TCRLA_Public/121211.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 11, 2012, Vol. 13, No. 246


                            Headlines



A R G E N T I N A

BANCO FIE: Moody's Assigns 'B1' Subordinated Debt Rating
YPF SA: Will Pay $10 Million Cash to BG Group
* ARGENTINA: Holders of Euro-Denominated Bonds Ask to Join Appeal


B R A Z I L

CENTRAIS ELETRICAS: Fitch Cuts Rating on 2 Senior Notes to 'BB'
JSL SA: Fitch Hikes Issuer Default Rating to 'BB'; Outlook Stable


B O G O T A

BANCO DE BOGOTA: Fitch Affirms 'BB+' Support Rating Floor


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Dec. 5
APT SATELLITE: Commences Liquidation Proceedings
APT SATELLITE LINK: Commences Liquidation Proceedings
BLACK FLAMINGO: Placed Under Voluntary Wind-Up
CHAM X LIMITED: Placed Under Voluntary Wind-Up

EXELION GLOBAL: Creditors' Proofs of Debt Due Dec. 5
FORUM GROUP II: Placed Under Voluntary Wind-Up


E L  S A V L A D O R

* EL SALVADOR: Fitch Rates 2025 Global Bonds 'BB'


M E X I C O

CEMEX SAB: S&P Puts 'B-' Global CCR on Watch on Liquidity


P U E R T O   R I C O

GULFCOAST IRREVOCABLE: Court Says Puerto Rico Improper Case Venue
GULFCOAST IRREVOCABLE: Court Defers Ruling on FDIC's Bid
MICHAEL JOSEPH SCARFIA: Puerto Rico Court Dismisses Case
MSJ LAS CROABAS: FDIC Wins SARE Declaration
SABANA DEL PALMAR: FDIC Wins SARE Declaration


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO FIE: Moody's Assigns 'B1' Subordinated Debt Rating
--------------------------------------------------------
Moody's Investors Service assigned a B1 global local-currency
subordinated debt rating to Banco Fie S.A.'s expected subordinated
issuance of Bs70 million. At the same time, Moody's Latin America
assigned a Aa2.bo National Scale debt rating to this issuance.
These ratings are currently on review for a possible downgrade.

The following ratings were assigned to Banco Fie'sBs 70 million
subordinated issuance:

  Global Foreign-Currency Debt Rating: B1, under review for a
  possible downgrade

  Bolivia National Scale Local currency Debt Rating: Aa2.bo, under
  review for a possible downgrade

Ratings Rationale

Moody's noted that subordination was taken into consideration in
the assignment of the debt rating. Subordinated debt is usually
rated one notch below the global local currency senior rating.
Additionally, the review for possible downgrade placed on these
ratings, reflects Moody's opinion that the global trend towards
imposing losses on junior creditors in the context of future bank
resolutions may reduce the predictability of such support being
provided to holders of subordinated debt, as junior obligations
are expected to absorb losses on behalf of senior creditors and
depositors.

Banco Fie is headquartered in La Paz, Bolivia, and it has Bs.6.1
billion in total assets and Bs.4.1 billion in total deposits, as
of September 30, 2012.


YPF SA: Will Pay $10 Million Cash to BG Group
---------------------------------------------
Pablo Gonzalez at Bloomberg News reports that unnamed source said
YPF SA will pay $10 million in cash to BG Group Plc and will
assume $320 million in debt to acquire a majority stake in
Metrogas SA.

YPF will pay a $3 million installment on Dec. 20, said the source,
according to Bloomberg News.

Bloomberg News relates the source said that the rest will be paid
in May, at which time local regulatory approval is required.

Bloomberg News says that YPF is using its first right of refusal
to buy BG Group's 54.06% stake in holding company Gas Argentino
SA, raising to 70% its ownership in Metrogas.

Bloomberg News notes that Metrogas, which filed for bankruptcy
protection in 2010, received court approval Sept. 12 for a debt
restructuring plan.

Bloomberg News recalls that YPF SA, seized by the Argentine
government in April, has cured regulatory approval to get a waiver
allowing the producer to take over the gas distributor.

Meanwhile, Bloomberg News notes that BG Group will continue
seeking compensation for Metrogas in U.S. courts, the source said.

Argentina in January won a U.S. appeals court decision that
overturned a $185 million award to BG, which had claimed the
nation's freeze on gas prices prompted Metrogas to default on its
debt in 2004, Bloomberg News says.

BG will appeal the ruling, said the source, Bloomberg News relays.

Bloomberg News notes that Metrogas SA is expected to get
regulatory approval to proceed with the exchange of defaulted
bonds for new bonds in accordance with its $250 million debt
restructuring, the source said.

The plan, backed by creditors holding about 90% of Metrogas' debt,
received authorization from federal Judge Cristina O'Reilly in
Buenos Aires in September, Bloomberg News discloses.

Bloomberg News relays that the source said the exchange will be
completed before the year ends.

In addition to assuming $250 million of debt from Metrogas, YPF
will also take over $70 million of Gas Argentino's debt for a
total of $320 million in debt, the report adds.


* ARGENTINA: Holders of Euro-Denominated Bonds Ask to Join Appeal
-----------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that holders of
Argentina's euro-denominated bonds asked a U.S. federal court in
New York to allow them to join an appeal of a Manhattan federal
judge's ruling in litigation over defaulted debt.



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


CENTRAIS ELETRICAS: Fitch Cuts Rating on 2 Senior Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has taken various rating actions on certain
Brazilian power companies to reflect the impact in the companies'
credit profile of their decisions regarding the Federal
Government's offer for an early renewal of some expiring
electricity concessions.  Fitch considered the results highly
negative for Centrais Eletricas Brasileiras S.A. (Eletrobras) and
neutral to negative for the other affected companies.

Fitch has downgraded Eletrobras' and Furnas Centrais Eletricas
S.A.'s (Furnas) foreign and local Issuer Default Ratings (IDRs) to
'BB' from 'BBB' and their national scale ratings to 'AA-(bra)'
from 'AAA(bra)'.  Fitch has also revised the companies' Outlooks
to Negative from Stable.  At the same time, revised Companhia
Energetica de Minas Gerais (Cemig) and subsidiaries' Outlook to
Negative from Stable and affirmed the ratings for Companhia
Paranaende de Energia (Copel) and Companhia de Transmissao de
Energia Eletrica Paulista S.A. (CTEEP).

The Brazilian government has offered monetary compensation to
companies with concessions expiring between 2015 and 2017 to renew
these concessions early in 2013 at tariffs that will generate
breakeven EBITDA.  The upfront payment is not enough for
Eletrobras to adjust its capital structure to a level that will
still be in line with the company's credit quality.  Eletrobras
has indicated it will not use the proceeds to repay debt.  Certain
other companies have indicated they will use the government
payment to repay debt and continue to have balanced capital
structures.

Eletrobras's Credit Metrics Highly Pressured

The downgrade reflects the highly negative impact on Eletrobras'
credit quality due to its decision to accept the early renewal of
all of its generation and transmission electric concessions that
expire between 2015 and 2017.  The Government, through its
Ministry of Mines and Energy (MME) offered approximately BRL14
billion to Eletrobras as an upfront payment to renew its
concessions for a period of 30 years beginning in January 2013,
with additional non-defined amounts, which will likely be paid
over the life of the concession period.

The new concessions would significantly lower revenues, which will
result in zero to negative EBITDA for Eletrobras.  The upfront
payment for concession renewal compares unfavorably with the
company's net adjusted debt of approximately BRL33.4 billion and
annual capital expenditures requirements of around BRL10 billion.
Eletrobras is expected to use these proceeds as well as part of
its balance sheet cash of BRL11.5 billion to fund capital
expenditures.

Fitch believes Eletrobras' proposed capital structure is
unsustainable, absent government support, based on the expected
use of concession renewal proceeds and the elimination in
operating cash flow.  Considering cost reductions and additional
concession renewal payments can lead to an EBITDA of up to BRL2
billion annually, leverage levels, as measured by total debt to
EBITDA will significantly increase to more than 15x, and
Eletrobras will begin to burn cash given the lack of operating
cash flow and high levels of investment.

The company will not face immediate liquidity constraints with its
very high cash balances and its favorable debt maturity schedule.
Nevertheless, Eletrobras' liquidity will become pressured over
time as the company spends their cash on the development of the
country's electricity infrastructure expansion efforts.  Possible
access to different government development agency funding could
support the company for a period of time.

Fitch has also weakened its ratings linkage between the Government
and Eletrobras given the Government's indication that it will not
support Eletrobras either through subsidies or equity
contributions.  While Fitch ultimately believes the Government
will be forced to support Eletrobras over the medium term, credit
default risks are higher given the government's lack of a clear
plan to support the company.  The Negative Outlook reflects the
possibility of further pressure on Eletrobras' credit quality
should financial support from the Federal Government not be
forthcoming over the medium term.

