TCRLA_Public/120417.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 17, 2012, Vol. 13, No. 076


                            Headlines



A R G E N T I N A

BANCO FIE: Moody's Issues Summary Credit Opinion
PETROBRAS ARGENTINA: S&P Keeps 'BB-' Foreign Issuer Credit Rating
YPF SA: Fitch Lowers Rating on Local Currency IDR to 'B+'
* MUNICIPALITY OF CORRAL DE BUSTOS: Moody's Withdraws B2 Ratings


B A R B A D O S

REDJET: Employees to Receive Partial Salary Payment


B E R M U D A

APM TERMINALS: Creditors' Proofs of Debt Due April 25
APM TERMINALS: Member to Receive Wind-Up Report on May 14
WALKWAY TECHNOLOGIES: Placed Under Voluntary Wind-Up


B O L I V I A

BANCO ECONOMICO: Moody's Issues Summary Credit Opinion


C A Y M A N   I S L A N D S

C12 PROTIUM: Shareholder Receives Wind-Up Report
CHINA BRANDS: Placed Under Voluntarily Wind-Up
CR CHINA REAL: Creditors' Proofs of Debt Due May 10
DYNAMIC SOLUTIONS: Creditors' Proofs of Debt Due May 11
EUCALYPTUS INVEST: Creditors' Proofs of Debt Due May 10

KELUSA ASIAN: Creditors' Proofs of Debt Due May 10
KELUSA ASIAN MASTER: Creditors' Proofs of Debt Due May 10
PAPPAJOHN CAPITAL: Commences Liquidation Proceedings
TURNBERRY INVESTMENTS: Commences Liquidation Proceedings
VOLATILITY RISK: Creditors' Proofs of Debt Due May 10


J A M A I C A

LIME JAMAICA: Launches 'XL' Value Promotion


M E X I C O

* STATE OF VERACRUZ: Moody's Rates Two Enhanced Loans 'Ba1'


P U E R T O   R I C O

CONSTRUCTORA DE HATO: Case Summary & Creditors List


V E N E Z U E L A

BANCO EXTERIOR: Fitch Affirms 'B+' Longterm Issuer Default Rating
SIDERURGICA DEL: Fitch Affirms Issuer Default Ratings at 'B-'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BANCO FIE: Moody's Issues Summary Credit Opinion
------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco FIE S.A. and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any
change in Moody's ratings or rating rationale for Banco FIE S.A.

Moody's current ratings on Banco FIE S.A. are:

Senior Unsecured (domestic currency) ratings of B1

Senior Unsecured MTN Program (domestic currency) ratings of
(P)B1

Long Term Bank Deposits (foreign currency) ratings of B2

Bank Financial Strength ratings of E+

Short Term Bank Deposits (foreign currency) ratings of NP

Other Short Term (domestic currency) ratings of NP

NSR Senior Unsecured (domestic currency) ratings of Aa2.bo

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa2.bo

NSR Long Term Bank Deposits (domestic currency) ratings of
Aa2.bo

NSR Short Term Bank Deposits (domestic currency) ratings of BO-1

NSR Long Term Bank Deposits (foreign currency) ratings of Aa3.bo

NSR Short Term Bank Deposits (foreign currency) ratings of BO-1

Rating Rationale

Moody's assigned a bank financial strength rating (BFSR) of E+ to
Banco FIE S.A., as well as a long- and short-term global local-
currency deposit ratings of B1 and Not Prime.

Moody's has also assigned FIE a Aa2.bo local-currency deposit
rating and a A1.bo foreign currency deposit rating in the
Bolivian national scale. Moody's maintains FIE foreign currency
deposit ratings in both the global and national scales at B2 and
Aa3.bo, with positive outlook. The short term foreign currency
short term rating remains unchanged in Not Prime. It is worth
mentioning that the foreign currency deposit ratings in both the
global and national scale have positive outlook, following a
similar action on the sovereign ceilings for Bolivia.

The E+ BFSR, which maps to a baseline credit assessment of b1,
reflects FIE's well established franchise within the Bolivian
microfinance industry, which was emboldened by the acquisition of
the banking license in April 2010, which allows the entity to
broaden its product bundle and improve its scale.

