TCRLA_Public/121023.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, October 23, 2012, Vol. 13, No. 211


                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS 65: Moody's Rates ARS10.5MM Cl. C Secs. 'B1'
* BUENOS AIRES: Moody's Assigns '(P)B3' Debt Ratings


B E R M U D A

ARGUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 24
F.M.P. COMPANY: Creditors' Proofs of Debt Due Oct. 24
FMC COMPANY: Creditors' Proofs of Debt Due Oct. 24
FMN COMPANY: Creditors' Proofs of Debt Due Oct. 24
FMW COMPANY: Creditors' Proofs of Debt Due Oct. 24

FOREST MERE: Creditors' Proofs of Debt Due Oct. 24
JET STREAM: Creditors' Proofs of Debt Due Oct. 24
OCEANSPIRIT LTD: Creditors' Proofs of Debt Due Oct. 24
PASCAL REINSURANCE: Creditors' Proofs of Debt Due Oct. 24
RENAISSANCE INVESTMENT: Creditors' Proofs of Debt Due Oct. 24

RENAISSANCERE VENTURES: Creditors' Proofs of Debt Due Oct. 24
STENA ANGLIA: Creditors' Proofs of Debt Due Oct. 24
STENA TULIP: Creditors' Proofs of Debt Due Oct. 24


B R A Z I L

BANCO BVA: Moody's Lowers Deposit Ratings to 'Ca'
REDE ENERGIA: Perpetual Note Holders Invited to Join Ad Hoc Group


C A Y M A N  I S L A N D S

BFI LIMITED: Shareholders' Final Meeting Set for Nov. 5
CT LL EOP: Shareholders' Final Meeting Set for Oct. 26
MARATHON GLOBAL: Shareholders' Final Meeting Set for Oct. 26
MARATHON GLOBAL MASTER: Shareholders' Meeting Set for Oct. 26
MSN 283: Shareholders' Final Meeting Set for Oct. 26

NEUBERGER BERMAN: Shareholders Receive Wind-Up Report
NEUBERGER BERMAN EQUITIES: Shareholders Receive Wind-Up Report
NEWCASTLE CDO VII: Shareholders Receive Wind-Up Report
PFI LIMITED: Shareholders' Final Meeting Set for Nov. 5
TCP INVESTMENTS: Shareholders' Final Meeting Set for Oct. 26


C H I L E

EMBLEM NO. 2: S&P Cuts Rating on CLP5-Bil. Notes to 'BB'


J A M A I C A

CL FIN'L: Campari Raises EUR400MM for Lascelles de Mercado Bid
UC RUSAL: Seeks to Change Supply Contracts


M E X I C O

CFG HOLDINGS: S&P Gives 'B' Rating on $178MM Senior Secured Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Finance Minister to Receive Audit Report


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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SUPERVIELLE CREDITOS 65: Moody's Rates ARS10.5MM Cl. C Secs. 'B1'
-----------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 65, which is
a transaction that will be issued by Equity Trust S.A. -- acting
solely in its capacity as Issuer and Trustee.

As of Oct. 19, 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.

- ARS56,000,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 65", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS98,000,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 65", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS10,500,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 65", rated Aa2.ar
   (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
   Local Currency)

- ARS10,500,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 65", rated Aa3.ar (sf) (Argentine National
   Scale) and B1 (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 26,282 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS175,000,460.57.

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: 68% 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
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. 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 0.01% expected loss for Class A Fixed
Rate Debt Securities, 0.52% for Class B Floating Rate Debt
Securities, 6.28% expected loss for Class C Fixed Rate Debt
Securities and 6.98% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of Class A Fixed
Rate debt securities and Class B Floating Rate debt securities
would remain the same. The ratings for Class C Fixed Rate debt
securities would likely be downgraded to B2 (sf) and the
Certificates would be likely downgraded to B3 (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,
Equity Trust 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.

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


* BUENOS AIRES: Moody's Assigns '(P)B3' Debt Ratings
----------------------------------------------------
Moody's Latin America has assigned ratings of (P)B3 (global scale)
and A3.ar (Argentina National Scale) to the City of Buenos Aires'
2012 Local Market Financing Program for up to US$100 million. The
bonds to be issued under the program will be subscribed and
payable in Argentine pesos at the specified exchange rate and sold
in the local capital market. The assigned ratings are in line with
the city's local currency debt ratings.

Ratings Rationale

The creation of the 2012 Local Market Financing Program has been
authorized by the Law 4315/2012. The notes to be issued under the
program constitute direct, general, unconditional, and
unsubordinated obligations of the city, ranking at all times pari
passu without any preference among themselves. The maximum
authorized amount to be issued under the program is US$100
million, which represents around 8% of the city's net direct and
indirect debt as of March 2012, and only 1% of total revenues
budgeted for 2012.

The city will offer a first tranche of US$50 million with the
possibility to increase the amount to up to US$100 million. These
notes will be subscribed and payable in Argentine pesos at the
specified exchange rate, pay interest at a fixed rate on a semi-
annual basis, and amortize principal at maturity, which is
scheduled to be in eighteen months.

The assigned ratings are in line with the city's B3 (global scale)
and A3.ar (Argentina national scale) local currency debt ratings.
The rating level is in line with the B3 Sovereign rating. The
outlook is negative, reflecting the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of the City of Buenos
Aires, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
city operates and ultimately anchors its credit quality to that of
the Sovereign.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the City of Buenos
Aires' ratings in the near to medium term. The city could be
further downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Furthermore, any action
taken by the central government that would negatively impact the
ability of the city to repay its financial obligations could lead
to a further downgrade. Any such actions would be viewed by
Moody's as further illustration of a deteriorating institutional
framework and an unstable policy environment.

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



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B E R M U D A
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ARGUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------------
The creditors of Argus International Limited are required to file
their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 29, 2012.

The company's liquidator is:

         Ivan Guez
         Petroplus Holdings AG
         Industriestrasse 24, 6304 Zug
         Switzerland


F.M.P. COMPANY: Creditors' Proofs of Debt Due Oct. 24
-----------------------------------------------------
The creditors of F.M.P. Company Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2012.

The company's liquidator is:

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


FMC COMPANY: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------
The creditors of FMC Company Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2012.

The company's liquidator is:

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


FMN COMPANY: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------
The creditors of FMN Company Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2012.

The company's liquidator is:

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


FMW COMPANY: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------
The creditors of FMW Company Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2012.

The company's liquidator is:

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


FOREST MERE: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------
The creditors of Forest Mere Investments Limited are required to
file their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2012.

The company's liquidator is:

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


JET STREAM: Creditors' Proofs of Debt Due Oct. 24
-------------------------------------------------
The creditors of Jet Stream Trading Ltd. are required to file
their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


OCEANSPIRIT LTD: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------------
The creditors of Oceanspirit Ltd. are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2012.

The company's liquidator is:

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


PASCAL REINSURANCE: Creditors' Proofs of Debt Due Oct. 24
---------------------------------------------------------
The creditors of Pascal Reinsurance Ltd. are required to file
their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RENAISSANCE INVESTMENT: Creditors' Proofs of Debt Due Oct. 24
-------------------------------------------------------------
The creditors of Renaissance Investment Management Company II Ltd.
are required to file their proofs of debt by Oct. 24, 2012, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


RENAISSANCERE VENTURES: Creditors' Proofs of Debt Due Oct. 24
-------------------------------------------------------------
The creditors of RenaissanceRe Ventures II Ltd. are required to
file their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


STENA ANGLIA: Creditors' Proofs of Debt Due Oct. 24
---------------------------------------------------
The creditors of Stena Anglia Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2012.

The company's liquidator is:

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


STENA TULIP: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------
The creditors of Stena Tulip Limited are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2012.

The company's liquidator is:

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



===========
B R A Z I L
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BANCO BVA: Moody's Lowers Deposit Ratings to 'Ca'
-------------------------------------------------
Moody's Investors Service has lowered the baseline credit
assessment of Banco BVA S.A. (BVA) to ca from caa1, that maps from
an E bank financial strength rating (BFSR) assigned to the bank.
Concurrently, Moody's downgraded the bank's long-term global local
and foreign currency deposit ratings to Ca from Caa1 as well as
its foreign currency debt rating to Ca from Caa1. The long-term
Brazilian national scale deposit rating was also downgraded to
Ca.br from Caa1.br.

Moody's also maintained the review for possible downgrade on all
deposits and debt ratings. The action follows the announcement
that the Central Bank of Brazil has declared intervention on BVA.

Rating Rationale

The rating downgrades followed the announcement by Brazil's
regulatory authorities on October 19, 2012 that a direct
intervention was declared on BVA because of its weak financial
position and inability to comply with Central Bank regulations.
The intervention process entails the interruption of all of BVA's
operations while the Central Bank conducts a thorough examination
of the bank's financial condition and capacity to repay all of its
obligations.

The Central Bank assigned one of its executives to oversee the
intervention process. BVA's former executives are no longer
allowed to manage the bank. The properties, possessions and
financial resources of both former executives and BVA's
controllers were blocked by force of law.

Moody's notes that the downgrade and continuing review for further
downgrade of BVA's global local currency deposit rating reflects
the bank's highly speculative standalone financial strength and
the uncertainties regarding the resolution of the intervention
process, with a high likelihood of liquidation and default on
uninsured obligations. Moody's Ca global scale rating implies a
55% loss.

The last rating action on BVA occurred on September 26, 2012, when
Moody's downgraded BVA's standalone BFSR to E from E+, and lowered
its baseline credit assessment to caa1. Moody's also downgraded
the long-term global local and foreign currency deposit ratings
and the long-term foreign currency senior debt rating to Caa1 from
B2. The Brazilian national scale deposit ratings were lowered to
Caa1.br and BR-4 from Ba1.br and BR-3, long- and short-term,
respectively. The short-term global local and foreign deposit
ratings were not affected. All deposit and debt ratings were
placed on review for downgrade; the outlook on the standalone BFSR
was stable.

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

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

Banco BVA S.A. is headquartered in Sao Paulo, Brazil. As of
December 2011, the bank had total assets of approximately R$6.74
billion (US$3.61 billion) and equity of R$747 million (US$401
million).

The following ratings were downgraded and continue on review for
downgrade:

Long-term global local currency deposit rating: to Ca from Caa1

Long-term Foreign currency deposit rating: to Ca from Caa1

Long-term foreign currency senior unsecured debt program rating:
to (P)Ca from (P)Caa1

Long-term foreign currency senior unsecured debt rating: to Ca
from Caa1

Long-term Brazilian national scale deposit rating: to Ca.br from
Caa1.br

The following ratings remained unchanged:

Bank Financial Strength Rating: E, stable outlook

Short-term global local currency deposit rating: Not Prime

Short-term foreign currency deposit rating: Not Prime

Short-term foreign currency debt program rating: (P)Not Prime

Short-term Brazilian national scale deposit rating: BR-4


REDE ENERGIA: Perpetual Note Holders Invited to Join Ad Hoc Group
-----------------------------------------------------------------
Holders of the 11.125% Perpetual Notes issued by Rede Energia S.A.
(f/k/a Rede Empresas De Energia Eletrica S.A, "Rede") (the
"Notes") have formed an Ad Hoc Group in response to the recent
intervention by the Agencia Nacional de Energia Eletrica in the
affairs of Rede's major operating companies and Rede's October 11
announcement that it has signed a memorandum of understanding with
potential investors on the transfer of interests in those
operating companies.  The October 11 announcement states that any
agreement with the potential investors will be conditioned on the
agreement of Rede's creditors.

So the Group has formed with a view to preserving and protecting
the rights of Note holders.  All interested Note holders are
invited to contact the Group through its legal advisor Bingham
McCutchen LLP.

          BINGHAM MCCUTCHEN LLP
          399 Park Avenue
          New York NY 10022
          Attn: Tim DeSieno
                Seth Pruss
          E-mail: tim.desieno@bingham.com
                  seth.pruss@bingham.com
          Tel: +1 212 7057426
               +1 212 7057726

Headquartered in Mato Grosso, Brazil, the Central Electric
Matogrossenses later Cemat, was established in October 1958 with
the aim of putting an end to the impending collapse of power
supply in the state.  Over the years, the firm's work has been
extended to cover, in addition to distribution, construction and
operation of the generation, transmission and processing.



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


BFI LIMITED: Shareholders' Final Meeting Set for Nov. 5
-------------------------------------------------------
The shareholders of BFI Limited will hold their final meeting on
Nov. 5, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Reverio Capital Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


CT LL EOP: Shareholders' Final Meeting Set for Oct. 26
------------------------------------------------------
The shareholders of CT LL EOP Sub, Ltd. will hold their final
meeting on Oct. 26, 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:

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


MARATHON GLOBAL: Shareholders' Final Meeting Set for Oct. 26
------------------------------------------------------------
The shareholders of Marathon Global Equity Fund, Ltd. will hold
their final meeting on Oct. 26, 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:

         Delta FS Limited
         c/o J. Aljadir
         Telephone:  345 743 6626
         Harbour Place, 103 South Church Street
         P.O. Box 11820, George Town
         Grand Cayman KY1-1009
         Cayman Islands


MARATHON GLOBAL MASTER: Shareholders' Meeting Set for Oct. 26
-------------------------------------------------------------
The shareholders of Marathon Global Equity Master Fund, Ltd. will
hold their final meeting on Oct. 26, 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:

         Delta FS Limited
         c/o J. Aljadir
         Telephone:  345 743 6626
         Harbour Place, 103 South Church Street
         P.O. Box 11820, George Town
         Grand Cayman KY1-1009
         Cayman Islands


MSN 283: Shareholders' Final Meeting Set for Oct. 26
----------------------------------------------------
The shareholders of MSN 283 Ltd. will hold their final meeting on
Oct. 26, 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:

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


NEUBERGER BERMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Neuberger Berman International Opportunities,
Ltd. received on Oct. 22, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NEUBERGER BERMAN EQUITIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Neuberger Berman Large Cap International
Equities, Ltd. received on Oct. 22, 2012, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NEWCASTLE CDO VII: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Newcastle CDO VII, Limited received on
Oct. 10, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Darren Riley
         c/o  Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road George Town, Grand Cayman
         Cayman Islands


PFI LIMITED: Shareholders' Final Meeting Set for Nov. 5
-------------------------------------------------------
The shareholders of PFI Limited will hold their final meeting on
Nov. 5, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Reverio Capital Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


TCP INVESTMENTS: Shareholders' Final Meeting Set for Oct. 26
------------------------------------------------------------
The shareholders of TCP Investments SPC will hold their final
meeting on Oct. 26, 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:

         Jonathan Culshaw
         Telephone: +852 3195 7200
         Facsimile: +852 3195 7210
         Harney Westwood & Riegels
         7502 International Commerce Centre
         One Austin Road West
         Kowloon, Hong Kong



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EMBLEM NO. 2: S&P Cuts Rating on CLP5-Bil. Notes to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Emblem
Finance Co. No. 2 Ltd.'s Chilean peso 5,660,085,600 inflation-
adjusted notes series 5 to 'BB (sf)' from 'BB+ (sf)' and placed
the rating on CreditWatch with negative implications.

"The certificate issuance is an emerging market synthetic
structured financing with a first-to-default structure that is
credit-linked to Caja de Ahorros y Pensiones de Barcelona S.A. (La
Caixa; BB/Watch Neg/B), the reference entity. In addition, the
transaction includes collateral in the form of peso-denominated
and inflation-adjusted Chilean sovereign bonds (the underlying
collateral; 'AA') and a swap guaranteed by JPMorgan Chase Bank
N.A. (A+/Negative/A-1). The rating on the underlying collateral is
commensurate with the 'AA' local currency issuer credit rating on
the Republic of Chile," S&P said.

"The rating action follows the Oct. 15, 2012, downgrade of La
Caixa to 'BB' from 'BB+' and our placement of the rating on
CreditWatch negative," S&P said.

"If a credit event occurs regarding La Caixa, investors will
receive a cash settlement amount in U.S. dollars, which will be
calculated according to the reference obligation's market value
adjusted by the amount of liquidation proceeds realized from the
collateral," S&P said.

"The notes do not represent La Caixa's direct or contingent
financial obligations. This transaction is linked only to La
Caixa's credit risk. La Caixa did not issue the notes, and has no
obligation toward the parties involved in this deal," S&P said.

"We will continue to surveil the rating on this asset-backed
transaction and revise the rating as necessary to reflect any
changes in the transaction's underlying credit quality," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com



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


CL FIN'L: Campari Raises EUR400MM for Lascelles de Mercado Bid
--------------------------------------------------------------
RJR News reports that Italy's Gruppo Campari raised EUR400
million, which it intends to use to help finance its acquisition
of Jamaica based Lascelles de Mercado.

Gruppo Campari raised the funds, by targeting institutional
investors and said it was 12 times oversubscribed, even though the
bonds were unrated, according to RJR News.  The report relates
that the company had initially said it wanted to raise EUR350
million but eventually increased the amount to EUR400 million,
because of the strong interest from investors.

The report notes that Lascelles de Mercado acquisition will cost
Gruppo Campari about EUR330 million, and the company said it will
cancel bridge loans it had secured to pay for the company.  RJR
News says that the rest of the funds that were borrowed on the
bond market will be used for general corporate objectives
including lengthening its overall debt maturity profile.

Lascelles was majority owned by CL Financial.  The conglomerate
sold its 81.4% stake to foreign company Campari.

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

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


UC RUSAL: Seeks to Change Supply Contracts
------------------------------------------
RJR News reports that Russian aluminum giant UC Rusal, which has a
major stake in Jamaica's bauxite sector, is looking to change to
its supply contracts.

The company expects to shift all its aluminum supply contracts for
2013 to floating premiums, an unprecedented move that could
overhaul decades-old industry pricing practices, according to RJR
News.

The report relates that Rusal is the first in the industry to
switch its term supply contracts to a floating premium, the price
paid on top of the London Metal Exchange price for physical
delivery of metal.  RJR News relays that producers and consumers
have traditionally agreed to fixed terms for annual supply
contracts.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.



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


CFG HOLDINGS: S&P Gives 'B' Rating on $178MM Senior Secured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
rating to the up to $178 million seven-year senior secured notes
to be co-issued by CFG Holdings Ltd. (CFGLTD) and its Delaware-
based subsidiary CFG Finance LLC (not rated), subject to receiving
final documentation.

"We are also affirming our 'B-' counterparty credit rating on
CFGLTD. The outlook is positive," S&P said.

S&P's rating on the proposed notes is based on an unconditional
and irrevocable guarantee by Caribbean Financial Group Holdings
L.P. (parent company), by Caribbean Financial Group Inc.
(affiliate of CFGLTD), and by CFGLTD's subsidiaries:

    Island Finance Trinidad & Tobago Ltd. (operating subsidiary),
    CaribFin LLC (operating subsidiary),
    Financiera El Sol S.A. (operating subsidiary),
    CFG NA Holdings B.V. (subsidiary),
    Island Finance (Bonaire) N.V. (operating subsidiary),
    Island Finance (Curacao) N.V. (operating subsidiary),
    Island Finance (Sint Maarten) N.V. (operating subsidiary),
    CFG Aruba Holdings N.V. (subsidiary), and
    Island Finance (Aruba) N.V. (operating subsidiary).

All of them, jointly and severally with each other, guarantee the
full and punctual payment of the notes.

"The rating assigned to the notes reflects the creditworthiness of
the consolidated operating subsidiaries," said Standard & Poor's
credit analyst Barbara Carreon.

"The rating is limited by the highly concentrated funding
structure of the group, its current unfavorable maturity profile,
and its modest profitability despite its focus on consumer
lending. The satisfactory market position in each of the markets
where the subsidiaries operate, the adequate consolidated asset
quality for its profile, and solid capitalization metrics are
positive credit factors. The counterparty credit rating on CFGLTD
is one notch lower than the notes rating to reflect its status as
a non-operating holding company," S&P said.



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


CARIBBEAN AIRLINES: Finance Minister to Receive Audit Report
------------------------------------------------------------
RJR News reports that Trinidad and Tobago Finance Minister Larry
Howai is to receive a report before the end of the month on an
audit of Caribbean Airlines Limited.

Trinidad's Newsday newspaper reported that it will contain
operational risks, a financial review of the company and
projections for the future, according to RJR News.

RJR News notes that Trade Minister Vasant Bharath told a post-
Cabinet news conference that Caribbean Airline's routes,
profitability as well as the entire integration process with Air
Jamaica are being looked at.  The report rel

He disclosed that CAL's fuel subsidy issue was also still to be
worked out.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2012, RJR News reports that the Trinidadian government
said that Caribbean Airlines Limited is to undergo a
restructuring.  Trade Minister Vasant Bharath told the post-
Cabinet news conference that the restructuring involves a review
of the airline's routes, profitability as well as the integration
process with Air Jamaica, according to RJR News.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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


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

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

ARGENTINA
-----------

SOC COMERCIAL PL     SCDPF US          222756992       -310302930
SNIAFA SA-B          SDAGF US         11229696.2      -2670544.88
CENTRAL COSTAN-B     CRCBF US          410955501        -20459083
SOC COMERCIAL PL     CAD IX            222756992       -310302930
SOC COMERCIAL PL     CVVIF US          222756992       -310302930
SOC COMERCIAL PL     CADN EO           222756992       -310302930
SOC COMERCIAL PL     CADN EU           222756992       -310302930
COMERCIAL PL-ADR     SCPDS LI          222756992       -310302930
ENDESA COSTAN-A      CECO1 AR          410955501        -20459083
ENDESA COSTAN-       CECO2 AR          410955501        -20459083
CENTRAL COST-BLK     CECOB AR          410955501        -20459083
ENDESA COSTAN-       CECOD AR          410955501        -20459083
ENDESA COSTAN-       CECOC AR          410955501        -20459083
ENDESA COSTAN-       EDCFF US          410955501        -20459083
CENTRAL COSTAN-C     CECO3 AR          410955501        -20459083
CENTRAL COST-ADR     CCSA LI           410955501        -20459083
ENDESA COST-ADR      CRCNY US          410955501        -20459083
CENTRAL COSTAN-B     CNRBF US          410955501        -20459083
SOC COMERCIAL PL     COME AR           222756992       -310302930
SOC COMERCIAL PL     CADN SW           222756992       -310302930
COMERCIAL PLA-BL     COMEB AR          222756992       -310302930
SOC COMERCIAL PL     COMEC AR          222756992       -310302930
SOC COMERCIAL PL     COMED AR          222756992       -310302930
SNIAFA SA            SNIA AR          11229696.2      -2670544.88
SNIAFA SA-B          SNIA5 AR         11229696.2      -2670544.88
IMPSAT FIBER NET     IMPTQ US          535007008        -17164978
IMPSAT FIBER NET     330902Q GR        535007008        -17164978
IMPSAT FIBER NET     XIMPT SM          535007008        -17164978
IMPSAT FIBER-CED     IMPT AR           535007008        -17164978
IMPSAT FIBER-C/E     IMPTC AR          535007008        -17164978
IMPSAT FIBER-$US     IMPTD AR          535007008        -17164978
IMPSAT FIBER-BLK     IMPTB AR          535007008        -17164978


BRAZIL
------

TELECOMUNICA-ADR     81370Z BZ         470957698      -17289190.9
FABRICA TECID-RT     FTRX1 BZ         71426302.5      -70883547.3
TEKA-ADR             TEKAY US          341291511       -388484677
BOMBRIL              BMBBF US          351909380      -20217403.6
TELEBRAS-PF RCPT     CBRZF US          470957698      -17289190.9
TEKA                 TKTQF US          341291511       -388484677
TEKA-PREF            TKTPF US          341291511       -388484677
BATTISTELLA-RIGH     BTTL1 BZ          251786497      -39723897.3
BATTISTELLA-RI P     BTTL2 BZ          251786497      -39723897.3
BATTISTELLA-RECE     BTTL9 BZ          251786497      -39723897.3
BATTISTELLA-RECP     BTTL10 BZ         251786497      -39723897.3
AGRENCO LTD-BDR      AGEN11 BZ         640440282       -323456366
REII INC             REIC US            14423532         -3506007
PET MANG-RIGHTS      3678565Q BZ       287903103       -170622863
PET MANG-RIGHTS      3678569Q BZ       287903103       -170622863
PET MANG-RECEIPT     0229292Q BZ       287903103       -170622863
PET MANG-RECEIPT     0229296Q BZ       287903103       -170622863
BOMBRIL HOLDING      FPXE3 BZ         19416015.8       -489914902
BOMBRIL              FPXE4 BZ         19416015.8       -489914902
SANESALTO            SNST3 BZ         31802628.1      -2924062.87
B&D FOOD CORP        BDFCE US           14423532         -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ          351909380      -20217403.6
BOMBRIL-RIGHTS       BOBR1 BZ          351909380      -20217403.6
TELEBRAS/W-I-ADR     TBH-W US          470957698      -17289190.9
AGRENCO LTD          AGRE LX           640440282       -323456366
CELGPAR              GPAR3 BZ         2657428496       -817505840
RECRUSUL - RT        4529781Q BZ      42222280.6      -19730363.1
RECRUSUL - RT        4529785Q BZ      42222280.6      -19730363.1
RECRUSUL - RCT       4529789Q BZ      42222280.6      -19730363.1
RECRUSUL - RCT       4529793Q BZ      42222280.6      -19730363.1
RECRUSUL-BON RT      RCSL11 BZ        42222280.6      -19730363.1
RECRUSUL-BON RT      RCSL12 BZ        42222280.6      -19730363.1
BALADARE             BLDR3 BZ          159454016      -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ          118475706      -73851057.6
TEXTEIS RENAU-RT     TXRX2 BZ          118475706      -73851057.6
TEXTEIS RENA-RCT     TXRX9 BZ          118475706      -73851057.6
TEXTEIS RENA-RCT     TXRX10 BZ         118475706      -73851057.6
TELEBRAS SA-RT       0250949D BZ       470957698      -17289190.9
CIA PETROLIF-PRF     MRLM4 BZ          377602195      -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195      -3014291.72
CONST BETER SA       COBE3 BZ         31374373.7      -1555470.16
NOVA AMERICA SA      NOVA3 BZ           21287489       -183535527
NOVA AMERICA-PRF     NOVA4 BZ           21287489       -183535527
ALL ORE MINERACA     AORE3 BZ         23865481.1      -5135565.77
B&D FOOD CORP        BDFC US            14423532         -3506007
PET MANG-RT          4115360Q BZ       287903103       -170622863
PET MANG-RT          4115364Q BZ       287903103       -170622863
STEEL - RT           STLB1 BZ         23865481.1      -5135565.77
STEEL - RCT ORD      STLB9 BZ         23865481.1      -5135565.77
MINUPAR-RT           9314542Q BZ       165999220      -3127207.83
MINUPAR-RCT          9314634Q BZ       165999220      -3127207.83
CONST LINDEN RT      CALI1 BZ         12670514.8      -3490373.87
CONST LINDEN RT      CALI2 BZ         12670514.8      -3490373.87
PET MANG-RT          0229249Q BZ       287903103       -170622863
PET MANG-RT          0229268Q BZ       287903103       -170622863
RECRUSUL - RT        0163579D BZ      42222280.6      -19730363.1
RECRUSUL - RT        0163580D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0163582D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0163583D BZ      42222280.6      -19730363.1
PORTX OPERA-GDR      PXTPY US          976769403      -9407990.35
PORTX OPERACOES      PRTX3 BZ          976769403      -9407990.35
ALL ORE MINERACA     STLB3 BZ         23865481.1      -5135565.77
MINUPAR-RT           0599562D BZ       165999220      -3127207.83
MINUPAR-RCT          0599564D BZ       165999220      -3127207.83
CONST LINDEN RCT     CALI9 BZ         12670514.8      -3490373.87
CONST LINDEN RCT     CALI10 BZ        12670514.8      -3490373.87
CONST BETER-PFA      COBE5B BZ        31374373.7      -1555470.16
CONST BETER-PF B     COBE6B BZ        31374373.7      -1555470.16
PET MANG-RT          RPMG2 BZ          287903103       -170622863
PET MANG-RT          RPMG1 BZ          287903103       -170622863
PET MANG-RECEIPT     RPMG9 BZ          287903103       -170622863
PET MANG-RECEIPT     RPMG10 BZ         287903103       -170622863
RECRUSUL - RT        0614673D BZ      42222280.6      -19730363.1
RECRUSUL - RT        0614674D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0614675D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0614676D BZ      42222280.6      -19730363.1
TEKA-RTS             TEKA1 BZ          341291511       -388484677
TEKA-RTS             TEKA2 BZ          341291511       -388484677
TEKA-RCT             TEKA9 BZ          341291511       -388484677
TEKA-RCT             TEKA10 BZ         341291511       -388484677
TELEBRAS-COM RTS     TELB1 BZ          470957698      -17289190.9
TELEBRAS SA-RCT      TELB9 BZ          470957698      -17289190.9
MINUPAR-RTS          MNPR1 BZ          165999220      -3127207.83
MINUPAR-RCT          MNPR9 BZ          165999220      -3127207.83
RECRUSUL SA-RTS      RCSL1 BZ         42222280.6      -19730363.1
RECRUSUL SA-RTS      RCSL2 BZ         42222280.6      -19730363.1
RECRUSUL SA-RCT      RCSL9 BZ         42222280.6      -19730363.1
RECRUSUL - RCT       RCSL10 BZ        42222280.6      -19730363.1
TELEBRAS SA          TELB3 BZ          470957698      -17289190.9
TELEBRAS SA          TLBRON BZ         470957698      -17289190.9
TELEBRAS SA          TBASF US          470957698      -17289190.9
TELEBRAS SA-PREF     TELB4 BZ          470957698      -17289190.9
TELEBRAS SA-PREF     TLBRPN BZ         470957698      -17289190.9
TELEBRAS-ADR         TBAPY US          470957698      -17289190.9
TELEBRAS-ADR         TBRAY GR          470957698      -17289190.9
TELEBRAS-CEDE PF     RCTB4 AR          470957698      -17289190.9
TELEBRAS-CEDE PF     RCT4C AR          470957698      -17289190.9
TELEBRAS-CEDE PF     RCT4D AR          470957698      -17289190.9
TELEBRAS-CEDE BL     RCT4B AR          470957698      -17289190.9
TELEBRAS-ADR         TBH US            470957698      -17289190.9
TELEBRAS-ADR         TBX GR            470957698      -17289190.9
TELEBRAS-ADR         RTB US            470957698      -17289190.9
TELEBRAS-ADR         TBASY US          470957698      -17289190.9
TELEBRAS-RCT PRF     TELB10 BZ         470957698      -17289190.9
TELEBRAS-RTS CMN     RCTB1 BZ          470957698      -17289190.9
TELEBRAS-RTS PRF     RCTB2 BZ          470957698      -17289190.9
TELEBRAS-RTS CMN     TCLP1 BZ          470957698      -17289190.9
TELEBRAS-RTS PRF     TLCP2 BZ          470957698      -17289190.9
TELEBRAS-COM RT      0250948D BZ       470957698      -17289190.9
TELEBRAS-CM RCPT     RCTB31 BZ         470957698      -17289190.9
TELEBRAS-CM RCPT     TELE31 BZ         470957698      -17289190.9
TELEBRAS-RCT         RCTB33 BZ         470957698      -17289190.9
TELEBRAS-CM RCPT     TBRTF US          470957698      -17289190.9
TELEBRAS-CM RCPT     RCTB32 BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     RCTB41 BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     TELE41 BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     RCTB42 BZ         470957698      -17289190.9
TELEBRAS-CEDE PF     TELB4 AR          470957698      -17289190.9
TELEBRAS-CED C/E     TEL4C AR          470957698      -17289190.9
TELEBRAS-CM RCPT     RCTB30 BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     RCTB40 BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     TBAPF US          470957698      -17289190.9
TELEBRAS-RECEIPT     TLBRUO BZ         470957698      -17289190.9
TELEBRAS-PF RCPT     TLBRUP BZ         470957698      -17289190.9
TELEBRAS-BLOCK       TELB30 BZ         470957698      -17289190.9
TELEBRAS-PF BLCK     TELB40 BZ         470957698      -17289190.9
TELEBRAS-CEDEA $     TEL4D AR          470957698      -17289190.9
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-RT C     ARLA1 BZ         11642255.9      -17154461.9
ARTHUR LANG-RT P     ARLA2 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 LAN-DVD C     ARLA11 BZ        11642255.9      -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ        11642255.9      -17154461.9
BOMBRIL              BOBR3 BZ          351909380      -20217403.6
BOMBRIL CIRIO SA     BOBRON BZ         351909380      -20217403.6
BOMBRIL-PREF         BOBR4 BZ          351909380      -20217403.6
BOMBRIL CIRIO-PF     BOBRPN BZ         351909380      -20217403.6
BOMBRIL SA-ADR       BMBPY US          351909380      -20217403.6
BOMBRIL SA-ADR       BMBBY US          351909380      -20217403.6
BUETTNER             BUET3 BZ          106502172      -24836079.6
BUETTNER SA          BUETON BZ         106502172      -24836079.6
BUETTNER-PREF        BUET4 BZ          106502172      -24836079.6
BUETTNER SA-PRF      BUETPN BZ         106502172      -24836079.6
BUETTNER SA-RTS      BUET1 BZ          106502172      -24836079.6
BUETTNER SA-RT P     BUET2 BZ          106502172      -24836079.6
CAF BRASILIA         CAFE3 BZ          160938140       -149281089
CAFE BRASILIA SA     CSBRON BZ         160938140       -149281089
CAF BRASILIA-PRF     CAFE4 BZ          160938140       -149281089
CAFE BRASILIA-PR     CSBRPN BZ         160938140       -149281089
CHIARELLI SA         CCHI3 BZ         11165368.9      -88048393.7
CHIARELLI SA         CCHON BZ         11165368.9      -88048393.7
CHIARELLI SA-PRF     CCHI4 BZ         11165368.9      -88048393.7
CHIARELLI SA-PRF     CCHPN BZ         11165368.9      -88048393.7
IGUACU CAFE          IGUA3 BZ          290414421      -57976224.4
IGUACU CAFE          IGCSON BZ         290414421      -57976224.4
IGUACU CAFE          IGUCF US          290414421      -57976224.4
IGUACU CAFE-PR A     IGUA5 BZ          290414421      -57976224.4
IGUACU CAFE-PR A     IGCSAN BZ         290414421      -57976224.4
IGUACU CAFE-PR A     IGUAF US          290414421      -57976224.4
IGUACU CAFE-PR B     IGUA6 BZ          290414421      -57976224.4
IGUACU CAFE-PR B     IGCSBN BZ         290414421      -57976224.4
COBRASMA             CBMA3 BZ         85057466.1      -2098881762
COBRASMA SA          COBRON BZ        85057466.1      -2098881762
COBRASMA-PREF        CBMA4 BZ         85057466.1      -2098881762
COBRASMA SA-PREF     COBRPN BZ        85057466.1      -2098881762
CONST A LINDEN       CALI3 BZ         12670514.8      -3490373.87
CONST A LINDEN       LINDON BZ        12670514.8      -3490373.87
CONST A LIND-PRF     CALI4 BZ         12670514.8      -3490373.87
CONST A LIND-PRF     LINDPN BZ        12670514.8      -3490373.87
CONST BETER SA       1007Q BZ         31374373.7      -1555470.16
CONST BETER SA       COBEON BZ        31374373.7      -1555470.16
CONST BETER SA       COBE3B BZ        31374373.7      -1555470.16
CONST BETER-PR A     1008Q BZ         31374373.7      -1555470.16
CONST BETER-PR A     COBEAN BZ        31374373.7      -1555470.16
CONST BETER-PF A     COBE5 BZ         31374373.7      -1555470.16
CONST BETER-PR B     1009Q BZ         31374373.7      -1555470.16
CONST BETER-PR B     COBEBN BZ        31374373.7      -1555470.16
CONST BETER-PF B     COBE6 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 SA       1COBON BZ        31374373.7      -1555470.16
D H B                DHBI3 BZ          138254322       -115344519
DHB IND E COM        DHBON BZ          138254322       -115344519
D H B-PREF           DHBI4 BZ          138254322       -115344519
DHB IND E COM-PR     DHBPN BZ          138254322       -115344519
DOCA INVESTIMENT     DOCA3 BZ          272567787       -202595760
DOCAS SA             DOCAON BZ         272567787       -202595760
DOCA INVESTI-PFD     DOCA4 BZ          272567787       -202595760
DOCAS SA-PREF        DOCAPN BZ         272567787       -202595760
DOCAS SA-RTS PRF     DOCA2 BZ          272567787       -202595760
FABRICA RENAUX       FTRX3 BZ         71426302.5      -70883547.3
FABRICA RENAUX       FRNXON BZ        71426302.5      -70883547.3
FABRICA RENAUX-P     FTRX4 BZ         71426302.5      -70883547.3
FABRICA RENAUX-P     FRNXPN BZ        71426302.5      -70883547.3
HAGA                 HAGA3 BZ         19331081.5        -49945686
FERRAGENS HAGA       HAGAON BZ        19331081.5        -49945686
FER HAGA-PREF        HAGA4 BZ         19331081.5        -49945686
FERRAGENS HAGA-P     HAGAPN BZ        19331081.5        -49945686
CIMOB PARTIC SA      GAFP3 BZ         44047411.7      -45669963.6
CIMOB PARTIC SA      GAFON BZ         44047411.7      -45669963.6
CIMOB PART-PREF      GAFP4 BZ         44047411.7      -45669963.6
CIMOB PART-PREF      GAFPN BZ         44047411.7      -45669963.6
IGB ELETRONICA       IGBR3 BZ          412300919       -112050649
GRADIENTE ELETR      IGBON BZ          412300919       -112050649
GRADIENTE-PREF A     IGBR5 BZ          412300919       -112050649
GRADIENTE EL-PRA     IGBAN BZ          412300919       -112050649
GRADIENTE-PREF B     IGBR6 BZ          412300919       -112050649
GRADIENTE EL-PRB     IGBBN BZ          412300919       -112050649
GRADIENTE-PREF C     IGBR7 BZ          412300919       -112050649
GRADIENTE EL-PRC     IGBCN BZ          412300919       -112050649
HOTEIS OTHON SA      HOOT3 BZ          260899978      -73596837.4
HOTEIS OTHON SA      HOTHON BZ         260899978      -73596837.4
HOTEIS OTHON-PRF     HOOT4 BZ          260899978      -73596837.4
HOTEIS OTHON-PRF     HOTHPN BZ         260899978      -73596837.4
RENAUXVIEW SA        TXRX3 BZ          118475706      -73851057.6
TEXTEIS RENAUX       RENXON BZ         118475706      -73851057.6
RENAUXVIEW SA-PF     TXRX4 BZ          118475706      -73851057.6
TEXTEIS RENAUX       RENXPN BZ         118475706      -73851057.6
PARMALAT             LCSA3 BZ          388720096       -213641152
PARMALAT BRASIL      LCSAON BZ         388720096       -213641152
PARMALAT-PREF        LCSA4 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
ESTRELA SA           ESTR3 BZ         74664947.5       -103550581
ESTRELA SA           ESTRON BZ        74664947.5       -103550581
ESTRELA SA-PREF      ESTR4 BZ         74664947.5       -103550581
