/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140306.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, March 6, 2014, Vol. 15, No. 46 Headlines C A Y M A N I S L A N D S ANTHRACITE BALANCED: Members' Final Meeting Today ARROWHEAD FUND: Shareholder to Receive Wind-Up Report on March 12 ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report ASIAN CENTURY OFFSHORE: Shareholder Receives Wind-Up Report ASIAN CENTURY SMALLER: Shareholder Receives Wind-Up Report CLAY HOUSE: Shareholder to Receive Wind-Up Report on March 24 PHOEBUS LEASING: Shareholder to Receive Wind-Up Report on March 14 RUSSVET FUND: Shareholder to Receive Wind-Up Report on March 24 SHERIDAN OPPORTUNITY: Members' Final Meeting Set for March 27 SHORT STOP 2: Shareholder to Receive Wind-Up Report on March 24 TESLA INC: Shareholder to Receive Wind-Up Report on March 11 TRACKSTAR ENTERPRISES: Members Receive Wind-Up Report VIMO INTERNATIONAL: Members Receive Wind-Up Report ZUCCHINA INVESTMENT: Members Receive Wind-Up Report J A M A I C A KLE GROUP: Incurs J$56 Million Loss in 2013 RBC JAMAICA: Royal Bank of Canada Sets Aside CDN$40MM for Payouts M E X I C O CEMEX SAB: Disclose Conversion of Approx. US$280MM 2015 Notes GRUMA S.A.B.: S&P Raises CCR to 'BB+'; Outlook Stable P U E R T O R I C O PUERTO RICO: Fitch Assigns 'BB' Rating to $3.5BB GO Bonds of 2014 - - - - - ========================== C A Y M A N I S L A N D S ========================== ANTHRACITE BALANCED: Members' Final Meeting Today ------------------------------------------------- The members of Anthracite Balanced Company (IR-16) Limited will hold their final meeting today, March 6, 2014, 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: Ian Stokoe c/o Andrew Nembhard Telephone: (345) 914 8779 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands ARROWHEAD FUND: Shareholder to Receive Wind-Up Report on March 12 ----------------------------------------------------------------- The shareholder of Arrowhead Fund will receive on March 12, 2014, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Roger Priaulx Edel Andersen c/o Genesis Trust & Corporate Services Ltd. Midtown Plaza, 2nd Floor Elgin Avenue, George Town Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 945 3466 Facsimile: (345) 945 3470 ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of Asian Century Quest Smaller Companies Master Fund, Ltd. received on March 4, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Desiree Jacob Telephone: (345) 815-1779 Facsimile: (345) 949-9877 ASIAN CENTURY OFFSHORE: Shareholder Receives Wind-Up Report ----------------------------------------------------------- The shareholder of Asian Century Quest Offshore Fund, Ltd. received on March 4, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Desiree Jacob Telephone: (345) 815-1779 Facsimile: (345) 949-9877 ASIAN CENTURY SMALLER: Shareholder Receives Wind-Up Report ---------------------------------------------------------- The shareholder of Asian Century Quest Smaller Companies Offshore Fund, Ltd. received on March 4, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Desiree Jacob Telephone: (345) 815-1779 Facsimile: (345) 949-9877 CLAY HOUSE: Shareholder to Receive Wind-Up Report on March 24 ------------------------------------------------------------- The shareholder of Clay House Ltd will receive on March 24, 2014, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert P. Shaw Calle 20b Sur. No.27-237, Casa 106 Medellin, Antioquia, Colombia Telephone: 57 311 229 8057 Calle 20b Sur. No.27-237, Casa 106 Medellin, Antioquia, Colombia Telephone: 57 311 229 8057 PHOEBUS LEASING: Shareholder to Receive Wind-Up Report on March 14 ------------------------------------------------------------------ The shareholder of Phoebus Leasing Limited will receive on March 14, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands RUSSVET FUND: Shareholder to Receive Wind-Up Report on March 24 --------------------------------------------------------------- The shareholder of Russvet Fund Ltd will receive on March 24, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 SHERIDAN OPPORTUNITY: Members' Final Meeting Set for March 27 ------------------------------------------------------------- The members of Sheridan Opportunity Fund, Ltd will hold their final meeting on March 27, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands SHORT STOP 2: Shareholder to Receive Wind-Up Report on March 24 --------------------------------------------------------------- The shareholder of Short Stop 2 Limited will receive on March 24, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 Cayman Islands TESLA INC: Shareholder to Receive Wind-Up Report on March 11 ------------------------------------------------------------ The shareholder of Tesla, Inc. will receive on March 11, 2014, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marcos Donnabella Camano R. Gomes de Carvalho, 615 Sao Paulo-SP CEP 047388-001 Brazil Telephone: +55 11 98389 1569; or +55 11 98389 