The rating also incorporates FIE's proven risk management
practices, which have resulted in good financial fundamentals,
illustrated by low delinquency ratios and sustained
profitability. FIE's diversified portfolio and funding were also
underscored, with 63% of total lending consisting in loans of
less than US$ 10 thousand and with deposits from the public
representing 78.6% of total liabilities.

Rating Outlook

All the ratings have a stable outlook, with the exception of
foreign currency deposits ratings which have positive outlook.

What Could Change the Rating - Up

The BFSR could move up if there were a successfully consolidation
in both the microfinance/SME sector and rural areas, deriving in
a rise in its market shares, if such an increase did not
negatively affect asset quality, profitability and efficiency.
Moreover, FIE's FC deposit ratings are capped by the ceiling,
thus stronger creditworthiness of the sovereign could also
trigger an upgrade.

What Could Change the Rating - Down

Deterioration in the bank's fundamentals, especially asset
quality, which would require greater provisioning, thus affecting
profitability, would lead to a downgrade.


PETROBRAS ARGENTINA: S&P Keeps 'BB-' Foreign Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
'BBB' rating on the US$900 million in senior secured bank loan
due 2018 of Ecuador-based oil pipeline project Oleoducto de
Crudos Pesados (OCP) to negative from stable. At the same time,
it affirmed the rating.

"The outlook revision on OCP followed our recent revision of our
outlook on OCP sponsor Repsol-YPF S.A. (BBB/Negative/A-2) to
negative from stable," S&P said.

"The sponsor's creditworthiness is key to the OCP rating, because
the project rating is based on performance guarantees that are
several but not joint," said Standard & Poor's credit analyst
Monica Ponce. "Repsol-YPF is one of OCP's key performance
guarantors, with 29.6% of its shipping interest."

"Our decision to revise our outlook on Repsol-YPF reflects our
view of the increasingly difficult operating environment in
Argentina, where its 57%-owned subsidiary, YPF S.A. (not rated),
operates; and uncertainty about Repsol-YPF's ability to improve
its consolidated credit ratios, which were weaker in 2011 than we
had forecast," S&P said.

"Standard & Poor's bases its 'BBB' rating on OCP's senior secured
bank loan on the creditworthiness of its several, but not joint,
performance guarantors: Repsol-YPF, Occidental Petroleum Corp.
(A/Stable/A-1), PetroOriental Holding Ltd. (not rated), Anadarko
Petroleum Corp. (BBB-/Stable/--), and Petrobras Argentina S.A.
(PASA; BB-/Stable/--; formerly Petrobras Energia S.A.). The
creditworthiness of PetroOriental and PASA is backed by letters
of credit from financial institutions that we rate at or above
'BBB'," S&P said.

"Also, the transaction's contractual structure involving initial
shipper transportation agreements (ISTAs) between the sponsors
and OCP; and its advanced tariff payment structure in the event
of force majeure, including expropriation of the pipeline,
isolate OCP from sovereign credit risk. The guarantors are bound
by 'ship-or-pay' or advance tariff agreements, even in a remote
scenario in which the Ecuadorian government nationalizes the
pipeline or the guarantors' economic incentives decrease because
of disappointing oil exploration," S&P said.

The negative outlook mirrors that on Repsol-YPF.


YPF SA: Fitch Lowers Rating on Local Currency IDR to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded the following ratings for YPF S.A.:

  -- Local currency (LC) Issuer Default Rating (IDR) to 'B+' from
     'BB-';

  -- USD100 million notes due 2028 to 'B'; Recovery Rating to
     'RR4' from 'B+/RR3';

  -- National scale rating to 'AA+(arg)' from 'AAA(arg)';

  -- Class III notes for USD50 million to 'AA+(arg)' from 'AAA
     (arg)';

  -- Class V notes for ARP100 million to 'AA+(arg)' from 'AAA
     (arg)';

  -- Two bond programs for USD1 billion each to 'AA+(arg)' from
     'AAA(arg)';'

The 'RR4' reflects average recovery prospects in the event of
default.

The Rating Outlook for these ratings has been revised to Negative
from Stable.

In conjunction with these rating actions Fitch has affirmed YPF's
foreign currency (FC) IDR at 'B', Stable Outlook.  Fitch has also
affirmed YPF's equity rating at Level 1(arg).

