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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, June 21, 2017, Vol. 18, No. 122
Headlines
A R G E N T I N A
ARGENTINA: Plans to Offer 100-Year Bonds
B A R B A D O S
BARBADOS: Finance Minister Announces New and Increased Taxes
C A Y M A N I S L A N D S
GOLDEN GRAIN: Shareholders' Final Meeting Set for June 28
KUBERA-COMMONS FUND: Shareholders' Final Meeting Set for June 27
NIGHT SQUARE: Shareholders' Final Meeting Set for June 27
NUORION VENUS: Shareholder to Hear Wind-Up Report on July 6
RAINE ASSOCIATES: Shareholder to Hear Wind-Up Report on July 3
RISING STATE: Shareholder Receives Wind-Up Report
SOUTH ATLANTIC: Shareholders' Final Meeting Set for June 28
SOUTH SUMERU: Shareholders' Final Meeting Set for July 20
SUMERU CAPITAL: Shareholders' Final Meeting Set for July 20
TONTINE TOTAL: Shareholders' Final Meeting Set for July 20
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Upper Manhattan Boom Pushes Businesses Out
M E X I C O
MEXICO: Unlikely to React to US Tax Overhaul Says Finance Minister
P U E R T O R I C O
LUVIS AMBULANCE: Hearing on Plan Confirmation Moved to Aug. 18
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Plans to Offer 100-Year Bonds
----------------------------------------
Charlie Devereux and Ben Bartenstein at Bloomberg News report that
Argentina sold 100-year bonds barely a year after settling a
protracted legal dispute tied to a $95 billion default.
With the $2.75 billion sale, the government of South America's
second-largest economy joins Mexico, Ireland and the U.K. in
issuing debt that matures over a century, which is often
particularly attractive to insurers and pension funds seeking to
lock in long-term returns, according to Bloomberg News.
Argentina, for its part, is taking advantage of historically low
borrowing costs to finance the budget and pay off debt that's
maturing in the next few years, Bloomberg News relays.
Bloomberg News notes that Argentina has staged a spectacular
turnaround in the capital markets just a year after ending its
long-running dispute with creditors over its 2001 default, issuing
a then-record amount of debt for an emerging-market country and
posting better-than-average gains over the past 12 months. Its
debt now yields an average of about 4 percentage points more than
similar-maturity U.S. Treasuries, less than one-third the level of
just four years ago, Bloomberg News says.
"Good for them," Bloomberg quotes Michael Roche, a New York-based
fixed-income strategist at Seaport Global Holdings LLC, who
recommends buying the century bonds, as saying. "Spreads are low
and looking stalled, so they should lock them in for as long as
possible."
Investors React to Argentina's Debut 100-Year Bond Sale
The notes sold at 90 cents on the dollar to yield 7.917 percent,
according to a person with knowledge of the matter, who asked not
to be identified because the deal is private, Bloomberg News
notes. That's a higher yield than where any other government or
corporate dollar debt due in 80 years or more is trading,
according to data compiled by Bloomberg that excluded perpetual
securities, Bloomberg News relays. Bonds due in 2115 issued by a
unit of Brazil's state-run oil company Petrobras rank second,
yielding 7.79 percent, the data show, Bloomberg News notes.
Argentina's issuance comes as global money managers flock to
emerging-market funds, pumping in $38.6 billion in 20 straight
weeks of inflows, says Bloomberg News. The bonds of developing
nations have become the darlings of investors in 2017 as the
economic outlook for some of those countries brightened and fund
managers grew more confident that demand for higher-yielding
assets can withstand U.S. interest-rate increases, Bloomberg News
discloses.
Spreads on an index of emerging-market sovereign dollar debt
shrank to the narrowest in four years last month, and remain close
to those levels, Bloomberg News relays.
Argentina's government was able to sell the bonds because it
regained "the world's credibility and its confidence in Argentina
and the future of our economy," Finance Minister Luis Caputo said
in a statement obtained by Bloomberg News.
