TCRLA_Public/120522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Tuesday, May 22, 2012, Vol. 13, No. 101


                            Headlines



A R G E N T I N A

AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
EMPRESA DISTRIBUIDORA: Moody's Rates ARS60MM Short Term Notes B2


B E R M U D A

GLENWOOD STYLES: Creditors' Proofs of Debt Due May 25
GLENWOOD STYLES: Member to Receive Wind-Up Report on June 18
QUELLOS (BERMUDA): Creditors' Proofs of Debt Due May 25
QUELLOS (BERMUDA): Member to Receive Wind-Up Report on June 18


B R A Z I L

BRAZIL REALTY: Moody's Rates BRL300MM Certificates '(P)Ba2'


C A Y M A N   I S L A N D S

BLACKSTONE E OFFSHORE: Shareholders' Final Meeting Set for June 6
CRYPTOLEX LTD: Shareholders' Final Meeting Set for May 28
MAN PENSION: Members' Final Meeting Set for May 28
MAN SANWIN: Members' Final Meeting Set for May 28
PAPPAJOHN CAPITAL: Shareholders' Final Meeting Set for May 30

SPRING POINT: Shareholders' Final Meeting Set for June 8
SPRING POINT OPPORTUNITY: Shareholders' Meeting Set for June 8
TELL FUND: Members' Final Meeting Set for June 5
TRADING SELECT: Members' Final Meeting Set for May 28
WILLIAM FUND: Members' Final Meeting Set for June 5


M E X I C O

MEXICANA AIRLINES: Buyer Steps in to Rescue Airline


P A R A G U A Y

BBVA PARAGUAY: Moody's Downgrades BFSR to 'E+'; Outlook Stable


P E R U

DOE RUN PERU: Creditors to Meet on Restructuring, Merino Says


P U E R T O   R I C O

SOVEREIGN CAPITAL: Moody's Cuts Preferred Stock Rating to 'Ba1'


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Transport Minister Vows to Make Changes to Stem


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
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AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on Ampla
Energia e Servi‡os S.A. (AMPLA) and assigned a 'brAA-' national
scale rating to the upcoming senior unsecured debentures, which
will total up to R$400 million and will be issued by Ampla in two
series (five- and seven-year tenor). The outlook remains stable.
The rating on the debentures reflects its pari passu ranking to
the company's other senior unsecured debt obligations.

"The corporate credit rating reflects Ampla's somewhat weak
operations, high level of electricity losses and past-due
receivables, 'less than adequate' liquidity and the large capital
expenditures, which pressure the company's free cash flow
generation," said Standard & Poor's credit analyst Sergio
Fuentes. "Partly offsetting these risks are Ampla's adequate
credit metrics resulting from rising consumption in its concession
area and stable debt levels."

"The stable outlook reflects our expectation that Ampla will
continue reporting adequate financial metrics in 2012 and 2013,
based on good operating cash flow generation and stable debt
levels. We expect the company to post total debt to EBITDA of
about 2x and FFO to total debt of about 30% to 35% in 2012 and
2013. In addition, we expect Ampla to continue facing a sizable
level of short-term debt maturities in spite of the important
refinancing resulting from the upcoming B$400 million debentures
issue," S&P said.

"We see some upward rating potential if Ampla continues reducing
its still-high energy losses and past-due receivables and
strengthens its liquidity to 'adequate' levels. Conversely, we
could lower the ratings if the company's operations deteriorate,
reducing its operating cash flow generation, or if it makes
aggressive dividend distributions, even amid significant capital
expenditures, pressuring its liquidity even more," S&P said.


EMPRESA DISTRIBUIDORA: Moody's Rates ARS60MM Short Term Notes B2
----------------------------------------------------------------
Moody's Investors Service assigned a first-time B2 rating on its
global scale and A1.ar on its Argentina national scale rating to
Empresa Distribuidora de Energia Norte S.A. ("EDEN") proposed ARS
60 million Class 1 short term notes. The outlook is stable.

Ratings Rationale

The ratings take into consideration a more reasonable tariff track
record from the Buenos Aires Province's regulator as compared to
federal regulated utilities and the strong credit metrics for the
rating category.

EDEN is regulated by a Provincial regulatory agency, OCEBA, an
entity created by the Provincial Law No. 11.769 to regulate public
services within the Buenos Aires Province's territory. The
Province's ministry of public services (MIVySP) also has oversight
power on public services companies. Similar to what happened to
most of the regulated utilities in Argentina, EDEN's tariffs have
been frozen for a considerable period of time. However, since 2005
Eden has received several tariff adjustments, the most significant
ones were those after 2008, where the adjustments have been based
on the recovery of increased operational costs.

The ratings also incorporate EDEN's ownership by Edenor's
(B3/Baa2.ar, negative) and Pampa (not rated) the largest, fully-
integrated electricity company in Argentina. Although Moody's
recognizes that Edenor's (EDEN's indirect majority owner)
financial strength is deteriorating and any financial support is
questionable at this moment, some operating synergies are likely.
To note, in particular, EDEN's distribution area is geographically
adjacent to Edenor's service territory, which creates a closeness
and the potential for greater operational and technical
integration in spite of the different regulatory regimes.

The B2/A1.ar rating acknowledges that Eden historical financial
metrics are strong not only in relation to global peers in the
industry but also in relation to other regulated utilities in
Argentina. Eden's low leverage (less than 1 time Debt to EBITDA at
fiscal yearend 2011) and sustained operating margins are also
factors that compare very favorable in relation to its peers.

