TCRLA_Public/120514.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

              Monday, May 14, 2012, Vol. 13, No. 095


                            Headlines



A R G E N T I N A

BALVIAL SA: Creditors' Proofs of Debt Due June 7
BANCO CETELEM: Moody's Issues Summary Credit Opinion
FIDEICOMISO FINANCIERO: Moody's Rates ARS1.9-Mil. Certs. 'C.ar'
GRAUDI SA: Creditors' Proofs of Debt Due June 4
HSBC BANK: Moody's Issues Summary Credit Opinion

RINCON DEL ABASTO: Creditors' Proofs of Debt Due June 6


B R A Z I L

BANCO FIBRA: Moody's Issues Summary Credit Opinion
GRUPO SUPERVIELLE: Moody's Gives 'B1' Local Currency Debt Rating
ROTA DAS BANDEIRAS: Moody's Affirms 'Ba1' Issuer Ratings
USINAS SIDERURGICAS: Moody's Downgrades Global Rating to 'Ba2'


C A Y M A N   I S L A N D S

MAN LEADING: Creditors' Proofs of Debt Due May 28
MEZZ FUND II: Creditors' Proofs of Debt Due June 15
MEZZ FUND II EQUITY: Creditors' Proofs of Debt Due June 15
MEZZ FUND II HOLDINGS: Creditors' Proofs of Debt Due June 15
MEZZ FUND II INVESTMENTS: Creditors' Proofs of Debt Due June 15

MEZZ FUND II LIMITED: Creditors' Proofs of Debt Due June 15
NYDS HOLDING: Creditors' Proofs of Debt Due June 14
PR FINANCE: Creditors' Proofs of Debt Due June 14
SUMITOMO LIFE: Creditors' Proofs of Debt Due June 7
TESORO HOLDINGS: Creditors' Proofs of Debt Due June 14


J A M A I C A

AIR JAMAICA: Records US$38 Million Loss in 2011
OLINT CORP: No word on Payout to Investors
* JAMAICA: Unemployment Rate Increases


M E X I C O

ING BANK: S&P Lowers Global Issuer Credit Rating to 'BB-/B'
MEXICANA AIRLINES: Med Atlantica Buys Holding Company


P U E R T O   R I C O

HEALTH DISTILLERS: Case Summary & 4 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: To Unveil Tough Measures to Stop Financial Loss


X X X X X X X X

* BOND PRICING: For the Week May 7 to May 11, 2012


                            - - - - -


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


BALVIAL SA: Creditors' Proofs of Debt Due June 7
------------------------------------------------
Jorge Eduardo Roberts, the court-appointed trustee for Balvial
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until June 7, 2012.

Mr. Roberts will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 22, 2013.

The Trustee can be reached at:

         Jorge Eduardo Roberts
         Hernandarias 953
         Argentina


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

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

Long Term Bank Deposits (domestic currency) ratings of Ba1

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

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

BACKED Senior Unsecured (domestic currency) ratings of Ba1

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)Ba1

BACKED Senior Unsecured MTN Program (foreign currency) ratings of
(P)B2

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

NSR BACKED Senior Unsecured (domestic currency) ratings of Aaa.ar

NSR BACKED Senior Unsecured MTN Program (domestic currency)
ratings of Aaa.ar

NSR BACKED Senior Unsecured MTN Program (foreign currency)
ratings of Aa3.ar

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of E+ (E
plus) to Banco Cetelem Argentina S.A. (Cetelem). This rating
incorporates the bank's niche market focus for consumer lending
and the prospects for growth in this segment. However, the BFSR
also captures inherent volatilities in Cetelem's financial
fundamentals, given its exposure to lower income customer
segments.

The bank's baseline credit assessment (BCA) is b1 and maps
directly from the E+ BFSR. Moody's assumes full support from
Cetelem's ultimate parent, BNP Paribas, France (rated Aa3 under
review for downgrade, by Moody's), given its explicit guarantee
of the entity's obligations, which lifts the bank's long-term
global local-currency (GLC) deposit rating by 3 notches to Ba1.
Cetelem's foreign currency deposit rating of Caa1 is constrained
by the Argentine country ceiling for deposits.

Rating Outlook

All the ratings have stable outlook.

What Could Change the Rating - Up

Any upward pressure on Cetelem's BFSR is currently unlikely given
the existing reassessment of the BCA. The local and foreign
currency deposit and senior unsecured debt ratings are currently
constrained by the country ceilings of the respective instruments
and have a stable outlook aligned to the outlook of the ceilings.
These ratings could be upgraded following an upgrade of the
ceilings given the much higher rating of the parent.

What Could Change the Rating - Down

Deterioration in the bank's fundamentals, especially asset
quality, which would require greater provisioning, thus affecting
profitability. Elimination of the parent's guarantee would also
put downward pressure on the ratings.


FIDEICOMISO FINANCIERO: Moody's Rates ARS1.9-Mil. Certs. 'C.ar'
---------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Colservice Serie I, to be
issued by Equity Trust Company (Argentina) S.A. - acting solely
in its capacity as Issuer and Trustee.