In the unlikely event the company changes its strategy to
significantly downsize its balance sheet through debt repayment,
improves operational cash flow generation and sharply cuts back on
its capex plan, the company could be sustainable on a standalone
basis.  Separately, more concrete plans by the government to
support Eletrobras within the new cash flow dynamics of the
company would likely strengthen the ratings linkage between the
government and the company, and could improve the overall credit
risk profile of the company.

Eletrobras' consolidated EBITDA, as measured by operating income
plus depreciation, for the last 12 months (LTM) ended Sept. 30,
2012 was BRL6.9 billion The rules established for the concessions
renewal will result in a significant reduction in Eletrobras'
consolidated net revenues, of about BRL8.7 billion, or
approximately 26% compared to the revenues reported in the LTM
ended Sept. 30, 2012.  During this period, net leverage was 4.9x.

CTEEP and ISA Capital: Credit Quality Remains Strong

Companhia de Transmissao de Energia Eletrica Paulista S.A.
(CTEEP)'s acceptance to renew its concession is neutral to its
credit profile, considering the expectation that company will use
its upfront payment compensation to repay significant amount of
debt.  The MME offered CTEEP approximately BRL2.9 billion as
upfront payment with additional non-defined amounts, which will
likely be paid over the life of the concession period, to renew in
2013 its concession expiring in 2015 and reduce revenues to a
breakeven level for the next 30 years.

The MME's upfront payment is greater than the company's stand-
alone debt of approximately BRL2.4 billion, which should be enough
for CTEEP to repay all its outstanding debt. The company could
also upstream enough dividends to its controlling shareholder, ISA
Capital do Brasil S.A. (ISA Capital), for this entity to repay its
financial debt outstanding, excluding preferred equity, of
approximately BRL64 million.  If company decides to use the
upfront payment to invest in projects and not repay debt, its
credit quality would deteriorate significantly.

CTEEP will depend on its current ongoing investments to generate
more positive cash flow in the future.  MME's proposal will lower
the company's revenues by approximately BRL1.6 billion to
approximately BRL1.3 billion from BRL2.9 billion, which would wipe
out the company's EBITDA of BRL1.5 billion as of the LTM ended
Sept. 30, 2012.

Copel: Low Leverage to Remain

The concession renew process does not materially pressure
Companhia Paranaense de Energia (Copel)'s credit profile.  The
company accepted the government's offer to renew the concessions
expiring between 2015 and 2017 related to transmission assets with
lower revenues, and refused the proposal for the generation
assets.

The company will receive approximately BRL894 million as an
upfront payment and estimates additional BRL180 million to be
received in installments.  As a result, EBITDA would decline by
approximately 10% to 15% after the company returns the concessions
on due date.  As of the LTM ended Sept. 30, 2012, Copel reported
an EBITDA of approximately BRL1.7 billion.

Fitch expects Copel's credit metrics to continue to be in line
with its assigned ratings.  As of September 2012, the company's
consolidated net leverage of approximately 0.8x was considered
strong for the rating category.  The company can use this proceeds
to pay a portion of its BRL2.7 billion of debt outstanding, pay
dividends or reinvest in new projects without significantly
impacting its ratings.

Cemig: Operational Cash Flow Generation Negatively Impacted

The result of the renewal process will moderately pressure
Companhia Energetica de Minas Gerais (Cemig)'s EBITDA and credit
metrics.  Cemig has accepted to renew the concessions expiring
between 2015 and 2017 related to transmission assets, with lower
tariffs, and refused the proposal for all generation assets.  The
government offered BRL285 million as an upfront payment for the
transmission assets, which compares unfavorably with the company's
total net debt of approximately BRL14.2 billion.  EBITDA could
decline by approximately 25% after the company returns all the
non-renewed assets on due date.

Cemig had already indicated to the government that it would not
participate in any early renewal offer of approximately 2,542 MW
of installed capacity coming from three hydroelectric plants.  The
company will let these concessions expire and is likely going to
litigate the renewal of these concessions at similar terms with
the government in court.

The Negative Outlook reflects that Cemig's future credit quality
will be subject to the company's ability to quickly increase
revenues and EBITDA from new projects, reduce costs and maintain
adequate liquidity from the potential sale of assets.  The
distribution company, Cemig Distribuicao S.A., will have its
tariff review on 2013, which can further pressure the group's
consolidated credit metrics.

Fitch can return the ratings to Stable Outlook in case the company
is able to manage its net leverage bellow 3.0x, which was 2.5x in
the LTM ended Sept. 30, 2012.  Positively, the company is
currently in the processes of selling some assets to Transmissora
Alianca de Energia Eletrica S.A. (Taesa) for approximately BRL1.8
billion and the company could receive approximately BRL2 billion
from the Minas Gerais Government in relation to CRC debt.

Fitch rates the various companies as follows:

Eletrobras

  -- Foreign Currency IDR downgraded to 'BB' from 'BBB';
  -- Local Currency IDR downgraded to 'BB' from 'BBB';
  -- National Scale rating downgraded to 'AA-(bra)' from
     'AAA(bra)';
  -- USD1 billion senior unsecured notes due 2019 downgraded to
     'BB' from 'BBB';
  -- USD1.75 billion senior unsecured notes due 2021 downgraded to
     'BB' from 'BBB'.

The Outlook for the corporate ratings was revised to Negative from
Stable.

Furnas

  -- Foreign Currency IDR downgraded to 'BB' from 'BBB';
  -- Local Currency IDR downgraded to 'BB' from 'BBB';
  -- National Scale rating downgraded to 'AA-(bra)' from
     'AAA(bra)'.

The Outlook for the ratings was revised to Negative from Stable.

Cemig

  -- National Scale rating affirmed at 'AA(bra)'.

The Outlook for the rating was revised to Negative from Stable.

Cemig Distribuicao S.A.

  -- National Scale rating affirmed at 'AA(bra)';
  -- BRL250.5 million 1st debenture issuance affirmed at
     'AA(bra)';
  -- BRL400 million 2nd debenture issuance affirmed at 'AA(bra)'.

The Outlook for the corporate rating was revised to Negative from
Stable.

Cemig Geracao e Transmissao S.A.

  -- National Scale rating affirmed at 'AA(bra)';
  -- BRL1.35 billion 3rd debenture issuance affirmed at 'AA(bra)'.

The Outlook for the corporate rating was revised to Negative from
Stable.

Copel

  -- National Scale rating affirmed at 'AA+(bra)'.

The Outlook for the rating remains Stable.

CTEEP

  -- National Scale rating affirmed at 'AA+(bra)' ;
  -- BRL548 million 1st debenture issuance affirmed at 'AA+(bra)'.

The Outlook for the corporate rating remains Stable.

ISA Capital

  -- Foreign Currency IDR affirmed at 'BB+';
  -- Local Currency IDR affirmed at 'BB+';
  -- National Scale rating affirmed at 'AA-(bra)';
  -- USD31.6 million outstanding senior secured notes due 2017
     affirmed at 'BBB-'.

The Outlook for the corporate ratings remains Stable.


JSL SA: Fitch Hikes Issuer Default Rating to 'BB'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded JSL S.A. as follows:

  -- Foreign and local currency Issuer Default Rating (IDR) to
     'BB' from 'BB-';
  -- National scale rating to 'A+(bra)' from 'A(bra)';
  -- Unsecured debentures issuances to 'A(bra)' from 'A-(bra)'.

The upgrades reflect JSL's efficiency in expanding its cash flow
from operations during the past few years, despite sluggish
economic growth.  The rating actions also factor in the company's
improved competitive position due to investments.  JSL's ratings
are constrained at 'BB' and 'A+' due to the capital-intensive
nature of its business and its aggressive growth strategy.  The
company's commitment to a strong liquidity position vis-a-vis its
short-term obligations is also a key consideration for the
ratings.

Strong Growth in Business and Cash Flow

JSL's expansion over the past few years was mainly based upon
organic growth, which was the result of adding new services and
clients, and increasing the size of its fleet.  Between 2008 and
the latest 12 months (LTM) ended Sept. 30, 2012, JSL's net
revenue, excluding vehicle sales, increased by 102% to BRL2.8
billion. During the same time period, the company's EBITDA grew to
BRL583 million from BRL209 million.  The company's cash flow from
operations (CFFO) increased to BRL553 million during the LTM from
BRL408 million and BRL290 million during 2011 and 2010,
respectively.

