TCRLA_Public/120827.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 27, 2012, Vol. 13, No. 170


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'B' Issuer Credit Ratings
CESP-COMPANHIA: S&P Raises Corporate Credit Rating to 'BB'
COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Sept. 4
CRISTAL MED: Creditors' Proofs of Debt Due Oct. 1
ENLACES CONSULTORES: Creditors' Proofs of Debt Due Sept. 19

WOMINEN SA: Creditors' Proofs of Debt Due Sept. 12
* PROVINCE OF BUENOS AIRES: Moody's 'B3' Ratings Reflect Weakness


B R A Z I L

BANCO CRUZEIRO: Moody's Corrects August 16 Rating Release
BANCO CRUZEIRO: S&P Revises Status on 'CC/C' Global Scale Ratings
BANCO PINE: Moody's Affirms 'D' Bank Finc'l. Strength Rating


C A Y M A N   I S L A N D S

CADMUS CAPITAL: Creditors' Proofs of Debt Due Sept. 3
CO-INVESTMENT XV: Commences Liquidation Proceedings
COLUMBIA RESEARCH: Creditors' Proofs of Debt Due Sept. 13
ESSENTIAL CAPITAL: Creditors' Proofs of Debt Due Sept. 12
GSA GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 13

GSA GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 13
MAN ENVIRONMENTAL: Creditors' Proofs of Debt Due Sept. 3
MERRICKS CAPITAL FUND: Creditors' Proofs of Debt Due Sept. 13
MERRICKS CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13
SW CAYMAN: Commences Liquidation Proceedings


C H I L E

CHILE MINING: Incurs $1.2 Million Net Loss in June 30 Quarter


J A M A I C A

* JAMAICA: All JSE Indices Drops During April to June Quarter


M E X I C O

BANCO INTERACCIONES: Fitch Affirms 'BB' LT Issuer Default Rating
URBI DESARROLLOS: Poor Capital Cues Fitch to Downgrade Ratings
* MUNICIPALITY OF COACALCO: Moody's Cuts Issuer Ratings to 'B3'


P U E R T O   R I C O

NUTRICION PUERTORRIQUENA: Case Summary & Creditors List
SHADAI YIRE: SEC Charges Puerto Rico-Based Ponzi Scheme


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Looks Into Possible Addition of Panama Route


X X X X X X X X

* S&P 2012 Corporate Default Tally of 53 Matches Last Year's
* BOND PRICING: For the Week Aug. 20 to Aug. 24, 2012




                            - - - - -


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A R G E N T I N A
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BANCO HIPOTECARIO: S&P Affirms 'B' Issuer Credit Ratings
--------------------------------------------------------
In accordance with its criteria, S&P classified Banco Hipotecario
as a government-related entity (GRE) with a low likelihood of
extraordinary government support. S&P's assessment of Banco
Hipotecario is based on these factors:

-- Limited importance because of the banks's role as a profit-
    seeking enterprise in a competitive environment. Another
    privately owned bank or GRE could undertake its activity, if
    it ceased to exist.

-- Limited link with the government of Argentina (B/Negative/B)
    because the government, though a majority holder of equity, is
    a minority in voting rights and doesn't interfere more than
    other minority shareholders in the bank's strategic decisions
    and operations.

"The issuer credit rating on the bank is one notch lower than the
SACP because Banco Hipotecario, in our view, doesn't meet the
conditions specified under our revised bank criteria to be rated
above the 'B' sovereign rating on Argentina," S&P said.


CESP-COMPANHIA: S&P Raises Corporate Credit Rating to 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services said  that it raised its global
scale corporate credit rating on CESP-Companhia Energetica de Sao
Paulo to 'BB' from 'BB-' and the national scale corporate credit
rating to 'brAA-' from 'brA-'. The outlook on both ratings is
stable. Standard & Poor's said that it also raised the stand-alone
credit profile (SACP) on CESP to 'bb' from 'bb-'.

"The upgrades reflect CESP's financial profile improvement, as
well as our expectation that the company will continue posting
stronger credit metrics in the next two years," said Standard &
Poor's credit analyst Candela Macchi. "The improvement would
mainly reflect the usage of the stable cash flow generation to
reduce leverage."

"CESP has historically shown an ability to consistently generate
electricity above the regulatory target level. In the past three
years, CESP's electricity generation has been above its assured
energy requirement, allowing it to sell surplus energy in the spot
energy market. However, the prices in this market are volatile,
since the hydrological cycle in Brazil (global scale rating

BBB/Stable/A-2; national scale rating brAAA/Stable/--) determines
them. We believe that the final decision on the concessions'
renewal will also allow the company to sign new long-term
contracts," S&P said.

"Our SACP of 'bb' reflects our assessment of the 'low' likelihood
that the State of Sao Paulo (global scale rating BBB-/Stable/--;
national scale rating brAAA/Stable/--) would provide timely and
sufficient support to CESP, a government-related entity, if
needed. We believe that, with the final decision regarding the
concession renewal, a privatization discussion could take place,"
S&P said.

