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/raid1/www/Hosts/bankrupt/TCRLA_Public/130214.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, February 14, 2013, Vol. 14, No. 32 Headlines B E L I Z E * BELIZE: Minister Discloses New Debt Terms on Defaulted Bond C A Y M A N I S L A N D S ALBEMARLE SPECIAL: Shareholder Receives Wind-Up Report CENTRAL MASSACHUSETTS: Members Receive Wind-Up Report ENSERVE LTD: Shareholder Receives Wind-Up Report FORTE INVESTMENT: Members Receive Wind-Up Report GLADBROOK LIMITED: Members Receive Wind-Up Report GREAT HOPE: Members Receive Wind-Up Report GRUPO ENERGIA: Shareholder Receives Wind-Up Report HIGH QUALITY: Shareholders Receive Wind-Up Report HIGH QUALITY ABS: Shareholders Receive Wind-Up Report HIGHLAND BOWL: Members Receive Wind-Up Report HYPER ENGINE: Members Receive Wind-Up Report IVAN LIMITED: Members Receive Wind-Up Report MARCH 1 LTD: Shareholders Receive Wind-Up Report NAUTILUS GLOBAL: Shareholders Receive Wind-Up Report PUMA ABSOLUTE: Shareholders Receive Wind-Up Report RASMALA HEDGE: Members Receive Wind-Up Report SANDA KAN: Shareholders Receive Wind-Up Report SIPFIM FUND: Shareholders Receive Wind-Up Report TOLLTECH HOLDING: Shareholder Receives Wind-Up Report J A M A I C A PALMYRA RESORT: Overseers Refuse to Fund Maintenance Cost * JAMAICA: Fitch Lowers IDRs to 'C' on Distressed Debt Exchange * JAMAICA: S&P Cuts Rating to 'SD' After Plans of Debt Exchange V E N E Z U E L A * VENEZUELA: Fitch Says Devaluation to Have Mixed Effect on Banks X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =========== B E L I Z E =========== * BELIZE: Minister Discloses New Debt Terms on Defaulted Bond ------------------------------------------------------------- Adam Williams at Bloomberg News reports that Belize's government proposed extending maturities and cutting the coupon on the country's $544 million of defaulted debt as part of the Central American nation's second debt restructuring since 2007. Prime Minister Dean Barrow's plan would extend the maturity on the defaulted bonds to 2038 from 2029 and lower the current coupon to 5 percent from 8.5 percent. Barrow, speaking to the lower house in Belmopan, said the agreement would provide the country $247 million in relief over the next 10 years, according to Bloomberg News. "There is no reason to fear that with this massive package of debt relief, there can be any chance of Belize defaulting again," Bloomberg News quoted Mr. Barrow as saying. Bloomberg News recalls that Belize missed a $23 million coupon payment on its bonds in August. It later paid half the amount as talks with creditors continued, Bloomberg News relays. ========================== C A Y M A N I S L A N D S ========================== ALBEMARLE SPECIAL: Shareholder Receives Wind-Up Report ------------------------------------------------------ On Jan. 4, 2013, the shareholder of Albemarle Special Assets Fund Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporateservices (Cayman) Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CENTRAL MASSACHUSETTS: Members Receive Wind-Up Report ----------------------------------------------------- On Dec. 24, 2012, the members of Central Massachusetts Indemnity Company, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. Russell Homer is the company's liquidator. ENSERVE LTD: Shareholder Receives Wind-Up Report ------------------------------------------------ On Jan. 4, 2013, the shareholder of Enserve Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman, KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 FORTE INVESTMENT: Members Receive Wind-Up Report ------------------------------------------------ On Dec. 20, 2012, the members of Forte Investment Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands GLADBROOK LIMITED: Members Receive Wind-Up Report ------------------------------------------------- On Dec. 27, 2012, the members of Gladbrook Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman KY1-1102 Cayman Islands GREAT HOPE: Members Receive Wind-Up Report ------------------------------------------ On Dec. 27, 2012, the members of Great Hope Investments Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman KY1-1102 Cayman Islands GRUPO ENERGIA: Shareholder Receives Wind-Up Report -------------------------------------------------- On Jan. 4, 2013, the shareholder of Grupo Energia Cayman LLC received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman, KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HIGH QUALITY: Shareholders Receive Wind-Up Report ------------------------------------------------- On Dec. 28, 2012, the shareholders of High Quality ABS Opportunities (Master) Fund III, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands HIGH QUALITY ABS: Shareholders Receive Wind-Up Report ----------------------------------------------------- On Dec. 28, 2012, the shareholders of High Quality ABS Opportunities (Cayman) Fund III, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands HIGHLAND BOWL: Members Receive Wind-Up Report --------------------------------------------- On Dec. 17, 2012, the members of Highland Bowl Trading Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands HYPER ENGINE: Members Receive Wind-Up Report -------------------------------------------- On Dec. 27, 2012, the members of Hyper Engine Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman KY1-1102 Cayman Islands IVAN LIMITED: Members Receive Wind-Up Report -------------------------------------------- On Dec. 27, 2012, the members of Ivan Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman KY1-1102 Cayman Islands MARCH 1 LTD: Shareholders Receive Wind-Up Report ------------------------------------------------ On Jan. 29, 2013, the shareholders of March 1 Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands NAUTILUS GLOBAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- On Jan. 3, 2013, the shareholders of Nautilus Global Capital received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wei Liu c/o Stephen Nelson Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands PUMA ABSOLUTE: Shareholders Receive Wind-Up Report -------------------------------------------------- On Jan. 4, 2013, the shareholders of Puma Absolute Return Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 RASMALA HEDGE: Members Receive Wind-Up Report --------------------------------------------- On Dec. 24, 2012, the members of Rasmala Hedge Fund Strategies Ltd. received 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 SANDA KAN: Shareholders Receive Wind-Up Report ---------------------------------------------- On Dec. 28, 2012, the shareholders of Sanda Kan (Cayman I) Holdings Company Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands SIPFIM FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ On Dec. 25, 2012, the shareholders of SIPFIM Fund Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marco Racy Kheirallah c/o Avenida Brigadeiro Faria Lima, No. 2277, 9th Floor, conjuntos 1603 and 1604 Sao Paulo Brazil TOLLTECH HOLDING: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Jan. 4, 2013, the shareholder of Tolltech Holding, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman, KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ============= J A M A I C A ============= PALMYRA RESORT: Overseers Refuse to Fund Maintenance Cost --------------------------------------------------------- Janet Silvera at Jamaica Gleaner reports that a number of homeowners and tenants of the Palmyra Resort & Spa, Montego Bay, have been forced to vacate the premises because of a refusal by the property's overseers to continue funding increasing maintenance costs. The receiver has already curtailed access to electricity to a few hours each day, according to Jamaica Gleaner. Jamaica Gleaner notes that Sunday Business said that at least one of the two banks that own the property has stopped providing funding towards the operation of the power plant at the resort. The report notes that electricity at the property is costing in excess of US$140,000 per month, sources close to the resort have said, the report relates. Overall, the report discloses that the two banks, RBC and NCB, spend US$450,000 to maintain the property which went into receivership on July 2011. The operation of the property, said the source had impacted badly on the bottom line of both entities, the report notes. The occupants were given a four-day notice to move out by Saturday, February 9. The report relays that the short eviction notice has irked occupants, about 20 to 30 homeowners and tenants, who were advised by the property's receiver Ken Tomlinson on February 5. About Palmyra Resort The Palmyra, which is located at Rose Hall in Montego Bay, is a 288-room hotel/condominium complex encompassing three towers, two of which were completed. It has 103 owners of individual condos, with 97 units remaining for sale on the completed blocks, the Sabal Tower and Silver Tower. The shell of a high-rise hotel designed for 88 studio suites, called Sentry Tower, and 11 three- bedroom villas are at varying stages of completion. * * * As reported in the Troubled Company Reporter-Latin America on July 29, 2011, Jamaica Observer said that local banks placed the Palmyra Resort and Spa into receivership on July 22, 2011. Jamaica Gleaner, citing information filed with the Companies Office of Jamaica, reports that businessman Robert Trotta has at least a US$22 million loan with RBC Royal Bank Jamaica (fka RBTT), and a US$88 million loan with National Commercial Bank secured by debenture dated 2007 amounting to US$110 million. The size of the outstanding debts was not ascertained. Mr. Trotta headed the U.S.