TCRLA_Public/120501.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, May 1, 2012, Vol. 13, No. 086


                            Headlines



B A H A M A S

KERZNER INTERNATIONAL: Creditors Take Control of Atlantis Resort


B E R M U D A

ALMANAC LIMITED: Creditors' Proofs of Debt Due May 9
ALMANAC LIMITED: Members' Final Meeting Set for May 30
BEECHGATE LTD: Creditors' Proofs of Debt Due May 9
BEECHGATE LTD: Members' Final Meeting Set for May 30
DELTA HYDROCARBONS: Creditors' Proofs of Debt Due May 9

DELTA HYDROCARBONS: Members' Final Meeting Set for May 30
VEENA LEASING: Creditors' Proofs of Debt Due May 9
VEENA LEASING: Member to Receive Wind-Up Report on May 28


B O L I V I A

BANCO GANADERO: Moody's Affirms 'E+' Bank Finc'l Strength Rating


C A Y M A N   I S L A N D S

BIG WING: Shareholders' Final Meeting Set for May 25
BTG PACTUAL: Shareholder to Receive Wind-Up Report on May 23
CALYPSO NO 1: Shareholders' Final Meeting Set for May 25
DIAPASON GLOBAL: Shareholders' Final Meeting Set for May 25
DRYDEN VI-LEVERAGED: Shareholders' Final Meeting Set for May 25

FOREIGN INVESTOR: Shareholders' Final Meeting Set for May 25
MAN LONG SHORT: Shareholders' Final Meeting Set for May 15
MANGOUSTA FUND: Members' Final Meeting Set for May 22
MANGOUSTA MASTER: Members' Final Meeting Set for May 22
STRATEGIC ASIA: Commences Wind-Up Proceedings


J A M A I C A

JAMALCO: PM Simpson Miller Hold Talks With Alcoa Executives


M E X I C O

FUCEREP: Fitch Affirms Issuer Default Ratings at 'B'


U R U G U A Y

BANQUE HERITAGE: Moody's Assigns 'E+' Bank Finc'l Strength Rating
NUEVO BANCO: Fitch Assigns Viability Rating at 'bb-'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=============
B A H A M A S
=============


KERZNER INTERNATIONAL: Creditors Take Control of Atlantis Resort
----------------------------------------------------------------
Kris Hudson at Minneapolis Star Tribune reports that Resort
operator Kerzner International Holdings Ltd. completed a long-
awaited restructuring that transferred its massive Atlantis resort
in the Bahamas to its creditors and sold its half interest in the
Atlantis in Dubai to partner Istithmar World PJSC.

The deal leaves South African casino magnate Sol Kerzner's company
as mostly a manager of resorts that it doesn't own, including the
one in the Bahamas and Dubai, according to Minneapolis Star
Tribune.   The report relates that Kerzner International used its
$250 million in proceeds from the sale of its Atlantis Dubai stake
to pay down part of its US$400 million of corporate debt.

Minneapolis Star Tribune notes that the catalyst for the
restructuring came more than a year ago, when Kerzner
International executives realized that they couldn't refinance
US$2.5 billion of debt tied to the Atlantis in the Bahamas that
was approaching maturity.  By the time it came due last September,
Kerzner was in talks to forfeit the resort to its junior-most
creditor, Brookfield Asset Management Inc., the report relays.

However, Minneapolis Star Tribune says other creditors
subsequently sued for better terms, causing Brookfield to revise
the deal.  The report relates that the revised agreement with
Brookfield includes modifications for the dissenting creditors but
still puts Brookfield in control of Atlantis.

Minneapolis Star Tribune discloses that Brookfield, in turn, has
converted its $175 million slice of Kerzner International's debt
into equity.  The report notes that holders of the resort's
remaining US$2.3 billion of debt have agreed to push the due date
to September 2014. Brookfield intends to refinance the debt by
then.

Meanwhile, the report discloses that Kerzner International will
continue to manage the resort under a new contract of up to six
years.

Minneapolis Star Tribune relays that Jonathan Mayblum, a co-
founder of Arcturus Group who advised the dissenting creditors,
Canyon Capital and Trilogy Capital, said the negotiations were
complicated because dozens of creditors hold pieces of Kerzner
International's debt.  The new deal "allows every stakeholder to
achieve its goals, despite very differing interests," Mr. Mayblum
said in an interview, Minneapolis Star Tribune notes.

Meanwhile, Minneapolis Star Tribune discloses that Kerzner
International sold its 50% stake in the Atlantis The Palm resort
in Dubai to Istithmar World, an investment arm of the Arab
emirate.

The Atlantis in the Bahamas, built in 1998, is among the busiest
resorts in North America, spanning 2,317 rooms, a casino,
conference rooms, shops, a spa, a 40-acre water park and a dolphin
habitat.

Kerzner International is the owner of several luxury getaways.
The Atlantis resort in the Bahamas, Kerzner's flagship property,
is one of the most popular resorts in North America.


