TCRLA_Public/121120.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 20, 2012, Vol. 13, No. 231


                            Headlines



A R G E N T I N A

ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca'
BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund
ETEBA SA: Creditors' Proofs of Debt Due Dec. 5
FRAEN SA: Creditors' Proofs of Debt Due Dec. 13
SEISPUNTOSCERO SA: Asks for Reorganization Proceedings

STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings
TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12


B R A Z I L

* BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability


C A Y M A N  I S L A N D S

CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22
DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up
JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22
KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22

MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22
OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22
PCR INVESTMENT: Commences Liquidation Proceedings
RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22
RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22


M E X I C O

CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable


P A N A M A

BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable


P U E R T O  R I C O

SUNSET MARINE: Case Summary & 8 Unsecured Creditors
WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors
C&C FOOD: Case Summary & 8 Unsecured Creditors
MARMOTECH INC: Case Summary & 11 Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca'
-----------------------------------------------------------
Moody's Latin America has rated the Debt Securities and
Certificates of Fideicomiso Financiero Albanesi Gas Clase 03, to
be issued by Equity Trust Company (Argentina) S.A., acting solely
in its capacity as issuer and trustee.

  ARS77,00,000 in Class A Debt Securities of "Fideicomiso
  Financiero Albanesi Gas Clase 03", rated A1.ar (sf) (Argentine
  National Scale) and B2 (sf) (Global Scale, Local Currency)

  ARS33,000,000 in Class B Debt Securities of "Fideicomiso
  Financiero Albanesi Gas Clase 03", rated Caa3.ar (sf) (Argentine
  National Scale) and Caa3 (sf) (Global Scale, Local Currency)

  ARS22,359,715 in Certificates of "Fideicomiso Financiero
  Albanesi Gas Clase 03", rated Ca.ar (sf) (Argentine National
  Scale) and Ca (sf) (Global Scale, Local Currency)

Moody's notes that as of Nov. 16, 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.

Ratings Rationale

The ratings are based on the following factors:

-- The credit enhancement provided through an initial
    overcollateralization for the Class A, of approximately
    41.81%.

-- The partial mitigation of the regulatory risks when compared
    to other similar transactions issued in the Argentine market.

-- The absence of construction risk, as the construction of the
    pipelines corresponding to this transaction has been
    finalized.

-- The ability of Rafael G. Albanesi S.A. (RGA) to act as the
    technical operator in the transaction, provide the gas
    transportation capacity on an ongoing basis and suspend the
    gas transportation service if carriers default.

-- The mitigation of commingling risk as the carriers will be
    paying directly into the trust account.

-- The structural protections of the transaction, such as a turbo
    sequential payment structure and the availability of various
    reserve accounts, including a fixed-amount expense reserve
    fund and a liquidity reserve fund equivalent to the next
    interest payment on the Class A securities.

RGA, a gas and electricity broker located in Buenos Aires,
Argentina, entered into take-or-pay gas transmission agreements
(Ofertas de Servicio de Transporte Firme) with industrial
companies located in Argentina (the carriers), which are also
clients of RGA.

Under these agreements, the carriers receive gas transportation
capacity and are obliged to make certain fixed payments on a
monthly basis ("Amortization"), which are the main underlying
assets that back the repayment of the rated debt.

Class A will bear a floating interest rate of BADLAR plus a
spread, with a minimum of 17% and a maximum of 25%. Class A will
have monthly principal amortizations.

The credit enhancement in this transaction is provided mainly
through overcollateralization (OC). The initial OC for the benefit
of Class A holders is of approximately 41.81% resulting from
discounting the fixed cashflow owned by the trust using an annual
discount rate of 25%, which has been defined in the transaction's
documents. The transaction has a turbo sequential payment
structure and no interest or principal will be paid to the
subordinated Certificates until Class A and Class B are paid in
full.

The transaction will also benefit from a liquidity reserve fund
equivalent to one monthly interest payment on the outstanding VRD
A, calculated for a month of 31 days at the maximum interest rate.

The gas industry in Argentina is highly regulated. The Argentine
Government -through ENARGAS, the gas industry regulator- has the
authority to determine gas transmission and distribution systems,
prices, required investments and fundamentally the gas charges
that were established to repay infrastructure projects.

Although the underlying assets in this transaction are not the gas
charges established by ENARGAS but the repayment of the advances
on the above mentioned gas charges made by RGA, Moody's believes
that there is a risk that changes in the regulatory framework of
the gas industry in Argentina could affect this transaction.

