TCRLA_Public/121204.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, December 4, 2012, Vol. 13, No. 241



BUENOS AIRES TRADE: Creditors' Proofs of Debt Due Nov. 29
IPLAST SRL: Creditors' Proofs of Debt Due March 12
PROTECNA FPS: Applies for Reorganization Proceedings
ROSICAR SA: Creditors' Proofs of Debt Due Dec. 17
SALTA HYDROCARBON: Fitch Affirms 'B' Rating on $234-Mil. Notes

YNAINC SA: Creditors' Proofs of Debt Due Dec. 13
* ARGENTINA: Fitch Downgrades Rating on LC Issuer Default Ratings
* Fitch Lowers Rating on Several Argentine Local Currency Ratings
* ARGENTINA: Fitch Downgrades Issuer Default Rating to 'CC'


* BELIZE: Rejects Counter Proposal From Creditors


GORTHON INTERNATIONAL: Members' Final Meeting Set for Dec. 10
OCEANDELL MEZZANINE: Member to Receive Wind-Up Report on Dec. 11
TRILLIUM INVESTMENT: Members' Final Meeting Set for Dec. 12


GP INVESTMENTS: Fitch Affirms 'B+' IDR & Bond Rating


GOLDEN AMERICAS: Fitch Affirms 'B+' IDR; Outlook Rating Stable


ARENDAL SA: S&P Gives 'B' Global Scale Corporate Credit Rating
WINDERMERE X: S&P Cuts Ratings on Two Note Classes to 'D'


INTERCORP PERU: S&P Affirms 'BB-' Issuer Credit Rating

P U E R T O   R I C O

SWISS CHALET: Court Declines to Issue Final Decree Closing Case

T R I N I D A D  &  T O B A G O

CL FIN'L: Gov't Can't Afford Full CLICO Payout, QC Says
* TRINIDAD & TOBAGO: Construction Sector Slow to Recover


* Large Companies With Insolvent Balance Sheets

                            - - - - -


BUENOS AIRES TRADE: Creditors' Proofs of Debt Due Nov. 29
Valentina Maria Denda, the court-appointed trustee for Buenos
Aires Trade Group SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 29, 2012.

Ms. Denda will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 18
in Buenos Aires, with the assistance of Clerk No. 35, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Valentina Maria Denda
         Av. Belgrano 845

IPLAST SRL: Creditors' Proofs of Debt Due March 12
Francisco Jose Salto, the court-appointed trustee for Iplast SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 12, 2013.

Mr. Salto will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 37, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 3, 2013.

The Trustee can be reached at:

         Francisco Jose Salto
         Av. Cordoba 1367

PROTECNA FPS: Applies for Reorganization Proceedings
Protecna FPS SRL applied for reorganization proceedings.  The
company defaulted on its payments last May.

ROSICAR SA: Creditors' Proofs of Debt Due Dec. 17
Salomon Simon Wilhelm, the court-appointed trustee for Rosicar
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 17, 2012.

Mr. Wilhelm will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Salomon Simon Wilhelm
         Lavalle 1290

SALTA HYDROCARBON: Fitch Affirms 'B' Rating on $234-Mil. Notes
Fitch Ratings has affirmed Salta Hydrocarbon Royalty Trust's
global scale foreign currency rating for its USD$234 million
targeted amortization notes (the existing notes) at 'B'.  The
Rating Outlook is Stable.  This rating level applies to the timely
payment of interest and ultimate payment of principal by the final
maturity date of Dec. 28, 2015.  The target maturity date is Dec.
28, 2012.

Fitch affirmed the ratings of these notes in spite of the recent
downgrade of the Argentina Foreign Currency and Local Currency
Sovereign rating to 'CC'/'B-' with a Negative Outlook and the
Country Ceiling to 'B-').

Fitch's downgrade of Argentina local currency IDR reflects the
sustained deterioration of its credit fundamentals; while the
downgrade of the foreign currency IDR reflects that a default by
Argentina is probable.

The affirmation of the rating above the sovereign's rating and
also one notch above the country ceiling is due to the fact that
the notes are expected to cancel next Dec. 28, 2012 (estimated
maturity).  This expectation is based on the current amounts
already deposited in the N.Y. accounts.  As of today, the
collection N.Y. account balance of USD 7.533.020,23, plus the
liquidity reserve of USD 660.488,25, are 70% of the last debt
service payment (USD 11.765.498).

Royalties are paid in pesos and then converted into USD and
transferred on a monthly basis, so Fitch expects that the
remaining amount to complete the full debt service will be reached
before the estimated maturity.  Nevertheless considering that the
legal maturity is on dec. 28, 2015, the structure has an
additional period of three yearsto fully repay the notes.

As a credit enhancement, the notes have an insurance policy
covering timely interest payments by Ace Bermuda Insurance Ltd.
The policy covers political risks comprising inconvertibility of
pesos into dollars and non-transferability outside of Argentina in
a timely manner.  The policy also covers: expropriation,
confiscation, nationalization, or other discriminatory legislative
action depriving the trust of use or control of their accounts.

YNAINC SA: Creditors' Proofs of Debt Due Dec. 13
Daniel E. Altman, the court-appointed trustee for Ynainc SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 13, 2012.

