TCRLA_Public/120808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, August 8, 2012, Vol. 13, No. 157


                            Headlines



A R G E N T I N A

CERQUIL SRL: Creditors' Proofs of Debt Due Sept. 3
COMPANIA BOLIVIANA: Creditors' Proofs of Debt Due Sept. 10
ROURA CEVASA: Creditors' Proofs of Debt Due Sept. 7
SMG SRL: Files for Bankruptcy


B R A Z I L

TECNOSOLO ENGENHARIA: Files for Bankruptcy Protection
* BRAZIL: Moody's Says Infrastructure Holds Steady


C A Y M A N   I S L A N D S

ARMONK CORPORATION: Creditors' Proofs of Debt Due Aug. 30
DRAGONFLY CAPITAL: Creditors' Proofs of Debt Due Aug. 30
EIDESIS SPECIAL MASTER: Creditors' Proofs of Debt Due Aug. 30
EIDESIS SPECIAL OFFSHORE: Creditors' Proofs of Debt Due Aug. 30
FRIENDSHIP INSURANCE: Commences Liquidation Proceedings

GREYSTONE CORPORATION: Creditors' Proofs of Debt Due Aug. 30
KSB FENG HUANG: Creditors' Proofs of Debt Due Aug. 29
KSB FENG HUANG MASTER: Creditors' Proofs of Debt Due Aug. 29
MEDIA WORKS: Creditors' Proofs of Debt Due Sept. 10
NORA LIMITED: Creditors' Proofs of Debt Due Aug. 22


J A M A I C A

* JAMAICA: Remittances Fall Flat on Weakened Overseas Economies


M E X I C O

BANCO INDUSVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings


V E N E Z U E L A

BANCO OCCIDENTAL: Fitch Revises Outlook on Low-B IDR to Positive
BANCO DE VENEZUELA: Fitch Affirms 'B+' IDR; Outlook Negative
VENEZOLANO DE CREDITO: Fitch Affirms Low-B IDR; Outlook Negative


                            - - - - -


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


CERQUIL SRL: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------
Enrique Jose Battelini, the court-appointed trustee for Cerquil
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 3, 2012.

Mr. Battelini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Enrique Jose Battelini
         Lavalle 1718
         Argentina


COMPANIA BOLIVIANA: Creditors' Proofs of Debt Due Sept. 10
----------------------------------------------------------
Estudio de Contadores Publicos Fulgera & Asociados, the court-
appointed trustee for Compania Boliviana Transporte Aereo Privado
SA - Aerosur SA Sucursal argentina's reorganization proceedings,
will be verifying creditors' proofs of claim until Sept. 10, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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 June 10, 2013.

The Trustee can be reached at:

         Estudio de Contadores Publicos Fulgera & Asociados
         Av. La Plata 213
         Argentina


ROURA CEVASA: Creditors' Proofs of Debt Due Sept. 7
---------------------------------------------------
Nestor Adrian Szwarcberg, the court-appointed trustee for Roura
Cevasa Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 7, 2012.

Mr. Szwarcberg will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Nestor Adrian Szwarcberg
         Av. Corrientes 4643
         Argentina


SMG SRL: Files for Bankruptcy
-----------------------------
SMG SRL filed for bankruptcy.  The company defaulted its payments
last July 1, 2012.



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


TECNOSOLO ENGENHARIA: Files for Bankruptcy Protection
-----------------------------------------------------
Fabiola Moura at Bloomberg News reports that Tecnosolo Engenharia
SA filed for bankruptcy protection.

The company's fall to bankruptcy is 'inevitable,' as financial-
economic situation of the company worsened, according to Bloomberg
News.

Bloomberg News notes that the company's goal is to continue
operations and protect value of assets.

Tecnosolo Engenharia SA provides building and engineering services
in Brazil.  It provides various construction services for
foundations, blinds, shotcrete, drilling, injections, and strut;
load tests; topography, repression control, and instrumentation
services; and surveys, geophysics, soil testing, and materials
control services.