The ratings are constrained by the overall regulatory uncertainty
for regulated utilities in Argentina. Although the regulators in
the Buenos Aires Province have been more proactive than federal
regulators in the recent years, the overall regulatory framework
in Argentina remains uncertain and unpredictable. Ultimately, even
as a provincially regulated utility a complete de-linking of EDEN
from the sovereign (B3, Stable) is not considered appropriate
because of the fundamental material exposure to domestic revenues
and regulations.

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, EDEN's market position is considerably weaker than
Edenor' and other bigger regulated companies with operations in
Buenos Aires.

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

Negative pressure on the ratings or outlook could result from the
execution of a more aggressive financial policy that favors higher
leverage or aggressive dividend payments that impact the cushion
for debt repayment. Quantitatively, a negative ratio of FCF to
Debt (RCF < -10%) or a debt to EBITDA ratio higher than 2.0 times
could result in negative rating action.

In addition, an unanticipated adverse change in the Province's
regulations or some negative intervention from federal
government/regulations that impact the company's business could
also add downward ratings pressure.

Given EDEN's exposure to the domestic market and regulations, a
rating up-grade is unlikely in the short-term. Longer term, an
upgrade of the rating or the outlook could result from a an
improving business and regulatory environment in Argentina. A
positive rating action at the sovereign level could also create
upwards rating pressure.

EDEN is an electricity distribution company operating in Buenos
Aires, Argentina, formed as a result of the privatization of the
Province's previously owned distribution company, ESEBA. On June
2, 1997, Eden was granted a 95-year concession by the Buenos Aires
provincial government to distribute electricity from the national
grid on an exclusive basis, to users in the north of Buenos Aires
(except Buenos Aires city). Eden distributed 2.785 GWh in a
territory of 109,141 kmý and had annual revenues in 2011 of almost
ARS 600 million.

EDENOR is EDEN's indirect controlling shareholder and part of the
Pampa Group, the largest Argentinean fully integrated electricity
group in Argentina.


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B E R M U D A
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GLENWOOD STYLES: Creditors' Proofs of Debt Due May 25
-----------------------------------------------------
The creditors of Glenwood Styles and Strategies Ltd 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 May 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GLENWOOD STYLES: Member to Receive Wind-Up Report on June 18
------------------------------------------------------------
The member of Glenwood Styles and Strategies Ltd will receive on
June 18, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 8, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


QUELLOS (BERMUDA): Creditors' Proofs of Debt Due May 25
-------------------------------------------------------
The creditors of Quellos (Bermuda) 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 May 9, 2012.

The company's liquidator is:

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


QUELLOS (BERMUDA): Member to Receive Wind-Up Report on June 18
--------------------------------------------------------------
The member of Quellos (Bermuda) Limited will receive on June 18,
2012, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on May 9, 2012.

The company's liquidator is:

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


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B R A Z I L
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BRAZIL REALTY: Moody's Rates BRL300MM Certificates '(P)Ba2'
-----------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba2
(Global Scale, Local Currency) and (P) Aa2.br (Brazilian National
Scale) to the 1st series of the 2nd issuance of real estate
certificates issued by Brazil Realty Companhia Securitizadora de
Creditos Imobiliarios (Brazil Realty Securitizadora,
securitizadora or the issuer).

Issuer: Brazil Realty Companhia Securitizadora de Cr‚ditos
Imobiliarios

1st Series/2nd Issuance: Up to BRL300,000,000.00 certificates
rated (P)Ba2/(P)Aa2.br

Ratings Rationale

The real estate certificates (certificates or CRIs) are backed by
cedulas de credito imobiliario (CCIs) that represent cedulas de
cr‚dito bancario (CCBs or bank loans) issued by Cyrela Brazil
Realty S.A. Empreendimentos e Participacoes S.A. (Cyrela),
currently one of the fully integrated homebuilders in Brazil.
Cyrela is currently rated Ba2/Aa2.br (Corporate Family Rating) by
Moody's. The corporate ratings of the CCBs are also at Ba2/Aa2.br
and underpin the provisional (P) Ba2 / (P) Aa2.br ratings assigned
to the CRIs.

The provisional ratings of the CRIs are based on the following
factors:

- Moody's views the CRIs as full pass-through securities of the
obligations and guarantees of the underlying CCBs. The structure
envisages the full payment of all cash flows payable by Cyrela
under the CCBs in order to meet the identical pass-through
payments under the CRIs;

- The willingness and ability of Cyrela, with its corporate
family rating of Ba2/ Aa2.br, to meet the timely payments under
the CCBs. The ratings of the CRIs are aligned with the ratings of
the underlying CCBs issued by Cyrela, also at Ba2/ Aa2.br. Any
future rating changes on the underlying CCBs will lead to a
lockstep change of the rating assigned to the CRIs;

- The CRIs benefit from the fiduciary regime over the segregated
assets linked to the issuance of the CRIs (regime fiduci rio);

- Other legal and structural features including events of early
redemption on the CCBs that correspondingly accelerate the
obligation to pay under the CRIs.

The rated certificates, issued by Brazil Realty Securitizadora,
have a five-year tenor from closing and will pay investors semi-
annual interest payments. Principal amortization will happen in
year four and year five (final maturity). The interest rate will
be floating at 108% of DI Rate, the Brazilian interbank deposit
rate, and with daily accrual.