Citigroup Inc. and HSBC Holdings Plc managed the sale. Yields on
Argentine government notes rose, with the average spread over U.S.
Treasuries widening 6 basis points to 4.12 percentage points,
according to JPMorgan Chase & Co. data, Bloomberg News says.
Argentina's Economic Remedies
Bring Aches and Gains: QuickTake
According to Bloomberg News, the country is benefiting from strong
demand for higher-yielding bonds amid suppressed interest rates in
the developed world, according to Guido Chamorro, a senior
investment manager at Pictet Asset Management Limited in London.
Selling such a long maturity may be part of a marketing strategy
to garner attention, Mr. Chamorro said, notes the report.
Argentina has defaulted on its debt seven times in the past 200
years and three times in the past 23 years, Bloomberg News
recalls. During negotiations that lasted more than a decade over
defaulted bonds from the 2001 financial crisis, the government of
then-President Cristina Fernandez de Kirchner exasperated U.S.
Judge Thomas Griesa so much that he described Argentina as a
"uniquely recalcitrant debtor," Bloomberg News notes.
The government had issued about $7.5 billion of dollar and Swiss
franc-bonds this year as part of a financing plan that has
earmarked for $10 billion in foreign sales, Bloomberg News says.
Some investors were concerned that the proposed yield on the new
issuance was too low given how recently the country has defaulted,
Bloomberg News notes.
"The market has a short memory," said Victor Fu, the director of
emerging-market sovereign strategy at Stifel Nicolaus & Co. "The
deal itself doesn't worry me, although the multi-year tight EM
spreads are a bit concerning," he added, Bloomberg News relays.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 10, 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Argentina's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Country Ceiling is affirmed at 'B' and the Short-Term Foreign and
Local Currency IDRs at 'B'.
On Jan. 30, 2017, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.
As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment. Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.
On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.
===============
B A R B A D O S
===============
BARBADOS: Finance Minister Announces New and Increased Taxes
------------------------------------------------------------
Caribbean360.com reports that the cost of living in Barbados is
about to go up.
Starting July 1, consumers will be facing a substantial hike in
goods with the National Social Responsibility Levy (NSRL) moving
from two percent to 10 percent, the introduction of a two per cent
sales tax on foreign currency transactions and increases in
gasoline and diesel prices, according to Caribbean360.com.
Minister of Finance Chris Sinckler, who made the announcement in
the highly anticipated 2017 Financial Statement and Budgetary
Proposals presentation, acknowledged that the measures were not
easy, but said they were necessary if the island were to maintain
its 2 to 1 currency peg with the US dollar, and reduce the wide
gap between revenue and expenditure, the report notes.
Government is expecting to earn $543 million from the measures,
which will go towards reducing a spiraling fiscal deficit, the
report relays.
The measures come on the heels of appeals by the private sector
and Leader of the Opposition Barbados Labor Party Mia Mottley for
no new taxes, the report notes.
However, in his three-hour presentation, Minister Sinckler also
announced some expenditure measures, including plans for much
needed debt re-profiling, as well as divestment of the Hilton
Barbados Resort, for which Government is expecting to receive no
less than $100 million in net proceeds, taking into account debt
liabilities attached to that property, the report discloses.
Additionally, the Minister of Finance said a mid-year review was
done with the aim of reducing Government spending by at least $50
million across ministries from the 2016/2017 Estimates and
Expenditure, which was successful, the report relays.
He reported that of $4 billion approved for the 2016/2017
financial year, there were savings of about $826.8 million, which
Government could now use without displacing workers or disrupting
provision of services.
However, Minister Sinckler said given the fiscal pressures that
Government faces this financial year "and into the next", Cabinet
had approved an across-the-board ten per cent cut in the existing
approved Estimates of Expenditure for the financial year
2017/2018, the report relays.
"At ten per cent we expect that we will be able to see an
additional $82 million reduction in the Government's expenditure
this financial year," the report quoted Mr. Sinckler as saying.
