TCRLA_Public/120410.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, April 10, 2012, Vol. 13, No. 071


                            Headlines



A R G E N T I N A

CHASQUI EXPRESS: Creditors' Proofs of Debt Due May 11
EDENOR SA: Posts ARS45.4-Mil. Net Loss in 2011
FRIGORIFICO GENERAL: Applies for Bankruptcy Protection
GASTRONOMIA CABALLITO: Creditors' Proofs of Debt Due May 16
KAWKA SRL: Applies for Bankruptcy Protection

MAGALLANES TRADE: Creditors' Proofs of Debt Due May 15


B E R M U D A

OLD LYME: Creditors' Proofs of Debt Due April 20
OLD LYME: Member to Receive Wind-Up Report on May 7
OLD LYME GROUP: Creditors' Proofs of Debt Due April 20
OLD LYME GROUP: Member to Receive Wind-Up Report on May 7


B R A Z I L

BANCO DO NORDESTE: Fitch Affirms Viability Rating at Low-B
CAMARGO CORREA: Fitch Places All Ratings on Watch Negative
CIMENTO TUPI: Fitch Affirms Issuer Default Ratings at 'B'


J A M A I C A

CARIBBEAN CEMENT: Sends More Supplies to TCL
NATIONAL ROAD: Moody's Assigns 'B3' Rating to Debt Issuance


M E X I C O

EMPRESA DISTRIBUIDORA: Fitch Puts Low-B Rating on Watch Negative
RODOPA INDUSTRIA: Fitch Assigns 'B-' Issuer Default Ratings


P E R U

DOE RUN PERU: Workers Clash With Police During Protest


P U E R T O   R I C O

BERWIND REALTY: Files for Chapter 11 in Puerto Rico
BERWIND REALTY: Case Summary & 20 Largest Unsecured Creditors
MILLENIUM INSTITUTE: 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Hardware Dealers Complain Over Strike


V E N E Z U E L A

* VENEZUELA: Fitch Affirms ShortTerm Issuer Default Rating at 'B'


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
=================


CHASQUI EXPRESS: Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
Francisco Jose Eugenio Caleri, the court-appointed trustee for
Chasqui Express SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 11, 2012.

Mr. Caleri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Francisco Jose Eugenio Caleri
         Lavalle 1206
         Argentina


EDENOR SA: Posts ARS45.4-Mil. Net Loss in 2011
----------------------------------------------
Empresa Distribuidora y Comercializadora Norte Sociedad Anonima
(Edenor S.A.) filed on March 30, 2012, its annual report for the
fiscal year ended Dec. 31, 2011.

Price Waterhouse & Co. S.R.L., in Buenos Aires, said that the
delay in obtaining tariff increases, the cost adjustments
recognition, requested in the presentations made until now by the
Company in accordance with the terms of the Adjustment Agreement
and the continuous increase in operating expenses significantly
affected the economic and financial position of the Company and
raise substantial doubt about its ability to continue as a going
concern.

The Company reported a net loss of ARS435.40 million on net sales
of ARS3.565 billion for 2011, compared with a net loss of
ARS49.05 million on ARS2.174 billion for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
ARS5.744 billion in total assets, ARS4.373 billion in total
liabilities, ARS56.87 million of minority interest, and
stockholders equity of ARS1.314 billion.

A copy of the annual report is available for free at:

                       http://is.gd/9NgzBW

Based in Buenos Aires, Argentina, Edenor S.A. is the largest
electricity distribution company in Argentina in terms of number
of customers and electricity sold (both in GWh and Pesos).
Through a concession, Edenor distributes electricity exclusively
to the northwestern zone of the greater Buenos Aires metropolitan
area and the northern part of the city of Buenos Aires, which has
a population of approximately 7 million people and an area of
4,637 sq. km.  In 2011, Edenor sold 20,077 GWh of energy and
purchased 23,004 GWh of energy, with net sales of approximately
Ps. 2.3 billion and net loss of Ps. 435.4 million.


FRIGORIFICO GENERAL: Applies for Bankruptcy Protection
------------------------------------------------------
Frigorifico General Belgrano SA applied for bankruptcy
protection.

The company has defaulted on its payments last Sept. 11, 2010.


GASTRONOMIA CABALLITO: Creditors' Proofs of Debt Due May 16
-----------------------------------------------------------
Carmen Beatriz Santa Maria, the court-appointed trustee for
Gastronomia Caballito SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until May 16, 2012.

Ms. Maria will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk No.
34, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Carmen Beatriz Santa Maria
         Avenida Corrientes 1557
         Argentina


KAWKA SRL: Applies for Bankruptcy Protection
--------------------------------------------
Kawka SRL applied for bankruptcy protection.

The company has defaulted on its payments last Dec. 14, 2011.


MAGALLANES TRADE: Creditors' Proofs of Debt Due May 15
------------------------------------------------------
Juan Carlos Sosa, the court-appointed trustee for Magallanes
Trade SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 15, 2012.

Mr. Sosa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 40, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Carlos Sosa
         Viamonte 713
         Argentina


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B E R M U D A
=============


OLD LYME: Creditors' Proofs of Debt Due April 20
------------------------------------------------
The creditors of Old Lyme Insurance Company, Ltd. are required to
file their proofs of debt by April 20, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2012.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson Limited
         Bermuda


OLD LYME: Member to Receive Wind-Up Report on May 7
---------------------------------------------------
The member of Old Lyme Insurance Company, Ltd. will receive on
May 7, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 3, 2012.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson Limited
         Bermuda


OLD LYME GROUP: Creditors' Proofs of Debt Due April 20
------------------------------------------------------
The creditors of Old Lyme Insurance Group, Ltd. are required to
file their proofs of debt by April 20, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 3, 2012.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson Limited
         Bermuda


OLD LYME GROUP: Member to Receive Wind-Up Report on May 7
---------------------------------------------------------
The member of Old Lyme Insurance Group, Ltd. will receive on
May 7, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 3, 2012.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson Limited
         Bermuda


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


BANCO DO NORDESTE: Fitch Affirms Viability Rating at Low-B
----------------------------------------------------------
Fitch Ratings has affirmed all ratings of Banco do Nordeste do
Brasil S.A (BNB), as follows:

  -- Foreign and Local Currency Long-Term Issuer Default Rating
     (IDR) at 'BBB'; Outlook Stable;
  -- Foreign and Local Currency Short-Term IDR at 'F2';
  -- Viability Rating at 'bb-'
  -- Support Rating at '2';
  -- Support Rating Floor 'BBB'
  -- National Long-Term Rating at 'AAA(bra)'; Outlook Stable;
  -- National Short-Term Rating at 'F1+(bra)'.

The IDRs and National ratings of Banco do Nordeste do Brasil S.A.
(BNB), which are equal to the Federal Republic of Brazil's
Sovereign foreign currency IDR are derived from the support of
its main shareholder, the National Treasury, an entity fully
controlled by the Brazilian Federal Government.  This support
also reflects the importance of BNB for the development of
Brazil's northeast region.  A change in the sovereign rating of
Brazil would directly influence the IDRs of the bank.

