TCRLA_Public/120821.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 21, 2012, Vol. 13, No. 166


                            Headlines



A R G E N T I N A

BANCO DE SERVICIOS: Moody's Assigns B3 Rating to AR$75MM Issuance
SUPERVIELLE PERSONALES 6: Moody's Rates ARS5.48MM Certs. 'Ca.ar'


B R A Z I L

CYRELA BRAZIL: Moody's Assigns Ba2 Rating to BRL400MM Debentures
MARFRIG ALIMENTOS: Moody's Cuts Ratings on Sr. Unsec. Notes to B2
MILLS ESTRUTURAS: Moody's Rates BRL200-Mil. Sr. Debentures 'Ba2'


C A Y M A N   I S L A N D S

MSGI CHINA II: Shareholders to Hear Wind-Up Report on Aug. 21
MSGI CHINA IV: Shareholders to Hear Wind-Up Report on Aug. 21
MSGI CHINA VI: Shareholders to Hear Wind-Up Report on Aug. 21
MSGI CHINA VII: Shareholders to Hear Wind-Up Report on Aug. 21
MSGI CHINA VIII: Shareholders to Hear Wind-Up Report on Aug. 21

MSR EXODUS: Shareholders to Hear Wind-Up Report on Aug. 21
NORTHUMBERLAND: Shareholders to Hear Wind-Up Report on Aug. 28
QUANTUM PACIFIC: Shareholder to Receive Wind-Up Report on Aug. 21
ROC OIL (CASAMANCE): Shareholder to Hear Report on Sept. 6
ROC OIL (MABOQUE): Shareholder to Hear Wind-Up Report on Sept. 6

SAKELLI INVESTMENT: Members to Hear Wind-Up Report on Aug. 21
SIRE PARTNERS II: Shareholder to Get Wind-Up Report on Aug. 21


G R E N A D A

LIAT LIMITED: Reinstates Barbados - Grenada Flights


P E R U

* LIMA: Moody's Upgrades Issuer Rating From 'Ba1'


T R I N I D A D  &  T O B A G O


CARIBBEAN AIR: Gets New Planes, to Increase Domestic Arm


X X X X X X X X

* Nobina Pushes 2012 Global Default Tally to 52 Issuers
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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BANCO DE SERVICIOS: Moody's Assigns B3 Rating to AR$75MM Issuance
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 global local-currency debt
rating to the expected third issuance of Banco de Servicios y
Transacciones S.A. (BST) up to the amount of Ar$75 million, which
will be due in 21 months. At the same time, Moody's Latin America
assigned an A2.ar national scale local currency debt rating to
BST's issuance.

The following ratings were assigned to Banco de Servicios y
Transacciones S.A.'s issuance:

  AR$75 million senior unsecured debt issuance:

  B3 Global Local Currency Debt Rating

  A2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from BST's B3 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

Banco de Servicios y Transacciones S.A. is headquartered in Buenos
Aires, Argentina, and reported Ar$1.797 billion of total assets
and Ar$142 million of shareholders' equity as of June 30, 2012.


SUPERVIELLE PERSONALES 6: Moody's Rates ARS5.48MM Certs. 'Ca.ar'
----------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero Supervielle Personales
6, using the updated structure. This transaction will be issued by
Deutsche Bank (Argentina) S.A. -- acting solely in its capacity as
Issuer and Trustee.

Moody's notes that as of August 17, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

Moody's has withdrawn the ratings of the Class C Fixed Rate Debt
Securities and Certificates because the liability structure of the
transaction has changed before issuance and as a result the rating
of the Class C Fixed Rate Debt Securities and Certificates tranche
will change. Moody's has assigned new ratings to these tranches as
follows.