"The stable outlook reflects our view that CESP will continue to
post strong cash flows, which would allow the company to reduce
its debt levels in the next two years," said Ms. Macchi. "We could
raise the ratings once the government decides whether to renew the
expiring concessions and its final conditions. We could also raise
the ratings if the company's business profile improves.
Conversely, we could lower the ratings if the concessions are not

renewed or if the conditions for the concessions' renewal are much
worse than our base case scenario, resulting in the company's
credit metrics deteriorating to a debt to EBITDA of more than 4.0x
and FFO to debt of less than 20%."


COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Sept. 4
----------------------------------------------------------------
Oscar Arias, the court-appointed trustee for Compania de
Poliproductos Baigo SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 4, 2012.

Mr. Arias will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 18
in Buenos Aires, with the assistance of Clerk No. 35, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Oscar Arias
         Carlos Pellegrini 1063
         Argentina


CRISTAL MED: Creditors' Proofs of Debt Due Oct. 1
-------------------------------------------------
Ana Maria Blujerman, the court-appointed trustee for Cristal Med
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until Oct. 1, 2012.

Ms. Blujerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 30, 2013.

The Trustee can be reached at:

         Ana Maria Blujerman
         Parana 774
         Argentina


ENLACES CONSULTORES: Creditors' Proofs of Debt Due Sept. 19
-----------------------------------------------------------
Sonia Luisa Scotti, the court-appointed trustee for Enlaces
Consultores SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 19, 2012.

Ms. Scotti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Sonia Luisa Scotti
         Bartolome Mitre 3419
         Argentina


WOMINEN SA: Creditors' Proofs of Debt Due Sept. 12
--------------------------------------------------
Norma Catalina Canturi, the court-appointed trustee for Wominen
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 12, 2012.

Ms. Canturi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Norma Catalina Canturi
         Camarones 3165
         Argentina


* PROVINCE OF BUENOS AIRES: Moody's 'B3' Ratings Reflect Weakness
-----------------------------------------------------------------
The dire liquidity pressures facing the Province of Buenos Aires
are consistent with the B3/A3.ar assigned ratings and are typical
of speculative-grade issuers subject to high credit risk, says
Moody's Investors Service in a new report.

"The predicament of the province was made especially clear by its
delay in paying the mid-year installment of its annual bonus to
public employees, due July 1," said Moody's Analyst Patricio
Esnaola, author of the report, "Recent Developments Highlight the
Province of Buenos Aires' Structural Weaknesses."

The Province of Buenos Aires is a regular issuer in international
markets, and has tapped the global bond market for an estimated
$2.67 billion over the last six years.

"As it seeks to maintain market access, the province continues to
implement a series of policy measures to try to tackle its
liquidity pressures that should provide it with enough room to
meet its financial obligations in the immediate term," said

Mr. Esnaola. "In order to fully address its structural challenges,
however, it will also need to consider implementing structural
reforms to its expenditure side."

If solutions are not soon identified, he said, the province's
ratings may come under negative pressure.



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B R A Z I L
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BANCO CRUZEIRO: Moody's Corrects August 16 Rating Release
---------------------------------------------------------
Moody's Investors Service issued a correction to the August 16,
2012 rating release of Banco Cruzeiro do Sul S.A.

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 Caa1.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.

The principal methodology used in rating the bank was "Moody's
Consolidated Global Bank Rating Methodology" published on June 29,
2012.

Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil
and had total unconsolidated assets of BRL9.48 billion (USD4.67
billion) and negative shareholders' equity of BRL2.24 billion
(USD1.1 billion) as of June 4, 2012 per the Special Opening
Balance Sheet published by FGC.


BANCO CRUZEIRO: S&P Revises Status on 'CC/C' Global Scale Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications to negative from developing on its 'CC/C' global
scale and 'brCC/brC' Brazilian national scale ratings on Banco
Cruzeiro do Sul S.A.

"The CreditWatch revision reflects the high likelihood of the
bank's distressed exchange or liquidation following the Fundo
Garantidor de Creditos' (FGC) announcement. The FGC is a private
institution that guarantees deposits of financial institutions in
Brazil. Following the Central Bank's placement of Cruzeiro on a
special regime of temporary administration under the FGC on
June 5, 2012, we downgraded the bank and placed the ratings on
CreditWatch developing. Following FGC's recent review the bank's
financial statements, the bank's equity is now negative R$2.2
billion. This is because R$1.4 billion of its assets are
unsubstantiated and its loan loss provisions were deficient," S&P
said.

"The FGC announced it intends to buy Banco Cruzeiro do Sul's debt
at a discount of about 49% (on average) as it seeks buyers for the
bank. We understand that for the transaction to be successful, 90%
of creditors must agree on the terms and the Central Bank of
Brazil to accept an eligible buyer. The potential acquirer must be
a financial institution authorized to operate in Brazil, have
shareholder's equity of at least R$2.5 billion, provide a
guarantees for the minimum capital contribution in cash (R$800
million), have no credit risk due to funding transactions entered
with the FGC that could compromise its future financial condition;
and no pending issues with the Central Bank which could prevent an
immediate approval. Both the creditors willing to sell their
Cruzeiro debt at a discount and potential acquirers for the bank
will have to turn in their proposals before Sept. 10, 2012," S&P
said.

"A negative CreditWatch listing implies a one-in-two likelihood
that we may lower the rating within the next three months. We will
lower the rating to 'D' upon completion of a distressed exchange
offer or liquidation. If the distressed exchange occurs and
another bank purchases Cruzeiro, we will subsequently review the
rating based on the bank's new capital structure and ownership,"
S&P said.


