/raid1/www/Hosts/bankrupt/TCRLA_Public/120703.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, July 3, 2012, Vol. 13, No. 130


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Cerro Strike Has Negative Effect on Trust


B E R M U D A

DIGICEL GROUP: Boss Reportedly Receives Big Payout
SPECTRUM FINANCIAL: Creditors' Proofs of Debt Due July 11
SPECTRUM FINANCIAL: Members' Final Meeting Set for Aug. 1


B A R B A D O S

* BARBADOS: IDB Approves US$17 Million for Smart Energy Program


B R A Z I L

BANCO BILBAO: S&P Puts 'BB+/B' Ratings on Credit Watch
BANCO INDUSTRIAL: Fitch Affirms 'BB-' LT Issuer Default Rating


C A Y M A N   I S L A N D S

UNION WAY: Creditors' Proofs of Debt Due July 13
CAPSTONE CONVEXITY: Creditors' Proofs of Debt Due July 19
CAPSTONE CONVEXITY FUND: Creditors' Proofs of Debt Due July 19
CAPSTONE CONVEXITY MASTER: Creditors' Proofs of Debt Due July 19
ENDEAVOR FUNDING: Shareholders' Final Meeting Set for July 20

FORGE ABS HIGH: Shareholders' Final Meeting Set for July 20
HIGHVIEW GLOBAL: Creditors' Proofs of Debt Due July 31
LAGRANGE SPECIAL: Shareholders' Final Meeting Set for July 11
LAGRANGE SPECIAL MASTER: Shareholders' Meeting Set for July 11
RADCLIFFE OFFSHORE: Shareholders' Final Meeting Set for July 20


C O S T A   R I C A

* COSTA RICA: Banco BAC to Expand Mortgage Lending W/IDB Support


M E X I C O

CI CASA DE BOLSA: Moody's Assigns 'B3' Issuer Ratings
SIDERURGICA DEL TURBIO: S&P Cuts LT Corp. Credit Rating to 'B-'


P U E R T O  R I C O

ABRAHAM PETROLEUM: Bankr. Court Upholds Tax Statements Ruling


T R I N I D A D  &  T O B A G O

CL FIN'L: CARICOM Meeting Outcome May Influence CLICO's Fate


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


FIDEICOMISO FINANCIERO: Cerro Strike Has Negative Effect on Trust
-----------------------------------------------------------------
On June 22, 2012, a group of approximately 400 strikers broke into
the Cerro Dragon facilities of Pan American Energy, Argentine
Branch (PAE) (Ba3, Aa1.ar, Negative Outlook), materially damaging
them and interrupting the production of oil and gas. Four days
later, the Government of Chubut province, where Cerro Dragon is
located, and PAE took back control of the facilities. Oil and gas
production, however, remains completely halted and it is unclear
when it will be restored. With production interrupted, no
royalties would flow to the trust account of the Chubut Regalias
Hidrocarburiferas transaction. However, according to the trustee,
some flows are expected to be collected by mid-July related to oil
and gas production that took place before June 22, 2012.

Until oil and gas production is fully restored, Moody's expects a
significant reduction in the amount of royalties collected.
However, Moody's believes this transaction has structural features
that can withstand a prolonged halt in production.

First, the amounts needed to cover the quarterly debt service, due
on July 2, 2012 are already available in the respective Argentine
and US trust accounts.

Second, Moody's estimates that once production resumes, the
quarterly debt service can be covered with the royalties from 15
days of oil and gas production at historical production rates. As
of March 31, 2012 the debt service coverage ratios -- for
scheduled principal and interest -- were 13.5 times. The interst-
only coverage ratio was 34.1 times.

Finally, the transaction has a reserve fund that covers two
quarterly principal and interest payments. As of March 31, 2012,
the reserve fund amount for Class A was US$9.7 million, deposited
in the trust account in Bank of New York Mellon (Aa1). The reserve
fund available for Class B was US$4.3 million, deposited in Banco
de Valores (B2/Aa3.ar), the trustee in Argentina.

