TCRLA_Public/121129.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

           Thursday, November 29, 2012, Vol. 13, No. 237


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Dominica Prime Minister Defends Investment in Airline


A R G E N T I N A

SUPERVIELLE CREDITOS 67: Moody's Rates ARS19.2-Mil. Certs. 'B2'
* ARGENTINA: Fitch Junks Issuer Default Rating; Outlook Negative


B R A Z I L

BR PROPERTIES: S&P Affirms 'BB' Global Scale Issuer Credit Rating


B O L I V I A

BANCO ECONOMICO: Moody's Reviews 'B1' Subordinated Debt Rating


C A Y M A N  I S L A N D S

CONOCOPHILLIPS IRAQ: Shareholders Receive Wind-Up Report
CONOCOPHILLIPS LNG: Shareholders Receive Wind-Up Report
CONOCOPHILLIPS SHAH: Shareholders Receive Wind-Up Report
CONOCOPHILLIPS SOUTHEAST: Shareholders Receive Wind-Up Report
CONOCOPHILLIPS WORLDWIDE: Shareholders Receive Wind-Up Report

CONOCOPHILLIPS YANBU: Shareholders Receive Wind-Up Report
DEME INSTITUTIONAL: Shareholder Receives Wind-Up Report
DIAMOND NOTCH: Members Receive Wind-Up Report
JUNIOR PREFERENCE: Shareholders Receive Wind-Up Report
JUNIOR PREFERENCE (TAIWAN) Shareholders Receive Wind-Up Report

KBAL I LIMITED: Shareholder Receives Wind-Up Report
KERIDA INVESTMENT: Members Receive Wind-Up Report
KGOP I LIMITED: Shareholder Receives Wind-Up Report
PERISSET INVESTMENTS: Shareholders Receive Wind-Up Report
ZLA LTD: Members Receive Wind-Up Report


C H I L E

BANCO DAVIVIENDA: Moody's Reviews Ba1 Subordinated Debt Rating


M E X I C O

BANCO INTERNACIONAL: S&P Affirms 'BB/B' Issuer Credit Ratings
* PROVINCE OF FORMOSA: Moody's Confirms Caa2/B2 Issuer Ratings
* S&P Takes Various Rating Actions on 17 European CDO Tranches


P U E R T O   R I C O

LUAR CLEANERS: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: "Policyholders Expect Gov't to Pay Full Value"


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


LIAT: Dominica Prime Minister Defends Investment in Airline
-----------------------------------------------------------
Caribbean360.com reports that Dominica Prime Minister Roosevelt
Skerrit has defended the decision of his administration to become
a shareholder in the cash-strapped regional airline Leeward
Islands Air Transport, known as LIAT, saying the airline is an
important contributor to Dominica's tourism industry.

St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves,
who is also chairman of the airline, has been appealing to
regional countries to become shareholders in the Antigua-based
airline, whose principal shareholders are Barbados, Antigua and
Barbuda and St. Vincent and the Grenadines, according to
Caribbean360.com.

The report notes that Mr. Skerrit told a news conference that his
government would soon disclose just how much it is prepared to
invest into the inter-regional airline.

"The decision of the government of Dominica to invest in LIAT
still stands.  We will continue to proceed with it.  We believe it
is in the best interest of Dominica, it is in the best interest of
all the people who have invested their life earnings in the
tourism industry in Dominica.  They can say all what they want
about LIAT.  All the criticism we can levy against LIAT, but LIAT
is the only carrier that can take us from Dominica to Antigua or
St. Vincent to Grenada.  If we are prepared to ensure that we have
transportation within the region to engender greater spirits of
integration, to bring in more tourists to our island, we have to
play our part with LIAT," the report quoted Mr. Skerrit as saying.

Mr. Skerrit said that if regional governments fail to support
LIAT, "you will have greater difficulty in getting the private
sector to come forward", the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2012, Antigua Observer said that a delegation from Leeward
Islands Air Transport, known as LIAT, has held talks with the St.
Lucia government urging Castries to invest in the cash-strapped
Antigua-based airline.

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

                          About LIAT

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



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


SUPERVIELLE CREDITOS 67: Moody's Rates ARS19.2-Mil. Certs. 'B2'
---------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 67, which is
a transaction that will be issued by Equity Trust S.A. - acting
solely in its capacity as Issuer and Trustee.