-based Resort Properties Group, which is one of the developers of the resort. The second developer is Michelle Rollins' Rose Hall Developments. Plan to Sell Through Auction Fails TCRLA reported that Jamaica Gleaner, citing sources, said plans to sell the Palmyra Resort & Spa at auction have failed despite two extensions on the original sealed-bid deadline. The Financial Gleaner has learned that Palmyra receiver Ken Tomlinson has switched to Plan B and is now hoping to sell the 16-acre beachfront property via private treaty. * JAMAICA: Fitch Lowers IDRs to 'C' on Distressed Debt Exchange --------------------------------------------------------------- Fitch Ratings has downgraded Jamaica's ratings: -- Long-term foreign currency (FC) and local currency (LC) Issuer Default Ratings (IDRs) to 'C' from 'B-'; -- Short-term foreign currency IDR to 'C' from 'B'; -- The country ceiling to 'B-' from 'B'; -- International senior unsecured debt instruments to 'CCC' from 'B-'. KEY RATING DRIVERS The downgrade of Jamaica's sovereign ratings reflects the following key rating factors: The government has announced a domestic debt exchange involving approximately J$860 billion in both FC and LC domestic debt. In Fitch's opinion, the exchange, if completed, would constitute a 'distressed debt exchange' (DDE) in line with its criteria, as the operation adversely impacts the original contractual terms of domestic bondholders. The proposed debt exchange will affect some instruments to which Fitch's FC IDR applies. As a result, both the sovereign FC and LC IDRs have been lowered to 'C' from 'B-' indicating that default on both types of debt instruments is highly likely in the near term. The debt exchange announced by the government entails extension of maturities and reduction in coupons for the affected debt instruments. Although the operation does not involve a 'haircut' on principal, the proposed exchange does imply an adverse change in the terms of government domestic debt. In addition, the debt exchange has been set as a precondition towards progress in finalizing a new agreement with the International Monetary Fund (IMF). In the absence of an IMF program to stabilize investor confidence, Jamaica will likely face rising financing pressures and increased risks for macroeconomic stability. Although the operation does not directly involve international bonds, Fitch has lowered the rating on Jamaican Eurobonds to 'CCC', as an unsuccessful debt exchange could result in increased financing pressures for the sovereign. The country ceiling will be downgraded to 'B-'. Capital controls or FX restrictions have not been announced. RATING OUTLOOK Fitch considers that Jamaica's proposed domestic debt exchange will, if completed, constitute a default. Hence, the sovereign's FC and LC IDRs will be lowered to 'Restricted Default' (RD) upon completion of the exchange. The government plans to close the exchange on Feb. 21, 2013. Jamaica's ratings will be raised out of default shortly after Fitch determines that the exchange has been successful, which is typically measured by a minimum participation rate of 90%. The new rating will be consistent with Jamaica's prospective credit profile and debt structure. KEY ASSUMPTIONS AND SENSITIVITIES Fitch considers that an IMF program is necessary for Jamaica to avoid destabilizing macroeconomic and fiscal pressures by restoring domestic confidence and providing access to FX funding. Hence, Fitch assumes the government's goal is to make swift progress in meeting other program pre-conditions, most notably reaching a salary agreement with public sector unions. Fitch assumes that the debt exchange operation will not result in financial instability which could in turn accentuate current financing pressures. * JAMAICA: S&P Cuts Rating to 'SD' After Plans of Debt Exchange --------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its foreign and local currency sovereign credit ratings on Jamaica to 'SD' from 'B-/B'. At the same time, S&P lowered its ratings on the bonds that are included in the sovereign's proposed domestic debt exchange to 'D'. S&P lowered the ratings on the government securities not included in the debt exchange to 'CCC'. These rating actions follow the government's announcement of the domestic debt exchange and its official launch. The offer seeks to exchange Jamaica's domestically issued debt. It includes foreign currency-denominated debt that was issued locally, which carries foreign currency ratings, which is why S&P has lowered the foreign currency credit rating to 'SD'. This transaction excludes debt owed to nonresidents. S&P considers the debt exchange as a default for two main reasons, as described in its criteria, "Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009. "In S&P's view, the offer implies that investors will receive less value than promised as per the original securities based on the lower interest rate and maturity extension--an average increase of five years," said Standard & Poor's credit analyst Joydeep Mukherji. "We view this offer as distressed rather than opportunistic because the issuer does not intend to fulfill its original obligations." Jamaica undertook a similar debt exchange offer in January 2010, when S&P also revised its foreign and local currency sovereign credit ratings on Jamaica to 'SD'. The government has announced its intention to seek an agreement with the International Monetary Fund, as part of a broad strategy of reforms