Moody's evaluated the sufficiency of the credit enhancement by
stressing the cashflows under several scenarios, including the
default of the carriers. In the cashflow model, the carriers will
default based on their current (or estimated) rating levels.
Moody's assumed that defaulting carriers in the pool would not be
substituted with another carrier. The model applies a haircut to
the future payments from the carriers based on their current
rating level.

Moody's run a Montecarlo simulation with 30,000 iterations to
determine the expected loss for each of the rated tranches.

The factors that could lead to a downgrade of the transaction
include: changes to the regulatory and legal framework of the gas
industry in Argentina that could affect the underlying assets, an
increase of the defaults of the carriers over Moody's
expectations, and a decline in the credit quality of RGA.

However, Moody's believes that the dependence of the transaction
on RGA's performance is mitigated by the following factors: (i)
first, obligors have been notified to pay directly into the trust
account; as a result, there is no commingling of funds with funds
in RGA accounts, (ii) second, the role of RGA is limited to
dispatch and order the gas transportation capacity, and (iii)
RGA's role could be assumed by a different company in the future.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the gas industry in Argentina.
As discussed above, ENARGAS determines the gas charges that were
established to repay infrastructure projects. Although the
underlying receivables backing the rated debt are not the gas
charges themselves but the repayment of the advances on the gas
charges made by RGA, there is a risk that changes in the
regulatory framework could affect this transaction.


BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund
--------------------------------------------------------------
Moody's assigned provisional bond fund ratings of (P)B-bf/A-bf.ar
to Balanz Capital Ahorro and Balanz Capital Pymes, funds managed
by Balanz SGFCI S.A. The ratings are expressed on a global and
national scale and reflect Moody's expectation that the funds will
maintain a weighted average credit quality in the B/A-bf.ar range.
This is supported by the fund's investment parameters and their
expected asset allocation. Both funds are expected to be launched
during next two weeks.

The Balanz Capital Ahorro's objective is to invest in domestic
asset backed securities,Tbill, Tbonds, government and corporate
bonds. This portfolio will attempt to provide a return similar to
the Argentine BADLAR interest rate index with an average duration
not exceeding 1.5 years. "The Balanz Capital Ahorro's bond fund
rating assigned is indicative of the portfolio's credit quality
given the expected 60% asset allocation to corporates securities
and private ABS securities issued in the local market rated with a
a minimum rating of B3", said Moody's fund analyst, Carlos De
Nevares. The fund's expected shareholders will be institutional
investors, such as local insurance companies, and retail clients
which have a existing relationships with Balanz SGFCE S.A.

The bond fund rating for Balanz Capital PyMe is based on Moody's
expectations that the fund will maintain a minimum of 60% in
investments in listed checks issued by local SME's and guaranteed
by local financial guarantors (SGR), the majority of them are
rated B2 by Moody's. The balance of the assets are expected to
have exposure to Valores de Corto Plazo (Commercial Paper) and
asset-backed securities, all issued by Argentinean SMEs with an
average rating of B3/A3.ar-Baa3.ar. " A significant investor in
Balanz Capital Pyme is expected to be the ANSES, which is the
Nationalized Pension Fund, which is looking to access investments
in the Argentinean SME's to promote their development" commented
Carlos de Nevares.

BALANZ SGFI is a new Argentinean asset manager part of the local
group BALANZ Financial group which started as a local brokerage
agency in 2003. As of September 2012, BALANZ S.A managed
investments of approximately AR$ 74.6 million or approximately
$15.7 million.


ETEBA SA: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------
Adolfo Horsmann, the court-appointed trustee for Eteba SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 5, 2012.

Mr. Horsmann will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:

         Adolfo Horsmann
         Acevedo 246
         Argentina


FRAEN SA: Creditors' Proofs of Debt Due Dec. 13
-----------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Fraen SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 13, 2012.

Ms. Clos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Ines Etelvina Clos
         Sarmiento 944
         Argentina


SEISPUNTOSCERO SA: Asks for Reorganization Proceedings
------------------------------------------------------
Seispuntoscero SA asked for reorganization proceedings.  The
company defaulted its payments last July 7.


STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings
------------------------------------------------------------
Moody's Investors Service confirmed the local currency ratings of
Standard Bank Argentina (Standard Argentina) following the
regulatory approval for the acquisition of 80% of its control by
Industrial and Commercial Bank of China Limited (ICBC), from
Standard Bank London Holding Limited and Holding W-S. The ratings
confirmed are the bank's Ba3 local currency deposit and debt
ratings. At the same time Moody's Latin America confirmed Standard
Argentina's Aaa.ar national scale local currency deposit and debt
ratings. All the local currency ratings carry a negative outlook
given the negative outlook on the bank's standalone E+ BFSR, which
in turn reflects the negative outlook on the Argentine
government's ratings because of close linkages between sovereign
and bank credit risks.

The following ratings were confirmed and placed on negative
outlook:

  Long term global local currency deposit rating at Ba3, negative
  outlook

  Long term national scale local currency deposit rating at
  Aaa.ar, negative outlook

  Global local currency senior unsecured debt rating at (P)Ba3,
  negative outlook

  National scale local currency senior unsecured debt rating at
  Aaa.ar, negative outlook

Ratings Rationale

Moody's concluded the review for downgrade and confirmed the
bank's ratings following the Argentina's Central Bank's approval
on November 8, 2012 of the acquisition of 80% of Standard Bank
Argentina S.A. by ICBC. The remaining 20% will remain on hands of
Standard Bank London Holding Limited (unrated). Moody's does not
expect the new owner's strategic plan to differ from the bank's
current strategy and growth plans, and assesses a high probability
of support from ICBC to its new Argentine subsidiary, which
Moody's currently rates ba1 for standalone financial strength.
Thus, the assessment of high probability of parental support
results in a three-notch uplift from Standard Argentina's b3
baseline credit assessment (mapped from the E+ BFSR).

Moody's noted that the new ownership is likely to enhance the
bank's franchise value, as well as add product and client
diversification; it expects the bank to benefit from ICBC's strong
franchise position and connections. ICBC's involvement in Standard
Argentina will also help the bank in financing new infrastructure
related projects in the segments of oil, gas, and natural
resources, given the strategic relationship between Argentina and
China, while the bank continues to develop its local corporate and
retail businesses. Moreover, the bank's shareholders, ICBC and
Standard Bank London Holding Ltd, plan to inject $100 million in
new capital in Standard Argentina right after the Comisión
Nacional de Defensa de la Competencia approves the deal, which
will bolster the local operations and provide a larger platform
for further growth. The development of the Argentinean operation
will also be underpinned by ICBC's strong financial muscle, the
bank having an asset base of around $2.7 trillion as of September
2012.

However, Moody's notes that under the new shareholders the bank
will redefine its strategy and growth plans, and that the level
and probability of financial support of the new owner is
uncertain. Execution and implementation risks in light of ICBC's
relative lack of experience in the Argentinean market, are also
captured in the bank's rating.

Standard Bank Argentina S.A. is headquartered in Buenos Aires,
with assets of Ar$ 18.4 billion and loans of Ar$ 10.8 billion as
of June, 2012.


TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12
---------------------------------------------------
Hector Pedro Bazzini, the court-appointed trustee for Tanana y
Cia. SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 12, 2012.

Mr. Bazzini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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:

         Hector Pedro Bassin
         Uruguay 652



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


* BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability
---------------------------------------------------------------
Brazil's state of Bahia will receive a loan for $600 million from
the Inter-American Development Bank (IDB) to consolidate the
fiscal stability through reforms to strengthen the financial and
revenue management, and to better control expenditures.  The
project should contribute to increased revenues, paving the way
for an increase in state investments over the next two years.

The operation a Policy-Based Loan (PBL), which provides flexible
support for institutional and policy reforms through fast-
disbursing funds.  The project, complementary to a first phase,
will support reforms in four areas.

The first area is management of public revenue, with the
restructuring of the operating model of tax administration and the
adoption of a new regulatory framework to encourage voluntary
compliance with tax obligations.

The second refers to financial management and public expenditure
control, from the review of accounting and financial processes to
the regulation of use of the system of public costs in all
secretariats of the State.

The third deals with management of public policies and programs,
with by setting the standards for the new governance model of the
planned investments in the Multiyear Plan (PPA), which guides
government investment every four years.

Finally, the fourth area deals with macroeconomic stability and
fiscal sustainability, by providing for greater the expansion of
public investment to supporting the State to fulfill it's the
fiscal targets agreed upon with the federal government.

