TCRLA_Public/121106.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, November 6, 2012, Vol. 13, No. 221


                            Headlines



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

LIAT: Officials Make Pitch to St. Lucia


A R G E N T I N A

CCF CREDITOS 2: Moody's Rates ARS7.6MM Certificates 'B3'
ELECTROPAZ SA: Moody's Assigns 'Ba3' CFR; Outlook Stable
PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6


B E R M U D A

CREDIT RENAISSANCE: Creditors' Proofs of Debt Due Nov. 7
CREDIT RENAISSANCE MASTER: Creditors' Proofs of Debt Due Nov. 7
LLFC CONSTRUCTION: Creditors' Proofs of Debt Due Nov. 7
LLFC FUNDING: Creditors' Proofs of Debt Due Nov. 7


B R A Z I L

RODOPA INDUSTRIA: Fitch Rates $100-Mil. Unsecured Notes 'B-'


C A Y M A N  I S L A N D S

ABSOLUTE ALPHA: Creditors' Proofs of Debt Due Nov. 12
KENDAH GLOBAL: Placed Under Voluntary Wind-Up
MARIAH RE: Commences Liquidation Proceedings
NEMESIS COMMODITY: Creditors' Proofs of Debt Due Nov. 7
RIVERSIDE WISDOM: Creditors' Proofs of Debt Due Nov. 8

RIVERSIDE WISDOM WORLD: Creditors' Proofs of Debt Due Nov. 8
TAYLOR WOODS: Placed Under Voluntary Wind-Up
TAYLOR WOODS MASTER: Placed Under Voluntary Wind-Up
TMA ASIAN: Creditors' Proofs of Debt Due Nov. 19


C O S T A   R I C A

* COSTA RICA: Reventazon Plant to Get $200MM IDB Financing


E C U A D O R

BANCO DELA PRODUCCION: Fitch Affirms 'B-' IDR; Outlook Stable
BANCO PICHINCHA: Fitch Affirms 'B-' LT Issuer Default Rating


M E X I C O

ALESTRA S: Fitch Affirms 'BB-' Issuer Default Rating


P U E R T O   R I C O

CIF BARCELONETA: Case Summary & 20 Largest Unsecured Creditors
COUSINS INT'L: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: Barbados CLICO Life to be Restructured


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: Officials Make Pitch to St. Lucia
---------------------------------------
Antigua Observer reports that a delegation from Leeward Islands
Air Transport, known as LIAT, has held talks with the St. Lucia
government urging Castries to invest in the cash-strapped Antigua-
based airline.

The LIAT delegation, headed by its chairman, Jean Holder and
including newly appointed chief executive officer, Ian Brunton,
discussed with Prime Minister Dr Kenny Anthony various matters
including a proposal to reduce the number of flights to more than
eight locations, a move observers say is likely to affect the
hospitality industry across the region, according to Antigua
Observer.

The report relates that Mr. Holder, while not indicating whether
he obtained any renewed commitments from St. Lucia regarding
investment in the airline, said the company was not doing well
financially and is now implementing a business plan so as to
repositioning the airline to become a viable entity.

Mr. Holder, the report notes, said the plan also includes
improving its customer service, since over the last four years,
the airline has recorded a slump in the demand for regional
travel.

The report says that St. Vincent and the Grenadines Prime Minister
Dr. Ralph Gonsalves, who chairs LIAT's trio of government
shareholders, has been urging St Lucia to invest in the airline
LIAT even as he noted that his St. Lucian counterpart has some
concerns about "LIAT's management and the like".

The airline, which is owned by the governments of Antigua and
Barbuda, St Vincent and the Grenadines and Barbados, is set to be
joined by Dominica as a fourth shareholder.

The report relays that Dr. Gonsalves said that Dominica's Prime
Minister Roosevelt Skeritt has confirmed Roseau's commitment to
becoming an equity partner in LIAT by investing eight million EC
dollars (One EC dollar = US$0.37 cents) in the airline.

Dr. Gonsalves said LIAT had already introduced two flights to
accommodate night landings in Dominica, allowing passengers to
take advantage of late connections from North America and Europe,
Barbados, and Antigua and Barbuda, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



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


CCF CREDITOS 2: Moody's Rates ARS7.6MM Certificates 'B3'
--------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero CCF Creditos Serie 2.
This transaction will be issued by Equity Trust Company
(Argentina) S.A. - acting solely in its capacity as issuer and
trustee.

Moody's notes that as of Nov. 2, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

- ARS84,151,350 in Class A Fixed Rate Debt Securities (VDF TFA)
   of "Fideicomiso Financiero CCF Creditos Serie 2", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS61,200,982 in Class B Floating Rate Debt Securities (VDF
   TVB) of "Fideicomiso Financiero CCF Creditos Serie 2", rated
   Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
   Scale, Local Currency)

- ARS7,650,123 in Certificates (CP) of "Fideicomiso Financiero
   CCF Creditos Serie 2", rated A2.ar (sf) (Argentine National
   Scale) and B3 (sf) (Global Scale, Local Currency)

The rating of the VDF TFA and VDF TVB securities addresses the
expected loss posed to investors related to the payment of
interest and principal by the legal final maturity date (December
8, 2015). The rating of the CP addresses the expected loss posed
to investors related to the repayment of the principal only by the
legal final maturity date. The rating of the CP does not address
any other interest or residual payments.

