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                     L A T I N   A M E R I C A

              Tuesday, March 27, 2012, Vol. 13, No. 062



YPF SA: Loses Two Oil Licenses in Argentina's Mendoza Province


APOLLO INSURANCE: Creditors' Proofs of Debt Due April 5
ARDRA INSURANCE: Creditors' Proofs of Debt Due April 6
HWP GROUP: To Cycle Division to World Distributors, Cuts 6 Jobs
MAN AP STRATEGIC: Creditors' Proofs of Debt Due April 4
MAN AP STRATEGIC: Member to Receive Wind-Up Report on April 30

MAN RMF MULTI-STYLE: Creditors' Proofs of Debt Due April 4
MAN RMF MULTI-STYLE: Member to Receive Wind-Up Report on April 30
TYRE EXPORT-(BERMUDA): Members' Final Meeting Set for April 23


BRASIL FOODS: Moody's Withdraws 'Ba1' Corporate Family Rating

C A Y M A N   I S L A N D S

ARF ABSOLUTE: Shareholders' Final Meeting Set for April 2
CROSSOVER FUND: Shareholders' Final Meeting Set for April 16
HONCHO CORPORATION: Shareholders' Final Meeting Set for April 13
SALT CREEK: Members' Final Meeting Set for April 13
SINGSONG LTD: Sole Member to Receive Wind-Up Report on April 16

C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Rating


* MEXICO: Moody's Cuts Quintana Roo's LC Issuer Rating to 'B1'


* Large Companies With Insolvent Balance Sheets

                            - - - - -


YPF SA: Loses Two Oil Licenses in Argentina's Mendoza Province
Eliana Raszewski and Rodrigo Orihuela at Bloomberg News report
that Argentina's Mendoza province revoked two concessions from
YPF SA, raising the number of fields lost by the company this
month to nine as the government seeks increased investments.
Ceferino and Cerro Mollas were the fields withdrawn in Mendoza,
YPF said.

Economic growth in recent years has led to "larger demand for
energy and fuel," which hasn't been met by YPF investments,
Francisco Perez, governor of the western province of Mendoza,
said, according to Bloomberg.  The provincial government
dismissed a proposal by YPF to repair a well and invest in a new
one, Mr. Perez relayed, Bloomberg relates.

Bloomberg discloses that the government of President Cristina
Fernandez de Kirchner is pressuring YPF and other oil companies
since January to boost investments to help curb declining output
and rising fuel imports.  It supported, Bloomberg notes,
decisions by three provinces to withdraw a combined seven YPF
licenses in the past two weeks.

"The company informs that it will take legal actions," YPF said
in an e-mailed statement obtained by Bloomberg.  The company said
it invested US$600 million in Mendoza last year and boosted
investment annually since 2007, Bloomberg discloses.

Meanwhile, Bloomberg relates that YPF's management defied a
government proposal to skip dividends and reinvest profit.
Instead the board chose to use profit to issue new shares,
Bloomberg says.  The decision, which is pending shareholders'
approval at an April 25 meeting, will be opposed by the
government with "all measures," Deputy Economy Minister Axel
Kicillof said on March 21, Bloomberg relays.

                          About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.


APOLLO INSURANCE: Creditors' Proofs of Debt Due April 5
The creditors of Apollo Insurance Company Limited are required to
file their proofs of debt by April 5, 2012, to be included in the
company's dividend distribution.

Michael Morrison is the company's liquidator.

ARDRA INSURANCE: Creditors' Proofs of Debt Due April 6
The creditors of Ardra Insurance Company Ltd. are required to
file their proofs of debt by April 6, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen E. Lowe
         c/o KRyS Global
         PO Box 671 Hamilton HM CX

HWP GROUP: To Cycle Division to World Distributors, Cuts 6 Jobs
The Royal Gazette reports that six HWP Group employees have lost
their jobs after the company brought an end to more than 50 years
of service.

