TCRLA_Public/120813.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, August 13, 2012, Vol. 13, No. 160


                            Headlines



B R A Z I L

BANCO CRUZEIRO: To Need BRL800 Million in Capital
BANCO PANAMERICANO: Not Yet Close to Break Even, BTG CEO Says
BIO-PAPPEL SAB: Fitch Affirms 'B' Rating on $250MM Senior Notes


C A Y M A N   I S L A N D S

BT INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20
DRAFNA LTD: Creditors' Proofs of Debt Due Aug. 29
FOUR CORNERS: Moody's Upgrades Rating on Class E Notes to 'Ba3'
IGEA LTD: Creditors' Proofs of Debt Due Aug. 29
IVY LANE: Creditors' Proofs of Debt Due Aug. 29

MEDIA GLORY: Creditors' Proofs of Debt Due Aug. 29
METAGE SPECIAL: Creditors' Proofs of Debt Due Aug. 29
NEW LAKE 17: Creditors' Proofs of Debt Due Aug. 29
PI MULTI-STRATEGY: Creditors' Proofs of Debt Due Aug. 20
S1 NOTES: Creditors' Proofs of Debt Due Aug. 20

SKYLGE LTD: Creditors' Proofs of Debt Due Aug. 29


M E X I C O

MEXICANA AIRLINE: Bankruptcy Judge Case Removed


P U E R T O   R I C O

GULFCOAST IRREVOCABLE TRUST: Files for Ch. 11 in Puerto Rico


X X X X X X X X

* BOND PRICING: For the Week Aug. 6 to Aug. 10, 2012




                            - - - - -


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


BANCO CRUZEIRO: To Need BRL800 Million in Capital
-------------------------------------------------
Cristiane Lucches at Bloomberg News reports that an unnamed source
said Banco Cruzeiro do Sul SA needs BRL800 million (US$397
million) in capital from a possible buyer.

The source said that an audit of the bank's books shows it may
take writedowns of about BRL2.5 billion, according to Bloomberg
News.

Bloomberg News recalls that Banco Cruzeiro was placed under the
administration of the privately owned deposit-insurance fund known
as FGC on June 4 amid an investigation into possible accounting
fraud.

The fund requested the audit and announced that it would seek a
buyer for the Sao Paulo-based company, Bloomberg News relates.

Bloomberg News notes that negotiations with potential acquirers
will begin only after the fund releases audit results on Aug. 14,
the person said.  The FGC would consider providing liquidity to
the acquiring bank once the transaction is complete, and won't
provide capital, the source said, Bloomberg News relates.

Bloomberg News discloses that the source said that the FGC audit
found assets listed on Cruzeiro's balance sheet, valued at about
BRL1.3 billion, that didn't exist and improperly priced assets and
the lack of a provision for loan losses.

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

                       *     *     *

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


BANCO PANAMERICANO: Not Yet Close to Break Even, BTG CEO Says
-------------------------------------------------------------
Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal
report that Banco Panamericano is not yet close to break even,
said Andre Esteves, chief executive of investment bank Banco BTG
Pactual SA, which controls Banco Panamericano.

"We have to be patient.  What can happen is that Panamericano
grows without quality.  We are not close to break even, but we are
not far either," Mr. Esteves said during a conference call with
analysts, according to The Wall Street Journal.

The report notes that Banco Panamericano reported earlier a
second-quarter loss of BRL262.5 million (US$130 million), compared
with a loss of BRL25.5 million in the year-ago period.  BTG's
stake in Banco Panamericano recorded a loss of BRL98 million in
the quarter, the report notes.

The report says that the larger part of Banco Panamericano's
credit portfolio is composed of auto financing.

The Wall Street Journal discloses that with nonperforming loans
increasing in this area, the bank, along with its local peers,
increased provisions.  "There was no surprise in Panamericano. The
business environment in the sector in which Panamericano operates
has deteriorated, and it's now stabilizing," the report quoted
Mr. Esteves as saying.

In January 2011, the report recalls that BTG Pactual bought a 51%
stake from Panamericano's previous owner, entertainment mogul
Silvio Santos, for BRL450 million.  Brazilian government-run
mortgage bank Caixa Economica Federal holds the remaining 49%
stake in Panamericano.

                   About Banco Panamericano

Banco Panamericano SA offers loans, personal credit, investments,
credit cards, and lease financing.  Banco Panamericano operates
throughout Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency
subordinated debt rating.


BIO-PAPPEL SAB: Fitch Affirms 'B' Rating on $250MM Senior Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Bio-PAPPEL, S.A.B. de C.V. at 'B'.
Fitch has also affirmed Bio-Pappel's USD $250 million senior notes
due 2016 at 'B/RR4'.

The Rating Outlook is Stable.

Bio-Pappel's ratings reflect its leading market position in the
pulp and paper sector in Mexico, cost structure related to its
strategy of only using recycled fibers, geographical
diversification of revenues, low level of environmental/political
risks, as well as the relatively stable EBITDA generation of the
past three-years, due to a somewhat favorable operating
environment.  This environment has translated in a stable
performance of its packaging division and a rebound in the
performance of its paper division.