Prominent Market Position and Diversified Portfolio

JSL has a leading position in the Brazilian logistics industry
with a diversified portfolio of services that it provides from
multiple sectors of the economy.  The company's services include:
supply chain management (52% of its net revenue), fleet management
and outsourcing (26%), passenger transportation (13%), and general
cargo transportation (8%).  The company's strong position, coupled
with long-term contracts for most of its revenues, minimizes the
company's exposure to volatile economic conditions.  JSL's
significant operating scale has made it an important purchaser of
light vehicles and trucks, giving it a significant amount of
bargaining power versus other competitors in its industry.

High Capex Leads to Negative Free Cash Flow

During the LTM, reported a negative free cash flow (FCF) of BRL170
million, as a result of BRL710 million of capital expenditures. As
the company continues to invest in growth, free cash flow is
expected to remain negative by about BRL200 million to 250 million
per year in the near future.  During 2011, FCF was negative BRL475
million, while in 2010 it was BRL572 million. JSL has the
flexibility to improve free cash flow by lowing capex in the event
of lower operating cash flow, as most of its capital investments
are geared toward increasing the size of its fleet/equipment.
Excluding capex related to expansion, JSL generated BRL361million
of positive FCF during the LTM, an increase from BRL170 million in
2011 and BRl31million reported in 2010.

Adequate Capital Structure

JSL adequate liquidity position vis-a-vis its short-term debt
obligations are a key credit consideration.  As of Sept. 30, 2012,
JSL reported total debt of BRL2.7 billion, of which BRL549 million
was classified as short-term.  This level of near-term debt
compares with BRL 463 million of cash and marketable securities.
The level of short-term debt coverage, as measured by cash plus
funds from operations (FFO) to short-term debt, is solid at a
ratio of 2.0x. About 55% of JSL's debt is secured.  The company's
debt profile is mainly based on FINAME operations (41%),
debentures (21%), banking credit lines (21%) and leasing (14%).

Leverage to Remain Relatively Unchanged

Including the recent acquisitions of Schio S.A and SIMPAR
Concessionarias Ltda., JSL's leverage, as measured by total
debt/EBITDA was 4.6x as of Sept. 30, 2012, while its net
debt/EBITDA ratio was 3.8x.  Fitch does not expect a material
reduction of leverage in the near term with net leverage expected
to be about 3.5x in 2013.  JSL' leverage relative to its fleet
market value is solid.  The company reports a fleet market value
of approximately BRL2.4 billion, a value which is similar to its
net debt position.  The company's flexibility is limited, however,
as only about 33% of its fleet is not used as security for loans.

Key Rating Drivers

An additional upgrade is unlikely in the near to medium term,
considering JSL's ongoing strategy of expanding its operations
should result in leverage levels of about 3.5x. The ratings could
be pressured by acquisitions, significant reduction in the market
value of its fleet, or a deteriorating macroeconomic environment.
Greater exposure to refinancing risks due to a significant
deterioration in liquidity could also pressure its ratings.



===========
B O G O T A
===========


BANCO DE BOGOTA: Fitch Affirms 'BB+' Support Rating Floor
---------------------------------------------------------
Fitch Ratings has today upgraded Banco de Bogota's (Bogota)
Viability Rating (VR) to 'bbb' from 'bbb-' and its Issuer Default
Rating (IDR) to 'BBB' from 'BBB-'.  The Rating Outlook is Stable.

Fitch has upgraded Bogota's VR and IDRs as it sustained its sound
performance and maintained its solid balance sheet while
successfully incorporating BAC-Credomatic (BAC) into its business.
This has resulted in better revenue diversification, a better
balanced portfolio and significant cross-sell and cross
fertilization potential.

Bogota's ratings reflect its strong franchise, sound asset quality
and reserves, consistent performance, conservative credit/risk
policies, ample, diversified funding, adequate capital and
systemic importance.  Fitch's view of Bogota's creditworthiness is
tempered by its heightened competitive environment in Colombia and
abroad, and the risk arising from its on-going diversification
into retail.

Bogota's ratings would be underpinned if the bank sustains its
performance while adequately managing BAC, achieving synergies and
better diversification in Colombia and Central America.

On the other hand, a dismal performance and/or severely weaker
asset quality that would pressure loan loss provisions and erode
the bank's capital/reserves cushion would pressure its VR and IDRs
downwards.

Given its size and systemic importance, Bogota is likely to
receive support from Colombia's government, should it be required.
Colombia's ability to provide such support is reflected in
Colombia's sovereign rating ('BBB-/ROS') and drives Bogota's
support floor.

Boasting over 140 years of history, Bogota is Colombia's second
largest bank with a market share of about 15% by assets.
Traditionally oriented to the corporate segment, the bank has
diversified into the retail business and expanded abroad.  The
bank operates in six Central American countries through BAC and is
controlled by Grupo Aval (rated 'BBB-'), Colombia's largest
financial services group.

Bogota acquired (in December 2010) BAC, a retail-oriented bank
with operations throughout Central America that adequately
complement Bogota's traditional business.  This acquisition brings
great growth and synergy potential and Bogota has successfully
integrated this well-run operation that maintains its performance
in spite of a less booming operating environment.

Bogota's conservative credit and risk management policies and
positive economic environment in Colombia (as well as stability in
Central America) resulted in very good asset quality (30-day PDL's
stood at 1.9% at June 2012) that has consistently improved in the
past few years and is complemented by sufficient loan loss
reserves (1.4 times [x]).

Driven by organic and inorganic growth, Bogota's performance has
been quite consistent over the last few years and through the
crises.  Operating expenses have increased after the integration
of BAC but credit cost declined in relative terms thus
underpinning profitability that in spite of declining slightly
remained close to 2% for the ROAA and 18% for the ROAE.

Bogota's credit/risk culture and policies are quite conservative.
The bank is a sound competitor with a strong know-how of is core
business that approaches each new undertaking with caution and
measured risk-taking.  Product development and risk management are
also sound in BAC and cross-fertilization should allow Bogota and
BAC to diversify their loan portfolios and further reduce
customer/product concentration.

Bogota enjoys a wide customer base and quite moderate funding
costs; customer deposits fund Bogota's loan portfolio in its
entirety and the bank has ample access to Colombia's and
international capital markets.  Furthermore, it enjoys the full
support of its shareholders as illustrated during the acquisition
of BAC.

Fresh capital injections of about USD1.2 billion helped Bogota
finance the acquisition of BAC, restore its capital and boost its
capital ratios. Bogota's Fitch core capital stood at 11.6% at June
2012 and compares well with its peers in its rating category.
Capital must be seen in line with its reserves, asset quality,
earnings generation, and generally positive economic background.

Fitch has taken the following rating actions on Bogota:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     upgraded to 'BBB' from 'BBB-'; Outlook Stable;
  -- Short-term foreign currency IDR upgraded to 'F2' from 'F3';
  -- Long-term local currency IDR upgraded to 'BBB' from 'BBB-';
     Outlook Stable;
  -- Short-term local currency IDR upgraded to 'F2' from 'F3';
  -- Viability rating upgraded to 'bbb' from 'bbb-';
  -- Support rating affirmed at '3';
  -- Support rating floor affirmed at 'BB+';
  -- Senior unsecured debt upgraded to 'BBB' from 'BBB-'.



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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Dec. 5
---------------------------------------------------------
The creditors of Anthracite Balanced Company (IR-19) Limited are
required to file their proofs of debt by Dec. 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 11, 2012.

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


APT SATELLITE: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 20, 2012, the sole shareholder of APT Satellite
Enterprise Limited resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Lo Kin Hang, Brian
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


APT SATELLITE LINK: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 20, 2012, the sole shareholder of APT Satellite Link
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Lo Kin Hang, Brian
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


BLACK FLAMINGO: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 22, 2012, the sole shareholder of Black Flamingo Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128



CHAM X LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 22, 2012, the sole shareholder of Cham X Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o  Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


EXELION GLOBAL: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------------
The creditors of Exelion Global Macro Non US Ltd are required to
file their proofs of debt by Dec. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 19, 2012.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847/ (441) 299-6482
         Facsimile: (441) 279-5832


FORUM GROUP II: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 16, 2012, the sole shareholder of Forum Group II Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Dean C. Desantis
         799 Sanctuary Drive
         Boca Raton
         Florida 33431
         USA
         Telephone: +1 561 447 9055
         Facsimile: +1 561 447 9035



====================
E L  S A V L A D O R
====================


* EL SALVADOR: Fitch Rates 2025 Global Bonds 'BB'
-------------------------------------------------
Fitch Ratings assigns a 'BB' rating to El Salvador's US$800
million global bonds due in 2025.  The ratings are in line with El
Salvador's long-term foreign currency Issuer Default Rating (IDR)
of 'BB', which has a Negative Outlook.  The government is re-
entering international capital markets with the objective of
securing funds for an unlikely early payment of a bond with a put
option due in January 2013, while the rest could finance buybacks
of short-term debt (LETES).