BNB's Viability Rating (VR) reflects the ongoing support the bank
receives from holding full and exclusive managerial control over
the Constitutional Fund of the Northeast (FNE, BRL37.7 billion of
equity at FY2011).  This support supersedes the bank's weak
financial profile as exhibited by poor asset quality and risk
management, worsening capitalization, and below-average
profitability.  The VR also incorporates the bank's exposure to
political influence.  Even though the bank does not directly own
the fund, the Brazilian Constitution grants the bank power to
manage the fund's resources.  Therefore, any changes on the
bank's exclusivity to control FNE, the fund's financial capacity
to absorb assets transferred from the bank, or to continue
supporting BNB could lead to a downgrade in the VR.  No near-term
improvement in the VR is foreseen by Fitch.

Created by federal law in 1952, BNB is one of the main
organizations controlled by the government with the mission to
develop Brazil's northeast region, involving the states of
Maranhao, Piaui, Ceara, Rio Grande do Norte, Paraiba, Pernambuco,
Alagoas, Sergipe, Bahia, and the north of Minas Gerais and
Espirito Santo.


CAMARGO CORREA: Fitch Places All Ratings on Watch Negative
----------------------------------------------------------
Fitch Ratings has placed all of the ratings of Brazilian
Conglomerate Camargo Correa S.A.'s and its subsidiaries on Rating
Watch Negative.

These rating actions follow Camargo's announcement that it
intends to buy full control of Cimpor Cimentos de Portugal.
Camargo currently owns 33% of Cimpor and has extended a public
offer for the remaining 67% of Cimpor for EUR5.5 per share,
equivalent to 2.5 billion euros (approximately US$3.3 billion or
BRL6 billion).

Fitch views the proposed transaction as negative to Camargo's
credit quality considering potential leverage being added to the
business through this strategic acquisition.  Camargo's capital
structure was already under pressure from high leverage and weak
results, and this transaction, as proposed would likely not allow
the company to deleverage to the degree that was previously
anticipated by Fitch.  Strategically, the proposed transaction
would increase Camargo's presence in the global cement market and
broaden its geographic diversification.  It would also generate
synergies with Camargo's highly correlated core businesses of
cement, engineering and construction.

As of June 30, 2011, the company had BRL16.4 billion and BRL4.4
billion (consolidated figures) in gross debt and cash,
respectively, resulting in Camargo's net debt of BRL12.1 billion.
The company's consolidated gross and net leverage by the end of
June 2011 reached high levels of 7 times (x) and 5.1x,
respectively, negatively affected by poor operational performance
in the company's engineering & construction businesses. Fitch
views it as unlikely that Votorantim, which owns about 21.21% of
CIMPOR, would tender its shares.  As a result, the successful
completion of the public offer could result in Camargo having a
majority participation in Cimpor's shareholder structure but not
complete ownership.  This type of structure could require
incremental debt in the range of BRL3 billion to BRL3.3 billion
to finance the acquisition.

A negative rating action could be triggered by a deterioration of
the company's consolidated credit protection measures and
liquidity following the closing of the proposed transaction.
Expectations by Fitch of total adjusted net debt to EBITDA being
consistently at or beyond 3 times(x) will likely result in a
downgrade.  Conversely, the expectation that total net debt to
EBITDA will remain below 3.0x over time, coupled with solid
liquidity, can trigger a revision of the Rating Watch Negative to
Outlook Stable.

Camargo:

  -- Foreign currency IDR 'BB+';
  -- Local currency IDR 'BB+';
  -- National scale rating 'AA(bra)';
  -- National short-term credit rating 'F1+(bra)';
  -- BRL300 million debentures series 1 (due 2014) 'AA(bra)';
  -- BRL700 million debentures series 2 (due 2014) 'AA(bra)';
  -- BRL850 million debentures 4a Issuance: (due 2020) 'AA(bra)';
  -- BRL600 million debentures 6a Issuance: (due 2015) 'AA(bra)'.


CCSA Finance Limited:

  -- Foreign currency IDR 'BB+';
  -- Local currency IDR 'BB+';
  -- US$250 million senior unsecured bonds due 2016 'BB+';

Camargo Correa Investimentos Em Infra-Estructura S.A. (CCII):

  -- National scale rating 'AA(bra)';
  -- BRL325 million 2a issuance, debentures series 1 (due 2020)
     'AA(bra)';
  -- BRL325 million 2a issuance, debentures series 2 (due 2020)
     'AA(bra)';

VBC ENERGIA S.A. (VBC):

  -- National scale rating 'AA(bra)';
  -- BRL1.2 billion BNDES Loan (due 2014) 'AA(bra)';


CIMENTO TUPI: Fitch Affirms Issuer Default Ratings at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Cimento Tupi
S.A.'s:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';
  -- Local currency IDR at 'B',
  -- Senior Unsecured Notes Due 2018 at 'B/RR4';
  -- Long-Term National Rating 'BBB-(bra)'.

The Rating Outlook is Stable.

Tupi's 'B' ratings reflect its small business position, execution
risks related to the change in its business model, and the
volatility of its cash flow generation due to the cyclicality of
the cement industry.  The ratings incorporate the company's
success at raising USD150 million to fund its expansion plan.
The ability to complete this project within the budget and on
time (by 1Q'13) will be key to avoiding pressure on the ratings.
Tupi's low liquidity position going forward and working capital
refinancing risks are also factored in the ratings.

Weak Business Profile

Tupi's small production scale and its lack of geographic
diversification heighten the risk of its exposure to the
volatility of the cement industry.  Tupi's cost structure is
higher than the largest integrated Brazilian cement producers.
The strong credit profile of these large companies could allow
them to pressure prices during a downturn in the industry in an
attempt to sustain volumes, which would negatively affect Tupi's
ability to service its debt.

Business Model Shift a Challenge; Schedule On Time

The company is currently implementing a new operating model. This
is a result of the termination of a supply agreement effective
April 2012 for slag from Companhia Siderurgica Nacional S.A.
(CSN), a large Brazilian steel company, which is increasing its
presence in cement.  Tupi's strategy is to expand its unit at its
Pedra do Sino plant, which will significantly reduce the
company's reliance on slag and increase total overall nominal
production capacity to 3.2 million tons of cement per year by
2013 from 2.4 million.  The success of this expansion is crucial
to the company's ongoing activities.  Absent this expansion,
Fitch estimates that the company's nominal annual capacity would
be reduced to 1.6 million tons.

Limited Short Term Cash Flow Expansion

Tupi generated BRL64 million of EBITDA and BRL70 million of funds
from operations (FFO) during 2011.  These figures compare with
BRL54 million and BRL53 million in 2010, respectively, and
compare favorably versus an average EBITDA of BRL38 million and
an average FFO of BRL37 million between 2007 and 2009.  Free cash
flow (FCF), defined as cash flow from operations less dividends
and investments, was BRL14 million in 2011.  For 2012, Fitch
expects Tupi's EBITDA to be about BRL65 million, considering the
limited production capacity.  FCF will likely be negative in 2012
due to the large level of capital expenditures (BRL171 million).

