TCRLA_Public/130108.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, January 8, 2013, Vol. 14, No. 5


                            Headlines



A R G E N T I N A

ELECTROPAZ: Nationalization No Impact on Moody's 'Ba3' Rating
PVCRED SERIE XV: Moody's Rates ARS9.27MM Certificates 'Ca.ar'
GRUPO SUPERVIELLE: Moody's Assigns 'B3' LC Senior Debt Rating
PSA FINANCE: Moody's Assigns 'B1' Global Currency Sr. Debt Rating
* ARGENTINA: Cleary Gottlieb Blasts Subpoena in $1.4BB Debt Suit


C A Y M A N  I S L A N D S

ALTAI CAPITAL: Shareholders Receive Wind-up Report
ALTAI CAPITAL SF OFFSHORE: Shareholders Receive Wind-up Report
APT SATELLITE: Shareholders Receive Wind-up Report
APT SATELLITE LINK: Shareholders Receive Wind-up Report
CRESCENT GUNHILL: Shareholder Receives Wind-Up Report

DERRICK SOLUTIONS: Members Receive Wind-Up Report
EXELION GLOBAL: Shareholder Receives Wind-up Report
FOX-FUTURES: Shareholders Receive Wind-Up Report
HIGHBRIDGE ASIA: Shareholder Receives Wind-up Report
ISLAND DRIVE: Shareholder Receives Wind-Up Report

LA CAMPANA: Members Receive Wind-Up Report
NEW CHINA: Members Receive Wind-Up Report
NEWQUANT OFFSHORE: Shareholders Receive Wind-Up Report
NEWQUANT OFFSHORE II: Shareholders Receive Wind-Up Report
OLYMPIA SUCDEN: Shareholders Receive Wind-up Report

PERCY LIMITED: Members Receive Wind-Up Report
PIAF INVEST: Shareholders Receive Wind-up Report
STORES INTERNATIONAL: Shareholder Receives Wind-Up Report
SWEET VALLEY: Members Receive Wind-Up Report
VIVI LIMITED: Members Receive Wind-Up Report


C O L O M B I A

* DOMINICAN REP: Strikes Deal on US$1BB Debt With Power Companies


M E X I C O

SARE HOLDING: Moody's Confirms 'Caa1' Rating; Outlook Negative


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


ELECTROPAZ: Nationalization No Impact on Moody's 'Ba3' Rating
-------------------------------------------------------------
Moody's Latin America said that the Ba3/Aa1.bo ratings of
Electropaz remain unchanged following the recently announced
nationalization by the Bolivian government.

Ratings Rationale

Electropaz's Ba3 rating is at the same level of the sovereign
rating and therefore the nationalization had no impact on current
ratings.

The Ba3/Aa1.bo ratings were assigned on November 2nd 2012 for the
first time which incorporated the potential risk of
nationalization in Bolivia, given the country's background and the
several nationalizations that have occurred in Bolivia in recent
times. The most recent nationalizations materialized through the
announced expropriation of two electric distribution companies in
Bolivia, including Electropaz.

On December 29th, 2012 through the Supreme Decree ("Decreto
Supremo") Nž 1448 the Bolivian government established the
expropriation of all the shares previously held by Iberbolivia de
Inversiones S.A., (pertaining to Iberdrola S.A., Baa1, Negative)
in favor of ENDE (Empresa Nacional de Electricidad) a Bolivian
government owned entity. The decree also announced that within a
180 day period a compensation amount will be paid to the previous
shareholders.

Finally, the decree states that the nationalized companies will
continue operating as "Sociedades Anonimas" (Limited Corporations)
until a new regulation to manage these recently acquired state-
owned entities is enforced.

The ratings also take in consideration the close relationship
between Electropaz's operations and the regulatory regime in
Bolivia which, in turn, is closely aligned with sovereign
government risk. Therefore, the ratings are constrained/ limited
by the sovereign rating, which is currently Ba3 with a stable
outlook.

Electropaz is an electricity distribution company operating in La
Paz, Bolivia. Electropaz provides electricity to 470.000 clients
(89% of which are residential) and had annual revenues as of
September 30, 2012, of approximately U$S100 million.


PVCRED SERIE XV: Moody's Rates ARS9.27MM Certificates 'Ca.ar'
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XV, using the
updated structure. This transaction will be issued by Equity Trust
Company (Argentina) S.A. -- acting solely in its capacity as
issuer and trustee.

