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

              Tuesday, May 8, 2012, Vol. 13, No. 091


                            Headlines



A R G E N T I N A

EMPRESA DISTRIBUIDORA: Moody's Affirms 'B2' CFR; Outlook Stable
FOXMAN FUEGUINA: Applies for Bankruptcy Protection
INDUSTRIAS MD: Asks for Bankruptcy Proceedings
SILLETEC SA: Creditors' Proofs of Debt Due June 18


B A H A M A S

KERZNER INTERNATIONAL: Atlantis Resort Rescue Moves Forward


B E R M U D A

BRIDAS INTERNATIONAL: Creditors' Proofs of Debt Due May 16
BRIDAS INTERNATIONAL: Members' Final Meeting Set for June 5
EBP RE: Creditors' Proofs of Debt Due May 16
OLD MUTUAL: Creditors' Proofs of Debt Due May 23

OLD MUTUAL: Members' Final Meeting Set for June 5
TBS INTERNATIONAL: Creditors' Proofs of Debt Due May 25
TBS INTERNATIONAL: Members' Final Meeting Set for June 20


B R A Z I L

CENTRAIS ELETRICAS: To Seek BRL650 Million Bond Sale
GAFISA SA: Appeals to Foreign Investors Ahead of Board Vote


C O L O M B I A

OSAGE EXPLORATION: Issues US$10 Senior Secured Note to Apollo


M E X I C O

BNTECB 07-2: Moody's Cuts Rating on Sub. Debt Certs. to 'Ba3'
NEWSAN: Moody's Assigns 'B2' Rating to ARS100MM Sr. Unsec. Notes


P U E R T O   R I C O

CERTENEJAS INC: Can Employ Luis Carrasquillo as Consultant
CERTENEJAS INC: Can Hire Charles Cuprill as Attorney
CERTENEJAS INC: Sec. 341(a) Creditors' Meeting Set for May 21


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Management Encourages Firms to Start Building


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


EMPRESA DISTRIBUIDORA: Moody's Affirms 'B2' CFR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the B2 foreign currency
corporate family rating and A2.ar national scale rating of
Empresa Distribuidora de Electricidad de Salta S.A. ("EDESA")
following the announcement that Edenor (B3/Baa2.ar, negative)
will sell and transfer the operating subsidiary to Salta
Inversions Electricas S.A. (SIESA, not rated). The senior
unsecured ratings on EDESA's US$63 million proposed notes are
also affirmed. The outlook for all ratings is stable.

The ratings were originally assigned to EDESA's USD 65 million
proposed notes on November 7, 2011. The transaction was
subsequently postponed and is now expected to go to market within
the next couple of weeks. The note amount has been reduced to
US$63 million rather than the original US$65 million previously
announced.

Proceeds from the US$63 million notes will be used to complete
the asset transfer from Edenor to SIESA. Prior to the closing and
at the same time of the issuance of the notes, EDESA should
settle the intercompany loan it received from Edenor, dated
March 4, 2011, for a principal amount of AR$131.3 million
(approximately US$30 million) plus accrued interest. EDESA should
also settle the ARS3.8 million on the 2010 notes still
outstanding. Finally, the remaining portion under the proposed
notes will be used to prepay a syndicated loan of approximately
ARS55 million (US$12.5 million) outstanding.

Ratings Rationale

The affirmation takes into consideration the new shareholding
group's ample experience and track record in the industry.
SIESA's main shareholders include EDESA's current CEO and
chairman of the board, Rogelio Pagano, who was previously
Edenor's CFO and one of the board members of AEI Utilities's
operations in Argentina, Miguel Mendoza. AlthoughMoody's believe
that operating an isolated distribution utility in a relatively
small service area without the previously expected synergies
arising from being part of the largest electricity group in the
country raises some concerns on the future efficacy of EDESA's
operations, Moody's notes that Edenor's (EDESA's current owner)
financial strength is deteriorating and that any previously
expected financial support is questionable. In
addition, Moody's also acknowledges that a smaller operation that
is provincially regulated may be in a more flexible position to
adapt to changing or adverse circumstances. In that sense,
distance from Buenos Aires and a smaller client base is a credit
positive in terms of the lower impact of potential tariffs
increases and smoother relationships with both local unions and
the local regulator in Salta.

