TCRLA_Public/120724.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 24, 2012, Vol. 13, No. 146


                            Headlines



A R G E N T I N A

ATENCION EN SALUD: Creditors' Proofs of Debt Due Sept. 12
PETROBAS ARGENTINA: Fitch Affirms 'BB' Issuer Default Rating
PLAN'S SRL: Creditors' Proofs of Debt Due Oct. 1
TISEA SA: Requests Opening of Bankruptcy Proceedings


B E R M U D A

MARINE SERVICES: Creditors' Proofs of Debt Due Aug. 3
MARINE SERVICES: Member to Receive Wind-Up Report on Aug. 28
MICLYN FINANCE: Creditors' Proofs of Debt Due Aug. 3
MICLYN FINANCE: Member to Receive Wind-Up Report on Aug. 28


B R A Z I L

BANCO CRUZEIRO: Investors Seek to Block Liquidation, Estado Says
BANCO MODAL: Moody's Affirms 'D' Bank Financial Strength Rating
NATIONAL STEEL: Fitch Withdraws 'BB' FC Issuer Default Rating


C A Y M A N   I S L A N D S

AUBISQUE INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
BALLON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
BARCLAYS MOSELLE NO 1: Creditors' Proofs of Debt Due Aug. 16
CAMPOBASSO INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
GALIBIER INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16

ISERAN INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
IZOARD INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
PEYRESOURDE INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
SAGA INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
ZEELAND INVESTMENT: Creditors' Proofs of Debt Due Aug. 7


M E X I C O

BAHRAIN MUMTALAKAT: S&P Assesses 'bb' Stand-alone Credit Profile
CORPORACION AZUCARERA: S&P Gives 'BB+' Corporate Credit Rating
* S&P Lowers Ratings on 3 Tranches From 2 Mexican RMBS Deals


J A M A I C A

LIME: Agrees With Union on August Deadline for Report


P U E R T O  R I C O

MSJ LAS CROABS: Ocean at Seven Seas Files in Puerto Rico


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Racks Up More than $500-Mil. in Unpaid Fees


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
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ATENCION EN SALUD: Creditors' Proofs of Debt Due Sept. 12
---------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Atencion en Salud
Mental SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Sept. 12, 2012.

Mr. Adrogue will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ricardo Adrogue
         Calle Bouchard 468
         Argentina


PETROBAS ARGENTINA: Fitch Affirms 'BB' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Petrobras Argentina S.A.'s (PESA)
ratings as follows:

  -- Foreign currency Issuer Default Rating (IDR) at 'BB';
  -- Local currency IDR at 'BB';
  -- Senior unsecured notes at 'BB';
  -- Guaranteed notes at 'BBB'.

The Rating Outlook is Stable.

PESA's ratings are supported by the continuous backing received
from its controlling shareholder, Petroleo Brasiliero S.A.
(Petrobras; IDR 'BBB'/Outlook Stable), as defined by Fitch's
Parent and Subsidiary Rating Linkage methodology.  PESA's ratings
also reflect its solid credit metrics, integrated business profile
and competitive cost structure.  Credit risks center on asset and
cash flow concentration in Argentina (Country Ceiling of 'B'),
weak upstream metrics, high regulatory risk, and the company's
small size both in terms of reserves and production.

PESA's credit quality is underpinned by the operating flexibility
and synergies achieved from its vertically integrated oil model
and competitive cost structure.  The company also benefits from a
strong downstream presence in retail, a key petrochemical unit,
and efficient electricity assets in Argentina.  PESA's bulk of
concession contracts are due for renewal in 2015 and 2016,
providing uncertainty to the company's revenue stream and capex in
the long term.  Mitigating this risk is PESA's track record in
negotiating with governments and its commitment to maintain
investments within Argentina, which are factored into the ratings.

Strong Recent Financial Performance:

PESA's latest 12-month (LTM) ending March 31, 2012, credit metrics
were robust.  At the end of the first quarter, funds from
operations (FFO) adjusted leverage was approximately 0.7 times (x)
versus 1.7x for the LTM ending March 31, 2011.  The company's FFO
fixed charge coverage ratio also improved to almost 10.0x from
6.0x over the same period.  LTM free cash flow (FCF) was
approximately USD86 million after capex of USD516 million and
dividends of USD95 million from operating cash flows of USD700
million.


PESA's LTM FFO of USD700 million as of March 31, 2012, improved
from USD600 million during the LTM March 31, 2011, as a result of
a positive price effect in almost all business units.  The company
executed several divestures over the last few years, including
assets such as Refineria San Lorenzo and Innova.  These asset
sales reduced the company's export flows and sales outside of
Argentina.  A positive result of the divestures is that they help
to align PESA's refining capacity with its production levels as
the larger refining capacity compared to production volumes has
been unfavorable for the business in the past few years.  These
divestures have helped to bolster PESA's cash and equivalents
position and to repay debt.

Upstream Metrics Under Pressure:

PESA's upstream metrics continue to be weak, driven by decreasing
reserve and productions levels.  As of December 2011, the
company's reserves-to-production (R/P) ratio decreased to six
years from seven years with total combined proved reserves of 223
MM barrels of oil equivalent (BOE), of which 56% were developed.
The continued downward trend in reserves relates to the divestures
in Peru, Ecuador and Colombia.  Over the coming years, PESA's
operating risk will be determined by the negotiation of key
concession contracts.  Fitch expects selective capex and declining
reserve and production levels to continue over the next 18 months.

Ample Liquidity and Deleveraging Trend:

Fitch's Base Case indicates PESA's net debt to EBITDA ratio to
remain below 1.0x at year end 2012.  At March 31, 2012, the
company's net debt to LTM EBITDA was down to 0.3x from 1.1x in
2011.  Total debt decreased to USD524 million over the same period
from USD900 million in 2011.  PESA holds USD200 million of senior
unsecured notes due 2013 and USD300 million secured notes due 2017
supported by a stand-by purchase agreement from Petrobras
International Finance Co. (PIFCO).

The company's liquidity position is strong.  As of March 31, 2012,
the company's cash balance was USD372 million.  FCF is expected to
remain positive until the company negotiates key concession
contracts that come due in 2015 and 2016.  Scheduled maturities
are comfortably covered by PESA's liquidity position, including
expected FCF generation and cash balances.  The company's low
leverage mitigates any cash shortfall should prices trend reverse
or capex requirements exceed current levels.

Key Rating Drivers:

A positive rating action seems limited at the time given the
rating level and several challenges PESA has to sort out in the
near term.  In contrast, a negative rating action could occur as a
result of any regulatory action or any changes in Petrobras credit
quality or changes in its strategic or operational factors that
could lead to diminish support to PESA.


PLAN'S SRL: Creditors' Proofs of Debt Due Oct. 1
------------------------------------------------
Daniel Bendersky, the court-appointed trustee for Plan's SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until Oct. 1, 2012.

Mr. Bendersky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Daniel Bendersky
         Avenida Corrientes 1675
         Argentina


TISEA SA: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------
Tisea SA requested the opening of bankruptcy proceedings.  The
company defaulted its payments last Feb. 29.



