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/raid1/www/Hosts/bankrupt/TCRLA_Public/181214.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, December 14, 2018, Vol. 19, No. 248 Headlines B R A Z I L AVIANCA BRASIL: Brazil Judge Halts Suits on Jets Repossession D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Deputies Approve US$18.4BB Budget for 2019 DOMINICAN REPUBLIC: Neg. Inflation on Consumer Prices in November DOMINICAN REPUBLIC: Commonwealth Forum Stress Trade Opportunities J A M A I C A FLY JAMAICA: Customers Complain of Unanswered Calls JAMAICA: Small Businesses Urged to Get ISO Certification M E X I C O MEXICO: President to Present Plan to Stop Fuel Theft P U E R T O R I C O LIBERTY CABLEVISION: S&P Alters Outlook to Stable, Affirms ICR MONITRONICS INTERNATIONAL: Launches Exchange Offer for Notes T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Telecom Providers Breaching Concessions - - - - - =========== B R A Z I L =========== AVIANCA BRASIL: Brazil Judge Halts Suits on Jets Repossession ------------------------------------------------------------- Ana Mano and Marcelo Rochabrun at Reuters report that a Brazilian bankruptcy judge granted a request by the country's fourth-largest airline, Avianca Brasil, to suspend lawsuits seeking repossession of at least 14 of its aircraft, according to a court document. Avianca Brasil filed for bankruptcy protection after aircraft lessors sued and won initial victories in seeking to repossess the planes, according to Reuters. The airline has BRL494 million (US$129 million) in debt, according to a court filing that is under seal but was seen by Reuters. The airline's top creditor is state-controlled oil company Petroleo Brasileiro SA (Petrobras), owed BRL60 million for fuel, followed by airports and aircraft maintenance providers including General Electric Co (GE.N) unit GE Celma and United Technologies Corp's (UTX.N) Pratt & Whitney, the report notes. The report relays that at least three leasing companies have sued Avianca Brasil seeking to repossess passenger jets representing 30 percent of its fleet. Leases, which are not classified as debt in the company's financial statements, are not protected by Brazil's bankruptcy rules, making it unclear how long the decision will hold if the leasing companies appeal, the report says. The judge said he was suspending those lawsuits because of the impact they may have on passengers, the report relays. "It's undeniable that if (Avianca Brasil) suspends its service it will cause evident harm to a very large number of passengers," the judge wrote, the report notes. Avianca has warned that 77,000 ticket holders could be grounded in December if the lessors' suits are not frozen, the report relays. ================================== D O M I N I C A N R E P U B L I C ================================== DOMINICAN REPUBLIC: Deputies Approve US$18.4BB Budget for 2019 -------------------------------------------------------------- Dominican Today reports that the Chamber of Deputies approved the Dominican Republic's 2019 budget of RD$921.8 billion (US$18.4 billion) in two roll calls. The budget was approved with 122 deputies voting for and 43 against, the latter from the opposition PRM party, according to Dominican Today. The ruling PLD party deputies rejected six proposals to modify the allocations submitted by various opposition legislators, the report relays. The report notes that the bill now goes to president Danilo Medina who is expected to sign it into law. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. DOMINICAN REPUBLIC: Neg. Inflation on Consumer Prices in November ----------------------------------------------------------------- Dominican Today reports that Central Bank said consumer prices in November fell -0.35% compared with October, placing cumulative inflation at 1.39% for the first 11 months of 2018. November's negative inflation is mainly the result of lower prices on propane gas, gasoline and diesel, "which translated into negative variations in the indices of Housing (-1.99%) and Transport (-1.19%)," according to Dominican Today. "Annualized inflation, measured from November 2017 to November 2018, was 2.37%, below the lower limit of the target range of 4.0% +/- 1.0% established in the Monetary Program," the Central Bank said on its website, the report relays. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. DOMINICAN REPUBLIC: Commonwealth Forum Stress Trade Opportunities ----------------------------------------------------------------- Dominican Today reports that the president of the Roundtable of Commonwealth Countries in the Dominican Republic urged the public and private sectors to join forces to take advantage of economic and trade opportunities, and strengthen ties with that community of 53 nations in the five continents. Fernando Gonzalez Nicolas spoke to open the "First Economic and Potential Trade Seminar" hosted by the 53 countries of the Commonwealth in the Dominican Republic, held at the Sheraton Hotel, according to Dominican Today. He stressed that the country can benefit from the Commonwealth's investments, technology and knowledge, among other areas, the report notes. Dominican Republic Export and Investment Center (CEI-RD) director Marius de Leon and National Competitiveness Council director Rafael Paz also spoke at the beginning of the forum, the report relays. Great Britain ambassador Chris Campbell spoke in the first panel, "Great Britain a historical and positive business partner of the Dominican Republic", moderated by British Chamber of Commerce past president Jose Rodriguez, with panelists Jose Luis Montero, manager of Pernod Ricard, and Jairon Severino, editor of newspaper El Dinero, the report says. Canada envoy Shauna Hemingway also spoke in the event, and said that trade with the Dominican Republic is "very complete" and strong adding that last year reached 1.4 billion dollars, the report relays. "It's one of the biggest relations the Dominican Republic has, but I think there are more things we can do because we are in a moment of change in the world economy," she added. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. ============= J A M A I C A ============= FLY JAMAICA: Customers Complain of Unanswered Calls --------------------------------------------------- RJR News, citing Guyanese newspaper Stabroek News, reports that Fly Jamaica customers are disgruntled as the airline is not communicating with them regarding flight schedules. Stabroek News said calls to Fly Jamaica's offices in New York, Toronto and Guyana have been unanswered, according to RJR News. Fly Jamaica Airways has been experiencing difficulties following the November 9 crash landing at the Cheddi Jagan International Airport, which resulted in extensive damage to one of its aircraft, the report notes. The airline is reported to be engaged in talks to lease an aircraft, the report adds. JAMAICA: Small Businesses Urged to Get ISO Certification -------------------------------------------------------- RJR News reports that Stephen Wedderburn, Executive Director of the Bureau of Standards Jamaica, is encouraging micro, small and medium-sized enterprise (MSME) operators to have their businesses certified by the International Organization for Standardization (ISO). This will ensure they are operating at the highest standard, RJR News points out. Mr. Wedderburn called for small business owners to adopt quality management systems to improve their operations, so as to make them more competitive and efficient, the report relays. He said Jamaica needs to remove the misconception that only large firms are able to pursue ISO guidelines, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 27, 2017, Moody's Investors Service has upgraded the Government of Honduras' foreign currency and local currency issuer and senior unsecured ratings to B1 from B2. The rating outlook was moved to stable from positive. =========== M E X I C O =========== MEXICO: President to Present Plan to Stop Fuel Theft ---------------------------------------------------- RJR News reports that Mexican President Andres Manuel Lopez Obrador disclosed that he will present a plan to stop fuel theft in the coming days. "We are already working on a strategy for that purpose and I trust that we can present a plan so that every citizen knows what will be done," the leftist leader said in a press conference, according to RJR News. The reports that the Senate passed a modification of constitutional article 19 so that acts of corruption, the stealing of vehicles and fuel, sexual abuse and certain other misdeeds will be ruled serious crimes that merit preventive imprisonment. "It is very important to let it be known that stricter laws will be applied to these crimes. And for all it is the same as for the crime of corruption, whose perpetrators will have no right to bail. It is very important to become aware that we must change; we have now entered a new era," he said, the report relays. Lopez Obrador also said it will be a serious crime if gas stations fail to deliver all the liters (gallons) paid for. This December, state-owned Pemex (Petroleos Mexicanos) estimated losses