TCRLA_Public/120704.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

            Wednesday, July 4, 2012, Vol. 13, No. 131


                            Headlines



B E R M U D A

EIP ADVISORY: Creditors' Proofs of Debt Due July 13
EIP ADVISORY: Member to Hear Wind-Up Report on July 31
GTR CORPORATION: Creditors' Proofs of Debt Due July 13
GTR CORPORATION: Members' Final Meeting Set for Aug. 8
LIBERTY FINANCIAL: Creditors' Proofs of Debt Due July 13

LIBERTY FINANCIAL: Members' Final Meeting Set for Aug. 7


B O L I V I A

BISA SEGUROS: Moody's Keeps 'B1' Insurance Finc'l. Strength Rating
BNB LEASING: Moody's Assigns 'Ba3' Corporate Family Ratings
LA VITALICIA: Moody's Affirms 'B2' IFS Rating; Outlook Negative


B R A Z I L

BANCO DO NORDESTE: Moody's Affirms 'D' Bank Finc'l Strength Rating
* BRAZIL: IDB Grants US$59 Million Loan for Urban Infrastructure


C A Y M A N   I S L A N D S

CONCLAVE INVESTMENTS: Shareholders' Final Meeting Set for July 11
DIAMOND NOTCH: Shareholders' Final Meeting Set for July 19
DRV ASSET: Shareholder to Hear Wind-Up Report on July 19
FITZROY LTD: Shareholders' Final Meeting Set for July 11
HSYD HOLDINGS: Sole Member to Hear Wind-Up Report on July 31

LG PROPERTIES: Shareholders' Final Meeting Set for July 19
MIKAN CAYMAN: Members' Final Meeting Set for July 9
MILLENIUM INVESTMENT: Shareholders' Final Meeting Set for July 11
SKYLAN HOLDINGS: Shareholders' Final Meeting Set for July 11
STG CAPITAL: Shareholder to Hear Wind-Up Report on July 24


C O S T A   R I C A

* COSTA RICA: Banco BAC Gets US$40 Million Loan From IDB


                            - - - - -


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B E R M U D A
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EIP ADVISORY: Creditors' Proofs of Debt Due July 13
---------------------------------------------------
The creditors of EIP Advisory, Ltd. are required to file their
proofs of debt by July 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 2012.

The company's liquidator is:

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


EIP ADVISORY: Member to Hear Wind-Up Report on July 31
------------------------------------------------------
The member of EIP Advisory, Ltd. will receive on July 31, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on June 27, 2012.

The company's liquidator is:

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


GTR CORPORATION: Creditors' Proofs of Debt Due July 13
------------------------------------------------------
The creditors of GTR Corporation Ltd. are required to file their
proofs of debt by July 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 28, 2012.

The company's liquidator is:

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


GTR CORPORATION: Members' Final Meeting Set for Aug. 8
------------------------------------------------------
The members of GTR Corporation Ltd. will hold their final meeting
on Aug. 8, 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 28, 2012.

The company's liquidator is:

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


LIBERTY FINANCIAL: Creditors' Proofs of Debt Due July 13
--------------------------------------------------------
The creditors of Liberty Financial Ltd. are required to file their
proofs of debt by July 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 26, 2012.

The company's liquidator is:

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


LIBERTY FINANCIAL: Members' Final Meeting Set for Aug. 7
--------------------------------------------------------
The members of Liberty Financial Ltd. will hold their final
meeting on Aug. 7, 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 26, 2012.

The company's liquidator is:

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



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B O L I V I A
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BISA SEGUROS: Moody's Keeps 'B1' Insurance Finc'l. Strength Rating
------------------------------------------------------------------
Moody's Lain America has affirmed the B1 global local-currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian national scale of BISA Seguros y
Reaseguros S.A. The outlooks for the ratings have been changed to
positive from stable.

Ratings Rationale

BISA Seguros is the general insurance subsidiary of the major
Bolivian financial conglomerate BISA Group, whose ultimate parent
company is Banco BISA S.A. The company distributes a wide range of
property and casualty (P&C) products, as well as health and
personal accident coverages.