Leverage Trending Up; FX Risks

Tupi's credit metrics will be under pressured until 2013 due to
the aforementioned capital expenditure plan (USD150 million).  In
May 2011, the company issued a USD100 million note.  During 2012,
they did an add-on issuance of USD50 million, which was key to
supporting the capex program and diminishing refinancing risks.
In 2011, Tupi's FFO adjusted leverage ratio was 3.2 times (x),
while its total debt/EBITDA ratio was 4.3x and its net
debt/EBITDA ratio was 3.5x.  Fitch expects leverage to increase
to around 4.5x in 2012 and return to below 4.0x in 2013 when the
expansion project should be completed.

Tupi is exposed to currency mismatch risks. About 65% of its debt
is denominated in USD, and 100% of its cash flow generation is in
local currency.  As of Dec. 31, 2011 Tupi's total debt was BRL277
million.  This debt basically consists of BRL179 million (USD100
million) of unsecured notes due during 2018, BRL59 million of
banking loans and BRL38 million of tax refinancing.  The
additional USD50 million of debt associated with the reopening
will further increase the company's exposure to a strengthening
U.S. dollar.  In the short-term, the company partially mitigates
this risks with cash held abroad, but as soon as it disburses
this cash for the project it will not have this protection.

Shrink in Liquidity Position Expected

Tupi's liquidity position should show deterioration going forward
in 2012.  In December 2011, Tupi had BRL52 million in cash and
marketable securities and BRL49 million of short-term debt.  Out
of the short-term portion, BRL43 million is related to banking
loans and BRL6 million of taxes financing.  The levels of short-
term debt coverage, as measured by cash plus funds from
operations (FFO) to short-term debt and cash plus CFFO to short-
term debt, were 2.2x and 2.9x, respectively.

Favorable Prospects for the Sector Should Sustain Cement Prices

The positive outlook for the cement sector in Brazil, reflecting
the expansion of the real estate segment and infrastructure
projects, should also favor Tupi operations, which are largely
dependent upon favorable prices and high capacity utilization
levels.  Profitability margins should remain relatively flat,
however, as a lot of new capacity is being added by the leading
cement producers.  Tupi's end market, which is highly oriented
toward the refurbishment and construction of homes, should not be
impacted materially by the high level of infrastructure projects
in Brazil, as it is more linked with unemployment and income
levels.

Key Rating Drivers

A ratings downgrade or Negative Outlook could result from a delay
in the expected timing of the expansion program.  A significant
deterioration in the company's cash flow generation and operating
margins due to a downturn in the Brazilian market would also
pressure the ratings.  Given current challenges related to a
shift in its business model, an upgrade of Tupi's ratings is
unlikely in the short to medium term.


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J A M A I C A
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CARIBBEAN CEMENT: Sends More Supplies to TCL
--------------------------------------------
RJR News reports that Caribbean Cement Company is getting ready
to send off its fourth shipment of supplies to Trinidad which is
now in the fifth week of a strike at its biggest distributor of
cement.

Caribbean Cement General Manager Anthony Haynes said the shipment
is scheduled to leave soon, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbados,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                       About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


NATIONAL ROAD: Moody's Assigns 'B3' Rating to Debt Issuance
-----------------------------------------------------------
Moody's Investors Service has assigned a long-term rating of B3
to the debt issuance of Jamaica's National Road Operating and
Constructing Company Limited (NROCC).  The rated debt benefits
from a full guarantee by the government of Jamaica.  The rating
outlook is stable, in line with the issuer rating of the
government.

Ratings Rationale

The NROCC's payment obligations carry an explicit, irrevocable
and unconditional credit guarantee of the government of Jamaica.
Since Moody's considers that the commitment of the Jamaican
government to back the issuer's obligations is no lower than its
commitment to service its own bonds, the NROCC's debt is ranked
pari passu with other senior, unsecured debt issuances of the
government of Jamaica, justifying a rating at the same level as
the government of Jamaica.

Rating Support Factors

Jamaica's B3 foreign- and local-currency government bond ratings
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.  Jamaica's per capita GDP is higher
than the B-category median but annual growth has averaged less
than 1% a year in the last decade.  The country has been in
recession for the past three years, only recovering in the first
quarter of 2011. Lack of growth makes reducing the debt burden
difficult and the country's debt-to-revenues ratio remains among
the highest in its rating category, even after last year's
domestic debt exchange.

A high tolerance for fiscal austerity measures among its
population, and the country's broad consensus on economic
policies supports Moody's view of moderate institutional
strength, a key support for the rating.  The country's high
susceptibility to event risk is the result of an economy highly
vulnerable to external shocks given the importance of tourism and
continued need for external financing.

What Could Change The Rating - Up

A Positive outlook or other upward ratings movement for the
government (and therefore for the NROCC's government-guaranteed
debt) could result if fiscal consolidation efforts are successful
and/or economic growth rebounds strongly, leading to a
sustainable drop in the government's main debt metrics.

What Could Change The Rating - Down

A Negative outlook or other downward ratings movement would
result from failure to limit government debt growth and/or slower
economic growth that leads to another fiscal crisis.


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M E X I C O
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EMPRESA DISTRIBUIDORA: Fitch Puts Low-B Rating on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed the following ratings for Empresa
Distribuidora de Electricidad de Salta S.A. (EDESA) on Rating
Watch Negative:

  -- Foreign currency IDR at 'B';
  -- Local currency IDR at 'B';
  -- USD65 million Class 1 notes 'B(exp)/RR4'; national scale
     rating 'A+ (arg)'.

These ratings have subsequently been withdrawn.  The issue rating
withdrawal reflects the fact that the forthcoming debt issuance
is no longer expected to proceed as previously envisaged.  Fitch
will no longer provide issuer coverage on the international
scale.

In addition Fitch placed EDESA's National Long-Term Rating at
'A+(arg)', and Series IV notes at A+(arg) on Rating Watch
Negative.


RODOPA INDUSTRIA: Fitch Assigns 'B-' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned 'B-' foreign and local currency Issuer
Default Ratings (IDRs) and 'BBB-(bra)' National Scale Rating to
Rodopa Industria e Comercio de Alimentos Ltda (Rodopa).  Fitch
has also assigned 'B-/RR4' rating to the proposed senior
unsecured notes due in 2017 to be issued by Rodopa Finance S.A.
(Rodopa Finance), a wholly owned subsidiary of Rodopa,
incorporated in Luxembourg.  The notes will be jointly and
severally guaranteed by Rodopa and its direct shareholder Forte
Empreendimentos e Participacoes Ltda.  The proceeds from the
bonds issuance will be used by Rodopa to repay its short-term
debt, to finance part of its projected capital expenditures and
for general corporate purposes.

In conjunction with this rating action, Fitch has assigned a 'B-'
local currency (LC) and foreign currency (FC) IDRs to Rodopa
Finance.  The ratings of Rodopa Finance have been linked to that
of Rodopa in accordance with Fitch's parent-subsidiary rating
methodology.

The corporate Rating Outlook is Stable.

The ratings reflect Rodopa's small revenue base, its low and
volatile operational margins and weak cash flow generation as a
result of the high working capital requirements inherent to the
protein industry in Brazil.  Also considered in the ratings are
the company's small size and low operational diversification
within the competitive Brazilian beef sector, which may
exacerbate Rodopa's earnings volatility during challenging
periods of the meat industry in Brazil.  The ratings further
reflect the uncertainties related to a lack of relevant history
during investment consolidation cycles.