Mr. Altman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Daniel E. Altman
         Parana 774

* ARGENTINA: Fitch Downgrades Rating on LC Issuer Default Ratings
Following the sovereign downgrade, Fitch Ratings has downgraded
five of Argentina's financial institutions' Local Currency Long-
term Issuer Default Ratings (LC IDR), two bank's Foreign Currency
Long-term IDRs and three Viability Ratings (VR).  At the same
time, the agency downgraded National Scale Ratings for a total of
16 financial institutions. Please click on the link below to view
the complete list of affected ratings.  Also, for more information
about each bank listed in this Rating Action Commentary.

The rating action follows the downgrade of the Argentina Foreign
Currency and Local Currency Sovereign rating to 'CC'/'B-, Negative
Outlook.  Fitch's downgrade of Argentina local currency IDR
reflects the sustained deterioration of its credit fundamentals;
while the downgrade of the foreign currency IDR reflect that a
default by Argentina is probable.

At the same time, Fitch has factored into its rating actions
related to the financial institutions in Argentina concerns about
continued and growing government intervention on the financial
services industries and possible wider constraints on foreign
currency access by private sector entities.  As the economy has
slowed significantly and the outlook for growth has diminished,
Fitch acknowledges that the current good asset quality and
profitability ratios of Argentine financial institutions may be
hindered under a scenario of possible sustained lower economic
growth, rise of inflation, and macroeconomic volatility.

During recent years, but especially in 2012, the government has
imposed an array of controls and new regulations that mandate some
of the activities of the financial sector (banks and insurance
companies particularly) that limit the room for such entities to
deal with changes in the operating environment, and/or impose
rigidities on their business model.  A recent imposition of a
compulsory lending rule for large banks and financial agents of
the government entities and compulsory investment rules for all
insurance companies are some examples of such trend. F itch
recognizes that most of the financial entities' currently exhibit
healthy profitability ratios underpinned by fast loan growth and
relatively wide interest margins, good asset quality, and in some
cases adequate income diversification, while capital levels remain
mostly adequate and enhanced by current cash dividend restrictions
imposed by the government.  While direct exposure to government
securities is limited, banks hold exposures to provinces backed by
federal tax flows and there is concern about the possibility of
compulsory investment rules in the future.  Such strength may be
undermined if economic growth keeps losing momentum and/or the
volatility of the operating environment increases.

The downgrades to 'B-'/'b-' of the LC IDR and VRs of BBVA Banco
Frances, Banco Santander Rio and Banco Macro, which were one notch
above the sovereign local currency at 'B+'/'b+', reflect the
opinion of the agency that the heightened risk of further
intervention in the banking business limits the ability of banks
to be rated higher than the sovereign -- despite their exceptional
franchise, solid funding base, management expertise and their
overall superior financial profile.  Such a rationale equally
applies to the downgrade of their National Scale Ratings, which
were downgraded to 'AA(arg)', a level similar to the one of the
government owned banks.  Also, the Rating Outlook on the LC IDR of
these three banks was revised to Negative from Stable to be
aligned with the Outlook of the sovereign.  The Outlook on their
National Scale Ratings also was revised to Negative from Stable.

The downgrades of Tarjeta Naranja and Tarjetas Cuyana's LC IDR to
'B-' from 'B' reflect the downgrade of the sovereign LC IDR, as
their ratings are constrained by those of the sovereign; the
Outlook of those ratings was revised to Negative from Stable, to
align with the Outlook on the sovereign rating.  In regard to
their National Scale Ratings, both were affirmed at their current
levels (Tarjeta Naranja 'AA(arg)' and Tarjetas Cuyanas 'AA-(arg)',
similarly to Compania Financiera Argentina 'AA(arg)' and Tarshop
S.A. ('AA-(arg)'), but their Rating Outlook was revised to
Negative from Stable, similar to other highly rated financial
institutions in Argentina.  The ratings of these consumer credit
card/consumer loan lenders are underpinned by their above-average
profitability, adequate asset and liability management and good
credit quality, while they also incorporate their respective
market share in the credit card business.

The aforementioned greater expected government intervention in the
financial sector may result in lower probability of support from
highly rated foreign parents, which, despite their adequate
financial strength may reduce their willingness to provide support
to their Argentine subsidiaries.  Consequently, the ratings of the
latter are now at the most, aligned with the rating of the
government-owned banks.  As a consequence, the National Scale
Ratings of Banco Itau Argentina, HSBC Bank Argentina, Mercedes-
Benz Comapania Financiera Argentina and Standard Bank Argentina
were downgraded to 'AA(arg)'.  In the case of Banco de Servicios
Financieros, Fiat Credito Compania Financiera, PSA Finance
Argentina and Rombo Compania Financiera, their National Scale
Ratings were affirmed at 'AA(arg)'.  The Outlook was revised to
Negative from Stable to reflect Fitch's concerns about possible
further government intervention and deterioration of the operating

The National Scale ratings of Banco de la Nacion Argentina and
Banco de Inversion y Comercio Exterior were affirmed at
AA(arg)/A1+(arg) reflecting their government owned nature and the
expected support from the state if its required.  The Rating
Outlook was changed to Negative from Stable, aligned with the
Outlook of the LC sovereign rating.  In all these cases, even when
the sovereign LC IDR was downgraded to 'B-', National Scale
ratings were affirmed given that those only consider the relative
differences of issuers within the local domicile (Argentina),
being that the relative financial strength of the government
compared to banks remain strong, especially given its capacity to
impose economic and regulatory measures over private sector