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B E R M U D A
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MARINE SERVICES: Creditors' Proofs of Debt Due Aug. 3
-----------------------------------------------------
The creditors of Marine Services Holdings Limited are required to
file their proofs of debt by Aug. 3, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 18, 2012.

The company's liquidator is:

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


MARINE SERVICES: Member to Receive Wind-Up Report on Aug. 28
------------------------------------------------------------
The member of Marine Services Holdings Limited will receive on
Aug. 28, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MICLYN FINANCE: Creditors' Proofs of Debt Due Aug. 3
----------------------------------------------------
The creditors of Miclyn Finance Limited are required to file their
proofs of debt by Aug. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 18, 2012.

The company's liquidator is:

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


MICLYN FINANCE: Member to Receive Wind-Up Report on Aug. 28
-----------------------------------------------------------
The member of Miclyn Finance Limited will receive on Aug. 28,
2012, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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



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B R A Z I L
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BANCO CRUZEIRO: Investors Seek to Block Liquidation, Estado Says
----------------------------------------------------------------
Katerina Petroff at Bloomberg News reports that a group of
investors in Banco Cruzeiro do Sul SA's BCSul Verax 5 Platinum
fund may ask a court to block a proposal to liquidate the fund, O
Estado de S. Paulo reported, citing investors it didn't identify.

Bloomberg News notes that the investors claim they were unaware
that the fund was investing in local bonds issued by Patrimonial
Maragato, a company controlled by Cruzeiro's executives Luis
Felippe Indio da Costa and Luis Octavio Indio da Costa, rather
than payroll loan receivables, O Estado said.

The executives were not available for comment, the newspaper said,
Bloomberg News relays.

Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total
unconsolidated assets of R$11.5 billion (US$6.2 billion) and
equity of R$1.2 billion (US$644.5 million) as of December 31,
2011.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2012, Standard & Poor's Ratings Services lowered our
long-and short-term ratings on Banco Cruzeiro do Sul to 'CC/C'
from 'B+/B' and its national scale long- and short-term ratings
to 'brCC/brC' from 'brBBB/brA-3'.  "We have also placed the
ratings on CreditWatch with developing implications," S&P said.


BANCO MODAL: Moody's Affirms 'D' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Banco Modal
S.A., including the bank financial strength rating (BFSR) of D-;
the global local-currency and foreign-currency deposit ratings of
Ba3 and Not Prime; and the Brazilian national scale deposit
ratings of A2.br and BR-2. The outlook on all ratings is stable.

Ratings Rationale

Moody's affirmed Modal's D- standalone bank financial strength
rating and ba3 baseline credit assessment based on the bank's
modest though growing franchise which continues to rely heavily on
non-recurring trading earnings. The consequent significant
oscillation of the bank's profitability indicators is also a key
risk factor which management is addressing through plans to
increase its fee origination.

Modal's funding structure is also a rating limitation as the bank
depends largely on expensive wholesale sources, has limited
diversification as well as high depositor concentrations. The
majority of the bank's funding is comprised of time deposits with
corporate and financial institutions, including an approximate 35%
share of deposits guaranteed by the FGC (Fundo Garantidor de
Creditos, Brazil's deposit insurance corporation), as well as of
repurchase operations, representing another 23%. To offset this
risk, the bank maintains high levels of on-balance sheet liquidity
in the form of cash and marketable securities.

The good quality of Modal's loan book reflects the highly-
collateralized, short-term nature of its loans. As of March 2012,
commercial lending accounted for roughly 39% of Modal's balance
sheet, thus limiting the bank's credit risk. The highly
competitive environment for lending to small- and mid-sized
companies poses a challenge to growing Modal's loan book;
nonetheless, a potential increase in loan operations would demand
additional capital allocation for credit risk, which could
compress Modal's capital ratio.

Moody's last rating action on Modal was on May 28, 2010, when it
upgraded the bank's long-term Brazilian national scale long-term
deposit rating to A2.br, from A3.br and affirmed all other
ratings.

The principal methodology used in rating these banks was "Moody's
Consolidated Global Bank Rating Methodology" published on June 29,
2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.

Banco Modal S.A. is headquartered in Rio de Janeiro, Brazil. As of
March 2012, the bank had total assets of approximately R$1.25
billion (US$685.7 million) and equity of R$260 million (US$143
million).

The following ratings of Banco Modal S.A. were affirmed:

Bank financial strength rating: D-, stable outlook

Global local-currency deposit ratings: Ba3 and Not Prime, stable
outlook

Foreign-currency deposit ratings: Ba3 and Not Prime, stable
outlook

Brazilian national scale deposit rating: A2.br and BR-2, stable
outlook


NATIONAL STEEL: Fitch Withdraws 'BB' FC Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Companhia
Siderurgica Nacional (CSN):

  -- Foreign currency IDR at 'BBB-';
  -- Local currency IDR at 'BBB-';
  -- National long-term rating at 'AA+(bra)'.

Fitch has also affirmed the ratings of CSN's related debt issuing
subsidiaries.  The full list of these ratings is below.

The Rating Outlook is Stable.

Fitch also affirms and withdraws the following ratings:

National Steel S.A.

  -- Foreign Currency IDR 'BB'.

CSN Islands X Corp.

  -- Foreign Currency IDR 'BBB-'.

The rating withdrawal follows the perpetual bonds being called for
National Steel S.A. on July 25, 2011 and for CSN Islands X Corp.
on Aug. 11, 2011.  No outstanding debt remains at these entities.

Strong Liquidity Profile:

CSN's consistently strong profitability as represented by a five-
year average EBITDA margin over 40%, access to liquidity with its
large cash balance over BRL14 billion in relation to short term
debt of BRL2.6 billion as of March 31, 2012, and stable and
growing cash flow generation (FFO and CFFO) with sufficient key
credit ratio levels, underpin the affirmation of the company's
investment grade ratings.

CSN has extremely strong liquidity and manageable leverage.
However, key credit ratios indicate a weakening trend through the
heavy investment cycle but remain within the rating category.  The
company is expected to take appropriate steps to protect its
capital structure and credit metrics in order to maintain its
investment grade ratings throughout the intensive capital
expenditure period.

The company's cash-to short-term debt ratio stood at 5.4 times (x)
and cash plus cash flow from operations (CFFO) to short-term debt
ratio was 6.6x for the LTM to March 31, 2012.  The company has a
very manageable amortization profile, with the current cash
balance sufficient to meet all debt repayments due until 2017.
Fitch expects this cash balance to decline due to a combination of
debt prepayment, on-going investments at Casa de Pedra and bolt-on
acquisitions but to remain high relative to short-term debt.

CSN's ratings are also supported by a solid track record of
maintaining a strong capital structure, demonstrated by its five-
year rolling average net debt-to-EBITDA ratio of 1.3x.  As of
March 31, 2012, the company's net debt-to-last 12 months (LTM)
EBITDA ratio increased to 2.2x in-line with expectations and are
in the medium to high end of the rating category.

The company's total debt-to EBITDA ratio is relatively high at
4.4x with total debt at BRL28.4 billion.  This large debt amount
is due to large capital expenditures surrounding the on-going
expansion, mainly for CSN's mining operations.