PAE, the designated concessionaire in the transaction, submits
monthly the assigned oil and gas royalties to the trust account
that is the main source of repayment of the debt securities.

Cerro Dragon is the largest field in the Province of Chubut,
accounting for approximately 60% and 95% of the Province's total
oil and gas production respectively.

Moody's will continue monitoring the developments in the Cerro
Dragon and the resuming of production. There is a high degree of
uncertainty to production ramp up, due to the extent of the
damages. If the situation deteriorates materially or if the
resuming of production is delayed significantly, it may have a
negative impact on the current ratings of the transaction.

Class A securities of Fideicomiso Financiero Chubut Regalias
Hidrocarburiferas are currently rated Ba3 (Foreign Currency,
Global Scale) and Aa1.ar (Foreign Currency, National Scale). Class
B securities are currently rated Ba3 (Local Currency, Global
Scale) and Aaa.ar (Local Currency, National Scale).



=============
B E R M U D A
=============


DIGICEL GROUP: Boss Reportedly Receives Big Payout
--------------------------------------------------
Carribbean360.com reports that Digicel Group Limited owner Irish
telecommunications billionaire Denis O'Brien is reportedly reaping
a significant return on his investment.

Both Bloomberg News and the Irish Sunday Times have reported that
Mr. O'Brien received a special dividend worth US$300 million from
the Digicel Group for the year ending March 31, 2012, according to
Carribbean360.com.

Carribbean360.com, citing the Sunday Times, notes that Mr. O'Brien
reportedly received a US$115 million dividend from Digicel Group
for the previous year and took US$800 million from the business in
a refinancing in 2008, when he took full control of the company,
which has operations across the Caribbean, Central America and the
Pacific.

The most recent special dividend payment was disclosed in an
analyst conference call this month the Times said, the report
notes.

Carribbean360.com says that the Digicel Group reported that its
revenues from 30 markets in the Caribbean, Central America and the
Pacific, increased 14% to US$2.54 billion and its subscriber base
rose 27% to 12.8 million.

Digicel's balance sheet and liquidity position has continued to
improve with cash reserves of more than US$657 million,
Carribbean360.com notes.

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 June 25, 2012, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


SPECTRUM FINANCIAL: Creditors' Proofs of Debt Due July 11
---------------------------------------------------------
The creditors of Spectrum Financial Ltd. are required to file
their proofs of debt by July 11, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


SPECTRUM FINANCIAL: Members' Final Meeting Set for Aug. 1
---------------------------------------------------------
The members of Spectrum Financial Ltd. will hold their final
meeting on Aug. 1, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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



===============
B A R B A D O S
===============


* BARBADOS: IDB Approves US$17 Million for Smart Energy Program
---------------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed the approval
of a $17 million loan to support Barbados' Public Sector Smart
Energy program.  The program's resources are expected to be
supplemented with a grant from the European Union (EU) of up to
EUR5.8 million (approximately $7.6 million at the time of the
loan's approval), the first such grant provided by the EU under a
framework agreement with the IDB.  This agreement facilitates
cooperation in areas such as social cohesion and poverty
reduction, regional integration and trade development, renewable
energies and energy efficiency, and climate change and statistics.

The Public Sector Smart Energy program, which will implement
renewable energy solutions and energy efficiency and conservation
measures by government agencies, complements a broad range of
policies, programs and actions Barbados is adopting to cut energy
costs and reduce its dependence on imported fuel.

Since 2008, the IDB has been supporting the Government of Barbados
in the adoption of policies and measures to promote renewable
energy and energy efficiency.  Additionally, an Energy Smart Fund
for the private sector is currently in operation, targeting small
and business enterprises, including hotels, to facilitate the
purchase of Renewable Energy and Energy Efficiency equipment.
"Both the private and public sectors of the country will be
actively contributing to the achievement of the overall objective
of reducing the country's fossil fuel dependency," said Christiaan
Gischler, IDB team leader of the Barbados' Public Sector Smart
Energy program.