As of November 27, 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.

- ARS96,000,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 67", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS185,600,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 67", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS19,200,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 67", rated Aa2.ar
   (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
   Local Currency)

- ARS19,200,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 67", rated Aa3.ar (sf) (Argentine National
   Scale) and B2 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 48,812 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS320,028,603.84.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 12% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities, calculated under the occurrence of a special event.
And 6% for the Class C Fixed Rate Securities. In addition the
transaction has various reserve funds and excess spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.57% for Class B Floating Rate Debt
Securities, 6.69% expected loss for Class C Fixed Rate Debt
Securities and 7.20% for the Certificates.

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

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


* ARGENTINA: Fitch Junks Issuer Default Rating; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Argentina's long-term foreign
currency (FC) Issuer Default Rating (IDR) to 'CC' from 'B' and the
short-term IDR to 'C' from 'B'.  All securities issued under
international law have been downgraded to 'CC' while both FC and
local currency (LC) denominated securities issued under Argentine
Law have been downgraded to 'B-'. Fitch has also downgraded
Argentina's LC IDR to 'B-' from 'B'; the Outlook on the LC IDR is
Negative.  The Country Ceiling has been downgraded to 'B-' from
'B'.

The downgrade of the long-term foreign currency IDR reflects
Fitch's view that a default by Argentina is probable.  The
increased probability that Argentina will not service its
restructured debt securities issued under New York law on a timely
basis reflects US District Judge Griesa's decision on Nov. 21 to
remove the stay order on the ruling that Argentina must pay
US$1.33 billion to holdout investors concurrent with or prior to
its payments due to holders of the 2005 and 2010 restructured
debt. The stay order will be removed with effect from Dec. 15.

Argentina is due to pay approximately USD3 billion of GDP-linked
warrants on Dec. 15, 2012.  A missed payment on the GDP-linked
warrants could trigger a cross default on all exchanged debt
securities issued under international law.  Subsequently, a missed
coupon payment of any other external securities would also trigger
a cross default on all exchanged bonds issued under international
law.

Following the US Court of Appeals decision to uphold Judge
Griesa's ruling that Argentina breached the 'Equal Treatment
Provision' of the original New York-based law bonds that defaulted
in 2001, the court remanded the case back to Griesa for specific
clarifications on how the ratable payment formula would work and
to which third parties the injunctions should apply.  On Nov. 21,
Judge Griesa explained that the clarifications requested of his
court by the superior court 'did not affect the basic ruling that
there can be no payments by Argentina to exchange bondholders
without an appropriate payment to plaintiffs'.

In light of Argentina's official statements that the government
will not honor the court's decision and the country's 2005 'Lock
Law' which prohibits the government from re-opening the exchange
or from conducting any type of settlement with holdouts without
prior authorization from Congress, Judge Griesa decided that the
stay should be lifted 'at the earliest possible time' so there is
more assurance against a possible evasion.  The Dec. 15 date
'gives some reasonable time to arrange mechanics' and allow the
Appeals Court to consider the merits of the circuit court's
clarifications on the two issues at stake.

According to the ruling, the payment due to the plaintiffs should
be made into an escrow account by Dec. 15 with the provision that
it could be adjusted by any modifications that the Court of
Appeals may impose subsequently.

The Argentine government is in the process of challenging Judge
Griesa's decision in the U.S. Appeals Court and has also announced
its intention to take the case to the U.S. Supreme Court if
needed, although it is not clear if the Supreme Court will agree
to preside on the matter.

Fitch will continue to monitor how the case evolves and the
Argentine government's response in the coming weeks.  A missed
payment on exchanged debt securities issued under NY law
(including the GDP-linked warrants), which remains uncured within
the stipulated 30 days grace period, would constitute a default
event.  In such a scenario, on expiry of the grace period Fitch
would move Argentina's FC IDR to 'RD' (Restricted Default) and the
bond ratings of the affected securities to 'D' (Default).  On the
other hand, a positive resolution, under which the Argentine
authorities decided to pay the plaintiffs in line with the court
ruling, and which therefore allowed the sovereign to continue
servicing its NY-law external debt without interruption after the
Appeals Court's final ruling, would be reflective of its
willingness to pay and lead to a positive rating action on the FC
IDR.

Fitch's downgrade of Argentina's local currency IDR reflects the
sustained deterioration of its credit fundamentals.  The
uncertainty related to the impact of the U.S. Court ruling is
likely to further damage confidence and intensify political and
social tensions in the country and undermine growth prospects.

Argentina's economy has decelerated sharply in 2012 owing to the
increased state intervention.  This has been highlighted by the
progressive tightening of capital controls, the nationalization of
YPF and the inability of certain provinces to access USD to repay
their dollar-denominated debt under local law.  While the
authorities have been able to stabilize international reserves by
progressively tightening capital controls, this has come at the
expense of increased economic distortions. The sustainability of
this strategy is also vulnerable to international commodity
prices, especially soy.

The concentration of power in the executive continues to undermine
policy predictability and contributes to a tense and polarized
political climate in Argentina.  The recent massive protests
indicate a general public dissatisfaction with issues ranging from
high inflation, stringent FX controls, weakening infrastructure
and corruption allegations.  The authorities' disregard for
popular protest and their rhetoric suggests that interventionist
policies that lead to further concentration of power and increase
economic distortions are likely to intensify.  As a consequence,
further deterioration in Argentina's policy framework is possible,
which could adversely impact the country's medium term growth
prospects.

The steady attempts by Argentine authorities to 'Pesofy' the
economy, the recent intervention in the insurance sector to
redirect 15% of their investments to real-economy projects and the
recently approved financial system reform are all indications of
the trend towards further financial repression or interventionist
policies.

Sustained economic weakness that heightens fiscal pressures, which
in the context of limited financing flexibility could lead to
significant erosion of international reserves and greater
monetization of the fiscal deficit with adverse repercussions for
inflation, would increase downward pressure on the rating.  A
material escalation of inflation from the already high levels
could undermine Argentina's fragile equilibrium as depreciation
pressures would mount due to erosion of competitiveness.

Alternatively, improvement in the overall policy stance that leads
to sustainable growth and greater financing flexibility would
stabilize the rating.  Improvement in the transparency of official
data and normalization of relations with creditors and
multilaterals would also buttress confidence.



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


BR PROPERTIES: S&P Affirms 'BB' Global Scale Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and its 'brAA' national scale long-term issuer credit ratings on
Brazil-based commercial properties company BR Properties S.A.
(BRPR). The outlook is stable. "In addition, we are assigning our
'brAA' national scale debt rating to BRPR's proposed Brazilian
reais (R$) 500 million debentures due 2014," S&P said.

"The ratings on BRPR reflect our views of the company's
'satisfactory' business profile and 'significant' financial
profile," said Standard & Poor's credit analyst Reginaldo Takara.
"They also reflect our expectations that the company will keep
benefiting from stable cash-flow streams from its quality asset
portfolio consisting of properties at favorable locations,
primarily in commercial and industrial segments. As a result, we
expect occupancy rates to remain high (96% as of September 2012)
and fairly resilient to market downturns. We expect revenue growth
to come also from rents increasing above the inflation rate
(leasing spreads), which indeed has been the case in the past
quarters because of favorable office space demand in the regions
where the company operates and currently below-market rental
prices for many of its properties. The ratings on the debentures
are at the same level as the issuer rating because we assume that
BRPR will continue reducing its secured debt in 2013, so that
debenture holders will not be materially subordinated to secured
creditors."

"Our stable outlook reflects our expectation that BRPR will adhere
to a conservative acquisition strategy in the next several years.
We expect projects to become operational in 2013, helping it to
dilute operating costs and improve overall asset quality. We could
lower the ratings if the company's growth strategy becomes much
more aggressive, leading to permanent deterioration of its
financial metrics, especially with loan-to-value ratios of more
than 50% and EBITDA coverage of less than 1.5x in the next several
years. If asset quality or performance deteriorates, either
because of acquisitions or market conditions, we could also lower
the ratings. We could upgrade BRPR if it keeps improving credit
metrics and successfully completes its projects under
construction. That would be evident, for instance, by an
interest coverage ratio consistently more than 2.0x and a loan-to-
value ratio consistently less than 50%," S&P said.



