TCRLA_Public/120320.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

              Tuesday, March 20, 2012, Vol. 13, No. 053


                            Headlines



A R G E N T I N A

TERMINALES PORTUARIOS: S&P Rates $110MM Sr. Secured Notes 'BB'
* ARGENTINA: Moody's Reviews Ratings of 19 Banks for Downgrade


B R A Z I L

GOL LINHAS: Gets Consent of Debenture Holders on Non-Compliance
ENTRAIS ELETRICAS: Moody's Continues to Monitor 'Ca' Ratings
MINERVA SA: S&P Raises Corporate Credit Rating to 'B+'


C A Y M A N   I S L A N D S

ARWA IAM: Creditors' Proofs of Debt Due May 22
CARIBBEAN OIL: Creditors' Proofs of Debt Due April 12
CEDAR FUND: Creditors' Proofs of Debt Due April 3
GIPPER IAM: Creditors' Proofs of Debt Due May 22
INVESTCORP OPPORTUNISTIC: Creditors' Proofs of Debt Due May 22

MACRO VOLATILITY: Creditors' Proofs of Debt Due April 11
MVC FUND 2: Creditors' Proofs of Debt Due April 11
OCELOT RUSSIAN: Creditors' Proofs of Debt Due April 10
PARMALAT CAPITAL: Court Enters Wind-Up Order
PHI RUSSIA: Creditors' Proofs of Debt Due April 11

POINT-PLUS FIRST: Creditors' Proofs of Debt Due April 11
PRODIGY OPPORTUNITIES: Creditors' Proofs of Debt Due April 12
REAL ASSETS: Commences Liquidation Proceedings
SFR LTD: Creditors' Proofs of Debt Due April 11


M E X I C O

CORPORACION GEO: S&P Rates US$400-Mil. Sr. Unsecured Notes 'BB-'
GRUPO KUO: Fitch Affirms 'BB' Issuer Default Rating
GRUPO POSADAS: S&P Affirms 'CCC+' Corporate Credit Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: PM Won't Comment Until He Sees CLICO Forensic Audit


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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A R G E N T I N A
=================


TERMINALES PORTUARIOS: S&P Rates $110MM Sr. Secured Notes 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' preliminary
rating to the 25-year, senior secured notes issuance of up to
$110 million proposed by Peru-based Terminales Portuarios
Euroandinos Paita S.A. (TPE).  The outlook is stable.

"The assignment of a final rating will be subject to the final
issuance of satisfactory documentation," S&P said.

Standard & Poor's 'BB' preliminary rating reflects these
weaknesses:

* The project's exposure to the volatile commodity and container
  trade volumes, as potential decreases over traffic levels
  and/or regional production could hinder the concessionaire's
  revenues;

* Small scale of operations compared with other ports in the
  region;

* Relatively concentrated customer base.

As of November 2011, TPE's top-10 clients generated about 77% of
its consolidated revenues;

* Exposure to climatic factors, such as the El NiĄo phenomenon,
  that are beyond the operator's control; and

* A back-loaded amortization schedule, with about 55% of
  principal amortizing in the last quarter of the bonds' life.

Several strengths counterbalance these weaknesses:

* A favorable concession agreement with a clear mechanism of
  tariff adjustment, service quality, and mandatory investments,
  with a detailed time schedule and triggers properly defined in
  terms of capacity reached;

* Adequate structural protections, with a six-month debt service
  reserve account (DSRA), the need to comply with a minimum 1.5x
  debt service coverage ratio (DSCR) to make restricted payments,
  and a three-year concession tail;

* A fixed-price, turnkey, and date-certain engineering,
  procurement, and construction contract backed by letters of
  credit from investment-grade financial institutions (covering
  10% of the aggregate amount); and

Adequate minimum and average DSCR of 1.3x and 2.8x, respectively,
under Standard & Poor's base-case scenario.TPE was awarded, in
September 2009, a concession contract to design, build, finance,
operate, and transfer the port of Paita, in the Piura Region of
northern Peru, for 30 years. The port handles about 152,000 20-
foot-equivalent units yearly, mainly exports of regional
agricultural and hydrobiological products.

"The stable outlook reflects our expectation that TPE will show
adequate operating performance, benefiting from improving traffic
fundamentals fueled by prosperous economic conditions in the
northern region of Peru, which would allow TPE to maintain the
above-mentioned metrics," S&P said.


* ARGENTINA: Moody's Reviews Ratings of 19 Banks for Downgrade
--------------------------------------------------------------
Moody's Investors Service on March 16 announced it was continuing
its review of deposit ratings and stand-alone financial strength
ratings of 19 banking groups in Argentina whose ratings had been
placed on review for possible downgrade on November 21, 2011.
Moody's Latin America also announced it was continuing its review
of the long term debt ratings of 19 banking groups in Argentina
whose ratings had been placed on review for possible downgrade on
Nov. 21, 2011.  At the same time, Moody's placed on review for
downgrade the national scale ratings of 13 of those groups.
Moody's said it would also reassess the standalone baseline
credit assessments of seven additional banks.  The announcement
follows Moody's global assessment of linkages between financial
institutions and sovereign credit risk.

The reviews will be focused on the sensitivity and degree to
which certain issuers' standalone credit profiles that are
currently above the B3 rating of the Argentinean sovereign are
correlated with sovereign credit quality.  They will also take
into account the effect on banks' financial fundamentals of the
Argentinean government's recent macroeconomic measures as
outlined in the rating actions of Nov. 21, 2011.

