TCRLA_Public/120718.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 18, 2012, Vol. 13, No. 142


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: St. Vincent PM Urges St. Lucia to Invest in Airline


B E R M U D A

DIGICEL GROUP: Challenges Court Ruling on OUR


B R A Z I L

BANCO DO BRASIL: Fitch Affirms Viability Rating at 'BB+'
* BRAZIL: Moody's Says Asset Management Industry Outlook Stable


C A Y M A N   I S L A N D S

ABIC HOLDINGS: Shareholders' Final Meeting Set for Aug. 3
BUNYAN 2 EQUITY: Shareholders' Final Meeting Set for Aug. 3
CITIGROUP PROPERTY: Shareholder to Hear Wind-Up Report on Aug. 3
HIGHVIEW GLOBAL: Shareholders' Final Meeting Set for Aug. 3
MLGPE INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 3

MORNING CALM: Shareholders' Final Meeting Set for Aug. 3
MOUNT AUSTIN: Members' Final Meeting Set for Aug. 3
PIVOT STRATEGIC: Shareholders' Final Meeting Set for Aug. 3
RALLY CDO: Shareholders' Final Meeting Set for Aug. 3
STRATEGIC INVESTMENTS: Shareholders' Final Meeting Set for Aug. 3


J A M A I C A

WINDALCO: UC Rusal to Close Ewarton Plant, 60 Jobs at Risk
* JAMAICA: Mining Sector Suffers Decline


M E X I C O

GRUPO PETROTEMEX: S&P Puts 'BB+' Corp. Credit Rating on Watch Pos


P U E R T O   R I C O

HOTEL AIRPORT: Plan Outline Hearing Continued Until Sept. 11


                            - - - - -


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


LIAT: St. Vincent PM Urges St. Lucia to Invest in Airline
---------------------------------------------------------
RJR News reports that St. Vincent Prime Minister Dr. Ralph
Gonsalves is calling on St. Lucia to take a stake in the regional
airline LIAT, as the cash-strapped carrier moves to renew and
expand its aging fleet.

The airline, which is owned by the governments of Antigua and
Barbuda, St Vincent and the Grenadines and Barbados, is set to be
joined by Dominica  as a fourth shareholder, according to RJR
News.

RJR News notes that Dr. Gonzalves said that now is the time for
St. Lucia to come in as an equity partner as it will among other
things  give them the opportunity of being  a part of the decision
making process.  The report relates that Dr. Gonzalves further
said that Dominica's Prime Minister Roosevelt Skeritt confirmed
Roseau's commitment to becoming an equity partner in LIAT last
week on the margins of the CARICOM summit in Castries.

RJR News says that EC$8 million was reportedly invested in LIAT.

Mr. Gonzalves reportedly said that the airline had already
introduced two flights to accommodate night landings in Dominica,
allowing passengers to take advantage of late connections from
North America and Europe, Barbados, and Antigua and Barbuda, RJR
News notes.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



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


DIGICEL GROUP: Challenges Court Ruling on OUR
---------------------------------------------
RJR News reports that lawyers for Digicel Group Limited will be
going back to the Supreme Court.

The company will seek permission to take their fight against the
Office of Utilities Regulation (OUR) to the Appeal Court,
according to RJR News.

The report notes that Justice Ingrid Mangatal is to decide whether
to give Digicel Group the go ahead to appeal her decision not to
grant it leave to challenge the OUR's powers before the Judicial
Review Court.

RJR News says that it was a major blow to Digicel Group which had
applied to the court for permission to challenge the OUR's powers
under the recently amended Telecoms Act.

Under the Act, the OUR has been given the authority to set
termination rates in the market, the report notes.

Digicel Group is strongly opposed to this, the report adds

                      About Digicel Group

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.



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


BANCO DO BRASIL: Fitch Affirms Viability Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Banco do
Brasil S.A. (BdB):

  -- Long-term foreign and local currency Issuer Default Ratings
     (IDRs) at 'BBB'; Outlook Stable;
  -- Short-term foreign and local currency IDRs at 'F2';
  -- Support rating at'2';
  -- Support rating floor at 'BBB';
  -- Viability Rating at 'bb+';
  -- Long-term national rating at 'AAA(bra)'; Outlook Stable;
  -- Short-term nationalRating at 'F1+(bra)'.