Profitability Akin to a Large Mining Company:

CSN generates consistently high EBITDA margins due to its vertical
integration, substantial and growing iron ore operations, and high
value added steel products.  The company returned to EBITDA
margins around 40% at year-end 2011 after declining to 33% during
2009.

The company's iron ore mining division is the most profitable with
standalone EBITDA margins of 63% in 2011, followed by 27% for
steel, 6% for cement and 36% for logistics and energy.  The
relatively high EBITDA margin for steel production is due to CSN's
100% self-sufficiency in iron ore and energy and is therefore
measured on a 'cost' basis.  On a 'market' basis, the company's
steel EBITDA would be closer to 20%-25% for 2011.

During the first quarter of 2012, the company's standalone steel
division EBITDA margin was 19% on an iron ore cost basis.  The
drop in steel profitability was mainly due to higher operating
costs and higher sales through less profitable overseas
subsidiaries along with a changed product mix.  While first
quarter steel profitability was restrained, the company
experienced 8% higher steel sales volumes of 1.1 million metric
tons in 1Q'12 compared to 1Q'11.

Positive Entry into Long Steel:

CSN's strategy to diversify into the long steel market in
conjunction with continued investments in its iron ore, cement and
logistics businesses are credit-positive.  While remaining exposed
to cyclical factors, long steel demand fundamentals are mainly
linked to construction whereas flat steel is linked to automotive,
white goods and industrial manufacturing.

By 2015, long steel is expected to account for approximately 5% of
CSN's total EBITDA on a standalone basis.  As of year-end 2011,
the company's consolidated EBITDA of BRL6.7 billion was comprised
as follows: mining 55%, flat steel 37.6%, logistics 6%, energy
1.1% and cement 0.3%.

In early 2012, CSN Steel S.L, a wholly-owned subsidiary of CSN,
completed its purchase of Stahlwerk Thuringen GmbH (SWT) in
Germany from Grupo Alfonso Gallardo, S.L.U. for BRL1.1 billion
(EUR482.5 million).  The transaction was funded by cash on balance
sheet and a loan taken by the Spanish subsidiary for EUR120
million.  SWT will immediately contribute an additional 900,000
metric tons of finished steel products to CSN's steel sales
volumes of approximately 4.8 million metric tons per year.

In addition to the SWT acquisition, CSN plans to build long-steel
production facilities in Volta Redonda with production capacity of
500,000 metric tons per year.  By 2015, the company plans to sell
approximately 6.3 million metric tons of finished steel products
per year.  This represents a 30% increase from CSN's steel sales
volumes of 4.8 million metric tons per year prior to the SWT
acquisition.

Cash Flows reflect Heavy Investment Cycle:

During 2011, the company had a negative FCF of BRL4 billion due to
large capex and investments of BRL6.5 billion and dividend
payments of BRL1.9 billion, and follows a continuing negative
trend since 2008.  The company's strong profitability, large cash
balance and low net debt for the rating category provide strong
headroom for negative FCF generation through this investment cycle
at the current rating level.  Fitch expects a return to positive
FCF after capex and dividends following completion of the major
investments.

Fitch estimates revised capex in 2012 in the region of BRL3.5 to
BRL4 billion mainly relating to the iron ore production expansion
(around 45%) and investments in long steel, cement, energy and
logistics.  CSN is expected to generate FCF of negative BRL2
billion for the year while maintaining a net debt to EBITDA ratio
in the range of 2.5x-2.8x at year-end 2012.

To achieve its aim of having an iron ore production capacity of
approximately 89 million metric tons by 2018 from around 32.5
million expected in 2012, CSN's expansion capex is expected in the
region of BRL21 billion during 2013-2017.  This amount will also
be used to increase capacity at the company's ports and railways
to cope with the higher volumes of iron ore, in addition to
investments for new pelletizing plants, long-steel and cement
expansion.

Stable FFO and CFFO Generation:

CSN's iron ore business has been well placed to benefit from the
record high prices for iron ore over the last five years.  The
company generated FFO of BRL4.4 billion and CFFO of BRL4.2 billion
during 2011, compared to FFO of BRL3.1 billion and CFFO of BRL2.5
billion in 2010.

Fitch's conservative base case indicates 2012 FFO of BRL3.4
billion and CFFO of BRL3.3 billion.  This level of cash flow
generation is expected to maintain a FFO adjusted ratio in the
region of 3.0x-4.0x, in line with CSN's historical five-year
rolling average.

Rating Triggers:

An upgrade or Positive Outlook could be considered if CSN
continues to develop its iron ore assets, which would result in a
lower exposure to Brazil's steel sector and significant
deleveraging following the heavy investment cycle.  A sustained
long-term average net debt to EBITDA ratio around 1.0x and total
debt to EBITDA of around 2.0x, in conjunction with strong
liquidity and debt coverage ratios along with this growth would
also be required.

A downgrade could occur following a sustained deterioration in the
company's five-year rolling average credit metrics, particularly
if its long-term net debt to EBITDA ratio reached over 3.0x as a
long term average.  Rating concerns such as event risk and
cyclicality of prices and demand are ever-present for the steel
and mining industries.

Fitch also affirms the following ratings of CSN's wholly-owned
debt issuing subsidiaries:

  -- CSN Islands VIII LT IDR at 'BBB-';
  -- CSN Islands VIII senior unsecured LT rating 'BBB-';
  -- CSN Islands IX LT IDR at 'BBB-';
  -- CSN Islands IX senior unsecured LT rating 'BBB-';
  -- CSN Islands XI LT IDR at 'BBB-';
  -- CSN Islands XI senior unsecured LT rating 'BBB-';
  -- CSN Islands XII LT IDR at 'BBB-';
  -- CSN Islands XII senior unsecured LT rating 'BBB-';
  -- CSN Resources S.A. LT IDR of 'BBB-';
  -- CSN Resources S.A. Senior unsecured Euro Note LT rating
     'BBB-'.



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


AUBISQUE INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------------------
The creditors of Aubisque Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


BALLON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
---------------------------------------------------------
The creditors of Ballon Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


BARCLAYS MOSELLE NO 1: Creditors' Proofs of Debt Due Aug. 16
------------------------------------------------------------
The creditors of Barclays Moselle No 1 Investments Limited are
required to file their proofs of debt by Aug. 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


CAMPOBASSO INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
-------------------------------------------------------------
The creditors of Campobasso Investments Limited are required to
file their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


GALIBIER INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------------------
The creditors of Galibier Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


ISERAN INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
---------------------------------------------------------
The creditors of Iseran Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


IZOARD INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
---------------------------------------------------------
The creditors of Izoard Investments Limited are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


PEYRESOURDE INVESTMENTS: Creditors' Proofs of Debt Due Aug. 16
--------------------------------------------------------------
The creditors of Peyresourde Investments Limited are required to
file their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 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


SAGA INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
------------------------------------------------------
The creditors of Saga Investment Series Limited are required to
file their proofs of debt by Aug. 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 26, 2012.

The company's liquidator is:

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


ZEELAND INVESTMENT: Creditors' Proofs of Debt Due Aug. 7
--------------------------------------------------------
The creditors of Zeeland Investment Ltd are required to file their
proofs of debt by Aug. 7, 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:

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



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


BAHRAIN MUMTALAKAT: S&P Assesses 'bb' Stand-alone Credit Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
local and foreign currency issuer credit ratings on Bahrain
Mumtalakat Holding Co. "At the same time, we raised the short-term
issuer credit ratings on the company to 'A-2' from 'A-3'. The
outlook on the long-term ratings remains negative," S&P said.

"The ratings reflect our assessment of Mumtalakat under our
criteria for rating government-related entities (GREs). Although
the Bahraini government does not formally guarantee Mumtalakat's
financial liabilities, the ratings on Mumtalakat are equalized
with those on the Kingdom of Bahrain (BBB/Negative/A-2) because we
believe that there is an 'almost certain' likelihood that the
Bahraini government would provide timely and sufficient
extraordinary support to Mumtalakat in the event of financial
distress," S&P said.

In accordance with its criteria for GREs, S&P's rating approach is
based on its view of:

  -- Mumtalakat's "critical" role for Bahrain's official long-term
     development and economic diversification strategies; and

  -- Mumtalakat's "integral" link with the government,
     Mumtalakat's sole owner.

"We expect Mumtalakat's ownership structure to remain unchanged
over the long term. The government directly controls all of
Mumtalakat's important operational and financial transactions
through its dominant representation on Mumtalakat's board of
directors. Bahrain's Deputy Prime Minister is the chairman of
Mumtalakat's board of directors. The Ministers of Finance and
Transport are also members of Mumtalakat's board, which underlines
our view of the company's integral link with the government. We
understand that major investments or divestments require the
assent of the country's most senior leadership," S&P said.

"Mumtalakat's public policy role consists of managing the
Kingdom's wealth while contributing to Bahrain's longer-term
strategy to diversify away from the hydrocarbons sector. The
company manages a corporate portfolio in the non-oil and gas
sectors, both in Bahrain and abroad, although currently most of
the assets are domestic state-owned enterprises in banking,
manufacturing, real estate, telecommunications, and aviation.
Mumtalakat operates on behalf of the government and does not take
material investment decisions without the government's knowledge.
This, coupled with Mumtalakat's operational proximity to the
Bahraini government and repeated governmental capital increases,
leads us to conclude that the government would be willing to
provide substantial ongoing support to Mumtalakat's operations and
to intervene in a timely manner if the company were to require
extraordinary financial support," S&P said.

"In this context, we consider that the ongoing financial
difficulties experienced by Gulf Air, which is fully owned by the
Kingdom of Bahrain through Mumtalakat, and the continued
discussion about its restructuring, have raised questions about
the sovereign's willingness and ability to provide extraordinary
support to a major national enterprise. However, we believe that
the government will provide, in the near future, direct coverage
of losses at Gulf Air, thus limiting potential liabilities for
Mumtalakat. We therefore consider that the government would
respond more quickly if Mumtalakat experienced financial stress,"
S&P said.

"We assess Mumtalakat's stand-alone credit profile (SACP) at 'bb'.
The SACP is constrained by Mumtalakat's current geographic
concentration in Bahrain and its relatively weak operating
performance, which is largely attributable to state-owned airline
Gulf Air and the start-up nature of some of its investments.
However, we view positively Mumtalakat's reported adjusted loan-
to-value ratio of around 30% and its interest and operating
expense coverage ratio of 3.9x for the year to Dec. 31, 2011," S&P
said.

"The upgrade of the short-term ratings to 'A-2' reflects the
revision of our criteria regarding the link between long-term and
short-term sovereign credit ratings. According to our criteria,
the short-term rating is derived directly and solely from the
long-term rating. The upgrade does not reflect a change in our
view of Mumtalakat's short-term creditworthiness," S&P said.

"The negative outlook mirrors that on the sovereign and reflects
our view that Mumtalakat's integral link and critical role for the
Bahraini government will remain unchanged," S&P said.

"In this regard, we also assume that the government will provide,
in the near future, direct coverage of losses at Mumtalakat's
fully owned subsidiary, Gulf Air. We could revise our view on
Mumtalakat's role for and link with the government if the
sovereign does not cover losses at Gulf Air as expected, or
act in a timely manner to protect Mumtalakat, as these factors
could affect our assessment of the likelihood of the government
providing extraordinary support," S&P said.


CORPORACION AZUCARERA: S&P Gives 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Corporacion Azucarera del Peru S.A.
(Coazucar). "At the same time, we assigned our 'BB+' issue-level
rating to Coazucar's proposed 10-year $300 million bonds. The
outlook is stable," S&P said.

"Our assessment of Coazucar's business risk profile as "fair"
reflects its competitive cost structure due to its operating
vertical integration, geographic location with favorable weather
conditions that support year-round sugarcane harvests with high
productivity ratios, its well-built water-irrigation structure,
and the close location of plantations to mills. Coazucar has
strong regional sugar brands in a market that has a 25% supply
deficit, which increases the company's competitive advantage over
its national peers that have a higher cost structure and in some
cases depend on imports. These factors result in Coazucar's
healthy profitability levels and higher margins than for its
global peers. These factors are partially offset by the
concentration of its markets and product portfolio, the limited
scale of its business compared to global peers, and the volatile
nature of the commodity-oriented business, as prices follow the
global supply and demand balance," S&P said.


* S&P Lowers Ratings on 3 Tranches From 2 Mexican RMBS Deals
------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term ratings on
three tranches from two Mexican residential mortgage-backed
securities (RMBS) transactions issued by Proyectos Adamantine,
S.A. de C.V., SOFOM, E.N.R. (formerly GMAC Financiera). "We also
affirmed our ratings on seven other tranches from five RMBS deals.
Finally, we affirmed our underlying ratings (SPURs) on two other
series," S&P said.

"We lowered our ratings on tranches MXMACCB 06U, MXMACFW 07U, and
MXMACFW 07-2U to reflect the sustained weak performance on the
transactions' underlying portfolios, due to the growing of
nonperforming loans and overall low recovery proceeds from the
sale of foreclosed assets. As a result, credit enhancement levels
have continued to deteriorate severely. On the other hand, the
affirmed ratings reflect our belief that the affected tranches
have sufficient credit enhancement levels, in the form of
overcollateralization, subordination, or partial credit guarantee,
to support the current ratings under observed and projected
performance scenarios. Although the underlying portfolios have
experienced increasing delinquency and default ratios, the
portfolios continue to perform within our expectations. However,
if severe weakening increases to exceed our projections, we will
review these transactions again," S&P said.

"International Finance Corp. (IFC) provided MXMACCB 05U, MXMACCB
05-2U, and MXMACCB 06U transactions with an initial partial credit
guarantees (PCGs) of 10.60%, 7.00%, and 10.95%. The PCGs have been
disbursed to reestablish parity between liabilities and assets
(loans under 180 days delinquent) and as such have currently
dropped to 6.23% for MXMACCB 5U, 0.00% for MXMACCB 05-2U, and
0.00% MXMACCB 06U," S&P said.