Review Rationale

During the reviews, Moody's will assess the degree to which
issuers' standalone credit profiles are correlated with that of
the Argentinean sovereign.  The reviews will take into account
(i) the extent to which the entities' business is dependent on
the domestic macroeconomic and financial environment, (ii)
reliance on market-based and therefore more confidence-sensitive
funding, and (iii) direct or indirect exposures to domestic
sovereign debt. This review reflects Moody's assessment of the
correlation between sovereign and financial institutions' credit
risk globally, a view that is further discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on Feb. 13, 2012.

Given the expectation that the standalone ratings of the affected
institutions are likely to be rated at or below the Argentinean
sovereign rating, the rating review will in each case also focus
on a reassessment of Moody's assumptions for parental or systemic
support as a source of rating uplift from the standalone ratings.

Which Firms Are Affected

REVIEWS FOR DOWNGRADE

Banco del Chubut

Banco de la Ciudad de Buenos Aires

Banco Comafi S.A.

Banco Credicoop Cooperativo Limitado

Banco de Galicia y Buenos Aires S.A.

Compania Financiera Argentina S.A.

Banco de Servicios y Transacciones S.A.

HSBC Bank Argentina S.A.

Banco Industrial S.A.

Banco Itau Argentina S.A.

Banco Macro S.A.

Banco del Tucuman S.A.

Multifinanzas Compania Financiera S.A.

Banco Patagonia S.A.

GPAT Compania Financiera S.A.

PSA Finance Argentina S.A.

Banco Piano S.A.

Banco Santander Rio S.A.

Banco de Santiago del Estero S.A.

Nuevo Banco de la Rioja S.A.

Standard Bank Argentina S.A.

Grupo Supervielle S.A.

Banco Supervielle S.A.

Cordial Compania Financiera S.A.

Banco de Valores S.A.

REASSESSMENTS OF STANDALONE BASELINE CREDIT ASSESSMENT

Banco de Inversion y Comercio Exterior

Banco Cetelem S.A.

Banco de la Provincia de Cordoba

Banco Finansur S.A.

Banco Saenz S.A.

Banco de Servicios Financieros

Toyota Compania Financiera S.A.


===========
B R A Z I L
===========


GOL LINHAS: Gets Consent of Debenture Holders on Non-Compliance
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. informs its shareholders and
the market that, in reference to the Notice to the Market of
Feb. 14, 2012, VRG (a company controlled by the Company) has
obtained the consent of debenture holders (waiver) in relation to
its non-compliance with certain restrictive contractual clauses
related to its 4th and 5th debenture issues.  This waiver was
approved by the Annual Meeting of Debenture Holders on March 15,
2012, and, as a result, the Company is now compliant with its
obligations with the debenture holders of the 4th and 5th
debenture issues.  Consequently, there will be no alterations to
the Company's liquidity as a result of these obligation and the
amount related to these issues will once again be classified as
long-term for the purpose of the Company's 1Q12 results
disclosure.

Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2012, Fitch Ratings has assigned an expected rating of
'BB-(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
perpetual bonds.  These notes will be issued through GOL's wholly
owned subsidiary, VRG Linhas Aereas S.A., and will be
unconditionally guaranteed by GOL.


ENTRAIS ELETRICAS: Moody's Continues to Monitor 'Ca' Ratings
------------------------------------------------------------
Moody's Investors Service has decided to maintain and continue to
monitor the Ca/Ca.br issuer ratings of Centrais Eletricas do Para
(CELPA) and the Ca rating of CELPA's senior unsecured 5-year
US$250 million bonds rather than withdraw those ratings as
outlined in our previous press release.

Ratings Rationale

Contrary to what Moody's published on Feb. 29, 2012 when it was
announced that CELPA's ratings would be withdrawn, Moody's
decided to maintain CELPA's ratings because the company's
management has indicated that they will continue to publish their
quarterly financial statements and provide adequate disclosure on
a timely basis so that Moody's can continue to evaluate CELPA's
operating performance and the progress of negotiations with their
creditors.

The last rating action on CELPA was on Feb. 29, 2012 when Moody's
downgraded the Issuer ratings of Centrais Eletricas do Para
(CELPA) to Ca from B3 on the global scale and to Ca.br from B1.br
on the Brazilian national scale.  At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
Celpa's total capital.


MINERVA SA: S&P Raises Corporate Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
ratings, including the corporate credit rating, on Brazil-based
meat producer Minerva S.A. to 'B+' from 'B'.

"We have also assigned a Brazilian national scale corporate
credit rating of 'brBBB'," S&P said.

The outlooks on the corporate credit ratings are stable.

"The upgrade reflected the company's improved capital structure,
with longer term debt maturities and considerably lower
refinancing needs, after its February 2012 issuance of $350
million bonds due 2022, the proceeds of which will be used to pay
down short- and medium-term, higher-interest-rate debt," S&P
said.

"Stable-to-somewhat-lower cattle prices for 2012, along with
Minerva's increasing utilization of capacity in its slaughtering,
deboning, and processed-food operations, will also help to
improve cash flow generation and, consequently, leverage metrics,
in our opinion," said Standard & Poor's credit analyst Flávia
Bedran.

"The outlooks are stable, reflecting our expectation that Minerva
will be able to deleverage gradually and that its credit metrics
will improve on higher cash flows from greater utilization of
capacity at its plants and more-favorable market fundamentals for
beef producers in Brazil," S&P said.

