TCRLA_Public/121205.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

           Wednesday, December 5, 2012, Vol. 13, No. 242


                            Headlines



A R G E N T I N A

* ARGENTINA: Default Swap Traders Lose 81% as Risk Recedes


B R A Z I L

CAMIL ALIMENTOS: S&P Raises Global Scale Rating to 'BB'
SUL AMERICA SA: S&P Raises Issuer Credit Rating to 'BB+'
ULTRAPETROL LTD: S&P Puts 'B-' ICR on Watch on Capital Injection


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Shareholder Receives Wind-Up Report
BERXANDER INTERNATIONAL: Shareholder Receives Wind-Up Report
CAIRN REAL: Shareholder Receives Wind-Up Report
CSOF II FUND: Shareholder Receives Wind-Up Report
EURUS II: Shareholder Receives Wind-Up Report

FAIRWAYS LIMITED: Shareholder Receives Wind-Up Report
GLOBAL MDA: Shareholders Receive Wind-Up Report
GOLDEN SKY: Shareholder Receives Wind-Up Report
GREENWICH HARBOUR: Members Receive Wind-Up Report
GSP WORLDWIDE: Shareholder Receives Wind-Up Report


M E X I C O

FINANCIERA INDEPENDENCIA: S&P Cuts Rating on $200MM Notes to 'B+'
SERVICIOS CORPORATIVOS: Moody's Puts 'B1' Rating Under Review


P A R A G U A Y

SCOTIABANK PERU: Moody's Says Outlook on D+ BFSR Remains Stable


P U E R T O   R I C O

BANCO SANTANDER: S&P Cuts Rating on Preferred Stock to 'BB'
DOE RUN PERU: La Oroya Smelter to Restart Production by Nov. 28
PABELLON DE LA VICTORIA: Hiring Justiniano as Counsel
PABELLON DE LA VICTORIA: Sec. 341 Meeting Continued to Dec. 10
PABELLON DE LA VICTORIA: Claims Bar Date Set for Feb. 17


S U R I N A M E

* SURINAME: Carries Out Expenditure Reform With $20MM IDB Loan


                            - - - - -


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


* ARGENTINA: Default Swap Traders Lose 81% as Risk Recedes
----------------------------------------------------------
Katia Porzecanski & Camila Russo at Bloomberg News report that
traders who bought three-month protection against an Argentine
default lost 81% of their money in the two days after a U.S. court
delayed a ruling that could have blocked payments to bondholders.

SW Asset Management LLC said the cost to insure $10 million of
Argentine debt against non-payment through March has plunged to
$651,389 from $3.5 million on Nov. 28, Bloomberg News cites.

Bloomberg News notes that the selloff came after a U.S. federal
appeals court stayed District Judge Thomas Griesa's decision that
would have forced the country to pay so-called holdout creditors
from its $95 billion default in 2001 before holders of its
restructured bonds.

Bloomberg News notes that speculation that Argentina would opt to
default for a second time in 11 years rather than settle with the
holdouts caused the nation's bonds to tumble by the most in
emerging markets last month.  The report relates that while
President Cristina Fernandez de Kirchner said her country will pay
its performing debt, she has vowed never to give in to the demands
of investors including billionaire Paul Singer she has dubbed
"vultures."

Argentina is still more likely to renege on payments than any
country in the world, according to the credit-default swaps
trading, Bloomberg News relays.

"People that bought protection due to the unnecessary volatility
and extremely aggressive stance by Griesa's mandate suffered
significant losses based on the second court's move . . . .  The
three-month collapsed," Ray Zucaro, who helps manage about
$240 million of emerging- market debt at SW Asset, told Bloomberg
News in a telephone interview from Miami.

Bloomberg News relays that the court's decision to stay the
judge's orders and set a Feb. 27 hearing for the government's
appeal ensures investors will be paid this month, according to
Zucaro.