Nearly 90% of the energy consumed in Barbados comes from imported
oil. According to government data, the fuel import bill is about 6
percent of GDP, equivalent to the country's spending on education.

Under the combined IDB-EU funded program, Barbados will replace
almost all its public street lights with energy efficient lamps,
retrofit at least 12 government buildings with solar power
systems, and deploy energy efficiency and conservation
technologies throughout the public sector.  "The Barbados' Public
Sector Smart Energy program is an excellent example of the
cooperation between the EC and the IDB for promoting sustainable
energy in the Caribbean," said Hubert Perr, Charge d'Affaires of
the European Union Delegation to Barbados and the Eastern
Caribbean.

Combining all these measures, Barbados would save at least $45
million over 20 years that can be used for other purposes.  The
program would also contribute to reducing 132,000 tons of carbon
dioxide emissions over the same period.

On a pilot basis, the program will establish a government fleet of
electric vehicles with charging dock stations and its own solar
power system.  "This is a pioneering project that could eventually
be replicated in other Latin American and Caribbean countries,"
added Gischler.

In addition, the program will fund feasibility studies for an
ocean power plant, the first of its kind in this region. It will
also finance capacity building for government agencies and public
information campaigns to raise citizens' awareness about renewable
energies and energy conservation.

Resources will also be applied to training technicians and
professionals in key public sector agencies and in private sector
suppliers of services such as solar system installation.  The
program will make emphasis on encouraging more women to
participate in these activities.



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


BANCO BILBAO: S&P Puts 'BB+/B' Ratings on Credit Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+/B' counterparty
credit ratings on Puerto Rico-based regional banking company Banco
Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) on CreditWatch
with developing implications.

"The CreditWatch placement follows Oriental Financial Group's
announcement that it has entered into a definitive agreement to
acquire BBVA PR for approximately $500 million in cash, which is a
slight premium to its tangible book value," said Standard & Poor's
credit analyst Robert Hansen. To facilitate the merger, Oriental
expects to raise approximately $150 million of Tier 1 capital
(common equity and noncumulative convertible preferred shares) to
bolster capital ratios.

"We expect the transaction, which the Oriental board of directors
and BBVA S.A. (the parent of BBVA PR) have approved, to close in
fourth-quarter 2012. The completion of the transaction is subject
to customary regulatory approvals and approval by Oriental's
common shareholders," S&P said.

"We expect that Oriental will be able to complete the transaction
partly because of its progress thus far in raising Tier 1 capital.
We will evaluate the business and financial profiles of the
combined entity to update the rating on the company once the
acquisition is complete," said Mr. Hansen. In addition, we will
monitor Oriental's progress in raising the additional capital
noted above, as well as Oriental's and BBVA PR's interim financial
Results," S&P said.

"If the acquisition closes as expected, we could affirm or raise
the ratings on BBVA PR by one notch to the same level as the
ratings on Oriental Bank & Trust.However, if the deal is not
completed, we could lower the ratings on BBVA PR by one notch,"
S&P said.

"This is because we currently treat BBVA PR as a moderately
strategic important subsidiary, and under our group methodology
criteria, the rating on BBVA PR has one notch of support or uplift
given its strategic importance to its parent company. However, if
the transaction does not move forward, we would no longer view
this subsidiary as having any strategic importance to the parent
given the effort to sell it," S&P said.


BANCO INDUSTRIAL: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Industrial do
Brasil S.A. (BIB) as shown below:

- Longterm Issuer Default Rating (IDR) at 'BB-'; Stable Outlook;
- Short-term IDR at 'B';
- Local currency Long-Term IDR at 'BB-'; Stable Outlook;
- Local currency Short-Term IDR at 'B';
- Viability rating at 'bb-';
- Support rating at '5';
- Support rating Floor 'NF';
- National long-term rating at 'A-(bra)'; Stable Outlook;
- National short-term rating at 'F2(bra)'.