BANCO PINE: Moody's Affirms 'D' Bank Finc'l. Strength Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Banco Pine (Pine)'s D bank
financial strength rating (BFSR) and changed the outlook on the
rating to positive, from stable. At the same time, Moody's has
changed to positive, from stable, the outlook on Pine's Ba2 global
local and foreign currency deposit ratings, as well as on the Ba2
and Ba3 global foreign currency senior and subordinated debt
ratings. The outlook on the A1.br local currency deposit rating,
on the Brazilian national scale, has also been changed to
positive, from stable.

The outlook of the following ratings were changed to positive,
from stable:

Bank financial strength rating of D

Long term global local currency deposit rating of Ba2

Long term national scale local currency deposit rating of A1.br

Long term global foreign currency deposit rating of Ba2

Long term global foreign currency senior debt rating of Ba2

Long term global foreign currency subordinated debt rating of Ba3

Ratings Rationale

Moody's explained that the positive outlook on Pine's BFSR
reflects its growing franchise and profitability through a well-
executed strategy within the upper middle and low corporate
segments in Brazil, and which has ensured earnings recurrence. The
rating action also captures the bank's improved funding
diversification, well managed asset quality metrics and its good
liquidity and capital management, which has been recently boosted
with the entrance of new shareholders, such as DEG and Proparco.

Moody's noted that upward pressure on the unsupported BFSR would
depend on the continued diversification and sustained increase in
core earnings, while maintaining good asset quality ratios, in
what is expected of be a more difficult and competitive credit
environment in the country. In that regard, Moody's will monitor
Pine's efforts to develop alternative lines of business and cross-
selling activities, thus building a more robust and stable balance
sheet, all of which may have positive implications for the
ratings. Efficient operations are also key to enhance its
performance and better align it with its wholesale banking
profile.

Moody's indicated that the principal risks to Pine's BFSR include
the bank's limited balance sheet size along with the high level of
concentration by borrowers and to the agribusiness sector relative
to capital and earnings, factors that add potential volatility to
the bank's asset quality and earnings. Increased loan granularity
would therefore also provide positive momentum to Pine's
standalone rating.

Pine's Ba2 local currency deposit rating does not incorporate any
lift from systemic support, given the bank's a niche position,
with a very limited share of the national banking system's total
deposits.

The last rating action on Pine was on April 12, 2011, when Moody's
assigned a (P)Ba2 and Ba2 foreign currency senior debt rating to
the US$1 billion senior debt program and its first US$300 million
issuance, respectively.

Banco Pine S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of BRL11.1 billion (approximately US$5.4
billion) and equity of BRL1.0 billion (US$488 million) as of
June 30, 2012.



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C A Y M A N   I S L A N D S
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CADMUS CAPITAL: Creditors' Proofs of Debt Due Sept. 3
-----------------------------------------------------
The creditors of Cadmus Capital Fund, Ltd. are required to file
their proofs of debt by Sept. 3, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 24, 2012.

The company's liquidator is:

         Ogier
         c/o Susan Taber
         Telephone: (345) 949 9876
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CO-INVESTMENT XV: Commences Liquidation Proceedings
---------------------------------------------------
On July 27, 2012, the members of Co-Investment XV (Oger Telecom)
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         c/o Citigroup Fund Services (Cayman), Ltd.
         27 Hospital Road
         Cayman Corporate Centre, Fifth Floor
         George Town Grand Cayman, KY1-1003
         Cayman Islands
         c/o Schell Stubbs
         Telephone: (242) 302-8714


COLUMBIA RESEARCH: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------------
The creditors of Columbia Research Market Neutral (Master), Ltd.
are required to file their proofs of debt by Sept. 13, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2012.

The company's liquidator is:

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


ESSENTIAL CAPITAL: Creditors' Proofs of Debt Due Sept. 12
---------------------------------------------------------
The creditors of Essential Capital Cayman Limited are required to
file their proofs of debt by Sept. 12, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Marcin Czarnocki
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228
         Facsimile: +1 (345) 949 8238


GSA GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 13
-------------------------------------------------------
The creditors of GSA Global Equities Fund Limited are required to
file their proofs of debt by Sept. 13, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------------
The creditors of GSA Global Equities Master Fund Limited are
required to file their proofs of debt by Sept. 13, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2353
         Facsimile: +1 (345) 949 8258


MAN ENVIRONMENTAL: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------------
The creditors of Man Environmental Opportunities (Master) Ltd are
required to file their proofs of debt by Sept. 3, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2012.

The company's liquidator is:

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


MERRICKS CAPITAL FUND: Creditors' Proofs of Debt Due Sept. 13
-------------------------------------------------------------
The creditors of Merricks Capital Long/Short Equity Feeder Fund
are required to file their proofs of debt by Sept. 13, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 1, 2012.

The company's liquidator is:

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


MERRICKS CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------------------
The creditors of Merricks Capital Long/Short Equity Master Fund
are required to file their proofs of debt by Sept. 13, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 1, 2012.