Ratings Rationale

The ratings are mainly based on the following factors:

* The initial subordination of the VDF TFA and VDF TVB securities
   of 5% (calculated over the principal amount of the underlying
   loans, and considering the occurrence of an Special Event)

* The turbo sequential payment structure which captures all the
   available excess spread in the transaction to pay down the VDF
   securities (approximately 57,69% annually, assuming 0% defaults
   and 0% prepayments, before expenses and taxes)

* The ability of Cordial Compania Financiera S.A. (CCF)
   (B2/Aa3.ar) to act as primary servicer of the pool

* The ability of Banco Supervielle S.A. (B2/Aa3.ar) to act as
   master servicer and backup servicer

* The credit quality of the underlying loans

* The availability of several reserve funds

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 35,620
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by Cordial Compania Financiera
S.A. (CCF), in an aggregate amount of ARS153,002,454.63.

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 CCF'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 as follows: a mean of 14% and
a coefficient of variation of 70%. Moody's also assumed a
lognormal distribution for prepayments with a mean of 30% and a
coefficient of variation of 70%. These assumptions are derived
from the historical performance to date of the CCF pools. Servicer
default was modeled by simulating the default of CCF as the
servicer consistent with its current ratings. In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points compared with the
base default assumption.

The model results showed 0.07% expected loss for the VDF TFA
securities, 1.20% for the VDF TVB and 6,17% for the CP
certificate.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the basecase scenario, the ratings of the VDF TVB and the CP would
be downgraded to B1 (sf) and Caa1 (sf) respectively. The rating of
the VDF TFA securities would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. The transaction is linked to the credit
quality of the servicer, which will transfer collections to the
trust account every 72 hours. Therefore, there are three days of
commingling risk at the servicer level. If CCF is removed as
servicer, Banco Supervielle S.A. will be appointed as the backup
servicer. However, Banco Supervielle belongs to the same economic
group than the primary servicer. This is mitigated by the fact
that collections are initially received by two collection agents
before flowing into CCF's account. Borrowers should be able to
continue making payments at any of these two collection agents if
the servicer needs to be replaced. As a result, any potential
servicer replacement should be simpler in this case than in other
Argentine transactions.

CCF, the originator and primary servicer in the transaction, is a
financial company owned by Banco Supervielle (B2/Aa3.ar) which
holds 95% of CCF's shares. CCF offers financial products such as
credit cards, personal and consumer loans to Wal-Mart customers in
Argentina, based on a commercial agreement with Wal-Mart Argentina
S.R.L. signed in July 2010. CCF current deposit ratings are Aa3.ar
(national scale rating) and B2 (global scale, local currency).

The main source of uncertainty for this transaction is the level
of delinquency of the loans assigned to the trust. A worsening in
macroeconomic conditions such as an increase in unemployment could
increase the losses of the pool. Obligors in this transaction
belong to low or middle income socioeconomic segments, therefore
they may be more affected by a slowdown in the economic activity
or higher unemployment. However, Moody's believes CCF's has in
place solid collection and loss mitigation practices that should
mitigate this risk to some extent.


ELECTROPAZ SA: Moody's Assigns 'Ba3' CFR; Outlook Stable
--------------------------------------------------------
Moody's assigned a first time corporate family rating of
Ba3/Aa1.bo to Electropaz S.A. At the same time Moody's rated
Ba3/Aa1.bo Electropaz up to 350 million Bolivian Pesos senior
unsecured proposed local notes. The outlook for all the ratings is
stable.

Proceeds from the proposed notes will be used mostly to prepay
Electropaz' outstanding notes and will not increase the company's
total debt.

Ratings Rationale

The Ba3/Aa1.bo ratings are mainly supported by Electropaz's stable
business and cash flows as well as strong credit metrics for its
rating category. In spite of a regulatory framework that has a
relatively short history with some degree of unpredictability and
unexpected changes during its 14 years of existence, electric
distribution companies such as Electropaz have been able to
sustain their business model relatively unaffected. The ratings
anticipate that Electropaz will be able to continue to pass-
through its energy acquisition costs while satisfying increasing
demand and maintaining stable and sound returns on its invested
capital due to an effective tariff regime while keeping energy
losses at current levels of around 10.5%.

The ratings are tempered by the modest size of Electropaz's
operations and service territory; the inherent concentration risk
with its current operations, the risk that further social unrest
in La Paz may pose to its operations, and the somewhat
unpredictable regulatory framework. In particular, out of the four
regular tariff review periods that the company has undergone, only
the last one in 2011 resulted in a tariff increase of 2.29% for
the 2012-2015 tariff period. The previous one in 2007 reduced
tariffs by 1.17%. In addition, there have been two extraordinary
tariff reviews that also resulted in tariff reductions that were
implemented to transfer efficiency gains to end-use consumers in
accordance with the regulatory regime prevailing in Bolivia.
Nevertheless, Moody's has some concerns about the regulator's
willingness to increase tariffs in Electropaz' concession area
that comprises the cities of La Paz and El Alto if there where a
need for a material increase to cover a significant increase in
costs.