"Although its credit metrics are currently tight for the rating
category, we believe its leverage has already peaked and that
higher cash generation will improve its metrics through year-
end," Ms. Bedran added. "At the same time, we expect Minerva will
sustain an adequate liquidity position and reduce its capital
expenditures compared with those of the past two years."


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


ARWA IAM: Creditors' Proofs of Debt Due May 22
----------------------------------------------
The creditors of Arwa IAM Limited are required to file their
proofs of debt by May 22, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 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


CARIBBEAN OIL: Creditors' Proofs of Debt Due April 12
-----------------------------------------------------
The creditors of Caribbean Oil Purchase Company Ltd are required
to file their proofs of debt by April 12, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2012.

The company's liquidator is:

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


CEDAR FUND: Creditors' Proofs of Debt Due April 3
-------------------------------------------------
The creditors of Cedar Fund are required to file their proofs of
debt by April 3, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 17, 2012.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


GIPPER IAM: Creditors' Proofs of Debt Due May 22
------------------------------------------------
The creditors of Gipper IAM SP Limited are required to file their
proofs of debt by May 22, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 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


INVESTCORP OPPORTUNISTIC: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------------
The creditors of Investcorp Opportunistic Investments PFIC SPV
Limited are required to file their proofs of debt by May 22,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 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


MACRO VOLATILITY: Creditors' Proofs of Debt Due April 11
--------------------------------------------------------
The creditors of Macro Volatility Convexity Fund are required to
file their proofs of debt by April 11, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 23, 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


MVC FUND 2: Creditors' Proofs of Debt Due April 11
--------------------------------------------------
The creditors of MVC Fund 2 are required to file their proofs of
debt by April 11, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 23, 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


OCELOT RUSSIAN: Creditors' Proofs of Debt Due April 10
------------------------------------------------------
The creditors of Ocelot Russian Power Investments Ltd. are
required to file their proofs of debt by April 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 17, 2012.

The company's liquidator is:

         Philip Mosely
         Cayman Management Ltd.
         Harbour Centre, Ground Floor
         PO Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: +1 345 949 4018
         Facsimile: +1 345 949 7891
         e-mail: general@caymanmanagement.ky


PARMALAT CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
On May 12, 2006, the Grand Court of Cayman Islands entered an
order to wind up the operations of Parmalat Capital Finance
Limited.

Gwynn Hopkins was appointed as liquidator.

The company's liquidator is:

         Gwynn Hopkins
         PO Box 1102 4th Floor, Building 3
         George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 946 0081
         Facsimile: 1 345 946 0082


PHI RUSSIA: Creditors' Proofs of Debt Due April 11
--------------------------------------------------
The creditors of PHI Russia Property II GP Ltd are required to
file their proofs of debt by April 11, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2012.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


POINT-PLUS FIRST: Creditors' Proofs of Debt Due April 11
--------------------------------------------------------
The creditors of Point-Plus First International Limited are
required to file their proofs of debt by April 11, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 20, 2012.

The company's liquidator is:

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


PRODIGY OPPORTUNITIES: Creditors' Proofs of Debt Due April 12
-------------------------------------------------------------
The creditors of Prodigy Opportunities Fund Limited are required
to file their proofs of debt by April 12, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 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


REAL ASSETS: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 14, 2012, the members of Real Assets Investments Limited
passed a resolution that voluntarily liquidates the company's
business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Citigroup Fund Services (Cayman), Ltd.
         27 Hospital Road
         Cayman Corporate Centre, Fifth Floor
         George Town Grand Cayman, KY1-1003
         Cayman Islands
         c/o Schell Stubbs
         Telephone: (242) 302-8714


SFR LTD: Creditors' Proofs of Debt Due April 11
-----------------------------------------------
The creditors of SFR, Ltd. are required to file their proofs of
debt by April 11, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 20, 2012.

The company's liquidator is:

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


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M E X I C O
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CORPORACION GEO: S&P Rates US$400-Mil. Sr. Unsecured Notes 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' (at the
same level as the corporate credit rating on the company) to the
$400 million bond issuance due 2022 proposed by Mexico-based
homebuilder Corporacion GEO S.A.B. de C.V. "The recovery rating
is '4', indicating our expectation of average (30% to 50%)
recovery for debtholders in the event of a payment default," S&P
said.

"At the same time, we affirmed our 'BB-' global scale and
mxBBB+/mxA-2' national scale corporate credit ratings on the
company. The outlooks remain stable," S&P said.

"The ratings reflect Geo's aggressive financial profile, with
intense working capital requirements and high use of debt to
finance its growth targets in a competitive market," said
Standard & Poor's credit analyst Fernanda Hernandez.

"The ratings also reflect the concentration of mortgage
originations for the company's homes with public institutes
Instituto del Fondo Nacional de la Vivienda para los Trabajadores
(Infonavit) and Fondo de la Vivienda del Instituto de Seguridad y
Servicios Sociales de los Trabajadores del Estado (Fovissste),
and the degree of political risk inherent to these institutions,"
S&P said.

"Geo's fair business profile is evidenced by the company's
position as one of the key leading homebuilders in Mexico, which
provides it with economies of scale, adequate profitability, and
adequate geographic and product diversification," S&P said.

"The stable outlook reflects our expectation that focusing more
on cash flow generation than double-digit growth will allow Geo
to reduce its working capital needs and improve its credit
metrics gradually," S&P said.


GRUPO KUO: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed Grupo Kuo, S.A.B. de C.V.'s ratings as
follows:

-- Long-term Foreign Currency Issuer Default Rating (IDR) at
    'BB';
-- Long-term Local Currency IDR at 'BB';
-- Long-term National Scale Rating at 'A(mex)';
-- US$250 million Senior Notes due 2017 at 'BB';
-- MXN700 million Certificados Bursatiles due in 2015 at
    'A(mex)'

The Rating Outlook is Stable.

The ratings affirmation reflects Kuo's strong operating
performance in recent years, stable financial profile, solid
liquidity and adequate debt maturity schedule.  The company has
maintained organic growth across business segments despite a
challenging economic environment in conjunction with acquisitions
to strengthen its business lines.  Recent acquisitions have been
funded with a combination of internal cash generation and debt;
Fitch expects consolidation and integration of these operations
during 2012 as well as the deployment of announced expansions and
new facilities in Asia to complement the company's portfolio.

Kuo's ratings reflect its diversified revenue stream, hard
currency generation with 47.6% of total sales coming from exports
and subsidiaries located outside of Mexico in 2011 (46.5% in
2010), and joint ventures (JVs) with international industry
leaders.  The ratings incorporate the company's exposure to
volatility in demand and input costs related to commodity prices
across business lines.  The ratings consider Kuo's management
long term target of Net Debt to EBITDA between 1.5 times (x) and
2.5x. Changes in the company's profile beyond this range could
pressure the ratings.

Strong Operating Performance:

During 2011, Kuo's revenues grew 21.8% to US$2.1 billion and
EBITDA increased 15% to US$183 million.  Profitability has also
remained relatively stable despite sharp increases in raw
materials across all divisions, with an 8.5% EBITDA margin for
2011, compared to 8.9% in 2010.  According to Fitch's
calculations, during 2011 Free Cash Flow (FCF) after dividends,
acquisitions and divestitures was negative for approximately
US$74 million mainly as a result of increased working capital
requirements, capex and acquisitions.  On the other hand, total
debt increased only approximately US$40 million to US$414 million
at the end of 2011.  Fitch anticipates that Kuo's FCF for the
next 12-24 months to be from negative to neutral as it deploys
its investing plan.  Positive factors for the ratings include a
combination of stable profitability across business segments,
neutral to positive FCF generation through the cycle and
consistent leverage below current levels.

Consistent Business Strategy:

During 2011, Kuo continued its investment plan based on a dynamic
business portfolio. Capex during the year was dedicated to
optimize operations across operating segments.  In addition, Kuo
made acquisitions or entered new JV's, among others, the
acquisition of a tuna fishing vessel, Fresherized Foods and Aires
del Campo (organic foods) in the Consumer division, JV with
Jiangsu GPRO Group Co. Ltd. (GPRO) to produce Nitrile Rubber
(NBR) in China for the Chemical segment, as well as the
acquisition of aftermarket breaks leader Fritec and Belgium based
Hoerbiger Drivetrain Mechatronics dual clutch transmission
business in the Automotive division.  The company continued with
the deployment of the JV to manufacture and distribution of
automotive components in India. During 2011 capex and
acquisitions reached approximately US$150 million.  Fitch expects
that Kuo will continue with the strategy observed in past years
oriented to developing high value added products with attractive
returns, through a combination of internal growth and
acquisitions.

Stable Financial Profile:

Kuo's credit metrics remain relatively stable with a slight
increase in leverage ratios at the end of 2011 as a result of
acquisitions financed with debt but without the EBITDA generation
from new businesses.  Total Debt to EBITDA for year end 2011 was
2.3x in dollar terms compared to 2.4x and 2.7x at year end 2010
and 2009, respectively.  Fitch calculates on a pro forma basis
considering full year results of acquired operations a total debt
to EBITDA ratio of 2.2x.  Total debt balance was US$414 million,
higher than US$374 million at the end of 2010.  Management
continues with its long-term target of Net Debt to EBITDA between
1.5x and 2.5x.

Solid Liquidity:

Liquidity is adequate, and the debt maturity profile is
manageable.  At the end of 2011 Kuo's had a cash balance of US$34
million, available committed credit lines of approximately US$100
million and short term debt of US$34 million; during January 2012
the company used US$50 million to refinance short term debt and
fund working capital and capex requirements.  Kuo's debt maturity
profile is manageable during 2012-2014 after the recent
refinancing in January of this year, with total amortizations of
approximately US$52 million and material maturities starting in
2015 when approximately US$50 million of Certificados Bursatiles
come due.


GRUPO POSADAS: S&P Affirms 'CCC+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Mexican hotel operator Grupo Posadas S.A.B. de C.V. "We affirmed
the global scale corporate credit and senior unsecured debt
ratings at 'CCC+', and the national scale corporate credit rating
at 'mxB+'," S&P said.

The recovery rating on the senior unsecured notes due 2015 is
unchanged at '4'.

The outlook is negative.

"The affirmation of the ratings reflects Posadas' continued
limited financial flexibility to face its debt maturities in
2013," said Standard & Poor's credit analyst Sandra Tinoco.

These maturities total about $3.1 billion. Especially including
the Mexican debt capital market maturities that are due in April
2013, Standard & Poor's believes this could lead to a possible
distressed exchange.

"Moreover, we believe that Posadas will still have limited access
to debt, as we expect the company to be in noncompliance with its
debt incurrence covenant of unadjusted EBITDA interest coverage
of 2.5x in the next two years," S&P said.