Fitch also considered Rodopa's tight liquidity and high
refinancing risk.  Despite the plan to use part of the proceeds
from its proposed notes to lengthen its debt profile, Rodopa's
current capital structure is still based on short-term debt.
Cash balances and marketable securities are low at BRL35.5
million, as of December 2011.  Although Rodopa's leverage metrics
are strong for the rating category the ratings consider that
leverage is likely to increase due to the company's expansion
strategy.

Limited Diversification and Small Scale Aggravate Industry Risks

The company operates in a very competitive market characterized
by volatile earning and low EBITDA margins.  Protein prices are
vulnerable to the imbalances between local and international
demand and supply, and to factors such as diseases and climatic
conditions; expansion/contraction of global and local economy;
fluctuation in consumers' income, changes in consumer habits;
health and trade restrictions imposed by governments; and
competitive pressures from other Brazilian or international
producers.  Although the company's balance sheet increases and
contracts depending on the meat and cattle prices, the main
source of profits comes from the efficient use of the company's
production capacity and the ability to pass to consumers the
increased cost of the raw material.

These risks are exacerbated by the company's small base of
operation.  Measured by slaughtering capacity, Rodopa is a
distant fourth largest beef processor in Brazil, but it is
relatively small compared to the three largest companies in
Brazil, that represent approximately half of the country
slaughtering capacity.  Rodopa operates with limited operational
flexibility, as it relies on only four plants in three Brazilian
states and about 85% of its revenues come from the domestic
market.  Although the company has benefited from its domestic
market focus during the global economic crisis that affected more
severely the exporters, the company's profitability will be under
pressure in a possible contraction of the local or the
international meat market.  Also, sanitary restrictions or cattle
scarcity tend to affect more severely Rodopa's business, if
compared with its larger competitors that benefit from a more
diversified operational
base.

Improving EBITDA Generation Capacity

In 2011, on a consolidated basis (including the subsidiaries'
earnings), Rodopa generated, BRL72 million EBITDAR and BRL1.2
million of funds from operation (FFO).  These compares positively
to BRL30 million EBITDAR, as per Fitch's methodology, and
negative FFO of BRL4.1 million in 2010 and reflects the company's
decision to shut down unprofitable production lines and its
ability to realize economies of scale from the opening of its
Ipua plant during 2010, and Goias Velho during 2011.  These new
plants increased the slaughter capacity by about 25% since 2009.
The EBITDAR margin also increased to 8.8% in 2011, compared to
3.9% in 2010.  Fitch believes that Rodopa will generate more than
BRL70 million EBITDAR in 2012 and closer to BRL100 million by
2013, provided it succeeds in implementing its business expansion
during the next 12 months.  Rodopa's EBITDAR margin of 8%-9% is
expected to be sustainable, as a result of the gains of scale
combined with strategy to keep only profitable operations.

Negative Free Cash Flow Driven by Growth Plans

Rodopa's ratings reflect a weak cash flow generation due to high
interests cost and large working capital needs.  In 2011,
Rodopa's cash flow from operations (CFFO) was negative BRL37.5
million, after close to BRL13 million of interest expense, BRL30
million in tax payments, and BRL39 million in working capital
requirements due to its growing business. In 2010, CFFO was also
negative BRL33.3 million.

The company's free cash flow generation was further depressed by
its investment program -- about BRL40 million in the past two
years. Investments are expected to remain at an elevated level --
about BRL30 million per year over the next three years, related
to the opening of new plants and debone facilities, which will
almost double slaughter capacity to 4.5 thousand head/day in
2013, from 2.5 thousand at the end of 2010.  As a result, free
cash flow generation is expected to remain negative in 2012 and
will not become positive until the investments consolidate.

Leverage is Manageable But Increases are Expected

Rodopa's leverage is moderated, but is expected to increase. In
2011, leverage as measured by total debt/EBITDA was 2.3 times (x)
and net debt/EBITDA was 1.8x.   These metrics are strong for the
current rating category but shall rise to close to 2.5x at the
end of 2012, as debt will increase to finance planned investments
and for working capital purposes.  Once investments consolidate,
Rodopa's leverage shall gradually reduce, approaching 2.0x in
late 2014. As of Dec. 31, 2011, Rodopa's consolidated adjusted
debt was BRL165.2 million.

Liquidity is Tight

Rodopa's liquidity is limited and the refinancing risk is high.
At the end of 2011, BRL35.5 million cash and marketable
securities covered only 34% of BRL106 million of short-term debt.
The ratings already incorporate the assumption that the company
will be successful in issuing long-term debt which will refinance
great part of the current short-term debt and provide liquidity
for the company's growth plans.  If the bond issuance fails, the
company will need to address its more immediate financial
liabilities and to finance its investment plan with credit.

Key Rating Drivers

The ratings may be positively impacted by a sustainable
improvement in Rodopa's business profile, combined with
consistent improvements in both liquidity and debt amortization
schedule and the maintenance of conservative leverage.

A downgrade may occur in cases of increased leverage over and
above Fitch's expectations, deterioration in the operational
margins or failure to refinance its short-term debt.


=======
P E R U
=======


DOE RUN PERU: Workers Clash With Police During Protest
------------------------------------------------------
Dorothy Kosich at Mineweb reports that hundreds of unemployed
workers at Doe Run Peru's La Oroya mining complex fought with
police on April 4, 2012, as they blocked the traffic on the
Central Highway demanding the resumption of operations at the
complex and payment of back wages.

Four people were arrested as 200 police responded with tear gas
and fired shots into the air to disperse the protestors,
according to Mineweb.  The report relates that after three hours
of negotiations, the Doe Run Peru protestors and regional
authorities reached an agreement to create a high-level
commission in exchange for unblocking the highway, which had been
obstructed with sticks and stones.

Mineweb notes that Junin Regional Vice President Americo Mercado
said the purpose of the commission will be to find a solution to
the problem of Doe Run Peru's activities to reopen the complex
being halted until they comply with the implementation of La
Oroya's Program of Compliance and Environmental Management.

Meanwhile, the report notes that Pedro Martinez, president of
Peru's national society of mining, petroleum and energy (SNMPE)
asked the Peruvian government not to fall for the "blackmail" of
Doe Run Peru.

Mineweb says that Doe Run Peru said it would not re-open the La
Oroya complex unless the Peruvian government assumes
responsibilities for third-party claims and the costs of
litigation filed against Doe Run Peru parent Renco in U.S. Courts
due to environmental contamination caused by the polymetallic
smelters at La Oroya.

In an interview with Radio Nacional, Mr. Martinez stressed that
the workers must let the company's creditors decide if they
accept Doe Run Peru's restructuring plan, Mineweb discloses.

Moreover, Mineweb adds that Peru's Minister of Energy and Mines
Jorge Merino Tafur said, "Renco has submitted a plan that is not
feasible because it requires US$65 million in funding of a total
US$200 million and it expects the Peruvian government to attend
the [legal] proceedings that Renco has in the United States."