- ARS65,778,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Personales 6", affirmed at
   Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
   Scale, Local Currency) previously assigned on July 19th 2012

- ARS30,696,400 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Personales 6", affirmed at
   Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
   Scale, Local Currency) previously assigned on July 19th 2012

- ARS7,674,100 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Personales 6", ratings of
   Caa3.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global
   Scale, Local Currency) withdrawn; previously rated on July 19th
   2012; new ratings assigned of Ca.ar (sf) (Argentine National
   Scale) and Ca (sf) (Global Scale, Local Currency)

- ARS5,481,500 in Certificates of "Fideicomiso Financiero
   Supervielle Personales 6", ratings of Ca.ar (sf) (Argentine
   National Scale) and Ca (sf) (Global Scale, Local Currency)
   withdrawn; previously rated on July 19th 2012; new ratings
   assigned of C.ar (sf) (Argentine National Scale) and C (sf)
   (Global Scale, Local Currency)

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 10,230 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS109,632,943,12.

Overall credit enhancement is comprised of subordination: 40% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Debt Securities. In
addition the transaction benefits from various reserve funds and
excess spread.

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

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

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults (base default assumption) as
follows: (a) on the "Plan Sueldo" loans a minimum of 10%, a most
likely of 20% and a maximum of 30%, and (b) on the "Renta Alta"
loans, a minimum of 7%, a most likely of 12% and a maximum of 22%.
Moody's assumed a triangular distribution for prepayments with a
minimum of 10% a most likely of 15% and a maximum of 20%. These
assumptions are derived from the historical performance to date of
the Supervielle pools. Servicer default was modeled by simulating
the default of Banco Supervielle as the servicer consistent with
its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points compared with the base
default assumption for the "Renta Alta" loans and 30 percentage
points for the "Plan Sueldo" loans

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 2.12% for Class B Floating Rate Debt
Securities, a 46.22% for the Class C Fixed Rate Debt Securities
and 74.60% expected loss for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool, the ratings of the Class B
and Class C would be downgraded to B1 (sf) and C (sf)
respectively.

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

The main source of uncertainty for this transaction is the level
of delinquency of the loans assigned to the trust. A worsening in
macroeconomic conditions such as an increase in unemployment could
increase the losses of the pool, especially in the "Plan Sueldo"
loans. Also, the level of delinquency is correlated with Banco
Supervielle's ability to retain customers with "Cuenta Sueldo";
the loss of such a customer is usually followed by a rise in
delinquencies. This last factor is mitigated by commercial
agreements that tend to retain customers in the bank.



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B R A Z I L
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CYRELA BRAZIL: Moody's Assigns Ba2 Rating to BRL400MM Debentures
----------------------------------------------------------------
Moody's America Latina assigned a Ba2 rating on the global scale
and Aa2.br rating on the Brazilian National scale to the BRL400
million senior unsecured debentures issuance proposed by Cyrela
Brazil Realty S.A. Empreendimentos e Participacoes (Cyrela) with
final maturity in 2017. At the same time, Moody's affirmed
Cyrela's corporate family ratings and the ratings assigned to its
other outstanding debt issues at Ba2/Aa2.br. The outlook for all
ratings is stable.

The issue is being offered under CVM's Regulation 476 with a firm
underwriting commitment for the whole amount from the arranging
bank Caixa Economica Federal (CEF). The proceeds will be used to
repay Cyrela's short-term debt maturities.

Ratings assigned:

- BRL400 million senior unsecured debentures due in 2017: Ba2
   (global scale); Aa2.br (national scale).

Ratings affirmed:

- Corporate Family Ratings: Ba2 (global scale); Aa2.br (national
   scale);

- BRL400 million senior unsecured debentures with final maturity
   in 2016: Ba2 (global scale); Aa2.br (national scale);

- BRL300 million senior secured CCB with final maturity in 2017:
   Ba2 (global scale); Aa2.br (national scale).

Ratings Rationale

Cyrela's Ba2 rating reflects its position as one of the largest
homebuilders in Brazil with a strong brand name and good diversity
in terms of product offering and geographic locations, as well as
an experienced and conservative management team. The long track
record of Cyrela's operations in the Brazilian homebuilding sector
since 1962 and its good access to capital due to a large base of
unencumbered assets further support the ratings.