In affirming the ratings, Moody's continues to take into account
the more reasonable tariff track record from the provincial
regulator as compared to federally regulated utilities, as
evidenced by EDESA's historical credit metrics and its ability to
recover increased costs. Although on an historical basis EDESA's
metrics are slightly weaker than some peers, Moody's expects them
to improve while many of the peers, particularly in the federally
regulated electric and gas distribution sector in Argentina, are
rapidly deteriorating as demonstrated by the recent downgrades on
some of EDESA's peers.

The ratings are constrained by the overall regulatory uncertainty
for regulated utilities in Argentina. Although provincial
regulations have been more proactive than federal regulators in
recent years, the overall regulatory framework n Argentinaremains
uncertain and unpredictable.

The ratings also factor in the small size of the company in terms
of revenues, number of clients and service area. From a
comparison stand point EDESA's market position is considered
weaker than Edenor' and other bigger regulated utilities with
operations in Buenos Aires.

Finally, EDESA's notes are dollar denominated and will not be
hedged, therefore they will be exposed to potential devaluation
risk. Management has indicated its intention to swap one to two
years of interest (and principal), although at the issuance date
the swaps are not expected to be in place.

The stable outlook reflects Moody's expectation that EDESA will
continue to maintain a proactive relationship with the Provincial
regulator and that provincial regulations will continue to be
supportive in relation to cost recoveries and authorized tariff
increases. The stable outlook also anticipates moderate leverage
and positive free cash flow generation in the medium term.

Negative pressure on the ratings or outlook could result from an
unanticipated adverse change in the Province's regulations or
some negative intervention from federal government/regulations in
the company's business. Additionally, any downward rating action
at the sovereign level would likely result in negative rating
actions at EDESA. Finally, execution of a more aggressive
financial policy that favors higher leverage or aggressive
dividend payments which impact the cushion for debt repayment
could also add downward ratings pressure. Quantitatively, a ratio
of RCF to Debt lower than 25% or a debt to EBITDA ratio higher
than 3.5 times could result in a negative rating action.

An upgrade of the rating or the outlook could result from a
substantial reduction in leverage such that debt to EBITDA falls
below 1.0 time coupled with a debt profile that avoids material
exposure to FX and devaluation risk. An improving business and
regulatory environment in Argentina or a positive rating action
at the sovereign level could also create upwards rating pressure.

Edesa is the sole electricity distribution company operating in
the Province of Salta in northern Argentina. On August 12, 1996,
Edesa was granted a 50-year concession by theSalta provincial
government to distribute electricity on an exclusive basis within
the Province territory. Edesa distributes electricity to
approximately 96% of the households in the Province and reported
revenues for the last twelve months as of December, 2011 of ARS
415 million (approximately US$95 million).

Edesa's current indirect controlling shareholder is Edenor
(B3/Baa2.ar, negative) through the holding of 78.56% of Emdersa's
(EDESA direct holding company parent) shares. On April 24, Edenor
announced it was selling the company to SIESA (not rated), an
Argentinean investment group.


FOXMAN FUEGUINA: Applies for Bankruptcy Protection
--------------------------------------------------
Foxman Fueguina SA applied for bankruptcy protection.  The
company defaulted on its payments last Aug. 1, 2011.


INDUSTRIAS MD: Asks for Bankruptcy Proceedings
----------------------------------------------
Industrias MD SA asked for bankruptcy proceedings.  The company
defaulted on its payments last Aug. 16, 2011.


SILLETEC SA: Creditors' Proofs of Debt Due June 18
--------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for Silletec
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 18, 2012.

Mr. Arias will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk No.
13, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Alberto Arias
         Av. Corrientes 1312
         Argentina


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


KERZNER INTERNATIONAL: Atlantis Resort Rescue Moves Forward
-----------------------------------------------------------
Caribbean360.com reports that Brookfield Asset Management must
maintain at least 8,000 employees and pump a minimum US$50
million a year into Kerzner International's Atlantis Resort and
One & Only Ocean Club in exchange for the Bahamas government
approving its ownership transfer.