The above ratings reflect Industrial's small size, diminished
profitability, and its inherent asset and liability concentrations
due to its wholesale business model. This is somewhat offset by
low leverage and focus on the SME market.

The bank's return on average assets (ROA) has deteriorated to
1.26% in 2011 from 2.25% in 2009 due to shrinking net interest
margins, marginally weaker efficiency and a sharp increase in
credit loss provisions. BIB's profitability remains lower than its
local peers' average, a trend that Fitch expects to continue
during 2012, due to impact in its margin and credit deterioration.

The bank's small size and the fact that is operates in a segment
more susceptible to change in the economic cycle emphasize its
dependence on proper collateral coverage and credit risk practices
as it is more vulnerable to an overall credit deterioration. This
is somehow mitigated by the short term profile of its loan
portfolio.

Over the last several years the bank has decided to intensify its
focus on the SME segment and to scale back its payroll deductible
loan business (reaching its goal of an 85/15 split on its loan
portfolio, respectively), leading to a higher asset concentration.
Fitch deems such a strategy as correct due to the short-term
profile of its SME portfolio in comparison with the payroll
deductible business.

The bank's goal of expanding its loan portfolio has been achieved
but has not been translated into a higher profitability level
reflecting the fierce competitive environment. Impaired loans
worsened to 2.77% of gross loans at end-2011 from 2.40% at end-
2010 despite significantly higher net credit losses (3.86% of
average loans in 2011 compared to 1.97% in 2010). Impairment
charges exceeded 40% of pre-impairment operating profit in 2011
compared with 13% in 2010. This further worsened to 42% in 1Q12
and negatively impacted earnings.

Though concentrated, BIB's funding base has been rather stable
even during more volatile periods. The bank has also presented
some diversification of its funding base as it has been able to
access trade finance lines with multilateral agencies. BIB also
benefited from the change on compulsory requirement rules for
large banks and expanded its deposits base as it raised roughly
BRL 200 million with longer terms and lower costs, which will have
a favourable impact on its funding profile.

The bank has maintained an adequate liquidity position and a
fairly comfortable Fitch Core Capital ratio (19.2%, as of March
2012).

If BIB is able to translate the growth of its loan portfolio into
a more profitable performance closing the gap with its peers,
ratings could be positively affected; however, this is not
envisioned over the near-term. Significant upside for the bank is
constrained by its business model and inherent asset and liability
concentrations.

Deterioration in the bank's asset quality indicators and a
subsequent drop in the bank's performance could lead to a
downgrade in BIB's ratings.

BIB is a SME-oriented bank 100% owned by Mr. Carlos Alberto
Mansur.



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C A Y M A N   I S L A N D S
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UNION WAY: Creditors' Proofs of Debt Due July 13
------------------------------------------------
The creditors of Union Way Investments Limited are required to
file their proofs of debt by July 13, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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


CAPSTONE CONVEXITY: Creditors' Proofs of Debt Due July 19
---------------------------------------------------------
The creditors of Capstone Convexity Intermediate Fund, Limited are
required to file their proofs of debt by July 19, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2012.

The company's liquidator is:

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


CAPSTONE CONVEXITY FUND: Creditors' Proofs of Debt Due July 19
--------------------------------------------------------------
The creditors of Capstone Convexity Fund, Limited are required to
file their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2012.

The company's liquidator is:

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


CAPSTONE CONVEXITY MASTER: Creditors' Proofs of Debt Due July 19
----------------------------------------------------------------
The creditors of Capstone Convexity Master Fund, Limited are
required to file their proofs of debt by July 19, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2012.

The company's liquidator is:

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


ENDEAVOR FUNDING: Shareholders' Final Meeting Set for July 20
-------------------------------------------------------------
The shareholders of Endeavor Funding Ltd. will hold their final
meeting on July 20, 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FORGE ABS HIGH: Shareholders' Final Meeting Set for July 20
-----------------------------------------------------------
The shareholders of Forge ABS High Grade CDO I, Ltd. will hold
their final meeting on July 20, 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HIGHVIEW GLOBAL: Creditors' Proofs of Debt Due July 31
------------------------------------------------------
The creditors of Highview Global Macro, Ltd. are required to file
their proofs of debt by July 31, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 6, 2012.

