TCRLA_Public/120911.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 11, 2012, Vol. 13, No. 181


                            Headlines



A R G E N T I N A

EDUNA SRL: Creditors' Proofs of Debt Due Sept. 28
INSTITUTO CARDIOVASCULAR: Creditors' Proofs of Debt Due Sept. 24
IXE BANCO: Moody's Assigns 'D+' Bank Finc'l Strength Rating
MEDICINA ASISTENCIAL: Creditors' Proofs of Debt Due Sept. 19
MEXICHEM SAB: Moody's Affirms 'Ba1' CFR, Rates New Notes 'Ba1'

MULTIFINANZAS COMPANIA: Moody's Withdraws 'E+' BFSR
SAN CRISTOBAL: Moody's Affirms 'B2' Global IFS Rating
SUPERVIELLE CREDITOS: Moody's Affirms 'B2' Rating on Cl. C Secs.
VALENTIN VIRASORO: Creditors' Proofs of Debt Due Oct. 24
ZILLION SA: Creditors' Proofs of Debt Due Oct. 3


C A Y M A N   I S L A N D S

ANCHOR POINT: Creditors' Proofs of Debt Due Sept. 24
ANCHOR POINT MASTER: Creditors' Proofs of Debt Due Sept. 24
AOI INVESTMENTS 1: Creditors' Proofs of Debt Due Sept. 25
APOLLO ORANGE: Creditors' Proofs of Debt Due Sept. 25
INVESTCORP PE CONVENTIONAL: Proofs of Debt Due Sept. 17

INVESTCORP PE SHARI'AH: Creditors' Proofs of Debt Due Sept. 17
JETSTREAM GLOBAL: Creditors' Proofs of Debt Due Sept. 26
QFS CAYMAN: Commences Liquidation Proceedings
QFS CAYMAN: Members to Hold Final Meeting on Sept. 24
TERMOEMCALI EQUITY: Creditors' Proofs of Debt Due Sept. 17

TERMOEMCALI HOLDINGS: Creditors' Proofs of Debt Due Sept. 17


J A M A I C A

CARIBBEAN AIRLINE: To Appoint News Executive Soon
CL FIN'L: Lascelles de Mercado's Workers Are Safe


P U E R T O   R I C O

INTERNATIONAL HOME: Wants Until Sept. 28 to File Chapter 11 Plan


M E X I C O

ARENDAL S DE RL: Fitch Upgrades IDR to 'B'; Outlook Stale
BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings
BANCO INDUSTRIAL: S&P Affirms 'BB/B' Issuer Credit Ratings
CEMEX SAB: To Hire Citigroup, BBVA, Santander for Unit's IPO


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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EDUNA SRL: Creditors' Proofs of Debt Due Sept. 28
-------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for Eduna
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 28, 2012.

Ms. Eidelstein will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Griselda Isabel Eidelstein
         Lambare 1140
         Argentina


INSTITUTO CARDIOVASCULAR: Creditors' Proofs of Debt Due Sept. 24
----------------------------------------------------------------
Estudio Palacio Finocchio y Asociados, the court-appointed trustee
for Instituto Cardiovascular Integral SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until Sept. 24, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Estudio Palacio, Finocchio y Asociados
         Montevideo 368
         Argentina


IXE BANCO: Moody's Assigns 'D+' Bank Finc'l Strength Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed all the ratings assigned to
Banco Mercantil del Norte, S.A., including its C- standalone bank
financial strength rating (BFSR) and baa2 baseline credit
assessment, A3 and Prime-2 long- and short-term global local
currency deposit and senior debt ratings, and Baa1/Prime-2 long-
and short-term foreign currency deposit ratings. The outlook on
all these ratings is stable.

In addition, Moody's de Mexico has affirmed Banorte's Aaa.mx and
MX-1 long- and short-term deposit and senior debt ratings on the
Mexican national scale. The outlook on these ratings is stable.

Moody's has also affirmed the A3 and Prime-2 long- and short-term
local currency issuer ratings of Arrendadora y Factor Banorte,
S.A. (AyF Banorte), as well as the issuer's (P)A3 and (P)Prime-2
long- and short-term local currency senior debt ratings. At the
same time, Moody's de Mexico affirmed AyF Banorte's Aaa.mx and MX-
1 issuer and senior debt ratings on the Mexican national scale.
The outlook on these ratings is stable.

A complete ratings list is provided below.

Rating Actions on Ixe Banco and CB Banorte-Ixe

Moody's Investors Service has assigned a D+ standalone bank
financial strength rating to Ixe Banco, S.A., which maps to a
standalone baseline credit assessment of ba1. At the same time,
Moody's has assigned long- and short-term global local currency
deposit ratings of Baa1/Prime-2, as well as long- and short-term
foreign currency deposit ratings of Baa1/Prime-2 to the bank.
Additionally, Moody's de Mexico has assigned Aaa.mx/MX-1 Mexican
national scale ratings to Ixe Banco. The outlook on these ratings
is stable.

Moody's has also assigned Baa1/Prime-2 local currency issuer
ratings to Casa de Bolsa Banorte-Ixe, S.A. (CB Banorte-Ixe), which
derive from an standalone credit assessment of ba2 and takes into
account parental support considerations. At the same time, Moody's
de Mexico has assigned Aaa.mx/MX-1 issuer ratings to CB Banorte-
Ixe. The outlook on these ratings is stable.

Ratings Rationale - Banorte

In affirming Banorte's standalone ratings, Moody's took into
account the strong franchise value derived from the bank's growing
market shares in loans and deposits, and broad access to customer
deposits, in particular, which support net interest margins and
liquidity stability. Banorte's consistent profitability and its
relatively stable asset quality, continues to sustain capital and
balance sheet growth.

Moody's also notes the improvements in the quality of Banorte's
capital, as indicated by Tier 1 now comprising 84% of total
capital as of March 31, 2012 compared with 71% at year-end 2009.
This increase supports the bank's comfortable Tier 1 capital ratio
of 11.6% as of March 31, 2012 (source: Banxico).

Asset quality metrics have been improving, with delinquency and
coverage ratios reaching very good levels, of 1.12% and 228.9%,
respectively, as of June 30, 2012 (source: CNBV). Nevertheless,
the standalone rating is constrained by the bank's high growth and
risk appetite, as evidenced by large single borrower
concentrations relative to Tier 1 capital and exposure to related
parties. Although the bank's loan granularity ratio (measured by
its 20 largest borrowers to Tier 1 capital) has positively
declined to almost 200% as of 31 March 2012 from close to 800% in
2008, it remains high relative to peers. In turn, exposure to
related parties relative to Tier 1 capital, at 25%, is at the
regulatory limit.

Banorte's expansion program over the past years has reflected in
higher cost to income ratio, which increased to 55% from 50%
(source: CNBV) in the 2008 -2011 period. The benefits of such
process can already be observed in the larger share of retail
deposits and loans and broader branch network. Moreover, as
management concludes the operational and business integration of
Grupo Financiero Banorte (GFNORTE) and IXE Grupo Financero,
Moody's expects gains of synergy to positively affect the group's
performance.

Banorte is headquartered in Mexico City. As of June 2012, it had
Mx$628.7 billion in assets.

Ratings Rationale -- AyF Banorte

AyF Banorte's A3 and Prime -2 issuer ratings incorporate a
standalone credit assessment of ba2 and five notches of uplift due
to parental support assumptions, given the company's strategic
importance to GFNORTE and specifically to Banorte.

The ba2 standalone credit assessment reflects the fact that AyF
Banorte is a small leasing and factoring company that complements
Banorte's product offering. Although AyF Banorte is a subsidiary
of GFNORTE, in effect it is managed as a line of business of
Banorte. As such, its standalone franchise value is very limited
due to its monoline business profile and modest earnings capacity.
More positively, AyF Banorte's asset quality and profitability
track record are adequate, as the company implicitly benefits from
the operational platform, risk management and infrastructure of
GFNORTE in terms of market position, cost synergies and potential
for growth.

AyF Banorte is headquartered in Mexico City. As of June 2012, it
had Mx$18.7 billion in assets.

Ratings Rationale -- Ixe Banco

Ixe Banco's ba1 standalone baseline credit assessment takes into
account its good position in the high net worth deposit segment,
as well as its defendable portfolio of corporate loans to large
and medium-size companies. Particularly important is the bank's
stable base of customer deposits, which has supported business
expansion over time.

Ixe Banco is small, holding less than 2% of the system's deposits
as of June 30, 2012 (source: CNBV). Its well-established niche
bank strategy ensures that earnings generation is strong, although
high funding costs and the expenses inherent to the business model
substantially limit bottom line profitability. As a consequence;
Ixe Banco's core earnings ratio (pre-provision income to risk-
weighted assets) has averaged a small 0.8% for the past five
years, which is lower than peers'.

Ixe Banco's delinquency and reserve coverage ratios have been
strong, averaging 1.05% and 186.4%, respectively, between 2008 and
Q2 2012. Asset quality however is challenged by high loan
concentrations with largest borrowers representing a high 197% of
Tier 1 capital.

The bank's capitalization is good, at 15.58% as of June 30, 2012
(source: Banxico), which is in line with that of large and
diversified banks in the system. Ixe's capital composition tends
to have a larger share of Tier 2 capital than most of its peers,
with Tier 2 capital representing a high one-third of the total.

Although Ixe Banco's premium segment business remains separate
from Banorte, it is now part of GFNORTE, a highly diversified
retail-oriented banking group. As such, Moody's believes that by
being integrated to GFNORTE, Ixe Banco will benefit from improved
operational and funding conditions that should support its
business potential, franchise value and future profitability.

The Baa1 global local currency deposit rating assigned to Ixe
Banco is based on Moody's assessment of the probability of
external support to the bank in case of stress. The deposit rating
is three notches above the ba1 standalone credit assessment and
the uplift reflects Moody's assumptions about the high probability
of parental support given its relevance to GFNORTE.

Ixe Banco is headquartered in Mexico City. As of June 2012, it had
Mx$88.5 billion in assets.

Ratings Rationale -- CB Banorte-Ixe

The Baa1 global local currency issuer rating assigned to CB
Banorte-Ixe incorporates the brokerage house's standalone credit
assessment of ba2 and Moody's assessment of the probability of
parental support. The company was created from the merger of Ixe
Casa de Bolsa, S.A. and Casa de Bolsa Banorte, S.A. in Q1 2012.
The ba2 standalone credit assessment takes into account CB
Banorte-Ixe's good brand name, market presence and business
potential derived from Ixe Casa de Bolsa's good industry track
record as well as Banorte's business potential. As such, CB
Banorte-Ixe is well positioned to provide high net worth
individuals and large and mid-size companies with a well-
diversified palette of brokerage services and wholesale banking
products. These include access to trading in capital and money
markets, mutual funds, and private banking, corporate finance and
financial advisory and research products.

CB Banorte-Ixe runs a low-risk operation; the brokerage house acts
on behalf of its customers rather than focusing on trading in
high-risk proprietary positions. As a consequence, nearly 88% of
revenues are derived from fees and commissions, a risk profile
that results in low capital consumption rates, which Moody's views
positively.

CB Banorte-Ixe is part of GFNORTE's recently created wholesale
banking division and therefore implicitly benefits from the
Banorte group's operational platform, risk management and
infrastructure in terms of cost synergies, access to a broad
customer base and potential for growth.

The ba2 standalone credit assessment nevertheless is constrained
by CB Banorte-Ixe's modest profitability and small scale, as
indicated by its ranking as the 9th player in capital markets
operations among other Mexican brokerage houses.

The Baa1 GLC issuer rating assigned to CB Banorte-Ixe is four
notches above the ba2 standalone credit assessment. The ratings
uplift takes into account Moody's assessment of the high
probability of group support in case of stress because the
brokerage house plays a key role in GFNORTE's wholesale banking
strategy.

CB Banorte-Ixe is headquartered in Mexico City. As of June 2012,
it had Mx$87.4 billion in assets.

DETAILED RATINGS LIST

Banco Mercantil del Norte, S.A.

The following ratings were affirmed with stable outlooks:

- Standalone bank financial strength rating of C-

- A3 and Prime-2 long- and short-term global local currency
   deposit ratings

- A3 and Prime-2 long- and short-term global local currency
   senior debt ratings

- Baa1 and Prime-2 long- and short-term foreign currency deposit
   ratings

- Baa1 local currency subordinated debt rating

- Baa1 foreign currency subordinated debt rating assigned to
   subordinated cumulative foreign currency debt

- Baa2 local currency rating assigned to junior cumulative
   subordinated debt

- Ba1 foreign currency rating assigned to non-cumulative
   subordinated debt

- Aaa.mx and MX-1 long- and short-term Mexican national scale
   deposit ratings

- Aaa.mx and MX-1 long- and short-term Mexican national scale
   senior debt ratings

- Aaa.mx subordinated debt rating

- Aa1.mx junior subordinated debt rating

Arrendadora y Factor Banorte, S.A.

The following ratings were affirmed with stable outlooks:

- A3 and Prime-2 long- and short-term local currency issuer
   ratings

- (P)A3 and (P)Prime-2 long- and short-term local currency senior
   debt ratings

- Aaa.mx and MX-1 long- and short-term Mexican national scale
   issuer ratings

- Aaa.mx and MX-1 long- and short-term Mexican national scale
   senior debt ratings

Ixe Banco, S.A.

The following ratings were assigned with stable outlooks:

- Standalone bank financial strength rating of D+

- Baa1/Prime-2 long- and short-term global local currency deposit
   ratings

- Baa1/Prime-2 long- and short-term foreign currency deposit
   ratings

- Aaa.mx/MX-1 Mexican national scale ratings

Casa de Bolsa Banorte Ixe, S.A.

The following ratings were assigned with stable outlooks:

- Baa1/Prime-2 GLC long- and short-term global local currency
   issuer ratings

- Aaa.mx/MX-1 issuer ratings

The methodologies used in this rating were Moody's Consolidated
Global Bank Rating published in June 2012, and Finance Company
Global Rating Methodology published in March 2012, and Global
Securities Industry Methodology published December 2006.

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

The date of the last Credit Rating Action on Banorte was 15 May
2012 when Moody's Investors Service assigned a long-term Baa1
global local currency (GLC) subordinated debt rating to Banco
Mercantil del Norte, S.A. (Banorte)'s proposed fifth issuance of
non-convertible subordinated notes of up to Mx$3 billion, eligible
for Tier 2 capital treatment.

The date of the last Credit Rating Action on AyF Banorte was 16
May 2012 when Moody's Investors Service assigned provisional long
and short term global local currency (GLC) senior debt ratings of
(P) A3/P-2 to Arrendadora y Factor Banorte, S.A. de C.V. (AF
Banorte)'s Senior Debt Program of Certificados Bursatiles, of up
to Mx$3 billion (the Program).

The period of time covered in the financial information used to
determine Banorte's rating is between 31 December 2006 and 30 June
2012 (source: Moody's, Issuer's financial statements, CNBV and
Banxico).

The period of time covered in the financial information used to
determine AyF Banorte, Ixe Banco and CB Banorte-Ixe's rating is
between December 31, 2008 and June 30, 2012 (source: Moody's,
Issuer's financial statements, CNBV and Banxico).

The sources and items of information used to determine the ratings
include 2011 and 2012 interim financial statements (source: Grupo
Financiero Banorte); year-end 2011 audited financial statements
(source: Grupo Financiero Banorte, audited by Deloitte Touche
Tohmatsu Limited); financial statements and information on market
position (source: CNBV); and regulatory capital information
(source: Banxico).


MEDICINA ASISTENCIAL: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------------------
Gerardo Miguel Seghero, the court-appointed trustee for Medicina
Asistencial Familiar y Social SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until Sept. 19, 2012.

Ms. Seghero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Gerardo Miguel Seghero
         Combate de los Pozos 129
         Argentina


MEXICHEM SAB: Moody's Affirms 'Ba1' CFR, Rates New Notes 'Ba1'
--------------------------------------------------------------
Moody's Investors Service moved the outlook on Mexichem S.A.B. de
C.V.'s ratings to positive from stable and assigned Ba1 ratings to
its proposed senior unsecured notes. Moody's affirmed the firm's
Ba1 Corporate Family Rating (CFR) and existing debt ratings.

The following summarizes the ratings:

Mexichem S.A.B. de C.V.

Ratings affirmed

  Corporate Family Rating -- Ba1 (global scale) / Aa3.mx (Mexico
  national scale)

  USD350mm gtd senior unsecured notes due 2019 -- Ba1* (global
  scale)

Ratings assigned

Senior unsecured notes due 2022 -- Ba1 (global scale)

Outlook - Positive

* This rating will be withdrawn should the company retire the
  entire debt issue.

Ratings Rationale

The proceeds from the new debt issuance will be used to refinance
existing debt, and therefore will not materially impact the firm's
total debt balance. Mexichem plans to repay $600 million of
borrowings under its $1 billion revolving credit facility, a
portion or all of the senior notes due 2019 through a tender offer
and other existing bank debt.

The move to a positive outlook reflects Mexichem's strong credit
metrics that are supportive of a higher rating, improved business
profile and relatively strong industry conditions in its major
Latin American markets. The outlook considers Moody's expectation
that the company will limit its leverage (Net Debt / EBITDA ratio,
before Moody's standard analytical adjustments) to 2.0x even as it
pursues further acquisitions and major capital investments to
vertically integrate its operations. Moody's expects the material
capital investments announced this year associated with the new
Pemex joint venture (approximately $200 million) and new OxyChem
joint venture (approximately $750 million) to expand Mexichem's
own VCM supply will be financed over multiple years from operating
cash flows and will not require future debt financing.

Mexichem's Ba1 Corporate Family Rating reflects its business
profile (two main product lines, commodity nature of most of its
products, and exposure to volatile petrochemical costs,
operational diversity and geographical diversity and leading
market positions in key commodities), and the company's highly
acquisitive growth strategy. Mexichem's acquisition strategy and
organic growth over the past three years has transformed the
company, increasing its size (as measured by revenues of $4.2
billion for the twelve months ended June 30, 2012), diversifying
its operations and revenues, and allowing it to improve its
margins. The fluorine chain now accounts for a greater proportion
of EBITDA and sales outside of Latin America now account for more
than one-third of revenues. Additionally, the credit rating is
supported by the solid operational cash flow and strong credit
metrics for the rating category. The company's relatively
conservative financial philosophy for a Ba1 issuer and
management's commitment to stay below a 2.0x Net Debt to EBITDA
benefit the rating.

The company has exposure to cyclical end markets in Latin America
such as housing and infrastructure, which have not experienced the
same decline as in other regions such as in the US. However,
Moody's does have concerns over the macroeconomic environment and
the potential for a slowdown in certain of Mexichem's
construction-related end markets. The company's main commodity
products (chlorine, caustic soda, PVC resins, compounds and pipes)
are subject to competition based on price.

The company will improve its liquidity profile after the firm
repays the $600 million of outstanding borrowings under the
revolver and repays near-term maturities of bank debt with the
proceeds from the proposed financing. Mexichem's liquidity is
supported by positive free cash flow, large cash balances, and
availability under its $1 billion revolving credit facility due
2014. Additionally, the firm benefits from not having material
quarterly bank debt maturities. After the proposed financing the
company will not have significant debt maturities prior to 2015.

The ratings could be upgraded to an investment grade rating (e.g.,
Baa3) if Mexichem successfully completes its equity offering of
approximately $1.0 billion (currency refers to US dollars) such
that it will not be required to increase debt to finance its $3
billion investment program for 2011- 2015, restricts debt of
subsidiaries that do not guarantee Mexichem debt to less than 20%
of total debt and generates credit metrics supportive of an
investment grade rating (including debt to EBITDA less than 2.5x
and free cash flow to debt greater than 10% on a sustained basis).
An upgrade would incorporate Moody's expectations the firm would
maintain conservative financial policies, continue to pursue a
disciplined acquisition strategy -- acquisitions of businesses it
is familiar with at reasonable valuation multiples. Moody's would
expect the company to maintain a typical investment grade capital
structure with predominately senior unsecured debt at the holding
company level and minimal subsidiary debt. Mexichem needs to
ensure it has adequate liquidity, which would include maintaining
a capital structure such that there would not be a need to
refinance material debt maturities annually; and having a clear
liquidity policy supported by a track record of having cash
balances and/or committed credit facilities that, along with cash
flows from operations, would cover debt maturities and operating
financing needs.

The ratings on the proposed notes at the same level as the CFR
reflects the senior unsecured nature of the debt and the fact that
a majority of the firm's debt is at the holding company level
(Mexichem S.A.B. de C.V.) or at subsidiaries that guarantee the
holding company's obligations. The proposed notes will benefit
from guarantees from subsidiaries (which do not include Wavin)
that generate more than half of total earnings and hold about half
of the firm's assets. Moody's notes that almost 20% of Mexichem's
consolidated balance sheet debt is bank debt at Wavin, but this
subsidiary is currently generating a smaller percentage of
earnings. Should the notes become subordinated in the future by a
significant amount of other debt (for example, by Mexichem issuing
secured debt at the guarantor subsidiaries or a material increase
in secured or unsecured debt at non-guarantor subsidiaries) or the
guarantees under the notes not result in the notes ranking pari
passu with the other debt at the guarantor subsidiaries, then the
ratings on the notes could be re-evaluated.

The principal methodology used in rating Mexichem was the Global
Chemical Industry Methodology published in December 2009.

Mexichem, headquartered in Tlalnepantla, Mexico, is a producer of
PVC resins, pipes and related PVC products that is backwardly
integrated into chlor-alkali production. It has grown its PVC
operations rapidly through acquisitions as well as strong organic
growth, and predominately services markets in Latin America. Its
Fluorine Division operates the world's largest fluorospar mine, is
a large producer of hydrofluoric acid and producer of refrigerant
gases, which is sold globally. It had revenues of MXN55.7 billion
(approximately $4.2 billion) for the twelve months ended June 30,
2012.


MULTIFINANZAS COMPANIA: Moody's Withdraws 'E+' BFSR
---------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Multifinanzas Compania Financiera S.A. for business reasons.

Multifinanzas Compania Financiera S.A. has no debt outstanding
rated by Moody's.

Multifinanzas Compania Financiera S.A. is headquartered in Buenos
Aires, Argentina and as of March 2012 it had Ar$109 million in
assets and Ar$13 million in equity.

The following ratings of Multifinanzas Compania Financiera S.A.
were withdrawn:

Bank Financial Strength Rating: E+, with stable outlook

Long and Short-term Global Local Currency Deposit Ratings: B3 and
Not Prime, stable outlook

Long and Short Term Foreign Currency Deposit Ratings: Caa1 and Not
-Prime, stable outlook

Long-Term National Scale Local-Currency Deposit Rating: Baa1.ar

Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar


SAN CRISTOBAL: Moody's Affirms 'B2' Global IFS Rating
-----------------------------------------------------
Moody's Latin America affirmed the B2 global local currency (GLC)
insurer financial strength (IFS) rating of San Cristobal Soc.
Mutual de Seguros Generales (San Cristobal) and upgraded the
company's IFS rating on Argentina's national scale to A1.ar from
A2.ar. The rating outlooks are stable.

San Cristobal is the property and casualty insurance company of
the San Cristobal Seguros Group in Argentina , which also owns San
Cristobal Seguros de Retiro, a retirement insurer and holds the
majority stake (71.7%) in Asociart ART, a monoline workers'
compensation insurer.

Ratings Rationale

The affirmation of San Cristobal's B2 GLC IFS rating primarily
reflects the general maintenance of its key credit strengths,
including its adequate market position and brand recognition and
sound financial performance. It also captures certain challenges,
such as the company's concentrated exposure in the automobile line
of business, the poor credit quality of its investments and
Argentina's weak and volatile operating environment.

The main driver of the upgrade of the IFS rating to A1.ar from
A2.ar on the Argentine national scale, was San Cristobal's
improving profitability and capitalization, combined with an
improvement in internal controls, including replacing its small,
regional external auditor with a mid-size international firm.

San Cristobal is the sixth-largest property and casualty insurer
in Argentina, with an approximate 5% market share of gross
premiums written as of June 30, 2012, excluding the workers'
compensation segment. It is the third-largest automobile insurer -
- the country's largest insurance segment -- with about 6% share
of that market. In addition to its strong market presence, San
Cristobal's profitability has improved in the past three fiscal
years driven mainly by the company's business growth and higher
investment yields, and to a lesser extent by a reduction in its
underwriting losses. These profitability improvements, coupled
with regular capital contributions from its policyholders, have
strengthened San Cristobal's gross underwriting leverage, which
has fallen to 3 times as of June 30, 2012 from 6.3 times as of
June 30, 2009.

Nevertheless, the global rating remains constrained primarily by
the firm's concentration in the highly competitive and volatile
automobile insurance market, which accounts for 76% of net
premiums written, and by its high exposure to Argentine sovereign
bonds and local bank deposits, which represent more than 100% of
shareholders' equity, though this metric is coming down as
capitalization improves. In addition, San Cristobal's high
dependence on investment returns for profitability and the weak
and volatile Argentine operating environment constrain the global
rating.

The following factors could prompt an upgrade of San Cristobal's
ratings: 1) further improvement in underwriting results (i.e.,
combined ratios consistently below 90%), 2) a more diversified
business composition with a lower concentration in automobile
insurance, and 3) an upgrade of the Argentine sovereign bond
rating or improvement in the country's operating environment.
Conversely, the following would place downward pressure on the
company's ratings: 1) significant and sustained deterioration in
profitability (e.g., return on capital consistently below 10%), 2)
gross underwriting leverage sustained above 10 times of
shareholders' equity on a consolidated basis, 3) significant and
sustained reduction in market share, or 4) significant
deterioration in Argentina's government bond rating and/or the
country's operating environment.

Based in Rosario, Argentina, for the fiscal year ended June 30,
2012, San Cristobal Seguros reported a net profit of AR$270
million, gross premiums of approximately AR$1,390 million and
shareholders' equity of AR$1,034 million.


SUPERVIELLE CREDITOS: Moody's Affirms 'B2' Rating on Cl. C Secs.
----------------------------------------------------------------
Moody's Latin America has affirmed the ratings of the debt
securities and certificates of Supervielle Creditos 63, which is a
transaction that will be issued by Deutsche Bank S.A. - acting
solely in its capacity as Issuer and Trustee.

Moody's has affirmed the ratings after receiving an updated bond
structure for the transaction, as described below. As of Sept. 7,
the securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

- ARS45,600,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", affirmed
   Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
   Scale, Local Currency), previously assigned on August 3rd 2012.

- ARS60,000,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", affirmed
   Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
   Scale, Local Currency) , previously assigned on August 3rd
   2012.

- ARS7,200,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 63", affirmed
   A1.ar (sf) (Argentine National Scale) and B2 (sf) (Global
   Scale, Local Currency) , previously assigned on August 3rd
   2012.

- ARS7,200,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 63", affirmed A2.ar (sf) (Argentine
   National Scale) and B2 (sf) (Global Scale, Local Currency),
   previously assigned on August 3rd 2012.

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 19,930 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 120,014,628.46.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 62% for
the Class A Fixed Rate Debt Securities, 12% for the Class B
Floating Rate Securities and 6% for the Class C Fixed Rate
Securities. In addition the transaction has various reserve funds
and excess spread.

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

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

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 5%, a minimum of 2.5% and a
maximum of 15%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are derived
from the historical performance to date of the Supervielle's
pools. Servicer default was modeled by simulating the default of
the Banco Supervielle as the servicer consistent with its current
rating of B2/Aa3.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.35% for Class B Floating Rate Debt
Securities, 7.24% expected loss for Class C Fixed Rate Debt
Securities and 7.24% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario of
11%, a minimum of 8.5% and a maximum of 21%), the ratings of the
Classes A, Class B and Class C Fixed Rate debt securities would
remain the same. The ratings for and Certificates would be likely
downgraded to Caa1 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

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

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


VALENTIN VIRASORO: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------------
Ricardo Adroge, the court-appointed trustee for Valentin Virasoro
1092 SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until Oct. 24, 2012.

Mr. Adroge will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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. 22, 2013.

The Trustee can be reached at:

         Ricardo Adroge
         Bouchard 468
         Argentina


ZILLION SA: Creditors' Proofs of Debt Due Oct. 3
------------------------------------------------
Sergio Leonardo Novick, the court-appointed trustee for Zillion
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 3, 2012.

Mr. Novick will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:

         Sergio Leonardo Novick
         Libertad 359
         Argentina



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


ANCHOR POINT: Creditors' Proofs of Debt Due Sept. 24
----------------------------------------------------
The creditors of Anchor Point Capital Commodity Fund, Ltd. are
required to file their proofs of debt by Sept. 24, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 9, 2012.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ANCHOR POINT MASTER: Creditors' Proofs of Debt Due Sept. 24
-----------------------------------------------------------
The creditors of Anchor Point Capital Commodity Master Fund, Ltd.
are required to file their proofs of debt by Sept. 24, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 9, 2012.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


AOI INVESTMENTS 1: Creditors' Proofs of Debt Due Sept. 25
---------------------------------------------------------
The creditors of AOI Investments 1 are required to file their
proofs of debt by Sept. 25, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 23, 2012.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


APOLLO ORANGE: Creditors' Proofs of Debt Due Sept. 25
-----------------------------------------------------
The creditors of Apollo Orange Investments are required to file
their proofs of debt by Sept. 25, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 23, 2012.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


INVESTCORP PE CONVENTIONAL: Proofs of Debt Due Sept. 17
-------------------------------------------------------
The creditors of Investcorp Pe Conventional Coinvestors Fund II
Limited are required to file their proofs of debt by Sept. 17,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 5, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


INVESTCORP PE SHARI'AH: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------------
The creditors of Investcorp Pe Shari'ah Coinvestors Fund II
Limited are required to file their proofs of debt by Sept. 17,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 5, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


JETSTREAM GLOBAL: Creditors' Proofs of Debt Due Sept. 26
--------------------------------------------------------
The creditors of Jetstream Global Offshore Fund Ltd. are required
to file their proofs of debt by Sept. 26, 2012, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


QFS CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 1, 2012, the sole shareholder of QFS Cayman Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda
         Telephone: 441-292-7979


QFS CAYMAN: Members to Hold Final Meeting on Sept. 24
-----------------------------------------------------
The members of QFS Cayman Fund Limited will hold their final
general meeting on Sept. 24, 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 Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM 09
         Bermuda
         Telephone: 441-292-7979


TERMOEMCALI EQUITY: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------------
The creditors of Termoemcali Equity Funding Limited are required
to file their proofs of debt by Sept. 17, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2012.

The company's liquidator is:

         Hugh Dickson
         c/o John Royle
         10 Market Street #765
         Camana Bay
         Grand CaymanKY1 9006
         Cayman Islands
         Telephone: (345) 769 7206
         Main Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


TERMOEMCALI HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
------------------------------------------------------------
The creditors of Termoemcali Holdings Limited are required to file
their proofs of debt by Sept. 17, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2012.

The company's liquidator is:

         Hugh Dickson
         c/o John Royle
         10 Market Street #765
         Camana Bay
         Grand CaymanKY1 9006
         Cayman Islands
         Telephone: (345) 769 7206
         Main Telephone: (345) 949 7100
         Facsimile: (345) 949 7120



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


CARIBBEAN AIRLINE: To Appoint News Executive Soon
-------------------------------------------------
RJR News reports that Caribbean Airlines Limited should have a new
chief exeutive officer before the end of the year.

Airline Chairman Rabindra Moonan told Trinidad's Business Day
newspaper that filling the position of Chief Executive Officer is
actively being pursued and the process should be completed in
three months, according to RJR News.

The report notes that Caribbean Airlines has been without a CEO
since the sudden departure of Ian Brunton in November 2010.

Since that time Robert Corbie, the company's Chief Operations
Officer (COO) has been acting as CEO, the report relates.

                    About Caribbean Airlines

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.


CL FIN'L: Lascelles de Mercado's Workers Are Safe
-------------------------------------------------
RJR News reports that Italy's Gruppo Campari has assured workers
at Lascelles de Mercado's, New Yarmouth and Appleton Estates, that
their jobs are safe, after jitters emerged following announcement
that the Italians have acquired the Jamaican spirits company.

Workers took protest action on after they learnt about Lascelles
de Mercado's divestment to Gruppo Campari through the media,
according to RJR News.  The report relates that workers had
demanded to know what is happening with the company and even
demanded redundancy monies.

RJR News notes that First Vice President of the United Allied
Workers Union, Clifton Grant, said that the workers were told that
their terms of employment are unchanged.

As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2012, RJR News said that CL Financial Limited has
remained silent since agreeing to sell its 81% stake in Lascelles
de Mercado to Italian spirits company Grupo Campari. The former
PNM administration in Trinidad took control of CL Financial in
June 2009 following the collapse of its insurance subsidiary,
Colonial Life Insurance Company, the report recalled.  RJR News
said that the Campari buyout excludes Lascelles' non-core assets
-- comprise insurance and transportation entities as well as
investments.  Trinidad's Guardian newspaper said CL Financial is
looking to divest these assets separately, RJR News related.



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


INTERNATIONAL HOME: Wants Until Sept. 28 to File Chapter 11 Plan
----------------------------------------------------------------
International Home Products, Inc., and Health Distillers
International, Inc., ask the U.S. Bankruptcy Court for the
District of Puerto Rico to extend their exclusive periods to
propose a chapter 11 plan and explanatory disclosure statement
until Sept. 28, 2012.  The Debtors also request that the Court
extend their solicitation period to 60 days from the date that the
Court approves the Disclosure Statement.

The Debtors explain that they need more time to formulate the
proposed plan of reorganization.  The Debtors note that the
litigation in relation to the Debtors' cases had interfered with
and distracted from the Debtors' efforts to reorganize.

                 About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.



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


ARENDAL S DE RL: Fitch Upgrades IDR to 'B'; Outlook Stale
---------------------------------------------------------
Fitch Ratings upgrades Arendal, S. de R.L. de C.V. (Arendal) as
follows:

  -- Foreign currency long-term Issuer Default Rating (IDR) to 'B'
     from 'B-';
  -- Local currency long-term IDR to 'B' from 'B-'.

The Rating Outlook is Stable.

The ratings upgrade reflects Arendal's stronger credit profile,
due to an improvement in its main credit metrics associated with
higher operating and EBITDA margins that translates into positive
cash flow from operations in the last 30 months, as well as
positive free cash flow generation in the last 18 months.  The
ratings are also supported by Arendal's track record and technical
experience in the Mexican heavy construction industry as a
recognized player in the construction of fluid transportation
systems and plants, its participation in both public and private
sector projects across the Mexican territory, and its positive
operating performance despite a challenging economic environment.
Conversely, the ratings are limited by the characteristics of the
industry which is highly linked to economic cycles, project
concentration of revenues and cash flow, as well as the current
process of adoption by the company of the best corporate
governance practices.

During 2011 and 2012, Arendal has been developing the construction
of a Federal Penitentiary in the state of Chiapas, which has
diversified the company's revenue source, as well as allowed it to
increase operative margins compared to past years.  Nevertheless,
Fitch expects that margins will decline in 2013 and 2014 due to
the nature of future projects.

The company has a relevant business position in the construction
of pipelines in terms of kilometers built during the last years.
Arendal engages in project contracts that include full or partial
engineering, procurement and construction of pipelines and plants.
Also, the company has the capacity to execute projects across all
the Mexican territory and to manage efficiently its technical and
workforce resources.  Arendal's competitive advantage among
industry peers includes an historical completion rate of around
98% of its project before or on settled dates.  Customers and
commercial partners in either public or private sectors recognize
the company's commitment to quality and security requirements.
Fitch considers that these elements will contribute to maintain
its business position in the long term.

Fitch believes that the company participates in an industry
exposed to economic cycles which is reflected in volatility in
sales and operative margins throughout the years.  Arendal's long-
term main challenge is the ongoing need to add new projects.
Additionally, the ratings incorporate the high competition between
domestic and foreign companies in the heavy construction industry.
Going forward, the company could enter into joint ventures (JVs)
or consortiums to serve different projects that are expected to
come in line in the near term, which in turn will strengthen its
business profile.

During the past six years, the company has maintained its organic
growth despite the decrease in the level of economic activity in
2008 and 2009, as well as the weak recovery in 2010.  Last 12
months (LTM) revenues ended at June 30, 2012 were MXN2,477 million
while operating income reached MXN488 million.  Revenues reported
by the company in 2011 amounted MXN1,263 million, while operating
income totaled MXN237 million.  Compounded annual growth rate
(CAGR) of revenues and operating income for the last five and a
half years ended June 30, 2012 was 27.6% and 60%, respectively.
These factors, in Fitch's opinion, reflect management's commitment
and ability to adjust its operative and business strategies
depending on economic environment.

Fitch considers that revenue diversification expected by the
company's strategies will contribute to a reduction of business
risks and cash flow volatility.  Arendal had a mix of revenues
significantly oriented towards the public sector, with Federal
Government (Secretaria de Seguridad Publica) being its main
customer in 2011 and the first half of 2012 and PEMEX in 2010 and
2009.  While this allows the company to maintain a relevant
business position for future projects, it also concentrates the
business' operating generation.

The company's financial position and flexibility is less limited
than in the past, as a result of its business strategy to
diversify to other segments, such as concessions.  As of LTM June
30, 2012, the EBITDA to interest and total debt to EBITDA ratios
were 6.2 times (x) and 1.0x, respectively, which compare favorably
with the 5.6x and 1.9x at the end of 2011 and 1.6x and 4.9x in
2010.  The total debt as of June 30, 2012 amounted MXN510 million,
and around 92% was guaranteed by the cash flow from the projects.
In Fitch's view, a gradual and consistent strengthening of the
company's credit metrics in the medium term combined with higher
operative generation and adequate debt management, along with
reinforcement of corporate governance practices could lead to
additional positive rating actions.

Arendal's financing strategy is to mainly secure new indebtedness
with the cash flow coming from a new project allowing the company
to match the payment of a credit with a specific project.  Given
that most of the projects have periods of completion that ranges
between 12-18 months, financing associated to the projects have a
short-term tenor, resulting in high concentration of short-term
debt.  The liquidity position of the company is limited to timely
collect accounts receivables.

Key Rating Drivers:

The ratings could be negatively pressured by a combination of the
following factors, among others: deterioration of Arendal's credit
metrics as a result of a downturn in the heavy construction
industry or a decline in its operative performance.  Large scale
projects with higher complexity and unfamiliar to Arendal's
current areas of expertise, that could demand additional resources
from the company than originally anticipated.  A rating downgrade
could also be driven by limited access to financing sources
affecting the company's liquidity position.

As mentioned before, factors which could lead to a positive rating
action include a combination of stronger credit metrics, improved
liquidity position, and full implementation of corporate
governance practices.  The ratings are constrained by the current
underdeveloped corporate governance of the company, which include,
among other issues, the participation of key executives in the
business operation, lack of independent members in the Board of
Directors as well as alternative overseeing committees, and
related party transactions.


BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings
---------------------------------------------------
Standard & Poor's revised its long-term rating outlook on Banco G
& T Continental S.A. to stable from negative. "At the same time,
we affirmed our 'BB' long-term and 'B' short-term ratings on the
bank," S&P said.

"The rating action on Banco G&T Continental follows our outlook
revision on Guatemala. Currently, the bank's stand-alone credit
profile is 'bb+' and its issuer credit ratings are limited by the
foreign-currency rating on Guatemala. In this sense, the ratings
continue to move in tandem with those of the sovereign," S&P said.

"Our issuer credit ratings on Banco Industrial continue to reflect
its 'strong' business position, 'moderate' capital and earnings,
'moderate' risk position,'average' funding profile, 'adequate'
liquidity (as our criteria define these terms)," S&P said.

"The stable outlook mirrors that on the sovereign. We also expect
Banco G&T Continental to keep its leading position in the
Guatemalan banking system and that its capital and earnings will
remain moderate within the next 12 to 18 months, owing to our
expected loan portfolio growth and internal capital generation,"
S&P said.


BANCO INDUSTRIAL: S&P Affirms 'BB/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's revised its long-term rating outlook on Banco
Industrial S.A. to stable from negative. "At the same time, we
affirmed our 'BB' long-term and 'B' short-term ratings on the
bank," S&P said.

"The rating action on Banco Industrial follows our outlook
revision on Guatemala. Currently, the bank's stand-alone credit
profile is 'bb+' and its issuer credit ratings are limited by the
foreign-currency rating on Guatemala. In this sense, the ratings
continue to move in tandem with those of the sovereign," S&P said.

"Our issuer credit ratings on Banco Industrial continue to reflect
its 'strong' business position, 'moderate' capital and earnings,
'moderate' risk position,'average' funding profile, 'adequate'
liquidity (as our criteria define these terms)," S&P said.

"The stable outlook mirrors that on the sovereign. We also expect
Banco Industrial to keep its leading position in the Guatemalan
banking system and that its capital and earnings will remain
moderate within the next 12 to 18 months, owing to our expected
loan portfolio growth and internal capital generation," S&P said.


CEMEX SAB: To Hire Citigroup, BBVA, Santander for Unit's IPO
------------------------------------------------------------
Jonathan J. Levin and Serena Saitto at Bloomberg News report that
two unnamed sources said CEMEX, S.A.B. de C.V. hired Citigroup
Inc., Banco Bilbao Vizcaya Argentaria SA (BBVA), and Banco
Santander SA (SAN) to manage the initial public offering in
Colombia of its Central and South America unit.

While the details of the sale are still under discussion, the
company may raise about $1 billion by listing the unit, known as
Cemex Latam Holdings SA, said one of the people, who asked not to
be identified because the process is private, according to
Bloomberg News.

Bloomberg News notes that Cemex SAB said last month that it
planned to sell a minority stake in its Central and South American
businesses as it seeks money to repay creditors.  The report
relates that the company, which is working to halt 11 consecutive
quarterly losses, must make a $1 billion payment to banks next
year under a proposed new refinancing agreement.

                        About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 10, 2012, Fitch Ratings has assigned a 'B+/RR3' rating to
CEMEX, S.A.B. de C.V.'s proposed senior secured high yield note
issuance.  These notes will be issued in an amount up to $500
million.  These exchange notes are being offered to holders of the
company's Financing Agreement debt in a cashless transaction and
will have a maturity date of June 2018.



===============
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.


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