The rating downgrade and Negative Outlook reflect the increased
government intervention towards YPF.  In the last few weeks the
Provinces of Neuquen, Santa Cruz, Rio Negro and Salta have
announced the withdrawal of concessions from YPF, in addition to
several other concession that were withdrawn during the last
months.  These actions highlight a higher risk business profile
for YPF. Fitch acknowledges that the company has not been
formally informed of many of these concessions' withdrawals.

The recent publicly announced concession withdrawals represent
approximately 4.8% of YPF's oil and gas production in 2011.
These are in addition to concession areas withdrawn in the first
quarter of 2012, which represented 2.8% of the company's current
production.

The Negative Outlook of the LC IDR and national scale IDR,
reflect the potential for increased government intervention in
YPF.  This could take the form of further concession withdrawals
or eventual nationalization.  These events would most likely
trigger the review of all of YPF's ratings.

The Stable Outlook of the FC IDR reflects that YPF's FC IDR has
already been moved to the same level as the sovereign rating,
which already addresses a relevant degree of government
interference.

YPF maintains an adequate business profile as Argentina's
dominant integrated oil company along with good credit ratios.
Key credit concerns center on YPF's weak upstream operating
measures, a debt profile concentrated on the short term and
exposure to government's interference risk.  As of December 2011,
YPF's cash position was USD339 million which compares to USD1.9
billion of short-term debt.  YPF is controlled by Repsol YPF
which is rated 'BBB' by Fitch.


* MUNICIPALITY OF CORRAL DE BUSTOS: Moody's Withdraws B2 Ratings
----------------------------------------------------------------
Moody's Latin America has withdrawn the issuer ratings of B2
(Global Scale, local currency) and A1.ar (Argentina National
Scale) assigned to the Municipality of Corral de Bustos.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The methodologies used in this rating were Regional and Local
Governments Outside the US published inMay 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.


===============
B A R B A D O S
===============


REDJET: Employees to Receive Partial Salary Payment
---------------------------------------------------
RJR News reports that after waiting more than three weeks,
workers at REDjet (Airone Caribbean/Airone Ventures Limited) have
been told that they will get a portion of their outstanding
salaries next week.

Passengers affected by the suspension of flights however are in
for a longer wait for refunds, according to RJR News.

The report relates that frustrated employees who were paid up to
February 25, said they were informed on April 14 that payment for
the February 26 to March 16 period would be ready today,
April 17.

RJR News says that some of the workers spoke with the Barbados
Nation newspaper on condition of anonymity because management had
reportedly instructed them not to talk to the media.

Meanwhile, a separate RJR News relates that REDjet is getting
moral support for its recovery from British airline Virgin
Atlantic.

Virgin Atlantic Regional Manager Nick Parker has expressed regret
at REDjet's struggles and warned of significant fallout if it
does not get off the ground again, according to RJR News.

As an airline that thrives on competition, Virgin Atlantic is
disappointed to see the current difficulties REDjet is
experiencing, Mr. Parker said in a statement obtained by the news
agency.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2012, Trinidad Express said that Trinidad and Tobago
Transport Minister Devant Maharaj said REDjet's license to fly
has been revoked by the Trinidad and Tobago Civil Aviation
Authority (TTCAA), since the Barbados Civil Aviation Department
(BCAD) by letter dated March 20, had advised REDjet that they
were suspending the Air Operators Certificate (AOC) issued the
airline.  Mr. Maharaj noted that the suspension of REDjet's AOC
by the BCAD would therefore invalidate Section 6 (1) (a) of the
TTCAA regulations, which states that as one of the conditions to
grant a provisional license is that the carrier has a valid AOC
issued by the foreign authority, according to Trinidad Express.
The report noted that Mr. Maharaj said the TTCAA had written to
REDjet on March 28, requesting the airline to respond within 14
days as to why the provisional license issued to REDjet should
not be revoked or cancelled.  Trinidad Express related that the
TTCAA also questioned whether REDjet had the capacity and ability
to provide a continuous and reliable service.

                           About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.   REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.


