TCRLA_Public/120814.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 14, 2012, Vol. 13, No. 161


                            Headlines



A R G E N T I N A

BANCO DAYCOVAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings
PAN AMERICAN: Moody's Affirms 'B1' Foreign Currency Rating


B E R M U D A

BURT CONSTRUCTION: Court Appoints Krys and McPhee as Liquidators
CM V-MAX II: Creditors' Proofs of Debt Due Aug. 15
CM V-MAX II: Member to Receive Wind-Up Report on Sept. 4
PETROPLUS FINANCE: Court to Hear Wind-Up Petition on Aug. 24
PETROPLUS FINANCE 2: Court to Hear Wind-Up Petition on Aug. 24

SECTOR RE IV: Creditors' Proofs of Debt Due Aug. 15
SECTOR RE IV: Member to Receive Wind-Up Report on Sept. 5


B R A Z I L

BRAZILIAN FINANCE: Fitch Raises Issuer Default Rating to 'BB+'


C A Y M A N   I S L A N D S

CANTHARUS INC: Shareholders Receive Wind-Up Report
CLIPPER INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
FIELD POINT II: Creditors' Proofs of Debt Due Aug. 30
FIELD POINT IV: Creditors' Proofs of Debt Due Aug. 30
GOLDINVEST LIMITED: Creditors' Proofs of Debt Due Aug. 10

MAN ASIAN: Creditors' Proofs of Debt Due Aug. 20
NORTHUMBERLAND INVESTMENTS: Creditors' Proofs of Debt Due Aug. 20
QUANTUM PACIFIC: Creditors' Proofs of Debt Due Aug. 20
ROC OIL (CASAMANCE): Creditors' Proofs of Debt Due Aug. 30
ROC OIL (MABOQUE): Creditors' Proofs of Debt Due Aug. 30


P U E R T O  R I C O

ALCO CORP: Court Okays Sale Carve-Out to Pay Adequate Protection
GULFCOAST IRREVOCABLE: Case Summary & 9 Largest Unsec Creditors
PONCE DE LEON: Cash Collateral Access Approved Until Sept. 25


J A M A I C A

BANK OF NOVA SCOTIA: To Close Highgate Branch on Sept. 21
DIGICEL GROUP: Jamaica Unit Taps Andy Thorburn as New CEO
* JAMAICA: Number of Unemployment Increases, STATIN Says


M E X I C O

AXTEL SAB: S&P Cuts Issuer Credit Rating to 'CCC+'; Outlook Neg
BANCO REGIONAL: Moody's Affirms D+ Bank Financial Strength Rating
CORPORACION PESQUERA: S&P Assigns 'B+' Corporate Credit Rating
URBI DESARROLLOS: S&P Lowers Corporate Credit Rating to 'B'


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Gets 3rd New Aircraft, Six More to Come


V E N E Z U E L A

* VENEZUELA: S&P Affirms 'B+/B' Sovereign Credit Ratings


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO DAYCOVAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Banco Daycoval S.A. to positive from stable. "At the same time, we
affirmed our 'BB+/B' global scale and 'brAA/brA-1' national scale
counterparty credit ratings on the bank," S&P said.

"The positive outlook reflects our view that we could raise our
global scale long-term rating to 'BBB-' and to national scale
rating 'brAA+', if it sustains improvements in its business
position over the medium to long term amid strong capital levels
and healthy asset quality metrics. The extended track record would
also enhance our view of the bank's business stability," S&P said.


PAN AMERICAN: Moody's Affirms 'B1' Foreign Currency Rating
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of the following
Argentine oil and gas companies:

- Pan American Energy LLC (PAE): Assignment of B1 Global Local
Currency Corporate Family Rating (replacing Global Local Currency
Issuer Rating, which Moody's is downgrading to B1 from Ba3 and
will withdraw); stable outlook

- Pan American Energy LLC, Argentine Branch: Foreign Currency
Rating affirmed at B1; Global Local Currency Rating on its
uncommitted bank credit line downgraded to B1 from Ba3; National
Scale Rating on its uncommitted bank credit line downgraded to
Aa2.ar from Aa1.ar; stable outlook

- Petrobras Argentina S.A. (PESA): Assignment of B1 Global Local
Currency Corporate Family Rating (replacing Global Local Currency
Issuer Rating, which Moody's is downgrading to B1 from Ba3 and
will withdraw); Foreign Currency Rating affirmed at B1; National
Scale Rating affirmed at Aa2.ar; stable outlook. Ratings
unaffected by this action include the A3 Foreign Currency Rating
and Aaa.ar National Scale Rating on US$300 million of Series S
senior unsecured notes due 2017 supported by a standby purchase
agreement with Petroleo Brasileiro S.A.