* BRAZIL: Moody's Says Infrastructure Holds Steady
--------------------------------------------------
The Brazilian utilities sector is relatively insulated from
current adverse economic conditions, says Moody's Investors
Service in a new sector comment "Brazilian Infrastructure Holds
Steady Amid Global Economic Uncertainties." That, plus interest
rate cuts by the central bank means a positive investment trend
for the sector.

Moody's report provides an overview of the financial and liquidity
profiles of 50 Moody's-rated companies that operate infrastructure
assets in Brazil, and forecasts a positive environment for
investments over the next several months.

Moody's universe of rated infrastructure credits in Brazil
comprises 32 electricity companies in the segments of
distribution, transmission and generation, 14 toll roads, three
sanitation companies and one subway service company.

"We consider infrastructure credits to be defensive for investors,
as regulated tariffs permit recovery of operating cost increases
and provide an authorized return on investment," says Cristiane
Spercel, a Moody's Assistant Vice President and author of the
report.

Most rated issuers - 84% - have stable rating outlooks, indicating
predictable cash flows and adequate liquidity profiles, says
Moody's. In addition, over 70% of the companies surveyed in the
report have significant cash positions and strong operating cash
flow generation to cover short-term debt maturities, according to
the report.

Moody's notes that the downward trend in the Brazilian base
interest rate (SELIC) will be very positive for at least half of
the companies featured in the report, including Eletropaulo
Metropolitana Eletricidade de Sao Paulo (Eletropaulo; Baa3/Aa1.br,
stable), AES Tiete S.A. (AES Tiete, Baa3/Aa1.br, stable) and CCR
S.A. (CCR, Ba1/Aa2.br, stable).

The recent cut in the Long Term Interest Rate (TJLP) will also
benefit CPFL Energias Renovaveis (CPFL Renovaveis, Ba2/Aa3.br,
stable), Brennand Energia S.A. (BESA, Ba3/A3.br, stable) and
Companhia de Gas de Sao Paulo (COMGAS; Baa3/Aa1.br, stable), which
have significant exposure to the TJLP rate, says Moody's.

Still, Moody's expects earnings in 2012 to be weaker than
initially anticipated as the economic slowdown in the first half
of the year takes effect. Most companies can absorb a reduction
without compromising capital expenditures, but cuts in dividend
payments may be required to balance the anticipated lower levels
of internal cash flows.



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


ARMONK CORPORATION: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------------
The creditors of Armonk Corporation 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 June 26, 2012.

The company's liquidator is:

         Cora Limited
         c/o Robert C. Muffly
         Telephone: +1 (212) 888 3033
         P.O. Box 173
         Arawak Chambers
         Sea Meadow House
         Blackburne Highway
         Road Town, Tortola
         British Virgin Islands


DRAGONFLY CAPITAL: Creditors' Proofs of Debt Due Aug. 30
--------------------------------------------------------
The creditors of Dragonfly Capital Growth Fund 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 13, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


EIDESIS SPECIAL MASTER: Creditors' Proofs of Debt Due Aug. 30
-------------------------------------------------------------
The creditors of Eidesis Special Opportunities Master Fund, 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 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


EIDESIS SPECIAL OFFSHORE: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------------------
The creditors of Eidesis Special Opportunities Offshore, 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 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


FRIENDSHIP INSURANCE: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on July 3, 2012, the members of
Friendship Insurance Company, Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         Marsh Management Services Cayman Ltd.
         Governors Square
         23 Lime Tree Bay Avenue
         Building 4, Floor 2
         P.O. Box 1051, Grand Cayman KY1-1102
         Cayman Islands


GREYSTONE CORPORATION: Creditors' Proofs of Debt Due Aug. 30
------------------------------------------------------------
The creditors of Greystone Corporation 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 June 26, 2012.

The company's liquidator is:

         Cora Limited
         c/o Robert C. Muffly
         Telephone: +1 (212) 888 3033
         P.O. Box 173
         Arawak Chambers
         Sea Meadow House
         Blackburne Highway
         Road Town, Tortola
         British Virgin Islands


KSB FENG HUANG: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------------
The creditors of KSB Feng Huang Development Fund are required to
file their proofs of debt by Aug. 29, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 9, 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


KSB FENG HUANG MASTER: Creditors' Proofs of Debt Due Aug. 29
------------------------------------------------------------
The creditors of KSB Feng Huang Development Master Fund are
required to file their proofs of debt by Aug. 29, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 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


MEDIA WORKS: Creditors' Proofs of Debt Due Sept. 10
---------------------------------------------------
The creditors of Media Works 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 June 11, 2012.

The company's liquidator is:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503
         40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


NORA LIMITED: Creditors' Proofs of Debt Due Aug. 22
---------------------------------------------------
The creditors of Nora Limited are required to file their proofs of
debt by Aug. 22, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 12, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128



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


* JAMAICA: Remittances Fall Flat on Weakened Overseas Economies
---------------------------------------------------------------
Jamaica Observer reports that remittances to Jamaica fell flat in
May, reflecting a continued slowdown of money sent home from
abroad.

Total inflows were US$166.7 million, or 0.3% higher than in May
last year, according to Jamaica Observer.

The report notes that 2% increase in remittances leaving the
country meant that net remittances was 0.1% higher in May than the
same month in 2011.

Jamaica Observer says that this occurred in the context of
continued economic downturn in Europe as well as a slower pace of
growth in the United States.

Indeed, inflows from the UK (the second largest market from where
16% of remittances originate) was 4.6% lower during the month,
when compared to a year earlier, Jamaica Observer notes.

The report says that while remittances from the US (from where 59%
of funds sent home from abroad comes from) was 4% higher, the
growth rate was lower than the 6.2% average growth experienced in
the first four months of 2012.

Jamaica Observer discloses that remittances from Cayman were 13.8%
lower in May than the same month last year, while Remittances out
of Canada was 2% higher.

The growth from Canada in May also reflected a slowdown when
compared to the rate of growth the first four months of the year
an average of 10.3%, the report notes.

Jamaica Observer says that inflows through remittance companies,
such as Western Union, Jamaica National Money Transfer and
MoneyGram, through which 85% of remittances are received, grew
year on year by 1.3%.

Remittances through other means, such as banks, fell by 5% in May,
when compared to the same month in 2011, the report adds.



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


BANCO INDUSVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' global
scale and 'brA+/brA-1' national scale counterparty credit ratings
on Banco Indusval & Partners S.A. The stand-alone credit profile
(SACP) remains at 'bb'. The outlook on all ratings is stable.

"The ratings on Indusval & Partners reflect its 'strong' risk-
adjusted capitalization with improving profitability and
'adequate' quality of capital. In addition, the bank's experienced
management team with long-track record in the middle market and a
focus on improving diversification and asset quality are
supportive factors for the ratings. The negative credit factors
are the bank's 'weak' business position, due to lower
diversification by lines of business compared with its peers, and
a 'moderate' risk position, stemming from the bank's high
concentrations of clients and its credit loss experience in recent
years. The bank's 'below average' funding profile also limits the
ratings," S&P said.



=================
V E N E Z U E L A
=================


BANCO OCCIDENTAL: Fitch Revises Outlook on Low-B IDR to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks on Venezuela-based
Banco Occidental de Descuento's (BOD) international long-term
Issuer Default Ratings (IDR) to Positive from Stable.  Fitch also
affirmed the bank's international IDRs and national scale ratings.

The Outlook revision reflects improvements in capitalization due
to fresh capital injections and higher retained earnings, as well
as stronger asset quality and profitability ratios.

BOD's ratings reflect its volatile profitability and asset quality
indicators as well as weaker capitalization relative to both
domestic (universal and commercial banks) and international
(emerging market commercial banks with a Viability Rating of 'b-',
'b' or 'b+') peers.  The ratings also factor in a challenging
operating environment.

Fitch could upgrade BOD's ratings if improvements in asset quality
are sustained and contribute to consistent profitability and a
stabilization of the bank's Fitch Core Capital ratio.  By
contrast, BOD's Rating Outlook could return to Stable if lower
spreads or a deterioration of its asset quality ratios lead to
reduced profitability that significantly pressures capital ratios.