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


APM TERMINALS: Creditors' Proofs of Debt Due April 25
-----------------------------------------------------
The creditors of APM Terminals Shanghai International Holding
Ltd. are required to file their proofs of debt by April 25, 2012,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


APM TERMINALS: Member to Receive Wind-Up Report on May 14
---------------------------------------------------------
The member of APM Terminals Shanghai International Holding Ltd.
will receive on May 14, 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:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


WALKWAY TECHNOLOGIES: Placed Under Voluntary Wind-Up
----------------------------------------------------
At extraordinary general meeting held on April 2, 2012, the
members of Walkway Technologies Ireland resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Charles Thresh
         Mike Morrison
         KPMG Advisory Limited
         4 Par-La-Ville Road, Hamilton, HM 08
         Bermuda


=============
B O L I V I A
=============


BANCO ECONOMICO: Moody's Issues Summary Credit Opinion
------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Economico S.A. (Bolivia) and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
Banco Economico S.A. (Bolivia).


Moody's current ratings on Banco Economico S.A. (Bolivia) are:

Long Term Bank Deposits (domestic currency) ratings of B1

Long Term Bank Deposits (foreign currency) ratings of B2

Bank Financial Strength ratings of E+

Subordinate (foreign currency) ratings of B2

Subordinate MTN Program (foreign currency) ratings of (P)B2

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Long Term Bank Deposits (domestic currency) ratings of
Aa2.bo

NSR Long Term Bank Deposits (foreign currency) ratings of Aa3.bo

NSR Subordinate (foreign currency) ratings of Aa3.bo

NSR Subordinate MTN Program (foreign currency) ratings of Aa3.bo

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of E+ to
Banco Economico, which incorporates the bank's established
franchise with small-and midsized (SME) companies, as well as its
recurrent profitability and adequate liquidity levels.

Economico's ratings take into account the generally riskier
nature of SME borrowers overall, which account for about 60% of
the total loan portfolio. The relatively unstable operating
environment of Bolivia, as well as the risks associated with keen
competition across all business segments, also constrain
Economico's ratings. Moody's nevertheless views as positive the
bank's conservative risk management practices, evidenced in a
high loan and deposit granularity and a low problem loan ratio.
The bank's operating efficiency is also an important challenge
for the bank, as personnel expenses have increased dramatically
during the last few quarters reflecting business expansion
efforts.

Economico's ratings also reflect its modest core earnings
capacity and relatively low market share, The BFSR equates to a
Baseline Credit Assessment (BCA) of b1.  Moody's believes that
the probability of government support for Banco Economico is low,
which results in no lift from its BCA.  The bank deposit rating
is B1. Moody's also assigns Economico foreign currency deposit
rating on both the global and national scales of B2 and Aa3.bo,
with positive outlook.

Rating Outlook

All ratings have a stable outlook, with the exception of the
foreign currency deposit ratings which have positive outlook, in
line with that of the sovereign ceiling for foreign currency
deposits.

What Could Change the Rating - Up

A BFSR upgrade would depend on further increase and consolidation
of the bank's SME position and on continuing improving its asset
quality, solvency and profitability ratios.

What Could Change the Rating - Down

Ratings could be downgraded if market share were to be eroded by
keen competition in the niche of small and medium firms, thus
affecting the bank's financial fundamentals.


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


C12 PROTIUM: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of C12 Protium Value Opportunities Ltd. received
on May 11, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CHINA BRANDS: Placed Under Voluntarily Wind-Up
----------------------------------------------
On February 14, 2012, the shareholders of China Brands
Investments Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
April 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CR CHINA REAL: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
The creditors of CR China Real Estate Capital Partner II Limited
are required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2012.

The company's liquidator is:

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


DYNAMIC SOLUTIONS: Creditors' Proofs of Debt Due May 11
-------------------------------------------------------
The creditors of Dynamic Solutions Investment Fund Ltd. are
required to file their proofs of debt by May 11, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Ryan Pull
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3306
         Facsimile: +1 (345) 949 8258


EUCALYPTUS INVEST: Creditors' Proofs of Debt Due May 10
-------------------------------------------------------
The creditors of Eucalyptus Invest (Cayman) Limited are required
to file their proofs of debt by May 10, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 29, 2012.

The company's liquidator is:

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


KELUSA ASIAN: Creditors' Proofs of Debt Due May 10
--------------------------------------------------
The creditors of Kelusa Asian Discipline Offshore Fund, Ltd. are
required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2012.

