TCRLA_Public/120618.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, June 18, 2012, Vol. 13, No. 119


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Gets 110 Years Sentenced


A R G E N T I N A

BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating
CENTRO DE ARCHIVOS: Creditors' Proofs of Debt Due Aug. 13
CLEARING SA: Creditors' Proofs of Debt Due Aug. 2
GIRASOLES DEL SUR: Creditors' Proofs of Debt Due Aug. 7
MERA LATINA: Creditors' Proofs of Debt Due Aug. 16

PRAXIPHARMA SA: Creditors' Proofs of Debt Due July 17
SKLYCELL SA: Creditors' Proofs of Debt Due June 29
YPF SA: Billionaire Slim Gets 8.4% Stake From Eskenazis


B E R M U D A

NEWLEAD HOLDINGS: PwC Greece Raises Going Concern Doubt


B R A Z I L

COMPANIA LATINOAMERICANA: Fitch Affirms 'B' Issuer Default Rating


C A Y M A N   I S L A N D S

AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15
CARFEDEMA LTD: Creditors' Proofs of Debt Due July 10
ENGELBERG HOLDINGS: Creditors' Proofs of Debt Due July 6
ENGELBERG HOLDINGS: Shareholders' Final Meeting Set for July 11
GREEN VALLEY: Creditors' Proofs of Debt Due June 25

GUARDIAN ANGEL: Creditors' Proofs of Debt Due July 6
GUARDIAN ANGEL: Shareholders' Final Meeting Set for July 11
IRIS GLOBAL: Creditors' Proofs of Debt Due June 15
JSM INDOCHINA: Creditors' Proofs of Debt Due July 6
PERA GLOBAL: Commences Liquidation Proceedings

SG MICRO LIMITED: Creditors' Proofs of Debt Due June 26
TMS FUNDING: Commences Liquidation Proceedings


J A M A I C A

DIGICEL GROUP: Gets Double Blow From FTC


M E X I C O

CORPORACION ELECTRICA: S&P Gives 'B' Corporate Credit Rating


T U R K S  &  C A I C O S

ALEXANDRIA RESORT: Bank Places Resort in Receivership


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Could Drop London Route if Unprofitable
CENTRIN: Workers Reject Dismissal Letters


X X X X X X X X

* BOND PRICING: For the Week June 11 to June 15, 2012


                            - - - - -


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


STANFORD INT'L: Owner Gets 110 Years Sentenced
----------------------------------------------
Jamaica Observer reports that Robert Allen Stanford was sentenced
by U.S. District Judge David Hittner to 110 years in prison for
bilking investors out of more than US$7 billion in over two
decades.

In a defiant, Mr. Stanford told the court about the injuries he
suffered during a prison fight; criticized the government for its
"gestapo tactics" when his companies were put in receivership and
their assets sold off to pay back investors; described his
financial empire as a victim of the 2008 credit collapse; and
recalled riding horses with former President George W Bush,
according to Jamaica Observer.

"I did not run a Ponzi scheme.  I didn't defraud anybody,"
Jamaica Observer quoted Mr. Stanford as saying.

Jamaica Observer notes that prosecutor William Stellmach
chastised Stanford for his lack of remorse for defrauding
thousands of people of their lifesavings and preventing them from
being able to send their kids to college or to get needed medical
treatment.

Jamaica Observer notes the judge also ordered Mr. Stanford to
forfeit US$5.9 billion, but that was mostly symbolic because Mr.
Stanford is penniless.

Jamaica Observer says that the jury that convicted Stanford also
cleared the way for US authorities to go after about $330 million
in stolen investor funds sitting in the financier's frozen
foreign bank accounts in Canada, England and Switzerland.

But due to legal wrangling, it could be years before the more
than 21,000 investors recover anything, and whatever they
ultimately get will only be a fraction of what they lost, Jamaica
Observer adds.

As reported in the Troubled Company Reporter-Latin America on
June 12, 2012, Trinidad Express said that U.S. prosecutors have
asked that the convicted fraudster Mr. Stanford be given the
maximum penalty of 230 years in prison at his sentencing.  The
report noted that prosecutors said Mr. Stanford's lawyers have
asked for a prison sentence of 31 to 44 months.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).



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


BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign currency debt
rating to Banco Continental S.A.E.C.A.'s (Continental) senior
debt issuance of up to US$200 million and maximum tenor of up to
10 years. The Notes will be governed by the laws of the State of
New York.

The outlook on the debt rating is stable.

The following ratings were assigned to Banco Continental
S.A.E.C.A.:

Global Foreign-Currency Debt Rating: Ba3, stable outlook

Ratings Rationale

Moody's explained that the foreign currency senior unsecured debt
rating derives from Continental's Ba2 global local currency
deposit rating. However, the bond rating is constrained by
Paraguay's Ba3 country ceiling for foreign currency bonds.

