TCRLA_Public/121127.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 27, 2012, Vol. 13, No. 235


                            Headlines



B E R M U D A

GOSSER INVESTMENTS: Members' Final Meeting Set for Dec. 11
PATERSON CONTRACTING: Court to Hear Wind-Up Petition on Dec. 7
TITAN PETROCHEMICALS: Court to Hear Wind-Up Petition on Feb. 15


B R A Z I L

BANCO DE DESENVOLVIMENTO: S&P Gives bb+ Stand-alone Credit Profile
GOL LINHAS: To Cut 850 Jobs as 20 Jets Returned in Webjet Closing
TAVEX MODAL: Moody's Assigns 'Ba2' Rating to Mezzanine Shares


C A Y M A N  I S L A N D S

ARROW VOYAGEUR: Shareholders Receive Wind-Up Report
FR & MS: Creditors' Proofs of Debt Due Dec. 3
HALEY INVESTMENTS: Shareholders Receive Wind-Up Report
HG HOLDINGS: Shareholder Receives Wind-Up Report
HG HOLDINGS II: Shareholder Receives Wind-Up Report

MARATHON HOLDINGS: Shareholders Receive Wind-Up Report
MINT HOLDINGS: Shareholders Receive Wind-Up Report
MMIP INTERNATIONAL: Placed Under Voluntary Wind-Up
PROLOGIS CAYMAN: Shareholders Receive Wind-Up Report
RAWLINS VENTURES: Placed Under Voluntary Wind-Up

RENAISSANCE CARIBBEAN: Members Receive Wind-Up Report
RMF DIVERSIFIED: Members Receive Wind-Up Report
SPRINGDALE INVESTMENT: Placed Under Voluntary Wind-Up
SR EQUITIES: Shareholders Receive Wind-Up Report
VIOLET II FOUNDATION: Shareholders Receive Wind-Up Report


C A Y M A N  I S L A N D S

STERLINGMAX I: Fitch Affirms Junk Rating on Class B Notes


C H I L E

CHILE MINING: Delays Form 10-Q for Sept. 30 Quarter


P U E R T O   R I C O

PONCE DE LEON: Court Won't Stay Cash Collateral, Plan Orders


T R I N I D A D  &  T O B A G O

CL FIN'L: Commission Probing CLICO to Continue Public Hearings


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B E R M U D A
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GOSSER INVESTMENTS: Members' Final Meeting Set for Dec. 11
----------------------------------------------------------
The members of Gosser Investments Limited will hold their final
meeting on Dec. 11, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PATERSON CONTRACTING: Court to Hear Wind-Up Petition on Dec. 7
--------------------------------------------------------------
A petition to wind up the operations of Paterson Contracting
Limited will be heard before the Supreme Court of Bermuda on
Dec. 7, 2012, at 9:30 a.m.

Bierman's Concrete Products Limited filed the petition against the
company on Oct. 31, 2012.


TITAN PETROCHEMICALS: Court to Hear Wind-Up Petition on Feb. 15
---------------------------------------------------------------
A petition to wind up the operations of Titan Petrochemicals Group
Limited by the Supreme Court of Bermuda, the hearing of which was
adjourned on September 18, 2012, to November 16, 2012, is now
directed to be heard before the Court on February 15, 2013, at
9:30 a.m.



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


BANCO DE DESENVOLVIMENTO: S&P Gives bb+ Stand-alone Credit Profile
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' foreign and
local currency long-term credit rating to Brazilian bank Banco de
Desenvolvimento de Minas Gerais S.A. - BDMG (BDMG). "At the same
time, we assigned our 'brAAA' long-term national scale rating to
BDMG. The outlook is stable. The bank's stand-alone credit profile
(SACP) is 'bb+'," S&P said.

"The ratings on BDMG reflect our view of its 'weak' business
position, 'very strong' capital and earnings, 'moderate' risk
position and 'moderate' funding and liquidity, as our criteria
define the terms. We also view BDMG as a government-related entity
(GRE) and consider that there is a 'very high' likelihood that the
bank would receive timely and sufficient extraordinary support in
the event of financial distress," S&P said.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Brazil is 'bbb'. Our economic risk assessment reflects our
opinion that economic improvements and cautious fiscal and
monetary policies have added to the Brazilian economic
authorities' flexibility to manage significant external shocks and
potential distortions arising from the current economic expansion
in Brazil. We believe these potential risks remain manageable, and
the central bank's proactive stance has contained them. We assess
industry risk based on our view of Brazil's sound regulation, good
regulatory track record, and high and stable share of core
deposits. We consider the banking sector's moderate risk appetite
as a positive factor," S&P said.