1571 TRACKSTAR ENTERPRISES: Members Receive Wind-Up Report ----------------------------------------------------- The members of Trackstar Enterprises Inc. received on Feb. 28, 2014, 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 VIMO INTERNATIONAL: Members Receive Wind-Up Report -------------------------------------------------- The members of Vimo International Ltd. received on Feb. 28, 2014, 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 ZUCCHINA INVESTMENT: Members Receive Wind-Up Report --------------------------------------------------- The members of Zucchina Investment Ltd. received on Feb. 28, 2014, 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 ============= J A M A I C A ============= KLE GROUP: Incurs J$56 Million Loss in 2013 ------------------------------------------- Jamaica Gleaner reports that entertainment company KLE Group made a loss of $56 million last year, caused by spikes in the cost of business and operational expenses. The group said it was hit by an uncertain economic environment, and that the reduced discretionary spend of its clientele, coupled with the company's inability to pass on the increased costs of business to its customers, further affected its margins, according to Jamaica Gleaner. "The impact of a hugely uncertain economic environment throughout the year, but particularly in the earlier part of 2013, had a direct effect on our top line," KLE said, the report notes. "The uncertainty surrounding the IMF deal, compounded by the rapid devaluation of the Jamaican dollar, resulted in discretionary spend being seriously affected which, ultimately, caused a reduction in transactions," the report discloses. Operating Losses The report notes that losses last year deepened fourfold from the J$13-million net loss posted at year end December 2012, notwithstanding stronger revenues of J$334 million, up from J$288 million. In addition, the report relays, the J$10 million of operating profit made in 2012 was completely erased, with the company posting operating losses of J$24 million, which KLE linked to the performance of the Fiction nightclub. "While the Tracks and Records, Odyssey and Famous brands contributed an operating profit for the group, Fiction suffered a significant decrease in revenue in 2013, which resulted in an operating loss," the financial report stated, the report says. Efforts to reach KLE Chief Executive Officer Gary Matalon were unsuccessful. KLE has advised shareholders that it plans to continue restructuring the business this year, a strategy that includes franchising of the Tracks & Records sports bar and casual dining outfit internationally, the report notes. Mr. Matalon has previously said that the company was targeting 36 markets for franchises and that there was already interest coming from New York, Hawaii, London and China, the report adds. RBC JAMAICA: Royal Bank of Canada Sets Aside CDN$40MM for Payouts ----------------------------------------------------------------- Jamaica Gleaner reports that Royal Bank of Canada has set aside CDN$40 million for payouts to employees of subsidiary RBC Jamaica and other restructuring charges in the Caribbean. The bank booked the expected losses of CDN$60 million in its first quarter ending January, and said other provisions had been made for post-employment benefits to be finalized once the deal with Sagicor Jamaica Group had closed, according to Jamaica Gleaner. The report notes that the transaction is expected to get regulatory approval within the second quarter. RBC Jamaica employs about 500 staff. Neither the local bank nor RBC Caribbean head, Suresh Sookoo, responded to requests for comment. Redundancy Earlier this year, the report notes, RBC cut 20 staff in Trinidad & Tobago, and the union there expects more positions will be made redundant. There have also been reports of cuts coming in Dominica, the report relays. Sagicor has agreed to buy RBC Jamaica for JM$9.5 billion for the operation with the bad debts stripped out, the report discloses. To date, RBC has declined to shed light on the fate of the Wyndham hotel property which it took over in 2011 and placed into receivership on claims that a US$33-million loan had fallen into arrears, the report relays. The hotel owners, in turn, have countered that the bank breached the loan agreement, the report adds. =========== M E X I C O =========== CEMEX SAB: Disclose Conversion of Approx. US$280MM 2015 Notes ------------------------------------------------------------- CEMEX, S.A.B. de C.V. disclosed that certain institutional holders of CEMEX's 4.875% Convertible Subordinated Notes due 2015 are expected to convert approximately US$280 million aggregate principal amount of the Notes in exchange for an estimated 27.6 million American Depositary Shares of CEMEX. CEMEX is not paying any cash to these holders in connection with these conversions. Following the closing of these transactions, approximately US$435 million aggregate principal amount of the Notes will remain outstanding. The Notes are not callable prior to maturity in March 2015. Fernando A. Gonzalez, Executive Vice President of Finance and Administration, and CFO of CEMEX, said: "This transaction contributes to the strengthening of our capital structure. It supports our stated objectives of reducing debt and interest costs and reduces our short term contingent refinancing requirements." The closing of these transactions are subject to customary closing conditions. The ADSs are being issued under private conversion agreements and such issuance is exempt from registration pursuant to Section 3(a)(9) under the U.S. Securities Act of 1933, as amended. About CEMEX SAB Mexican corporation CEMEX, S.A.B. de C.V., is a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 30, 2013, Standard & Poor's Ratings Services raised its ratings on CEMEX S.A.B. de C.V. (CEMEX) and its subsidiaries, CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc., to global scale 'B+' from 'B' and to national scale 'mxBBB' from 'mxBBB-'. The outlook is stable. GRUMA S.A.B.: S&P Raises CCR to 'BB+'; Outlook Stable ----------------------------------------------------- Standard & Poor's Ratings Services raised its global scale corporate credit and debt ratings on Gruma, S.A.B. de C.V. (Gruma) to 'BB+' from 'BB'. The recovery rating on the bonds remains unchanged at '3'. The outlook is stable. The upgrade reflects S&P's view of Gruma's financial policy, which S&P believes has moderated during the past few years. The company's commitment to reduce debt and improve profitability, especially after the buyout of the stake that Archer Daniels Midland Co. used to hold in Gruma, strengthened its EBITDA margin and key financial ratios by the end of 2013. S&P expects this trend will continue throughout 2014 until the company reaches its leverage metric target of 2.0x. Once this target is achieved, S&P expects Gruma to maintain its financial policy in line with expectations and keep its growth strategy conservative by focusing on its core businesses and no significant external funding to finance it. ===================== P U E R T O R I C O ===================== PUERTO RICO: Fitch Assigns 'BB' Rating to $3.5BB GO Bonds of 2014 ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to the following general obligation (GO) bonds of the Commonwealth of Puerto Rico: -- Up to $3.5 billion GO Bonds of 2014, Series A. Fitch has also affirmed the 'BB' rating on $10 billion of outstanding GO bonds of the commonwealth. The Rating Outlook is Negative. SECURITY GO bonds are secured by the good faith, credit and taxing power of the Commonwealth of Puerto Rico. Strong legal provisions for GO debt include a constitutional first claim on commonwealth revenues, including transportation-related and rum excise tax revenues that are dedicated to specific authorities and other bonds. The commonwealth cannot file for bankruptcy. KEY RATINGS DRIVERS WEAK ECONOMY THE KEY CREDIT FACTOR: Puerto Rico's economy has been in recession since 2006. Although some recent information suggests nascent improvement, results are mixed. Fitch believes that the ultimate success of efforts to put the commonwealth's finances on a sustainable path will be dictated by the performance of the economy. DEBT AND RETIREE BENEFIT LIABILITIES HIGH: Puerto Rico's bonded debt levels and unfunded pension liabilities are very high relative to U.S. states, with a large amount of outstanding debt issued for deficit financing purposes. Pension funding will remain exceptionally low even with the significant pension reform effort undertaken by the current administration. BUDGET IMPROVED, BUT CHALLENGES REMAIN: Following a long history of significant budget deficits and a reliance on borrowing to fund operations, the general fund gap has been reduced considerably and the governor recently announced the intent to balance the budget next year, one year earlier than previously expected. Fitch believes achieving and maintaining balance will remain challenging. FISCAL MANAGEMENT EFFECTIVE AND COMMITTED: The current administration has made significant progress in addressing longstanding credit issues and responded quickly and decisively to challenges. Fitch believes the commitment to achieving fiscal balance and honoring commitments to bondholders remains strong. FINANCIAL FLEXIBILITY CONSTRAINED: The commonwealth's capital markets access deteriorated steeply in 2013 and non-investment- grade ratings potentially limit the market available for the commonwealth's debt going forward. Reliable external market access in line with market norms is important to long-term stability. LINK TO U.S. A CREDIT POSITIVE: Puerto Rico's status as a commonwealth of the U.S. and strong linkages to the U.S. economy are credit strengths, although the application of U.S. law and minimum wage standards may reduce competitiveness in some areas. RATING SENSITIVITIES MARKET ACCESS: The current rating assumes that the commonwealth will be able to execute a sizable transaction in the near term to bolster liquidity. An inability to access the market would be a significant credit concern and cause for a downgrade. EVIDENCE OF ECONOMIC STABILIZATION: Maintenance of the current rating will require stabilization in economic performance and emergence from the long recessionary period. ACHIEVABILITY OF BUDGET TARGETS: Failure to show continued progress toward structural balance would pressure the rating. CREDIT PROFILE The 'BB' rating on the bonds reflects demonstrated weakness in the Puerto Rico economy, very high liabilities including outstanding debt and unfunded pensions, challenged though improving financial operations, and limited financial flexibility. The current transaction, the vast majority of which will replace existing debt rather than adding to the commonwealth's debt load, is designed to bolster liquidity at the GDB and remove potential near-term liquidity stresses. Fitch's rating assumes that the commonwealth will be able to address liquidity pressures through such borrowing, and the inability to do so could result in significant credit deterioration. Puerto Rico's current management has repeatedly shown its ability and willingness to take quick action to address financial challenges and external market concerns, much of which has required legislative action. However, underlying the need for these measures is the very difficult economic, financial, and market situation that management continues to confront. ECONOMY Although Puerto Rico's employment cycles historically have been generally in line with those of the U.S., more recently the commonwealth's economy fell into recession in 2006, long before the U.S. recession started, and has yet to rebound. Initial signs of recovery in 2012 now appear to have been more a reflection of economic stimulus than underlying growth and subsequent economic performance has been weak. Since the start of the recession, Puerto Rico has lost more than 10% of non-farm employment, and population has been declining. Nonfarm employment was down 2.6% year-over-year in December 2013, an improvement from prior months, but the unemployment rate remained a high 15.5%. The Government Development Bank for Puerto Rico (GDB) Economic Activity Index (EAI), an indicator of the general level of economic activity, was down year-over-year every month in 2013, with the pace of decline accelerating in the first half of the year and stabilizing in the latter half. The December 2013 EAI was 5.2% below December 2012. The U.S. Bureau of Labor Statistics is scheduled to release revised employment statistics later this month; any change in historical numbers would have a direct effect on the EAI, as employment is one of four variables for that statistic. Puerto Rico's status as a commonwealth of the U.S. and strong linkages to the U.S. economy are a positive credit factor. Federal transfer payments represented 25% of 2012 personal income, mostly in the form of entitlements such as social security and Medicare. This serves as a stabilizing force but is also illustrative of the comparative weakness of the overall economy. As it struggles to emerge from a prolonged recession, Puerto Rico faces a longer term question of how to grow and diversify its economy, increase employment and workforce participation levels, enhance wealth and income, and address longer term structural contraction in its existing pharmaceutical and electronic producing industries. The ultimate test will be whether or not Puerto Rico is able to find a sustainable path to the economic growth that is necessary to support the commonwealth's high debt levels and other long-term liabilities, as well as to achieve and maintain a structurally balanced budget. The commonwealth is focused on economic development, and has had some notable successes. However, making the current situation more challenging, historical economic performance reflects extensive use of federal and commonwealth selective tax exemptions, financial and tax incentives, development loans, and other economic initiatives. In addition, government austerity and recent tax and utility rate increases could have a dampening effect on economic performance. FINANCES One of the most notable aspects of Puerto Rico's recent credit history has been the efforts to restructure fiscal operations and bring structural balance to the budget in the context of a weak economy. Although the commonwealth has thus far failed to meet the goal of budget balance, the efforts have yielded significant results. The general fund deficit has been reduced from more than 40% of general fund revenues in fiscal 2009 to a budgeted 9% in fiscal 2014, even with increased funding for pensions in the current fiscal year. Moreover, the administration has reduced the fiscal 2014 deficit forecast from $820 million to $650 million, and intends to present a balanced budget proposal for fiscal 2015, which begins on July 1. This is one year earlier than previously promised. The commonwealth's tax structure has changed repeatedly and significantly as part of various fiscal and economic policy schemes, making it difficult to conduct robust trend analysis and judge the degree of the relationship between particular economic and revenue results. The general fund now relies on three main revenue sources: the personal income tax (30% of projected fiscal 2014 revenues), corporate income tax (26%), and the special 'Act 154' excise tax on transactions between manufacturers and distributors that are part of the same holding group (20%). The commonwealth sales tax also generates significant revenues, but the general fund receives sales tax revenue only after the amount needed for COFINA debt service and as such only 6% of general fund revenue is from this source. Fiscal 2014 revenues through February are reported up 10% year- over-year, reflecting tax increases enacted as part of the current-year budget. The January 2014 general fund revenue forecast revision, while unchanged in aggregate at $9.5 billion, reflects an even larger reliance than previously budgeted on corporate taxes, which have been overperforming estimates. The sales tax changes included in the budget have failed to produce all of the expected additional revenues. Fitch believes that meeting the goal of structural balance remains challenging, and notes the failure of plans under prior administrations. The commonwealth has to address extensive expenditure demands, with more responsibility for local functions than U.S. states have, and there are material spending increases embedded in the budget. However, efforts of recent years have resulted in significant progress in rationalizing the commonwealth's fundamental financial position, and the commitment and effectiveness of the current administration appears strong. DEBT & PENSIONS Fitch's calculation of commonwealth net tax-supported debt as of June 30, 2013 is $47 billion, a very high 76% of personal income. Elevated bonded debt levels reflect extensive use of deficit financing as well as the consolidated nature of the central government's role in Puerto Rico. The commonwealth has a complex debt structure including GO, sales tax, guaranteed, and public corporation debt. The often-cited figure for Puerto Rico's debt - $70 billion - includes not only debt supported by commonwealth tax revenues but also debt of the electric and water and sewer utilities and other revenue-supported debt that is not the obligation of the central government. Pension funding has been a longstanding credit challenge for Puerto Rico. Funding is exceptionally low and will remain so even with the significant pension reform effort undertaken by the current administration. The commonwealth passed a comprehensive pension reform of the employees retirement system in 2013. The overhaul did not attempt to improve the actuarially determined funded status, which will remain close to zero for many years, but rather focused on achieving a predictable and manageable annual funding scheme. Importantly, the commonwealth quickly received Puerto Rico Supreme Court validation of the reform, eliminating the potential for legal challenge. Reform with similar goals was enacted for the teachers system late last year, and legal challenges are currently being considered by the Supreme Court. LIQUIDITY Puerto Rico for many years relied on market solutions to fund operations and refinance debt for current-year budget savings. With a confluence of negative events, related to both the commonwealth specifically and the municipal market in general, Puerto Rico's market access deteriorated steeply in 2013 despite the significant actions taken by the current administration to address longstanding challenges. As a result, Puerto Rico became increasingly dependent on relatively short-term, privately placed borrowing to meet its funding requirements. This in turn created its own liquidity pressure, and a reliance on the resources of GDB, which has played an increasingly significant role in commonwealth finances. Recent downgrades of the commonwealth's debt to non-investment- grade levels triggered potential new liquidity demands of about $1 billion, although the commonwealth has worked with relevant counterparties to mitigate the impact and expects to take out variable-rate debt and fund swap termination payments with proceeds of the current borrowing. The administration has also taken a variety of steps to improve GDB liquidity in recent months. The current borrowing is expected to alleviate liquidity pressures, a significant credit factor for Fitch. Fitch will closely review the results of the transaction to determine its impact on GDB liquidity and the commonwealth's overall financial flexibility and debt service burden, noting that the vast majority of the debt will refund existing obligations. *********** 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. 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, and Peter A. Chapman, Editors. Copyright 2014. 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 * * *