As reported in the Troubled Company Reporter on April 18, 2011,
Bloomberg News said Peru's Finance Minister Ismael Benavides said
the government will defend its rights in arbitration initiated by
the closed Doe Run Peru smelter.  Citing a government official,
Patricia Velez at Reuters related that Doe Run Peru's parent,
Renco Group, filed for arbitration against Peru to resolve a
longstanding dispute over its Doe Run Peru metals smelter.
According to newspaper Peru 21, Renco had demanded a $800 million
payment for cancelling Doe Run Peru's operating license for the
La Oroya smelter in July 2010 after it failed to complete an
environment cleanup project.  The plant was privatized in 1997.
Reuters related that under the terms of the sale, Renco will put
filters on the smelter and the government will remove
contaminants from the hills and the town surrounding the plant.
According to Peruvian newspapers, Renco claimed that the
government has not followed through on its own cleanup effort or
honored the terms of the privatization agreement.

                         About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


=====================
P U E R T O   R I C O
=====================


BERWIND REALTY: Files for Chapter 11 in Puerto Rico
---------------------------------------------------
Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5,
2012.

Berwin Realty, a real estate firm, estimated assets and debts of
US$50 million to US$100 million.

A partial schedule attached to the petition says that the Debtor
owes US$52.95 million to Banco Popular De Puerto Rico on account
of mortgage loans collateralized by various commercial facilities
and real estate.  The Debtor also owes US$1.91 million to Banco
Bilbao Vizcaya on account of secured mortgage loans.


BERWIND REALTY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Berwind Realty, LLC
        P.O. Box 29166
        San Juan, PR 00926-9166

Bankruptcy Case No.: 12-02701

Chapter 11 Petition Date: April 5, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

About the Debtor: The Debtor is a real estate firm.

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICES
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Estimated Assets: US$50 million to US$100 million.

Estimated Debts: US$50 million to US$100 million.

The petition was signed by Saleh Yassin, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim   Claim Amount
        ------                     ---------------   ------------
Banco Popular de Puerto Rico       Mortgage Loans   US$52,955,219
Bankruptcy Department
GPO Box 366818
San Juan, PR 00936

Kim-Sam PR Retail LLC              Land Lease Arrears    $227,328
P.O. Box 6203
Hicksville, NY 11802-6203

Star Wireless                      Note Payable          $110,010
Avenye Jesus T. Pinero, #276
San Juan, PR 00927

L.M. Services y/o Victor Baez      Maintenance Costs      $84,000

Puerto Rico Barceloneta LLC        Land Lease Arrears     $56,288

Imperial Credit Corp.              Insurance Financing    $40,881
(IPFS Corp.)                       Agreement

Perfect Security Corp.             Security Services      $19,567

Hilario Plumbing                   Plumbing Services      $13,000

Scherrer Hernandez & Co.           Accounting and         $11,070
                                   Auditing Services

PR Electric Power (PREPA)          Electric Power         $10,990
                                   Services

Qui¤ones & Arbona Law Offices      Legal Services         $10,363

Carmen Arana Martir                Architectural Work      $8,500

Jaca & Sierra Testing Lab.         Soil Testing            $7,388

Silk Roma Dress                    Lease Deposit           $6,493

Berlitz PR                         Lease Deposit           $5,974

Andres Reyes Burbos                Waste Disposal          $3,210
                                   Services

Municipio de Guaynabo              Municipal Taxes         $2,828

Ithamar Castro                     Lease Deposit           $2,665

ZZ Maintenance Service, Corp.      Maintenance Costs       $2,400

Municipio de Carolina              Municipal Taxes         $2,149


MILLENIUM INSTITUTE: 20 Largest Unsecured Creditors
---------------------------------------------------
Debtor: Millenium Institute For ADN Inc.
        Calle Cosme#8 Reparto San Lucas
        Parcelas Canejas
        San Juan, PR 00926

Bankruptcy Case No.: 12-02689

Chapter 11 Petition Date: April 5, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Isabel M. Fullana, Esq.
                  GARCIA ARREGUI & FULLANA PSC
                  252 Ponce De Leon Avenue, Suite 1101
                  San Juan, PR 00918
                  Tel: (787) 766-2530
                  Fax: (787) 756-7800
                  E-mail: isabelfullana@gmail.com

Scheduled Assets: US$4,550,939

Scheduled Liabilities: US$5,491,943

The Company's list of its 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb12-02689.pdf

The petition was signed by Juan Jose Rodriguez, president.


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


TRINIDAD CEMENT: Hardware Dealers Complain Over Strike
------------------------------------------------------
Asha Javeed at Trinidad Express reports that hardware dealers are
complaining that the ongoing strike at Trinidad Cement Ltd (TCL)
is multiplying hardship across the construction industry.

They believe the construction sector is being held ransom to high
cement prices and have decided to curtail construction work until
the industrial action at the Claxton Bay cement factory ends,
according to Trinidad Express.

As a result, hardware stores are feeling the pinch in their
bottom line, said Salic Reesal, the public relations officer of
the Hardware Dealers Co-operative Society of Trinidad and Tobago,
the report notes.

"This on-going strike is multiplying hardship in all areas that
affect the construction industry.  Delayed construction impacts
on not just us but also on suppliers as well as construction
workers. . . . There's been less sales at the hardwares.  And the
volume of sales is usually married to the construction industry.
So we can often gauge how the industry is performing by the
volume of sales we get," the report quoted Mr. Reesal as saying.

Mr. Reesal insists a resolution to the almost six-week old strike
should be arrived as soon as possible, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbados,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.


                    About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


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


* VENEZUELA: Fitch Affirms ShortTerm Issuer Default Rating at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed Venezuela's ratings as follows:

  -- Foreign and Local Currency Issuer Default Ratings (IDRs) at
     'B+';
  -- Short-term IDR at 'B';
  -- Country Ceiling at 'B+'.

The Rating Outlooks on the Long-term IDRs have been revised to
Negative from Stable.

The revision of the Outlook to Negative reflects Venezuela's
weakening policy framework, which has resulted in increased
vulnerability to commodity price shocks and deterioration in
fiscal and external credit metrics as well as rising political
uncertainty related to the 2012 electoral cycle.

Venezuela's ratings are presently supported by its manageable
debt-service profile and relative financing flexibility.  The
current environment of high oil prices reduces the probability of
near-term financing stress.  In addition to international
reserves, the sovereign held approximately US$18.8 billion (19.4%
of CXR) in liquid FC assets in at the end of 2011.

'An exchange rate regime that leads to macroeconomic distortions
and rising FC indebtedness, a markedly expansionary fiscal policy
and the transfer of the country's oil-windfall to opaque off-
budget funds have weakened Venezuela's external and fiscal credit
metrics as well as increased its dependence on high oil prices,'
said Erich Arispe, Director in Fitch's Sovereign Group.

While considerable resources in terms of international reserves,
proceeds from bilateral borrowing and oil-derived revenues have
been directed to discretionary off-budget mechanisms such as the
National Development Fund (Fonden), the available information to
assess the flows, administration and use of assets diverted to
this parallel fiscal structure is limited.

