TCRLA_Public/120227.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

            Monday, February 27, 2012, Vol. 13, No. 039


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Properly Audited, Accountant Says


C A Y M A N   I S L A N D S

ABS ALTERNATIVE: Creditors' Proofs of Debt Due Feb. 29
BLUECUBE LIMITED: Creditors' Proofs of Debt Due March 1
BLUECUBE MASTER: Creditors' Proofs of Debt Due March 1
BSCP CAYMAN: Creditors' Proofs of Debt Due Feb. 29
CAEDMON NEW WORLD: Creditors' Proofs of Debt Due Feb. 28

CHIRIN ASIA: Creditors' Proofs of Debt Due Feb. 29
DMR TALF: Creditors' Proofs of Debt Due March 1
DUMA ALPHA: Placed Under Voluntary Wind-Up
DUMA LIQUID: Placed Under Voluntary Wind-Up
GIS LEVERAGED 4: Members' Final Meeting Set for Feb. 28

GLORY IAM: Creditors' Proofs of Debt Due March 6
GREENBAY EUROPEAN: Creditors' Proofs of Debt Due March 1
HCP CHONGQING: Creditors' Proofs of Debt Due Feb. 29
MIOKI FUND: Creditors' Proofs of Debt Due March 2
PLAYPOWER HOLDINGS: Creditors' Proofs of Debt Due March 21

RAY IAM: Creditors' Proofs of Debt Due March 6
SERENDIV MASTER: Placed Under Voluntary Wind-Up
SERENDIV OFFSHORE: Placed Under Voluntary Wind-Up
TCR INSURANCE: Commences Wind-Up Proceedings
TRIAN CREDIT: Creditors' Proofs of Debt Due Feb. 29


C O L O M B I A

* COLOMBIA: IDB OKs US$105MM Loan for Public Transport in Cali


V E N E Z U E L A

EMPRESAS POLAR: Barbados Plays Role in Nationalization Fight


X X X X X X X X

* BOND PRICING: For the Week February 20 to February 24, 2012


                            - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Properly Audited, Accountant Says
-------------------------------------------------
Reuters reports that Morris Hollander, a forensic accountant
hired by Robert Allen Stanford's defense team, testified that
that his review of financial statements and other documents
seemed to show the bank was being properly audited by the
businessman's outside auditor, CAS Hewlett, and the bank was
adhering to international accounting rules.

Prosecutors allege Mr. Stanford bribed Mr. Hewlett, who was based
in Antigua, with more than US$4.6 million from a secret Swiss
bank account over a 10-year period to help him hide the massive
fraud. Defense attorneys say the money was for payment of
auditing services, according to Reuters.

"Are these amounts (the US$4.6 million) extravagant . . .  if you
were auditing the bank?" Ali Fazel, one of Mr. Stanford's
attorneys asked, Reuters notes.  "In my view, they are not
extravagant," Mr. Hollander said, the report relates.

Reuters discloses that Mr. Hollander spent much of his time going
over the bank's reports and explaining financial terms to jurors,
sometimes in painstaking detail.

Reuters says that this prompted federal prosecutor Gregg Costa to
say during a jury break that the testimony was moving at a
"glacial pace" and to suggest the defense team was delaying the
trial -- in its fifth week -- so it could have more time to
prepare for when Stanford takes the stand.

Mr. Fazel replied that "assumes Stanford will testify," Reuters
discloses.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


===========================
C A Y M A N   I S L A N D S
===========================


ABS ALTERNATIVE: Creditors' Proofs of Debt Due Feb. 29
------------------------------------------------------
The creditors of ABS Alternative Fund (SPC) Ltd. are required to
file their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

The company's liquidator is:

         Ian Stokoe
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BLUECUBE LIMITED: Creditors' Proofs of Debt Due March 1
-------------------------------------------------------
The creditors of Bluecube Limited are required to file their
proofs of debt by March 1, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 9, 2012.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


BLUECUBE MASTER: Creditors' Proofs of Debt Due March 1
------------------------------------------------------
The creditors of Bluecube Master Fund Limited are required to
file their proofs of debt by March 1, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 9, 2012.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