El Salvador's ratings are supported by its macroeconomic stability
underpinned by dollarization, its adequately capitalized financial
system, and solid repayment record.  The government has a good
track record in implementing tax reforms despite the low economic
growth environment.

El Salvador's economic growth prospects are weaker than those of
most peers in light of the country's low competitiveness and
investment levels, and high crime rates.  Government initiatives
to accelerate growth and to improve the business climate have been
slow to materialize.  In Fitch's view, global economic uncertainty
poses additional downside risks to the agency's economic
projections for El Salvador.

Government revenues continue to grow supported by tax reforms and
administrative measures, but the tax burden remains below the
median in the 'BB' category.  Spending-overruns have undermined
consolidation efforts.  The Non-Financial Public Sector's (NFPS)
deficit reached -3.9% of GDP in 2011, and Fitch expects only a
slow consolidation process in the coming years.

El Salvador's debt burden increased further in 2011 and reached
52% of GDP (compared to 39% for the 'BB' median).  Fitch expects
it to remain elevated and above the 'BB' median between 2012 and
2014.  El Salvador's debt profile has deteriorated due to a build
up in short-term debt (LETES), exposing the sovereign to higher
roll-over risks.  Market access remains good, but yields in the
local market have increased lately.

Fitch does not expect to see a political gridlock between 2012 and
2014 related to the passage of the 2013 budget and additional
long-term borrowing.  However, downside risks are present as no
single party has legislative majority and political polarization
remains high ahead of the 2014 presidential elections.

Continued economic underperformance relative to peers, inability
to decisively cut debt burden, and evidence of financing
constraints could undermine creditworthiness.  Ratings could
stabilize if growth performance improves and government debt
burden is reduced.



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


CEMEX SAB: S&P Puts 'B-' Global CCR on Watch on Liquidity
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B-' global scale and 'mxBB/mxB' national scale corporate
credit ratings, on CEMEX S.A.B. de C.V. and its key operating
subsidiaries -- CEMEX Espa¤a S.A., CEMEX Mexico S.A. de C.V.,
Cemex Corp., and and CEMEX Inc. -- on CreditWatch with positive
implications.

"The CreditWatch listing reflects CEMEX's extended debt maturity
profile and additional liquidity following the successful
execution of its liability management and asset sales plan. Also,
it reflects the company's improved operating performance and
gradual recovery in most of its major markets, resulting in
sustained EBITDA growth during the past five quarters and higher
operating margins," S&P said.

"On Oct. 4, 2012, CEMEX issued $1.5 billion in bonds due 2022 to
prepay principal outstanding under the new Facilities Agreement,
allowing the company to satisfy the March 31, 2013, $1.0 billion
payment and the Feb. 14, 2014, $500 million amortization payment,
which addressed the company's short-term risk. In addition, on
Nov. 6, 2012, CEMEX raised approximately $1.1 billion through the
sale of a minority stake of its Central and South American
operations (CEMEX Latam), excluding its Mexican operations, which
further reduced the company's debt and increased liquidity," S&P
said.



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


GULFCOAST IRREVOCABLE: Court Says Puerto Rico Improper Case Venue
-----------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte ruled that Puerto Rico is an
improper venue for the Chapter 11 cases of Gulfcoast Irrevocable
Trust I and its affiliated trusts.   Judge Lamoutte, however,
declined to transfer the cases to the Middle District of Florida,
Tampa Division, upon the behest of the Federal Deposit Insurance
Corporation, as receiver for Westernbank Puerto Rico, until the
Court has resolved the FDIC's request to dismiss the Debtors'
cases.

Both the FDIC-R and the Debtors agree that the proper venue of
these cases lies in the place which constitutes their principal
place of business.  The FDIC-R contends that the Debtors'
principal place of business is in Clearwater, Florida, as there is
where the trustee resides and where most decisions are made.  The
Debtors take the position that the principal place of business is
in Puerto Rico as that is where their affiliates operate.

Judge Lamoutte noted that "Courts differ on how to determine the
debtor's principal place of business. Many courts have held that
the principal place of business is determined by using the `major
business decisions' test and not the `operational' test.  The
former focuses on the place where the major decisions affecting
the debtor's business are made, and the latter focuses on where
the debtor's day-to-day business is conducted," Judge Lamoutte
said, citing Hon. Nancy C. Dreher and Hon. Joan Feeney, Bankruptcy
Law Manual Sec.2:35 (5th ed. 2012).  According to Judge Lamoutte,
in the Trusts' cases, the decisions are made in Clearwater,
Florida; and the monthly reports of operation do not reflect any
significant operation.  Therefore, under either test, Clearwater,
Florida, is the principal place of business.

"The court concludes that the petitions were filed in an improper
venue.  However, the final determination as to whether the same
should be transferred to the U.S. Bankruptcy Court for the Middle
District of florida, Tampa Division, is held in abeyance until a
final determination is made on the FDIC-R's motion to dismiss,"
Judge Lamoutte held in in a Nov. 30, 2012 Opinion and Order
available at http://is.gd/sW2Nv5from Leagle.com.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust I estimated under $10 million in
assets but more than $100 million in debts in its bare-bones
Chapter 11 petition.  An affiliate, Sabana Del Palmar, Inc., which
owns Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.


GULFCOAST IRREVOCABLE: Court Defers Ruling on FDIC's Bid
--------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte deferred ruling on the
request of the Federal Deposit Insurance Corporation, as receiver
for Westernbank Puerto Rico, to dismiss the Chapter 11 cases of
Gulfcoast Irrevocable Trust I and two affiliated trusts

FDIC-R argues the debtors are not valid business trusts and are,
thus, not authorized to file a bankruptcy petition.  The debtors
opposed, alleging that they meet the flexible criteria required to
be considered a business trust.

Judge Lamoutte said the fact that the Debtors may own the total or
a percentage of shares in corporations that have filed for or may
be eligible to file a bankruptcy petition does not mean that the
Trusts, as holders of the shares, are themselves eligible to file
a bankruptcy petition.  Notwithstanding, as argued by the debtors,
a determination that a trust is or is not a business trust is fact
specific and must be based on the totality of the circumstances.
Consequently, the Court said FDIC-R has met its initial burden of
showing that the trusts are not business trusts based on a reading
of the trust agreements.  However, the Debtors should be afforded
an opportunity to present evidence to the contrary.

"At this time the court will not schedule an evidentiary hearing.
The court orders the Debtors to file a memorandum detailing what
are the facts it would present to rebut the conclusion that
debtors are not business trusts. Each factual proffer must include
a sworn statement summarizing the testimony of an identified
witness or a document in support thereof.   ebtors shall file
their memorandum and proffer of evidence within 21 days.  FDIC-R
shall reply within 14 days thereafter," Judge Lamoutte said.  "The
court may schedule an actual hearing if the duly supported factual
proffers so warrant."

A copy of Judge Lamoutte's Nov. 30, 2012 Opinion and Order is
available at http://is.gd/CPV8nBfrom Leagle.com.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust estimated under $10 million in assets
but more than $100 million in debts in its bare-bones Chapter 11
petition.  An affiliate, Sabana Del Palmar, Inc., which owns
Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.


MICHAEL JOSEPH SCARFIA: Puerto Rico Court Dismisses Case
--------------------------------------------------------
Michael Joseph Scarfia received a double black-eye Friday when a
bankruptcy judge in Puerto Rico ruled that his Chapter 11 petition
was improperly filed in that district, and that the bankruptcy
case should be dismissed.

The Federal Deposit Insurance Corporation, as receiver for
Westernbank Puerto Rico, sought to dismiss or transfer venue of
the chapter 11 proceeding to the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division.  The FDIC-R contends
that Mr. Scarfia's principal place of business is in Clearwater,
Florida, as there is where Mr. Scarfia resides and where most
decisions are made.  Westernbank Puerto Rico granted loans to
entities controlled by Mr. Scarfia, including roughly $100,000,000
in default.

Mr. Scarfia argues that the District of Puerto Rico is the proper
venue because the FDIC has sued Mr. Scarfia as guarantor of loans
made to corporations engaged as developers in the District of
Puerto Rico; and that the loans which he guarantees were executed
in Puerto Rico.

According to Judge Enrique S. Lamoutte, the fact that there may be
entities in Puerto Rico that received loans guaranteed by Mr.
Scarfia and that some may be in bankruptcy does not translate in
proper venue for Mr. Scarfia.

"The filing of a petition by a parent does not have the effect of
filing a petition for bankruptcy on behalf of subsidiary
corporations.[] Each corporate entity is separate for bankruptcy
purposes," Judge Lamoutte cites Hon. Nancy C. Dreher and Hon. Joan
Feeney, Bankruptcy Law Manual Sec. 3.4 (5th ed. 2012).
"After considering the totality of the circumstances, including
debtor's residence, domicile, location of his scheduled assets,
scheduled source of his income, and disclosed location of his
employer, the court concludes that the District of Puerto Rico is
not the proper venue.  Furthermore, his asset to liabilities ratio
($108,932/$135,029,020, that is, .08%) moves the court to conclude
that dismissal is the appropriate remedy," Judge Lamoutte
continued.