The company's liquidator is:

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


KELUSA ASIAN MASTER: Creditors' Proofs of Debt Due May 10
---------------------------------------------------------
The creditors of Kelusa Asian Discipline Master Fund, Ltd. are
required to file their proofs of debt by May 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2012.

The company's liquidator is:

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


PAPPAJOHN CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
On March 16, 2012, the members of Pappajohn Capital Partners,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         Jason Albano
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


TURNBERRY INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On March 23, 2012, the members of Turnberry Investments Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         Edward Allanby
         Leman Management Limited
         Wessex House, 2nd Floor, 45 Reid Street
         Hamilton HM12
         Bermuda


VOLATILITY RISK: Creditors' Proofs of Debt Due May 10
-----------------------------------------------------
The creditors of Volatility Risk Premium Fund Ltd. are required
to file their proofs of debt by May 10, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2012.

The company's liquidator is:

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


=============
J A M A I C A
=============


LIME JAMAICA: Launches 'XL' Value Promotion
-------------------------------------------
RJR News reports that LIME Jamaica Limited (formerly Cable &
Wireless Jamaica Limited) has introduced a new promotion that
will offer its prepaid mobile customers phone calls and text
messages for less than one Jamaican dollar.

Dubbed LIME 'XL' Value, the mega-four-part offer will see LIME
customers enjoying 27 free minutes of talk time after each three
minute call, 100 free text messages after sending three text
messages, free calls between 9:00 p.m., according to RJR News.

The report relates that Grace Silvera, regional vice president,
marketing & corporate communications said that the offer is the
first of several impressive deals to be rolled out by the company
this year.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union,
LIME Jamaica union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.  The University and Allied
Workers Union and the Jamaica Telephone Company (JTC) Executive
and Allied Staff Association made a similar call, according to
RJR News.  The report noted that the unions said the proposed
legislation will bring benefits for the workers at LIME and, by
extension, consumers.  The report related that LIME, which has
been losing billions of dollars, stated that while an agreement
has not yet been reached among the players in the industry.

                        About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than JM$17
billion.  Concurrently, its equity base has diminished to JM$2
billion on its December 2011 unaudited balance sheet, reflecting
book value of two cents per share, the report added.


===========
M E X I C O
===========


* STATE OF VERACRUZ: Moody's Rates Two Enhanced Loans 'Ba1'
-----------------------------------------------------------
Moody's de Mexico assigned debt ratings of Ba1 (Global Scale,
local currency) and A1.mx (Mexico National Scale) to the MXN500
million enhanced loan from Banamex and the MXN1.2 billion
enhanced loan from Banobras.  Moody's de Mexico also assigned
debt ratings of Ba2 (Global Scale, local currency) and A2.mx
(Mexico National Scale) to the MXN4.5 billion enhanced loan from
Banorte and the MXN4.6 billion enhanced loan from Banobras.  The
four loans are payable through a master trust (Invex, trustee
number F/1176), to which the state has pledged the flows and
rights of 29% of its general fund participation revenues.

Ratings Rationale

The MXN500 million enhanced loan from Banamex has a maturity of
15 years with one year of grace period for principal payments.
The state has pledged the flows and rights of 1.25% of its
general fund participation revenues.  The loan will pay an
interest rate composed of the 28-day Mexican Interbank Interest
Rate (TIIE in Spanish) plus a spread, with a TIIE interest rate
CAP of 12%.

The MXN1.2 billion enhanced loan from Banobras has a maturity of
25 years with four months of grace period for principal payments.
The state has pledged the flows and rights of 2.7% of its general
fund participation revenues.  The loan will pay an interest rate
composed of the 28-day TIIE plus a spread.

The MXN4.5 billion enhanced loan from Banorte has a maturity of
20 years with six months of grace period for principal payments.
The state has pledged the flows and rights of 5.9% of its general
fund participation revenues.  The loan will pay an interest rate
composed of the 28-day TIIE plus a spread, with a TIIE interest
rate CAP of 12%.

The MXN4.6 billion enhanced loan from Banobras has a maturity of
25 years with four months of grace period for principal payments.
The state has pledged the flows and rights of 4.8% of its general
fund participation revenues. The loan will pay a fix interest
rate of 7.95% plus a spread.

