/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130415.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 Monday, April 15, 2013, Vol. 14, No. 73 Headlines A N T I G U A & B A R B U D A STANFORD GROUP: Victim Payment Plan Goes to Judge A R G E N T I N A * ARGENTINA: S&P Affirms Mendoza's 'B-' ICR; Outlook Negative * ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative B R A Z I L CORPORACION PESQUERA: S&P Puts 'B+' Rating on CreditWatch LUPATECH SA: S&P Lowers Corporate Credit Rating to 'D' METROFINANCIERA SAPI: Fitch Puts RMBS on Rating Watch Negative C A Y M A N I S L A N D S 400 LTD: Commences Liquidation Proceedings ACTIVE DEVELOPER II: Commences Liquidation Proceedings BBH INTERNATIONAL: Commences Liquidation Proceedings CAYUGA GLOBAL: Commences Liquidation Proceedings CB RUSSIA: Commences Liquidation Proceedings COLIMORE HARBOUR: Commences Liquidation Proceedings DESMEJD CAPITAL: Appoints Kavkin as Liquidator FORTUNE NEST: Placed Under Voluntary Wind-Up GREENWICH (CAYMAN) I: Placed Under Voluntary Wind-Up GREENWICH (CAYMAN) II: Placed Under Voluntary Wind-Up GREENWICH (CAYMAN) III: Placed Under Voluntary Wind-Up MTONE LIMITED: Placed Under Voluntary Wind-Up NIGERIA MEDIA: Commences Liquidation Proceedings ORIENTAL AND PACIFIC: Placed Under Voluntary Wind-Up PETERSHAM ESTATES: Commences Liquidation Proceedings RESORT DEVELOPMENT: Placed Under Voluntary Wind-Up SOLA PORTABLE: Shareholder Receives Wind-Up Report SP FIBERMARKS: Commences Liquidation Proceedings TT FINANCIALS: Commences Liquidation Proceedings TT FINANCIALS ALPHA: Commences Liquidation Proceedings J A M A I C A DIGICEL GROUP: Pre-qualifies to Tender for Burma Mobile Licence UC RUSAL: Ewarton Bauxite Plant Back to Full Production M E X I C O BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable MAXCOM TELECOMUNICACIONES: Ventura Extends Offer to April 24 P E R U FERREYCORP SAA: Moody's Rates Proposed $300MM Notes Issuance Ba1 P U E R T O R I C O EL FARMER: Court Takes Back Order Denying Cash Collateral Use PUERTO DEL REY: Has Interim OK to Use Cash Collateral Til May 13 PUERTO DEL REY: Hearing on Case Dismissal Set for May 13 T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Exec Drops Lawsuit Against T&T Opposition X X X X X X X X * BOND PRICING: For the Week April 8 to April 12, 2013 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD GROUP: Victim Payment Plan Goes to Judge ------------------------------------------------- Thomas Korosec & Andrew Harris, writing for Bloomberg News, reported that R. Allen Stanford's investors may now be able to recoup some of their losses more than four years after the Stanford Group Co. founder was sued by the U.S. Securities and Exchange Commission and put out of business. According to the report, Ralph Janvey, the receiver appointed by a federal judge to marshal and liquidate Stanford's personal and business assets in February 2009, is set to ask permission to make a $55 million interim distribution, about one penny for each of the $5.1 billion dollars lost in the fraud scheme. Bloomberg said the proposed payout trails the more than $5.4 billion paid to victims of Bernard L. Madoff, who was arrested in December 2008, about $4.9 billion paid clients of the MF Global Inc. brokerage after its parent MF Global Holdings Ltd. failed in October 2011, and the $123 million interim distribution for victims of Peregrine Financial Group Inc. founder Russell Wasendorf, who prosecutors last year said stole $215 million. "No distribution plan can satisfy every claimant," Mr. Janvey's lawyers said in a Feb. 12 filing with U.S. District Judge David Godbey in Dallas, Bloomberg recalled. "But the receiver's interim plan, which drew only three objections from thousands of claimants, comes remarkably close." Bloomberg related that a federal jury in Houston last year found Stanford, 63, guilty of lying to investors about the nature and oversight of certificates of deposit issued by his Antigua-based bank. The jurors later decided he must forfeit $330 million in accounts seized by the U.S. government. Sentenced to 110 years in federal prison, Stanford has appealed the jury's verdict. The SEC case is Securities and Exchange Commission v. Stanford International Bank, 09-cv-00298, U.S. District Court, Northern District of Texas (Dallas). The criminal case is U.S. v. Stanford, 09-cr-00342, U.S. District Court, Southern District of Texas (Houston). About Stanford Group The Stanford Financial Group was a privately held international group of financial services companies controlled by Allen Stanford, until it was seized by United States (U.S.) authorities in early 2009. 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 served more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. ================= A R G E N T I N A ================= * ARGENTINA: S&P Affirms Mendoza's 'B-' ICR; Outlook Negative ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings, including the 'B-' global scale issuer credit rating, on the province of Mendoza. The outlook is negative. The 'B-' rating on the province reflects the high risk inherent to the Republic of Argentina (B-/Negative/B) and the close linkage between the sovereign and local governments in Argentina. The province's "very negative" liquidity, which only covers 30% of debt service for the next 12 months, and its limited budgetary flexibility also constrain the rating. Somewhat offsetting these risks are its moderate debt level -- at 40% of