The fact that the maximum National Scale rating for Financial
Institutions in Argentina currently stands at 'AA(arg)' results in
some rating compression among the stronger rated entities. As
such, Fitch affirmed the National Scale ratings of Banco
Hipotecario ('AA(arg)'); Banco de San Juan ('AA-(arg)'), Nuevo
Banco de Santa Fe ('AA-(arg)'), Nuevo Banco Entre Rios ('AA-
(arg)') and Banco de Santa Cruz ('AA-(arg)').  All their Outlooks
were revised to Negative from Stable, due to the deterioration of
the operating environment and possible effects of further
government intervention.  The ratings of all these entities
generally consider their relative franchise in their respective
markets of operation, good capitalization and asset quality, while
their funding is still considered healthy but less diversified
than the other highly rated banks.

There have been multiple downgrades of certain stronger privately
owned institutions to 'A+(arg)' and 'A(arg)' -- again to reflect
the Fitch's concerns about the possible effects of increased
government intervention on the financial services business and
also, a possible deterioration in the macroeconomic environment
due the weakness of the sovereign.  These include Banco
Supervielle, Garantizar Sociedad de Garantias Reciprocas, Banco
Comafi, Banco CMF and Banco Saenz.  In all these cases, the
entities still show a strong financial profile compared to other
rated entities, but also show individual weaknesses that may be
related to their relatively limited business niche, funding
concentrations, and capital level below the average of their
rating category.  The Rating Outlook remains Stable for all the
entities rated in the single 'A(arg)' range, while those entities
rated in the 'AA(arg)' range were revised to Negative from Stable.

Some other financial institutions' Long-term National Scale
ratings were affirmed or downgraded to the 'BBB(arg)' range
(affirmed: CGM Leasing Argentina, Outlook revised to Stable from
Positive; downgraded: Campo Aval SGR, SGR Cardinal).  Those
entities, with their inherent individual weaknesses and despite
still showing an adequate financial profile, may experience
greater volatility in their profiles in the case of deterioration
of the macroeconomic environment and/or further government
intervention in the financial industry.  All rating Outlooks
remain Stable.  The short-term National Ratings of Credinea and
CFN were downgraded to 'A3(arg)' from 'A2(arg)' due the exposure
of its financial profile to changes in the operating environment .

With the rating actions the Rating Watch Negative status in place
since Nov.6, 2012 for the foreign currency IDR, long-term foreign
currency and National long-term ratings on debt securities issued
internationally and payable exclusively in foreign currency
(largely U.S. dollars) of several Argentine financial institutions
has been resolved.  As such, the foreign currency IDR of Banco
Macro and Tarjeta Naranja were downgraded to 'B-' from 'B', and a
Negative Outlook is assigned.  For Banco Macro, the senior
unsecured issue ratings were downgraded to 'B-/RR4' and 'AA(arg)',
aligned with its IDR, while its subordinated bonds were affirmed
at 'CCC/RR6' and 'A+(arg)', reflecting its subordinated nature
(i.e. below the current IDRs of the bank, and that, given the
rating compression at the lower end of the scale these securities
maintain a one-notch difference with the bank's IDR instead of the
regular notching (-2) applied to these kinds of securities,
considering that the entity is far from its point of no viability.
A similar approach was applied to Banco Supervielle 'plain
vanilla' subordinated notes, which were downgraded to 'CCC' and
'A(arg)'; while Banco Hipotecario's National long-term rating was
affirmed at 'AA(arg)'.

* Fitch Lowers Rating on Several Argentine Local Currency Ratings
Fitch Ratings has downgraded several Argentine local and regional
governments' Long-term foreign currency and Local Currency
issuers' ratings and related issues.  Fitch has also affirmed
National Scale Ratings.  The Ratings Outlook was revised to
Negative from Stable.

These rating actions follow the downgrade of the Argentina Foreign
Currency and Local Currency Sovereign rating to  'CC'/'B-' with a
Negative Outlook by Fitch, as well the Country Ceiling to 'B-'.
Fitch's downgrade of Argentina's local currency IDR reflects the
sustained deterioration of its credit fundamentals; while the
downgrade of the foreign currency IDR reflects that a default by
Argentina is probable.

The Negative Outlook assigned is based on the high correlation of
the subnationals with the sovereign and is in line with the
Negative Outlook assigned to Argentina's local currency IDR,
reflecting a deterioration of its credit fundamentals.

At the same time, Fitch has affirmed National Scale Ratings
despite the Sovereign LC IDR was downgraded to 'B-'.  The National
Scale ratings reflect the relativities risk between different
issuers within the local market (Argentina) and Fitch believes
that the downgrade the sovereign ratings in the global scale did
not affect the relative capacity of repayment of the local and
regional governments in Argentina.  However the Outlook on
National long-term ratings is Negative as well as the LC sovereign

With this rating action the Rating Watch Negative in place since
Nov. 08, 2012 foreign currency IDR and the long-term foreign
currency and national long-term ratings on debt securities issued
internationally and payable exclusively in foreign currency of
several Argentine financial institutions was resolved.