The Ba1/A1.mx debt ratings assigned to the MXN500 million
enhanced loan from Banamex and the MXN1.2 billion enhanced loan
from Banobras reflect the underlying creditworthiness of the
State of Veracruz (Ba3/A3.mx), supported by the following legal
and credit enhancements embedded in the loans:

1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.

2. Strong trust structure based on an irrevocable instruction to
the federal treasury regarding the transfer of rights and flows
of participation revenues to the trustee.

3. Solid debt service coverage ratios, under a Moody's base case
scenario estimated cash flows generate 2.1x and 2.5x debt service
coverage at the lowest point during the life of the loan for the
Banamex and Banobras loans respectively. Under a stress case
scenario, estimated cash flows provide 1.9x and 2.1x debt service
coverage, at the lowest point during the life of the loan, for
the Banamex and Banobras loans respectively.

4. Solid level of reserves within the INVEX trust for each loan
that represents 3.0x debt service coverage under a stress case
scenario and provides enough cushion against payment delays.

The Ba2/A2.mx ratings assigned to the MXN4.5 billion enhanced
loan from Banorte and the MXN4.6 billion enhanced loan from
Banobras reflect the aforementioned enhancements, but lower debt
service coverage ratios:

Moderate debt service coverage ratios, under a Moody's base case
scenario estimated cash flows generate 1.3x and 1.5x debt service
coverage at the lowest point during the life of the loan for the
Banorte and Banobras loans respectively. Under a stress case
scenario, estimated cash flows provide 1.1x and 1.5x debt service
coverage, at the lowest point during the life of the loan, for
the Banorte and Banobras loans respectively.

What Could Change The Ratings Up/Down

The ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations. Given the
links between the loans and the credit quality of the obligor, a
downgrade of the State of Veracruz issuer ratings could also
exert downward pressure on debt ratings for these loans.
Conversely, an upgrade of the State of Veracruz issuer ratings
rating would likely result in an upgrade of the ratings on the
loans.

The principal methodologies used in this rating were "Regional
and Local Governments Outside the US" published in May 2008, The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, and "Enhanced Municipal
and State Loans in Veracruz" published in January 2011.


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


CONSTRUCTORA DE HATO: Case Summary & Creditors List
---------------------------------------------------
Debtor: Constructora De Hato Rey Incorporada
         aka Constructora Hato Rey
       P.O. Box 364226
       San Juan, PR 00936-4226

Bankruptcy Case No.: 12-02876

Chapter 11 Petition Date: April 13, 2012

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

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

Scheduled Assets: US$10,761,724

Scheduled Liabilities: US$6,855,877

The petition was signed by Waldemar Carmona Gonzalez, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

       Entity                     Nature of Claim    Claim Amount
       ------                     ---------------    ------------
Banco Santander Puerto Rico        Co-Debtor in      US$3,526,459
GPO Box 362589
San Juan, PR 00936-2599

Doral Mortgage Corp.               Mortgage Loan         $303,127
P.O. Box 71529
San Juan, PR 00936-8629

Scotiabank                         Credit Line           $153,547
P.O. Box 362230
San Juan, PR 00936-2230

Crim                               Personal Property      $64,387
                                   Taxes

Departamento de Hacienda de PR     Income Tax Withheld    $40,948

Chevron Puerto Rico, LLC           Fuel and Diesel        $16,342
                                   Supplier

Popular Auto, Inc. (Leasing)       Deficiency Balance     $13,184

Casa de las Armaduras              Mechanical Supplies    $13,007

R.Q. Engineering, Corp.            Tenant's Deposits      $10,000

Internal Revenue Services          Payroll Taxes -         $9,372
                                   Withholding

A.V. Supply                        Mechanical Parts        $8,398

Caribbean Petroleum, Corp.         Fuel and Diesel         $7,200
                                   Supplier

Ravico de Puerto Rico              Repairs & Maintenance   $6,940

Pneumatics & Hydraulics Assoc.     Mechanical Supplies     $6,784

Garaje Ruben                       Mechanic Services       $6,598

Tecni Servicios                    Mechanical Services     $6,040

Linde Gas de Puerto Rico           Propane Gas Supplier    $5,637

Rimco, Inc.                        Equipment Rental        $5,167

Gamar Trading, Corp.               Mechanical Parts        $4,825
                                   Supplies

