TCRLA_Public/120807.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, August 7, 2012, Vol. 13, No. 156


                            Headlines



A R G E N T I N A

BANCO CETELEM: Moody's Reviews Ba3 Sr. Debt Rating for Downgrade
CORPORACION AVICOLA: Applies for Bankruptcy Protection
EMIEN EVENTOS: Creditors' Proofs of Debt Due Sept. 28
GASBI SRL: Creditors' Proofs of Debt Due Sept. 27
SUPERVIELLE CREDITOS: Moody's Rates Class C Debt Secs. 'Ba3'

YPF SA: Repsol SA to Meet With Venezuela on Firm Seizure


C A Y M A N   I S L A N D S

AL-SHARQ LTD: Creditors' Proofs of Debt Due Aug. 30
BELMONT LATIN MAERICA: Creditors' Proofs of Debt Due Sept. 10
CANTHARUS INC: Creditors' Proofs of Debt Due Aug. 10
DEPOSITUM 7: Creditors' Proofs of Debt Due Aug. 28
DNTK HOLDINGS: Members' Final Meeting Set for Aug. 17

ERC IRELAND FINANCE: Court Enters Wind-Up Order
ERC IRELAND HOLDINGS: Court Enters Wind-Up Order
ERC IRELAND PREFERRED: Court Enters Wind-Up Order
NEWARK ENTERPRISES: Creditors' First Meeting Set for Aug. 20
NEXUS GEMINI: Creditors' Proofs of Debt Due Aug. 21


B R A Z I L

CESP: Aging-Asset Costs Rise on Brazilian Government Rule


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=================
A R G E N T I N A
=================


BANCO CETELEM: Moody's Reviews Ba3 Sr. Debt Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Banco Cetelem Argentina's deposits and debt ratings following the
announcement of its acquisition by the Group ST (unrated), from
BNP Paribas Personal Finance and COFICA BAIL S.A., which
respectively hold 95% and 5% of total stake of Cetelem Argentina.

The ratings under review include the bank's Ba3 local currency
deposit and debt ratings, and the (P)Ba3 and (P)B2 local and
foreign currency debt rating of the MTN program. At the same time,
Moody's Latin America placed under review the Aaa.ar local
currency deposit and debt ratings in the Argentinean national
scale, and the Aa3.ar national scale foreign currency debt rating.

The following ratings were placed on review for possible
downgrade:

Long-term global local currency deposit rating at Ba3, placed
under review for possible downgrade

Long-term national scale local currency deposit rating at Aaa.ar,
placed under review for possible downgrade

Global local currency senior debt rating of the MTN Program at
(P)Ba3, placed under review for possible downgrade

Global foreign currency senior debt rating of the MTN at (P)B2 ,
placed under review for possible downgrade

Global local currency senior debt rating at Ba3, placed under
review for possible downgrade

National scale local currency senior debt rating at Aaa.ar,
placed under review for possible downgrade

National scale foreign currency senior debt rating at Aa3.ar ,
placed under review for possible downgrade

Ratings Rationale

The Ba3 deposits rating of Cetelem Argentina currently
incorporates the bank's Baseline Credit Assessment (BCA) of b3, as
well as Moody's assessment of a high probability of parental
support to be provided by its parent, BNP Paribas, rated A2, in an
event of stress. Because BNP Paribas explicitly guarantees all
Cetelem Argentina's liabilities, the subsidiary deposits rating
benefits from three notches of uplift from its BCA.

The review for possible downgrade of Cetelem's ratings, therefore,
is based on the announced change in its ownership and control,
because guarantees provided by BNP Paribas will likely no longer
be available to Cetelem upon conclusion of the deal. Completion of
the transaction is subject to regulatory approval by the
Argentinean Central Bank.

The ST Group, unrated, is the controlling shareholder of Banco de
Servicios y Transacciones (BST), rated by Moody's at B3 for
deposits, which is a consumer finance bank targeting a similar
client segment as Cetelem Argentina.