A copy of the Court's Nov. 30, 2012 Opinion and Order is available
at http://is.gd/8fsfd2from Leagle.com.

                    About Michael Joseph Scarfia

Michael Joseph Scarfia filed for Chapter 11 bankruptcy (Bankr. D.
P.R. Case No. 12-06346) on Aug. 12, 2012.  The petition discloses
that the debtor is a resident and is domiciled in Clearwater,
Florida, and that his principal place of business is "Outside Home
State."  His Schedule A (Real Property) lists a condominium in
Clearwater with a current value of $83,550.  Schedule I (Current
Income of Individual Debtor) discloses that the debtor has been
employed by Gibraltar Group, Inc. for 20 years and is the
president of Gibraltar Group, Inc. The address of his employer is
1079 Cephas Drive, in Clearwater.

The summary of schedules filed on Aug. 27 shows Mr. Scarfia has
total assets of $108,932 and total liabilities of $135,029,020.
Schedule F lists unsecured creditors in the amount of
$135,020,020, all of which are on account of personal guarantees.
Schedule H lists the following as co-debtors: JM Ponce III, LP,
SE; MJS Las Croabas Properties, Inc.; Museum Towers, LP; Sabana
del Palmar, Inc.; Yasscar Development Corp.; Gulfcoast Irrevocable
Trust XIX; Gulfcoast Irrevocable Trust XIV; Gulfcoast Irrevocable
Trust VII; Gulfcoast Irrevocable Trust IV; Gulfcoast Irrevocable
Trust XI; Gulfcoast Irrevocable Trust XIII; Gulfcoast Irrevocable
Trust; Gulfcoast Irrevocable Trust XV; Gulfcoast Irrevocable Trust
XXVIII; Gulfcoast Irrevocable Trust XVI; Gibraltar Development
Corp.; FB Boswell, Inc.; Isla Completa, Corp.; Puerto del Este,
Inc.; SFN Arecibo LP, SE; Yasscar Caguas Development Corp. and SF
Ponce II LLC.  The co-debtors have the same Clearwater, Florida
address.

                About Gulfcoast Irrevocable Trust

Three business trusts owned by Michael J. Scarfia filed for
Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10,
2012.  Gulfcoast Irrevocable Trust I (Case No. 12-06338) serves as
the holding company and own 100% of the shares of Gibraltar
Construction Company, Inc., Gibraltar Development Corp., and
Gulfcoast Contractors, Inc.

Gulfcoast Irrevocable Trust XIV (Case No. 12-06339) serves as
holding company and owns 50% of the shares of Yasscar Caguas
Development, Corp. and Yasscar Development, Corp.

Gulfcoast Irrevocable Trust XIX (Case No. 12-06340) is the holding
company and owns 49.5% of the shares of JM Ponce III, LP, S.E.

The corporations owned by the Debtors, as a holding company and
owner of shares, do business in Puerto Rico.  The Debtors as a
separate legal entity are not actually operating as a business as
their monthly report of operations on file show no or minimal
expenses or cash flow.  The Trusts are merely holding companies of
affiliates operating in Puerto Rico.

Gulfcoast Irrevocable Trust I estimated under $10 million in
assets but more than $100 million in debts in its bare-bones
Chapter 11 petition.  An affiliate, Sabana Del Palmar, Inc., which
owns Mirabella Village & Club, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-06177) on Aug. 5, 2012.


MSJ LAS CROABAS: FDIC Wins SARE Declaration
-------------------------------------------
At the behest of the Federal Deposit Insurance Corporation, as
Receiver for Westernbank Puerto Rico, Bankruptcy Judge Enrique S.
Lamoutte determined that MSJ Las Croabas Properties, Inc. is a
single asset real estate property or project as defined in the
Bankruptcy Code, 11 U.S.C. Sec. 101(51B).

The Debtor listed these properties in Schedule A (Real Property):
(i) 64 apartment units, 28 boat parking spaces and 48 storage
units that have an indeterminate current value and a secured claim
in the amount of $20,203,938; (ii) lots #7266, 15498, 1723, 2597,
11831, 111832 of which no current value is listed, no amount of
secured claim is listed and also the nature of the Debtor's
interest in the property is left blank; (iii) lot of land #15,144
with 71.17 square meters (vacant land) with indeterminate value
and no secured claim attached to the same; and (iv) lot of land
#12,229 with 3.63 "cuerdas" for future development of 106
apartment units, 29 boat parking spaces, 19 jet ski parking spaces
and 1 storage room pending construction with indeterminate value
and no secured claim attached to the same.

The FDIC-R's claim was included in the Debtor's Schedule D
(Creditors Holding Secured Claims) as having been incurred in the
year 2004 with a lien consisting of an inventory loan and secured
by lands and buildings in the amount of $20,203,938, which is
unliquidated. The 341 meeting of the creditors was held and closed
on Aug. 27, 2012.

The FDIC-R filed proof of claim #5-1 on Nov. 6, 2012 in the amount
of $20,478,204.36, of which $6,700,000 is secured (which is the
same as the value of the property as included by the FDIC-R) and
the remaining $13,778,204.36 as unsecured.  On Nov. 30, 2012, the
Debtor filed an objection to the secured portion of the FDIC-R'S
proof of claim #5 alleging that the FDIC failed to produce
documentation evincing that it has a perfected lien over the
Debtor's real property.

The FDIC-R also filed proof of claim #6-1 on Nov. 6, 2012, and
amended proof of claim #6-2 on Nov. 20, 2012.  The FDIC-R's
amended proof of claim #6-2 is for an unsecured claim in the
amount of $40,709,406.59 and the basis for perfection is
collateral assignment of sales agreements and options.  On Nov.
30, 2012, the Debtor objected to amended proof of claim #6-2
because the claim against the Debtor is related to another entity,
Sabana del Palmar, Inc. and the FDIC failed to include the
documents which demonstrate that Debtor is responsible for the
obligations of Sabana del Palmar.  Whether or not the FDIC-R is a
secured creditor does not affect the determination that the Debtor
meets the definition of a single asset real estate.

A copy of the Court's Dec. 5, 2012 Opinion and Order is available
at http://is.gd/VSZGgc from Leagle.com.

MSJ Las Croabas Properties Inc., also known as Ocean at Seven
Seas, filed for Chapter 11 protection (Bankr. D.P.R. Case No.
12-05710) on July 19, 2012, in Old San Juan, Puerto Rico.  The
Fajardo, Puerto Rico-based land developer tapped Carmen D. Conde
Torres, Esq., at C. Conde & Assoc., as counsel.  In its petition,
the Debtor scheduled assets of $609,845 and liabilities of
$43,174,292.  The petition was signed by Michael Scarfia,
president.


SABANA DEL PALMAR: FDIC Wins SARE Declaration
---------------------------------------------
At the request of the Federal Deposit Insurance Corporation, as
Receiver for Westernbank Puerto Rico, Bankruptcy Judge Enrique S.
Lamoutte declared that Sabana del Palmar, Inc., is a single asset
real estate property or project as defined in the Bankruptcy Code,
11 U.S.C. Sec. 101(51B).

The Debtor listed in Schedule A (Real Property) a lot of land with
69 two or three story houses in a gated community (fully
constructed) at Mirabella Village & Club Development in Bayamon,
Puerto Rico, with an unknown current value and a secured claim in
the amount of $28,977,886.  The FDIC-R's claim was included in
Debtor's Schedule D (Creditors Holding Secured Claims) as a
construction loan in the amount of $28,977,866 and was listed as
contingent and unliquidated.  The 341 meeting of the creditors was
held and closed on Sept. 14, 2012.

The FDIC-R filed proof of claim #5-1 on Nov. 6, 2012 in the amount
of $32,070,760.14, of which $9,920,000 is secured (which is the
same as the value of the property as included by the FDIC-R) and
the remaining $22,150,760.14 is unsecured.  On Nov. 30, the Debtor
filed an objection to the secured portion of the FDIC-R'S proof of
claim #5 alleging that the FDIC failed to produce documentation
evincing that it has a perfected lien over the Debtor's real
property.

At the hearing held on Dec. 3, 2012 to consider the motion to lift
the automatic stay filed by the FDIC-R, the parties agreed that
FDIC-R is a secured creditor and that only the amounts owed may be
in controversy.