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


ALMANAC LIMITED: Creditors' Proofs of Debt Due May 9
----------------------------------------------------
The creditors of Almanac Limited are required to file their proofs
of debt by May 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ALMANAC LIMITED: Members' Final Meeting Set for May 30
------------------------------------------------------
The members of Almanac Limited will hold their final meeting on
May 30, 2012, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


BEECHGATE LTD: Creditors' Proofs of Debt Due May 9
--------------------------------------------------
The creditors of Beechgate Ltd. are required to file their proofs
of debt by May 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


BEECHGATE LTD: Members' Final Meeting Set for May 30
----------------------------------------------------
The members of Beechgate Ltd. will hold their final meeting on
May 30, 2012, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


DELTA HYDROCARBONS: Creditors' Proofs of Debt Due May 9
-------------------------------------------------------
The creditors of Delta Hydrocarbons Ltd. are required to file
their proofs of debt by May 9, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


DELTA HYDROCARBONS: Members' Final Meeting Set for May 30
---------------------------------------------------------
The members of Delta Hydrocarbons Ltd. will hold their final
meeting on May 30, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


VEENA LEASING: Creditors' Proofs of Debt Due May 9
--------------------------------------------------
The creditors of Veena Leasing Limited are required to file their
proofs of debt by May 9, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


VEENA LEASING: Member to Receive Wind-Up Report on May 28
---------------------------------------------------------
The member of Veena Leasing Limited will receive on May 28, 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
         2 Church Street, Hamilton HM 11
         Bermuda


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


BANCO GANADERO: Moody's Affirms 'E+' Bank Finc'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to Banco
Ganadero S.A., including the E+ bank financial strength rating, as
well as its long- and short-term global local currency deposit
ratings of B1/Not Prime, and its long- and short-term global
foreign currency deposit ratings of B2/Not Prime. In addition, the
local currency Aa2.bo and the foreign currency Aa3.bo deposit
ratings in the Bolivian national scale were affirmed, as were the
bank's B2/Aa3.bo debt ratings on a global and national scale
basis, respectively.

All ratings have a stable outlook, with the exception of the B2
foreign currency deposit rating, which has a positive outlook, in
line with the positive outlook on Bolivia's foreign currency
deposit ratings.

The following ratings of Banco Ganadero S.A. were affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposit Rating: B1/Not Prime, stable
outlook.

Long-term Global Foreign Currency Deposit Rating: B2, positive
outlook

Long-term Global Foreign Currency Subordinated Debt Rating: B2,
stable outlook

Short-term Global Foreign Currency Deposit Rating: Not Prime,
stable outlook

Local Currency National Scale Deposit Rating: Aa2.bo, stable
outlook

Foreign Currency National Scale Deposit Rating: Aa3.bo, stable
outlook

Foreign Currency National Scale Debt Rating: Aa3.bo, stable
outlook

Rating Rationale

In affirming the ratings of Banco Ganadero, Moody's noted its
established regional business franchise in Santa Cruz de la
Sierra, as reflected in its position as the 4th largest bank in
the region, with a focus on commercial lending to small and medium
size companies (SME), and mortgages, although operations are
modest relative to those of the much larger national banks. The
rating action also incorporates Ganadero's improving asset quality
and reasonably stable profitability, in the context of solid loan
growth, which, however, are challenged by an environment of
increasing competition and low interest rates.

Moody's noted that Ganadero's robust loan growth over the past
three years, at an average 16% annual rate, helped boost its
earnings generation as well as operating efficiency, despite the
negative effect of declining interest rates and more competitive
market conditions on margins. Ganadero's funding base, which is
predominantly composed of core and inexpensive deposits sourced in
the region, as well as increasing non-financial revenues should
partially offset the pressure on spreads as a result of the
ongoing fierce competition.

Ganadero's ratings take into account the sizable exposures to the
mortgage business and to SMEs, which combined account for about
54% of the total loan portfolio. Those segments have experienced
substantial growth in Bolivia in the past years and thus pose
higher credit risks as loans season. Moody's views as positive
management's tightening of loan origination policies and larger
reserves to limit that risk, particularly because of Bolivia's
relatively unstable operating environment and the competitive
pressures that may have negative effects on credit metrics.
Nonetheless, Ganadero's Tier 1 capital ratio of 8.5% in December
2011 remains low relative to the industry's average. The growth of
its capital levels will be critical to fostering Ganadero's
business expansion going forward, as well as to cushion against
unexpected credit losses, said Moody's.

Continuous reduction in the dollarization level of its balance
sheet and a disciplined growth of its loan book positively
portrays management's conservative approach. Although the bank's
largest loan exposures and credit concentration remain high, and
skewed towards agribusiness, the bank's SME growth focus should
gradually increase the granularity of its loan portfolio.

Ganadero's B1 long-term local currency (GLC) deposits rating is
derived from its b1 baseline credit assessment, and incorporates
Moody's assessment of low probability of systemic support in a
crisis.

Banco Ganadero S.A. is located in Santa Cruz de la Sierra,
Bolivia, and has US$693 million in assets US$418 million in
credits, US$559 million in deposits and US$45 million in equity as
of December 2011.