The key steps to the transaction are:

1. Cyrela, directly or via special purpose vehicles (SPVs), will
undertake residential real estate projects (the real estate
projects);

2. Cyrela enters into two separate bank loan with Banco do Brasil
S.A. and Banco Votorantim, whereby Cyrela issues CCBs representing
the real estate financing received and destined exclusively for
the development of the residential real estate projects described
in the transaction documents. Cyrela may include or substitute the
real estate projects from time to time provided that the new real
estate projects fall within the eligibility criteria described in
the transaction documents;

3. The bank loans are guaranteed (cessao fiduciaria) by (i) credit
rights derived from the future sale of residential units of the
real estate projects and (ii) cash deposits made by buyers of the
real estate units, as well as cash deposits made Cyrela and/or the
special purpose vehicles that have titles to each respective real
estate project. Moody's notes that no credit is being attributed
to these additional guarantees in rating the transaction;

4. Banco do Brasil S.A. and Banco Votorantim sell the CCBs
together with their guarantees (cessao fiduciaria) to Brazil
Realty Securitizadora;

5. Brazil Realty Securitizadora issues c‚dulas de credito
imobiliario, or CCIs, backed by the CCBs. The CCBs represent the
totality of the real estate credits derived from the real estate
financing amount, including principal, interest owed by Cyrela,
including the guarantees (cess-o fiduci ria) described above in
step 3, as well as the right to receive fees and penalties
described in the CCBs;

6. The issuer issues the CRIs being the only and legal title
holder to the CCIs, as documented under the Termo de Securitizacao
(CRI Indenture). The CRIs are issued and backed by the CCIs under
a fiduciary regime;

7. The CRIs are placed with investors;

8. The proceeds from CRIs issuance are transferred by the issuer
to Banco do Brasil S.A. and Banco Votorantim in exchange for the
assignment of the CCBs;

9. The repayment of the real estate receivables derived from the
real estate financing amount will be made by Cyrela on a segregate
bank account the proceeds of which will be used to amortize the
CRI in 2 days from the receipt of payments made by Cyrela.

The events of early redemption of the CCBs are considered early
redemption events of the CRIs. Upon the occurrence of such an
event, the real estate credits may be considered due and payable.
The key early redemption events of the CCB are:

- Default by Cyrela under the CCBs;

- In-court or out of court request, or filing, for bankruptcy of
Cyrela, made either by Cyrela or by third parties;

- In case the credit rights assigned to the creditor of the CCBs
are sold, alienated, transferred, pledged, seized or in way
impaired or negotiated.

Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels and geographic regions, operating in 67
cities and 16 different states across Brazil. Cyrela had net
revenues of BRL6.4 billion (US$3.7 billion) during the last twelve
months ended March 31, 2012.

Cyrela holds a near 100% stake in Brazil Realty Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2004, whose first issuance occurred in 2011. Brazil Realty has
issued approximately BRL270 million of CRI to date.


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C A Y M A N   I S L A N D S
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BLACKSTONE E OFFSHORE: Shareholders' Final Meeting Set for June 6
-----------------------------------------------------------------
The shareholders of Blackstone E Offshore Fund Ltd. will hold
their final meeting on June 6, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Sean Flynn
         Gardenia Court, 2nd Floor
         45 Market Street, Camana Bay, George Town
         Grand Cayman KY1-1104
         Cayman Islands


CRYPTOLEX LTD: Shareholders' Final Meeting Set for May 28
---------------------------------------------------------
The shareholders of Cryptolex Ltd. will hold their final meeting
on May 28, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Clovis Najm
         101 24416A St, SW Calgary, AL
         Canada T2T 4K5
         Telephone: 1 778 588 7659
         Facsimile: 1 800 776 3589


MAN PENSION: Members' Final Meeting Set for May 28
--------------------------------------------------
The members of Man Pension Fund Dynamic CHF (Feeder) Ltd. will
hold their final meeting on May 28, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MAN SANWIN: Members' Final Meeting Set for May 28
-------------------------------------------------
The members of Man Sanwin CHF (Feeder) Ltd. will hold their final
meeting on May 28, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PAPPAJOHN CAPITAL: Shareholders' Final Meeting Set for May 30
-------------------------------------------------------------
The shareholders of Pappajohn Capital Partners, Ltd. will hold
their final meeting on May 30, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SPRING POINT: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of Spring Point Contra Offshore Fund will hold
their final meeting on June 8, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SPRING POINT OPPORTUNITY: Shareholders' Meeting Set for June 8
--------------------------------------------------------------
The shareholders of Spring Point Opportunity Offshore Fund will
hold their final meeting on June 8, 2012, at 8:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TELL FUND: Members' Final Meeting Set for June 5
------------------------------------------------
The members of The Tell Fund will hold their final meeting on
June 5, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


TRADING SELECT: Members' Final Meeting Set for May 28
-----------------------------------------------------
The members of Trading Select (USA) Ltd. will hold their final
meeting on May 28, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


WILLIAM FUND: Members' Final Meeting Set for June 5
---------------------------------------------------
The members of The William Fund will hold their final meeting on
June 5, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


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M E X I C O
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MEXICANA AIRLINES: Buyer Steps in to Rescue Airline
---------------------------------------------------
Duncan Tucker at Guadalajara Reporter says that Med Atlantic has
bought Compania Mexicana de Aviacion or Mexicana Airlines, which
suspended all flights in August 2011.

Med Atlantic has purchased 95% of the company, according to
Guadalajara Reporter.  The report relates that the deal comes
after Med Atlantic paid an advance deposit of US$300 million in
February to demonstrate their creditworthiness.

Med Atlantic representative Christian Cardenas said there is still
no scheduled date for when flights will resume, Guadalajara
Reporter notes.

The report discloses that the first task of the new owners will be
to restructure the airline.

None of Mexicana's 8,600 employees have been paid a cent since the
airline went into bankruptcy in August 2010, Guadalajara Reporter
says.  It is expected that less than 30% of the staff will be
rehired -- including just 280 of the airline's original 1,044
pilots, Guadalajara Reporter relays.

