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/raid1/www/Hosts/bankrupt/TCRLA_Public/130314.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, March 14, 2013, Vol. 14, No. 52 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Receivers Reach Agreement C A Y M A N I S L A N D S 55 NORTH: Commences Liquidation Proceedings ARDEN ASIA: Placed Under Voluntary Wind-Up ARDEN CREDIT: Placed Under Voluntary Wind-Up ARDEN SAGE: Placed Under Voluntary Wind-Up BRASPETRO OIL: Commences Liquidation Proceedings DELLACAMERA OPTIONS: Placed Under Voluntary Wind-Up FOCUS 300: Placed Under Voluntary Wind-Up GLOBAL MANAGED: Placed Under Voluntary Wind-Up GMFF LARES: Placed Under Voluntary Wind-Up GMFF TERRA: Placed Under Voluntary Wind-Up GOLDANCE CORPORATION: Placed Under Voluntary Wind-Up GTI6 MANGAKAHIA: Commences Liquidation Proceedings NB OFFSHORE FUND II: Commences Liquidation Proceedings NB OFFSHORE LONG/SHORT: Placed Under Voluntary Wind-Up NB OFFSHORE MASTER: Commences Liquidation Proceedings OPTIMA PARTNERS: Placed Under Voluntary Wind-Up RENAISSANCE GLOBAL: Placed Under Voluntary Wind-Up SEARCH ASIAN: Placed Under Voluntary Wind-Up SR ALTERNATIVE: Commences Liquidation Proceedings WORLD FUND: Commences Liquidation Proceedings G R E N A D A GRENADA: S&P Lowers Foreign & Local Sovereign Rating to 'SD' M E X I C O SARE HOLDING: Fitch Affirms National Scale LT Rating at 'CC' T R I N I D A D & T O B A G O CL FIN'L: Judge Finds Government Bailout Plan 'Unlawful' X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Receivers Reach Agreement ----------------------------------------- Kara Scannell at The Financial Times reports that Antiguan and U.S. receivers liquidating convicted fraudster Robert Allen Stanford' Antigua-based Stanford International Bank Limited reached a settlement that could return a portion of the US$300 million in disputed assets to victims. The settlement between the U.S. receiver, Ralph Janvey, U.S. Department of Justice, and receivers appointed by an Antiguan court ends a four year battle over US$300 million in liquid assets held in accounts in Canada, Switzerland, and the United Kingdom, according to The Financial Times. "We've now cleared the biggest obstacle to getting these funds back to victims that has existed in the last four years," the report quoted Kevin Sadler, a lawyer representing the U.S. receiver, as saying. Under the agreement, which requires court approval from the three jurisdictions, "almost 90%" of the frozen assets will be distributed, the receivers said in a joint statement obtained by the news agency. The Financial Times says that the deal comes four years after US authorities charged Mr. Stanford and several associates with running a US$7 billion Ponzi scheme. The report relates that the pact will probably draw scrutiny from Stanford's victims who have not received any distributions and have filed their own lawsuits to try to recover assets. The victim's group has been critical of fees the US receiver has been paid, The Financial Times notes. The Financial Times, citing the joint agreement, notes that the U.S. receiver will have US$155.5 million to distribute, while the Antiguans will have US$104.5 million to pay to victims. Of the remaining amount, the Antiguan regulators will receive up to US$36 million in fees, the receivers said, notes the report. That comes in addition to US$20 million in legal fees previously advanced to the Antiguans. The report recalls that since 2009, the U.S. receiver has been paid US119.2 million to cover fees and expenses associated with the liquidation, according to an interim report filed with the court last month. Before the settlement, the U.S. receiver said it recovered US$230 million to return to investors, the report notes. Last month the receiver asked a judge for permission to distribute US$55 million to investors, the report relates. The remaining cash is held to cover potential expenses associated with winding down the receivership, it said in the filing, the report adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. ========================== C A Y M A N I S L A N D S ========================== 55 NORTH: Commences Liquidation Proceedings ------------------------------------------- On Dec. 21, 2012, the sole shareholder of 55 North General Partner Inc resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 30, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 ARDEN ASIA: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 19, 2012, the sole shareholder of Arden Asia Partners, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 c/o Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ARDEN CREDIT: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 19, 2012, the sole shareholder of Arden Credit Opportunities Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 c/o Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ARDEN SAGE: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 19, 2012, the sole shareholder of Arden Sage Large Cap Equity Portable Alpha Fund, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands BRASPETRO OIL: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 14, 2012, the sole shareholder of Braspetro Oil Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 30, 2013, will be included in the company's dividend distribution. The company's liquidator is: Fabio Barreto Lourenco Avenida Republica do Chile 65 10o. Floor, Room 1004 Centro, Rio de Janeiro RJ, Brazil Telephone: +5 (521) 3224 3067 DELLACAMERA OPTIONS: Placed Under Voluntary Wind-Up --------------------------------------------------- On Dec. 19, 2012, the sole shareholder of Dellacamera Options