/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150819.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 Wednesday, August 19, 2015, Vol. 16, No. 163 Headlines A R G E N T I N A GPAT COMPANIA: Moody's Rates ARS250MM Sr. Debt Issuance 'B2' PETROBRAS ARGENTINA: Moody's Affirms Ba2 Rating on USD300MM Notes B R A Z I L BANCO PSA: Moody's Affirms Ba2 Deposit Rating; Outlook Positive BRAZIL: Analysts Now See Economy Contracting in Both 2015 And 2016 C A Y M A N I S L A N D S 3G LONG BIASED: Shareholder to Hear Wind-Up Report on Aug. 27 3G LONG PARTNERS: Shareholder to Hear Wind-Up Report on Aug. 27 3G LOW FUND: Creditors' Proofs of Debt Due Aug. 26 3G LOW OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 27 3G LOW VOLATILITY: Shareholder to Hear Wind-Up Report on Aug. 27 CARRY LTD: Creditors' Proofs of Debt Due Oct. 30 KABLOONA LIMITED: Creditors' Proofs of Debt Due Sept. 3 LATITUDE ZERO: Creditors' Proofs of Debt Due Aug. 28 RENEWABLE CO: Creditors' Proofs of Debt Due Sept. 14 SPARKLING COMBO: Creditors' Proofs of Debt Due Sept. 14 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Firms Fall Short in Quest to Globalize J A M A I C A JAMAICA: Oil Futures Price Reach Six-Year Low M E X I C O GRUPO SENDA: S&P Retains 'B' Rating on CreditWatch Negative MEXICANA AIRLINES: Court Authorizes Auction of Assets P E R U CORPORACION LINDLEY: S&P Affirms 'BB+' CCR; Outlook Now Neg. P U E R T O R I C O ADELPHIA COMMUNICATIONS: Creditors Lose 2nd Bid at $149M Clawback ALONSO & CARUS: Court Denies Triple S Steel Bid to Form Committee ANNA'S LINENS: Order Approving Liquidators Appealed DORAL FINANCIAL: HCL Seeks Release of $282K Security Deposit DORAL FINANCIAL: Court Approves FirstBank Settlement Agreement PUERTO RICO AQUEDUCT: Moody's Rates $750MM Revenue Bonds Caa3 SPANISH BROADCASTING: Incurs $3.5 Million Net Loss in 2nd Qtr. T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Sales Not Suspended, Business Group Says U R U G U A Y URUGUAY: Investment Boosts Economic Growth, Gov't Says - - - - - ================= A R G E N T I N A ================= GPAT COMPANIA: Moody's Rates ARS250MM Sr. Debt Issuance 'B2' ------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo has assigned a B2 global scale rating (GSR) and a Aa2.ar national scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown under its senior debt program of ARS 1500 million. The issuance, for up to ARS 250 million, will be due in 18 months. The outlook on all ratings is negative. The following ratings were assigned to GPAT Compania Financiera S.A.'s Ar$250 million senior unsecured debt issuance: B2 Global Local Currency Debt Rating Aa2.ar Argentina National Scale Local Currency Debt Rating RATINGS RATIONALE The global scale senior unsecured debt rating considers the challenging operating environment in Argentina, coupled with the very high probability that GPAT will receive support from its foreign-owned parent, B1 rated Banco Patagonia, in the event of stress. Argentina's operating environment is characterized by high inflation and weak economic growth, which will continue to affect consumer confidence and hit car sales. Risks associated with the company's funding structure, mainly reliant on senior debt issuances and its monoline business orientation were also taken into account in GPAT's ratings. These credit challenges outweigh credit strengths including GPAT's key role as the financial agent for General Motors Argentina and its strong commercial and strategic importance to the corporation, as well as its good asset quality, profitability and capital metrics. While GPAT's GSR compares poorly with global peers due to Argentina's weak operating environment, its NSR is one of the highest in the country. GPAT is 99% owned by Banco Patagonia (local currency deposit rating B1 negative, BCA caa1). Moody's said that the one-notch differential between the B1 local currency deposit rating for Banco Patagonia and the B2 debt rating for GPAT reflects the structural subordination of GPAT's bondholders to all liability holders of Banco Patagonia. In line with the negative outlook on the sovereign, the outlook for all GPAT's ratings is negative, given the risk that the operating environment will continue to deteriorate, which in turn will negatively affect GPAT's business prospects and earnings generation. The ratings could face downward pressure if the operating environment deteriorates further, affecting the entities' business prospects, asset quality, capitalization or liquidity profile and/or if the sovereign is downgraded. GPAT Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$1,886 million of total assets and Ar$683 million of shareholders' equity as of June 2015. PETROBRAS ARGENTINA: Moody's Affirms Ba2 Rating on USD300MM Notes ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo affirmed the Ba2/Aaa.ar global scale rating and national scale rating on Petrobras Argentina S.A.'s USD 300 million in guaranteed Series S notes (CUSIP 71646JAB5). The rating action reflects Moody's Investors Service's rating action on Aug. 11, 2015, of affirming Petroleo Brasileiro S.A.'s (Petrobras, the guarantor) global debt ratings at Ba2. The rating outlook is stable. Affirmation: Issuer: Petrobras Argentina S.A. Senior Unsecured Regular Bond/Debenture, affirmed at Ba2/Aaa.ar RATINGS RATIONALE The rating actions on Petrobras Argentina reflect the affirmation of