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

Banco Continental S.A.E.C.A. is headquartered in Asunción,
Paraguay, and it had assets of US$1.9 billion and equity of
US$174 million as of December 2011.


CENTRO DE ARCHIVOS: Creditors' Proofs of Debt Due Aug. 13
---------------------------------------------------------
Mirta Alicia Hernandez, the court-appointed trustee for Centro de
Archivos Computados Integrales SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until Aug. 13, 2012.

Ms. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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:

         Mirta Alicia Hernandez
         Sanchez de Bustamante 68
         Argentina


CLEARING SA: Creditors' Proofs of Debt Due Aug. 2
-------------------------------------------------
Alberto Gimenez, the court-appointed trustee for Clearing SA's
reorganization proceedings, will be verifying creditors' proofs
of claim until Aug. 2, 2012.

Mr. Gimenez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Alberto Gimenez
         Rosario 814
         Argentina


GIRASOLES DEL SUR: Creditors' Proofs of Debt Due Aug. 7
-------------------------------------------------------
Hector Edgardo Grum, the court-appointed trustee for Girasoles
del Sur SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Aug. 7, 2012.

Mr. Grum will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5
in Buenos Aires, with the assistance of Clerk No. 9, 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 May 17, 2013.

The Trustee can be reached at:

         Hector Edgardo Grum
         San Martin 551
         Argentina


MERA LATINA: Creditors' Proofs of Debt Due Aug. 16
--------------------------------------------------
Fernando Ezequiel Aquilino, the court-appointed trustee for Mera
Latina SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 16, 2012.

Mr. Aquilino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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:

         Fernando Ezequiel Aquilino
         Montevideo 571
         Argentina


PRAXIPHARMA SA: Creditors' Proofs of Debt Due July 17
-----------------------------------------------------
Ruben Edgardo Posniak, the court-appointed trustee for
Praxipharma SA's reorganization proceedings, will be verifying
creditors' proofs of claim until July 17, 2012.

Mr. Posniak will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 May 14, 2013.

The Trustee can be reached at:

         Edgardo Posniak
         Avenida Medrano 37
         Argentina


SKLYCELL SA: Creditors' Proofs of Debt Due June 29
--------------------------------------------------
Valentina Maria Denda, the court-appointed trustee for Sklycell
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 29, 2012.

Ms. Denda will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk No.
36, 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:

         Valentina Maria Denda
         Av. Belgrano 845
         Argentina


YPF SA: Billionaire Slim Gets 8.4% Stake From Eskenazis
-------------------------------------------------------
Rodrigo Orihuela and Crayton Harrison at Bloomberg News report
that YPF SA said that Mexican billionaire Carlos Slim became the
fourth largest stakeholder in the company.

Mr. Slim controls 32.9 million of YPF's Class D shares, or an
8.4% stake worth US$345 million, according to a regulatory filing
obtained by Bloomberg News.

Bloomberg News notes that a loan default prompted Argentina's
Eskenazi family to transfer the creditors.  Bloomberg News
relates that Arturo Elias, a spokesman for Mr. Slim, said that
Grupo Financiero Inbursa SAB was among banks that received YPF SA
shares as collateral after the default.

"It's great that someone powerful behind this stock has seen
there is a big opportunity here," Bloomberg News said Marcus
Sequeira, an analyst at Deutsche Bank AG in New York.

Mr. Slim's company didn't acquire the rights to Eskenazi's debt
after the default, Mr. Elias said in an e-mailed response
obtained by the news agency.

Bloomberg News notes that two units of the Eskenazi's Petersen
Group transferred shares used as collateral to a group of banks
on June 11 after defaulting on a loan, Mr. Petersen related in a
U.S. Securities and Exchange Commission filing.  However, the
report notes that the filing contradicts a previous YPF SEC
filing that said the Eskenazis were forced to sell 25.9 million
shares to Inbursa because of the default.

The default sparked cross-defaults on three other loans, one of
which had been issued by banks and the other two by Repsol,
Bloomberg News discloses.  Before the defaults the Eskenazis
owned 25% of YPF, Bloomberg News relays.

                       About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.



=============
B E R M U D A
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NEWLEAD HOLDINGS: PwC Greece Raises Going Concern Doubt
-------------------------------------------------------
PricewaterhouseCoopers S.A. in Athens, Greece, said in a May 15,
2012 audit report NewLead Holdings Ltd. has incurred a net loss,
has negative cash flows from operations, negative working
capital, an accumulated deficit and has defaulted under its
credit facility agreements resulting in all of its debt being
reclassified to current liabilities.  These raise substantial
doubt about its ability to continue as a going concern, PwC said.