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.


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P A R A G U A Y
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BBVA PARAGUAY: Moody's Downgrades BFSR to 'E+'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of BBVA Paraguay to E+ from D,
which now maps to a baseline credit assessment (BCA) of b1 from
ba2 on the long-term scale. The rating action took place in the
context of an ongoing global review affecting all banks whose
standalone ratings are higher than the rating of the government
where they are domiciled, and it concludes the review that was
initiated on March 15, 2012. At the same time, the rating agency
has affirmed the deposit and debt ratings in local and foreign
currency. This rating action is not affected by Moody's recent
downgrade of the ratings of its parent bank, Banco Bilbao Vizcaya
Argentaria, S.A. of Spain.

The outlook on the rating is stable.

Ratings Rationale

- Downgrade of Standalone Rating to The Sovereign Debt Rating
Level

The downward revision to BBVA Paraguay's standalone ratings
reflects Moody's assessment that its creditworthiness is highly
correlated with that of the Paraguayan government's credit
strength taking into account (i) the extent to which its business
depend on the domestic macroeconomic and financial environment;
(ii) its direct or indirect exposures to domestic sovereign debt,
compared with its capital base; and (iii)the degree of reliance on
market-based, and therefore more confidence-sensitive, funding.

The key drivers for the rating action were (i) the relatively low
level of cross-border diversification of its operations; (ii) the
high level of balance-sheet exposure to domestic sovereign debt,
compared with its capital bases; and (iii) franchise resilience
and intrinsic strength within the operating environment. Moody's
reviews indicated that there are little, if any, reasons to
believe that BBVA Paraguay would be insulated from a government
debt crisis. More particularly, Moody's notes its significant
direct exposure to the Paraguayan government securities,
equivalent to 173.5% of tier 1, (based on latest publicly
available data), in line with that of other peers within the
Paraguayan banking system. Therefore, Moody's views the lower
standalone ratings -- which are now positioned at the rating of
the Paraguayan government -- as more appropriate to capture the
credit profile of the bank.

The rating action derives from Moody's updated assessment of the
linkage between the credit profiles of sovereigns and other
institutions domiciled within the sovereign, which is discussed in
the rating implementation guidance "How Sovereign Credit Quality
May Affect Other Ratings" published on February 13, 2012, and
further detailed in the special comment "Banks and Sovereigns:
Risk Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012.

The revised rating continues to reflect the balance of the bank's
strengths and weaknesses. The rating captures its well positioned
presence as the fourth largest bank in the Paraguayan financial
system, with a 14.1% and 12.3% market share in loans and deposits
as of March 2012, respectively, as well as its good earnings
diversification, as it expands its range of business activities
and customer base. The bank has a well-defined footprint in the
corporate lending segment, thought its credit risk concentration
in the agribusiness sector tends to be high and could, therefore,
add volatility to earnings and asset quality.

Moody's assesses a high probability of support to BBVA Paraguay's
deposit ratings, both from its parent bank, BBVA Spain, rated A3,
with a negative outlook, as well as systemic support to reflect
its importance to the banking system. As a result, the Ba1 local
currency deposit rating benefits from three notches of support
from its b1 baseline credit assessment.

BBVA Paraguay is headquartered in Asuncion, Paraguay, and had
US$1.7 billion in assets and $153 million in equity, as of
December 2011.


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P E R U
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DOE RUN PERU: Creditors to Meet on Restructuring, Merino Says
-------------------------------------------------------------
Alexander Emery at Bloomberg News reports that Peru Energy & Mines
Minister Jorge Merino said creditors of Doe Run Peru will meet
today, May 22, 2012, to discuss a new debt restructuring proposal
in a bid to reopen its shuttered zinc smelter.

The Peruvian government, one of the company's main creditors, will
insist the Renco Group Inc. unit, closed since 2009, completes a
US$160 million environmental cleanup plan, Mr. Merino told
reporters, according to Bloomberg News.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Doe Run Peru Vice President Jose Mogrovejo said on
Thursday that creditors unanimously rejected a debt restructuring
plan and will seek the liquidation of its closed zinc smelter in
La Oroya, Alex Emergy at Bloomberg News reports.  Bloomberg News
related that the creditors included Glencore International Plc,
Trafigura Beheer BV and Pan American Silver Corp.  Mr. Mogrovejo
said that the creditors have a 30-day "window" to take a final
decision, Bloomberg News reported.  Carlos Galvez, chief financial
officer at precious metals miner Buenaventura, said that the plan
was rejected because creditors found that it lacked clear
financing commitments from parent company Renco Group Inc. and a
timetable for a $160 million environmental clean-up, Bloomberg
News stated.  Citing Peruvian Minister of Energy and Mines Jorge
Merino Tafur, local newspaper La Republica related that Doe Run
Peru submitted new conditions to complete environmental cleanup at
the smelter, including a new restructuring plan in the hopes to
restart operations this year.

                        About Doe Run Peru

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

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


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


SOVEREIGN CAPITAL: Moody's Cuts Preferred Stock Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the supported debt
ratings of Banco Santander S.A.'s (Santander) North American bank
subsidiaries, including Sovereign Bank and Banco Santander Puerto
Rico. See List Of Affected Ratings below.

The rating actions conclude the reviews initiated on February 22,
2012, when Santander's North American subsidiaries' supported
ratings were placed on review for downgrade.

Ratings Rationale

The announcement follows the two-notch downgrade of Santander's
standalone bank financial strength rating (BFSR) to C, mapping to
a standalone credit assessment of a3, from B-/a1.