Ratings Rationale

The rating actions for both companies reflect increased Argentine
country risk following several actions taken by the government of
Argentina in the oil and gas sector that indicate a highly
unpredictable political and business environment. Most recently,
the government announced a new Hydrocarbon Sovereignty decree,
which appears to further centralize control over the oil and gas
sector at the national level. While details over the
implementation of this decree remain unknown, it clearly points to
the risk of increasing government intervention in the energy
sector, including new provisions for government review of company
budgets and setting of reference prices for crude oil, natural gas
and refined products.

Moreover, the latest decree follows several credit negative events
in the sector, including the expropriation of a 51% stake in YPF
Sociedad Anonima, tighter foreign-currency controls over the
repatriation of export proceeds and access to foreign exchange,
and increased pressure on the private companies to raise
production and investment levels in the country. The government
has taken these steps even as the oil and gas companies face high
inflation (around 25%), the continuing effects of price controls
and increasing exposure to labor unrest.

In addition, the E&P sector at large has been subject to
increasing pressures at the provincial level, including moves or
threats to cancel valuable concessions, albeit to various degrees,
and the potential conflicts between the provinces and national
government only exacerbate the uncertainty over the operating
environment for the energy companies.

The downgrades more closely align the companies' ratings with the
Argentine government's B3 rating to further reflect political risk
in line with Moody's rating actions from March of this year.
Moody's ratings approach is further discussed in the rating
implementation guidance "How Sovereign Credit quality May Affect
Other Ratings," published on February 12, 2012. However, these
companies continue to benefit from other factors that support
their ratings being rated two notches above the government's B3
rating.

Moody's lower ratings for PAE factor in the company's
concentration in Argentina, particularly in Cerro Dragon in the
Golfo San Jorge Basin, exposure to increasing costs and labor
unrest, and high degree of foreign currency convertibility and
transfer risk, with the bulk of its debt denominated in foreign
currency. Moody's views these risks as more pronounced, even given
PAE's ratings support from its strong track record servicing its
foreign currency debt obligations during past Argentine financial
crises, healthy foreign currency liquidity profile, sizable
exports, limited reliance on domestic markets for funding, and
strong shareholders that operate outside of Argentina, including
BP p.l.c. (A2 stable) and CNOOC Ltd. (Aa3 stable, indirect stake
through Bridas Corporation, not rated). In addition, the ratings
are supported by the company's substantial reserve and production
profile, low cost structure and conservative financial leverage
metrics, which are on a fundamental level more indicative of an
investment-grade profile.

PESA's operations are more domestically focused but also face
increasing sector uncertainty. With declining reserves, the
company's primary operational challenge will be to grow its mature
reserves and production base over the next few years. However,
PESA has been increasing its investment in exploration and its
production has stabilized. It also has an external majority owner
in Petroleo Brasileiro S.A. (A3 stable), which in recent years has
increasingly directed the subsidiary's focus on operations and
investments in Argentina. PESA in fact has a relatively limited
export profile, primarily in chemicals and refined products, and
Moody's believes will be relatively less affected by the
government's currency initiatives. In addition, PESA has been
reducing debt and has liquidity in the form of cash and other
assets available to service its predominantly foreign currency
debt. Petrobras also guarantees a portion of PESA's long-term
debt.

Moody's is maintaining stable outlooks for both companies, given
their fundamental operating profiles and financial positions,
assuming that the new decree requirements for government approvals
of company budgets will not prove too onerous. However, Moody's
does not rule out further negative actions in the future,
particularly if government initiatives on setting reference prices
or other actions put further pressure on the companies' liquidity,
operations or debt service capabilities. Moody's sees limited
upside potential for the ratings of either company as long the
government continues to interfere in and hinder the sector.

The principal methodology used in rating PAE and PESA was the
Global Independent Exploration and Production Industry Methodology
published in December 2011.

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

Issuer: Pan American Energy LLC

  Downgrades:

     Issuer Rating, Downgraded to B1 from Ba3

  Assignments:

     Corporate Family Rating, Assigned B1

  Outlook Actions:

    Outlook, Changed To Stable From Negative

Issuer: Pan American Energy LLC, Argentine Branch

  Downgrades:

    Senior Unsecured Bank Credit Facility, Downgraded to B1
    from Ba3

    Senior Unsecured Bank Credit Facility, Downgraded to Aa2.ar
    from Aa1.ar

  Outlook Actions:

    Outlook, Changed To Stable From Negative

Issuer: Petrobras Argentina S.A.

  Downgrades:

     Issuer Rating, Downgraded to B1 from Ba3

  Upgrades:

    US$2500M Secured Medium-Term Note Program, Upgraded to (P)Ba3
    from (P)B1

  Assignments:

     Corporate Family Rating, Assigned B1

  Outlook Actions:

    Outlook, Changed To Stable From Negative



=============
B E R M U D A
=============


BURT CONSTRUCTION: Court Appoints Krys and McPhee as Liquidators
----------------------------------------------------------------
On July 20, 2012, the Supreme Court of Bermuda appointed Messrs
Kenneth Melvin Krys and Patrick Donald McPhee as provisional
liquidators of Burt Construction Limited.

The Liquidators can be reached at:

         Messrs. Kenneth Melvin Krys
         Patrick Donald McPhee
         KRyS Global (Bermuda)
         Chancery Hall, 1st Floor
         52 Reid Street, HM12
         PO Box 671, Hamilton
         Bermuda


CM V-MAX II: Creditors' Proofs of Debt Due Aug. 15
--------------------------------------------------
The creditors of CM V-Max II Limited are required to file their
proofs of debt by Aug. 15, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


CM V-MAX II: Member to Receive Wind-Up Report on Sept. 4
--------------------------------------------------------
The member of CM V-Max II Limited will receive on Sept. 4, 2012,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

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


PETROPLUS FINANCE: Court to Hear Wind-Up Petition on Aug. 24
------------------------------------------------------------
A petition to wind up the operations of Petroplus Finance Ltd will
be heard before the Supreme Court of Bermuda on Aug. 24, 2012, at
9:30 a.m.


PETROPLUS FINANCE 2: Court to Hear Wind-Up Petition on Aug. 24
--------------------------------------------------------------
A petition to wind up the operations of Petroplus Finance 2 Ltd
will be heard before the Supreme Court of Bermuda on Aug. 24,
2012, at 9:30 a.m.


SECTOR RE IV: Creditors' Proofs of Debt Due Aug. 15
---------------------------------------------------
The creditors of Sector Re IV Limited are required to file their
proofs of debt by Aug. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 26, 2012.

The company's liquidator is:

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


SECTOR RE IV: Member to Receive Wind-Up Report on Sept. 5
---------------------------------------------------------
The member of Sector Re IV Limited will receive on Sept. 5, 2012,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on July 26, 2012.

The company's liquidator is:

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



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


BRAZILIAN FINANCE: Fitch Raises Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Brazilian Finance & Real
Estate (BFRE) and two of its subsidiaries, Brazilian Mortgages
Cia. Hipotecaria (BM) and Brazilian Securities Cia.  de
Securitizacao (BS) following the conclusion of their sale to Banco
Panamericano S.A. (Panamericano).

At the same time, Fitch has withdrawn the Rating Watch Positive on
the companies' long-term Issuer Default Ratings (IDRs), National
Ratings and the first debenture issue maturing in October 2014.
Fitch has assigned a Stable Rating Outlook to the long-term
ratings.

With the conclusion of the acquisition, BFRE and its subsidiaries
will be wholly-owned subsidiaries of Panamericano, and the BFRE
businesses will be core and complementary to Panamericano's
activities.  The upgrades reflect the support that the companies
will now receive from Panamericano.

In turn, Panamericano's ratings reflect the support of Banco BTG
Pactual S.A. (BTG Pactual; Foreign and Local Currency IDR 'BBB-'
and National Rating 'AA(bra)'), which owns 51% of its common
shares, as well as the benefits from the participation in its
ownership of Caixa Economica Federal (Caixa, National Rating
'AAA(bra)'), which owns 49% of Panamericano's common shares.
Caixa is the fifth-largest Brazilian bank in terms of assets and
is wholly controlled by the country's federal government.

Panamericano has acquired BFRE's origination, real estate
financing and securitization assets for BRL940 million, booking a
goodwill of BRL140 million.  The BRL2.3 billion of assets under
management, BRL5.6 billion relative to fiduciary administration
and BRL179 million of applications in real estate investment funds
(FIIs) and other investment vehicles were spun off prior to the
sale to Panamericano and acquired by BTG Pactual for BRL275
million, as they fall within the latter's activities as an
investment bank and asset manager.

Fitch believes the operation will strongly benefit BFRE,
considering the complementary activities and lower funding costs
that will consequently lead to greater earnings.  The acquisition
should add a new and very promising business line that will
increase Panamericano's earnings generation, mainly through
interest and fee income with low capital allocation requirement.
This line of business is comprised of real estate loans, which may
be subsequently securitized.  Moreover, Caixa is the largest
originator of real estate loans in Brazil, with a market share of
about 70%, maintaining a broad local distribution network, which
can further benefit synergies with BFRE and its subsidiaries.

BFRE enjoys the group's strong experience in Brazil's real estate
finance market, with an experienced and conservative team and
risks that are well identified and controlled.  It also has good
credit quality and satisfactory performance.  The BFRE group is a
provider of financial services, focused exclusively on the
Brazilian real estate sector.  Brazilian Securities Cia. de
Securitizacao, a BFRE group subsidiary, is the largest
securitization company in Brazil with an approximately 31% share
of the local market.

Panamericano's ratings are not affected by this transaction, since
they are primarily based on the support of BTG Pactual. However,
Panamericano's credit profile did benefit from a recent capital
injection of BRL1.76 billion received in May 2012.  This injection
was made without changes in the control structure.  Panamericano's
ratings also benefit from the recurring support offered by Caixa
through credit lines of BRL10 billion, valid until 2019, which
strongly support its liquidity and funding.  Changes in BTG
Pactual's propensity or capacity to provide support to
Panamericano could affect the latter's ratings.  Controlled by
Caixa and BTG through a shareholder agreement, Panamericano
engages in the financing of autos, payroll and deductible loans
and credit cards, as well as lending to small and medium-sized
businesses.

BTG Pactual's ratings reflect its strong franchise as a merchant
bank in Brazil, success in development of its activities and its
good earnings track record.  They further consider the high
capacity and experience of its senior management, strong risk
controls and the flow of recurring revenues, which consistently
cover fixed operating costs.  The ratings, however, are
constrained by its limited albeit growing balance sheet and
revenue diversification. Greater diversification of its businesses
and revenues, which is part of its strategic planning, could
benefit the ratings in the medium and/or long term.  On the other
hand, the ratings would be negatively affected by large trading
losses and deterioration in asset or capitalization quality.

Fitch has taken the following rating actions:

BFRE

  -- Foreign and Local Currency IDRS upgraded to 'BB+' from 'BB-';
     Outlook Stable;
  -- Foreign and Local Currency short-term IDRs affirmed at 'B';
  -- National long-term rating upgraded to 'AA-(bra)' from 'A-
     (bra)'; Outlook Stable;
  -- National short-term rating upgraded to 'F1+(bra)' from
     'F2(bra)'.

Brazilian Mortgages Cia. Hipotecaria (BM)

  -- Foreign and Local Currency IDRs upgraded to 'BB+' from 'BB-';
     Outlook Stable;
  -- Foreign and Local Currency short-term IDRs affirmed at 'B';
  -- National long-term rating upgraded to 'AA-(bra)' from 'A-
     (bra)'; Outlook Stable;
  -- National short-term rating upgraded to 'F1+(bra)' from
     'F2(bra)'.

Brazilian Securities Cia. de Securitizacao (BS)

  -- Foreign and Local Currency IDRs upgraded to 'BB+' from 'BB-';
     Outlook Stable;
  -- Foreign and Local Currency short-term IDRs affirmed at 'B';
  -- National long-term rating upgraded to 'AA-(bra)' from 'A-
     (bra)'; Outlook Stable;
  -- National short-term rating upgraded to 'F1+(bra)' from
     'F2(bra)';
  -- First Debenture Issue, maturing in October 2014, upgraded to
     'AA-(bra)' from 'A-(bra)'.



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


CANTHARUS INC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cantharus Inc. received on Aug. 10, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CLIPPER INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
-----------------------------------------------------------
The creditors of Clipper Investments Limited are required to file
their proofs of debt by Sept. 10, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 16, 2012.

The company's liquidator is:

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


FIELD POINT II: Creditors' Proofs of Debt Due Aug. 30
-----------------------------------------------------
The creditors of Field Point II, 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 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


FIELD POINT IV: Creditors' Proofs of Debt Due Aug. 30
-----------------------------------------------------
The creditors of Field Point IV, 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 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


GOLDINVEST LIMITED: Creditors' Proofs of Debt Due Aug. 10
---------------------------------------------------------
The creditors of Goldinvest Limited 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 26, 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


MAN ASIAN: Creditors' Proofs of Debt Due Aug. 20
------------------------------------------------
The creditors of Man Asian Multi-Strategies (Master) 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


NORTHUMBERLAND INVESTMENTS: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------------------
The creditors of Northumberland Investments 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 18, 2012.

The company's liquidator is:

         Daniel Klein
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


QUANTUM PACIFIC: Creditors' Proofs of Debt Due Aug. 20
------------------------------------------------------
The creditors of Quantum Pacific Holdings Co., 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 11, 2012.

The company's liquidator is:

         Hsiao An Tai
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


ROC OIL (CASAMANCE): Creditors' Proofs of Debt Due Aug. 30
----------------------------------------------------------
The creditors of Roc Oil (Casamance) Company are required to file
their proofs of debt by Aug. 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 22, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


ROC OIL (MABOQUE): Creditors' Proofs of Debt Due Aug. 30
--------------------------------------------------------
The creditors of Roc Oil (Maboque) Company are required to file
their proofs of debt by Aug. 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 22, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands



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


ALCO CORP: Court Okays Sale Carve-Out to Pay Adequate Protection
----------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico approved a stipulation between Alco
Corporation and MAPFRE PRAICO Insurance Company for the use of
MAPFRE's cash collateral subject to security interest and for
permanent adequate protection to MARFRE.

The Debtor agreed that, in connection to MAFRE's proofs of claim,
the Debtor will carve out the amount of $200,000, from the
proceeds of sale for the Debtor's asphalt plant located in
Hatillo, Puerto Rico, to BTB Corporation and deposit the same with
the Clerk of Court once the sale is approved by the Court and
consummated.

On July 23, 2012, according to the Debtor's case docket, the Court
has approved the sale of the Hatillo Asphalt Plant for $400,000,
and the carve-out.

The deposit constitutes as adequate protection to MAPFRE.

A copy of the stipulation is available for free at:

  http://bankrupt.com/misc/ALCO_cashcoll_stipulation.pdf

In a June 29 order, the Court authorized the Debtor's use of
MAPFRE's cash collateral.

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

The Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


GULFCOAST IRREVOCABLE: Case Summary & 9 Largest Unsec Creditors
---------------------------------------------------------------
Debtor: Gulfcoast Irrevocable Trust
        1079 Cephas Drive
        Clearwater, FL 33765

Bankruptcy Case No.: 12-06338

Affiliates that simultaneously filed for Chapter 11:

  Debtor                             Case No.
  ------                             --------
Gulfcoast Irrevocable Trust XIV      12-06339
Gulfcoast Irrevocable Trust XIX      12-06340

Chapter 11 Petition Date: August 10, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtors' Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

                        Scheduled Assets    Scheduled Liabilities
                        ----------------    ---------------------
Gulfcoast Trust           US$5,481,481          US$104,488,378
Gulfcoast Trust XIV                 $0             $51,744,301

The petitions were signed by Michael J. Scarfia, trustee.

Affiliates that previously sought Chapter 11 protection:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
MJS Las Croabas Properties, Inc.       12-05710   07/19/12
Sabana del Palmar, Inc.                12-06177   08/05/12

A. Gulfcoast Irrevocable's List of Its Nine Largest Unsecured
Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
FDIC/Real Estate Capital           Guarantor        US$32,002,112
Key Bank
11501 Outlook St., Suite
Overlands, KS 66211

FDIC/Real Estate Capital           Guarantor          $20,452,186
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

FDIC/Real Estate Capital           Guarantor          $16,887,089
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

FDIC/Real Estate Capital           Guarantor          $14,653,274
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

Banco Popular De PR                Guarantor          $11,490,783
P.O. Box 362708
San Juan, PR 00936-2708

FDIC/Real Estate Capital           Guarantor          $9,002,934
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

Internal Revenue Service           Taxes, Interest    $0
                                   & Penalties

Department of Treasury of PR       Taxes, Interest    $0
                                   & Penalties

CRIM                               Taxes, Interest    $0
                                   & Penalties

B. Gulfcoast Irrevocable Trust XIV's List of Its Six Largest
Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
FDIC/Real Estate Capital           Guarantor          $20,203,938
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

FDIC/Real Estate Capital           Guarantor          $16,887,089
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

FDIC/Real Estate Capital           Guarantor          $14,653,274
Key Bank
11501 Outlook St., Suite
Overland, KS 66211

Internal Revenue Service           Taxes, Interest    $0
                                   & Penalties

Department of Treasury of PR       Taxes, Interest    $0
                                   & Penalties

CRIM                               Taxes, Interest    $0
                                   & Penalties


PONCE DE LEON: Cash Collateral Access Approved Until Sept. 25
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico extended
Ponce De Leon 1403 Inc.'s authorization to use cash collateral of
secured creditor PRLP 2011 Holdings, LLC, until the plan
confirmation hearing, which is scheduled for Sept. 25, 2012.

The Debtor, in its motion, requested for a permanent order
authorizing use of cash collateral in the ordinary course of
business; and an order granting replacement liens on the Debtor's
assets in favor of PRLP as adequate protection.  The Debtor would
use the funds to continue its business operations.

As adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant the lender adequate
protection liens on all property of the Debtor's estate.

At a hearing held on June 19, the Court also found that payment to
PRLP of 70% of the sale of individual condominium units
constitutes adequate protection.

PRLP had objected to the cash collateral use, noting among other
things that there is lack of evidence of any alleged "equity
cushion."

The Debtor also filed a pleading requesting that the Court amend
the interim order in order to reflect that the amount owed to PRLP
as of the Petition Date was $14,600,000, not $45,000,000.  The
Debtor explained that the amount of $45,000,000 related to the
original construction loan for the project that began in 2005.

                      About Ponce De Leon

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

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

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

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



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


BANK OF NOVA SCOTIA: To Close Highgate Branch on Sept. 21
---------------------------------------------------------
RJR News reports that Bank of Nova Scotia Jamaica will close its
Highgate branch in St. Mary on Sept. 21 after 42 years in
operations.

BNS says the closure is part of the Scotia Group's ongoing
strategy to improve operational efficiency, according to RJR News.
The report relates that customers of the Highgate branch will be
advised through the mail of the options available to transact
their banking business.

BNS Executive Vice President for Retail Banking Wayne Powell said
that the bank will take steps to ensure that customers experience
a smooth transition to a Scotiabank branch of their choice, RJR
News notes.

The report relates that the nearest Scotiabank branch to Highgate
is located on Warner Street in Port Maria.

Meanwhile, the report says that Mr. Powell said that BNS will
facilitate the re-deployment of staff at the Highgate branch to
other areas of the Group.

The closure of the branch will bring the number of Scotiabank
branches islandwide to 38, RJR News adds.

The bank says no additional branch closures are scheduled at this
time.


DIGICEL GROUP: Jamaica Unit Taps Andy Thorburn as New CEO
---------------------------------------------------------
RJR News reports that Digicel Group Limited appointed Andy
Thorburn to replace Mark Linehan as chief executive officer of
Digicel Jamaica.

Mr. Linehan, who has been with Digicel's Jamaica operations for
the past four years, will go to St Lucia to take up the role as
Regional CEO for the Eastern Caribbean South, according to RJR
News.  The report relates that that will give him overall
responsibility for St Lucia, Grenada and St Vincent and the
Grenadines.

RJR News says that Mr. Linehan will however remain in Jamaica
until the end of this month to ensure a smooth transition to Mr.
Thorburn.

                      About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.  Digicel is based in Jamaica.
It has operations in 31 markets worldwide.  Its Caribbean and
Central American markets comprise Anguilla, Antigua & Barbuda,
Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos.  The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.

                      *     *     *

As of June 25, 2012, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


* JAMAICA: Number of Unemployment Increases, STATIN Says
--------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica, STATIN
says the jobless rate in Jamaica rose in April.

Unemployment in the month was measured at 14.3% as 2,700 people
lost jobs from the January level, according to RJR News.  The
report relates that the job losses increased the number of
unemployed people in Jamaica to 180 thousand.

RJR News notes that STATIN said many of the job losses occurred
among Service Workers and Shop & Market Sales workers.

Despite job losses, Professionals, Senior Officials and
Technicians found more employment between January and April, RJR
News discloses.

RJR News notes that at the end of April, of a Labor Force of over
1.26 million, just fewer than 1.1 million people were working.



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


AXTEL SAB: S&P Cuts Issuer Credit Rating to 'CCC+'; Outlook Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit and senior unsecured ratings on Axtel S.A.B de C.V. to
'CCC+' from 'B-'. The recovery rating of '3' on the notes,
indicating the expectation of meaningful 50%-70% recovery in the
event of payment default, remains unchanged. The outlook is
negative.

"The downgrade reflects our concerns regarding Axtel's liquidity,
which we now assess as weak, especially its ability to meet its
2013 coupon payments and higher-than-expected working capital
needs from payments due from government and its still high, though
decreasing, capital expenditures. The company has narrow covenant
headroom, which it has already amended. We believe Axtel could
need another amendment to its revolving credit facility in the
near term, if EBITDA further deteriorates or if the Mexican peso
continues to depreciate," S&P said.

"The downgrade also reflects Axtel's weak financial performance
during the second quarter of 2012. Top line continues to suffer
from lower international traffic segment revenues due to pricing
pressures from tough competition. The outlook on prices and volume
for this segment is uncertain and could further erode the
company's EBITDA," S&P said.


BANCO REGIONAL: Moody's Affirms D+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Banco Regional de Monterrey,
S.A., Institucion de Banca Multiple, BanRegio Grupo Financiero's
(BanRegio) standalone financial strength rating (BFSR) of D+,
which maps to a standalone credit assessment (BCA) of ba1, long
term local and foreign currency deposit ratings of Baa3, and short
term local and foreign currency deposit ratings of Prime-3.

Moody's also affirmed AF BanRegio, S.A. de C.V., SOFOM, Entidad
Regulada, BanRegio Grupo Financiero's (AF BanRegio) long term
local currency issuer rating of Baa3, short term local currency
issuer rating of Prime-3, and short term local currency debt
rating (P)Prime-3.

At the same time, Moody's de Mexico affirmed BanRegio's long/short
term Mexican National Scale deposit ratings of Aa3.mx/MX-1 and AF
BanRegio's long/short term Mexican National Scale issuer ratings
of Aa3.mx/MX-1 and short term Mexican National Scale debt program
rating of MX-1.

Ratings Rationale

In affirming BanRegio's ratings, Moody's noted the bank's long
track record and expertise in lending to small and medium sized
companies (SMEs) within the northeastern Mexican states of Nuevo
Leon, Coahuila, and Tamaulipas, which along with a broad branch-
based retail funding mix, and focus on profitability have allowed
it to maintain ample net interest margins and improve its core
profitability in the face of strong competition from much larger
and more diversified peers with a national presence. BanRegio
holds notable market shares of 10% of deposits and 8% of loans in
the Northeast, according to the annual report of its holding
company, BanRegio Grupo Financiero, S.A.B. de C.V. (BanRegio GF),
despite its very limited national market shares.