The government of Bahamas has announced its approval of the
ownership transfer to Brookfield Asset Management in a US$175
million debt-for-equity swap, according to Caribbean360.com.  The
report relates that the announcement comes almost four months
after Brookfield cancelled its original deal to take over the
Paradise Island properties and another resort in Mexico.

Caribbean360.com notes that the government and Kerzner executives
first disclosed the impending ownership transfer in November
2011. However, the report relates that in mid-January, Brookfield
cancelled its offer days after a group of Kerzner creditors more
senior to Brookfield filed a lawsuit alleging that the Canadian
conglomerate negotiated a "sweetheart deal" that would negatively
impact the interests of other lenders.

Caribbean360.com says that the government said it was now
"formally satisfied" that Kerzner's group of lenders had agreed
to the transfer of ownership.

Caribbean360.com discloses that along with the financial
requirements as a condition of the ownership transfer, the
government has also stipulated that Kerzner continues to market
the Atlantis brand on the same level as it was previously.  The
new deal also mandates that existing staff will be employed by
Brookfield.

Under two management agreements included in the deal -- the
Atlantis Management Agreement and Ocean Club Management Agreement
-- Kerzner will continue to manage Atlantis for a minimum of
three to six years and the One & Only Ocean Club for at least 15
years, once it meets "certain performance hurdles,"
Caribbean360.com notes.

However, Caribbean360.com says that despite these stipulations,
the Bahamian government has not outlined what, if any,
repercussions Brookfield would face if it does not adhere to
these conditions.

George Markantonis, Kerzner International (Bahamas) managing
director, said the new deal would not change the company's day-
to-day operations, the report adds.

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
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BRIDAS INTERNATIONAL: Creditors' Proofs of Debt Due May 16
----------------------------------------------------------
The creditors of Bridas International Ltd. are required to file
their proofs of debt by May 16, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 30, 2012.

The company's liquidator is:

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


BRIDAS INTERNATIONAL: Members' Final Meeting Set for June 5
-----------------------------------------------------------
The members of Bridas International Ltd. will hold their final
meeting on June 5, 2012, at 9:30 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 30, 2012.

The company's liquidator is:

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


EBP RE: Creditors' Proofs of Debt Due May 16
--------------------------------------------
The creditors of EBP Re, Ltd. are required to file their proofs
of debt by May 16, 2012, to be included in the company's dividend
distribution.

Stephen Lowe is the company's provisional liquidator.


OLD MUTUAL: Creditors' Proofs of Debt Due May 23
------------------------------------------------
The creditors of Old Mutual Life Assurance Company (Bermuda)
Limited are required to file their proofs of debt by May 23,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2012.

The company's liquidators are:

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


OLD MUTUAL: Members' Final Meeting Set for June 5
-------------------------------------------------
The members of Old Mutual Life Assurance Company (Bermuda)
Limited will hold their final meeting on June 5, 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 25, 2012.

The company's liquidators are:

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


TBS INTERNATIONAL: Creditors' Proofs of Debt Due May 25
-------------------------------------------------------
The creditors of TBS International Limited are required to file
their proofs of debt by May 25, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 24, 2012.

The company's liquidators are:

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


TBS INTERNATIONAL: Members' Final Meeting Set for June 20
---------------------------------------------------------
The members of TBS International Limited will hold their final
meeting on June 20, 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 24, 2012.

The company's liquidators are:

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


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


CENTRAIS ELETRICAS: To Seek BRL650 Million Bond Sale
----------------------------------------------------
Bloomberg News reports that Centrais Eletricas do Para SA will
seek to sell BRL650 million (US$337 million) of bonds as part of
its recovery plan, said a person with direct knowledge of the
matter.

The bonds would yield 15% a year and could be converted into
stock in the future, said the person, who asked not to be
identified because the plan isn't public yet, according to
Bloomberg News.

A meeting with creditors to discuss the plan will be held within
120 days, Celpa said in an e-mailed statement obtained by
Bloomberg News.