The company's liquidator is:

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


LAGRANGE SPECIAL: Shareholders' Final Meeting Set for July 11
-------------------------------------------------------------
The shareholders of Lagrange Special Situations Yield Fund, Ltd.
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's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


LAGRANGE SPECIAL MASTER: Shareholders' Meeting Set for July 11
--------------------------------------------------------------
The shareholders of Lagrange Special Situations Yield Master Fund,
Ltd. 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's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


RADCLIFFE OFFSHORE: Shareholders' Final Meeting Set for July 20
---------------------------------------------------------------
The shareholders of Radcliffe Offshore Investors SPC, Ltd. will
hold their final meeting on July 20, 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 KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



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C O S T A   R I C A
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* COSTA RICA: Banco BAC to Expand Mortgage Lending W/IDB Support
----------------------------------------------------------------
Banco BAC San Jose S.A., Costa Rica's largest private bank, will
get a loan of as much as US$40 million from the Inter-American
Development Bank to expand mortgage financing and lending to small
and medium-sized enterprises.

The IDB loan will provide Banco BAC with longer term financing
that will allow the bank to offer mortgages to middle and lower
middle-income families.  It will also pave the way for BAC to
boost long-term ending to SMEs, a market segment currently
underserved by commercial banks in the country.

"By promoting greater financial inclusion, this project seeks to
address important gaps in much needed medium-and long-term funding
for local small and mid-size enterprises, key contributors to the
economy and an important driver for employment in Costa Rica,"
said Daniela Carrera-Marquis, Chief of the Financial Markets
Division of the IDB's Structured and Corporate Finance Department.
"In addition, by targeting mortgage financing to middle and lower
middle-income families, the project responds to an increased
demand to channel resources to a population with traditionally
limited access to credit for housing."

"It's of great importance for BAC Credomatic de Costa Rica Group
to have the support of the IDB, especially given the limited depth
of the Costa Rican capital markets.  This long-term financing,
which confirms the IDB's trust in our institution, will allow us
to meet important investment needs of small and medium-sized
enterprises, as well as the mortgage needs of our middle-income
clients.  We take pride in this pioneering transaction in the
Costa Rican financial sector," said Gerardo Corrales, Executive
Vice-President of BAC Credomatic de Costa Rica.

The IDB loan is part of the beyondbanking Program, which seeks to
promote sustainable environmental, social and corporate governance
principles among Latin American and Caribbean financial
intermediaries through financial and technical cooperation.

Banco BAC is the largest private-sector bank in Costa Rica and
forms part of one of the most important regional financial groups
in Central America, with operations in Panama, Nicaragua,
Guatemala, Honduras, and El Salvador, In 2010, the group was
acquired by Banco de Bogot , which is part of Grupo Aval, the
largest financial conglomerate in Colombia.

About the IDB's Structured and Corporate Finance Department

The Structured and Corporate Finance Department is responsible for
the IDB's non sovereign guaranteed operations for large-scale
projects. Its Financial Markets Division, which runs the
beyondBanking program, focuses on projects aimed at developing
more inclusive, transparent and environmentally responsible
financial sector operations in Latin America and the Caribbean.



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M E X I C O
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CI CASA DE BOLSA: Moody's Assigns 'B3' Issuer Ratings
-----------------------------------------------------
Moody's Investors Service assigned long and short term B3/Not
Prime global local currency issuer ratings to CI Casa de Bolsa,
S.A de C.V. (CI Casa de Bolsa). At the same time, Moody's de
Mexico assigned long and short term Mexican National issuer
ratings of B1.mx and MX-4, respectively. The outlook for all
ratings is stable.

