/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120830.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, August 30, 2012, Vol. 13, No. 174 Headlines B E R M U D A APL FINANCE: Creditors' Proofs of Debt Due Sept. 5 APL FINANCE: Member to Receive Wind-Up Report on Sept. 24 CIT FINANCIAL: Creditors' Proofs of Debt Due Sept. 5 CIT FINANCIAL: Member to Receive Wind-Up Report on Sept. 25 LAZARD EUROPEAN: Creditors' Proofs of Debt Due Sept. 5 LAZARD EUROPEAN: Member to Receive Wind-Up Report on Sept. 25 LIGHT HORSE: Creditors' Proofs of Debt Due Sept. 5 LIGHT HORSE: Member to Receive Wind-Up Report on Sept. 26 B E L I Z E * BELIZE: Moody's Corrects June 1 Rating Release B R A Z I L BANCO CRUZEIRO: Fails to Win Buyback Approval at First Deadline C A Y M A N I S L A N D S CARYSFORTH INVESTMENTS: Shareholders' Meeting Set for Sept. 14 CHINA EXPRESS: Members' Final Meeting Set for Sept. 5 CQS GLOBAL: Members' Final Meeting Set for Sept. 10 GEORGE WILDE: Shareholders' Meeting Set for Sept. 10 INTEGRATED EUROPEAN: Members' Final Meeting Set for Aug. 30 JAMES FIELD: Shareholders' Final Meeting Set for Oct. 23 LB CAPITAL: Members' Final Meeting Set for Sept. 4 MERU HOLDINGS: Member Receives Wind-Up Report NANO LTD: Members' Final Meeting Set for Sept. 3 RHINE ALPHA: Members' Final Meeting Set for Sept. 3 G R E N A D A GRENADA: S&P Affirms 'B-' Sovereign Credit Rating; Outlook Stable M E X I C O GRUPO POSADAS: Fitch Keeps Rating on $200-Mil. Sr. Notes at Low-B HIPOTECARIA SU CASITA: S&P Ups Rating on Class B Notes to 'mxCC' P U E R T O R I C O COSTA BONITA: DF Servicing Loses Bid to Dismiss Case V I R G I N I A SUPREME VENTURES: Names as Defendant in Two Lawsuits X X X X X X X X * Fitch Lowers LT Issuer Default Ratings on All Banks * Upcoming Meetings, Conferences and Seminars - - - - - ============= B E R M U D A ============= APL FINANCE: Creditors' Proofs of Debt Due Sept. 5 -------------------------------------------------- The creditors of APL Finance Ltd. are required to file their proofs of debt by Sept. 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 14, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda APL FINANCE: Member to Receive Wind-Up Report on Sept. 24 --------------------------------------------------------- The member of APL Finance Ltd. will receive on Sept. 24, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 14, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CIT FINANCIAL: Creditors' Proofs of Debt Due Sept. 5 ---------------------------------------------------- The creditors of CIT Financial (Bermuda) Limited are required to file their proofs of debt by Sept. 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 20, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CIT FINANCIAL: Member to Receive Wind-Up Report on Sept. 25 ----------------------------------------------------------- The member of CIT Financial (Bermuda) Limited will receive on Sept. 25, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 20, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LAZARD EUROPEAN: Creditors' Proofs of Debt Due Sept. 5 ------------------------------------------------------ The creditors of Lazard European Explorer, Ltd. are required to file their proofs of debt by Sept. 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 15, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LAZARD EUROPEAN: Member to Receive Wind-Up Report on Sept. 25 ------------------------------------------------------------- The member of Lazard European Explorer, Ltd. will receive on Sept. 25, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 15, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LIGHT HORSE: Creditors' Proofs of Debt Due Sept. 5 -------------------------------------------------- The creditors of Light Horse Partners Ltd. are required to file their proofs of debt by Sept. 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 17, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LIGHT HORSE: Member to Receive Wind-Up Report on Sept. 26 --------------------------------------------------------- The member of Light Horse Partners Ltd. will receive on Sept. 26, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Aug. 17, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda =========== B E L I Z E =========== * BELIZE: Moody's Corrects June 1 Rating Release ------------------------------------------------ Moody's Investors Service issued a correction to the June 1, 2012 rating release of Belize. Moody's Investors Service has downgraded Belize's foreign currency government bond rating to Ca from Caa1 and the government's local currency bond rating to Caa3 from Caa1. Both ratings have a developing outlook. The downgrade reflects the government's deteriorating capacity and willingness to service its external debt as well as Moody's assessment of investor losses in the event of a debt restructuring. Belize faces weak short- to medium-term growth prospects, accumulating contingent fiscal liabilities and a questionable outlook for debt sustainability. Ratings Rationale In February 2012, Moody's downgraded Belize to Caa1 from B3 citing concerns about a possible debt restructuring and weak economic growth. Since then, the government has formed a debt review committee to undertake a comprehensive assessment of sovereign debt and contingent liabilities. The authorities have initiated a process to identify bondholders in advance of restructuring negotiations. Moody's expects that the government will proceed with a pre- emptive debt restructuring this year. The restructuring will be focused on the $547 million Superbond which accounts for about half of the government's debt and is itself the result of a distressed debt exchange completed in 2007. The decision to contemplate a sovereign debt restructuring was motivated by an escalation of debt service costs as the Superbond step-up coupon rose to 8.5% in February from 6% in 2011. The government's capacity to service its debt is set to weaken due to declining oil-related revenues and mounting fiscal liabilities stemming from the nationalizations of Belize Electricity Ltd (electricity distribution) and Belize Telecommunications Ltd (telecommunications). Recent improvements in the fiscal numbers and declining debt ratios are viewed as transient. Fiscal space remains limited and public debt is set to report an