TCRLA_Public/120904.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, September 4, 2012, Vol. 13, No. 176


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: MF Concludes Seventh SBA Review Mission


A R G E N T I N A

* ARGENTINA: IDB OKs $60MM Loan for SMB Enterprises in San Juan


B E R M U D A

GEROVA HOLDINGS: Court to Hear Wind-Up Petition on Sept. 7
PETROPLUS FINANCE: Court Enters Wind-Up Order
PETROPLUS FINANCE 2: Court Enters Wind-Up Order
SAAD INVESTMENTS: Supreme Court Appoints Provisional Liquidators
VALIDUS HOLDINGS: Moody's Affirms '(P)Ba1' Pref. Stock Rating


B R A Z I L

REDE ENERGIA: Moody's Lowers Rating on Perpetual Bonds to 'Ca'
CEAGRO AGRICOLA: Fitch Affirms 'B' Rating on $100-Mil. Notes
DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Issuer Credit Ratings
GOL LINHAS: Debt Spurs Airline Asset Sale Talk


C A Y M A N   I S L A N D S

ARGO CAPITAL: Shareholders' Final Meeting Set for Sept. 14
CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
ISM HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
MAN ENVIRONMENTAL: Members' Final Meeting Set for Sept. 10

MERRICKS CAPITAL: Shareholders' Final Meeting Set for Sept. 14
MERRICKS CAPITAL FEEDER: Shareholders' Meeting Set for Sept. 14
NORTH WALL: Shareholders' Final Meeting Set for Sept. 14
S.A.C. MULTI-STRATEGY: Shareholders Receive Wind-Up Report
SW CAYMAN: Shareholders' Final Meeting Set for Sept. 14

XANTHUS ASSET: Shareholders' Final Meeting Set for Sept. 14


M E X I C O

BANCO INTERACCIONES: Moody's Assigns 'B1' Sub. Debt Rating
CONTEC HOLDINGS: Files for Bankruptcy in the U.S.
CONTEC HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
IXE BANCO: S&P Retains 'bb+' Stand-alone Credit Profile
SAGICOR FINANCE: S&P Affirms 'BB+' Rating on Sr. Obligations


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


* ANTIGUA & BARBUDA: MF Concludes Seventh SBA Review Mission
-----------------------------------------------------------
An International Monetary Fund (IMF) mission led by Geoffrey
Bannister visited Antigua and Barbuda during August 14 - 24, to
undertake the combined seventh review of the program under the
Stand-By Arrangement (SBA) approved by the Fund's Executive Board
on June 7, 2010 and the Article IV consultation.  The mission held
meetings with Prime Minister Baldwin Spencer, Minister of Finance
Hon. Harold Lovell, Minister of Tourism Hon. John Maginley, senior
officials of the Ministry of Finance, Ministry of National
Security and Labor, and the ECCB, members of Parliament, and
representatives from labor unions and from the local business
community.  The mission would like to thank the authorities and
technical staff for their excellent cooperation.

At the conclusion of the mission, Mr. Bannister issued the
following statement in St. Johns:

"The focus of the mission was to assess the quantitative
performance at end-June 2012 under the SBA; review the ongoing
macroeconomic, financial and structural policies; and conduct the
Article IV consultations.  The mission is reviewing information to
determine the compliance with performance criteria on the overall
fiscal balance.  The continuous performance criterion on external
arrears, was breached by a very small amount due to a delay in
loan payments of less than a month.  All other performance
criteria on domestic and external debt and arrears were met.

"Revenue performance in the first half of 2012 has been as
envisaged under the program.  Current expenditure was higher than
envisaged, but capital expenditure was restrained to meet the
program target.

"Progress has been made on the financial and structural reform
agenda, although there have been some delays. Several benchmarks
have been achieved, including: (i) the on-site full scope
examinations of indigenous banks by the ECCB and, (ii) the
drafting of revised public service legislation. Although there
have been some delays, the authorities are pressing ahead with
other financial and structural reforms to conclude the resolution
of ABI Bank.  A few important structural benchmarks are expected
to be completed in September, including: (i) enacting the new Tax
Administration Procedures Act; (ii) reaching the target of 40
percent in tax compliance by professionals and 15 out of 23
statutory bodies; (iii) the presentation and passage of a New
Customs Act; (iv) the implementation of the Harmonized System 2007
customs code; and (v) the presentation of a strategic plan for the
new bank.

"The mission and the authorities are discussing a draft memorandum
of economic and financial policies that maintains the fiscal
targets, financial and structural benchmarks for 2012 and 2013.
The mission also discussed macroeconomic policies that would
generate sustainable medium-term growth, mitigate risks to fiscal
consolidation and debt sustainability, and strengthen the
financial sector.  The mission and the authorities agreed to
continue discussion on the statistical issues related to the
fiscal targets under the program before a definitive evaluation
can be made.

"The authorities have reiterated their strong commitment to the
policies and objectives of their Fiscal Consolidation Program, and
recognize the importance of strong macroeconomic, financial and
structural policies in achieving the goals of their National
Economic and Social Transformation plan.  Continued strong
implementation of the program will lay the foundation for fiscal
sustainability and financial stability, which are key to achieving
long-term economic growth."



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


* ARGENTINA: IDB OKs $60MM Loan for SMB Enterprises in San Juan
---------------------------------------------------------------
More than 800 micro, small, and medium-size enterprises in
Argentina's San Juan province will benefit directly and increase
their productivity with the help of a program supported by the
Inter-American Development Bank (IDB).

The project will expand the businesses' access to long- and
medium-term credit, improve their management, as well as provide
them with linkages for developing and carrying out joint
investment plans.

The IDB is providing a $60 million loan for the Credit Program for
the Development of Production in San Juan, which will support
local economic and social development in the western province.

"The IDB/San Juan line of credit is agile, transparent and
predictable, thanks to the teamwork among technical specialists
from the IDB, the province, the Central Bank, the cabinet chief of
staff, and the Ministry of Economy," said Raúl Novoa, IDB project
team leader.

The program has two components: financial and non-financial
support for raising productivity in San Juan's private sector.

The first component aims to mitigate structural constraints that
limit access to medium-and long-term credit to San Juan's
enterprises through expansion of a fund established by the
provincial government.  Financial instruments and services will be
designed to strengthen links between the financial sector and
small businesses with the greatest difficulty in obtaining credit,
which will improve the financial profile of enterprises
participating in the program.

The non-financial support will improve the sector's productivity
by strengthening management capacity and links in production
chains.

The IDB loan has a 25-year term, a 5-1/2 year grace period, and a
variable interest rate.  Local counterpart financing totals $20
million.



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


GEROVA HOLDINGS: Court to Hear Wind-Up Petition on Sept. 7
----------------------------------------------------------
A petition to wind up the operations of Gerova Holdings Limited
will be heard before the Supreme Court of Bermuda on Sept. 7,
2012, at 9:30 a.m.

Gerova Financial Group Ltd filed the petition on Aug. 20, 2012.


PETROPLUS FINANCE: Court Enters Wind-Up Order
---------------------------------------------
On Aug. 24, 2012, Supreme Court of Bermuda entered an order to
wind up the operations of Petroplus Finance Limited.


PETROPLUS FINANCE 2: Court Enters Wind-Up Order
-----------------------------------------------
On Aug. 24, 2012, Supreme Court of Bermuda entered an order to
wind up the operations of Petroplus Finance 2 Limited.


SAAD INVESTMENTS: Supreme Court Appoints Provisional Liquidators
----------------------------------------------------------------
On Aug. 20, 2012, the Supreme Court of Bermuda entered an order to
appoint Stephen Akers, Mark Byers, and Hugh Dickson, all directors
of Grant Thornton Specialist Services (Cayman) Ltd, and John
Christopher McKenna of Finance & Risk Services Ltd as joint
provisional liquidators of Saad Investments Company Limited.

