TCRLA_Public/120622.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

              Friday, June 22, 2012, Vol. 13, No. 123


                            Headlines



A R G E N T I N A

METROGAS SA: Creditors Approve New Debt Terms


B E R M U D A

EUROL INTERNATIONAL: Creditors' Proofs of Debt Due July 4
EUROL INTERNATIONAL: Members' Final Meeting Set for July 30
MUTUAL INDEMNITY: Supreme Court Enters Wind-Up Order
ZURICH GLOBAL: Creditors' Proofs of Debt Due July 4
ZURICH GLOBAL: Member to Receive Wind-Up Report on July 24


B R A Z I L

BANCO VOTORANTIM: S&P Cuts Stand-alone Credit Profile to 'bb+'


C A Y M A N   I S L A N D S

ATWATER CAPITAL: Shareholder to Receive Wind-Up Report on July 3
ATWATER CAPITAL FUND: Shareholder to Hear Report on July 3
BLACKROCK ASIAN: Shareholders' Final Meeting Set for July 23
CHATER ASIA-PACIFIC: Shareholders' Final Meeting Set for July 6
CINQUEDITA LTD: Shareholder to Hear Wind-Up Report on July 3

CURA FIXED: Shareholders' Final Meeting Set for July 5
GRAMERCY COMMUNICATIONS: Shareholders' Meeting Set for July 6
GS PEP: Shareholders' Final Meeting Set for July 6
LIM AIS: Shareholders' Final Meeting Set for July 6
MIDAS FUND: Shareholder to Receive Wind-Up Report on June 26

STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5
STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5
TL III OFFSHORE: Shareholders' Final Meeting Set for July 4
TOURMALET PARTNERS: Shareholder to Hear Wind-Up Report on July 6


C H I L E

EMPRESAS LA POLAR: Sues PricewaterhouseCoopers for US$63 Million


J A M A I C A

LIME JAMAICA: Contemplates Joining OUR in Legal Action


M E X I C O

UNION PROGRESO: Moody's Confirms 'E+' BFSR; Outlook Negative


                            - - - - -


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


METROGAS SA: Creditors Approve New Debt Terms
---------------------------------------------
Eduardo Thomson at Bloomberg News reports that holders of the
Metrogas SA's bonds approved a debt restructuring for the bankrupt
gas distributor.

Investors holding about US$139 million of debt unanimously
approved the terms of the restructuring, the company said in
statements to the Buenos Aires exchange obtained by Bloomberg
News.  The accord includes swapping bonds for new debt to mature
in 2018, and will comprise haircuts of 53% for holders of class A
bonds and 47% for holders of class B bonds, according to documents
posted in February on the company's website, according to
Bloomberg News.

"This solves one of Metrogas's main problems," Marcelo
Olguin, chief economist at Grupo SBS, told Bloomberg News in a
phone interview.  Investors may also be betting that the company
is in a good position to renegotiate tariffs that the government
has frozen since 1999 to curb inflation, he added, Bloomberg News
says.

Metrogas has total outstanding debt of ARS$1.13 billion, according
to data compiled by Bloomberg.

                         About Metrogas SA

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.
Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the
area of the Federal Capital and southern and eastern Greater
Buenos Aires, by operating the assets allocated to the Company by
GdE for a 35-year period from the Takeover Date (Dec. 28, 1992).
This period can be extended for an additional 10 year period
under certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A., who
holds 70% of the Common Stock of the Company.  The 20%, which was
originally owned by the National Government, was offered in
public offering and the remaining 10% is under the Employee Stock
Ownership Plan ("Programa de Propiedad Participada" or "PPP").

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.

On July 12, 2011, the Company presented a Reorganization Proposal
to all unsecured creditors with proved and admissible claims.
The offer consists of the payment of the unsecured claims, either
proved or admissible, by means of the delivery, in exchange for
and payment of such credits, of negotiable obligations payable in
14 years, in American Dollars, for 45%, measured in American
Dollars, of the unsecured claims verified or declared admissible
-- Negotiable Obligations.

The Negotiable Obligations will be amortized 1% per year from
year 3 to, and including, year 13, and the remaining balance
(89%) will be amortized at the maturity of the Negotiable
Obligations, in year 14.  The Negotiable Obligations will accrue
interest at an annual fixed rate of 4% and will be issued in two
series under substantially the same terms and conditions.  Both
will be offered in public bids.  One of the series will be
offered in exchange to those creditors with unsecured claims who
hold existing negotiable obligations with public offer, and the
other series will be offered to the other unsecured creditors who
are not bondholders.

On Oct. 3, 2011, commercial creditor consents to MetroGAS' offer
were presented before the reorganization procedure court, in such
a number that represents the absolute majority of the verified
creditors.



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B E R M U D A
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EUROL INTERNATIONAL: Creditors' Proofs of Debt Due July 4
---------------------------------------------------------
The creditors of Eurol International (Bermuda) Ltd. are required
to file their proofs of debt by July 4, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidator is:

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


EUROL INTERNATIONAL: Members' Final Meeting Set for July 30
-----------------------------------------------------------
The members of Eurol International (Bermuda) Ltd. will hold their
final meeting on July 30, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MUTUAL INDEMNITY: Supreme Court Enters Wind-Up Order
----------------------------------------------------
On June 15, 2012, the Supreme Court of Bermuda entered an order to
wind up the operations of Mutual Indemnity (US) Ltd.

Mike Morrison and Charles Thresh of KPMG Advisory Limited were
appointed as joint provisional liquidators.


ZURICH GLOBAL: Creditors' Proofs of Debt Due July 4
---------------------------------------------------
The creditors of Zurich Global Energy Limited are required to file
their proofs of debt by July 4, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2012.

The company's liquidator is:

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


ZURICH GLOBAL: Member to Receive Wind-Up Report on July 24
----------------------------------------------------------
The member of Zurich Global Energy Limited will receive on
July 24, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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



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B R A Z I L
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BANCO VOTORANTIM: S&P Cuts Stand-alone Credit Profile to 'bb+'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banco
Votorantim S.A. (BV) to negative from stable. "In addition, we
affirmed our 'BBB-/A-3' global scale and 'brAAA/brA-1' national
scale counterparty credit ratings," S&P said.

"We have revised our risk position score on BV to "moderate" from
'adequate' (as our criteria define these terms) on its auto loan
portfolio's deterioration. As a result, we lowered the SACP to
'bb+' from 'bbb-'. The outlook revision reflects our expectation
that the bank may lose market share in its most important business
lines to its competitors in the next 12-18 months. Due to BV's
status as a 'moderately strategic' subsidiary of Votorantim
Participacoes group and strong likelihood that it will receive
financial support from the group, if necessary, the lower SACP
does not affect the issuer credit rating because the credit rating
now receives a one notch of parental uplift above the SACP. This
was not the case when SACP was 'bbb-', as according to our group
methodology criteria, a rating on the 'moderately strategic'
subsidiary is subject to a one-notch cap below the GCP level of
the group, which in this case is 'bbb'," S&P said.

"We currently assess BV's business position as "adequate," which
reflects the bank's large market share and customer base in its
core markets. According to the Brazilian central bank, BV is the
country's seventh-largest bank in terms of total assets (excluding
the Brazilian Development Bank), with Brazilian reais (R$) 113
billion as of March 2012. BV's market share of about 20% in the
auto finance segment places it among the three largest players in
that segment. Recent changes in legislation, unfavorable market
conditions, and higher delinquency ratios prompted management to
review its strategies and models for some of its business lines,
primarily auto loans. In our opinion, management initiatives - such
as review of the auto finance origination model, consumer finance
policies, process and credit models, collection processes, and the
consolidation of organizational structures--are necessary but
might initially result in a lower market share and revenues.
Management is challenged to balance the potential loss of its
share while implementing its agenda of initiatives," S&P said.



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C A Y M A N   I S L A N D S
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ATWATER CAPITAL: Shareholder to Receive Wind-Up Report on July 3
----------------------------------------------------------------
The shareholder of Atwater Capital Offshore Ltd. will receive on
July 3, 2012, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


ATWATER CAPITAL FUND: Shareholder to Hear Report on July 3
----------------------------------------------------------
The shareholder of Atwater Capital Fund Ltd. will receive on
July 3, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


BLACKROCK ASIAN: Shareholders' Final Meeting Set for July 23
------------------------------------------------------------
The shareholders of Blackrock Asian Credit Hedge Fund (Offshore),
Ltd will hold their final meeting on July 23, 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:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


CHATER ASIA-PACIFIC: Shareholders' Final Meeting Set for July 6
---------------------------------------------------------------
The shareholders of Chater Asia-Pacific Event-Driven Fund Ltd.
will hold their final meeting on July 6, 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


CINQUEDITA LTD: Shareholder to Hear Wind-Up Report on July 3
------------------------------------------------------------
The shareholder of Cinquedita Ltd. will receive on July 3, 2012,
at 12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CURA FIXED: Shareholders' Final Meeting Set for July 5
------------------------------------------------------
The shareholders of Cura Fixed Income Arbitrage Fund, Ltd will
hold their final meeting on July 5, 2012, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


GRAMERCY COMMUNICATIONS: Shareholders' Meeting Set for July 6
-------------------------------------------------------------
The shareholders of Gramercy Communications Partners MGP (Cayman),
LDC will hold their final meeting on July 6, 2012, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GS PEP: Shareholders' Final Meeting Set for July 6
--------------------------------------------------
The shareholders of GS Pep W&C Offshore Advisors, Inc. will hold
their final meeting on July 6, 2012, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LIM AIS: Shareholders' Final Meeting Set for July 6
---------------------------------------------------
The shareholders of Lim AIS DMA Program Fund SPC will hold their
final meeting on July 6, 2012, at 10:45 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


MIDAS FUND: Shareholder to Receive Wind-Up Report on June 26
------------------------------------------------------------
The shareholder of Midas Fund Ltd. will receive on June 26, 2012,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Neil Coley
         Zolfo Cooper
         P.O. Box 1102
         Cayman Financial Centre
         4th Floor, Building 3
         Dr. Roy's Drive
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone: (345) 814-4015
         Facsimile: (345) 946-0082


STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5
-----------------------------------------------------------
The shareholders of Strategic Value Credit Opportunities Fund,
Ltd. will hold their final meeting on July 5, 2012, at 4:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


STRATEGIC VALUE: Shareholders' Final Meeting Set for July 5
-----------------------------------------------------------
The shareholders of Strategic Value Credit Opportunities Leveraged
Fund, Ltd will hold their final meeting on July 5, 2012, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


TL III OFFSHORE: Shareholders' Final Meeting Set for July 4
-----------------------------------------------------------
The shareholders of TL III Offshore Investors Corp. will hold
their final meeting on July 4, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


TOURMALET PARTNERS: Shareholder to Hear Wind-Up Report on July 6
----------------------------------------------------------------
The shareholder of Tourmalet Partners Offshore Fund, Ltd. will
receive on July 6, 2012, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877



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C H I L E
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EMPRESAS LA POLAR: Sues PricewaterhouseCoopers for US$63 Million
----------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Empresas La Polar
SA sued its former auditor for failing to detect accounting
irregularities that forced it to seek bankruptcy protection last
year.

La Polar filed in Santiago a civil suit against the local unit of
PricewaterhouseCoopers LLP in which it seeks ARS$31 billion
(US$63 million) in damages as it failed to discover that the
company's previous management was unilaterally renegotiating debt
with customers, as a way to reduce provisions and increase
profits, according to Bloomberg News.

"A diligent analysis would have been enough" to detect the fraud,
La Polar said in an e-mailed statement obtained by the news
agency.

Bloomberg News notes that PricewaterhouseCoopers responded that it
didn't receive all of the information required to detect
irregularities.

"The company, through its executives, designed a system to deceive
the market and its external auditors," the auditing firm said in
an e-mailed in response to the lawsuit, Bloomberg News notes.

Bloomberg News says that La Polar shareholders approved on June 11
selling as much as 750 million new shares to raise about 120
billion pesos to fund operations and pay compensation to clients
affected by the renegotiations.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Bloomberg News said that LAPOLAR, the Chilean
retailer that set aside US$900 million for consumer-lending
losses, will seek a court agreement with creditors to renegotiate
repayments and avoid bankruptcy.  The board agreed to file a
so-called preventative judicial agreement that requires support
from creditors representing more than half the outstanding debt
to be processed, La Polar said in an e-mailed statement obtained
by the news agency.

Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.



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LIME JAMAICA: Contemplates Joining OUR in Legal Action
------------------------------------------------------
RJR News reports that LIME Jamaica Limited (formerly Cable &
Wireless Jamaica Limited) is not ruling out the possibility of
joining with the Office of  Utilities Regulation, OUR, in the
event that the agency has to mount a defense to the suit brought
by Digicel Group Limited.

LIME Managing Director Gary Sinclair is of the view that the
company can join the case as an affected party, according to RJR
News.

RJR News notes that Digicel Group has asked the Supreme Court to
grant it leave to apply for an order preventing the OUR from
enforcing the new termination rate which it says is neither
necessary nor justified.

The telecommunications company adds that with the new rate it will
suffer substantial revenue loss and significant damage to its
reputation, RJR News says.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union,
LIME Jamaica union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.  The University and Allied
Workers Union and the Jamaica Telephone Company (JTC) Executive
and Allied Staff Association made a similar call, according to
RJR News.  The report noted that the unions said the proposed
legislation will bring benefits for the workers at LIME and, by
extension, consumers.  The report related that LIME, which has
been losing billions of dollars, stated that while an agreement
has not yet been reached among the players in the industry.

                        About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than
JM$17 billion.  Concurrently, its equity base has diminished to
JM$2 billion on its December 2011 unaudited balance sheet,
reflecting book value of two cents per share, the report added.



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


UNION PROGRESO: Moody's Confirms 'E+' BFSR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service confirmed Union Progreso, S.A. de C.V.'s
bank financial strength rating (BFSR) of E+, which maps to a
standalone credit assessment of b3. Moody's also confirmed Union
Progreso's long term global local currency (GLC) deposit rating of
B3, and assigned a negative outlook to the rating. At the same
time, Moody's de Mexico confirmed Union Progreso's Mexican
National Scale long and short term ratings of Ba2.mx/MX-4, with a
negative outlook. This action concludes the review for downgrade
initiated on March 26, 2012.

Ratings Rationale

In confirming the ratings at B3, Moody's noted the recent
regulatory ruling that will allow Union Progreso to substantially
reduce provisioning requirements on sizable amount of repossessed
assets in its balance sheet, and therefore, to maintain its
financial flexibility. The regulators have essentially approved
the reclassification of such assets as fixed assets, thus reducing
the need for provisioning that would otherwise have hit Union
Porgreso's capital base hard. Moody's nevertheless expects Union
Progreso to continue the cleanup of these non-yielding assets
through asset sales.

The ratings also incorporate Union Progreso's track record of
opacity and poor disclosure of financial information, as well as
the implications of Grupo Progreso's complex corporate structure
and lack of transparency with regards to intercompany
transactions.

Union Progreso's low ratings also reflect Moody's concerns about
the credit union's heightened execution risks in light of the many
corporate initiatives management has underway. These include
aggressive loan growth plans, business expansion into areas and
products out of Union Progreso's core footprint, and
transformation into a regional bank by the combination with an
affiliated entity (Akala Sofipo). On the latter initiative, Union
Progreso's management has indicated that if the pursued banking
license is obtained, Union Progeso's current operations would be
gradually wind-down by transfers of business and activities to the
new entity ("good bank"), as such, Union Progreso would be left
with the purpose of managing the group's bad assets (e.g. "bad
bank") and marginal new operations. Such gradual decline of Union
Progreso's business relevance supports Moody's negative outlook on
its ratings.

Further, the standalone credit strength also remains constrained
by Union Progreso's very small size and market presence in
absolute terms as well as by its limited scope of operations with
focus primarily in one state of northwestern Mexico (Chihuahua).
Progreso's narrow business scope weights negatively on its
ratings, more so when compared to more diversified financial
peers.

Union Progreso's standalone credit strength is underpinned by its
good track record of recurrent core earnings as well as by its
stable funding structure, which includes access to a number of
bank facilities from commercial and Mexican development banks.

Union Progreso is headquartered in Delicias, Chihuahua; Mexico. As
of the end of May 2012, the entity reported Mx$2.1 billion in
assets.

                            ***********


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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