As of May 14, 2012, NewLead had a fleet of five vessels but
expects further reductions in the fleet.  NewLead said it
continues to negotiate with Piraeus Bank in respect of (a) the
sale of the vessels Hiona and Hiotissa, and (b) an agreement by
which Piraeus will release the Company from all debt obligations
arising under the related credit facilities in exchange for
equity in the Company.

According to NewLead, also included in the five vessels is one
newbuilding.  Due to the delay in NewLead's payment of an
installment of $7.4 million, NewLead is currently in default
under the shipbuilding contract of this hull and has not received
delivery of this hull.  NewLead is currently in discussions with
the lenders, the shipyard and a potential buyer in respect of the
sale of this hull and the release of its obligations under the
loan agreement.

NewLead also is in negotiations with WestLB to amend the terms of
the parties' loan agreement, whereby the agreement will be
amended and restated to enable NewLead to comply with certain of
its covenants on an ongoing basis after the closing of a
restructuring initiated by NewLead and enable the Newlead
Victoria, a drybulk Panamax vessel, to stay within the group.
This vessel is subject to a floating rate time charter which may
expire as early as July 2012 or as late as October 2012.  The
vessel owner has the right to an earlier redelivery of the
vessel, at any time within the charter duration, subject to the
vessel owner tendering three months' advance notice to the
charterers.

NewLead also is in negotiations with Marfin to amend the terms of
the loan agreement, whereby the agreement will be amended and
restated to enable NewLead to comply with certain of its
covenants on an ongoing basis after the closing of the
Restructuring and enable the Newlead Markela, a drybulk Panamax
vessel to stay within the group.

Due to the economic conditions and operational difficulties of
the Company, NewLead entered into restructuring discussions with
each of the lenders under its facility and credit agreements, the
holders of its 7% senior unsecured convertible notes and the
counterparties to its capital leases.  As part of those
discussions, NewLead appointed Moelis & Company to act as
financial advisors in respect of the overall restructuring
proposal.  The aim of the restructuring is to increase liquidity,
normalize trade vendor payments and deleverage the Company on a
going forward basis.

Since June 2011, NewLead has defaulted under each of its
Financing Documents in respect of certain covenants (including,
in some cases, the failure to make amortization and interest
payments, the failure to satisfy financial covenants and the
triggering of cross-default provisions).  To date, NewLead has
not obtained waivers of these defaults from the lenders.  From
July 1, 2011 through May 14, 2012, and as part of NewLead's
restructuring efforts, the lenders seized four of the Company's
vessels and NewLead sold 13 vessels.  The sales proceeds have
been and are expected to be insufficient to fully repay the
related debt and therefore, NewLead will continue to have
significant debt.

NewLead is also in discussions with the lenders regarding the
future use of three of its five remaining vessels.

During the Restructuring process, the lenders have continued to
reserve their rights in respect of such defaults other than the
Kamsarmax Syndicate Facility Agreements and the Northern Shipping
Fund arrangement.  Except for the Kamsarmax Syndicate Facility
Agreements and the Northern Shipping Fund arrangement, the
lenders have not exercised their remedies at this time including
demand for immediate payment; however, the lenders could change
their position at any time.  NewLead said there can be no
assurance that a satisfactory final agreement will be reached
with all the lenders in the Restructuring or at all.

On Nov. 8, 2011, NewLead and Moelis presented to each of the
lenders under the Financing Documents a commercial presentation
which set out a comprehensive global restructuring proposal.  The
Restructuring Proposal included, among other things, proposed
amendments to the Financing Documents (including amortization
relief and reset of financial covenants).  The lenders have not
yet approved the Restructuring Proposal and the changes have not
been implemented as of the filing of the annual report.

Notwithstanding, NewLead said it has made progress in completing
various parts of the Restructuring Proposal and continues to
remain in discussions with the remaining lenders.  During 2011
and through May 15, 2012, NewLead has sold, disposed of or handed
control over to the lenders a total of 17 of NewLead's vessels
and hulls under construction (or its ownership of the shipowning
subsidiaries) in connection with the restructuring.

As of Dec. 31, 2011, NewLead's outstanding debt was $572.2
million, excluding the $71.6 million of unamortized beneficial
conversion feature, or BCF, treated as a discount on the
outstanding $125.0 million of NewLead's 7% Notes.  From Jan. 1,
2012 through May 14, 2012, and as a result of the sale, disposal
of or handing control of vessels and hulls to the lenders,
NewLead's debt has been decreased by an aggregate amount of
$157.1 million.