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


BIG WING: Shareholders' Final Meeting Set for May 25
----------------------------------------------------
The shareholders of Big Wing Holdings will hold their final
meeting on May 25, 2012, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BTG PACTUAL: Shareholder to Receive Wind-Up Report on May 23
------------------------------------------------------------
The shareholder of BTG Pactual Symmetry Fund, Ltd. will receive on
May 23, 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:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


CALYPSO NO 1: Shareholders' Final Meeting Set for May 25
--------------------------------------------------------
The shareholders of Calypso No 1 Limited will hold their final
meeting on May 25, 2012, at 8:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Dieter Kindlimann
         Zollikerstrasse 181
         8034 Zrich
         Switzerland
         Telephone: +41 44 384 7740


DIAPASON GLOBAL: Shareholders' Final Meeting Set for May 25
-----------------------------------------------------------
The shareholders of Diapason Global Biofuel Index Fund will hold
their final meeting on May 25, 2012, at 9:10 a.m., to receive 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


DRYDEN VI-LEVERAGED: Shareholders' Final Meeting Set for May 25
---------------------------------------------------------------
The shareholders of Dryden VI-Leveraged Loan CDO 2004 will hold
their final meeting on May 25, 2012, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FOREIGN INVESTOR: Shareholders' Final Meeting Set for May 25
------------------------------------------------------------
The shareholders of Foreign Investor Holdco #3 Ltd. will hold
their final meeting on May 25, 2012, at 8:30 a.m., to receive 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


MAN LONG SHORT: Shareholders' Final Meeting Set for May 15
----------------------------------------------------------
The shareholders of Man Long Short Equity Europe (Master) Ltd will
hold their final meeting on May 15, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MANGOUSTA FUND: Members' Final Meeting Set for May 22
-----------------------------------------------------
The members of Mangousta Fund Limited will hold their final
meeting on May 22, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MANGOUSTA MASTER: Members' Final Meeting Set for May 22
-------------------------------------------------------
The members of Mangousta Master Fund Limited will hold their final
meeting on May 22, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


STRATEGIC ASIA: Commences Wind-Up Proceedings
---------------------------------------------
On Feb. 16, 2012, the sole shareholder of Strategic Asia Capital
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Susan Lo Yee Har
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box1034 Grand Cayman KY1-1102
         Cayman Islands


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


JAMALCO: PM Simpson Miller Hold Talks With Alcoa Executives
-----------------------------------------------------------
RJR News reports that Jamaica Prime Minister Portia Simpson Miller
held talks with senior executives of Alcoa on the company's
bauxite/alumina operations in Jamaica.

The talks described by the Prime Minister as 'fruitful' ended with
Alcoa expressing satisfaction that "a path had been established
for the future viability of the company's operations in Jamaica,"
according to RJR News.  The report relates that Alcoa and the
government, through the company Jamalco, mines bauxite and refine
it into alumina at its operations in Clarendon.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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


FUCEREP: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------
Fitch Ratings has affirmed FUCEREP's - Cooperativa de Ahorro y
Credito ratings as follows:

  -- Foreign and local currency Issuer Default Rating (IDR) at
     'B'; Outlook Stable

  -- National long-term rating at 'BB+(uy)'; Outlook Positive;

  -- Support rating at '5';

  -- Support Rating Floor at 'NF'.

Fitch revised the Rating Outlook on FUCEREP's National Long-term
rating to Positive from Stable given the positive trends in
operating performance and business volume.  Fitch expects that
sustained improvement in FUCEREP's performance, underpinned by
loan portfolio growth in the context of appropriate asset quality
and solvency ratios, could lead to an upgrade in FUCEREP's
National Long-term rating.

Strong capitalization ratios, adequate liquidity, appropriate
asset quality and reasonable performance support FUCEREP's
ratings.  Nevertheless, FUCEREP's ratings remained constrained by
its small size, weak efficiency and low diversification by
business line and by geographical region.

FUCEREP's performance is supported by its strong net interest
income and adequate asset quality.  Although investment in
management systems, human resources, and marketing pressured
FUCEREP's operating profit for the last three fiscal years, the
company's performance should improve in the short term underpinned
by future loan growth and a decelerating increase in expenses.

Credit risk is the issuer's main challenge. Asset quality ratios
have consistently improved since 2007 due to more conservative
lending policies and the favourable economic cycle.  FUCEREP's
past-due loan/total loan ratio reached a 5.94% at year-end 2011.
Although this level is higher than the financial system's average
of 2.4%, it is adequate considering the segments served by FUCEREP
and the ample reserves cushion (156.3%). However, Fitch believes
there are margins for improvement in the medium term.

The loan portfolio has no significant concentration by amount with
the largest 10 obligors accounting for 5.5% of the total loan
portfolio.  However, the portfolio is concentrated by product,
with consumer/retail loans accounting for 82.2% of FUCEREP's total
loans to non-financial sector, although these loans are
diversified by economic activity.

Resident deposits are the entity's main source of funding, in
particular its savings product FONAE (45% of liabilities) and
term deposits (52.6%).  However, FUCEREP's deposit base is
concentrated, as the 10 largest depositors accounted for 16.9% of
total deposits.  Liquidity is adequate.

FUCEREP's capitalisation is strong relative to peers'.  Fitch
expects the Fitch Core Capital Ratio to decline in the medium term
according to the expected increase in FUCEREP's risk weighted
assets.  Nevertheless, this ratio will likely remain high given
the entity's improving financial performance and higher partner
base.


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U R U G U A Y
=============


BANQUE HERITAGE: Moody's Assigns 'E+' Bank Finc'l Strength Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating (BFSR) of E+ to Banque Heritage (Uruguay) S.A. Moody's also
assigned long- and short-term global local and foreign currency
deposit ratings of B3/Not Prime. At the same time, Moody's Latin
America assigned an Baa3.uy local and foreign currency deposit
ratings in national scale. The outlook on all ratings is stable.