The affirmation of the IDRs and national ratings reflect Fitch's
belief in the maintenance of federal government support and the
systemic importance of BdB.  An upgrade in Brazil's sovereign
rating would translate to an upgrade in the bank's long-term IDR;
conversely, a downgrade in the sovereign rating would result in a
downgrade in the bank's long-term IDR.  Changes in the intention
to providing support from local authorities, in the federal
government capacity or in its ratings, could lead to a negative
rating action, however Fitch does not believe this is likely.

The viability rating (VR) is based on BdB's satisfactory
performance through various economic cycles and weaker
capitalization than local and global peers.  Fitch believes that
BdB's equity ratios are tight and that capital should be enhanced
through high quality Tier 1 injections to support growth.  Fitch
Core Capital Ratio is weak at 6.5% as of March 2012.  Should the
Fitch Core Capital fall below 5.5%, a review of the VR will
result.  A VR review could also be triggered should asset quality
deteriorate and/or profitability weaken beyond Fitch's
expectations.

The bank has a strong franchise and market share in many banking
segments in Brazil with a wide branch network, diversified client
and earnings base that contribute to growth and good overall
performance despite thinner margins and lower economy activity
since the first half of 2011.

Regardless of its expansion and revenue diversification, BdB
returns should moderate in the near term due to lower net interest
margin scenario, mild growth of administrative costs and losses
from Banco Votorantim (BV), which is 49.99% owned by Banco do
Brasil.  Therefore, Fitch expects profitability to remain below
that of large local private peers.

BdB proportionally consolidates its participation at Banco
Votorantim and injected BRL1 billion into BV in June 2012.  This
capital injection will help to rebuild BV's tight capital base
following the recent losses in 2011 and 2012 which resulted from
higher credit costs caused by the aggressive auto loan portfolio
expansion in previous years.  BV has adopted corrective measures
in loan origination and collection that could translate into
positive contributions to BdB but no earlier than 2013.

BdB's credit quality is a relative strength and has remained
better than that of its private peers even in a more stressed
economic scenario.  This has resulted from a high proportion of
payroll deductible loans (40% of consumer credit) and by a large
usage of insurance in the agribusiness and protection in the SMEs
portfolios.  As a result, impaired loans reached 6.2% of the
portfolio in the first quarter of 2012, which is better than the
large private bank peer average of 9.6%.  Reserve coverage of
impaired loans was marginally higher at 77.1% versus the peer
average of 73.3%.  Fitch expects more challenging economic
conditions in 2012 and beyond with impacts on credit quality and
profitability but does not expect a significant deterioration in
BdB's credit portfolio in comparison to its local peers in the
near term.

BdB is the largest Latin American financial conglomerate and
Brazilian market leader in deposits, credit, foreign trade
operations and asset management.  With a solid and diversified
base of deposits and customers, BdB is considered locally as safe
haven in times of crisis.


* BRAZIL: Moody's Says Asset Management Industry Outlook Stable
---------------------------------------------------------------
Moody's outlook for the Brazilian asset management industry is
stable, reflecting expectations that the country's economic
progress will continue to support the growth of the capital
markets and investment sector over the next 12--18 months, Moody's
Investors Service says in a new industry outlook, "Brazilian Asset
Managers: Outlook Stable." In addition, the pension fund segment
is expected to become increasingly important for Brazilian asset
managers, given the country's aging population and the growing
awareness of retirement planning.

"While the current global economic slowdown will constrain the
growth of the Brazilian economy and, consequently, of the local
asset management sector, local companies are well positioned to
face current challenges," says analyst and author of the report
Diego Kashiwakura. Not only do local asset managers have limited
exposure to foreign assets, he says, but Brazil's improved macro-
economy and strong domestic demand help shield them from global
pressures.

Nevertheless, Brazilian asset managers do face challenges,
including pressure on fees, which have been on a decreasing trend
for money market, fixed-income, multimarket and equity funds due
to declining interest rates and increasing competition. Fixed-
income and money market fund fees, in particular, are expected to
remain under pressure from declining interest rates, as well as
the availability of substitute products such as Tesouro Direto and
savings accounts.

Interest rates in Brazil stand at a record low of 8.00% in July
2012, compared with 12.50% a year ago. "If rates continue to go
down and remain low for a sustained period, expected returns on a
number of asset types will go down," Mr. Kashiwakura says. "In
this case we would expect to see investors reallocate their
portfolios away from government bonds toward more risky
instruments, such as corporate bonds, commercial paper and
equities." Indeed, the impact of lower rates is already being
seen, with pension funds increasing their allocations to corporate
bonds and equities in order to meet their actuarial targets.

Pension funds in Brazil have grown at a compound average annual
rate of 49% for the past 10 years, helped by the tax benefits
afforded by the leading products. "The pension fund segment is
poised for continuing strong growth," Mr. Kashiwakura says, "due
to Brazil's aging population, higher disposable incomes and an
increasing awareness of long-term savings."



===========================
C A Y M A N   I S L A N D S
===========================


ABIC HOLDINGS: Shareholders' Final Meeting Set for Aug. 3
---------------------------------------------------------
The shareholders of ABIC Holdings will hold their final meeting on
Aug. 3, 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


BUNYAN 2 EQUITY: Shareholders' Final Meeting Set for Aug. 3
-----------------------------------------------------------
The shareholders of Bunyan 2 Equity Co. will hold their final
meeting on Aug. 3, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 1844488 Ext-1402


CITIGROUP PROPERTY: Shareholder to Hear Wind-Up Report on Aug. 3
----------------------------------------------------------------
The shareholder of Citigroup Property Investors Asia Kingsville II
Ltd. will receive on Aug. 3, 2012, at 11:15 a.m., 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


HIGHVIEW GLOBAL: Shareholders' Final Meeting Set for Aug. 3
-----------------------------------------------------------
The shareholders of Highview Global Macro, Ltd. will hold their
final meeting on Aug. 3, 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:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


MLGPE INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 3
---------------------------------------------------------------
The shareholders of MLGPE International Strategies Ltd will hold
their final meeting on Aug. 3, 2012, at 9:45 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


MORNING CALM: Shareholders' Final Meeting Set for Aug. 3
--------------------------------------------------------
The shareholders of Morning Calm Ltd. will hold their final
meeting on Aug. 3, 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


MOUNT AUSTIN: Members' Final Meeting Set for Aug. 3
---------------------------------------------------
The members of Mount Austin Capital Management Limited will hold
their final meeting on Aug. 3, 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


PIVOT STRATEGIC: Shareholders' Final Meeting Set for Aug. 3
-----------------------------------------------------------
The shareholders of Pivot Strategic Fund II will hold their final
meeting on Aug. 3, 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:

         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


RALLY CDO: Shareholders' Final Meeting Set for Aug. 3
-----------------------------------------------------
The shareholders of Rally CDO Limited will hold their final
meeting on Aug. 3, 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


STRATEGIC INVESTMENTS: Shareholders' Final Meeting Set for Aug. 3
-----------------------------------------------------------------
The shareholders of Strategic Investments (SI) Limited will hold
their final meeting on Aug. 3, 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



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


WINDALCO: UC Rusal to Close Ewarton Plant, 60 Jobs at Risk
----------------------------------------------------------
RJR News reports that UC Rusal, the parent firm of West Indies
Alumina Company (WINDALCO), said that it plans to close the
Company's Ewarton Bauxite Plant in St. Catherine.

The closure said to be started in October this year will place 600
jobs at risk, according to RJR News.  The report relates that
Jamaica Mining and Energy Minister Phillip Paulwell told
Parliament he was informed verbally by UC Russal on the closure.

RJR News notes that this latest looming closure now means that all
three U.C Russal alumina refineries will be non-operational with
the Kirkvine and Alpart plants closed since 2009.

The report relays that when asked by Opposition members whether
Kirkvine or Alpart would be open anytime soon Mr. Paulwell said it
does not seem imminent.  RJR News discloses that Mr. Paulwell said
that the companies have insisted that they cannot reopen the due
to the downtown in the global market but the Mining Minister said
he did not accept that fully.

Pointing to the case of the Ewarton plant, Mr. Paulwell said he
does not think the company has applied all efficiency standards to
which had committed, RJR News relays.

The report notes that Cabinet only recently approved a request
from the bauxite operators for a full waiver subject to conditions
for the Ewarton plant this in light of the downturn in the bauxite
and alumina market.  It would have taken effect on June 1 this
year.

                         About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


* JAMAICA: Mining Sector Suffers Decline
----------------------------------------
RJR News reports that Jamaica's mining sector could suffer a
further decline as there is no sign of an improvement in the price
of aluminum on the world market.

Aluminum prices fell 5.6% in the second quarter mainly due to
macro-economic risks in Europe and demand concerns, according to
RJR News.

The report notes that analysts said that the demand for aluminum,
which is derived from alumina, will remain flat in the medium
term.

RJR News relays that Statistical Institute of Jamaica, STATIN,
reported that Jamaica's mining and quarrying sector declined five
percent during the first quarter of this year.



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


GRUPO PETROTEMEX: S&P Puts 'BB+' Corp. Credit Rating on Watch Pos
-----------------------------------------------------------------
Standard & Poor's Rating Services placed its ratings on Grupo
Petrotemex S.A. de C.V., including the 'BB+' global scale and
'mxA+' national scale corporate credit ratings, on CreditWatch
with positive implications.

"The CreditWatch placement follows the announcement by
Petrotemex's parent company, Alpek S.A.B. de C.V., of a cash
tender offer to purchase any and all of Petrotemex's outstanding
$275 million 144 A/Reg. S bond due 2014 with proceeds from Alpek's
recent IPO. We expect to resolve the CreditWatch during the next
90 days," S&P said.

Petrotemex is offering to purchase its bond in two periods. First,
between July 16, 2012, and July 27, 2012, the company will buy the
bonds at market price plus a premium. Afterwards, Petrotemex will
buy the bonds at market prices only until Aug. 10, 2012.

"The CreditWatch listing reflects the possibility that we can
raise our ratings on Petrotemex by one notch following the
successful completion of the cash tender offer in full, or a
combination of bonds and other debt prepayments of about $275
million," S&P said.

"We will resolve the CreditWatch listing once the cash tender
offer or any other potential debt reduction transaction is
concluded and we complete our review of Petrotemex's financial
risk profile, including our review of the company's financial
policies. In our view the proposed debt reduction will improve
significantly Petrotemex's key financial ratios, as well as it
would strengthen the company's capital structure given the planned
capitalization of proceeds," S&P said.

"We can upgrade Petrotemex if the actual debt reduction would lead
us to revise the company's financial risk profile assessment to
intermediate. This would include expectations of stronger cash-
flow protection measures, such as funds from operations to  total
adjusted debt in excess of 40%. A lower-than-expected debt
reduction, weaker-than-expected coverage metrics, and/or
unexpected debt-financed acquisitions would lead us to remove the
ratings from CreditWatch and affirm them," S&P said.



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


HOTEL AIRPORT: Plan Outline Hearing Continued Until Sept. 11
------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico continued until Sept. 11, 2012,
at 2 p.m., the hearing consider Hotel Airport Inc.'s request for
(i) approval of the disclosure statement explaining the terms of
the Chapter 11 Plan and (ii) assumption of leases.

The hearing was originally scheduled for July 10.

As reported in the Troubled Company Reporter on Jan. 19, 2012,
under the Plan, holders of administrative expense claims and
priority claims will be paid in full on the Plan's effective date.

The Plan presents a scenario upon which it will be substantially
funded by the Debtor's assets and income from the operation of
business, according to David Tirri, the Debtor's president.  The
Plan also considers the Debtor's experience and knowledge of the
business and specific knowledge of Debtor's sector of the
industry.  The Reorganization process will take place under the
management of Mr. Tirri.

The Plan proposes a merger between the Debtor/HAI and and its
parent, CAF, whereby a single entity -- CAF -- will emerge.  HAI's
operations will continue under its present management as a
division of CAF.  The merger will take place upon the Effective
Date of the Plan.  The Debtor submits that the merger will
strengthen HAI's ability to operate and maintain its business.
CAF -- as successor in interest of HAI -- will assume its
obligations maintaining HAI's current assets, which are all
encumbered with secured debts.

Upon the merge with CAF, Mr. Tirri's position will be vice-
president, and general manager for the hotel operations, with his
compensation remaining at $15,000 per month in salary, plus
$10,000 per month for expenses.  Other insiders which may from
time to time be part of the management, due to their positions
with CAF are CAF's stockholders Anthony C. Tirri, Jean Tirri, and
Justin Tirri, with only Anthony C. Tirri receiving compensation of
$5,000 per month.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/HOTELAIRPORT_DS_Dec092011.pdf

                       About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  Francisco J. Garrido
Molina serves as its accountant, and RS& Associates as external
auditors to perform auditing services.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of the
Chapter 11 filing.  The petition was signed by David Tirri, its
president.

The Debtor's plan provides that holders of administrative expense
claims and priority claims will be paid in full on the Plan's
effective date.

The Plan will be substantially funded by the Debtor's assets and
income from the operation of business.  The Plan proposes a merger
between the Debtor/HAI and and its parent, CAF, whereby a single
entity -- CAF -- will emerge.



                            ***********


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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