Among other results, revenue is expected to rise from its expected
an increase in revenue of $14.2 million in 2011 to $18.4 million
in 2014.  Investment volumes by the State are regarding the volume
of investments made by the state, it is expected to increase from
that the $ 1.7 billion recorded in 2011 to reach $2.5 billion in
2012.

"For the past 15 years, the Bank has supported investment programs
to strengthen fiscal management.  From 2009, we began to implement
programs based on policies, focused on sustainability and the
fiscal balance of the States.  This combination of policies and
investments programs has been valuable to address the impacts of
the global economic crisis, as well as to improve the debt profile
and the quality of public spending," said Fatima Cartaxo, the
IDB's project team leader.

The IDB financing has a 20-year term, a grace period of five and a
half years, and an interest rate based on LIBOR.



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


CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22
-------------------------------------------------------------
The creditors of Castaway International Limited are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2012.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 4, 2012, the sole shareholder of Deme Institutional Class,
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Joanne Steven
         Telephone: (345) 815-1895
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 4, 2012, the sole member of Junior Preference Share
Company (Taiwan) II Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 13, 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


KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------
The creditors of KBAL I Limited are required to file their proofs
of debt by Nov. 22, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 2, 2012.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------
The creditors of KGOP I Limited are required to file their proofs
of debt by Nov. 22, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 2, 2012.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22
--------------------------------------------------------
The creditors of Mesirow Financial Investment Fund (Cayman), Ltd -
G2 are required to file their proofs of debt by Nov. 22, 2012, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2012.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22
--------------------------------------------------
The creditors of OPS Limited are required to file their proofs of
debt by Nov. 22, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2012.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


PCR INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 28, 2012, the sole shareholder of PCR Investment Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kenneth Krys
         KRyS Global, Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: (345) 947 4700


RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------------
The creditors of Resources Investment Managers are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 2012.

The company's liquidator is:

         Victor Murray
         MG Management Ltd.
         PO Box 2745
         Landmark Square, 2nd Floor
         64 Earth Close, Seven Mile Beach
         Grand Cayman KY1-1111
         Cayman Islands


RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22
---------------------------------------------------
The creditors of Right Choice Investments Limited are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2012.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands



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


CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Consubanco, S.A.,
Institucion de Banca Multilpe (Consubanco).  At the same time,
Fitch has affirmed and withdrawn the ratings of Consupago, S.A. de
C.V., a non-bank predecessor of Consubanco, following the
migration of most operations into the bank.

Consubanco's Issuer Default Ratings (IDRs), viability, and
national-scale ratings are driven by its strong capitalization,
sound and recurring profitability driven by ample margins, well-
contained provisions and strong efficiency levels, and reasonable
asset quality and loan loss reserve coverage, that Fitch expects
will remain roughly unchanged despite its conversion into a bank.
However, the ratings also factor in the limited flexibility of its
funding structure, the challenging operating and competitive
environment in this sector, and portfolio concentrations by region
and employer.

Material improvements on the profile, diversification and
flexibility of Consubanco's funding mix, coupled with smaller
asset liability tenor mismatches, could potentially trigger a
revision of the abovementioned ratings; however, Consubanco's
ratings could be downgraded if core and/or tangible common capital
falls below 20% of total assets, and/or if asset quality weakens
to an extent that materially diminishes its loss absorption
capacity, and/or if core earnings decline materially (operative
ROA below 5%).

In turn, Consubanco's support rating of '5' and the support rating
floor of 'NF' reflect Fitch's opinion that external support for
the bank in case of need, although possible, cannot be relied
upon. Given the limited systemic importance of the bank, these
ratings are unlikely to change in the foreseeable future.

Despite its conversion into a bank, Consubanco will focus on the
current business model, as it does not plan in the near future to
expand its array of financial products or attend different
sectors, neither developing a network of bank branches, although a
moderate portion of its funding will be sourced from customer
deposits.  Given the small size of the banking entity into which
Consupago's activities are being transferred, Fitch does not
expect a material change on the company's financial profile or
performance upon its completion.

Strong and recurring net interest margin (NIM) of 51.45% and sound
efficiency of 34.8% during the first nine months of 2012 are major
drivers of its sound and ample core earnings.  Fitch considers
that Consubanco will maintain robust earnings, comfortably
absorbing its high credit costs.  Given its exceptionally high
profitability and the slowdown in loan growth in recent years, the
capital base is ample and has continued growing steadily.  Fitch's
measurement of core capital remained at a robust 44.3% of total
assets as of September 2012.

Given the payroll deduction mechanism, effective credit losses are
relatively moderate.  The negative recent trends in impairment
levels by lower charge-offs and a tough economic environment.
Loans are diversified by borrower, although certain concentrations
by regions and employers remain.

In Fitch's opinion, improving its funding structure is one of
Consubanco's major challenges, which remains concentrated in a few
secured banking facilities, as well as unsecured local and global
debt issues that have shorter tenors than its loan portfolio;
additionally, the sector is exposed to operational, political, and
event risk related to the properly execution of the agreements
with employers, and potential unwillingness or inability from the
latter to timely or fully disburse retained collections.

Fitch rates Consubanco as follows:

  -- Long-term IDR 'BB-';
  -- Short-term IDR 'B';
  -- Long-term local currency IDR 'BB-';
  -- Short-term local currency IDR 'B';
  -- Viability rating 'bb-';
  -- Support rating '5';
  -- Support rating floor 'NF';
  -- Senior unsecured global debt for up to MX$750 million 'BB-';
  -- Long-term national-scale rating 'A-(mex)';
  -- Short-term national-scale rating 'F2(mex)';
  -- Long-term national-scale rating for MX$500 million local
     senior unsecured debt 'A-(mex)'.

The Rating Outlook is Stable.

Consupago's ratings have been affirmed and simultaneously
withdrawn as indicated below:

  -- Long-term IDR at 'BB-';
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB-';
  -- Short-term local currency IDR at 'B';
  -- Senior unsecured debt for up to MX$750 million at 'BB-';
  -- Long-term national-scale rating at 'A-(mex)';
  -- Short-term national-scale rating at 'F2(mex)';
  -- Short-term national-scale rating for local MX$1,000 million
     senior unsecured debt at 'F2(mex)'.
  -- Long-term national-scale rating for local MX$500 million
     senior unsecured Debt at 'A-(mex)'.



===========
P A N A M A
===========


BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Panama's
(Banconal)Issuer Default Rating (IDR) at 'BBB'.  The rating
Outlook is Stable.

Fitch's assessment of the Panamanian government's willingness and
capacity to provide timely and sufficient support drive Banconal's
IDRs, which are aligned with those of the sovereign (rated 'BBB',
Stable Outlook by Fitch).  Although the Panamanian government does
not explicitly guarantee Banconal's liabilities, Fitch views the
entity as an important vehicle for the government given its role
as financial agent in charge of tax and social security
collections, payroll services, pension payments, and debt
services.

Banconal's IDRs should move in line with those of Panama.  The
downside potential for the bank's IDRs is considered limited given
Panama's sound economic prospects.

Banconal's Viability Rating (VR) is driven by its sound capital
ratios, ample liquidity, stable deposit base, good asset quality,
and increasing profitability, while also factoring in the
concentrations on the balance sheet.  Banconal's VR would benefit
from improved loan loss reserves and risk management policies,
higher revenue diversification, and lower concentration on both
sides of the balance sheet.  On the other hand, weaker
profitability which would erode the capital/reserve cushion,
and/or declining asset quality would place downward pressure on
VR.

Banconal's capital levels provide a good cushion to absorb
unexpected losses, despite they declined slightly due to credit
growth in the first half of the year.  As of second quarter 2012
(2Q'12), Fitch Core Capital stood at 18.5%, below the four-year
average of 20.5%. Capital ratios are underpinned by the low
weighted risk of the bank's assets.  Capital should remain sound
to support moderate credit growth rates.

Concentrations are structurally high at Banconal, due to the large
exposure to the government in its investment and loan portfolios
and its funding mostly from government entities.  However,
government concentrations carry some benefits, as those loans bear
relatively low risk and deposits are stable and low cost.

The bank has shown significant progress on key IT platforms in
2012, after years of a non-competitive position in the
technological ground, and which should meet privately-owned
banking standards in the short term.  The bank has launched a
massive project to overhaul its core banking systems and is
investing significant funds and human resources in this multiyear
project that should finish in 2013.

Fitch affirms Banconal's ratings as follows:

  -- Long-term IDR at 'BBB'; Outlook Stable;
  -- Short-term IDR at 'F3';
  -- Viability Rating at 'bb+';
  -- Support Rating at '2';
  -- Support Rating Floor at 'BBB'
  -- National Long Term Rating at 'AA+(Pan)'; Outlook Stable;
  -- National Short Term Rating at 'F1+(Pan)'.



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


SUNSET MARINE: Case Summary & 8 Unsecured Creditors
---------------------------------------------------
Debtor: Sunset Marine of Puerto Rico, Inc.
        dba Sunset Marine Charters
        PMB 224
        35 JC Borbon, Suite 67
        Guaynabo, PR 00969

Bankruptcy Case No.: 12-09083

Chapter 11 Petition Date: November 14, 2012

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

Debtor's Counsel: Juan Manuel Suarez Cobo, Esq.
                  LEGAL PARTNERS PSC
                  138 Winston Churchill Ave., Suite 316
                  San Juan, PR 00926-6023
                  Tel: (787) 791-1818
                  Fax: (787) 791-4260
                  E-mail: suarezcobo@gmail.com

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

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

A copy of the Company's list of its eight unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-09083.pdf

The petition was signed by Juan Carlos Nieto Rodriguez, president.


WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Western Host Associates, Inc.
        dba Plaza De Armas Hotel
        P.O. Box 9024050
        Viejo San Juan
        San Juan, PR 00902

Bankruptcy Case No.: 12-09093

Chapter 11 Petition Date: November 14, 2012

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

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  E-mail: bankruptcy@gratacoslaw.com

Scheduled Assets: $3,978,375

Scheduled Liabilities: $6,879,841

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/prb12-09093.pdf

The petition was signed by Luis Alvarez, president.


C&C FOOD: Case Summary & 8 Unsecured Creditors
----------------------------------------------
Debtor: C&C Food Inc.
        aka Emma's Food & Meat Market
        P.O. Box 338
        Moca, PR 00676-0338

Bankruptcy Case No.: 12-09066

Chapter 11 Petition Date: November 13, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Mildred Caban Flores

Debtor's Counsel: Homel Antonio Mercado Justiniano, Esq.
                  Calle Ramirez Silva #8
                  Ensanche Martinez
                  Mayaguez, PR 00680
                  Tel: (787) 831-2577
                  Fax: (787) 805-7350
                  E-mail: hmjlaw@yahoo.com

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

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

The Company's list of its eight unsecured creditors filed with the
petition is available for free at:
http://bankrupt.com/misc/prb12-09066.pdf

The petition was signed by Nabil Jose Caban Rodriguez, president.

Affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Memphis Caban and Marili Quinones     12-8282             10/17/12


MARMOTECH INC: Case Summary & 11 Unsecured Creditors
----------------------------------------------------
Debtor: Marmotech, Inc.
        P.O. Box 7886, Suite 422
        Guaynabo, PR 00970

Bankruptcy Case No.: 12-09071

Chapter 11 Petition Date: November 13, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte

Debtor's Counsel: Antonio I. Hernandez Rodriguez, Esq.
                  HERNANDEZ LAW OFFICE
                  P.O. Box 8509
                  San Juan, PR 00910-0509
                  Tel: (787) 250-0575
                  E-mail: ahernandezlaw@yahoo.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 11 unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb12-09071.pdf

The petition was signed by Maximino Diaz Delgado, president.



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


CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22
--------------------------------------------------------------
Trinidad Express reports that Bourse Securities Ltd will be
hosting two seminars to address the opportunities and risks that
are inherent in the CLICO Investment Fund (CIF).

Bourse was listed as a distributor and broker for the exchange of
bonds for units in the CIL in a press release from the Ministry of
Finance on November 1, according to Trinidad Express.

The report relates that Managing Director Subhas Ramkhelawan,
along with other members of the Bourse Team, will seek to address
and clarify questions from bondholders at the seminars.  Attendees
will benefit from the group's discussions and a presentation on
the CIF, Mr. Bourse said, the report relates.

Mr. Ramkhelawan noted, "Bourse will continue to play its pivotal
role in advising investors in matters which are of critical
interest to them from an unbiased and independent platform."

The seminars are scheduled to take place on November 22 at
5:15 p.m. at the Capital Plaza hotel on Wrightson Road, Port of
Spain, and on November 29 at 5:15 p.m. at Cara Suites Hotel and
Conference Centre, Southern Main Road, Claxton Bay.

For information, contact any of the Bourse offices at (868) 628-
9100 or e-mail admin@boursefinancial.com (Att: Elyse Mohammed).

                      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.


                   * * * End of Transmission * * *