The following ratings were assigned:

Bank Financial Strength Rating: E+, stable outlook

Global Local Currency Deposits, long term: B3/Not Prime, stable
outlook

Global Foreign Currency deposits, long term: B3/Not Prime, stable
outlook

National Scale Rating Local Currency Deposit Rating: Baa3.uy

National Scale Rating Foreign Currency Deposit Rating: Baa3.uy

Rating Rationale

Moody's ratings for Banque Heritage incorporate its modest
business franchise in the Uruguayan banking system and still weak
earnings generation, which reflect its developing operations as a
private bank and asset manager, as well as modest business
volumes. The ratings also capture the bank's adequate
capitalization, as well as its business and risk management
practices that are aligned to those of its ultimate parent, Banque
Heritage of Switzerland, which has owned 100% of the Uruguayan
subsidiary since July 2010.

Heritage targets chiefly non-resident clients, which comprise most
of its depositor base, with its business being primarily focused
on fee-based earnings from private banking services, investments,
and asset management. More recently, Heritage has built a small
corporate loan book, which has added to its still small revenue
base. The bank's assets and liabilities are highly dollarized, a
profile that is in line with that of other Uruguayan banks, but
which fits its predominantly non-resident business strategy.

However, Moody's noted that as a start up, the bank's earnings
have been limited and volatile, and largely absorbed by still high
operating expenses. Moody's acknowlegdes that revenues from fees
and loans have improved over the last quarters as the franchise
develops and business grows, and losses, therefore, are declining.
To that effect, management expects the bank to achieve breakeven
by 2013, in line with its business plan. The ratings, therefore,
incorporate the challenges Heritage faces to prove its ability to
generate recurrent profits, within the country's highly
competitive banking environment.

Sustainable growth and improvements in Heritage's earnings and
business volume generation could trigger upward ratings pressure.
However, recurrent losses that erode the banks' capital as a
result of poor business dynamics and unfavorable competition could
have negative rating implications. Because of its niche operation
and target market, Heritage's small loan book has an adequate
granularity, which is positive for its financial strength.
Nevertheless, further leveraging of the balance sheet that could
reduce capital and threaten asset quality could also be negative
for the ratings.

Moody's B3 global local-currency deposit rating is derived from
Heritage's unsupported baseline credit assessment of b3. Because
Moody's assesses a low probability of systemic support as a
consequence of its very modest market share in terms of deposits,
the bank's deposit rating does not benefit from any systemic
uplift.

As of December 2011, Banque Heritage (Uruguay) was the tenth
private bank among the Uruguayan banking system with Ur$3 billion
in assets, Ur$2.6 billion in deposits, and Ur$405 million in
shareholders' equity.


NUEVO BANCO: Fitch Assigns Viability Rating at 'bb-'
----------------------------------------------------
Fitch Ratings has affirmed Nuevo Banco Comercial's (NBC) ratings
as listed at the end of this release.  Concurrently Fitch has
revised the Rating Outlook on its foreign and local currency long-
term Issuer Default Ratings (IDR) to Positive from Stable
following the same rating action on Uruguay's sovereign ratings
announced by Fitch on April 24, 2012.  In addition, Fitch has
assigned NBC a Viability Rating (VR) of 'bb-'.

NBC's IDRs are constrained by the sovereign ratings, thus any
further rating actions will mirror any rating action on the
sovereign.  The bank's foreign currency IDR is at the country
ceiling, while its local currency IDR is two notches above that of
the Uruguayan sovereign.  NBC's ratings reflect the potential
support from the Bank of Nova Scotia (Scotiabank; Fitch IDR of
'AA-'), which held 72% of the bank's equity at Feb. 28, 2012.  The
Uruguayan government owns the remaining 28% in the form of
preferred stock with no voting rights over which there is a
repurchase plan under way.

NBC's Viability ratings reflect its strong national franchise,
good asset quality, high liquidity, adequate capitalization levels
and its low profitability.

NBC suffered a net loss in 2011, mainly as a result of lower
results from its securities portfolio, foreign exchange losses and
extraordinary administrative expenses and charges related to the
core system implemented in 2010 and to the integration of NBC into
Scotiabank.  These were partly offset by higher operating
revenues, fuelled by loan growth, and by the fact that the
inflation adjustment was not required in 2011.  Fitch expects
NBC's operating performance to improve in line with the expected
increase in lending volumes, higher commission income and
improvements in cost efficiency.

In addition, Scotiabank's policy to centrally hedge the foreign
exchange positions stemming from its investment in subsidiaries
enabled NBC to close its historically open USD position and this
will mean lower volatility on its income statement.

NBC's asset quality is good and its ratios have improved. Only
2.96% of the loan book is past-due (60 days or more overdue, under
local definitions).  Loan loss reserves covered 7.22% of total
loans and 243.61% of past-due loans at Dec. 31, 2011, which is
considered ample.

NBC's funding is mainly through deposits; liquidity continues to
be high, with liquid assets representing 43.3% of deposits and
short-term funds.

NBC's capitalization has decreased because Fitch has deducted the
preference shares held by the Central Bank of Uruguay from the
bank's equity due to the repurchase program in 2014.  Should
Scotiabank keep part of the bank's preference shares, Fitch will
continue to consider them as part of the bank's capital if they
meet the requirements set in its methodology 'Treatment of Hybrids
in Bank Capital Analysis,' published on July 11, 2011.

Assuming the repurchase and amortization of the total preference
shares, the bank's equity would represent 6.54% of assets and its
Fitch Core Capital (FCC) ratio would be 9.06% at Dec. 31, 2011.
Fitch considers this level of FCC to be adequate but will monitor
its evolution in the context of the bank's aggressive expansion
plan. However, Fitch is confident that Scotiabank will take the
necessary measures to support the bank's capital adequacy.