- ARS24.648.741 in Class A Floating Rate Debt Securities of
   "Fideicomiso Financiero Colservice Serie I", rated Aa2.ar (sf)
   (Argentine National Scale) and B1 (sf) (Global Scale, Local
   Currency)

- ARS296.973 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Colservice Serie I", rated Baa2.ar
   (sf) (Argentine National Scale) and B3 (sf) (Global Scale,
   Local Currency)

- ARS2.821.242 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Colservice Serie I", rated Ca.ar (sf)
   (Argentine National Scale) and Ca (sf) (Global Scale, Local
   Currency)

- ARS1.930.323 in Certificates of "Fideicomiso Financiero
   Colservice Serie I", rated C.ar (sf) (Argentine National
   Scale) and C (sf) (Global Scale, Local Currency)

This is the first transaction rated by Moody's backed by
receivables originated by Colservice.

Ratings Rationale

The ratings are based mainly on the following factors:

The available credit enhancement in the transaction, as an
initial subordination of 17% for the Class A and 16% for the
Class B (calculated over the cashflow discounted at a 26% annual
rate).

The value of the collateral, represented by receivables related
to 202 closed-end savings plans (granted with exogenous funds)
with a current weighted average LTV of approximately 68.54%

The ability of Equity Trust Company (Argentina) S.A. to act as
trustee

The established payment mechanism for borrowers to pay directly
into the trust account

The first-priority security interest on the Mercedes-Benz buses.

The ability of Colservice to act as primary servicer in the
transaction

The availability of several reserve funds.

Colservice S.A. de Ahorro para Fines Determinados, acting as
seller, will assign to Fideicomiso Financiero Colservice I fixed
installments related to 202 closed-end saving plans (granted with
exogenous funds) (planes de ahorro cerrados) ("the receivables")
to finance the purchase of new or used Mercedes Benz buses.

The receivables are denominated in Argentine pesos, and will be
purchased by the trust at a discount rate of 26%, for the amount
of ARS29.697.279.

The closed-end saving plans -granted with exogenous funds- were
extended by Colservice to small and medium sized companies, large
companies and self-employed individuals in the transportation and
tourism industries. The receivables are backed by a first-
priority security interest on the vehicles.

Overall credit enhancement is comprised of subordination: 17% for
the Class A, 16% for the Class B, and 6.5% for Class C. In
addition, the transaction benefits from various reserve funds and
excess spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of similar
portfolios. In addition, Moody's considered factors common to
vehicle loan securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the pool with a 12% mean
and a 70% coefficient of variation. Also, Moody's assumed a
lognormal distribution for prepayments with a 5% mean and a 70%
coefficient of variation. These assumptions are derived from the
historical performance to similar portfolios originated by
Colservice.

The model results showed 1.91% expected loss for Class A, 11.23%
expected loss for Class B, 46.91% for Class C, and 89.03% for the
Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario (that is, if Moody's assumes a mean
default rate of 18%), the ratings of the Class A would be
downgraded to B2(sf). The ratings for Class B would be downgraded
to Caa2 (sf).

Moody's notes that the pool is highly concentrated in the
transportation and tourism industry in Argentina. A negative
economic environment affecting these sectors may impact a large
number of securitized receivables. The pool has also a high
concentration by borrower, as the 202 receivables included in the
transaction correspond to 61 borrowers. The top 10 borrowers
represent 36.94% of the original pool balance. This is mitigated
by: i) the fact that the vehicles backing the securitized
receivables are, in general, a key component of the borrower's
working capital, which is expected to have a lower probability of
the default in comparison with other company obligations, ii) the
relatively low average loan CLTV of 68.54%, iii) the historical
performance of similar pools and the initial subordination which
will increase over time due to a turbo-sequential payment
structure. Moody's has also stressed significantly the pool's
default rate above the historical observed default rates of
similar portfolios. These concentrations result in potential
increased volatility for the ratings.

Colservice is a company of the Colcar Group and was constituted
in 2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses. Colcar Merbus S.A. ("Colcar") is the largest
Mercedes-Benz dealer in Argentina. Colcar is also the largest
seller of chassis of buses used for public transportation in
Argentina. The company is divided in six business lines: buses,
commercial vehicles, cars, equipment, services and spare parts.
Moody's believes that Colservice's origination and servicing
practices are adequate. Colservice is regulated by the Inspecci¢n
General de Justicia in Argentina and received periodic audits of
procedures from Mercedes-Benz.

Finally, Moody's also evaluated the servicing arrangements in the
transaction. Borrowers will be instructed to make payments
directly into the trust account at Banco Galicia, as a result
mitigating commingling risk. Also, the designed backup servicer
at closing is Multiconex S.A., a late payment collection company
that provides service to several banks and consumer finance
companies in the Argentine market. Multiconex will perform some
servicing functions for this transaction: it will contact
borrowers on a monthly basis to inform the amounts due and the
payment dates. It will also instruct borrowers to make payments
directly into the trust account.