The following ratings were assigned to CI Casa de Bolsa:

- Long term global local currency issuer rating of B3

- Short term global local currency issuer rating of Not Prime

- Long term Mexican National Scale issuer rating of B1.mx

- Short term Mexican National Scale issuer rating of MX-4

Ratings Rationale

CI Casa de Bolsa's B3 issuer rating takes into account a
standalone credit assessment (BCA) of b3. The ratings reflect the
company's very short track record of operations. Though the
brokerage house began operations in 2007, it has been only seven
months since its new owner management has taken control,
initiating a corporate reorganization. Management's goal is to
shift CI Casa de Bolsa's business away from its historic focus on
FX trading -- an activity that has in the past experienced serious
control problems and losses -- and to diversify the operation into
agency trading in the money and capital markets.

Moody's noted that risk management, risk infrastructure and
controls represent key areas for improvement because of the firm's
track record of weak risk controls that resulted in significant
losses and extraordinary regulatory penalties. Management's
efforts to implement new risk management practices remain largely
untested, and could expose the firm to , execution, trading, and
operational risks.

The ratings are also constrained by CI Casa de Bolsa's limited
business scope. The brokerage house is a one-product firm that
expects to develop a low-risk, fee-based agency trading business
in the money and capital markets. CI Casa de Bolsa's operations
are still small in absolute and relative terms as reflected by a
market share of less than 0.05% of the industry's assets under
management. Therefore, achieving scale remains another important
ongoing challenge, more so in light of CI Casa de Bolsa's poor
market reputation, weak brand name and highly competitive
environment.

CI Casa de Bolsa's financial metrics still reflect its startup
profile. Its poor operating efficiency is the result of high
initial operating costs as well as of large regulatory fines,
onerous employee layoff processes and the restructuring of risk
management and controls systems. The firm's still weak and
unstable earnings generation, in line with its developing
franchise, reflects in operating losses, and show high dependence
on non-core, extraordinary events (e.g. expenses and tax refunds);
which also limit CI Casa de Bolsa's ratings. The brokerage house's
modest capital base and weak liquidity profile also constrain its
financial profile overall.

Moody's noted that CI Casa de Bolsa may benefit from potential
synergies with its sister bank CI Banco (unrated), particularly in
terms of sharing of infrastructure, systems, client base, and more
importantly, risk management practices; these should facilitate
business development. Yet, Moody's also notes that CI Banco's
track record is in turn short and its intrinsic strength limited,
resulting in a limited support capacity.

CI Casa de Bolsa is headquartered in Mexico City. As of March 2012
it had Mx$2.81 million in equity.


SIDERURGICA DEL TURBIO: S&P Cuts LT Corp. Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured ratings on SiderUrgica del
Turbio S.A. (Sidetur) to 'B-' from 'B'.  The outlook remains
negative.

"The downgrade reflects our belief that uncertainty over the
expropriation process of Sidetur's assets has increased.  This is
because the compensation payment from the government of
Venezuela (B+/Stable/B) could be insufficient and we don't know
when the company will receive it. According to our base case,
Sidetur will still manage to meet its financial obligations with
the compensation proceeds, but risks to the sufficient and timely
compensation payment have increased recently," S&P said.

The Venezuelan government has made public comments that it has
secured financing to pay for the expropriation of Sidetur's
assets, which could signal that the expropriation is likely to be
completed.



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


ABRAHAM PETROLEUM: Bankr. Court Upholds Tax Statements Ruling
-------------------------------------------------------------
Bankruptcy Judge Enrique S. LaMoutte in Puerto Rico denied the
request of the Municipal Revenue Collection Center (CRIM) for
reconsideration of the Court's prior order canceling certain
postpetition tax statements CRIM filed against Abraham Petroleum
Corporation.

