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/raid1/www/Hosts/bankrupt/TCRLA_Public/130523.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, May 23, 2013, Vol. 14, No. 101 Headlines C A Y M A N I S L A N D S ALEDO LIMITED: Commences Liquidation Proceedings CRESSON LIMITED: Commences Liquidation Proceedings FLEETPRIDE INVESTMENTS: Commences Liquidation Proceedings FLEETPRIDE IIP: Commences Liquidation Proceedings FLEETPRIDE EQUITY: Commences Liquidation Proceedings FLEETPRIDE HOLDING: Commences Liquidation Proceedings FPC HOLDINGS T3: Commences Liquidation Proceedings FPC HOLDINGS T4: Commences Liquidation Proceedings FPC HOLDINGS T5: Commences Liquidation Proceedings FPC HOLDINGS T10: Commences Liquidation Proceedings FPC INVESTMENTS: Commences Liquidation Proceedings FULSHEAR LIMITED: Commences Liquidation Proceedings INVESTCORP FLEETPRIDE: Commences Liquidation Proceedings INVESTCORP FLEETPRIDE INVESTING: Commences Liquidation Proceedings INVESTCORP INVESTING T4: Commences Liquidation Proceedings INVESTCORP ISLAMIC T4: Commences Liquidation Proceedings MET EUROPA: Creditors' Proofs of Debt Due June 6 PECOS LIMITED: Commences Liquidation Proceedings SAJABE INC: Creditors' Proofs of Debt Due May 27 ZEGAT INC: Creditors' Proofs of Debt Due May 27 G U A T E M A L A BANCO DE LOS TRABAJADORES: Fitch Assigns 'BB-' LT IDR M E X I C O EMPRESAS ICA: OMA Makes Conf. Filing With Securities Commission EMPRESAS ICA: S&P Lowers Corporate Credit Rating to 'B+' T R I N I D A D & T O B A G O PETROTRIN: Jamaica Uncovers Scheme Involving Oil Products X X X X X X X X * CARIBBEAN: IDB Signs US$20MM Loan for Global Loan Program * Upcoming Meetings, Conferences and Seminars - - - - - ========================== C A Y M A N I S L A N D S ========================== ALEDO LIMITED: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on April 16, 2013, the members of Aledo Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands CRESSON LIMITED: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Cresson Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FLEETPRIDE INVESTMENTS: Commences Liquidation Proceedings --------------------------------------------------------- On April 16, 2013, the members of Fleetpride Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FLEETPRIDE IIP: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Fleetpride IIP Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FLEETPRIDE EQUITY: Commences Liquidation Proceedings ---------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Fleetpride Equity Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FLEETPRIDE HOLDING: Commences Liquidation Proceedings ----------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Fleetpride Holding Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FPC HOLDINGS T3: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of FPC Holdings T3 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FPC HOLDINGS T4: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of FPC Holdings T4 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FPC HOLDINGS T5: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of FPC Holdings T5 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FPC HOLDINGS T10: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of FPC Holdings T10 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FPC INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of FPC Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands FULSHEAR LIMITED: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Fulshear Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP FLEETPRIDE: Commences Liquidation Proceedings -------------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Investcorp Fleetpride Islamic Financing Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP FLEETPRIDE INVESTING: Commences Liquidation Proceedings ------------------------------------------------------------------ At an extraordinary meeting held on April 16, 2013, the members of Investcorp Fleetpride Investing Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP INVESTING T4: Commences Liquidation Proceedings ---------------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Investcorp Fleetpride Investing T4 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP ISLAMIC T4: Commences Liquidation Proceedings -------------------------------------------------------- At an extraordinary meeting held on April 16, 2013, the members of Investcorp Fleetpride Islamic Financing T4 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MET EUROPA: Creditors' Proofs of Debt Due June 6 ------------------------------------------------ The creditors of Met Europa Fund Limited are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands PECOS LIMITED: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on April 16, 2013, the members of Pecos Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands SAJABE INC: Creditors' Proofs of Debt Due May 27 ------------------------------------------------ The creditors of Sajabe, Inc. are required to file their proofs of debt by May 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ZEGAT INC: Creditors' Proofs of Debt Due May 27 ----------------------------------------------- The creditors of Zegat Inc. are required to file their proofs of debt by May 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ================= G U A T E M A L A ================= BANCO DE LOS TRABAJADORES: Fitch Assigns 'BB-' LT IDR ----------------------------------------------------- Fitch Ratings has assigned an initial 'BB-' long-term foreign currency Issuer Default Rating (IDR) to the Banco de los Trabajadores (Bantrab) in Guatemala. The Rating Outlook is Stable. Fitch has also assigned a Viability Rating (VR) of 'bb-'. KEY RATING DRIVERS Bantrab's IDRs and VR reflect its improved asset quality, ample net interest margin and moderate but sustained profitability ratios. The bank's ratings also reflect significant concentrations in term deposits, weak efficiency levels, moderate capital ratios and limited income diverisfication. Bantrab's support rating and support rating floor of '5' and 'NF', respectively, indicates that, although possible, external support cannot be relied upon, given the current low state ownership and limited systematic importance. Bantrab's credit quality improved significantly over the past few years and now compares adequately with other similar rated banks. The bank exhibits a low obligor concentration, foreign currency exposure and level of non-domiciliated loans. Credit quality benefits from a collection structure based on payroll deduction (over 92% of the loan book). Bantrab is a higher-tiered creditor within the waterfall payment by law. The entity has sustained moderate profitability ratios over the years, given the market segment it targets (consumption loans to low-middle income employees). The weak efficiency levels, reflecting continued investments in infrastructure and personnel expenses, as well as the high impairment charges, as a consequence from the absorption of Banco de la Republica (BanRep), continues to subdue profitability, despite the entity's ample net interest margins and higher revenues originated through double-digit loan growth. In Fitch's view, profitability ratios will gradually improve and will be underpinned by higher growth within the current target segments and lower needs for further impairment charges, considering the adequate reserve coverage levels achieved to this date. Fitch expects profitability to reach 2% for the ROAA and 20% for the ROAE within the next three years. Bantrab's funding structure is similar to its major domestic peers, anchored by a large retail deposit base. Deposits provide 90% of total non-equity funding and are mostly concentrated in the form of term deposits, thus entailing a significant higher cost than most players in the local market. Bantrab has a moderate concentration in the largest 20 depositors (Dec. 2012: 25.6%; Dec. 2011: 26.1%). Liquidity base remain sound and high; nevertheless, Fitch believes it will decrease as resources are redirected to the loan portfolio. Bantrab's capital position will remain pressured given the bank's anticipated asset growth. The average growth rate of assets has been 27.5% between 2008 and 2012, and is expected to continue in the medium term as growth is a fundamental objective in its strategy. As Bantrab is limited to issue additional common stock (no shareholder, with the exception of the state, is allowed to own more than USD2,500 worth in shares by law), in order to strengthen its regulatory capital and support further growth, the bank is planning to issue preferred shares for Q 156.6 million. Fitch expects the Fitch Core Capital ratio to be sustained above 11% in the medium term, favored by a strong capital generation capability and a controlled asset growth. RATING SENSITIVITIES The Stable Outlook reflects Fitch's expectation of no substantial changes in Bantrab's risk profile in the foreseeable future. However, the bank's ratings are sensitive to a change in Fitch's assumptions around asset quality, profitability and capital position. A significant and unexpected reduction of the bank's capital ratios (fitch core capital < 11%), a period of sustained low earnings (ROAA < 1%) or an important deterioration in its asset quality would trigger a negative rating action. Bantrab's upside potential is considered limited by its relatively narrow business model that results in concentrations on its revenue sources. However, Bantrab's rating could be upgraded should it successful grow with greater revenue diversification and further consolidation of its franchise, while sustaining an adequate capital position. PROFILE Bantrab was established in Guatemala in 1965 with an initial equity investment of Qtlz. 500,000 from the Central Government of Guatemala. The bank is mainly retail oriented and focuses its services on consumption loans to low-middle income employees. Bantrab is currently the sixth largest bank in Guatemala in terms of assets (Dec. 2012: 4.9% of the system's assets) and has traditionally provided its services through an ample network of branches, covering most parts of the country, supported by a work force of 3,300 employees. Fitch has assigned the following ratings: Banco de los Trabajadores -- Long-term foreign currency IDR 'BB-'; Outlook Stable; -- Short-term foreign currency IDR 'B'; -- Long-term local currency IDR 'BB-'; Outlook Stable; -- Short-term local currency IDR 'B'; -- Viability rating 'bb-'; -- Support '5'; -- Support Rating Floor 'NF'. =========== M E X I C O =========== EMPRESAS ICA: OMA Makes Conf. Filing With Securities Commission --------------------------------------------------------------- Empresas ICA, S.A.B. de C.V. and Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA disclosed that OMA has made a confidential filing with the Comision Nacional Bancaria y de Valores relating to the potential future sale of up to 100 million of its Series B shares, without par value, by ICA's wholly owned subsidiary, Aeroinvest, S.A. de C.V. This filing is intended to allow ICA the flexibility to sell a portion of its shares in OMA should it determine that market and other conditions are appropriate. If ICA decides to go forward with sale of OMA's Series B shares (directly or in the form of American Depositary Shares, ADSs), ICA would receive all proceeds from such sale. In addition, ICA expects to retain a controlling interest in OMA through its ownership of OMA's Series BB shares. This CNBV filing complements the shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission on May 15, 2013. These securities may not be sold nor may offers to buy be accepted prior to the time the National Banking and Securities Commission approves a public offering in Mexico. Empresas ICA, S.A.B. de C.V. -- http://www.ica.com.mx/-- is an infrastructure company in Mexico. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, lCA is listed on the Mexican and New York Stock exchanges. EMPRESAS ICA: S&P Lowers Corporate Credit Rating to 'B+' -------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale corporate credit rating on Empresas ICA S.A.B. de C.V. (ICA) to 'B+' from 'BB-' and its national scale rating to 'mxBBB' from 'mxBBB+'. At the same time, S&P lowered its issue-level rating to 'B' from 'B+', and S&P affirmed the '5' recovery rating on the company's senior unsecured notes due 2017 and 2021, which indicates a "modest" (10% to 30%) expectation for recovery in the event of a payment default. The outlook is negative. "The rating actions follow our reassessment of ICA's prospective financial performance for 2013 and 2014, in light of the delays in backlog execution, and debt increase at the holding company level to fund the completion of existing projects, which have reduced its financial flexibility and liquidity," said Standard & Poor's credit analyst Luis Martinez Manuel. Based on the slower implementation of projects during the first months of 2013 that feed into ICA's backlog, and considering that construction activities could remain sluggish during the second half of the year, S&P has revised its annual revenue growth prospects on ICA to mid-single digits. In S&P's view, this will likely weaken cash flow generation during 2013, and cause key financial metrics to remain below its guidelines for a 'BB-' rating. As a result, S&P is now assessing ICA's financial risk profile as "highly leveraged." The rating actions incorporate ICA's recent announcement that it may divest of its airport division, Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMA; National scale: mxAA+/Stable/mxA-1+), allowing the company to raise approximately $400 million in cash. In S&P's view, this transaction does not affect its expectations of OMA's nominal dividend stream to ICA during the next twelve months, as OMA recently announced an increase in its dividend payment that will reach MXN1.2 billion. S&P expects that proceeds from this capitalization will be used to reduce short-term debt, although S&P believes that the transaction will not address the company's debt maturities for the next twelve months in their entirety. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Jamaica Uncovers Scheme Involving Oil Products --------------------------------------------------------- Caribbean360.com reports that Jamaica has imposed additional duties on lube oil product from Trinidad and Tobago, accusing the oil rich twin island republic of engaging in a scheme to circumvent the rules of origin in the Treaty of Chaguaramas, governing the Caribbean Community (CARICOM). Industry, Investment and Commerce Minister Anthony Hylton told parliament the scheme was brought to the attention of the Portia Simpson Miller administration by the private sector. "The alleged scheme involved the exportation of lubrication oil by the state owned oil company PETROTRIN (Petroleum Company of Trinidad and Tobago) which holds the dominant share of the Jamaican market for this product. . . . The product has been claiming CARICOM origin status for years without attracting the applicable duties under the Customs Act. The submission by the Jamaican private sector firm alleged that there was misrepresentation in regards to origin in that the product was being represented to be a product of Trinidad and Tobago when it was not," the report quoted Mr. Hylton as saying. The report notes that Mr. Hylton said after discussions with an inter-ministerial trade enforcement team, Jamaica Customs issued a verification query on the product to the Trinidad and Tobago Customs and Excise Division. "The applicable rules require the Trinidad and Tobago Government to respond to a verification request within six weeks, it is now over six months and there has been no verification response by the Government of Trinidad and Tobago. The silence is deafening," Mr. Hylton added, the report relates. Under the treaty, the Jamaica Customs Department can impose interim charges equivalent to the duties to be applied in the circumstance, and to place the money into a special escrow account that came into effect last December, the report notes. To date the accumulated amount in the account is in excess of J$184.2 million (One Jamaican dollar = US$0.01 cents) and Mr. Hylton said the money would be transferred to the Consolidated Fund, the report discloses. Meanwhile, the Jamaica Manufacturers' Association (JMA) has endorsed the move by the government to clamp down on goods misrepresented as originating in CARICOM to evade duties, the report adds. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express related that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad-Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * CARIBBEAN: IDB Signs US$20MM Loan for Global Loan Program ----------------------------------------------------------- The Inter-American Development Bank signed a US$20 million loan for a Global Loan Program with the Caribbean Development Bank (CDB) for projects in the four IDA-eligible Organization of Eastern Caribbean States (OECS) member countries. This loan was approved May 20 by the CDB's board. The CDB will on-lend the funds for the financing of public sector projects in Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines. These small open economies are vulnerable to external economic shocks and natural disasters. They are also still reeling from the effects of the recent financial crisis. The new approved program will help address the social and economic challenges of these non-IDB member countries, constrained by their limited access to longer term and lower cost credit resources. The loan will support areas such as education, infrastructure, mitigation and adaptation to climate change and also policy based operations (up to 25% of the resources can be used to finance PBLs). Resources will be allocated by CDB based on its country strategy and programming processes. The IDB charter was amended in 1977 to allow the Bank to provide financial resources to the CDB to support its member countries. Prior to the approval of the new loan, the IDB had financed four global loan programs to the CDB totaling US$104 million, as well as various technical cooperation operations. The approved program will be financed by US$14 million from the IDB's ordinary capital, and US$6 million from the Bank's Fund for Special Operations, (concessional funds) with an amortization period of 30 and 40 years respectively. CDB has lowered its fees on the concessional portion of the loan, in order for the beneficiary countries to access these resources at more favorable rates. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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/ *********** 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 * * *