The ratings reflect Bio-Pappel's leverage relative to the stress
upon its cash flow when raw material and energy costs rise, small
scale when compared to international players, tough competitive
environment, and weak debt repayment record.  The 'RR/4' Recovery
Rating reflects an average recovery prospects given default.
'RR4' rated securities have characteristics consistent with
securities historically recovering 31% - 50% of current principal
and related interest.

The company's performance over the last year is a result of a
tightened spread between its average sales price and the cost of
its main inputs, namely recycled paper products such as old
corrugated containers (OCC) and old newspaper (ONP), as well as
energy.  This spread has averaged USD $73 per ton for the Last 12
Months (LTM) ended in 2Q'12, generating about USD $69 million of
EBITDA, also in LTM terms, results that are below those of the
same period in 2011, when the spread averaged USD $82 per ton and
EBITDA was about USD $82 million.

The firm has and will continue making efforts to contain these
costs by increasing its self sourcing of recycled fibers, by
operational efficiencies, and by entering into financial hedges.
Volatility in Bio-Pappel's operational performance over the past
10 years reflects the company's limited ability to pass through
cost increases.  Prices for OCC and ONP have increased in Mexico
and the United States, due to purchases by Chinese manufacturers.

Energy is Bio-Pappel's second most important production cost after
recycled fiber, and management has undertaken several initiatives
seeking to mitigate its exposure to it, including investments in
cogeneration and derivatives contracts. The ratings factor in this
continued vulnerability to rising raw material and energy costs.

Reported total debt to EBITDA, as of 2Q'12 LTM, was 3.6 times (x)
and EBITDA to interest expense was 3.3x; compared to full year
2011, which came about 5.1x and 2.9x, respectively.  Currently,
debt to EBITDA benefits from the adoption of IFRS, which allows
for fair value accounting of debt.  On nominal terms the ratio was
4.1x for 2Q'12 LTM (2.9x, on a net debt basis).

Going forward, Fitch expects that these ratios could slightly
strengthen due to somewhat higher EBITDA generation.  Fitch does
not envision Bio-Pappel undertaking new debt issuances in the
short term, so its debt maturity profile should remain stable,
with most of its debt coming due in 2016.

Near-term liquidity risk is minimal as the company pays only 7% of
interest on the 2016 notes (about $17.5 million USD per year)
until the end of 2013, when the rate steps up to 10%.  Should the
market make an unfavorable turn, the company has a partial PIK
option for 2010 up to 2012.  Currently, the company holds about
USD $80 million in cash and marketable securities.

Key Rating Drivers
Positive factors to credit quality would include the company
improving and sustaining EBITDA margins due to operational
efficiencies, successfully widening and stabilizing the spread
between price and cost per ton, which in turn could result in more
constant EBITDA generation, or a reduction in the company's
indebtedness, which could reduce leverage's levels and
variability.  A persistent weakening of the spread between price
and cost per ton, resulting in lower cash generation, could be a
negative factor for the ratings.



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


BT INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20
-------------------------------------------------------
The creditors of BT International Fund, Ltd. are required to file
their proofs of debt by Aug. 20, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2012.

The company's liquidator is:

         Titan Advisors LLC
         2 International Drive
         Suite 200 Rye Brook, NY 10573
         USA


DRAFNA LTD: Creditors' Proofs of Debt Due Aug. 29
-------------------------------------------------
The creditors of Drafna Ltd. 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 16, 2012.

The company's liquidator is:

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


FOUR CORNERS: Moody's Upgrades Rating on Class E Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Four Corners CLO III, Ltd.:

U.S.$9,000,000 Class B Floating Rate Notes Due 2020, Upgraded to
Aa1 (sf); previously on August 05, 2011 Upgraded to Aa3 (sf).

U.S.$18,000,000 Class C Deferrable Floating Rate Notes Due 2020,
Upgraded to A3 (sf); previously on August 05, 2011 Upgraded to
Baa1;

U.S.$9,000,000 Class D Deferrable Floating Rate Notes Due 2020,
Upgraded to Ba1 (sf); previously on August 05, 2011 Upgraded to
Ba2; and

U.S.$9,600,000 Class E Deferrable Floating Rate Notes Due 2020,
Upgraded to Ba3 (sf); previously on August 05, 2011 Upgraded to
B1.

Ratings Rationale

According to Moody's, the rating actions taken on the notes
reflect the benefit of the short period of time remaining before
the end of the deal's reinvestment period in October 2012. In
consideration of the reinvestment restrictions applicable during
the amortization period, and therefore limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will continue to maintain a positive
"cushion" relative to certain covenant requirements. In
particular, the deal is assumed to benefit from higher spread
levels compared to the levels assumed at the last rating action in
August 2011. Moody's modeled a WAS of 3.35% compared to 2.75% at
the time of the last rating action. Moody's also notes that the
transaction's reported overcollateralization ratio are stable
since the last rating action.

In addition, Moody's notes that the credit quality of the
underlying portfolio has deteriorated since the last rating
action. Based on the July 2012 trustee report, the weighted
average rating factor is currently 2425 compared to 2251 in July
2011.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, diversity score, and weighted average recovery rate, may
be different from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of $242 million,
zero defaulted par, a weighted average default probability of
17.40% (implying a WARF of 2568), a weighted average recovery rate
upon default of 50.73%, and a diversity score of 49. The default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed. The default probability is derived from the credit
quality of the collateral pool and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also factors.

Four Corners CLO III, Ltd., issued in September 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Approach to Rating Collateralized Loan Obligations"
rating methodology published in June 2011.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) on all rated notes (shown in terms of the
number of notches' difference versus the current model output,
where a positive difference corresponds to lower expected loss),
assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (2054)

Class A: 0
Class B: 0
Class C: +2
Class D: +2
Class E: +1

Moody's Adjusted WARF + 20% (3082)

Class A: 0
Class B: -1
Class C: -1
Class D: -1
Class E: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2014 and
2016 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CLO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

Deleveraging: The main source of uncertainty in this transaction
is whether deleveraging from unscheduled principal proceeds will
commence and at what pace. Deleveraging may accelerate due to high
prepayment levels in the loan market and/or collateral sales by
the manager, which may have significant impact on the notes'
ratings.


IGEA LTD: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------
The creditors of Igea Ltd. 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 16, 2012.

The company's liquidator is:

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


IVY LANE: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------
The creditors of Ivy Lane CDO, Ltd. 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 16, 2012.

The company's liquidator is:

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


MEDIA GLORY: Creditors' Proofs of Debt Due Aug. 29
--------------------------------------------------
The creditors of Media Glory International Limited 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 19, 2012.

The company's liquidator is:

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


METAGE SPECIAL: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------------
The creditors of Metage Special Emerging Markets Fund Limited 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 19, 2012.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


NEW LAKE 17: Creditors' Proofs of Debt Due Aug. 29
--------------------------------------------------
The creditors of New Lake 17 Ltd. 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 16, 2012.

The company's liquidator is:

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


PI MULTI-STRATEGY: Creditors' Proofs of Debt Due Aug. 20
--------------------------------------------------------
The creditors of PI Multi-Strategy Fund II LDC are required to
file their proofs of debt by Aug. 20, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2012.

The company's liquidator is:

         Titan Advisors LLC
         2 International Drive
         Suite 200 Rye Brook, NY 10573
         USA


S1 NOTES: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------
The creditors of S1 Notes Limited are required to file their
proofs of debt by Aug. 20, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 16, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


SKYLGE LTD: Creditors' Proofs of Debt Due Aug. 29
-------------------------------------------------
The creditors of Skylge Ltd. 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 16, 2012.

The company's liquidator is:

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



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


MEXICANA AIRLINE: Bankruptcy Judge Case Removed
-----------------------------------------------
Fox News Latino reports that the bankruptcy judge handling the
restructuring of Compania Mexicana de Aviacion or Mexicana
Airlines has been temporarily removed due to potential
irregularities in the case, the Federal Judiciary Council (CJF)
said.

The CJF's administrative and disciplinary organ opted to remove
him from the proceedings "to preserve guarantees of impartiality
amid recent public declarations," although it maintained the move
should not be construed as a "judgment" on Soto's conduct from the
bench, according to Fox News Latino.

The report notes that the Communications and Transportation
Secretariat suggested Jose Luis Stein-Velasco, who has held
various government posts and is director of a legal and financial
consulting firm, as a potential replacement.

As reported in the Troubled Company Reporter on Aug. 6, 2012, Fox
News Latino related that Mexican state-owned bank Bancomext, one
of the main creditors of Mexicana Airlines, said it is seeking the
removal of the judge handling the company's debt-restructuring
process.  Bancomext relayed in a statement that it made the
request "due to the harm the delay in the airline's bankruptcy
proceedings represents for Mexicana de Aviacion's creditors and
workers," according to Fox News Latino.  Fox News Latino noted
that the complaint also was signed by three other Mexicana
creditors: Aeropuertos y Servicios Auxiliaries, the state-owned
corporation that manages Mexico's airports; Mexico City's
international airport; and Mexico's Federal Consumer Protection
Agency.

Fox News Latino disclosed that Bancomext lamented that "the
company's assets continue to deteriorate to the detriment of its
creditors and workers" due to uncertainties stemming from the
delays.  The bank also termed "unacceptable" the lack of results
in terms of "serious and viable financial alternatives to prevent
the liquidation of Mexicana de Aviacion and make possible the
resumption of operations," Fox News Latino related.

                    About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.



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


GULFCOAST IRREVOCABLE TRUST: Files for Ch. 11 in Puerto Rico
------------------------------------------------------------
Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.

One of the filers, Gulfcoast Irrevocable Trust, estimated under
$10 million in assets but more than $100 million in debts in its
bare-bones Chapter 11 petition (Bankr. D.P.R. Case No. 12-06338).

An affiliate, Sabana Del Palmar, Inc., which owns Mirabella
Village & Club, filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 12-06177) on Aug. 5, 2012.



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


* BOND PRICING: For the Week Aug. 6 to Aug. 10, 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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