unsustainable trajectory in coming years as a result of rising debt service costs and limited growth prospects. Moody's analysis indicates that projected net present value (NPV) losses stemming from the anticipated debt restructuring are consistent with a Ca rating. The downgrade of the government bond ratings considered Moody's "Sovereign Methodology Update: Narrowing the Gap -- a Clarification of Moody's Approach to Local Vs. Foreign Currency Bond Ratings." While Moody's analysis of sovereign defaults over the past two decades indicates that governments are in general equally likely to default on their domestic and foreign currency obligations, the methodology update states that distinctions between foreign and local currency government bond ratings may be maintained when there is evidence of bias in a government's ability and/or willingness to service debt in a particular currency. In the case of Belize, Moody's views the likelihood of default on external debt as higher than a default on domestic debt, which accounts for less than 20% of total government debt. The developing outlook is contingent on the government's disclosure of the terms of the debt restructuring. Belize's country ceilings on bonds and deposits were also adjusted as part of this rating action. The foreign currency bond ceiling was lowered to Caa2 from B2; the foreign currency deposit ceiling remains unchanged at Caa2. Belize's local currency bond and deposit ceilings were lowered to B1 from Ba2. What Could Change The Rating Up/Down Future rating actions will depend on the terms of the debt exchange, the degree of investor participation, and debt sustainability and growth prospects post-restructuring. Methodology The principal methodology used in this rating was Sovereign Bond Ratings Methodology published in September 2008. =========== B R A Z I L =========== BANCO CRUZEIRO: Fails to Win Buyback Approval at First Deadline --------------------------------------------------------------- Cristiane Lucchesi at Bloomberg News reports that unnamed source said that Banco Cruzeiro do Sul SA failed to win the required 90% investor approval by first deadline for a US$1.6 billion bond- buyback plan. The source said the bank is confident it will gain the approval needed by Sept. 12, the final day that investors can tender their bonds, according to Bloomberg News. The report relates that investors who tendered through will be paid a premium of 5 percentage points if the buyback happens, and the bank must now seek approval from more bondholders without the incentive of a premium. Bloomberg News notes that Brazil's deposit-insurance fund, known as the FGC, has overseen the Sao Paulo-based payroll lender since the central bank uncovered accounting violations in June. Bloomberg News says that the bank offered on Aug. 15 to buy back the bonds at discounted prices as part of a recapitalization plan. At least 90% of bondholders must accept the offer for it to proceed, the report notes. Banco Cruzeiro will be liquidated if the offer fails, Antonio Carlos Bueno, head of the FGC, said at an Aug. 14 press conference, the report recalls. Bloomberg News notes that FGC said the average discount that Banco Cruzeiro's local and international creditors are being asked to accept is 49%, according to the. Bank of America Corp. and HSBC Holdings Plc are arranging the bond-repurchase offer, Bloomberg News adds. About Banco Cruzeiro Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil and had total unconsolidated assets of BRL9.48 billion (US$4.67 billion) and negative shareholders' equity of BRL2.24 billion (US$1.1 billion) as of June 4, 2012 per the Special Opening Balance Sheet published by FGC. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2012, Standard & Poor's Ratings Services revised the CreditWatch implications to negative from developing on its 'CC/C' global scale and 'brCC/brC' Brazilian national scale ratings on Banco Cruzeiro do Sul S.A. =========================== C A Y M A N I S L A N D S =========================== CARYSFORTH INVESTMENTS: Shareholders' Meeting Set for Sept. 14 -------------------------------------------------------------- The shareholders of Carysforth Investments Limited will hold their final meeting on Sept. 14, 2012, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CHINA EXPRESS: Members' Final Meeting Set for Sept. 5 ----------------------------------------------------- The members of China Express Inc. will hold their final meeting on Sept. 5, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lee Wai Lim c/o Maples and Calder, Attorneys-at-law The Center, 53rd Floor 99 Queen's Road Central Hong Kong CQS GLOBAL: Members' Final Meeting Set for Sept. 10 --------------------------------------------------- The members of CQS Global Distressed Value Opportunities Master Fund Limited will hold their final meeting on Sept. 10, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GEORGE WILDE: Shareholders' Meeting Set for Sept. 10 ---------------------------------------------------- The shareholders of George Wilde will hold their final meeting on Sept. 10, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Sydney J. Coleman Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands INTEGRATED EUROPEAN: Members' Final Meeting Set for Aug. 30 ----------------------------------------------------------- The members of Integrated European Fund Limited will hold their final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands JAMES FIELD: Shareholders' Final Meeting Set for Oct. 23 -------------------------------------------------------- The shareholders of James Field will hold their final meeting on Oct. 23, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Sydney J. Coleman Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands LB CAPITAL: Members' Final Meeting Set for Sept. 4 -------------------------------------------------- The members of LB Capital Corporation III Ltd will hold their final meeting on Sept. 4, 2012, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Timothy Le Cornu c/o Andrea Harris Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 MERU HOLDINGS: Member Receives Wind-Up Report --------------------------------------------- The sole member of Meru Holdings Ltd. received on Aug. 29, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lion International Management Limited Craigmuir