NewLead said that, despite its restructuring efforts over the
last several months, as of May 14, 2012, it continues to have:

     * $56.5 million ($31.2 million relating to the Marfin Credit
       Facility and $25.3 million relating to the WestLB loan
       agreement) of outstanding debt for vessels that NewLead
       expects will remain in its possession after the completion
       of the Restructuring;

     * $75.6 million ($69.8 million relating to the Piraeus Bank
       credit facilities and $5.8 million relating to the
       Handysize Syndicate Facility Agreement) of outstanding
       debt for vessels currently in NewLead's possession that
       NewLead expects to sell and apply the proceeds thereof
       against the related debt;

     * $158 million ($76.8 million relating to the Kamsarmax
       Syndicate Facility Agreements and $81.2 million relating
       to the Lemissoler Sale and Leaseback agreements) of
       liabilities for vessels that NewLead already handed
       control over to the lenders but has not yet obtained final
       releases; and

     * $125 million of 7% Notes outstanding, for which NewLead is
       currently in negotiations to convert such notes to equity
       prior to the completion of the Restructuring.

Last month, NewLead said net loss for the years ended Dec. 31,
2011 and 2010 was $290.4 million and $86.3 million, respectively.
This loss included loss from discontinued operations of$32.2
million and $9.1 million in the years ended Dec. 31, 2011 and
2010, respectively, which were related primarily to (i) the
Company's restructuring process which resulted in the sale of
certain tanker and dry bulk vessels and(ii) its strategic
decision to exit from the container market.

As of Dec. 31, 2011, NewLead's currents assets amounted to $33.7
million, while current liabilities amounted to $583.6 million,
resulting in a negative working capital position of $549.9
million.

As of Dec. 31, 2011, the Company's liquidity reflected $5.4
million of total cash ($5.1 million of unrestricted cash and $0.3
million of restricted cash), compared with $110.8 million in
total cash as of Dec. 31, 2010.  The decrease of $105.4 million
in total cash was attributable primarily to vessel acquisitions
and vessels under construction, as well as debt service and was
partially offset by the proceeds from the sale and leaseback of
one vessel and the proceeds from the sale of four vessels.  Total
debt on the balance sheet as of Dec. 31, 2011 and Dec. 31, 2010
was $500.6 million and $578.0 million, respectively, representing
a $77.4 million decrease.

As of Dec. 31, 2011, total assets was $396.7 million against
total liabilities of $599.1 million.

A copy of the Company's Annual Report filed on Form 20-F with the
U.S. Securities and Exchange Commission for the fiscal year ended
Dec. 31, 2011, is available at http://is.gd/D59gIY

NewLead Holdings Ltd., incorporated under the Bermuda Companies
Act of 1981 on Jan. 12, 2005, has been an international shipping
company engaged in the transportation of refined products, such
as gasoline and jet fuel, and dry bulk goods, such as iron ore,
coal and grain.  Based in Piraeus, Greece, the Company currently
operates a fleet of two double-hulled product tankers and three
drybulk carriers.



===========
B R A Z I L
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COMPANIA LATINOAMERICANA: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Compania
Latinoamericana de Infraestructura y Servicios S.A. (CLISA) as
follows:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';
  -- Local currency IDR at 'B';
  -- National Scale Long Term Rating at 'A+(arg)';
  -- National Scale US$120MM senior unsecured notes at 'A+(arg)'.

The Rating Outlook is Stable.

Fitch Ratings has simultaneously withdrawn the expected ratings
on CLISA's USD250 million senior unsecured notes due 2019 of
'B(exp)/RR4' and 'A+(arg)' because the forthcoming debt issuance
is no longer expected to proceed, due to unfavorable market
conditions.

CLISA's ratings reflect its strong market position as one of
Argentina's largest privately owned industrial conglomerates, the
consolidation of its operating strategy diversified among
different business units, and its moderate leverage.  The ratings
also incorporate CLISA's sizeable backlog, which provides some
certainty to the company's cash generation over the medium term.

CLISA's ratings are constrained by its currency exposure, with
cash flow generation in Argentinian Pesos and around 50% of its
debt denominated in US Dollars.  The company's ratings also
incorporate the volatility of the construction industry,
particularly with regard to public works projects, and regulatory
risk.  The ratings are further limited by the risks associated
with generating most of its EBITDA in Argentina, which is also
rated 'B' by Fitch.

CLISA operates in four main businesses: construction and toll
road concessions (through Benito Roggio e Hijos - BRH), water
treatment, waste management (CLIBA), and transportation.  Over
the last five years, CLISA's cash flow generation grew steadily,
following positive trends for construction primarily driven by
public works expenditure.  At fiscal year-end (FYE) 2011, the
group reported sales and EBITDA of US$1,061 million and US$145
million, respectively, an improvement from the US$737 million and
US$111 million at FYE 2010.  Construction represented around 50%
of consolidated revenues, evidence of important growth in an
election year.