The FDIC-R also filed proof of claim #6-1 on Nov. 6, 2012, for a
claim which it lists as an unsecured claim in the amount of
$8,709,703.97 but whose basis for perfection was included as
mortgage/security agreement.  The Debtor on Nov. 30 objected to
proof of claim #6-1 because the FDIC-R categorized the same as
"secured" even though it listed $0 as the amount of the secured
claim and it failed to provide support for its assertion as a
secured creditor.

A copy of the Court's Dec. 5, 2012 Opinion and Order is available
at http://is.gd/mkerddfrom Leagle.com.

Sabana Del Palmar, Inc., dba Mirabella Village & Club, in Bayamon,
Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case
No. 12-06177) on Aug. 5, 2012.  Carmen D. Conde Torres, Esq., at
C.Conde & Assoc., serves as the Debtor's counsel.  In its
petition, the Debtor scheduled assets of US$262,415 and
liabilities of US$49,594,964.  A copy of the Company's list of its
20 largest unsecured creditors filed together with the petition is
available for free at http://bankrupt.com/misc/prb12-06177.pdf
The petition was signed by Michael J. Scarfia, president.



===============
X X X X X X X X
===============


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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

ARGENTINA
-----------

SOC COMERCIAL PL      SCDPF US         222756992     -310302930
SNIAFA SA-B           SDAGF US        11229696.2    -2670544.88
CENTRAL COSTAN-B      CRCBF US         410955501      -20459083
SOC COMERCIAL PL      CAD IX           222756992     -310302930
SOC COMERCIAL PL      CVVIF US         222756992     -310302930
SOC COMERCIAL PL      CADN EO          222756992     -310302930
SOC COMERCIAL PL      CADN EU          222756992     -310302930
COMERCIAL PL-ADR      SCPDS LI         222756992     -310302930
ENDESA COSTAN-A       CECO1 AR         410955501      -20459083
ENDESA COSTAN-        CECO2 AR         410955501      -20459083
CENTRAL COST-BLK      CECOB AR         410955501      -20459083
ENDESA COSTAN-        CECOD AR         410955501      -20459083
ENDESA COSTAN-        CECOC AR         410955501      -20459083
ENDESA COSTAN-        EDCFF US         410955501      -20459083
CENTRAL COSTAN-C      CECO3 AR         410955501      -20459083
CENTRAL COST-ADR      CCSA LI          410955501      -20459083
ENDESA COST-ADR       CRCNY US         410955501      -20459083
CENTRAL COSTAN-B      CNRBF US         410955501      -20459083
SOC COMERCIAL PL      COME AR          222756992     -310302930
SOC COMERCIAL PL      CADN SW          222756992     -310302930
COMERCIAL PLA-BL      COMEB AR         222756992     -310302930
SOC COMERCIAL PL      COMEC AR         222756992     -310302930
SOC COMERCIAL PL      COMED AR         222756992     -310302930
SNIAFA SA             SNIA AR         11229696.2    -2670544.88
SNIAFA SA-B           SNIA5 AR        11229696.2    -2670544.88
IMPSAT FIBER NET      IMPTQ US         535007008      -17164978
IMPSAT FIBER NET      330902Q GR       535007008      -17164978
IMPSAT FIBER NET      XIMPT SM         535007008      -17164978
IMPSAT FIBER-CED      IMPT AR          535007008      -17164978
IMPSAT FIBER-C/E      IMPTC AR         535007008      -17164978
IMPSAT FIBER-$US      IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK      IMPTB AR         535007008      -17164978


BRAZIL
------

TELECOMUNICA-ADR      81370Z BZ        470957698    -17289190.9
FABRICA TECID-RT      FTRX1 BZ        71426302.5    -70883547.3
TEKA-ADR              TEKAY US         341291511     -388484677
BOMBRIL               BMBBF US         351909380    -20217403.6
TELEBRAS-PF RCPT      CBRZF US         470957698    -17289190.9
TEKA                  TKTQF US         341291511     -388484677
TEKA-PREF             TKTPF US         341291511     -388484677
BATTISTELLA-RIGH      BTTL1 BZ         251786497    -39723897.3
BATTISTELLA-RI P      BTTL2 BZ         251786497    -39723897.3
BATTISTELLA-RECE      BTTL9 BZ         251786497    -39723897.3
BATTISTELLA-RECP      BTTL10 BZ        251786497    -39723897.3
AGRENCO LTD-BDR       AGEN11 BZ        640440282     -323456366
REII INC              REIC US           14423532       -3506007
PET MANG-RIGHTS       3678565Q BZ      287903103     -170622863
PET MANG-RIGHTS       3678569Q BZ      287903103     -170622863
PET MANG-RECEIPT      0229292Q BZ      287903103     -170622863
PET MANG-RECEIPT      0229296Q BZ      287903103     -170622863
BOMBRIL HOLDING       FPXE3 BZ        19416015.8     -489914902
BOMBRIL               FPXE4 BZ        19416015.8     -489914902
SANESALTO             SNST3 BZ        31802628.1    -2924062.87
B&D FOOD CORP         BDFCE US          14423532       -3506007
BOMBRIL-RGTS PRE      BOBR2 BZ         351909380    -20217403.6
BOMBRIL-RIGHTS        BOBR1 BZ         351909380    -20217403.6
TELEBRAS/W-I-ADR      TBH-W US         470957698    -17289190.9
AGRENCO LTD           AGRE LX          640440282     -323456366
CELGPAR               GPAR3 BZ        2657428496     -817505840
RECRUSUL - RT         4529781Q BZ     42222280.6    -19730363.1
RECRUSUL - RT         4529785Q BZ     42222280.6    -19730363.1
RECRUSUL - RCT        4529789Q BZ     42222280.6    -19730363.1
RECRUSUL - RCT        4529793Q BZ     42222280.6    -19730363.1
RECRUSUL-BON RT       RCSL11 BZ       42222280.6    -19730363.1
RECRUSUL-BON RT       RCSL12 BZ       42222280.6    -19730363.1
BALADARE              BLDR3 BZ         159454016    -52992212.8
TEXTEIS RENAU-RT      TXRX1 BZ         118475706    -73851057.6
TEXTEIS RENAU-RT      TXRX2 BZ         118475706    -73851057.6
TEXTEIS RENA-RCT      TXRX9 BZ         118475706    -73851057.6
TEXTEIS RENA-RCT      TXRX10 BZ        118475706    -73851057.6
TELEBRAS SA-RT        0250949D BZ      470957698    -17289190.9
CIA PETROLIF-PRF      MRLM4 BZ         377602195    -3014291.72
CIA PETROLIFERA       MRLM3 BZ         377602195    -3014291.72
CONST BETER SA        COBE3 BZ        31374373.7    -1555470.16
NOVA AMERICA SA       NOVA3 BZ          21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ          21287489     -183535527
ALL ORE MINERACA      AORE3 BZ        23865481.1    -5135565.77
B&D FOOD CORP         BDFC US           14423532       -3506007
PET MANG-RT           4115360Q BZ      287903103     -170622863
PET MANG-RT           4115364Q BZ      287903103     -170622863
STEEL - RT            STLB1 BZ        23865481.1    -5135565.77
STEEL - RCT ORD       STLB9 BZ        23865481.1    -5135565.77
MINUPAR-RT            9314542Q BZ      165999220    -3127207.83
MINUPAR-RCT           9314634Q BZ      165999220    -3127207.83
CONST LINDEN RT       CALI1 BZ        12894010.6    -2805191.16
CONST LINDEN RT       CALI2 BZ        12894010.6    -2805191.16
PET MANG-RT           0229249Q BZ      287903103     -170622863
PET MANG-RT           0229268Q BZ      287903103     -170622863
RECRUSUL - RT         0163579D BZ     42222280.6    -19730363.1
RECRUSUL - RT         0163580D BZ     42222280.6    -19730363.1
RECRUSUL - RCT        0163582D BZ     42222280.6    -19730363.1
RECRUSUL - RCT        0163583D BZ     42222280.6    -19730363.1
PORTX OPERA-GDR       PXTPY US         976769403    -9407990.35
PORTX OPERACOES       PRTX3 BZ         976769403    -9407990.35
ALL ORE MINERACA      STLB3 BZ        23865481.1    -5135565.77
MINUPAR-RT            0599562D BZ      165999220    -3127207.83
MINUPAR-RCT           0599564D BZ      165999220    -3127207.83
CONST LINDEN RCT      CALI9 BZ        12894010.6    -2805191.16
CONST LINDEN RCT      CALI10 BZ       12894010.6    -2805191.16
CONST BETER-PFA       COBE5B BZ       31374373.7    -1555470.16
CONST BETER-PF B      COBE6B BZ       31374373.7    -1555470.16
PET MANG-RT           RPMG2 BZ         287903103     -170622863
PET MANG-RT           RPMG1 BZ         287903103     -170622863
PET MANG-RECEIPT      RPMG9 BZ         287903103     -170622863
PET MANG-RECEIPT      RPMG10 BZ        287903103     -170622863
RECRUSUL - RT         0614673D BZ     42222280.6    -19730363.1
RECRUSUL - RT         0614674D BZ     42222280.6    -19730363.1
RECRUSUL - RCT        0614675D BZ     42222280.6    -19730363.1
RECRUSUL - RCT        0614676D BZ     42222280.6    -19730363.1
TEKA-RTS              TEKA1 BZ         341291511     -388484677
TEKA-RTS              TEKA2 BZ         341291511     -388484677
TEKA-RCT              TEKA9 BZ         341291511     -388484677
TEKA-RCT              TEKA10 BZ        341291511     -388484677
TELEBRAS-COM RTS      TELB1 BZ         470957698    -17289190.9
TELEBRAS SA-RCT       TELB9 BZ         470957698    -17289190.9
MINUPAR-RTS           MNPR1 BZ         165999220    -3127207.83
MINUPAR-RCT           MNPR9 BZ         165999220    -3127207.83
RECRUSUL SA-RTS       RCSL1 BZ        42222280.6    -19730363.1
RECRUSUL SA-RTS       RCSL2 BZ        42222280.6    -19730363.1
RECRUSUL SA-RCT       RCSL9 BZ        42222280.6    -19730363.1
RECRUSUL - RCT        RCSL10 BZ       42222280.6    -19730363.1
TELEBRAS SA           TELB3 BZ         470957698    -17289190.9
TELEBRAS SA           TLBRON BZ        470957698    -17289190.9
TELEBRAS SA           TBASF US         470957698    -17289190.9
TELEBRAS SA-PREF      TELB4 BZ         470957698    -17289190.9
TELEBRAS SA-PREF      TLBRPN BZ        470957698    -17289190.9
TELEBRAS-ADR          TBAPY US         470957698    -17289190.9
TELEBRAS-ADR          TBRAY GR         470957698    -17289190.9
TELEBRAS-CEDE PF      RCTB4 AR         470957698    -17289190.9
TELEBRAS-CEDE PF      RCT4C AR         470957698    -17289190.9
TELEBRAS-CEDE PF      RCT4D AR         470957698    -17289190.9
TELEBRAS-CEDE BL      RCT4B AR         470957698    -17289190.9
TELEBRAS-ADR          TBH US           470957698    -17289190.9
TELEBRAS-ADR          TBX GR           470957698    -17289190.9
TELEBRAS-ADR          RTB US           470957698    -17289190.9
TELEBRAS-ADR          TBASY US         470957698    -17289190.9
TELEBRAS-RCT PRF      TELB10 BZ        470957698    -17289190.9
TELEBRAS-RTS CMN      RCTB1 BZ         470957698    -17289190.9
TELEBRAS-RTS PRF      RCTB2 BZ         470957698    -17289190.9
TELEBRAS-RTS CMN      TCLP1 BZ         470957698    -17289190.9
TELEBRAS-RTS PRF      TLCP2 BZ         470957698    -17289190.9
TELEBRAS-COM RT       0250948D BZ      470957698    -17289190.9
TELEBRAS-CM RCPT      RCTB31 BZ        470957698    -17289190.9
TELEBRAS-CM RCPT      TELE31 BZ        470957698    -17289190.9
TELEBRAS-RCT          RCTB33 BZ        470957698    -17289190.9
TELEBRAS-CM RCPT      TBRTF US         470957698    -17289190.9
TELEBRAS-CM RCPT      RCTB32 BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      RCTB41 BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      TELE41 BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      RCTB42 BZ        470957698    -17289190.9
TELEBRAS-CEDE PF      TELB4 AR         470957698    -17289190.9
TELEBRAS-CED C/E      TEL4C AR         470957698    -17289190.9
TELEBRAS-CM RCPT      RCTB30 BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      RCTB40 BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      TBAPF US         470957698    -17289190.9
TELEBRAS-RECEIPT      TLBRUO BZ        470957698    -17289190.9
TELEBRAS-PF RCPT      TLBRUP BZ        470957698    -17289190.9
TELEBRAS-BLOCK        TELB30 BZ        470957698    -17289190.9
TELEBRAS-PF BLCK      TELB40 BZ        470957698    -17289190.9
TELEBRAS-CEDEA $      TEL4D AR         470957698    -17289190.9
ARTHUR LANGE          ARLA3 BZ        11642255.9    -17154461.9
ARTHUR LANGE SA       ALICON BZ       11642255.9    -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ        11642255.9    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ       11642255.9    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ        11642255.9    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ        11642255.9    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ        11642255.9    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ       11642255.9    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ       11642255.9    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ       11642255.9    -17154461.9
BOMBRIL               BOBR3 BZ         351909380    -20217403.6
BOMBRIL CIRIO SA      BOBRON BZ        351909380    -20217403.6
BOMBRIL-PREF          BOBR4 BZ         351909380    -20217403.6
BOMBRIL CIRIO-PF      BOBRPN BZ        351909380    -20217403.6
BOMBRIL SA-ADR        BMBPY US         351909380    -20217403.6
BOMBRIL SA-ADR        BMBBY US         351909380    -20217403.6
BUETTNER              BUET3 BZ         106502172    -24836079.6
BUETTNER SA           BUETON BZ        106502172    -24836079.6
BUETTNER-PREF         BUET4 BZ         106502172    -24836079.6
BUETTNER SA-PRF       BUETPN BZ        106502172    -24836079.6
BUETTNER SA-RTS       BUET1 BZ         106502172    -24836079.6
BUETTNER SA-RT P      BUET2 BZ         106502172    -24836079.6
CAF BRASILIA          CAFE3 BZ         160938140     -149281089
CAFE BRASILIA SA      CSBRON BZ        160938140     -149281089
CAF BRASILIA-PRF      CAFE4 BZ         160938140     -149281089
CAFE BRASILIA-PR      CSBRPN BZ        160938140     -149281089