Chambers P.O. Box 71 Road Town Tortola VG1110 British Virgin Islands NANO LTD: Members' Final Meeting Set for Sept. 3 ------------------------------------------------ The members of Nano Ltd. will hold their final meeting on Sept. 3, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands RHINE ALPHA: Members' Final Meeting Set for Sept. 3 --------------------------------------------------- The members of Rhine Alpha Master Fund will hold their final meeting on Sept. 3, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ============= G R E N A D A ============= GRENADA: S&P Affirms 'B-' Sovereign Credit Rating; Outlook Stable ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency sovereign credit ratings on Grenada. The outlook remains stable. "We also raised our short-term ratings on Grenada to 'B' from 'C'," S&P said. "In our view, several factors constrain the 'B-' rating on Grenada, including its high net general government debt--expected to reach 80% of GDP this year--and the high external share of public debt, weak external liquidity, structurally high current account deficits, externally dependent economic growth prospects, and weak political institutions," said Standard & Poor's credit analyst Kelli Bissett. The Grenadian economy continues to recover modestly. "We expect moderate economic growth of 1.5% in 2012, raising per capita GDP to $8,200, and moderate average annual inflation of 3%. Stay-over tourist arrivals increased 7% in 2011, and nutmeg production doubled, reflecting gradual recovery from hurricane damage in 2004 and 2005," said Ms. Bissett. "The risk of potential economic deterioration in the U.S. or Europe--important sources of tourist revenues and foreign investment--would increase economic stress on the Grenadian economy." "Risks from Grenada's external debt remain high. Its external debt net of liquid assets exceeded 200% of current account receipts--a ratio that is higher than those of many Caribbean peers. Lack of capital market access limits the government's external financing sources to official entities. External liquidity risk is high because of structural current account deficits, which were reported at more than 20% of GDP. Grenada's significant external financing needs will approach 190% of current account receipts and usable reserves this year, and we expect this will be financed by official loans and grants. As is common with small open economies, Grenada's external accounts are reported with a lag because stocks and flows are difficult to reconcile," S&P said. "The change in the short-term rating to 'B' from 'C' results from the revision of Standard & Poor's criteria on the linkage between long-term and short-term ratings for sovereigns. According to our revised criteria, the short-term rating on a sovereign is derived uniquely from the long-term rating on the sovereign by applying a linkage that is consistent with that applied to corporate entities with 'strong or adequate' liquidity," S&P said. =========== M E X I C O =========== GRUPO POSADAS: Fitch Keeps Rating on $200-Mil. Sr. Notes at Low-B ----------------------------------------------------------------- Fitch Ratings has maintained all ratings of Grupo Posadas S.A.B. de C.V.'s (Posadas) on Rating Watch Negative, pending the completion of the proposed sale of its South American hotel business. As previously stated on July 19, 2012, Fitch believes that Posadas' announced divestiture of its South American assets will benefit the issuer's credit quality. Posadas expects to use net proceeds of USD$245 million to engage in liability management. The Negative Rating Watch is likely to be resolved once the transaction is concluded and proceeds are received. Fitch will then assess the ratings to reflect the new capital structure and expectations related to liability management. On a pro forma basis under IFRS, using last 12 months as of June 30, 2012, Posadas' leverage ratios should improve. Adjusted debt to EBITDAR should approach 5.0x from 7.1x, and total debt to EBITDA should approximate 4.1x from 7.1x. If non-recurrent items of the fourth quarter of 2011 related to the vacation club and Ampersand are added back, adjusted total debt to EBITDAR should further improve to 4.0x, approximating historical levels. The divestiture will boost liquidity but will also result in the loss of some geographical diversification. These assets have historically generated close to 14% of consolidated revenues and EBITDA, but during 2011, South American EBITDA was 19% of consolidated EBITDA due to the non-recurrent items mentioned above. On July 16, Posadas announced that it had reached an agreement with Accor S.A. to sell its South American operations for US$275 million. These assets include 15 hotels operating under the Caesar's Park and Caesar's Business brands. The transaction is expected to close by year-end. Posadas' ratings are supported by the company's solid business position, strong brand name and multiple hotel formats. Conversely, the ratings are tempered by increased leverage, and exposure to currency fluctuation which can pressure liquidity, and industry cyclicality. Posadas' presence in all major urban and coastal locations in Mexico, consistent product offering and quality brand image have resulted in occupancy levels that are above the industry average in Mexico. The use of multiple hotel formats allows the company to target domestic and international business travelers of different income levels as well as tourists, diversifying its revenue base. The following ratings remain on Negative Watch: -- Local currency Issuer Default Rating (IDR) 'B-'; -- Foreign currency IDR 'B-'; -- National scale rating 'B+(mex)'; -- USD200 million senior notes due 2015 'B-/RR4'; -- MXN2.25 billion Certificados Bursatiles issuance Posadas08 due 2013 'B+(mex)'. HIPOTECARIA SU CASITA: S&P Ups Rating on Class B Notes to 'mxCC' ---------------------------------------------------------------- Standard & Poor's Rating Services raised its long-term national scale rating-CaVal-to 'mxCC (sf)' from 'D (sf)' on the subordinated class B residential mortgage-backed notes due 2035, a cross-border RMBS transaction issued by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita) and serviced by Patrimonio, S.A. de C.V. S.F.O.L. (Patrimonio). "At the same time, we raised our Standard & Poor's underlying rating (SPUR) on