Argentina was scheduled to make a $42 million interest payment on
Dec. 4, 2012, on bonds due in 2017.  Bloomberg News relates that
Argentina will also pay about $3 billion on securities linked to
economic growth on Dec. 15 and has a $600 million interest payment
due for holders of bonds maturing in 2033.

Bloomberg News discloses that the upfront price of one-year
protection with credit- default swaps rose to a record 51
percentage points on Nov. 26, according to data provider CMA,
which is owned by McGraw-Hill Cos. and compiles prices quoted by
dealers in the privately negotiated market.

Contracts tied to Argentine bonds were the seventh-most actively
traded sovereign swaps in the week ended Nov. 23, according to the
latest data from the Depository Trust & Clearing Corp., which runs
a central credit-swaps repository, Bloomberg News notes.

Investors bought 127 contracts, about seven times the average
amount among single-name contracts traded that week, with a gross
notional value of $595.7 million, according to the DTCC, Bloomberg
News relays.

Bloomberg News adds that banks, hedge funds and other
institutional investors had bought or sold a net $1.68 billion of
default protection for Argentine debt as of Nov. 23, according to
DTCC.  That compares with $17.2 billion for Brazil and
$2.01 billion for Venezuela, Bloomberg News says.



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


CAMIL ALIMENTOS: S&P Raises Global Scale Rating to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale rating
on Camil Alimentos S.A. to 'BB' from 'BB-' and its Brazilian
national scale rating to 'brAA-' from 'brA+'. The outlook on the
ratings is stable.

"The upgrade reflects our opinion that Camil's has been able to
continuously improve its 'fair' business risk profile through the
acquisitions of strong branded food producers in Brazil and in
other Latin American countries. Although the company still hasn't
achieved our targeted ratios for the upgrade, such as a debt to
EBITDA close to 3.5x and funds from operations (FFO) to debt of
about 20%, we expect it to achieve those ratios in the next 12-18
months. It has increased its diversification into products that
have strong brands and leading positions in all markets Camil
operates. EBITDA contribution is currently stronger from its rice
operations, though we estimate Camil will streamline canned fish
and the somewhat lower margins in its sugar operations," S&P said.


SUL AMERICA SA: S&P Raises Issuer Credit Rating to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit rating
on Sul America Companhia Nacional de Seguros S.A. (SulAmerica) to
'BBB' from 'BBB-'. Standard & Poor's also said that it raised its
issuer credit rating on Sul America S.A. (SASA; the holding
company) to 'BB+' from 'BB' and its national scale rating on SASA
to 'brAA+' from 'brAA'. The outlook is stable.

"The rating action on SulAmerica is based on the company's good
operating performance despite strong competition in its existing
markets," said Standard & Poor's credit analyst Suzane Iamamoto.
"The company has maintained its written premium level after losing
a large customer and sustained good results despite the pressures
on its health business' loss ratio due to readjustments prices set
by the ANS (Brazil's National Health Insurance Agency). SulAmerica
and SASA's combined ratio has also remained at 101% levels due to
the good management of loss ratio, especially in the group's auto
insurance business."

"The ratings on both companies reflect the combined operations of
SulAmerica's multiline insurance business. The rating on
SulAmerica reflects the company's well-established competitive
position in local insurance markets, which result in resilient
market shares. We believe that the group has maintained a prudent
financial policy and good liquidity. The group's capitalization is
also good for the rating level, in our view, since it receives
further support from its conservative investment policy. The
upgrade is consistent with the group's longer and more consistent
track record of good operating margins in Brazil's health and auto
insurance businesses. However, the stiff competition in the
insurance industry, especially in the health segment, partially
offsets these strengths. In addition, since ANS regulates health
product prices, profitability could be pressured if insurance
companies are not able price their products to reflect increased
risks," S&P said.

SulAmerica is a multiline insurer and the largest independent
insurance company in the Federative Republic of Brazil (foreign
currency rating BBB/Stable/A-2, local currency rating A-/Stable/A-
2), holding a good competitive position in terms of gross written
premium (GWP). The health and auto insurance segments represent
90% of the group's total premiums, and osition it among Brazil's
five largest insurers in both segments.

"The stable outlook is based on our expectation that SulAmerica
will maintain its good competitive position," said Ms. Iamamoto.
"We expect the company's loss ratio to gradually improve as a
result of higher profitability, particularly in its health and
auto insurance businesses. We also expect SulAmerica's
consolidated ROR and return on assets to be about 6%-8% in 2012
and 2013, with a consolidated combined ratio of less than 101% in
2012 and 2013. We estimate that the company's GWP to increase
about 10%-15% in 2012 and 2013, mostly fueled by growth in the
health and auto insurance segments, without any major change in
product mix."

"We could lower the rating if SulAmerica's capital levels
deteriorate to below the 'BBB' range, according our risk-based
capital model, if the consolidated combined ratio increases to
more than 101%, or if SulAmerica's competitive positions in its
core health and auto insurance businesses deteriorate due to
a substantially lower market share," S&P said.


ULTRAPETROL LTD: S&P Puts 'B-' ICR on Watch on Capital Injection
----------------------------------------------------------------
Standard & Poor's Rating Services placed its 'B-' issuer credit
rating on South American shipping company Ultrapetrol (Bahamas)
Ltd. on CreditWatch with developing implications.

"Our rating on Ultrapetrol reflects the company's 'weak' (as our
criteria define the term) business risk profile and 'highly
leveraged' financial risk profile. Ultrapetrol's business risk
profile reflects its river-based business' exposure to climate
conditions, which may affect the amount of cargo transported
(mainly soybeans) and the navigability of the upper side of the
river system. The company is also highly leveraged--more so in
2012 because of weak cash flows due to climate conditions.
Partially offsetting these factors is the increased revenues from
the company's offshore services business, which present more
stable cash flows due to the long-term contracts with Petroleo
Brasileiro S.A. - Petrobras (BBB/Stable/--), despite the required
significant capital expenditures," S&P said.

"Ultrapetrol announced on Nov. 13, 2012, that it has reached an
agreement with an investment vehicle that is ultimately managed by
private equity fund Southern Cross Group (not rated). Under the
deal, Ultrapetrol will issue additional 110 million shares, for
which Southern Cross would pay $2 per share, effectively injecting
$220 million into Ultrapetrol. The agreement is subject to certain
closing conditions, including but not limited to a waiver by
holders of certain repurchase rights related to Ultrapetrol's
convertible senior notes due 2017," S&P said.

"Although we view the transaction, if closed, as positive for
Ultrapetrol's financial profile, we also believe that the positive
implications to the rating depend on the effective improvement of
the company's liquidity and overall capital structure and the
agreement's impact on the company's several stakeholders,
including the existing noteholders," said Standard & Poor's
credit analyst Marcus Fernandes. "We will closely monitor those
factors as the negotiations unfold."

"We expect to resolve the CreditWatch listing when the
uncertainties surrounding the announced agreement with Southern
Cross have been dissipated and as we obtain more clarity on the
impact the deal will have on Ultrapetrol's stakeholders.
Considering the information available so far, we could affirm or
raise the rating (possibly by one notch) if the transaction closes
successfully, depending on the magnitude of liquidity and capital
structure improvement due to the capital injection, assuming no
negative impact to existing debtholders. We could lower the rating
by one notch if the agreement does not go through because
Ultrapetrol's financial position would continue to weaken, in our
view. We will closely monitor any possible changes to the existing
proposal as the negotiations with the stakeholders unfold," S&P
said.



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


ANTHRACITE BALANCED: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Nov. 21, 2012, the shareholder of Anthracite Balanced Company
(R-25) Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BERXANDER INTERNATIONAL: Shareholder Receives Wind-Up Report
------------------------------------------------------------
On Nov. 23, 2012, the sole shareholder of Berxander International
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


CAIRN REAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Nov. 29, 2012, the shareholder of Cairn Real Estate Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


CSOF II FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Nov. 20, 2012, the sole shareholder of CSOF II Fund (Cayman),
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Colin Berryman
         Telephone: (345) 815-1896
         Facsimile: (345) 949-9877


EURUS II: Shareholder Receives Wind-Up Report
---------------------------------------------
On Nov. 20, 2012, the shareholder of Eurus II Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322, Grand Cayman, KY1-1209
         Cayman Islands
         Telephone: (345) 814-6712


FAIRWAYS LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Nov. 23, 2012, the sole shareholder of Fairways Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


GLOBAL MDA: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Nov. 21, 2012, the shareholders of Global MDA, SPC received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Steven Lencke
         870 Commercial Lane
         Palmer Lake, Colorado 80133
         USA


GOLDEN SKY: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Nov. 15, 2012, the sole shareholder of Golden Sky Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Matasuke Egashira
         c/o EOS Accountants LLP
         500 Ala Moana Blvd. # 7-421
         Honolulu, Hawaii 96813


GREENWICH HARBOUR: Members Receive Wind-Up Report
-------------------------------------------------
On Nov. 19, 2012, the members of Greenwich Harbour MAC 52 Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GSP WORLDWIDE: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Nov. 23, 2012, the sole shareholder of GSP Worldwide, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Samantha McAnulty
         6 North Street, Goshen
         Connecticut  06756, USA
         Telephone: 1860 491 32188
         Facsimile: 1 860 491 9460
         11 Dr. Roy's Drive George Town
         Grand Cayman
         Cayman Islands KY1-1107
         Telephone: 1 345 949 8600
         Facsimile: 1 345 949 0626



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


FINANCIERA INDEPENDENCIA: S&P Cuts Rating on $200MM Notes to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty credit
ratings to 'B+' from 'BB-' on global scale and to 'mxBBB/mxA-3'
from 'mxA-/mxA-2' on national scale on Financiera Independencia
S.A.B. de C.V.  SOFOM E.N.R. (Findep). "At the same time, we
lowered our rating on Findep's $200 million senior unsecured notes
to 'B+' from 'BB-'. The outlook is stable," S&P said.

"The downgrade follows the deterioration of Findep's financial
performance, which is no longer consistent with a 'BB-' rating. A
more competitive environment, which resulted in higher
indebtedness for Findep's target clients, and the reliance on
external agents for collections management increased charge-offs
and the default probability of its loan portfolio since late 2011.
As Findep has been cleaning-up its loan portfolio, loan loss
provisions (LLPs) have risen in recent months, hurting its
profitability metrics. New loan originations have slowed down in
2012 due to stricter underwriting standards, and the company has
enhanced its collection strategies. These measures could gradually
strengthen Findep's internal capital generation in the long term,
but we don't expect its historical profitability ratios to
return," S&P said.


SERVICIOS CORPORATIVOS: Moody's Puts 'B1' Rating Under Review
-------------------------------------------------------------
Moody's Investors Service placed the senior unsecured debt rating
of Servicios Corporativos Javer, S.A.P.I. de C.V. ("Javer") under
review direction uncertain.

Ratings Rationale

This rating action is a result of Javer's announcement that it has
signed a definitive agreement to acquire most of the low-income
housing developments of ViveICA, S.A. de C.V. ("ViveICA") from
Empresas ICA S.A.B. de C.V. via an equity distribution and the
assumption of $600 million Mx pesos of debt. Post acquisition,
Javer would become the third largest homebuilder in the country
and, more importantly, will gain more geographic diversification
by increasing its presence in Central and Southern Mexico and
reducing its reliance in Nuevo Leon, a market that has struggled
in the past two years. In addition, this transaction provides
market segment diversification, as the ViveICA portfolio is mostly
low-income housing units with mortgage financing from INFONAVIT
and FOVISSSTE.

However, on standalone basis Javer continues to struggle with
meeting its sales volume and EBITDA targets, which has placed
negative pressure on margins. The company has faced several
challenges over the past two years with slower sales volumes, much
of which can be attributed to the company's concentrated
geographic exposure to North Eastern Mexico. Certain cities within
this region have faced drug-related violence which has negatively
affected employment due to an exodus of companies to safer areas
in Mexico, thus translating to slower homes sales pace. In
addition, the North East has not benefited much from subsidy
allocation as has other areas of the country, placing further
strain on sales. However, should the transaction with ViveICA
close Javer will have 46 developments in 11 states nationwide, 20
of them from ViveICA. Furthermore, post acquisition the company's
leverage metrics and interest coverage would remain flat to
slightly positive.

In its review Moody's will continue to monitor the progress and
consummation of the proposed ViveICA acquisition, as well as the
final capital structure and the resulting corporate and legal
structure. Moody's expects to conclude its analysis in late 1Q13
after the expected closing of the transaction.

Moody's stated that should the transaction close as expected it
will most likely confirm Javer's rating with a stable outlook.
Upward rating movement is unlikely in the intermediate term until
the entity has successfully completed the integration of the
portfolio and established a new track record. Should the
transaction not close, Javer's rating will be negatively pressured
as the company's operating metrics, particularly debt/EBITDA and
fixed charge coverage continue to deteriorate as a result of
weaker than expected earnings. The company continues to be
challenged in meeting its earnings and sales volume guidance for
2012 as a result of fewer than anticipated subsidies for vertical
housing in its target markets. Moody's anticipates that a downward
rating action will range from a change in outlook to negative to a
one notch downgrade.

The following rating was placed under review direction uncertain:

  Servicios Corporativos Javer, S.A.P.I. de C.V. -- Senior
  Unsecured Debt Rating at B1

The last rating action with respect to Javer was on November 30,
2011 when Moody's downgraded the senior unsecured debt rating of
Javer to B1, from Ba3. The rating outlook was revised to stable
from negative.

The principal methodology used in this rating was Moody's Rating
Methodology for the Global Homebuilding Industry published in
March 2009.

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately US$6,734 million Mx pesos and
equity of approximately US$1,470 million Mx pesos at September 30,
2012.



===============
P A R A G U A Y
===============


SCOTIABANK PERU: Moody's Says Outlook on D+ BFSR Remains Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 foreign currency
subordinated debt rating to up to US$400 million of US dollar-
denominated notes due in 2027 to be issued by Scotiabank Peru
S.A.A. The notes are expected to be eligible for Tier II
regulatory capital treatment under Peruvian banking regulations
and will be governed by the laws of the State of New York.

The Baa2 subordinated debt rating is on review for possible
downgrade in line with the review for downgrade on the bank's Baa1
long term local currency deposit rating, following a similar
action on the standalone ratings of its 97.7% parent, The Bank of
Nova Scotia (BNS). Please refer to "Moody's places Scotiabank
Peru's Baa1 local currency deposit rating on review for
downgrade," dated October 29, 2012.

The outlook on all other ratings assigned to Scotiabank Peru,
including the D+ bank financial strength rating, Prime-2 short
term deposit ratings and Baa2 long term foreign currency deposit
rating, remains stable.

The following rating has been assigned to Scotiabank Peru:

Foreign currency subordinated debt rating: Baa2, on review for
possible downgrade

Ratings Rationale

The Baa2 foreign currency subordinated debt rating is assigned at
one notch below Scotiabank Peru's Baa1 local currency deposit
rating, and takes into account the standard notching for
subordination, in line with "Moody's Guidelines for Rating Bank
Hybrid Securities and Subordinated Debt," published in November
2009. The deposit rating is based on the bank's baa3 standalone
baseline credit assessment (BCA) and derives two notches of uplift
as a result of Moody's assumption of a high probability of
parental support from BNS, based on the latter's standalone BCA of
aa3.

Moody's also noted that the review for downgrade on the new
subordinated debt rating is only due to the review on the parent's
ratings. Because the rating only benefits from parental support
and is already anchored on the bank's adjusted BCA, it would not
be subject to further review or rating action as a result of
Moody's ongoing global reassessment of systemic support in bank
subordinated debt ratings. Please refer to "Moody's reviews the
subordinated debt ratings of certain Latin American bank issuers
for downgrade," dated November 27, 2012.

The last rating action on Scotiabank Peru was on October 29, 2012,
when Moody's placed the Baa1 long-term local currency deposit
rating on review for downgrade, following the same action on the
standalone ratings of BNS. As a result of the review on the local
currency rating, Moody's also changed the outlook on the bank's
Baa2 foreign currency deposit rating to stable from positive.

The principal methodology used in rating Scotiabank Peru was
Moody's Consolidated Global Bank Rating Methodology published in
June 2012.

Based in Lima, Scotiabank Peru reported consolidated assets of
US$13 billion (PEN33.7 billion), loans of US$8.6 billion and
shareholders' equity of US$1.7 billion as of Sept. 30, 2012.



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


BANCO SANTANDER: S&P Cuts Rating on Preferred Stock to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on two
subsidiaries of Santander BanCorp. "We lowered the long- and
short-term issuer credit ratings on Banco Santander Puerto Rico to
'BBB-/A-3' from 'BBB/A-2'. The outlook is negative. We also
lowered the preferred issue rating on Santander PR Capital Trust I
to 'BB' from 'BB+'. Due to an error, these ratings were not
lowered contemporaneously with the Oct. 16, 2012, lowering of our
issuer credit ratings on Santander BanCorp," S&P said.

RATINGS LIST

Ratings Corrected
                               To                    From
Banco Santander Puerto Rico
Issuer Credit Rating          BBB-/Negative/A-3     BBB/Stable/A-
2
Preferred Stock               BB                    BB+

Santander PR Capital Trust I
Preferred Stock               BB                    BB+


DOE RUN PERU: La Oroya Smelter to Restart Production by Nov. 28
---------------------------------------------------------------
Alex Emery at Bloomberg News reports that Peru's bankrupt La Oroya
zinc smelter, which will be put up for sale by UBS AG next year,
will restart lead production Nov. 28.

The former Renco Group Inc. unit, which restarted zinc operations
in July after three years, will take 15-20 days to reach full lead
production, said Rocio Chavez, representative for Right Business,
which operates La Oroya, according to Bloomberg News.  The report
relates that Ms. Chavez said that testing began at the lead
division.

". . . . we're starting up the machinery and will start processing
ore . . . .  We've had a lot of problems, but we keep working,"
Ms. Chavez told Bloomberg News in a telephone interview from Lima.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Bloomberg News related that Doe Run Peru Vice
President Jose Mogrovejo said creditors unanimously rejected a
debt restructuring plan and will seek the liquidation of its
closed zinc smelter in La Oroya.  The creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said the creditors had a 30-day "window" to
take a final decision.  Carlos Galvez, chief financial officer at
precious metals miner Buenaventura, said the plan was rejected
because creditors found that it lacked clear financing commitments
from parent company Renco Group Inc. and a timetable for a
$160 million environmental clean-up, Bloomberg News stated.
Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica related that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


PABELLON DE LA VICTORIA: Hiring Justiniano as Counsel
-----------------------------------------------------
Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.
seeks Bankruptcy Court authority to employ Gloria M. Justiniano
Irizarry, Esq., from Justiniano's Law Office as Chapter 11
counsel.

The Debtor said it requires the assistance of counsel to perform
property its duties as debtor-in-possession.  The firm will assist
in, among others, the preparation of the disclosure statement
andplan of reorganization, and prosecution of claims and causes of
action.

The firm has agreed with the Debtor to be paid on an hourly rate
of $200 plus $125 for associates and $50 for paralegal, and
reimbursement of expenses incurred.  The firm has received a
$5,800 retainer from the Debtor.

The firm attests it is a "disinterested person" as defined in
11 U.S.C. Sec. 101(14).

                   About Pabellon De La Victoria

Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in
Ponce, Puerto Rico, on Oct. 16, 2012.  Bankruptcy Judge Edward A.
Godoy oversees the case.  Gloria M. Justiniano Irizarry, Esq., at
Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as
counsel.  The Debtor estimated assets and debts of $10 million to
$50 million.  Banco Popular De Puerto Rico has $14 million in
unsecured claims.  The petition was signed by Evelyn Dominguez
Ramos, president.


PABELLON DE LA VICTORIA: Sec. 341 Meeting Continued to Dec. 10
--------------------------------------------------------------
The meeting of creditors under 11 U.S.C. Sec. 341(a) in the
Chapter 11 case of Pabellon De La Victoria Movimiento Iglesias De
Fe (MI FE) Inc., has been continued to Dec. 10, 2012, at 9:00 a.m.
at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First
Floor, in San Juan.  The U.S. Trustee first conducted the meeting
of creditors on Nov. 19.

                    About Pabellon De La Victoria

Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in
Ponce, Puerto Rico, on Oct. 16, 2012.  Bankruptcy Judge Edward A.
Godoy oversees the case.  Gloria M. Justiniano Irizarry, Esq., at
Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as
counsel.  The Debtor estimated assets and debts of $10 million to
$50 million.  Banco Popular De Puerto Rico has $14 million in
unsecured claims.  The petition was signed by Evelyn Dominguez
Ramos, president.


PABELLON DE LA VICTORIA: Claims Bar Date Set for Feb. 17
--------------------------------------------------------
Creditors are required to file proofs of claim in the Chapter 11
case of Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE)
Inc. by Feb. 17, 2013.  Governmental entities have until April 20,
2013, to file proofs of claim.

                   About Pabellon De La Victoria

Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in
Ponce, Puerto Rico, on Oct. 16, 2012.  Bankruptcy Judge Edward A.
Godoy oversees the case.  Gloria M. Justiniano Irizarry, Esq., at
Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as
counsel.  The Debtor estimated assets and debts of $10 million to
$50 million.  Banco Popular De Puerto Rico has $14 million in
unsecured claims.  The petition was signed by Evelyn Dominguez
Ramos, president.



===============
S U R I N A M E
===============


* SURINAME: Carries Out Expenditure Reform With $20MM IDB Loan
--------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $20 million
policy-based loan for Suriname to support public expenditure
management reforms that aim to diversify the country's economic
base, raise growth potential and alleviate poverty.  To achieve
these goals effective planning, managing, executing and monitoring
of public resources are needed to create the infrastructure for a
modern, inclusive and competitive economy.

This program is expected to improve the quality, efficiency and
effectiveness of public expenditure management systems such as
public investment, public procurement, public financial management
and audit and control.

In the area of public investment, the program aims to improve the
growth contribution of capital spending in line with policy goals,
while maintaining fiscal and debt sustainability.  This will
include a stronger regulatory framework, modern tools for the
public investment cycle, and training of public investment
officials.

In public procurement, the program will generate greater value for
money, quality of spending, competition and transparency in the
procurement cycle.  This will include the introduction of modern
tools and practices, including a functional procurement portal.

This is the second in a series of programmatic policy-based loans
the IDB has approved for Suriname's public expenditure reform.
The first was approved on December 2011.

The IDB loan amortization is for a 20-year term, with a 5,5-year
grace period, at a variable interest rate based on LIBOR.


                            ***********


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


                            ***********


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 * * *