The actions reflect the potential adverse effects of Santander's
lower capacity to support its subsidiaries in North America,
reflected by its lower standalone credit assessment. The downgrade
of Santander's standalone credit assessment was driven primarily
by the expected negative impact on earnings and asset quality
indicators stemming from the bleak economic prospects in many of
Santander's core markets, namely Spain and Portugal. The downgrade
was also driven by Santander's reliance on market funding. Moody's
said that Santander's weakened credit profile reduces its capacity
to support its subsidiaries in North America. However, the actions
do not reflect a change in Moody's expectation of the willingness
or likelihood that Santander would provide support to these
subsidiaries, if needed.

Rationale for The Negative Outlooks

Following the actions, the outlooks on the supported ratings of
these subsidiaries are negative, consistent with the negative
outlook on the parent's standalone credit assessment.

List of Affected Ratings

The affected subsidiaries are as follows:

- Santander Holdings USA, Inc.: senior unsecured debt rating
downgraded to Baa2 from Baa1; subordinate debt rating downgraded
to (P)Baa3 from (P)Baa2; the Prime-2 commercial paper rating was
affirmed

- Sovereign Bank: long- and short-term bank deposit ratings
downgraded to A3/Prime-2 from A2/Prime-1; subordinate debt rating
downgraded to Baa1 from A3; the standalone rating (C-/baa1
standalone BFSR/standalone credit assessment) was affirmed with a
stable outlook

- Sovereign Capital Trust IV: preferred stock downgraded to Ba1
from Baa3

- Sovereign Capital Trust V: preferred stock downgraded to (P)Ba1
from (P)Baa3

- Sovereign Capital Trust VI: preferred stock downgraded to Ba1
from Baa3

- Sovereign Real Estate Investment Trust: preferred stock
downgraded to Baa3 from Baa2

- Banco Santander Puerto Rico: long- and short-term bank deposit
ratings downgraded to A3/Prime-2 from A2/Prime-1; commercial paper
rating downgraded to Prime-2 from Prime-1; the standalone rating
(C-/baa1 standalone BFSR/standalone credit assessment), which was
placed on review for downgrade on 10 April 2012 because of Puerto
Rico's difficult operating environment, remains on review.


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


CARIBBEAN AIR: Transport Minister Vows to Make Changes to Stem
--------------------------------------------------------------
Caribbean360.com reports that Trinidad and Tobago Transport
Minister Devant Maharaj has charged Caribbean Airlines Limited's
board to dramatically cut cost, days after his counterpart in the
Ministry of Finance revealed that the airline lost US$52 million
in 2011.

Minister Devant Maharaj revealed to local media that not only had
he urged the board to quickly address the losses, especially as
they related to routes that were not profitable nor fiscally
beneficial to CAL or Air Jamaica Limited's operations, but he
specifically requested Air Jamaica's director Dennis Lalor to look
at ways to reduce expenditure with respect to Air Jamaica's
operational costs, according to Caribbean360.com.

The report notes that Mr. Maharaj also disclosed that he would be
going himself to Jamaica in the near future to meet with that
country's Transport Minister to discuss "synergies" that could be
used to improve the profit position of the airline.

The transport minister made these disclosures to media following a
meeting with the CAL board at which he officially introduced
recently appointed chairman Rabindra Moonan to the other members
of the board and mandated them to start cutting CAL's costs,
Cariibean360.com notes.

"I feel that there is a certain degree of potential in the board
given the approach of Mr. Moonan with the board that perhaps did
not exist before," the report quoted Mr. Maharaj as saying.

Cariibean360.com discloses that prior to the board meeting, Mr.
Maharaj said he and Mr. Moonan met with officials of the Civil
Aviation Authority to ensure that all technical requirements in
terms of civil aviation and by extension the federal aviation
authority were being met by CAL.

                     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
===============


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

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

ARGENTINA

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


BRAZIL


GPAR3 BZ      CELGPAR               3588586696      -552807022
VAGV3 BZ      VARIG SA               966298026     -4695211316
VARGPN BZ     VARIG SA-PREF          966298026     -4695211316
VARGON BZ     VARIG SA               966298026     -4695211316
VAGV4 BZ      VARIG SA-PREF          966298026     -4695211316
PRTX3 BZ      PORTX OPERACOES        823193337       -19565275
PXTPY US      PORTX OPERA-GDR        823193337       -19565275
LUPA9 BZ      LUPATECH SA -RCT       806772516     -23471889.7
LUPAY US      LUPATECH SA-ADR        806772516     -23471889.7
LUPA3 BZ      LUPATECH SA            806772516     -23471889.7
LUPA11 BZ     LUPATECH SA-RT         806772516     -23471889.7
LUPAF US      LUPATECH SA            806772516     -23471889.7
LUPA1 BZ      LUPATECH SA-RTS        806772516     -23471889.7
AGEN11 BZ     AGRENCO LTD-BDR        637647275      -312199404
AGRE LX       AGRENCO LTD            637647275      -312199404
MRLM3 BZ      CIA PETROLIFERA        377602195     -3014291.72
MRLM4B BZ     CIA PETROLIF-PRF       377602195     -3014291.72
1CPMON BZ     CIA PETROLIFERA        377602195     -3014291.72
MRLM4 BZ      CIA PETROLIF-PRF       377602195     -3014291.72
MRLM3B BZ     CIA PETROLIFERA        377602195     -3014291.72
1CPMPN BZ     CIA PETROLIF-PRF       377602195     -3014291.72
BOBR4 BZ      BOMBRIL-PREF           367760079     -20156714.7
BOBR1 BZ      BOMBRIL-RIGHTS         367760079     -20156714.7
BMBBY US      BOMBRIL SA-ADR         367760079     -20156714.7
BOBRPN BZ     BOMBRIL CIRIO-PF       367760079     -20156714.7
BMBBF US      BOMBRIL                367760079     -20156714.7
BOBR2 BZ      BOMBRIL-RGTS PRE       367760079     -20156714.7
BOBR3 BZ      BOMBRIL                367760079     -20156714.7
BOBRON BZ     BOMBRIL CIRIO SA       367760079     -20156714.7
BMBPY US      BOMBRIL SA-ADR         367760079     -20156714.7
TEKA9 BZ      TEKA-RCT               332104716      -455378043
TEKA1 BZ      TEKA-RTS               332104716      -455378043
TEKAON BZ     TEKA                   332104716      -455378043
TKTQY US      TEKA-ADR               332104716      -455378043
TEKAPN BZ     TEKA-PREF              332104716      -455378043
TEKAY US      TEKA-ADR               332104716      -455378043
TKTPF US      TEKA-PREF              332104716      -455378043
TEKA4 BZ      TEKA-PREF              332104716      -455378043
TEKA2 BZ      TEKA-RTS               332104716      -455378043
TEKA3 BZ      TEKA                   332104716      -455378043
TEKA10 BZ     TEKA-RCT               332104716      -455378043
TKTPY US      TEKA-ADR               332104716      -455378043
TKTQF US      TEKA                   332104716      -455378043
0229296Q BZ   PET MANG-RECEIPT       323293708      -112268877
RPMG3 BZ      PETRO MANGUINHOS       323293708      -112268877
3678569Q BZ   PET MANG-RIGHTS        323293708      -112268877
MANGON BZ     PETRO MANGUINHOS       323293708      -112268877
RPMG1 BZ      PET MANG-RT            323293708      -112268877
RPMG10 BZ     PET MANG-RECEIPT       323293708      -112268877
RPMG2 BZ      PET MANG-RT            323293708      -112268877
4115360Q BZ   PET MANG-RT            323293708      -112268877
MANGPN BZ     PETRO MANGUIN-PF       323293708      -112268877
RPMG4 BZ      PET MANGUINH-PRF       323293708      -112268877
4115364Q BZ   PET MANG-RT            323293708      -112268877
RPMG9 BZ      PET MANG-RECEIPT       323293708      -112268877
0229292Q BZ   PET MANG-RECEIPT       323293708      -112268877
3678565Q BZ   PET MANG-RIGHTS        323293708      -112268877
0229268Q BZ   PET MANG-RT            323293708      -112268877
0229249Q BZ   PET MANG-RT            323293708      -112268877
BTTL3 BZ      BATTISTELLA            303229842     -16386957.7
BTTL4 BZ      BATTISTELLA-PREF       303229842     -16386957.7
BTTL10 BZ     BATTISTELLA-RECP       303229842     -16386957.7
BTTL1 BZ      BATTISTELLA-RIGH       303229842     -16386957.7
BTTL2 BZ      BATTISTELLA-RI P       303229842     -16386957.7
BTTL9 BZ      BATTISTELLA-RECE       303229842     -16386957.7
HOTHPN BZ     HOTEIS OTHON-PRF       279263634     -71631286.8
HOOT4 BZ      HOTEIS OTHON-PRF       279263634     -71631286.8
HOOT3 BZ      HOTEIS OTHON SA        279263634     -71631286.8
HOTHON BZ     HOTEIS OTHON SA        279263634     -71631286.8
DOCAPN BZ     DOCAS SA-PREF          268123426      -196630079
DOCA3 BZ      DOCA INVESTIMENT       268123426      -196630079
DOCAON BZ     DOCAS SA               268123426      -196630079
DOCA2 BZ      DOCAS SA-RTS PRF       268123426      -196630079
DOCA4 BZ      DOCA INVESTI-PFD       268123426      -196630079
SNSY6 BZ      SANSUY-PREF B          190512467      -137678051
SNSY5 BZ      SANSUY-PREF A          190512467      -137678051
SNSY3 BZ      SANSUY                 190512467      -137678051
SNSYBN BZ     SANSUY SA-PREF B       190512467      -137678051
SNSYAN BZ     SANSUY SA-PREF A       190512467      -137678051
SNSYON BZ     SANSUY SA              190512467      -137678051
BLDR3 BZ      BALADARE               159454016     -52992212.8
DHBI4 BZ      D H B-PREF             145490397     -98414057.9
DHBPN BZ      DHB IND E COM-PR       145490397     -98414057.9
DHBON BZ      DHB IND E COM          145490397     -98414057.9
DHBI3 BZ      D H B                  145490397     -98414057.9
RENXPN BZ     TEXTEIS RENAUX         135518574     -64690189.5
RENXON BZ     TEXTEIS RENAUX         135518574     -64690189.5
TXRX1 BZ      TEXTEIS RENAU-RT       135518574     -64690189.5
TXRX4 BZ      RENAUXVIEW SA-PF       135518574     -64690189.5
TXRX9 BZ      TEXTEIS RENA-RCT       135518574     -64690189.5
TXRX10 BZ     TEXTEIS RENA-RCT       135518574     -64690189.5
TXRX2 BZ      TEXTEIS RENAU-RT       135518574     -64690189.5
TXRX3 BZ      RENAUXVIEW SA          135518574     -64690189.5
BUETON BZ     BUETTNER SA           97195113.5     -13140028.8
BUET1 BZ      BUETTNER SA-RTS       97195113.5     -13140028.8
BUET2 BZ      BUETTNER SA-RT P      97195113.5     -13140028.8
BUETPN BZ     BUETTNER SA-PRF       97195113.5     -13140028.8
BUET3 BZ      BUETTNER              97195113.5     -13140028.8
BUET4 BZ      BUETTNER-PREF         97195113.5     -13140028.8
COBRON BZ     COBRASMA SA           92452431.9     -2129344378
CBMA4 BZ      COBRASMA-PREF         92452431.9     -2129344378
CBMA3 BZ      COBRASMA              92452431.9     -2129344378
COBRPN BZ     COBRASMA SA-PREF      92452431.9     -2129344378
VPSC4 BZ      VARIG PART EM-PR      83017828.6      -495721700
VPSC3 BZ      VARIG PART EM SE      83017828.6      -495721700
ESTRPN BZ     ESTRELA SA-PREF       80632225.7      -102894942
ESTRON BZ     ESTRELA SA            80632225.7      -102894942
ESTR3 BZ      ESTRELA SA            80632225.7      -102894942
ESTR4 BZ      ESTRELA SA-PREF       80632225.7      -102894942
FTRX4 BZ      FABRICA RENAUX-P      78479539.9     -67506773.4
FRNXON BZ     FABRICA RENAUX        78479539.9     -67506773.4
FRNXPN BZ     FABRICA RENAUX-P      78479539.9     -67506773.4
FTRX1 BZ      FABRICA TECID-RT      78479539.9     -67506773.4
FTRX3 BZ      FABRICA RENAUX        78479539.9     -67506773.4
IGBAN BZ      GRADIENTE EL-PRA      69132281.2      -253174445
IGBR5 BZ      GRADIENTE-PREF A      69132281.2      -253174445
IGBCN BZ      GRADIENTE EL-PRC      69132281.2      -253174445
IGBR6 BZ      GRADIENTE-PREF B      69132281.2      -253174445
IGBR3 BZ      IGB ELETRONICA        69132281.2      -253174445
IGBR7 BZ      GRADIENTE-PREF C      69132281.2      -253174445
IGBBN BZ      GRADIENTE EL-PRB      69132281.2      -253174445
IGBON BZ      GRADIENTE ELETR       69132281.2      -253174445
SCLO4 BZ      SCHLOSSER-PREF        61624578.5     -45628872.6
SCLO3 BZ      SCHLOSSER             61624578.5     -45628872.6
SCHON BZ      SCHLOSSER SA          61624578.5     -45628872.6
SCHPN BZ      SCHLOSSER SA-PRF      61624578.5     -45628872.6
CSBRPN BZ     CAFE BRASILIA-PR      49512076.1      -999279159
CAFE4 BZ      CAF BRASILIA-PRF      49512076.1      -999279159
CAFE3 BZ      CAF BRASILIA          49512076.1      -999279159
CSBRON BZ     CAFE BRASILIA SA      49512076.1      -999279159
VPTA3 BZ      VARIG PART EM TR      49432124.2      -399290396
VPTA4 BZ      VARIG PART EM-PR      49432124.2      -399290396
GAFPN 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
GAFP4 BZ      CIMOB PART-PREF       44047411.7     -45669963.6
RCSL11 BZ     RECRUSUL-BON RT         41441029     -25619212.8
0163583D BZ   RECRUSUL - RCT          41441029     -25619212.8
4529789Q BZ   RECRUSUL - RCT          41441029     -25619212.8
4529793Q BZ   RECRUSUL - RCT          41441029     -25619212.8
RESLPN BZ     RECRUSUL SA-PREF        41441029     -25619212.8
RCSL2 BZ      RECRUSUL - RT           41441029     -25619212.8
4529785Q BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL12 BZ     RECRUSUL-BON RT         41441029     -25619212.8
RCSL3 BZ      RECRUSUL                41441029     -25619212.8
RCSL1 BZ      RECRUSUL - RT           41441029     -25619212.8
RCSL4 BZ      RECRUSUL-PREF           41441029     -25619212.8
4529781Q BZ   RECRUSUL - RT           41441029     -25619212.8
0163579D BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL9 BZ      RECRUSUL - RCT          41441029     -25619212.8
RESLON BZ     RECRUSUL SA             41441029     -25619212.8
0163582D BZ   RECRUSUL - RCT          41441029     -25619212.8
0163580D BZ   RECRUSUL - RT           41441029     -25619212.8
RCSL10 BZ     RECRUSUL - RCT          41441029     -25619212.8
WISAON BZ     WIEST SA              34108201.4      -126997429
WISA4 BZ      WIEST-PREF            34108201.4      -126997429
WISAPN BZ     WIEST SA-PREF         34108201.4      -126997429
WISA3 BZ      WIEST                 34108201.4      -126997429
SNST3 BZ      SANESALTO             31802628.1     -2924062.87
1COBAN BZ     CONST BETER-PF A      31374373.7     -1555470.16
COBE3 BZ      CONST BETER SA        31374373.7     -1555470.16
COBEAN BZ     CONST BETER-PR A      31374373.7     -1555470.16
1COBBN BZ     CONST BETER-PF B      31374373.7     -1555470.16
COBE5 BZ      CONST BETER-PF A      31374373.7     -1555470.16
COBE3B BZ     CONST BETER SA        31374373.7     -1555470.16
COBEON 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
COBE6 BZ      CONST BETER-PF B      31374373.7     -1555470.16
COBEBN BZ     CONST BETER-PR B      31374373.7     -1555470.16
COBE5B BZ     CONST BETER-PFA       31374373.7     -1555470.16
1009Q BZ      CONST BETER-PR B      31374373.7     -1555470.16
AORE3 BZ      ALL ORE MINERACA      27939352.3     -769622.943
STLB9 BZ      STEEL - RCT ORD       27939352.3     -769622.943
STLB1 BZ      STEEL - RT            27939352.3     -769622.943
STLB3 BZ      ALL ORE MINERACA      27939352.3     -769622.943
STRP3 BZ      BOTUCATU TEXTIL       27663604.9     -7174512.03
STARPN BZ     STAROUP SA-PREF       27663604.9     -7174512.03
STARON BZ     STAROUP SA            27663604.9     -7174512.03
STRP4 BZ      BOTUCATU-PREF         27663604.9     -7174512.03
NUTR3M BZ     NUTRIPLANT            24748712.2     -500384.099
NOVA4B BZ     NOVA AMERICA-PRF        21287489      -183535527
1NOVON BZ     NOVA AMERICA SA         21287489      -183535527
1NOVPN BZ     NOVA AMERICA-PRF        21287489      -183535527
NOVA3B BZ     NOVA AMERICA SA         21287489      -183535527
NOVAON BZ     NOVA AMERICA SA         21287489      -183535527
NOVA4 BZ      NOVA AMERICA-PRF        21287489      -183535527
NOVA3 BZ      NOVA AMERICA SA         21287489      -183535527
NOVAPN BZ     NOVA AMERICA-PRF        21287489      -183535527
FPXE4 BZ      BOMBRIL               19416015.8      -489914902
FPXE3 BZ      BOMBRIL HOLDING       19416015.8      -489914902
HAGA3 BZ      HAGA                  19097885.3     -54511171.5
HAGAON BZ     FERRAGENS HAGA        19097885.3     -54511171.5
HAGAPN BZ     FERRAGENS HAGA-P      19097885.3     -54511171.5
HAGA4 BZ      FER HAGA-PREF         19097885.3     -54511171.5
PSEGON BZ     SAUIPE SA             15857774.8     -4187306.97
PSEGPN BZ     SAUIPE SA-PREF        15857774.8     -4187306.97
PSEG3 BZ      SAUIPE                15857774.8     -4187306.97
PSEG4 BZ      SAUIPE-PREF           15857774.8     -4187306.97
BDFCE US      B&D FOOD CORP           14423532        -3506007
LATF US       LATTENO FOOD COR        14423532        -3506007
REIC US       REII INC                14423532        -3506007
BDFC US       B&D FOOD CORP           14423532        -3506007
NORD3 BZ      NORDON MET            13825854.1     -32802043.2
NORDON BZ     NORDON METAL          13825854.1     -32802043.2
NORD1 BZ      NORDON MET-RTS        13825854.1     -32802043.2
CALI4 BZ      CONST A LIND-PRF        13136723     -3979605.38
LINDON BZ     CONST A LINDEN          13136723     -3979605.38
LINDPN BZ     CONST A LIND-PRF        13136723     -3979605.38
CALI2 BZ      CONST LINDEN RT         13136723     -3979605.38
CALI10 BZ     CONST LINDEN RCT        13136723     -3979605.38
CALI3 BZ      CONST A LINDEN          13136723     -3979605.38
CALI1 BZ      CONST LINDEN RT         13136723     -3979605.38
CALI9 BZ      CONST LINDEN RCT        13136723     -3979605.38
LARK4 BZ      LARK MAQS-PREF          12676774     -6293304.48
LARK2 BZ      LARK SA MAQU-RTS        12676774     -6293304.48
LARK3 BZ      LARK MAQS               12676774     -6293304.48
LARK1 BZ      LARK SA MAQU-RTS        12676774     -6293304.48
LARPN BZ      LARK MAQUINAS-PR        12676774     -6293304.48
LARON BZ      LARK MAQUINAS           12676774     -6293304.48
ARLA11 BZ     ARTHUR LAN-DVD C      11642255.9     -17154461.9
ARLA9 BZ      ARTHUR LANG-RC C      11642255.9     -17154461.9
ARLA4 BZ      ARTHUR LANGE-PRF      11642255.9     -17154461.9
ARLA3 BZ      ARTHUR LANGE          11642255.9     -17154461.9
ALICON BZ     ARTHUR LANGE SA       11642255.9     -17154461.9
ARLA1 BZ      ARTHUR LANG-RT C      11642255.9     -17154461.9
ARLA2 BZ      ARTHUR LANG-RT P      11642255.9     -17154461.9
ALICPN BZ     ARTHUR LANGE-PRF      11642255.9     -17154461.9
ARLA10 BZ     ARTHUR LANG-RC P      11642255.9     -17154461.9
ARLA12 BZ     ARTHUR LAN-DVD P      11642255.9     -17154461.9
CCHI3 BZ      CHIARELLI SA          11281940.7     -81454622.1
CCHON BZ      CHIARELLI SA          11281940.7     -81454622.1
CCHPN BZ      CHIARELLI SA-PRF      11281940.7     -81454622.1
CCHI4 BZ      CHIARELLI SA-PRF      11281940.7     -81454622.1
SJOS4 BZ      TECEL S JOSE-PRF      11174696.2     -61473722.8
SJOS3 BZ      TECEL S JOSE          11174696.2     -61473722.8
FTSJPN BZ     TECEL S JOSE-PRF      11174696.2     -61473722.8
FTSJON BZ     TECEL S JOSE          11174696.2     -61473722.8
FGUION BZ     FERREIRA GUIMARA      11016542.1      -151840377
FGUIPN BZ     FERREIRA GUIM-PR      11016542.1      -151840377
FGUI3 BZ      F GUIMARAES           11016542.1      -151840377
FGUI4 BZ      F GUIMARAES-PREF      11016542.1      -151840377


CHILE

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