"The bank is fully owned by the State of Minas Gerais (BBB-
/Stable/--), 92.73% directly and 7.27% indirectly through
Companhia de Desenvolvimento de Minas Gerais (CODEMIG). The rating
on BDMG reflects our opinion that there is a 'very high'
likelihood that the State of Minas Gerais would provide timely and
sufficient extraordinary support to the bank in the event of
financial distress," S&P said.

In accordance with its criteria for GREs, S&P bases its rating
approach on its view of:

-- BDMG's has a "very important" role in the State of Minas
    Gerais as the bank covers some of the market failures in the
    distribution of financing in the state, putting special
    emphasis on sectors the government consider critical for the
    state development as well as medium and small enterprises that
    would not have access to credit if it were not by the BDMG.

-- The bank is key to the local economic strategy and important
    for long-term investments and infrastructure financing that
    the state requires.

-- The bank's "very strong" link to the state's government,
    reflected by the long track record of support through capital
    injections.

"We assess BDMG's business position as 'weak.' This stems from
BDMG's geographic concentration in the south east region of Brazil
(mainly in Minas Gerais). This also reflects the bank's position
as the eighth-largest public financial institution in the country,
with its R$3 billion in assets accounting for less than 1% of the
banking system's total assets," S&P said.

"The bank operates with its own resources and also with domestic
public onlendings (funding received from the government through
Banco Nacional de Desenvolvimento Economico e Social [BNDES;
foreign currency BBB/Stable/--; local currency A-/Stable/--]).
BDMG has benefitted from its long-term relationship with BNDES as
both banks seek to foster development in the state. In addition,
it administrates the development funds set up by the Minas Gerais
state government to finance programs and projects that foster
development in Minas Gerais. The bank has recently obtained a
license to strengthen the capital structures of strategic
companies based in Minas Gerais by acquiring minority equity
holdings through its subsidiary BDMGTEC Participacoes (not
rated). We expect that these types of transactions will become
more frequent in the coming years. The bank lends to large
companies (52%), small and midsize enterprises (21%), micro
companies (1%), municipalities (19%), and individuals (8%)," S&P
said.

"In our view, BDMG's capital and earnings' position is 'very
strong,' based on our forecast of an average risk-adjusted capital
(RAC) ratio of about 28% for the next couple of years. This
reflects our base-case scenario, which forecasts an approximate
30% increase in the bank's lending for 2012 and 35% in 2013. We
also anticipate that its net interest margin will remain at the
current level, resulting in return on assets (ROA) of 2.2% for
2012 and 2.3% in 2013, with no asset quality deterioration. As of
June 2012, BDMG's Basel II ratio was 33.5% and its Tier 1 ratio
was 33.3%. Additionally, the State of Minas Gerais has
continuously injected capital into the bank in the past despite
its high capital ratios, and has allowed the bank to retain its
dividends in 2012. The bank is an important instrument for long-
term financing in the region, and therefore we think that the
state government will continue to provide any capital support
needed for growth," S&P said.

"We assess BDMG's risk position as 'moderate,' based on its above-
average growth and its highly concentrated loan portfolio. The
bank's loans portfolio has increased above the market average in
the past few years, and has posted a high growth rate even during
recent downturns. This reflects its role as a government
instrument to promote growth when investment is low," S&P said.

"The bank has a highly concentrated loan portfolio with its
exposure to companies that the State of Minas Gerais considers to
have strategic importance. The bank's largest 20 exposures
represent 35% of its customer loans. Partially offsetting this
concentration is the bank's continued strong asset quality. We
believe the bank will remain focused on servicing its core
customers with traditional expertise and maintaining very good
underwriting standards, adequately managing funding mismatches.
Additionally, BDMG is looking to diversify--focusing particularly
on micro and small companies. The bank has improved customer
access to its products through new platforms that will allow it to
expand further into the interior of the State of Minas Gerais,"
S&P said.