the senior class A notes to 'CC (sf)' from 'D (sf)'. We also raised the SPURs on the senior series BRHCCB 07U and BRHCCB 07-2U from another RMBS transaction issued by Su Casita (Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales III)," S&P said. "The upgrade of class B follows the fact that interest collections were sufficient to cover this month's interest payment of MXN1.38 million plus past-due interest from the prior payment date of MXN1.25 million. At the same time, interest collections were also sufficient to cover the past-due amounts to the swap provider, Credit Suisse AG (Credit Suisse, A+/Negative). As a result, we raised the SPUR on the senior class A notes to 'CC (sf)'," S&P said. "On the other hand, the raising of the SPURs on BRHCCB 07U and BRHCCB 07-2U certificates follows the payment of past-due amounts to MBIA Mexico S.A. de C.V. (MBIA Mexico; mxBB+/Negative, CaVal [Mexico] national scale rating and B/Negative/-- Insurer financial strength rating), as the full financial guarantee insurance policy provider, from the previous payment date. However, interest collections were not sufficient to cover this month's due interest payment for subordinated series BRHCCB 07-3U. Consequently, we are maintaining its rating on 'D (sf)'," S&P said. "The deals' default history, the weak financial position of the trusts, and their decreasing excess spreads limit the ratings on class B subordinated notes and the SPURs on the class A, BRHCCB 07U, and BRHCCB 07-2U notes," S&P said. "Our 'B (sf)' rating on the senior class A notes is unchanged, reflecting the swap guarantee and the full financial guarantee provided by MBIA Insurance Corp. (B/Negative/--). We also are maintaining the global scale rating of 'B (sf)' and national scale rating of 'mxBB+ (sf)' for senior series BRHCCB 07U and BRHCCB 07- 2U due to the full financial guarantee provided by MBIA Mexico. Under our criteria, the issue rating on an insured bond reflects the higher of the rating on the bond insurer or the SPUR on the security. Our SPUR ratings on classes with full bond insurance reflect the stand-alone capacity of an issue to pay debt service without giving effect to the external enhancement, in this case, without the protection given by the bond insurance provided by MBIA," S&P said. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS RAISED Hipotecaria Su Casita Residential mortgage-backed Notes Class Rating Outs. amount Class type To From (mil.) B Sub. mxCC (sf) D (sf) MXN184.97 A SPUR CC (sf) D (sf) USD111.36 Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales III Class Rating Outs. amount Class type To From (mil.) BRHCCB 07U SPUR CC (sf) D (sf) 30.46 UDIs BRHCCB 07-2U SPUR CC (sf) D (sf) 145.74 UDIs OTHER OUTSTANDING RATINGS Hipotecaria Su Casita-Residential Mortgage Backed Notes Class Rating Outs. amount Class type (mil.) A Senior B (sf) USD111.36 Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales III Class Rating Outs. amount Class type (mil.) BRHCCB 07U Senior B (sf) 30.46 UDIs BRHCCB 07U Senior mxBB+ (sf) 30.46 UDIs BRHCCB 07-2U Senior B (sf) 145.74 UDIs BRHCCB 07-2U Senior mxBB+ (sf) 145.74 UDIs BRHCCB 07-3U Sub. D (sf) 64.85 UDIs ===================== P U E R T O R I C O ===================== COSTA BONITA: DF Servicing Loses Bid to Dismiss Case ---------------------------------------------------- Bankruptcy Judge Enrique S. Lamoutte denied three motions filed by DF Servicing LLC in the Chapter 11 case of Costa Bonita Beach Resort Inc.: (1) A motion filed on April 19, 2012, to disqualify the Debtor's counsel, Charles A. Cuprill, P.S.C., Law Offices pursuant to 11 U.S.C. Sections 327 and 101(14)(C) and Fed. R. Bankr. P. 2014(a); (2) A motion to dismiss the Chapter 11 case for "cause" pursuant to 11 U.S.C. Sec. 1112(b) alleging (i) that Costa Bonita filed the case in bad faith; (ii) there is "substantial or continuing loss or diminution and absence of a reasonable likelihood of rehabilitation pursuant to 11 U.S.C. Sec. 1112(b)(4) since ". . . Debtor has no cash flow, is likely balance sheet insolvent, and has no 'going concern' to preserve in bankruptcy, the Debtor's estate faces a serious threat of loss or diminution resulting from the accrual of Chapter 11 administrative expenses;" and (iii) there is no reasonable likelihood of confirmation because a Chapter 11 plan cannot be confirmed within a reasonable time. DF Servicing also argues in the alternative that the Court should abstain from hearing the case and dismiss it pursuant to 11 U.S.C. Sec. 305(a)(1); and (3) a motion filed on April 19, 2012, seeking appointment of a Chapter 11 trustee or examiner under 11 U.S.C. Sec. 1104(a), or to convert case to Chapter 7 under 11 U.S.C. Sec. 1112(b). A copy of the Court's Aug. 27, 2012 Opinion and Order is available at http://is.gd/HjUPe3from Leagle.com. About Costa Bonita Beach Resort Costa Bonita Beach Resort, Inc., owns 50 apartments at the Costa Bonita Beach Resort in Culebra, Puerto Rico. It filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code for the first time (Bankr. D.P.R. Case No. 09-00699) on Feb. 3, 2009. During this case, the Court entered an Opinion and Order finding that the Debtor satisfied all three (3) prongs of the Single Asset Real Estate, and, as such is a SARE case subject to 11 U.S.C. Sec. 362(d)(3). The Court also entered an Order modifying the automatic stay to allow creditor DEV, S.E., to continue in state court proceedings for the removal of the illegal easement and the restoration of DEV, S.E.'s land to its original condition by the Debtor. The first bankruptcy petition was dismissed on May 10, 2011 on the grounds that the Debtor failed to comply with an April 21, 2011 Order and the Debtor's failure to maintain adequate insurance. The case was subsequently closed on Oct. 11, 2011. Costa Bonita Beach Resort filed a second bankruptcy petition (Bankr. D. P.R. Case No. 12-00778) on Feb. 2, 2012, in Old San Juan, Puerto Rico. In the 2012 petition, the Debtor said assets are worth $15.1 million with debt totaling $14.2 million, including secured debt of $7.8 million. The apartments are valued at $9.6 million while a restaurant and some commercial spaces at the resort are valued at $3.67 million. The apartments serve as collateral for the $7.8 million while the commercial property is unencumbered. Bankruptcy Judge Enrique S. Lamoutte presides over the 2012 