/raid1/www/Hosts/bankrupt/TCRLA_Public/120918.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 18, 2012, Vol. 13, No. 186


                            Headlines



A R G E N T I N A

BANCO BILBAO: S&P Affirms 'BB-/B' Issuer Credit Ratings
BANCO CRUZEIRO: S&P Cuts Global Scale Rating to 'D'
EQUITY TRUST: Moody's Affirms 'C.ar' Rating on ARS2.39MM Certs.
SUPERVIELLE CREDITOS: Moody's Rates Two Sec. Classes 'B2'


B E R M U D A

BLUEWAVE SHIPPING: Creditors' Proofs of Debt Due Sept. 30
BLUEWAVE SHIPPING: Member to Receive Wind-Up Report on Oct. 19
BURGUNDY INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 26
BURGUNDY INTERNATIONAL: Members' Final Meeting Set for Oct. 15
GEROVA HOLDINGS: Supreme Court Enters Wind-Up Order

REFCO CAPITAL: Supreme Court Enters Wind-Up Order
TAMARACK INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 26
TAMARACK INTERNATIONAL: Members' Final Meeting Set for Oct. 17
USW REAL: Creditors' Proofs of Debt Due Sept. 30
USW REAL: Member to Receive Wind-Up Report on Oct. 19


B R A Z I L

* BRAZIL: Fitch Expects Concessions Would be Renewed at Levels


C A Y M A N  I S L A N D S

BMH PARTNERS 1: Shareholders' Final Meeting Set for Sept. 28
BUNYAN 2 LIMITED: Shareholders' Final Meeting Set for Sept. 28
CARLYLE CREDIT: Shareholders' Final Meeting Set for Sept. 28
CARLYLE HIGH: Shareholders' Final Meeting Set for Sept. 28
CARLYLE HIGH 2008-1: Shareholders' Final Meeting Set for Sept. 28

CRESCENT MAYFAIR: Shareholder to Hear Wind-Up Report on Oct. 4
CSN ISLANDS VI: Shareholders' Final Meeting Set for Sept. 28
ELITE CONCEPT: Sole Member Receives Wind-Up Report
GENERAL FINANCE: Shareholders' Final Meeting Set for Sept. 28
NORTHWOODS CAPITAL: Moody's Ups Ratings on $24.3MM Notes to 'Ba1'

ROSMORE: Shareholders' Final Meeting Set for Oct. 4


J A M A I C A

* JAMAICA: Shaw Dismisses Assertions From Finance Minister


M E X I C O

CONTROLADORA COMERCIAL: Moody's Upgrades CFR to 'Ba1' From 'Ba3'


V E N E Z U E L A

* VENEZUELA: Risks Default If Chavez Wins, Morgan Stanley Says


X X X X X X X X

Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BANCO BILBAO: S&P Affirms 'BB-/B' Issuer Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long- and
'B' short-term ratings on Banco Bilbao Vizcaya Argentaria Paraguay
S.A. (BBVA Paraguay). The outlook is stable.

"The ratings on BBVA Paraguay reflect its 'strong' business
position, 'weak' capital and earnings, 'adequate' risk position,
'average' funding, and 'adequate' liquidity, all as defined in our
criteria," S&P said.


BANCO CRUZEIRO: S&P Cuts Global Scale Rating to 'D'
---------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale rating
to 'D' from 'CC/C' and  Brazilian national scale rating 'brD' from
'brCC/brC' on Banco Cruzeiro do Sul S.A., as foreshadowed in its
Aug. 23, 2012, research update, in which S&P placed the ratings on
the bank on CreditWatch with negative implications.

"The downgrade follows the central bank's liquidation of the Banco
Cruzeiro do Sul. On Aug. 14, 2012, the Fundo Garantidor de
Creditos (FGC) announced that it intended to buy Banco Cruzeiro do
Sul's debt at a discount of 49%, as it was searching for buyers
for the bank. (The FGC is a private institution that guarantees
deposits of financial institutions in Brazil.) For the transaction
to be successful, 90% of creditors must have agreed on the terms
and for the central bank to accept an eligible buyer by Sept. 13,
2012. These conditions were not met, and the central bank has
ruled the liquidation of the bank," S&P said.


EQUITY TRUST: Moody's Affirms 'C.ar' Rating on ARS2.39MM Certs.
--------------------------------------------------------------
Moody's Latin America has affirmed the ratings of the VRDA, VRDB
and CP of Fideicomiso Financiero Colservice Serie I, after
receiving an updated pool cut and bond structure for the
transaction.

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

Moody's notes that as of Sept. 14, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

This transaction will be issued by Equity Trust Company
(Argentina) S.A. - acting solely in its capacity as Issuer and
Trustee.

- ARS19,372,459 in Class A Floating Rate Debt Securities (VRDA)
   of "Fideicomiso Financiero Colservice Serie I", affirmed at
   Aa2.ar (sf) (Argentine National Scale) and B1 (sf) (Global
   Scale, Local Currency); previously on May 10, 2012 Assigned
   Aa2.ar (sf) and B1 (sf)

- ARS239,166 in Class B Floating Rate Debt Securities (VRDB) of
   "Fideicomiso Financiero Colservice Serie I", affirmed at
   Baa2.ar (sf) (Argentine National Scale) and B3 (sf) (Global
   Scale, Local Currency); previously on May 10, 2012 Assigned
   Baa2.ar (sf) and B3 (sf)

- ARS1,913,329 in Class C Fixed Rate Debt Securities (VRDC) of
   "Fideicomiso Financiero Colservice Serie I", Ca.ar (sf)
   (Argentine National Scale) and Ca (sf) (Global Scale, Local
   Currency) withdrawn; previously rated on May 10, 2012; new
   ratings assigned of Caa2.ar (sf) (Argentine National Scale) and
   Caa3 (sf) (Global Scale, Local Currency)

- ARS2,391,662 in Certificates (CP) of "Fideicomiso Financiero
   Colservice Serie I", affirmed at C.ar (sf) (Argentine National
   Scale) and C (sf) (Global Scale, Local Currency); previously on
   May 10, 2012 Assigned C.ar (sf) and C (sf)

This is the first transaction rated by Moody's backed by
receivables originated by Colservice.

Ratings Rationale

The ratings are based mainly on the following factors:

- The available credit enhancement in the transaction, as an
   initial subordination of 19% for the VRDA and 18% for the VRDB
   (calculated over the cashflow discounted at a 26% annual rate).

- The value of the collateral, represented by receivables related
   to 189 closed-end savings plans (granted with exogenous funds)
   with a current weighted average LTV of approximately 58.38%

- The ability of Equity Trust Company (Argentina) S.A. to act as
   trustee.

- The established payment mechanism for borrowers to pay directly
   into the trust account.

- The first-priority security interest on the Mercedes-Benz
   buses.

- The ability of Colservice to act as primary servicer in the
   transaction

- The availability of several reserve funds.

Colservice S.A. de Ahorro para Fines Determinados ("Colservice"),
acting as seller, will assign to Fideicomiso Financiero Colservice
I fixed installments related to 189 closed-end saving plans
(granted with exogenous funds) (planes de ahorro cerrados) ("the
receivables") to finance the purchase of new or used Mercedes Benz
buses.

The receivables are denominated in Argentine pesos, and will be
purchased by the trust at a discount rate of 26%, for the amount
of ARS 28,700,327.89.

The closed-end saving plans -granted with exogenous funds- were
extended by Colservice to small and medium sized companies, large
companies and self-employed individuals in the transportation and
tourism industries. The receivables are backed by a first-priority
security interest on the vehicles.

Overall credit enhancement is comprised of subordination: 19% for
the Class A, 18 for the Class B, and 10% for Class C. In addition,
the transaction benefits from various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of similar
portfolios. In addition, Moody's considered factors common to
vehicle loan 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 determine
the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for losses on the pool with a 12% mean and
a 70% coefficient of variation. Also, Moody's assumed a lognormal
distribution for prepayments with a 4% mean and a 70% coefficient
of variation. These assumptions are derived from the historical
performance to similar portfolios originated by Colservice.
Moody's has not given any credit for recoveries.

The model results showed 1.78% expected loss for Class A, 10.26%
expected loss for Class B, 35.63% for Class C, and 81.99% 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 (that is, if Moody's assumes a mean default
rate of 18%), the ratings of the Class A would be downgraded to
B3(sf). The ratings for Class B would be downgraded to Caa2 (sf).

Moody's notes that the pool is highly concentrated in the
transportation and tourism industry in Argentina. A negative
economic environment affecting these sectors may impact a large
number of securitized receivables. The pool has also a high
concentration by borrower, as the 189 receivables included in the
transaction correspond to 58 borrowers. The top 10 borrowers
represent 38.62% of the original pool balance. This is mitigated
by: i) the fact that the vehicles backing the securitized
receivables are, in general, a key component of the borrower's
working capital, which is expected to have a lower probability of
the default in comparison with other company obligations, ii) the
relatively low average loan CLTV of 58.38%, iii) the historical
performance of similar pools and the initial subordination which
will increase over time due to a turbo-sequential payment
structure. Moody's has also stressed significantly the pool's
default rate above the historical observed default rates of
similar portfolios. These concentrations result in potential
increased volatility for the ratings.

Colservice is a company of the Colcar Group and was constituted in
2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses. Colcar Merbus S.A. ("Colcar") is the largest
Mercedes-Benz dealer in Argentina. Colcar is also the largest
seller of chassis of buses used for public transportation in
Argentina. The company is divided in six business lines: buses,
commercial vehicles, cars, equipment, services and spare parts.
Moody's believes that Colservice's origination and servicing
practices are adequate. Colservice is regulated by the Inspecci¢n
General de Justicia in Argentina and received periodic audits of
procedures from Mercedes-Benz.

Finally, Moody's also evaluated the servicing arrangements in the
transaction. Borrowers will be instructed to make payments
directly into the trust account at Banco Galicia, as a result
mitigating commingling risk. Also, the designed backup servicer at
closing is Multiconex S.A., a late payment collection company that
provides service to several banks and consumer finance companies
in the Argentine market. Multiconex will perform some servicing
functions for this transaction: it will contact borrowers on a
monthly basis to inform the amounts due and the payment dates. It
will also instruct borrowers to make payments directly into the
trust account.


SUPERVIELLE CREDITOS: Moody's Rates Two Sec. Classes 'B2'
---------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 64, which is
a transaction that will be issued by Deutsche Bank S.A. - acting
solely in its capacity as Issuer and Trustee.

As of Sept. 14, 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.

- ARS45,500,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 64", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS68,900,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 64", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS7,800,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 64", rated Aa3.ar
   (sf) (Argentine National Scale) and B2 (sf) (Global Scale,
   Local Currency)

- ARS7,800,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 64", rated A1.ar (sf) (Argentine National
   Scale) and B2 (sf) (Global Scale, Local Currency)

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 18,686 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS130,010,329.37.

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: 65% for
the Class A Fixed Rate Debt Securities, 12% for the 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.

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, 0.63% for Class B Floating Rate Debt
Securities, 7.24% expected loss for Class C Fixed Rate Debt
Securities and 7.28% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., most likely scenario of
9%, a minimum of 6.5% and a maximum of 19%), 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.



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


BLUEWAVE SHIPPING: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
The creditors of Bluewave Shipping Fund Limited are required to
file their proofs of debt by Sept. 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2012.

James Keyes is the company's liquidator.


BLUEWAVE SHIPPING: Member to Receive Wind-Up Report on Oct. 19
--------------------------------------------------------------
The member of Bluewave Shipping Fund Limited will receive on
Oct. 19, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

James Keyes is the company's liquidator.


BURGUNDY INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 26
--------------------------------------------------------------
The creditors of Burgundy International 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 wind-up proceedings on Sept. 10, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


BURGUNDY INTERNATIONAL: Members' Final Meeting Set for Oct. 15
--------------------------------------------------------------
The members of Burgundy International Fund Ltd. will hold their
final general meeting on Oct. 15, 2012, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


GEROVA HOLDINGS: Supreme Court Enters Wind-Up Order
---------------------------------------------------
On Sept. 7, 2012, the Supreme Court of Bermuda entered an order to
wind up the operations of Gerova Holdings Ltd.

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Ltd.
         Bermuda


REFCO CAPITAL: Supreme Court Enters Wind-Up Order
-------------------------------------------------
On Sept. 7, 2012, the Supreme Court of Bermuda entered an order to
wind up the operations of Refco Capital Markets Ltd.

The company's liquidators are:

         Mike Morrison
         KPMG Advisory Limited (Bermuda); and

         Richard Heis
         KPMG LLP (England)


TAMARACK INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 26
--------------------------------------------------------------
The creditors of Tamarack International, 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 wind-up proceedings on Sept. 6, 2012.

The company's liquidators are:

         Michael J. Frey
         601 Carlson Parkway
         Suite 200, Minnetonka
         Minnesota, 55305


TAMARACK INTERNATIONAL: Members' Final Meeting Set for Oct. 17
--------------------------------------------------------------
The members of Tamarack International, Ltd. will hold their final
general meeting on Oct. 17, 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 liquidators are:

         Michael J. Frey
         601 Carlson Parkway
         Suite 200, Minnetonka
         Minnesota, 55305


USW REAL: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------
The creditors of USW Real Estate Holding Limited are required to
file their proofs of debt by Sept. 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 11, 2012.

James Keyes is the company's liquidator.


USW REAL: Member to Receive Wind-Up Report on Oct. 19
-----------------------------------------------------
The member of USW Real Estate Holding Limited will receive on
Oct. 19, 2012, at 1:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

James Keyes is the company's liquidator.



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


* BRAZIL: Fitch Expects Concessions Would be Renewed at Levels
--------------------------------------------------------------
The measures announced by the Brazilian government for renewing
energy concessions that mature between 2015 and 2017 were
unexpected by Fitch Ratings and substantially heighten risks for
companies with concessions expiring during this period.

Previously, Fitch anticipated that concessions would be renewed at
levels that provide for continuity of operations, as well as
profit levels that would provide incentives for management in
addition to investments in these critical assets.

The companies that will be most affected by the government's
actions are:

  -- Centrais Eletricas Brasileiras S.A. (Eletrobras, Issuer
     Default Rating [IDR] 'BBB/AAA(bra)'),

  -- Companhia de Transmissao de Energia Eletrica Paulista S.A.
     (CTEEP, IDR 'AA+(bra)');

  -- ISA Capital do Brasil S.A., CTEEP's controlling company (IDR
     'BB+/AA-(bra)');

  -- Companhia Energetica de Minas Gerais (CEMIG, IDR 'AA(bra)').

Companhia Paranaense de Energia (COPEL, IDR 'AA+(bra)') will
likely be affected as well but to a much lesser extent.  Risks may
be somewhat lower for companies that have concessions expiring
beyond 2017, as future governments may deal with renewals
differently.

The main objective of the government's proposal is to lower
electricity tariffs for end users in order to benefit residential
consumers and improve industrial competitiveness.  The decline in
cash flow for the affected companies would likely lead to lower
investment in the sector in the future, which would have negative
consequences.  The companies will have 30 days to decide whether
they accept the government's final proposal, or maintain the
concessions until their final maturities and, thereafter return
them to the government.  Fitch sees little room for deviating from
the proposal, however, as the government has already announced its
commitment to lower tariff for end users on a defined percentage.

The Brazilian government's proposal for renewing the concession
includes an upfront payment to the concessionaires in exchange for
a significant reduction in revenues going forward, both of which
are to be determined.  The upfront payment is intended to
compensate concession holders for their assets net of
depreciation. The value, which would be calculated by the sector's
regulator ANEEL, is uncertain and likely would not fully
compensate companies for all of their investments.  The
government's proposal also includes a significant decrease in
revenues to levels that would only be intended to cover operating
cost, which prevents them from generating profits and creates
disincentives for future investments.  As part of the government's
proposal, the concession renewal date would be moved to 2013 from
2015 to 2017, and companies would likely have to forego the
revenues that were to be generated during this period.

Fitch believes the government's interference in the concession
renewal process weakens the perception of the country's regulatory
framework and increases regulatory risk.  The degree by which the
perception of the country's regulatory strength deteriorates would
depend upon how fairly the regulator values the concession
holders' assets.  The government's intention to lower electricity
tariffs for end users, which is believed to be the driver of its
actions, would pressure cash flow generation.  This would have
severe implications for the investment capacity of sector
participants, mainly stated owned Eletrobras.

The government's proposal could also have negative implications
for attracting foreign direct investment into the country, if the
market perceives the government does not compensate existing
companies fairly.  In addition, non-power concessions such as toll
roads could be impacted, as participants get a glimpse of what is
to come when their own concessions expire.  If the government's
actions are very negative, other concession holders could adjust
by lowering maintenance expenditures, for example.

The degree by which the credit quality of companies would be
impacted depends upon the fairness of the upfront payment, the
ensuing cash flow generation and any weakening of the respective
capital structures.  The credit ratings of concession holders
could be downgraded by several notches should they accept the
government's proposal without using some of the proceeds from the
government's payment to strengthen their capital structures to
compensate for a precipitous decline in their future cash flow
generating capacity.

Cemig and Eletrobras are among the companies with relevant
generation concessions maturing between 2015 and 2017.  The
government's proposed measures are not expected to have an
immediate impact upon generation companies such as Tractebel and
Tiete, which do not have concessions maturing over the next few
years.  In the short term, these generators should benefit from
the reduction of transmission costs for the market agents, which
include the energy generators, leading to a slightly positive
impact upon their cash flow.  Nevertheless, as the price of energy
produced by generators with expiring concessions diminishes, the
energy purchase price mix in the regulated market would decline
and could put downward pressure upon the average amounts to be
practiced in the spot market.

The transmission companies with relevant concessions maturing
between 2015 and 2017, namely Cemig, CTEEP and Eletrobras, should
also face significant negative impacts.  These companies hold
older concessions that tend to be more profitable than new
concessions that have been assigned under a more competitive
environment.  Transmission companies will also be affected
negatively from a cash flow perspective, as the Brazilian
government intends to pay companies at a level that would only
cover their operating and maintenance costs.  For the companies
that do not have concessions maturing in the next years, such as
Taesa, Alupar and Abengoa, the immediate impact is currently
neutral.

The Brazilian government is still studying the measures to be
adopted for distribution companies with concessions maturing
between 2015 to 2017, which includes Cemig, Copel and Eletrobras.
Nevertheless, Fitch considers that the periodical tariff review
processes for this segment leave a limited room for additional
reductions in profitability.  The reduction in energy tariffs aims
at stimulating the country's economic growth, which could bolster
energy consumption and increase distribution companies' cash flow
generation. Cheaper tariffs also tend to increase per capita
consumption of electricity and reduce delinquency rates.  Under
this scenario, distribution companies or groups with a large
participation in the distribution segment, such as Cemar, CPFL
Group, Eletropaulo, Energisa Group, Light Group and Rede Group,
tend to capture higher energy sale volumes with the announced
measures.



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


BMH PARTNERS 1: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of BMH Partners 1 Limited will hold their final
meeting on Sept. 28, 2012, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BUNYAN 2 LIMITED: Shareholders' Final Meeting Set for Sept. 28
--------------------------------------------------------------
The shareholders of Bunyan 2 Limited Co. will hold their final
meeting on Sept. 28, 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:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 29th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 1844488 ext. 1402


CARLYLE CREDIT: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of Carlyle Credit Partners Financing I, Ltd. will
hold their final meeting on Sept. 28, 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:

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


CARLYLE HIGH: Shareholders' Final Meeting Set for Sept. 28
----------------------------------------------------------
The shareholders of Carlyle High Yield Partners IV, Ltd. will hold
their final meeting on Sept. 28, 2012, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARLYLE HIGH 2008-1: Shareholders' Final Meeting Set for Sept. 28
-----------------------------------------------------------------
The shareholders of Carlyle High Yield Partners 2008-1, Ltd. will
hold their final meeting on Sept. 28, 2012, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CRESCENT MAYFAIR: Shareholder to Hear Wind-Up Report on Oct. 4
--------------------------------------------------------------
The shareholder of Crescent Mayfair Blue I SPC, Ltd. will receive
on Oct. 4, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CSN ISLANDS VI: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of CSN Islands VI Corp. will hold their final
meeting on Sept. 28, 2012, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ELITE CONCEPT: Sole Member Receives Wind-Up Report
--------------------------------------------------
The sole member of Elite Concept Holdings Limited received on
Sept. 4, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG1110
         British Virgin Islands


GENERAL FINANCE: Shareholders' Final Meeting Set for Sept. 28
-------------------------------------------------------------
The shareholders of General Finance Bunyan 2 Company Ltd will hold
their final meeting on Sept. 28, 2012, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 29th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 1844488 ext. 1402


NORTHWOODS CAPITAL: Moody's Ups Ratings on $24.3MM Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Northwoods Capital V Limited:

  US$251,750,000 Class A-1a Senior Secured Floating Rate Notes
  Notes, Upgraded to Aaa (sf); previously on July 26, 2011
  Upgraded to Aa2 (sf);

  US$100,000,000 Class A-1b Senior Secured Revolving Floating Rate
  Notes Notes, Upgraded to Aaa (sf); previously on July 26, 2011
  Upgraded to Aa2 (sf);

  US$31,500,000 Class A-2 Senior Secured Floating Rate Notes
  Notes, Upgraded to Aa2 (sf); previously on July 26, 2011
  Upgraded to A2 (sf);

  US$38,850,000 Class B Senior Secured Deferrable Floating Rate
  Notes Notes, Upgraded to A3 (sf); previously on July 26, 2011
  Upgraded to Baa3 (sf);

  US$24,300,000 Class C-1 Senior Secured Deferrable Floating Rate
  Notes Notes, Upgraded to Ba1 (sf); previously on July 26, 2011
  Upgraded to Ba3 (sf);

  US$20,000,000 Class C-2 Senior Secured Deferrable Discount Notes
  Notes, Upgraded to Ba1 (sf); previously on July 26, 2011
  Upgraded to Ba3 (sf);

  US$12,800,000 Type I Composite Obligations Notes (current rated
  balance of $7,096,254), Upgraded to A1 (sf); previously on
  July 26, 2011 Upgraded to Baa1 (sf).

Ratings Rationale

According to Moody's, the rating actions taken on the notes
reflect the benefit of the short period of time remaining before
the end of the deal's reinvestment period in December 2012. In
consideration of the reinvestment restrictions applicable during
the amortization period, and therefore limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will continue to maintain a positive buffer
relative to certain covenant requirements. In particular, the deal
is assumed to benefit from lower WARF and higher spread levels
compared to the levels assumed at the last rating action in July
2011. Moody's modeled a WARF of 3250 compared to 3516 at the time
of the last rating action. Moody's also notes that the
transaction's reported overcollateralization ratios have increased
moderately since the last rating action. The Class A, Class B and
Class C overcollateralization ratios are reported at 138.4%,
125.6%, and 113.7%, respectively, versus June 2011 levels of
134.7%, 122.3%, and 110.7%, respectively.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, diversity score, and weighted average recovery rate, may
be different from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of $523 million,
defaulted par of $10.7 million, a weighted average default
probability of 23.56% (implying a WARF of 3250), a weighted
average recovery rate upon default of 47.34%, and a diversity
score of 37. The default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each CLO
liability being reviewed. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also factors.

Northwoods Capital V Limited, issued in December 2005, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

The methodologies used in this rating were "Moody's Approach to
Rating Collateralized Loan Obligations" published in June 2011,
and "Using the Structured Note Methodology to Rate CDO Combo-
Notes" published in February 2004.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Approach to Rating Collateralized Loan Obligations"
rating methodology published in June 2011.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) on all rated notes (shown in terms of the
number of notches' difference versus the current model output,
where a positive difference corresponds to lower expected loss),
assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (2600)

Class A-1a: 0
Class A-1b: 0
Class A-2: +2
Class B: +2
Class C-1: +1
Class C-2: +1

Type I Composite Obligations: +2

Moody's Adjusted WARF + 20% (3900)

Class A-1a: -1
Class A-1b: -1
Class A-2: -2
Class B: -2
Class C-1: -1
Class C-2: -1

Type I Composite Obligations: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of upcoming speculative-grade debt maturities which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation of
CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will commence and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market and/or
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.

3) Exposure to credit estimates: The deal is exposed to a material
number of securities whose default probabilities are assessed
through credit estimates. In the event that Moody's is not
provided the necessary information to update the credit estimates
in a timely fashion, the transaction may be impacted by any
default probability stresses Moody's may assume in lieu of updated
credit estimates.


ROSMORE: Shareholders' Final Meeting Set for Oct. 4
---------------------------------------------------
The shareholders of Rosmore will hold their final meeting on
Oct. 4, 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:

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



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


* JAMAICA: Shaw Dismisses Assertions From Finance Minister
----------------------------------------------------------
RJR News reports that Opposition Spokesman on Finance, Audley
Shaw, has dismissed assertions from Finance Minister Dr. Peter
Phillips that the Jamaican economy is on a stable path.

Mr. Shaw leveled the criticism saying the country has been moved
from "a period of unquestionable stability" to one now faced with
a precipitous decline in the Net International Reserves, an
unstable exchange rate, an uptick in inflation and a likely
increase in interest rates among other indicators, according to
RJR News.

The report relates that Mr. Shaw said that what exists is an
"environment of uncertainty, inaction and ferment in which the IMF
will next week arrive for discussions."

RJR News notes that Mr. Shaw said the Minister has to restore
confidence by dealing decisively with the outstanding issues
standing in the way of support from all its multilateral partners
and stop fiddling while its fragile economy experiences further
deterioration.

RJR News notes that some of the criticisms were already dismissed
by the Bank of Jamaica Governor, particularly that on inflation
and interest rates.

Brian Wynter earlier pointed out that inflation is likely to
remain subdued this quarter and is likely to fall below the
projected 10 to 12% range, the report discloses.

RJR News relates that the Governor had also indicated that
interest rates are likely to continue falling with the current
fiscal policies.



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


CONTROLADORA COMERCIAL: Moody's Upgrades CFR to 'Ba1' From 'Ba3'
----------------------------------------------------------------
Moody's de Mexico, S.A. de C.V. has upgraded Controladora
Comercial Mexicana, S.A.B. de C.V.'s (Comerci) corporate family
ratings to Ba1/Aa3.mx from Ba3/Baa1.mx. At the same time Moody's
has upgraded to Ba1 from Ba3 the senior secured debt ratings. The
rating outlook is positive. This concludes the review initiated on
June 15, 2012.

Ratings affected:

- Corporate Family Rating (CFR): Upgraded to Ba1 and Aa3.mx
   (Mexican National Scale) from Ba3 and Baa1.mx (Mexican National
    Scale). Positive outlook.

- First Lien Sr. Secured Restructured MXN5,255 million loans
   (Tranche 1), upgraded to Ba1 from Ba3. Positive outlook

- First Lien Sr. Secured Restructured MXN3,408 million loans
   (Tranche 2), upgraded to Ba1 from Ba3. Positive outlook

- Sr. Secured Restructured MXN1,951 million global bonds due in
   2018, upgraded to Ba1 from Ba3. Positive outlook

The date of the last Credit Rating Action was June 15, 2012.

Ratings Rationale

The upgrade reflects Comerci's much stronger credit metrics
following the paydown of debt from proceeds of the sale of its
ownership in Costco de Mexico. The company repaid MXN12,715
million of debt and is expected to refinance its remaining debt
under much better conditions that will ultimately provide the
company with financial and operating flexibility that was
restricted under the restructured debt.

"The Ba1/Aa3.mx ratings reflect Comerci's improved financial
profile, adequate liquidity, the benefits of a fairly defensive
business model typical of a food retailer, and the company's
significant market position in central Mexico with the longer term
challenge of preserving its market share in an increasingly
competitive local retail sector." said Alonso Sanchez Rosario, a
Moody's Assistant Vice President. Also incorporated in the ratings
is Moody's expectation that Comerci will be able to execute its
planned store expansion while sustaining its current margins and
strong credit metrics.

Comerci's financial profile has improved substantially after debt
paydown with the proceeds from the Costco sale and an
extraordinary dividend from Costco de Mexico. Moody's estimates
that as of August 31, 2012 total debt dropped to around MXN4,440
million from MXN17,751 million as of June 30, 2012 and Moody's
expects debt/EBTIDA (as adjusted by Moody's for pensions and
operating leases) to decline below 2.0 times in 2012 (down from
4.5x as of June 30, 2012).

Comerci's debt reduction not only benefits its credit metrics but
also gives the company with operating and financial flexibility.
The company plans to refinance all its remaining debt at
Controladora Comercial Mexicana level with the proceeds of a
syndicated unsecured term loan. This will provide Comerci with
more room under its covenants and will release the collateral that
currently secures its restructured debt.

The positive rating outlook assumes Comerci will maintain strong
credit metrics, solid operating trends as shown by margin
stability and continued growing same store sales, and Moody's
expectation that Comerci will be able to successfully refinance
its remaining secured debt at the holding company level.

Upward rating pressure could occur if the company is able to
successfully refinance its restructured secured debt and continues
to show solid operating trends sustaining its current margins and
strong credit metrics with leverage (adj. debt/EBITDA) below 2.0x
and interest coverage above 5.0x. In addition, the company should
be able to carry out its projected expansion program while
maintaining positive free cash flow generation.

Going forward, ratings could come under pressure if same store
sales growth is negative or operating margins deteriorate
resulting in weakening credit metrics with interest coverage
approaching to 4.0x. A deterioration in the company's liquidity
could also pressure the ratings.

Controladora Comercial Mexicana, S.A.B. de C.V. (Comerci),
headquartered in Mexico City, is an important food and general
merchandise retailer in Mexico with revenues of MXN44,957 million
over the last twelve months ended June 30, 2012. As of the same
date, Comerci operated 199 stores under seven formats with a total
selling area of 1.3 million square meters. Comerci has a
nationwide presence with about 70% of its selling floor
concentrated in the Mexico City metropolitan area and the
country's central region. The company is also present in Mexico's
family-style convenience restaurant segment with its "California"
restaurants and in the casual-dining segment with its "Beer
Factory" restaurants throughout the country. Comerci is family
controlled, by the Gonzalez Nova family, with approximately 36% of
its shares traded on the Mexican stock exchange.



=================
V E N E Z U E L A
=================


* VENEZUELA: Risks Default If Chavez Wins, Morgan Stanley Says
--------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Morgan Stanley
said Venezuela could default on its debt as early as the second
half of 2013 if President Hugo Chavez wins re-election next month
and fails to shore up the oil-producing nation's "increasingly
fragile" balance sheet.

One "tipping point" could be the $4.3 billion in external debt
payments that come due between August and November 2013, Morgan
Stanley analyst Daniel Volberg wrote in a note to clients,
according to Bloomberg News.

Bloomberg News notes that President Chavez, who is seeking to
extend almost 14 years in power with another six-year term, has
damaged Venezuela's balance sheet through the nationalization of
key sectors of the economy, endemic inflation and a lack of fiscal
discipline, Mr. Volberg said.  Bloomberg News notes that the
policies are an "unsustainable" mix that heighten the risk of
default on Venezuela's $110.6 billion stock of debt, especially if
oil prices tumble, Mr. Volberg wrote, Bloomberg News says.

Bloomberg News discloses that government actions "may be taking
Venezuela towards a crisis and potentially even a debt event that
could come as early as the second half of 2013," the report said.

Bloomberg News relates that the report said: "Venezuela's debt is
no longer with large bank lenders as much as publicly traded bonds
held by a dispersed group of creditors, which could make
restructuring more challenging."

At 11.6% of gross domestic product, Venezuela has the largest
fiscal deficit in Latin America, while its international reserves
have fallen by $17 billion since 2008 to $25.6 billion, Mr.
Volberg said, Bloomberg News says.

Output by state oil company Petroleos de Venezuela SA fell to
2.72 million barrels a day in 2011 from 3.48 million barrels in
1998, according to British Petroleum's statistical review,
Bloomberg News discloses.



===============
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 * * *