Moody's notes that as of Jan. 4, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

Moody's has withdrawn the ratings of the Class VRDA TF and VRDB
because the liability structure of the transaction has changed
before issuance and as a result the rating of the Class VRDA TF
will be withdrawn and the rating of VRDB tranche will change.
Moody's has assigned new ratings to these tranches as follows.

-- ARS97,404,000 in Class A Floating Rate Debt Securities (VRDA
    TV) of "Fideicomiso Financiero Pvcred Serie XV", rated Aaa.ar
    (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
    Local Currency)

-- ARS9,276,000 in Class B Debt Securities (VRDB) of "Fideicomiso
    Financiero Pvcred Serie XV", rated B3.ar (sf) (Argentine
    National Scale) and Caa2 (sf) (Global Scale, Local Currency)

-- ARS9,276,000 in Certificates (CP) of "Fideicomiso Financiero
    Pvcred Serie XV", rated Ca.ar (sf) (Argentine National Scale)
    and Ca (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,921 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 23%
or lower than 15%. The VRDB will bear a fixed interest rate of
24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 7,60% for the
VRDA TV, calculated over the pool's principal balance and accrued
interest as of the cut off date. The subordination levels will
increase overtime due to the turbo sequential payment structure.

The transaction also benefits from an estimated 25.64% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the cap of 23% for the VRDA TV.

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

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

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a lognormal distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a mean of 14% and a coefficient of
variation of 70%; (b) for the "Cuota Ya" loans, a mean of 25% and
a coefficient of variation of 70%; (c) for "Refinanced" loans,
mean of 32% and a coefficient of variation of 70%; (d) for loans
with a discounted installment, mean of 13% and a coefficient of
variation of 70%; (e) for "Provenclick" loans originate through an
online platform, mean of 25% and a coefficient of variation of
70%.  Also, Moody's assumed a lognormal distribution for
prepayments with a mean of 40% and a coefficient of variation of
70%;

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 1.41% expected loss for Class A Floating
Rate Debt Securities, a 25.46% for the for Class B Fixed Rate Debt
Securities and 47.79% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 5% from
the base case scenario, the ratings of the CP would be unchanged.
The ratings of the Class A Floating Rate, Class B would likely be
downgraded to B1 (sf) and Caa3 (sf).

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.


GRUPO SUPERVIELLE: Moody's Assigns 'B3' LC Senior Debt Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 global local currency
senior debt rating to Grupo Supervielle S.A.'s (GS) eighth
expected issuance for an amount up to Ar$50 million, which will be
due in 270 days; and to the ninth expected issuance for an amount
up to Ar$90 million, which will be due in 18 months. Both expected
issuances together should not exceed Ar$90 million.

At the same time, on the National Scale, Moody's assigned A2.ar
local currency debt rating to the eighth and ninth expected
issuances. The outlook in the ratings is negative.

The following ratings were assigned to Grupo Supervielle S.A.:

Eighth issuance up to Ar$50 million:

B3 Global Local Currency Senior Debt Rating, negative outlook

A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook

Ninth issuance up to Ar$90 million:

B3 Global Local Currency Senior Debt Rating, negative outlook

A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Grupo Supervielle's B3 global local currency
issuer rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported unconsolidated assets of Ar$1.161 million,
equity of Ar$896 million, and a net income of Ar$235 million, as
of September 2012.


PSA FINANCE: Moody's Assigns 'B1' Global Currency Sr. Debt Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
eleventh bond issuance for an amount up to Ar$140 million, which
will be due in 21 months, as well as to the twelfth issuance for
an amount of Ar$40 million, which will be due in 9 months. Both
expected issuances together should not exceed Ar$140 million. At
the same time, on the National Scale, Moody's assigned Aa2.ar
local currency debt rating to both expected issuances. The outlook
on all ratings is stable.

The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:

Ar$140 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Ar$40 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from PSA Finance's B1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

PSA Finance Argentina Compania Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of Ar$1.764 million, and
equity of Ar$197 million as of September 2012.


* ARGENTINA: Cleary Gottlieb Blasts Subpoena in $1.4BB Debt Suit
----------------------------------------------------------------
Daniel Wilson of BankruptcyLaw360 reports that Cleary Gottlieb
Steen & Hamilton LLP asked a New York federal judge to quash a
subpoena served on it by several private equity-backed bondholders
in a $1.4 billion Argentine debt default suit, saying allegations
of a scheme to avoid a judgment in the case were baseless.