Holdings resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 28, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 949 9876 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands FOCUS 300: Placed Under Voluntary Wind-Up ----------------------------------------- On Dec. 14, 2012, the sole member of Focus 300 Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 22, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands GLOBAL MANAGED: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 21, 2012, the sole shareholder of Global Managed Futures Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands GMFF LARES: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 21, 2012, the sole shareholder of GMFF Lares Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands GMFF TERRA: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 21, 2012, the sole shareholder of GMFF Terra Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands GOLDANCE CORPORATION: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Dec. 14, 2012, the sole shareholder of Goldance Corporation Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 14, 2013, will be included in the company's dividend distribution. 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 GTI6 MANGAKAHIA: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 20, 2012, the shareholders of GTI6 Mangakahia Investment Co. Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 30, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 NB OFFSHORE FUND II: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 19, 2012, the sole member of NB Offshore Long/Short Fund II Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands NB OFFSHORE LONG/SHORT: Placed Under Voluntary Wind-Up ------------------------------------------------------ On Dec. 19, 2012, the sole member of NB Offshore Long/Short Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Tania Dons P.O. Box 2681 Cayman Islands NB OFFSHORE MASTER: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 19, 2012, the sole member of NB Offshore Long/Short Master Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands OPTIMA PARTNERS: Placed Under Voluntary Wind-Up ----------------------------------------------- On Dec. 20, 2012, the sole member of The Optima Partners Focus Adviser Series Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 22, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands RENAISSANCE GLOBAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On Dec. 6, 2012, the sole shareholder of Renaissance Global Macro Fund Of Funds Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands SEARCH ASIAN: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 21, 2012, the shareholders of Search Asian Mezzanine Capital Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 22, 2013, will be included in the company's dividend distribution. The company's liquidator is: Wang Tong Cheung Kong Center, 57th Floor 2 Queen's Road Central Hong Kong Telephone: +8 (522) 826 9697 Facsimile: +8 (522) 810 1572 SR ALTERNATIVE: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 19, 2012, the sole shareholder of SR Alternative Financing II SPC resolved to voluntarily liquidate the company's business. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London WORLD FUND: Commences Liquidation Proceedings --------------------------------------------- On Dec. 19, 2012, the sole shareholder of World Fund Financial Services resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 30, 2013, will be included in the company's dividend distribution. The company's liquidator is: Roberto Becker Rua Capitao Araujo 511/1302, Centro Passo Fundo Rio Grande do Sul Zip Code 99010-200 Brazil Telephone: +5 (554) 2103 7100/ +5 (554) 9141 1352 ============= G R E N A D A ============= GRENADA: S&P Lowers Foreign & Local Sovereign Rating to 'SD' ------------------------------------------------------------ Standard & Poor's Ratings Services said it lowered its foreign and local currency sovereign credit ratings on Grenada to 'SD' (selective default) from 'CCC+/C'. "The downgrade to 'SD' follows the government of Grenada's announcement that it will not pay the coupon due March 15, 2013, on its U.S. dollar and Eastern Caribbean dollar bonds due in 2025," said Standard & Poor's credit analyst Joydeep Mukherji. The government also announced that it does not expect to have the funds to pay the coupon during the relevant grace periods. The government plans to service its Treasury bills registered in the regional government securities market. On Oct. 8, 2012, S&P lowered its foreign currency rating on Grenada to 'SD' following the government's failure to pay the coupon due Sept. 15, 2012, on its US$193 million bond due in 2025. Subsequently, on Oct. 16, S&P raised the foreign currency sovereign credit ratings to 'CCC+/C' because the government made full payment on the coupon due on Sept. 15, 2012. Earlier, Grenada had restructured its commercial debt in 2005 (including local currency bonds) and its Paris Club debt owed to official creditors in 2006 after Hurricanes Ivan (2004) and Emily (2005) destroyed much of the island's infrastructure and agricultural capacity. "Once the government cures its foreign currency debt default, we will assign forward-looking foreign and local currency ratings," said Mr. Mukherji. "We expect that the country's poor prospects for economic growth, along with low external liquidity, will continue to constrain the government's overall finances and the new rating." =========== M E X I C O =========== SARE HOLDING: Fitch Affirms National Scale LT Rating at 'CC' ------------------------------------------------------------ Fitch Ratings affirmed Sare Holding, S.A.B. de C.V.'s ratings as follows: -- National Scale Long Term Rating at 'CC(mex)'. -- Certificados Bursatiles SARE 08 at 'CC(mex)'. -- Certificados Bursatiles SARE 08-2 at 'CC(mex)'. KEY RATING DRIVERS The ratings reflect the significant contraction in the operative results of the company, due to lower units sales during 2012, negative gross, operating and EBITDA margins, and limited flexibility in the low income segment reactivation. Fitch expects these operational constraints to remain in 2013. During 2012 the company was focused on reducing its financial liabilities through the divestment program of non-core assets, which was agreed with financial institutions for the debt rescheduling process that the company started in October 2011. During 2012 Sare reported total revenues of MXN1.5 billion, out of which MXN1.1 billion were related to the sale of non-strategic assets; however the cost of sales associated with this income was MXN2.3 billion. In addition, in 2012 the company charged the income statement with MXN0.7 billion due to the impairment loss in the market value of its inventories that are expected to be sold in the first half of 2013. Sare's restructured bank debt is fully secured by land and housing projects; the proceeds obtained by the sale of these assets are been used to reduce bank debt and to reactivate low income housing projects. Sare's local market debt maturity was rescheduled in May 2012 and terms and conditions were also modified. Sare's Certificados Bursatiles are unsecured and subordinated to the secured bank debt. Fitch estimates the company could divest non-core assets during 2013 by MXN0.9 billion, of which 80 to 90 percent would go to reduce its financial liabilities. Sare's liquidity is limited. At year-end 2012 the company had MXN25.3 million in cash and total debt of MXN1.9 billion, of which 18.0% is registered as short-term. This tight liquidity situation severely limits the rate of housing production reactivation. Fitch's current expectation is that the company will generate in 2013 EBITDA of around MXN0.1 billion with a debt / EBITDA ratio of approximately 10.0 times (x). RATINGS SENSITIVITY A significant recovery in housing production along with a generation of positive free cash flow could stabilize the company's financial position. Another factor that could contribute to a positive rating action is the scenario in which the company receives extraordinary financial support from its shareholders or third parties. The ratings could be downgraded if liquidity deteriorates; the low income projects reactivation has further delays and/or the sale of strategic land deviates from current expectations. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Judge Finds Government Bailout Plan 'Unlawful' -------------------------------------------------------- Joel Julien at Trinidad Express reports that High Court Judge Joan Charles ruled the Colonial Life Insurance Company (Trinidad) Limited (CLICO) bailout plan presented by the People's Partnership Government was unlawful. The State has now been ordered to pay a group of Executive Flexible Premium Annuity (EFPA) policyholders all the money they invested in the failed insurance giant, plus interest, according to Trinidad Express. The report relates that the judgment was handed down by Judge Charles in respect to a lawsuit filed by the United Policyholders Group that is reported to have some 400 members along with Madan Singh, Basdeo Rajkumar, Sandra Rajkumar and Stacey Noelle Williams against the Attorney General of Trinidad and Tobago. The group was represented by Queen's Counsel Peter Knox, former attorney general Ramesh Maharaj, SC, Vijaya Maharaj, and Nyala Badal. Queen's Counsel Allan Newman, former attorney general Russell Martineau, SC, Kelvin Ramkissoon and Kerry Ann Oliverie represented the State. In its application, the United Policyholders Group contended the bailout plan presented by the former People's National Movement (PNM) administration amounted to a guarantee policyholders would be reimbursed the funds they held in the cash-strapped conglomerate, the report says. Trinidad Express discloses that Judge Charles agreed. "It is declared that the claimants are the beneficiaries of legitimate expectations engendered by representations made to them by or on behalf of the government that (i) the government would ensure that their funds in CLICO would be safe and that it would guarantee repayment of all monies due to them; and (ii) the government would make good the deficit in the Statutory Fund," her ruling stated, the report relays. Speaking to the media outside the Hall of Justice following the ruling, Mr. Maharaj said the reason the policyholders left their money in CLICO was because of the PNM's promise, the report notes. "Based on that assurance they kept their monies in the system, and when the new government took office, the new government decided to come up with a plan in which they were given time to accept that plan in that they would get their money over a period of 20 years," the report quoted Mr. Maharaj as saying. "Interest at the rate of three per cent from September 2010 to March 12, 2013, be paid on the said sum," the ruling stated. The report adds that Judge Charles did not agree with the People's Partnership's contention that it did not have the money to abide by the PNM promise. The State has 28 days to file an appeal. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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, Julie Anne L. Toledo, 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 * * *