Petrobras' ratings, on Aug. 11, 2015, at Ba2, which in turn followed Moody's downgrade of Brazil's government bond rating to Baa3 from Baa2 at the same date. The affirmation of Petrobras' ratings reflects Moody's belief that the likelihood of support from the government of Brazil has not meaningfully changed, despite the government's lower rating. =========== B R A Z I L =========== BANCO PSA: Moody's Affirms Ba2 Deposit Rating; Outlook Positive --------------------------------------------------------------- Moody's Investors Service has affirmed the long-term local- and foreign-currency deposit ratings of Banco PSA Finance Brasil S.A. (Banco PSA) at Ba2, and changed the outlook on the ratings to positive, from stable, following the change in the outlook for the ratings of Banco PSA's French-based parent Banque PSA Finance (BPF; Baa3/Baa3 positive, ba2). Moody's also affirmed Banco PSA's short-term local- and foreign-currency deposit ratings at Not Prime, and long- and short-term Brazilian national scale deposit ratings at Aa3.br and BR-1, respectively. At the same time, Moody's affirmed Banco PSA's baseline credit assessment (BCA) at ba3, its adjusted BCA at ba2, as well as its long- and short-term Counterparty Risk Assessments (CRA) at Ba1(cr) and Not Prime(cr). For more information on the BPF action, please refer to Moody's 31 July 2015 press release, "Moody's changes outlooks on Banque PSA Finance's long-term ratings to positive." These ratings of Banco PSA were affirmed; their outlook changed to positive from stable: Long-term global local-currency deposit rating of Ba2; Long-term global foreign-currency deposit rating of Ba2. These ratings and assessments of Banco PSA were affirmed: Short-term global local-currency deposit rating of Not Prime; Short-term global foreign-currency deposit rating of Not Prime; Long-term Brazilian national scale deposit rating of Aa3.br; Short-term Brazilian national scale deposit rating of BR-1; Baseline credit assessment of ba3; Adjusted baseline credit assessment of ba2; Long-term counterparty risk assessment of Ba1(cr); Short-term counterparty risk assessment of Not Prime(cr). RATINGS RATIONALE The change in the outlook for Banco PSA's deposit ratings reflects the change in the outlook of BPF's long-term deposit and debt ratings, which in turn reflects the positive outlook on Peugeot S.A.'s (PSA) Ba3 long-term corporate family rating (CFR). An upgrade of Peugeot would likely result in upgrades to BPF's BCA and debt and deposit ratings. The Brazilian subsidiary's adjusted BCA of ba2 and long-term deposit ratings of Ba2 incorporate one notch of uplift from Banco PSA's standalone BCA of ba3, owing to Moody's view of the high probability of affiliate support in the event of stress, given the shared strategic focus of the subsidiary and its parent. In the event of an upgrade of BPF's BCA, Banco PSA's supported ratings would also be upgraded. The positive outlook also considers the recent announcement of a partnership between BPF and Banco Santander (Brasil) S.A. (Baa3 stable, baa3), which will acquire 50% of Banco PSA's equity. The transaction, still pending regulatory approval, will provide Banco PSA with more stable funding at longer tenors, helping the bank to reduce funding costs and enhancing its liquidity. In affirming Banco PSA's standalone BCA at ba3, Moody's recognizes the bank's healthy capitalization, which provides a cushion against an increase in non-performing loans (NPLs), as well as the low risk profile of its loan book. The ba3 BCA also reflects the bank's role as the captive financing arm of automakers Peugeot and Citroen. Although Banco PSA's past due loan ratio rose to 2.58% last year, from 1.34% in 2013, it remains below the system average for auto loan delinquencies. The increase in NPLs reflected the weakening of the economy, but it also resulted from a 13% reduction in the bank's loan portfolio. The drop in loan origination was tied to the weak performance of the auto industry in 2014, with an annual decline of 15.3% in car production and of 7.1% in sales. WHAT COULD CHANGE THE RATINGS An upgrade of BPF's BCA to ba1 from ba2 could lead to an upgrade of Banco PSA's adjusted BCA owing to parent support considerations. Without changes to BPF's BCA, however, changes in Banco PSA's standalone BCA would be unlikely to affect its deposit ratings at the current time. LAST RATING ACTION The last rating action on Banco PSA Finance Brasil S.A. was on 25 June 2015, when Moody's downgraded the bank's long-term global local and foreign currency deposit ratings to Ba2 from Ba1; the long-term Brazilian national scale deposit rating to Aa3.br, from Aa2.br; and the Adjusted BCA to ba2 from ba1. The rating action followed Moody's 23 June 2015 downgrade of BPF's standalone BCA. METHODOLOGY USED The principal methodology used in this rating was Banks published in March 2015. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by an ".nn" country modifier signifying the relevant country, as in "za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo, Brazil, and had total assets of BRL2.9 billion ($1.09 billion) and total equity of BRL454 million ($171 million) as of Dec. 31, 2014. BRAZIL: Analysts Now See Economy Contracting in Both 2015 And 2016 ----------------------------------------------------------------- EFE News reports that analysts now expect Brazil's economy to contract in both 2015 and 2016, marking the first negative forecast for next year, the Central Bank said. The gross domestic product (GDP) estimates come from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy, according to EFE News. The report notes that analysts expect the Brazilian economy to contract by 0.15 percent in 2016. For this year, analysts are forecasting that the economy will contract by 2.01 percent, which would be the worst performance since 1990, when the South American country's GDP dropped 4.35 percent, the report relays. Last week, analysts said they expected Brazil's economy to contract by 1.97 percent in 2015, the report relays. On the inflation front, for the first time in 17 weeks, analysts left their forecast unchanged at 9.32 percent, the report notes. The government still expects inflation to end the year within its target range of 4.5 percent, with a 2 percent band that would put the top end rate at 6.5 percent, the report discloses. If the forecasts prove accurate, Brazil would post its highest inflation rate since 2002, when the consumer price index rose 12.53 percent, adds the report. ========================== C A Y M A N I S L A N D S ========================== 3G LONG BIASED: Shareholder to Hear Wind-Up Report on Aug. 27 ------------------------------------------------------------- The shareholder of 3G Long Biased Equity Offshore Fund Ltd. will hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 3G LONG PARTNERS: Shareholder to Hear Wind-Up Report on Aug. 27 --------------------------------------------------------------- The shareholder of 3G Long Biased Equity Fund Partners Ltd. will hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 3G LOW FUND: Creditors' Proofs of Debt Due Aug. 26 -------------------------------------------------- The creditors of 3G Low Volatility Fund Partners Ltd. are required to file their proofs of debt by Aug. 26, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 22, 2015. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 3G LOW OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 27 -------------------------------------------------------------- The shareholder of 3G Low Volatility Offshore Fund Ltd. will hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 3G LOW VOLATILITY: Shareholder to Hear Wind-Up Report on Aug. 27 ---------------------------------------------------------------- The shareholder of 3G Low Volatility Onshore Fund Ltd. will hear on Aug. 27, 2015, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 CARRY LTD: Creditors' Proofs of Debt Due Oct. 30 ------------------------------------------------ The creditors of Carry Ltd. are required to file their proofs of debt by Oct. 30, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 22, 2015. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 KABLOONA LIMITED: Creditors' Proofs of Debt Due Sept. 3 ------------------------------------------------------- The creditors of Kabloona Limited are required to file their proofs of debt by Sept. 3, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2015. The company's liquidators are: Helier Pirouet David Le Roux Citron 2004 Limited Telephone: + 44 1534 282276 Facsimile: + 44 1534 282400 23-25 Broad Street St Helier Jersey LATITUDE ZERO: Creditors' Proofs of Debt Due Aug. 28 ---------------------------------------------------- The creditors of Latitude Zero Investment Management Ltd. are required to file their proofs of debt by Aug. 28, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 17, 2015. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands RENEWABLE CO: Creditors' Proofs of Debt Due Sept. 14 ---------------------------------------------------- The creditors of Renewable Co. Ltd. are required to file their proofs of debt by Sept. 14, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 14, 2015. The company's liquidator is: Lion International Management Limited P.O. Box 71 Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-652 SPARKLING COMBO: Creditors' Proofs of Debt Due Sept. 14 ------------------------------------------------------- The creditors of Sparkling Combo Investments Inc are required to file their proofs of debt by Sept. 14, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 10, 2015. The company's liquidator is: Lion International Management Limited P.O. Box 71 Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Firms Fall Short in Quest to Globalize ------------------------------------------------------------ Dominican Today reports that Dominican Republic's industrial sector requires permanent investment in innovation, linking industrial companies with universities and technical institutes, and proactive financial and industrial policies as well. Given that, the sector can achieve becoming a net exporter and revert the consequences of economic policies that have weakened it, Dominican Republic Industries Association (AIRD) President Campos de Moya cautioned, according to Dominican Today. The report notes that Mr. de Moya said the country has been in an economic environment that has weakened the manufacturing sector in recent years, creating a hurdle to becoming a net exporting nation. By analyzing the adverse elements, Mr. De Moya said the country falls short innovation policies, productive linkages to benefit from globalization, education and other elements, the report adds. ============= J A M A I C A ============= JAMAICA: Oil Futures Price Reach Six-Year Low --------------------------------------------- RJR News reports that oil futures finished below US$42 a barrel on August 17 to mark their lowest settlement in almost six-and-half years. This, as traders continued to fret over a global crude glut, and analysts predicted declines in demand and prices in the coming weeks, according to RJR News. The report notes that oil for delivery in September fell 63 cents, or 1.5%, to settle at US$41.87 cents a barrel on the New York Mercantile Exchange. That's the lowest settlement price for a front-month contract since March 3, 2009, the report relays. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. =========== M E X I C O =========== GRUPO SENDA: S&P Retains 'B' Rating on CreditWatch Negative ----------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Grupo Senda Autotransporte S.A. de C.V., including S&P's 'B' global scale and 'mxBBB-/mxA-3' national scale corporate credit ratings and 'mxA-3' debt rating, remain on CreditWatch, where they were placed with negative implications on May 12, 2015. "The CreditWatch update reflects our understanding that the company expects to sign the final agreements on the refinancing of its loan within the next 60 days," said Standard & Poor's credit analyst Francisco Gutierrez. Additionally, the company's operational performance slightly improved during the quarter ended June 30, 2015, mainly as a result of good performance in its international passengers and personnel business segment; diesel savings from increased efficiency, higher use of U.S. fuel, and partial tax netting of diesel expenses against income taxes amid lower oil prices; and other operating efficiencies. For the 12 months ended June 30, 2015, the company posted FFO to debt of 14.4% and debt to EBITDA of 4.0x, compared with 12.8% and 4.0x for the same period of the previous year. Also, cash balances improved from MXN$101.7 million as of March 31, 2015 to MXN$159.1 million as of June 30, 2015, which contributed to the MXN$125 million debt maturity payment at the end of July 2015. The next payment of about MXN$125 million is due October 2015. S&P expects to resolve its CreditWatch once the company closes its refinancing agreements. S&P could lower the rating if the company is unable to refinance its syndicated loan within the next 60 days, which would continue to limit its financial flexibility or if the company were to raise new debt to fund its cash flow needs, undermining its financial risk profile. S&P could also lower the ratings if Senda can't obtain covenant waivers under its syndicated loan in case it breaches them, which could potentially trigger an acceleration of debt. MEXICANA AIRLINES: Court Authorizes Auction of Assets ----------------------------------------------------- EFE News reports that a court has authorized an auction of the assets of bankrupt Mexican airline Compania Mexicana de Aviacion or Mexicana Airlines, the top administrative body of Mexico's judiciary, known as the CJF, said. The auction was scheduled to kick off Aug. 13 in accordance with the asset disposal procedure proposed by the trustee in Mexicana's bankruptcy proceedings, the CJF said, according to EFE News. In its decision, the Mexico City court gave its authorization for a two-stage auction, the report notes. The report relates that the first is to cover non-restricted assets, which include rights to use service buildings and a cargo terminal, office furniture and machines, and special equipment and installations located at the Mexico City International Airport. The second is to encompass restricted assets, including components and parts that were used as collateral for a loan the airline received from Aeropuertos y Servicios Auxiliares, the federal corporation that oversees the management, operations and development of Mexico's airports, the report discloses. Mexicana -- once Mexico's leading carrier -- grounded its operations and filed for bankruptcy protection in 2010 to restructure a debt load of more than $800 million, the report notes. It was declared bankrupt in April 2014. A group of investors led by magnate Gaston Azcarraga acquired the airline for $165 million in 2005, although in 2010 it was sold to a consortium known as Tenedora K for a symbolic amount, the report says. Several criminal and administrative proceedings have been brought against Azcarraga in connection with his alleged fraudulent management of the airline, the report adds. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--Mexico's largest airline, is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). The Mexicana group of airlines includes MexicanaClick (Click), formerly Click Mexicana, and MexicanaLink (Link). Click is Mexicana's regional operator while Link operated as a feeder airline for both Mexicana and Click. Compania Mexicana de Aviacion or Mexicana Airlines filed for bankruptcy in the U.S. and Mexico on Aug. 