designed to manage its debt burden and gain access to more external liquidity. Although such an agreement could ease short-term liquidity concerns, a sustained improvement in the government's financial profile will take many years, in S&P's view, because of the country's structural economic weaknesses. "We expect to assign a new sovereign credit rating in the 'CCC' category to the new bonds upon the completion of the debt exchange and the issuance of the new bonds, which is scheduled for later this month," said Mr. Mukherji. "A high debt burden and weak external liquidity position will constrain the new sovereign rating after the debt exchange is completed." Despite the reduction in debt-servicing needs following the debt exchange, Jamaica's general government debt burden will remain high, at above 115% of GDP in 2013. Moreover, its net international reserves were approximately $1 billion at the end of January, down from more than $1.9 billion at the beginning of 2012. Low external reserves, along with low prospects for GDP growth, will constrain the new sovereign rating. ================= V E N E Z U E L A ================= * VENEZUELA: Fitch Says Devaluation to Have Mixed Effect on Banks ----------------------------------------------------------------- The widely anticipated devaluation of Venezuela's official exchange rate on Feb. 8 will likely have mixed effects on the country's banks, while intensifying problems for some Latin American corporates with substantial exposure to Venezuela, according to Fitch Ratings. "We do not expect the devaluation to have any effect on ratings or outlooks for rated banks and corporates in the region, but inflationary pressure and weaker growth could adversely affect operating results, particularly in the Venezuelan banking system," Fitch says. Venezuelan banks have generally reduced their long net foreign currency positions over the past two years. As a result, the impact of the exchange rate change on banks' financial profiles will be less than the last official devaluation in 2010. By local regulation, banks cannot hold net foreign currency positions greater than 30% of equity, and most banks have reduced this position to single digits. However, Titulos de Interes y Capital Cubierto, instruments that are denominated in bolivar but adjust to currency devaluation, are not included in the banks' net foreign currency position calculation for regulatory purposes. These instruments represent between 20% and 30% of equity at the large and midsize private sector universal banks. We expect these banks' equity positions to benefit from the devaluation, as most of these instruments tend to be classified as hold to maturity. According to local regulation, these currency gains cannot be recognized as income, but are reflected as an increase in equity on the banks' financial statements. As such, these gains are not subject to distribution as dividends, but can be used for certain purposes such as meeting loan loss provision needs. The devaluation is likely to have a negative impact on Venezuelan banks' asset quality to the extent that higher inflation and slower growth contribute to higher operating costs and impaired debt service capacity among borrowers. We expect loan growth to decelerate in real terms, net interest margins to narrow, and efficiency ratios to deteriorate in the short term. As previously noted in our "2013 Outlook: Andean Banks" report, profitability will decline from peaks posted in 2012. For Latin American nonfinancial corporates with significant operations in Venezuela, the devaluation was widely expected, and most of the financial challenges they face are essentially unchanged. In particular, firms such as restaurant operator Arcos Dorados (more than 10% of EBITDA in Venezuela) and Chilean board manufacturer Masisa (more than 20% of EBITDA) will continue to look for opportunities to raise local prices in a more challenging inflationary environment. In addition, these companies may continue to struggle in finding ways to repatriate cash from their Venezuelan operations. Two Fitch-rated Latin American corporates have had their Venezuelan operations nationalized by the government, but have failed to receive compensation. These firms -- Venezuelan steelmaker Sidetur and Mexican food company Gruma -- could see their compensation reduced as a result of the devaluation. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Jan. 24-25, 2013 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Four Seasons Hotel Denver, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 7-9, 2013 AMERICAN BANKRUPTCY INSTITUTE Caribbean Involvency Symposium Eden Roc Renaissance, Miami Beach, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 17-19, 2013 AMERICAN BANKRUPTCY INSTITUTE Advanced Consumer Bankruptcy Practice Institute Charles Evans Whittaker Courthouse, Kansas City, Mo. 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., Washington, D.C., 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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *