TCRLA_Public/120924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, September 24, 2012, Vol. 13, No. 190


                            Headlines



A R G E N T I N A

ALORIVA SRL: Creditors' Proofs of Debt Due Oct. 18
CLISA-COMPANIA: S&P Affirms 'B' Issuer Credit Rating; Outlook Neg
COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Oct. 1
MARNASIS SRL: Creditors' Proofs of Debt Due Oct. 9
METAL SCRAP: Creditors' Proofs of Debt Due Oct. 30


B E L I Z E

* BELIZE: Grace Period Ends on its Debt Default


B R A Z I L

BANCO CRUZEIRO: S&P Withdraws 'D' Global Scale Ratings at Request


C A Y M A N  I S L A N D S

BRAVO FUND: Shareholders' Final Meeting Set for Sept. 28
C. BLAIR FUND: Shareholders Receive Wind-Up Report
ELLINGTON MASTER: Shareholders' Meeting Set for Sept. 28
ELLINGTON QUANTITATIVE: Shareholders' Meeting Set for Sept. 28
GLS ARABIAN: Shareholders' Final Meeting Set for Sept. 28

IAM MINI-FUND 17: Shareholders' Final Meeting Set for Nov. 15
SP AUTO: Shareholders' Meeting Set for Sept. 28
TABS LIMITED: Shareholders' Final Meeting Set for Sept. 28
UW RUSSIA: Shareholders' Final Meeting Set for Sept. 28
VENETIAN VENTURE: Shareholders' Final Meeting Set for Sept. 24


J A M A I C A

CABLE & WIRELESS: To Cut Workforce in Barbados


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Not Utilizing Jamaican Labor, Davies Says


P U E R T O  R I C O

ALMACENES RIVIERA: Trustee Fails to Advance Suit Against Insiders


X X X X X X X X

* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2012




                            - - - - -


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


ALORIVA SRL: Creditors' Proofs of Debt Due Oct. 18
--------------------------------------------------
Gustavo Adolfo Aran, the court-appointed trustee for Aloriva SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Oct. 18, 2012.

Mr. Aran 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:

         Gustavo Adolfo Aran
         Viamonte 1464
         Argentina


CLISA-COMPANIA: S&P Affirms 'B' Issuer Credit Rating; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.
(Clisa). The outlook remains negative.

"The ratings affirmation follows our annual review of Clisa and
underpins our view that its main credit metrics and principal
refinancing risk continue to be in line with the ratings despite
some deterioration in the company's liquidity and financial
flexibility. This weakening is due to some delays in the payment
collection of ongoing projects from the public-sector
counterparties," S&P said.

"The ratings on Clisa continue to reflect our assessment of its
'vulnerable' business risk profile and an 'aggressive' financial
risk profile," S&P said.

"Clisa's exposure to the Argentine public-sector counterparties
translates into profit volatility and unexpected swings in
working-capital requirements. Furthermore, the company's
transportation division is dependent on government subsidies, as
resolution over the concession to operate the Buenos Aires subway
is still pending. Clisa's proven experience in managing its
exposure to Argentina's political volatility, its industry track
record, and long-standing ties with the public-sector
counterparties are positive rating factors," S&P said.


COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Oct. 1
---------------------------------------------------------------
Oscar Alfredo Arias, the court-appointed trustee for Compania de
Poliproductos Baigo SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 1, 2012.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on July 11, 2013.


MARNASIS SRL: Creditors' Proofs of Debt Due Oct. 9
--------------------------------------------------
Valentin Denda, the court-appointed trustee for Marnasis SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Oct. 9, 2012.

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

The Trustee can be reached at:

         Valentin Denda
         Av. Belgrano 845
         Argentina


METAL SCRAP: Creditors' Proofs of Debt Due Oct. 30
--------------------------------------------------
Bartolome Horacio Bavio, the court-appointed trustee for Metal
Scrap SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Oct. 30, 2012.

Mr. Bavio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 23, 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:

         Bartolome Horacio Bavio
         Av. de Mayo 1324
         Argentina



===========
B E L I Z E
===========


* BELIZE: Grace Period Ends on its Debt Default
-----------------------------------------------
RJR News reports that Belize has reportedly defaulted on its
international debt obligations after it failed to make the
US$23.5 million interest payment outstanding on its sovereign
bonds.

After the interest rate rose to 8.5% from 6%, Belize said it could
not afford to service the debt and failed to make the payment to
creditors when it was due on August 20, according to RJR News.

The report relates that Belize had a 30-day grace period to make a
payment on the US$544 million worth of bonds before it became
officially registered as a default.

Three proposals have reportedly been put forward for rescheduling
its bond payments, the report notes.



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


BANCO CRUZEIRO: S&P Withdraws 'D' Global Scale Ratings at Request
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' global scale
ratings and 'brD' Brazilian national scale rating on Brazil-based
financial institution Banco Cruzeiro do Sul S.A. at the company's
request.



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


BRAVO FUND: Shareholders' Final Meeting Set for Sept. 28
--------------------------------------------------------
The shareholders of Bravo Fund will hold their final meeting on
Sept. 28, 2012, at 1:30 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


C. BLAIR FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of C. Blair Fund, Ltd. received on Sept. 4, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Christopher Blair
         Erick Gong
         c/o Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


ELLINGTON MASTER: Shareholders' Meeting Set for Sept. 28
--------------------------------------------------------
The shareholders of Ellington Quantitative Equity Enhanced Master
Fund Ltd. will hold their final meeting on Sept. 28, 2012, at
12:15 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ELLINGTON QUANTITATIVE: Shareholders' Meeting Set for Sept. 28
--------------------------------------------------------------
The shareholders of Ellington Quantitative Equity Enhanced
Overseas Ltd. will hold their final meeting on Sept. 28, 2012, at
12:30 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GLS ARABIAN: Shareholders' Final Meeting Set for Sept. 28
---------------------------------------------------------
The shareholders of GLS Arabian Opportunities Fund Limited will
hold their final meeting on Sept. 28, 2012, at 12:00 noon, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


IAM MINI-FUND 17: Shareholders' Final Meeting Set for Nov. 15
-------------------------------------------------------------
The shareholders of Iam Mini-Fund 17 Limited will hold their final
meeting on Nov. 15, 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:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SP AUTO: Shareholders' Meeting Set for Sept. 28
-----------------------------------------------
The shareholders of SP Auto, Ltd. will hold their final meeting on
Sept. 28, 2012, at 12:45 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TABS LIMITED: Shareholders' Final Meeting Set for Sept. 28
----------------------------------------------------------
The shareholders of Tabs Limited will hold their final meeting on
Sept. 28, 2012, at 2:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David S. Zweig
         Telephone: (858) 274-1818
         Facsimile: (858) 274-8535
         c/o Law Firm of David S. Zweig
         4425 Bayard Street, Suite 200
         San Diego, California 92109


UW RUSSIA: Shareholders' Final Meeting Set for Sept. 28
-------------------------------------------------------
The shareholders of UW Russia Limited will hold their final
meeting on Sept. 28, 2012, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VENETIAN VENTURE: Shareholders' Final Meeting Set for Sept. 24
--------------------------------------------------------------
The shareholders of Venetian Venture Development Intermediate I
will hold their final meeting on Sept. 24, 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:

         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362



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


CABLE & WIRELESS: To Cut Workforce in Barbados
----------------------------------------------
RJR News reports that a letter said to be written by Cable and
Wireless Limited to the Ministry of Labor in Barbados was
reportedly be discussed by the sub-committee of the social
partnership on Sept 21.

General Secretary of the Barbados Workers' Union, Sir Roy Trotman,
is reported as saying the letter relates to a proposal by Cable
and Wireless Barbados Limited to reduce its labor force, according
to RJR News.

As reported in the Troubled Company Reporter - Latin America on
Aug. 19, 2009, Lime Barbados, formerly Cable & Wireless Barbados,
will be having another round of discussions with the Barbados
Workers Union team led by General Secretary Sir Roy in the office
of the Minister of Labor, CbC.bb News reports.  The report relates
that the meeting, under the chairmanship of Senator Arni Walters,
is an attempt to broker an arrangement that could avoid further
lay offs at the telecoms company.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.



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


CARIBBEAN AIRLINES: Not Utilizing Jamaican Labor, Davies Says
-------------------------------------------------------------
RJR News reports that Jamaica Transport and Works Minister Dr.
Omar Davies has raised issues with Caribbean Airlines Limited for
not utilizing skilled Jamaican aircraft maintenance personnel to
service aircraft used in the Air Jamaica fleet.

Last year, the government proposed to use the Vernamfield facility
to do aircraft maintenance, but that is not being done and the
Transport Minister said he has taken note, according to RJR News.

"I'm concerned about us particularly in regard to the pool of
skilled personnel who CAL doesn't seem to be utilizing as they
could or should.  I'm concerned about the possibilities there in
terms of building on it," the report quoted Dr. Davies as saying.

RJR News notes that the Vernamfield project was articulated by the
previous administration.

However, Dr. Davies said he has not seen any proposal on the
project since he took over at the Transport Ministry, the report
relates.

RJR News notes that Dr. Davies said if a serious proposal is
drafted to utilize Vernamfield that will create jobs, he will look
at it.

                     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.



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


ALMACENES RIVIERA: Trustee Fails to Advance Suit Against Insiders
-----------------------------------------------------------------
Senior District Judge Salvador E. Casellas in Puerto Rico tossed
an appeal taken by the Chapter 7 trustee of the now defunct
Almacenes Riviera, Inc., a family-owned corporation, from the
bankruptcy court's dismissal of the trustee's three remaining
causes of action in his lawsuit against two former directors and
shareholders of ARI: the first, for breach of fiduciary duties;
the fifth, for prepetition transfers of $180,000 for less than
equivalent value; and the sixth, for collection of loans made to
insiders.

According to the District Court, although the Trustee, Wilfredo
Segarra-Miranda, has launched a myriad of appellate challenges,
most of them presume error in the bankruptcy court's conclusions
that (1) certain claims within the first cause of action were time
barred; and (2) the Trustee failed to carry his burden of proof as
to his claim of fiduciary duty violations for payment of illegal
dividends as well as to the fifth and sixth causes of action.
Because the Trustee failed to identify a reversible error in those
conclusions, the District Court said need not reach any of the
other issues raised, and the bankruptcy court's decision is
affirmed.

Almacenes Riviera, Inc., which operated several retail department
stores in Puerto Rico, and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 02-10788) in
October 2002, amidst a downturn in both sales and working capital,
and apparently unable to obtain additional external financing.
The reorganization attempts came to a halt in 2004, when the
Chapter 11 bankruptcy case was converted to a Chapter 7
liquidation, and Wilfredo Segarra Miranda became the Chapter 7
Trustee.

The case before the District Court is, WILFREDO SEGARRA-MIRANDA
Appellant, v. MEISY A. PEREZ-PADRO, et al. Appellees, Civil No.
12-1026 (D. P.R.).  A copy of the District Court's Sept. 13, 2012
Opinion and Order is available at http://is.gd/4VdT56from
Leagle.com.



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


* BOND PRICING: For the Week Sept. 17 to Sept. 21, 2012
-------------------------------------------------------

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

ARGENTINA
---------

ARGENT-$DIS            8.28   12/31/2033      USD        63.51
ARGENT-$DIS            8.28   12/31/2033      USD        70.88
ARGENT-$DIS            8.28   12/31/2033      USD        71.38
ARGENT-$DIS            8.28   12/31/2033      USD         74.5
ARGENT-PAR             1.18   12/31/2038      ARS        39.66
ARGENT-EURDIS          7.82   12/31/2033      EUR           45
ARGENT-EURDIS          7.82   12/31/2033      EUR         66.5
ARGENT-EURDIS          7.82   12/31/2033      EUR           66
ARGENT-JPYDIS          4.33   12/31/2033      JPY           44
ARGENT-JPYPAR          0.45   12/31/2038      JPY           15
ARGENT-JPYPAR&GDP      0.45   12/31/2038      JPY            8
ARGNT-BOCON PRE9          2   3/15/2014       ARS        58.75
BANCO MACRO SA         9.75   12/18/2036      USD        72.25
BANCO MACRO SA         9.75   12/18/2036      USD        71.03
BANCO MACRO SA         9.75   12/18/2036      USD        73.75
CAPEX SA                 10   3/10/2018       USD           75
CAPEX SA                 10   3/10/2018       USD           75
CIA LATINO AMER         9.5   12/15/2016      USD           70
EMP DISTRIB NORT       9.75   10/25/2022      USD         50.5
EMP DISTRIB NORT       10.5   10/9/2017       USD        39.83
EMP DISTRIB NORT       9.75   10/25/2022      USD        46.88
PROV BUENOS AIRE      9.625   4/18/2028       USD        65.38
PROV BUENOS AIRE      9.625   4/18/2028       USD         66.5
PROV BUENOS AIRE      9.375   9/14/2018       USD        72.17
PROV BUENOS AIRE      9.375   9/14/2018       USD        72.38
PROV BUENOS AIRE     10.875   1/26/2021       USD        73.63
PROV BUENOS AIRE     10.875   1/26/2021       USD        74.13
PROV DE FORMOSA           5   2/27/2022       USD        65.25
PROV DE MENDOZA         5.5   9/4/2018        USD        73.13
PROV DE MENDOZA         5.5   9/4/2018        USD        75.03
PROV DEL CHACO            4   12/4/2026       USD         31.5
PROV DEL CHACO            4   11/4/2023       USD        58.25
TRANSENER              9.75   8/15/2021       USD           45
TRANSENER              9.75   8/15/2021       USD           42


BRAZIL
------

BANCO BONSUCESSO       9.25   11/3/2020       USD           76
BANCO BONSUCESSO       9.25   11/3/2020       USD        74.13
BANCO CRUZEIRO        8.875   9/22/2020       USD        26.75
BANCO CRUZEIRO        8.875   9/22/2020       USD         20.5
BANCO CRUZEIRO          8.5   2/20/2015       USD        35.13
BANCO CRUZEIRO            7   7/8/2013        USD           21
BANCO CRUZEIRO         8.25   1/20/2016       USD           22
BANCO CRUZEIRO        7.625   4/21/2014       USD         20.5
BANCO CRUZEIRO            8   9/17/2012       USD           21
BANCO CRUZEIRO         8.25   1/20/2016       USD        43.75
BANCO CRUZEIRO          8.5   2/20/2015       USD         40.5
CESP                   9.75   1/15/2015       BRL         72.6
REDE EMPRESAS        11.125                   USD        28.88
REDE EMPRESAS        11.125                   USD        28.88
REDE EMPRESAS        11.125                   USD        29.95


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

BCP FINANCE BANK       5.01   3/31/2024       EUR           65
BCP FINANCE BANK       5.31   12/10/2023      EUR         67.5
BCP FINANCE CO        4.239                   EUR        29.75
BCP FINANCE CO        5.543                   EUR        31.17
BES FINANCE LTD        5.58                   EUR         39.5
BES FINANCE LTD         4.5                   EUR        50.67
CAM GLOBAL FIN         6.08   12/22/2030      EUR        46.75
CHINA FORESTRY        10.25   11/17/2015      USD         58.2
CHINA FORESTRY        10.25   11/17/2015      USD        56.88
CHINA SUNERGY          4.75   6/15/2013       USD         52.4
EFG HELLAS CAYMA          9   6/8/2019        EUR           61
EFG ORA FUNDING         1.7   10/29/2014      EUR        51.11
ESFG INTERNATION      5.753                   EUR        35.67
GOL FINANCE            8.75                   USD         70.6
GOL FINANCE            8.75                   USD           69
JINKOSOLAR HOLD           4   5/15/2016       USD        43.74
LDK SOLAR CO LTD       4.75   4/15/2013       USD         65.1
LUPATECH FINANCE      9.875                   USD        56.75
LUPATECH FINANCE      9.875                   USD        55.38
RENHE COMMERCIAL         13   3/10/2016       USD        51.25
RENHE COMMERCIAL         13   3/10/2016       USD        50.63
RENHE COMMERCIAL      11.75   5/18/2015       USD        52.01
RENHE COMMERCIAL      11.75   5/18/2015       USD        51.63
SHINSEI FIN CAYM      6.418                   USD        67.13
SHINSEI FIN CAYM      6.418                   USD        67.13
SHINSEI FINANCE        7.16                   USD        67.63
SHINSEI FINANCE        7.16                   USD        67.63
SOLARFUN POWER H        3.5   1/15/2018       USD        72.87
SOLARFUN POWER H        3.5   1/15/2018       USD           74
SUNTECH POWER             3   3/15/2013       USD           29
SUNTECH POWER             3   3/15/2013       USD        31.05


CHILE
-----

CGE DISTRIBUCION       3.25   12/1/2012       CLP         10.1
CHILE                     3   1/1/2042        CLP        62.55
CHILE                     3   1/1/2042        CLP        62.55
CHILE                     3   1/1/2040        CLP        63.91
CHILE                     3   1/1/2040        CLP        63.91
CHILE                     3   1/1/2032        CLP        70.96
CHILE                     3   1/1/2032        CLP        70.97
CHILE                     3   1/1/2030        CLP        73.41
CHILE                     3   1/1/2030        CLP        73.41
COLBUN SA               3.2   5/1/2013        CLP         50.4
MASISA                 4.25   10/15/2012      CLP        10.18
QUINENCO SA             3.5   7/21/2013       CLP        12.52


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

BANCO SANTANDER         6.1   6/1/2032        USD        63.59
BANCO SANTANDER         6.3   6/1/2032        USD        65.36
PUERTO RICO CONS        6.5   4/1/2016        USD        63.88


VENEZUELA
---------

ELEC DE CARACAS         8.5   4/10/2018       USD         75.5
PETROLEOS DE VEN        5.5   4/12/2037       USD        61.85
PETROLEOS DE VEN      5.375   4/12/2027       USD        61.38
VENEZUELA                 7   3/31/2038       USD        71.44
VENEZUELA                 7   3/31/2038       USD         71.5


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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


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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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