NBC is the fourth-largest private sector bank in Uruguay and its
market presence is significant in all segments.

Fitch has affirmed NBC's ratings as follows:

  -- Foreign currency IDR at 'BBB';
  -- Local currency IDR at 'BBB+';
  -- National long-term rating at 'AAA(uy)';
  -- Support rating at '2'.

Fitch has assigned the following rating:

  -- VR of 'bb-'.

The Rating Outlook on the IDRs is revised to Positive from Stable,
the same as on the sovereign's IDRs, and the Outlook on the
National long-term rating remains Stable.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                   Total         Shareholders
                                     Assets          Equity
Company             Ticker          (US$MM)          (US$MM)
-------             ------         ---------       ------------

ARGENTINA

IMPTC AR      IMPSAT FIBER-C/E      535007008      -17164978
IMPTD AR      IMPSAT FIBER-$US      535007008      -17164978
XIMPT SM      IMPSAT FIBER NET      535007008      -17164978
IMPTQ US      IMPSAT FIBER NET      535007008      -17164978
IMPTB AR      IMPSAT FIBER-BLK      535007008      -17164978
IMPT AR       IMPSAT FIBER-CED      535007008      -17164978
330902Q GR    IMPSAT FIBER NET      535007008      -17164978
CADN EO       SOC COMERCIAL PL      196722660     -320946053
CAD IX        SOC COMERCIAL PL      196722660     -320946053
COME AR       SOC COMERCIAL PL      196722660     -320946053
SCPDS LI      COMERCIAL PL-ADR      196722660     -320946053
COMEC AR      SOC COMERCIAL PL      196722660     -320946053
CVVIF US      SOC COMERCIAL PL      196722660     -320946053
CADN EU       SOC COMERCIAL PL      196722660     -320946053
SCDPF US      SOC COMERCIAL PL      196722660     -320946053
COMEB AR      COMERCIAL PLA-BL      196722660     -320946053
CADN SW       SOC COMERCIAL PL      196722660     -320946053
COMED AR      SOC COMERCIAL PL      196722660     -320946053
SDAGF US      SNIAFA SA-B          11229696.2    -2670544.88
SNIA AR       SNIAFA SA            11229696.2    -2670544.88
SNIA5 AR      SNIAFA SA-B          11229696.2    -2670544.88