According to the law firm's motion, the companies' attempts to
obtain documents from the firm over its supposed attempts to help
Argentina, its client, evade several court orders to repay $1.4
billion owed to the plaintiffs, the report notes.



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


ALTAI CAPITAL: Shareholders Receive Wind-up Report
--------------------------------------------------
The shareholders of Altai Capital SF Master Fund, Ltd. received on
Dec. 17, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street, 10th Floor
         New York, NY 10019
         U.S.A.


ALTAI CAPITAL SF OFFSHORE: Shareholders Receive Wind-up Report
--------------------------------------------------------------
The shareholders of Altai Capital SF Offshore Fund, Ltd. received
on Dec. 17, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street, 10th Floor
         New York, NY 10019
         U.S.A.


APT SATELLITE: Shareholders Receive Wind-up Report
--------------------------------------------------
The shareholders of APT Satellite Enterprise Limited received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-up Report
-------------------------------------------------------
The shareholders of APT Satellite Link Limited received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CRESCENT GUNHILL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Crescent Gunhill Offshore Investors Ltd.
received on Dec. 12, 2012, 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


DERRICK SOLUTIONS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Derrick Solutions Middle East Ltd. received on
Nov. 27, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EXELION GLOBAL: Shareholder Receives Wind-up Report
---------------------------------------------------
The shareholder of Exelion Global Macro Non US Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FOX-FUTURES: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Fox-Futures, Options & Exchange Investments
Ltd. received on Nov. 30, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIGHBRIDGE ASIA: Shareholder Receives Wind-up Report
----------------------------------------------------
The shareholder of Highbridge Asia Opportunities Institutional
Fund, Ltd. received on Dec. 7, 2012, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ISLAND DRIVE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Island Drive Offshore, Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LA CAMPANA: Members Receive Wind-Up Report
------------------------------------------
The members of La Campana Limited received on Nov. 22, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         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


NEW CHINA: Members Receive Wind-Up Report
-----------------------------------------
The members of New China Land Group Limited received on Dec. 6,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Emil Nguy
         3311-3313 Two IFC, 8 Finance Street
         Central
         Hong Kong


NEWQUANT OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Newquant Offshore Ltd I received on Dec. 10,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming or Lisa Clarke
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


NEWQUANT OFFSHORE II: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Newquant Offshore Ltd II received on Dec. 10,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming or Lisa Clarke
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


OLYMPIA SUCDEN: Shareholders Receive Wind-up Report
---------------------------------------------------
The shareholders of Olympia Sucden Commodities Fund Ltd. received
on Dec. 12, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Newington Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105
         Cayman Islands


PERCY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Percy Limited received on Nov. 27, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PIAF INVEST: Shareholders Receive Wind-up Report
------------------------------------------------
The shareholders of Piaf Invest Ltd. received on Nov. 28, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


STORES INTERNATIONAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Stores International Limited received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jeremy Simon Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile:  +44 (0) 20 7694 3533
         KPMG LLP
         8 Salisbury Square
         London


SWEET VALLEY: Members Receive Wind-Up Report
--------------------------------------------
The members of Sweet Valley Investments Limited received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         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


VIVI LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Vivi Limited received on Nov. 27, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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



===============
C O L O M B I A
===============


* DOMINICAN REP: Strikes Deal on US$1BB Debt With Power Companies
-----------------------------------------------------------------
R. Jimenez Bichara at Dominican Today reports that the Dominican
Republic State-owned Electric utility (CDEEE) Chief Executive
Officer Ruben Jimenez Bichara said that the government had reached
said an agreement with the power companies to be disclosed this
month.

Mr. Bichara spoke after a meeting with President Danilo Medina,
but declined to provide details on the pact, according to
Dominican Today.

The report notes that the government owes the power companies more
than US$1.0 billion.

Mr. Jimenez noted that since he took office, Mr. Medina negotiates
with the power companies to solve the energy crisis and pay the
Government's debt, the report discloses.



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


SARE HOLDING: Moody's Confirms 'Caa1' Rating; Outlook Negative
--------------------------------------------------------------
Moody's de Mexico confirmed the national scale senior unsecured
debt rating of Sare Holding, S.A.B. de C.V. at Caa1.mx (global
scale, local currency at Caa1) and the national scale issuer
rating at Caa1.mx (global scale, local currency at Caa1). The
rating outlook is negative. This action concludes Moody's review
for downgrade initiated in October 2012.

Ratings Rationale

On October 9, 2012, Moody's had downgraded and placed Sare's
ratings under review for downgrade. In its ratings review Moody's
focused on Sare's future cash flow generation and its ability to
make timely interest and principal payments on its upcoming debt.
Sare had a scheduled interest payment on its SARE 08 and SARE 08-2
bonds due on December 31, 2012. The company successfully made the
interest payment on time. Nevertheless challenges persist, with
limited liquidity and stressed cash flows which likely implies
difficulty in being able to quickly develop and sell homes.

The negative outlook reflects the stress on Sare's cash flows and
its limited liquidity, and the uncertainty as to how quickly the
company can start developing and selling homes. Furthermore, the
negative rating outlook reflects Moody's expectation that the
company will continue to experience deterioration in its operating
profits and credit metrics. Its liquidity and development
capabilities remain strained as they continue to be tied to the
land sale program.

Moody's Caa1 global local currency and Caa1.mx national scale
ratings reflect Sare's solid position in Mexico City, one of the
most densely populated and highest barrier to entry markets in
Mexico, as well as its solid management team. These positive
factors are offset by the company's weak operating metrics (as
measured by EBITDA/Revenues and Gross Operating Margin), in
comparison to its peers.

Moody's stated that a return to a stable outlook would require
continued progress in the company's land sale program, coupled
with further deleveraging and the re-start of its low-income
housing development projects. On the other hand, any further
deterioration in Sare's current liquidity and credit metrics
coupled with any further debt restructuring or debt covenant
compliance issues will lead to a multiple notch downgrade.

The following ratings were confirmed with a negative outlook:

  Sare Holding, S.A.B. de C.V. -- national scale senior unsecured
  debt rating at Caa1.mx (global scale, local currency at Caa1);
  national scale issuer rating at Caa1.mx (global scale, local
  currency at Caa1)

Moody's last action with respect to Sare took place on October 9,
2012, when Moody's downgraded the national scale senior unsecured
debt rating of Sare to Caa1.mx, from B3.mx (global scale, local
currency to Caa1, from B3) and the national scale issuer rating to
Caa1.mx, from B3.mx (global scale, local currency to Caa1, from
B3). Moody's also placed the ratings under review for downgrade..

Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a
fully integrated, diversified homebuilder engaged in the
development, construction, marketing, consulting, and sales of
affordable, middle- and upper-income housing developments in
Mexico. Sare was founded in 1967 and first developed single-family
homes and office buildings in 1977. Sare has an important presence
in Mexico City and nine different states in the country: State of
Mexico, Jalisco, Puebla, Michoacan, Guanajuato, Queretaro,
Quintana Roo, Guerrero and Morelos. Sare Holding, S.A.B. de C.V.
is one of the top eight home developers in Mexico. As of Sept. 30,
2012 Sare reported approximately $5.9 billion Mexican pesos in
assets and $2.7 billion Mexican pesos in total shareholders'
equity.



===============
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
-----------

SNIAFA SA-B          SDAGF US          11229696.22   -2670544.88
CENTRAL COSTAN-B     CRCBF US            410955501     -20459083
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
SNIAFA SA            SNIA AR           11229696.22   -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696.22   -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
------

FABRICA TECID-RT     FTRX1 BZ          71426302.46   -70883547.3
TEKA-ADR             TEKAY US          341291511.1    -388484677
BOMBRIL              BMBBF US          344846084.5   -16082109.1
TEKA                 TKTQF US          341291511.1    -388484677
TEKA-PREF            TKTPF US          341291511.1    -388484677
BATTISTELLA-RIGH     BTTL1 BZ          246036232.2   -51251360.7
BATTISTELLA-RI P     BTTL2 BZ          246036232.2   -51251360.7
BATTISTELLA-RECE     BTTL9 BZ          246036232.2   -51251360.7
BATTISTELLA-RECP     BTTL10 BZ         246036232.2   -51251360.7
AGRENCO LTD-BDR      AGEN11 BZ         640440282.3    -323456366
REII INC             REIC US              14423532      -3506007
PET MANG-RIGHTS      3678565Q BZ       246810936.7    -224879124
PET MANG-RIGHTS      3678569Q BZ       246810936.7    -224879124
PET MANG-RECEIPT     0229292Q BZ       246810936.7    -224879124
PET MANG-RECEIPT     0229296Q BZ       246810936.7    -224879124
BOMBRIL HOLDING      FPXE3 BZ          19416015.78    -489914902
BOMBRIL              FPXE4 BZ          19416015.78    -489914902
SANESALTO            SNST3 BZ           31802628.1   -2924062.87
B&D FOOD CORP        BDFCE US             14423532      -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ          344846084.5   -16082109.1
BOMBRIL-RIGHTS       BOBR1 BZ          344846084.5   -16082109.1
AGRENCO LTD          AGRE LX           640440282.3    -323456366
CELGPAR              GPAR3 BZ           2657428496    -817505840
RECRUSUL - RT        4529781Q BZ       41094940.32   -21379158.8
RECRUSUL - RT        4529785Q BZ       41094940.32   -21379158.8
RECRUSUL - RCT       4529789Q BZ       41094940.32   -21379158.8
RECRUSUL - RCT       4529793Q BZ       41094940.32   -21379158.8
RECRUSUL-BON RT      RCSL11 BZ         41094940.32   -21379158.8
RECRUSUL-BON RT      RCSL12 BZ         41094940.32   -21379158.8
BALADARE             BLDR3 BZ          159454015.9   -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ          118475706.5   -73851057.6
TEXTEIS RENAU-RT     TXRX2 BZ          118475706.5   -73851057.6
TEXTEIS RENA-RCT     TXRX9 BZ          118475706.5   -73851057.6
TEXTEIS RENA-RCT     TXRX10 BZ         118475706.5   -73851057.6
CIA PETROLIF-PRF     MRLM4 BZ          377602195.2   -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195.2   -3014291.72
CONST BETER SA       COBE3 BZ          31374373.74   -1555470.16
NOVA AMERICA SA      NOVA3 BZ             21287489    -183535527
NOVA AMERICA-PRF     NOVA4 BZ             21287489    -183535527
ALL ORE MINERACA     AORE3 BZ          21657457.41   -7184940.82
B&D FOOD CORP        BDFC US              14423532      -3506007
PET MANG-RT          4115360Q BZ       246810936.7    -224879124
PET MANG-RT          4115364Q BZ       246810936.7    -224879124
BI CIA SECURITIZ     BICS BZ           99573939.68   -140405.614
STEEL - RT           STLB1 BZ          21657457.41   -7184940.82
STEEL - RCT ORD      STLB9 BZ          21657457.41   -7184940.82
MINUPAR-RT           9314542Q BZ       153054387.9   -2037402.69
MINUPAR-RCT          9314634Q BZ       153054387.9   -2037402.69
CONST LINDEN RT      CALI1 BZ          12894010.61   -2805191.16
CONST LINDEN RT      CALI2 BZ          12894010.61   -2805191.16
PET MANG-RT          0229249Q BZ       246810936.7    -224879124
PET MANG-RT          0229268Q BZ       246810936.7    -224879124
RECRUSUL - RT        0163579D BZ       41094940.32   -21379158.8
RECRUSUL - RT        0163580D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0163582D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0163583D BZ       41094940.32   -21379158.8
PORTX OPERA-GDR      PXTPY US          976769402.8   -9407990.35
PORTX OPERACOES      PRTX3 BZ          976769402.8   -9407990.35
ALL ORE MINERACA     STLB3 BZ          21657457.41   -7184940.82
MINUPAR-RT           0599562D BZ       153054387.9   -2037402.69
MINUPAR-RCT          0599564D BZ       153054387.9   -2037402.69