case. Charles Alfred Cuprill, Esq., serves as counsel in the 2012 case. The petition was signed by Carlos Escribano Miro, president. =============== V I R G I N I A =============== SUPREME VENTURES: Names as Defendant in Two Lawsuits ---------------------------------------------------- RJR News reports that Supreme Ventures Limited has been named as a defendant in lawsuits filed by British Virgin Islands-based companies Talisman Capital Alternative Investment Fund Limited and EGE Limited. Supreme Ventures has informed the Jamaica Stock Exchange that the suit by Talisman arises out of a filing for bankruptcy by a former Director of SVL, Paul G Mouttet, who resigned from the Board in June 2007, according to RJR News. RJR News notes that Supreme Ventures said the suit makes several claims against it in connection with Mr. Mouttet that it finds baseless. It said the connected suit by EGE Limited is an attempt by the company to retry a matter related to two forward sale of shares agreements, RJR News says. RJR News discloses that it involved the founding shareholders of SVL, Epsilon Global Master Fund and several Epsilon related entities which are connected to EGE. SVL said the matter was already decided in the courts in Jamaica in favor of the founding shareholders and SVL defendants, RJR News notes. RJR News discloses that its therefore expecting to have its position upheld by the Florida courts. =============== X X X X X X X X =============== * Fitch Lowers LT Issuer Default Ratings on All Banks ----------------------------------------------------- Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDR) of Banca Popolare di Sondrio (BPSondrio) and Banco di Desio e della Brianza (BDB) to 'BBB+' from 'A-', and the Long-term IDR of Banca Popolare di Milano (BPMilano) to 'BBB-' from 'BBB'. The agency has also downgraded the Long-term IDRs of Banca Carige, Banca Popolare di Vicenza (BPVicenza), Credito Valtellinese (CreVal) and Veneto Banca to 'BB+' from 'BBB'. Simultaneously, Fitch has affirmed the Long-term IDRs of Banca Popolare dell'Emilia Romagna (BPER) at 'BBB' and of Credito Emiliano (Credem) at 'BBB+'. The Outlooks on all the banks' Long-term IDRs is Negative. Rating Action Rationale And Rating Drivers And Sensitivies - Idrs And Vrs The rating actions follow a periodic review of the nine banking groups. The Negative Outlook on the banks' Long-term IDRs reflects the pressure arising from the current challenges in the operating environment, where access to wholesale funding has become more difficult and pressure on profitability remains high. The VRs and therefore the IDRs of all the banks would come under pressure if operating profitability deteriorated further or if the inflow of new impaired loans materially rose for a prolonged period of time. Fitch currently expects Italian GDP to contract by 1.9% in 2012 and to show zero growth in 2013. The banks' ratings are also sensitive to material deterioration in funding and liquidity. The liquidity of the nine banking groups has come under pressure as funding conditions have deteriorated materially since H211, and all banks have accessed funding from the European Central Bank (ECB), albeit to different degrees. Fitch considers the funding of some of the banks to be more reliant on institutional funding than their peers, and wholesale maturities vary across banks, but the agency expects that the banks will all continue to concentrate on retail deposits and bonds issued to retail clients, as these are viewed as a more stable funding source. The agency currently expects that, although liquidity has tightened, all banks will maintain access to funding from the ECB as they have worked on increasing the availability of eligible assets for central bank refinancing operations. A material deterioration of access to the interbank markets and ECB liquidity would put significant pressure on ratings. For the banks' Outlooks to be revised to Stable and ratings to come under upward pressure, a material improvement in the operating environment, which would allow the banks to strengthen their operating profitability and reduce their large stocks of impaired loans, would be necessary. The key rating drivers and sensitivities for the IDRs and VRs of each bank (in addition to the rating drivers and sensitivities that are applicable to all nine banking groups) are: BANCA CARIGE Banca Carige's IDRs and VR have been downgraded because Fitch expects the bank's performance and asset quality to remain under pressure in the current operating environment. Banca Carige's fast growth in recent years has helped it to report adequate operating profitability, but Fitch expects loan impairment charges to increase in the weak operating environment. Banca Carige's ratings are based on Fitch's expectation that the bank will manage to strengthen its capitalisation, which currently is weak with a Fitch core capital ratio of 5.9% at end-June 2012. The bank plans to reorganise its group structure to benefit from tax benefits relating to goodwill write-downs. This should allow the bank to improve its regulatory core Tier 1 ratio to about 9% at end-2012, although Fitch considers this modest given the bank's weak asset quality. Banca Carige's VR and IDRs are sensitive to a further material deterioration in asset quality. The ratings would come under pressure if the bank did not manage to improve its capitalisation as planned or if profitability materially dropped. BPER BPER's VR and IDRs have been affirmed because Fitch considers the bank's operating performance, capitalisation and funding structure relatively resilient in the current economic downturn. The bank's asset quality is weak with gross impaired loans equal to a high 11.7% of gross loans at end-2011, and will deteriorate further given the weak economic performance in Italy. However, BPER's pre-impairment operating profitability has remained adequate, and Fitch expects the bank to generate sufficient earnings to cover rising loan impairment charges. BPER's VR and IDRs are sensitive to a sharper than expected deterioration in asset quality as net impaired loans already account for a significant proportion of the bank's equity. The ratings would also come under pressure if the bank's ability to generate earnings deteriorated materially or if the bank failed to maintain its capitalisation. Meliorbanca's ratings reflect