Banco Cetelem Argentina S.A. is headquartered in Buenos Aires,
with assets of Ar$1,2 billion and equity of Ar$127 million as of
March 2012.


CORPORACION AVICOLA: Applies for Bankruptcy Protection
------------------------------------------------------
Corporacion Avicola SA applied for bankruptcy protection.  The
company defaulted its payments last Dec. 2011.


EMIEN EVENTOS: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------
Ruben Daniel Sarafian, the court-appointed trustee for Emien
Eventos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Sept. 28, 2012.

Mr. Sarafian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Ruben Daniel Sarafian
         Tucuman 1545
         Argentina


GASBI SRL: Creditors' Proofs of Debt Due Sept. 27
-------------------------------------------------
Estudio Herrero y Asociados, the court-appointed trustee for Gasbi
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until Sept. 27, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 5, 2013.

The Trustee can be reached at:

         Estudio Herrero y Asociados
         Viamonte 1454
         Argentina


SUPERVIELLE CREDITOS: Moody's Rates Class C Debt Secs. 'Ba3'
------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 63, which is
a transaction that will be issued by Deutsche Bank S.A. - acting
solely in its capacity as Issuer and Trustee.

As of Aug. 3, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

- ARS38,400,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS67,200,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS7,200,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", rated A1.ar
   (sf) (Argentine National Scale) and B2 (sf) (Global Scale,
   Local Currency)

- ARS7,200,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 63", rated A2.ar (sf) (Argentine National
   Scale) and B2 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 19,930 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,014,628.46.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 68% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 6% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 5%, a minimum of 2.5% and a
maximum of 15%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are derived
from the historical performance to date of the Supervielle's
pools. Servicer default was modeled by simulating the default of
the Banco Supervielle as the servicer consistent with its current
rating of B2/Aa3.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.47% for Class B Floating Rate Debt
Securities, 7.25% expected loss for Class C Fixed Rate Debt
Securities and 7.25% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., most likely scenario of
9%, a minimum of 6.5% and a maximum of 19%), the ratings of the
Classes A, Class B and Class C Fixed Rate debt securities would
remain the same. The ratings for and Certificates would be likely
downgraded to B3 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


YPF SA: Repsol SA to Meet With Venezuela on Firm Seizure
--------------------------------------------------------
Randall Woods at Bloomberg News says that newspaper Pagina 12
reported that Oil Minister Rafael Ramirez said Repsol SA will meet
with Venezuelan officials on Aug. 9, 2012, to discuss the Spanish
oil company's dispute over Argentina's seizure of its majority
stake in YPF SA.

Venezuelan authorities, who last month promised to invest in
Argentina to boost oil production, are calling for a friendly
solution to Repsol's conflict with the Argentine government and
view the company's threats to take legal action as a colonialist
attitude, the paper quoted Mr. Ramirez as saying, according to
Bloomberg News.

                         About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.



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


AL-SHARQ LTD: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------
The creditors of Al-Sharq, Ltd. are required to file their proofs
of debt by Aug. 30, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 8, 2012.

The company's liquidator is:

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


BELMONT LATIN MAERICA: Creditors' Proofs of Debt Due Sept. 10
-------------------------------------------------------------
The creditors of Belmont Latin Maerica Ltd. are required to file
their proofs of debt by Sept. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2012.

Alternative Investment Solutions Ltd is the company's liquidator.


CANTHARUS INC: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
The creditors of Cantharus Inc. are required to file their proofs
of debt by Aug. 10, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


DEPOSITUM 7: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------
The creditors of Depositum 7 Inc. are required to file their
proofs of debt by Aug. 28, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 28, 2012.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Stephen R. Nelson
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands


DNTK HOLDINGS: Members' Final Meeting Set for Aug. 17
-----------------------------------------------------
The members of DNTK Holdings Inc will hold their final meeting on
Aug. 17, 2012, at 1:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ERC IRELAND FINANCE: Court Enters Wind-Up Order
-----------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Finance Limited.

The company's liquidator is:

         Tammy Fu
         Zolfo Cooper (Cayman) Limited
         38 Market Street, 2nd Floor
         Canella Court, Camana Bay
         Grand Cayman KY1-9006


ERC IRELAND HOLDINGS: Court Enters Wind-Up Order
------------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Holdings Limited.

The company's liquidator is:

         Tammy Fu
         Zolfo Cooper (Cayman) Limited
         38 Market Street, 2nd Floor
         Canella Court, Camana Bay
         Grand Cayman KY1-9006


ERC IRELAND PREFERRED: Court Enters Wind-Up Order
-------------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Preferred Equity
Limited.

The company's liquidator is:

         Tammy Fu
         Zolfo Cooper (Cayman) Limited
         38 Market Street, 2nd Floor
         Canella Court, Camana Bay
         Grand Cayman KY1-9006


NEWARK ENTERPRISES: Creditors' First Meeting Set for Aug. 20
------------------------------------------------------------
The creditors of Newark Enterprises Limited will hold their first
meeting on Aug. 20, 2012, at 10:00 a.m.

The company's liquidator is:

         Hugh Dickson
         c/o John Royle
         Telephone: +1 (345) 769 7206
         Facsimile: +1 (345) 949 7120
         c/o Grant Thornton Specialist Services (Cayman) Limited
         10 Market Street, Box # 765 Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands


NEXUS GEMINI: Creditors' Proofs of Debt Due Aug. 21
---------------------------------------------------
The creditors of Nexus Gemini Ltd. are required to file their
proofs of debt by Aug. 21, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 29, 2012.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands



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


CESP: Aging-Asset Costs Rise on Brazilian Government Rule
---------------------------------------------------------
Rodrigo Orihuela and Mario Sergio at Bloomberg News report that
Cia. Energetica de Sao Paulo is letting its assets age faster than
any other company in Brazil as it awaits a government decision on
whether power-generation contracts will be renewed.

Depreciation costs at Cesp topped capital expenditures by BRL635
million (US$313 million) last year, signaling the utility isn't
investing to maintain and expand its hydroelectric plants and
distribution networks, data compiled by Bloomberg show.

Bloomberg News notes that Sao Paulo state, which controls Cesp
with 94% of ordinary shares, has postponed plans to sell a stake
in the utility at least three times as the federal government
decides whether to renew operating concessions or hold new
auctions to drive down electricity prices in Brazil.  Bloomberg
News relates that two-thirds of Cesp's operating licenses are set
to expire in 2015, accounting for 90% of its revenue.

"They don't know what's going to happen after 2015," Eduardo
Gomide, an analyst at HSBC Holdings Plc, which rates the stock
neutral, told Bloomberg in a telephone interview from Sao Paulo.
"For Cesp, it makes sense.  It's a cautious move.  There's a
reason behind this conservative management," Mr. Gomide added.

Cesp shares are outperforming peers on speculation that the
renewal will be announced soon, Ricardo Correa, an analyst at
Ativa SA, said in a telephone interview with Bloomberg News.

Bloomberg News recounts that Sao Paulo's state government
unsuccessfully tried to sell its stake in Cesp three times since
2000.  The last attempt was in 2008, the report relates, when it
canceled an auction after failing to attract bidders because the
federal government hadn't said if it would renew licenses.

Chief Executive Officer Mauro Arce said in January that Cesp was
awaiting the renewals before deciding on whether to sell its
stake, Bloomberg News notes.

Bloomberg News says that Brazilian President Dilma Rousseff has
said she wants to lower electricity rates as part of efforts to
spur the economy.  Her government has enacted a series of measures
in recent months, including lowering borrowing costs, cutting
taxes and auctioning concessions for public infrastructure such as
airports, Bloomberg News adds.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of March 13, 2012, the company continues to carry Moody's
"Ba1" long-term corporate family rating and senior unsecured debt
rating.



===============
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 * * *