"Therefore, the company will have to continue seeking strategies
including the sale of assets or obtaining additional
capitalization," S&P said.

"The ratings on Posadas reflect its aggressive financial policy,
the cyclicality of the lodging industry, its geographic
concentration in Mexico, and its low profitability," S&P said.

"The company's recent significant unwinding of its derivatives
position, the possible paydown of most of its 2012 debt
maturities with the proceeds of the potential issuance of
mandatorily convertible debentures, its status as the largest
hotel operator in Mexico, and its diversified hotel portfolio,
including well-known brands, partially offset the negatives," S&P
said.

"Posadas' financial profile is 'highly leveraged,' as our
criteria define it, and we assess Posadas' business profile as
'weak,'" S&P said.

"The outlook is negative. The low probability of Posadas' meeting
its significant Mexican debt capital market maturity
('certificados bursátiles') in April 2013 (as a result of its
'weak' liquidity and our expectation of limited cash flow
generation), raises the possibility of a distressed debt
restructuring. Therefore, we could lower the ratings in the next
year if the company doesn't obtain additional capitalization
and/or sell assets to meet its debt obligations for first-half
2013," S&P said.


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


CL FIN'L: PM Won't Comment Until He Sees CLICO Forensic Audit
-------------------------------------------------------------
NationNews reports that Barbados Prime Minister Freundel Stuart
will not give any comment on the Deloitte Canada forensic audit
into the operations of CLICO International Life Insurance until
he sees a copy of the report. CLICO International Life Insurance
Ltd. is a member of the CL Financial Group.

Prime Minister Stuart again said he would not respond to the
report, excerpts of which have been carried in NATION
publications, according to NationNews.  "If there is a report, I
want to see it. Nobody is going to cull any paragraph that suits
them either and ask me to comment on it," Prime Minister Stuart
told the Lower House, the report relates.

At the same time, the report notes that Prime Minister Stuart
said his position on the matter did not mean that he was not
concerned about the CLICO issue, which has affected thousands of
policyholders and investors in Barbados and the Eastern
Caribbean.

The Prime Minister told his parliamentary colleagues that he was
"not going to be coerced into putting my mouth in gear" before he
had a chance to see the full document, the report adds.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                          Total
                                   Total           Shareholders
                                   Assets                Equity
Company                Ticker     (US$MM)              (US$MM)
-------                ------    ---------        ------------

ARGENTINA
---------
IMPSAT FIBER-$US      IMPTD AR         535007008       -17164978
IMPSAT FIBER-CED      IMPT AR          535007008       -17164978
IMPSAT FIBER NET      XIMPT SM         535007008       -17164978
IMPSAT FIBER-C/E      IMPTC AR         535007008       -17164978
IMPSAT FIBER NET      IMPTQ US         535007008       -17164978
IMPSAT FIBER NET      330902Q GR       535007008       -17164978
IMPSAT FIBER-BLK      IMPTB AR         535007008       -17164978
SOC COMERCIAL PL      COMEC AR         167911092      -342440147
SOC COMERCIAL PL      CADN EU          167911092      -342440147
SOC COMERCIAL PL      COME AR          167911092      -342440147
SOC COMERCIAL PL      SCDPF US         167911092      -342440147
SOC COMERCIAL PL      CADN EO          167911092      -342440147
SOC COMERCIAL PL      CADN SW          167911092      -342440147
SOC COMERCIAL PL      CVVIF US         167911092      -342440147
SOC COMERCIAL PL      CAD IX           167911092      -342440147
SOC COMERCIAL PL      COMED AR         167911092      -342440147
COMERCIAL PL-ADR      SCPDS LI         167911092      -342440147
COMERCIAL PLA-BL      COMEB AR         167911092      -342440147
SNIAFA SA-B           SNIA5 AR          11229696     -2670544.88
SNIAFA SA-B           SDAGF US          11229696     -2670544.88
SNIAFA SA             SNIA AR           11229696     -2670544.88