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. ======= P E R U ======= CORPORACION LINDLEY: S&P Affirms 'BB+' CCR; Outlook Now Neg. ------------------------------------------------------------ Standard & Poor's Ratings Services said that it revised its outlook on Peru-based Corporacion Lindley S.A.'s corporate credit rating to stable from negative. At the same time, S&P affirmed its 'BB+' corporate credit and issue-level ratings on Lindley. The outlook revision reflects S&P's view that Lindley has successfully improved its profitability and credit metrics since the last quarter of 2014. Such improvements in operating performance stem from continued sales growth, primarily driven by both volume and price increases due to Peru's improved economy and higher consumption during that period. Improvement in various operating efficiencies--specifically in production and supply chain processes--along with lower raw material prices, and reductions in operating expenses also contributed to the company's better profitability and credit metrics during that period. These reductions allowed the company to meet S&P's expectations in terms of profitability and credit metrics, with EBITDA margins trending towards 20% and debt to EBITDA below 4.0x. The stable outlook reflects S&P's view that Lindley will continue to improve its operating and financial performance, as observed since fourth quarter 2014, and will post mid-single digit revenues growth and a gradual improvement in profitability in the next 12- 24 months. S&P now expects Lindley to post positive FOCF generation from 2015 onward due to its significant capex reduction plan, which, together with various non-core asset disposals, will support the company's deleveraging strategy, resulting in debt to EBITDA of about 3.8x in 2015 and 3.1x in 2016. A negative rating action is possible if Lindley posts weaker than expected operating and financial performance, and/or if its liquidity deteriorates. This could occur if EBITDA margin declines, or if the company adopts a more aggressive financial policy (if it, for example, incurs additional debt, has higher than expected capex, and/or dividend payments, and/or a delay in asset sales), resulting in a debt-to-EBITDA above 4.0x on a consistent basis over the next two years. Although unlikely in the short term, given Lindley's limited scale and geographic diversification, S&P could take a positive rating action if the company successfully sustains its profitability and deleverages its capital structure through the divestments of various non-core assets, which could enhance its liquidity and improve its credit metrics--with debt to EBITDA of less than 3.0x and EBITDA interest coverage ratio above 6.0x on a consistent basis. ====================== P U E R T O R I C O ====================== ADELPHIA COMMUNICATIONS: Creditors Lose 2nd Bid at $149M Clawback ----------------------------------------------------------------- Law360 reported that a New York federal judge has affirmed a bankruptcy court ruling that defunct Adelphia Communications Corp. was solvent at the time of a 1999 stock buyback from energy holdings firm FPL Group Inc. and creditors therefore cannot claw back $149 million from the transaction. According to the report, U.S. District Judge Valerie Caproni denied an appeal by the Adelphia Recovery Trust to recover $149 million from the stock buyback on grounds the company was insolvent at the time of the transaction. The case is Adelphia Communications Corporation et al v. FPL Group, Inc. et al., Case No. 1:14-cv-05532 (S.D.N.Y.). About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. ALONSO & CARUS: Court Denies Triple S Steel Bid to Form Committee ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico denied the request of Triple S Steel Supply Co. to form a committee that will represent unsecured creditors of Alonso & Carus Iron Works Inc. The court ruled that the motion filed by the company is moot since the U.S. trustee overseeing Alonso & Carus' bankruptcy case has already appointed an unsecured creditors' committee. The U.S. trustee, the Justice Department's bankruptcy watchdog, appointed five unsecured creditors, including Triple S Steel, to serve on the committee barely a week after the company filed its motion. The four other members of the committee are Infra Metals Co. Inc., Olympic Steel Inc., Saginaw Pipe Co. Inc., and Valley Joist Inc. About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. ANNA'S LINENS: Order Approving Liquidators Appealed --------------------------------------------------- Creditors P & A Marketing, Inc., and Shewak Lajwanti Home Fashions, Inc., are appealing an order entered by the U.S. Bankruptcy Court for the Central District of California approving Anna's Linens, Inc.'s selection of a joint venture among Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC as the Debtor's exclusive agent to conduct sales of certain FF&E and merchandise. The appellants want the appeal to be heard by the Bankruptcy Appellate Panel. In his July 6, 2015 order, Judge Theodor C. Albert, affirmed the Debtor, with the assistance of Wunderlich Securities as investment banker, thoroughly marketed the assets and conducted a bidding solicitation fairly and conducted a prebankruptcy auction among national liquidators to produce the highest and best bid. The July 6 order did not rule with respect to the Debtor's request for (i) bid protections to be paid to the Tiger/Yellen stalking horse consisting of a break-up fee of $650,000 and an expense reimbursement of up to $350,000 for reasonable fees and expenses of the Tiger/Yellen stalking horse's legal, accounting and financial advisors and the out-of-pocket costs and expenses incurred by the Tiger/Yellen stalking horse in connection with conducting due diligence and the negotiation, documentation and implementation of the stalking horse agency agreement and the transactions contemplated thereby and (ii) the break-up fee of $250,000 to be paid to The Great American Group, LLC. The Court ruled that he'd consider the proposed bid protections at a subsequent hearing. The joint venture between Hilco and Gordon Brothers emerged as the winning bidder at an auction held for the right to liquidate Anna's Linens' assets, beating out the stalking horse bidder Tiger Capital Group LLC and Yellen Partners LLC. The winning bid offers a guaranteed recovery of 111% of the cost value of Anna's Linens' merchandise with a so-called "merchandise threshold" of not less than $61.5 million and not more than $67 million, subject to certain adjustments, court filings show. Anna's Linens' has proposed to pay the stalking horse bidder a breakup fee of $650,000, plus expense reimbursement of up to $350,000. Meanwhile, the retailer has proposed to pay $250,000 to Great American. Anna's Linens' official committee of unsecured creditors filed in court an objection to the terms of the sale. The group expressed concern the deal would leave Anna's Linens' estate "administratively insolvent," unable to pay millions of dollars of creditors holding administrative claims. The group also questioned the proposed payment of breakup fees, saying they "do not meet the statutory criteria for administrative expenses that can be put ahead of unsecured creditors." Anna's Linens' also received an objection from tax authorities in Texas and from Welcome Industrial Corp., the retailer's largest unsecured creditor. The tax agencies said they will oppose any move to distribute proceeds from the sale of their collateral unless their claims are paid in full. Welcome Industrial meanwhile sought clarification that any liens asserted by the company will attach to proceeds from the sale. Both objections have already been resolved, court filings show. About Anna's Linens Anna's Linens is a specialty retailer offering home textiles, furnishings and decor at attractive prices. Headquartered inCosta Mesa, California, operates a chain of 268 company owned retail stores throughout 19 states in the United States (including Puerto Rico and Washington, D.C.) generates over $300 million in annual revenue and employs a workforce of over 2,500 associates. Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-13008) in Santa Ana, California, on June 14, 2015. The case is assigned to Judge Theodor Albert. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor estimated assets of $50 million to $100 million and debt of $100 million to $500 million. The U.S. trustee overseeing the Chapter 11 case of Anna's Linens Inc. appointed seven creditors to serve on the official committee of unsecured creditors. DORAL FINANCIAL: HCL Seeks Release of $282K Security Deposit ------------------------------------------------------------ HCL America, Inc., asks the United States Bankruptcy Court for the Southern District of New York to modify the automatic stay imposed on the Chapter 11 case of Doral Financial Corporation to have a security deposit released to Fifth Avenue Building Company LLC. On or about January 12, 2015, the Debtor, as sublandlord, and HCL, as subtenant, entered into a written sublease for the use and occupancy of the entire nineteenth floor. HCL paid security to the Debtor in the amount of $282,477. HCL has recently entered into a direct lease with the Landlord for use and occupancy of the Subleased Premises. The New Lease requires HCL to move to have the security deposit returned. HCL America, Inc., is represented by: Frank F. Velocci, Esq. Marita S. Erbeck, Esq. DRINKER BIDDLE & REATH LLP . 1177 Avenue of the Americas 41st Floor New York, New York 10036 Tel: (212) 248-3140 Fax: (212) 248-3141 Email: frank.velocci@dbr.com Marita.erbeck@dbr.com About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. DORAL FINANCIAL: Court Approves FirstBank Settlement Agreement -------------------------------------------------------------- Doral Financial Corporation sought and obtained from Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York, approval of its settlement agreement with FirstBank Puerto Rico. The settlement agreement deals with the release of $394,955 held in an escrow account by Chicago Title & Trust Company, and contains, among others, the following relevant terms: (1) The Parties will submit to the Escrow Agent a fully-executed Escrow Release Letter, which instructs the Escrow Agent to (I) immediately release to the Debtor from the Escrow Account the full amount of the Debtor Release Amount, which is $58,094; and (ii) immediately release to FirstBank from the Escrow Account the full amount of the FirstBank Release Amount, which is $336,861, simultaneously with the release of the Debtor Release Amount. The Settlement Approval Order shall authorize and direct the Escrow Agent to comply therewith. (2) FirstBank and the Debtor, and its estate, knowingly, voluntarily and irrevocably release, discharge and acquit each other from any and all manner of actions related to the Escrow Agreement, Purchase Agreement, and/or Mortgage Loans, upon their receipt from the Escrow Agent of the full amounts of their respective release amounts. Judge Chapman held that based upon the representations set forth in the Agreement, (i) there are good, sufficient, and sound business reasons for the Debtor to enter into the Agreement; (ii) the Agreement represents a fair and reasonable resolution of the Parties' respective interests in the Escrow Balance; and (iii) the Agreement was entered into by the Debtor and FirstBank, and formally acknowledged by the Official Committee of Unsecured Creditors, in good faith and from arm's-length bargaining positions. Doral Financial's attorneys can be reached at: Mark I. Bane, Esq. Meredith S. Tinkham, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036-8704 Telephone: (212)596-9000 Facsimile: (212)596-9090 E-mail: Mark.Bane@ropesgray.com Meredith.Parkinson@ropesgray.com About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. PUERTO RICO AQUEDUCT: Moody's Rates $750MM Revenue Bonds Caa3 ------------------------------------------------------------- Moody's Rating Issue: Revenue Bonds Series 2015A (Senior Lien); Rating: Caa3; Sale Amount: $750,000,000; Expected Sale Date: 8/18/2015; Rating Description: Revenue: Government Enterprise OPINION Moody's Investors Service has assigned a Caa3 to the Puerto Rico Aqueduct and Sewer Authority's (PRASA's) planned issuance of as much as $750 million of Series 2015A senior lien revenue bonds. The outlook for the new bonds and approximately $3.4 billion of parity debt is negative. SUMMARY RATING RATIONALE The rating incorporates exposure to intense fiscal, debt and economic pressures on the Commonwealth of Puerto Rico (Caa3, negative), a factor that outweighs strengths such as PRASA's role as the sole provider of water and sewer service on the island, and its adequate coverage of debt service by pledged revenues. On Aug. 1, the central government's dwindling liquidity and tenuous market access culminated in a missed payment (which Moody's classifies as a default) on subject-to-appropriation bonds issued by the Public Finance Corporation bonds (Ca, negative). Puerto Rico's intention to embark on a broad debt restructuring has implications even for bonds with comparatively strong legal protections, Moody's believes. However, the Government Development Bank for Puerto Rico (GDB), the government's fiscal agent, "currently does not contemplate" involving PRASA debt in the restructuring, according to an Aug. 11 GDB statement. A working group appointed by Puerto Rico's governor faces an Aug. 30 deadline to devise a "fiscal adjustment plan" that would include reforms as well as debt restructuring. OUTLOOK PRASA's outlook is negative, reflecting expectations that the commonwealth will pursue a consolidated restructuring of its debt. While PRASA revenues have increased substantially since a 2013 rate hike, exposure to the central government's financial, economic and political risks indicates a heightened loss potential. WHAT COULD MAKE THE RATING GO UP Restoration of central government liquidity and progress toward structural balance and market access Evidence that a Puerto Rico debt restructuring would not affect PRASA bondholders WHAT COULD MAKE THE RATING GO DOWN Declaration of a public debt moratorium by elected officials Efforts to restructure PRASA's bonds resulting in lower expected recovery rates OBLIGOR PROFILE PRASA, the sole provider of water and wastewater services on the island of Puerto Rico, was created in 1945. For many years, it received regular subsidies from the central government or the Government Development Bank for Puerto Rico (Ca, negative). PRASA provides water to 97% of Puerto Rico residents and commercial enterprises, and it provides sewer service to 59% of residents. It has a nine-member board of directors, most of whom are appointed by the governor of Puerto Rico. Five of the directors are private citizens, and the rest are ex-officio. While the authority can raise its rates without legislative action, increases of more than 4.5% per year require a public hearing process than can take 60 to 90 days. The authority is subject to regulatory compliance mandates from both the US Environmental Protection Agency and the commonwealth's Department of Health. In addition, the authority has struggled with water losses, resulting from theft, leakage and other factors. More than half of the water PRASA produces (59% in 2014) does not produce revenue. LEGAL SECURITY PRASA's senior bonds are secured by a first lien on the gross revenues of the authority. Under the Master Agreement of Trust (MAT), authority revenues flow to a trustee-held account from which monthly transfers are made to the bonds' debt service funds. Only after the required amounts have been set aside for debt service do funds become available for PRASA'S operating expenses and other purposes. The MAT also requires the authority to manage its debt burden and service rates such that gross revenues will cover maximum annual debt service by at least 2.5 times. The bonds will be issued under New York State law, with the exception of any provisions related to receivership. USE OF PROCEEDS Proceeds of the current issue will finance elements of PRASA's capital improvement program for the five years ending with fiscal 2019, and will also repay $67 million owed to the GDB and refinance $90 million of short-term bank-held senior debt. As much as $288 million of the proceeds will reimburse the authority for past operating revenue spent on capital improvements. SPANISH BROADCASTING: Incurs $3.5 Million Net Loss in 2nd Qtr. -------------------------------------------------------------- Spanish