The Liquidators can be reached at:

         Stephen Akers
         Mark Byers
         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd.
         48 Market Street, Canella Court
         Suite 4290, 2nd Floor
         Camana Bay, Grand Cayman
         Cayman Islands; and

         John Christopher McKenna
         Finance & Risk Services Ltd
         26 Bermudiana Road, Suite 502
         Hamilton HM 11
         Bermuda


VALIDUS HOLDINGS: Moody's Affirms '(P)Ba1' Pref. Stock Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Validus
Holdings Ltd. (Baa2 senior unsecured), Validus Reinsurance Ltd.
(A3 insurance financial strength), Flagstone Reinsurance Holdings,
S.A. (Baa3 long-term issuer rating) and Flagstone Reassurance
Suisse, S.A. (A3 insurance financial strength rating) following an
announcement that Validus has agreed to acquire Flagstone with a
combination of cash and stock. The outlook for Validus' ratings
remains stable. The outlook for Flagstone Reinsurance Suisse, S.A.
has been changed to stable from negative. The outlook for
Flagstone Reinsurance Holdings, S.A. has been changed to
developing from negative.

Ratings Rationale

Moody's rating actions assume a successful closing of the
transaction, which is subject to approval of regulators and
Flagstone's shareholders. Certain Flagstone shareholders, who
collectively own approximately 22.5% of the outstanding shares,
have already agreed to vote in favor of the transaction. In the
event the transaction does not close, the outlook for Flagstone
may revert back to negative.

Under the terms of the agreement, Flagstone shareholders will
receive 0.1935 Validus voting common shares and $2.00 in cash for
each Flagstone share, for a total aggregate equity value of $623.2
million. The purchase price is a 19.4% premium to Flagstone's
August 29, 2012 share price of $7.06 and 73.2% of Flagstone's June
30, 2012 diluted book value per share of $11.52.

From the Validus perspective, Moody's believes the transaction is
credit neutral to Validus' ratings as the size of Flagstone ($0.8
billion shareholders' equity at June 30, 2012) is relatively
modest compared to the size of Validus ($3.5 billion shareholders'
equity at June 30, 2012).

Assuming catastrophes do not erode Flagstone's book value between
now and closing, Validus will receive some financial and strategic
benefit, albeit small. Financially, Validus expects to record a
small bargain purchase gain of $58.2 million at closing.
Strategically, Validus will become the largest Bermuda writer of
property catastrophe reinsurance premiums. Validus' financial
leverage will rise moderately because of the cash outlay
associated with the purchase and assumption of $250 million of
Flagstone junior subordinated debentures. Net catastrophe leverage
could rise, depending on how much of Flagstone's business is non-
renewed and how much of Flagstone's extensive retrocession
protection is non-renewed.

From the Flagstone perspective, Moody's believes the transaction
is positive for Flagstone policyholders. The company had a
significant setback in 2011 as worldwide catastrophe losses eroded
capital and it had to rely extensively on retrocession protection
to protect capital. Following the acquisition, Moody's anticipates
that Validus will seek to renew Flagstone's business on the
balance sheet of Validus Reinsurance Ltd, leading to diminishing
risk and capital at Flagstone Reassurance Suisse, S.A. over time.

The developing outlook on Flagstone Reinsurance Holdings, S.A.
reflects the uncertainty regarding the post-merger organization
structure. There is currently $250 million of debt (unrated) at
this holding company, which is supported by dividends from the
Flagstone operating company. Post-merger, it is unclear whether
the Flagstone holding company will still benefit from this direct
credit support, given the uncertainty about the group's final
organizational structure and plan for the Flagstone operating
company.

The following ratings have been affirmed with a stable outlook:

Validus Reinsurance, Ltd. -- insurance financial strength at A3;

Validus Holdings, Ltd. -- senior unsecured debt at Baa2, long-
term issuer rating at Baa2, provisional senior unsecured debt at
(P)Baa2, provisional subordinated debt at (P)Baa3, provisional
preferred stock at (P)Ba1.

The following rating has been affirmed with a stable outlook:

Flagstone Reassurance Suisse SA -- insurance financial strength
at A3.

The following rating has been affirmed with a developing outlook:

Flagstone Reinsurance Holdings, S.A. -- long term issuer rating
at Baa3.

Validus Holdings, Ltd. is a provider of reinsurance and insurance,
conducting its operations worldwide through two wholly-owned
subsidiaries, Validus Reinsurance, Ltd. ("Validus Re") and Talbot
Holdings Ltd. ("Talbot"). Validus Re is a Bermuda based reinsurer
focused on short-tail lines of reinsurance. Talbot is the Bermuda
parent of the specialty insurance group primarily operating within
the Lloyd's insurance market through Syndicate 1183. For the first
six months of 2012, the company reported gross premiums written of
$1,464 million, net income available to Validus of $$292 million
and total shareholders' equity available to Validus of $3,478
million.

Flagstone Reinsurance Holdings, S.A. is a Luxembourg holding
company whose subsidiaries write property, property catastrophe,
and specialty reinsurance worldwide. For the first six months of
2012, the company reported gross premiums written of $341 million,
net income attributable to Flagstone of $53 million and total
shareholders' equity available to Flagstone of $837 million.

The principal methodology used in rating Flagstone was the Moody's
Global Rating Methodology for Reinsurers published in December
2011.



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


REDE ENERGIA: Moody's Lowers Rating on Perpetual Bonds to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa3 the
senior unsecured rating on the US$497 million perpetual bonds
issued by Rede Energia S.A. Moody's also downgraded Rede's local
currency corporate family rating to Ca/Ca.br from Caa3/Caa3.br. In
addition, Moody's downgraded the issuer ratings of Centrais
Eletricas Matogrossenses (CEMAT) to Ca/Ca.br from Caa1/Caa1.br and
Centrais Elétricas do Estado de Tocantins S.A. (CELTINS) to
Caa3/Caa3.br from Caa1/Caa1.br. The outlooks remain negative for
all ratings.

Ratings Rationale

The downgrade to the rating on Rede's perpetual bonds was prompted
by the conclusion of the tender offer for the company's existing
BRL395 million senior unsecured debentures (not rated), which
Moody's deems a distressed exchange and thus has classified as a
default.

Moody's considers the tender offer a distressed exchange because
of the resulting economic loss to the debenture holders. Rede
changed the terms and conditions of the debentures by
restructuring their amortization schedule and including a
contractual clause by which it can pay down the debentures with
equity shares of some of its distribution subsidiaries, at its
discretion.

Additional debt restructuring will be necessary if Rede is to
attain a more manageable level of debt, by divesting some of the
assets or potential upstream dividends from its subsidiaries.

CEMAT has also concluded a distressed exchange by changing the
terms and conditions of around BRL352 million debentures, which
basically consisted in extending their amortization profile. As a
result, Moody's downgraded CEMAT's issuer rating to the Ca default
category.

The negative outlooks reflect uncertainty about the Rede family of
companies' ability to achieve levels of debt compatible with their
cash generation ability in conjunction with obtaining an
appropriate lengthening of their respective debt profiles. While
the impact of the recent tender offer on the overall level of
indebtedness is very limited, the extension of debt maturities may
relieve liquidity pressures temporarily but it does not address
the holding company's current unsustainable level of debt.

The downgrade to the issuer ratings of CELTINS and CEMAT also
reflects the deterioration of their liquidity, which has suffered
because of the poor financial condition of the holding company
Rede and the filing for bankruptcy protection of their affiliate
CELPA (Ca; negative). In Moody's opinion, CELTINS and CEMAT will
face growing liquidity pressure with limited access to funding,
which will eventually result in further deterioration to their
capital structure and/or distressed exchanges with some of their
debt obligations.

The last rating action on Rede was on February 29, 2012, when
Moody's downgraded the corporate family rating to Caa3 /Caa3.br
from Caa1/Caa1.br. At that time, Moody's also affirmed the Caa3
rating on the senior unsecured USD497 million perpetual bonds,
with a negative outlook. In addition, Moody's downgraded the
issuer ratings on both Centrais Elétricas Matogrossenses S.A. and
Centrais Elétricas do Estado de Tocantins S.A. to Caa1/Caa1.br
from B3/B1.br, with a negative outlook.

Rede, headquartered in Sao Paulo, Brazil, is a holding company
with interests mostly in electricity distribution. Through
majority-owned subsidiaries Companhia de Energia Eletrica do
Estado do Tocantins - Celtins, Centrais Eletricas Matogrossenses
S.A. - Cemat, Centrais Eletricas do Para S.A. - Celpa, and Empresa
Energ. do Mato Grosso Sul -- Enersul, the group operates
concessions to distribute electricity in the states of Tocantins,
Mato Grosso, Para and Mato Grosso do Sul, respectively. In the
last twelve months ended June 30, 2012, Rede reported consolidated
net revenues of BRL6.5 billion (US$3.6 billion) and distributed
21.4 TWh of electricity, which is equivalent to approximately 4.5%
of the electricity consumed in the country's national integrated
system during this period.