Taller El Tornero                  Mechanical Services     $4,787


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


BANCO EXTERIOR: Fitch Affirms 'B+' Longterm Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks on the long-term
Issuer Default Ratings (IDR) of Banco Exterior, C.A. Banco
Universal, Banco de Venezuela, Banco Provincial, Mercantil, C.A.
Banco Universal and Venezolano de Credito, S.A. to Negative from
Stable.  All other international and national ratings remain at
current levels.  The rating action follows the agency's Outlook
revision to Negative on Venezuela's sovereign ratings on April 4,
2012.

The recent revision to a Negative Outlook on Venezuela's Foreign
and Local Currency IDRs reflected the sovereign'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.

Fitch expects to resolve the Negative Outlooks soon after those
on the sovereign ratings have been resolved.  In spite of these
banks' solid financial profiles, the banks' ratings are strongly
linked to the creditworthiness of the sovereign given their
holdings of sovereign bonds, economic ties, as well as the high
level of government intervention in terms of compulsory lending,
interest rate caps and floors, nationalization risk and
regulatory uncertainty.

Fitch forecasts Venezuela's real GDP growth to strengthen to 5.1%
in 2012.  As it is a presidential election year, an increasing
level of discretionary government spending underpinned by still
high oil prices will be a key driver of economic activity.
However, over the medium term the economy's performance is likely
to deteriorate in the absence of policies that lead to increased
private investment and improved competitiveness of the non-oil
economy, and a reduction in macroeconomic distortions such as
real exchange rate overvaluation and high inflation, all of which
could detract from the financial system's performance.

The banking system's operating environment will continue to be
stressed from both direct regulations and government intervention
in other sectors of the economy. Nevertheless, Fitch expects the
highest rated privately-owned Venezuelan banks to maintain a
similar solid financial performance in 2012 relative to 2011.

Excess liquidity has accelerated loan growth in real terms and
put downward pressure on the system's already declining
equity/assets ratio, although this may be mitigated by slightly
higher profitability and good credit quality in the near term.
Low bank penetration and still weak access to financial services
and credit in the lower income segments, along with high
liquidity and negative real interest rates have helped to control
asset quality during past economic downturns and adequate credit
metrics should continue in 2012 under the current scenario.

However, as observed historically, a sudden deterioration in the
operating environment may hinder asset quality and impose
temporary pressures on the banks' profitability, especially when
measured in real terms.  Additionally, Fitch believes 2013 could
be more challenging for all banks as macroeconomic imbalances
increase over 2012.

Fitch has taken the following rating actions:

Banco Exterior, C.A. Banco Universal

  -- Long-term foreign and local currency IDRs affirmed at 'B+';
     Outlook revised to Negative from Stable;
  -- Short-term foreign and local currency ratings affirmed at
     'B'.

Banco de Venezuela

  -- Long-term foreign and local currency IDR affirmed at 'B+';
     Outlook revised to Negative from Stable;
  -- Short-term foreign and local currency ratings affirmed at
     'B'.

Banco Provincial

  -- Long-term foreign and local currency IDRs affirmed at 'B+';
     Outlook revised to Negative from Stable;
  -- Short-term foreign and local currency ratings affirmed at
     'B'.

Mercantil, C.A. Banco Universal

  -- Long-term foreign and local currency IDRs affirmed at 'B+';
     Outlook revised to Negative from Stable;
  -- Short-term foreign and local currency ratings affirmed at
     'B';

Venezolano de Credito, S.A.

  -- Long-term foreign and local currency IDRs affirmed at 'B+';
     Outlook revised to Negative from Stable;
  -- Short-term foreign and local currency ratings affirmed at
     'B'.


SIDERURGICA DEL: Fitch Affirms Issuer Default Ratings at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed Siderurgica del Turbio S.A.'s
(Sidetur) ratings as follows:

  -- Foreign and Local Currency Issuer Default Ratings (IDRs) at
     'B-';
  -- National scale ratings at 'BB+(ven)';
  -- National short-term rating at 'F2(ven)'.

