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/raid1/www/Hosts/bankrupt/TCRLA_Public/120613.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 Wednesday, June 13, 2012, Vol. 13, No. 116 Headlines A R G E N T I N A BAIRES LOGISTICA: Creditors' Proofs of Debt Due June 25 BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating DOLPHIN SOUTH: Creditors' Proofs of Debt Due June 18 PRODUCIR SA: Creditors' Proofs of Debt Due June 12 SAFE ZONE: Creditors' Proofs of Debt Due June 15 B R A Z I L AGRENCO LTD: Negotiates Partnerships to Resume Activities BANCO CRUZEIRO: FGC to Pay BRL2.2BB Guarantees if Liquidated CENTRAIS ELETRICAS: Electric Regulator Proposes 6.7% Tariff Rise C A Y M A N I S L A N D S CURA FIXED: Creditors' Proofs of Debt Due July 5 GRAMERCY COMMUNICATIONS: Creditors' Proofs of Debt Due July 5 GS PEP W&C: Creditors' Proofs of Debt Due July 5 KINGDOM 5-KR-143: Creditors' Proofs of Debt Due July 4 KINGDOM 5-KR-167: Creditors' Proofs of Debt Due July 4 RENAISSANCE INVESTMENTS: Creditors' Proofs of Debt Due July 17 ROOST INVESTMENTS: Placed Under Voluntary Wind-Up STRATEGIC VALUE: Creditors' Proofs of Debt Due July 5 STRATEGIC VALUE LEVERAGED: Creditors' Proofs of Debt Due July 5 TL III OFFSHORE: Creditors' Proofs of Debt Due July 12 M E X I C O VITRO SAB: Confronts Bondholders in Bid to Impose Bankruptcy Plan P A N A M A * PANAMA: IDB Loan for US$70 Million to Benefit Students X X X X X X X X * S&P's Global Default Tally Hikes to 33 After PBG Woes - - - - - ================= A R G E N T I N A ================= BAIRES LOGISTICA: Creditors' Proofs of Debt Due June 25 ------------------------------------------------------- Marta Irene Nicoletti, the court-appointed trustee for Baires Logistica SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 25, 2012. Ms. Nicoletti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marta Irene Nicoletti Av. Rivadavia 4526 Argentina BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating -------------------------------------------------------------- Moody's Investors Service assigned a Ba3 foreign currency debt rating to Banco Continental S.A.E.C.A.'s (Continental) senior debt issuance of up to US$ 200 million and maximum tenor of up to 10 years. The Notes will be governed by the laws of the State of New York. The outlook on the debt rating is stable. The following ratings were assigned to Banco Continental S.A.E.C.A.: Global Foreign-Currency Debt Rating: Ba3, stable outlook Ratings Rationale Moody's explained that the foreign currency senior unsecured debt rating derives from Continental's Ba2 global local currency deposit rating. However, the bond rating is constrained by Paraguay's Ba3 country ceiling for foreign currency bonds. Banco Continental S.A.E.C.A. is headquartered in Asunci▋, Paraguay, and it had assets of US$1.9 billion and equity of US$174 million as of December 2011. DOLPHIN SOUTH: Creditors' Proofs of Debt Due June 18 ---------------------------------------------------- Mario Alberto Sogari, the court-appointed trustee for Dolphin South Atlantic SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 18, 2012. Mr. Sogari will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mario Alberto Sogari Montevideo 708 Argentina PRODUCIR SA: Creditors' Proofs of Debt Due June 12 -------------------------------------------------- Monica Edith Noel, the court-appointed trustee for Producir SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 12, 2012. Ms. Noel will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 15 in Buenos Aires, with the assistance of Clerk No. 29, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Monica Edith Noel Viamonte 1785 Argentina SAFE ZONE: Creditors' Proofs of Debt Due June 15 ------------------------------------------------ Antonio Sayago, the court-appointed trustee for Safe Zone SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 15, 2012. Mr. Sayago will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 4, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Antonio Sayago Viamonte 1636 Argentina =========== B R A Z I L =========== AGRENCO LTD: Negotiates Partnerships to Resume Activities --------------------------------------------------------- Fabiola Moura at Bloomberg News reports that Agrenco Ltd. said it is negotiating partnerships in order to find a way to resume its industrial activities and fulfill its recovery plan, according to a regulatory filing. As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2011, EXAME.com said that Agrenco Limited decided to suspend its production and cut jobs after creditors rejected a proposal to contribute to a mutual fund that formed part of its new reorganization plan. Agrenco Limited plans to use the money raised from the fund to restart operations at its Alto Araguaia and Caarapo processing plants, according to EXAME.com. The report related that without the needed contribution for the mutual fund operations will be suspended. Headquartered in Saso Paulo, Brazil, Agrenco Ltd. is a provider of integrated and customized solutions for agribusiness, with global operations. BANCO CRUZEIRO: FGC to Pay BRL2.2BB Guarantees if Liquidated ------------------------------------------------------------ Francisco Marcelino at Bloomberg News reports that Brazil's privately owned deposit insurance fund FGC would have to spend BRL2.2 billion in guaranteed payments if Banco Cruzeiro do Sul SA is liquidated, Antonio Carlos Bueno told journalists. Mr. Bueno said FGC isn't responsible for the bank's overseas debt, worth BRL2.8 billion, according to Bloomberg News. Mr. Bueno, Bloomberg News relates that the bank would honor this debt on its own, according to him. Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total unconsolidated assets of R$11.5 billion (US$6.2 billion) and equity of R$1.2 billion (US$644.5 million) as of December 31, 2011. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2012, Standard & Poor's Ratings Services lowered our long- and short-term ratings on Banco Cruzeiro do Sul to 'CC/C' from 'B+/B' and its national scale long- and short-term ratings to 'brCC/brC' from 'brBBB/brA-3'. "We have also placed the ratings on CreditWatch with developing implications," S&P said. CENTRAIS ELETRICAS: Electric Regulator Proposes 6.7% Tariff Rise ---------------------------------------------------------------- Mario Sergio Lima of Bloomberg News reports that Nelson Hubner, the general director of Brazilian electric energy regulatory agency, Aneel, proposed a 6.7% higher tariff for Centrais Eletricas do Para SA. The proposal will have a public evaluation to determine the final figure, to be made effective on Aug. 7, Mr. Hubner told reporters, according to Bloomberg News. Bloomberg News relates that the company from the Brazilian northern state of Para has filed for bankruptcy and presented a recovery plan on May 4. In the document, Celpa said to expect Aneel to grant a 10.33% tariff increase as one of the premises for the company to be able to pay their debt holders, Bloomberg News notes. Bloomberg News says Celpa's bankruptcy has led its parent, Rede Energia SA, to seek to renegotiate dollar-bond terms after the securities plunged and Fitch Ratings cut the company's credit rating to one level above default. CELPA, headquartered in Belem, owns a 30-year concession contract that expires in 2028 to distribute electricity to 143 cities in the state of Para. CELPA is controlled by Rede Energia S.A. (REDE), which has a direct and indirect participation of 61.4% of CELPA's total capital. * * * As reported in the Troubled Company Reporter on March 5, 2012, Moody's downgraded the Issuer ratings of Centrais Eletricas do Para (CELPA) to Ca from B3 on the global scale and to Ca.br from B1.br on the Brazilian national scale. At the same time, Moody's downgraded to Ca from B3 the rating of the senior unsecured 5- year US$250 million bonds issued by CELPA. Following this rating action, Moody's will withdraw both ratings given that CELPA filed for court protection under the Brazilian bankruptcy and reorganization law (Judicial Recovery). =========================== C A Y M A N I S L A N D S =========================== CURA FIXED: Creditors' Proofs of Debt Due July 5 ------------------------------------------------ The creditors of Cura Fixed Income Arbitrage Fund, Ltd are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. 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 GRAMERCY COMMUNICATIONS: Creditors' Proofs of Debt Due July 5 ------------------------------------------------------------- The creditors of Gramercy Communications Partners MGP (Cayman), LDC are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 30, 2012. 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 GS PEP W&C: Creditors' Proofs of Debt Due July 5 ------------------------------------------------ The creditors of GS PEP W&C Offshore Advisors, Inc. are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 15, 2012. 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 KINGDOM 5-KR-143: Creditors' Proofs of Debt Due July 4 ------------------------------------------------------ The creditors of Kingdom 5-KR-143 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank of Canada Trust Company (Cayman) Limited P.O. Box 1586 4th floor, 24 Shedden Road Grand Cayman KY1-1110 Cayman Islands KINGDOM 5-KR-167: Creditors' Proofs of Debt Due July 4 ------------------------------------------------------ The creditors of Kingdom 5-KR-167 are required to file their proofs of debt by July 4, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 16, 2012. The company's liquidator is: Royal Bank of Canada Trust Company (Cayman) Limited P.O. Box 1586 4th floor, 24 Shedden Road Grand Cayman KY1-1110 Cayman Islands RENAISSANCE INVESTMENTS: Creditors' Proofs of Debt Due July 17 -------------------------------------------------------------- The creditors of Renaissance Investments Management Compensation Fund are required to file their proofs of debt by July 17, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2012. The company's liquidator is: Appleby Trust (Cayman) Ltd. PO Box 1350 Clifton House 75 Fort Street Grand Cayman KY1-1108 Cayman Islands ROOST INVESTMENTS: Placed Under Voluntary Wind-Up ------------------------------------------------- On May 7, 2012, the shareholders of Roost Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands STRATEGIC VALUE: Creditors' Proofs of Debt Due July 5 ----------------------------------------------------- The creditors of Strategic Value Credit Opportunities Fund, Ltd. are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 24, 2012. 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 STRATEGIC VALUE LEVERAGED: Creditors' Proofs of Debt Due July 5 --------------------------------------------------------------- The creditors of Strategic Value Credit Opportunities Leveraged Fund, Ltd are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 24, 2012. 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 TL III OFFSHORE: Creditors' Proofs of Debt Due July 12 ------------------------------------------------------ The creditors of TL III Offshore Investors Corp. are required to file their proofs of debt by July 12, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 18, 2012. The company's liquidator is: Trident Liquidators (Cayman) Ltd c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, One Capital Place, Shedden Road George Town, Grand Cayman KY1-1103 Cayman Islands =========== M E X I C O =========== VITRO SAB: Confronts Bondholders in Bid to Impose Bankruptcy Plan ----------------------------------------------------------------- David McLaughlin and Brendan Case at Bloomberg News report that after the U.S. recession and bad bet on derivatives contracts sent Vitro, S.A.B. de C.V. into bankruptcy, the company has a restructuring plan in place. At least in Mexico, Bloomberg News relates. Vitro is asking U.S. Bankruptcy Judge Harlin DeWayne Hal in Dallas to enforce the plan and stop litigation by debt holders who have been fighting to collect on US$1.2 billion in defaulted bonds, according to Bloomberg News. Bloomberg News relates that the bondholders have called the plan, which was approved b a Mexican court, "a testament to audacity, brazen manipulation and greed." Enforcing it in the U.S. would be "manifestly contrary" to public policy, they said in court papers obtained by Bloomberg News. Bloomberg News says that the judge must weigh whether the Mexican court's approval of Vitro's plan should be given deference or it conflicts too much with U.S. law and should be rejected, said Madlyn Primoff. Bloomberg News notes that Vitro SAB and bondholders have been fighting over the restructuring in Mexican and U.S. courts, with creditors suing Vitro subsidiaries that guaranteed company debt to recover what they're owed. Bloomberg News says that the Vitro SAB wants to put an end to the litigation, saying in court papers that bondholders want to "bring Vitro to its knees by destabilizing its business and interfering with its relationships with its customers." Vitro Sab, Bloomberg News relays, said that the bondholders' appeal in Mexico or the restructuring there didn't stop it from being implemented. The plan, the report notes, provides US$814.7 million in new 8% notes and US$109.6 million in convertible bonds. Bloomberg News discloses that bondholders argue that Hale should reject the bankruptcy plan in part because shareholders are retaining value while creditors aren't being paid in full. Bloomberg News relates that they also oppose discharging the guaranty obligations of subsidiaries even though the units aren't in bankruptcy. Enforcing the plan would undermine international credit markets and raise the cost of capital in emerging markets, they added, Bloomberg News adds. 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. But an appellate court in Mexico reinstated the reorganization in April 2011. Following the reinstatement, Vitro SAB on April 14, 2011, 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 received sufficient acceptances of its reorganization by using the US$1.9 billion in debt owing to subsidiaries to vote down opposition by bondholders. The holders of US$1.2 billion in defaulted bonds opposed the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Vitro announced in March 2012 that it has implemented the reorganization plan approved by a judge in Monterrey, Mexico. 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. 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. U.S. subsidiaries of Vitro SAB are having their cases converted to liquidations in Chapter 7, court records in January 2012 show. In December, the U.S. Trustee in Dallas filed a motion to convert the subsidiaries' cases to liquidations in Chapter 7. The Justice Department's bankruptcy watchdog said US$5.1 million in bills were run up in bankruptcy and hadn't been paid. =========== P A N A M A =========== * PANAMA: IDB Loan for US$70 Million to Benefit Students -------------------------------------------------------- The Inter-American Development Bank approved a loan for US$70 million to provide innovative educational infrastructure to 47 communities in Panama that will benefit more than 38,000 students. The goal is to expand educational opportunities and encourage students in marginal and indigenous areas to complete basic education. More than a third of Panamanians between the ages of 13 and 17 do not attend school. Coverage levels are especially low for the groups targeted by the program. The IDB financing will be used to expand and equip 20 primary schools to include grades seven to nine and construct two model schools that will have innovative facilities and will employ a new pedagogical and educational management approach. These investments are expected to result in the matriculation of 10,000 new students from preschool through secondary school. In addition, the program will providing 47 schools with classrooms designed to facilitate learning. The basic curriculum will be updated to prepare students for the challenges of the 21st century, and training and support will be extended to staff and faculty in school management, pedagogy, and curriculum content. The financing was extended for a 25-year term with a grace period of four years and a variable interest rate based on LIBOR. Counterpart funding totals US$10 million. =============== X X X X X X X X =============== * S&P's Global Default Tally Hikes to 33 After PBG Woes ------------------------------------------------------- Poland-based engineering and construction company PBG S.A. entered into a standstill agreement with banks this week. S&P views the agreement, which provides PBG with bilateral loans, as an event of default under its criteria. This raises the 2012 global corporate default tally to 33, said an article published Thursday by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Update (May 31 - June 6, 2012)." Of the total defaults this year, 20 were based in the U.S., seven in the emerging markets, four in Europe, and two in the other developed region (Australia, Canada, Japan, and New Zealand). In comparison, last year, only 16 issuers--10 based in the U.S., two in New Zealand, two in the emerging markets, one in Europe, and one in Canada--defaulted during the same period (through June 6). So far this year, missed payments accounted for 12 defaults, bankruptcy filings accounted for six, distressed exchanges accounted for six, and five defaulters were confidential. The remaining four entities defaulted for various other reasons. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings--both of which were among the top reasons for defaults in 2010. Distressed exchanges--another top reason for default in 2010--followed with 11 defaults in 2011. Of the remaining defaults, two issuers failed to finalize refinancing on bank loans, two were subject to regulatory action, one had its banking license revoked by its country's central bank, one was appointed a receiver, and two were confidential. *********** 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 * * *