"We assess BDMG's funding and liquidity as 'moderate,' based on
our view that its funding is below average and its adequate
liquidity. BDMG's main challenge in the future will be to
diversify its funding base. The bank has recently acquired the
license to obtain funds in capital markets through issuing
financial bills, and has announced the planned issuance of R$350
million of these bills in 2012," S&P said.

"BDMG's funding base is stable and long term; 75% of the bank's
liabilities are classified as long term on the balance sheet.
However, the bank's funding sources are deeply concentrated in
domestic onlendings by official institutions, which accounted for
89% of its funding base as of June 2012. We assess BDMG's
liquidity as 'adequate,' as the bank operates a cash with security
margin sufficient to meet the minimum liquidity level required by
its policy of 35% of total equity. We consider that BDMG's funding
sources are unlikely to be withdrawn, even during periods of
market stress," S&P said.

"The stable outlook on BDMG reflects that on the State of Minas
Gerais as we expect the ratings on the bank to move in tandem with
those on the state. Given the bank's SACP of 'bb+' and our
assessment of a 'very high' likelihood of extraordinary sovereign
support, any upgrade or downgrade of the state should be followed
by a similar rating action on BDMG. Additionally, if the bank's
expansion significant reduces asset quality, we could take a
negative rating action on the bank," S&P said.


GOL LINHAS: To Cut 850 Jobs as 20 Jets Returned in Webjet Closing
-----------------------------------------------------------------
Telma Marotto and Karen Eeuwens at Bloomberg News report that Gol
Linhas Aereas Inteligentes SA, will eliminate about 850 jobs and
return 20 Boeing Co. (BA) 737 jets to lessors as it shutters the
newly acquired Webjet unit.

Domestic flight capacity will fall by as much as 8% in the first
half, Gol said in a U.S. regulatory filing obtained by Bloomberg
News.  Gol Linhas said it expects unspecified one-time costs in
the fourth quarter before the moves "improve operational
efficiency as of 2013," according to Bloomberg News.

Webjet's fleet "mostly consists of aging Boeing 737-300 aircraft
that are advanced age, technologically out of date and consume
large amounts of fuel," Gol said, the report notes.

Bloomberg News says that unloading the planes extends Gol's push
to return to profit after adjusted losses in five of the past six
quarters.  The airline has been paring flights and jobs and
swapping smaller jets for larger models so it can fill a larger
share of seats on each flight, Bloomberg News relates.

"The deteriotation in our earnings made Gol start a process of
rationalization," Chief Executive Officer Paulo Kakinoff said on a
conference call, the report relays.

Bloomberg News recalls that the BRL96 million ($45.8 million)
acquisition of closely held Webjet Linhas Aereas SA won Brazilian
regulatory approval last month after being announced in July 2011.

All of Webjet's planes were leased, according to Ascend Online
Fleets data compiled by trade publication Aviation Daily, the
report notes.

Bloomberg News relates that the 20 planes will be returned in the
first half, with 16 of those coming in the first quarter,
according to Gol, (GOLL4) which didn't identify the lessors.

                        About Gol Linhas

Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
April 9, 2012, Standard & Poor's Ratings Services lowered its
'BB-' global-scale corporate credit rating on Sao Paulo-based Gol
Linhas Aereas Inteligentes S.A. (Gol) to 'B+'.  S&P also lowered
the 'brA' Brazil national scale rating to 'brBBB'.  The outlook
is negative.


TAVEX MODAL: Moody's Assigns 'Ba2' Rating to Mezzanine Shares
-------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aa3.br
(sf) (Brazilian National Scale) and Ba2 (sf) (Global Scale, Local
Currency) to the Senior Shares, and Ba2.br (sf) (Brazilian
National Scale) and B3 (sf) (Global Scale, Local Currency) to the
Mezzanine Shares issued by Tavex Modal Recebiveis Performados III
Fundo de Investimento em Direitos Creditorios ("Tavex Modal FIDC
III"), a securitized transaction backed by a pool of trade
receivables originated by Tavex Brasil S.A. ("Tavex Brasil").

Tavex Modal FIDC III is the third FIDC sponsored by Tavex Brasil
and the second transaction rated by Moody's.

Issuer: Tavex Modal Recebiveis III Fundo de Investimento em
Direitos Creditorios

Senior Shares -- Aa3.br (sf) (National Scale) & Ba2 (sf) (Global
Scale, Local Currency)

Mezzanine Shares -- Ba2.br (sf) (National Scale) & B3 (sf) (Global
Scale, Local Currency)

Ratings Rationale

The ratings are based on the following factors, among others:

- Initial and minimum subordination for the senior shares of
17.5% and 16.5%, respectively, to mitigate losses and dilution.
Initial subordination of 6.5% is provided to the mezzanine shares;

- Stable performance of the trade receivables originated by Tavex
Brasil. Moody's analyzed performance data of the FIDC Tavex II for
the 18 month period starting in September 2010 and ending in
February 2012. The actual portfolio losses and portfolio dilutions
experienced by FIDC Tavex II conformed to Moody's original
assumptions in rating that transaction and which were derived from
a KPMG portfolio review covering a 36 month time horizon between
March 2007 and March 2010.

- Tavex Brasil's past experience in securitization: this
transaction is Tavex's third securitization of its trade
receivables portfolio. Moody's notes that FIDC Tavex II
performance is in line with Moody's original assumptions;

- The strict and timely provisioning schedule whereby receivables
90 days past due are 100% provisioned as calculated by the Master
Servicer, Banco Bradesco, and verified by Banco Modal as Trustee.

FIDC Tavex III is a closed-ended FIDC with unspecified legal
tenor. The definitive ratings are assigned to the senior shares
and the mezzanine shares distributed to qualified investors by
means of a public placement with restricted efforts (CVM
Instruction 476). The junior subordinated shares were entirely
retained by the seller. The senior shares and the mezzanine shares
accrue, on a daily basis, a floating-rate interest equivalent to
the DI Rate (Brazilian Interbank Rate) plus a fixed rate
equivalent to, respectively, 3.0% and 5.0% per annum.

The senior and mezzanine shares have a tenor of 42 months and will
be amortized in 7 quarterly interest only payments starting on the
12th month from closing and 4 quarterly principal and interest
payments from month 33 to month 42. Amortization payments to the
mezzanine shares are only allowed (i) after the scheduled senior
amortizations and (ii) as long as the 17.5% minimum senior
subordination is maintained. As long as there are senior and
mezzanine shares outstanding, partial amortizations of junior
subordinated shares are allowed (i) if the 17.5% and 6.5% minimum
senior and mezzanine subordinations are adhered to, and (ii) no
evaluation or early liquidation event is triggered.

As of September 28, 2012, the capital structure of the fund's
liabilities was as follows: BRL108.7 million of senior shares or
82.4% of fund net assets, BRL14.5 million of mezzanine shares or
11.0% of fund net assets, BRL8.7 million of junior subordinated
shares or 6.6% of fund net assets. Consequently subordination for
senior shares amounted to 17.6% and for mezzanine shares, 6.6%.

Key Eligibility criteria include:

- Maximum tenor of 120 days per trade receivable

- Maximum concentration of 4% of receivables portfolio per
client, whereby the 10 largest clients may not represent more than
37% of fund's net assets;

- Trade receivables must not be past due.

The originator and seller of the trade receivables is Tavex Brasil
S.A. (formerly Santista Textil), a subsidiary of the Spain-based
Tavex Group that resulted from the 2006 merger of Santista Textil
(founded in 1929) and Tavex Algodonera (founded in 1846).
Approximately 49.7% of Tavex Group's shares (voting / total) are
owned by Camargo Correa, a large Brazilian industrial group (not
rated by Moody's). Tavex Brasil produces cotton fabrics, with a
primary focus on premium denim for the production of jeanswear. In
addition, it produces cotton fabrics used in the manufacturing of
workwear.

Tavex Brasil acts as primary servicer of the transaction. However,
commingling risk is low given Banco Bradesco S.A. role as master
servicer (custodiante) and collection agent. Obligors pay directly
into a segregated account in the name of the fund by means of
invoices generated by Banco Bradesco. Any monies received by Tavex
Brasil must be remitted to the segregated account within 5
business days.

The master servicer subcontracts a third party, Recall do Brasil,
to safeguard the delivery notices of receivables, though the
master servicer continues to be responsible for this function.

In addition, there are some contingent legal risks upon the
insolvency of the seller, including the questioning of the true
sale of the assets. According to Brazilian law and as described in
the risk factors of the transaction documents, the true sale may
be questioned if at the time of sale of the trade receivables the
Seller (i) is insolvent, (ii) is subject to an outstanding law
claim that could trigger its insolvency, and (iii) has outstanding
tax liabilities that it is not able to honor with existing assets.
According to transaction documents (Contrato de Gestao), Modal
Administradora de Recursos S.A. (the Manager or Gestor) is
responsible for checking for any requests for bankruptcy
proceedings, interventions, judicial or extra-judicial filings
against Tavex Brasil S.A. The Manager is obliged to immediately
inform the Trustee of any such events. Furthermore, the Seller
declares in transaction documents not to sell encumbered assets
and is obligated to notify the Trustee within 24 hours should it
receive a request for initiation o f bankruptcy proceedings.

During a shareholders' meeting held on October 8, 2012, the
shareholders approved certain changes to the fund's indenture,
such as adjustments to the amortization reserve schedule,
eligibility criteria and triggers (eventos de avalia‡ao e
liquida‡ao). Moody's notes that the changes had no impact to the
ratings assigned to the senior and mezzanine shares.

In order to rate the transaction, Moody's received pool
performance data covering the time period April 2007 through March
2010 from Tavex Brasil and audited by KPMG. Key data reviewed by
Moody's included dilutions, delinquencies, losses, receivable
turnover and volume of eligible receivables. Moody's also analyzed
the performance of FIDC Tavex II portfolio for the 18-month period
starting in September 2010 and ending in February 2012.

For Moody's modeling input assumptions, a central stressed mean of
3.72% monthly dilutions and 1.44% monthly losses over outstanding
balance was used. In Tavex's portfolio audited by KPMG, Moody's
observed a historical average of BRL130 million for monthly
outstanding receivables balance over this period, 1.86% monthly
dilutions, 0.72% monthly losses and an average turnover of 109
days. In FIDC Tavex II's portfolio, Moody's observed a historical
average of BRL81,69 million for monthly outstanding receivables
balance over this period, 1.10% monthly dilutions, 0.94% monthly
losses and an average turnover of 40.2 days.

Additionally, Moody's analyzed concentration risk in the
portfolio. Moody's concentration analysis was based on the maximum
obligor of 4% of fund's net assets with view of the subordination
levels of 17.5% for the senior share and 6.5% for the mezzanine
share. Moody's employed a binomial distribution to evaluate the
probability of joint default of multiple obligors (see The
Binomial Expansion Method Applied to CBO/CLO Analysis dated
December 1996) and to determine if the resulting expected loss was
consistent with the assigned ratings. Input parameters included a
diversity score of 25, recoveries of 0%, monthly base case obligor
losses of 0.72% (for purposes of sensibility analysis, stressed 3x
for the senior share and 1x for the mezzanine share). Portfolio
tenor was assumed to be 80 days at roll-off scenario.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Moody's has stressed the portfolio assuming worst case
concentration of 25 obligors. A stress factor was applied on the
base case probability of default, thereby stressing the binomial
distribution used to generate scenarios with 5 or more
simultaneous defaults over a stressed 80 day transaction wind down
period. For example, by stressing obligor probability of default
2x from 0.72% to 1.44% per month, the resulting probability of 5
or more defaults increase from 0,01% to 0,22% over the 80 day
transaction roll-off. The global rating on the senior shares would
remain constant under such a scenario at Ba2 (sf). The mezzanine
shares would suffer a 3 notches downgrade in the Global Scale, to
Caa3 (sf), from B3 (sf).

The principal methodology used in this rating was "Moody's
Approach to Rating Trade Receivables Backed Transactions",
published in July 2002.



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


ARROW VOYAGEUR: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Arrow Voyageur Fund Inc. received on Nov. 23,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FR & MS: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------
The creditors of FR & MS are required to file their proofs of debt
by Dec. 3, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


HALEY INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Haley Investments Inc. received on Nov. 14,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alexandria Bancorp Limited
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428 Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


HG HOLDINGS: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of HG Holdings Ltd. received on Nov. 12, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HG HOLDINGS II: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of HG Holdings II Ltd. received on Nov. 12, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARATHON HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Marathon Holdings Inc. received on Nov. 14,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alexandria Bancorp Limited
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428 Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


MINT HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Mint Holdings Inc. received on Nov. 14, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Alexandria Bancorp Limited
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428 Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


MMIP INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 18, 2012, the shareholders of MMIP International Fund
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 12, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Doran & Associates
         Crescent House, 4th Floor
         Hartstonge Street
         Limerick
         Ireland
         Telephone: 353 61 413200
         Facsimile: 353 61 408613


PROLOGIS CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Prologis Cayman Limited received on Nov. 13,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         CDL Company Ltd
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


RAWLINS VENTURES: Placed Under Voluntary Wind-Up
------------------------------------------------
On Sept. 12, 2012, the sole shareholder of Rawlins Ventures, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RENAISSANCE CARIBBEAN: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Renaissance Caribbean Limited received on Nov. 13,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         CDL Company Ltd
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


RMF DIVERSIFIED: Members Receive Wind-Up Report
-----------------------------------------------
The members of RMF Diversified Twenty Ltd. received on Nov. 19,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


SPRINGDALE INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Sept. 12, 2012, the sole shareholder of Springdale Investment
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SR EQUITIES: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of S.R. Equities Ltd. received on Nov. 14, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Alexandria Bancorp Limtied
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428 Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


VIOLET II FOUNDATION: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of The Violet II Foundation received on Nov. 14,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alexandria Bancorp Limited
         The Grand Pavilion Commercial Centre
         802 West Bay Road
         P.O. Box 2428 Grand Cayman KY1-1105
         Cayman Islands
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122



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


STERLINGMAX I: Fitch Affirms Junk Rating on Class B Notes
---------------------------------------------------------
Fitch Ratings has downgraded Sterlingmax I MBS Ltd.'s class A2
notes as follows:

  -- Class A2 (XS0177867503): downgraded to 'Bsf' from 'BBsf',
     Outlook Negative

  -- Class B (XS0177868063): affirmed at 'CCCsf'

The downgrade of the class A2 notes reflects the deterioration in
the quality of the portfolio, which has not been sufficiently
offset by the increase in credit enhancement (CE) for these notes.
The bucket of assets rated 'CCCsf' or below has increased to 31.2%
from 24.9% in last review (in January 2011), while the CE has
increased to 43.5% from 38.5% due to the deleveraging of the pool.

The affirmation of the class B notes reflects the sufficient
credit protection to withstand a 'CCCsf' rating stress.

The transaction experienced an event of default (EoD) in November
2010 when the Class B notes suffered an interest shortfall.  This
situation is continuing and another interest shortfall on class B
notes occurred on the last payment date, 20 November 2012.  In the
event of an EoD, the documentation allows the class A2 bondholders
(the controlling class) to request the trustee for acceleration of
the deal.  The transaction continues to operate, however the class
A2 bondholders have the option to call the deal and enforce its
liquidation, exposing the transaction to market risk.

In Fitch's opinion, the transaction is also exposed to extension
risk due to the underlying assets' maturities being different to
the expected maturity date.  This risk has been incorporated into
the analysis.

The Negative Outlook on the class A2 notes reflects Fitch's view
about the future performance of the portfolio.



=========
C H I L E
=========


CHILE MINING: Delays Form 10-Q for Sept. 30 Quarter
---------------------------------------------------
Chile Mining Technologies, Inc., was unable to file its Form 10-Q
with the U.S. Securities and Exchange Commission within the
prescribed time period without unreasonable effort or expense due
to the fact that the audit of the Company's financial statements
for the period ended Sept. 30, 2012, has not been completed.  The
Company anticipates that it will file its Form 10-Q within the
five-day grace period provided by Exchange Act Rule 12b-25.

                        About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended
March 31, 2012, annual report.  The independent auditors noted
that the continuance of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.

The Company's balance sheet at June 30, 2012, showed US$7.64
million in total assets, US$9.11 million in total liabilities and
a US$1.47 million stockholders' deficiency.



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


PONCE DE LEON: Court Won't Stay Cash Collateral, Plan Orders
------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte denied the request of
creditor PRLP 2011 Holdings, LLC, to stay two orders authorizing
Ponce De Leon 1403, Inc., to use cash collateral up to and
including the date of the plan confirmation hearing; and approving
the disclosure statement explaining the Debtor's bankruptcy-exit
plan.

PRLP alleges that the court erred in granting the Order extending
the use of the cash collateral because the Debtor failed to evince
the "equity cushion" under the fair market value approach pursuant
to 11 U.S.C. Sec. 363(e) and (p).  PRLP also alleges the court
erred because the Debtor failed to demonstrate the value of the
Metro Plaza Towers Condominium Apartments collateral pursuant to
the fair market value approach contrary to the provisions of 11
U.S.C. Sec. 1125(a)(1).

The Debtor has scheduled PRLP as a secured creditor with a claim
of $14,723,989 secured by Metro Plaza Towers Condominium
Apartments, 47 apartments, commercial area and parkings.  Since
the bankruptcy filing, the Debtor has paid PRLP over $2 million
from apartment unit sales.

Judge Lamoutte reiterated that PRLP is adequately protected by a
sufficient equity cushion in the Debtor's real estate properties.

A copy of the Court's Nov. 20, 2012 Opinion and Order is available
at http://is.gd/VASFUkfrom Leagle.com.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

On April 13, 2012, the Debtor filed its Disclosure Statement and
Chapter 11 Plan of Reorganization.  The Court approved the
Disclosure Statement on June 25, 2012.



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


CL FIN'L: Commission Probing CLICO to Continue Public Hearings
--------------------------------------------------------------
Caribbean360.com reports that the Commission of Enquiry probing
the collapse of the Colonial Life Insurance Company Limited
(CLICO), said it will not stop its hearings even though the
Director of Public Prosecution (DPP), Roger Gaspard, said that a
criminal investigation has been launched against former executives
and several corporate entities aligned to the collapsed insurance
company.  CLICO is a subsidiary of CL Financial Group Limited.

In a letter released by the Office of the Prime Minister, the lone
commissioner, Sir Anthony Colman, said his decision was based on
the public interest, according to Caribbean360.com.  The report
relates that the DPP said that the investigation is being
conducted by a special team of police officers, comprising members
of the Anti-Corruption Investigations Bureau and the Fraud Squad.

Caribbean360.com notes that the criminal probe, which began
earlier this month, followed a recent statement by Attorney
General Anand Ramlogan in the Senate that the Central Bank had
spent TT$305.5 million (TT$1= US$0.16 cents) in legal fees between
October 2007 and July 2012, for investigations relating to the
collapse of CL Financial Ltd group of companies, which involved an
international team of forensic experts to track multi-million
dollar transactions in several jurisdictions.

Mr. Gaspard in his statement also warned the media against
publishing or broadcasting "anything which might jeopardise,
hinder or otherwise prejudice the investigation or any possible
proceedings which might result from it," the report says.

While he made no direct request from the Commission regarding the
criminal investigation, Sir Anthony said the DPP is concerned
"that an otherwise credible prosecution might be stopped by the
court on the grounds that a defendant's right to a fair trial had
been fatally compromised by the publicity attendant upon the
Enquiry, 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        12894010.6    -2805191.16
CONST LINDEN RT       CALI2 BZ        12894010.6    -2805191.16
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        12894010.6    -2805191.16
CONST LINDEN RCT      CALI10 BZ       12894010.6    -2805191.16
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        12894010.6    -2805191.16
CONST A LINDEN        LINDON BZ       12894010.6    -2805191.16
CONST A LIND-PRF      CALI4 BZ        12894010.6    -2805191.16
CONST A LIND-PRF      LINDPN BZ       12894010.6    -2805191.16
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        12234778.3    -30283728.6
NORDON METAL          NORDON BZ       12234778.3    -30283728.6
NORDON MET-RTS        NORD1 BZ        12234778.3    -30283728.6
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


COLOMBIA
---------

LA POLAR SA           NUEVAPOL 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
LA POLAR SA           LAPOLAR 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 * * *