Despite BOD's systemic importance in the country (as the sixth
largest bank with 5.2% of total deposits as of June 30, 2012),
Venezuela's speculative-grade rating (long-term foreign currency
IDR of 'B+') and the lack of a consistent policy regarding bank
support in the past results in a limited probability of support
from the government should it be required. Hence, BOD's '5'
Support rating (Support Floor 'NF') is similar to that of all
privately owned banks in the country.  As such, BOD's IDRs are
driven by its own financial strength, expressed in its 'b-'
Viability Rating.

As Fitch anticipated, fresh capital (around VEF1.8 billion in
2011) and retained earnings improved BOD's Fitch Core Capital-to-
weighted risks ratio to 10% at the end of March 2012 from a low of
-0.44% at year-end 2009.  Although this ratio remains below the
average of other large Venezuelan banks, it is approaching and the
median of similarly rated international peers.

BOD's capital base remains encumbered by the deduction of good
will related to the acquisition of a local bank in 2009 (Corp
Banca C.A.).  Nevertheless, Fitch expects BOD to sustain current
capital ratios under a scenario of moderate growth, modest
profitability and the absence of sudden changes in the operating
environment.

Asset quality metrics remain volatile and weak relative to
Venezuelan banks although these indicators have improved
significantly since year-end 2010 and are now in line with
international peers.  BOD's impaired loans/gross loans ratio
declined in 2011 due to charge-offs and strong loan growth, though
deteriorated slightly in the first quarter of 2012 (1Q'12).
Furthermore, reduced impaired loans combined with higher loan loss
reserves have led to improvements in reserve coverage of impaired
loans.  In Fitch's opinion, a challenging operating environment
and the bank's past record of impairments suggest that unstable
asset quality may continue over the medium term.

At this point, Fitch expects the merger with Corp Banca (about 40%
of the size of BOD) to have a limited impact on BOD as the banks
now have similar financial profiles.  Profitability could benefit
from the higher proportion of retail lending on Corp Banca's
balance sheet. The merger is still pending regulatory approval.

BOD was Venezuela's sixth largest bank at the end of June 2011
(fourth largest considering only privately owned banks).  It has a
privileged market share in Venezuela's leading oil-producing
region, Zulia state.  The bank is controlled by the bank's
president through a holding company named Cartera de Inversiones
with interests in an ample array of financial and non-financial
companies mostly in Venezuela.

Fitch has taken the following rating actions:

  -- Foreign currency IDR affirmed at 'B-', Outlook revised to
     Positive from Stable;
  -- Local currency IDR affirmed at 'B-', Outlook revised to
     Positive from Stable;
  -- Short-term foreign currency IDR affirmed at 'B';
  -- Short-term local currency IDR affirmed at 'B';
  -- Viability Rating affirmed at 'b-';
  -- Support Rating affirmed at '5';
  -- Support Floor affirmed at 'NF';
  -- National long-term rating affirmed at 'BBB-(ven)';
  -- National short-term rating affirmed at 'F3(ven).


BANCO DE VENEZUELA: Fitch Affirms 'B+' IDR; Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Banco de Venezuela's (BdV) Issuer
Default Ratings (IDR) at 'B+'.  The Rating Outlook on the Long-
term IDRs is Negative.

BdV's IDRs reflect support from its shareholder, Banco de
Desarrollo Economico y Social de Venezuela's (BANDES, a state-
owned development bank).  The bank's strong franchise underpins
both BdV's IDRs and Viability Rating. The negative effects of
government control over the financial sector and the broader
economy, as well as high inflation, also weigh on BdV's ratings.

A change in either the sovereign's ratings or the willingness or
capacity of the state to provide support will drive future rating
actions on BdV's IDRs.

A weakening of the bank's financial profile relative to similarly
rated international peers (emerging market commercial banks with a
VR of 'b-', 'b' or 'b+') due to deteriorating profitability, asset
quality or capital ratios as a result of the implementation of the
government's development driven business model could pressure
BdV's Viability Rating.  There is limited upside potential to the
bank's international ratings as the Outlook on Venezuela's IDRs is
Negative.

Fitch believes the state's willingness to support BdV should it be
required is substantial given BANDES' (owned by the Venezuelan
government, which has a long-term foreign currency IDR of 'B+')
99% stake, the bank's strategic importance and BdV's large market
share in deposits.  However, Venezuela's speculative-grade rating
could result in a limited capacity to provide such support.

BdV's financial performance has been volatile since the government
nationalized the bank in mid-2009, a trend that is likely to
continue.  This in part reflects a shift in the bank's business
model to address the government's development needs as well as the
absorption of clients from intervened problematic small- and
medium-sized banks.

Asset quality ratios now compare favorably to both domestic and
international peers as credit and reserves growth by far exceeded
impaired loans growth.  However, these ratios also benefit from
regulatory forbearance, which allowed BdV to report past-due loans
(equivalent to 1.5% of gross loans at end-June 2011) acquired from
Banco Federal as current.  Furthermore, in light of credit growth
that has significantly exceeded the system average in recent
years, Fitch anticipates that asset quality could deteriorate once
again as the loan portfolio seasons and the bank faces a more
challenging operating environment in 2013.

Although BdV's profitability ratios now compare favorably to both
domestic and international peers, these ratios have been volatile
since nationalization and are distorted by high inflation. As
profitability has not kept pace with asset growth and dividend
payouts have reduced retained earnings, the bank's equity/assets
ratio has weakened.  These pressures are likely to continue in
2013 given strong asset growth and Fitch's expectation of
challenging economic conditions.  Similarly, the bank's Fitch Core
Capital Ratio has declined to 14.6% at end-March 2012 from 15.9%
at YE10, though it remains above the median for international
peers.

BdV is the largest commercial bank in Venezuela with a 16% share
of the financial system's assets at the end of June 2012 and the
third largest branch network.

Fitch has affirmed the following ratings:

  -- Foreign currency Issuer Default Rating (IDR) at 'B+';
     Negative Outlook;
  -- Local currency IDR at 'B+'; Negative Outlook;
  -- Short-term foreign currency IDR at 'B';
  -- Short-term local currency IDR at 'B';
  -- Viability rating at 'b+';
  -- Support rating at '4';
  -- Support floor at 'B+';
  -- National long-term rating at 'AAA(ven)';
  -- National short-term rating at 'F1+(ven)'.


VENEZOLANO DE CREDITO: Fitch Affirms Low-B IDR; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Venezolano de Credito, S.A. Banco
Universal's ratings.  The Rating Outlook is Negative.  At the same
time, Fitch has withdrawn the bank's ratings as these are no
longer considered by Fitch to be relevant to the agency's
coverage.

The affirmation of Venezolano's ratings reflects the bank's
continued resilient financial performance in times of economic
stress and regulatory intervention, a factor that is unlikely to
change in the foreseeable future.  The Outlook is Negative in line
with that of the Sovereign.

Venezolano's ratings reflect its established franchise, strong
asset quality, above average profitability and overall
conservative risk appetite relative to domestic peers and
similarly rated international peers (emerging market commercial
banks with a Viability Rating (VR) of 'b-', 'b' or 'b+').
Venezolano's ratings also consider the negative effects of
government control over the financial sector and the broader
economy, as well as high inflation.

Venezolano is a small bank (1.4% of banking system assets at end-
June 2012) that is well positioned in the corporate and high net
worth client market and has been considered a refuge bank in times
of stress. Established in 1925, Venezolano is owned by an array of
local and international investors.

Fitch has affirmed and withdrawn the following ratings:

  -- Foreign currency Issuer Default Rating (IDR) at 'B+';
     Negative Outlook;
  -- Local currency IDR at 'B+'; Negative Outlook;
  -- Short-term foreign currency IDR at 'B';
  -- Short-term local currency IDR at 'B';
  -- Viability Rating at 'b+';
  -- Support Rating at '5';
  -- Support Floor at 'NF';
  -- National long-term rating at 'AA-(ven)';
  -- National short-term rating at 'F1+(ven)'.


                            ***********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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                   * * * End of Transmission * * *