Fitch has also affirmed the ratings of Sidetur's USD100 million
10% senior unsecured notes due 2016 issued through its wholly-
owned subsidiary Sidetur Finance B.V. at 'B-/RR4'.

The Rating Outlook is Negative.

Ongoing Expropriation Process:

Sidetur's ratings and Negative Outlook reflect the ongoing
developments and uncertainty surrounding the expropriation of
Sidetur's steel mills and related assets, and, in particular, the
unknown dollar value that it will receive from the Venezuelan
government for those assets.

The ratings and Outlook also take into consideration the
uncertainty surrounding the timeliness of payment from the
government, which could inadvertently lead to the change of
control clause being triggered, and the likelihood of Sidetur
remaining a going concern once the asset expropriation process is
completed.

When the expropriation of the company's steel mills are complete,
Sidetur's owners, Sivensa, will receive a sum from the Venezuelan
government, all or part of which will be used to prepay the
outstanding USD81.3 million of the bonds, leaving Sidetur with no
operating assets.

Better Product Mix:

Sidetur's EBITDA generation increased as a result of better
pricing and product mix to USD62 million in fiscal 2011 from
USD33 million in fiscal 2010, while the cost of raw materials
remained mostly unchanged over the year.  This improvement was
achieved while revenues declined to USD355 million in fiscal 2011
from USD361 million in fiscal 2010.

The price of commoditized rebar products are regulated in
Venezuela. At Dec. 31, 2011, the company's LTM revenues increased
to USD403 million, and EBITDA showed further improvement at USD66
million, with an EBITDA margin of 16.4%, significant improvement
on 9.1% achieved in fiscal 2010.

Low Leverage Maintained:

The company's leverage has remained low for the rating category
with its total debt-to-LTM EBITDA ratio at 1.2 times (x) and 1.0x
on a net cash basis as of Dec. 31, 2011.  This compares favorably
to 2.8x and 1.2x, respectively, in fiscal 2010.

Total debt as of the same period was USD81 million compared to
USD90 million in fiscal 2010, mainly comprising the outstanding
portion of the USD100 million senior unsecured notes issued by
Sidetur through its 100% owned subsidiary, Sidetur Finance B.V.
in 2006.

Sufficient Liquidity:

Sidetur's liquidity ratios are sufficient as of Dec. 31, 2011,
with cash-to-short-term debt coverage at 3.4x and cash plus CFFO-
to-short-term debt coverage at 12.1x.  The latter ratio is
tempered with cash flow generation volatility given price
controls imposed on Venezuelan steel companies.

In addition to Sidetur's cash and marketable securities balance
of USD 17 million, the company also keeps USD6.8 million of
restricted cash offshore for annual debt service requirements of
the senior unsecured notes.  Sidetur has a manageable debt
maturity schedule to 2016 of just USD5 million a year, providing
headroom.

As of Dec. 31, 2011, Sidetur's cash position remains low. Fitch
partly attributes this to a change in Sidetur's cash management
strategy related to the company's expropriation.  The company
held USD17 million of cash and marketable securities, a
significant reduction to USD38 million held in fiscal 2010.  The
cash depletion follows a dividend payment of USD54 million during
fiscal 2011.

Higher than Average Recoveries:

Recovery for the senior unsecured notes in the event of default
could be above the 'RR4' level due to Sivensa's strong reputation
and conservative management, as well as the low level of debt in
relation to the amount of funds the company is likely to receive
from the government.

The recovery was capped at the 'RR4' level due to concerns about
creditor rights in Venezuela, as well as the application and
legal enforceability of any claim.  Please refer to Fitch's
criteria report, 'Country-Specific Treatment of Recovery
Ratings,' dated Feb. 23, 2011 for more information.

Expropriation of Company Assets:

Sidetur's ratings are dependent on the unfolding events
surrounding the expropriation process of its steel mills and
related assets.  The ultimate expectation is that once the
process is complete and the notes are prepaid, that Sidetur will
become a shell company in Venezuela.

Sidetur's ratings incorporate the expectation that the government
of Venezuela works to avoid a situation whereby an international
default occurs as a result of the nationalization process of
Sidetur's assets.  Sidetur's ratings therefore reflect Fitch's
current expectation of the unsecured notes at Sidetur Finance
B.V. being prepaid.


===============
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.


                   * * * End of Transmission * * *