its full ownership by BPER and its integration with the parent bank. Although Fitch does not consider Meliorbanca a core subsidiary of BPER, it assigns the same IDRs based on support from its parent, as the agency believes that failure to support Meliorbanca would constitute significant reputational risk for BPER. In addition, the planned merger of Meliorbanca into the parent underpins the equalisation of Meliorbanca's IDR with that of its parent. Meliorbanca's IDRs are sensitive to changes in its parent's propensity to provide support, which Fitch currently does not expect, or to changes in BPER's IDRs. BPMILANO BPMilano's VR and Long-term IDR have been downgraded to reflect Fitch's expectations that the bank's weak performance and asset quality will remain under pressure in the current difficult operating environment. Fitch expects the bank to improve cost efficiency and to strengthen its operating performance under its new business plan, which was announced in July 2012. Improvements in performance are likely to be gradual, but the agency expects a speedy implementation of the bank's cost reduction measures. Fitch considers BPMilano's capitalisation acceptable as reported regulatory capital ratios are depressed by regulatory add-ons on risk-weighted assets. At end-March 2012, the bank's core Tier 1 ratio stood at 8.3%, but excluding the regulatory add-ons, the ratio would have been a stronger 10.3%. Regulatory capital, however, includes EUR500m hybrid instruments held by the Italian government, which the bank plans to repay in 2013. Fitch expects BPMilano's asset quality to deteriorate further in the current weak operating environment. However, the bank strengthened the coverage of impaired loans with loan impairment allowances in 2011, which should help to mitigate the impact of further asset quality deterioration. The 'CCC' rating assigned to BPMilano's hybrid instruments and preferred stock has been affirmed. The rating reflects heightened non-performance risk for these instruments after the bank's announcement that coupon payments would only be made if the bank was contractually obliged to do so. BPMilano's VR and IDRs are sensitive to further material deterioration in asset quality or performance. Failure to implement the measures to improve the bank's cost efficiency and earnings generation would put pressure on the ratings, as would failure to meet its target capitalisation. Upward pressure on the bank's ratings would require a material improvement in operating profitability. BPSONDRIO BPSondrio's VR and Long-term IDR have been downgraded because Fitch considers that the current difficult operating environment has resulted in increased pressure on the bank's performance and asset quality. Fitch expects the bank to be more resilient than many of its peers, which underpins BPSondrio's VR, and Long-term IDR, at 'bbb+' and 'BBB+', respectively. BPSondrio currently benefits from sound asset quality, which deteriorated throughout the downturn but remains significantly better than the peer average. Fitch considers the bank's funding adequate. The bank receives its medium- and long-term funding predominantly from its customers, but it also accesses unsecured interbank and institutional funding. Liquidity risk related to this form of funding is mitigated by the bank's increased portfolio of unencumbered ECB-eligible assets. The bank's profitability has been more volatile than some of its peers, but this has in part been caused by valuation changes of its portfolio of Italian government bonds, a relatively large proportion of which is held in the trading portfolio. Fitch considers BPSondrio's capitalisation with a FCC ratio of 7.5% at end-2011 acceptable given the bank's relatively sound asset quality, but the agency considers this level of capitalisation lower than the capitalisation of similarly rated peers. BPSondrio's IDRs and VR are sensitive to a material deterioration in asset quality or operating profitability. BPVICENZA The downgrade of BPVicenza's IDRs and VR reflects Fitch's expectation that the bank will face challenges in improving its profitability, funding and capitalisation in the difficult operating environment. BPVicenza's operating profitability remained weaker than most of its peers' in 2011, and higher loan impairment charges weighed on H112 operating profit. The bank has taken measures to reduce operating expenses and is concentrating on managing its asset quality, which has deteriorated. Fitch considers the coverage of the bank's impaired loans weaker than at some peers. The bank has managed to increase customer funding through term deposits gathering and the sale of bonds to its retail customers, and its loan/customer funding ratio (including deposits and bonds sold to retail clients) improved in H112. However, the bank will have to continue to rebalance its funding mix as its liquidity currently is underpinned by funding received from the ECB. BPVicenza plans to strengthen its capital ratios, which Fitch currently considers only just acceptable given the high level of impaired loans. The agency expects the bank to reach its target core Tier 1 capital ratio of 9% by end-2013. BPVicenza's VR and IDRs would come under pressure if the bank does not achieve its goal of rebalancing its funding mix by increasing retail deposits and bonds issued to retail clients while limiting loan growth. The ratings would also come under pressure if the bank does not manage to reach its target capitalisation. BDB BDB's VR and Long-term IDR have been downgraded because Fitch expects that the current difficult operating environment will result in increased pressure on the bank's performance and asset quality. In addition, the downgrade reflects Fitch's expectation that the bank's FY12 profitability will be depressed by one-off charges (around EUR42m) to cover the cost of the orderly liquidation of BDB's Swiss subsidiary. Fitch expects BDB's operating performance to remain more resilient than that of many of its peers, and notes that bank's funding is firmly based on retail deposits and bonds issued to customers through the bank's branch network; both of which underpin the bank's 'bbb+' VR and 'BBB+' Long-term IDR. . BDB's asset quality has deteriorated but remained sound, benefiting from its tight lending criteria, which have been in place for many years. Fitch expects asset