The company's liquidator is:

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


SW CAYMAN: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on July 27, 2012, the members of
SW Cayman Corp. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Ayham Gharaibeh
         c/o Avril G. Brophy
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands



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C H I L E
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CHILE MINING: Incurs $1.2 Million Net Loss in June 30 Quarter
-------------------------------------------------------------
Chile Mining Technologies Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$1.21 million on US$34,829 of sales for the three
months ended June 30, 2012, compared with a net loss of US$326,606
on US$63,209 of sales for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed US$7.64
million in total assets, US$9.11 million in total liabilities and
a US$1.47 million stockholders' deficiency.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/zDwR33

                        About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended
March 31, 2012, annual report.  The independent auditors noted
that the continuance of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.



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J A M A I C A
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* JAMAICA: All JSE Indices Drops During April to June Quarter
-------------------------------------------------------------
RJR News reports that all the Jamaica Stock Exchange (JSE) indices
recorded declines during the April to June quarter despite
improved earnings results of some listed companies and continued
low domestic interest rates.

The Bank of Jamaica said that the declines were mainly influenced
by uncertainty regarding the economic impact of the 2012/13 Budget
and the timing of a new borrowing agreement between the Government
and the International Monetary Fund (IMF), according to RJR News.
The report relates that the JSE Main Index declined by 4.4 per
cent.

This compares to a fall of 4.1% and growth of 2.4% for the March
2012 and June 2011 quarters respectively, RJR News notes.

RJR News says that the sharpest decline of 7.9% was reflected in
the Select Index.

The Junior Market Index fell by 1.1% which reflected a slower pace
of decline relative to the March quarter this year, RJR News says.



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M E X I C O
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BANCO INTERACCIONES: Fitch Affirms 'BB' LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the international and national-scale
ratings of the Mexican bank Banco Interacciones (Interacciones),
as well as the national scale ratings of its brokerage affiliate,
Interacciones Casa de Bolsa (InteraccionesCB).

Interacciones' ratings reflect the bank's capacity to sustain good
profitability metrics and overall sound financial condition after
challenging the distress and restructuring of its largest exposure
last year, relatively low impairment charges and well contained
non-interest costs.  The ratings also factor in the bank's strong
franchise in the public sector financial business, the large
borrower concentrations that expose the bank to significant event
risk, considerable maturity mismatches between its long term
assets and short-term deposits together with ample opportunities
to improve its funding structure.

The Stable Outlook reflects Fitch's view that the bank was able

to absorb the impact of its high exposure to a sub-national
government whose ratings have been affected over the last 12
months, without materially affecting the bank's overall credit
profile and appropriately containing loan impairment charges,
although exhibiting capitalization levels challenged by rapid loan
growth and a wholesale funding primarily.

A potential upgrade of Interacciones' ratings will be driven by a
significant decrease on the bank's risk concentration levels or an
improvement on the main borrower's credit quality, which Fitch
does not expect in the near future.  Also, an enhanced funding
structure and sustained achievements in the bank's liquidity
profile could underpin a potential upgrade.  On the other hand, a
scenario of further negative credit events among its major
borrowers, as well as further pressures on the bank's
capitalization levels (Fitch Core Capital and/or tangible common
equity ratios below 10% and 5%, respectively), or a higher non-
performing loan ratio (above 3%) could trigger a downgrade of
Interacciones' ratings.

Interacciones is a niche bank focused on lending activities to
government entities at the federal, state and municipal levels
(2Q'12: 76% of total loans), as well as infrastructure projects,
factoring and credit.  Government lending has been gradually
increasing since 2006 and at the same date, Interacciones market
penetration is quite large given its relative size as a niche bank
(10% of the total banking system subnational financing).

The bank has managed to sustain good profitability metrics in
recent years, underpinned by a consistent loan growth, relatively
low impairment charges, and well contained non-interest costs.
While competition from larger and smaller banks could intensify,
Fitch considers the bank's franchise on public sector financing as
a core contributor for sustained performance.  Fitch expects that
Interacciones' earnings could also be challenged by the relatively
weak environment in its core business line, but overall
profitability should remain roughly in line with recent metrics.

Total impairments have been very low throughout different phases
of the economic cycle, but large borrower concentrations remain an
important source of event risk.  However, the majority of total
lending is secured by direct or indirect government guarantees.
The loans granted to recently restructured sub-nationals remain
performing, and Fitch does not expect this to change in the
foreseeable future, allowing the bank to maintain a low impairment
ratio (0.58% as of June 2012).

Interacciones' funding profile has mostly a wholesale nature and
does not benefit from a retail network-driven deposit base.
However, cross selling with large government agencies and
institutions, and strengthening relations with domestic
development banks provide some comfort for funding stability.  The
restructurings of some of its largest exposures have exacerbated
Interacciones' challenges regarding assets and liabilities
maturities mismatches, although the bank has been actively
addressing this risk by improving the diversity, tenor and
availability of funding sources.

The bank's capitalization levels have been historically challenged
by rapid loan growth, but sustained profits have prevented
material deterioration of capital adequacy.  Regulatory capital
ratios benefit from low risk weights assigned to public sector
loans, but Fitch considers that its tangible common equity to
tangible assets ratio is relatively tight (2Q12: 5.56%).
Nevertheless, borrower concentration persists as a major risk
factor on loss absorption capacity.  Fitch expects the regulatory
and core capital ratios to remain at roughly 15% and 10%,
respectively.

The ratings of Interacciones' local hybrid issues (plain-vanilla
subordinated notes) are three notches below the bank's rating in
the national scale, according to Fitch's criteria for rating these
securities.  This difference arises from the two notches
associated to non-performance risk, plus one extra notch in
recognition of loss severity.

InteraccionesCB is perceived by Fitch as a core affiliate of
Interacciones and fully integrated to its operations and
franchise, its ratings factor in the legal support provided by its
ultimate parent company, Grupo Financiero Interacciones, whose
credit quality is regarded by Fitch as similar to that of its
principal subsidiary (Interacciones).  Therefore, the national
scale ratings of the brokerage unit are aligned to the bank's
ratings.

Fitch affirms the following ratings:

Banco Interacciones, SA:

  -- Long-term Issuer Default Rating (IDR) at 'BB';

  -- Short-term IDR at 'B';

  -- Long-term local currency IDR at 'BB';

  -- Short-term local currency IDR at 'B';

  -- Viability rating at 'bb';

  -- Support rating at '5';

  -- Support rating floor at 'NF';

  -- Long-term national-scale rating at 'A(mex)';

  -- Short-term national-scale rating at 'F1 (mex)';

  -- Long-term national-scale rating for local senior unsecured
     debt issues at 'A(mex)';

  -- Long-term national-scale rating for local subordinated debt
     issues at 'BBB(mex)'.

Interacciones Casa de Bolsa, SA de CV:

  -- Long-term National-scale Rating at 'A(mex)';

  -- Short-term National-scale Rating at 'F1(mex)'.

The Rating Outlook is Stable.


URBI DESARROLLOS: Poor Capital Cues Fitch to Downgrade Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Urbi Desarrollos
Urbanos, S.A.B. de C.V.'s (Urbi) as follows:

  -- Foreign Currency Issuer Default Rating (IDR) to 'B' from

     'BB-';

  -- Local Currency IDR to 'B' from 'BB-';

  -- National Long-term rating to 'BBB-(Mex)' from 'A-(Mex)';

  -- US$150 million senior notes due 2016 to 'B/RR4' from 'BB-';

  -- US$300 million senior notes due 2020 to 'B/RR4' from 'BB-'.

  -- US$500 million senior notes due 2022 to 'B/RR4' from 'BB-'.

  -- MXN600 million in CBs due in 2014 to 'BBB-(mex)' from

     'A-(mex)';

  -- National Short-term ratings to 'F3(mex)' from 'F2(mex)';

The Rating Outlook is Negative.

The downgrade is due to a deterioration of Urbi's capital
structure as a result of large investments in working capital that
have resulted in a growth in the company's leverage to more than
4.0x.

The Negative Outlook reflects concern about Urbi's ability to
successfully reduce its cash burn rate during the next 12-month
period.  Continued negative FCF margin during the next six months
could hinder the company's ability to obtain financing and would
likely result in additional negative rating actions.  As of June
30, 2012, Urbi had a cash position of MXN5.9 billion and faces
debt payments of MXN3.5 billion, MXN1.5 million, and MXN620
million during 2012, 2013, and 2014, respectively.

The 'B/RR4' ratings of the company's unsecured public debt reflect
average recovery prospects in the event of default.  The recovery
prospects incorporate the subordination of the public unsecured
debt held at the holding company with respect to secured debt
being held at the operating companies.

During the LTM ended June 30, 2012, Urbi had a negative free cash
flow (FCF) of MXN5.8 billion.  The negative FCF level was driven
primarily by a MXN7 billion increase in working capital
requirements.  Inventory growth of approximately MXN 4.5 billion
was related to Urbi's transition toward vertical housing, as well
as investments required for new macro projects.  Accounts
receivable grew by MXN1.4 billion was due to delays in the
collection process with the main government agencies (Infonavit
and Fovissste), as well as an increase in Urbi's exposure to
corporate clients.


Despite these investments, Urbi's EBITDA increased by only MXN400
million to MXN 4.5 billion during the LTM ended June 30, 2012 from
MXN4.1 billion in 2010.  Urbi was forced to fund its cash flow
shortfall with debt.  As of June 30, 2012, Urbi had MXN19.4
billion of debt, an increase from MXN10.9 billion at the end of
2010.  This has resulted in an increase in the company's total
debt/EBITDA ratio to 4.4x as of June 30, 2012 from 2.7x as of
Dec. 31, 2010, and an increase in its net leverage to 3.0x from
1.2x during this time period.


In an attempt to reverse its negative cash flow trends, Urbi is
implementing a revised financial strategy in which it reduces its
revenue growth rate and focuses on improving its collection
period.  It will need to start showing neutral or positive cash
flows in the near term to maintain the confidence of its
creditors, as the company is highly reliant upon creditors.  As of
June 30, 2012, the company had MXN13.2 billion of capital market
debt.  The balance of Urbi's debt consists of MXN5 billion of
secured bank loans and a net liability position of MXN1.2 billion
resulting from financial hedging instruments.

Rating Drivers:

The ratings are expected to be driven by the company's FCF
generation and the trend in its liquidity.  A negative rating
action could be triggered by a deterioration of the company's
credit protection measures due to continued sizeable negative free
cash flow.  Continued negative FCF margin during the next quarters
similar to the levels observed during LTM June 2012 will likely
result in a downgrade.  An upgrade is not likely until the company
reverses its cash flow trends and lowers leverage.


* MUNICIPALITY OF COACALCO: Moody's Cuts Issuer Ratings to 'B3'
---------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Coacalco's issuer
ratings to B3 (Global Scale, local currency) and B1.mx (Mexico
National Scale) from B1 and Baa2.mx, respectively. At the same
time the issuer ratings have been placed under review for possible
downgrade.

Ratings Rationale

The downgrade reflects a significant deterioration in Coacalco's
finances leading to substantial increases in short and long term
debt and a deterioration of its already tight liquidity.

Following the recording of roughly balanced consolidated fiscal
results in prior years, Coacalco registered sizable cash financing
requirements in 2010 and 2011, equivalent to 19.2% and 26.4% of
total revenues respectively. These results, among the weakest of
Moody's portfolio of rated municipalities, were driven mainly by
operating spending pressures and a limited own-source revenue
growth.

These deficits led to significant increases in debt burden and the
deterioration of liquidity. Net direct and indirect debt as a
percentage of operating revenues increased from 25.1% in 2009 to
85.4% in 2011 (MXN 430 million), one of the highest levels among
the Mexican municipalities rated by Moody's. Given the size of the
adjustment that would be necessary in order to restore balance to
Coacalco's fiscal accounts, Moody's believes that the deficits are
likely to continue and its debt levels are likely to increase
further in the coming years.

Coacalco's liquidity is structurally weak as a result of its
practice to finance a portion of its cash financing requirements
by postponing payments to suppliers and using cash reserves.
Liquidity levels, as measured by net working capital (current
assets net of current liabilities), declined to -29.9% of total
expenditures in 201 from -12.6% the year before.

As of May 2012, MXN 55 million of short term loans were
outstanding (11% of its 2011 operating revenues) which mature by
September this year. The municipality plans to pay off these loans
which will pose significant liquidity pressures in the next weeks.
Given institutional constraints Coacalco may not be able to
refinance this debt to longer maturities. Moody's rating action
reflects the relatively high risk of mispayment on its short term
debt stemming from the poor fiscal performance and its very
limited financial flexibility.

The ratings review will focus on Coacalco's capacity to respect
all upcoming debt service obligations in a full and timely manner.
Moody's expects to conclude the review within two months. Over
this period Moody's will closely monitor Coacalco's progress in
repaying its short-term debt.

What Could Change The Ratings Up/Down

While Moody's does not expect upward pressure on the ratings in
the near term, the revision could conclude with the adjustment of
the outlook back to stable, if Coacalco successfully repays or
refinances its short term debt. Conversely, the revision could
conclude with a downgrade of potentially various notches if
Coacalco fails to timely and fully repay its debt obligations or
refinances them to longer maturities, in order to reflect Moody's
assessment of the lenders' expected loss.

The last rating action was on June 20, 2011 when the outlook was
revised to negative from stable, reflecting the weakening of
financial results as evidenced by an increase of cash financing
requirements, a significant increase in debt levels and a tight
liquidity.

Credit ratings incorporate Moody's macroeconomic outlook and its
implications on key variables that may include but not be limited
to interest rates, inflation, economic growth, unemployment,
performance of counterparties, credit availability, sector level
changes in competitive conditions, supply/demand and margins, and
issuer specific changes in capital structure, competitive
positioning, governance, risk profile, and liquidity. Unexpected
changes in such variables may lead to changes in the credit rating
level, potentially by several notches. Further information on the
sensitivity of the rating to specific assumptions is included in
this disclosure.



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


NUTRICION PUERTORRIQUENA: Case Summary & Creditors List
-------------------------------------------------------
Debtor: Nutricion Puertorriquena, Inc.
        dba La Fonda
            La Vaca Frita
        La Terraza
        Plaza Las Americas
        Local No. 309 Y 307
        Hato Rey, PR 00918

Bankruptcy Case No.: 12-06573

Chapter 11 Petition Date:

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Estimated Assets: $50,001 to $100,000

Estimated Debts: $500,001 to $1,000,000

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb12-06573.pdf

The petition was signed by Jose M. Serrano Mu¤oz, president.


SHADAI YIRE: SEC Charges Puerto Rico-Based Ponzi Scheme
-------------------------------------------------------
The Securities and Exchange Commission on Aug. 21 charged a Puerto
Rico resident and his company with conducting a Ponzi scheme that
targeted evangelical Christians and factory workers in Puerto
Rico.

The SEC alleges that Ricardo Bonilla Rojas and his firm Shadai
Yire raised at least $7 million from as many as 200 investors
living primarily in Puerto Rico but also on the U.S. mainland in
such states as Florida, New York, and North Carolina.  Rojas
actively solicited investors through personal discussions with
individuals both over the phone and in person, and he also
marketed the investment opportunity in presentations to
evangelical Christian groups and factory workers who were often
inexperienced investors.  Rojas falsely assured investors that
their principal contributions were "100% guaranteed" and promised
returns up to 50%, telling them he'd be investing their money in
commodities.  But Rojas never actually invested any money in
commodities and instead used new contributions to repay earlier
investors in classic Ponzi scheme fashion.  He stole $700,000 for
himself.

In a parallel action, the U.S. Attorney's Office for the District
of Puerto Rico on Aug. 21 announced criminal charges against
Rojas.

"Rojas targeted novice investors who were often evangelical
Christians, and he touted a long history of successful trading in
commodities," said Eric I. Bustillo, Director of the SEC's Miami
Regional Office.  "In reality, he was fleecing the flock."

According to the SEC's complaint filed in U.S. District Court for
the District of Puerto Rico, Rojas and Shadai Yire conducted the
scheme from at least August 2005 to February 2009.  Rojas, who
resides in Arecibo, Puerto Rico, and his company Shadai Yire have
never been registered with the SEC to offer securities.

The SEC alleges that Rojas hired some sales agents to help him
solicit investors, and paid commissions based on a percentage of
the investor funds they raised.  Rojas and his sales agents
pitched the investment opportunity to individuals as a risk-free
way to earn high returns in a short period of time.  Rojas also
created phony account statements that were sent to investors to
hide his misuse of investor money and lead them to believe their
investments were growing.

The SEC's complaint seeks disgorgement of ill-gotten gains,
financial penalties, and injunctive relief against Rojas and
Shadai Yire to enjoin them from future violations of the federal
securities laws.

The SEC's investigation was conducted in the Miami Regional Office
by Senior Counsel Terence M. Tennant and Accountant Karaz S. Zaki
under the supervision of Assistant Regional Director Elisha L.
Frank.  Amie Riggle Berlin will lead the SEC's litigation.  The
SEC acknowledges the assistance and cooperation of the U.S.
Attorney's Office for the District of Puerto Rico, the Federal
Bureau of Investigation's San Juan Division, and the U.S.
Commodity Futures Trading Commission.



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


CARIBBEAN AIRLINES: Looks Into Possible Addition of Panama Route
----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is actively
looking into the possibility of establishing a route to Panama.

RJR News notes that Airline Chairman Rabindra Moonan said a
feasibility study is being carried out.

The route was first proposed in May by Panama's President Ricardo
Martinelli while attending the Caribbean Investment Forum,
according to RJR News.

The report notes that Mr. Moonan said Caribbean Airlines is also
conducting feasibility studies on Brazil and South America in
general, but final decisions would depend on the outcome of  the
studies.

Mr. Moonan said there is no timetable when a decision will be
made, RJR News says.

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
===============



* S&P 2012 Corporate Default Tally of 53 Matches Last Year's
------------------------------------------------------------
Earlier last week, the 2012 global corporate default tally
increased to 53 -- the same count as the full-year 2011 total --
after Standard & Poor's Ratings Services lowered its corporate
credit rating on U.S. long-term acute care hospital operator
LifeCare Holdings Inc. to 'D', said an article published Aug. 23
by Standard & Poor's Global Fixed Income Research, titled "The
2012 Global Corporate Default Count Now Matches the Year-End 2011
Total."

The rating action followed the company's missed interest payment
on its $119.3 million outstanding senior subordinated notes. By
region, 29 of the 53 defaulters were based in the U.S., 14 in the
emerging markets, seven in Europe, and three in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, the 2011 total (through Aug. 22) was 27, with 18 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 15; 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.


* BOND PRICING: For the Week Aug. 20 to Aug. 24, 2012
-----------------------------------------------------

Issuer              Coupon       Maturity    Currency     Price
------              ------      --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS              8.28   12/31/2033    USD          58.99
ARGENT-$DIS              8.28   12/31/2033    USD             64
ARGENT-$DIS              8.28   12/31/2033    USD             66
ARGENT-PAR               1.18   12/31/2038    ARS          39.22
ARGENT- DIS              7.82   12/31/2033    EUR          53.25
ARGENT- DIS              7.82   12/31/2033    EUR             53
ARGENT- DIS              7.82   12/31/2033    EUR           52.5
ARGENT- DIS              4.33   12/31/2033    JPY             42
ARGENT- PAR              0.45   12/31/2038    JPY             15
ARGENT- PAR&GDP          0.45   12/31/2038    JPY              8
ARGNT-BOCON PRE9            2   3/15/2014     ARS           63.5
BANCO MACRO SA           9.75   12/18/2036    USD             69
BANCO MACRO SA           9.75   12/18/2036    USD          68.75
BANCO MACRO SA           9.75   12/18/2036    USD             60
BONAR X                     7   4/17/2017     USD           74.5
CAPEX SA                   10   3/10/2018     USD           61.2
CAPEX SA                   10   3/10/2018     USD          59.38
CHUBUT RGLS HIDR         7.75   7/1/2020      USD          74.05
EMP DISTRIB NORT         9.75   10/25/2022    USD             35
EMP DISTRIB NORT         9.75   10/25/2022    USD          34.75
EMP DISTRIB NORT         10.5   10/9/2017     USD          42.54
PROV BUENOS AIRE        9.625   4/18/2028     USD          52.15
PROV BUENOS AIRE        9.625   4/18/2028     USD          52.25
PROV BUENOS AIRE        9.375   9/14/2018     USD          57.42
PROV BUENOS AIRE       10.875   1/26/2021     USD          58.59
PROV BUENOS AIRE        9.375   9/14/2018     USD          56.88
PROV BUENOS AIRE       10.875   1/26/2021     USD          58.07
PROV BUENOS AIRE        11.75   10/5/2015     USD          73.75
PROV BUENOS AIRE         9.25   4/15/2017     USD          75.45
PROV BUENOS AIRE        11.75   10/5/2015     USD          74.45
PROV BUENOS AIRE         9.25   4/15/2017     USD           74.5
PROV DE CORDOBA        12.375   8/17/2017     USD          66.02
PROV DE CORDOBA        12.375   8/17/2017     USD          65.83
PROV DE FORMOSA             5   2/27/2022     USD          60.38
PROV DE MENDOZA           5.5   9/4/2018      USD          70.51
PROV DE MENDOZA           5.5   9/4/2018      USD          71.88
PROV DEL CHACO              4   12/4/2026     USD             27
PROV DEL CHACO              4   11/4/2023     USD             53
RAGHSA CONSTRUCC          8.5   2/16/2017     USD             80
TRANSENER                9.75   8/15/2021     USD             45
TRANSENER                9.75   8/15/2021     USD          35.88
TRANSPORT DE GAS        7.875   5/14/2017     USD           73.5


