/raid1/www/Hosts/bankrupt/TCRLA_Public/130801.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, August 1, 2013, Vol. 14, No. 151
Headlines
A R G E N T I N A
BWINDI SA: Creditors' Proofs of Debt Due Sept. 6
CAROTEX SRL: Creditors' Proofs of Debt Due Sept. 9
CASA SIMON: Creditors' Proofs of Debt Due Aug. 20
JET ROMA: Creditors' Proofs of Debt Due Aug. 29
PELLEGRINI SAGFCI: Moody's Assigns Ratings to 5 Fixed-Income Funds
PETRABONDANTE SRL: Creditors' Proofs of Debt Due Sept. 5
PURISSIMUS SA: Creditors' Proofs of Debt Due Aug. 26
J A M A I C A
UC RUSAL: Looks to Off-Load Excess Supplies of Aluminum
M E X I C O
DESARROLLADORA HOMEX: Reports 2Q13 Earnings Results
MAXCOM TELECOMUNICACIONES: Plan Confirmation Hearing on Sept. 10
P E R U
* PERU: To Get $30-Million IDB Loan for Social Programs Management
P U E R T O R I C O
BUILDERS GROUP: Aug. 26 Hearing on Request to Use Cash Collateral
BUILDERS GROUP: G.A. Carlo-Altieri Approved as Counsel
SUNSET MARINE: Tracker Marine Suit Remanded to Missouri Court
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
BWINDI SA: Creditors' Proofs of Debt Due Sept. 6
------------------------------------------------
Nestor Ariel Mira, the court-appointed trustee for Bwindi SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 6, 2013.
Mr. Mira will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Mr. Mira is also in charge of administering the company's assets
under court supervision and will take part in their disposal to
the extent established by law.
The Trustee can be reached at:
Nestor Ariel Mira
Sarmiento 1179
Argentina
CAROTEX SRL: Creditors' Proofs of Debt Due Sept. 9
--------------------------------------------------
Enrique Jose Battellini, the court-appointed trustee for Carotex
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 9, 2013.
Mr. Battellini will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Mr. Battellini is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
The Trustee can be reached at:
Enrique Jose Battellini
Lavalle 1718
Argentina
CASA SIMON: Creditors' Proofs of Debt Due Aug. 20
-------------------------------------------------
Buda Marco Romano Luis Pompilio, the court-appointed trustee for
Casa Simon de Freundlich SRL's reorganization proceedings, will be
verifying creditors' proofs of claim until Aug. 20, 2013.
Mr. Pompilio will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Mr. Pompilio is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 14, 2014.
The Trustee can be reached at:
Buda Marco Romano Luis Pompilio
Baigorria 4464
Argentina
JET ROMA: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------
Adriana Beatriz Benzer, the court-appointed trustee for Jet Roma
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Aug. 29, 2013.
Ms. Benzer will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Ms. Benzer is also in charge of administering the company's assets
under court supervision and will take part in their disposal to
the extent established by law.
The Trustee can be reached at:
Adriana Beatriz Benzer
Tucuman 677
Argentina
PELLEGRINI SAGFCI: Moody's Assigns Ratings to 5 Fixed-Income Funds
------------------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to five fixed-income funds
managed by Pellegrini SAGFCI in Argentina. The global scale and
national scale ratings assigned are as follows:
- Pellegrini Renta Pesos FCI; rating B-bf/Aa-bf.ar.
- Pellegrini Renta Fija FCI; rating B-bf/Aa-bf.ar.
- Pellegrini Renta Fija Ahorro FCl; rating B-bf/A-bf.ar.
- Pellegrini Renta Publica Mixta FCI; rating B-bf/A-bf.ar.
- Pellegrini Empresas Argentinas FCI Abierto PYMES; B-bf/A-bf.ar.
Rating Rationale
"The fund ratings are based on Moody's expectation that each of
the funds will maintain maturity-adjusted weighted average credit
quality profiles consistent with their ratings. Looking at the
funds' histories, their maturity-adjusted weighted average credit
quality profiles are comparable to those of similarly rated peers.