BELIZE
------

CELGPAR               GPAR3 BZ         3.959E+09      -418654757
VARIG SA-PREF         VAGV4 BZ         966298026     -4695211316
VARIG SA-PREF         VARGPN BZ        966298026     -4695211316
VARIG SA              VAGV3 BZ         966298026     -4695211316
VARIG SA              VARGON BZ        966298026     -4695211316
PORTX OPERA-GDR       PXTPY US         734596799     -5675399.32
PORTX OPERACOES       PRTX3 BZ         734596799     -5675399.32
AGRENCO LTD-BDR       AGEN11 BZ        637647275      -312199404
AGRENCO LTD           AGRE LX          637647275      -312199404
BOMBRIL-PREF          BOBR4 BZ         451055441       -71738547
BOMBRIL SA-ADR        BMBBY US         451055441       -71738547
BOMBRIL               BMBBF US         451055441       -71738547
BOMBRIL               BOBR3 BZ         451055441       -71738547
BOMBRIL SA-ADR        BMBPY US         451055441       -71738547
BOMBRIL-RGTS PRE      BOBR2 BZ         451055441       -71738547
BOMBRIL-RIGHTS        BOBR1 BZ         451055441       -71738547
BOMBRIL CIRIO SA      BOBRON BZ        451055441       -71738547
BOMBRIL CIRIO-PF      BOBRPN BZ        451055441       -71738547
PETRO MANGUINHOS      RPMG3 BZ         418867615       -98663724
PET MANG-RT           RPMG1 BZ         418867615       -98663724
PETRO MANGUINHOS      MANGON BZ        418867615       -98663724
PET MANG-RECEIPT      RPMG10 BZ        418867615       -98663724
PET MANG-RT           0229249Q BZ      418867615       -98663724
PET MANG-RECEIPT      0229292Q BZ      418867615       -98663724
PET MANGUINH-PRF      RPMG4 BZ         418867615       -98663724
PET MANG-RT           RPMG2 BZ         418867615       -98663724
PET MANG-RECEIPT      0229296Q BZ      418867615       -98663724
PET MANG-RIGHTS       3678565Q BZ      418867615       -98663724
PET MANG-RECEIPT      RPMG9 BZ         418867615       -98663724
PET MANG-RIGHTS       3678569Q BZ      418867615       -98663724
PETRO MANGUIN-PF      MANGPN BZ        418867615       -98663724
PET MANG-RT           0229268Q BZ      418867615       -98663724
PET MANG-RT           4115364Q BZ      418867615       -98663724
PET MANG-RT           4115360Q BZ      418867615       -98663724
CIA PETROLIFERA       MRLM3B BZ        377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ         377602195     -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ        377602195     -3014291.72
CIA PETROLIFERA       MRLM3 BZ         377602195     -3014291.72
CIA PETROLIFERA       1CPMON BZ        377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ        377602195     -3014291.72
BATTISTELLA           BTTL3 BZ         313830220     -5623755.88
BATTISTELLA-RECP      BTTL10 BZ        313830220     -5623755.88
BATTISTELLA-RECE      BTTL9 BZ         313830220     -5623755.88
BATTISTELLA-RIGH      BTTL1 BZ         313830220     -5623755.88
BATTISTELLA-PREF      BTTL4 BZ         313830220     -5623755.88
BATTISTELLA-RI P      BTTL2 BZ         313830220     -5623755.88
HOTEIS OTHON-PRF      HOTHPN BZ        309799346       -23928667
HOTEIS OTHON SA       HOTHON BZ        309799346       -23928667
HOTEIS OTHON SA       HOOT3 BZ         309799346       -23928667
HOTEIS OTHON-PRF      HOOT4 BZ         309799346       -23928667
TEKA                  TEKAON BZ        278124701      -447124084
TEKA-ADR              TKTPY US         278124701      -447124084
TEKA-ADR              TKTQY US         278124701      -447124084
TEKA                  TKTQF US         278124701      -447124084
TEKA                  TEKA3 BZ         278124701      -447124084
TEKA-PREF             TEKA4 BZ         278124701      -447124084
TEKA-PREF             TKTPF US         278124701      -447124084
TEKA-PREF             TEKAPN BZ        278124701      -447124084
TEKA-ADR              TEKAY US         278124701      -447124084
DOCAS SA              DOCAON BZ        265185849      -158092426
DOCA INVESTI-PFD      DOCA4 BZ         265185849      -158092426
DOCAS SA-RTS PRF      DOCA2 BZ         265185849      -158092426
DOCA INVESTIMENT      DOCA3 BZ         265185849      -158092426
DOCAS SA-PREF         DOCAPN BZ        265185849      -158092426
SANSUY SA             SNSYON BZ        180443812      -114112111
SANSUY SA-PREF B      SNSYBN BZ        180443812      -114112111
SANSUY SA-PREF A      SNSYAN BZ        180443812      -114112111
SANSUY-PREF B         SNSY6 BZ         180443812      -114112111
SANSUY                SNSY3 BZ         180443812      -114112111
SANSUY-PREF A         SNSY5 BZ         180443812      -114112111
DHB IND E COM         DHBON BZ         155020175      -122349774
D H B-PREF            DHBI4 BZ         155020175      -122349774
D H B                 DHBI3 BZ         155020175      -122349774
DHB IND E COM-PR      DHBPN BZ         155020175      -122349774
TEXTEIS RENA-RCT      TXRX10 BZ        133619338     -68177415.4
RENAUXVIEW SA         TXRX3 BZ         133619338     -68177415.4
RENAUXVIEW SA-PF      TXRX4 BZ         133619338     -68177415.4
TEXTEIS RENAU-RT      TXRX1 BZ         133619338     -68177415.4
TEXTEIS RENAUX        RENXPN BZ        133619338     -68177415.4
TEXTEIS RENA-RCT      TXRX9 BZ         133619338     -68177415.4
TEXTEIS RENAU-RT      TXRX2 BZ         133619338     -68177415.4
TEXTEIS RENAUX        RENXON BZ        133619338     -68177415.4
MINUPAR               MNPR3 BZ         130265489     -6044124.99
MINUPAR-RCT           9314634Q BZ      130265489     -6044124.99
MINUPAR SA-PREF       MNPRPN BZ        130265489     -6044124.99
MINUPAR-PREF          MNPR4 BZ         130265489     -6044124.99
MINUPAR-RT            9314542Q BZ      130265489     -6044124.99
MINUPAR-RCT           MNPR9 BZ         130265489     -6044124.99
MINUPAR-RT            MNPR1 BZ         130265489     -6044124.99
MINUPAR SA            MNPRON BZ        130265489     -6044124.99
BUETTNER SA-PRF       BUETPN BZ         97195114     -13140028.8
BUETTNER              BUET3 BZ          97195114     -13140028.8
BUETTNER SA-RT P      BUET2 BZ          97195114     -13140028.8
BUETTNER SA-RTS       BUET1 BZ          97195114     -13140028.8
BUETTNER SA           BUETON BZ         97195114     -13140028.8
BUETTNER-PREF         BUET4 BZ          97195114     -13140028.8
FABRICA RENAUX-P      FRNXPN BZ         95282688       -59034912
FABRICA RENAUX        FTRX3 BZ          95282688       -59034912
FABRICA TECID-RT      FTRX1 BZ          95282688       -59034912
FABRICA RENAUX-P      FTRX4 BZ          95282688       -59034912
FABRICA RENAUX        FRNXON BZ         95282688       -59034912
COBRASMA SA           COBRON BZ         93053413     -2050908520
COBRASMA-PREF         CBMA4 BZ          93053413     -2050908520
COBRASMA              CBMA3 BZ          93053413     -2050908520
COBRASMA SA-PREF      COBRPN BZ         93053413     -2050908520
ESTRELA SA-PREF       ESTR4 BZ          92218510     -92769915.9
ESTRELA SA            ESTRON BZ         92218510     -92769915.9
ESTRELA SA            ESTR3 BZ          92218510     -92769915.9
ESTRELA SA-PREF       ESTRPN BZ         92218510     -92769915.9
GRADIENTE-PREF A      IGBR5 BZ          69132281      -253174445
IGB ELETRONICA        IGBR3 BZ          69132281      -253174445
GRADIENTE-PREF C      IGBR7 BZ          69132281      -253174445
GRADIENTE EL-PRA      IGBAN BZ          69132281      -253174445
GRADIENTE ELETR       IGBON BZ          69132281      -253174445
GRADIENTE EL-PRC      IGBCN BZ          69132281      -253174445
GRADIENTE EL-PRB      IGBBN BZ          69132281      -253174445
GRADIENTE-PREF B      IGBR6 BZ          69132281      -253174445
SCHLOSSER-PREF        SCLO4 BZ          61819354     -42308353.6
SCHLOSSER             SCLO3 BZ          61819354     -42308353.6
SCHLOSSER SA-PRF      SCHPN BZ          61819354     -42308353.6
SCHLOSSER SA          SCHON BZ          61819354     -42308353.6
CAF BRASILIA-PRF      CAFE4 BZ          49512076      -999279159
CAF BRASILIA          CAFE3 BZ          49512076      -999279159
CAFE BRASILIA-PR      CSBRPN BZ         49512076      -999279159
CAFE BRASILIA SA      CSBRON BZ         49512076      -999279159
VARIG PART EM TR      VPTA3 BZ          49432124      -399290396
VARIG PART EM-PR      VPTA4 BZ          49432124      -399290396
CIMOB PARTIC SA       GAFON BZ          44047412     -45669963.6
CIMOB PART-PREF       GAFP4 BZ          44047412     -45669963.6
CIMOB PART-PREF       GAFPN BZ          44047412     -45669963.6
CIMOB PARTIC SA       GAFP3 BZ          44047412     -45669963.6
RECRUSUL - RT         RCSL1 BZ          42802194     -19134971.9
RECRUSUL SA-PREF      RESLPN BZ         42802194     -19134971.9
RECRUSUL - RCT        4529793Q BZ       42802194     -19134971.9
RECRUSUL - RT         4529781Q BZ       42802194     -19134971.9
RECRUSUL SA           RESLON BZ         42802194     -19134971.9
RECRUSUL - RCT        0163583D BZ       42802194     -19134971.9
RECRUSUL-BON RT       RCSL12 BZ         42802194     -19134971.9
RECRUSUL - RCT        RCSL10 BZ         42802194     -19134971.9
RECRUSUL - RCT        4529789Q BZ       42802194     -19134971.9
RECRUSUL-BON RT       RCSL11 BZ         42802194     -19134971.9
RECRUSUL - RT         0163580D BZ       42802194     -19134971.9
RECRUSUL - RT         RCSL2 BZ          42802194     -19134971.9
RECRUSUL - RT         0163579D BZ       42802194     -19134971.9
RECRUSUL-PREF         RCSL4 BZ          42802194     -19134971.9
RECRUSUL              RCSL3 BZ          42802194     -19134971.9
RECRUSUL - RCT        0163582D BZ       42802194     -19134971.9
RECRUSUL - RCT        RCSL9 BZ          42802194     -19134971.9
RECRUSUL - RT         4529785Q BZ       42802194     -19134971.9
WIEST-PREF            WISA4 BZ          34108201      -126997429
WIEST SA-PREF         WISAPN BZ         34108201      -126997429
WIEST                 WISA3 BZ          34108201      -126997429
WIEST SA              WISAON BZ         34108201      -126997429
SANESALTO             SNST3 BZ          31802628     -2924062.87
CONST BETER SA        1007Q BZ          31374374     -1555470.16
CONST BETER-PFA       COBE5B BZ         31374374     -1555470.16
CONST BETER-PR B      COBEBN BZ         31374374     -1555470.16
CONST BETER SA        COBEON BZ         31374374     -1555470.16
CONST BETER-PF A      COBE5 BZ          31374374     -1555470.16
CONST BETER-PF B      COBE6 BZ          31374374     -1555470.16
CONST BETER SA        COBE3B BZ         31374374     -1555470.16
CONST BETER-PR B      1009Q BZ          31374374     -1555470.16