operating revenues as of the end of 2012 and that has been sharply falling for the past five years -- and its low level of contingent liabilities. * ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative ------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed its 'B-' unsolicited long-term foreign and local currency sovereign credit ratings on the Republic of Argentina. At the same time, S&P affirmed the 'B' short-term rating. The outlook on the ratings remains negative. S&P is also affirming its 'B-' transfer and convertibility assessment on Argentina. "The rating reflects Argentina's limited access to funding, the lack of predictability in economic policies in the context of high inflation, and growing rigidities in government spending," said Standard & Poor's credit analyst Sebastian Briozzo. "It also reflects diminished debt levels relative to GDP and a relatively high level of international reserves, despite the use of central bank reserves to pay external debt." After the hearing that took place on Feb. 27, 2013, the U.S. Court of Appeals in New York asked the Republic of Argentina to present a formal payment proposal to holders of its defaulted debt. The Republic of Argentina presented on March 29, 2013, a proposal that was basically the same as the one it offered in 2010. The court then forwarded the proposal to the litigants, who were asked to reply to the court by April 22. It remains difficult to anticipate the final ruling of the U.S. Second Circuit Court of Appeals. Each decision could have different implications for Argentina's ability to continue paying capital and interest on the exchange bonds issued in 2005 and 2010 under New York jurisdiction. "A key rating factor is the court's decision about the ability of intermediary banks to continue transferring funds from the government to the holders of the exchange bonds," said Mr. Briozzo. Given the variety of possible outcomes, S&P believes that its current 'B-' rating and the negative outlook incorporate the risks associated with the legal procedure in New York courts. The outlook remains negative to reflect the possible implication of an adverse ruling that includes the third parties (financial intermediaries) and, therefore, would affect Argentina's ability to service its exchange bonds. Under that scenario, S&P would lower the ratings to 'CCC'. S&P could also consider lowering its ratings as a result of a worsening external position, mostly likely from financial outflows, or additional policy actions that exacerbate political polarization and further diminish Argentina's growth prospects. On the other hand, the ratings could stabilize if the legal risks were to diminish and if the government takes actions that restore investor confidence in the economy's medium- term prospects, thus reducing uncertainty about its external liquidity position. This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in S&P's Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used. =========== B R A Z I L =========== CORPORACION PESQUERA: S&P Puts 'B+' Rating on CreditWatch --------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' ratings, including the corporate credit rating, on Corporacion Pesquera Inca S.A.C. (Copeinca) on CreditWatch with developing implications. The CreditWatch listing follows Cermaq A.S.A.'s planned acquisition of Copeinca for approximately $824 million. The developing implications indicate that S&P could raise, lower, or affirm the ratings following further review of the transaction. An upgrade is possible if the transaction improves the company's business or financial risk profiles and, therefore, its credit quality. S&P could affirm the ratings if it views the combined company as having similar default prospects to Copeinca's, or if the transaction does not close at all. S&P could lower the ratings if the transaction results in a weaker financial risk profile, resulting in a higher default risk. Standard & Poor's will seek to resolve or update the CreditWatch listing within 90 days. S&P will monitor developments relating to this transaction and will resolve the CreditWatch listing following a review of the acquisition and its approval by Copeinca's shareholders and the Norwegian Parliament. S&P will evaluate management's business strategies, new capital structure, and gain an additional understanding of the company's financial policy objectives and degree of integration with Cermaq. LUPATECH SA: S&P Lowers Corporate Credit Rating to 'D' ------------------------------------------------------- Standard & Poor's Ratings Services lowered its global and national scale corporate credit ratings on Lupatech S.A. (Lupatech) to 'D' from 'SD'. At the same time, S&P lowered its issue rating on Lupatech Finance Ltd.'s perpetual bonds to 'D' from 'CCC'. The downgrade follows the company's April 10, 2013, missed interest payment on its perpetual bonds. Up until April 10, 2013, the company had depended on equity infusions in order to honor its financial obligations. "We do not expect the company to pay the interest due within the 30-day cure period established by the bond indenture," said Standard & Poor's credit analyst Renata Lotfi. S&P assigned the 'SD' ratings to Lupatech on April 23, 2012, when the company postponed the interest payment on local debentures mostly held by one of its shareholders, Banco Nacional de Desenvolvimento Economico e Social (BNDES) in connection with a capital strengthening plan. When and if