ESTRELA SA-PREF      ESTRPN BZ        74664947.5       -103550581
WETZEL SA            MWET3 BZ         93378445.8      -6763345.61
WETZEL SA            MWELON BZ        93378445.8      -6763345.61
WETZEL SA-PREF       MWET4 BZ         93378445.8      -6763345.61
WETZEL SA-PREF       MWELPN BZ        93378445.8      -6763345.61
MINUPAR              MNPR3 BZ          165999220      -3127207.83
MINUPAR SA           MNPRON BZ         165999220      -3127207.83
MINUPAR-PREF         MNPR4 BZ          165999220      -3127207.83
MINUPAR SA-PREF      MNPRPN BZ         165999220      -3127207.83
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      NOVA3B BZ          21287489       -183535527
NOVA AMERICA SA      NOVAON BZ          21287489       -183535527
NOVA AMERICA-PRF     NOVA4B BZ          21287489       -183535527
NOVA AMERICA-PRF     NOVAPN BZ          21287489       -183535527
NOVA AMERICA-PRF     1NOVPN BZ          21287489       -183535527
NOVA AMERICA SA      1NOVON BZ          21287489       -183535527
RECRUSUL             RCSL3 BZ         42222280.6      -19730363.1
RECRUSUL SA          RESLON BZ        42222280.6      -19730363.1
RECRUSUL-PREF        RCSL4 BZ         42222280.6      -19730363.1
RECRUSUL SA-PREF     RESLPN BZ        42222280.6      -19730363.1
PETRO MANGUINHOS     RPMG3 BZ          287903103       -170622863
PETRO MANGUINHOS     MANGON BZ         287903103       -170622863
PET MANGUINH-PRF     RPMG4 BZ          287903103       -170622863
PETRO MANGUIN-PF     MANGPN BZ         287903103       -170622863
RIMET                REEM3 BZ          103098361       -185417655
RIMET                REEMON BZ         103098361       -185417655
RIMET-PREF           REEM4 BZ          103098361       -185417655
RIMET-PREF           REEMPN BZ         103098361       -185417655
SANSUY               SNSY3 BZ          183826187       -133218258
SANSUY SA            SNSYON BZ         183826187       -133218258
SANSUY-PREF A        SNSY5 BZ          183826187       -133218258
SANSUY SA-PREF A     SNSYAN BZ         183826187       -133218258
SANSUY-PREF B        SNSY6 BZ          183826187       -133218258
SANSUY SA-PREF B     SNSYBN BZ         183826187       -133218258
BOTUCATU TEXTIL      STRP3 BZ         27663604.9      -7174512.03
STAROUP SA           STARON BZ        27663604.9      -7174512.03
BOTUCATU-PREF        STRP4 BZ         27663604.9      -7174512.03
STAROUP SA-PREF      STARPN BZ        27663604.9      -7174512.03
TEKA                 TEKA3 BZ          341291511       -388484677
TEKA                 TEKAON BZ         341291511       -388484677
TEKA-PREF            TEKA4 BZ          341291511       -388484677
TEKA-PREF            TEKAPN BZ         341291511       -388484677
TEKA-ADR             TKTPY US          341291511       -388484677
TEKA-ADR             TKTQY US          341291511       -388484677
F GUIMARAES          FGUI3 BZ         11016542.1       -151840377
FERREIRA GUIMARA     FGUION BZ        11016542.1       -151840377
F GUIMARAES-PREF     FGUI4 BZ         11016542.1       -151840377
FERREIRA GUIM-PR     FGUIPN BZ        11016542.1       -151840377
VARIG SA             VAGV3 BZ          966298048      -4695211008
VARIG SA             VARGON BZ         966298048      -4695211008
VARIG SA-PREF        VAGV4 BZ          966298048      -4695211008
VARIG SA-PREF        VARGPN BZ         966298048      -4695211008
BATTISTELLA          BTTL3 BZ          251786497      -39723897.3
BATTISTELLA-PREF     BTTL4 BZ          251786497      -39723897.3
SAUIPE SA            PSEGON BZ        15164420.8      -2756081.99
SAUIPE               PSEG3 BZ         15164420.8      -2756081.99
SAUIPE SA-PREF       PSEGPN BZ        15164420.8      -2756081.99
SAUIPE-PREF          PSEG4 BZ         15164420.8      -2756081.99
CIA PETROLIFERA      MRLM3B BZ         377602195      -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195      -3014291.72
CIA PETROLIFERA      1CPMON BZ         377602195      -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195      -3014291.72
LATTENO FOOD COR     LATF US            14423532         -3506007
VARIG PART EM TR     VPTA3 BZ         49432124.2       -399290396
VARIG PART EM-PR     VPTA4 BZ         49432124.2       -399290396
VARIG PART EM SE     VPSC3 BZ         83017828.6       -495721700
VARIG PART EM-PR     VPSC4 BZ         83017828.6       -495721700


COLOMBIA
---------

LA POLAR SA          LAPOLAR CI        605994833       -543186477
PUYEHUE RIGHT        PUYEHUOS CI      24251713.9      -3390038.99
LA POLAR-RT          LAPOLARO CI       605994833       -543186477
LA POLAR-RT          LAPOLAOS CI       605994833       -543186477
PUYEHUE              PUYEH CI         24251713.9      -3390038.99


                            ***********


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 * * *