Bloomberg News notes that the Brazilian government is not
planning to take control of Celpa to help investors, Energy
Minister Edison Lobao said March 13.  Bloomberg News relays that
the government would only step in to help ensure power
distribution if necessary, Mr. Lobao said.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2012, Bloomberg News said that Celpa filed for
bankruptcy protection amid growing debt and more than four years
of frozen tariffs as the company's controller struggles to find a
buyer.  Some regulations issued in recent years by the Brazilian
electricity regulator, Aneel, "impacted drastically" on Celpa's
earnings, the company said in a regulatory filing obtained
by Bloomberg.  Celpa, Bloomberg relates, said it was also
affected by Aneel "delaying" tariff revisions.

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

                           *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


GAFISA SA: Appeals to Foreign Investors Ahead of Board Vote
-----------------------------------------------------------
Gabrielle Coppola and Telma Marotto at Bloomberg News report that
Gafisa SA is appealing to international shareholders, who hold
57% of the Brazilian homebuilder's stock, to support the
company's slate of board nominees at a meeting next week.

"An important part of our shareholders may be on the sidelines in
the process . . . .  The company can change without their
opinion," Chief Executive Officer Alceu Duilio Calciolari told
Bloomberg News in an interview.

Bloomberg News discloses that investors holding about 7% of the
stock, including Rio de Janeiro-based fund managers Polo Gestao
de Recursos Ltda. and Rio Bravo Investimentos, are challenging
Gafisa SA's nominees after the stock plunged 57% in the past
year, saying current management isn't capable of turning around
the company, which reported a fourth-quarter loss of US$537
million, Bloomberg News notes.

Bloomberg News says that control of the board at Brazil's fifth-
biggest homebuilder by revenue may change hands should
international investors, many of whom are unaware of the upcoming
election, fail to support the company's nominees.  Investors who
don't attend the meeting have until May 8 to vote.

International investors are at a disadvantage because some of the
challengers' board nominees will be announced only during the
meeting on May 11, Mr. Calciolari said, Bloomberg News says.

Polo Gestao de Recursos has nominated five new people to the
board, including Claudio Andrade, a partner at the firm,
according to regulatory filings, Bloomberg News relays.  Rio
Bravo and Funcef, the pension fund of state-controlled bank Caixa
Economica Federal, have also put forth candidates to Gafisa's
board, Bloomberg News adds.

                          About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and also
one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 20, 2012, Moody's America Latina downgraded Gafisa's
corporate family ratings to Ba3 from Ba2 on its global scale and
to A3.br from A1.br on its national scale.


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C O L O M B I A
===============


OSAGE EXPLORATION: Issues US$10 Senior Secured Note to Apollo
-------------------------------------------------------------
Osage Exploration and Development, Inc., entered into a
US$10,000,000 senior secured note purchase agreement with Apollo
Investment Corporation.  The Notes, which mature on April 27,
2015, are secured by substantially all of the assets of the
company, including a mortgage on all of the Company's Oklahoma
leases.  The Notes have an interest rate of Libor plus 15% with a
Libor floor of 2.0%, with interest payable in cash monthly.  In
addition, Apollo received a warrant to purchase 1,496,843 shares
of common stock, US$0.0001 par value, exercisable at US$0.01 per
share with an expiration date of April 27, 2017.  Minimum draw
downs on the Note Purchase Agreement are US$1,000,000.  At
closing, the Company did not draw down any funds.

At closing, the Company paid US$100,000 placement fee, to CC
Natural Resource Partners, LLC, and issued a warrant to purchase
250,000 shares of common stock, US$0.0001 par value, exercisable
at US$0.01 per share with an expiration date of April 27, 2014.
The Company will pay CCNRP an additional placement fee of 4.0% of
the amount drawn, once the Company has drawn US$2,500,000 under
the Note Purchase Agreement.

                      About Osage Exploration

Based in San Diego, California with production offices in
Oklahoma City, Oklahoma, and executive offices in Bogota,
Colombia, Osage Exploration and Development, Inc. (OTC BB: OEDV)
-- http://www.osageexploration.com/-- is an independent
exploration and production company with interests in oil and gas
wells and prospects in the US and Colombia.

The Company's balance sheet at Dec. 31, 2011, showed US$5.47
million in total assets, US$1.32 million in total liabilities,
and a US$4.15 million in total stockholders' equity.

GKM, LLP, in Encino, California, expressed substantial doubt
about the Company's ability to continue as a going concern
following the Company's 2011 financial results.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has an accumulated deficit as of Dec. 31,
2011.


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


BNTECB 07-2: Moody's Cuts Rating on Sub. Debt Certs. to 'Ba3'
-------------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the Global Scale, Local
Currency and National Scale ratings of BNTECB 07 senior debt
certificates to Baa3 (sf) / Aa2.mx (sf) from Baa1 (sf) / Aaa.mx
(sf). Moody's also downgraded the Global Scale, Local Currency
and National Scale ratings of BNTECB 07-2 subordinated debt
certificates to Ba3 (sf) / A3.mx (sf) from Baa3 (sf) / Aa3.mx
(sf).

Originator: Banco Mercantil del Norte S.A., Institucion de Banca
Múltiple, Grupo Financiero Banorte

Trustee: The Bank of New York Mellon S.A., Institución de Banca
Múltiple

Class A BNTECB 07: Downgraded to Baa3 (sf) / Aa2.mx (sf) Global
Scale, Local Currency and Mexican National Scale; previously on
December 4, 2007 assigned Baa1 (sf) / Aaa.mx (sf)

Class B BNTECB 07-2: Downgraded to Ba3 (sf) / A3.mx (sf) Global
Scale, Local Currency and Mexican National Scale; previously on
December 4, 2007 assigned Baa3 (sf) / Aa3.mx (sf)

Rating Rationale

These rating actions are mainly driven by a lower credit quality
in the securitized loan portfolio than that at the transaction
closing in December 4, 2007, when Moody's assigned initial
ratings. Interest and principal payments to certificate holders
are backed by cash flow from a portfolio comprised of loans
granted to Mexican states and municipalities by Banco Mercantil
del Norte S.A., Institucion de Banca Multiple, Grupo Financiero
Banorte (Banorte, rated A3 / Aaa.mx Bank Deposits, Local Currency
and Mexican National Scale, respectively). Most of securitized
loans are backed by federal participation revenues assigned to a
trust established under the laws of Mexico.

BNTECB 07 certificates have a minimum established credit
enhancement of 6% of the total loan balance in the form of
subordination and overcollaterization. As of April 2012, the
total credit enhancement for BNTECB 07 was 12.3%. Certificates
BNTECB 07-2 are subordinated to BNTECB 07 and benefit from a
minimum of 2% of the total loan balance in the form of
overcollateralization. In addition, Moody's ratings reflect the
role of Banorte as collateral manager, the stable trend of total
collections and a fully funded cash reserve equivalent to one
coupon payment. These factors mitigate liquidity risks associated
with this transaction's dual waterfall structure. According to
the transaction documents, interest collections net of fees and
expenses are used to pay interest on the certificates, and
principal collections are only to be used to pay principal on the
certificates. As of April 2012, the interest coverage ratio (ICR)
during the last twelve months exhibited an average of 1.24 times
(x) for BNTECB 07 certificates and 2.26x if the cash reserve fund
is taken into account.

Trust assets are currently comprised of loans (91.8%) and cash
(8.2%). Total loan portfolio is relatively concentrated and
includes 11 obligors representing 21 loans. Average and maximum
obligor concentration are at 4.3% and 21.3%, respectively.
According to the collateral manager report, all loans are
current.

Moody's analyzed the underlying collateral pool of loans in a
base case scenario to derive a default probability taking into
account the credit quality of the securitized assets and the
expected average life of each loan. The expected loss for both
certificates considered the resulted weighted average default
probability (this is an implied weighted average rating factor --
WARF-of 799), current overcollateralization level, a 50% recovery
rate, 65% correlation and the liability structure of this
transaction. BNTECB 07 and BNTECB 07-2 certificates pay interest
on a monthly basis and amortize at the legal final maturity date
(May 15, 2037). However, if total credit enhancement is not met
at any coupon date, the certificates will receive principal
payments until the minimum credit enhancement is met. As of April
2012, both certificates had been paid down approximately 21.1%.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Assuming the
default probability is adjusted by a 35% increase on the Moody's
WARF to 1,084, BNTECB 07 ratings would change to Ba1 (sf) /
Aa3.mx (sf) from Baa3 (sf) / Aa2.mx (sf); and BNTECB 07-2 ratings
would change to B1 (sf) / Baa1.mx (sf) from Ba3 (sf) / A3.mx
(sf). If the Moody's WARF is decreased by -36% to 508 (this is a
lower expected loss) then, BNTECB 07 ratings would change to Baa1
(sf) / Aaa.mx (sf) from Baa3 (sf) / Aa2.mx (sf); and BNTECB 07-2
ratings would change to Ba2 (sf) / A1.mx (sf) from Ba3 (sf) /
A3.mx (sf), all other factors are held equal.


NEWSAN: Moody's Assigns 'B2' Rating to ARS100MM Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Latin America has assigned a B2 local currency rating and
an Aa3.ar NSR to Newsan's proposed new ARS100 million Class II
senior unsecured notes to be issued in the local capital market.
At the same time, Moody's assigned a B2 local currency rating and
an Aa3.ar NSR to Newsan's proposed ARS100 million Class III
senior unsecured notes. At the same time, Moody's affirmed the B2
local currency rating and an Aa3.ar NSR to Newsan's ARS 200
million bank credit lines with Banco de la Nacion Argentina. The
outlook was revised to stable from positive.

The following ratings were affected:

-- Corporate Family Rating, B2 is affirmed. Aa3.ar National
Scale Rating is affirmed

-- Senior Unsecured Bank Credit Facility, B2 is affirmed. Aa3.ar
National Scale Rating is affirmed

Assignments:

-- ARS up to 200 million Senior Unsecured notes, B2 / Aa3.ar

Outlook, revised to stable from positive

Rating Rationale

The rating actions reflect Moody's view that Newsan ultimately
cannot be completely de-linked from the credit quality of the
Argentinean government (B3, stable), and thus its ratings need to
more closely reflect the risk that they share with the sovereign.

Moody's believes that there has been no deterioration in the
intrinsic credit quality of Newsan. However, a weaker sovereign
has the potential to create a credit pressure, and therefore it
is appropriate to limit the extent to which these issuers are
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012.

Newsan remains rated above the sovereign rating at B3 as a
reflection of its stronger credit quality.

The B2 and Aa3.ar ratings reflect Newsan's position as one of the
leading consumer electronics manufacturers in Argentina, its
diversified product portfolio with market leadership in the
television and residential air conditioning segments and its
flexible manufacturing base, with five plants located
strategically to serve the Argentine consumer market.
Additionally, the ratings reflect Newsan's strong revenue growth
andMoody's expectation that Newsan's sales and funds from
operations will continue to benefit from the 2010 tax amendment
with fiscal benefits for the local electronic products
manufacturing industry, coupled with consumer financing plans
offered by banks and retailers.

The ratings also consider Newsan's low leverage for its rating
category and its well-established relationships with parts
suppliers, one of which is New San's 28.12% minority shareholder,
Sanyo Electric Co., Ltd, acquired by Panasonic (rated A2).

Newsan's key credit negatives include the particularly
challenging competitive environment, with its exclusive focus on
the Argentine consumer market, relatively small scale in relation
to its global peers and high customer concentration. The
company's tight liquidity profile, with most of it debt
structured in the short term, is also a credit negative,
although Moody's expects that Newsan may have some flexibility in
managing its capital expenditures.

The stable outlook reflects Moody's expectation that Newsan will
be able to maintain revenues and earnings over the near term
given the continuing migration from imported goods to local
production, supported by the new regime to promote technological
production in the province of Tierra del Fuego. The rating
outlook also reflects Moody's expectation that Newsan will
continue to successfully implement its business model, thus
allowing the company to preserve adequate access to external
financing sources to meet its short-term debt obligations while
maintaining adequate levels of cash generation in relation to
debt.

An upgrade of the ratings could result from a continued
strengthening of Newsan's revenues during 2012 and 2013 while
maintaining its operating margins and low leverage. In addition,
the extension period of the current credit cards installment
payment scheme could bring upward pressure on the ratings.
Quantitatively, upward momentum could result if Newsan's total
adjusted debt to EBITDA is sustained below 1.2 times (1.3 times
as of last fiscal year ended December, 2011) and EBITDA margin
above 12% (9.4% as of last fiscal year end December, 2011).
Additionally, a more predictable outlook for economic activity
in Argentina would be important for ratings upgrade.

Ratings could come under downward pressure if there is reduced
availability of consumer loans in 2012 or if weaker than expected
performance leads to a deterioration in operating margins.
Quantitatively, a downgrade could result from a drop in Newsan's
EBIT margin to below 5.0% on a three-year average basis or a
significant increase in leverage, with total adjusted debt to
EBITDA of above 6 times. Indications of a weakening market share
in the domestic retail market could also drive negative pressure

Headquartered in Buenos Aires, Argentina, New San S.A. (Newsan)
is one of the leading manufacturers of digital consumer
electronics products, components and audio and home appliances.
With total revenues of US$620 million as of the last fiscal year
ended December, 2011 and a widely known brand name in the local
retail market, New San is a 71.88% family-owned company and
28.12% owned by Sanyo Electric Co, Ltd. (Japan).



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


CERTENEJAS INC: Can Employ Luis Carrasquillo as Consultant
----------------------------------------------------------
The Bankruptcy Court authorized the Certenejas Incorporado to
employ CPA Luis R. Carrasquillo & Co., P.S.C, as financial
consultant.

The Debtor said it is in need of an accountant to assist its
management in the financial restructuring of its affairs by
providing advice in strategic planning and the preparation of
Debtor's plan of reorganization, disclosure statement and business
plan, and participating in Debtor's negotiations with Debtor's
creditors.

In selecting CPA Luis R. Carrasquillo & Co., P.S.C, the Debtor
said it made careful and diligent inquiry into the qualifications
and connections and has found Carrasquillo and its members to be
duly qualified to assist Debtor in the aforesaid areas by reason
of their ability, integrity and professional experience.

The duties of Carrasquillo will consist of strategic counseling
and advice, pro forma modeling preparation, financial/business
assistance, preparation of documentation as requested for and
during Debtor's Chapter 11, specifically as it is related to and
has an effect on Debtor, as well as recommendations and
financial/business assessments regarding issues specifically
related to Debtor.

The Debtor paid CPA Luis R. Carrasquillo a US$30,000 retainer,
against which the Firm will bill the Debtor its regular hourly
rates.  The regular hourly rates of the firm are:

         CPA Luis R. Carrasquillo    US$160 per hour
         CPA Marcelo Gutierrez         $125 per hour
         Other CPA's                   $90-$125 per hour

To the best of the Debtor's knowledge, the Firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                   About Certenejas Incorporado

Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El
Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and
Motel El Rio -- owns motels or short-term guest houses in Puerto
Rico.  It filed a Chapter 11 petition (Bankr. D. P.R. Case No.
12-02806) in Old San Juan, Puerto Rico, on April 11, 2012.  The
Debtor disclosed US$27.68 million in assets and US$45.29 million
in debts as of the Chapter 11 filing.  Charles Alfred Cuprill,
Esq., serves as the Debtor's counsel.  The petition was signed by
Luis J. Meaux Vazquez, president.

Certenejas Incorporado and three affiliates also sought Chapter
11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to
09-08473) on Oct. 2, 2009.  The affiliates are Rojoazul Hotel,
Inc., Jonathan Corporation, and Silvernugget Development
Corporation.  According to the schedules filed in the 2009 case,
Certenejas Incorporado had total assets of US$13,800,000, and
total debts of US$41,596,637.  The petition was signed by Luis J.
Meaux Vazquez, the Company's president.


CERTENEJAS INC: Can Hire Charles Cuprill as Attorney
----------------------------------------------------
The Bankruptcy Court authorized Certenejas Incorporado to employ
Charles A. Cuprill, P.S.C., Law Offices, as attorney for the
Debtor.

The Debtor said it has made careful and diligent inquiry into the
qualifications and connections of Charles A. Cuprill, P.S.C., Law
Offices, and has found that the law firm and its members to be
duly qualified to represent Debtor in the proceedings by reason
of their ability, integrity and professional experience.

The Debtor has paid the firm a US$30,000 retainer.  As
compensation, the law firm will bill the Debtor US$350 per hour,
plus expenses, for work performed or to be performed by Charles
A. Cuprill-Hernandez, Esq.  In addition, other professionals may
be needed in performing services to the Debtor.  The regular
rates of the Firm's professionals are:

         Senior Associates          US$250 per hour
         Junior Associates            $150 per hour
         Paralegals                    $85 per hour

To the best of the Debtor's knowledge, the Firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                   About Certenejas Incorporado

Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El
Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and
Motel El Rio -- owns motels or short-term guest houses in Puerto
Rico.  It filed a Chapter 11 petition (Bankr. D. P.R. Case No.
12-02806) in Old San Juan, Puerto Rico, on April 11, 2012.  The
Debtor disclosed US$27.68 million in assets and US$45.29 million
in debts as of the Chapter 11 filing.  Charles Alfred Cuprill,
Esq., serves as the Debtor's counsel.  The petition was signed by
Luis J. Meaux Vazquez, president.

Certenejas Incorporado and three affiliates also sought Chapter
11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to
09-08473) on Oct. 2, 2009.  The affiliates are Rojoazul Hotel,
Inc., Jonathan Corporation, and Silvernugget Development
Corporation.  According to the schedules filed in the 2009 case,
Certenejas Incorporado had total assets of US$13,800,000, and
total debts of US$41,596,637.  The petition was signed by Luis J.
Meaux Vazquez, the Company's president.


CERTENEJAS INC: Sec. 341(a) Creditors' Meeting Set for May 21
-------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of
creditors of Certenejas Incorporado on May 21, 2012, at 9:00 a.m.
The meeting will be held at 341 Meeting Room, Ochoa Building, 500
Tanca Street, First Floor, San Juan.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Government Proofs of Claim is due by Oct. 15, 2012.

Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El
Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and
Motel El Rio -- owns motels or short-term guest houses in Puerto
Rico.  It filed a Chapter 11 petition (Bankr. D. P.R. Case No.
12-02806) in Old San Juan, Puerto Rico, on April 11, 2012.  The
Debtor disclosed US$27.68 million in assets and US$45.29 million
in debts as of the Chapter 11 filing.  Charles Alfred Cuprill,
Esq., serves as the Debtor's counsel.  The petition was signed by
Luis J. Meaux Vazquez, president.

Certenejas Incorporado and three affiliates also sought Chapter
11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to
09-08473) on Oct. 2, 2009.  The affiliates are Rojoazul Hotel,
Inc., Jonathan Corporation, and Silvernugget Development
Corporation.  According to the schedules filed in the 2009 case,
Certenejas Incorporado had total assets of US$13,800,000, and
total debts of US$41,596,637.  The petition was signed by Luis J.
Meaux Vazquez, the Company's president.


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


TRINIDAD CEMENT: Management Encourages Firms to Start Building
--------------------------------------------------------------
Cecily Asson at Trinidad and Tobago Newsday reports that
contractors are being encouraged by management of Trinidad Cement
Limited to either resume or commence their construction projects
which have been on hold since the February 27 strike by workers
over wage negotiations.

In a release, TCL General Manager Satnarine Bachew stated that in
the just concluded month of April, TCL made available 53,226
metric tons of cement for the local market and noted that they
were able to meet the demand despite ongoing industrial action at
the company, according to T&T Newsday.

"Full market satisfaction was attained through a combination of
cement sourced from TCL's member companies, Arawak Cement Limited
(Barbados) and Caribbean Cement Company Limited (Jamaica) as well
as its strategic partner, CEMEX, supplemented by production at
the Claxton Bay plant," the report quoted Mr. Bachew as saying.

The report notes that a total of 26,592 metric tons was imported
with 26,634 metric tons produced locally.

T&T Newsday discloses that a recent check with hardware dealers,
readymix operators and block manufacturers affirmed that there
was an adequate supply.

"I encourage consumers to either resume or commence their
construction projects free from fear of inconsistent supply as
all measures are in place for the steady ramping up of production
at Claxton Bay and continued outsourcing from the group's
regional operations," Mr. Bachew added, T&T Newsday discloses.

                    About Trinidad Cement

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

                        *     *     *

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


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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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