BRAZIL

GPAR3 BZ      CELGPAR              3588586696     -552807022
VARGON BZ     VARIG SA              966298026    -4695211316
VARGPN BZ     VARIG SA-PREF         966298026    -4695211316
VAGV4 BZ      VARIG SA-PREF         966298026    -4695211316
VAGV3 BZ      VARIG SA              966298026    -4695211316
PRTX3 BZ      PORTX OPERACOES       823193337      -19565275
PXTPY US      PORTX OPERA-GDR       823193337      -19565275
LUPAY US      LUPATECH SA-ADR       806772516    -23471889.7
LUPA11 BZ     LUPATECH SA-RT        806772516    -23471889.7
LUPAF US      LUPATECH SA           806772516    -23471889.7
LUPA3 BZ      LUPATECH SA           806772516    -23471889.7
AGRE LX       AGRENCO LTD           637647275     -312199404
AGEN11 BZ     AGRENCO LTD-BDR       637647275     -312199404
MRLM4 BZ      CIA PETROLIF-PRF      377602195    -3014291.72
MRLM4B BZ     CIA PETROLIF-PRF      377602195    -3014291.72
MRLM3 BZ      CIA PETROLIFERA       377602195    -3014291.72
1CPMPN BZ     CIA PETROLIF-PRF      377602195    -3014291.72
MRLM3B BZ     CIA PETROLIFERA       377602195    -3014291.72
1CPMON BZ     CIA PETROLIFERA       377602195    -3014291.72
BOBR2 BZ      BOMBRIL-RGTS PRE      367760079    -20156714.7
BMBPY US      BOMBRIL SA-ADR        367760079    -20156714.7
BOBR4 BZ      BOMBRIL-PREF          367760079    -20156714.7
BMBBY US      BOMBRIL SA-ADR        367760079    -20156714.7
BOBRPN BZ     BOMBRIL CIRIO-PF      367760079    -20156714.7
BOBR1 BZ      BOMBRIL-RIGHTS        367760079    -20156714.7
BMBBF US      BOMBRIL               367760079    -20156714.7
BOBRON BZ     BOMBRIL CIRIO SA      367760079    -20156714.7
BOBR3 BZ      BOMBRIL               367760079    -20156714.7
3678565Q BZ   PET MANG-RIGHTS       323293708     -112268877
RPMG3 BZ      PETRO MANGUINHOS      323293708     -112268877
4115360Q BZ   PET MANG-RT           323293708     -112268877
RPMG1 BZ      PET MANG-RT           323293708     -112268877
RPMG4 BZ      PET MANGUINH-PRF      323293708     -112268877
0229296Q BZ   PET MANG-RECEIPT      323293708     -112268877
RPMG9 BZ      PET MANG-RECEIPT      323293708     -112268877
MANGON BZ     PETRO MANGUINHOS      323293708     -112268877
3678569Q BZ   PET MANG-RIGHTS       323293708     -112268877
RPMG10 BZ     PET MANG-RECEIPT      323293708     -112268877
0229249Q BZ   PET MANG-RT           323293708     -112268877
0229268Q BZ   PET MANG-RT           323293708     -112268877
0229292Q BZ   PET MANG-RECEIPT      323293708     -112268877
4115364Q BZ   PET MANG-RT           323293708     -112268877
MANGPN BZ     PETRO MANGUIN-PF      323293708     -112268877
RPMG2 BZ      PET MANG-RT           323293708     -112268877
BTTL10 BZ     BATTISTELLA-RECP      303229842    -16386957.7
BTTL9 BZ      BATTISTELLA-RECE      303229842    -16386957.7
BTTL4 BZ      BATTISTELLA-PREF      303229842    -16386957.7
BTTL1 BZ      BATTISTELLA-RIGH      303229842    -16386957.7
BTTL2 BZ      BATTISTELLA-RI P      303229842    -16386957.7
BTTL3 BZ      BATTISTELLA           303229842    -16386957.7
HOOT3 BZ      HOTEIS OTHON SA       279263634    -71631286.8
HOTHPN BZ     HOTEIS OTHON-PRF      279263634    -71631286.8
HOOT4 BZ      HOTEIS OTHON-PRF      279263634    -71631286.8
HOTHON BZ     HOTEIS OTHON SA       279263634    -71631286.8
TEKA2 BZ      TEKA-RTS              278124701     -447124084
TKTQY US      TEKA-ADR              278124701     -447124084
TEKAON BZ     TEKA                  278124701     -447124084
TEKA3 BZ      TEKA                  278124701     -447124084
TEKA9 BZ      TEKA-RCT              278124701     -447124084
TEKAY US      TEKA-ADR              278124701     -447124084
TKTPF US      TEKA-PREF             278124701     -447124084
TKTPY US      TEKA-ADR              278124701     -447124084
TKTQF US      TEKA                  278124701     -447124084
TEKA1 BZ      TEKA-RTS              278124701     -447124084
TEKAPN BZ     TEKA-PREF             278124701     -447124084
TEKA10 BZ     TEKA-RCT              278124701     -447124084
TEKA4 BZ      TEKA-PREF             278124701     -447124084
DOCA3 BZ      DOCA INVESTIMENT      268123426     -196630079
DOCA4 BZ      DOCA INVESTI-PFD      268123426     -196630079
DOCA2 BZ      DOCAS SA-RTS PRF      268123426     -196630079
DOCAPN BZ     DOCAS SA-PREF         268123426     -196630079
DOCAON BZ     DOCAS SA              268123426     -196630079
SNSYBN BZ     SANSUY SA-PREF B      184395011     -123295854
SNSY3 BZ      SANSUY                184395011     -123295854
SNSY6 BZ      SANSUY-PREF B         184395011     -123295854
SNSYAN BZ     SANSUY SA-PREF A      184395011     -123295854
SNSY5 BZ      SANSUY-PREF A         184395011     -123295854
SNSYON BZ     SANSUY SA             184395011     -123295854
DHBPN BZ      DHB IND E COM-PR      145490397    -98414057.9
DHBON BZ      DHB IND E COM         145490397    -98414057.9
DHBI4 BZ      D H B-PREF            145490397    -98414057.9
DHBI3 BZ      D H B                 145490397    -98414057.9
TXRX2 BZ      TEXTEIS RENAU-RT      135518574    -64690189.5
RENXPN BZ     TEXTEIS RENAUX        135518574    -64690189.5
TXRX10 BZ     TEXTEIS RENA-RCT      135518574    -64690189.5
TXRX1 BZ      TEXTEIS RENAU-RT      135518574    -64690189.5
RENXON BZ     TEXTEIS RENAUX        135518574    -64690189.5
TXRX3 BZ      RENAUXVIEW SA         135518574    -64690189.5
TXRX9 BZ      TEXTEIS RENA-RCT      135518574    -64690189.5
TXRX4 BZ      RENAUXVIEW SA-PF      135518574    -64690189.5
BUET3 BZ      BUETTNER             97195113.5    -13140028.8
BUETPN BZ     BUETTNER SA-PRF      97195113.5    -13140028.8
BUET1 BZ      BUETTNER SA-RTS      97195113.5    -13140028.8
BUETON BZ     BUETTNER SA          97195113.5    -13140028.8
BUET2 BZ      BUETTNER SA-RT P     97195113.5    -13140028.8
BUET4 BZ      BUETTNER-PREF        97195113.5    -13140028.8
COBRON BZ     COBRASMA SA          93053412.6    -2050908520
CBMA4 BZ      COBRASMA-PREF        93053412.6    -2050908520
COBRPN BZ     COBRASMA SA-PREF     93053412.6    -2050908520
CBMA3 BZ      COBRASMA             93053412.6    -2050908520
ESTRPN BZ     ESTRELA SA-PREF      80632225.7     -102894942
ESTRON BZ     ESTRELA SA           80632225.7     -102894942
ESTR4 BZ      ESTRELA SA-PREF      80632225.7     -102894942
ESTR3 BZ      ESTRELA SA           80632225.7     -102894942
FTRX1 BZ      FABRICA TECID-RT     78479539.9    -67506773.4
FRNXPN BZ     FABRICA RENAUX-P     78479539.9    -67506773.4
FTRX3 BZ      FABRICA RENAUX       78479539.9    -67506773.4
FRNXON BZ     FABRICA RENAUX       78479539.9    -67506773.4
FTRX4 BZ      FABRICA RENAUX-P     78479539.9    -67506773.4
IGBR6 BZ      GRADIENTE-PREF B     69132281.2     -253174445
IGBR5 BZ      GRADIENTE-PREF A     69132281.2     -253174445
IGBAN BZ      GRADIENTE EL-PRA     69132281.2     -253174445
IGBON BZ      GRADIENTE ELETR      69132281.2     -253174445
IGBBN BZ      GRADIENTE EL-PRB     69132281.2     -253174445
IGBR3 BZ      IGB ELETRONICA       69132281.2     -253174445
IGBCN BZ      GRADIENTE EL-PRC     69132281.2     -253174445
IGBR7 BZ      GRADIENTE-PREF C     69132281.2     -253174445
SCLO4 BZ      SCHLOSSER-PREF       61624578.5    -45628872.6
SCHON BZ      SCHLOSSER SA         61624578.5    -45628872.6
SCLO3 BZ      SCHLOSSER            61624578.5    -45628872.6
SCHPN BZ      SCHLOSSER SA-PRF     61624578.5    -45628872.6
CAFE4 BZ      CAF BRASILIA-PRF     49512076.1     -999279159
CAFE3 BZ      CAF BRASILIA         49512076.1     -999279159
CSBRON BZ     CAFE BRASILIA SA     49512076.1     -999279159
CSBRPN BZ     CAFE BRASILIA-PR     49512076.1     -999279159
VPTA3 BZ      VARIG PART EM TR     49432124.2     -399290396
VPTA4 BZ      VARIG PART EM-PR     49432124.2     -399290396
GAFP4 BZ      CIMOB PART-PREF      44047411.7    -45669963.6
GAFP3 BZ      CIMOB PARTIC SA      44047411.7    -45669963.6
GAFON BZ      CIMOB PARTIC SA      44047411.7    -45669963.6
GAFPN BZ      CIMOB PART-PREF      44047411.7    -45669963.6
RCSL1 BZ      RECRUSUL - RT          41441029    -25619212.8
4529789Q BZ   RECRUSUL - RCT         41441029    -25619212.8
RCSL10 BZ     RECRUSUL - RCT         41441029    -25619212.8
0163580D BZ   RECRUSUL - RT          41441029    -25619212.8
RCSL12 BZ     RECRUSUL-BON RT        41441029    -25619212.8
0163582D BZ   RECRUSUL - RCT         41441029    -25619212.8
RESLON BZ     RECRUSUL SA            41441029    -25619212.8
RCSL4 BZ      RECRUSUL-PREF          41441029    -25619212.8
4529781Q BZ   RECRUSUL - RT          41441029    -25619212.8
RCSL11 BZ     RECRUSUL-BON RT        41441029    -25619212.8
RCSL9 BZ      RECRUSUL - RCT         41441029    -25619212.8
RCSL3 BZ      RECRUSUL               41441029    -25619212.8
4529793Q BZ   RECRUSUL - RCT         41441029    -25619212.8
RESLPN BZ     RECRUSUL SA-PREF       41441029    -25619212.8
0163579D BZ   RECRUSUL - RT          41441029    -25619212.8
RCSL2 BZ      RECRUSUL - RT          41441029    -25619212.8
4529785Q BZ   RECRUSUL - RT          41441029    -25619212.8
0163583D BZ   RECRUSUL - RCT         41441029    -25619212.8
WISAON BZ     WIEST SA             34108201.4     -126997429
WISAPN BZ     WIEST SA-PREF        34108201.4     -126997429
WISA3 BZ      WIEST                34108201.4     -126997429
WISA4 BZ      WIEST-PREF           34108201.4     -126997429
SNST3 BZ      SANESALTO            31802628.1    -2924062.87
COBEBN BZ     CONST BETER-PR B     31374373.7    -1555470.16
COBEON BZ     CONST BETER SA       31374373.7    -1555470.16
COBE5 BZ      CONST BETER-PF A     31374373.7    -1555470.16
1COBBN BZ     CONST BETER-PF B     31374373.7    -1555470.16
COBEAN BZ     CONST BETER-PR A     31374373.7    -1555470.16
COBE5B BZ     CONST BETER-PFA      31374373.7    -1555470.16
COBE6 BZ      CONST BETER-PF B     31374373.7    -1555470.16
1009Q BZ      CONST BETER-PR B     31374373.7    -1555470.16
COBE3B BZ     CONST BETER SA       31374373.7    -1555470.16
1COBAN BZ     CONST BETER-PF A     31374373.7    -1555470.16
COBE3 BZ      CONST BETER SA       31374373.7    -1555470.16
1COBON BZ     CONST BETER SA       31374373.7    -1555470.16
1008Q BZ      CONST BETER-PR A     31374373.7    -1555470.16
COBE6B BZ     CONST BETER-PF B     31374373.7    -1555470.16
1007Q BZ      CONST BETER SA       31374373.7    -1555470.16
STLB3 BZ      ALL ORE MINERACA     27939352.3    -769622.943
STLB1 BZ      STEEL - RT           27939352.3    -769622.943
STLB9 BZ      STEEL - RCT ORD      27939352.3    -769622.943
AORE3 BZ      ALL ORE MINERACA     27939352.3    -769622.943
STRP4 BZ      BOTUCATU-PREF        27663604.9    -7174512.03
STARON BZ     STAROUP SA           27663604.9    -7174512.03
STRP3 BZ      BOTUCATU TEXTIL      27663604.9    -7174512.03
STARPN BZ     STAROUP SA-PREF      27663604.9    -7174512.03
NOVA3B BZ     NOVA AMERICA SA        21287489     -183535527
1NOVON BZ     NOVA AMERICA SA        21287489     -183535527
NOVAON BZ     NOVA AMERICA SA        21287489     -183535527
NOVA3 BZ      NOVA AMERICA SA        21287489     -183535527
NOVA4 BZ      NOVA AMERICA-PRF       21287489     -183535527
NOVAPN BZ     NOVA AMERICA-PRF       21287489     -183535527
1NOVPN BZ     NOVA AMERICA-PRF       21287489     -183535527
NOVA4B BZ     NOVA AMERICA-PRF       21287489     -183535527
HAGAPN BZ     FERRAGENS HAGA-P     19097885.3    -54511171.5
HAGA3 BZ      HAGA                 19097885.3    -54511171.5
HAGA4 BZ      FER HAGA-PREF        19097885.3    -54511171.5
HAGAON BZ     FERRAGENS HAGA       19097885.3    -54511171.5
REIC US       REII INC               14423532       -3506007
BDFCE US      B&D FOOD CORP          14423532       -3506007
LATF US       LATTENO FOOD COR       14423532       -3506007
BDFC US       B&D FOOD CORP          14423532       -3506007
NORD1 BZ      NORDON MET-RTS       13484502.4    -32072452.9
NORD3 BZ      NORDON MET           13484502.4    -32072452.9
NORDON BZ     NORDON METAL         13484502.4    -32072452.9
CALI3 BZ      CONST A LINDEN         13136723    -3979605.38
CALI1 BZ      CONST LINDEN RT        13136723    -3979605.38
CALI9 BZ      CONST LINDEN RCT       13136723    -3979605.38
CALI10 BZ     CONST LINDEN RCT       13136723    -3979605.38
LINDON BZ     CONST A LINDEN         13136723    -3979605.38
CALI2 BZ      CONST LINDEN RT        13136723    -3979605.38
LINDPN BZ     CONST A LIND-PRF       13136723    -3979605.38
CALI4 BZ      CONST A LIND-PRF       13136723    -3979605.38
LARPN BZ      LARK MAQUINAS-PR       12676774    -6293304.48
LARK3 BZ      LARK MAQS              12676774    -6293304.48
LARON BZ      LARK MAQUINAS          12676774    -6293304.48
LARK1 BZ      LARK SA MAQU-RTS       12676774    -6293304.48
LARK2 BZ      LARK SA MAQU-RTS       12676774    -6293304.48
LARK4 BZ      LARK MAQS-PREF         12676774    -6293304.48
ARLA4 BZ      ARTHUR LANGE-PRF     11642255.9    -17154461.9
ARLA2 BZ      ARTHUR LANG-RT P     11642255.9    -17154461.9
ALICON BZ     ARTHUR LANGE SA      11642255.9    -17154461.9
ARLA3 BZ      ARTHUR LANGE         11642255.9    -17154461.9
ARLA11 BZ     ARTHUR LAN-DVD C     11642255.9    -17154461.9
ARLA1 BZ      ARTHUR LANG-RT C     11642255.9    -17154461.9
ARLA10 BZ     ARTHUR LANG-RC P     11642255.9    -17154461.9
ARLA12 BZ     ARTHUR LAN-DVD P     11642255.9    -17154461.9
ALICPN BZ     ARTHUR LANGE-PRF     11642255.9    -17154461.9
ARLA9 BZ      ARTHUR LANG-RC C     11642255.9    -17154461.9
FTSJON BZ     TECEL S JOSE         11373137.9    -58818728.6
FTSJPN BZ     TECEL S JOSE-PRF     11373137.9    -58818728.6
SJOS3 BZ      TECEL S JOSE         11373137.9    -58818728.6
SJOS4 BZ      TECEL S JOSE-PRF     11373137.9    -58818728.6
CCHI3 BZ      CHIARELLI SA         11281940.7    -81454622.1
CCHI4 BZ      CHIARELLI SA-PRF     11281940.7    -81454622.1
CCHON BZ      CHIARELLI SA         11281940.7    -81454622.1
CCHPN BZ      CHIARELLI SA-PRF     11281940.7    -81454622.1
FGUIPN BZ     FERREIRA GUIM-PR     11016542.1     -151840377
FGUION BZ     FERREIRA GUIMARA     11016542.1     -151840377
FGUI3 BZ      F GUIMARAES          11016542.1     -151840377
FGUI4 BZ      F GUIMARAES-PREF     11016542.1     -151840377

COLOMBIA

2940894Z CI   EMPRESA DE LOS F     1933599104      -50416404
TELEX CI      CHILESAT CORP SA     1156945109     -122555290
CHILESAT CI   CLARO COM SA         1156945109     -122555290
CSAOY US      TELMEX CORP-ADR      1156945109     -122555290
TL US         CHILESAT CO-ADR      1156945109     -122555290
TELEXA CI     TELEX-A              1156945109     -122555290
CHISATOS CI   CHILESAT CO-RTS      1156945109     -122555290
TELEXO CI     TELEX-RTS            1156945109     -122555290
PUYEHUOS CI   PUYEHUE RIGHT        24447502.1    -1250905.47
PUYEH CI      PUYEHUE              24447502.1    -1250905.47


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

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

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


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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