BRAZIL
------

BANCO BONSUCESSO         9.25   11/3/2020     USD           67.5
BANCO BONSUCESSO         9.25   11/3/2020     USD          65.25
BANCO CRUZEIRO          8.875   9/22/2020     USD          39.75
BANCO CRUZEIRO          8.875   9/22/2020     USD          39.63
BANCO CRUZEIRO            8.5   2/20/2015     USD           56.5
BANCO CRUZEIRO          7.625   4/21/2014     USD             58
BANCO CRUZEIRO              7   7/8/2013      USD           56.5
BANCO CRUZEIRO           8.25   1/20/2016     USD             58
BANCO CRUZEIRO            8.5   2/20/2015     USD           56.5
BANCO CRUZEIRO           8.25   1/20/2016     USD             58
BANCO CRUZEIRO              8   9/17/2012     USD          69.62
CESP                     9.75   1/15/2015     BRL          72.27
REDE EMPRESAS          11.125                 USD           47.5
REDE EMPRESAS          11.125                 USD             47
REDE EMPRESAS          11.125                 USD             47


CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035    EUR          57.63
BCP FINANCE BANK         5.01   3/31/2024     EUR          54.75
BCP FINANCE BANK         5.31   12/10/2023    EUR          57.38
BCP FINANCE CO          5.543                 EUR          25.02
BCP FINANCE CO          4.239                 EUR          25.02
BES FINANCE LTD          5.58                 EUR          38.67
BES FINANCE LTD           4.5                 EUR          50.17
CAM GLOBAL FIN           6.08   12/22/2030    EUR           55.5
CHINA FORESTRY          10.25   11/17/2015    USD          58.38
CHINA FORESTRY          10.25   11/17/2015    USD           58.2
CHINA SUNERGY            4.75   6/15/2013     USD             74
EFG HELLAS CAYMA            9   6/8/2019      EUR          52.38
EFG ORA FUNDING           1.7   10/29/2014    EUR           51.1
ESFG INTERNATION        5.753                 EUR          33.13
GOL FINANCE              8.75                 USD          72.75
GOL FINANCE              8.75                 USD          71.38
JINKOSOLAR HOLD             4   5/15/2016     USD          42.81
LDK SOLAR CO LTD         4.75   4/15/2013     USD           49.5
LDK SOLAR CO LTD         4.75   4/15/2013     USD           65.1
LUPATECH FINANCE        9.875                 USD           63.5
LUPATECH FINANCE        9.875                 USD           66.5
MARFRIG OVERSEAS          9.5   5/4/2020      USD             77
RENHE COMMERCIAL           13   3/10/2016     USD           59.5
RENHE COMMERCIAL           13   3/10/2016     USD          50.88
RENHE COMMERCIAL        11.75   5/18/2015     USD          52.99
RENHE COMMERCIAL        11.75   5/18/2015     USD          52.75
SHINSEI FIN CAYM        6.418                 USD          73.75
SHINSEI FIN CAYM        6.418                 USD          73.75
SHINSEI FINANCE          7.16                 USD          73.75
SHINSEI FINANCE          7.16                 USD          73.75
SOLARFUN POWER H          3.5   1/15/2018     USD          72.25
SOLARFUN POWER H          3.5   1/15/2018     USD          72.12
SUNTECH POWER               3   3/15/2013     USD          69.44
SUNTECH POWER               3   3/15/2013     USD             69


CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012     CLP          9.984
COLBUN SA                 3.2   5/1/2013      CLP          49.73
QUINENCO SA               3.5   7/21/2013     CLP          12.41


PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017      USD             63
PUERTO RICO CONS          6.5   4/1/2016      USD          65.63


VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD          71.75
PETROLEOS DE VEN          5.5   4/12/2037     USD          57.15
PETROLEOS DE VEN        5.375   4/12/2027     USD           58.1
PETROLEOS DE VEN         9.75   5/17/2035     USD          70.54
PETROLEOS DE VEN         5.25   4/12/2017     USD          72.26
PETROLEOS DE VEN        5.125   10/28/2016    USD          73.93
PETROLEOS DE VEN            9   11/17/2021    USD          76.25
VENEZUELA                   7   3/31/2038     USD          64.27
VENEZUELA                   7   3/31/2038     USD           66.5
VENEZUELA                   6   12/9/2020     USD          68.25
VENEZUELA                7.65   4/21/2025     USD           70.5
VENEZUELA                8.25   10/13/2024    USD           74.5


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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