CEAGRO AGRICOLA: Fitch Affirms 'B' Rating on $100-Mil. Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ceagro Agricola Ltda as
follows:

  -- Foreign and local currency Issuer Default Ratings (IDRs) at
     'B';
  -- National scale rating at 'BBB(bra)';
  -- USD100 million senior secured notes due 2016 at 'B/RR4'.

The Rating Outlook is Stable.

The ratings affirmations reflect Ceagro's established position in
the highly competitive Brazilian agricultural services sector, its
strong operating margins in the high single digits, and adequate
liquidity.  Ceagro's net leverage of 2.3x as of March 31, 2012 is
well below that of most companies rated in the 'B' rating
category.  This ratio partially reflects a favorable commodity
environment during the past year that has led to strong demand and
high prices for grain.  The 'B' ratings of Ceagro despite leverage
lower than most of its peers in the rating category continue to
reflect the high volatility of the agriculture industry.  The
company's small size compared to its large and established
competitors also limits the rating.

Ceagro's revenues increased by 18% in 2011 and by 9.3% in the
first quarter of 2012.  In spite of these increases, EBITDA
declined by 4.6% during 2011 to BRL93.8 million from BRL98.3
million during 2010.  In the first quarter of 2012, EBITDA decline
by 7.5% to BRL31.8 million from BRL34.4 million in the same
quarter last year.  Higher administrative and freight costs were
driving factors behind the fall in EBITDA.  Ceagro's increased
freight costs were not only a result of higher transportation
costs in Brazil, but also reflected an increase in the volumes of
transported fertilizers related to the company's bartered grain
originations. Freight costs represent about 90% of Ceagro's sales
expenses.

Although EBITDA levels have fallen, margins remain higher than
historical levels of 3% to 5%.  During 2011, the company's EBITDA
margin was 9.7% and during the first quarter of 2012 it was 10.1%.
The improvement of margins in the past two years is partially due
to the USD100 million note issued by Ceagro in October 2010 that
has boosted its working capital and improved the company's ability
to source grains and negotiate prices with suppliers of
transportation and fertilizers.

As of March 31, 2012, Ceagro had BRL294.7 million of total debt
and BRL81.3 million of cash and marketable securities.  This has
resulted in an adjusted debt-to-EBITDAR ratio for the latest 12
months (LTM) ending March 31, 2012, of 3.2x and a net adjusted
debt-to-EBITDAR ratio of 2.3x.  These leverage levels are slightly
above Fitch's expectations.  The increase in leverage is partially
a result of a weaker Brazilian real versus the U.S. dollar (85% of
debt is U.S. dollar denominated) and increasing short-term debt
through the use of ACC export related financing.  Ceagro has
BRL73.5 million of debt maturing during the next 12 months.  Of
this short-term debt, BRL60.1 million is related to ACC financing,
which is self-liquidating trough export proceeds.

Ceagro's business primarily relates to the trading,
transportation, and storage of grains. Physical trading volumes
are facilitated by the company providing farmers with their main
inputs, fertilizers, and chemicals, at planting.  In return for
the indirect financing of these key inputs, the farmer agrees to
deliver a fixed volume of its harvest to Ceagro at predetermined
prices. This business model has resulted in strong growth in
trading volumes and other related services.

Trades originated through Caegro's barter system grew to 46% of
revenue during 2011 from 40% in 2010, as a result of fully
deploying the proceeds from the notes issued in October 2010.  The
amount of spot trades the company was able to originate within the
limits of its working capital was not sufficient to maintain the
same growth pace.  Unlike trades through the barter system, spot
market trades require working capital for shorter periods of time
and have lower profit margins.

Fitch positively factored in Ceagro's ratings its favorable
arrangement with its major storage capacity provider, Bunge, which
is also its largest soy offtaker, accounting for about 36% of soy
revenue in 2011.  According to its contract, Ceagro has access to
500,000 tons of Bunge's storage capacity but only has to pay Bunge
if it uses this space. This capacity represents about one-third of
Ceagro's total storage capacity.  The 'rent' is paid in part by
barter with some of the soy that Ceagro stores with and later
sells to Bunge. If Ceagro was to lose Bunge as a client or
supplier, the impact on sale volumes and margins would be
significant.  This contract expires in 2013 and its extension is
crucial to maintaining the rating.

In general, Ceagro has been able to maintain growth without
significant investments in infrastructure, which may not be
possible in the future.  Of all of the storage capacity that
Ceagro is currently using, only 20% is proprietary.  Fitch
believes that in order to maintain its recent growth pace, the
company would either have to give up some of it margin gains or
invest in building infrastructure, which in turn might increase
the need for external financing.  In the short- to medium-term,
however, the company is expected to maintain growth in the high
single digits and an adjusted debt-to-EBITDAR ratio at or below
3.0x.

Rating Triggers:

A deterioration in Ceagro's liquidity, or an increase in the
company's leverage range of 3.0x to 5.0x during the cycle could
lead to a negative rating action.  Leverage could increase either
by weakening profitability, the launch of a large debt-financed
investment program or sudden drop in trading volumes.  A failure
to renew the contract with Bunge could also lead to negative
rating actions.  Changes in its risk management, resulting in a
higher exposure to commodity prices and exchange rates volatility,
would also be viewed negatively.  Conversely, a demonstrated
ability to maintain margins in the 8%-10% level and an increase in
trading volumes without disproportionately increasing leverage
could result in a positive rating action.


DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Issuer Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Diagnosticos da America S.A. (DASA). The outlook remains stable.

"DASA has been focusing on integrating its recent acquisitions and
improving service quality by updating equipments and training its
staff. However, as a result, its cash flow generation and
operating margins weakened in the past few quarters. Still, we
believe DASA will soon benefit from these investments through
higher operating efficiency and cash flow generation," S&P said.


GOL LINHAS: Debt Spurs Airline Asset Sale Talk
----------------------------------------------
Ney Hayashi and Lucia Kassai at Bloomberg News report that
Gol Linhas Aereas Inteligentes SA's $1.6 billion debt load, the
most of any major airline worldwide relative to profit, is fueling
speculation it will sell assets to raise cash or merge with
another carrier.

Net debt equaled 25 times Gol's earnings before interest, taxes,
depreciation and amortization, or Ebitda, in the 12 months ended
June 30, the highest ratio among 31 carriers with a market value
above $1 billion, data compiled by Bloomberg show.  That compares
with a ratio of 3.4 for Santiago-based Latam Airlines Group SA
(LAN), 1.3 for United Continental Holdings Inc. and 0.2 for
European discount carrier Ryanair Holdings Plc (RYA), the world's
least indebted airline, according to Bloomberg News.

The report notes that Gol Linhas has named a new chief executive
officer, cut jobs and eliminated flights this year after posting
losses in four of the past five quarters and surrendering market
share to Latam Airlines' Tam SA.  Bloomberg News says that Gol
Linhas plans to take its Smiles mileage-program unit public in the
second half of 2013, a person familiar with the transaction told
Bloomberg News on Aug. 15.

A decision on a Smiles IPO will be made by the end of the year,
Gol Chief Financial Officer Edmar Prado Lopes Neto told Bloomberg
in a telephone interview on Aug. 28.

The Sao Paulo-based company is seeking to turn Smiles into a
separate business unit by the end of this year before starting the
IPO process, said an unnamed source, Bloomberg News says.

Bloomberg News discloses that the airline reported a loss of
BRL715 million (US$352 million) in the second quarter.  Gol posted
an Ebitda loss of BRL222.6 million, more than twice the median
forecast for a loss of 82 million from five analysts in a
Bloomberg survey.

"Gol has reported some pretty weak earnings in the past quarters,
with a weaker currency pushing the company's debt higher and
higher . . . .  They need to make some big move to turn things
around. Selling the Smiles unit would be a positive step," Fausto
Gouveia, who helps manage 380 million reais at Legan Administracao
de Recursos, told the news agency in a phone interview from Sao
Paulo.