this default is resolved, S&P will reevaluate the company's credit quality as it reorganizes its capital structure. Recently, the company hired Bank of America Merrill Lynch to act as a financial advisor in order to broadly restructure its debt. METROFINANCIERA SAPI: Fitch Puts RMBS on Rating Watch Negative -------------------------------------------------------------- Fitch Ratings has placed the following Metrofinanciera, S.A.P.I. de C.V., SOFOM, E.N.R. (Metrofinanciera) residential mortgage back securities (RMBS) on Rating Watch Negative: MTROCB 07U -- UDI indexed notes due 2033 'B+sf' and 'BBB(mex)'; Rating Watch Negative. MTROCB 08U -- UDI indexed notes due 2033 'B+sf' and 'BBB(mex)'; Rating Watch Negative. Key Rating Drivers The rating actions reflects Metrofinanciera's current impossibility to transfer March-collections from its banking accounts to the trust accounts in order to cover next monthly coupon payment, exposing MTROCB 07U and MTROCB 08U notes to liquidity risk. Metrofinanciera is the primary servicer on these transactions, and its collection accounts are temporarily frozen following a lawsuit filed by an unsecured investor. According to account balances received from the respective trustees, net current cash and cash equivalents positions in the trusts (in the form of liquidity reserves or available cash) are somewhat limited to fully pay interests on the following coupon payment dates. Rating Sensitivities Reviewed ratings could be downgraded by one or more rating categories if expected March-collections are not fully transferred to the trusts' accounts or if alternative payments arrangements are not achieved in order to timely recover recurrent cashflows to the trusts. A downgrade could also take place if despite paying next coupon, Metrofinanciera's banking accounts continue to be frozen in the coming months, its servicing abilities rapidly deteriorate, asset quality metrics of rated RMBS worsen and net cash positions remain intermittent for the foreseeable future. ========================== C A Y M A N I S L A N D S ========================== 400 LTD: Commences Liquidation Proceedings ------------------------------------------ On Jan. 9, 2013, the sole member of 400 Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 24, 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 ACTIVE DEVELOPER II: Commences Liquidation Proceedings ------------------------------------------------------ On Feb. 14, 2013, the sole shareholder of Active Developer II Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 BBH INTERNATIONAL: Commences Liquidation Proceedings ---------------------------------------------------- On Feb. 14, 2013, BBH International Equity Master Fund (Cayman), Ltd. commenced liquidation proceedings. Only creditors who were able to file their proofs of debt by March 27, 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 CAYUGA GLOBAL: Commences Liquidation Proceedings ------------------------------------------------ On Jan. 31, 2013, the sole shareholder of Cayuga Global Macro Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 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 CB RUSSIA: Commences Liquidation Proceedings -------------------------------------------- CB Russia Absolute Return Fund commenced liquidation proceedings on Feb. 8, 2013. Only creditors who were able to file their proofs of debt by March 25, 2013, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands COLIMORE HARBOUR: Commences Liquidation Proceedings --------------------------------------------------- Colimore Harbour Ltd commenced liquidation proceedings. The company's liquidator is: Ian Ashman c/o Neil Lupton Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 4286 E-mail: Neil.Lupton@walkersglobal.com DESMEJD CAPITAL: Appoints Kavkin as Liquidator ---------------------------------------------- On Dec. 18, 2012, Alexander Kavkin of 3-71, Alymova Street, 107031, Moscow, Russia was appointed as liquidator of Desmejd Capital Ltd. FORTUNE NEST: Placed Under Voluntary Wind-Up -------------------------------------------- On Feb. 5, 2013, the sole shareholder of Fortune Nest Corporation resolved to voluntarily wind up the company's operations. The company's liquidator is: Ian Stokoe c/o Adam Keenan Telephone: (345) 914 8743 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands GREENWICH (CAYMAN) I: Placed Under Voluntary Wind-Up ---------------------------------------------------- At an extraordinary general meeting held on Feb. 11, 2013, the shareholders of Greenwich (Cayman) I Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 25, 2013, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited Allison Kelly Telephone: (345) 949 0355 Facsimile: (345)949 0360 P.O. Box 1170 George Town, Grand Cayman Cayman Islands KY1-1102 GREENWICH (CAYMAN) II: Placed Under Voluntary Wind-Up ----------------------------------------------------- At an extraordinary general meeting held on Feb. 11, 2013, the shareholders of Greenwich (Cayman) II Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 25, 2013, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited Allison Kelly Telephone: (345) 949 0355 Facsimile: (345)949 0360 P.O. Box 1170 George Town, Grand Cayman Cayman Islands KY1-1102 GREENWICH (CAYMAN) III: Placed Under Voluntary Wind-Up ------------------------------------------------------ At an extraordinary general meeting held on Feb. 11, 2013, the shareholders of Greenwich (Cayman) III Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 25, 2013, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited Allison Kelly Telephone: (345) 949 0355 Facsimile: (345)949 0360 P.O. Box 1170 George Town, Grand Cayman Cayman Islands KY1-1102 MTONE LIMITED: Placed Under Voluntary Wind-Up --------------------------------------------- On Feb. 5, 2013, the sole shareholder of Mtone Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 13, 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 NIGERIA MEDIA: Commences Liquidation Proceedings ------------------------------------------------ Nigeria Media Holdings Limited commenced liquidation proceedings. Only creditors who were able to file their proofs of debt by March 12, 2013, will be included in the company's dividend distribution. The company's liquidator is: Emmanuel Assiak Plot 1684 Sanusi Fafunwa Street Lagos, Nigeria ORIENTAL AND PACIFIC: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Feb. 14, 2013, the sole shareholder of The Oriental and Pacific Steam Company resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 25, 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 PETERSHAM ESTATES: Commences Liquidation Proceedings ---------------------------------------------------- On Feb. 15, 2013, the shareholders of Petersham Estates Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 19, 2013, will be included in the company's dividend distribution. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands RESORT DEVELOPMENT: Placed Under Voluntary Wind-Up -------------------------------------------------- On Feb. 14, 2013, the sole shareholder of Resort Development Resources Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands SOLA PORTABLE: Shareholder Receives Wind-Up Report -------------------------------------------------- On March 26, 2013, the sole shareholder of Sola Portable Alpha Fund I Ltd received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 SP FIBERMARKS: Commences Liquidation Proceedings ------------------------------------------------ On Feb. 5, 2013, SP Fibermarks Ltd. commenced liquidation proceedings. Only creditors who were able to file their proofs of debt by March 27, 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 TT FINANCIALS: Commences Liquidation Proceedings ------------------------------------------------ On Jan. 30, 2013, the members of TT Financials Long Short Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2013, will be included in the company's dividend distribution. The company's liquidator is: Michael Penner c/o Marcin Czarnocki Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1 (345) 814 2228 Facsimile: +1 (345) 949 8258 e-mail: maczarnocki@deloitte.com TT FINANCIALS ALPHA: Commences Liquidation Proceedings ------------------------------------------------------ On Jan. 30, 2013, the members of TT Financials Long Short Alpha Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2013, will be included in the company's dividend distribution. The company's liquidator is: Michael Penner c/o Marcin Czarnocki Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1 (345) 814 2228 Facsimile: +1 (345) 949 8258 E-mail: maczarnocki@deloitte.com ============= J A M A I C A ============= DIGICEL GROUP: Pre-qualifies to Tender for Burma Mobile Licence --------------------------------------------------------------- RJR News reports that Digicel Group has been told it has successfully pre-qualified to tender for one of two mobile phone licences up for grabs in Burma. Digicel has formed a consortium with two other firms to seek the license, according to RJR News. Twelve other applicants have pre-qualified to tender, including firms from Japan, Europe and Africa. RJR News says that there were nearly 100 pre-qualification applicants. The licenses have come up for tender as Burma seeks to loosen ties between government and industry as economic reform gets under way in the newly democratic nation, RJR News notes. The winners of the licenses are due to be announced at the end of June. Digicel Group, with regional headquarters in Jamaica, entered the Panama market in 2008. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. UC RUSAL: Ewarton Bauxite Plant Back to Full Production ------------------------------------------------------- RJR News reports that Phillip Paulwell, Minister of Science, Technology, Energy and Mining, is reporting that the Ewarton Bauxite Plant in St. Catherine is now back at full production. The refinery, which is owned by Russian aluminium giant UC Rusal, was facing closure last year, according to RJR News. The report relates that Mr. Paulwell also outlined the new energy policy for bauxite companies in Jamaica. "The bauxite companies have been allowed by the government's new policy to incorporate their energy source. There is no way we are going to have an efficient bauxite alumina industry without this energy question being solved. The UC Rusal has recently reconfirmed their commitment to establishing a 30 megawatt plant to enable Ewarton to be more efficient. I'm now recently advised by US Rusal that the Ewarton plant is back up to full production," RJR News quoted Mr. Paulwell as saying. Meanwhile, RJR News notes that UC Rusal said about 1.5 million metric tons of aluminum production must be removed from the global market to reduce record-high inventories. About 5.2 million metric tons of aluminum is currently sitting in London Metal Exchange warehouses, a situation that continues to worry Rusal which has a major stake in Jamaica's mining sector, RJR News notes. UC Rusal has a stake in the Alpart and Kirkvine alumina refineries in Jamaica, the report says. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2012, RJR News said that Russian aluminum giant UC Rusal, which has a major stake in Jamaica's bauxite/alumina industry, expects to reach a deal with its lenders within six months to refinance part of an US$11 billion debt burden. It will agree to new loan conditions by the end this year before its covenant holiday expires, according to RJR News. =========== M E X I C O =========== BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term issuer credit ratings on Banco Continental S.A.E.C.A. (Banco Continental). The outlook is stable. The ratings on Banco Continental reflect its "strong" business position in the Paraguayan banking system, "weak" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. The 'BB-' issuer credit rating on the bank is the same as its 'bb-' stand-alone credit profile (SACP), as it does not incorporate external support. "Our bank criteria use our Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank operating only in Paraguay is 'b+'. Our economic risk score on Paraguay is '10', based on our view that Paraguay's economy depends largely on agriculture and international trade, and its monetary flexibility is limited. Our industry risk score on Paraguay is '7', reflecting our belief that the Paraguayan financial system has an aggressive risk appetite, as demonstrated by rapid credit growth, and that the scope of supervision is limited. Despite a significant increase in domestic credit during the past four years, the economy still has relatively low leverage. We classify the Paraguayan government as "support uncertain" toward domestic banking. MAXCOM TELECOMUNICACIONES: Ventura Extends Offer to April 24 ------------------------------------------------------------ Ventura Capital Privado S.A. de C.V., on behalf of Trust Number 1387 (the "Trust" and, collectively with Ventura, Javier Molinar Horcasitas and Enrique Castillo Sanchez Mejorada, the "Purchaser"), on April 10 disclosed that the Purchaser has extended the expiration date of its tender offer to purchase (i) all of the outstanding Series A Common Stock, without par value of Maxcom Telecomunicaciones, S.A.B. de C.V., (ii) all of the outstanding Ordinary Participation Certificates ("CPOs") of Maxcom, and (iii) all of the outstanding American Depository Shares ("ADSs," and collectively with the Shares and CPOs, the "Securities") of Maxcom, in each case held by persons who are not Mexican residents. In Mexico, the Purchaser is offering to purchase all of the outstanding Shares and CPOs of Maxcom. The Mexican Offer is being made on substantially the same terms and at the same prices as the U.S. Offer. The tender offer, which was previously scheduled to expire at 12:00 midnight, New York time, on April 10, 2013, will now expire at 12:00 midnight, New York City time, on April 24, 2013, unless further extended in accordance with the terms of the tender offer. The closing of the tender offer will occur on April 29, 2013. The extension to April 24, 2013 was made to accommodate the timetable for the simultaneous exchange offer for any and all outstanding Maxcom's 11% Senior Notes due 2014 for Maxcom's Step-Up Senior Notes due 2020. In addition, the Purchaser is also amending and supplementing the tender offer to reflect that Maxcom, according to a press release issued on April 10, 2013, has stated that (i) Maxcom has increased the minimum tender condition in the Exchange Offer from 61.44% to 80%, subject to Maxcom's right, in its sole discretion, to decrease the minimum tender condition to 75.1% without extending the Exchange Offer or granting withdrawal rights; (ii) the Exchange Offer has been extended three times and as a result has remained open longer than anticipated; (iii) since the Exchange Offer and the Equity Tender Offer have not been consummated to date, Maxcom has not yet received the capital contribution the Purchaser agreed to make in connection with the Equity Tender Offer; (iv) during the period that the Exchange Offer has remained open, Maxcom's operational and financial viability has further deteriorated in light of not having received the capital contribution from the Purchaser; (v) as of March 1, 2013, Maxcom's cash and temporary investment balance was Ps.82.8 million (US$6.4 million); (vi) if the Exchange Offer is not consummated and Maxcom does not receive the capital contribution from the Purchaser in connection with the Equity Tender Offer, Maxcom does not expect to be able to make the coupon payment due on June 15, 2013 with respect to the Old Notes and Maxcom may not be able to meet other financial obligations as they come due; (vii) if this occurs, holders of the Old Notes and the creditors could commence involuntary bankruptcy proceedings against Maxcom in Mexico or in the United States; and (viii) if the Exchange Offer is not consummated, Maxcom currently intends to implement a restructuring by (a) commencing voluntary cases under Chapter 11 of the United States Bankruptcy Code through a plan of reorganization; (b) seeking expedited confirmation of a plan of reorganization or (c) seeking other forms of bankruptcy relief, all of which involve uncertainties, potential delays, reduced payments to all creditors (including holders of the Old Notes) and litigation