quality to decline further, but less so than at many of its peers; combined with sound capitalisation, this means that Fitch expects the bank to perform better than most of its peers throughout the current market downturn. BDB appointed a new chief executive officer in 2012 after a Bank of Italy inspection revealed some weaknesses related to information technology, organisation and regulatory controls. Fitch understands that controls have been strengthened. BDB has announced that it is closing down its Swiss subsidiary. BDB's IDRs and VR would come under pressure if further problems related to weaknesses in its internal control environment came to light, or if further losses related to these problems materialised. The ratings would also come under pressure if asset quality or operating profitability weakened substantially, both of which Fitch does not currently expect. CREDEM Credem's VR and IDRs have been affirmed because Fitch expects the bank's operations to remain more resilient than most of its peers' during the current economic downturn. Fitch considers the bank's operating profitability, asset quality and capitalisation adequate. The bank generated an operating return on equity of around 11% in 2011 and Q112, and its asset quality is sound, with gross impaired loans equal to a low 4.2% of gross loans at end-March 2012. Fitch expects asset quality to deteriorate somewhat given the weak economic environment in Italy, but the growth of impaired loans should remain easily manageable for the bank. Fitch considers the bank's Fitch core capital ratio of 8.8% at end-March 2012 adequate considering the relatively moderate level of net impaired loans. Credem's VR and IDRs are sensitive to a material deterioration in operating profitability and asset quality and to a deterioration in the bank's funding structure. Ratings would also come under pressure if the bank failed to maintain its capitalisation. CREVAL CreVal's IDRs and VR have been downgraded because Fitch expects that the bank's weak performance, asset quality and capitalisation will remain under pressure in the difficult operating environment. The bank's operating performance has remained under pressure as higher loan impairment charges have weighed on operating profit. CreVal's asset quality has suffered during the current economic downturn, and gross impaired loans were equal to a high 9.55% of gross loans at end-June 2012. Impairment allowance coverage of impaired loans has declined but remains at higher levels than that of many peers. The bank's capitalisation improved after the conversion of a convertible bond to a Fitch core capital ratio of 6.6% at end-June 2012 from a weak 4.02% at end-2011, which was affected by negative valuation reserves on the bank's Italian government bond portfolio. CreVal expects to achieve a 7% Basel III common equity Tier 1 ratio by end-2012, including the effect of deducting negative revaluation reserves related to its Italian government bond portfolio. However, CreVal has not yet repaid hybrid capital issued to the government, which contributes about 95bp to its 8% regulatory core Tier 1 ratio at end-June 2012 (including the effect of the sale of its asset management subsidiaries). CreVal's VR and IDRs would come under pressure if asset quality deteriorated further or if the bank did not reach its target capitalisation. The ratings are also sensitive to a further deterioration in the bank's performance or funding structure. Credito Artigiano's IDRs are equalised with its parent's and reflect Fitch's view that Credito Artigiano, which operates as CreVal's distribution network in parts of Lombardy and other regions, is a core subsidiary of CreVal. CreVal announced that it will merge Credito Artigiano into the parent bank by end-August 2012, which underpins the integration of the subsidiary. Veneto Banca Veneto Banca's IDRs and VR have been downgraded because Fitch expects the bank's performance and asset quality to remain under pressure in the current operating environment. Veneto Banca generated a 1.64% operating return on average equity (ROAE) in 2011 as loan impairment charges increased, and Fitch expects these to remain high given the weak performance of the domestic economy. The bank's asset quality has deteriorated, and gross impaired loans were equal to 8.35% of gross loans at end-2011. Fitch considers the coverage of the bank's impaired loans weaker than at some of its peers. Veneto Banca's Fitch core capital ratio of 5.9% at end-2011 was affected by negative valuation reserves on the bank's Italian bond portfolio, but Fitch expects the bank's capital ratios to improve significantly over the coming months. The bank concentrates on attracting retail funding to strengthen its liquidity further. Veneto Banca's VR and IDRs would come under pressure if the bank did not reach its target capitalisation, if asset quality deteriorated materially further than Fitch expects or if the bank's operating profitability did not stabilise at an adequate level. Rating Drivers And Sensitivities - Support Rating And Support Rating Floor Fitch has affirmed the Support Ratings (SRs) and Support Rating Floors (SRFs) for all the banks at their current level. The SRs reflect Fitch's expectation of the probability that the authorities would provide support to the banks if needed. Fitch notes that the medium-sized banks have strong local franchises and have relatively large customer funding bases. Customer funding from retail clients also includes senior and, to a lesser extent, subordinated debt distributed through the banks' branch network. Fitch's assumptions for support are based on the expectation that in the current difficult market environment the propensity to support local banks remains high. The SRs of all banks subject to today's rating actions is '3', with the exception of BDB, whose '4' SR and 'B+' SRF reflects its ownership structure and its relatively small size. The SRs are sensitive to any change in assumptions around the propensity or ability of the Italian authorities to provide timely support to the banks. This might arise if the authorities became subject to external constraints to support all senior creditors of a bank, or if there was a change in the authorities' approach to supporting local banks, which Fitch currently does not expect. The Italian state's ability to provide such support