Performance Statistics: non-performing and credit enhancement
levels

Issuance       non-perf*    Cred Enh**
               (May 12)     (May 12)
MXMACCB 04U     41.09%      -14.52%
MXMACCB 05U     36.54%      -5.67%
MXMACCB 05-2U   44.22%      -31.40%
MXMACCB 06U     41.14%      -31.40%
MXMACFW 07U     49.95%      -53.87%
MXMACFW 07-2U   49.95%      -71.51%
MXMACFW 07-3U   52.64%      -72.45%
MXMACFW 07-4U   52.64%      -89.22%
MXMACFW 07-5U   56.86%      -111.99%
MXMACFW 07-6U   56.86%      -141.30%

*Standard & Poor's estimates nonperforming loans considering the
reported delinquency buckets of 61-90 days and of over 90 days.
*Credit enhancement calculated as (1 - liabilities / current
assets) + percentage of subordinated series + percentage of
partial credit guarantee available.

"The 'B' global scale ratings and the 'mxBB+' Mexican national
scale ratings on the certificates from series MXMACFW 07-3U
reflect the full financial guarantee insurance policy provided by
MBIA Insurance Corp. (MBIA; B/Negative/-- insurer financial
strength rating). Likewise, we based the 'B/mxBB+' ratings on the
certificates from series MXMACFW 07-5U on the full financial
insurance guarantee policy provided by MBIA Mexico S.A. de C.V.
(MBIA Mexico; mxBB+/Negative, CaVal [Mexico] national scale rating
and B/Negative/-- insurer financial strength rating). Under our
criteria, the issue rating on an insured bond reflects the higher
of the rating on the bond insurer (monoline) or the SPUR on the
security," S&P said.

"We estimated the transactions' delinquency, default, and current
credit enhancement levels using our methodology and assumptions.
We analyzed the transactions using LEVELS Mexico to determine
updated foreclosure frequency and loss severity levels. We then
used our Mexican RMBS cash flow model to determine each deal's
rating based on the transaction's financial position, projected
performance, and structure. We modeled each deal's expected
recovery from asset liquidations consistent with LEVELS Mexico
output," S&P said.

Modeled Foreclosure Frequency And Loss Severity Levels

Tranche            FF (%)          LS (%)
MXMACCB 04U        19.83           64.17
MXMACCB 05U        26.08           45.70
MXMACCB 05-2U      15.78           44.50
MXMACCB 06U        12.16           39.57
MXMACFW 07U        5.67            53.41
MXMACFW 07-2U      5.34            51.56
MXMACFW 07-3U*     7.08            52.41
MXMACFW 07-4U*     7.08            52.41
MXMACFW 07-5U*     6.47            47.21
MXMACFW 07-6U*     6.47            47.21
*For SPURs

FF-Foreclosure frequency.
LS-Loss severity.

Ratings Lowered

GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales
               Series      Rating              Outs. amount
Tranche        type    To          From        (mil. UDI)
MXMACCB 06U    Senior  mxBB (sf)   mxBBB- (sf)  59.75
MXMACFW 07U    Senior  CCC+ (sf)   B-(sf)       128.05
MXMACFW 07U    Senior  mxB (sf)    mxBB (sf)    128.05
MXMACFW 07-2U  Sub.    mxCCC (sf)  mxB (sf)     14.67

Ratings Affirmed

GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales
               Series                      Outs. amount
Tranche        type       Rating           (mil. UDI)
MXMACCB 04U    Senior     mxAA- (sf)        103.16
MXMACCB 05U    Senior     mxBBB+ (sf)         39.85
MXMACCB 05-2U  Senior     mxBBB- (sf)       68.24

GMAC Financiera - Bursatilizaciones de Hipotecas Residenciales II
               Series                      Outs. amount
Tranche        type       Rating              (mil. UDI)
MXMACFW 07-3U  Senior     B (sf)           187.06
MXMACFW 07-3U  Senior     mxBB+ (sf)       187.06
MXMACFW 07-3U  SPUR       CC (sf)          187.06
MXMACFW 07-4U  Sub.       mxCC (sf)        18.18
MXMACFW 07-5U  Senior     B (sf)           107.73
MXMACFW 07-5U  Senior     mxBB+ (sf)       107.73
MXMACFW 07-5U  SPUR       CC (sf)          107.73
MXMACFW 07-6U  Sub.       mxCC (sf)        14.89



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


LIME: Agrees With Union on August Deadline for Report
-----------------------------------------------------
RJR News says that a report by a committee comprising of
representatives of Landline Internet Mobile Entertainment (LIME)
and unions representing its employees across the Caribbean are to
be available by August.

The deadline was reportedly agreed to at a meeting between LIME
and union officials, according to RJR News.

RJR News notes that the meeting was reportedly held to discuss
proposed changes that would affect workers throughout the
company's entire network.

LIME -- Landline, Internet, Mobile and Entertainment -- is a
communications company.  LIME is the Caribbean division of Cable
& Wireless Communications (CWC).  LIME territories include
Jamaica, Barbados, St.Lucia, St.Vincent, Grenada, Dominica,
Cayman, Antigua, Anguilla, Montserrat, St.Kitts & Nevis , Turks &
Caicos.



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


MSJ LAS CROABS: Ocean at Seven Seas Files in Puerto Rico
--------------------------------------------------------
MSJ Las Croabas Properties Inc., known as Ocean at Seven
Seas, filed for Chapter 11 protection July 19 in Old San Juan,
Puerto Rico (Bankr. D.P.R. Case No. 12-05710).

The Fajardo, Puerto Rico-based land developer estimated assets and
liabilities of $10 million to $50 million.

Its largest secured creditor is FDIC/Real Estate Capital Key Bank,
with a claim of $20.2 million.  The Municipality of Fajardo has an
unsecured claim of $87,000, according to a court filing.  Ocean at
Seven Seas also identified two lawsuits with vendors and debts
owed to subcontractors.



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


CARIBBEAN AIRLINES: Racks Up More than $500-Mil. in Unpaid Fees
---------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has racked up
more than $500 million in unpaid fees to local aviation
authorities since its take over of Air Jamaica Limited.

The sum represents fees owed to the Jamaica Civil Aviation
Authority, and the Airport Authority of Jamaica, according to RJR
News.

The report notes that Jamaica Transport Minister Dr. Omar Davies
explains that the debt has been growing for just over a year.

RJR News says that Dr. Davies added that following a meeting with
representatives of the Trinidadian Government, a plan is being
drafted on when and how the debt will be cleared.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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

IMPSAT FIBER-$US      IMPTD AR           535007008      -17164978
IMPSAT FIBER NET      330902Q GR         535007008      -17164978
IMPSAT FIBER-CED      IMPT AR            535007008      -17164978
IMPSAT FIBER-C/E      IMPTC AR           535007008      -17164978
IMPSAT FIBER NET      IMPTQ US           535007008      -17164978
IMPSAT FIBER-BLK      IMPTB AR           535007008      -17164978
IMPSAT FIBER NET      XIMPT SM           535007008      -17164978
SOC COMERCIAL PL      CADN SW          231024530.5     -308335991
SOC COMERCIAL PL      COME AR          231024530.5     -308335991
SOC COMERCIAL PL      CVVIF US         231024530.5     -308335991
SOC COMERCIAL PL      COMED AR         231024530.5     -308335991
SOC COMERCIAL PL      CADN EU          231024530.5     -308335991
SOC COMERCIAL PL      CAD IX           231024530.5     -308335991
COMERCIAL PLA-BL      COMEB AR         231024530.5     -308335991
SOC COMERCIAL PL      SCDPF US         231024530.5     -308335991
SOC COMERCIAL PL      COMEC AR         231024530.5     -308335991
COMERCIAL PL-ADR      SCPDS LI         231024530.5     -308335991
SOC COMERCIAL PL      CADN EO          231024530.5     -308335991
SNIAFA SA-B           SNIA5 AR         11229696.22    -2670544.88
SNIAFA SA-B           SDAGF US         11229696.22    -2670544.88
SNIAFA SA             SNIA AR          11229696.22    -2670544.88


BRAZIL

CELGPAR               GPAR3 BZ          2639764737     -675967203
PORTX OPERA-GDR       PXTPY US          1025101052    -3076374.61
PORTX OPERACOES       PRTX3 BZ          1025101052    -3076374.61
VARIG SA-PREF         VAGV4 BZ           966298048    -4695211008
VARIG SA-PREF         VARGPN BZ          966298048    -4695211008
VARIG SA              VARGON BZ          966298048    -4695211008
VARIG SA              VAGV3 BZ           966298048    -4695211008
LUPATECH SA-RT        LUPA11 BZ        815799477.6    -65082852.9
LUPATECH SA-ADR       LUPAY US         815799477.6    -65082852.9
LUPATECH SA           LUPAF US         815799477.6    -65082852.9
LUPATECH SA -RCT      LUPA9 BZ         815799477.6    -65082852.9
LUPATECH SA-RTS       LUPA1 BZ         815799477.6    -65082852.9
LUPATECH SA           LUPA3 BZ         815799477.6    -65082852.9
AGRENCO LTD-BDR       AGEN11 BZ          637647275     -312199404
AGRENCO LTD           AGRE LX            637647275     -312199404
PARMALAT              LCSA3 BZ           388720096     -213641152
PARMALAT-PREF         LCSA4 BZ           388720096     -213641152
PARMALAT BR-RT P      LCSA6 BZ           388720096     -213641152
PARMALAT BR-RT C      LCSA5 BZ           388720096     -213641152
PARMALAT BRAS-PF      LCSAPN BZ          388720096     -213641152
PARMALAT BRASIL       LCSAON BZ          388720096     -213641152
BOMBRIL CIRIO-PF      BOBRPN BZ        381113282.6    -25127292.3
BOMBRIL SA-ADR        BMBBY US         381113282.6    -25127292.3
BOMBRIL-RIGHTS        BOBR1 BZ         381113282.6    -25127292.3
BOMBRIL CIRIO SA      BOBRON BZ        381113282.6    -25127292.3
BOMBRIL SA-ADR        BMBPY US         381113282.6    -25127292.3
BOMBRIL               BMBBF US         381113282.6    -25127292.3
BOMBRIL-PREF          BOBR4 BZ         381113282.6    -25127292.3
BOMBRIL-RGTS PRE      BOBR2 BZ         381113282.6    -25127292.3
BOMBRIL               BOBR3 BZ         381113282.6    -25127292.3
CIA PETROLIFERA       MRLM3B BZ        377602195.2    -3014291.72
CIA PETROLIFERA       1CPMON BZ        377602195.2    -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ         377602195.2    -3014291.72
CIA PETROLIFERA       MRLM3 BZ         377602195.2    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ        377602195.2    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ        377602195.2    -3014291.72
TEKA                  TKTQF US         332104715.8     -455378043
TEKA                  TEKAON BZ        332104715.8     -455378043
TEKA-ADR              TEKAY US         332104715.8     -455378043
TEKA-PREF             TEKA4 BZ         332104715.8     -455378043
TEKA-RCT              TEKA9 BZ         332104715.8     -455378043
TEKA-PREF             TEKAPN BZ        332104715.8     -455378043
TEKA-RTS              TEKA2 BZ         332104715.8     -455378043
TEKA-ADR              TKTQY US         332104715.8     -455378043
TEKA-RTS              TEKA1 BZ         332104715.8     -455378043
TEKA-ADR              TKTPY US         332104715.8     -455378043
TEKA                  TEKA3 BZ         332104715.8     -455378043
TEKA-RCT              TEKA10 BZ        332104715.8     -455378043
TEKA-PREF             TKTPF US         332104715.8     -455378043
PET MANG-RECEIPT      0229296Q BZ      323293708.4     -112268877
PETRO MANGUINHOS      MANGON BZ        323293708.4     -112268877
PET MANG-RT           RPMG1 BZ         323293708.4     -112268877
PET MANG-RECEIPT      RPMG10 BZ        323293708.4     -112268877
PET MANG-RIGHTS       3678565Q BZ      323293708.4     -112268877
PET MANG-RECEIPT      RPMG9 BZ         323293708.4     -112268877
PETRO MANGUIN-PF      MANGPN BZ        323293708.4     -112268877
PET MANG-RT           4115360Q BZ      323293708.4     -112268877
PET MANG-RECEIPT      0229292Q BZ      323293708.4     -112268877
PET MANG-RT           0229268Q BZ      323293708.4     -112268877
PET MANG-RT           4115364Q BZ      323293708.4     -112268877
PET MANG-RT           RPMG2 BZ         323293708.4     -112268877
PET MANG-RT           0229249Q BZ      323293708.4     -112268877
PET MANG-RIGHTS       3678569Q BZ      323293708.4     -112268877
PET MANGUINH-PRF      RPMG4 BZ         323293708.4     -112268877
PETRO MANGUINHOS      RPMG3 BZ         323293708.4     -112268877
BATTISTELLA           BTTL3 BZ         291826534.8    -29594537.2
BATTISTELLA-RECP      BTTL10 BZ        291826534.8    -29594537.2
BATTISTELLA-RECE      BTTL9 BZ         291826534.8    -29594537.2
BATTISTELLA-RI P      BTTL2 BZ         291826534.8    -29594537.2
BATTISTELLA-RIGH      BTTL1 BZ         291826534.8    -29594537.2
BATTISTELLA-PREF      BTTL4 BZ         291826534.8    -29594537.2
HOTEIS OTHON SA       HOTHON BZ        288171869.8    -77685728.7
HOTEIS OTHON-PRF      HOOT4 BZ         288171869.8    -77685728.7
HOTEIS OTHON-PRF      HOTHPN BZ        288171869.8    -77685728.7
HOTEIS OTHON SA       HOOT3 BZ         288171869.8    -77685728.7
DOCAS SA-PREF         DOCAPN BZ        272567786.7     -202595760
DOCA INVESTIMENT      DOCA3 BZ         272567786.7     -202595760
DOCA INVESTI-PFD      DOCA4 BZ         272567786.7     -202595760
DOCAS SA              DOCAON BZ        272567786.7     -202595760
DOCAS SA-RTS PRF      DOCA2 BZ         272567786.7     -202595760
SANSUY-PREF B         SNSY6 BZ           190512467     -137678051
SANSUY SA-PREF A      SNSYAN BZ          190512467     -137678051
SANSUY-PREF A         SNSY5 BZ           190512467     -137678051
SANSUY SA             SNSYON BZ          190512467     -137678051
SANSUY                SNSY3 BZ           190512467     -137678051
SANSUY SA-PREF B      SNSYBN BZ          190512467     -137678051
CAFE BRASILIA-PR      CSBRPN BZ        160938139.9     -149281089
CAF BRASILIA-PRF      CAFE4 BZ         160938139.9     -149281089
CAF BRASILIA          CAFE3 BZ         160938139.9     -149281089
CAFE BRASILIA SA      CSBRON BZ        160938139.9     -149281089
BALADARE              BLDR3 BZ         159454015.9    -52992212.8
DHB IND E COM-PR      DHBPN BZ         151002419.5     -118054988
D H B-PREF            DHBI4 BZ         151002419.5     -118054988
D H B                 DHBI3 BZ         151002419.5     -118054988
DHB IND E COM         DHBON BZ         151002419.5     -118054988
TEXTEIS RENA-RCT      TXRX9 BZ         136405144.3    -72823992.4
TEXTEIS RENAUX        RENXON BZ        136405144.3    -72823992.4
RENAUXVIEW SA-PF      TXRX4 BZ         136405144.3    -72823992.4
TEXTEIS RENAU-RT      TXRX1 BZ         136405144.3    -72823992.4
TEXTEIS RENAUX        RENXPN BZ        136405144.3    -72823992.4
TEXTEIS RENA-RCT      TXRX10 BZ        136405144.3    -72823992.4
TEXTEIS RENAU-RT      TXRX2 BZ         136405144.3    -72823992.4
RENAUXVIEW SA         TXRX3 BZ         136405144.3    -72823992.4
BUETTNER SA-PRF       BUETPN BZ        114336116.2    -25308352.3
BUETTNER SA-RTS       BUET1 BZ         114336116.2    -25308352.3
BUETTNER              BUET3 BZ         114336116.2    -25308352.3
BUETTNER SA           BUETON BZ        114336116.2    -25308352.3
BUETTNER-PREF         BUET4 BZ         114336116.2    -25308352.3
BUETTNER SA-RT P      BUET2 BZ         114336116.2    -25308352.3
RIMET-PREF            REEM4 BZ         112551851.9     -196235615
RIMET-PREF            REEMPN BZ        112551851.9     -196235615
RIMET                 REEMON BZ        112551851.9     -196235615
RIMET                 REEM3 BZ         112551851.9     -196235615
WETZEL SA             MWET3 BZ         105473506.2    -3423680.68
WETZEL SA-PREF        MWET4 BZ         105473506.2    -3423680.68
WETZEL SA-PREF        MWELPN BZ        105473506.2    -3423680.68
WETZEL SA             MWELON BZ        105473506.2    -3423680.68
COBRASMA SA           COBRON BZ         94105674.9    -2240770420
COBRASMA-PREF         CBMA4 BZ          94105674.9    -2240770420
COBRASMA              CBMA3 BZ          94105674.9    -2240770420
COBRASMA SA-PREF      COBRPN BZ         94105674.9    -2240770420
VARIG PART EM-PR      VPSC4 BZ         83017828.56     -495721700
VARIG PART EM SE      VPSC3 BZ         83017828.56     -495721700
FABRICA RENAUX-P      FRNXPN BZ         78479539.9    -67506773.4
FABRICA RENAUX        FTRX3 BZ          78479539.9    -67506773.4
FABRICA TECID-RT      FTRX1 BZ          78479539.9    -67506773.4
FABRICA RENAUX-P      FTRX4 BZ          78479539.9    -67506773.4
FABRICA RENAUX        FRNXON BZ         78479539.9    -67506773.4
ESTRELA SA-PREF       ESTRPN BZ         77832771.4     -110076267
ESTRELA SA-PREF       ESTR4 BZ          77832771.4     -110076267
ESTRELA SA            ESTR3 BZ          77832771.4     -110076267
ESTRELA SA            ESTRON BZ         77832771.4     -110076267
GRADIENTE ELETR       IGBON BZ         69132281.21     -253174445
GRADIENTE-PREF C      IGBR7 BZ         69132281.21     -253174445
GRADIENTE-PREF A      IGBR5 BZ         69132281.21     -253174445
IGB ELETRONICA        IGBR3 BZ         69132281.21     -253174445
GRADIENTE-PREF B      IGBR6 BZ         69132281.21     -253174445
GRADIENTE EL-PRC      IGBCN BZ         69132281.21     -253174445
GRADIENTE EL-PRB      IGBBN BZ         69132281.21     -253174445
GRADIENTE EL-PRA      IGBAN BZ         69132281.21     -253174445
SCHLOSSER SA          SCHON BZ         63039069.14      -50573360
SCHLOSSER             SCLO3 BZ         63039069.14      -50573360
SCHLOSSER SA-PRF      SCHPN BZ         63039069.14      -50573360
SCHLOSSER-PREF        SCLO4 BZ         63039069.14      -50573360
VARIG PART EM TR      VPTA3 BZ         49432124.18     -399290396
VARIG PART EM-PR      VPTA4 BZ         49432124.18     -399290396
CIMOB PARTIC SA       GAFON BZ          44047411.7    -45669963.6
CIMOB PART-PREF       GAFP4 BZ          44047411.7    -45669963.6
CIMOB PART-PREF       GAFPN BZ          44047411.7    -45669963.6
CIMOB PARTIC SA       GAFP3 BZ          44047411.7    -45669963.6
RECRUSUL - RT         0163579D BZ       43284321.9    -27789423.5
RECRUSUL - RT         4529781Q BZ       43284321.9    -27789423.5
RECRUSUL              RCSL3 BZ          43284321.9    -27789423.5
RECRUSUL - RT         4529785Q BZ       43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL12 BZ         43284321.9    -27789423.5
RECRUSUL - RCT        0163582D BZ       43284321.9    -27789423.5
RECRUSUL - RT         RCSL1 BZ          43284321.9    -27789423.5
RECRUSUL SA           RESLON BZ         43284321.9    -27789423.5
RECRUSUL - RCT        RCSL10 BZ         43284321.9    -27789423.5
RECRUSUL - RCT        RCSL9 BZ          43284321.9    -27789423.5
RECRUSUL-PREF         RCSL4 BZ          43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL11 BZ         43284321.9    -27789423.5
RECRUSUL - RT         RCSL2 BZ          43284321.9    -27789423.5
RECRUSUL SA-PREF      RESLPN BZ         43284321.9    -27789423.5
RECRUSUL - RCT        0163583D BZ       43284321.9    -27789423.5
RECRUSUL - RT         0163580D BZ       43284321.9    -27789423.5
RECRUSUL - RCT        4529793Q BZ       43284321.9    -27789423.5
RECRUSUL - RCT        4529789Q BZ       43284321.9    -27789423.5
WIEST SA              WISAON BZ        34108201.43     -126997429
WIEST-PREF            WISA4 BZ         34108201.43     -126997429
WIEST                 WISA3 BZ         34108201.43     -126997429
WIEST SA-PREF         WISAPN BZ        34108201.43     -126997429
SANESALTO             SNST3 BZ          31802628.1    -2924062.87
CONST BETER SA        1COBON BZ        31374373.74    -1555470.16
CONST BETER SA        1007Q BZ         31374373.74    -1555470.16
CONST BETER-PF B      COBE6 BZ         31374373.74    -1555470.16
CONST BETER-PR A      1008Q BZ         31374373.74    -1555470.16
CONST BETER SA        COBE3B BZ        31374373.74    -1555470.16
CONST BETER SA        COBEON BZ        31374373.74    -1555470.16
CONST BETER-PR B      COBEBN BZ        31374373.74    -1555470.16
CONST BETER-PF B      COBE6B BZ        31374373.74    -1555470.16
CONST BETER-PR A      COBEAN BZ        31374373.74    -1555470.16
CONST BETER-PFA       COBE5B BZ        31374373.74    -1555470.16
CONST BETER-PF A      COBE5 BZ         31374373.74    -1555470.16
CONST BETER-PR B      1009Q BZ         31374373.74    -1555470.16
CONST BETER-PF B      1COBBN BZ        31374373.74    -1555470.16
CONST BETER-PF A      1COBAN BZ        31374373.74    -1555470.16
CONST BETER SA        COBE3 BZ         31374373.74    -1555470.16
BOTUCATU-PREF         STRP4 BZ         27663604.95    -7174512.03
STAROUP SA            STARON BZ        27663604.95    -7174512.03
BOTUCATU TEXTIL       STRP3 BZ         27663604.95    -7174512.03
STAROUP SA-PREF       STARPN BZ        27663604.95    -7174512.03
STEEL - RCT ORD       STLB9 BZ         27168332.71    -942060.853
ALL ORE MINERACA      STLB3 BZ         27168332.71    -942060.853
ALL ORE MINERACA      AORE3 BZ         27168332.71    -942060.853
STEEL - RT            STLB1 BZ         27168332.71    -942060.853
NUTRIPLANT            NUTR3M BZ        24748712.23    -500384.099
SAUIPE-PREF           PSEG4 BZ         24470538.18    -213980.042
SAUIPE SA             PSEGON BZ        24470538.18    -213980.042
SAUIPE SA-PREF        PSEGPN BZ        24470538.18    -213980.042
SAUIPE                PSEG3 BZ         24470538.18    -213980.042
NOVA AMERICA-PRF      1NOVPN BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ           21287489     -183535527
NOVA AMERICA SA       NOVAON BZ           21287489     -183535527
NOVA AMERICA SA       NOVA3B BZ           21287489     -183535527
NOVA AMERICA SA       1NOVON BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ            21287489     -183535527
NOVA AMERICA SA       NOVA3 BZ            21287489     -183535527
BOMBRIL HOLDING       FPXE3 BZ         19416015.78     -489914902
BOMBRIL               FPXE4 BZ         19416015.78     -489914902
FERRAGENS HAGA        HAGAON BZ        19097885.26    -54511171.5
FER HAGA-PREF         HAGA4 BZ         19097885.26    -54511171.5
HAGA                  HAGA3 BZ         19097885.26    -54511171.5
FERRAGENS HAGA-P      HAGAPN BZ        19097885.26    -54511171.5
B&D FOOD CORP         BDFCE US            14423532       -3506007
B&D FOOD CORP         BDFC US             14423532       -3506007
REII INC              REIC US             14423532       -3506007
LATTENO FOOD COR      LATF US             14423532       -3506007
NORDON METAL          NORDON BZ        13825854.07    -32802043.2
NORDON MET-RTS        NORD1 BZ         13825854.07    -32802043.2
NORDON MET            NORD3 BZ         13825854.07    -32802043.2
CONST A LINDEN        LINDON BZ        13567432.02    -4206628.17
CONST LINDEN RCT      CALI10 BZ        13567432.02    -4206628.17
CONST A LIND-PRF      LINDPN BZ        13567432.02    -4206628.17
CONST LINDEN RT       CALI2 BZ         13567432.02    -4206628.17
CONST A LINDEN        CALI3 BZ         13567432.02    -4206628.17
CONST A LIND-PRF      CALI4 BZ         13567432.02    -4206628.17
CONST LINDEN RT       CALI1 BZ         13567432.02    -4206628.17
CONST LINDEN RCT      CALI9 BZ         13567432.02    -4206628.17
ARTHUR LANGE-PRF      ARLA4 BZ         11642255.92    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ         11642255.92    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ         11642255.92    -17154461.9
ARTHUR LANGE SA       ALICON BZ        11642255.92    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ        11642255.92    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ         11642255.92    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ        11642255.92    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ        11642255.92    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ        11642255.92    -17154461.9
ARTHUR LANGE          ARLA3 BZ         11642255.92    -17154461.9
CHIARELLI SA          CCHON BZ         11281940.72    -81454622.1
CHIARELLI SA-PRF      CCHPN BZ         11281940.72    -81454622.1
CHIARELLI SA          CCHI3 BZ         11281940.72    -81454622.1
CHIARELLI SA-PRF      CCHI4 BZ         11281940.72    -81454622.1
TECEL S JOSE-PRF      SJOS4 BZ         11174696.21    -61473722.8
TECEL S JOSE-PRF      FTSJPN BZ        11174696.21    -61473722.8
TECEL S JOSE          FTSJON BZ        11174696.21    -61473722.8
TECEL S JOSE          SJOS3 BZ         11174696.21    -61473722.8
F GUIMARAES-PREF      FGUI4 BZ         11016542.14     -151840377
F GUIMARAES           FGUI3 BZ         11016542.14     -151840377
FERREIRA GUIM-PR      FGUIPN BZ        11016542.14     -151840377
FERREIRA GUIMARA      FGUION BZ        11016542.14     -151840377
LARK MAQUINAS         LARON BZ         6280039.909    -13860968.7
LARK SA MAQU-RTS      LARK1 BZ         6280039.909    -13860968.7
LARK MAQS             LARK3 BZ         6280039.909    -13860968.7
LARK SA MAQU-RTS      LARK2 BZ         6280039.909    -13860968.7
LARK MAQUINAS-PR      LARPN BZ         6280039.909    -13860968.7
LARK MAQS-PREF        LARK4 BZ         6280039.909    -13860968.7


CHILE


EMPRESA DE LOS F      2940894Z CI       1933599186    -50416405.6
LA POLAR-RT           LAPOLARO CI      626658111.9     -537455813
LA POLAR SA           LAPOLAR CI       626658111.9     -537455813
PUYEHUE               PUYEH CI         25568725.55     -2547071.2
PUYEHUE RIGHT         PUYEHUOS CI      25568725.55     -2547071.2


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *