TCRLA_Public/120820.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 20, 2012, Vol. 13, No. 165


                            Headlines



A R G E N T I N A

COMPANIA SUD AMERICANA: S&P Affirms 'B-' Issuer Credit Rating


B E L I Z E

* BELIZE: Unable to Make Payment on US Dollar Step-Up Bond


B E R M U D A

WHITE & SONS: Southside & Hayward Stores In Receivership


B R A Z I L

BANCO CRUZEIRO: Moody's Cuts Long-Term Deposit Ratings to 'Ca'


C A Y M A N   I S L A N D S

ASIAN OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 30
CLIPPER INVESTMENTS: Shareholder to Hear Report on Sept. 3
FIELD POINT II: Shareholders' Final Meeting Set for Aug. 31
FIELD POINT IV: Shareholders' Final Meeting Set for Aug. 31
GOLDINVEST LIMITED: Shareholders Receive Wind-Up Report

IVY LANE: Shareholders' Final Meeting Set for Aug. 31
MAN ASIAN: Members Receive Wind-Up Report
NEW LAKE 17: Shareholders' Final Meeting Set for Aug. 31
S1 NOTES: Members' Final Meeting Set for Aug. 27
SKYLGE LTD: Shareholders' Final Meeting Set for Aug. 31


X X X X X X X X

* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2012


                            - - - - -


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


COMPANIA SUD AMERICANA: S&P Affirms 'B-' Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Compania Sud Americana de Vapores (CSAV). The outlook remains
stable.

"The rating affirmation reflects our expectation that the company
will return to positive results in the second half of 2012, which
will partly reduce, but not entirely reverse, the operating losses
in the first half of the year. As a result, we project CSAV to
report negative EBITDA for 2012 and $90 million in 2013
(unadjusted)," S&P said.

"The stable outlook assumes that the turnaround process and
improving industry conditions will allow CSAV to return to
profitability in the second half of 2012, substantially reducing
its cash deficits. We could lower the ratings if industry
conditions do not continue improving as expected or even
deteriorate or if the covenant breach occurs and threatens future
financial flexibility. Although the rating is subject to change
due to the volatile industry conditions, an upgrade is not likely
in the short term. In order for an upgrade to occur, the company's
financial performance and flexibility would have to significantly
improve," S&P said.



===========
B E L I Z E
===========


* BELIZE: Unable to Make Payment on US Dollar Step-Up Bond
----------------------------------------------------------
Dean Barrow at RJR News reports that the government of Belize said
it is unable to make an Aug. 20, 2012, coupon payment on the
country's US dollar Step-Up Bonds due 2029.

The amount due to be paid on August 20 is $23 million on its
$546.8 million bonds due 2029, according to RJR News.

The report notes that Prime Minister of Belize and Minister of
Finance and Economic Development Dean Barrow said the Step-Up Bond
alone represents approximately one-half of Belize's total recorded
public indebtedness.

This sets up a potential default if the country is not able to
restructure its debt, the report notes.

RJR News says that following the announcement, Standard & Poor's
Ratings Services said it lowered its long-term foreign currency
sovereign credit rating on Belize to 'CC' from 'CCC-'.

The interest rate steps up to 8.5% on the accrued interest due
this month, the report adds.



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


WHITE & SONS: Southside & Hayward Stores In Receivership
--------------------------------------------------------
Don Burgees at BDA SUN News reports that White & Son's Southside
and Hayward's is now under receivership.

The company now has all three stores in liquidation after the
Supreme Court appointed KPMG Advisory Limited to close out White's
at Southside and Hayward's, according to BDA SUN News.

BDA SUN News relates that KPMG's Mike Morrison --
mmorrison@kpmg.bm -- and Charles Thresh -- ctresh@kpmg.com -- were
appointed as Joint Provisional Liquidators (JPL) of the two
stores.

The report notes that KPMG was appointed liquidator of the main
White's store in Warwick and ran a sale on Aug. 15 to 16 to sell
off the stock.

KPMG said the JPLs are currently assessing a variety of options,
including continuing to operate the businesses while a potential
sale of the businesses is explored, BDA SUN News notes.



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


BANCO CRUZEIRO: Moody's Cuts Long-Term Deposit Ratings to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local and foreign currency deposit ratings of Banco Cruzeiro do
Sul S.A. (BCSul) to Ca, from Caa1, and lowered the bank's foreign
currency senior and subordinated debt ratings to Ca and C,
respectively, from Caa1 and Caa2. At the same time Moody's lowered
the bank's long-term Brazilian national scale deposit rating to
Ca.br from Caa.br. The outlook on these ratings remains negative.
The E bank financial strength rating (BFSR) assigned to BCSul was
affirmed with a stable outlook, however, the standalone baseline
credit assessment (BCA) was lowered to ca from caa1.