Broadcasting System, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.5 million on $38.1 million of net revenue for the three months ended June 30, 2015, compared to a net loss of $3.2 million on $40.8 million of net revenue for the same period during the prior year. For the six months ended June 30, 2015, the Company reported a net loss of $12.2 million on $70.2 million of net revenue compared to net loss of $9.3 million on $73.6 million of net revenue for the same period in 2014. As of June 30, 2015, Spanish Broadcasting had $448 million in total assets, $534.3 million in total liabilities and a stockholders' deficit of $86.3 million. "During the second quarter, we continued to invest in the build- out of our AIRE Radio Network platform, which is gaining traction with listeners, advertisers and station partners," commented , Jr., Chairman and CEO. "Our radio stations also continue to rank among the most successful platforms serving the Spanish-speaking population in the nation's largest Hispanic media markets. Looking ahead, we remain focused on strengthening our content offerings, expanding our digital footprint and leveraging our multi-media assets to further build our audience and connect advertisers with the rapidly expanding Latino population." A full-text copy of the Form 10-Q is available for free at: http://is.gd/Cm5V0V About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. Spanish Broadcasting reported a net loss of $20.0 million on $146 million of net revenue for the year ended Dec. 31, 2014, compared with a net loss of $88.6 million on $154 million of net revenue in 2013. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. In July 2010, Standard & Poor's Ratings Services raised its corporate credit rating on Miami, Fla.-based Spanish Broadcasting System Inc. to 'B-' from 'CCC+', based on continued improvement in the company's liquidity position. The rating outlook is stable. "The rating action reflects S&P's expectation that, despite very high leverage, SBS will have adequate liquidity over the intermediate term to meet debt maturities, potential swap settlements, and operating needs until its term loan matures on June 11, 2012," said Standard & Poor's credit analyst Michael Altberg. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Sales Not Suspended, Business Group Says ----------------------------------------------------------- Trinidad Express reports that the Trinidad and Tobago Chamber of Commerce, the country's biggest business group, said reports suggesting that Republic Bank has suspended all foreign currency sales with immediate effect has led to panic and concern in the business community. Republic Bank said it was tightening controls with regard to the distribution of foreign currency but was not suspending sales, according to Trinidad Express. "Given the continued unavailability of US foreign exchange at the banks which has negatively impacted upon business operations locally, these latest reports have understandably led to a fair degree of panic and concern among members of the business community and the wider public," the Chamber said in a statement obtained by the news agency. ============= U R U G U A Y ============= URUGUAY: Investment Boosts Economic Growth, Gov't Says ------------------------------------------------------ EFE News reports that investment is one of the factors behind the average 5 percent annual growth rate posted by the Uruguayan economy over the past decade, Deputy Economy Secretary Pablo Ferreri said. Investment is the starting point of a "virtuous cycle" because it promotes higher productivity, leading to "very important levels of growth which, in turn, create the conditions to receive new investment," Mr. Ferreri said during a real estate conference, according to EFE News. "Confidence" is what sustains the cycle, allowing Uruguay to attract foreign and domestic investment, the report quoted Mr. Ferreri as saying. The high-level official noted changes in the economic model spurred by investment over the past 10 years, boosting "quality" exports of goods and services that have a higher added value, a factor that was "absolutely relevant," the report notes. Uruguay's services exports grew from $500 million a year in 1990 to $4 billion in 2014, Mr. Ferreri said, the report relates. Exports with a high technological content increased from 20 percent to 40 percent of total overseas sales, while exports with a low technological content decreased, Mr. Ferreri said, the report discloses. President Tabare Vazquez's administration plans to invest $12 billion in infrastructure over the next five years, using government funds and public-private partnerships, said Mr. Ferreri, the report notes. The report relays that port modernization and upgraded freight trains are among the programs included in the government's investment plan, the deputy economy secretary said, adding that these areas were priorities in the budget proposal to be submitted to Congress before Aug. 31. Infrastructure investments are "counter-cyclical" because they help the country get through economic slowdowns, while increasing the "physical potential" for more growth, Mr. Ferreri said, the report adds. *********** 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 2015. 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 202-362-8552. * * * End of Transmission * * *