BSCP CAYMAN: Creditors' Proofs of Debt Due Feb. 29
--------------------------------------------------
The creditors of BSCP Cayman, Inc. are required to file their
proofs of debt by Feb. 29, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Timothy J. Smith
         c/o JPMorgan Chase & Co.,
         1 Chase Manhattan Plaza, Floor 34
         New York, New York 10005
         USA


CAEDMON NEW WORLD: Creditors' Proofs of Debt Due Feb. 28
--------------------------------------------------------
The creditors of Caedmon New World Opportunities Ltd are required
to file their proofs of debt by Feb. 28, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 30, 2011.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Lynden John
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman, KY1 -1106
         Cayman Islands
         Telephone: +1 345 814 8915


CHIRIN ASIA: Creditors' Proofs of Debt Due Feb. 29
--------------------------------------------------
The creditors of Chirin Asia Pacific Fund Limited are required to
file their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 3, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


DMR TALF: Creditors' Proofs of Debt Due March 1
-----------------------------------------------
The creditors of DMR Talf and ABS Fund Ltd. are required to file
their proofs of debt by March 1, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 12, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


DUMA ALPHA: Placed Under Voluntary Wind-Up
------------------------------------------
On Jan. 12, 2012, the sole shareholder of Duma Alpha Fund Ltd.
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


DUMA LIQUID: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 13, 2012, the sole shareholder of Duma Liquid
Opportunities Offshore Fund Ltd. passed a resolution that
voluntarily winds up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


GIS LEVERAGED 4: Members' Final Meeting Set for Feb. 28
-------------------------------------------------------
The members of GIS Leveraged 4 Limited will hold their final
meeting on Feb. 28, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 19, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Mario Sanchez
         Citi Hedge Fund Services (Cayman) Ltd
         Cayman Corporate Centre, 5th Floor
         27 Hospital Road
         Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 345-949-5884


GLORY IAM: Creditors' Proofs of Debt Due March 6
------------------------------------------------
The creditors of Glory Iam Limited are required to file their
proofs of debt by March 6, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


GREENBAY EUROPEAN: Creditors' Proofs of Debt Due March 1
--------------------------------------------------------
The creditors of Greenbay European Long/Short Fund are required
to file their proofs of debt by March 1, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 9, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


HCP CHONGQING: Creditors' Proofs of Debt Due Feb. 29
----------------------------------------------------
The creditors of HCP Chongqing Since Holding Co Ltd are required
to file their proofs of debt by Feb. 29, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MIOKI FUND: Creditors' Proofs of Debt Due March 2
-------------------------------------------------
The creditors of Mioki Fund Limited are required to file their
proofs of debt by March 2, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidators are:

         Peadar De Barra
         Claire Cawley
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4, Ireland


PLAYPOWER HOLDINGS: Creditors' Proofs of Debt Due March 21
----------------------------------------------------------
The creditors of Playpower Holdings Limited are required to file
their proofs of debt by March 21, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Bonnie Willkom
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


RAY IAM: Creditors' Proofs of Debt Due March 6
----------------------------------------------
The creditors of Ray Iam Limited are required to file their
proofs of debt by March 6, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 11, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SERENDIV MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 9, 2012, the sole shareholder of Serendiv Master Fund,
Ltd passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SERENDIV OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 6, 2012, the sole shareholder of Serendiv Offshore Fund,
Ltd passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TCR INSURANCE: Commences Wind-Up Proceedings
--------------------------------------------
On Jan. 9, 2012, the Grand Court of Cayman Islands entered an
order that winds up the operations of TCR Insurance Company Ltd.

The company's liquidators are:

         Kenneth Krys
         Margot Macinnis
         c/o Andrea Kellow
         Facsimile: +1345 946 6728


TRIAN CREDIT: Creditors' Proofs of Debt Due Feb. 29
---------------------------------------------------
The creditors of Trian Credit Partners, Ltd. are required to file
their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 19, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


===============
C O L O M B I A
===============


* COLOMBIA: IDB OKs US$105MM Loan for Public Transport in Cali
--------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$105
million to Colombia to continue a program to modernize public
transport in the city of Cali.

The funding will support investments in the municipal transport
company Metro Cali to expand Masivo Integrado de Occidente (MIO),
a public transport system based on the use of buses in dedicated
and preferential lanes.  The Bank helped finance the program's
initial stage with a loan for US$200 million approved in 2005.

The program aims to continue improving the quality of service for
MIO and extending access to 100% of the population.  The
improvements will help reduce travel times, traffic accidents,
and traffic congestion.

As part of the program, main corridors will be completed and
paved, and MIO feeder corridors, stations, bridges, crossings,
bike paths, and signage will be improved.

In addition, 10 hectares of public space will be rehabilitated
and pollution will be reduced, which will eliminate annual
greenhouse gas emissions equivalent to 270,000 tons of carbon
dioxide.

The program will be carried out by Colombia's Ministry of
Transportation and Metro Cali.  The loan is for 20 years with a
grace period of three years and a variable interest rate based on
LIBOR. Local counterpart funds for the program will total US$136
million.


=================
V E N E Z U E L A
=================


EMPRESAS POLAR: Barbados Plays Role in Nationalization Fight
------------------------------------------------------------
Caribbean360.com reports that a 1999 double taxation convention
signed between Barbados and Venezuela has been drawn into play in
a nationalization dispute between well-known Venezuelan food and
beermaker Empresas Polar and the Venezuelan government.

A Barbados-based holding company led by executives of Empresas
Polar has filed an international arbitration claim against
President Hugo Chavez's government over its nationalization of a
fertilizer project, documents show, according to
Caribbean360.com.

The report notes that the World Bank's International Centre for
Settlement of Investment Disputes, the Barbados-based "Gambrinus,
Corp" registered a claim against Venezuela on December 2 in
relation to a "fertilizer enterprise."

Caribbean360.com says that while the ICSID provided no further
details, reports coming out of Venezuela are that the dispute was
over fertilizer-maker Fertinitro, which Chavez nationalized in
2010, and in which Polar had a 10% stake.

The report relates that under the convention signed between
Barbados and Venezuela, there is provision for dispute resolution
through arbitration, which is meant to protect companies against
unfair treatment and to resolve disputes with governments without
having to resort to litigation in local courts.

The move may set a precedent for Venezuelan companies seeking
access to international courts to settle disputes with the
socialist government that otherwise would be litigated by local
judges, who critics say are controlled by President Chavez,
Caribbean360.com says.

The case is highly delicate as Chavez has repeatedly threatened
to nationalize Polar, Caribbean360.com notes.

Empresas Polar's products range from beer to corn flour and reach
nearly all of Venezuela's 29 million people.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week February 20 to February 24, 2012
-------------------------------------------------------------


Issuer               Coupon      Maturity    Currency      Price
------               ------     --------     --------      -----

ARGENTINA
---------

ARGENT- DIS               8.28    12/31/2033      USD       71.58
ARGENT- AR                1.18    12/31/2038      ARS       46.27
ARGENT- DIS               7.82    12/31/2033      EUR          55
ARGENT- DIS               7.82    12/31/2033      EUR       59.25
ARGENT- DIS               7.82    12/31/2033      EUR          56
ARGENT- DIS               4.33    12/31/2033      JPY          42
ARGENT- PAR               0.45    12/31/2038      JPY          15
ARGENT- PAR&GDP           0.45    12/31/2038      JPY           8
PROV BUENOS AIRE         9.625    4/18/2028       USD       71.28


CAYMAN ISLAND
-------------

BANCO BPI (CI)            4.15    11/14/2035      EUR       42.13
BCP FINANCE BANK          5.01    3/31/2024       EUR       42.75
BCP FINANCE BANK          5.31    12/10/2023      EUR       44.75
BCP FINANCE CO           5.543                    EUR          29
BCP FINANCE CO           4.239                    EUR       29.67
BES FINANCE LTD           5.58                    EUR       35.33
BES FINANCE LTD            4.5                    EUR          44
CAM GLOBAL FIN            6.08    12/22/2030      EUR       60.25
CHINA FORESTRY           10.25    11/17/2015      USD       59.85
CHINA FORESTRY           10.25    11/17/2015      USD       58.13
CHINA HUIYUAN JU             4    4/29/2016       USD          74
CHINA MED TECH               4    8/15/2013       USD       19.88
CHINA SUNERGY             4.75    6/15/2013       USD          46
EFG ORA FUNDING            1.7    10/29/2014      EUR        49.3
ESFG INTERNATION         5.753                    EUR       36.25
FANTASIA HOLDING            14    5/12/2015       USD       74.38
FANTASIA HOLDING            14    5/12/2015       USD        74.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
JINKOSOLAR HOLD              4    5/15/2016       USD       51.43
LDK SOLAR CO LTD          4.75    4/15/2013       USD          60
LDK SOLAR CO LTD          4.75    4/15/2013       USD       63.25
LDK SOLAR CO LTD          4.75    4/15/2013       USD          80
LDK SOLAR CO LTD            10    2/28/2014       CNY       66.05
LUPATECH FINANCE         9.875                    USD          74
LUPATECH FINANCE         9.875                    USD       72.25
MBPS FINANCE             11.25    11/15/2015      USD          73
MBPS FINANCE             11.25    11/15/2015      USD       73.88
POWERLONG RE HLD         13.75    9/16/2015       USD          74
POWERLONG RE HLD         13.75    9/16/2015       USD       74.18
PUBMASTER FIN             8.44    6/30/2025       GBP          58
PUBMASTER FIN            5.943    12/30/2024      GBP       67.92
PUNCH TAVERNS            4.767    6/30/2033       GBP       66.88
SOLARFUN POWER H           3.5    1/15/2018       USD       62.28
SOLARFUN POWER H           3.5    1/15/2018       USD          60
SPG LAND HOLDING          13.5    4/8/2016        USD          68
SUNTECH POWER                3    3/15/2013       USD          73
SUNTECH POWER                3    3/15/2013       USD        72.2
YUZHOU PROPERTIE          13.5    12/15/2015      USD       75.25

CHILE
-----
AGUAS NUEVAS               3.4    5/15/2012       CLP       0.878
CGE DISTRIBUCION          3.25    12/1/2012       CLP       19.85
COLBUN SA                  3.2    5/1/2013        CLP       74.33
ESVAL S.A.                 3.8    7/15/2012       CLP       12.51
MASISA                    4.25    10/15/2012      CLP       20.13
QUINENCO SA                3.5    7/21/2013       CLP       25.24

PANAMA
------

NEWLAND INT PROP           9.5    11/15/2014      USD          51

PUERTO RICO
-----------

BANCO SANTANDER            6.1    6/1/2032        USD       63.72
BANCO SANTANDER            6.3    6/1/2032        USD       72.79
PUERTO RICO CONS             6    12/15/2034      USD        0.01
PUERTO RICO CONS           6.3    11/1/2033       USD        0.01
PUERTO RICO CONS           6.2    5/1/2017        USD          53
PUERTO RICO CONS           6.5    4/1/2016        USD       68.71

VENEZUELA
---------

ELEC DE CARACAS            8.5    4/10/2018       USD       63.44
PETROLEOS DE VEN           5.5    4/12/2037       USD       51.92
PETROLEOS DE VEN         5.375    4/12/2027       USD       53.96
PETROLEOS DE VEN          5.25    4/12/2017       USD       71.61
PETROLEOS DE VEN         5.125    10/28/2016      USD       73.26
PETROLEOS DE VEN             9    11/17/2021      USD       74.58
VENEZUELA                    7    3/31/2038       USD       63.61
VENEZUELA                    7    3/31/2038       USD       63.36
VENEZUELA                    6    12/9/2020       USD        67.5
VENEZUELA                 7.65    4/21/2025       USD       68.75
VENEZUELA                 8.25    10/13/2024      USD          74


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


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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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 Chapman at 240/629-3300.


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