of between $1.45 billion and $1.7 billion in stolen fuel in 2018, RJR News notes. A large part of the fuel thieves' area of operations is in the so-called Red Triangle, the region where the states of Puebla, Tlaxcala and Veracruz adjoin in the central part of the country, the report adds. ===================== P U E R T O R I C O ===================== LIBERTY CABLEVISION: S&P Alters Outlook to Stable, Affirms ICR -------------------------------------------------------------- S&P Global Ratings affirms its 'B' issuer credit rating on Liberty Cablevision of Puerto Rico LLC (LCPR) and revised the rating outlook to stable from negative given the company's improved liquidity position and better visibility into future earnings and cash generation. The affirmation recognizes Liberty Cablevision of Puerto Rico LLC's (LCPR's) strong recovery following the devastation of Hurricane Maria and, to a lesser extent, Hurricane Irma, both of which hit Puerto Rico in September 2017. S&P expects its adjusted leverage to decrease to the mid- to high- 5x area in 2019 from 11.5x for the last 12 months (LTM) ending Sept. 30, 2018, as the full benefit of more customers online helps 2019 financials. Since the category five hurricanes caused extensive damage to critical infrastructure, including roads and power lines across Puerto Rico, LCPR has restored its network, helping to return the business back to more normalized levels. The restoration was faster than previously expected and better, with third-quarter 2018 high-speed data (HSD) subscribers at about 90% of pre-hurricane levels, not the 80% we previously expected. In addition, the receipt of $50 million in advanced insurance proceeds and $11 million from the U.S. Federal Communications Commission (FCC) to restore the communications network on the island has helped to shore-up the company's liquidity position. S&P said, "The stable rating outlook on LCPR reflects our expectation that due to the full impact of customers coming online and modest EBITDA growth, leverage will continue to decline to the mid- to high-5x area in 2019 from 11.5x LTM as of Sept. 30, 2018. Although unlikely over the next 12 months, we could lower the rating due to greater competition or deteriorating economic conditions that cause leverage to increase above 6.5x on a sustained basis. Given our expectation for healthy free operating cash flow (FOCF) generation, we believe this is less likely barring material shareholder returns or debt-financed acquisitions. "We could raise the rating if the company maintains leverage below 4.5x, in conjunction with maintaining EBITDA margins in the 40% area and capital intensity at current levels. Any upside scenario would depend on our view of the company's financial policy and management's commitment to maintaining these stronger metrics, as well as a material improvement in the Puerto Rican economy." LCPR provides digital video, broadband internet, and digital fixed-line telephony services for residential and business customers in Puerto Rico. LCPR is the largest cable operator in Puerto Rico, covering 80% of the island. As of Sept. 30, 2018, LCPR's network passed 1,076,900 homes and served 698,600 revenue generating units (RGUs), consisting of 304,900 broadband internet subscribers, 208,100 video subscribers, and 185,600 fixed-line telephony subscribers. S&P noted these assumptions: * A continued weak economy in Puerto Rico that constrains consumer discretionary spending. * Following the network's restoration, organic revenue growth in the low-single-digit percent area driven by mid-single HSD revenue growth stemming from higher bandwidth demands but partially offset by video subscriber decreases in the flat- to low-single-digit percent range over the next year from the weak economy, competition from other pay-tv providers, and over-the-top (OTT) alternatives. This assessment is ongoing and is subject to uncertainties, including the number of customers and potential customers that will choose to leave Puerto Rico for an extended period or permanently, and the ability of the Puerto Rico and U.S. governments to continue to oversee the recovery process. * Adjusted EBITDA margins increase to the mid- to high-40% for fiscal year 2019 from about mid-40% in 2018 due to continued mix shift to HSD and the lower-cost Spanish programming. * S&P expects capital expenditures in 2019 to be roughly in the $60 million-$80 million range, primarily driven by a drop-off in spending following the heavy investments made in 2018 needed to restore 100% of LCPR's broadband communications network. * S&P believes the company could receive an additional $70 million more in proceeds (has collected $50 million in advanced proceeds year to date). However, S&P still doesn't have much clarity on what the total amount of proceeds will be and how those remaining proceeds would be allocated between and LCPR and Cable & Wireless, which was also harmed by the 2017 hurricanes. Based on these assumptions, S&P arrived at the following credit metrics: * Debt to EBITDA of 6.8x-7.2x in 2018 declining to about 5.5x- 5.9x in 2019; * Funds from operations (FFO) to debt of 7%-9% in 2018 increasing to about 10%-12% in 2019; and * FOCF to debt of -4% to -6% in 2018 improving to about 3%-5% in 2019. S&P said, "We expect the company's sources of liquidity will be about 1.5x, and net sources will remain positive even with a 15% decline in forecasted EBITDA over the next 12 months. We believe LCPR has a sound relationship with its lenders as evidenced by the company's December 2017 amendment to its credit agreement, which waives its covenant compliance test until March 31, 2019, and increases its net leverage ratio covenant to 5x from 4.5x. Furthermore, we believe that the company has generally prudent risk management and adequate access to capital as evidenced by the company's actions in December 2017, which secured a $60 million equity commitment from its shareholders to fund any potential liquidity shortfalls." Principal liquidity sources: -- No availability under its $40 million revolving credit facility, which was immediately drawn on following the September 2017 hurricanes; -- Cash balance of about $32 million at Sept. 30 2018; and -- FFO of roughly $100 million-$130 million over the next 12 months. Principal liquidity uses: -- Capital expenditures of about $60 million-$80 million in 2019. LCPR has relief from complying with the leverage ratios under its credit agreements through Dec. 31, 2018. Beginning on March 31, 2019, the credit facility will be permanently subject to a first- lien net leverage ratio covenant of 5x, up from 4.5x. In addition, the consolidated total net leverage ratio covenant will remain 5.5x. S&P believes the company will be below its 5x and 5.5x first-lien and total leverage covenants when tested at March 31, 2019. While compliance could be less than 15%, S&P believes better business prospects could make lenders more willing to amend covenants in the future, if necessary. S&P noted these assumptions: * S&P's default scenario assumes a natural disaster or heightened price competition in both video and HSD services that results in subscriber losses and decreased average revenue per user, coupled with continued weakness in the Puerto Rican economy, leading to a further acceleration in churn. * S&P has valued the company on a going-concern basis using a 6x multiple of its projected emergence EBITDA. S&P has raised its emergence EBITDA moderately from previous assumptions based on full restoration of the network following the recent hurricanes. The 6x valuation multiple is on the lower end of the typical 6x-7x range we typically ascribe to incumbent cable operators, given the company is not the dominant video provider for Puerto Rico. * Other default assumptions include: the revolver is 100% drawn (borrowed in full following Hurricane Maria), LIBOR rises to 2.5%, the spread on the first-lien credit facility rises to 5% and the spread on the second-lien rises to 8% as credit deterioration requires amendments, and all debt includes six months of pre-petition interest. * Simulated year of default: 2021 * EBITDA at emergence: $92 million * EBITDA multiple: 6x * Net enterprise value (after 5% administrative costs): $525 million * Collateral value available to secured creditors: $525 million * Secured first-lien debt: $917 million Recovery expectations: 50%-70%; rounded estimate: 55% * Secured second-lien debt: $97 million Recovery expectations: 0%-10%; rounded estimate: 0% MONITRONICS INTERNATIONAL: Launches Exchange Offer for Notes ------------------------------------------------------------ Ascent Capital Group, Inc.'s wholly owned subsidiary, Monitronics International, Inc., has launched a new offer to exchange Monitronics' 5.500%/6.500% Senior Secured Second Lien Cashpay/PIK Notes due 2023 for validly tendered (and not validly withdrawn) Monitronics' 9.125% Senior Notes due 2020 and, in conjunction with the Exchange Offer, a solicitation of consents by Monitronics to certain proposed amendments to the indenture governing the Old Notes. The Exchange Offer and the Consent Solicitation are being made concurrently with, and on the same terms as, the existing exchange offer and consent solicitation announced by Monitronics on Nov. 5, 2018 and are available to any holders that are not eligible to participate in the Concurrent Exchange Offer and the Concurrent Consent Solicitation. Between the Exchange Offer and the Concurrent Exchange Offer, Monitronics is offering to exchange up to $585,000,000 aggregate principal amount of New Notes for validly tendered (and not validly withdrawn) Old Notes. Under the terms of the Exchange Offer and the Consent Solicitation, tenders of Old Notes may be withdrawn and Consents may be revoked prior to 5:00 p.m., New York City time, on Jan. 10, 2019, but not thereafter, subject to limited exceptions, unless such time is extended. The Exchange Offer will expire at 11:59 p.m., New York City time, on Jan. 10, 2019. The New Notes will be secured on a second priority basis by liens on all of the outstanding stock of Monitronics and on substantially all of the assets of Monitronics and the guarantors of the New Notes, which have also been pledged on a first priority basis as collateral to secure Monitronics' and such guarantors obligations under Monitronics' existing senior secured credit agreement. Interest payable in cash will accrue at a rate of 5.500% per annum and interest payable by increasing the aggregate principal amount of the outstanding New Notes or by issuing additional New Notes will accrue at a rate of 6.500% per annum. The Exchange Offer Upon the terms and conditions set forth in the offering memorandum and consent solicitation statement dated Dec. 11, 2018, Monitronics is offering holders of Old Notes the opportunity to receive New Notes in exchange for their Old Notes. Participating holders that validly tender (and do not validly withdraw) Old Notes prior to the Expiration Time will receive $1,000 principal amount of New Notes per $1,000 principal amount of such Old Notes. The Consent Solicitation In connection with the Exchange Offer, and on the terms and subject to the conditions set forth in the Offering Memorandum, Monitronics is soliciting consents from registered holders of Old Notes to the Proposed Amendments to the Old Notes Indenture. Holders who tender their Old Notes into the Exchange Offer will be deemed to have submitted their Consent. As of the date of the Offering Memorandum, holders representing approximately 80.67% of the aggregate outstanding principal amount of the Old Notes have tendered their Old Notes in connection with the Concurrent Exchange Offer. Therefore, Monitronics has executed a supplemental indenture giving effect to the Proposed Amendments, but the Proposed Amendments therein will not become operative until immediately prior to the acceptance of such Old Notes pursuant to the Exchange Offer and the Concurrent Exchange Offer on the Settlement Date. The Proposed Amendments would (i) eliminate or waive substantially all of the restrictive covenants and events of default contained in the Old Notes Indenture and the Old Notes, and (ii) modify or eliminate certain other provisions contained in the Old Notes Indenture and the Old Notes, including certain provisions relating to defeasance and to the minimum notice requirements for optional redemption. In addition, any Old Notes that remain outstanding following the consummation of the Exchange Offer will become effectively subordinated to the New Notes to the extent the value of the collateral securing the New Notes, which is comprised of all of outstanding stock and substantially all of the assets of Monitronics and its subsidiaries. Concurrent Exchange Offer and Consent Solicitation Monitronics has also extended the early tender time and expiration of the Concurrent Exchange Offer and Concurrent Consent Solicitation to 11:59 p.m., New York City time, on Jan. 10, 2019. The withdrawal deadline for the Concurrent Exchange Offer and Concurrent Consent Solicitation has passed and Old Notes tendered pursuant thereto may no longer be validly withdrawn except for under the limited circumstances described in the offering memorandum for the Concurrent Exchange Offer. The Concurrent Exchange Offer is being made only (a) in the United States to holders of Old Notes who are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and (b) outside the United States to holders of Old Notes who are persons other than U.S. persons in reliance upon Regulation S under the Securities Act. General Consummation of the Exchange Offer is conditioned upon the satisfaction or waiver of the conditions specified in the Offering Memorandum, including, among others, the following: (i) an amendment to Monitronics' Credit Facility, which amendment, among other things, permits issuance of the New Notes, shall have become effective on or prior to the Expiration Time and (ii) the issuance of New Notes to eligible holders that tendered Old Notes pursuant to the Concurrent Exchange Offer. These conditions and the other conditions to the Exchange Offer are described more fully in the Offering Memorandum. The Exchange Offer and the Consent Solicitation and/or the Concurrent Exchange Offer and the Concurrent Consent Solicitation may be amended, extended, terminated or withdrawn by Monitronics for any reason in its sole discretion. Monitronics will not receive any cash proceeds from the Exchange Offer, the Consent Solicitation or the issuance of the New Notes in connection with the Exchange Offer. The New Notes will be issued pursuant to an indenture, dated as of the Settlement Date, among Monitronics, the guarantors party thereto and Ankura Trust Company, as trustee and collateral agent. The New Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior secured second priority basis by each of Monitronics' restricted subsidiaries, including all of Monitronics' subsidiaries that own any of its material assets. The Exchange Offer is being made, and the New Notes are being offered, in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended, provided under Section 3(a)(9) of the Securities Act. D.F. King & Co., Inc. is acting as the Exchange Agent and Information Agent for the Exchange Offer and the Consent Solicitation. Requests for the offering documents from holders may be directed to D.F. King & Co., Inc. by e-mail to monitronics@dfking.com or by phone at (212) 269-5550 (for brokers and banks) or (877) 674-6273 (for all others). About Monitronics Farmers Branch, Texas-based Monitronics International, Inc. -- http://www.mymoni.com/-- provides residential customers and commercial client accounts with monitored home and business security systems, as well as interactive and home automation services. The Company is supported by a network of independent Authorized Dealers providing products and support to customers in the United States, Canada and Puerto Rico. Its wholly owned subsidiary, LiveWatch is a Do-It-Yourself home security firm, offering professionally monitored security services through a direct-to-consumer sales channel. Monitronics is a wholly-owned subsidiary of Ascent Capital Group, Inc. Monitroics was incorporated in the state of Texas on Aug. 31, 1994. At Dec. 31, 2017, the Company had more than 1,330 full-time employees and over 100 part-time employees, all of which are located in the United States. Monitronics reported net losses of $111.29 million in 2017, $76.30 million in 2016 and $72.44 million in 2015. As of Sept. 30, 2018, the Company had $1.70 billion in total assets, $1.90 billion in total liabilities and a total stockholders' deficit of $202.90 million. In September 2018, S&P Global Ratings lowered its issuer credit rating on Monitronics to 'CC' from 'CCC'. The downgrade follows Monitronics' announcement on Aug. 30, 2018, of a proposed transaction to exchange its 9.125% senior unsecured notes due 2020 for a combination of new $585 million cash and paid-in-kind (PIK) (7.75% cash and 3.75% PIK) unsecured notes due 2023, up to $100 million of cash from parent company Ascent and warrants. Monitronics is also proposing amendments to eliminate the restrictive covenants governing the 2020 notes, including certain events of default. In July 2018, Moody's Investors Service, Inc., downgraded Monitronics International's Corporate Family Rating to 'Caa2', from 'B3'. The downgrade of Monitronics' CFR reflects strains on the company's liquidity and capital structure caused by impending maturities, as well as its continued lackluster operating performance. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD & TOBAGO: Telecom Providers Breaching Concessions ---------------------------------------------------------- Leah Sorias at Trinidad Express reports that telecommunications providers have been breaching their concessions by not providing service to all parts of the country, and have told the Telecommunications Authority of Trinidad and Tobago (TATT) straight up that the Authority can do nothing about it as it has no "sanction powers". The revelation came from TATT's chief executive officer Dr. John Prince, according to Trinidad Express. *********** 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2018. 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. . * * * End of Transmission * * *