The Ba2 rating also takes into consideration the company's
adequate liquidity position as of June 30, 2012 that includes an
outstanding cash balance of around BRL1.6 billion, around BRL1.9
billion in receivables from finished units and R$ 7.5 billion bank
facilities approved and non-used under the Sistema Financeiro
Nacional (SFH) to finance the construction of all the projects
already launched by the company. The Brazilian homebuilding
industry benefits from significant government support on the
construction financing, large pent-up demand, increasing mortgage
financing for homebuyers and the ongoing decline in the country's
interest rate.

On the other hand, these positive factors are balanced by Cyrela's
focus on the high-rise residential construction. The high-rise
segment typically has long construction periods that exceeds two
years, which pressures working capital and free cash flow. The
rating is also constrained by Cyrela's exposure to cost overruns
due to long construction cycles, higher than expected inflation
and other pressures in construction costs. The risks associated
with Cyrela's large working capital needs are somewhat mitigated
by the company's successful strategy of acquiring most of its land
through swap agreements that involve no cash disbursement. By the
end of June 2012, 80% of Cyrela's land bank had been acquired
through such agreements. Cyrela's large size and brand name
recognition provide it with economies of scale and strong
bargaining power in the purchase of raw materials from suppliers
and land, as well as in the hiring of services from third parties

During the first semester of this year, Cyrela's pre-sales totaled
BRL2.5 billion, representing 36.7% of the 2012 low-end guidance.
The company launched 24 projects amounting BRL2.0 billion, down
29.5% from 1H11. The launches are located mainly in Sao Paulo and
Rio de Janeiro regions, which is in line with company strategy of
prioritizing the markets where Cyrela has a stronger presence.
Despite the growth slowdown, sales speed remains above 50% (51.6%
in the last twelve months ended June 2012) as a result of
improvements in the company's selling strategies. These
developments reflected in a positive Free Cash Flow (FCF) of BRL56
million in the last twelve months, or 1.2% of the total gross debt
as of June 30 2012.

Given the high volume of projects launched by the company after
its IPO in 2005 and according to the company's most recent project
delivery schedule, Moody's expects Cyrela to start generating
higher volumes of internal cash going forward. Free cash flow
(FCF) is likely to continue the positive trend since a large
number of projects launched in 2007 and 2008 will be delivered to
their buyers and converted into cash over the next 12 months.
Moody's projections assume that the company will use part of this
cash to build a stronger liquidity cushion to more comfortably
face an eventual downturn in the homebuilding industry or to pay
down part of its corporate debt unrelated to construction, and
deleverage its balance sheet.

At the end of June, Cyrela had around BRL1.6 billion in cash and
marketable securities on its balance sheet compared to BRL1.3
billion in short term debt maturities. Working capital needs
amounted BRL0.6 billion in the last 12 months ended June 2012. The
level of cash available is relatively low since Cyrela does not
have any committed credit facilities, but the considerable amount
of SFH lines the company has should be sufficient to finance the
construction of all the projects already launched by the company.
SFH loans are linked to the construction of a specific project and
are extinguished once the keys are delivered to the homebuyers. At
the end of June 2012, 74% of ST debt (BRL984 million) was linked
to SFH lines.

Early this week, the company announced a share buy-back program of
approximately 5.0% of total outstanding shares, which may
represent a cash disbursement of approximately BRL350 million
during the next twelve months. However, the program should not
affect Cyrela's ratings at this time as the company has sufficient
liquidity. Nevertheless Moody's expects the company to balance its
cash outlays of the share buyback and planned dividend
distributions should the scheduled unit deliveries not monetize as
expected.

Cyrela's outstanding unsecured debentures are structurally
subordinated to its existing secured debt. Despite the structural
subordination they are rated at the same level as Cyrela's CFR
given the high proportion of unsecured debt in the overall capital
structure. In Moody's view, only 5% of Cyrela's outstanding debt
instruments can be considered senior secured, given the pledge of
receivables and real assets from construction projects under
development. This percentage is based on the company's outstanding
debt as of June 30, 2012, pro-forma with the new proposed BRL400
million senior unsecured debentures that will be used for
liability management and excluding SFH loans. SFH loans are
collateralized by specific assets and have no residual claim on
the remaining assets of the company As a result, the comfortable
level of unencumbered assets should provide good recovery for the
unsecured debt holders in case of a default.