CHIARELLI SA          CCHI3 BZ        11165368.9    -88048393.7
CHIARELLI SA          CCHON BZ        11165368.9    -88048393.7
CHIARELLI SA-PRF      CCHI4 BZ        11165368.9    -88048393.7
CHIARELLI SA-PRF      CCHPN BZ        11165368.9    -88048393.7
IGUACU CAFE           IGUA3 BZ         290414421    -57976224.4
IGUACU CAFE           IGCSON BZ        290414421    -57976224.4
IGUACU CAFE           IGUCF US         290414421    -57976224.4
IGUACU CAFE-PR A      IGUA5 BZ         290414421    -57976224.4
IGUACU CAFE-PR A      IGCSAN BZ        290414421    -57976224.4
IGUACU CAFE-PR A      IGUAF US         290414421    -57976224.4
IGUACU CAFE-PR B      IGUA6 BZ         290414421    -57976224.4
IGUACU CAFE-PR B      IGCSBN BZ        290414421    -57976224.4
COBRASMA              CBMA3 BZ        85057466.1    -2098881762
COBRASMA SA           COBRON BZ       85057466.1    -2098881762
COBRASMA-PREF         CBMA4 BZ        85057466.1    -2098881762
COBRASMA SA-PREF      COBRPN BZ       85057466.1    -2098881762
CONST A LINDEN        CALI3 BZ        12894010.6    -2805191.16
CONST A LINDEN        LINDON BZ       12894010.6    -2805191.16
CONST A LIND-PRF      CALI4 BZ        12894010.6    -2805191.16
CONST A LIND-PRF      LINDPN BZ       12894010.6    -2805191.16
CONST BETER SA        1007Q BZ        31374373.7    -1555470.16
CONST BETER SA        COBEON BZ       31374373.7    -1555470.16
CONST BETER SA        COBE3B BZ       31374373.7    -1555470.16
CONST BETER-PR A      1008Q BZ        31374373.7    -1555470.16
CONST BETER-PR A      COBEAN BZ       31374373.7    -1555470.16
CONST BETER-PF A      COBE5 BZ        31374373.7    -1555470.16
CONST BETER-PR B      1009Q BZ        31374373.7    -1555470.16
CONST BETER-PR B      COBEBN BZ       31374373.7    -1555470.16
CONST BETER-PF B      COBE6 BZ        31374373.7    -1555470.16
CONST BETER-PF A      1COBAN BZ       31374373.7    -1555470.16
CONST BETER-PF B      1COBBN BZ       31374373.7    -1555470.16
CONST BETER SA        1COBON BZ       31374373.7    -1555470.16
D H B                 DHBI3 BZ         138254322     -115344519
DHB IND E COM         DHBON BZ         138254322     -115344519
D H B-PREF            DHBI4 BZ         138254322     -115344519
DHB IND E COM-PR      DHBPN BZ         138254322     -115344519
DOCA INVESTIMENT      DOCA3 BZ         272567787     -202595760
DOCAS SA              DOCAON BZ        272567787     -202595760
DOCA INVESTI-PFD      DOCA4 BZ         272567787     -202595760
DOCAS SA-PREF         DOCAPN BZ        272567787     -202595760
DOCAS SA-RTS PRF      DOCA2 BZ         272567787     -202595760
FABRICA RENAUX        FTRX3 BZ        71426302.5    -70883547.3
FABRICA RENAUX        FRNXON BZ       71426302.5    -70883547.3
FABRICA RENAUX-P      FTRX4 BZ        71426302.5    -70883547.3
FABRICA RENAUX-P      FRNXPN BZ       71426302.5    -70883547.3
HAGA                  HAGA3 BZ        19331081.5      -49945686
FERRAGENS HAGA        HAGAON BZ       19331081.5      -49945686
FER HAGA-PREF         HAGA4 BZ        19331081.5      -49945686
FERRAGENS HAGA-P      HAGAPN BZ       19331081.5      -49945686
CIMOB PARTIC SA       GAFP3 BZ        44047411.7    -45669963.6
CIMOB PARTIC SA       GAFON BZ        44047411.7    -45669963.6
CIMOB PART-PREF       GAFP4 BZ        44047411.7    -45669963.6
CIMOB PART-PREF       GAFPN BZ        44047411.7    -45669963.6
IGB ELETRONICA        IGBR3 BZ         412300919     -112050649
GRADIENTE ELETR       IGBON BZ         412300919     -112050649
GRADIENTE-PREF A      IGBR5 BZ         412300919     -112050649
GRADIENTE EL-PRA      IGBAN BZ         412300919     -112050649
GRADIENTE-PREF B      IGBR6 BZ         412300919     -112050649
GRADIENTE EL-PRB      IGBBN BZ         412300919     -112050649
GRADIENTE-PREF C      IGBR7 BZ         412300919     -112050649
GRADIENTE EL-PRC      IGBCN BZ         412300919     -112050649
HOTEIS OTHON SA       HOOT3 BZ         260899978    -73596837.4
HOTEIS OTHON SA       HOTHON BZ        260899978    -73596837.4
HOTEIS OTHON-PRF      HOOT4 BZ         260899978    -73596837.4
HOTEIS OTHON-PRF      HOTHPN BZ        260899978    -73596837.4
RENAUXVIEW SA         TXRX3 BZ         118475706    -73851057.6
TEXTEIS RENAUX        RENXON BZ        118475706    -73851057.6
RENAUXVIEW SA-PF      TXRX4 BZ         118475706    -73851057.6
TEXTEIS RENAUX        RENXPN BZ        118475706    -73851057.6
PARMALAT              LCSA3 BZ         388720096     -213641152
PARMALAT BRASIL       LCSAON BZ        388720096     -213641152
PARMALAT-PREF         LCSA4 BZ         388720096     -213641152
PARMALAT BRAS-PF      LCSAPN BZ        388720096     -213641152
PARMALAT BR-RT C      LCSA5 BZ         388720096     -213641152
PARMALAT BR-RT P      LCSA6 BZ         388720096     -213641152
ESTRELA SA            ESTR3 BZ        74664947.5     -103550581
ESTRELA SA            ESTRON BZ       74664947.5     -103550581
ESTRELA SA-PREF       ESTR4 BZ        74664947.5     -103550581
ESTRELA SA-PREF       ESTRPN BZ       74664947.5     -103550581
WETZEL SA             MWET3 BZ        93378445.8    -6763345.61
WETZEL SA             MWELON BZ       93378445.8    -6763345.61
WETZEL SA-PREF        MWET4 BZ        93378445.8    -6763345.61
WETZEL SA-PREF        MWELPN BZ       93378445.8    -6763345.61
MINUPAR               MNPR3 BZ         165999220    -3127207.83
MINUPAR SA            MNPRON BZ        165999220    -3127207.83
MINUPAR-PREF          MNPR4 BZ         165999220    -3127207.83
MINUPAR SA-PREF       MNPRPN BZ        165999220    -3127207.83
NORDON MET            NORD3 BZ        12234778.3    -30283728.6
NORDON METAL          NORDON BZ       12234778.3    -30283728.6
NORDON MET-RTS        NORD1 BZ        12234778.3    -30283728.6
NOVA AMERICA SA       NOVA3B BZ         21287489     -183535527
NOVA AMERICA SA       NOVAON BZ         21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ         21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ         21287489     -183535527
NOVA AMERICA-PRF      1NOVPN BZ         21287489     -183535527
NOVA AMERICA SA       1NOVON BZ         21287489     -183535527
RECRUSUL              RCSL3 BZ        42222280.6    -19730363.1
RECRUSUL SA           RESLON BZ       42222280.6    -19730363.1
RECRUSUL-PREF         RCSL4 BZ        42222280.6    -19730363.1
RECRUSUL SA-PREF      RESLPN BZ       42222280.6    -19730363.1
PETRO MANGUINHOS      RPMG3 BZ         287903103     -170622863
PETRO MANGUINHOS      MANGON BZ        287903103     -170622863
PET MANGUINH-PRF      RPMG4 BZ         287903103     -170622863
PETRO MANGUIN-PF      MANGPN BZ        287903103     -170622863
RIMET                 REEM3 BZ         103098361     -185417655
RIMET                 REEMON BZ        103098361     -185417655
RIMET-PREF            REEM4 BZ         103098361     -185417655
RIMET-PREF            REEMPN BZ        103098361     -185417655
SANSUY                SNSY3 BZ         183826187     -133218258
SANSUY SA             SNSYON BZ        183826187     -133218258
SANSUY-PREF A         SNSY5 BZ         183826187     -133218258
SANSUY SA-PREF A      SNSYAN BZ        183826187     -133218258
SANSUY-PREF B         SNSY6 BZ         183826187     -133218258
SANSUY SA-PREF B      SNSYBN BZ        183826187     -133218258
BOTUCATU TEXTIL       STRP3 BZ        27663604.9    -7174512.03
STAROUP SA            STARON BZ       27663604.9    -7174512.03
BOTUCATU-PREF         STRP4 BZ        27663604.9    -7174512.03
STAROUP SA-PREF       STARPN BZ       27663604.9    -7174512.03
TEKA                  TEKA3 BZ         341291511     -388484677
TEKA                  TEKAON BZ        341291511     -388484677
TEKA-PREF             TEKA4 BZ         341291511     -388484677
TEKA-PREF             TEKAPN BZ        341291511     -388484677
TEKA-ADR              TKTPY US         341291511     -388484677
TEKA-ADR              TKTQY US         341291511     -388484677
F GUIMARAES           FGUI3 BZ        11016542.1     -151840377
FERREIRA GUIMARA      FGUION BZ       11016542.1     -151840377
F GUIMARAES-PREF      FGUI4 BZ        11016542.1     -151840377
FERREIRA GUIM-PR      FGUIPN BZ       11016542.1     -151840377
VARIG SA              VAGV3 BZ         966298048    -4695211008
VARIG SA              VARGON BZ        966298048    -4695211008
VARIG SA-PREF         VAGV4 BZ         966298048    -4695211008
VARIG SA-PREF         VARGPN BZ        966298048    -4695211008
BATTISTELLA           BTTL3 BZ         251786497    -39723897.3
BATTISTELLA-PREF      BTTL4 BZ         251786497    -39723897.3
SAUIPE SA             PSEGON BZ       15164420.8    -2756081.99
SAUIPE                PSEG3 BZ        15164420.8    -2756081.99
SAUIPE SA-PREF        PSEGPN BZ       15164420.8    -2756081.99
SAUIPE-PREF           PSEG4 BZ        15164420.8    -2756081.99
CIA PETROLIFERA       MRLM3B BZ        377602195    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ        377602195    -3014291.72
CIA PETROLIFERA       1CPMON BZ        377602195    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ        377602195    -3014291.72
LATTENO FOOD COR      LATF US           14423532       -3506007
VARIG PART EM TR      VPTA3 BZ        49432124.2     -399290396
VARIG PART EM-PR      VPTA4 BZ        49432124.2     -399290396
VARIG PART EM SE      VPSC3 BZ        83017828.6     -495721700


COLOMBIA
---------

LA POLAR SA           NUEVAPOL CI      605994833     -543186477
PUYEHUE RIGHT         PUYEHUOS CI     24251713.9    -3390038.99
LA POLAR-RT           LAPOLARO CI      605994833     -543186477
LA POLAR-RT           LAPOLAOS CI      605994833     -543186477
LA POLAR SA           LAPOLAR CI       605994833     -543186477
PUYEHUE               PUYEH CI        24251713.9    -3390038.99


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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