The company will sell its last bike on March 28, 2012, after
selling its cycle division to World Distributors Ltd, who will
now become the authorized dealer for Honda and Piaggio
motorcycles in Bermuda, according to The Royal Gazette.

The new owners, the report notes, are expected to raise their
staffing levels in order to handle the increased business and
both firms have said they will be working together to 'help
redundant employees secure new employment'.

Jonathan Brewin, president and chief executive officer of HWP
Group, said that the decision to sell 'was not an easy one', but
pointed to the effects of last year's fire, and a steep decline
in sales, as the driving force behind the decision, The Royal
Gazette discloses.

"With the loss sustained from last year's fire, we had to be
strategic about our business and decided that we needed to focus
on our core business of automotive sales and after sales
including parts and service as well as our service stations on St
John's Road and East Broadway," the report quoted Mr. Brewin as

The Royal Gazette recalls that HWP has struggled since a fire
destroyed the company's body and paint shop and showrooms on St
John's Road, Pembroke, in August last year.  Three weeks after
the blaze, HWP laid off 21 employees, the report relates.

The Royal Gazette notes that the car and bike industry has been
facing hard times over the last several years with the last few
months seeing a double-digit decline in sales.

MAN AP STRATEGIC: Creditors' Proofs of Debt Due April 4
The creditors of Man AP Strategic Series 2 Ltd are required to
file their proofs of debt by April 4, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9

MAN AP STRATEGIC: Member to Receive Wind-Up Report on April 30
The member of Man AP Strategic Series 2 Ltd will receive on
April 30, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9

MAN RMF MULTI-STYLE: Creditors' Proofs of Debt Due April 4
The creditors of Man RMF Multi-Style Euro Trading Ltd are
required to file their proofs of debt by April 4, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 16, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9

MAN RMF MULTI-STYLE: Member to Receive Wind-Up Report on April 30
The member of Man RMF Multi-Style Euro Trading Ltd will receive
on April 30, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9

TYRE EXPORT-(BERMUDA): Members' Final Meeting Set for April 23
The members of Tyre Export-(Bermuda), Ltd. will hold their final
meeting on April 23, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Ernest A. Morrison is the company's liquidator.


BRASIL FOODS: Moody's Withdraws 'Ba1' Corporate Family Rating
Moody's Investors Service upgraded Brasil Foods senior unsecured
debt ratings to Baa3.  At the same time, Moody's withdrew the
company's Ba1 Corporate Family Rating.  The rating outlook is

The following ratings of Brasil Foods were upgraded:

US$250 million 6.875% senior unsecured guaranteed notes due
2017: Baa3 (foreign currency)

US$750 million 7.250% senior unsecured guaranteed notes due
2020: Baa3 (foreign currency)

The following rating of Brasil Foods was withdrawn:

Corporate Family rating of Ba1

Ratings Rationale

The upgrade to investment grade reflects Brasil Foods' good
business profile, solid financial position and leadership both in
relevant processed food categories and in global poultry exports.
"In our view, the company's value added portfolio and strong
brands bring margin stability and makes the company more
resilient to commodity price volatility," said Moody's local
market analyst Marianna Waltz.  As a result, in contrast to the
overall protein industry, the company was much less affected by
the challenging competitive environment over the last year.

Brasil Foods also has a well-developed and sophisticated
logistics and distribution structure, that manages the supply
chain from the vertically integrated farmers network to the
delivery of its products to about 150 thousand customers per
month across 98% of the large Brazilian territory.  "These
factors contribute to an important competitive advantage for the
company," added Ms. Waltz.

The Baa3 rating also recognizes the improvement in the company's
credit metrics over the past few years, mostly related to better
operating performances and cash flow generation. In LTM December
2011 Net Debt/EBITDA was at 1.7x, while cash from operations
reached BRL 1.1 billion.