Mortgage availability at an earlier point in the construction
cycle, which is more common in the lower income segments in which
the company is increasing its share, will be an important factor
in Cyrela's ability to reduce its investments in working capital.

The stable outlook assumes that Cyrela will maintain a comfortable
liquidity position preserving an adequate cash on its balance
sheet to face an eventual weaker economic environment and stricter
capital market conditions while executing its growth plan.

Cyrela's rating or outlook could experience upward pressure if the
company improves its cash-flow based credit metrics through
reduced working capital requirements over time. Quantitatively,
positive pressure could arise from sustainable positive cash flow
from operations, total debt/capitalization below 40% and interest
coverage (EBIT / Interest) above 6 times on a sustainable basis.

Cyrela's ratings would likely be downgraded if Total Debt to
Capitalization is sustained above mid 50% for an extended period
of time or if the company were to face a significant deterioration
in the quality of its receivables. A downgrade could also be
triggered by deterioration in Cyrela's liquidity profile due to a
reduction in the availability and timeliness of disbursements from
credit lines that the company has available with commercial banks
through the SFH. A meaningful change in the proportion of secured
versus unsecured debt or a decrease in the amount of unencumbered
assets that could be used to pay down the unsecured debentures
could also result in a downgrade of Cyrela's unsecured ratings.

The principal methodology used in rating Cyrela was the Global
Homebuilding Industry Methodology published in March 2009.

Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is
one of the largest fully integrated homebuilders in Brazil and
also one of the most diversified in terms of product offering to
different income levels and geographic regions, operating in 67
cities and 16 different states across Brazil. Cyrela had net
revenues of BRL6.5 billion (US$3.6 billion) during the last twelve
months ended June 2012.


MARFRIG ALIMENTOS: Moody's Cuts Ratings on Sr. Unsec. Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Marfrig
Alimentos S.A. to B2 from B1. The outlook is stable.

The following ratings were downgraded:

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

- US$375 million 9.625% senior unsecured guaranteed notes due
   2016: B2 (foreign currency)

- US$500 million 9.500% senior unsecured guaranteed notes due
   2020: B2 (foreign currency)

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

- US$750 million 8.375% senior unsecured guaranteed notes due
   2018: B2 (foreign currency)

- Corporate Family Rating: B2 (global scale)

Ratings Rationale

"The downgrade reflects the company's continued elevated leverage
and the recent deterioration in its liquidity, mainly due to the
concentration of short term debt payments in the second and third
quarters of 2012", said Moody's analyst Marianna Waltz. Although
current cash position is still high, amounting to BRL3 billion as
of June, and representing 98% of total short term debt, a large
proportion (BRL1.1 billion) is restricted though linked to long-
term export related debt obligation. Furthermore, as of June 2012,
the company's cash balance effectively decreased by about BRL1
billion as compared to March, if Moody's considers that the funds
related to the sale of Keystone assets were added in May 2012. In
addition, there are still about BRL1.5 billion in debt maturing
until the end of the year and another BRL2.7 billion in 2013. In
this sense, Moody's sees risk of the company reducing its
liquidity -- one of the main supporters for its ratings over the
last few years -- to cover at least part of the maturing debt.
Offsetting some of these liquidity concerns, the company holds,
through its subsidiary Keystone, a US$600 million secured
revolving long-term credit facility with 17 banks. Of this amount
about US$300 million is being used, with the balance still
available.

On the positive side, the rating is supported by the company's
diversified portfolio of products in five animal proteins (lamb,
pork, turkey, poultry and beef) and strong brands, as well as its
large geographic footprint and global distribution capabilities.
In addition, Moody's sees opportunities for the Seara brand in
Brazil related not only to the integration of assets exchanged
with Brasil Foods, but also to the suspension of certain Perdigao
products by the Anti-trust commission (CADE) for a period of three
to five years. Moody's is assuming that Brasil Foods will recover
the most of Perdigao's market share using the Sadia brand, but in
Moody's view Seara could capture a portion of it as well.