risks. Moreover, Maxcom has also stated that (i) such a restructuring may be protracted and contentious and disruptive to Maxcom's business and could materially adversely affect Maxcom's relationships with its customers, suppliers and employees who may terminate their relationships with Maxcom; (ii) a restructuring would also cause Maxcom to incur significant legal, administrative and other professional expenses; (iii) no assurances can be given that any such restructuring will be successful or that holders of Maxcom's debt obligations will not have their claims significantly reduced, converted into equity or eliminated; (iv) if a restructuring is not successful, Maxcom may be forced to liquidate its business and assets; (v) the board of directors of Maxcom has approved the engagement of, and the Maxcom has engaged, counsel to advise it on a Chapter 11 reorganization and authorized the preparatory activities related to a restructuring, including the negotiating of a plan support agreement and a Chapter 11 plan term sheet with certain of the holders of the Old Notes during the pendency of the Exchange Offer; and (vi) in the event Maxcom implements a restructuring through Chapter 11, holders of the Old Notes may receive New Notes with terms less favorable than those offered pursuant to the Exchange Offer . The depositary for the Equity Tender Offer has advised the Purchaser in connection with the Equity Tender Offer that as of 5:00 p.m., New York City time, on April 10, 2013, approximately 354,540,391 of Maxcom's Series A Common Stock, or 44.87% of the total outstanding Series A Common Stock, had been validly tendered and not withdrawn in the Equity Tender Offer. Security holders of Maxcom may obtain a free copy of these documents and other documents filed by the Trust and Maxcom with the SEC at the website maintained by the SEC at http://www.sec.gov In addition, stockholders may obtain a free copy of these documents from the Purchaser by contacting Georgeson Inc., the Information Agent for the tender offer, at (866) 729-6818 or by contacting Maxcom's Investor Relations department at (52 55) 4770- 1170. ======= P E R U ======= FERREYCORP SAA: Moody's Rates Proposed $300MM Notes Issuance Ba1 ---------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Ferreycorp S.A.A.'s proposed senior unsecured global notes for an amount up to $300 million and a tenor of 10 years. At the same time, Moody's assigned a Ba1 global local currency corporate family rating to Ferreycorp. The outlook is stable. This is the first time Moody's has rated Ferreycorp. Issuance proceeds will be used mainly to refinance existing short term debt that the company used to partially fund its working capital needs. Ratings Rationale: "The rating is supported by Ferreycorp's status as Caterpillar Inc.'s (CAT, rated A2, stable) sole distributor in Peru, Guatemala, El Salvador and Belize, which affords it with leading market positions in the construction and mining segments. The company's track record of stable operating performance, as evidenced by its strong backlog and well-balanced business between new unit sales and parts and services also benefit the rating" said Veronica Amendola, a Vice President senior analyst at Moody's. Credit negatives partly offsetting these strengths include Ferreycorp's relatively modest liquidity, concentration of cash flows in the cyclical construction and mining industries, and aggressive capital expenditures program which is expected to result in negative free cash flow over the near term. Moody's expects the notes issuance to improve Ferreycorp's current liquidity profile as proceeds will partially pay down short term debt that the company maintains with banks and CAT. Furthermore, CAT's financial support though credit lines counterbalances the company's currently modest liquidity. The stable rating outlook reflects Moody's expectation that the company will be able to continue to benefit from the attractive fundamentals of the Peruvian mining and construction markets and maintain its position as one of the leading equipment distributors. The stable outlook also considers Ferreycorp's significant backlog for 2013, mainly concentrated in the mining sector. Upward rating pressure could emerge if the company were to substantially increase its size and diversification while maintaining its solid market position in its key markets together with a substantial improvement in its liquidity profile. The ratings or outlook could come under downward pressure if the company is unable to quickly reduce its operations, investments, and leverage through a downturn. Quantitatively, Ferreycorp's rating could come under downward pressure if its debt to EBITDA ratio moves above 4.0 times or if its EBIT to interest expense drops below 2.5 times. The principal methodology used in this rating was the Global Heavy Manufacturing Rating Methodology published in November 2009. Headquartered in the city of Lima, Peru, Ferreycorp S.A.A. (Ferreycorp) is Caterpillar Inc.'s sole distributor in Peru, Guatemala, El Salvador and Belize. The company also distributes products under Massey Ferguson, Kenworth, Iveco, Yutong, Terex, Kepler Weber, Atlas Copco, Sullair and Zaccaria brand names. Ferreycorp has operations in Peru which represent 82% of revenues with the balance coming mainly from Guatemala, El Salvador and Belize. In 2012 Ferreycorp reported revenues and EBITDA of PEN4,670 million ($1,830 million) and PEN462 million ($178 