=============
B O L I V I A
=============


BANCO ECONOMICO: Moody's Reviews 'B1' Subordinated Debt Rating
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
global ratings assigned to subordinated debt issued by Banco
Economico S.A. (Bolivia), Banco Ganadero S.A., Banco Nacional de
Bolivia S.A., and Banco Solidario S.A. (Bolivia) that currently
have systemic support incorporated in their ratings.

At the same time, Moody's Latin America included in the review for
posible downgrade the corresponding national scale ratings. All
other ratings and outlooks for these issuers remain unaffected by
these rating actions.

The rating actions reflect Moody's opinion that the global trend
towards imposing losses on junior creditors in the context of
future bank resolutions may reduce the predictability of such
support being provided to holders of subordinated debt, as junior
obligations are expected to absorb losses on behalf of senior
creditors and depositors. This view is discussed in the special
comment "Supported Bank Debt Ratings at Risk of Downgrade due to
New Approaches to Bank Resolution," published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review:

Banco Economico S.A. (Bolivia)

  Long-term global foreign currency subordinated debt rating of B1

  Long-term global foreign currency subordinated debt program
  rating of (P)B1

  Long-term Bolivia National Scale foreign currency subordinated
  debt rating of Aa2.bo

  Long-term Bolivia National Scale foreign currency subordinated
  debt program rating of Aa2.bo

Banco Ganadero S.A.

  Long-term global local currency subordinated debt rating of B1

  Long-term global foreign currency subordinated debt rating of B1

  Long-term global foreign currency subordinated debt program
  rating of (P)B1

  Long-term Bolivia National Scale local currency subordinated
  debt rating of Aa2.bo

  Long-term Bolivia National Scale foreign currency subordinated
  debt rating of Aa2.bo

  Long-term Bolivia National Scale foreign currency subordinated
  debt program rating of Aa2.bo

Banco Nacional de Bolivia S.A.

  Long-term global foreign currency subordinated debt rating of
  Ba3

  Long-term global foreign currency subordinated debt program
  rating of (P)Ba3

  Long-term Bolivia National Scale foreign currency subordinated
  debt rating of Aa1.bo

  Long-term Bolivia National Scale foreign currency subordinated
  debt program rating of Aa1.bo

Banco Solidario S.A. (Bolivia)

  Long-term global local currency subordinated debt rating of Ba3

  Long-term global local currency subordinated debt program rating
  of (P)Ba3

  Long-term global foreign currency subordinated debt program
  rating of (P)Ba3

  Long-term Bolivia National Scale local currency subordinated
  debt rating of Aa1.bo

  Long-term Bolivia National Scale local currency subordinated
  debt program rating of Aa1.bo

Please click on this link
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF308721to
access the List of the Affected Credit Ratings. This list is an
integral part of this press release and identifies each affected
issuer.

Ratings Rationale

The review for downgrade on the Bolivian banks' subordinated debt
ratings reflects Moody's revised approach to notching the ratings
of these instruments from a bank's standalone credit assessment
instead of from its supported deposit rating. Moody's currently
incorporates one notch of systemic support in the subordinated
debt ratings of the listed Bolivian banks.

During the rating review, Moody's will consider removing systemic
support from these debt instruments, based on an assessment of the
ability and the willingness of local regulators to impose losses
on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with "Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt", published in November 2009, Moody's expects to position the
ratings of subordinated debt one notch below the Adjusted Baseline
Credit Assessment (Adjusted BCA) , which reflects a bank's stand-
alone financial strength including parental and cooperative
support.



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


CONOCOPHILLIPS IRAQ: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Conocophillips Iraq Ltd. received on Nov. 21,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS LNG: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Conocophillips LNG Ventures Ltd. received on
Nov. 21, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS SHAH: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Conocophillips Shah Ltd. received on Nov. 21,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS SOUTHEAST: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Conocophillips Southeast Asia New Ventures
Ltd. received on Nov. 21, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS WORLDWIDE: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Conocophillips Worldwide LNG, Ltd. received on
Nov. 21, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS YANBU: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Conocophillips Yanbu Ltd. received on Nov. 21,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DEME INSTITUTIONAL: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Deme Institutional Class, Ltd. received on
Nov. 26, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Joanne Steven
         Telephone: (345) 815-1895
         Facsimile: (345) 949-9877


DIAMOND NOTCH: Members Receive Wind-Up Report
---------------------------------------------
The members of Diamond Notch Opportunities Master Fund, Ltd.
received on Nov. 22, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


JUNIOR PREFERENCE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Junior Preference Share Company 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:

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


JUNIOR PREFERENCE (TAIWAN) Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Junior Preference Share Company (Taiwan) II
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:

         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: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of KBAL I Limited 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


KERIDA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Kerida Investment 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:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


KGOP I LIMITED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of KGOP I Limited 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


PERISSET INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Perisset Investments Limited received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

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
         Telephone: 945-4777
         Facsimile: 945-4799


ZLA LTD: Members Receive Wind-Up Report
---------------------------------------
The members of ZLA 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:

         Zephyr Management, Inc.
         c/o Gene DaCosta
         Telephone: (345) 814 7398
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands



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


BANCO DAVIVIENDA: Moody's Reviews Ba1 Subordinated Debt Rating
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings assigned to subordinated debt issued by Banco de Chile,
Bancolombia S.A., Banco Davivienda S.A., Banco GNB Sudameris S.A.,
Banco de Credito del Peru, Banco Internacional del Peru -
Interbank and Industrial Subordinated Trust that currently have
systemic support incorporated in their ratings. All other ratings
and outlooks for these issuers and guarantors remain unaffected by
these rating actions.

The rating actions reflect Moody's opinion that the global trend
towards imposing losses on junior creditors in the context of
future bank resolutions may reduce the predictability of such
support being provided to holders of subordinated debt, as junior
obligations are expected to absorb losses on behalf of senior
creditors and depositors. This view is discussed in the special
comment "Supported Bank Debt Ratings at Risk of Downgrade due to
New Approaches to Bank Resolution," published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review:

  Banco de Chile: Foreign currency subordinated debt rating of A1

  Bancolombia S.A.: Foreign currency subordinated debt rating of
  Baa3

  Banco Davivienda S.A.: Foreign currency subordinated debt rating
  of Ba1

  Banco GNB Sudameris S.A.: Foreign currency subordinated debt
  rating of Ba2

  Banco de Credito del Peru: Local and foreign currency
  subordinated debt ratings of Baa3

  Banco Internacional del Peru -- Interbank: Foreign currency
  junior subordinated debt rating of Ba3 (hyb)

  Industrial Subordinated Trust, guaranteed by Banco Industrial
  S.A.: Foreign currency subordinated debt rating of Ba2

Please click on this link
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF308720to
access the List of the Affected Credit Ratings. This list is an
integral part of this press release and identifies each affected
issuer.

Ratings Rationale

The review for downgrade on the banks' subordinated debt ratings
reflects Moody's revised approach to notching the ratings of these
instruments from a bank's standalone credit assessment instead of
from its deposit rating including systemic support. Moody's
currently incorporates one or two notches of systemic support in
the subordinated and junior subordinated debt ratings of the
listed banks.

During the rating review, Moody's will consider removing systemic
support from these debt instruments, based on an assessment of the
ability and the willingness of local regulators to impose losses
on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with "Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt", published in November 2009, Moody's expects to position the
ratings of senior subordinated debt one notch below the Adjusted
Baseline Credit Assessment (Adjusted BCA), which reflects a bank's
stand-alone financial strength including parental and cooperative
support. Junior subordinated debt ratings may be positioned two
notches below the Adjusted BCA while deeply subordinated junior
debt may be positioned three notches below the adjusted BCA.

Last Rating Actions

The last rating action on Banco de Chile was on May 2, 2012, when
Moody's assigned Prime-1 rating to Banco de Chile's proposed US
commercial paper note program.

The last rating action on Bancolombia S.A. was on 4 September
2012, when Moody's rated the bank's proposed subordinated debt
issuance.

The last rating action on Banco Davivienda S.A. was on 27 June
2012, when Moody's rated Davivienda's proposed subordinated debt
issuance.

The last rating action on Banco GNB Sudameris S.A. was on July 19,
2012, when Moody's rated GNB's proposed subordinated debt
issuance.

The last rating action on Banco de Credito del Peru was on 16
August 2012, when Moody's upgraded the bank's foreign currency
deposit ratings following the upgrade of the country ceilings for
Peru.

The last rating action on Banco Internacional del Peru - Interbank
was on 20 September 2012, when Moody's assigned Baa3 to
Interbank's proposed US dollar senior notes.

The last rating action on Industrial Subordinated Trust was on 12
July 2011, when Moody's assigned the Ba2 subordinated debt rating
to the Trust's new notes, guaranteed by Banco Industrial S.A. The
last rating action on Banco Industrial S.A. was on 13 July 2012
when Moody's upgraded the bank's standalone financial strength and
baseline credit assessment to D+ from D and to ba1 from ba2,
respectively, and affirmed all other ratings.

The principal methodology used in these banks' ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.



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


BANCO INTERNACIONAL: S&P Affirms 'BB/B' Issuer Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' issuer
credit ratings on Banco Internacional de Costa Rica S.A. (BICSA).
The outlook remains stable. The stand-alone credit profile (SACP)
is 'bb'.

"The ratings reflect our assessments of BICSA's 'adequate' (as our
criteria define the term) business position, capital and earnings,
and risk position, as well as our view of its 'average' funding
and 'adequate' liquidity. We consider BICSA as a government-
related entity (GRE) in the Republic of Costa Rica (foreign and
local currency ratings BB/Stable/B) because of a shareholding
structure through which the country's two largest public banks
wholly own BICSA. However, we base the ratings on BICSA solely on
its SACP, rather than on expected extraordinary support from the
government of Costa Rica," S&P said.

"The 'bb' anchor draws on our Banking Industry Country Risk
Assessment (BICRA) methodology and our view of the weighted
average economic risk in the countries in which the bank has
exposure through its loan book. A BICRA is scored on a scale from
'1' to '10', ranging from the lowest risk banking systems (group
'1') to the highest risk (group '10'). BICSA operates mainly
Costa Rica, Panama, (which accounts for around 70% of its total
loan portfolio exposure) and other countries in Central America.
As a result, its weighted economic risk is '6'. The common factor
driving this economic risk score is low income levels in the
countries where the bank operates, which affect these countries'
vulnerability to external shocks, and debt and payment capacity in
countries with weak rule of law. The industry risk for Costa Rica,
from which its two sole government-owned banks are based, is '7'.
The banking system has very high credit risk, based on its high
portion of dollar-denominated loans and relatively aggressive
underwriting standards. Moderate credit growth and the absence of
asset price bubbles partially mitigate these factors. With regard
to industry risk, Costa Rica's banking industry includes a
significant presence of government-owned banks, and this causes
significant market distortions. Limited access to foreign markets
and a narrow local debt and capital markets continue to challenge
the system. Nonetheless, its retail deposit base is stable and has
shown consistent growth," S&P said.

"The stable outlook on BICSA reflects our expectation that the
bank will maintain an 'adequate' RAC despite its exposure to the
riskier and smaller Central American economies in which it
operates, reflecting its conservative earnings retention policy,"
said Standard & Poor's credit analyst Arturo Sanchez. "The outlook
also reflects the bank's lower loan portfolio exposure in Costa
Rica, which has not changed our view of its blended economic risk
score."

"We could lower the ratings on BICSA if its RAC ratio falls below
7% as a result of lower internal capital generation or changes in
the bank's retention earnings policy. We could also take a
negative rating action on the bank if economic conditions in the
countries in which it operates hamper its quality of earnings and
risk position. On the contrary, we could raise the ratings if
the bank's risk position improves due to higher exposure in less
risky economies or its RAC ratio increasing above the 10% level,"
S&P said.


* PROVINCE OF FORMOSA: Moody's Confirms Caa2/B2 Issuer Ratings
--------------------------------------------------------------
Moody's Latin America confirmed the issuer ratings of the Province
of Formosa at Caa2/B2.ar. Moody's Latin America also confirmed the
debt ratings of the Province of Formosa at Caa3/Caa2.ar. The
outlook of Formosa's issuer rating and debt rating remains
negative. This action concludes the review that was initiated on
October 17.

Ratings Rationale

The confirmation of the Province of Formosa's issuer ratings of
Caa2 (Global Scale, local currency) and B2.ar (Argentinean
National Scale, local currency) and debt ratings of Caa3 (Global
Scale, foreign currency) and Caa2.ar (Argentinean National Scale,
foreign currency) follows the US dollar 5% coupon Co-participation
Tax Revenue Secured Notes due 2022 bondholder assembly held on
November 9.

A majority of 86.5% of bondholders agreed to receive future
principal and interest payments in Argentinean pesos converted at
the exchange rate published by Banco de la Nacion Argentina, a
state-owned bank. In Moody's view, the revised repayment terms
qualify as a distressed exchange and therefore Formosa is
considered to be in default in its debt. The terms of the
agreement meet Moody's definition of a distressed exchange because
they will result in economic losses for bondholders relative to
the original promise. Based on the spread between current market
and official exchange rates, Moody's estimates losses in the range
of 20-30%. The Caa3 debt rating incorporates Moody's expectation
that bondholders may likely incur further losses under the revised
repayment terms if the market exchange rate continues to increase
relative to the benchmark rate.

The negative outlook on Formosa follows the negative outlook
assigned to Argentina's B3 local and foreign currency government
bond ratings. The outlook reflects the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of Argentinean provinces
and municipalities, the lack of consistent and predictable
policies at the national level affects the institutional framework
under which provinces and municipalities operate and ultimately
ties their credit quality to that of the Sovereign.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the Province of
Formosa's ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in Formosa's outlook back to stable. The province could be
further downgraded if Moody's assessment on the expected loss to
bondholders is greater than the loss implied in the current
assigned ratings.


* S&P Takes Various Rating Actions on 17 European CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on 17 European collateralized debt obligation (CDO)
tranches.

Specifically, S&P (i) placed on CreditWatch negative its ratings
on six tranches; (ii) lowered its ratings on 10 tranches; and
(iii) raised its rating on one tranche.

"The rating actions on these 17 tranches follow our recent rating
actions on the underlying collateral or swap counterparty. Under
our criteria applicable to transactions such as these, we would
generally reflect changes to the rating on the collateral or swap
counterparty in our rating on the tranche," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at"

          http://standardandpoorsdisclosure-17g7.com



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


LUAR CLEANERS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Luar Cleaners, Inc.
        Box 50109
        Toa Baja, PR 00950-0109

Bankruptcy Case No.: 12-09294

Chapter 11 Petition Date: November 25, 2012

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

Debtor's Counsel: Gerardo L. Santiago Puig, Esq.
                  SANTIAGO PUIG LAW OFFICES
                  Doral Bank Plaza Suite 801
                  33 Resolucion St.
                  San Juan, PR 00920
                  Tel: (787) 777-8000
                  Fax: (787) 767-7107
                  E-mail: gsantiagopuig@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 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-09294.pdf

The petition was signed by Raul Palacios Velez, president.

Related entity that earlier filed a Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Raul Palacios Velez                    12-05485   07/12/2012



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


CL FIN'L: "Policyholders Expect Gov't to Pay Full Value"
--------------------------------------------------------
Keino Swamber at Trinidad Express reports that attorneys for the
CLICO United Policyholders Group are contending that they have a
continuing legitimate expectation that Government will pay them
the full value due on their Executive Flexible Premium Annuities
(EFPA).

Queen's Counsel Peter Knox told Justice Joan Charles in the Port
of Spain High Court that the policyholders are seeking to enforce
that legitimate expectation, according to Trinidad Express.

The report relates that Mr. Knox submitted that no evidence has
been presented to the court to prove that this government could
not afford to keep the promise made by the previous
administration, in 2009, that policyholders' investments in
Colonial Life Insurance Company (Trinidad)
Limited (CLICO) would be safe and, if there were any deficit in
the company's statutory fund, that Government would make up the
deficit.

Mr. Knox said government did not communicate why they could not do
better for the policyholders, the report notes.

Trinidad Express says that as part of their judicial review
challenge, the policyholders are also seeking an interim court
order that Government give details of the assets of CLICO which
have been sold and how the proceeds of the sales were applied.

The report discloses that Mr. Knox said that government has acted
irrationally by not providing them with the information requested.

Additionally, the lawsuit also seeks to compel Government to give
details of the EFPA policyholders who have been paid in full since
January 2009, the report says.

In response, attorney for the State Russell Martineau SC said the
legal action had its genesis in the collapse of the insurance
giant in 2009, 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
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 1, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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 * * *