider "an issue of first impression regarding whether the automatic stay extends to protect Vitro's non-debtor subsidiaries." The appellate court told Vitro and the bondholders to file all their briefs by Feb. 15. The report relates that in the Jan. 24 ruling, the appeals court gave Vitro at least a temporary victory by allowing the bankruptcy court's opinion to stand until the appeal is argued in March. As a result, the New York state suit remains frozen. The Jan. 24 ruling was the second time this month that the circuit court refused to allow the state suit to go ahead on a temporary basis. In the New York suit, the bondholders want the judge to rule that non-bankrupt Vitro subsidiaries must vote against the parent's reorganization pending in a court in Mexico. Bondholders are opposing the Mexican parent's reorganization because it's based on votes from subsidiaries to overwhelm opposition from bondholders. About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent told the Mexico stock exchange that it received sufficient acceptances of its reorganization pending in a court in Monterrey. The approval vote was evidently obtained using claims of affiliates. The bondholders are opposing the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Bondholders previously cited an "independent analyst" who estimated the Mexican plan was worth 49% to 54% of creditors' claims. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10- 47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. ===================== P U E R T O R I C O ===================== AGUAKEM CARIBE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Aguakem Caribe, Inc. Calle Villa Final, Ponce, PR P.O. Box 177 Mercedita, PR 00715 Bankruptcy Case No.: 12-00272 Chapter 11 Petition Date: January 19, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Norberto Colon Alvarado, Esq. NORBERTO COLON ALVARADO LAW OFFICE 46 Castillo St. Ponce, PR 00730 Tel: (787) 843-4272 E-mail: norbertocolonalvarado@yahoo.com Estimated Assets: US$50,001 to US$100,000 Estimated Debts: US$1,000,001 to US$10,000,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Jorge J. Unanue, president and secretary. SWISS CHALET: Can Employ Alvarez Sepulveda as Special Counsel ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has granted Swiss Chalet Inc. permission to employ Pablo R. Alvarez Sepulveda, Law Office as special counsel for the Debtor, with compensation to be paid in such amounts as may be allowed by the Court upon proper application or applications. Prior to the filing of its Chapter 11 petition, Debtor engaged the services of Alvarez Sepulveda as its counsel in general corporate and labor matters including litigation before local courts. Pablo R. Alvarez Sepulveda, Esq., the principal of Pablo R. Alvarez Sepulveda Law Office, had assured the Court that his firm does not represent or hold any interest adverse to Debtor or to the estate in respect to the matters on which Alvarez Sepulveda is to be employed, and that the firm, its associates and members are disinterested persons as that term is defined under Section 101(14) of the Bankruptcy Code. Pablo R. Alvarez Sepulveda, Esq., will charge US$150 per hour, plus expenses, for work performed or to be performed. About The Swiss Chalet Inc. The Swiss Chalet Inc., developed the Gallery Plaza Condominium and Atlantis Condominium in San Juan, Puerto Rico. SCI also owns the DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent to the Gallery Plaza. SCI filed a Chapter 11 petition (Bankr. D. P.R. Case No. 11-04414) on May 27, 2011. Charles A. Cuprill, P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as its financial consultants. In its schedules, the Debtor disclosed total assets of US$115,580,977 and total debts of US$138,603,384. The petition was signed by Arnold Benus, director. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO 'Challengers' Holding Out Until Court Ruling ------------------------------------------------------------ Julien Neaves at Trinidad Express reports that Peter Permell, chairman of Colonial Life Insurance Company Limited (CLICO) policyholders group, said that some policyholders are awaiting the outcome of litigation challenging Trinidad and Tobago's government's repayment plan before accepting the state's offer. CLICO is a subsidiary of CL Financial Limited. "Some policyholders have not availed themselves yet because they waiting to see how the litigation plays itself out. So they sort of hedging their bets," Trinidad Express quoted Mr. Permell as saying. As reported in the Troubled Company Reporter-Latin America on Jan. 16, 2012, Caribbean360.com said that a group of CLICO policyholders went again before the court to challenge Trinidad and Tobago government's refusal to pay them the full amount due on their Executive Flexible Premium Annuities (EFPA). Caribbean360.com related that they were seeking an interim court order that Government give details of the assets of CLICO which has been sold and how the proceeds of the sales were applied. Mr. Maharaj said the lawsuit also sought to compel Government to give details of the EFPA policyholders who have been paid in full since January 2009, the report noted. "We don't know where that is going but I suspect by June we will get a better idea as to what is going on with that litigation and the number of policyholders who took up the offer," Mr. Permell said, Trinidad Express notes. Mr. Permell said the revised offer by Government has been "rolling out quite smoothly" and noted that, according to Finance Minister Winston Dookeran, about 2,000 of 15,000 policyholders have taken up the offer, a payout so far of about TT1.1 billion, Trinidad Express adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** 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 * * *