According to Moody's, the positive outlook for BISA Seguros'
ratings reflects the company's strong profitability track record,
its stable and very good combined ratio over the past years, which
has averaged 90%, its leading position in the Bolivian P&C
insurance market, and its adequate capitalization. The positive
outlook also reflects the recent upgrade of Banco BISA's GLC
deposit rating to Ba2 from Ba3, which followed the upgrade of
Bolivia's GLC sovereign debt rating to Ba3 from B1.

Still mitigating BISA Seguros' positive credit developments are 1)
the company's still significant investment risks, given its
concentrations in local government bonds and domestic bank
deposits which are still below investment-grade, and 2) Bolivia's
specific operating environment, which in Moody's view also has a
speculative grade profile. The rating agency noted these two
factors are common to most Bolivian insurers, and that as
investment policy is mandated by local regulatory guidelines,
local insurers have limited flexibility with respect to portfolio
composition.

Among factors that could lead to the upgrade of BISA Seguros'
ratings, Moody's indicated the following: 1) sustained
capitalization levels, with gross underwriting leverage (gross
premiums and loss reserves relative to shareholders' equity)
consistently below 5x; and 2) continued solid profitability, with
combined ratios around 90% and returns on equity consistently
above 15%. Conversely, the outlook could be changed back to stable
should BISA Seguros' gross underwriting leverage remain above 5x
shareholders' equity, its profitability metrics deteriorate, or
the overall quality of assets worsens.

Based in La Paz, Bolivia, BISA Seguros reported net income of
Bs$ 3 million for the quarter ended March 31, 2012, and
shareholders' equity of Bs$95 million, 6% lower than the Bs$ 99
million reported at fiscal year-end 2011, due to a dividend
payment.


BNB LEASING: Moody's Assigns 'Ba3' Corporate Family Ratings
-----------------------------------------------------------
Moody's Investors Service assigned global local and foreign
currency corporate family ratings (CFRs) ratings of Ba3 to BNB
Leasing S.A. At the same time, Moody's America Latina assigned to
BNB Leasing local and foreign currency ratings of Aaa.bo on the
Bolivian national scale. All ratings have stable outlooks.

Moody's also assigned long term global local and foreign currency
debts rating of (P) Ba3 to BNB Leasing's debt program totaling
US$8,000,000 or its equivalent in Bolivian currency (Bolivianos),
corresponding to a national scale rating of Aaa.bo. A long term
global local currency senior debt rating of Ba3 was also assigned
to the expected first issuance under the program for an amount of
Bs. 32 million, and to the two series under that issuance, for Bs.
16 million each. A Aaa.bo local currency national scale debt
rating was assigned to the first issuance and to the two series.

The following ratings were assigned to BNB Leasing S.A.:

Global Local and Foreign Currency Corporate Family Rating: Ba3,
stable outlook

Bolivian National Scale Local and Foreign Currency Corporate
Family Rating: Aaa.bo, stable outlook

US$8 million debt program

Global long term local currency debt rating: (P) Ba3, with stable
outlook

Global long term foreign currency debt rating: (P) Ba3, with
stable outlook

National Scale long term local currency debt rating: Aaa.bo, with
stable outlook

National Scale long term foreign currency debt rating: Aaa.bo,
with stable outlook

The following ratings were assigned to Bs.32 million first
issuance under the program:

Global long term local currency debt rating: Ba3, with stable
outlook

National Scale long term local currency debt rating: Aaa.bo, with
stable outlook

The following ratings were assigned to Serie A totaling Bs.16
million

Global long term local currency debt rating: Ba3, with stable
outlook

National Scale long term local currency debt rating: Aaa.bo, with
stable outlook

The following ratings were assigned Serie B totaling Bs.16 million

Global long term local currency debt rating: Ba3, with stable
outlook

National Scale long term local currency debt rating: Aaa.bo, with
stable outlook

Rating Rationale

Moody's said that BNB Leasing's global local and foreign currency
CFR ratings of Ba3 reflects the company's stand-alone credit
profile of b3. The ratings also incorporate Moody's assessment of
a high likelihood of support deriving from its controlling
shareholder, Banco Nacional de Bolivia (rated D-, Ba2/ NP), which,
according to Moody's Joint-Default Analysis (JDA) methodology,
results in a three-notch uplift from BNB Leasing's unsupported
stand-alone credit profile.

The stand-alone credit profile of b3 reflects BNB Leasing's
limited diversification and below average financial metrics,
particularly its profitability, turning a profit only in the first
quarter of 2012, which reflects its start-up operations of only 18
months. The company also operates in Bolivia's small and
developing leasing market against two already established and
larger competitors, BISA Leasing and Fortaleza Leasing.

Moody's however also acknowledged the company's adequate liquidity
and capital levels that benefit from its affiliation with its
large bank parent, together with its strong brand recognition and
nationwide presence that should support its future growth and
ability to meet this competition head on.

BNB Leasing is headquartered in La Paz, Bolivia. As of March 2012,
the company had total assets of Bs 41.85 million (US$ 6.1 million)
and loans of Bs 35.7 million (US$ 5.2 million).


LA VITALICIA: Moody's Affirms 'B2' IFS Rating; Outlook Negative
---------------------------------------------------------------
Moody's Latin America affirmed La Vitalicia Seguros y Reaseguros
de Vida S.A.'s B2 global local currency (GLC) insurance financial
strength (IFS) rating, and its Aa3.bo IFS on Bolivia's national
scale (NS). The outlooks for the ratings remain negative.

La Vitalicia, which is 97%-owned by Banco BISA S.A. (GLC bank
deposit rating of Ba2), is one of the two companies that
administer run-off annuity funds in the pay-out phase for
pensioners in Bolivia, holding about 75% of the market's reserves
in this segment. The company also distributes other types of life
insurance and annuities to the general population in Bolivia.

Ratings Rationale

Moody's said that La Vitalicia's ratings primarily reflect its
significant asset/liability mismatch on its run-off pension
liabilities. La Vitalicia has experienced a sharp decline in its
profitability because of spread compression given the very low
market interest rates in Bolivia, combined with inflation-adjusted
guarantees on its pension liabilities. The rating agency went on
to say that the negative outlook reflects its concern about the
company's ability to face a longer period of low market interest
rates, given its current weaker economic capital cushion. Moody's
analyst Diego Nemirovsky added, "Although we do not assume that
this trend of low interest rates will continue over the long term,
there are some uncertainties about the timing and pace of positive
interest rate reversal."

Moody's also cited the following factors constraining the
company's overall credit profile: 1) La Vitalicia's significant
and concentrated investment risk in Bolivian government bonds and
local bank deposits --although this is common for every Bolivian
insurer and the Bolivian GLC sovereign rating and several bank GLC
deposit ratings were recently upgraded by Moody's; 2) the asset-
liability management challenges associated with its inflation-
adjusted annuities with spread compression and reinvestment risk;
and 3) the weak operating environment in Bolivia, also common for
every Bolivian insurer.

Factors that could lead to a further downgrade of La Vitalicia's
ratings include the following: 1) continued impairment in the
company's capitalization levels, (i.e.: decrease in its capital
base of 20% or more, or failure to comply with minimum regulatory
capital requirements); and 2) sustained weak profitability for an
extended period. On the other hand, the company's outlook could
change back to stable from negative if the company is able to
restore its capital adequacy and profitability.

Moody's added that, notwithstanding the recent upgrade of Banco
BISA's GLC deposit rating to Ba2 from Ba3, which followed the
upgrade to Ba3 from B1 of Bolivia's GLC sovereign debt rating, the
rating agency does not ascribe rating uplift to La Vitalicia from
its ownership by Banco BISA, primarily because of the run-off
nature of its annuity pension liabilities, as well as the modest
degree of integration of La Vitalicia's product distribution and
customer base with Banco BISA.

Based in La Paz, Bolivia, La Vitalicia reported net income of Bs$4
million for the quarter ended March 31, 2012, and shareholders'
equity of Bs$396 million, equal to that reported at fiscal year-
end 2011.