The airline's net debt reached BRL3.27 billion in June, of which
70 percent is linked to the U.S. dollar.  The real has dropped
8.1% this year, the worst performing currency among 25 emerging
markets tracked by Bloomberg.

"The bulk of our debt is due in four years from now," the report
quoted Gol Chief Financial Officer Lopes Neto as saying.  "By
then, margins will have recovered," he added.

Recent cost-cutting measures may be enough to ease pressure to
sell assets or merge, said Henrique Florentino, an analyst at UM
Investimentos, Bloomberg News discloses.

                         About Gol Linhas

Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
April 9, 2012, Standard & Poor's Ratings Services lowered its
'BB-' global-scale corporate credit rating on Sao Paulo-based Gol
Linhas Aereas Inteligentes S.A. (Gol) to 'B+'.  S&P also lowered
the 'brA' Brazil national scale rating to 'brBBB'.  The outlook
is negative.



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


ARGO CAPITAL: Shareholders' Final Meeting Set for Sept. 14
----------------------------------------------------------
The shareholders of Argo Capital Investors Fund SPC will hold
their final meeting on Sept. 14, 2012, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Julian Lloyd Vine
         Lainston International Management (Cayman), Ltd.
         Telephone: (345) 943 2106


CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
----------------------------------------------------------
China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate money
fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands.  Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding"

CMED's sole asset is its ownership of 100% of the shares of CMED
Technologies Ltd., a British Virgin Islands corporation.  CMED
Technologies is itself is a holding company for a group of BVI and
Hong Kong subsidiaries that, prior to February 2012, had 100%
ownership of three operating companies in the PRC that developed,
manufactured and marketed advanced medical technology.

Following entry of the winding up order, CMED has engaged in the
business of collecting its assets and preparing for an orderly
liquidation under the direction of the liquidators.  The Debtor is
estimated to have $100 million to $500 million in liabilities,
according to the Chapter 15 petition filed Aug. 31.

The liquidator claim that in the latter part of 2011, CMED's
former Chairman and Chief Executive Officer, Wu Xiaodong,
implemented a plan to divert value from CMED and its creditors by
causing CMED to default on notes in the aggregate principal amount
of $426 million and stripping CMED of its assets through
undisclosed, unauthorized and fraudulent transfers to his
associates and family members.

In February 2012, without any notice to shareholders or creditors,
Mr. Wu caused the transfer of 60% of the equity ownership of the
CMED Operating Companies to two PRC companies.  The consideration
purportedly received by CMED appears to be "grossly inadequate and
far below the actual value of the ownership interests," the
liquidators claimed.

"Despite extensive searches by the Liquidators in the PRC, the
Liquidators have been unable to locate any of the funds
purportedly paid by the Transferee Companies or even to establish
that any of those funds ever reached CMED," the liquidators
admitted in court filings.

"To date, the Liquidators have been unable to locate any other
CMED assets anywhere in the world outside the Cayman Islands," the
liquidators added.

Chapter 15 helps shield a foreign company from U.S. lawsuits and
creditor claims while the company continues the reorganization
process abroad.

CMED is subject to several lawsuits filed in the United States
District Court for the Southern District of New York, in which the
plaintiffs allege violations of the Securities Exchange Act of
1934.  On April 2, 2012, the lawsuits were consolidated into an
action entitled In re CMED Securities Liquidation, 11 Civ. 9297
(KBF).  On June 1, 2012, CMED filed a motion to dismiss the
Securities Class Action. Briefing on the motion to dismiss the
Securities Class Action is to be completed on August 31, and the
court has scheduled a status conference in the action for
September 14.

CMED's unsecured debt includes $276 million in 4% senior
convertible notes due in 2013; and $150 million in 6.25%
convertible senior notes due in 2016; both governed by Cayman law
and mostly held by Americans.

The winding-up proceedings in the Cayman Islands were commenced
after the indenture trustee for the notes, at the direction of
holders of over 50% of the principal amount of the notes, filed
the winding-up petition June 15, 2012.  Mr. Krys and Cosimo
Borrelli were named liquidators.

Bloomberg News reports that the company's American depositary
receipts fell 68% to $3.50 in August following a two-week
suspension by the U.S. Securities and Exchange Commission, which
questioned information accuracy.  The shares fell 15% in over-the-
counter trading to $2.90 in New York Aug. 31.


COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Columbia Research Market Neutral (Master),
Ltd. will hold their final meeting on Sept. 14, 2012, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ISM HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
----------------------------------------------------------
The shareholders of ISM Holdings Limited will hold their final
meeting on Sept. 14, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MAN ENVIRONMENTAL: Members' Final Meeting Set for Sept. 10
----------------------------------------------------------
The members of Man Environmental Opportunities (Master) Ltd. will
hold their final meeting on Sept. 10, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MERRICKS CAPITAL: Shareholders' Final Meeting Set for Sept. 14
--------------------------------------------------------------
The shareholders of Merricks Capital Long/Short Equity Master Fund
will hold their final meeting on Sept. 14, 2012, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MERRICKS CAPITAL FEEDER: Shareholders' Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Merricks Capital Long/Short Equity Feeder Fund
will hold their final meeting on Sept. 14, 2012, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NORTH WALL: Shareholders' Final Meeting Set for Sept. 14
--------------------------------------------------------
The shareholders of North Wall Entertainment Holdings Limited will
hold their final meeting on Sept. 14, 2012, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Julian Lloyd Vine
         Lainston International Management (Cayman), Ltd.
         Telephone: (345) 943 2106


S.A.C. MULTI-STRATEGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of S.A.C. Multi-Strategy Fund, Ltd. received on
Sept. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         S.A.C. Capital Advisors, L.P.
         c/o Logan Snow
         72 Cummings Point Road
         Stamford, CT 06902
         U.S.A.
         Telephone: (203) 890-2838


SW CAYMAN: Shareholders' Final Meeting Set for Sept. 14
-------------------------------------------------------
The shareholders of SW Cayman Corp. will hold their final meeting
on Sept. 14, 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:

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


XANTHUS ASSET: Shareholders' Final Meeting Set for Sept. 14
-----------------------------------------------------------
The shareholders of Xanthus Asset Management Limited will hold
their final meeting on Sept. 14, 2012, at 8:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Julian Lloyd Vine
         Lainston International Management (Cayman), Ltd.
         Telephone: (345) 943 2106



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


BANCO INTERACCIONES: Moody's Assigns 'B1' Sub. Debt Rating
----------------------------------------------------------
Moody's Investors Service assigned a B1 long term global local
currency subordinated debt rating to Banco Interacciones, S.A.
(Banco Interacciones)'s proposed issuance of preferred and non-
convertible subordinated notes. On its Mexican National Scale,
Moody's de Mexico assigned a long term subordinated debt rating of
Baa1.mx to these notes.

These notes will be for an amount up to Mx$700 million. This will
be the third issuance under Banco Interacciones's program of non-
convertible subordinated notes eligible for Tier 2 capital
treatment established for up to Mx$2 billion. The program was
originally rated by Moody's on 20 December 2010.

Banco Interacciones is rated A3.mx on Moody's Mexican national
scale.

The following ratings were assigned to Banco Interacciones's
proposed third issuance of preferred and non convertible
subordinated notes of up to Mx$700 million:

  Long term global local currency subordinated debt rating of B1

  Long term Mexican National Scale subordinated debt rating of
  Baa1.mx

The outlook is stable

Ratings Rationale

The long term global local currency and Mexican National Scale
subordinated debt ratings are based on the bank's deposit ratings.
The notes to be issued under Banco Interacciones's Subordinated
Debt Program rank pari passu with other subordinated obligations
of the bank.

The date of the Last Credit Rating Action on Interacciones was on
March 30, 2012, when Moody's downgraded the bank's financial
strength, deposit and debt ratings.

Interacciones is headquartered in Mexico City, Mexico. As of 30
June 2012, the bank reported Mx$ 96.7 billion in total assets.


CONTEC HOLDINGS: Files for Bankruptcy in the U.S.
-------------------------------------------------
Contec Holdings, Ltd., and its affiliates on Aug. 29, 2012 sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12437) with
a plan of reorganization that has the support of senior lenders
and noteholders.