Fitch rates the following:

City of Buenos Aires

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B';
  -- Short-term rating affirmed at 'B';
  -- National Long and short term rating affirmed at 'AA(arg)'/
  -- Euro Medium-Term Note Programme (EMTN) up to USD1400 million
     downgraded to 'B-' from 'B' and affirmed National Long-term
     rating at 'AA(arg)';
  -- Series 7 for USD 50 million downgraded Long-term rating to
     'B-' from 'B' and affirmed National Long-term rating at
  -- Series 8 for USD 475 million downgraded Long-term rating to
     'B-' from 'B' and affirmed National Long-term rating at
  -- Series 9 for USD 85 million affirmed short-term rating at
  -- Series 10 for USD 415 million downgraded Long-term rating to
     'B-' from 'B' and affirmed National Long-term rating at
  -- Bonds Class 1 for USD 100 million issued under Financing in
     Local Market Programme affirmed National Long-term rating at
  -- Programme of Short-Term Treasury Bills up to ARP 950 million
     affirmed Short-term rating at 'B'/'A1+(arg)'.

The Outlook on the Long-term ratings is Negative.

Province of Salta

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B';
  -- National Long-term rating affirmed at 'AA-(arg)';
  -- Secured Note (Provincial Law 7,691) for USD 185 million
     downgraded Long-term rating to 'B-' from 'B' and affirmed
     National Long-term rating at 'AA-(arg)';

The Outlook on the Long-term ratings is Negative.

Municipality of La Plata

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B';
  -- National Long-term rating affirmed at 'AA-(arg)';

The Outlook on the Long-term ratings is Negative.

Province of San Juan

  -- Secured Note for USD 60.8 million affirmed National Long-term
     rating at 'AA(arg)'.

The Outlook is Negative.

* ARGENTINA: Fitch Downgrades Issuer Default Rating to 'CC'
Fitch Ratings has downgraded the ratings of several Argentine
corporates.  These rating actions follow Fitch's downgrade of the
Republic of Argentina's (Argentina) foreign currency Issuer
Default Rating (IDR) to 'CC' and its local currency IDR to 'B-',
as well its Country Ceiling to 'B-'.

The downgrades of the ratings on these Argentine corporates to 'B-
' from 'B' reflect the deterioration of the economic outlook and
operating environment, implicit in the lower sovereign local
currency rating and country ceiling.  Recent judicial actions
surrounding the repayment of long-time debt 'holdouts' contribute
to economic uncertainty, as does continued and growing government
intervention.  While the court saga may have a lot to yet play
out, the broader economic deterioration is already evident and
unlikely to improve in the near term. Certain issuers that have
operations abroad, such as IMPSA or Arcor, or that have little or
no debt maturing in the near term continue to be rated higher than

The Negative Rating Outlooks that have been assigned to the
issuers with international ratings listed below reflect the high
degree of uncertainty about the business climate and economic
conditions that should persist throughout 2013.

Most national scale ratings were not downgraded, as the order of
the relative credit strength of these corporates remains
relatively unchanged.  Many of these corporates are not in heavily
regulated sectors and have strong liquidity positions relative to
short-term debt obligations.  The national scale ratings that were
downgraded were largely those of companies that have a high degree
of exposure to either direct or indirect government intervention.

Fitch has downgraded the following ratings:

Alto Palermo S.A.

  -- Local Currency to 'B+' from 'BB-', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- Senior unsecured notes Due 2017 to 'B/RR3' from 'B+/RR3'.

Arcor S.A.I.C.

  -- Local Currency to 'B+' from 'BB-', Outlook Negative.
  -- Foreign Currency to 'B' from 'B+', Outlook Negative.
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Cablevision S.A.

  -- Local Currency to 'B-' from ''B+', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Capex S.A.

  -- Local Currency from 'B-' from 'B', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- National Scale Long-term Rating to 'A(arg)' from 'A+(arg)',
     Outlook Stable;
  -- Senior unsecured notes due 2018 to 'B-' RR4/A(arg)' from

Central Termica Loma de la Lata S.A.

  -- Secured Notes due 2015 to 'A-(arg)' from ' A(arg)'.

Central Termica Guemes (CTG)

  -- National Scale Long-term rating to 'A-(arg)' from 'A(arg)',
     Outlook Stable
  -- Senior unsecured notes due 2013 to 'A-(arg)' from ' A(arg)'.

Celulosa Argentina S.A.

  -- Local Currency to 'B-' from 'B', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative.

Compania Latinoamericana de Infraestructura y Servicios S.A.

  -- Local Currency to 'B-' from 'B', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- National Scale Long-term Rating to 'A(arg)' from 'A+(arg)',
     Outlook Stable;
  -- National Scale US$120 million senior unsecured notes due 2016
     to 'A(arg)' from 'A+(arg)'.

Cresud S.A. C.I.F y A.

  -- Local Currency to 'B-' from 'B', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- Senior unsecured notes due 2014 to 'B-' RR4' from 'B/RR4.

Inversiones y Representaciones S.A.

  -- Local Currency to 'B+' from 'BB-', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- Senior unsecured notes due 2017 & 2020 to 'B/RR3' from


  -- National Scale Long-term rating to 'A(arg)' from'A+(arg)',
     Outlook Stable;
  -- Senior Unsecured Notes due 2014 and 2016 to 'A(arg)' from 'A+

Petroquimica Comodoro Rivadavia

  -- National Scale Long-term rating to 'A(arg)' from 'A+(arg)',
     Outlook Stable.

Pan American Energy LLC

  -- Local Currency to 'B+' from 'BB', Outlook Negative;
  -- Foreign Currency to 'B'/'B+', Outlook Negative.

Pan American Energy LLC Sucursal Argentina

  -- Senior unsecured notes to 'B/RR3' and 'AA+(arg)' from
     'BB-/RR3' and 'AAA(arg)';
  -- National Scale Long-term rating to 'AA+(arg)' from
     'AAA(arg)', Outlook Stable.

Telecom Argentina S.A.

  -- Local Currency to 'B+' from 'BB-', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative.

Transportadora de Gas del Sur S.A.

  -- Local Currency to 'B' from 'B+', Outlook Negative;
  -- Foreign Currency to 'B-' from 'B', Outlook Negative;
  -- Senior unsecured notes due 2017 to 'B-/RR4' from 'B' RR4'.


  -- National Scale Long-term rating to 'BBB+(arg)' from 'A-
     (arg)', Outlook Stable;
  -- Senior unsecured notes due 2014 to 'BBB+(arg)' from 'A-


  -- Local Currency to 'B-' from 'B', Outlook Negative;
  -- Foreign Currency 'B-' / 'B', Outlook Negative;
  -- Senior unsecured Notes due 2028 to 'B-/RR4'from 'B/RR4'.

Fitch affirms the rating and revises the Outlook to Negative from
Stable on the following:

  -- National Scale Long-term Rating at 'AA(arg)'.


* BELIZE: Rejects Counter Proposal From Creditors
Jamaica Gleaner reports that the Belize government has rejected a
counter proposal from external creditors who collectively own
US$544 million in bonds, referred to as super bonds scheduled for
maturity in 2029.

In September, Belize won a 60-day reprieve from bondholders after
paying half of an overdue interest payment, delaying any potential
legal action under the specter of a full-blown default, according
to Jamaica Gleaner.   The reprieve ended on December 1.

According to the official statement, the counter-proposal puts
forward alternative scenarios all of which the government says
offers only "temporary reductions in the current coupon rate with
modest extensions in average life, the report notes.

Jamaica Gleaner notes that these alternative scenarios include
temporary reduction in the coupon rate and an extension in the
average life of the bond, a return to the 8.5% coupon rate at the
expiry of the reduced coupon period, and a series of "Required
Terms" which includes "GDP (Gross Domestic Product) warrants and
oil recovery certificates," and the payment of what's called
consent fees to participating creditors.

However, the report says that the Barrow administration's response
to the counter offer is a complete rejection saying that the
proposed return to the current 8.5% coupon rate "is designed to be
no worse than NPV neutral once the combined effect of the Required
Terms is factored in.

The government also indicates that while the bond holders counter
offer offers some short-term cash flow relief, the counter
proposal is "wholly incompatible with its objective of placing the
country's debt burden on a sustainable footing, Jamaica Gleaner

"The government of Belize believes that the counter-proposal
ignored Belize's high overall debt levels, and that it amounts to
little more than a short-term fix not dissimilar to the 2007
exercise," according to the official statement obtained by the
news agency.

It said the government views the recently submitted scenarios from
the bondholders to be "unsustainable" and that the Barrow
administration is "disappointed that a counter-proposal of this
nature has come five months after discussions with the committee
began, the report adds.


GORTHON INTERNATIONAL: Members' Final Meeting Set for Dec. 10
The members of Gorthon International Shipping Limited will hold
their final meeting on Dec. 10, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Ernest Morrison is the company's liquidator.

OCEANDELL MEZZANINE: Member to Receive Wind-Up Report on Dec. 11
The member of Oceandell Mezzanine Leasing Limited will receive on
Dec. 11, 2012, at 9:30 a.m., 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

TRILLIUM INVESTMENT: Members' Final Meeting Set for Dec. 12
The members of Trillium Investment Company Limited will hold their
final meeting on Dec. 12, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GP INVESTMENTS: Fitch Affirms 'B+' IDR & Bond Rating
Fitch Ratings has affirmed the ratings of GP Investments (GP) as

  -- Long-term Issuer Default Rating (IDR) at 'B+';
  -- Perpetual bonds at 'B+/RR4'.

The Rating Outlook is Stable.

GP's ratings reflect its sound franchise and experienced
management, solid capital base, sound liquidity, and adequate debt
profile.  Fitch's view of GP's creditworthiness is tempered by its
concentrated portfolio, tight recurring cash flow, and high debt
service to cash flow ratios.

GP's ratings would benefit from larger and stable recurring cash
flow, adequate debt and expenses coverage metrics, along with a
more diversified investment base.

Conversely, the ratings could be pressured in case of a
significant increase of its leverage, deterioration in its
recurring cash flow metrics, or the poor performance of its

When compared to debt service, GP's cash flow is quite tight, and
the company relies on nonrecurring revenues to fulfill its
commitments.  This is mitigated by the significant and consistent
liquidity cushion that GP maintains on its books, as well as by
the important yet volatile success fees, valuation profits,
financial revenues, and dividends.

As revenues fluctuate and GP's recurring EBITDA remains woefully
low, it does not adequately cover the company's debt service.
However, GP has ample liquidity that is regularly fed by the above
mentioned nonrecurring and volatile revenues so as to allow the
company to handily fulfill its financial commitments.

Given the size of the deals GP executes, concentration is
structurally high and likely to remain so.  This is mitigated by
the thorough and conservative investment policies that have
changed to target well-established companies that generate their
own cash flows and have significant growth potential.  GP should
maintain a portfolio mix of mature and growing companies, thus
limiting execution risk; although its aforementioned concentration
may expose its results to sudden changes on the success of any
given investment.

Boasting a very low debt-to-equity leverage (0.65x) at September
2012), GP has a significant capital base that allows the company
to pursue its investment plans while maintaining an adequate
cushion against unexpected losses, a very important feature given
the high volatility in the value of its investments.

GP has historically had a very high liquidity (liquid assets after
commitments equaled about $195 million at September 2012) that
consistently covers all of its financial liabilities.  From an
operational standpoint, GP's current liquidity fully covers its
annual operational expenses, debt service, and its investment
commitments for the next 18-24 months.

GP's core liabilities are very long term and almost equally
divided between perpetual bonds and a long-term loan maturing in
2020.  This structure leaves plenty of room for GP to manage its
short- to medium-term cash flows and focus on its investments,
whose realization is contingent in nature, thus creating little
short-term financial pressure.

GP's management team has accumulated significant expertise in the
private equity business in Latin America after 19 years managing
more than $5 billion in investments.  Driven by very successful
entrepreneurs, GP has the network, contacts, and business acumen
to be one of the leading private equity players in Brazil.


GOLDEN AMERICAS: Fitch Affirms 'B+' IDR; Outlook Rating Stable
Fitch Ratings has affirmed Golden Americas Ltd's (GA) foreign
currency Issuer Default Rating (IDR) at 'B+' and its USD14.4
million note issuance due 2018 at 'B+/RR4'.  The Rating Outlook
is Stable.

GA's ratings reflect the company's minority shareholder position
in Termobarranquila (TEBSA), as well as the structural
subordination of its debt to that of TEBSA.  Positively, the
rating factors in TEBSA's relatively stable and predictable cash
flow, which is used to service interest payments, as well as GA's
adequate debt service coverage.

GA is a vehicle created to raise funds to finance the acquisition
of TEBSA. As a result, it is in a highly subordinated position
relative to the cash flow of its operating subsidiary, TEBSA.  GA
generates cash flow to service its financial obligation from
dividends received from Golden Gate Energy Investment LTD (GG), an
intermediate subsidiary in which GA has a 26.3% ownership and
which indirectly owns 57.34% of TEBSA.  GG generates revenues from
an operating lease between TEBSA and LEASECO, a wholly owned
subsidiary of GG, and from dividends and intercompany loan
payments from TEBSA.  This structure diminishes GA's ability to
control the flow of dividends used to service its debt of USD14.4
million and structurally subordinates GA's debt to that of TEBSA.

The rating includes TEBSA's new senior debt of around USD43
million to pay a subordinated loan and refinance current
maturities.  Fitch expects this new debt amortization schedule to
slightly reduce TEBSA's dividend payments to its shareholders,
including GG and therefore GA.  This reduction is mitigated to
some extend by greater cash flows between LEASCO and GG after
LEASCO pays off its USD10 million of senior secured debt with
proceeds from the new debt issuance at TEBSA.

Although GA does not control GG, the company does benefit from a
shareholders' agreement that allows the company to appoint two of
the five members of GG's board of directors.  GA's debt covenants
mandate the company to vote against allowing GG to enter into any
indebtedness if proceeds from such borrowing are not associated
with increases in capacity or the refinancing of existing debt.
Should the intermediate holding company, GG, issue any debt, it
will further increase GA's structural subordination to its cash
flow, therefore having a negative impact on GA's credit quality.

TEBSA's cash flow is considered stable and predictable, reflecting
a well-structured power purchase agreement (PPA) between TEBSA and
state-owned utility GECELCA (Fitch National Scale Rating of
'AA(col)'; Stable Outlook).  The PPA payments are estimated to
amount to approximately USD50 million per year through 2016.
TEBSA, in turn, uses the proceeds from the PPA to cover fixed
costs of about USD12 million per year and to service its lease
agreement with LEASECO and maintenance agreement with GPUI
Colombia S.A.S.  As a result of this structure and while the PPA
continues, credit quality of GA and GECELCA are essentially

TEBSA's standalone credit quality is supported by its competitive
position as the largest thermoelectric generation plant in
Colombia, with 21% of thermoelectric installed capacity and 9.2%
of the total power generating capacity.  Its credit quality also
benefits from its relationship with its off-taker, GECELCA.
TEBSA's 918 megawatts (MW) of installed thermoelectric capacity is
primarily located on Colombia's Atlantic Coast.  TEBSA receives
its fuel needs from GECELCA under terms also outlined in the PPA,
which mitigates the company's exposure to fuel cost risk and adds
to cash flow stability and predictability.

As of Sept. 2012, TEBSA standalone reported EBIT of USD1.3 million
and a total subordinated debt of USD61.5 million.  The weak EBIT
of TEBSA reflects both the onerous lease payments to LEASECO which
are accounted as operating cost and the declining PPA payments
from GECELCA, which have bottomed at USD50 million in accordance
with the preset capacity payment schedule.

Adequate debt service coverage: GA's credit protection metrics are
considered adequate for the assigned rating and are expected to
remain relatively stable going forward as a result of LEASECO's
stable cash flow generation.  GA's cash flow generation is
expected to range between USD1.8 million and USD4 million per year
over the next five years, which compares favorably with its debt
service, composed entirely of interest expense, of USD1.4 million.
Fitch expects GA's interest coverage to average approximately 1.8x
going forward, down from its initial expectation of approximately
2.1x as a result of the debt increase at TEBSA.  This metric is
still considered adequate for the rating category.

Rating Drivers

Key consideration for a negative action would be a significant
increase of TEBSA's senior debt, which reduces cash flows aimed at
Golden America.  In the scenario where interest coverage levels
fall further, to 1x, Fitch could consider a downgrade.  Key
consideration for a positive rating action would be an upgrade in
TEBSA, as well as a sustained increase in GA's incomes and
dividends received, reaching debt coverage metrics of up 3.0x
would positively affect the company's ratings.


ARENDAL SA: S&P Gives 'B' Global Scale Corporate Credit Rating
Standard & Poor's Ratings Services assigned its 'B' global scale
corporate credit rating on Arendal S. de R.L. de C.V. The outlook
is stable.

The 'B' rating on Arendal reflects S&P's assessment of its
"vulnerable" business risk profile, "aggressive" financial risk
profile, and "adequate" liquidity.

"Our assessment of Arendal's 'vulnerable' business risk profile
incorporates the company's relatively short backlog (accounting
for less than one year of revenues), its narrow business focus
(i.e. pipelines and plants), geographic concentration, and its
heavy dependence on public projects, particularly those associated
with Petroleos Mexicanos (BBB/Stable/--) and Comision Federal De
Electricidad (CFE; BBB/Stable/--). The company's business risk
profile also reflects the inherent cyclicality, high competition,
and capital intensive nature of the construction industry. The
rating also reflects Arendal's small scale relative to its peers.
The positive ratings factors are the company's good position and
track record in its core business segments, (i.e. pipelines and
plants), proven technical capacity, and expertise to carry out
medium-size and specialized projects," S&P said.

WINDERMERE X: S&P Cuts Ratings on Two Note Classes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
ratings on Windermere X CMBS Ltd.'s class E and F notes. "Our
ratings on the class A, B, C, and D notes remain unaffected by the
rating actions," S&P said.

"Our ratings in Windermere X CMBS address timely payment of
interest and payment of principal not later than the legal final
maturity date in October 2019. The rating actions have not
resulted from a change in our opinion on the default probability
and likely recovery associated with the remaining pool of loans
backing the transaction," S&P said.

"On Sept. 26, 2012, we received a special notice stating that the
sale of the asset backing the Woolworth Boenen loan had completed
for EUR5.85 million compared with a remaining loan balance of
EUR46.4 million," S&P said.

"On the October 2012 interest payment date, the recovery proceeds
received under the Woolworth Boenen loan were applied in
accordance with the facility agreement first toward unpaid
interest and various expenses including swap breakage costs, sale-
related, and legal costs. As no recovery proceeds were allocated
to principal repayments, a loss of EUR46.5 million was allocated
to the class E and F notes. As a result, the class F notes have
been written-off entirely and the class E notes have experienced
partial losses. We have therefore lowered to 'D (sf)' our ratings
on these classes of notes," S&P said.

Windermere X CMBS is a 2007-vintage transaction backed by nine
remaining loans secured by commercial real estate properties in
Germany, France, the Netherlands, Italy, and Switzerland.


"On Nov. 7, 2012, we published our updated criteria for rating
European commercial mortgage-backed securities (CMBS). The
criteria update refines the approach to rating European CMBS
transactions, and provides a more transparent framework for
analyzing the commercial real estate assets and transaction
structures commonly associated with European CMBS. We expect that
the criteria update will have a moderate impact on outstanding
ratings on European CMBS, based on a sample of transactions we
tested. The impact on investment-grade ratings is likely to be
greater than that on speculative-grade ratings," S&P said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within six months of the effective date of the
criteria," S&P said.


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

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


Class              Rating
           To               From

Windermere X CMBS Ltd.
EUR1.497 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

E          D (sf)           CCC (sf)
F          D (sf)           CCC- (sf)

Ratings Unaffected

A          A+ (sf)
B          A+ (sf)
C          A- (sf)
D          BB+ (sf)


INTERCORP PERU: S&P Affirms 'BB-' Issuer Credit Rating
Standard & Poor's Ratings Services affirmed its 'BB-' issuer
credit rating on Intercorp Per£ Ltd. (Intercorp; previously known
as IFH Peru Ltd.). The outlook is stable. The rating affirmation
is part of S&P's regular annual review.

"The rating affirmation is primarily based on our expectation that
Intercorp will continue to receive sufficient dividends in the
next two to three years to cover its debt service, comprising
mainly of annual interest expense of about $22 million on its $250
million notes due 2019," S&P said.

"Our rating on Intercorp continues to reflect its portfolio
concentration in Banco Internacional del Peru--Interbank
(BBB/Stable/--), Intercorp's largest asset and main cash source,
its lack of liquid investments, and its inherently volatile cash
flow due to factors that affect its subsidiaries' net income and
their exposure to economic cycles and consumer spending.
Interbank's good credit quality and the company's majority stake
in all of its subsidiaries, which gives it control over their cash
and financial policies, partially offset these factors. We assess
the company's business risk profile as 'weak' and its financial
risk profile as 'significant,'" S&P said.

"The outlook is stable, reflecting our expectation that the
company's current capital and financial flexibility won't
significantly change over the next two years. It also incorporates
our expectation that projected dividends in the same period would
comfortably cover the company's operating and financial needs.
Rating upside is limited in the medium term and would most likely
depend on greater diversification of cash flows. We don't believe
that this will occur before 2014. We may lower the rating if
financial flexibility deteriorates, or if leverage significantly
increases either at Intercorp's level or at its subsidiaries. This
may be a consequence of more aggressive financial policies,
especially with regard to its investments and dividends, although
we do not consider this scenario probable," S&P said.

P U E R T O   R I C O

SWISS CHALET: Court Declines to Issue Final Decree Closing Case
Bankruptcy Judge Enrique S. Lamoutte denied the request of Swiss
Chalet, Inc., for final decree closing its case.  The Debtor said
payments had already been made pursuant to the confirmed Plan, and
that the Plan has been substantially consummated.  Judge Lamoutte,
however, held that pending adversary proceeding and other
contested matters in the case, as well as the imminence of
scheduled hearings, are not "minor ministerial functions", thus,
the estate has not yet been "fully administered".

Judge Lamoutte also deferred ruling on the claim for
administrative expenses filed by McP&G, Inc. d/b/a Terranova
Realty Group.  According to the judge, Terranova's claim, the
Debtor's Motion to Alter Opinion and Order and other related
motions are held in abeyance until the conclusion of an
evidentiary hearing scheduled for Feb. 4, 2013.

A copy of the Court's Nov. 27, 2012 Opinion and Order is available

                      About The Swiss Chalet

The Swiss Chalet Inc., developed the Gallery Plaza Condominium and
Atlantis Condominium in San Juan, Puerto Rico.  SCI also owns the
DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent to
the Gallery Plaza.  SCI filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants.  In its schedules, the Debtor disclosed
total assets of $115,580,977 and total debts of $138,603,384.  The
petition was signed by Arnold Benus, director.

The Debtor's Joint Amended Plan of Reorganization was confirmed on
Feb. 2, 2012.

T R I N I D A D  &  T O B A G O

CL FIN'L: Gov't Can't Afford Full CLICO Payout, QC Says
Keino Swamber at Trinidad Express reports that while admitting
that a legitimate expectation was created in CLICO policyholders
that their Executive Flexible Premium Annuities (EFPA) would be
repaid in full, Queen's Counsel Allan Newman said that the
government had good reason for not fulfilling that expectation

"The country simply could not afford it," the report quoted Mr.
Newman as saying.

Trinidad Express notes that Mr. Newman was addressing Justice Joan
Charles on the third and final day of the judicial review matter
in which the CLICO United Policyholders Group are challenging
government's plan to repay policyholders their money without
interest over a period of 20 years.

Mr. Newman, who, along with Senior Counsel Russell Martineau, is
representing the State, submitted that the test to be adopted by
the Court would be to determine if the actions of the government
amounted to an abuse of power, the report discloses.

Mr. Newman said when the previous administration announced,
following the collapse of CLICO in early 2009, that policyholders'
investments in CLICO would be safe and, if there was any deficit
in the company's statutory fund, that Government would make up the
deficit, the gravity of the situation was still not clear.

The report discloses that Mr. Newman said former finance minister
Winston Dookeran, after assuming office in 2010, was of the view
that a $5 billion injection into CLICO would have been sufficient
to avert a crisis but quickly realized that much more money was

Mr. Newman said government expenditure would have been cut and
citizens may have had to pay higher taxes if every policyholder
was paid the full value of their EFPA, the report relays.

                        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.

* TRINIDAD & TOBAGO: Construction Sector Slow to Recover
RJR News reports that Caribbean Cement Company Limited said it
could take a while before the construction sector recovers from
the effects of Hurricane Sandy.

The company said the disruption caused by the hurricane in terms
of its production and domestic as well as export sales will most
likely result in a slow recovery, according to RJR News.  The
report relates that it said regional markets, which were also
affected by hurricanes over the last quarter, have also been slow
to recover.

As result, Caribbean Cement is expecting that improved revenue
generation will be challenging in the medium term, RJR News notes.

The company said it will therefore concentrate on cost containment
while promoting the Carib Cement brand, the report adds.


* Large Companies With Insolvent Balance Sheets

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


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


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


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


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.

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