The company's cash flow is exposed to the cyclicality of the
construction industry and level of public works expenditure in
Argentina.  While infrastructure spending requirements in the
country remain high, a deceleration in the level of public works
or a slower pace of execution is expected due to limits on the
government's available funding.  However, BRH's construction
backlog peaked at US$930 million in April 2012 (AR$4,133
million), providing the company with an important source of cash
generation for the next two years.  CLISA is also exposed to the
collection risk derived from having the government as its main
counterparty.

CLISA's main activities depend on contractual agreements and
government regulations at the national, provincial and municipal
levels.  Exposure to regulatory risk derives from the delays in
the renegotiation of public service contracts.  In particular,
CLISA's subsidiary Metrovias (mass transportation) has heightened
political risk following the National Government attempt to
transfer the subway concession to Buenos Aires City.  Most of
Metrovias' income was derived from National Government
subsidies.  As of today, there is uncertainty surrounding the
legal jurisdiction of the concession, and most of the legal
conflicts surrounding this issue are still pending.  Fitch does
not expect cash support from CLISA to Metrovias to take place,
but acknowledges that the legal issues are affecting the
economics of the business, with this risk incorporated in the
current rating.  Fitch will continue to closely monitor the
evolving impact of the delay in the transferability of the
concession on CLISA's credit profile.

CLISA's leverage reached 2.6x as of March 31, 2012 considering
annualized EBITDA for the first quarter.  Total debt climbed to
US$317.9 million of debt, 51% of which is short term.  Fitch
expects that CLISA will manage its capital structure to a
targeted debt-to-EBITDA ratio of around 3.0x.  All debt issued at
the holding level is guaranteed on a senior unsecured basis by
the operating companies BRH and CLIBA, which jointly account for
approximately 80% of the group's consolidated operating results.

Fitch notes that the company's liquidity has deteriorated.
Refinancing risk has increased for the period with US$80.9
million of cash and marketable securities and US$161.8 million of
short-term debt.  Fitch expects the company to successfully
refinance a portion of its short-term debt.  CLISA faces a
challenge to turn its free cash flow positive after 2012
following the completion of two projects related to renewable
energies during the second half of 2012.  These projects will
contribute additional EBITDA of around US$20 million from 2013
onwards, reducing volatility.

Potential Rating and Outlook Drivers:

A worsening of the macroeconomic and political environment that
could significantly threaten existing levels of infrastructure
investments could result in a negative rating action.  Other
factors that could affect CLISA's credit profile are a
deterioration in collections from the government counterparties,
the maintenance of negative free cash flow and an increase in
Metrovias' political risk, affecting CLISA's operations.



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C A Y M A N   I S L A N D S
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AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15
----------------------------------------------------
The creditors of AI Systematic Management Ltd. are required to
file their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 2, 2012.

The company's liquidator is:

         Pieter Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


CARFEDEMA LTD: Creditors' Proofs of Debt Due July 10
----------------------------------------------------
The creditors of Carfedema Ltd. are required to file their proofs
of debt by July 10, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 23, 2012.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


ENGELBERG HOLDINGS: Creditors' Proofs of Debt Due July 6
--------------------------------------------------------
The creditors of Engelberg Holdings Limited are required to file
their proofs of debt by July 6, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


ENGELBERG HOLDINGS: Shareholders' Final Meeting Set for July 11
---------------------------------------------------------------
The shareholders of Engelberg Holdings Limited will hold their
final meeting on July 11, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


GREEN VALLEY: Creditors' Proofs of Debt Due June 25
---------------------------------------------------
The creditors of Green Valley Ltd. are required to file their
proofs of debt by June 25, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 640-6712


GUARDIAN ANGEL: Creditors' Proofs of Debt Due July 6
----------------------------------------------------
The creditors of Guardian Angel Investments Limited are required
to file their proofs of debt by July 6, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


GUARDIAN ANGEL: Shareholders' Final Meeting Set for July 11
-----------------------------------------------------------
The shareholders of Guardian Angel Investments Limited will hold
their final meeting on July 11, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on May 24, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


IRIS GLOBAL: Creditors' Proofs of Debt Due June 15
--------------------------------------------------
The creditors of Iris Global Fund SPC Ltd. are required to file
their proofs of debt by June 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 2, 2012.

The company's liquidator is:

         Pieter Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


JSM INDOCHINA: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of JSM Indochina Ltd are required to file their
proofs of debt by July 6, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 22, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Nicola Wright
         Telephone: 345-815-2621/ 345-949-4800
         Facsimile: 345-949-7164/ 345-949-7164


PERA GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On May 18, 2012, the members of Pera Global Holdings Limited
passed a resolution that voluntarily winds up the company's
operations.