"This reorganization process will allow Contec to invest in and
enhance our capabilities to serve our cable industry customers.
We fully expect to build out additional repair and supply chain
services to meet current customer demand and to pursue new
business opportunities beyond the cable market," said Wes Hoffman,
Chief Operating Officer of Contec.  "No jobs are expected to be
impacted by this reorganization process, and we believe Contec
will emerge from this process in an even stronger position to grow
our business."

During the reorganization, the Company will continue to operate in
the normal course of business, without interruption.

A hearing on the first day motions is scheduled for Aug. 31, 2012,
at 1:00 p.m.  First day pleading include request to pay
prepetition claims of employees, general unsecured claimants,
shippers, and customers.

The Debtors are seeking a combined hearing on the Plan and
Disclosure Statement.  Contec anticipates completing the Chapter
11 process within the next 60 days.

The Debtors' prepetition long-term debt obligations total
$360 million.  About $201 million of that amount represents senior
secured obligations to lenders led by Barclays Bank PLC, as
administrative agent, collateral agent, issuing lender and swing
line lender.  There is also $159 million owed on account of
unsecured subordinated notes under a note purchase agreement with
American Capital Financial Services, Inc. as administrative agent,
and American Capital and certain of its affiliates ("ACAS"), as
note purchasers.

            Confirmation Hearing End of September

The Debtors commenced solicitation of votes last week.  Over one
half of the prepetition secured lenders collectively holding at
least two-thirds in amount of outstanding obligations under their
senior credit agreement have voted to accept the Plan.  In
addition, all holders of Subordinated Notes claims have voted to
accept the Prepackaged Plan.  Parties still have until Sept. 24,
2012, at 1:00 p.m. to submit their ballots.

The Debtors expect to complete the bankruptcy proceedings
according to this timetable:

    Event                                   Date
    -----                                   ----
    Voting Record Date                  Aug. 23, 2012
    Commencement of Solicitation        Aug. 23, 2012
    Petition Date                       Aug. 29, 2012
    Voting Deadline                     Sep. 24, 2012
    Mailing of Combined Hearing Notice  Aug. 31, 2012
    Filing of Plan Supplement           Sep. 18, 2012
    Objection Deadline                  Sep. 21, 2012
    Reply Date (if any)                 Sep. 25, 2012
    Combined Hearing                    Sep. 28, 2012

The Debtors are parties to a Plan Support Agreement with a group
of their prepetition secured lenders representing approximately
60% in amounts outstanding under the Senior Credit Agreement,
ACAS, and the Debtors' largest prepetition equity holder.

                 100% Recovery for Unsecureds

Under Plan, senior lenders owed $201 million will recover 14.7% to
24.6%.  They will receive on the effective date $27.5 million in
new second lien notes and 80% of reorganized Contec Holdings.

Holders of general unsecured claims estimated to total $10 million
to $11 million are unimpaired and will recover 100%.  The claims
will be reinstated or paid in full in cash.  The senior lenders
have agreed to carve out a portion of their collateral to ensure
the payment of general unsecured trade claims.

Holders of subordinated note claims totaling $159 will receive on
the effective date a pro-rata share of warrants and $25,000.

Holders of existing equity interests in CHL LTD, the parent, won't
receive anything.

A copy of the Disclosure Statement is available for free at:

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

                            DIP Financing

Certain senior lenders will provide a $35 million DIP credit
facility to give the Company sufficient working capital to
continue meeting its ongoing obligations, including payments to
employees and suppliers throughout the reorganization process.

The DIP financing consists of a a superpriority priming revolving
loan facility, including a $7,500,000 letter of credit
subfacility, in an aggregate principal amount of up to
$35,000,000.  THE DIP facility will mature on the earlier of
Nov. 30, 2012, and the effective date of the Plan.

The Debtors are required under the DIP facility to obtain
confirmation of the Plan by Oct. 2, 2012, and consummate the Plan
by Nov. 30, 2012.

                            About Contec

Contec -- http://www.gocontec.com/Home.aspx/-- is the market
leader in the repair and refurbishment of customer premise
equipment for the cable industry.  The Company repairs more than
2 million cable set top boxes annually, while also providing
logistical support services for over 12 million units of cable
equipment annually. Contec is headquartered in Schenectady, NY.

With substantial operations in the United States and Mexico, the
Debtors earned revenues of approximately $153.6 million in 2011,
and as of July 28, 2012, the Debtors directly employed over 2,300
people in North America, 72% of which are unionized.

The Debtors' prepetition long-term debt obligations total
approximately $360 million.


CONTEC HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: CHL, Ltd
             1023 State Street
             Schenectady, NY 12307

Bankruptcy Case No.: 12-12437

Debtor-affiliates that filed separate Chapter 11 petitions:

        Debtor                                   Case No.
        ------                                   --------
   Contec, LLC                                   12-12440
   Contec Licenses, LLC                          12-12441
   WorldWide Digital Company, LLC                12-12442
   Contec de Mexico, S. de R.L. de C.V.          12-12443
   Ensambladora de Matamoros, S. de R.L. de C.V. 12-12444
   Contec Holdings, Ltd.                         12-12445
   Contec Acquisition Corp.                      12-12446

Type of Business: Contec repairs millions of digital-cable
                  set-top boxes, various modems and satellite
                  receivers each year for manufacturers.

Chapter 11 Petition Date: August 29, 2012

Court: U.S. Bankruptcy Court
       District of Delaware

Judge: Hon. Kevin J. Carey

Debtors'
Legal
Counsel:     D. Ross Martin, Esq.
             ross.martin@ropesgray.com
             James A. Wright III, Esq.
             james.wright@ropesgray.com
             ROPES & GRAY LLP
             Prudential Tower, 800 Boylston Street
             Boston, MA 02199-3600
             Tel: (617) 951-7000
             Fax: (617) 951-7050

                    - and -

             Adam J. Goldstein, Esq.
             adam.goldstein@ropesgray.com
             ROPES & GRAY LLP
             1211 Avenue of the Americas
             New York, NY 10036-8704
             Tel: (212) 596-9000
             Fax: (212) 596-9090

Debtors'
Local
Counsel:     David B. Stratton, Esq.
             strattond@pepperlaw.com
             Evelyn J. Meltzer, Esq.
             meltzere@pepperlaw.com
             John H. Schanne II, Esq.
             schannej@pepperlaw.com
             PEPPER HAMILTON LLP
             Hercules Plaza, Suite 5100
             1313 Market Street
             P.O. Box 1709
             Wilmington, DE 19899-1709
             Tel: (302) 777-6500
             Fax: (302) 421-8390

Debtors'
Restructuring
Advisors:    AP SERVICES LLC

Debtors'
Financial
Advisor and
Investment
Banker:      MOELIS & COMPANY

Debtors'
Claims and
Noticing
Agent:       GARDEN CITY GROUP
             PO Box 9862
             Dublin, Oh 43017

Total Assets: $494.6 million as of March 31, 2012

Total Liabilities: $372.6 million as of March 31, 2012

The petitions were signed by Lawrence Young, Chief Executive
Officer.

CHL, Ltd.'s List of Its 30 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Barclays Bank PLC, as              $185 million       undetermined
Collateral agent                   senior secured
200 Park Avenue                    credit facility,
New York, NY 10166                 Tranche B Term
                                   Loan commitments
                                   and $20 million
                                   senior secured
                                   credit facility,
                                   revolving
                                   commitments

American Capital, Ltd,             $135 million       $160,387,500
as agent                           note purchase
2 Bethesda Metro Center            agreement,
14th Floor                         subordinate
Bethesda, MD 20814                 debt

Pace Micro Tech, PLC               Trade                  $268,034
Victoria Road
UK BD183LF
UK Saltaire Shipley
Yorkshire

Motorola Mobility, LLC             Trade                  $292,957
600 North U.S.
Highway 45
Libertyville, IL 60048

Stephen Gould Corporation          Trade                  $171,950

Landstar Ranger Inc                Trade                  $170,316

STS Manufacturing Co.              Trade                  $169,680

Con-way Freight Inc.               Trade                  $159,610

Averitt Express Inc.               Trade                  $139,976

Cheng Fwa/Taiwan                   Trade                  $129,128

ABF Freight System Inc.            Trade                  $128,712

Broadcom Corporation               Trade                  $126,805

Empaques Rio Grande                Trade                  $110,412

KSC Freight Inc.                   Trade                   $83,948

CH Robinson Company                Trade                   $83,710

Select Staff                       Trade                   $72,545

Grand Si Ho Industrial Co.         Trade                   $71,122

Pace Americas                      Trade                   $69,825

Carlsen Resources Inc.             Trade                   $64,800

Transgroup                         Trade                   $63,432

Liteon Trading USA, Inc.           Trade                   $62,150

Fedex Freight East                 Trade                   $59,353

Future Electronics Corp.           Trade                   $54,419

Singatron Enterprise Co Lt         Trade                   $52,720

Expeditors Intl/Mfe                Trade                   $51,505

Codysur Trucks Inc                 Trade                   $50,876

Scientific Atlanta                 Trade                   $50,291

HMC Electronics                    Trade                   $46,742

MJ Celco, Inc.                     Trade                   $46,617

Royal Freight, LP                  Trade                   $45,790


IXE BANCO: S&P Retains 'bb+' Stand-alone Credit Profile
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on IXE
Banco S.A. Institucion de Banca Múltiple, Grupo Financiero Banorte
(IXE Banco) to positive from stable. "At the same time, we
affirmed our 'BBB-/A-3' global scale issuer credit ratings (ICRs)
and 'mxAA+/mxA-1+' Mexican national scale ratings on IXE Banco. We
also affirmed our ratings on IXE Banco's certificates of deposit
(CDs) at 'BBB-/A-3'. The stand-alone credit profile (SACP) is
'bb+'," S&P said.

"We also affirmed the 'BB' rating on IXE Banco's $120 million
perpetual, noncumulative, nonpreferred, subordinated, non-step-up
notes; and on the $120 million nonpreferred, noncumulative,
subordinated notes. These ratings incorporate the minimum downward
notching from the ICR, which is in turn notched down because of
the risk of partial or untimely payment, and notched down an
additional one notch because of subordination for entities with an
ICR of 'BBB-' or higher. We notch our ratings on IXE Banco's
hybrid instruments downward from the ICR on the bank, and not from
the SACP, because we believe that, in a time of distress, such
instruments would receive support from the group," S&P said.

"The rating action on IXE Banco follows our outlook revision on
Banco Mercantil del Norte S.A. (Banorte). All things being equal,
if we raise the issuer credit ratings on Banorte, we would raise
the ratings on IXE Banco, because we consider this company as a
core subsidiary for its group," S&P said.

"The ratings on IXE Banco reflect our view of its 'moderate' (as
our criteria define the term) business position, 'moderate'
capital and earnings, an 'adequate' risk position, and its
'average' funding and 'adequate' liquidity," S&P said.

"We would likely raise the ratings on IXE Banco if we upgraded
Banorte, because we continue to view IXE Banco as a core
subsidiary for the group," said Standard & Poor's credit analyst
Alfredo Calvo. "We expect IXE Banco's capitalization to remain
moderate during the next two years."

A negative rating action on Banco IXE could result if this entity
losses its status of core subsidiary of the group.


SAGICOR FINANCE: S&P Affirms 'BB+' Rating on Sr. Obligations
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' financial
strength and counterparty credit ratings on Sagicor Life Inc. "At
the same time, we affirmed our 'BB+' rating on Sagicor Finance
Ltd.'s $150 million, 10-year senior unsecured obligations. The
outlook on all ratings remains negative," S&P said.

"The ratings on Sagicor Group reflect its good competitive
position in the Caribbean life insurance market, its diversified
business portfolio by product and geography, and its good
capitalization levels. The negative factors are the group's high
business concentration in countries with speculative-grade
sovereign ratings, and high earnings volatility due to property
catastrophe losses," S&P said.



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


Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                        Total        Shareholders
                                        Assets          Equity
Company              Ticker            (US$MM)        (US$MM)
-------              ------          ---------      ------------