As a result, external liquidity and the sovereign's net external
position have deteriorated vis-a-vis peers in the 'B' category
and oil exporters in spite of large current account surpluses in
recent years.  The sovereign has turned into a net external
debtor from a creditor position a few years ago.  In addition,
the rising importance of gold as part of international reserves,
66.7% at the end of 2011, further increase the country's
vulnerability to commodity price shocks.

The risk for political and social instability remains present due
to the high concentration of power in the hands of the president,
weak institutional framework and the high degree of political
polarization in Venezuela.  The likelihood of a close
presidential election and concerns about the President Chavez
health add further uncertainty to the political environment.

After three years of recession, growth has recovered due to a
vigorous fiscal stimulus.  According to Fitch, Venezuela could
expand by 5.1% in 2012.  'The economy is unlikely to retain
momentum over the medium term in the absence of policies that
lead to increased private investment, improved competitiveness of
the non-oil economy and reduced macroeconomic distortions such as
real exchange rate overvaluation and high inflation,' said
Arispe.

Fitch estimates that election-related spending could push the
central government deficit to 6.8% of GDP, thus leading to
further debt build up.  While government debt levels (25.2% of
GDP in 2011) and amortizations remain lower than peers, interest
payments, measured in terms of revenues, have risen relatively to
peers due to fast paced debt growth and higher borrowing costs in
spite of high oil prices.

An oil price shock and the continuation of policies that lead to
further deterioration of Venezuela's external and fiscal credit
metrics would be negative for Venezuela's ratings.  Fitch would
also view negatively significant increase in social and political
instability.  On the contrary, policy adjustments that result in
reduced macroeconomic distortions, higher growth, strengthening
and greater transparency of fiscal and external accounts could
stabilize the rating.


===============
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)
-------             ------       ---------       ------------