In terms of operating performance, after the recovery from the
weak 2011 levels, Moody's does not expect further improvements
over the short term. Brazilian beef operations should be benefited
by the cattle herd expansion in the country, but higher grain
prices are likely to put pressure on the poultry and pork
segments' results in the second half of the year. The company's
cash flow generation will depend largely on its ability to control
working capital. In Moody's view, the integration of assets
combined with increased grain prices could lead to higher working
capital requirements.

The rating also considers the company's high adjusted leverage,
measured by gross debt/EBITDA, at 6.4x as of June 2012, which in
part is due to the effects of BRL depreciation, since 76% of
Marfrig's total debt is USD denominated.

The stable outlook reflects Moody's view that Marfrig will be able
to keep operating margins near current levels and avoid further
significant deterioration in its liquidity over the near term.

Marfrig's rating could be downgraded if liquidity were to
deteriorate in a way that unrestricted cash position would
represent less than 80% of short term debt. Quantitatively,
downward pressure on Marfrig's B2 rating or outlook is likely if
Total Debt / EBITDA is sustained above 6.0x, EBITA to gross
interest expense falls below 1.0x or if Retained Cash Flow to Net
Debt is below 10%. All credit metrics are according to Moody's
standard adjustments and definitions.

The ratings or outlook could be upgraded if Marfrig is able to
improve liquidity and keep operating margins at least near current
levels. In addition, it would require a CFO/ Net Debt approaching
15% and a Total Debt / EBITDA of near 4.5x.

The principal methodology used in rating Marfrig was the Global
Food - Protein and Agriculture Industry Methodology published in
September 2009.

Marfrig, headquartered in Sao Paulo, Brazil, is among the leading
protein companies globally, with reported net consolidated
revenues of BRL22.4 billion (US$11.2 billion) in the 12 months
ended in June, 2012. With two main divisions, which are Seara
Foods and Marfrig Beef, the company currently has 106 beef,
poultry, pork and lamb processing plants; 14 leather industrial
units and 30 distribution centers in 22 countries. The company
processes, packages and delivers fresh, chilled and processed
beef, chicken, pork and lamb products to customers in Brazil and
abroad, with approximately 35% of global sales derived from
exports. In the past few years Marfrig has focused on non-organic
growth and made 18 acquisitions, the most important ones being Moy
Park (2008), Seara (2009) and Keystone (2010).


MILLS ESTRUTURAS: Moody's Rates BRL200-Mil. Sr. Debentures 'Ba2'
----------------------------------------------------------------
Moody's America Latina has assigned Ba2 and Aa3.br ratings to
Mills Estruturas e Servicos de Engenharia ("Mills") BRL 200
million senior unsecured debentures. Simultaneously, Moody's has
affirmed Mills' existing Ba2/Aa3.br ratings. The outlook for all
ratings is stable.

Ratings affirmed:

Mills Estruturas e Servicos de Engenharia:

- Corporate Family Rating: Ba2 (global scale); Aa3.br (Brazilian
   national scale)

- BRL270 million senior unsecured debentures: Ba2 (global scale);
   Aa3.br (Brazilian national scale)

Ratings assigned:

Mills Estruturas e Servicos de Engenharia:

- BRL200 million senior unsecured debentures: Ba2 (global scale);
   Aa3.br (Brazilian national scale)

The outlook for all ratings is stable.

Ratings Rationale

Mills' Ba2 corporate family rating incorporates its leading
position in the Brazilian concrete formwork and tubular structures
sector backed by its longstanding relationship with the major
local construction companies engaged in complex infrastructure,
commercial, industrial and residential projects, supported by the
offering of innovative solutions and updated technology based on
commercial agreements with international players. Mills has
diversified its operations into industrial services and rental of
motorized access equipment taking advantage of cross selling
opportunities to increase client loyalty. The company is well
positioned to benefit from the growth in heavy construction,
infrastructure and housing sector in Brazil, which is expected to
last several years.