million), respectively. ===================== P U E R T O R I C O ===================== EL FARMER: Court Takes Back Order Denying Cash Collateral Use ------------------------------------------------------------- The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico has taken back a previous order denying El Farmer Inc.'s request for authorization to use cash collateral of Banco Popular de Puerto. As reported by the Troubled Company Reporter on April 2, 2013, the Court denied the Debtor's request to use cash collateral when the Debtor failed to submit operating budgets and provide a detail of the proposed usage of the funds. In an order dated March 27, 2013, the Court vacated the previous order and approved the stipulation allowing the Debtor to use cash collateral until April 30, 2013. The TCR reported on March 5, 2013, that the Debtor sought court authorization of a stipulation authorizing the use of the cash collateral until April 30, 2013. The Debtor's indebtedness to BPPR as of the filing date is $11,694,429. BPPR holds and controls a commercial account into which all accounts receivables of the Debtor are deposited by the Debtor's principal client, Suiza Dairy, Inc. The Debtor and the bank have agreed on the Debtor's continued use of cash collateral. The Debtor explained to the Court, in a motion dated March 8, 2013 requesting reconsideration of the cash collateral order denying cash collateral use, that the budgets and the detail of the proposed usage of the funds weren't included in the motion by involuntary error. The Debtor has submitted with the motion the operating budgets and the detail of the proposed usage of the funds. A copy of the budgets is available for free at: http://bankrupt.com/misc/EL_FARMER_cashcoll_budgets.pdf El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012. The Debtor scheduled $18.3 million in assets and $12.0 million in liabilities, including $11.0 million owed to secured creditor Banco Popular De Puerto Rico. The Debtor owns farm lands in Isabela, Puerto Rico. PUERTO DEL REY: Has Interim OK to Use Cash Collateral Til May 13 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has granted Puerto Del Rey, Inc., interim authorization to use the cash collateral of secured creditor FirstBank Puerto Rico until May 13, 2013. In December 2009, FirstBank and the Debtor entered into a loan agreement for $46.55 million, consisting of three credit facilities. The debts under the Loan Agreement were evidenced by promissory notes. On Jan. 8, 2013, FirstBank sought to prohibit cash collateral use. On Jan. 14, 2013, the Debtor answered FirstBank's motion. At a hearing held on Jan. 16, 2013, the Debtor and FirstBank agreed for the use of cash collateral under the terms and conditions of a consented order. On Feb. 4, 2013, the consented order was entered. As adequate protection, FirstBank is hereby granted replacement liens in the Debtor's post-petition assets. The Court will hold a hearing on the Debtor's cash collateral use on May 13, 2013. About Puerto del Rey Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a petition for Chapter 11 protection on Dec. 28 in Old San Juan, Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million to secured lender First Bank Puerto Rico Inc. The 22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and dry storage for 600 boats. Bankruptcy was designed to forestall creditors from attaching assets. The Debtor disclosed assets of $99.8 million and liabilities totaling $44.4 million PUERTO DEL REY: Hearing on Case Dismissal Set for May 13 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico will convene a hearing on May 13, 2013, on secured creditor FirstBank Puerto Rico's motion for the dismissal of the Chapter 11 case of Puerto Del Rey, Inc. As reported by the Troubled Company Reporter on March 15, 2013, FirstBank has asked the Court to enter an order dismissing the case, or, alternatively, for abstention under Section 305 of the Bankruptcy Code or 28 U.S.C. Section 1334(c)(1), saying that there is prima facie evidence of the Debtor's bad-faith in commencing its case. In December 2009, FirstBank and the Debtor entered into a loan agreement for $46.55 million, consisting of three credit facilities. The debts under the Loan Agreement were evidenced by promissory notes. According to the Debtor, FirstBank made reference to Case No. NSCI 2011-0442, before the Court of First Instance of Puerto Rico, Fajardo Section, "and vacuously refers to such case as a restructuring proceeding instituted by Debtor, when such a qualification is unsustainable first because it is false and second because Case No. NSCI 2011-0442 was not and cannot be a substitute for the reorganization proceedings filed by Debtor." The Debtor claimed that FirstBank erroneously argued that the Debtor achieved a restructuring allegedly evidenced by a stipulation for the entry of a judgment by consent in Case No. NSCI 2011-0442, which terms were incorporated by reference into a final judgment. FirstBank alleged that the Debtor took advantage of the 6 months drop dead term provided by the Settlement to pay FirstBank $43 million. FirstBank prevented the Debtor from making that payment. The Debtor said that Case No. NSCI 2011-0442 with the Fajardo Court was filed by the Debtor and others. FirstBank counter- claimed to collect the debt evidenced by the Promissory Notes and execute the mortgages and other security agreements that served as collateral to the Promissory Notes. The case resulted in the Settlement dated July 10, 2012. According to the Settlement, the Debtor and the other plaintiffs stipulated with FirstBank, that the Debtor's and the other plaintiffs' total debt to the bank, as of July 9, 2012, amounting to $56.96 million including principal, accrued interest, penalties, charges and legal fees, would be reduced to $43 million and would be payable by the Debtor, without interest, on or before Dec. 31, 2012. The parties further stipulated that in the event of non-payment by the Debtor of the $43 million by Dec. 31, 2012, FirstBank's remedies would be limited to either (i) require the Debtor to deliver the mortgaged real estate in favor of FB in lieu of payment or (ii) the execution of said mortgages through confession of judgment. The Settlement, according to the Debtor, extinguished the Debtor's original obligations to FirstBank under the Promissory Notes. The Debtor said that the old and the new obligations are incompatible, the new one for the $43 million substituting the old one evidenced by the Promissory Notes. The Debtor stated that the dismissal with prejudice of FirstBank's counterclaim "extinguished the obligations under the Promissory Notes. A new and different obligation was created by the Settlement, e.g. the $43 million." About Puerto del Rey Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a petition for Chapter 11 protection on Dec. 28 in Old San Juan, Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million to secured lender First Bank Puerto Rico Inc. The 22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and dry storage for 600 boats. Bankruptcy was designed to forestall creditors from attaching assets. The Debtor disclosed assets of $99.8 million and liabilities totaling $44.4 million =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Exec Drops Lawsuit Against T&T Opposition ------------------------------------------------------------- RJR News reports that a lawsuit filed by former Caribbean Airlines Limited Chairman George Nicholas against Trinidad's Opposition Leader Dr. Keith Rowley over comments made on a political platform has been withdrawn. The matter came up for hearing in a Port of Spain court on April 8, 2013. Mr. Nicholas had filed the claim on April 30 last year seeking compensation for statements attributed to Mr. Rowley during a political meeting on Jan. 17, 2012, according to RJR News. Mr. Nicholas, the report says, had also sued the Trinidad Express newspaper as defendants in the lawsuit for an article published. About Caribbean Airlines Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 8 to April 12, 2013 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 57.5 ARGENT-$DIS 8.28 12/31/2033 USD 58 ARGENT-$DIS 8.28 12/31/2033 USD 58 ARGENT-$DIS 8.28 12/31/2033 USD 58.491 ARGENT-$DIS 8.28 12/31/2033 USD 60 ARGENT- PAR 1.18 12/31/2038 ARS 45.344 ARGENT- DIS 7.82 12/31/2033 EUR 45 ARGENT- DIS 7.82 12/31/2033 EUR 50 ARGENT- DIS 7.82 12/31/2033 EUR 50.5 ARGENT- DIS 4.33 12/31/2033 JPY 35.5 ARGENT- DIS 4.33 12/31/2033 JPY 36 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 ARGENTINA 9 11/29/2018 USD 74.875 ARGNT-BOCON PRE9 2 3/15/2014 ARS 152.5 BANCO MACRO SA 9.75 12/18/2036 USD 71.25 BANCO MACRO SA 9.75 12/18/2036 USD 71.03 BANCO MACRO SA 9.75 12/18/2036 USD 72.1 CAPEX SA 10 3/10/2018 USD 73.9 CAPEX SA 10 3/10/2018 USD 73.375 CIA LATINO AMER 9.5 12/15/2016 USD 66 EMP DISTRIB NORT 9.75 10/25/2022 USD 46 EMP DISTRIB NORT 10.5 10/9/2017 USD 95.001 EMP DISTRIB NORT 9.75 10/25/2022 USD 46.125 METROGAS SA 8.875 12/31/2018 USD 72.875 PROV BUENOS AIRE 9.625 4/18/2028 USD 61.664 PROV BUENOS AIRE 9.625 4/18/2028 USD 61.625 PROV BUENOS AIRE 9.375 9/14/2018 USD 67.25 PROV BUENOS AIRE 9.375 9/14/2018 USD 67.127 PROV BUENOS AIRE 10.875 1/26/2021 USD 70.263 PROV BUENOS AIRE 10.875 1/26/2021 USD 70.245 PROV DE FORMOSA 5 2/27/2022 USD 62.25 PROV DE MENDOZA 5.5 9/4/2018 USD 74.42 PROV DE MENDOZA 5.5 9/4/2018 USD 74.375 PROV DEL CHACO 4 12/4/2026 USD 27.25 PROV DEL CHACO 4 11/4/2023 USD 54.75 TRANSENER 9.75 8/15/2021 USD 46.69 TRANSENER 8.875 12/15/2016 USD 41 TRANSENER 9.75 8/15/2021 USD 42.75 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 71.75 BCP FINANCE CO 4.239 45.917 BCP FINANCE CO 5.543 45.7 BES FINANCE LTD 4.5 65 BES FINANCE LTD 5.58 69.167 CAM GLOBAL FIN 6.08 12/22/2030 EUR 71.25 CHINA FORESTRY 10.25 11/17/2015 USD 52 CHINA FORESTRY 10.25 11/17/2015 USD 52.5 CHINA SUNERGY 4.75 6/15/2013 USD 59.141 ERB HELLAS CAYMA 9 3/8/2019 EUR 16 ESFG INTERNATION 5.753 56.6 GOL FINANCE 8.75 77 JINKOSOLAR HOLD 4 5/15/2016 USD 66.899 LDK SOLAR CO LTD 10 2/28/2014 CNY 69.071 LUPATECH FINANCE 9.875 31 LUPATECH FINANCE 9.875 30.95 PUBMASTER FIN 6.962 6/30/2028 GBP 63.086 RENHE COMMERCIAL 11.75 5/18/2015 USD 74.5 RENHE COMMERCIAL 13 3/10/2016 USD 78.75 RENHE COMMERCIAL 13 3/10/2016 USD 72.75 RENHE COMMERCIAL 11.75 5/18/2015 USD 75.005 SUNTECH POWER 3 3/15/2013 USD 33 SUNTECH POWER 3 3/15/2013 USD 44.75 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 43.436 CHILE 3 1/1/2042 CLP 65.066 CHILE 3 1/1/2042 CLP 65.066 CHILE 3 1/1/2040 CLP 66.564 CHILE 3 1/1/2040 CLP 66.564 COLBUN SA 3.2 5/1/2013 CLP 25.26 TALCA CHILLAN 2.75 12/15/2019 CLP 65.673 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 58.5 PUERTO RICO CONS 6.5 4/1/2016 USD 69.48 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 69.75 PETROLEOS DE VEN 5.375 4/12/2027 USD 69.35 *********** 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 * * *