BanRegio has also maintained relatively stable asset quality
ratios, especially when taking into consideration the inherently
high risk nature of its customer base through prudent credit
policies and close knowledge of its clients. BanRegio presents
good overall asset quality metrics with a past due loan ratio of
1.9% as of 30 June 2012. The bank's loan loss reserve coverage of
past due loans of 164% and stable Tier 1 capital ratio of 15.1%
together with earnings offer a good cushion against unexpected
losses.

Moody's noted that BanRegio's standalone rating is limited by its
vigorous expansion and a larger retail portfolio, coupled with
notable related-party exposures and single borrower concentrations
that, though within the Mexican median, expose the bank to the
risk of rapid asset quality deterioration.

While BanRegio's diversification strategy is adding volume and
market presence to the bank's franchise, the new portfolios of
SMEs and car financing are yet to season, and may therefore lead
to unexpected delinquencies and higher provisioning costs. In the
last three years, BanRegio's loan growth has averaged 25%,
including branch expansion in more southern states and the
purchase of two retail auto finance portfolios.

Upward movement in the bank's ratings would therefore hinge on the
sustainability of improvements in core profitability and operating
efficiency as well as maintenance of adequate asset quality and
capital metrics, said Moody's.

Moody's local currency deposit rating of Baa3 for BanRegio is
based on the bank's standalone BCA of ba1 and incorporates one
notch of uplift based on Moody's assessment of potential systemic
support by the Mexican government if needed. Moody's assessment of
the probability of systemic support considers BanRegio's notable
deposit franchise in the Northeast.

Headquartered in San Pedro Garza Garcˇa, Nuevo Leon, BanRegio was
the 12th largest bank in Mexico in terms of total loans as of 30
June 2012. The bank reported total assets of Mx$63.1 billion,
loans of Mx$30.1 billion, deposits of Mx$26.4 billion, and
shareholders' equity of Mx$5.1 billion.

Ratings of AF BANREGIO, S.A. de C.V., SOFOM, E.R.

Moody's also affirmed the local currency issuer rating of Baa3
assigned to AF BanRegio in line with the affirmation of the bank's
Baa3 rating. AF BanRegio's issuer ratings are based on the leasing
company's standalone credit profile of B1 and Moody's assessment
of full support from BanRegio through BanRegio GF. Both AF
BanRegio and BanRegio are wholly-owned subsidiaries of BanRegio
GF, wherein BanRegio is the main source of earnings of the
regulated holding group and thus the main source of expected
support to the group's subsidiaries in accordance with local
banking regulations. In fact, AF BanRegio is a leasing company
that complements BanRegio's offerings of financial products with
financial and operating leases mainly for fleet financing for
SMEs.

The standalone credit profile of B1 reflects the leasing company's
earnings generation and well managed asset quality and
capitalization. The standalone rating is constrained by the
company's monoline business, high client concentrations, and
developing independent funding structure currently comprised
mainly of short term debt issued in the local market.

Headquartered in Monterrey, Nuevo Leon, AF BanRegio reported total
assets of Mx$6.6 billion, gross loans of Mx$4.7 billion, operating
leases of Mx$1.8 billion, and shareholders' equity of Mx$1.4
billion, as of June 30, 2012.

The principal methodologies used in these ratings were "Moody's
Consolidated Global Bank Rating Methodology" published in June
2012, "Mapping Moody's National Scale Ratings to Global Scale
Ratings" published in March 2011 and "Finance Company Global
Rating Methodology" published in March 2012.

The date of the last Credit Rating Action was Jan. 21, 2011, when
Moody's affirmed BanRegio's ratings and assigned a (P)P-3 rating
to AF BanRegio's proposed debt program expansion.

The following ratings were affirmed:

BanRegio

- Standalone financial strength rating of D+

- Long term local currency deposit rating of Baa3

- Short term local currency deposit rating of Prime-3

- Long term foreign currency deposit rating of Baa3

- Short term foreign currency deposit rating of Prime-3

- Long term Mexican National Scale deposit rating of Aa3.mx

- Short term Mexican National Scale deposit rating of MX-1

AF BanRegio

- Long term local currency issuer rating of Baa3

- Short term local currency issuer rating of Prime-3

- Long term Mexican National Scale issuer rating of Aa3.mx

- Short term Mexican National Scale issuer rating of MX-1

- Short term local currency debt program rating of (P)Prime-3

- Short term Mexican National Scale debt program rating of MX-1


CORPORACION PESQUERA: S&P Assigns 'B+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' global scale,
long-term corporate credit rating to Corporacion Pesquera Inca
S.A.C. (Copeinca). "At the same time, we assigned our 'B+' issue-
level rating to its existing $175 million bonds due 2017. The
outlook is stable," S&P said.

"In our view, Copeinca's 'weak' business risk profile reflects its
operations only in Peru, the anchoveta specie accounting for 98%
of its sales, the commodity-oriented pricing of anchoveta
byproducts, and stringent regulations. Additionally, ratings
reflect the fishing activity's exposure to weather conditions and
cyclical demand, and limits on the company's export-oriented
sales due to trade barriers. The limited scale of Copeinca also
constrains a higher rating," S&P said.