CONST LINDEN RCT     CALI9 BZ          12894010.61   -2805191.16
CONST LINDEN RCT     CALI10 BZ         12894010.61   -2805191.16
CONST BETER-PFA      COBE5B BZ         31374373.74   -1555470.16
CONST BETER-PF B     COBE6B BZ         31374373.74   -1555470.16
PET MANG-RT          RPMG2 BZ          246810936.7    -224879124
PET MANG-RT          RPMG1 BZ          246810936.7    -224879124
PET MANG-RECEIPT     RPMG9 BZ          246810936.7    -224879124
PET MANG-RECEIPT     RPMG10 BZ         246810936.7    -224879124
RECRUSUL - RT        0614673D BZ       41094940.32   -21379158.8
RECRUSUL - RT        0614674D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0614675D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0614676D BZ       41094940.32   -21379158.8
TEKA-RTS             TEKA1 BZ          341291511.1    -388484677
TEKA-RTS             TEKA2 BZ          341291511.1    -388484677
TEKA-RCT             TEKA9 BZ          341291511.1    -388484677
TEKA-RCT             TEKA10 BZ         341291511.1    -388484677
MINUPAR-RTS          MNPR1 BZ          153054387.9   -2037402.69
MINUPAR-RCT          MNPR9 BZ          153054387.9   -2037402.69
RECRUSUL SA-RTS      RCSL1 BZ          41094940.32   -21379158.8
RECRUSUL SA-RTS      RCSL2 BZ          41094940.32   -21379158.8
RECRUSUL SA-RCT      RCSL9 BZ          41094940.32   -21379158.8
RECRUSUL - RCT       RCSL10 BZ         41094940.32   -21379158.8
ARTHUR LANGE         ARLA3 BZ          11642255.92   -17154461.9
ARTHUR LANGE SA      ALICON BZ         11642255.92   -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642255.92   -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642255.92   -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642255.92   -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642255.92   -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642255.92   -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642255.92   -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ         11642255.92   -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642255.92   -17154461.9
BOMBRIL              BOBR3 BZ          344846084.5   -16082109.1
BOMBRIL CIRIO SA     BOBRON BZ         344846084.5   -16082109.1
BOMBRIL-PREF         BOBR4 BZ          344846084.5   -16082109.1
BOMBRIL CIRIO-PF     BOBRPN BZ         344846084.5   -16082109.1
BOMBRIL SA-ADR       BMBPY US          344846084.5   -16082109.1
BOMBRIL SA-ADR       BMBBY US          344846084.5   -16082109.1
BUETTNER             BUET3 BZ          106502171.9   -24836079.6
BUETTNER SA          BUETON BZ         106502171.9   -24836079.6
BUETTNER-PREF        BUET4 BZ          106502171.9   -24836079.6
BUETTNER SA-PRF      BUETPN BZ         106502171.9   -24836079.6
BUETTNER SA-RTS      BUET1 BZ          106502171.9   -24836079.6
BUETTNER SA-RT P     BUET2 BZ          106502171.9   -24836079.6
CAF BRASILIA         CAFE3 BZ          160938139.9    -149281089
CAFE BRASILIA SA     CSBRON BZ         160938139.9    -149281089
CAF BRASILIA-PRF     CAFE4 BZ          160938139.9    -149281089
CAFE BRASILIA-PR     CSBRPN BZ         160938139.9    -149281089
CHIARELLI SA         CCHI3 BZ          11165368.88   -88048393.7
CHIARELLI SA         CCHON BZ          11165368.88   -88048393.7
CHIARELLI SA-PRF     CCHI4 BZ          11165368.88   -88048393.7
CHIARELLI SA-PRF     CCHPN BZ          11165368.88   -88048393.7
IGUACU CAFE          IGUA3 BZ          290414420.7   -57976224.4
IGUACU CAFE          IGCSON BZ         290414420.7   -57976224.4
IGUACU CAFE          IGUCF US          290414420.7   -57976224.4
IGUACU CAFE-PR A     IGUA5 BZ          290414420.7   -57976224.4
IGUACU CAFE-PR A     IGCSAN BZ         290414420.7   -57976224.4
IGUACU CAFE-PR A     IGUAF US          290414420.7   -57976224.4
IGUACU CAFE-PR B     IGUA6 BZ          290414420.7   -57976224.4
IGUACU CAFE-PR B     IGCSBN BZ         290414420.7   -57976224.4
COBRASMA             CBMA3 BZ          85057466.09   -2098881762
COBRASMA SA          COBRON BZ         85057466.09   -2098881762