AGRENCO LTD          AGRE LX         637647275     -312199404
AGRENCO LTD-BDR      AGEN11 BZ       637647275     -312199404
ARTHUR LAN-DVD C     ARLA11 BZ     11642255.92    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ     11642255.92    -17154461.9
ARTHUR LANGE         ARLA3 BZ      11642255.92    -17154461.9
ARTHUR LANGE SA      ALICON BZ     11642255.92    -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ      11642255.92    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ     11642255.92    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ      11642255.92    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ     11642255.92    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ      11642255.92    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ      11642255.92    -17154461.9
B&D FOOD CORP        BDFCE US         14423532       -3506007
B&D FOOD CORP        BDFC US          14423532       -3506007
BATTISTELLA          BTTL3 BZ      303229842.3    -16386957.7
BATTISTELLA-PREF     BTTL4 BZ      303229842.3    -16386957.7
BATTISTELLA-RECE     BTTL9 BZ      303229842.3    -16386957.7
BATTISTELLA-RECP     BTTL10 BZ     303229842.3    -16386957.7
BATTISTELLA-RI P     BTTL2 BZ      303229842.3    -16386957.7
BATTISTELLA-RIGH     BTTL1 BZ      303229842.3    -16386957.7
BOMBRIL              BOBR3 BZ        367760079    -20156714.7
BOMBRIL              BMBBF US        367760079    -20156714.7
BOMBRIL CIRIO SA     BOBRON BZ       367760079    -20156714.7
BOMBRIL CIRIO-PF     BOBRPN BZ       367760079    -20156714.7
BOMBRIL SA-ADR       BMBPY US        367760079    -20156714.7
BOMBRIL SA-ADR       BMBBY US        367760079    -20156714.7
BOMBRIL-PREF         BOBR4 BZ        367760079    -20156714.7
BOMBRIL-RGTS PRE     BOBR2 BZ        367760079    -20156714.7
BOMBRIL-RIGHTS       BOBR1 BZ        367760079    -20156714.7
BOTUCATU TEXTIL      STRP3 BZ      27663604.95    -7174512.03
BOTUCATU-PREF        STRP4 BZ      27663604.95    -7174512.03
BUETTNER             BUET3 BZ      97195113.53    -13140028.8
BUETTNER SA          BUETON BZ     97195113.53    -13140028.8
BUETTNER SA-PRF      BUETPN BZ     97195113.53    -13140028.8
BUETTNER SA-RT P     BUET2 BZ      97195113.53    -13140028.8
BUETTNER SA-RTS      BUET1 BZ      97195113.53    -13140028.8
BUETTNER-PREF        BUET4 BZ      97195113.53    -13140028.8
CAF BRASILIA         CAFE3 BZ      49512076.09     -999279159
CAF BRASILIA-PRF     CAFE4 BZ      49512076.09     -999279159
CAFE BRASILIA SA     CSBRON BZ     49512076.09     -999279159
CAFE BRASILIA-PR     CSBRPN BZ     49512076.09     -999279159
CELGPAR              GPAR3 BZ       3588586696     -552807022
CHIARELLI SA         CCHI3 BZ      11281940.72    -81454622.1
CHIARELLI SA         CCHON BZ      11281940.72    -81454622.1
CHIARELLI SA-PRF     CCHI4 BZ      11281940.72    -81454622.1
CHIARELLI SA-PRF     CCHPN BZ      11281940.72    -81454622.1
CHILESAT CO-ADR      TL US          1156945109     -122555290
CHILESAT CORP SA     TELEX CI       1156945109     -122555290
CHILESAT CO-RTS      CHISATOS CI    1156945109     -122555290
CIA PETROLIFERA      1CPMON BZ     377602195.2    -3014291.72
CIA PETROLIFERA      MRLM3B BZ     377602195.2    -3014291.72
CIA PETROLIFERA      MRLM3 BZ      377602195.2    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ     377602195.2    -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ      377602195.2    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ     377602195.2    -3014291.72
CIMOB PARTIC SA      GAFON BZ       44047411.7    -45669963.6
CIMOB PARTIC SA      GAFP3 BZ       44047411.7    -45669963.6
CIMOB PART-PREF      GAFPN BZ       44047411.7    -45669963.6
CIMOB PART-PREF      GAFP4 BZ       44047411.7    -45669963.6
CLARO COM SA         CHILESAT CI    1156945109     -122555290
COBRASMA             CBMA3 BZ      111181034.3    -2367090726
COBRASMA SA          COBRON BZ     111181034.3    -2367090726
COBRASMA SA-PREF     COBRPN BZ     111181034.3    -2367090726
COBRASMA-PREF        CBMA4 BZ      111181034.3    -2367090726
COMERCIAL PLA-BL     COMEB AR      196722659.8     -320946053
COMERCIAL PL-ADR     SCPDS LI      196722659.8     -320946053
CONST A LINDEN       LINDON BZ     13136722.99    -3979605.38
CONST A LINDEN       CALI3 BZ      13136722.99    -3979605.38
CONST A LIND-PRF     LINDPN BZ     13136722.99    -3979605.38
CONST A LIND-PRF     CALI4 BZ      13136722.99    -3979605.38
CONST BETER SA       COBE3 BZ      31374373.74    -1555470.16
CONST BETER SA       1007Q BZ      31374373.74    -1555470.16
CONST BETER SA       COBEON BZ     31374373.74    -1555470.16
CONST BETER SA       1COBON BZ     31374373.74    -1555470.16
CONST BETER SA       COBE3B BZ     31374373.74    -1555470.16
CONST BETER-PF A     COBE5 BZ      31374373.74    -1555470.16
CONST BETER-PF A     1COBAN BZ     31374373.74    -1555470.16
CONST BETER-PF B     COBE6B BZ     31374373.74    -1555470.16
CONST BETER-PF B     COBE6 BZ      31374373.74    -1555470.16
CONST BETER-PF B     1COBBN BZ     31374373.74    -1555470.16
CONST BETER-PFA      COBE5B BZ     31374373.74    -1555470.16
CONST BETER-PR A     COBEAN BZ     31374373.74    -1555470.16
CONST BETER-PR A     1008Q BZ      31374373.74    -1555470.16
CONST BETER-PR B     COBEBN BZ     31374373.74    -1555470.16
CONST BETER-PR B     1009Q BZ      31374373.74    -1555470.16
CONST LINDEN RCT     CALI9 BZ      13136722.99    -3979605.38
CONST LINDEN RCT     CALI10 BZ     13136722.99    -3979605.38
CONST LINDEN RT      CALI2 BZ      13136722.99    -3979605.38
CONST LINDEN RT      CALI1 BZ      13136722.99    -3979605.38
D H B                DHBI3 BZ        145490397    -98414057.9
D H B-PREF           DHBI4 BZ        145490397    -98414057.9
DHB IND E COM        DHBON BZ        145490397    -98414057.9
DHB IND E COM-PR     DHBPN BZ        145490397    -98414057.9
DOCA INVESTIMENT     DOCA3 BZ      268123426.2     -196630079
DOCA INVESTI-PFD     DOCA4 BZ      268123426.2     -196630079
DOCAS SA             DOCAON BZ     268123426.2     -196630079
DOCAS SA-PREF        DOCAPN BZ     268123426.2     -196630079
DOCAS SA-RTS PRF     DOCA2 BZ      268123426.2     -196630079
EMPRESA DE LOS F     2940894Z CI    1933599104      -50416404
ESTRELA SA           ESTR3 BZ      80632225.72     -102894942
ESTRELA SA           ESTRON BZ     80632225.72     -102894942
ESTRELA SA-PREF      ESTRPN BZ     80632225.72     -102894942
ESTRELA SA-PREF      ESTR4 BZ      80632225.72     -102894942
F GUIMARAES          FGUI3 BZ      11016542.14     -151840377
F GUIMARAES-PREF     FGUI4 BZ      11016542.14     -151840377
FABRICA RENAUX       FRNXON BZ      78479539.9    -67506773.4
FABRICA RENAUX       FTRX3 BZ       78479539.9    -67506773.4
FABRICA RENAUX-P     FRNXPN BZ      78479539.9    -67506773.4
FABRICA RENAUX-P     FTRX4 BZ       78479539.9    -67506773.4
FABRICA TECID-RT     FTRX1 BZ       78479539.9    -67506773.4
FER HAGA-PREF        HAGA4 BZ      19097885.26    -54511171.5
FERRAGENS HAGA       HAGAON BZ     19097885.26    -54511171.5
FERRAGENS HAGA-P     HAGAPN BZ     19097885.26    -54511171.5
FERREIRA GUIMARA     FGUION BZ     11016542.14     -151840377
FERREIRA GUIM-PR     FGUIPN BZ     11016542.14     -151840377
GRADIENTE ELETR      IGBON BZ      69132281.21     -253174445
GRADIENTE EL-PRA     IGBAN BZ      69132281.21     -253174445
GRADIENTE EL-PRB     IGBBN BZ      69132281.21     -253174445
GRADIENTE EL-PRC     IGBCN BZ      69132281.21     -253174445
GRADIENTE-PREF A     IGBR5 BZ      69132281.21     -253174445
GRADIENTE-PREF B     IGBR6 BZ      69132281.21     -253174445
GRADIENTE-PREF C     IGBR7 BZ      69132281.21     -253174445
HAGA                 HAGA3 BZ      19097885.26    -54511171.5
HOTEIS OTHON SA      HOOT3 BZ      279263633.5    -71631286.8
HOTEIS OTHON SA      HOTHON BZ     279263633.5    -71631286.8
HOTEIS OTHON-PRF     HOOT4 BZ      279263633.5    -71631286.8
HOTEIS OTHON-PRF     HOTHPN BZ     279263633.5    -71631286.8
IGB ELETRONICA       IGBR3 BZ      69132281.21     -253174445
IMPSAT FIBER NET     XIMPT SM        535007008      -17164978
IMPSAT FIBER NET     IMPTQ US        535007008      -17164978