Following the announced asset swap with Marfrig (B1 negative),
according to the agreement BRF entered into with the Brazilian
Antitrust Commission (CADE), Moody's estimates that Brasil Foods
financial results will be modestly affected, with both leverage
and cash flow generation remaining at very comfortable levels.
Moody's does anticipate some pressure on profitability during the
1H12 due to the estimated loss of about BRL3 billion in revenues,
reflecting both the sale of assets as well the suspension of the
Perdigao and Batavo (meat business) brands, but Moody's believes
that the impact will be minimized by (i) the aggressive and sound
strategy to recapture the market share of suspended Perdigao
brand; (ii) the BRL 300 million in synergies still to be captured
over the next two years; and (iii) the inclusion of the
Argentinean operations.  The company expects to recover any
divested or suspended revenues in the domestic market within six
months, while volumes should be recovered in about a year.

Offsetting some of its positive attributes, the rating takes into
consideration Brasil Foods' exposure to grain prices and currency
volatility, since approximately half of its sales still come from
the sale of in natura meat and 40% from the export markets. These
risks are partially mitigated by the use of hedging strategies in
its operations. In addition, although Moody's recognizes
expansion as a key component of product and geographic
diversification, a possible large debt-financed acquisition could
add further integration and financial risks to BRF.

The stable outlook reflects Moody's view that Brasil Foods will
be able to recover domestic sales during 2012, while keeping
profitability and operating cash flow generation near current
levels.  The stable outlook also incorporates expectations that
its expansion strategy will be conducted in a prudent and
conservative manner and not jeopardize its strong credit metrics.
The company has a formal target of keeping Net Debt/EBITDA at
about 2 times.

The ratings could be upgraded if the company further increases
the proportion of processed products in its portfolio to above
70% of total sales and sustain a positive free cash flow
generation. A total debt to EBITDA below 2.0x and an
EBITA/interest expense of 6.5x or higher on a sustainable basis
would also be important considerations for positive rating

A downgrade could result from the inability to deliver at least
mid-single digit organic growth rates and double digit EBITDA
margins on a sustainable basis. In addition, debt/EBITDA above
3.0x, EBITA/interest expense of 5.0x or less and CFO/net debt
below 30% on a sustained basis could trigger a downgrade. A
deterioration in its liquidity profile could also prompt a
negative rating action.

BRF Brasil Foods S.A. (BR Foods) is one of largest food
conglomerates globally, with consolidated net revenues of BRL
25.7 billion as of year-end 2011. The company operates 68 plants,
exports to more than 140 countries and is one of the world's
largest protein producers, with a leading position in poultry
exports. Processed foods, which typically generate higher and
less volatile margins than the protein export business,
represented about 50% of net sales while exports represented 40%
during 2011.

Standard & Poor's Ratings Services raised its global scale
corporate credit rating on Magnesita Refratarios S.A. to 'BB'
from 'BB-'.  "At the same time, we raised our Brazilian national
scale corporate credit rating on the company to 'brAA' from
'brA+'. The outlooks are stable," S&P said.

"The rating action reflects our expectation that Magnesita's
capital structure will continue to improve as its total debt
reduces further and its cash flow increases when it concludes its
capital expenditures on further integration intended to reduce
costs," said Standard & Poor's credit analyst Rafaela Vitoria.
"However, the ratings also reflect the risks that the company
faces as a business with great exposure to the cyclicality of its
main customers, in the steel and cement industries, and the
recent increase in raw material prices, including magnesite
sinter and graphite."

"The company's business profile is 'fair,' as our criteria define
it, and its financial profile is 'significant,'" S&P said.

"The outlooks are stable, reflecting our expectation that
Magnesita will be able to sustain strong liquidity and improve
its operating profitability gradually, even amid more challenging
operating conditions in the near term," S&P said.