AGRENCO LTD           AGRE LX        637647275     -312199404
AGRENCO LTD-BDR       AGEN11 BZ      637647275     -312199404
ALL ORE MINERACA      STLB3 BZ      27168332.7    -942060.853
ALL ORE MINERACA      AORE3 BZ      27168332.7    -942060.853
ARTHUR LAN-DVD C      ARLA11 BZ     11642255.9    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ     11642255.9    -17154461.9
ARTHUR LANGE          ARLA3 BZ      11642255.9    -17154461.9
ARTHUR LANGE SA       ALICON BZ     11642255.9    -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ      11642255.9    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ     11642255.9    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ      11642255.9    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ     11642255.9    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ      11642255.9    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ      11642255.9    -17154461.9
B&D FOOD CORP         BDFCE US        14423532       -3506007
B&D FOOD CORP         BDFC US         14423532       -3506007
BALADARE              BLDR3 BZ       159454016    -52992212.8
BATTISTELLA           BTTL3 BZ       291826535    -29594537.2
BATTISTELLA-PREF      BTTL4 BZ       291826535    -29594537.2
BATTISTELLA-RECE      BTTL9 BZ       291826535    -29594537.2
BATTISTELLA-RECP      BTTL10 BZ      291826535    -29594537.2
BATTISTELLA-RI P      BTTL2 BZ       291826535    -29594537.2
BATTISTELLA-RIGH      BTTL1 BZ       291826535    -29594537.2
BOMBRIL               BMBBF US       381113283    -25127292.3
BOMBRIL               BOBR3 BZ       381113283    -25127292.3
BOMBRIL               FPXE4 BZ      19416015.8     -489914902
BOMBRIL CIRIO SA      BOBRON BZ      381113283    -25127292.3
BOMBRIL CIRIO-PF      BOBRPN BZ      381113283    -25127292.3
BOMBRIL HOLDING       FPXE3 BZ      19416015.8     -489914902
BOMBRIL SA-ADR        BMBPY US       381113283    -25127292.3
BOMBRIL SA-ADR        BMBBY US       381113283    -25127292.3
BOMBRIL-PREF          BOBR4 BZ       381113283    -25127292.3
BOMBRIL-RGTS PRE      BOBR2 BZ       381113283    -25127292.3
BOMBRIL-RIGHTS        BOBR1 BZ       381113283    -25127292.3
BOTUCATU TEXTIL       STRP3 BZ      27663604.9    -7174512.03
BOTUCATU-PREF         STRP4 BZ      27663604.9    -7174512.03
BUETTNER              BUET3 BZ       114336116    -25308352.3
BUETTNER SA           BUETON BZ      114336116    -25308352.3
BUETTNER SA-PRF       BUETPN BZ      114336116    -25308352.3
BUETTNER SA-RT P      BUET2 BZ       114336116    -25308352.3
BUETTNER SA-RTS       BUET1 BZ       114336116    -25308352.3
BUETTNER-PREF         BUET4 BZ       114336116    -25308352.3
CAF BRASILIA          CAFE3 BZ       160938140     -149281089
CAF BRASILIA-PRF      CAFE4 BZ       160938140     -149281089
CAFE BRASILIA SA      CSBRON BZ      160938140     -149281089
CAFE BRASILIA-PR      CSBRPN BZ      160938140     -149281089
CELGPAR               GPAR3 BZ      2639764737     -675967203
CHIARELLI SA          CCHON BZ      11281940.7    -81454622.1
CHIARELLI SA          CCHI3 BZ      11281940.7    -81454622.1
CHIARELLI SA-PRF      CCHPN BZ      11281940.7    -81454622.1
CHIARELLI SA-PRF      CCHI4 BZ      11281940.7    -81454622.1
CIA PETROLIFERA       1CPMON BZ      377602195    -3014291.72
CIA PETROLIFERA       MRLM3 BZ       377602195    -3014291.72
CIA PETROLIFERA       MRLM3B BZ      377602195    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ      377602195    -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ       377602195    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ      377602195    -3014291.72
CIMOB PARTIC SA       GAFP3 BZ      44047411.7    -45669963.6
CIMOB PARTIC SA       GAFON BZ      44047411.7    -45669963.6
CIMOB PART-PREF       GAFPN BZ      44047411.7    -45669963.6
CIMOB PART-PREF       GAFP4 BZ      44047411.7    -45669963.6
COBRASMA              CBMA3 BZ      94105674.9    -2240770420
COBRASMA SA           COBRON BZ     94105674.9    -2240770420
COBRASMA SA-PREF      COBRPN BZ     94105674.9    -2240770420
COBRASMA-PREF         CBMA4 BZ      94105674.9    -2240770420
COMERCIAL PLA-BL      COMEB AR       231024530     -308335991
COMERCIAL PL-ADR      SCPDS LI       231024530     -308335991
CONST A LINDEN        CALI3 BZ        13567432    -4206628.17
CONST A LINDEN        LINDON BZ       13567432    -4206628.17
CONST A LIND-PRF      LINDPN BZ       13567432    -4206628.17
CONST A LIND-PRF      CALI4 BZ        13567432    -4206628.17
CONST BETER SA        COBE3B BZ     31374373.7    -1555470.16
CONST BETER SA        COBEON BZ     31374373.7    -1555470.16
CONST BETER SA        1007Q BZ      31374373.7    -1555470.16
CONST BETER SA        1COBON BZ     31374373.7    -1555470.16
CONST BETER SA        COBE3 BZ      31374373.7    -1555470.16
CONST BETER-PF A      COBE5 BZ      31374373.7    -1555470.16
CONST BETER-PF A      1COBAN BZ     31374373.7    -1555470.16
CONST BETER-PF B      1COBBN BZ     31374373.7    -1555470.16
CONST BETER-PF B      COBE6B BZ     31374373.7    -1555470.16
CONST BETER-PF B      COBE6 BZ      31374373.7    -1555470.16
CONST BETER-PFA       COBE5B BZ     31374373.7    -1555470.16
CONST BETER-PR A      COBEAN BZ     31374373.7    -1555470.16
CONST BETER-PR A      1008Q BZ      31374373.7    -1555470.16
CONST BETER-PR B      COBEBN BZ     31374373.7    -1555470.16
CONST BETER-PR B      1009Q BZ      31374373.7    -1555470.16
CONST LINDEN RCT      CALI10 BZ       13567432    -4206628.17
CONST LINDEN RCT      CALI9 BZ        13567432    -4206628.17
CONST LINDEN RT       CALI2 BZ        13567432    -4206628.17
CONST LINDEN RT       CALI1 BZ        13567432    -4206628.17
D H B                 DHBI3 BZ       151002419     -118054988
D H B-PREF            DHBI4 BZ       151002419     -118054988
DHB IND E COM         DHBON BZ       151002419     -118054988
DHB IND E COM-PR      DHBPN BZ       151002419     -118054988
DOCA INVESTIMENT      DOCA3 BZ       272567787     -202595760
DOCA INVESTI-PFD      DOCA4 BZ       272567787     -202595760
DOCAS SA              DOCAON BZ      272567787     -202595760
DOCAS SA-PREF         DOCAPN BZ      272567787     -202595760
DOCAS SA-RTS PRF      DOCA2 BZ       272567787     -202595760
EMPRESA DE LOS F      2940894Z CI   1933599186    -50416405.6
ESTRELA SA            ESTRON BZ     77832771.4     -110076267
ESTRELA SA            ESTR3 BZ      77832771.4     -110076267
ESTRELA SA-PREF       ESTR4 BZ      77832771.4     -110076267
ESTRELA SA-PREF       ESTRPN BZ     77832771.4     -110076267
F GUIMARAES           FGUI3 BZ      11016542.1     -151840377
F GUIMARAES-PREF      FGUI4 BZ      11016542.1     -151840377
FABRICA RENAUX        FRNXON BZ     78479539.9    -67506773.4
FABRICA RENAUX        FTRX3 BZ      78479539.9    -67506773.4
FABRICA RENAUX-P      FTRX4 BZ      78479539.9    -67506773.4
FABRICA RENAUX-P      FRNXPN BZ     78479539.9    -67506773.4
FABRICA TECID-RT      FTRX1 BZ      78479539.9    -67506773.4
FER HAGA-PREF         HAGA4 BZ      19331081.5      -49945686
FERRAGENS HAGA        HAGAON BZ     19331081.5      -49945686
FERRAGENS HAGA-P      HAGAPN BZ     19331081.5      -49945686
FERREIRA GUIMARA      FGUION BZ     11016542.1     -151840377
FERREIRA GUIM-PR      FGUIPN BZ     11016542.1     -151840377
GRADIENTE ELETR       IGBON BZ      69132281.2     -253174445
GRADIENTE EL-PRA      IGBAN BZ      69132281.2     -253174445
GRADIENTE EL-PRB      IGBBN BZ      69132281.2     -253174445
GRADIENTE EL-PRC      IGBCN BZ      69132281.2     -253174445
GRADIENTE-PREF A      IGBR5 BZ      69132281.2     -253174445
GRADIENTE-PREF B      IGBR6 BZ      69132281.2     -253174445
GRADIENTE-PREF C      IGBR7 BZ      69132281.2     -253174445
HAGA                  HAGA3 BZ      19331081.5      -49945686
HOTEIS OTHON SA       HOTHON BZ      288171870    -77685728.7
HOTEIS OTHON SA       HOOT3 BZ       288171870    -77685728.7
HOTEIS OTHON-PRF      HOTHPN BZ      288171870    -77685728.7
HOTEIS OTHON-PRF      HOOT4 BZ       288171870    -77685728.7
IGB ELETRONICA        IGBR3 BZ      69132281.2     -253174445
IGUACU CAFE           IGUCF US       321112173    -51863824.3
IGUACU CAFE           IGCSON BZ      321112173    -51863824.3
IGUACU CAFE           IGUA3 BZ       321112173    -51863824.3
IGUACU CAFE-PR A      IGUAF US       321112173    -51863824.3
IGUACU CAFE-PR A      IGCSAN BZ      321112173    -51863824.3
IGUACU CAFE-PR A      IGUA5 BZ       321112173    -51863824.3
IGUACU CAFE-PR B      IGUA6 BZ       321112173    -51863824.3
IGUACU CAFE-PR B      IGCSBN BZ      321112173    -51863824.3
IMPSAT FIBER NET      XIMPT SM       535007008      -17164978
IMPSAT FIBER NET      330902Q GR     535007008      -17164978
IMPSAT FIBER NET      IMPTQ US       535007008      -17164978
IMPSAT FIBER-$US      IMPTD AR       535007008      -17164978
IMPSAT FIBER-BLK      IMPTB AR       535007008      -17164978
IMPSAT FIBER-C/E      IMPTC AR       535007008      -17164978
IMPSAT FIBER-CED      IMPT AR        535007008      -17164978
LA POLAR SA           LAPOLAR CI     626658112     -537455813
LA POLAR-RT           LAPOLARO CI    626658112     -537455813
LARK MAQS             LARK3 BZ      6280039.91    -13860968.7
LARK MAQS-PREF        LARK4 BZ      6280039.91    -13860968.7
LARK MAQUINAS         LARON BZ      6280039.91    -13860968.7
LARK MAQUINAS-PR      LARPN BZ      6280039.91    -13860968.7
LARK SA MAQU-RTS      LARK2 BZ      6280039.91    -13860968.7
LARK SA MAQU-RTS      LARK1 BZ      6280039.91    -13860968.7
LATTENO FOOD COR      LATF US         14423532       -3506007
LUPATECH SA           LUPA3 BZ       815799478    -65082852.9
LUPATECH SA           LUPAF US       815799478    -65082852.9
LUPATECH SA -RCT      LUPA9 BZ       815799478    -65082852.9
LUPATECH SA-ADR       LUPAY US       815799478    -65082852.9
LUPATECH SA-RT        LUPA11 BZ      815799478    -65082852.9
LUPATECH SA-RTS       LUPA1 BZ       815799478    -65082852.9
NORDON MET            NORD3 BZ      12401871.5    -30368143.1
NORDON METAL          NORDON BZ     12401871.5    -30368143.1
NORDON MET-RTS        NORD1 BZ      12401871.5    -30368143.1
NOVA AMERICA SA       NOVA3 BZ        21287489     -183535527
NOVA AMERICA SA       NOVA3B BZ       21287489     -183535527
NOVA AMERICA SA       1NOVON BZ       21287489     -183535527
NOVA AMERICA SA       NOVAON BZ       21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ        21287489     -183535527
NOVA AMERICA-PRF      1NOVPN BZ       21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ       21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ       21287489     -183535527
PARMALAT              LCSA3 BZ       388720096     -213641152
PARMALAT BRASIL       LCSAON BZ      388720096     -213641152
PARMALAT BRAS-PF      LCSAPN BZ      388720096     -213641152
PARMALAT BR-RT C      LCSA5 BZ       388720096     -213641152
PARMALAT BR-RT P      LCSA6 BZ       388720096     -213641152
PARMALAT-PREF         LCSA4 BZ       388720096     -213641152
PET MANG-RECEIPT      RPMG9 BZ       323293708     -112268877
PET MANG-RECEIPT      0229292Q BZ    323293708     -112268877
PET MANG-RECEIPT      RPMG10 BZ      323293708     -112268877
PET MANG-RECEIPT      0229296Q BZ    323293708     -112268877
PET MANG-RIGHTS       3678569Q BZ    323293708     -112268877
PET MANG-RIGHTS       3678565Q BZ    323293708     -112268877
PET MANG-RT           4115360Q BZ    323293708     -112268877
PET MANG-RT           0229268Q BZ    323293708     -112268877
PET MANG-RT           4115364Q BZ    323293708     -112268877
PET MANG-RT           RPMG2 BZ       323293708     -112268877
PET MANG-RT           RPMG1 BZ       323293708     -112268877
PET MANG-RT           0229249Q BZ    323293708     -112268877
PET MANGUINH-PRF      RPMG4 BZ       323293708     -112268877
PETRO MANGUINHOS      RPMG3 BZ       323293708     -112268877
PETRO MANGUINHOS      MANGON BZ      323293708     -112268877
PETRO MANGUIN-PF      MANGPN BZ      323293708     -112268877
PORTX OPERACOES       PRTX3 BZ       976769403    -9407990.35
PORTX OPERA-GDR       PXTPY US       976769403    -9407990.35
PUYEHUE               PUYEH CI      25568725.6     -2547071.2
PUYEHUE RIGHT         PUYEHUOS CI   25568725.6     -2547071.2
RECRUSUL              RCSL3 BZ      43284321.9    -27789423.5
RECRUSUL - RCT        RCSL10 BZ     43284321.9    -27789423.5
RECRUSUL - RCT        4529793Q BZ   43284321.9    -27789423.5
RECRUSUL - RCT        0163583D BZ   43284321.9    -27789423.5
RECRUSUL - RCT        RCSL9 BZ      43284321.9    -27789423.5
RECRUSUL - RCT        4529789Q BZ   43284321.9    -27789423.5
RECRUSUL - RCT        0163582D BZ   43284321.9    -27789423.5
RECRUSUL - RT         RCSL1 BZ      43284321.9    -27789423.5
RECRUSUL - RT         RCSL2 BZ      43284321.9    -27789423.5
RECRUSUL - RT         4529785Q BZ   43284321.9    -27789423.5
RECRUSUL - RT         0163580D BZ   43284321.9    -27789423.5
RECRUSUL - RT         0163579D BZ   43284321.9    -27789423.5
RECRUSUL - RT         4529781Q BZ   43284321.9    -27789423.5
RECRUSUL SA           RESLON BZ     43284321.9    -27789423.5
RECRUSUL SA-PREF      RESLPN BZ     43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL12 BZ     43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL11 BZ     43284321.9    -27789423.5
RECRUSUL-PREF         RCSL4 BZ      43284321.9    -27789423.5
REII INC              REIC US         14423532       -3506007
REL_INDEX             EQY_FUND_CRNCY
RENAUXVIEW SA         TXRX3 BZ       136405144    -72823992.4
RENAUXVIEW SA-PF      TXRX4 BZ       136405144    -72823992.4
RIMET                 REEMON BZ      112551852     -196235615
RIMET                 REEM3 BZ       112551852     -196235615
RIMET-PREF            REEMPN BZ      112551852     -196235615
RIMET-PREF            REEM4 BZ       112551852     -196235615
SANESALTO             SNST3 BZ      31802628.1    -2924062.87
SANSUY                SNSY3 BZ       190512467     -137678051
SANSUY SA             SNSYON BZ      190512467     -137678051
SANSUY SA-PREF A      SNSYAN BZ      190512467     -137678051
SANSUY SA-PREF B      SNSYBN BZ      190512467     -137678051
SANSUY-PREF A         SNSY5 BZ       190512467     -137678051
SANSUY-PREF B         SNSY6 BZ       190512467     -137678051
SAUIPE                PSEG3 BZ      15164420.8    -2756081.99
SAUIPE SA             PSEGON BZ     15164420.8    -2756081.99
SAUIPE SA-PREF        PSEGPN BZ     15164420.8    -2756081.99
SAUIPE-PREF           PSEG4 BZ      15164420.8    -2756081.99
SCHLOSSER             SCLO3 BZ      63039069.1      -50573360
SCHLOSSER SA          SCHON BZ      63039069.1      -50573360
SCHLOSSER SA-PRF      SCHPN BZ      63039069.1      -50573360
SCHLOSSER-PREF        SCLO4 BZ      63039069.1      -50573360
SNIAFA SA             SNIA AR       11229696.2    -2670544.88
SNIAFA SA-B           SDAGF US      11229696.2    -2670544.88
SNIAFA SA-B           SNIA5 AR      11229696.2    -2670544.88
SOC COMERCIAL PL      CADN EO        231024530     -308335991
SOC COMERCIAL PL      COMED AR       231024530     -308335991
SOC COMERCIAL PL      CAD IX         231024530     -308335991
SOC COMERCIAL PL      COME AR        231024530     -308335991
SOC COMERCIAL PL      CVVIF US       231024530     -308335991
SOC COMERCIAL PL      CADN SW        231024530     -308335991
SOC COMERCIAL PL      COMEC AR       231024530     -308335991
SOC COMERCIAL PL      SCDPF US       231024530     -308335991
SOC COMERCIAL PL      CADN EU        231024530     -308335991
STAROUP SA            STARON BZ     27663604.9    -7174512.03
STAROUP SA-PREF       STARPN BZ     27663604.9    -7174512.03
STEEL - RCT ORD       STLB9 BZ      27168332.7    -942060.853
STEEL - RT            STLB1 BZ      27168332.7    -942060.853
TEKA                  TKTQF US       341291511     -388484677
TEKA                  TEKAON BZ      341291511     -388484677
TEKA                  TEKA3 BZ       341291511     -388484677
TEKA-ADR              TKTPY US       341291511     -388484677
TEKA-ADR              TEKAY US       341291511     -388484677
TEKA-ADR              TKTQY US       341291511     -388484677
TEKA-PREF             TEKAPN BZ      341291511     -388484677
TEKA-PREF             TKTPF US       341291511     -388484677
TEKA-PREF             TEKA4 BZ       341291511     -388484677
TEKA-RCT              TEKA9 BZ       341291511     -388484677
TEKA-RCT              TEKA10 BZ      341291511     -388484677
TEKA-RTS              TEKA2 BZ       341291511     -388484677
TEKA-RTS              TEKA1 BZ       341291511     -388484677
TEXTEIS RENA-RCT      TXRX9 BZ       136405144    -72823992.4
TEXTEIS RENA-RCT      TXRX10 BZ      136405144    -72823992.4
TEXTEIS RENAU-RT      TXRX1 BZ       136405144    -72823992.4
TEXTEIS RENAU-RT      TXRX2 BZ       136405144    -72823992.4
TEXTEIS RENAUX        RENXPN BZ      136405144    -72823992.4
TEXTEIS RENAUX        RENXON BZ      136405144    -72823992.4
VARIG PART EM SE      VPSC3 BZ      83017828.6     -495721700
VARIG PART EM TR      VPTA3 BZ      49432124.2     -399290396
VARIG PART EM-PR      VPSC4 BZ      83017828.6     -495721700
VARIG PART EM-PR      VPTA4 BZ      49432124.2     -399290396
VARIG SA              VAGV3 BZ       966298048    -4695211008
VARIG SA              VARGON BZ      966298048    -4695211008
VARIG SA-PREF         VARGPN BZ      966298048    -4695211008
VARIG SA-PREF         VAGV4 BZ       966298048    -4695211008
WETZEL SA             MWELON BZ      105473506    -3423680.68
WETZEL SA             MWET3 BZ       105473506    -3423680.68
WETZEL SA-PREF        MWELPN BZ      105473506    -3423680.68
WETZEL SA-PREF        MWET4 BZ       105473506    -3423680.68


                            ***********


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 * * *