IMPSAT FIBER NET     330902Q GR      535007008      -17164978
IMPSAT FIBER-$US     IMPTD AR        535007008      -17164978
IMPSAT FIBER-BLK     IMPTB AR        535007008      -17164978
IMPSAT FIBER-C/E     IMPTC AR        535007008      -17164978
IMPSAT FIBER-CED     IMPT AR         535007008      -17164978
LARK MAQS            LARK3 BZ       15298294.4    -2072193.19
LARK MAQS-PREF       LARK4 BZ       15298294.4    -2072193.19
LARK MAQUINAS        LARON BZ       15298294.4    -2072193.19
LARK MAQUINAS-PR     LARPN BZ       15298294.4    -2072193.19
LARK SA MAQU-RTS     LARK1 BZ       15298294.4    -2072193.19
LARK SA MAQU-RTS     LARK2 BZ       15298294.4    -2072193.19
LATTENO FOOD COR     LATF US          14423532       -3506007
LUPATECH SA          LUPAF US      806772515.6    -23471889.7
LUPATECH SA          LUPA3 BZ      806772515.6    -23471889.7
LUPATECH SA-ADR      LUPAY US      806772515.6    -23471889.7
LUPATECH SA-RT       LUPA11 BZ     806772515.6    -23471889.7
NORDON MET           NORD3 BZ       13484502.4    -32072452.9
NORDON METAL         NORDON BZ      13484502.4    -32072452.9
NORDON MET-RTS       NORD1 BZ       13484502.4    -32072452.9
NOVA AMERICA SA      NOVAON BZ        21287489     -183535527
NOVA AMERICA SA      NOVA3 BZ         21287489     -183535527
NOVA AMERICA SA      NOVA3B BZ        21287489     -183535527
NOVA AMERICA SA      1NOVON BZ        21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ        21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ        21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ         21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ        21287489     -183535527
PET MANG-RECEIPT     RPMG9 BZ      418867614.8      -98663724
PET MANG-RECEIPT     0229296Q BZ   418867614.8      -98663724
PET MANG-RECEIPT     RPMG10 BZ     418867614.8      -98663724
PET MANG-RECEIPT     0229292Q BZ   418867614.8      -98663724
PET MANG-RIGHTS      3678565Q BZ   418867614.8      -98663724
PET MANG-RIGHTS      3678569Q BZ   418867614.8      -98663724
PET MANG-RT          0229268Q BZ   418867614.8      -98663724
PET MANG-RT          RPMG2 BZ      418867614.8      -98663724
PET MANG-RT          4115360Q BZ   418867614.8      -98663724
PET MANG-RT          RPMG1 BZ      418867614.8      -98663724
PET MANG-RT          4115364Q BZ   418867614.8      -98663724
PET MANG-RT          0229249Q BZ   418867614.8      -98663724
PET MANGUINH-PRF     RPMG4 BZ      418867614.8      -98663724
PETRO MANGUINHOS     MANGON BZ     418867614.8      -98663724
PETRO MANGUINHOS     RPMG3 BZ      418867614.8      -98663724
PETRO MANGUIN-PF     MANGPN BZ     418867614.8      -98663724
PORTX OPERACOES      PRTX3 BZ      823193336.7      -19565275
PORTX OPERA-GDR      PXTPY US      823193336.7      -19565275
PUYEHUE              PUYEH CI      24447502.09    -1250905.47
PUYEHUE RIGHT        PUYEHUOS CI   24447502.09    -1250905.47
RECRUSUL             RCSL3 BZ      42802194.03    -19134971.9
RECRUSUL - RCT       RCSL9 BZ      42802194.03    -19134971.9
RECRUSUL - RCT       0163582D BZ   42802194.03    -19134971.9
RECRUSUL - RCT       RCSL10 BZ     42802194.03    -19134971.9
RECRUSUL - RCT       4529793Q BZ   42802194.03    -19134971.9
RECRUSUL - RCT       0163583D BZ   42802194.03    -19134971.9
RECRUSUL - RCT       4529789Q BZ   42802194.03    -19134971.9
RECRUSUL - RT        0163579D BZ   42802194.03    -19134971.9
RECRUSUL - RT        4529781Q BZ   42802194.03    -19134971.9
RECRUSUL - RT        4529785Q BZ   42802194.03    -19134971.9
RECRUSUL - RT        RCSL1 BZ      42802194.03    -19134971.9
RECRUSUL - RT        RCSL2 BZ      42802194.03    -19134971.9
RECRUSUL - RT        0163580D BZ   42802194.03    -19134971.9
RECRUSUL SA          RESLON BZ     42802194.03    -19134971.9
RECRUSUL SA-PREF     RESLPN BZ     42802194.03    -19134971.9
RECRUSUL-BON RT      RCSL12 BZ     42802194.03    -19134971.9
RECRUSUL-BON RT      RCSL11 BZ     42802194.03    -19134971.9
RECRUSUL-PREF        RCSL4 BZ      42802194.03    -19134971.9
REII INC             REIC US          14423532       -3506007
RENAUXVIEW SA        TXRX3 BZ      133619337.9    -68177415.4
RENAUXVIEW SA-PF     TXRX4 BZ      133619337.9    -68177415.4
SANESALTO            SNST3 BZ       31802628.1    -2924062.87
SANSUY               SNSY3 BZ      184395010.6     -123295854
SANSUY SA            SNSYON BZ     184395010.6     -123295854
SANSUY SA-PREF A     SNSYAN BZ     184395010.6     -123295854
SANSUY SA-PREF B     SNSYBN BZ     184395010.6     -123295854
SANSUY-PREF A        SNSY5 BZ      184395010.6     -123295854
SANSUY-PREF B        SNSY6 BZ      184395010.6     -123295854
SCHLOSSER            SCLO3 BZ      61624578.48    -45628872.6
SCHLOSSER SA         SCHON BZ      61624578.48    -45628872.6
SCHLOSSER SA-PRF     SCHPN BZ      61624578.48    -45628872.6
SCHLOSSER-PREF       SCLO4 BZ      61624578.48    -45628872.6
SNIAFA SA            SNIA AR       11229696.22    -2670544.88
SNIAFA SA-B          SNIA5 AR      11229696.22    -2670544.88
SNIAFA SA-B          SDAGF US      11229696.22    -2670544.88
SOC COMERCIAL PL     COMED AR      196722659.8     -320946053
SOC COMERCIAL PL     CADN EU       196722659.8     -320946053
SOC COMERCIAL PL     COME AR       196722659.8     -320946053
SOC COMERCIAL PL     CADN SW       196722659.8     -320946053
SOC COMERCIAL PL     COMEC AR      196722659.8     -320946053
SOC COMERCIAL PL     CVVIF US      196722659.8     -320946053
SOC COMERCIAL PL     CADN EO       196722659.8     -320946053
SOC COMERCIAL PL     SCDPF US      196722659.8     -320946053
SOC COMERCIAL PL     CAD IX        196722659.8     -320946053
STAROUP SA           STARON BZ     27663604.95    -7174512.03
STAROUP SA-PREF      STARPN BZ     27663604.95    -7174512.03
TECEL S JOSE         SJOS3 BZ      11373137.92    -58818728.6
TECEL S JOSE         FTSJON BZ     11373137.92    -58818728.6
TECEL S JOSE-PRF     FTSJPN BZ     11373137.92    -58818728.6
TECEL S JOSE-PRF     SJOS4 BZ      11373137.92    -58818728.6
TEKA                 TEKAON BZ     278124700.7     -447124084
TEKA                 TEKA3 BZ      278124700.7     -447124084
TEKA                 TKTQF US      278124700.7     -447124084
TEKA-ADR             TKTQY US      278124700.7     -447124084
TEKA-ADR             TEKAY US      278124700.7     -447124084
TEKA-ADR             TKTPY US      278124700.7     -447124084
TEKA-PREF            TKTPF US      278124700.7     -447124084
TEKA-PREF            TEKA4 BZ      278124700.7     -447124084
TEKA-PREF            TEKAPN BZ     278124700.7     -447124084
TEKA-RCT             TEKA9 BZ      278124700.7     -447124084
TEKA-RCT             TEKA10 BZ     278124700.7     -447124084
TEKA-RTS             TEKA1 BZ      278124700.7     -447124084
TEKA-RTS             TEKA2 BZ      278124700.7     -447124084
TELEX-A              TELEXA CI      1156945109     -122555290
TELEX-RTS            TELEXO CI      1156945109     -122555290
TELMEX CORP-ADR      CSAOY US       1156945109     -122555290
TEXTEIS RENA-RCT     TXRX9 BZ      133619337.9    -68177415.4
TEXTEIS RENA-RCT     TXRX10 BZ     133619337.9    -68177415.4
TEXTEIS RENAU-RT     TXRX1 BZ      133619337.9    -68177415.4
TEXTEIS RENAU-RT     TXRX2 BZ      133619337.9    -68177415.4
TEXTEIS RENAUX       RENXON BZ     133619337.9    -68177415.4
TEXTEIS RENAUX       RENXPN BZ     133619337.9    -68177415.4
VARIG PART EM TR     VPTA3 BZ      49432124.18     -399290396
VARIG PART EM-PR     VPTA4 BZ      49432124.18     -399290396
VARIG SA             VAGV3 BZ      966298025.5    -4695211316
VARIG SA             VARGON BZ     966298025.5    -4695211316
VARIG SA-PREF        VARGPN BZ     966298025.5    -4695211316
VARIG SA-PREF        VAGV4 BZ      966298025.5    -4695211316
WIEST                WISA3 BZ      34108201.43     -126997429
WIEST SA             WISAON BZ     34108201.43     -126997429
WIEST SA-PREF        WISAPN BZ     34108201.43     -126997429
WIEST-PREF           WISA4 BZ      34108201.43     -126997429


                            ***********


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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