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B R A Z I L
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BANCO DO NORDESTE: Moody's Affirms 'D' Bank Finc'l Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Banco do
Nordeste do Brasil S.A. (BNB), including the D bank financial
strength rating (BFSR), the long and short-term global local and
foreign currency deposit and debt ratings of Baa2 and Prime-2, and
the long-term and short-term Brazilian national scale deposit
ratings of Aaa.br and BR-1, respectively.

The outlook is stable for all ratings.

The ratings affirmation follows the June 20, 2012 announcement
that BNB's Board of Directors has accepted the resignation of its
President and replaced two other senior executives. That follows
the discovery of credit and operational irregularities at the bank
in mid-2011.

The following ratings were affirmed with stable outlooks:

Bank Financial Strength Rating: D

Long-term Global Local Currency Deposit Rating: Baa2

Long-term Foreign Currency Senior Unsecured Debt Rating: Baa2

Short-term Foreign Currency Deposit rating: Prime-P-2

Long-term Brazilian National Scale Bank Deposit Rating : Aaa.br

Short-term Brazilian National Scale Bank Deposit Rating: BR-1

Ratings Rationale

Moody's said that the executive changes at BNB related to a series
of credit losses related to operational irregularities by certain
managers of the bank between 2009 and early 2011 are indicative of
a weak corporate governance and risk management framework at the
bank. Moody's views these events as ratings neutral as the bank
has already set aside provisions to cover potential losses related
to those 24 transactions totaling BRL 126 million that are of
manageable size relative to both the bank's loan book and equity
(less than 1% and 3% , respectively). Moreover, as the principal
administrator of FNE (the Fundo Constitucional de Financiamento do
Nordeste), the bank has distributed the US$126 MM in losses among
FNE and BNB, each absorbing its respective entitled risk portion
of the deals.

Moody's also noted that while BNB initiated changes to its risk
management structure in early 2012,including the creation of new
credit risk underwriting procedures and improved staffing of both
risk management and corporate governance areas, the success of
this initiative must be proven over time. Such improvements will
require a change in the bank's risk culture and demand the full
support of top executives as well as substantial resources to
overhaul the bank's risk management and credit underwriting
standards. In the meantime, business development and asset growth
could be curtailed and possibly dampen the bank's earnings
performance.

BNB's D financial strength rating and Ba2 standalone credit
assessment incorporate its extensive regional presence and
entrenched franchise as the main provider of long-term financing
in its target market of the growing northeastern region of Brazil.
The ratings also reflect BNB's steady earnings generation that
relies on its constitutional mandate as the sole manager of the
FNE. The FNE is a funding vehicle with the responsibility for
allocating constitutional resources to social and economic
development programs in the Northeast region that accounted for
total assets of BRL37.7 billion as of December 2011. Moreover, as
a public bank with a development role and with close ties to the
central regional state government, BNB enjoys a relatively stable
and low-cost funding that it sources from government-owned
entities and federal social and economic programs and public
projects.

BNB's Baa2 deposit ratings benefit from three notches of uplift
due Moody's assessment of the probability of systemic support
because of the importance of its regional franchise and deposit
market shares.

Upward pressure on BNB's ratings is unlikely in the medium term
given the unfortunate episode of the operating irregularities. In
addition, a substantial increase in losses as a result of asset
quality deterioration, particularly with respect to similar
transactions, may not be accommodated in the bank's current
ratings. The BFSR could also come under pressure if further
operational misconduct, legal or political developments come to
light that would diminish the bank's competitive advantages.

The last rating action on Banco do Nordeste do Brasil S.A. was on
April 26, 2012 when Moody's assigned a long term foreign currency
rating to its proposed senior unsecured debt of USD300 million of
seven years tenor.

The principal methodologies used in these banks were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.

Banco do Nordeste do Brasil S.A. is headquartered in Fortaleza,
Brazil, and had total consolidated assets of BRL26.4 billion
(US$14.2 billion) and equity of BRL2.3 billion (US$1.2 billion) as
of December 31, 2011.


* BRAZIL: IDB Grants US$59 Million Loan for Urban Infrastructure
----------------------------------------------------------------
The Inter-American Development Bank approved a loan of up to $59
million for urban infrastructure and transportation improvements
in the municipality of Blumenau, state of Santa Catarina, in
southern Brazil.  An additional $59 million will be provided by
the local government, bringing the total potential investment to
$118 million.

With the resources, the local government will be able to improve
and expand the integrated urban transportation system, build new
transfer terminals, rehabilitate roads and bridges and implement
pedestrian walkways and bicycle routes.  All these actions are
part of the municipality's urban development program, known as
Blumenau 2050.

Investments will also be directed to the Aterro-Fonte bus corridor
rehabilitation, the building of two new terminals, Itoupava and
Agua Verde, and to institutional strengthening.

"The program's main goal is to improve quality of life and social-
environmental conditions in a city with 1.7 inhabitants per
vehicle, one of Brazil's highest ownership rate", says Alejandro
Taddia, the IDB's project team leader.  Due to a combination of
geographic limitations and economic growth, Blumenau, one of the
country's most important industrial areas, has been suffering from
inadequate transportation infrastructure.

The IDB's loan is for a 25-year term, with a five-year grace
period, and carries a variable interest rate based on LIBOR.



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C A Y M A N   I S L A N D S
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CONCLAVE INVESTMENTS: Shareholders' Final Meeting Set for July 11
-----------------------------------------------------------------
The shareholders of Conclave Investments Limited will hold their
final meeting on July 11, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Saskia Lawrence
         PO Box 765 10 Market Street
         Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7212
         Facsimile: (345) 949 7120


DIAMOND NOTCH: Shareholders' Final Meeting Set for July 19
----------------------------------------------------------
The shareholders of Diamond Notch Opportunities Fund, Ltd. will
hold their final meeting on July 19, 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


DRV ASSET: Shareholder to Hear Wind-Up Report on July 19
--------------------------------------------------------
The shareholder of DRV Asset Management will receive on July 19,
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:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877


FITZROY LTD: Shareholders' Final Meeting Set for July 11
--------------------------------------------------------
The shareholders of Fitzroy 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:

         Hugh Dickson
         c/o Saskia Lawrence
         PO Box 765 10 Market Street
         Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7212
         Facsimile: (345) 949 7120


HSYD HOLDINGS: Sole Member to Hear Wind-Up Report on July 31
------------------------------------------------------------
The sole member of HSYD Holdings Limited will receive on July 31,
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:

         Lion International Management Limited
         Craigmuir Chambers
         PO Box 71
         Road Town, Tortola
         British Virgin Islands


LG PROPERTIES: Shareholders' Final Meeting Set for July 19
----------------------------------------------------------
The shareholders of LG Properties (Cayman) Ltd. will hold their
final meeting on July 19, 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:

         Donna Lloyd George
         340 Royal Poinciana Way
         Suite 321 Palm Beach, FL 33480
         USA
         Telephone: 561-835-1352
         Facsimile: 561-835-1371


MIKAN CAYMAN: Members' Final Meeting Set for July 9
---------------------------------------------------
The members of Mikan Cayman Holdings Limited will hold their final
meeting on July 9, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MILLENIUM INVESTMENT: Shareholders' Final Meeting Set for July 11
-----------------------------------------------------------------
The shareholders of Millenium Investment Fund, SPC will hold their
final meeting on July 11, 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:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


SKYLAN HOLDINGS: Shareholders' Final Meeting Set for July 11
------------------------------------------------------------
The shareholders of Skylan Holdings Ltd. will hold their final
meeting on July 11, 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:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STG CAPITAL: Shareholder to Hear Wind-Up Report on July 24
----------------------------------------------------------
The shareholder of STG Capital Fund, Ltd. will receive on July 24,
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 Susan Taber
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877


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C O S T A   R I C A
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* COSTA RICA: Banco BAC Gets US$40 Million Loan From IDB
--------------------------------------------------------
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 (IDB) to expand mortgage financing and lending to
small and medium-sized enterprises (SMEs).

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.


                            ***********


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.

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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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