" said Moody's lead analyst Carlos de Nevares.
Pellegrini SAGFCI, owned by Banco de la Nacion Argentina, is the
leading asset manager in the Argentinean mutual fund industry as
part of Grupo BNA, the largest local financial group in Argentina.
As of June 2013, Pellegrini SAGFCI managed approximately ARD7,630
million or $1.4 billion in assets under management (AUM), which
represents 12.9% of total market share.
PETRABONDANTE SRL: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------
Maria del Carmen Perez Alonso, the court-appointed trustee for
Petrabondante SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 5, 2013.
Ms. Alonso will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Ms. Alonso is also in charge of administering the company's assets
under court supervision and will take part in their disposal to
the extent established by law.
The Trustee can be reached at:
Maria del Carmen Perez Alonso
Av. Cordoba 456
Argentina
PURISSIMUS SA: Creditors' Proofs of Debt Due Aug. 26
----------------------------------------------------
Roberto Estudio Roberto Quian y Asociados, the court-appointed
trustee for Purissimus SA's reorganization proceedings, will be
verifying creditors' proofs of claim until Aug. 26, 2013.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court.
Mr. Asociados is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
Creditors will vote to ratify the completed settlement plan
during the assembly on July 7, 2014.
The Trustee can be reached at:
Roberto Estudio Roberto Quian y Asociados
Argentina
=============
J A M A I C A
=============
UC RUSAL: Looks to Off-Load Excess Supplies of Aluminum
-------------------------------------------------------
RJR News reports that UC Rusal is said to be looking at the
possibility of off-loading excess supplies from some of its
refineries, including the Windalco facility in Jamaica.
metalbulletin.com, citing an unknown source at the company, said
UC Rusal has started offering alumina shipments for sale in Europe
as it prepares to make substantial cuts to its production of
primary aluminum, according to RJR News.
The report relates that the source said the company is cutting
internal metal production at some older assets, and this will
result in excess alumina being released to the market. In
addition Windalco, Rusal is contemplating sales from its alumina
refinery in Ireland, RJR News notes.
The report relays that most major aluminum producers have
announced plant closures over the past eighteen months amid a
decline in aluminum prices.
UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported. The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.
TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden.
===========
M E X I C O
===========
DESARROLLADORA HOMEX: Reports 2Q13 Earnings Results
---------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. disclosed financial results
for the Second Quarter ended June 30, 2013.
Total revenue for the second quarter of 2013 decreased 84.4
percent to Ps.1.1 billion (US$85.6 million) from Ps.7.1 billion
(US$548.6 million) for the same period in 2012. Housing revenues
were Ps.290.4 million (US$22.3 million), a decline of 93.4 percent
compared to Ps.4.4 billion (US$337.5 million) during the second
quarter of 2012.
A full text copy of the company's financial results is available
free at http://is.gd/UrVyeH
* * *
As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgraded Desarrolladora Homex,
S.A.B. de C.V.'s Foreign currency Issuer Default Rating (IDR) to
'B' from 'BB-'.
MAXCOM TELECOMUNICACIONES: Plan Confirmation Hearing on Sept. 10
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
several first day motions filed by Maxcom Telecomunicaciones,
S.A.B. de C.V.m, allowing it to, among other things, pay employees
and vendors.
The U.S. Bankruptcy Court's approval allows the Company to
maintain its day-to-day operations without disruption while
effectuating its previously announced comprehensive
recapitalization and debt restructuring.
Under the Chapter 11 plan of reorganization, Maxcom will complete
a recapitalization and debt restructuring that is expected to
significantly reduce Maxcom's debt service expense and position
Maxcom for growth with a US$45 million capital infusion.
A hearing to consider confirmation of the Plan is scheduled for
Sept. 10, 2013, at 2:00 p.m. (prevailing Eastern Time) in the U.S.
Bankruptcy Court. Objections to the plan must be filed by
Sept. 3.
As previously noted, the restructuring is not expected to
adversely affect Maxcom's customers, employees, or vendors.
Throughout the restructuring, Maxcom intends to continue business
as usual. All telecommunications services will continue without
change or interruption, and employees and vendors will be paid in
the normal course of business.
The Company expects to complete its restructuring, which is
subject to U.S. Bankruptcy Court approval and the conditions set
forth in the recapitalization agreement and the restructuring and
support agreement, within approximately 60 days and anticipates
emerging from Chapter 11 by early fall.
As of the voting deadline on July 23, 2013, over 98 percent in
amount and over 94 percent in number of the holders of Senior
Notes that cast ballots voted to accept the Plan. These results
exceed the amount required for the court to approve the Plan, and
have been certified and filed with the U.S. Bankruptcy Court by
GCG, Inc., Maxcom's proposed notice, claims, and balloting agent.
About Maxcom
Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.
In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.
Maxcom sought bankruptcy protection (Bankr. D. Del. Case No. 13-
bk-11839) in Wilmington, Delaware, on July 23, 2013.
Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing. The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.
The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y R¡os, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case. The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors. Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.
========
P E R U
========
* PERU: To Get $30-Million IDB Loan for Social Programs Management
------------------------------------------------------------------
A $30 million policy-based loan from the Inter-American
Development Bank will support Peru in its effort to strengthen the
management of its Ministry of Social Development and Inclusion
(MIDIS).
The MIDIS coordinates and carries out social development and
social inclusion programs designed to reduce poverty and
inequality. Policy-based loans are fast-disbursing instruments
that provide budget support to countries undertaking priority
programs and reforms.
The Peruvian government is designing evaluation policies and
strategies to improve the MIDIS' ability to deliver services and
manage social programs. These programs target the most
vulnerable groups, which comprise nearly five million people, or
about 16 percent of the country's population.
In addition, the project will support data generation and
management, the introduction of quality standards in social
programs, and improvements in their management. It will also help
to consolidate the National Strategy for Growth with Inclusion in
priority areas such as early childhood development and economic
inclusion.
The project will also support the development of an inclusion
policy that takes into account gender, culture, and adaptation of
learning and behavior in order to ensure optimal results from
social inclusion programs.
The loan has a single amortization date, March 15, 2019, and an
interest rate based on LIBOR.
=====================
P U E R T O R I C O
=====================
BUILDERS GROUP: Aug. 26 Hearing on Request to Use Cash Collateral
-----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico will convene a hearing on Aug. 26,
2013, at 2 p.m., to consider:
-- Builders Group & Development Corp.'s motion to use cash
collateral, and
-- secured and judgment creditor CPG/GS PR NPL LLC's motion
to alter or amend the Court's interim order entered on
July 19, 2013; and the Debtor's opposition to that motion.
CPG/GS, in its objection to the interim order authorizing the
Debtor's use of cash collateral, stated that CPG has no confidence
in the honesty or the capacity of the Debtor's current management
and will not consent to the Debtor's current management's use of
its cash collateral.
CPG also explained that, the Debtor has (a) no right to use any
cash collateral of CPG/GS, as the same was properly foreclosed and
transferred prepetition to CPG/GS, thus does not constitute an
asset of the bankruptcy estate; (b) Debtor is not able of
providing any reasonable adequate protection to CPG/GS as there
exists no equity in its assets, and there exists no reorganization
or refinancing alternatives that could even remotely provide a
viable exit strategy pursuant to which creditors, such as CPG/GS,
will be paid the amount and value of their security interest.
The Debtor says CPG/GS is in violation of the automatic stay. The
Debtor also says neither the counsel for, nor a representative of,
CPG/GS has ever visited the Cupey Professional Mall, yet they are
sure that they own it and that every problem in the mall is caused
by Builders' management.
CPG/GS also has filed a motion for entry of an order determining
the foreclosure of rents or prohibiting the use of CPG/GS' cash
collateral. CPG/GS said it must not be forced, through the non-
consented use of its cash, or in the alternative, its cash
collateral, to place its property and collateral at substantial
risk by essentially "financing" a bankruptcy proceeding that
appears to have minimum, if any, probability of reorganization and
where the likelihood of CPG/GS recovering on the used cash
collateral is remote.
In response, the Debtor said CPG's statement related to
"settlement attempts, bad faith, mismanagement and alienation of
patrons" is "self-serving and fictional," with the only purpose
being to influence the Court to take a stance against Builders.
Contrary to CPG's representations, Builders and CPG reached a
prepetition agreement through a mediated effort which only
required minimal changes prior to execution, and CPG kept delaying
the signing, then it about-faced and filed a complaint for
foreclosure. Builders, through its president's personal resources
and those of related companies, has paid the expenses of
maintaining the Cupey Professional Mall out of pocket since
September 2010. The Debtor said the collateral has been protected
and the value has been increased due to the efforts of Builders.
On July 19, the Court entered an interim order allowing the Debtor
to use cash collateral, and grant replacement liens and other
adequate protection.
Prior to the Petition Date, CPG/GS made certain loans and extended
certain financial accommodations to Debtor. As of the Petition
Date, the aggregate principal amount of approximately $9,400,000
was outstanding under the Prepetition Debt, in addition to accrued
interest thereon and fees and expenses incurred by or on behalf of
lender in connection therewith.
To secure the Prepetition Debt, the Debtor granted to the lender
liens on and security interests in substantially all of the
Debtor's property, and the proceeds, products, rents and profits
of all of the foregoing. The estimated value of the Prepetition
Collateral is $11,900,000.
The Debtor intends to use the cash collateral for the continued
operation of its business. The Debtor said CPG is adequately
protected through (a) an equity cushion in the property, which is
estimated to be $2,500,000 and (b) through Builders' offer of
adequate protection payments of $23,961 per month.
About Builders Group
Builders Group & Development Corp. owns and manages the Cupey
Professional Mall, a shopping center located in Cupey, Puerto
Rico. The Company sought Chapter 11 protection (Bankr. D.P.R.
Case No. 13-04867) on June 12, 2013, in San Juan, Puerto Rico, its
home-town. The company sought bankruptcy on the eve of a
foreclosure sale of its property. The Debtor estimated at least
$10 million in assets and liabilities in its petition. The Debtor
is represented by Kendra Loomis, Esq. at G A Carlo-Altieri &
Associates. Jose M. Monge Robertin, CPA, serves as accountant.
BUILDERS GROUP: G.A. Carlo-Altieri Approved as Counsel
------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the Bankruptcy Court for
the District of Puerto Rico authorized Builders Group &
Development Corp. to employ Gerardo A. Carlo-Altieri, Esq., and
G.A. Carlo-Altieri & Associates as counsel.
As reported in the Troubled Company Reporter on June 21, 2013, the
Debtor has agreed to pay a $20,000 retainer. The firm will bill
on the basis of $280 per hour, plus expenses, for work performed
by Gerardo A. Carlo, Esq.; $260 per hour, plus expenses, for work
performed by Kendra K. Loomis, Esq.; $200 per hour, plus expenses
for work performed by other associates; and $100 per hour for
paralegal time.
The firm attests it is a "disinterested person" as defined in
11 U.S.C. Sec. 101(14).
About Builders Group
Builders Group & Development Corp. owns and manages the Cupey
Professional Mall, a shopping center located in Cupey, Puerto
Rico. The Company sought Chapter 11 protection (Bankr. D.P.R.
Case No. 13-04867) on June 12, 2013, in San Juan, Puerto Rico, its
home-town. The company sought bankruptcy on the eve of a
foreclosure sale of its property. The Debtor estimated at least
$10 million in assets and liabilities in its petition. The Debtor
is represented by Kendra Loomis, Esq. at G A Carlo-Altieri &
Associates. Jose M. Monge Robertin, CPA, serves as accountant.
SUNSET MARINE: Tracker Marine Suit Remanded to Missouri Court
-------------------------------------------------------------
Puerto Rico Bankruptcy Judge Mildred Caban Flores remanded to the
United States District Court for the Western District of Missouri
a dispute among debtor Sunset Marine of Puerto Rico, Inc., and
counterparties Tracker Marine, LLC & Mako Marine International,
LLC, f/k/a Mako Marine International, Inc., Bass Pro Group, citing
improper cross-district removal, pursuant to 28 U.S.C. Sec.
1452(a) and Fed. R. Bankr. P. 9027(a)(1).
The Puerto Rico court denied a motion to strike and modifies the
automatic stay to allow the action, styled Tracker Marine, LLC &
Mako Marine International, LLC, f/k/a Mako Marine International,
Inc. vs. Sunset Marine of Puerto Rico, Inc., San Juan Carlos Nieto
Rodriguez and Maria Teresa Perea Fernandez, designated Case No.
11-3238 before the United States District Court for the Western
District of Missouri, to proceed to final, firm and unappealable
judgment.
Tracker Marine, LLC & Mako Marine International, LLC, f/k/a Mako
Marine International, Inc. are barred by the automatic stay to
execute any judgment that they may obtain in their favor against
Sunset Marine of Puerto Rico, Inc.; however, they may pursue their
award in the United States Bankruptcy Court for the District of
Puerto Rico.
Prior to the removal, Tracker filed a three-count complaint
against the Debtor and its principals, Juan Carlos Nieto Rodriguez
and Maria Teresa Perea Fernandez, regarding a distribution
agreement between the parties in the Missouri case.
The Debtor answered the complaint raising various affirmative
defenses including a defense under Puerto Rico's Law 75, 10
L.P.R.A. Sec. 278-278(e). The Debtor and Principal filed a
counterclaim seeking a refund on warranty claims, damages for
breach of contract, damages for implied warranty and unjust
enrichment as well as an award of attorney's fees and costs. The
Debtor also moved to have the Missouri case transferred to Puerto
Rico but that request was denied.
A month later, Principal filed a complaint against Tracker Marine
Group in the Commonwealth of Puerto Rico, Court of First Instance,
San Juan Part. The Debtor was not a party to the local court
action. The local court granted a motion to stay the proceedings
after determining that the claims were substantially similar to
those at issue in the Missouri case.
In the Missouri case, the trial was initially set for October 20,
2012; however, counsel for the Debtor withdrew legal
representation. The court then granted Debtor until November 11,
2012, to obtain new counsel and until November 18, 2012, to
respond to a motion for contempt and sanctions and other pending
motions. The trial was rescheduled for December 3, 2012.
The Missouri case was stayed when the Debtor filed for bankruptcy.
On November 27, 2012, the Debtor commenced an adversary action
(Adv. No. 12-411) against Tracker, seeking damages for breach of
contract under a distribution or representation agreement under
Puerto Rico's Law 75 or Law 21, respectively.
On December 18, 2012, the Debtor removed the Missouri case to the
Puerto Rico court (Adv. No. 12-427), pursuant to 28 U.S.C. Sec.
1452(a) and Fed. R. Bankr. P. 9027. Tracker moved to dismiss the
case or in the alternative to remand or abstain from the case.
The Debtor replied and moved to strike Tracker's memorandum of law
in support of the motion to dismiss.
In the bankruptcy case, Tracker had moved for relief from the
automatic stay to proceed with the Missouri case but their request
was denied as premature until the court resolved the pending
motion to dismiss or abstain in the adversary case.
On June 18, 2013, the court conducted a hearing regarding the
pending motion to dismiss and the matter was taken under
advisement.
A copy of the Puerto Rico court's July 24, 2013 Opinion and Order
is available at http://is.gd/WGXO94from Leagle.com.
Guaynabo, Puerto Rico-based Sunset Marine of Puerto Rico, Inc.,
dba Sunset Marine Charters, filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 12-09083) on Nov. 14, 2012. Juan Manuel
Suarez Cobo, Esq. -- suarezcobo@gmail.com -- at Legal Partners
PSC, serves as the Debtor's counsel. The Debtor estimated $1
million to $10 million in both assets and debts. A list of the
eight unsecured creditors filed together with the petition is
available for free at http://bankrupt.com/misc/prb12-09083.pdf
The petition was signed by Juan Carlos Nieto Rodriguez, president.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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.
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