GRAUDI SA: Creditors' Proofs of Debt Due June 4
-----------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for Graudi
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 4, 2012.

Mr. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Marcelo Carlos Rodriguez
         Cerrito 146
         Argentina


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

Moody's current ratings on HSBC Bank Argentina S.A. are:

Senior Unsecured (domestic currency) ratings of Ba1

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Ba1

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba1

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of D+, on review for downgrade

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

NSR Senior Unsecured (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aaa.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's has assigned a bank financial strength rating (BFSR) of
D+ to HSBC Bank Argentina S.A. (HSBC Argentina). This translates
into a baseline credit assessment of ba1. The rating reflects the
strength of its franchise as the fifth largest private bank in
the system terms of deposits and its well-defined footprint in
the retail, commercial and corporate business lending segments.
The rating is also benefited by its ultimate parent HSBC plc
influence and management support, particularly with regard to its
robust risk and liquidity management policies and also its brand
and product strengths.

Moody's Ba1 global local-currency deposit rating incorporates
HSBC Argentina's baseline credit assessment of ba1, as well as
the very high likelihood of support from ultimate parent HSBC
Holdings plc to its Argentinean subsidiary. Because the rating is
at par with the local-currency ceiling, however, this assumption
of support does not result in any rating uplift. Likewise, the
high likelihood that the bank would receive government support in
the event of stress, due to its large market share of deposits,
does not lift its rating currently, though it may do so following
Moody's rating review. The bank's foreign-currency deposit rating
of Caa1 is constrained by Argentina's foreign-currency deposit
ceiling.

Rating Outlook

HSBC's BFSR rating was placed on review. The outlook on the LC
and FC ratings is stable.

What Could Change the Rating - Up

Any upward pressure on HSBC Argentina's BFSR is currently
unlikely given the existing review for downgrade. The foreign and
local currency deposit and senior unsecured debt ratings are
currently constrained by the country ceilings of the respective
instruments and have a stable outlook aligned to the outlook of
the ceilings. These ratings could be upgraded following an
upgrade of the ceilings.

What Could Change the Rating - Down

The BFSR could come under downward rating pressure if asset
quality or profitability were to erode. The rating could also
come under pressure if the bank does not improve its financial
ratios or if its operating environment deteriorates.


RINCON DEL ABASTO: Creditors' Proofs of Debt Due June 6
-------------------------------------------------------
Hector Carlos Fridman, the court-appointed trustee for Rincon del
Abasto SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 6, 2012.

Mr. Fridman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

         Hector Carlos Fridman
         Av. Gaona 1925
         Argentina


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


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

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

Senior Unsecured (foreign currency) ratings of Ba2

Senior Unsecured MTN Program (foreign currency) ratings of (P)Ba2

Long Term Bank Deposits (domestic and foreign currency) ratings
of Ba2

Bank Financial Strength ratings of D

Subordinate (foreign currency) ratings of Ba3

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

Other Short Term (foreign currency) ratings of (P)NP

NSR Long Term Bank Deposits (domestic currency) ratings of Aa3.br

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

Ratings Rationale

Moody's assigns Banco Fibra S.A. (Fibra) a bank financial
strength rating (BFSR) of D, which maps to a Baseline Credit
Assessment (BCA) of ba2. Fibra's traditional midsize franchise,
which is based on a mature middle-market lending operation and
its consumer finance platform, supports the rating. Inroads into
consumer financing deliver a more diversified revenue stream;
nevertheless, earnings sustainability is key as Fibra faces a
domestic market that is increasingly competitive, particularly in
its retail finance and vehicle finance segments. This
competitiveness pressure funding conditions and business
generation.

As the bank strategically repositioned itself since 2007, it
gradually replaced its previously volatile earnings stream with
earnings from the high-yielding consumer finance business; at the
same time management has been prioritizing scale and margins.

Moody's continues to monitor management's ability to face these
challenges as it executes its plans for growth while it looks to
sustain a disciplined approach to risk origination and to improve
profitability metrics to recurrent levels. Management's goal of
expanding the bank's lending portfolio will likely extend the
duration of its loan book, while increasing leverage. Frequent
capital injection received from controlling and minority
shareholders (IFC Group) has been supporting ambitious growth
plans of its lending segment.

Moody's does not believe systemic support would be extended to
Banco Fibra because of the bank's small participation in the
retail deposits market. Hence, Moody's assigns Banco Fibra a
global local currency (GLC) deposit rating of Ba2: no upward
notch adjustment derives from the bank's BCA.

Rating Outlook

On April 29, 2011, Moody's changed the outlook on Banco Fibra
S.A. (Fibra)'s ratings to stable from positive, but the Not Prime
short-term local- and foreign-currency deposit ratings and BR-1
short-term national scale rating remained unchanged, and Moody's
affirmed all Fibra's ratings. In changing the outlook, Moody's
noted that the bank's ongoing expansion into consumer lending
will likely be challenged by less favorable market conditions and
by restrictive regulations, including higher capital requirement
for longer dated consumer loans. Fibra, therefore, may experience
a delay in the execution of its diversification strategy to the
extent that additional capital may be required for the loan book,
as well as in response to additional investments needed to
consolidate this line of business.

What Could Change the Rating - Up

Fibra's primary challenges are (a) the consolidation of its
consumer business platform and (b) achieving further improvements
in financial fundamentals to levels comparable with those of D+
regional bank peers. Positive rating consequences could
materialize if the trend of improving recurring earnings power
continues and if Fibra is able to keep up the diversification of
its funding sources to support credit activities expansion. The
consolidation of its consumer banking platform in times of harsh
competition should manage the expected squeeze in margins. Having
sustainable healthy credit quality and low concentration risk,
relative to peers, could result in a possible ratings upgrade.

What Could Change the Rating - Down

Should Banco Fibra be unable to maintain its position in the
middle-market lending segment and not consolidate itself as a
consumer lender, there could be a downgrade if this were to
translate into increased credit costs and lower profitability.
Management is challenged to manage potential pressures in asset
quality levels stemming from the emerging vehicle financing
portfolio. Deterioration of liquidity metrics or a fast
consumption of the bank's capital base could depress its ratings.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.


GRUPO SUPERVIELLE: Moody's Gives 'B1' Local Currency Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
senior debt rating to Grupo Supervielle S.A.'s (GS) fifth
expected issuance for an amount up to AR$ 90 million, which will
be due in 18 months. At the same time, on the National Scale,
Moody's assigned Aa3.ar local currency debt rating to the
issuance.

The outlook of the debt ratings is under review for possible
downgrade, as a result of the action taken on several Argentinean
banks last March 16, 2012.

The following ratings were assigned to Grupo Supervielle S.A.:

Fifth issuance up to AR$ 90 million:

B1 Global Local Currency Senior Debt Rating

Aa3.ar Argentina National Scale Local Currency Senior Debt Rating

Ratings Rationale

Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported consolidated assets of AR$ 865 million
and consolidated equity of AR$ 677 million, as of December 2011.


ROTA DAS BANDEIRAS: Moody's Affirms 'Ba1' Issuer Ratings
--------------------------------------------------------
Moody's America Latina affirmed Rota das Bandeiras' issuer
ratings of Ba1 on the global scale and Aa2.br on the Brazilian
national scale, and the Ba1 and Aa2.br ratings assigned to its
BRL1.1 billion senior secured long-term debentures due in 2022.
The outlook for those ratings remains stable.

Ratings Rationale

The ratings reflect the essential role that the Rota das
Bandeiras' road complex fills in one of the most densely
populated and economically critical regions of the country. The
ratings also reflect the relatively stable regulatory environment
for toll roads operating in the State of Sao Paulo and the
manageable level of construction risk. In addition, the financing
and legal structures provide the debenture holder baseline
protections which include a 1.2x minimum debt service coverage
ratio, restrictions on dividend distribution and leverage
increases, as well as reserve fund requirements. The inherently
start-up nature of this recently awarded concession constrains
the rating as evidence of actual operating performance is
limited.

Albeit lower than initially forecast, the credit metrics remain
strong for the Ba1 rating category. Moody's revised projections
indicate cash interest coverage in the 1.7x-2.2x range over the
next 12-18 months, while funds from operations (FFO) will be
around 9% total debt. The credit metrics in 2012 will be somewhat
lower than in 2011 as a result of higher cash needs related to
the scheduled debt amortization. On the other hand, RCF/Capex is
expected above 1.0x as a result of the delays incurred in the
execution of the original investment plan.

The stable outlook reflects continued strong financial support of
Rota das Bandeiras' shareholders and the stable regulatory
framework in the state of Sao Paulo.

The rating or the outlook could be upgraded should operating
performance improve significantly and credit metrics are in line
or above projections so that the FFO to debt ratio remains above
15% and cash interest coverage stays above 3.0x on a sustainable
basis.

The rating or the outlook could be downgraded if the company
fails to comply with the financial covenants including the
renewal of the bank letter of credit covering the debt service
and operational requirements of its debt agreements or
operational performance falls below expectations generating
weaker credit metrics such that the FFO to debt ratio falls below
10%, and the cash interest coverage ratio remains below 2.0x for
an extended period. Anticipation of dividend payments or capital
expenditures that generate a Retained Cash Flow to Capex below
1.0x would also produce negative rating pressure.

Concessionaria Rota das Bandeiras S.A. holds a 30-year concession
to operate the toll road services of the Dom Pedro I corridor, a
298-kilometer road in the state of Sao Paulo that the Agˆncia
Reguladora de Servi‡os Publicos Delegados de Transporte do Estado
de Sao Paulo (ARTESP), granted the concession in April 2009. Rota
das Bandeiras reported net revenues of BRL384 million (US$230
million) excluding non-cash construction revenues and EBITDA of
BRL258 million (US$155 million) in 2011.


USINAS SIDERURGICAS: Moody's Downgrades Global Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service downgraded Usinas Siderurgicas de Minas
Gerais S.A., (Usiminas), lowering the global rating to Ba2 from
Baa3 and the Brazilian national scale rating to Aa3.br from
Aa1.br. At the same time, Moody's assigned Ba2/Aa3.br corporate
family ratings and withdrew the Baa3 issuer rating for Usiminas.
The rating outlook is stable. This concludes the rating review
which began on March 9, 2012.

The ratings affected by this action are as follows:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.

- USD500 million Senior Unsecured Global MTN Program: to (P) Ba2
   from (P) Baa3 Foreign Currency Rating

- BRL500 million local currency subordinated unsecured
   debentures due 2013: to Ba3 / A1.br from Ba1/Aa2.br

- Assigned Ba2/Aa3.br corporate family ratings.

- The Baa3 issuer rating has been withdrawn

Issuer: Cosipa Commercial Ltd.

- USD200 million senior unsecured notes due 2016, guaranteed by
   Usiminas: to Ba2 from Baa3

- USD500 million Global MTN Program: to (P) Ba2 from (P) Baa3

Issuer: Usiminas Commercial Ltd.

- USD400 million senior unsecured notes due 2018, guaranteed by
   Usiminas: to Ba2 from Baa3

- USD500 million Global MTN Program: to (P) Ba2 from (P) Baa3

Ratings Rationale

The downgrade reflects the continued deterioration in the
company's operating results during 1Q12, a trend evidenced since
2009 due to weakening fundamentals of the Brazilian and global
steel markets, increased input costs and fierce competition from
imports due to a stronger Real amid excess global steel capacity,
resulting in credit metrics no longer commensurate with an
investment grade profile. Usiminas' credit profile has worsened
considerably, culminating in weaker cash flow generation, a low
interest coverage ratio (1.2x in the LTM ended March 31, 2012)
and higher leverage stemming mostly from a weaker earnings base
(adjusted gross leverage of 7.4x in the LTM ended March 2012). As
a result, the company's ability to meet covenant levels under its
financing facilities has diminished, despite its comfortable
liquidity position (BRL4.8 billion cash balance as of March 31,
2012).

Although Usiminas' investments in the steel segment will be
concluded in 1H2012, partially alleviating capex pressure and
improving product competitiveness, current domestic and
international markets are not expected to recover substantially
in the medium term. The domestic market will likely continue to
be impacted by imports of steel and steel products as it will
take time to realize benefits from the recently announced
government measures that target local content incentives for the
automotive industry and the tax regime changes designed to foster
greater competition in the industrial sector.

Usiminas has undertaken its own initiatives to regain its
competitiveness and has concentrated its investments in iron ore
expansion and energy self-sufficiency; however, the company's
ongoing investments will only start to be beneficial in 2013-2014
timeframe, as the company is committed to deliver all projects on
schedule. Consequently, vulnerability to volatility in key input
costs will remain over the short to medium term, preventing
meaningful free cash flow improvement.

The stable outlook reflects Moody's expectations that market
conditions for steel producers in Brazil will gradually improve,
that imports will not increase further and that Usiminas will
prudently manage capital expenditures and dividend distributions
in order to maintain strong liquidity. Moody's stable outlook
also takes into consideration the fact that Usiminas will focus
on improving its operating margin and deleveraging its balance
sheet.

Although not likely in the near to mid-term, an upgrade in
ratings or outlook could occur if operating results improve
faster than expected, supported by solid demand recovery in the
domestic market and higher price premiums to international
prices, as well as a sustained recovery in margins and in cash
flow from operations. Longer term, an upgrade would require that
adjusted net debt (net of cash exceeding BRL1.3 billion) to
EBITDA remain below 3x on a sustainable basis (4.8x as of the LTM
ended March 31, 2012).

The ratings or outlook could suffer additional negative pressure
should adjusted EBIT margin stay consistently below 5% (4.5% as
of the LTM ended March 31, 2012), and cash flow from operations
less dividends to net adjusted debt (net of cash exceeding
BRL1.3 billion) remain below 15% (21% as of twelve months ended
March 31, 2012) without prospects for near-term improvements. A
downgrade could also be triggered if adjusted net debt to EBITDA
(net of cash exceeding BRL 1.3 billion) remain persistently above
4x. A marked deterioration in the company's liquidity could also
precipitate a downgrade.

Headquartered in Belo Horizonte, Minas Gerais, Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 6.6 million tons of crude steel and consolidated
net revenues of BRL11.7 billion (approximately USD 6.9 billion
converted by the average exchange rate) in the twelve months
ended March 31, 2012. Usiminas also owns iron ore mining
activities, steel distribution and capital goods subsidiaries and
operates downstream facilities in Brazil.


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


MAN LEADING: Creditors' Proofs of Debt Due May 28
-------------------------------------------------
The creditors of Man Leading Edge CHF (Feeder) Ltd are required
to file their proofs of debt by May 28, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

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


MEZZ FUND II: Creditors' Proofs of Debt Due June 15
---------------------------------------------------
The creditors of Mezz Fund II Equity Limited are required to file
their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MEZZ FUND II EQUITY: Creditors' Proofs of Debt Due June 15
----------------------------------------------------------
The creditors of Mezz Fund II Equity Investments Limited are
required to file their proofs of debt by June 15, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MEZZ FUND II HOLDINGS: Creditors' Proofs of Debt Due June 15
------------------------------------------------------------
The creditors of Mezz Fund II Holdings Limited are required to
file their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MEZZ FUND II INVESTMENTS: Creditors' Proofs of Debt Due June 15
---------------------------------------------------------------
The creditors of Mezz Fund II Investments Limited are required to
file their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


MEZZ FUND II LIMITED: Creditors' Proofs of Debt Due June 15
-----------------------------------------------------------
The creditors of Mezz Fund II Limited are required to file their
proofs of debt by June 15, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 20, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


NYDS HOLDING: Creditors' Proofs of Debt Due June 14
---------------------------------------------------
The creditors of NYDS Holding Limited are required to file their
proofs of debt by June 14, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


PR FINANCE: Creditors' Proofs of Debt Due June 14
-------------------------------------------------
The creditors of PR Finance Limited are required to file their
proofs of debt by June 14, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SUMITOMO LIFE: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Sumitomo Life Fundings Cayman Limited II are
required to file their proofs of debt by June 7, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2012.

The company's liquidator is:

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


TESORO HOLDINGS: Creditors' Proofs of Debt Due June 14
------------------------------------------------------
The creditors of Tesoro Holdings Limited are required to file
their proofs of debt by June 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


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


AIR JAMAICA: Records US$38 Million Loss in 2011
-----------------------------------------------
Steven Jackson at The Gleaner reports that Air Jamaica Limited
continues to incur losses under its new owner, Caribbean Airlines
Limited.

Still, Air Jamaica's US$38 million loss was a 75% improvement
over the previous year when the airline lost some US$150 million,
according to the project manager on the divestment committee and
a union expert, according to Air Jamaica Limited.

The report notes that Jamaica continues to own a piece of Air
Jamaica by way of its 16% stake in Caribbean Airlines -- a
connection that Bustamante Industrial Trade Union representative
Kavan Gayle said will require the Jamaican Government to address
the airline's loss to protect jobs and passengers.

The Gleaner, citing Trinidad Express, notes that Trinidad's
transport minister disclosed in parliament that Caribbean
Airlines made a US$58 million loss and that Air Jamaica lost
US$38 million.  The report relays that fuel costs and
administrative expenses were factored into the loss.

The Gleaner discloses that Mr. Gayle met with management last
month but was not briefed on the financial performance or
prospects for gliding the airline into profitability.  The
airline, however, has conducted a series of job cuts over the
year in an effort to consolidate its operations with its Trinidad
parent, the report notes.

The Gleaner relays that Mr. Gayle questioned the reason for the
continued losses, saying there ought to be a strategic plan to
change its trajectory.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.  According to
a TCR-LA report on June 29, 2009, RadioJamaica News said the
Jamaican government indicated it will name a buyer for cash-
strapped Air Jamaica.  RadioJamaica related the airline has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill.  In addition, RadioJamaica said,
Air Jamaica currently has over US$600 million in loans
outstanding.


OLINT CORP: No word on Payout to Investors
------------------------------------------
RJR News reports that nearly four years after the collapse of
Olint Corporation Limited, Jamaican investors in the David Smith-
led scheme are worried that they are yet to hear when they'll
receive a payout.

The Association of Concerned Olint Members, ACOM, said its
members are not happy with the silence on whether progress is
being made in organizing a payment scheme, according to RJR News.

The report notes that spokesman for the group, Dr. Godfrey
McCallister, said the members have resigned themselves to the
fact that they will recover only a fraction of their investments.

At the same time, Mr. McCallister said while the wait continues,
many Olint investors are struggling to make ends meet, the report
notes.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2011, Caribbean360.com said that Mr. Smith was sentenced
to 30 years in a U.S. federal jail for defrauding thousands of
investors through a Ponzi scheme.  Before serving the sentence
Mr. Smith will be returned to the Turks and Caicos Islands to
serve a six-and-a-half-year sentence that was imposed in
September 2010 after he pleaded guilty to fraud and conspiracy
charges, stemming from the same Olint scheme, according to
Caribbean360.com.  The report related that American authorities
will seek his extradition after he completes the jail time in the
Caribbean island.  Caribbean360.com noted that U.S. District
Judge Mary Scriven has ordered that Mr. Smith's federal sentence
run concurrently with his sentence in the TCI, which means he
will spend just under 24 years in U.S. jail.

Olint Corporation Limited was an investment club owned by David
Smith.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2010, RadioJamaica said United States authorities sought
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.
Caribbean News Now related that Mr. Smith defrauded more than
US$200 million from thousands of investors in Jamaica, the Turks
and Caicos Islands and Florida.


* JAMAICA: Unemployment Rate Increases
--------------------------------------
RJR News reports that the Statistical Institute of Jamaica,
STATIN, says the unemployment rate for January was 14.1%.

The number of unemployed people increased by 13,700 between
January last year and this year moving from 163,500 to 177,200,
according to RJR News.

There were 1,083,400 people employed in January this year which
was a 0.7% decline from the corresponding period last year, RJR
News says.


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


ING BANK: S&P Lowers Global Issuer Credit Rating to 'BB-/B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
issuer credit rating (ICR) to 'BB-/B' from 'BBB-/A-3' and Mexican
national-scale rating to 'mxA-/mxA-2' from 'mxAA/mxA-1+' on ING
Bank Mexico S.A. "In addition, we have lowered our rating on the
bank's UDIS125.2 million (MXN400 million) nonpreferred,
noncumulative, subordinated nonstop-up notes to 'mxBBB' from
'mxAA-'," S&P said.

"The downgrade follows our revision of the bank's group status to
a nonstrategic subsidiary status from strategic. We believe that
the business operation in Mexico is no longer aligned with the
long-term strategy of the parent bank ING Bank N.V. As such, the
ICR rating on ING Bank Mexico will receive no parent support for
its stand-alone credit profile," S&P said.


MEXICANA AIRLINES: Med Atlantica Buys Holding Company
-----------------------------------------------------
Carlos Manuel Rodriguez at Bloomberg News, citing an e-mailed,
reports that Compania Mexicana de Aviacion or Mexicana Airlines
said Med Atlantica is the new owner of its holding company's
shares.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


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


HEALTH DISTILLERS: Case Summary & 4 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Health Distillers International, Inc.
        Bda. Buena Vista
        167 Quisqueya
        Hato Rey, PR 00917

Bankruptcy Case No.: 12-03574

Chapter 11 Petition Date: May 7, 2012

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

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Scheduled Assets: US$4,520,825

Scheduled Liabilities: US$3,024,332

A copy of the Company's list of its four largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/nysb12-36165.pdf

The petition was signed by Andrew Bert Foti, president.

Affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.      Petition Date
        ------                        --------      -------------
International Home Products, Inc.     12-02997         04/19/12


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


CARIBBEAN AIR: To Unveil Tough Measures to Stop Financial Loss
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited Chairman
Rabindra Moonan said that strong action will be taken in two
weeks to halt the entity's financial losses.

It includes cutting unprofitable Caribbean Airlines and Air
Jamaica Limited routes, according to RJR News.

Trinidad's Transport Minister Devant Maharaj officially
introduced Mr. Moonan to the other members of the CAL board and
mandated them to start cutting costs as quickly as possible RJR
News notes.  The report relates that Mr. Maharaj says focus will
be on areas where there may be bloated expenditure.

Air Jamaica's Director, Dennis Lalor has been asked to look at
ways to reduce expenditure with respect to operational costs RJR
News discloses. The report relates that Mr. Maharaj will
reportedly visit Jamaica to meet with Transport Minister Dr. Omar
Davies to discuss synergies that need to be addressed.

RJR News notes that Mr. Maharaj also requested a detailed break
down of the airlines' debts that was presented by Finance
Minister Winston Dookeran in Parliament.

Short-term action plans will be taken to reduce overheads -- such
as reducing the operational costs in Jamaica by revisiting hangar
and office spaces, RJR News says.

Caribbean Airlines recorded an unaudited loss of US$52.8 million
in 2011 while Air Jamaica racked up a loss of US$38 million, RJR
News adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                           *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


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


* BOND PRICING: For the Week May 7 to May 11, 2012
--------------------------------------------------


Issuer               Coupon       Maturity    Currency     Price
------               ------      --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS           8.28         12/31/2033    USD        68.3
ARGENT- PAR           1.18         12/31/2038    ARS        39.5
ARGENT- DIS           7.82         12/31/2033    EUR        57.9
ARGENT- DIS           7.82         12/31/2033    EUR        57.3
ARGENT- DIS           7.82         12/31/2033    EUR        59.5
ARGENT- DIS           4.33         12/31/2033    JPY          42
ARGENT- PAR           0.45         12/31/2038    JPY          15
ARGENT- PAR&GDP       0.45         12/31/2038    JPY           8
ARGNT BOGAR              2         2/4/2018      ARS         145
ARGNT-BOCON PRE9         2         3/15/2014     ARS        71.9
BANCO MACRO SA        9.75         12/18/2036    USD          72
BANCO MACRO SA        9.75         12/18/2036    USD        70.4
BANCO MACRO SA        9.75         12/18/2036    USD        70.4
CAPEX SA                10         3/10/2018     USD          71
CAPEX SA                10         3/10/2018     USD        71.9
EMP DISTRIB NORT      9.75         10/25/2022    USD        56.5
EMP DISTRIB NORT      9.75         10/25/2022    USD          57
EMP DISTRIB NORT      10.5         10/9/2017     USD        65.1
PROV BUENOS AIRE     9.625         4/18/2028     USD        63.8
PROV BUENOS AIRE     9.375         9/14/2018     USD        69.1
PROV BUENOS AIRE    10.875         1/26/2021     USD        69.1
PROV BUENOS AIRE     9.375         9/14/2018     USD          68
PROV BUENOS AIRE    10.875         1/26/2021     USD        69.8
TRANSENER             9.75         8/15/2021     USD        59.5
TRANSENER             9.75         8/15/2021     USD        70.4


BRAZIL
------

ANCO BONSUCESSO      9.25          11/3/2020     USD        74.4
BANCO BONSUCESSO      9.25         11/3/2020     USD        70.9
BANCO CRUZEIRO       8.875         9/22/2020     USD        68.9
BANCO CRUZEIRO       8.875         9/22/2020     USD        68.4
BANCO CRUZEIRO        8.25         1/20/2016     USD          75
REDE EMPRESAS       11.125                       USD          40
REDE EMPRESAS       11.125                       USD          38
REDE EMPRESAS       11.125                       USD        47.8


CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15           11/14/2035   EUR        59.1
BCP FINANCE BANK      5.01           3/31/2024    EUR          50
BCP FINANCE BANK      5.31           12/10/2023   EUR        52.5
BCP FINANCE CO       5.543                        EUR        32.7
BCP FINANCE CO       4.239                        EUR        33.2
BES FINANCE LTD       5.58                        EUR        43.2
BES FINANCE LTD        4.5                        EUR        51.2
CAM GLOBAL FIN        6.08           12/22/2030   EUR        66.9
CHINA AUTOMATION      7.75            4/20/2016   USD        75.3
CHINA FORESTRY       10.25           11/17/2015   USD          50
CHINA FORESTRY       10.25           11/17/2015   USD        48.1
CHINA SUNERGY         4.75           6/15/2013    USD          52
EFG ORA FUNDING        1.7           10/29/2014   EUR        53.5
ESFG INTERNATION     5.753                        EUR        34.9
GOL FINANCE           8.75                        USD        77.8
GOL FINANCE           8.75                        USD          75
HOME INNS                2           12/15/2015   USD        74.5
HOME INNS                2           12/15/2015   USD        73.2
JINKOSOLAR HOLD          4            5/15/2016   USD        51.8
LDK SOLAR CO LTD        10            2/28/2014   CNY        45.7
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61.6
LDK SOLAR CO LTD      4.75            4/15/2013   USD        61
LUPATECH FINANCE     9.875                        USD        74
LUPATECH FINANCE     9.875                        USD        71.1
PUBMASTER FIN        6.962            6/30/2028   GBP
PUBMASTER FIN         8.44            6/30/2025   GBP
PUBMASTER FIN        5.943           12/30/2024   GBP        73
PUNCH TAVERNS        4.767            6/30/2033   GBP        72.4
RENHE COMMERCIAL     11.75            5/18/2015   USD        58.6
RENHE COMMERCIAL        13            3/10/2016   USD        60
RENHE COMMERCIAL        13            3/10/2016   USD        58.8
RENHE COMMERCIAL     11.75            5/18/2015   USD        58.9
SOLARFUN POWER H       3.5            1/15/2018   USD        67.3
SOLARFUN POWER H       3.5            1/15/2018   USD        66.8
SUNTECH POWER            3            3/15/2013   USD        68.8
SUNTECH POWER            3            3/15/2013   USD        69.4

CHILE
-----

CGE DISTRIBUCION      3.25            12/1/2012    CLP       20.2
COLBUN SA              3.2            5/1/2013     CLP       49.4
ESVAL S.A.             3.8            7/15/2012    CLP       12.6
MASISA                4.25            10/15/2012   CLP         10
QUINENCO SA            3.5            7/21/2013    CLP       25.6
PROV BUENOS AIRE
BANCO SANTANDER        6.1            6/1/2032     USD       62.8
BANCO SANTANDER        6.3            6/1/2032     USD       67.8


PUERTO RICO
-----------

PUERTO RICO CONS       6.2            5/1/2017     USD       56.6
PUERTO RICO CONS       6.5            4/1/2016     USD       69.5


VENEZUELA
---------

ELEC DE CARACAS        8.5            4/10/2018    USD       73.8
PETROLEOS DE VEN       5.5            4/12/2037    USD       57.5
PETROLEOS DE VEN     5.375            4/12/2027    USD       57
PETROLEOS DE VEN      5.25            4/12/2017    USD       73
VENEZUELA                7            3/31/2038    USD       68
VENEZUELA                7            3/31/2038    USD       69
VENEZUELA                6            12/9/2020    USD       72
VENEZUELA             7.65            4/21/2025    USD       74


                            ***********


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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