COBRASMA-PREF        CBMA4 BZ          85057466.09   -2098881762
COBRASMA SA-PREF     COBRPN BZ         85057466.09   -2098881762
CONST A LINDEN       CALI3 BZ          12894010.61   -2805191.16
CONST A LINDEN       LINDON BZ         12894010.61   -2805191.16
CONST A LIND-PRF     CALI4 BZ          12894010.61   -2805191.16
CONST A LIND-PRF     LINDPN BZ         12894010.61   -2805191.16
CONST BETER SA       1007Q BZ          31374373.74   -1555470.16
CONST BETER SA       COBEON BZ         31374373.74   -1555470.16
CONST BETER SA       COBE3B BZ         31374373.74   -1555470.16
CONST BETER-PR A     1008Q BZ          31374373.74   -1555470.16
CONST BETER-PR A     COBEAN BZ         31374373.74   -1555470.16
CONST BETER-PF A     COBE5 BZ          31374373.74   -1555470.16
CONST BETER-PR B     1009Q BZ          31374373.74   -1555470.16
CONST BETER-PR B     COBEBN BZ         31374373.74   -1555470.16
CONST BETER-PF B     COBE6 BZ          31374373.74   -1555470.16
CONST BETER-PF A     1COBAN BZ         31374373.74   -1555470.16
CONST BETER-PF B     1COBBN BZ         31374373.74   -1555470.16
CONST BETER SA       1COBON BZ         31374373.74   -1555470.16
D H B                DHBI3 BZ          138254321.9    -115344519
DHB IND E COM        DHBON BZ          138254321.9    -115344519
D H B-PREF           DHBI4 BZ          138254321.9    -115344519
DHB IND E COM-PR     DHBPN BZ          138254321.9    -115344519
DOCA INVESTIMENT     DOCA3 BZ          272567786.7    -202595760
DOCAS SA             DOCAON BZ         272567786.7    -202595760
DOCA INVESTI-PFD     DOCA4 BZ          272567786.7    -202595760
DOCAS SA-PREF        DOCAPN BZ         272567786.7    -202595760
DOCAS SA-RTS PRF     DOCA2 BZ          272567786.7    -202595760
FABRICA RENAUX       FTRX3 BZ          71426302.46   -70883547.3
FABRICA RENAUX       FRNXON BZ         71426302.46   -70883547.3
FABRICA RENAUX-P     FTRX4 BZ          71426302.46   -70883547.3
FABRICA RENAUX-P     FRNXPN BZ         71426302.46   -70883547.3
HAGA                 HAGA3 BZ          20081896.26   -49045924.8
FERRAGENS HAGA       HAGAON BZ         20081896.26   -49045924.8
FER HAGA-PREF        HAGA4 BZ          20081896.26   -49045924.8
FERRAGENS HAGA-P     HAGAPN BZ         20081896.26   -49045924.8
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          412300918.9    -112050649
GRADIENTE ELETR      IGBON BZ          412300918.9    -112050649
GRADIENTE-PREF A     IGBR5 BZ          412300918.9    -112050649
GRADIENTE EL-PRA     IGBAN BZ          412300918.9    -112050649
GRADIENTE-PREF B     IGBR6 BZ          412300918.9    -112050649
GRADIENTE EL-PRB     IGBBN BZ          412300918.9    -112050649
GRADIENTE-PREF C     IGBR7 BZ          412300918.9    -112050649
GRADIENTE EL-PRC     IGBCN BZ          412300918.9    -112050649
HOTEIS OTHON SA      HOOT3 BZ          260899978.4   -73596837.4
HOTEIS OTHON SA      HOTHON BZ         260899978.4   -73596837.4
HOTEIS OTHON-PRF     HOOT4 BZ          260899978.4   -73596837.4
HOTEIS OTHON-PRF     HOTHPN BZ         260899978.4   -73596837.4
RENAUXVIEW SA        TXRX3 BZ          118475706.5   -73851057.6
TEXTEIS RENAUX       RENXON BZ         118475706.5   -73851057.6
RENAUXVIEW SA-PF     TXRX4 BZ          118475706.5   -73851057.6
TEXTEIS RENAUX       RENXPN BZ         118475706.5   -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          83538938.27    -102223933
ESTRELA SA           ESTRON BZ         83538938.27    -102223933
ESTRELA SA-PREF      ESTR4 BZ          83538938.27    -102223933
ESTRELA SA-PREF      ESTRPN BZ         83538938.27    -102223933
WETZEL SA            MWET3 BZ          93591243.36   -7959637.41
WETZEL SA            MWELON BZ         93591243.36   -7959637.41
WETZEL SA-PREF       MWET4 BZ          93591243.36   -7959637.41
WETZEL SA-PREF       MWELPN BZ         93591243.36   -7959637.41
MINUPAR              MNPR3 BZ          153054387.9   -2037402.69
MINUPAR SA           MNPRON BZ         153054387.9   -2037402.69
MINUPAR-PREF         MNPR4 BZ          153054387.9   -2037402.69
MINUPAR SA-PREF      MNPRPN BZ         153054387.9   -2037402.69
NORDON MET           NORD3 BZ          12234778.35   -30283728.6
NORDON METAL         NORDON BZ         12234778.35   -30283728.6
NORDON MET-RTS       NORD1 BZ          12234778.35   -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          41094940.32   -21379158.8
RECRUSUL SA          RESLON BZ         41094940.32   -21379158.8
RECRUSUL-PREF        RCSL4 BZ          41094940.32   -21379158.8
RECRUSUL SA-PREF     RESLPN BZ         41094940.32   -21379158.8
PETRO MANGUINHOS     RPMG3 BZ          246810936.7    -224879124
PETRO MANGUINHOS     MANGON BZ         246810936.7    -224879124
PET MANGUINH-PRF     RPMG4 BZ          246810936.7    -224879124
PETRO MANGUIN-PF     MANGPN BZ         246810936.7    -224879124
RIMET                REEM3 BZ          103098360.9    -185417655
RIMET                REEMON BZ         103098360.9    -185417655
RIMET-PREF           REEM4 BZ          103098360.9    -185417655
RIMET-PREF           REEMPN BZ         103098360.9    -185417655
SANSUY               SNSY3 BZ          183826187.4    -133218258
SANSUY SA            SNSYON BZ         183826187.4    -133218258
SANSUY-PREF A        SNSY5 BZ          183826187.4    -133218258
SANSUY SA-PREF A     SNSYAN BZ         183826187.4    -133218258
SANSUY-PREF B        SNSY6 BZ          183826187.4    -133218258
SANSUY SA-PREF B     SNSYBN BZ         183826187.4    -133218258
BOTUCATU TEXTIL      STRP3 BZ          27663604.95   -7174512.03
STAROUP SA           STARON BZ         27663604.95   -7174512.03
BOTUCATU-PREF        STRP4 BZ          27663604.95   -7174512.03
STAROUP SA-PREF      STARPN BZ         27663604.95   -7174512.03
TEKA                 TEKA3 BZ          341291511.1    -388484677
TEKA                 TEKAON BZ         341291511.1    -388484677
TEKA-PREF            TEKA4 BZ          341291511.1    -388484677
TEKA-PREF            TEKAPN BZ         341291511.1    -388484677
TEKA-ADR             TKTPY US          341291511.1    -388484677
TEKA-ADR             TKTQY US          341291511.1    -388484677
F GUIMARAES          FGUI3 BZ          11016542.14    -151840377
FERREIRA GUIMARA     FGUION BZ         11016542.14    -151840377
F GUIMARAES-PREF     FGUI4 BZ          11016542.14    -151840377
FERREIRA GUIM-PR     FGUIPN BZ         11016542.14    -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          246036232.2   -51251360.7
BATTISTELLA-PREF     BTTL4 BZ          246036232.2   -51251360.7
SAUIPE SA            PSEGON BZ         18005034.37   -5223527.47
SAUIPE               PSEG3 BZ          18005034.37   -5223527.47
SAUIPE SA-PREF       PSEGPN BZ         18005034.37   -5223527.47
SAUIPE-PREF          PSEG4 BZ          18005034.37   -5223527.47
CIA PETROLIFERA      MRLM3B BZ         377602195.2   -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195.2   -3014291.72
CIA PETROLIFERA      1CPMON BZ         377602195.2   -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195.2   -3014291.72
LATTENO FOOD COR     LATF US              14423532      -3506007
VARIG PART EM TR     VPTA3 BZ          49432124.18    -399290396
VARIG PART EM-PR     VPTA4 BZ          49432124.18    -399290396
VARIG PART EM SE     VPSC3 BZ          83017828.56    -495721700
VARIG PART EM-PR     VPSC4 BZ          83017828.56    -495721700


COLOMBIA
---------

LA POLAR SA          NUEVAPOL CI         623197996    -605184456
PUYEHUE RIGHT        PUYEHUOS CI       24251713.88   -3390038.99
LA POLAR-RT          LAPOLARO CI         623197996    -605184456
LA POLAR-RT          LAPOLAOS CI         623197996    -605184456
LA POLAR SA          LAPOLAR CI          623197996    -605184456
PUYEHUE              PUYEH CI          24251713.88   -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., Washington, D.C.,
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 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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