Government is expected to rake in $291 million in revenue from the
NSRL for a full financial year and $218 million -- $186 from the
NSRL and $32 million from the Value Added Tax -- for the remaining
nine months of the current financial year, the minister of finance
said, the report relays.
In relation to the excise on fuels, which should save Government
approximately $50 million, Minister Sinckler announced that given
the lower fuel prices compared to eight years ago, it was proposed
that effective July 1, the excise on gasoline would increase by 25
cents per liter to reach 99 cents, while the excise on diesel
would increase by 24 cents to 44 cents, the report says.
This will bring the total retail price on gasoline to $3.05 per
liter and for diesel to $2.25 per liter, up from $3.00 and $2.15
respectively, the report notes.
"Given the continued relatively subdued levels of price increases
for both the world oil and imported refined products, we have
determined that an increased excise would be useful in assisting
Government to meet its deficit reduction targets without placing
undue burden on Barbadians," he added, says the report.
In announcing the fee on foreign exchange transactions, Minister
Sinckler pointed to the precarious fall in the domestic foreign
reserves to 10.3 weeks or $681 million at the end of December last
year, saying while the deficit figure had moved slightly up to
about $749 million or 10.7 weeks at the end of March, it was still
not entirely safe, the report notes.
"More has to be done to stem the demand for foreign exchange,
particularly the demand for consumer durables. In an effort to
signal the need to reduce the demand for consumption goods, I
propose that, effective July 1, a broad-based foreign exchange
commission be charged on all sales of foreign currency at a rate
of two per cent. This will extend to, inter alia, all wire
transfers, credit card transactions, and over the counter sale of
foreign currencies," Minister Sinckler said, without giving
details, the report relates.
The measure is expected to raise an estimated $52.5 million over
the remainder of the current financial year and $140 million over
a full financial year, the report says.
Acknowledging that the new measures would impact on the "general
level of prices" and "cause the cost of living to go up", Minister
Sinckler said this would be most evident from the steep rise in
the NSRL, the report discloses.
"There will be a general increase in the cost of living to
Barbadians," the report quoted Minister Sinckler as saying.
"However, having demonstrated that these measures are necessary to
stabilize debt levels and to create a platform for the realization
of greater, more sustainable growth, it is anticipated that
economic activity will rebound after a short period of sacrifice,
and we will all reap the [rewards]."
Minister Sinckler also announced that Government would grant
another tax amnesty to those who owe outstanding taxes from June 1
to November 30, 2017, while promising improved tax administration,
the report adds.
As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'. The outlook is negative. S&P also lowered the short-term
ratings to 'C' from 'B.' At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.
==========================
C A Y M A N I S L A N D S
==========================
GOLDEN GRAIN: Shareholders' Final Meeting Set for June 28
---------------------------------------------------------
The shareholders of Golden Grain (Operators) Ltd will hold their
final meeting on June 28, 2017, 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Avalon Trust & Corporate Services Ltd.
Calidonia, East 25th Street, Carmel Building 6 47
Apartment 7D, Panama City
Republic of Panama
Facsimile: +1 (345) 769-9351
KUBERA-COMMONS FUND: Shareholders' Final Meeting Set for June 27
----------------------------------------------------------------
The shareholders of Kubera-Commons Fund Limited will hold their
final meeting on June 27, 2017, 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Tetsuya Tanaka is the company's liquidator.
NIGHT SQUARE: Shareholders' Final Meeting Set for June 27
---------------------------------------------------------
The shareholders of Night Square Capital Partners Offshore, Ltd.
will hold their final meeting on June 27, 2017, 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Night Square Capital Partners, LP
c/o Justin Savage
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
NUORION VENUS: Shareholder to Hear Wind-Up Report on July 6
-----------------------------------------------------------
The shareholder of Nuorion Venus GP, Ltd. will hear on July 6,
2017, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Nuorion Partners LLC
c/o Ben Gillooly
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
RAINE ASSOCIATES: Shareholder to Hear Wind-Up Report on July 3
--------------------------------------------------------------
The shareholder of Raine Associates SFI, Ltd. will hear on July 3,
2017, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Raine Associates SFI, Ltd.
Willow House, Floor 4, Cricket Square
Grand Cayman KY1-9010
Cayman Islands
Telephone: (345) 949-2648
Facsimile: (345) 949-8613
RISING STATE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Rising State Limited received on June 12, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Koo Chi Sum
Stephen Liu Yiu Keung
Ernst & Young Transactions Limited
One Island East, 62nd Floor
18 Westlands Road, Island East
Hong Kong
Telephone: +852 2846 9888
Facsimile: +852 2827 0715
SOUTH ATLANTIC: Shareholders' Final Meeting Set for June 28
-----------------------------------------------------------
The shareholders of South Atlantic Container Lines Ltd will hold
their final meeting on June 28, 2017, 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:
Avalon Trust & Corporate Services Ltd.
Calidonia, East 25th Street
Carmel Building 6 47, Apartment 7D
Panama City
Republic of Panama
Facsimile: +1 (345) 769-9351
SOUTH SUMERU: Shareholders' Final Meeting Set for July 20
---------------------------------------------------------
The shareholders of South Sumeru Capital Master Fund Limited will
hold their final meeting on July 20, 2017, 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
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
SUMERU CAPITAL: Shareholders' Final Meeting Set for July 20
-----------------------------------------------------------
The shareholders of Sumeru Capital Fund Limited will hold their
final meeting on July 20, 2017, 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
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
TONTINE TOTAL: Shareholders' Final Meeting Set for July 20
----------------------------------------------------------
The shareholders of Tontine Total Return Overseas Fund, Ltd. will
hold their final meeting on July 20, 2017, 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
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Upper Manhattan Boom Pushes Businesses Out
--------------------------------------------------------------
Dominican Today reports that the upper Manhattan neighborhoods of
Washington Heights and Inwood, where Dominicans are the majority,
are home to one third of the shuttered businesses along Broadway,
says a recent study commissioned by Manhattan borough president
Gale Brewer.
It found that there are 188 closed businesses, with Harlem ranked
second with about 37, according to the study, Dominican Today
notes.
The report relays that Mr. Brewer chose the 21.5 km-long Broadway
Av. because it reflects a cross-section of Manhattan
neighborhoods.
"Empty establishments can undermine the vitality of a neighborhood
if they aren't quickly reoccupied," Mr. Brewer said, adding the
study will used as a "starting point to find political solutions
to this problem," according to Dominican Today.
Alan Goldenberg, a lawyer at Friedman LLP, a full-service
accountants and tax return firm, says that with redevelopment
advancing rapidly north of 125th St. and new owners buying
property to increase equity, rents are increasing, pushing the
Dominican retailers out, the report adds.
As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.
===========
M E X I C O
===========
MEXICO: Unlikely to React to US Tax Overhaul Says Finance Minister
------------------------------------------------------------------
Juan Montes at The Wall Street Journal reports that Mexican
Finance Minister Jose Antonio Meade thinks it unlikely that Mexico
will need to make changes in its tax code in the event the U.S.
Congress passes corporate tax cuts or other measures sought by
U.S. President Donald Trump.
Mr. Meade, a 48-year-old Yale-educated economist, said in an
interview that it is too early to say for sure how Mexico would
respond to U.S. tax changes, since details of the U.S. plans are
still scarce, according to The Wall Street Journal.
But he said Mexico, which is now seeking to lower budget deficits
after years of spending to support growth, has little room to
reduce an already low tax burden, the report notes. Mexico would
only have to consider changes if the U.S. took some innovative
action such as enacting a border-adjusted tax--a levy omitted in
Mr. Trump's April tax blueprint, the report relays.
"If the changes are within parameters already used in existing tax
codes, it is unlikely that Mexico or the world would have to
react," Mr. Meade said in his wooden-paneled office in Mexico's
National Palace, the report discloses.
The U.S. Congress is expected to address tax reform during the
fall session, and the discussions could go on for months, the
report relays. In his tax outline, Mr. Trump seeks to cut the
maximum corporate tax rate from 35% to 15% and lower individual
rates, the report notes.
When Mr. Trump was elected on pledges to renegotiate or pull out
of the North American Free Trade Agreement, many analysts believed
Mexico was heading toward a perfect storm, the report says. Oil
prices remained low, hurting public finances, there were fears
foreign investment could dry up and that a blowup over Nafta could
hurt Mexican trade, the report discloses. An unpopular 20% jump
in local gasoline prices in January announced by Mr. Meade's
ministry prompted widespread protests, the report notes.
But things haven't turned out that badly, says WSJ. The economy
grew at an annualized rate of 2.7% in the first quarter, while the
peso has recovered around 22% against the U.S. dollar since
February and is trading at its highest level in more than a year
amid optimism that Nafta talks can benefit the U.S., Mexico and
Canada, the report relays.
Mr. Meade said the peso still has room to appreciate, reports WSJ.
"The peso is closer to reflecting Mexico's economic fundamentals,
but not entirely. We still think the peso is competitive at
current levels, despite the important correction we've seen," he
said, the report notes.
The report discloses that Mexico's government recently raised its
growth estimate for this year to 1.5%-2.5%, in line with Mexico's
growth of the last 30 years, and above that of many countries in
the region.
The improving economy is helping public finances: public debt is
expected to fall to 48% of gross domestic product by year-end from
50% last year, and the public sector deficit is seen at 1.4% of
GDP this year -- the smallest since 2008 and far from the record
4.6% deficit of 2014, the report relays.
Mr. Meade said those figures could be even better as the year
advances, as tax revenue is rising more than expected. "Most
likely, we'll have a better performance than what the budget
anticipated," he said, notes WSJ.
Like his longtime friend Luis Videgaray, Mexico's current foreign
minister who preceded Mr. Meade at the Finance Ministry, Mr. Meade
combines economist with politician, the report notes.
A discreet, mild-mannered man, Mr. Meade got his first government
position in 1997 as a midlevel official with Mexico's pension fund
regulator, the report relays. He rose through the ranks as an
efficient and honest bureaucrat until becoming a cabinet minister
for the first time in 2011 under former President Felipe Calderon,
the report notes. President Enrique Pena Nieto kept him in the
cabinet when taking office in 2012.
He has headed the ministries of energy, finance, foreign relations
and social development, and many think Mr. Meade would be an ideal
candidate for the ruling Institutional Revolutionary Party, or
PRI, in next year's presidential election, the report relays. He
is also cited as a possible replacement for Bank of Mexico Gov.
Agust°n Carstens, who is leaving the central bank to head the Bank
for International Settlements, the report says.
In the interview, Mr. Meade didn't deny his ambitions but said it
was too early to talk about those issues, the report discloses.
The central bank appointment and choice of a ruling party
candidate are expected to be determined between September and
December, the report says.
"In politics, a year is an eternity and cards are reshuffled every
day," Mr. Meade said, the report adds.
======================
P U E R T O R I C O
======================
LUVIS AMBULANCE: Hearing on Plan Confirmation Moved to Aug. 18
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico moved
the hearing on the Chapter 11 plan of reorganization for Luvis
Ambulance Services Inc. to August 18.
The hearing will be held at 9:30 a.m., at the Jose V. Toledo
Federal Building and U.S. Courthouse, Courtroom No. 1, Second
Floor, 300 Recinto Sur, San Juan, Puerto Rico.
The court will also consider at the hearing the final approval of
the company's disclosure statement.
The restructuring plan proposes to set aside $18,000 to pay
general unsecured creditors or 70% of their claims allowed by the
court.
About Luvis Ambulance Services Inc.
Luvis Ambulance Services Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06244) on Aug. 5, 2016. Judge
Enrique S. Lamoutte Inclan presides over the case.
The Batista Law Group, P.S.C. represents the Debtor as bankruptcy
counsel. The Debtor hired Manuel Feliciano Rios as its financial
consultant.
On Feb. 16, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.
***********
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, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.
Copyright 2017. 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 Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *