TCRLA_Public/120730.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

            Monday, July 30, 2012, Vol. 13, No. 150


                            Headlines



C A Y M A N   I S L A N D S

AUDA CAPITAL: Creditors' Proofs of Debt Due Aug. 6
AUDA ENHANCED: Creditors' Proofs of Debt Due Aug. 6
AUDA GLOBAL: Creditors' Proofs of Debt Due Aug. 6
AUDA STRATEGIC: Creditors' Proofs of Debt Due Aug. 6
BALMORAL INTERNATINAL: Creditors' Proofs of Debt Due Aug. 16

BLUEBIRD LEASING: Creditors' Proofs of Debt Due Aug. 16
CROWN GREEN: Creditors' Proofs of Debt Due Aug. 16
HOWCROFT LIMITED: Creditors' Proofs of Debt Due Aug. 16
TCP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 27
TUNSTALL OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15


M E X I C O

EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
HIPOTECARIA SU CASITA III: S&P Cuts Ratings on 3 Tranches to 'D'


P E R U

DOE RUN PERU: Creditors Restart La Oroya Zinc Smelter


P U E R T O  R I C O

INTERNATIONAL HOME: Seeks to Amend Schedules and Statements
PONCE DE LEON: Has Nod to Hire Roberto Alsina as Tax Consultant
ORLANDO CARLO: Case Summary & 12 Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: AG Wins Judgment Against CLICO Group


X X X X X X X X

* BOND PRICING: For the Week July 23 to July 27, 2012


                            - - - - -


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


AUDA CAPITAL: Creditors' Proofs of Debt Due Aug. 6
--------------------------------------------------
The creditors of Auda Capital Preservation Fund Ltd. are required
to file their proofs of debt by Aug. 6, 2012, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


AUDA ENHANCED: Creditors' Proofs of Debt Due Aug. 6
---------------------------------------------------
The creditors of Auda Enhanced Fund Ltd. are required to file
their proofs of debt by Aug. 6, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


AUDA GLOBAL: Creditors' Proofs of Debt Due Aug. 6
-------------------------------------------------
The creditors of Auda Global Ltd. are required to file their
proofs of debt by Aug. 6, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


AUDA STRATEGIC: Creditors' Proofs of Debt Due Aug. 6
----------------------------------------------------
The creditors of Auda Strategic Growth Fund Ltd. are required to
file their proofs of debt by Aug. 6, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BALMORAL INTERNATINAL: Creditors' Proofs of Debt Due Aug. 16
------------------------------------------------------------
The creditors of Balmoral Internatinal Ltd are required to file
their proofs of debt by Aug. 16, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


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

The company's liquidator is:

         Annie Chapman
         69 Dr. Roy's Drive
         PO Box 1043, George Town Grand Cayman KY1-1102
         Cayman Islands


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

The company's liquidator is:

         Annie Chapman
         69 Dr. Roy's Drive
         PO Box 1043, George Town Grand Cayman KY1-1102
         Cayman Islands


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

The company's liquidator is:

         Annie Chapman
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


TCP INVESTMENTS: Creditors' Proofs of Debt Due Aug. 27
------------------------------------------------------
The creditors of TCP Investments, SPC are required to file their
proofs of debt by Aug. 27, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 26, 2012.

The company's liquidator is:

         Jonathan Culshaw
         Telephone: + 852 3195 7200
         Facsimile: +852 3195 7210
         Harney Westwood & Riegels,
         7502 International Commerce Centre
         One Austin Road West
         Kowloon, Hong Kong


TUNSTALL OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15
-------------------------------------------------------------
The creditors of Tunstall Opportunities Fund, Ltd. 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 July 5, 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



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


EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'mxBBB+' national scale corporate credit rating on Empresas
ICA S.A.B. de C.V. (ICA). "At the same time, we assigned a 'B+'
issue-level rating and a recovery rating of '5', indicating
expectation of moderate (10% to 30%) recovery in the event of a
payment default, to the company's $350 million senior unsecured
notes due 2017. The outlook is stable. The company will use the
proceeds to pay down short-term debt at the subsidiary level," S&P
said.

"The ratings on ICA reflect our assessment of the company's 'fair'
business risk profile, 'aggressive' financial risk profile, and
'adequate' liquidity," S&P said.

"Our assessment of ICA's business risk profile as 'fair' reflects
its status as the largest engineering, procurement, and
construction firm in Mexico, with a long and positive track record
among its business divisions,' said Standard & Poor's credit
analyst Luis Manuel Martinez. "It also reflects the company's
diversified portfolio mix with investments in large projects with
complex designs and heavy construction, as well as participation
in road and water concessions, and airports. The partly offsetting
factors are the inherent cyclicality of the construction industry
and the geographic concentration of its markets."


HIPOTECARIA SU CASITA III: S&P Cuts Ratings on 3 Tranches to 'D'
----------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term national
scale rating-CaVal-to 'D (sf)' from 'mxCC (sf)' on the
subordinated tranche BRHCCB 07-3U from one Mexican residential
mortgage-backed security (RMBS) transaction issued by Hipotecaria
Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita). "At the same
time, we affirmed our global scale 'B (sf)' and Mexican national
scale 'mxBB+ (sf)' ratings on the senior classes BRHCCB 07U and
BRHCCB 07-2U since they were able to fully cover their scheduled
debt service with proceeds from a full financial guaranty
insurance; however, we lowered the Standard & Poor's underlying
ratings (SPUR) to 'D (sf)'," S&P said.

"The downgrade of the subordinated class BRHCCB 07-3U to 'D (sf)'
reflects the missed interest payment on this class since interest
collections were not sufficient to cover the interest payment of
July 25, 2012, payment date. The missed interest payment on this
subordinated class was of 377,757.08 inflation-linked units
(UDIs)," S&P said.

"The senior classes BRHCCB 07U and BRHCCB 07-2U were able to pay
in full their scheduled debt service with proceeds from a full
financial guarantee insurance 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),
which covered the interest shortfalls on both classes.
Consequently, we affirmed our issue ratings, but lowered our SPUR
ratings to 'D (sf)' on both tranches, since interest collections
by themselves would have been also insufficient to fully cover
these classes' interest payments, absent the financial guarantee,"
S&P said.

"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. Our SPUR ratings on deals with full bond
insurance reflect the stand-alone capacity of an issue to pay debt
service without giving effect to the external enhancement, in this
case, without the protection given by the bond insurance provided
by MBIA Mexico. Since the transaction was not able to fully cover
its interest payments by itself for both senior classes, we
lowered the SPUR ratings to 'D (sf)'," S&P said.


Ratings Lowered

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III
               Class       Rating           Outs. amount
Tranche        type  To          From      (mil. UDI)
BRHCCB 07U     SPUR  D (sf)      B- (sf)     32.51
BRHCCB 07-2U   SPUR  D (sf)      CCC(sf)     425.20
BRHCCB 07-3U   Sub.  D (sf)      mxCC (sf)   64.85

Ratings Affirmed

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III
               Class                     Outs. amount
Tranche        type       Rating        (mil. UDI)
BRHCCB 07U     Senior     B (sf)         32.51
BRHCCB 07U     Senior     mxBB+ (sf)     32.51
BRHCCB 07-2U   Senior     B (sf)         425.20
BRHCCB 07-2U   Senior     mxBB+ (sf)     425.20



=======
P E R U
=======


DOE RUN PERU: Creditors Restart La Oroya Zinc Smelter
-----------------------------------------------------
Alex Emery at Bloomberg News reports that Doe Run Peru's La Oroya
Zinc smelter, managed by creditors since May, restarted zinc
production after three years, said Rocio Chavez, representative
for Right Business, which operates La Oroya.

Mr. Chavez said that the former Renco Group Inc. smelter, which
shut the facility in 2009 after running up US$160 million in debt,
will receive zinc concentrates from creditors Glencore
International Plc and a unit of Trafigura Beheer BV, said Rocio
Chavez, according to Bloomberg News.

Creditors will decide by November whether to sell the smelter,
Mr. Chavez said, Bloomberg News says.

Bloomberg News recalls that Renco Group's Doe Run Peru unit shut
its smelter and filed for bankruptcy protection in 2009 after
metals prices plunged and suppliers including Cia de Minas
Buenaventura SAA refused to sell it raw materials.  The government
canceled the concession for South America's only poly-metallic
smelter in 2010 after the company failed to reach an agreement
with creditors, Bloomberg News relates.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Bloomberg News related that Doe Run Peru Vice
President Jose Mogrovejo said creditors unanimously rejected a
debt restructuring plan and will seek the liquidation of its
closed zinc smelter in La Oroya.  The creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said the creditors had a 30-day "window" to
take a final decision.  Carlos Galvez, chief financial officer at
precious metals miner Buenaventura, said the plan was rejected
because creditors found that it lacked clear financing commitments
from parent company Renco Group Inc. and a timetable for a
$160 million environmental clean-up, Bloomberg News stated.
Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica related that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.



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


INTERNATIONAL HOME: Seeks to Amend Schedules and Statements
-----------------------------------------------------------
International Home Products, Inc., and Health Distillers
International, Inc., ask the U.S. Bankruptcy Court for the
District of Puerto Rico for authorization to amend the schedules
of assets and liabilities and the statements of financial affairs.
On the May 29, 2012 meeting of creditors, the U.S. Trustee
requested that the schedules and statements be amended.

            About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.


PONCE DE LEON: Has Nod to Hire Roberto Alsina as Tax Consultant
---------------------------------------------------------------
Ponce De Leon 1403 Inc sought and obtained authorization from the
Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Roberto Alsina of Polis
Group, LLC, as tax consultant for complex residential projects,
including tax benefits and governmental and municipal incentives.

A $5,500 retainer has been required in this case.  Mr. Alsina will
also be paid on a contingent basis at a rate of 2% of the net
profit received from any tax benefit.  In no event the
compensation will be less than the retainer received.

Roberto Alsina, tax consultant and president of Polis Group,
attested to the Court that he is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

                      About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso
Vicens as accountant, with compensation to be paid in such amounts
as may be allowed by the Court.


ORLANDO CARLO: Case Summary & 12 Unsecured Creditors
----------------------------------------------------
Debtor: Orlando Carlo, Inc.
        P.O. Box 1120
        Mayaguez, PR 00680

Bankruptcy Case No.: 12-05849

Chapter 11 Petition Date: July 24, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Antonio I Hernandez Santiago, Esq.
                  HERNANDEZ LAW OFFICES
                  P.O. Box 8509
                  San Juan, PR 00910-0509
                  Tel: (787) 250-0575
                  E-mail: ahernandezlaw@yahoo.com

Scheduled Assets: $2,168,248

Scheduled Liabilities: $1,913,561

A copy of the Company's list of its 12 unsecured creditors filed
together with the petition is available for free at:

          http://bankrupt.com/misc/prb12-05849.pdf

The petition was signed by Orlando R. Carlo Font, president.

Affiliate that simultaneously filed Chapter 11 petition:

  Debtor                    Case No.
  ------                    --------
Orlando Carlo-Font          12-05850



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


CL FIN'L: AG Wins Judgment Against CLICO Group
----------------------------------------------
Trinidad Express reports that attorney General Anand Ramlogan
scored a victory over several Colonial Life Insurance Company
(Trinidad) Limited (CLICO) Executive Flexible Premium Annuity
(EFPA), policyholders, led by policyholder Percy Farrell, after
the State won against the group at the Privy Council.

Mr. Farrell made an application to be appointed as representative
of that class of persons who chose not to accept government's
offer on the payout plan proposed by former finance minister
Winston Dookeran and was granted an order in his favor by High
Court Judge Devindra Rampersad in 2011, according to Trinidad
Express.

Trinidad Express notes that Mr. Farrell and others mounted a
constitutional challenge to the government's passage of the CBAA
and other legislation passed by the Government to facilitate the
payout plan.  The report relates that they are claiming a
violation of their constitutional right to equality of treatment
and to the protection of the law.

Trinidad Express notes that in filed affidavits before the court,
Farrell deposes that he is a holder of a CLICO policy with a
deposit in excess of $4 million, a statement from the Office of
the Attorney General said.

Trinidad Express notes that the CLICO depositors have made several
applications to the Court in an attempt to get the Attorney
General to finance their litigation.

The Attorney General has stoutly resisted these applications,
arguing that the depositors were persons of sufficient means who
could afford to finance their litigation against the State,
Trinidad Express notes. It would also set a dangerous precedent
that could expose the State to similar applications in other
matters, Mr. Ramlogan's statement read, Trinidad Express relays.

Trinidad Express says that the Privy Council refused Mr. Farrell's
application for special leave and took the unusual step of
reversing its own order previously made to treat Farrell as a
financially-assisted person.

As a consequence of the Order, Farrell and others shall now be
liable to pay the State its legal costs at several levels of the
litigation, Trinidad Express notes.

The report says that in dismissing Mr. Farrell's application, the
Privy Council ruled there was no merit in the application as no
point of law of general or public interest was raised.  Their
Lordships dismissed the application with costs in favor of the
Attorney General, the statement said, Trinidad Express adds.

                     About CL Financial

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

                          *     *     *

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

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



===============
X X X X X X X X
===============


* BOND PRICING: For the Week July 23 to July 27, 2012
-----------------------------------------------------

Issuer              Coupon       Maturity    Currency     Price
------              ------      --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS              8.28   12/31/2033    USD          58.99
ARGENT-$DIS              8.28   12/31/2033    USD             64
ARGENT-$DIS              8.28   12/31/2033    USD             66
ARGENT-PAR               1.18   12/31/2038    ARS          39.22
ARGENT- DIS              7.82   12/31/2033    EUR          53.25
ARGENT- DIS              7.82   12/31/2033    EUR             53
ARGENT- DIS              7.82   12/31/2033    EUR           52.5
ARGENT- DIS              4.33   12/31/2033    JPY             42
ARGENT- PAR              0.45   12/31/2038    JPY             15
ARGENT- PAR&GDP          0.45   12/31/2038    JPY              8
ARGNT-BOCON PRE9            2   3/15/2014     ARS           63.5
BANCO MACRO SA           9.75   12/18/2036    USD             69
BANCO MACRO SA           9.75   12/18/2036    USD          68.75
BANCO MACRO SA           9.75   12/18/2036    USD             60
BONAR X                     7   4/17/2017     USD           74.5
CAPEX SA                   10   3/10/2018     USD           61.2
CAPEX SA                   10   3/10/2018     USD          59.38
CHUBUT RGLS HIDR         7.75   7/1/2020      USD          74.05
EMP DISTRIB NORT         9.75   10/25/2022    USD             35
EMP DISTRIB NORT         9.75   10/25/2022    USD          34.75
EMP DISTRIB NORT         10.5   10/9/2017     USD          42.54
PROV BUENOS AIRE        9.625   4/18/2028     USD          52.15
PROV BUENOS AIRE        9.625   4/18/2028     USD          52.25
PROV BUENOS AIRE        9.375   9/14/2018     USD          57.42
PROV BUENOS AIRE       10.875   1/26/2021     USD          58.59
PROV BUENOS AIRE        9.375   9/14/2018     USD          56.88
PROV BUENOS AIRE       10.875   1/26/2021     USD          58.07
PROV BUENOS AIRE        11.75   10/5/2015     USD          73.75
PROV BUENOS AIRE         9.25   4/15/2017     USD          75.45
PROV BUENOS AIRE        11.75   10/5/2015     USD          74.45
PROV BUENOS AIRE         9.25   4/15/2017     USD           74.5
PROV DE CORDOBA        12.375   8/17/2017     USD          66.02
PROV DE CORDOBA        12.375   8/17/2017     USD          65.83
PROV DE FORMOSA             5   2/27/2022     USD          60.38
PROV DE MENDOZA           5.5   9/4/2018      USD          70.51
PROV DE MENDOZA           5.5   9/4/2018      USD          71.88
PROV DEL CHACO              4   12/4/2026     USD             27
PROV DEL CHACO              4   11/4/2023     USD             53
RAGHSA CONSTRUCC          8.5   2/16/2017     USD             80
TRANSENER                9.75   8/15/2021     USD             45
TRANSENER                9.75   8/15/2021     USD          35.88
TRANSPORT DE GAS        7.875   5/14/2017     USD           73.5


BRAZIL
------

BANCO BONSUCESSO         9.25   11/3/2020     USD           67.5
BANCO BONSUCESSO         9.25   11/3/2020     USD          65.25
BANCO CRUZEIRO          8.875   9/22/2020     USD          39.75
BANCO CRUZEIRO          8.875   9/22/2020     USD          39.63
BANCO CRUZEIRO            8.5   2/20/2015     USD           56.5
BANCO CRUZEIRO          7.625   4/21/2014     USD             58
BANCO CRUZEIRO              7   7/8/2013      USD           56.5
BANCO CRUZEIRO           8.25   1/20/2016     USD             58
BANCO CRUZEIRO            8.5   2/20/2015     USD           56.5
BANCO CRUZEIRO           8.25   1/20/2016     USD             58
BANCO CRUZEIRO              8   9/17/2012     USD          69.62
CESP                     9.75   1/15/2015     BRL          72.27
REDE EMPRESAS          11.125                 USD           47.5
REDE EMPRESAS          11.125                 USD             47
REDE EMPRESAS          11.125                 USD             47


CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035    EUR          57.63
BCP FINANCE BANK         5.01   3/31/2024     EUR          54.75
BCP FINANCE BANK         5.31   12/10/2023    EUR          57.38
BCP FINANCE CO          5.543                 EUR          25.02
BCP FINANCE CO          4.239                 EUR          25.02
BES FINANCE LTD          5.58                 EUR          38.67
BES FINANCE LTD           4.5                 EUR          50.17
CAM GLOBAL FIN           6.08   12/22/2030    EUR           55.5
CHINA FORESTRY          10.25   11/17/2015    USD          58.38
CHINA FORESTRY          10.25   11/17/2015    USD           58.2
CHINA SUNERGY            4.75   6/15/2013     USD             74
EFG HELLAS CAYMA            9   6/8/2019      EUR          52.38
EFG ORA FUNDING           1.7   10/29/2014    EUR           51.1
ESFG INTERNATION        5.753                 EUR          33.13
GOL FINANCE              8.75                 USD          72.75
GOL FINANCE              8.75                 USD          71.38
JINKOSOLAR HOLD             4   5/15/2016     USD          42.81
LDK SOLAR CO LTD         4.75   4/15/2013     USD           49.5
LDK SOLAR CO LTD         4.75   4/15/2013     USD           65.1
LUPATECH FINANCE        9.875                 USD           63.5
LUPATECH FINANCE        9.875                 USD           66.5
MARFRIG OVERSEAS          9.5   5/4/2020      USD             77
RENHE COMMERCIAL           13   3/10/2016     USD           59.5
RENHE COMMERCIAL           13   3/10/2016     USD          50.88
RENHE COMMERCIAL        11.75   5/18/2015     USD          52.99
RENHE COMMERCIAL        11.75   5/18/2015     USD          52.75
SHINSEI FIN CAYM        6.418                 USD          73.75
SHINSEI FIN CAYM        6.418                 USD          73.75
SHINSEI FINANCE          7.16                 USD          73.75
SHINSEI FINANCE          7.16                 USD          73.75
SOLARFUN POWER H          3.5   1/15/2018     USD          72.25
SOLARFUN POWER H          3.5   1/15/2018     USD          72.12
SUNTECH POWER               3   3/15/2013     USD          69.44
SUNTECH POWER               3   3/15/2013     USD             69


CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012     CLP          9.984
COLBUN SA                 3.2   5/1/2013      CLP          49.73
QUINENCO SA               3.5   7/21/2013     CLP          12.41


PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017      USD             63
PUERTO RICO CONS          6.5   4/1/2016      USD          65.63


VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD          71.75
PETROLEOS DE VEN          5.5   4/12/2037     USD          57.15
PETROLEOS DE VEN        5.375   4/12/2027     USD           58.1
PETROLEOS DE VEN         9.75   5/17/2035     USD          70.54
PETROLEOS DE VEN         5.25   4/12/2017     USD          72.26
PETROLEOS DE VEN        5.125   10/28/2016    USD          73.93
PETROLEOS DE VEN            9   11/17/2021    USD          76.25
VENEZUELA                   7   3/31/2038     USD          64.27
VENEZUELA                   7   3/31/2038     USD           66.5
VENEZUELA                   6   12/9/2020     USD          68.25
VENEZUELA                7.65   4/21/2025     USD           70.5
VENEZUELA                8.25   10/13/2024    USD           74.5


                            ***********


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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