/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/131025.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 Friday, October 25, 2013, Vol. 14, No. 212 Headlines B R A Z I L OSX BRASIL: Continues Debt Extension Talks With CEF C A Y M A N I S L A N D S ALLIANCEBERNSTEIN: Member to Hear Wind-Up Report on Nov. 15 ALLIANCEBERNSTEIN MASTER: Member to Hear Wind-Up Report on Nov. 15 BELMONT LONG: Members' Final Meeting Set for Nov. 21 CDH CHINA: Members' Final Meeting Set for Nov. 12 KENMAR INSIGNIA: Shareholder to Hear Wind-Up Report on Nov. 15 NEUROSURANCE PROFESSIONAL: Member to Hear Wind-Up Report on Nov. 8 PIPE ENTERPRISES: Members' Final Meeting Set for Oct. 30 SAB OVERSEAS II: Members' Final Meeting Set for Oct. 29 SAB OVERSEAS III: Members' Final Meeting Set for Oct. 29 SAB OVERSEAS IV: Members' Final Meeting Set for Oct. 29 STONEWARE GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 21 STONEWARE MASTER: Shareholder to Hear Wind-Up Report on Nov. 21 T-BEAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 15 VARNA FUND: Shareholder to Hear Wind-Up Report on Nov. 7 VARNA MASTER: Shareholder to Hear Wind-Up Report on Nov. 7 D O M I N I C A N R E P U B L I C * World Bank to Help Dominican Republic Compete Economically J A M A I C A STOCKS AND SECURITIES: FSC Sends Auditors to Firm M E X I C O GRUPO POSADAS: Fitch Affirms 'B' Local Currency IDR at 'B' MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to 'C' MUNICIPALITY OF SULTEPEC: Moody's Withdraws Ba2/B2 Issuer Ratings P U E R T O R I C O EMPRESAS OMAJEDE: Charles A. Cuprill to Step Down as Counsel POPULAR INC: Seeks to Repay Bailout as Asset Sale Helps Profit - - - - - =========== B R A Z I L =========== OSX BRASIL: Continues Debt Extension Talks With CEF --------------------------------------------------- Luciana Magalhaes and Rogerio Jelmayer at Daily Bankruptcy Review reports that an unnamed spokesman for OSX Brasil SA said that Brazilian state-run bank Caixa Economica Federal and OSX are still in talks to try to approve extension of a loan worth BRL400 million (US$184 million). As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2013, Reuters said OSX is trying to roll over a BRL400 million loan with state-run Caixa Economica Federal that was due on October 19. OSX reached an agreement with Brazil's state development bank BNDES on October 16 to refinance a BRL518 million (US$238 million) loan for an undisclosed period. A TCRLA report on Oct. 7, citing Daily Bankruptcy Review, reported that OSX is seeking to escape the fate of its sister company, oil firm OGX Petroleo e Gas Participacoes SA, which defaulted on a bond payment amid one of Latin America's biggest corporate collapses ever. The TRCLA, citing Reuters, also reported on June 26, that OSX denied a report it failed to make payments on debt held by Spanish infrastructure group Acciona. The local Folha da S.Paulo newspaper reported that Batista's OSX was struggling to avoid bankruptcy after it defaulted on some BRL500 million ($222 million) in debt held by Acciona, according to Reuters. OSX Brasil SA is a shipbuilder controlled by billionaire Eike Batista. ========================== C A Y M A N I S L A N D S ========================== ALLIANCEBERNSTEIN: Member to Hear Wind-Up Report on Nov. 15 ----------------------------------------------------------- The member of Alliancebernstein Currency High Alpha Fund (US Dollar) Ltd will receive on Nov. 15, 2013, at 2:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 ALLIANCEBERNSTEIN MASTER: Member to Hear Wind-Up Report on Nov. 15 ------------------------------------------------------------------ The member of Alliancebernstein Currency High Alpha Master Fund (US Dollar) Ltd will receive on Nov. 15, 2013, at 2:15 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 BELMONT LONG: Members' Final Meeting Set for Nov. 21 ---------------------------------------------------- The members of Belmont Long Short Equity Ltd. will hold their final meeting on Nov. 21, 2013, at 3:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stratus Fohf Liquidation Services Limited c/o Citco Fund Services (Cayman Islands) Limited 89 Nexus Way, Camana Bay PO Box 31106, West Bay Road Grand Cayman KY1-1205 Cayman Islands CDH CHINA: Members' Final Meeting Set for Nov. 12 ------------------------------------------------- The members of CDH China Holdings Company Limited will hold their final meeting on Nov. 12, 2013, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tian Hui c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands KENMAR INSIGNIA: Shareholder to Hear Wind-Up Report on Nov. 15 -------------------------------------------------------------- The shareholder of Kenmar Insignia Fund SPC Limited will receive on Nov. 15, 2013, at 3:30 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 NEUROSURANCE PROFESSIONAL: Member to Hear Wind-Up Report on Nov. 8 ------------------------------------------------------------------ The member of Neurosurance Professional Indemnity Company, Ltd. will receive on Nov. 8, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. Neurosurance Professional Indemnity Company, Ltd. is the company's liquidator. PIPE ENTERPRISES: Members' Final Meeting Set for Oct. 30 -------------------------------------------------------- The members of Pipe Enterprises Corporation will hold their final meeting on Oct. 30, 2013, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands SAB OVERSEAS II: Members' Final Meeting Set for Oct. 29 ------------------------------------------------------- The members of SAB Overseas Holdings II, Limited will hold their final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SAB OVERSEAS III: Members' Final Meeting Set for Oct. 29 -------------------------------------------------------- The members of SAB Overseas Holdings III, Limited will hold their final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SAB OVERSEAS IV: Members' Final Meeting Set for Oct. 29 ------------------------------------------------------- The members of SAB Overseas Holdings IV, Limited will hold their final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands STONEWARE GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 21 --------------------------------------------------------------- The shareholder of Stoneware Global Equities Fund will receive on Nov. 21, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. Richard Rothwell is the company's liquidator. STONEWARE MASTER: Shareholder to Hear Wind-Up Report on Nov. 21 --------------------------------------------------------------- The shareholder of Stoneware Global Equities Master Fund will receive on Nov. 21, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. Richard Rothwell is the company's liquidator. T-BEAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 15 ------------------------------------------------------------- The shareholder of T-Bear Funding Limited will receive on Nov. 15, 2013, at 2:45 p.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 VARNA FUND: Shareholder to Hear Wind-Up Report on Nov. 7 -------------------------------------------------------- The shareholder of Varna Fund II Ltd. will receive on Nov. 7, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan Turnham Telephone: (345) 815 1839 Facsimile: (345) 949 9877 VARNA MASTER: Shareholder to Hear Wind-Up Report on Nov. 7 ---------------------------------------------------------- The shareholder of Varna Master Fund II Ltd. will receive on Nov. 7, 2013, at 10:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan Turnham Telephone: (345) 815 1839 Facsimile: (345) 949 9877 =================================== D O M I N I C A N R E P U B L I C =================================== * World Bank to Help Dominican Republic Compete Economically ------------------------------------------------------------ Dominican Today reports that the Economy Ministry and the World Bank signed an agreement to implement a plan to improve Dominican Republic's economic competitiveness. Economy Minister Temistocles Montas said the agreement includes updating the Competitiveness Memo of 2009 and the design and a work plan to improve competitiveness, which ranks 144th among 185 countries that participated, according to Dominican Today. The report notes that Minister Montas said both entities invest US$270,000, to comply with the plan, whose objective is slated to be reached within two years. Sophie Sirtaine, World Bank director for Latin America and the Caribbean Region, signed the agreement in the National Palace, the report adds. ============= J A M A I C A ============= STOCKS AND SECURITIES: FSC Sends Auditors to Firm ------------------------------------------------- RJR News reports that Jamaica's Financial Services Commission (FSC) dispatched a team of auditors to the offices of Stocks and Securities Limited (SSL) -- a move that normally indicates trouble in an institution. However, the regulator has moved to assure, at least some investors, that their money is safe, according to RJR News. The report notes that FSC said that its move to go into the offices of SSL is to "effectively assess the state of affairs" of the company. The FSC sought to assure former clients of SSL, who were transferred to JN Fund Managers in July, that "the action taken in respect of SSL, will in no way affect them," RJR News relates. But, the FSC seemed to suggest, that "a small number of select sophisticated investors, holding bonds issued by SSL", will be affected, although it gave no further details on that matter, nor did it state how much money is at stake, RJR News adds. Stocks and Securities Ltd. (SSL) is a privately-owned stock brokerage house located in Kingston, Jamaica. =========== M E X I C O =========== GRUPO POSADAS: Fitch Affirms 'B' Local Currency IDR at 'B' ---------------------------------------------------------- Fitch Ratings has affirmed the ratings of Grupo Posadas S.A.B. de C.V.'s (Posadas) as follows: -- Local currency Issuer Default Rating (IDR) at 'B'; -- Foreign currency IDR at 'B'; -- National scale rating at 'BB+(mex)'; -- USD275 million senior notes due 2017 at 'B+/RR3'; -- USD83 million senior notes due 2015 at 'B+/RR3'. The Rating Outlook is Stable. Posadas' ratings are supported by the company's solid business position, strong brand name and multiple hotel formats. Conversely, the ratings are tempered by high leverage, as well as industry cyclicality. Posadas' presence in all major urban and coastal locations in Mexico, consistent product offering and quality brand image have resulted in occupancy levels that are above the industry average in Mexico. The use of multiple hotel formats allows the company to target domestic and international business travellers of different income levels as well as tourists, diversifying its revenue base. The Recovery Ratings are 'RR3', which indicates good recovery prospects given default. 'RR3' rated securities have characteristics consistent with securities historically recovering 51%-70% of current principal and related interest. Fitch expects Key Performance Indicators (KPIs) to remain broadly constant over the short term. The company has been able to turn around operations in 2012 and 2013, vis-a-vis previous years, mainly due to stable RevPAR in urban locations, as well as a marked improvement of RevPAR in coastal properties. Both are the result of higher occupancy levels, particularly in coastal locations. Average daily rates (ADR) have stayed generally constant over the medium term. Going forward, Fitch views Posadas' strategy to be centered mostly on managing hotels, as opposed to owning the properties. New openings should continue for all brands, mainly Fiesta Inn, and One, mostly under managed and leased formats. This strategy for new openings reduces capex somewhat and could support free cash flow generation, which is expected to be negative due to increased maintenance capex and vacation club developments. Last year, Posadas divested its South American hotel operation for USD$275 million, and earlier this year, it sold 14 of its hotels to the FibraHotel REIT for about MXN2 billion. The company's liquidity position is good. Posadas' next significant maturity is in January 2015 when about USD83 million in Senior Notes is due. Cash balances as of June 30, 2013 are MXN1.4 billion; however, most of that cash, the result of the sale of 14 hotels to FibraHotel, will likely be destined for capex. The ratings factor in that Posadas should refinance or pay off this maturity in advance. Failure to do so could pressure the ratings. The ratings reflect that adjusted gross leverage will trend downward towards 4.5x over the medium term. For the 12 months ended June 30, 2013, total adjusted debt to EBITDAR was 3.7x. Discounting one-time events, such as the sale of hotels to FibraHotel, total adjusted debt to EBITDAR should be about 5.0x. As of June 30, 2013, on-balance-sheet debt reached MXN4.5 billion, an 11% drop from year-end 2012 levels. In addition to that, the company had approximately MXN2 billion of off-balance-sheet debt related to hotel leases. Rating Sensitivities Positive factors to the company's creditworthiness include stable EBITDA generation, consolidating gains in KPIs, and a proven track record of stronger and stable credit metrics, such as adjusted debt to EBITDAR consistently below 4.5x. Negative factors for credit quality could include any weakening of operating trends or decreases in RevPAR that could lead to lower EBITDA and cash flow levels, as well as incurring indebtedness that results in consistently higher leverage levels from current expectations. MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to 'C' ------------------------------------------------------------------ Fitch Ratings has downgraded the following senior secured notes issued by Maquinaria Especializada MXO Trust Agreement No. F/00762: -- US$160 million notes to 'C' from 'CC'. The underlying issuance is a securitization of the payment rights related to the leasing of existing and future essential construction machinery pertaining to Corporacion Geo S.A.B. de C.V. (Geo Corp.). Repayment of the notes is supported by quarterly servicer payments paid by Geo Corp. during a 10-year period under the terms of the service agreement (SA) for the operation of the equipment. Quarterly payments under the SA are made at the beginning of each quarterly lease period. Key Rating Drivers The downgrade reflects (i) termination of the SA after Geo Corp.'s failure to make quarterly payments under the SA on May 10, 2013 for the corresponding May - July period and again on Aug. 10, 2013 for the August - October period; (ii) timely debt service payment by the senior secured notes on Aug. 2, 2013 with funds from the reserve account; (ii) available liquidity in the form of cash deposited in the Trust Estate accounts totaling approximately $26 million, which could be used to pay the notes; and (iii) the additional collateral in the form of construction equipment. Fitch's rating addresses the timely payment of interest and principal according to the original schedule and does not include any potential acceleration amounts. On July 15, 2013, the Indenture Trustee notified Fitch that Geo Corp. did not cure its missed payment under the SA within 30 days for the May-July period. This would have allowed the controlling party to request termination of the SA by the Indenture Trustee. Shortly after this, Geo Corp executed a forbearance agreement with the majority of the note holders. Under this agreement, the note holders agreed not to exercise their rights after a technical event of default and waived their right to take any action against Geo Corp. and its subsidiaries until Sept. 3, 2013, the expiration date of the forbearance agreement. The August payment, $3.7 million of interest and $0.9 million of Principal, was made with funds from the reserve account. In September 2013, in the context of its financial restructuring, Corp. Geo entered into an amendment of the forbearance agreement. Such amendment provided for an extension of the forbearance agreement until Oct. 3, 2013. Geo Corp has failed to make quarterly payments under the SA for the past two quarterly periods. On Oct. 18, 2013, the Indenture Trustee informed Fitch that the majority of the note holders have requested the termination of the SA as a result of Geo Corp.'s failure to make the May and August payments under the SA. Payments received under the SA from Geo Corp. are the only source of payment of the senior secured notes. Timely payment on the senior secured notes entirely depends on the reserve account funds without the SA being full force and effect. As of August 2013, the balance in the reserve accounts is 21.5 million in the reserve account and 4.47 million in the capital expenses account. Upon termination of the SA and a technical event of default under the indenture, the note holders would have the right to instruct the Indenture Trustee to declare the early amortization of the notes, execute an unsecured claim against Geo Corp. in an amount equal to 100% of the outstanding balance of the notes, and dispose the Trust Estate, including the repossession and sale of the machinery serving as collateral for this transaction. The next scheduled debt service payment of $4.63 million is due in November 2013. Even when the funds deposited in the reserve account would provide enough liquidity to the transaction to make timely debt service payments for at least the next three scheduled payment dates, the agency is concerned about the transaction's ability to repay the notes in full. The note holders have the right to file an unsecured claim against Geo Corp. and sell the machinery backing this transaction. Liquidation of this collateral may generate enough cash to make the note holders whole; however, the ability to sell the collateral and the expected time to liquidate the machinery are uncertain. As of July 2013, there were 1098 equipment units as part of the collateral. Rating Sensitivities The downgrade of the senior secured notes is a result of the termination of the SA as only source of payment on the notes. As a result, the transaction is unable to sustain an extended period of negotiations with the note holders to either achieve a successful restructuring of the notes or acceleration of the notes followed by repossession and sale of the construction equipment. Fitch believes default on the notes is imminent. A further rating action will be taken following either failure to make a scheduled payment according to the documents or a restructuring of the original terms of the notes. MUNICIPALITY OF SULTEPEC: Moody's Withdraws Ba2/B2 Issuer Ratings ----------------------------------------------------------------- Moody's de Mexico announced that it has withdrawn the issuer ratings of Ba2.mx/B2, negative outlook, on the Municipality of Sultepec due to insufficient information. Ratings Rationale: Moody's has withdrawn the issuer ratings assigned to the Municipality of Sultepec because the rating agency has not received information necessary to monitor the rating. Publicly available information, in Moody's view, is not sufficient to allow Moody's to continue to monitor the Municipality's creditworthiness. In addition, the negative outlook reflected uncertainty about key financial matters. Without detailed information about them, Moody's believes that it is unable to provide the market with an updated and informed assessment of the current credit quality of the issuer. Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. ===================== P U E R T O R I C O ===================== EMPRESAS OMAJEDE: Charles A. Cuprill to Step Down as Counsel ------------------------------------------------------------ Charles A. Cuprill, P.S.C. Law Offices filed a motion with the U.S. Bankruptcy Court seeking leave to resign as counsel to Empresas Omajede, Inc. Cuprill also asked the Court to grant the Debtor 30 days to retain substitute counsel and to file its plan or reorganization and disclosure statement. Due to differences between the undersigned counsel and Debtor's management, the undersigned law firm has been asked to resign as Debtor's counsel in this case, according to papers filed in court by the law firm. The undersigned counsel has made the Debtor's president, Antonio Betancourt, Esq., aware of the status of the Debtor's Chapter 11 proceedings, as well as of the pendency of the Debtor's plan of reorganization and disclosure statement. The firm can be reached at: Charles A. Cuprill-Hernandez, Esq. CHARLES A. CUPRILL, P.S.C. Law Offices 356 Fortaleza Street, Second Floor San Juan, PR 00901 Tel: 787-977-0515 Fax: 787-977-0518 About Empresas Omajede Inc. Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012. Charles Alfred Cuprill, Esq., and Patricia I. Varela, Esq., at Charles A. Cuprill, PSC, serve as counsel. Nelson E. Galarza serves as financial advisor. The Debtor disclosed $16,718,614 in assets and $4,935,883 in liabilities in its schedules. The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets located at La Ectronica Building, 1608 Bori St., in San Juan, Puerto Rico. POPULAR INC: Seeks to Repay Bailout as Asset Sale Helps Profit -------------------------------------------------------------- David Scheer at Bloomberg News reports that Popular Inc. has asked the Federal Reserve for permission to repay a US$935 million taxpayer bailout it took during the financial crisis. The lender's request to exit the Troubled Asset Relief Program was disclosed as part of the San Juan-based company's statement announcing third-quarter results, according to Bloomberg News. Chief Executive Officer Richard Carrion said he couldn't speculate about if or when approval would be granted, the report relates. "Robust levels of excess capital, continued credit quality improvements and improved financial performance have paved the way toward our objective of the most shareholder-friendly exit from TARP," Mr. Carrion said in a conference call with analysts, Bloomberg News notes. Bloomberg News recalls that Mr. Carrion has sought to rid Popular of bad loans after the 2008 bailout, the largest still outstanding under TARP's bank-rescue program, according to a Sept. 10 Treasury report. Those efforts have been hurt as Puerto Rico's economy contracted 5 percent this year through July, the most since February 2010, government data show, Bloomberg News notes. Fed Approval Bloomberg News notes that Popular Inc.'s TARP obligation dwarfs the US$254.3 million owed by San Juan-based First BanCorp, which has the second-biggest outstanding debt under the program, the report shows. "While Treasury is an investor in Popular, whether the company can repay their TARP funds is subject to approval from their regulator, the Federal Reserve," the Treasury Department said in an e-mailed statement obtained by Bloomberg News. Bloomberg News relates that the bank reported net income of US$229.1 million, or US$2.22 a share, compared with US$47.2 million, or 45 cents, a year earlier. The results were helped by a US$167.8 million gain from the sale of part of its stake in payment-processor Evertec Inc., according to the statement, Bloomberg News discloses. Adjusted net income was US$61.3 million, trailing the US$78.7 million estimate of four analysts surveyed by Bloomberg. Popular, Inc., a financial holding company, provides a range of retail and commercial banking products and services primarily to institutional and retail customers in Puerto Rico and the Mainland United States. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2013, Fitch Ratings has completed a peer review of four rated Puerto Rican banks. Fitch has affirmed the Long-term Issuer Default Ratings (IDR) of Doral Financial Corp. and First BanCorp at 'B-'. Fitch has upgraded the Long-term IDR of Popular Inc. to 'BB-' from 'B+', which is now equalized with its bank subsidiaries ratings. The Outlook for BPOP and FBP is Stable. *********** 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 * * *