The rating is also supported by Mills' strong operating margins
based on a track record of high capacity utilization, and by its
prudent financial management that includes a target leverage of
Net Debt to EBITDA of 1x, moderate dividends and a conservative
hedging policy. Mills is run by professional executives with long
experience in the industry, which potentially reduces the
company's execution risk, and has a good level of disclosure. The
recent implementation of a permanent fiscal council and the
maintenance of a human resources committee support Mills' good
governance structure.

Mills' small size relative to global peers, its high dependence on
the cyclical construction industry, and aggressive growth plans
that include capital investments of BRL256 million in 2012 causing
free cash flow to remain negative are constraining factors to the
rating, although the very short cycle of its investments provide
flexibility to efficiently react to potential slowdowns in the
construction industry.

The Ba2/Aa3.br ratings of the proposed debentures assume that the
final transaction documents will not be materially different from
draft legal documentation reviewed by Moody's to date and assume
that these agreements are legally valid, binding and enforceable.
The rating of the debentures is at the same level as the
Ba2/Aa3.br corporate family ratings based on the low level of
secured debt pro-forma for the new issuance (around 11%) and
Moody's view of fairly strong asset coverage providing good level
of comfort to senior unsecured debt holders.

The stable outlook considers that Mills will continue to prudently
manage dividends and leverage based on its long term target of Net
Debt to EBITDA of 1.0x while maintaining solid liquidity position.
The outlook also considers the benefits of the booming heavy
construction sector and infrastructure investments in Brazil that
will allow Mills to grow its operations organically rather than
through acquisitions. Mills is expected to maintain its leadership
position, ensure healthy operating margins and debt protection
metrics even during the down cycles of the construction industry
by efficiently managing its capex program in anticipation of
declining demand for its services.

Despite Mills' small size relative to global peers, positive
pressure on ratings could arise if the company is able to sustain
its margins at the same time it expands its market position on key
segments. Additionally, the ratings might be positive affected if
the company generates positive free cash flow on a sustainable
basis.

The ratings could be negatively impacted in case the company
remains significantly free cash flow negative, resulting in a
substantial increase in leverage and / or liquidity deterioration.
Further downgrade pressure may arise in case Mills cannot sustain
current margin levels and lead market position across key lines of
business. Also, a significant increase in the level of secured
debt could cause a downgrade of the rated unsecured debentures.

Mills Estruturas e Servicos de Engenharia S.A., headquartered in
Rio de Janeiro, is a leading provider of concrete formwork and
tubular structures services to construction companies, industrial
services and rental of motorized access equipment in Brazil,
having reported BRL779 million (around US$447 million) in net
revenues during the last twelve months ended June 2012.



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C A Y M A N   I S L A N D S
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MSGI CHINA II: Shareholders to Hear Wind-Up Report on Aug. 21
-------------------------------------------------------------
The shareholders of MSGI China II Limited will hold their final
meeting on Aug. 21, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA IV: Shareholders to Hear Wind-Up Report on Aug. 21
-------------------------------------------------------------
The shareholders of MSGI China IV Limited will hold their final
meeting on Aug. 21, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA VI: Shareholders to Hear Wind-Up Report on Aug. 21
-------------------------------------------------------------
The shareholders of MSGI China VI Limited will hold their final
meeting on Aug. 21, 2012, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA VII: Shareholders to Hear Wind-Up Report on Aug. 21
--------------------------------------------------------------
The shareholders of MSGI China VII Limited will hold their final
meeting on Aug. 21, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSGI CHINA VIII: Shareholders to Hear Wind-Up Report on Aug. 21
---------------------------------------------------------------
The shareholders of MSGI China VIII Limited will hold their final
meeting on Aug. 21, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


MSR EXODUS: Shareholders to Hear Wind-Up Report on Aug. 21
----------------------------------------------------------
The shareholders of MSR Exodus Holdings Ltd will hold their final
meeting on Aug. 21, 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:

         Rebecca Hume
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


NORTHUMBERLAND: Shareholders to Hear Wind-Up Report on Aug. 28
--------------------------------------------------------------
The shareholders of Northumberland Investments Ltd. will hold
their final meeting on Aug. 28, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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: Shareholder to Receive Wind-Up Report on Aug. 21
-----------------------------------------------------------------
The shareholder of Quantum Pacific Holdings Co., Ltd. will receive
on Aug. 21, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Hsiao An Tai
         c/o Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


ROC OIL (CASAMANCE): Shareholder to Hear Report on Sept. 6
----------------------------------------------------------
The shareholder of Roc Oil (Casamance) Company will receive on
Sept. 6, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


ROC OIL (MABOQUE): Shareholder to Hear Wind-Up Report on Sept. 6
----------------------------------------------------------------
The shareholder of Roc Oil (Maboque) Company will receive on
Sept. 6, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


SAKELLI INVESTMENT: Members to Hear Wind-Up Report on Aug. 21
-------------------------------------------------------------
The members of Sakelli Investment Company Limited will hold their
final meeting on Aug. 21, 2012, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SIRE PARTNERS II: Shareholder to Get Wind-Up Report on Aug. 21
--------------------------------------------------------------
The shareholder of Sire Partners II Offshore, Ltd. will receive on
Aug. 21, 2012, at 1:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815 1790
         Facsimile: (345) 949-9877



=============
G R E N A D A
=============


LIAT LIMITED: Reinstates Barbados - Grenada Flights
---------------------------------------------------
NationNews reports that Leeward Islands Air Transport (LIAT)'s
flights LI 771 from Barbados to Grenada and LI 772 from Trinidad
to Grenada is now operational.

A release from the airline confirmed that these two flights have
been reinstated after a notice stating that strike action in
Grenada had forced some cancellations, according to NationNews.

NationNews notes that employees of LIAT Airlines at the Maurice
Bishop International Airport (MBIA) there went on strike around
noon and as a result, some flights were affected.

"LIAT sincerely apologises to affected passengers for any
inconvenience caused as a result of the recent industrial
developments in Grenada" stated the release obtained by the news
agency.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                           About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



=======
P E R U
=======


* LIMA: Moody's Upgrades Issuer Rating From 'Ba1'
-------------------------------------------------
Moody's Investors Service has upgraded the City of Lima's issuer
rating to Baa3 from Ba1. The rating outlook remains positive.

Ratings Rationale

The upgrade reflects the advances that the City of Lima has made
improving its own credit profile and the sustained record of
positive trends in Peru's operating environment.

This rating action follows the recent upgrade of the Government of
Peru's foreign and local currency long-term bond ratings to Baa2,
positive outlook, from Baa3, positive outlook. The sovereign
upgrade reflects Peru's reduced susceptibility to political event
risk, continuing robust economic growth and sound fiscal
performance, sustained improvement of government debt metrics, and
lower exposure to foreign currency denominated debt. "These
factors have contributed to the better operating environment under
which the City of Lima, Peru's capital city and nerve center for
high value added economic activities, operates," said Moody's
analyst Patricio Esnaola.

The City of Lima has also made significant improvements in its own
fiscal performance. "The upgrade to the investment grade category
reflects a sustained trend of positive gross operating balances, a
manageable debt burden, and a strong liquidity position," added
Mr. Esnaola.

Lima's financial performance is characterized by strong gross
operating balances, which for the period 2005-2011 averaged 38% of
operating revenues. In 2011, the GOB represented a high 43% of
operating revenues, a high level compared to rated peers in the
region. These strong operating margins are supported by Lima's
ongoing ability to match revenue and expenditure growth at a
sustained rate.

Lima's debt burden has remained manageable over the last seven
years, accounting for 26% of revenues in 2005 and 29% in 2011,
reaching a peak of 51% in 2008. "Going forward, we expect debt-to-
revenue ratios to reach almost 70% of revenues as the municipality
is planning a PEN800 million bond issuance to fund its capital
plan for 2013 and 2014", Mr. Esnaola said.

Lima's creditworthiness is supported by a strong liquidity
position. As of December 2011, cash and liquid investments
amounted to PEN416 million (31% of revenues), up from PEN320
million (27% of revenues) recorded in 2010.