is dependent upon its creditworthiness, reflected in its 'A-' Long-term rating with a Negative Outlook. Subordinated Debt and Other Hybrid Securities Subordinated debt and hybrid capital instruments issued by the banks are notched down from the issuers' VRs in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profiles, which vary considerably. The ratings of subordinated debt and hybrid securities are sensitive to any change in the banks' VRs or to changes in the banks' propensity to make coupon payments that are permitted but not compulsory under the instruments' documentation. The rating actions are as follows: Banca Carige -- Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative -- Short-term IDR: downgraded to 'B' from 'F3' -- Viability Rating: downgraded to 'bb+' from 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' -- Senior unsecured notes: long-term rating downgraded to 'BB+' from 'BBB'; short-term rating downgraded to 'B' from 'F3' -- Subordinated notes: downgraded to 'BB' from 'BBB-' Banca Popolare dell'Emilia Romagna -- Long-term IDR: affirmed at 'BBB'; Outlook Negative -- Short-term IDR: affirmed at 'F3' -- Viability Rating: affirmed at 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Senior unsecured notes and EMTN programme: affirmed at 'BBB'/'F3' -- Subordinated notes: affirmed at 'BBB-' Meliorbanca -- Long-term IDR: affirmed at 'BBB'; Outlook Negative -- Short-term IDR: affirmed at 'F3' -- Support Rating: affirmed at '2' -- Senior unsecured debt: affirmed at 'BBB' Banca Popolare di Milano -- Long-term IDR: downgraded to 'BBB-' from 'BBB'; Outlook Negative -- Short-term IDR: affirmed at 'F3' -- Viability Rating: downgraded to 'bbb-' from 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' -- Senior unsecured notes and EMTN programme: long-term rating downgraded to 'BBB-' from 'BBB'; short-term rating affirmed at 'F3' -- Subordinated Lower Tier 2 debt: downgraded to BB+' from 'BBB-' -- Preferred stock and hybrid capital instruments: affirmed at 'CCC' Banca Popolare di Sondrio -- Long-term IDR: downgraded to 'BBB+' from 'A-'; Outlook Negative -- Short-term IDR: affirmed at 'F2' -- Viability Rating: downgraded to 'bbb+' from 'a-' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' Banca Popolare di Vicenza -- Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative -- Short-term IDR: downgraded to 'B' from 'F3' -- Viability Rating: downgraded to 'bb+' from 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' -- Senior unsecured notes and EMTN programme: long-term rating downgraded to 'BB+' from 'BBB'; short-term rating: downgraded to 'B' from 'F3' -- Market-linked senior notes: downgraded to 'BB+emr' from 'BBBemr' -- Subordinated Lower Tier 2 notes: downgraded to 'BB' from 'BBB-' Banco di Desio e della Brianza -- Long-term IDR: downgraded to 'BBB+' from 'A-'; Outlook Negative -- Short-term IDR: affirmed at 'F2' -- Viability Rating: downgraded to 'bbb+' from 'a-' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B+' Credito Emiliano -- Long-term IDR: affirmed at 'BBB+'; Outlook Negative -- Short-term IDR: affirmed at 'F2' -- Viability Rating: affirmed at 'bbb+' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' -- Senior unsecured notes and EMTN programme: affirmed at 'BBB+' Credito Valtellinese -- Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative -- Short-term IDR: downgraded to 'B' from 'F3' -- Viability Rating: downgraded to 'bb+' from 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' -- Senior unsecured notes, including notes guaranteed by Credito -- Valtellinese, and EMTN programme: long-term rating downgraded to 'BB+' from 'BBB'; short-term rating: downgraded to 'B' from 'F3' Credito Artigiano -- Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative -- Short-term IDR: downgraded to 'B' from 'F3' -- Support Rating: downgraded to '3' from '2' Veneto Banca -- Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative -- Short-term IDR: downgraded to 'B' from 'F3' -- Viability Rating: downgraded to 'bb+' from 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB' -- Senior unsecured notes and EMTN programme: long-term rating downgraded to 'BB+' from 'BBB'; short-term rating: downgraded to 'B' from 'F3' -- Subordinated Perpetual Tier 1 notes: downgraded to 'B' from 'BB-' * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 13-14, 2012 AMERICAN BANKRUPTCY INSTITUTE 9th Annual Complex Financial Restructuring Program Four Seasons Hotel, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 13-15, 2012 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Southwest Bankruptcy Conference Four Seasons Hotel, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 19-20, 2012 AMERICAN BANKRUPTCY INSTITUTE 38th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganizations New York University School of Law, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4, 2012 AMERICAN BANKRUPTCY INSTITUTE Nuts & Bolts: Bankruptcy Fundamentals for Young and New Practitioners Charles Evans Whittaker Courthouse, Kansas City, Mo. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 5, 2012 AMERICAN BANKRUPTCY INSTITUTE 32nd Annual Midwestern Bankruptcy Institute & Consumer Forum Kansas City Marriott Downtown, Kansas City, Mo. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 5, 2012 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy 2012: Views from the Bench Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 8, 2012 AMERICAN BANKRUPTCY INSTITUTE 5th Annual Chicago Consumer Bankruptcy Conference University of Chicago Gleacher Center, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 18, 2012 AMERICAN BANKRUPTCY INSTITUTE International Insolvency & Restructuring Symposium Parco dei Principi Grand Hotel & Spa, Rome, Italy Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 26, 2012 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program San Diego Marriott Marquis and Marina, San Diego, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-2, 2012 AMERICAN BANKRUPTCY INSTITUTE Corporate Restructuring Competition Wharton University of Pennsylvania, Philadelphia, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 12, 2012 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference [Location Undetermined] Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. *********** 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 * * *