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

The company's liquidator is:

         Guoming Zhang
         Building Cn08, Legend Town
         No.1 Balizhuangdongli, Chaoyang District
         Beijing
         People's Republic of China


SG MICRO LIMITED: Creditors' Proofs of Debt Due June 26
-------------------------------------------------------
The creditors of SG Micro Limited are required to file their
proofs of debt by June 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 21, 2012.

The company's liquidator is:

         Susan Fan
         Zhonghai Fuyuan Residential Area
         Building 4, Unit One, Room 12D
         Haidian District, Beijing
         P R China
         Telephone: 15901439906


TMS FUNDING: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on May 16, 2011, the members of
TMS Funding Limited passed a resolution that voluntarily winds up
the company's operations.

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

The company's liquidator is:

         Joseph R. Thom
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands



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


DIGICEL GROUP: Gets Double Blow From FTC
----------------------------------------
RJR News reports that the Fair Trading Commission reportedly
dealt Digicel Group Limited a double blow by not only slapping
down the company over accusations it made in an appeal but also
throwing it out calling the grounds "baseless".

The Barbados Nation reports that in a ruling that included a
terse rebuke of the Jamaica-headquartered telecommunications
giant, the FTC denied Digicel's appeal of its 2011 ruling that
allowed Cable & Wireless (C&W) to undertake a Long Run
Incremental Cost (LRIC) study that would work out what costs and
tariffs to charge competitors like Digicel for interconnection
services, according to RJR News.

RJR News reports that among its grounds of appeal, Digicel
accused the FTC of being unfair, "irrational and/or
unreasonable"; that it was in breach of the rules of natural
justice and failed to provide Digicel with copies of all
important documents and material.

The FTC commissioners, headed by Chairman Sir Neville Nicholls,
said it was Digicel which had to prove its case and stressed
among other things that a review was "not a vehicle . . . to
reargue submissions . . . because they do not agree with the
decision," RJR News.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.

Digicel is based in Jamaica.  It has operations in 31 markets
worldwide.  Its Caribbean and Central American markets comprise
Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire,
the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname,
Trinidad & Tobago and Turks & Caicos.  The Caribbean company also
has coverage in St. Martin and St. Barts.  Digicel Pacific
comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                      *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.



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


CORPORACION ELECTRICA: S&P Gives 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit and senior unsecured ratings to Corporacion Electrica
Nacional (CORPOELEC), which the Republic of Venezuela owns. "We
are also withdrawing the 'B-' corporate credit rating on C.A. La
Electricidad De Caracas (EDC) following its merger into
CORPOELEC. We also raised the ratings on Electricidad de Caracas
Finance B.V. and EDC's notes due 2014 and 2018 to 'B' from 'B-'
given that CORPOELEC has assumed all of EDC's financial
obligations. The outlook is stable," S&P said.

"The ratings on CORPOELEC reflect our opinion that there is an
extremely high likelihood that its owner, the Bolivarian Republic
of Venezuela (B+/Stable/B), would provide timely and sufficient
extraordinary support to the company in the event of financial
distress. Therefore, the corporate credit rating on CORPOELEC is
a notch higher than its 'b-' stand-alone credit profile," S&P
said.



=========================
T U R K S  &  C A I C O S
=========================


ALEXANDRIA RESORT: Bank Places Resort in Receivership
-----------------------------------------------------
RJR News reports that the bank holding the mortgage on the
Alexandria Resort in Providenciales, Turks and Caicos Islands,
has placed the resort into receivership.

The developer and director of the corporation operating the
resort, Washington Misick, has said that customers of the resort
need not to be concerned, as business will be conducted as usual,
according to RJR News.

The report notes that shareholders in the resort are reported to
include Misick, his brother and former premier Michael Misick, as
well as known Progressive.



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


CARIBBEAN AIRLINES: Could Drop London Route if Unprofitable
-----------------------------------------------------------
RJR News reports that a warning has been issued that Caribbean
Airline's new London route will be dropped if it proves to be
unprofitable.

Trinidad's Transport Minister, Devant Maharaj, said he would be
monitoring the route on a monthly basis to ensure that it does
not become a drain on taxpayers, according to RJR News reports.
The report relates that Mr. Maharaj said there will be no delay
in taking the appropriate action.

RJR News notes that Mr. Maharaj said a decision was made to start
the London route with two flights a week instead of six.

British Airways has reduced its flights from London to the
southern Caribbean from five to four flights per week and Mr.
Maharaj said CAL can pick up that slack, RJR News notes.

The report notes that Mr. Maharaj said he's also focusing on all
other aspects of  the airline's operations in particular some of
the unprofitable Jamaican routes.