"Partly offsetting the negatives are the company's favorable
geographic location in terms of availability of fish and its long-
track record in the fishing activity, its important role in
fishmeal and fish oil global trade, the growing consumption of
anchoveta byproducts for nutrition and animal feed, and
anchoveta's favorable pricing outlook. While global fishmeal and
fish oil supply is limited due to the anchoveta's natural
reproduction and to regulatory limits, demand--mainly from China--
has been growing at high-single digits annually. This is due to
the higher consumption of fish and demand for products with high
content of omega3," S&P said.


URBI DESARROLLOS: S&P Lowers Corporate Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global corporate
credit rating on Urbi Desarrollos Urbanos S.A.B. de C.V. (Urbi) to
'B' from 'B+'. "We also lowered the issue rating on its notes to
'B' from 'B+'. The recovery rating on the notes remains at '3',
indicating our expectation of meaningful (50% to 70%) recovery for
debtholders in the event of a payment default," S&P said.

"The downgrade reflects the rapid deterioration of the company's
financial performance during the second quarter of 2012 because of
high working-capital requirements," said Standard & Poor's credit
analyst Fernanda Hernandez.

Standard & Poor's ratings on Urbi reflect the company's aggressive
financial policy and commercial strategies, high working-capital
requirements, and "less than adequate" liquidity. The ratings also
reflect the concentration of mortgage originations from Infonavit
and Fovissste, involving certain political risk inherent to those
institutions. Urbi's operating efficiency and flexibility,
geographic and product diversification, and position as one of
the largest homebuilders in Mexico counterbalance these factors.

"The stable outlook reflects our expectation that Urbi's
performance will weaken during the next 18 months and that the
company might be able to post tangible recovery starting in 2014.
We expect the company's operating performance to continue to be
limited by market conditions, including funding availability for
nonaffiliated workers. We could lower the rating again if the
company faces further liquidity constraints arising from an
imperative refinancing risk that might increase its leverage to
above 6.5x. We could take a positive rating action if URBI's
credit quality improves as a result of strategies that to be put
in place during the next few quarters, together with continuous
positive free operating cash flow generation and a clear leverage
reduction trend," S&P said.



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


CARIBBEAN AIRLINES: Gets 3rd New Aircraft, Six More to Come
-----------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is expected to
take delivery of its third new plane soon.

Discussions on the payment for the aircraft are ongoing and are
expected to be finalized, according to RJR News.

The report relates that the other six aircraft are slated to be
delivered on a monthly basis, similar to the original arrangement,
however it appears that there are some difficulties surrounding
the sourcing of cash to pay for each plane before delivery.

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

                          *     *     *

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



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


* VENEZUELA: S&P Affirms 'B+/B' Sovereign Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' foreign and
local currency sovereign credit ratings on the Bolivarian Republic
of Venezuela. The outlook remains stable. "Our 'B+' transfer and
convertibility assessment and '4' recovery rating remain
unchanged," S&P said.

"The ratings on Venezuela are constrained by political factors and
are supported by the sovereign's strong external and fiscal
positions. An unpredictable legal framework, price and exchange
controls, and other distorting economic measures continue to
weaken Venezuela's domestic economy," said Standard & Poor's
credit analyst Roberto Sifon-arevalo. "Frequent nationalizations
of private-sector entities have added to policy uncertainty,
undermined private-sector investment, and hurt productivity."

"In addition, the deterioration of President Chavez's health--he
underwent cancer treatment during 2012--adds more uncertainty to
the political environment," S&P said.

"The country's vast oil and gas reserves, which are key positives
to external and fiscal performance, offset the policy uncertainty.
Venezuela regularly posts current account surpluses, and with
foreign exchange controls constraining capital outflows, the
government still has a modest net external asset position," said
Mr. Sifon-arevalo. "We expect a current account surplus of 10% of
GDP in 2012, up slightly from 9% of GDP in 2011."

"After contracting by almost 6% from 2008-2010, real GDP grew 4.2%
in 2011, and we expect it to grow another 5% in 2012, supported by
strong public and private consumption. That said, we expect GDP
growth to decelerate to only 1.5% in 2013 after the fiscal
stimulus of the presidential campaign wears off," S&P said.

"The stable outlook reflects the risks associated with
interventionist government policies, their negative impact on
investment and growth prospects, and the uncertainties related to
the health of the president. The outlook also reflects Venezuela's
still-robust fiscal and external positions. However, a disorderly
transition after the upcoming elections or a significant oil price
decline over an extended period (without compensating policy
measures) would hurt Venezuela's fiscal and external indicators
and could lead to a downgrade. Alternatively, we could consider
raising the ratings if the government is able to stabilize prices
and adopt policies that better support investment and growth," S&P
said.



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