C A Y M A N   I S L A N D S

ARF ABSOLUTE: Shareholders' Final Meeting Set for April 2
The shareholders of ARF Absolute Return Fund Limited will hold
their final meeting on April 2, 2012, at 3:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands

CROSSOVER FUND: Shareholders' Final Meeting Set for April 16
The shareholders of Crossover Fund, Ltd. will hold their final
meeting on April 16, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Delta FS Limited
         c/o Janeen Aljadir
         Telephone: (345) 743 6626
         Harbour Place, 2nd Floor
         103 South Church Street
         PO Box 11820 Grand Cayman KY1-1009
         Cayman Islands

HONCHO CORPORATION: Shareholders' Final Meeting Set for April 13
The shareholders of Honcho Corporation, Ltd. will hold their
final meeting on April 13, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands

SALT CREEK: Members' Final Meeting Set for April 13
The members of Salt Creek High Yield CSO 2005-1 Ltd. will hold
their final meeting on April 13, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands

SINGSONG LTD: Sole Member to Receive Wind-Up Report on April 16
The sole member of Singsong Ltd. will receive on April 16, 2012,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         British Virgin Islands

C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Rating
Fitch Ratings has affirmed Instituto Costarricense de
Electricidad y Subsidiarias' (Grupo ICE) ratings as follows:

  -- Foreign and Local Currency Issuer Default Ratings (IDR) at
  -- National Scale Long-Term Rating (Costa Rica) at 'AAA(cri)';
  -- National Scale Long-Term Rating (El Salvador) at 'AAA(slv)'.

The Rating Outlook is Stable

In addition, Fitch has affirmed the following debt obligations of

  -- US$250 million Senior Unsecured Notes due 2021 at 'BB+';
  -- Long-Term Bonds issued in Costa Rica at 'AAA(cri)';
  -- Commercial Paper Program in Costa Rica at 'F1+(cri)';
  -- Long-Term Bonds issued in El Salvador at 'AAA(slv)'.

Group ICE's ratings are supported by the company's linkage to the
sovereign of Costa Rica (Foreign and Local Currency IDR 'BB+' by
Fitch) which has an ownership stake in the company.  The linkage
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government mandated strategy, which tempers the ratings and
aligns it with the sovereign.  The ratings also reflect the
government's implicit and explicit support as well as the
company's diversified portfolio of assets and adequate financial
profile.  Also factored into Grupo ICE's ratings is the company's
aggressive capital expenditure program aimed at maintaining a
strong market share position in the telecommunication business
and an adequate installed electric generation capacity.

Grupo ICE's ratings are supported by the company's diversified
portfolio of assets and its strong business position in Costa
Rica's electricity and telecommunication industries.  The ratings
reflect the company's low business risk resulting from its
business diversification and characteristics as a utility service

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica.  The issuer is the largest power generator and electric
distribution utility company in the country.  As of year-end
2011, Grupo ICE had an installed electric generation capacity of
2,050 megawatts (MW) (national capacity of 2,650MW) and is the
exclusive owner of the national transmission grid.  The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy
in coordination with Grupo ICE by selling its energy to Grupo
ICE.  The company is expected to remain a leader in the
telecommunications industry in the country, notwithstanding
recent changes that opened the industry to competition.

Grupo ICE's ratings reflect the company's adequate financial
profile characterized by moderate leverage and strong interest
coverage, yet with some exposure to foreign exchange risk, which
should deteriorate over the medium term as the company pursues
its capital expenditures plan.  As of the last 12 months (LTM)
ended Sept. 30, 2011, the company's EBITDA increased to
approximately US$700 million from US$638 million in 2010.  This
was mainly due to increases in telecom revenues and lower
operating costs.  As of September 2011, Grupo ICE reported total
debt of US$2.6 billion, of which US$546 million was short term
and near 80% was denominated in US$.  This translated into a
moderate financial leverage, as measured by total adjusted debt-
to-EBITDAR (annualized) of approximately 4.4 times(x).  The
company's interest coverage as measured by EBITDAR-to-interest
and rent expenses was healthy at 3.7x (7.6 x EBITDA/Interest).