Another area of particular concern is the risk of government
intervention in Electropaz's business or the risk of
nationalization given the current government track record of
nationalizations in the electricity industry. The Bolivian
Government (Ba3, Stable) has performed a series of
nationalizations, namely in the natural gas industry, as well as
various other companies in the mining, telecommunications, and
power generation sectors. The government's recent nationalization
of Transportadora de Electricidad (TDE), owned by Red Electrica
Espanola (REE, rated Baa2 and with negative outlook), is a recent
example of the government's effort to bring companies in strategic
sectors back into the hands of the state. After the
nationalization of TDE, Bolivia has also nationalized Glencore's
Colquiri tin and zinc mine in order to increase its control over
the mining industry.

Electropaz's liquidity is considered adequate. The company's debt
profile is manageable, with an amortizing maturity of its
outstanding bonds. However, the company will need to refinance
some of its up-coming debt maturities should the planned issuance
of the Class III notes not succeed. For its September 2012 Bs 110
million maturity Electropaz arranged a Bs 44 million bridge loan
from local banks that will be repaid with the Class III bonds
proceeds. Also with the funds from the planned issuance
Electropaz' plans to prepay the remainder of its outstanding UFV
Bs 232 million bonds that are inflation indexed and currently have
a shorter maturity than the 6 to 8 years target of planned bonds.
The planned issuance will result in an even more manageable debt
profile for the company.

On the negative side, as it happens with most of Latam companies,
Electropaz does not have access to any committed credit facilities
and access to the capital markets is limited to the local market
only in Bolivia, which is less developed and deep than the
international market or even markets of other countries in the
region.

Historically, Electropaz's internal liquidity has been sufficient
to cover both its operational cash requirements as well as its
capital needs, with little reliance on debt to finance its
dividend payments. It is also important to note that investments
are primaryily oriented to maintenance with very little targeted
toward expansion; however, the next two years will see
significantly higher than historical capital expenditures as the
company plans to incorporate some additional transformers into the
grid, to improve its safety and to support the increased demand.
While the bulk of these investments will be funded internally, it
is expected that there will be some incremental debt issuance
which will have little impact on the overall credit metrics, which
will remain robust for the foreseeable future even if the company
sustains its current high dividend pay-out ratio.

The stable outlook anticipates continued stable cash flows and
profits and moderate leverage. Given the historical stability on
Electropaz's credit metrics, Moody's expects cash flow from
operations pre working capital to debt (CFO pre WC/Debt) to be
sustained around the 30% level and debt to Ebidta ratio between
2.2 to 2.5.0 times. As the company increases its investments over
the next two years, free cash flow will be negative over that
period returning to break-even in the years thereafter.

Given the close relationship between Electropaz's operations and
the regulatory regime in Bolivia, prospects for the rating to be
upgraded are strongly limited by the sovereign rating, which is
currently Ba3 with a stable outlook.

Negative pressure on the rating or outlook could occur if the
company losses the stability of its business model which is mainly
derived from the regulatory regime. Specifically, if going forward
Electropaz is not able to recover its increased costs or the
tariff setting does not allow a reasonable return on invested
capital, the ratings could be subject to downward pressure.
Quantitatively, a ratio of CFO pre WC/Debt below 20%, interest
coverage (CFO pre WC + interest to interest) lower than 2.5 times
or a Debt to Ebitda ratio higher than 4.0 times could lead to a
downgrade. A downgrade on the sovereign rating could also prompt a
downgrade on Electropaz's ratings.

Electropaz is an electricity distribution company operating in La
Paz, Bolivia, formed in 1995 as a result of law N§ 1604 (the
electricity law) that determined the total separation of
generation, transportation and distribution activities within the
National Integrated System. Electropaz provides electricity to
470.000 clients (89% of which are residential). During 2011,
Electropaz distributed approximately 1,300 GWh and had annual
revenues as of June 30, 2012, of approximately U$S100 million.


PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6
----------------------------------------------------------
Mario Nicolas Degese, the court-appointed trustee for Petroquimica
General Mosconi SAIC's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 6, 2012.

Mr. Degese 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:

         Mario Nicolas D‚jese
         Bouchard 468
         Argentina



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B E R M U D A
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CREDIT RENAISSANCE: Creditors' Proofs of Debt Due Nov. 7
--------------------------------------------------------
The creditors of Credit Renaissance Structured Products Fund, Ltd
are required to file their proofs of debt by Nov. 7, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2012.

The company's liquidator is:

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


CREDIT RENAISSANCE MASTER: Creditors' Proofs of Debt Due Nov. 7
---------------------------------------------------------------
The creditors of Credit Renaissance Structured Products Master
Fund, Ltd are required to file their proofs of debt by Nov. 7,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2012.

The company's liquidator is:

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


LLFC CONSTRUCTION: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------------
The creditors of LLFC Construction, Ltd. are required to file
their proofs of debt by Nov. 7, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2012.

The company's liquidator is:

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


LLFC FUNDING: Creditors' Proofs of Debt Due Nov. 7
--------------------------------------------------
The creditors of LLFC Funding, Limited are required to file their
proofs of debt by Nov. 7, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2012.

The company's liquidator is:

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



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


RODOPA INDUSTRIA: Fitch Rates $100-Mil. Unsecured Notes 'B-'
------------------------------------------------------------
Fitch Ratings has assigned a 'B-/RR4' rating to the USD100 million
unsecured notes maturing Oct. 17, 2017 issued by Rodopa Industria
e Comercio de Alimentos Ltda (Rodopa).  The notes were issued on
Oct. 17, 2012 and are unconditionally guaranteed by its direct
shareholder, Forte Empreendimentos e Participacoes Ltda (Forte).

The proceeds of the issuance will be used by Rodopa to bolster its
liquidity, improve its capital structure, and finance its
expansion plan.

Rodopa's ratings reflect its small revenue base, its low and
volatile operational margins, and weak cash flow generation as a
result of the high working capital requirements inherent to the
protein industry in Brazil.  The company's low operational
diversification within the competitive Brazilian beef sector could
also exacerbate earnings volatility during challenging periods for
the meat industry in Brazil.

Rodopa's tight liquidity and challenging refinancing risk are also
factored into the ratings.  Despite the plan to use part of the
proceeds of the notes to lengthen its debt profile, Rodopa's
capital structure is still highly skewed to short-term debt.  Cash
balances and marketable securities are low at BRL37.1 million as
of June 30, 2012.  Although Rodopa's leverage metrics are strong
for the rating category, the ratings consider that leverage is
likely to increase due to the company's expansion strategy.

Limited Diversification and Small Scale Aggravate Industry Risks

The company operates in a very competitive market characterized by
volatile earnings and low EBITDA margins.  Protein prices are
vulnerable to the imbalances between local and international
demand and supply, and other factors inherent to the sector.
These factors include diseases and climatic conditions;
expansion/contraction of the global and local economy; fluctuation
in consumers' income, changes in consumer habits; health and trade
restrictions imposed by governments; and competitive pressures
from other Brazilian or international producers.

Although the company's balance sheet increases and contracts
depending on meat and cattle prices, the main source of profit
comes from the efficient use of the company's production capacity
and the ability to pass the increased cost of raw materials on to
consumers.  These risks are exacerbated by the company's small
base of operation.

Measured by slaughtering capacity, Rodopa is a distant fourth
largest beef processor in Brazil.  The company is relatively small
compared to the three largest companies in Brazil that represent
approximately half of the country slaughtering capacity.  Rodopa
operates with limited operational flexibility, as it relies on
only four plants in three Brazilian states and about 77% of its
revenues of the first half 2012 came from the domestic market.

Rodopa has benefited from its domestic market focus during the
global economic crisis that affected exporters more severely.  The
company's profitability remains exposed to a possible contraction
in the local or the international meat market.  Sanitary
restrictions or cattle scarcity tend to affect Rodopa's business
more severely, when compared with its larger competitors that
benefit from a more diversified operational base.

Improving EBITDA Generation Capacity

Rodopa generated consolidated EBITDAR of BRL76 million and
negative funds from operations (FFO) of BRL6.8 million (including
the subsidiaries' earnings) for the latest 12 months (LTM) to June
30, 2012. This performance compares to consolidated EBITDAR of
BRL72 million and FFO of negative BRL4.1 million in 2010.  Fitch
believes that Rodopa will generate EBITDAR closer to BRL100
million by 2013, provided it succeeds in implementing its business
expansion during the next 12 months.  Rodopa's EBITDAR margin of
8%-9% is expected to be sustainable, as a result of the gains of
scale combined with strategy to keep only profitable operations.
This EBITDAR margin range is in-line with the company's peers in
the sector.

Negative Free Cash Flow Driven By Growth Plans

Rodopa's ratings also reflect its weak cash flow generation due to
high interest costs and large working capital needs. For the LTM
to June 30, 2012, the company's cash flow from operations (CFFO)
was negative BRL51.4 million, after close to BRL18 million of
interest expenses and BRL45 million in working capital
requirements due to its growing business.

The company's free cash flow (FCF) generation was further
depressed by its investment program of about BRL40 million during
2010 and 2011.  Investments are expected to remain at an elevated
level of around BRL30 million per year over the next three years.
This expenditure is related to the opening of new plants and de-
boning facilities, which will almost double slaughter capacity to
4.5 thousand heads per day in 2013, from 2.5 thousand at the end
of 2010.  As a result, FCF generation is expected to remain
negative in 2012 and will not become positive until the
investments consolidate.

Leverage Is Manageable But An Increase Is Expected

Rodopa's leverage is moderate, but is expected to increase. For
the LTM to June 30, 2012, the company's net debt/EBITDA ratio was
2.2x, but is expected to rise to around 3.0x by the end of 2012
due to the recent issuance of USD100 million of unsecured notes.
This expected peak in the company's leverage ratio is still
commensurate with the current ratings, and continues to
incorporate the above-average risk of the beef industry.  Rodopa's
net debt/EBITDA ratio should gradually decline to around 2.5x by
late 2015, once the company's investments consolidate.

Liquidity Is Tight; Improvements are Expected

Rodopa's liquidity is tight and its refinancing risk is high. As
of June 30, 2012, the company had BRL200 million of consolidated
adjusted debt, including BRL7 million of rental obligations. Cash
and marketable securities of BRL37.1 million cover only 23% of
BRL160.3 million of short-term debt as of this date.  Fitch
believes that the recent notes issuance should make it easier for
the company to meet its short-term obligations.

Key Rating Drivers

A downgrade may occur in the case of increased leverage over and
above Fitch's expectations of a net debt/EBITDA ratio peak of 3.0x
over a prolonged period.  This may occur as a result of a more
aggressive expansion program, deterioration in operating margins,
or weaker liquidity.

The ratings may be positively affected by a sustainable
improvement in Rodopa's business profile, combined with
maintenance of conservative leverage, consistent improvements in
liquidity, and manageable amortization schedule.

Fitch rates Rodopa as follows:

  -- Foreign and local currency Issuer Default Ratings (IDRs)
     'B-';

  -- National scale rating 'BBB-(bra)'.

The corporate Rating Outlook is Stable.



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


ABSOLUTE ALPHA: Creditors' Proofs of Debt Due Nov. 12
-----------------------------------------------------
The creditors of Absolute Alpha Constant Plus Fund Limited are
required to file their proofs of debt by Nov. 12, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 19, 2012.

The company's liquidator is:

         Susan Lo
         c/o Susan Lo Yee Har
         Telephone: (852) 2980 1618
         Facsimile: (852) 22627818
         Tricor Services Limited
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


KENDAH GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Sept. 27, 2012, the sole member of Kendah Global PTC Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


MARIAH RE: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Sept. 27, 2012, the members of
Mariah RE Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Oct. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322 Grand Cayman KY1-1209
         Cayman Islands
         Telephone: (345) 640-6712


NEMESIS COMMODITY: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------------
The creditors of Nemesis Commodity Fund Limited are required to
file their proofs of debt by Nov. 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Grant Cellier
         Telephone: +1 345-815-2632/ +1 345-949-4800
         Facsimile: +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


RIVERSIDE WISDOM: Creditors' Proofs of Debt Due Nov. 8
------------------------------------------------------
The creditors of Riverside Wisdom World Fund Offshore Investors
are required to file their proofs of debt by Nov. 8, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 4, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

                    -- or --

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


RIVERSIDE WISDOM WORLD: Creditors' Proofs of Debt Due Nov. 8
------------------------------------------------------------
The creditors of Riverside Wisdom World Fund are required to file
their proofs of debt by Nov. 8, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 4, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: NDL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


TAYLOR WOODS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 21, 2012, the sole shareholder of Taylor Woods Fund II
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TAYLOR WOODS MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Sept. 21, 2012, the sole shareholder of Taylor Woods Master
Fund II Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TMA ASIAN: Creditors' Proofs of Debt Due Nov. 19
------------------------------------------------
The creditors of TMA Asian Equity Long Short Master Fund are
required to file their proofs of debt by Nov. 19, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Yoshihiro Matsuzaki
         35 Oxley Rise, #07-10 Vision Crest Residence
         Singapore 238711



===================
C O S T A   R I C A
===================


* COSTA RICA: Reventazon Plant to Get $200MM IDB Financing
----------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $200 million
non-sovereign guaranteed financing for the construction of a
305.5MW hydropower plant in the Limon Province in Costa Rica,
Central America's biggest renewable energy project.

The IDB loan will help finance the design, construction, operation
and maintenance of the plant and its associated facilities,
including transmission lines, substations and access roads. The
plant will use waters from the Reventazon River to generate an
average of 1,407 gigawatt-hour (GWh) of electricity per year. Once
completed, the plant will represent approximately 10 percent of
Costa Rica's total installed electricity generation capacity.

The project will be the first to establish an offset for river
habitat in Central America, which could be replicated in other
projects throughout the region. It will also contribute to the
Jaguar Corridor Initiative and long term preservation of the
largest living cat in the Americas.

"This project will not only help Costa Rica address its growing
demand for electricity but also contribute to the country's goal
of reducing its carbon emissions,'' said Jean-Marc Aboussouan, who
heads infrastructure financing for private sector projects at the
IDB's Structured and Corporate Finance Department. "Moreover, the
successful implementation of the environmental and social elements
in this project will provide an important model for hydroelectric
projects in Latin America."

The project, sponsored by the Instituto Costarricense de
Electricidad (ICE), includes the construction of a 130 meter high
dam, flooding of a 6.9 km2 reservoir and a 4.2 kilometer river
diversion between the dam and powerhouse. The plant is expected to
become operation in August 2016.

The IDB loan is for a 20-year term and it is expected to be
complemented by a syndicated loan of approximately $450 million
and co-financing from third-party institutions of $294 million.



=============
E C U A D O R
=============


BANCO DELA PRODUCCION: Fitch Affirms 'B-' IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion S.A. y
Subsidiarias' (Produbanco) long-term Issuer Default Rating (IDR)
at 'B-'.  The Rating Outlook is Stable.

Produbanco's Viability Rating (VR) drives its long-term IDR.  The
bank's VR reflects its strong franchise, experienced management,
good asset quality and solid liquidity.  Nevertheless, Ecuador's
political and regulatory uncertainty, loan and investment
concentration and a challenging operating environment continue to
weigh on the bank's ratings.  Produbanco's ratings are constrained
by the sovereign's ratings and government intervention that could
negatively affect the bank's performance.

Despite having the fourth largest deposit market share, Fitch
believes that Produbanco cannot rely upon government support,
should it be necessary, given Ecuador's weak fiscal stance and the
lack of a lender of last resort.  This underpins both the bank's
support rating of '5' and support rating floor of 'NF'.

An upgrade of the sovereign's ratings could lead to an upgrade of
Produbanco's ratings, if the bank maintains adequate capital,
asset quality and profitability ratios.  The Outlook on Ecuador's
IDR is currently Positive.  Severe asset quality deterioration,
weak financial performance, or government intervention that
negatively affects the bank's liquidity or balance sheet to a
level that is no longer consistent with the bank's current ratings
could pressure creditworthiness.

As was the case with other Ecuadorean banks, asset quality
deteriorated during the first half of 2012.  However, at 1.6%,
Produbanco's impaired loans/gross loans ratio continued to compare
favorably to both the domestic industry average as well as
similarly rated international peers (emerging market commercial
banks with a VR of 'b-', 'b' or 'b+').

Although loan loss reserve coverage of impaired loans (186% at
end-June 2012) is below the domestic industry average, it
continued to compare favorably with international peers and should
be viewed within the context of the bank's lower risk,
predominately corporate loan portfolio.  Given still moderate loan
concentration, Fitch views this level as adequate.

Deposits are stable and diversified, accounting for an average of
90% of total funding over the past five years.  Liquid assets
covered 43% of deposits and short-term funding at end-June,
comparing favorably to both domestic and international peers.  As
such, Fitch views Produbanco's liquidity as adequate for its
operating environment.

Despite a stronger NIM, profitability deteriorated slightly in the
first half of 2012, mostly reflecting higher credit costs.  Key
profitability ratios remain weak relative to peers' given the
bank's corporate focus.  Furthermore, Fitch expects Ecuadorean
banks to see lower profits in the remainder of this year due to
recent bank resolutions that will curb fee and commission income
and slow down retail credit growth.

As is the case with other Ecuadorean banks, Produbanco needs to
maintain its net interest margin, moderate credit growth and
enhanced efficiency to sustain key profitability ratios over the
medium term, particularly in light of new fee restrictions,
challenges to diversifying non-interest income with the recent
divestment of nonfinancial subsidiaries and increased credit
costs.  Internal capital generation could be further challenged if
the government's proposal to fund an increase in social
expenditures with the private banks' profits, most likely through
higher taxation, is approved by Congress.

Produbanco's Fitch core capital/weighted risks ratio declined to
11.1% at end-June 2012 as internal capital generation has not kept
pace with asset growth.  Absent a marked deceleration in growth,
Fitch considers that capital ratios could remain under pressure in
the near term.  While capitalization is in line with domestic
peers, it is tight relative to international peers. Nevertheless,
adequate reserve coverage of impaired loans somewhat mitigates
this risk.

Incorporated in 1978, Produbanco is Ecuador's fourth largest bank
by assets (9% of the system's assets at June 2012).  Historically
focused on corporate banking, it has expanded into retail banking
over the past few years.

Fitch has affirmed Produbanco's ratings as follows:

  -- Foreign currency long-term IDR at 'B-'; Stable Outlook;
  -- Foreign currency short-term IDR at 'B';
  -- Viability rating at 'b-';
  -- Support rating at '5';
  -- Support Floor at 'NF'.


BANCO PICHINCHA: Fitch Affirms 'B-' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
long-term Issuer Default Rating (IDR) at 'B-'.  The Rating Outlook
is Stable.

Pichincha's Viability Rating (VR) drives its long-term IDR. The
bank's VR reflects its strong franchise and market share, broad
deposit base and ample liquidity.  Nevertheless, Ecuador's
political and regulatory uncertainty and a challenging operating
environment continue to burden the bank's ratings.  Pichincha's
ratings are constrained by the sovereign's ratings and government
intervention that could negatively affect the bank's performance.

Despite having the largest deposit market share, Fitch believes
that Pichincha cannot rely upon government support, should it be
necessary, due to Ecuador's weak fiscal stance and the lack of a
lender of last resort, underpinning both the bank's support rating
of '5' and support floor rating of 'NF'.

An upgrade of the sovereign's ratings could lead to an upgrade of
Pichincha's ratings if the bank sustains adequate capital, asset
quality, and profitability ratios.  The Rating Outlook on
Ecuador's IDR is currently Positive. Severe asset quality
deterioration, weak financial performance, or government
intervention that negatively affects the bank's liquidity or
balance sheet to a level that is no longer consistent with the
bank's current ratings could pressure creditworthiness.

Asset quality deteriorated during the first half of 2012 mostly
reflecting the maturation of Pichincha's rapidly growing
microcredit and consumer portfolio.  At June 30, 2012, Pichincha's
impaired loans/total loans ratio of 3.5% compared unfavorably to
both the domestic peer median of 2.2% and the international peer
median of 1.5%, a trend that is likely to continue given the
bank's higher proportion of retail lending.  However, management
expects charge-offs and recoveries to reduce the bank's impaired
loans/total loans ratio to a level similar to year-end 2011 (YE11)
by YE12.  Loan loss reserve coverage of impaired loans exceeds the
domestic peer median and is in line with international peers.

Pichincha's profitability weakened in the first half of 2012. As a
result, the bank's annualized ROAA reached around 0.9% at June 30,
2012, comparing unfavorably to both domestic and international
peers.  Given recent and potential regulatory changes, Fitch
believes that profitability may weaken in the near term, but will
continue to underpin sufficient capital growth over the medium
term.

As is the case with other Ecuadorean banks, Pichincha needs to
maintain its net interest margin, moderate credit growth and
enhanced efficiency to sustain key profitability ratios over the
medium term, particularly in light of new fee restrictions,
challenges to diversifying non-interest income with the recent
divestment of nonfinancial subsidiaries and increased credit
costs.  Internal capital generation could be further challenged if
the government's proposal to fund an increase in social
expenditures with the private banks' profits, most likely through
higher taxation, is approved by Congress.

Pichincha's capitalization ratios declined relative to levels
reported before 2010 due to stronger asset growth.  Although
capitalization is lower compared to large domestic and
international peers, Fitch believes Pichincha's capital ratios are
adequate in light of the bank's risk profile. Furthermore, strong
reserve coverage of impaired loans somewhat mitigates lower
capitalization.

Pichincha is Ecuador's largest bank with about 29% of the system's
assets at end-June 2012. Incorporated in 1906, the group offers a
wide array of services to corporate, middle market, and retail
customers.  Pichincha is tightly controlled by its main
shareholder Fidel Egas Grijalva, who holds 61% of the company's
stock.

Fitch has affirmed Pichincha's ratings as follows:

  -- Foreign currency long-term IDR at 'B-'; Stable Outlook;
  -- Foreign currency short-term IDR at 'B';
  -- Viability rating at 'b-';
  -- Support rating at '5';
  -- Support Floor at'NF'.



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


ALESTRA S: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed Alestra, S. de R.L. de C.V.'s ratings
as follows:

  -- Local currency Issuer Default Rating (IDR) at 'BB-;
  -- Foreign currency IDR at 'BB-';
  -- Senior Notes due 2014 at 'BB-'.

The Rating Outlook is Stable.

Alestra's ratings reflect the strategy of offering value added
services (VAS) to the corporate segment which results in lower
business risk and stable cash flow generation.  The stability and
predictability of their operating cash flow is supported by a
broad base of corporate clients with contracts averaging three
years and customer base life averaging nine years.  Also, the
ratings incorporate the company's sound financial profile that
mitigates the expected revenue loss related with the AT&T Global
Network (AGN) agreement. T he ratings are tempered by the currency
mismatch between debt and cash flows and a strong competitive
environment.

Strategy Focusing On Value Added Services:

The focus on corporate customers along with the development of
value added services in the IT services and software technology
subsectors allows Alestra to increase service penetration within
their existing corporate customers.  Alestra has a broad base of
customers participating in different industries with long and
middle term contracts that provides stability to their operating
generation and helps to maintain low business risk.  The company
operates in a strong competitive environment that is partially
mitigated by the company's focus on services of some technology
subsectors to the corporate segment, where competition is less
intense than the residential telecommunications market.

Fitch expects that over the next few years VAS should continue
growing primarily driven by information technology (IT) solutions
and managed networks.  Among these services, growth from system
integration services, cloud services network security, unified
communications and Ethernet services are expected to become
increasingly important to revenues, EBITDA generation and EBITDA
margins.  Due to this EBITDA is expected to moderately increase
during the next few years as the mix of better margin services
continues to grow as a proportion of consolidated revenues.  Fitch
estimates that for the 12 months ended Sept. 30, 2012,
approximately 80% of revenues and 85% of gross profit was
generated by value added services.

Stable Operating Performance:

Alestra has managed to absorb the expected revenue loss from the
termination of the AGN agreement with positive operating results.
In addition, revenue loss from the termination of this agreement
has been at a slower pace than expected.  The increase of value
added services along with revenues from the lease of
infrastructure to AGNS Mexico, an AT&T subsidiary, has helped
compensate expected lower EBITDA generation due to the termination
of the AGN agreement with AT&T and lower LD revenues.  Revenues
from AGNS Mexico is estimated to account for approximately 17% of
revenues of Alestra as of September 2012.

For the 12 months ended Sept. 30, 2012, revenue was lower by 0.4%
over the same period of 2011 but EBITDA generation, of MXN1,740
million was 10% higher over the same period, for a EBITDA margin
of 37.3% (33.9% in Sept. 30, 2011 LTM).  These results are
explained by a mix of services with higher contribution margins.

Expected Moderate Leverage:

The rating considers a moderate leverage of total debt to EBITDA
to be below 2.5x over the long term.  The favorable EBITDA
generation has contributed to reduced leverage.  For the 12 months
ended Sept. 30, 2012 total debt to EBITDA and EBITDA to interest
expense were 1.7x and 4.8x, respectively.  Fitch expects Alestra
to end 2012 with a total debt to EBITDA and EBITDA to interest
expense of 1.7x and 4.8x, respectively.  A sustained leverage
metric above 2.5x over time would negatively affect credit quality
and could result in a downgrade.

As of Sept. 30, 2012, total debt amounted to US$200 million senior
notes due 2014. Alestra is exposed to currency mismatch between
debt and cash flow, a sustained MXN devaluation could pressure
credit metrics.  The ratings also factor that free cash flow (FCF)
generation can be limited by the increase in Capex.  The company
has some flexibility in their Capex to the extent that
approximately 70% is success based.  Alestra has available USD55
million in committed credit facilities that further support their
liquidity position.

MTR Agreement Positive for Alestra:

Alestra reach an agreement regarding the fixed-to-mobile
interconnection rates applicable for 2011, 2012, 2013 and 2014 and
which are lower than the rates from prior periods and positively
impact interconnection cost for Alestra.  Also a positive result
of the controversy concerning termination rates of long distance
calls could have a positive impact on Alestra cash position.
Since 2009, the company constituted a trust where they deposit the
amounts under dispute of interconnection rates until a final
decision is made by the court.  As of June 2012, trust balance was
MXN416.5 million registered as restricted cash of Alestra.

Key Rating Drivers

Leverage increasing over 2.5x due to lower operating results,
inability to refinance in advance of the 2014 maturity and debt-
funded projects or acquisitions combined with negative FCF could
all result in a negative rating action.  Positive factors to
credit quality include increased FCF generation and the
expectation of a sustained leverage ratio below 1.5x (without



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


CIF BARCELONETA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: CIF Barceloneta, Corp.
        aka IHOP Barceloneta
        P.O. Box 1556
        Bayamon, PR 00960

Bankruptcy Case No.: 12-08570

Chapter 11 Petition Date: October 26, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Estimated Assets: $500,001 to $1,000,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-08570.pdf

The petition was signed by Mohammed Saber, president.


COUSINS INT'L: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Cousins International Food, Corp.
        aka Ihop Caguas
        P.O. Box 690
        Vega Alta, PR 00692

Bankruptcy Case No.: 12-08567

Chapter 11 Petition Date: October 26, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Scheduled Assets: $2,924,318

Scheduled Liabilities: $1,896,475

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-08567.pdf

The petition was signed by Mohammed Saber, president.



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


CL FIN'L: Barbados CLICO Life to be Restructured
------------------------------------------------
Caribbean360.com reports that CLICO International Life Insurance
Limited (CIL), the last remaining part of CLICO Holdings in
Barbados for which no buyer could be found, is to find new life as
a different company under separate governance and management.

This was revealed in an announcement by judicial manager Deloitte
Consulting Ltd (represented by Oliver Jordan and Patrick Toppin)
who notified the public that they had received sanction from the
High Court of Barbados to pursue a restructuring plan for the
company, according to Caribbean360.com.

The report relates that the proposed plan will see a write-down in
value of all policyholders' liabilities (traditional policies and
EFPAs) to match the estimated value of the company's net available
assets.  During his June 2012 national budget presentation,
Barbados finance minister Christopher Sinckler revealed that the
current value of CIL's assets in Barbados were just over BDS$301
million while its policyholders liabilities was close to $370
million leaving an unrealized deficit of BDS$68,456,660, the
report notes.

Caribbean360.com notes that under the planned restructuring,
policyholder liabilities and all the assets of CIL will be
transferred to a new company which will be separately governed and
managed, subject to regulatory approval in Barbados and the
Eastern Caribbean.

This development signals that the courtship of two unnamed
insurance companies that were interested in buying CIL has fallen
through, the report says.  The prospective buyers were mentioned
both by Minister Sinckler in his budgetary address as well as St
Kitts and Nevis Prime Minister Dr Denzil Douglas in a July meeting
with his Cabinet when it appeared the sale was imminent, the
report relates.

However, the report discloses that the sale has failed to develop,
as did the floating of a regional bond issue valued between
BDS$550 and $650 million, which was supposed to fund the
restructuring as well as settlement of outstanding policyholders
liabilities through a mixture of cash, annuities and shares.

The report notes that Deloitte Consulting explained that, after
further consultations with regional governments and potential
investors, this option was deemed not to be viable given current
market conditions.

Caution was also raised that further delay in the implementation
of a restructuring plan could lead to further loss of confidence
by policyholders and likely reduction in premium income and they
asserted that they believed the proposed restructuring plan was
the best option available for policyholders at this time, the
report says.

Toppin and Jordan were said to be seeking the support of regional
regulators and other court-appointed judicial managers to
implement the proposed restructuring plan, the report relays.

They also pledged to continue to explore with the Barbados and
Eastern Caribbean governments, any other possible source of
funding that would improve recovery by CIL's policyholders, the
report notes.

It was also revealed that the High Court of Barbados had
sanctioned the completion of the forensic audit of CIL, with a
focus on related party transactions and balances, and the judicial
manager stated that it was expected such further investigation
would assist Deloitte Consulting in assessing the feasibility of
possible additional recovery actions for the benefit of CIL
policyholders, the report adds.

                       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.



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


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