The rating actions follow the announcement of the tender offer by
the bank's administrator, Fundo Garantidor de Credito (FGC, the
Brazilian deposit insurance corporation) to purchase all of
BCSul's outstanding debt securities totaling approximately BRL5.66
billion subject to discounts ranging from 39% to 74% of their
nominal value depending on (i) the maturity of each series of
outstanding debt, (ii) the size and relevance to the liabilities
of BCSul, and (iii) their seniority.

The following ratings were downgraded and remain with negative
outlook:

Long-term global local currency deposit rating: to Ca from Caa1

Long-term foreign currency deposit rating: to Ca from Caa1

Long-term foreign currency senior unsecured debt rating: to Ca
from Caa1

Long-term foreign currency subordinated debt rating: to C from
Caa2

Long-term foreign currency senior unsecured debt program rating:
to (P)Ca from (P)Caa1

Long-term foreign currency subordinated debt program rating: to
(P)C from (P)Caa2

Long-term Brazilian national scale deposit rating: to Ca.br from
Caa1.br

The following ratings remained unchanged:

Bank Financial Strength Rating: E, with stable outlook

Short-term global local currency deposit rating: Not Prime

Short-term foreign currency deposit rating: Not Prime

Short-term foreign currency debt program rating: (P)Not Prime

Short-term Brazilian national scale deposit rating: BR-4

Rating Rationale

Moody's notes that the downgrade of BCSul's global local currency
deposit and senior debt ratings to Ca from Caa1 reflects the
proposed discount on all the bank's uninsured deposits and
unsecured debt obligations averaging 49.3% of their nominal value.
The lowering of the standalone baseline credit assessment
incorporates Moody's view of the bank's highly speculative
standalone financial strength and negative equity, as well as
uncertainties related to its recapitalization and potential
liquidation should the tender offer not be successful. The
downgrade to C from Caa2 of the bank's subordinated debt
obligations reflect the higher discount assigned to those
obligations relative to senior debt of up to 74% of their nominal
value.

The continuing negative outlook on the ratings reflects the
uncertainty regarding the ultimate recovery value of the
securities if the tender offer is not accepted by the required 90%
of creditors and depositors by September 12 and/or if a qualified
buyer of the bank is not identified.

Since June 4, 2012, BCSul has been administered by the FGC under a
Temporary Special Management Regime decreed by the Brazilian
Central Bank which entailed the intervention and replacement of
management because of accounting irregularities and regulatory
violations. On August 15, 2012, the FGC published a Special
Opening Balance Sheet as of June 4, 2012, which presents a
negative equity position of BRL2.237 billion after adjustments of
BRL3.11 billion largely related to non-existent assets,
insufficient provisions for loan losses and contingencies, and the
reversal of profits on repurchased loans. According to the
Material Fact also published on August 15, once the bank's debts
are restructured, the FGC expects to sell the bank to an eligible
buyer contingent upon an initial capitalization that allows BCSul
to meet Basel requirements.

The last rating action on Banco Cruzeiro do Sul took place on June
5, 2012, when Moody's downgraded the bank financial strength
rating to E from E+, both local and foreign currency deposit
ratings to Caa1 from Ba3, as well as the foreign currency senior
unsecured and subordinated debt ratings to Caa1 and Caa2,
respectively. The long-term Brazilian national scale rating was
also downgraded to Caa1.br. The outlook on the ratings remained
negative.

Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil
and had total unconsolidated assets of BRL9.48 billion (US$4.67
billion) and negative shareholders' equity of BRL2.24 billion
(US$1.1 billion) as of June 4, 2012 per the Special Opening
Balance Sheet published by FGC.



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


ASIAN OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 30
--------------------------------------------------------------
The shareholders of Asian Opportunity Fund 1998 - I will hold
their final meeting on Aug. 30, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rainier Hok Chung Lam
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CLIPPER INVESTMENTS: Shareholder to Hear Report on Sept. 3
----------------------------------------------------------
The shareholder of Clipper Investments Limited will receive on
Sept. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626


FIELD POINT II: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------------
The shareholders of Field Point II, Ltd. will hold their final
meeting on Aug. 31, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FIELD POINT IV: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------------
The shareholders of Field Point IV, Ltd. will hold their final
meeting on Aug. 31, 2012, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GOLDINVEST LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Goldinvest Limited 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


IVY LANE: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------
The shareholders of Ivy Lane CDO, Ltd. will hold their final
meeting on Aug. 31, 2012, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MAN ASIAN: Members Receive Wind-Up Report
-----------------------------------------
The members of Man Asian Multi-Strategies (Master) Limited
received on July 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEW LAKE 17: Shareholders' Final Meeting Set for Aug. 31
--------------------------------------------------------
The shareholders of New Lake 17 Ltd. will hold their final meeting
on Aug. 31, 2012, at 12:15 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


S1 NOTES: Members' Final Meeting Set for Aug. 27
------------------------------------------------
The members of S1 Notes Limited will hold their final meeting on
Aug. 27, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------
The shareholders of Skylge Ltd. will hold their final meeting on
Aug. 31, 2012, at 12:30 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



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


* BOND PRICING: For the Week Aug. 13 to Aug. 17, 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.

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                   * * * End of Transmission * * *