CONST BETER-PF A      1COBAN BZ         31374374     -1555470.16
CONST BETER-PR A      COBEAN BZ         31374374     -1555470.16
CONST BETER SA        COBE3 BZ          31374374     -1555470.16
CONST BETER SA        1COBON BZ         31374374     -1555470.16
CONST BETER-PR A      1008Q BZ          31374374     -1555470.16
CONST BETER-PF B      1COBBN BZ         31374374     -1555470.16
CONST BETER-PF B      COBE6B BZ         31374374     -1555470.16
BOTUCATU-PREF         STRP4 BZ          27663605     -7174512.03
STAROUP SA            STARON BZ         27663605     -7174512.03
BOTUCATU TEXTIL       STRP3 BZ          27663605     -7174512.03
STAROUP SA-PREF       STARPN BZ         27663605     -7174512.03
FERRAGENS HAGA-P      HAGAPN BZ         21992326     -56631998.5
FER HAGA-PREF         HAGA4 BZ          21992326     -56631998.5
HAGA                  HAGA3 BZ          21992326     -56631998.5
FERRAGENS HAGA        HAGAON BZ         21992326     -56631998.5
NOVA AMERICA-PRF      NOVA4B BZ         21287489      -183535527
NOVA AMERICA-PRF      NOVA4 BZ          21287489      -183535527
NOVA AMERICA SA       NOVAON BZ         21287489      -183535527
NOVA AMERICA SA       NOVA3 BZ          21287489      -183535527
NOVA AMERICA-PRF      NOVAPN BZ         21287489      -183535527
NOVA AMERICA SA       1NOVON BZ         21287489      -183535527
NOVA AMERICA SA       NOVA3B BZ         21287489      -183535527
NOVA AMERICA-PRF      1NOVPN BZ         21287489      -183535527
TECEL S JOSE          SJOS3 BZ          18420379     -64108300.1
TECEL S JOSE-PRF      FTSJPN BZ         18420379     -64108300.1
TECEL S JOSE          FTSJON BZ         18420379     -64108300.1
TECEL S JOSE-PRF      SJOS4 BZ          18420379     -64108300.1
NORDON MET            NORD3 BZ          15971163     -28156360.8
NORDON MET-RTS        NORD1 BZ          15971163     -28156360.8
NORDON METAL          NORDON BZ         15971163     -28156360.8
LARK MAQS-PREF        LARK4 BZ          15298294     -2072193.19
LARK SA MAQU-RTS      LARK1 BZ          15298294     -2072193.19
LARK MAQUINAS-PR      LARPN BZ          15298294     -2072193.19
LARK MAQUINAS         LARON BZ          15298294     -2072193.19
LARK MAQS             LARK3 BZ          15298294     -2072193.19
LARK SA MAQU-RTS      LARK2 BZ          15298294     -2072193.19
CHIARELLI SA          CCHON BZ          14960467     -43105640.5
CHIARELLI SA-PRF      CCHPN BZ          14960467     -43105640.5
CHIARELLI SA          CCHI3 BZ          14960467     -43105640.5
CHIARELLI SA-PRF      CCHI4 BZ          14960467     -43105640.5
B&D FOOD CORP         BDFCE US          14423532        -3506007
B&D FOOD CORP         BDFC US           14423532        -3506007
LATTENO FOOD COR      LATF US           14423532        -3506007
REII INC              REIC US           14423532        -3506007
CONST A LINDEN        LINDON BZ         14398838     -3020065.57
CONST A LIND-PRF      CALI4 BZ          14398838     -3020065.57
CONST A LIND-PRF      LINDPN BZ         14398838     -3020065.57
CONST LINDEN RCT      CALI9 BZ          14398838     -3020065.57
CONST LINDEN RCT      CALI10 BZ         14398838     -3020065.57
CONST LINDEN RT       CALI2 BZ          14398838     -3020065.57
CONST A LINDEN        CALI3 BZ          14398838     -3020065.57
CONST LINDEN RT       CALI1 BZ          14398838     -3020065.57
ARTHUR LAN-DVD C      ARLA11 BZ         11642256     -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ          11642256     -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ          11642256     -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ          11642256     -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ         11642256     -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ         11642256     -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ          11642256     -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ         11642256     -17154461.9
ARTHUR LANGE          ARLA3 BZ          11642256     -17154461.9
ARTHUR LANGE SA       ALICON BZ         11642256     -17154461.9
FERREIRA GUIM-PR      FGUIPN BZ         11016542      -151840377
F GUIMARAES-PREF      FGUI4 BZ          11016542      -151840377
FERREIRA GUIMARA      FGUION BZ         11016542      -151840377
F GUIMARAES           FGUI3 BZ          11016542      -151840377


CHILE
-----

EMPRESA DE LOS F      2940894Z CI      1.934E+09       -50416404
CHILESAT CORP SA      TELEX CI         1.157E+09      -122555290
TELEX-RTS             TELEXO CI        1.157E+09      -122555290
CHILESAT CO-ADR       TL US            1.157E+09      -122555290
CLARO COM SA          CHILESAT CI      1.157E+09      -122555290
CHILESAT CO-RTS       CHISATOS CI      1.157E+09      -122555290
TELMEX CORP-ADR       CSAOY US         1.157E+09      -122555290
TELEX-A               TELEXA CI        1.157E+09      -122555290
PUYEHUE RIGHT         PUYEHUOS CI       24447502     -1250905.47
PUYEHUE               PUYEH CI          24447502     -1250905.47


                            ***********


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


                            ***********


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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