CRIM argues that the postpetition real property taxes in
controversy for fiscal years 2010, 2011 and 2012 constitute
administrative expenses which were addressed in the Debtor's Plan
of Reorganization which stated that the same would be paid upon
the plan's Effective Date.  CRIM further argues that pursuant to
11 U.S.C. Sec. 503(b)(1)(D), the requirement to file a request for
payment of an administrative expense pursuant to 11 U.S.C. Sec.
503(b)(1)(B) and (C) does not apply to tax claims of a
governmental unit as a condition to having an allowed
administrative expense.  CRIM also argues the postpetition
property taxes constitute the first lien (statutory lien) on the
real estate properties and thus have priority over any other liens
on said properties in conformity with the Puerto Rico Mortgage
Act, 30 L.P.R.A. Sec. 2651, and thus may not be cancelled by the
Plan and pursuant to 11 U.S.C. Sec. 1141(c), since the same does
not refer to" claims against or interests in property" as does 11
U.S.C. Sec. 363(f), which allows for the sale "free and clear of
any interest in such property."  CRIM's third argument is that
since the Debtor's plan is essentially a liquidation plan, the
Debtor is not entitled to a discharge pursuant to 11 U.S.C. Sec.
1141(d)(3) which is a corollary provision to 11 U.S.C. Sec.
727(a).

The Court, however, said CRIM has not established a manifest error
of law nor presented newly discovered evidence in its motion for
reconsideration which would warrant the Court to reconsider its
order entered on April 17, 2012, granting the Debtor's motion for
an Order directing the cancellation of tax statements.

A copy of the Court's June 27, 2012 Opinion and Order is available
at http://is.gd/I1Ti86from Leagle.com.

                      About Abraham Petroleum

Based in Dorado, Puerto Rico, Abraham Petroleum Corporation filed
for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 09-05928) on
July 17, 2009.  Charles Alfred Cuprill, Esq., in San Juan, Puerto
Rico, served as bankruptcy counsel.  In its petition, the Debtor
estimated US$1 million to US$10 million in both assets and debts.
The Court on Aug. 2, 2011, granted an order confirming the
Debtor's plan of liquidation.



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


CL FIN'L: CARICOM Meeting Outcome May Influence CLICO's Fate
------------------------------------------------------------
Caribbean360.com reports that the financial fate of Colonial
Life Insurance Company (Clico) policyholders across the region
hinges on today's Caribbean Community and Common Market (CARICOM)
Finance Ministers' meeting at which proposals by the Judicial
Managers are to be presented and discussed.

Barbados Minister of Finance Christopher Sinckler is predicting
that unless a collective agreement can be reached on a way forward
for the failed insurance company by him and his regional
counterparts, devastation could ensue, according to
Caribbean360.com.

This was strongly expressed by Minister Sinckler as he updated the
nation on the government's position on CLICO during a near four-
hour delivery of this year's Financial Statement and Budgetary
Proposals, the report notes.

Caribbean360.com discloses that the deficit between the fair
market value of the total assets of CLICO and its liabilities to
policy holders is just over US$200 million, with St Kitts and
Nevis being the only territory where the assets exceeded
liabilities -- US$6.59 million in assets owned versus US$4.49
million owed to policyholders; while St Vincent and Grenada showed
the deepest deficits of $US42 million and US$43 million,
respectively.

The finance minister said therefore that it was hoped that when he
and a team from his ministry participated in the regional meeting
on July 3, that "at the end of those deliberations these proposals
or some amended version of them will be given broad support and
receive the general endorsement of all of the affected regional
Governments, with each accepting and agreed share of the
responsibility for the execution of the proposal,"
Caribbean360.com relays.

The report notes that Mr. Sinckler stated that "a shared
responsibility" was critical, since it would ensure that "policy
holders in each country will be given the only reasonable solution
to their predicament, and regional Governments a responsible and
palatable burden to carry.

"A regional technical Committee made up of official and regulators
from all of the affected countries together with the Judicial
Managers in the different jurisdictions who have been working
assiduously on examining options for a resolution of this matter
have also surmised that this proposal seems at a broad level to be
the most orderly option for a resolution of this very sad and
unfortunate debacle," the report quoted Mr. Sinckler as saying.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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