However, Lima still faces credit challenges such as the high
volatility of its consolidated cash financing balances, which is
primarily explained by the volatile cycle of capital expenditures.
While capital investment tends to remain at a low level in the
first half of the administration period, it normally increases
significantly in the second half, leading to cash financing
deficits. "This is what happened in recent years, and what we
expect to happen in 2013 and 2014", Mr. Esnaola said.

The rating outlook is positive, in line with Peru's rating
outlook, reflecting Moody's expectation that the country's
favourable growth prospects will continue to positively affect the
city's fiscal performance in the coming years. According to
Moody's, the municipality will achieve robust gross operating
margins in the next two to three years, that fiscal performance in
general will remain sound, and that debt levels will remain
manageable, even considering the PEN800 million bond issuance
expected in 2013.

The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008, and The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.

What Could Move The Ratings Up/Down

An upgrade on Peru's Baa2 government bond rating could trigger an
upgrade of Lima's Baa3 issuer rating. In addition, balanced fiscal
outcomes combined with reduced borrowing needs could exert upward
pressure on the rating.

On the other hand, the posting of recurring, sizable, cash
financing requirements that could potentially lead to a sudden
increase in debt levels or a decrease in cash, could apply
downward pressure on the rating.



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


CARIBBEAN AIR: Gets New Planes, to Increase Domestic Arm
--------------------------------------------------------
Trinidad Newsday reports that Caribbean Airlines Limited's third
ATR 72-600 aircraft has arrived allowing it to increase capacity
on the domestic airbridge by offering customers more option and
flexibility of travel between Trinidad and Tobago.

This plane joins two other ATRs already on the domestic route
where they have been proving their operational efficiency,
according to Trinidad Newsday.  The report relates that acting
Chief Executive Officer Robert Corbie said the arrival of the
third ATR is a significant milestone for the airline as it moves
toward a streamlined fleet of turbo-prop, narrow-body and wide
body aircraft.

"While any aircraft acquisition is not a simple process, this
represents the deep commitment to viable air connectivity for
Tobago and the many citizens that rely on the air-bridge for their
inter-island transport," the report quoted Mr. Moonan as saying.

The report notes that Mr. Moonan added CAL continues to work with
its industry partners to build the tourism plant and generate
revenues for local reinvestment.

The report adds that CAL is expected to receive the two B 767-316
ER aircraft for its London route later this month.

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.



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


* Nobina Pushes 2012 Global Default Tally to 52 Issuers
-------------------------------------------------------
Standard & Poor's Ratings Services on Aug. 2 lowered its issuer
credit rating on Sweden-based bus operator Nobina AB to 'SD'
(selective default) from 'CC'.  This raised the global corporate
default tally to 52 issuers this year, said an article published
Aug. 17 by Standard & Poor's Global Fixed Income Research, titled
"Global Corporate Default Tally Increases to 52 Issuers So Far In
2012 After Sweden-Based Nobina Defaults."

The rating action followed Nobina's announced temporary deferral
of the coupon and principal repayments on its EUR85 million senior
secured notes due Aug. 1, 2012, until Oct. 31, 2012.  By region,
28 of the 52 defaulters were based in the U.S., 14 in the emerging
markets, seven in Europe, and three in the other developed region.
In comparison, the 2011 total (through Aug. 15) was 23.  Of the
defaulters in 2011, 14 were based in the U.S., two in the emerging
markets, two in Europe, and five in the other developed region.

So far this year, bankruptcy filings accounted for 15 defaults,
missed payments for 14; distressed exchanges for 10, and eight
were confidential.  The remaining five entities defaulted for
various other reasons.  In 2011, 21 issuers defaulted because of
missed interest or principal payments, and 13 because of
bankruptcy filings -- both of which were among the top reasons for
defaults in 2010.  Distressed exchanges -- another top reason for
default in 2010 -- followed with 11 defaults in 2011.  Of the
remaining defaults, two issuers failed to finalize refinancing on
bank loans, two were subject to regulatory action, one had its
banking license revoked by its country's central bank, one was
appointed a receiver, and two were confidential.


* 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 * * *