Grupo ICE's capital investment plan over the next several years
is considered aggressive and could weaken the company's financial
profile, absent increasing cash flow generation and adequate
tariff adjustments.  The company plans to invest approximately
US$5 billion over the next five years in order to supply
electricity to meet demand and maintain its leadership position
in the telecommunication businesses in Costa Rica.  Going
forward, Grupo ICE's credit metrics could deteriorate
significantly. Leverage could increase to over 5.0x if the
company finances its capital investment plan heavily with debt.
Grupo ICE expects to finance its investments with a combination
of internal cash flow, debt, Build Operate and Transfer (BOT)
transactions, project finance vehicles and operating leases.

Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schemes.
Every year the company submits to the regulator for approval an
electricity tariff for end users.  Historically, the regulator
has approved these tariffs at levels that do not fully recognize
the company's moderate exposure to fuel prices borne by its
thermoelectric generation business.  This increases Grupo ICE's
exposure to hydrology risk given that during periods of low
hydrology and higher thermoelectric generation (8%-10% of annual
generation in average), profitability margins could be pressured.

The recent Telecom regulatory framework considers changes in
tariffs and competition rules.  Fitch expects that new
regulations could enhance regulatory transparency.  Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain
stable cash flow generation.  Also, the company is exposed to
political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.


* MEXICO: Moody's Cuts Quintana Roo's LC Issuer Rating to 'B1'
Moody's de Mexico downgraded the issuer ratings of the State of
Quintana Roo to from (Mexico National Scale) and to
B1 from Ba2 (Global Scale, local currency).  The outlook on the
issuer ratings remain negative.

Ratings Rationale

The downgrade of the issuer ratings reflects further than
expected deterioration of Quintana Roo's financial performance in
2011 on an absolute basis and relative to peers.  This
deterioration includes: 1) the recording of sizable consolidated
fiscal deficits in 2011 (-26.4% of total revenues), which
reflects the current administration's failure to address fiscal
challenges by implementing commensurate redress measures; 2) very
high increases in debt; and 3) a weak liquidity position.

During the 2009-2011 period, Quintana Roo posted cash financing
requirements equivalent to -19.9% of total revenues, on average,
as a result of an expansion of the state's capital program and an
increase in current expenditures, mainly social expenditures and
transfers to state entities.  This marked a significant
deterioration from the state's financial performance from 2005 -
2008, when it posted cash financing surpluses averaging 2.6% of
total revenues.

As a result of these cash financing requirements over the past
three years, Quintana Roo's net direct and indirect debt reached
a very high 63% of total revenues in 2011, well above the median
of rated Mexican states, up from just 14% in 2008.  While the
impact of the additional debt on the state's debt service costs
will be delayed given the grace periods for principal payment of
24 months, in two years the state's debt service costs will be
equivalent to an estimated 7% of total revenues, up from 1.7% in

Net working capital (current assets less current liabilities) to
total expenditures remains negative although it improved in 2011
to -3.1% coming from a -13.8% in 2010.  The improvement was
driven by the refinancing of the state's short-term debt with
long-term loans. Nonetheless, the state's liquidity position
remains significantly weaker relative to its peers in Mexico.

The negative outlook reflects Moody's expectation that the recent
deterioration of key credit factors could potentially continue
over the next years.  Given the magnitude of recent cash
financing requirements, in conjunction with the deterioration in
debt metrics and a negative net working capital, Moody's believes
that Quintana Roo will continue to face significant fiscal and
debt challenges over the near to medium term.

What Could Change The Rating Up/Down

The ratings are likely to face further downward pressure unless
the current administration successfully redresses these
challenges with its planned expenditure austerity program and
initiatives to increase revenues.

Although Moody's does not anticipate upward pressure over the
near term, a structural realignment of revenue and expenditure
growth rates, leading to a) a sustainable correction of the
negative consolidated fiscal results, b) stabilization of net
direct and indirect debt at current levels, and c) a return of
net working capital to positive levels, could result in a
stabilization of the outlook.


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

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


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


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


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.

                   * * * End of Transmission * * *