The Montego Bay to Florida route has already been dropped, RJR
News says.

Mr. Maharaj and Civil Aviation Authority officials from Trinidad
are scheduled to visit Jamaica to hold talks with Transport
Minister Dr. Omar Davies, before the end of the month, RJR News
adds.

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.


CENTRIN: Workers Reject Dismissal Letters
-----------------------------------------
Trinidad Express reports that Trinidad Central Steel Mill
(Centrin) workers have not accepted letters of temporary
dismissal and are demanding that management find a way to rehire
them.

The company shut down its operations for one month due to
unfavorable market conditions and high inventory of finished
products, according to Trinidad Express.

The workers insisted that there was work on the mill to sustain
them during the month. Steel Workers Union of Trinidad and Tobago
(SWUTT) representative Teemul Khan said yesterday, "There is
maintenance work on the mill to be done, which can last up to a
month. I believe the company can sustain these workers so they
can get paid for the month."

Khan said some 100 workers were temporarily laid off, with no
definite date of return.

The company's letter stated that it had no alternative but to
shut down operations for an initial period of one month,
effective June 18 to July 17.  "Some workers are being forced to
take vacation leave during that time, so they can get payment.
But what about the workers who don't have vacation leave, or
don't want vacation at that time," Khan said.

The workers were addressed by SWUTT president general Lex Lovell.

Centrin's human resources officer, Wayne Wong, previously stated
that during the one-month period of temporary closure, management
will continue to vigorously seek markets for its products.  "The
workers will continue their protest, by coming here on Monday
morning, to again ask management to find an alternative solution
to this problem," Khan said.



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


* BOND PRICING: For the Week June 11 to June 15, 2012
-----------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS              8.28   12/31/2033    USD         54.92
ARGENT-$DIS              8.28   12/31/2033    USD         59.18
ARGENT-$DIS              8.28   12/31/2033    USD         61.63
ARGENT-PAR               1.18   12/31/2038    ARS         36.42
ARGENT-EURDIS            7.82   12/31/2033    EUR            65
ARGENT-EURDIS            7.82   12/31/2033    EUR          52.5
ARGENT-EURDIS            7.82   12/31/2033    EUR            55
ARGENT-JPYDIS            4.33   12/31/2033    JPY            42
ARGENT-JPYPAR            0.45   12/31/2038    JPY            15
ARGENT-JPYPAR&GDP        0.45   12/31/2038    JPY             8
ARGNT BODEN                 7   10/3/2015     USD            89
ARGNT-BOCON PRE9            2   3/15/2014     ARS            68
BANCO DE GALICIA         8.75   5/4/2018      USD         72.75
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD            71
BONAR X                     7   4/17/2017     USD          67.5
CAPEX SA                   10   3/10/2018     USD            56
CAPEX SA                   10   3/10/2018     USD          58.5
CITY OF BUENOS           9.95   3/1/2017      USD         70.96
CITY OF BUENOS           9.95   3/1/2017      USD         71.71
EMP DISTRIB NORT         9.75   10/25/2022    USD            43
EMP DISTRIB NORT         9.75   10/25/2022    USD         40.88
EMP DISTRIB NORT         10.5   10/9/2017     USD            50
PROV BUENOS AIRE        9.625   4/18/2028     USD         48.44
PROV BUENOS AIRE       10.875   1/26/2021     USD         52.68
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.73
PROV BUENOS AIRE       10.875   1/26/2021     USD         53.22
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.25
PROV BUENOS AIRE        11.75   10/5/2015     USD         71.87
PROV BUENOS AIRE        11.75   10/5/2015     USD         69.06
PROV BUENOS AIRE         9.25   4/15/2017     USD         71.41
PROV DE CORDOBA        12.375   8/17/2017     USD         58.52
PROV DE CORDOBA        12.375   8/17/2017     USD            59
PROV DE MENDOZA           5.5   9/4/2018      USD         70.57
TRANSENER                9.75   8/15/2021     USD         45.88
TRANSENER                9.75   8/15/2021     USD            50
TRANSPORT DE GAS        7.875   5/14/2017     USD          71.5


BRAZIL
------

BANCO BMG               8.875   8/5/2020      USD          70.5
BANCO BMG                   8   4/15/2018     USD            72
BANCO BMG                9.95   11/5/2019     USD            74
BANCO BMG                 6.5   3/14/2014     USD          75.5
BANCO BMG               9.625   3/27/2017     USD          69.9
BANCO BMG               8.875   8/5/2020      USD          75.5
BANCO BMG SA             9.15   1/15/2016     USD          69.5
BANCO BONSUCESSO         9.25   11/3/2020     USD            65
BANCO BONSUCESSO         9.25   11/3/2020     USD         69.75
BANCO CRUZEIRO          8.875   9/22/2020     USD            30
BANCO CRUZEIRO          8.875   9/22/2020     USD         29.88
BANCO CRUZEIRO              7   7/8/2013      USD         40.45
BANCO CRUZEIRO           8.25   1/20/2016     USD            41
BANCO CRUZEIRO          7.625   4/21/2014     USD            39
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.75
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.88
BANCO CRUZEIRO           8.25   1/20/2016     USD         40.38
BANCO CRUZEIRO              8   9/17/2012     USD         72.97
REDE EMPRESAS          11.125                 USD          41.5
REDE EMPRESAS          11.125                 USD         39.75
REDE EMPRESAS          11.125                 USD         39.75


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

BANCO BPI (CI)           4.15   11/14/2035    EUR         52.25
BCP FINANCE BANK         5.01   3/31/2024     EUR         49.88
BCP FINANCE BANK         5.31   12/10/2023    EUR         52.13
BCP FINANCE CO          4.239                 EUR         30.89
BCP FINANCE CO          5.543                 EUR         29.61
BES FINANCE LTD          5.58                 EUR         39.08
BES FINANCE LTD           4.5                 EUR         50.33
CAM GLOBAL FIN           6.08   12/22/2030    EUR         61.38
CHINA AUTOMATION         7.75   4/20/2016     USD         71.51
CHINA FORESTRY          10.25   11/17/2015    USD            58
CHINA FORESTRY          10.25   11/17/2015    USD         57.63
CHINA NICKEL               10   3/12/2015     HKD          53.1
CHINA SUNERGY            4.75   6/15/2013     USD         52.92
EFG HELLAS CAYMA            9   6/8/2019      EUR         31.75
EFG ORA FUNDING           1.7   10/29/2014    EUR         48.66
ESFG INTERNATION        5.753                 EUR         32.25
GOL FINANCE              8.75                 USD            69
GOL FINANCE              8.75                 USD         69.63
HIDILI INDUSTRY         8.625   11/4/2015     USD            76
HIDILI INDUSTRY         8.625   11/4/2015     USD            75
HOME INNS                   2   12/15/2015    USD         71.25
HOME INNS                   2   12/15/2015    USD         70.85
JINKOSOLAR HOLD             4   5/15/2016     USD         46.82
LDK SOLAR CO LTD           10   2/28/2014     CNY         32.88
LDK SOLAR CO LTD         4.75   4/15/2013     USD          49.5
LDK SOLAR CO LTD         4.75   4/15/2013     USD         60.98
LDK SOLAR CO LTD         4.75   4/15/2013     USD         69.59
LUPATECH FINANCE        9.875                 USD            71
LUPATECH FINANCE        9.875                 USD            69
PUBMASTER FIN           5.943   12/30/2024    GBP          72.4
PUNCH TAVERNS           4.767   6/30/2033     GBP         72.33
RENHE COMMERCIAL           13   3/10/2016     USD          59.5
RENHE COMMERCIAL        11.75   5/18/2015     USD         57.04
RENHE COMMERCIAL           13   3/10/2016     USD         56.38
RENHE COMMERCIAL        11.75   5/18/2015     USD         56.75
SOLARFUN POWER H          3.5   1/15/2018     USD            58
SOLARFUN POWER H          3.5   1/15/2018     USD         58.25
SPG LAND HOLDING         13.5   4/8/2016      USD         73.02
SUNTECH POWER               3   3/15/2013     USD          62.8
SUNTECH POWER               3   3/15/2013     USD         63.02


CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012     CLP         9.978
COLBUN SA                 3.2   5/1/2013      CLP         49.27
ESVAL S.A.                3.8   7/15/2012     CLP         12.67
MASISA                   4.25   10/15/2012    CLP         10.03
QUINENCO SA               3.5   7/21/2013     CLP          25.6

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

PUERTO RICO CONS          6.2 5/1/2017        USD         56.63
PUERTO RICO CONS          6.5 4/1/2016        USD         69.47


VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD            70
PETROLEOS DE VEN          5.5   4/12/2037     USD            57
PETROLEOS DE VEN        5.375   4/12/2027     USD         56.79
PETROLEOS DE VEN         5.25   4/12/2017     USD         72.74
PETROLEOS DE VEN            9   11/17/2021    USD         75.44
PETROLEOS DE VEN        5.125   10/28/2016    USD         74.12
VENEZUELA                   7   3/31/2038     USD         62.39
VENEZUELA                   7   3/31/2038     USD            68
VENEZUELA                   6   12/9/2020     USD            69
VENEZUELA                7.65   4/21/2025     USD          70.5
VENEZUELA                8.25   10/13/2024    USD          74.5


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *