TCRLA_Public/130114.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

           Monday, January 14, 2013, Vol. 14, No. 9


                            Headlines



A R G E N T I N A

BANCO CONTINENTAL: Moody's Downgrades Standalone BFSR to 'D-'


B A R B A D O S

LIME: Barbados on Brink of National Strike Over Lay-Offs


B E R M U D A

CAREFUSION BERMUDA: Placed Under Voluntary Wind-Up
CHASE INTERNATIONAL: Member to Receive Wind-Up Report on Jan. 11
CHEVRON INDONESIA: Members Receive Wind-Up Report
DURHAM OVERSEAS: Members Receive Wind-Up Report
MASTER MULTI-PRODUCT: Member Receives Wind-Up Report

MOMENTUM INSTITUTIONAL: Members Receive Wind-Up Report


B R A Z I L

CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On


C A Y M A N  I S L A N D S

APOLLO MANHATTAN: Commences Liquidation Proceedings
ASHDALE LIMITED: Placed Under Voluntary Wind-Up
BASIX CAPITAL: Commences Liquidation Proceedings
BRITISH WEST: Placed Under Voluntary Wind-Up
CRYSTAL OPPORTUNITIES: Commences Liquidation Proceedings

CRYSTAL OPPORTUNITIES OFFSHORE: Commences Liquidation Proceedings
EMERGING MARKETS: Commences Liquidation Proceedings
EURISSIMO LTD: Commences Liquidation Proceedings
FARROW MANAGEMENT: Placed Under Voluntary Wind-Up
H&QAP CHG: Commences Liquidation Proceedings

KARKAT INVESTMENTS: Commences Liquidation Proceedings
KAZIMIR EMERGING: Commences Liquidation Proceedings
MOBILE NET: Placed Under Voluntary Wind-Up
MSR PROJECT: Commences Liquidation Proceedings
PADMASAMBHAVA HOLDINGS: Placed Under Voluntary Wind-Up

PEACEFUL HOPE: Placed Under Voluntary Wind-Up
SALIDA GLOBAL: Placed Under Voluntary Wind-Up
SEVEN ARROWS: Placed Under Voluntary Wind-Up
SINTEMARIE LIMITED: Placed Under Voluntary Wind-Up
TAU COMPASS: Commences Liquidation Proceedings


M E X I C O

CORPORACION PESQUERA: Fitch Rates US$175MM Unsecured Notes 'B+'
TELEFONICA CELULAR: Moody's Raises CFR to 'B3'; Outlook Stable


P A R A G U A Y

* PARAGUAY: Fitch Assigns 'BB-' LT Issuer Default Rating


P U E R T O   R I C O

BMF INC: Firstbank Withdraws Objection to Confirmation of Plan
CERTENEJAS INCORPORADO: Court Sets Feb. 12 Confirmation Hearing
EMPRESAS BERDUT: Case Summary & 9 Largest Unsecured Creditors
M, P, M, INC: Case Summary & Unsecured Creditor


T R I N I D A D  &  T O B A G O

PETROTRIN: Looking to Invest TT$7 Billion in New Drill Sites


X X X X X X X X

* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013




                            - - - - -


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


BANCO CONTINENTAL: Moody's Downgrades Standalone BFSR to 'D-'
-------------------------------------------------------------
Moody's Investors Service has upgraded the standalone bank
financial strength ratings of Banco Continental S.A.E.C.A. (Banco
Continental) and Banco Bilbao Vizcaya Argentaria Paraguay S.A.
(BBVA Paraguay) to D- from E+, and raised their baseline credit
assessment to ba3, from b1. At the same time, Moody's upgraded the
long and short-term global local currency deposit ratings of BBVA
Paraguay to Ba1/Not Prime, from Ba2/Not Prime. Banco Continental's
local currency deposits rating was unaffected.

Additionally, Moody's has upgraded the long-term global foreign-
currency deposit ratings of BBVA Paraguay, Banco Continental and
Banco Amambay S.A to B1/Not Prime, from B2/Not Prime. Moody's has
also upgraded the long-term foreign-currency debt ratings of BBVA
Paraguay and Banco Continental to Ba1 and Ba2, respectively, from
Ba3.

The outlook on all the ratings is stable.

The rating actions follow Moody's upgrade to Ba3, from B1, of
Paraguay's government bond ratings. At the same time, Paraguay's
foreign currency bond ceiling was upgraded to Ba1 from Ba3;
whereas the foreign currency deposit ceiling was upgraded to B1
from B2. The sovereign rating action was announced on January 8th,
2012.

The following ratings were upgraded:

Banco Continental

- Bank financial strength rating to D- from E+; stable outlook

- Foreign currency deposit rating to B1/Not Prime, from B2/Not
   Prime, stable outlook

- Foreign currency debt rating to Ba2, from Ba3, stable outlook

BBVA Paraguay

- Bank financial strength rating to D- from E+; stable outlook

- Local currency deposits rating to Ba1/Not Prime, from Ba2/Not
   Prime, stable outlook

- Foreign currency deposit rating to B1/Not Prime, from B2/Not
   Prime, stable outlook

- Foreign currency debt rating to Ba1, from Ba3, stable outlook

Banco Amambay

- Foreign currency deposit rating to B1/Not Prime, from B2/Not
   Prime, stable outlook

Ratings Rationale

The upgrade of the bank financial strength ratings of Banco
Continental and BBVA Paraguay, reflects Moody's assessment on the
banks' market position and franchise value as the first and fourth
largest players in the Paraguayan financial system, with
respectively 16.7% and 10.9% market share in deposits as of
October 2012. The rating action also follows Moody's upgrade of
Paraguay's sovereign ratings, to which the banks' ratings tend to
be closed aligned. Improvements in the government financial
strength and the country's external liquidity, combined with
favorable growth outlook through investments, bodes well for the
operating environment and banking business. Both banks have well-
defined footprints in the corporate and SMEs lending segments,
although their relatively high credit risk concentration in the
agribusiness sector could add volatility to earnings and asset
quality.

The upgrade of BBVA Paraguay's local currency deposits rating
incorporates its higher standalone credit assessment, as well as
the high probability of support by its parent, BBVA Spain (Baa3
negative) that Moody's assesses in an event of stress..

The upgrade of the long term foreign currency debt ratings of
Banco Continental and BBVA Paraguay, to Ba2 from Ba3, and to Ba1
from Ba3, respectively, derives from Moody's upgrade of Paraguay's
foreign currency debt ceiling to Ba1, from Ba3.

Finally, the upgrade of the long term foreign currency deposit
ratings of Banco Continental, BBVA Paraguay and Banco Amambay are
the direct result of Moody's raising Paraguay's foreign currency
deposits ceiling to B1, from B2.

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



===============
B A R B A D O S
===============


LIME: Barbados on Brink of National Strike Over Lay-Offs
--------------------------------------------------------
Caribbean360.com reports that approximately 25,000 workers across
Barbados are awaiting word from their trade union as to exactly
when they will be given the signal to stop work in solidarity with
97 workers severed by LIME -- Landline, Internet, Mobile and
Entertainment -- this month.

This is the result of a breakdown in negotiations between the
Barbados Workers' Union (BWU) and LIME on Jan. 9, after around
four hours of talks mediated by the Ministry of Labor, led by line
minister Dr. Esther Byer-Suckoo, according to Caribbean360.com.

The report relates that at the heart of the impasse is the
telecommunications major's refusal to rescind the severance
letters that it sent to the 97 employees after it closed down and
outsourced its retail operations to a third-party in a measure
aimed at increasing profitability and improving customer service,
according to LIME managing director Alex McDonald.

The report notes that following failed talks, general secretary of
the BWU Roy Trotman told media as he and his team emerged from the
Ministry of Labor offices that he would be seeking permission from
the trade union's general counsel to call a national strike.

Minister Byer-Suckoo, in brief comments to the media following the
meeting, said she was disappointed that the issue was not
resolved, and although it was the union's right to call a strike,
such action would not solve the problem, the report discloses.

The report relays that Minister Byer-Suckoo expressed optimism
that the parties would return to the negotiation table since "a
lot was at stake" and a strike was not in the interest of either
the BWU or LIME.  Minister Byer-Suckoo noted that she had other
options she could act on in an effort to bring about a settlement
while not specifying what these were, the report notes.

However, the report discloses that there is a possibility that
Prime Minister Freundel Stuart could step into the fray as the
minister also informed reporters that when Cabinet meets today,
she will update the Prime Minister on the outcome of the dispute.

LIME -- Landline, Internet, Mobile and Entertainment -- is a
communications company.  LIME is the Caribbean division of Cable
& Wireless Communications (CWC).  LIME territories include
Jamaica, Barbados, St.Lucia, St.Vincent, Grenada, Dominica,
Cayman, Antigua, Anguilla, Montserrat, St.Kitts & Nevis , Turks &
Caicos.



=============
B E R M U D A
=============


CAREFUSION BERMUDA: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 22, 2012, the member of CareFusion Bermuda 224 Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Garth Calow
         Alison Tomb
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


CHASE INTERNATIONAL: Member to Receive Wind-Up Report on Jan. 11
----------------------------------------------------------------
The member of Chase International Insurance Brokerage Limited will
receive on Jan. 11, 2013, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 30, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


CHEVRON INDONESIA: Members Receive Wind-Up Report
-------------------------------------------------
The members of Chevron Indonesia Holdings II, Ltd. received on
Jan. 10, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 4, 2012.

The company's liquidator is:

         Jeffrey J. Allison
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


DURHAM OVERSEAS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Durham Overseas Limited received on Jan. 9, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 3, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


MASTER MULTI-PRODUCT: Member Receives Wind-Up Report
----------------------------------------------------
The member of Master Multi-Product Holdings SPV, Ltd. received on
Jan. 7, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 30, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM 09
         Bermuda


MOMENTUM INSTITUTIONAL: Members Receive Wind-Up Report
------------------------------------------------------
The members of Momentum Institutional Performance Strategies
Limited received on Jan. 9, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 4, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda



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


CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' corporate
credit and issue-level ratings on Corporacion Pesquera Inca S.A.C.
are not affected following the proposed $75 million add-on to its
$175 million bond due 2017.  The add-on is under the same terms
and conditions as the bond.  The company will use the proceeds to
pay
down operating leasing agreements, for capital expenditures, and
improve liquidity.



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


APOLLO MANHATTAN: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 2, 2012, the members of Apollo Manhattan Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ASHDALE LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 30, 2012, the shareholders of Ashdale Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands; and

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


BASIX CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2012, the shareholders of Basix Capital Offshore Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         dms Corporate Services Ltd.
         20 Genesis Close
         dms House 2nd Floor
         Grand Cayman, Cayman Islands


BRITISH WEST: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 22, 2012, the sole member of British West Indies Realty
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kirsten Le Pape
         Turners Management Ltd.
         Turners
         Strathvale House, 90 North Church Street
         P.O. Box 2636 Grand Cayman KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone: 1 345 814 0712


CRYSTAL OPPORTUNITIES: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 1, 2012, the sole shareholder of Crystal Opportunities
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


CRYSTAL OPPORTUNITIES OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------------------------
On Nov. 1, 2012, the sole shareholder of Crystal Opportunities
Fund Offshore, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


EMERGING MARKETS: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 30, 2012, the sole shareholder of Emerging Markets Macro
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


EURISSIMO LTD: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2012, the sole shareholder of Eurissimo Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981 Grand Cayman KY1-1104
         Cayman Islands


FARROW MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 29, 2012, the shareholders of Farrow Management Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170, George Town Grand Cayman KY1-1102
         Cayman Islands


H&QAP CHG: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 30, 2012, the sole shareholder of H&QAP CHG GP, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


KARKAT INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 30, 2012, the shareholders of Karkat Investments Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


KAZIMIR EMERGING: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 26, 2012, the sole shareholder of Kazimir Emerging Europe
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Kazimir Asset Management Limited
         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         E-mail: info@kazimir.com


MOBILE NET: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 26, 2012, the sole member of Mobile Net Invest Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 7, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866 Grand Cayman, KY1-1103
         Cayman Islands


MSR PROJECT: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 24, 2012, the shareholders of MSR Project Grand Slam
Holdings Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         PO Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


PADMASAMBHAVA HOLDINGS: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Oct. 31, 2012, the shareholders of Padmasambhava Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


PEACEFUL HOPE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 31, 2012, the shareholders of Peaceful Hope Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SALIDA GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Aug. 28, 2012, the sole shareholder of Salida Global Energy
Fund (International) Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SEVEN ARROWS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 25, 2012, the sole shareholder of Seven Arrows Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SINTEMARIE LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sintemarie Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 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


TAU COMPASS: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 1, 2012, the members of Tau Compass Investment Management
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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



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


CORPORACION PESQUERA: Fitch Rates US$175MM Unsecured Notes 'B+'
---------------------------------------------------------------
Corporacion Pesquera Inca SAC has announced the reopening of its
USD175 million senior unsecured notes due 2017, which will carry
the same rating as the original deal of 'B+/RR4', according to
Fitch Ratings.

Copeinca intends to issue USD75 million of additional debt through
this reopening. Approximately USD35 million of the proceeds would
be used to repay leases that are part of the company's financial
debt, while the remaining funds will be used for general corporate
purpose.

Copeinca is a wholly owned subsidiary of Copeinca ASA, which has
fully and unconditionally guaranteed the notes. Its ratings have
been linked to Copeinca ASA's through Fitch's parent-subsidiary
linkage criteria. The linkage reflects the strong legal and
operational ties between Copeinca ASA and Copeinca, centralized
treasury and management commonality.

Fitch currently rates Copeinca as:

Copeinca ASA

-- Foreign Currency Issuer Default Rating (IDR) 'B+'.

Corporacion Pesquera Inca SAC (COPEINCA)

-- Foreign Currency IDR 'B+';
-- USD175 million senior unsecured notes 'B+/RR4' .

The Rating Outlook is Stable.

Pro forma the transaction, Copeinca's ratio of total debt-to-last
12 months (LTM) EBITDA would climb to 2.7x from 2.3x as of
Sept. 30, 2012. This level of leverage is similar to those
maintained by the company during 2011 and 2010 of 2.7x and 2.9x,
respectively.

The re-tap would further strengthen Copeinca's liquidity. The
company had cash and marketable securities of USD41 million and
short-term debt of USD18 million as of Sept. 30, 2012. Inventories
and account receivables, an important part of Copeinca's
liquidity, were USD34 million and USD8 million, respectively.
Copeinca also maintains adequate levels of unencumbered assets -
primarily fishing licenses - that could provide additional
financial flexibility, if needed as a last resource source of
liquidity. Copeinca's total debt was USD225 million as of
Sept. 30, 2012. It was composed mostly of USD175 million of
unsecured bonds due 2017 and lease-back contracts.

By the end of the first quarter of 2013, Copeinca's total Debt to
EBITDA ratio will most likely deteriorate further, but is expected
to remain below 3.0x. The company's EBITDA is expected to be below
the prior year's as a result of a reduction in the fishing quota
for the second fishing season of 2012 to only 800,000 metric
tonnes (MT), 68% lower than the maximum limit for the second
fishing season of 2011 (2,500,000 MT).

The quota reduction will be partially offset by the corresponding
increase in fishmeal/fish oil prices to above $2,000 per MT.
Prices are expected to remain high until the next fishing season,
which starts in May 2013. Copeinca should be able to maintain
operations without interruption until the next fishing season. Its
semi-annual fixed expenses are estimated to be about US25 million
and it has a net cash position of USD23 million as of Sept. 30,
2012, which will be augmented by USD40 million of net debt
proceeds from the current offering.

Copeinca's ratings continue to reflect the company's solid market
position, as the second largest producer in the Peruvian fishmeal
industry with a granted fishing quota of 10.7% in Peru's north
zone. Inherent exposure to climatic events such as El Nino or 'La
Nina' can significantly impact the company's results and are a
constraint upon the company's credit ratings. Other constrains
include limited product, customer and product diversification.

Fishmeal and fish oil represents 100% of the company's sales.
China is the company's main market, representing approximately
40%-50% of its total sales. Fitch also believes that Copeinca's
financial strategy will continue to result in high dividend
payments relative to its EBITDA and CFFO, which limits FCF
generation and prevents a strengthening of Copeinca's balance
sheet.

The 'B+/RR4' rating of the company's unsecured public debt
reflects average recovery prospects in the range of 31%-50% of
current principal and related interest in the event of default.
Fitch uses soft caps on its recoveries in certain markets to
reflect concern about creditor rights or weak enforcement of
existing laws. This resulted in a cap of Copeinca's debt at the
level of 'RR4', which is consistent with anticipated recoveries.

Key Rating Drivers:

Factors that could result in a negative rating action include
sustained deterioration in the company's credit metrics, resulting
from some combination of the following elements: adverse climatic
conditions and/or declining fishmeal and fish oil prices resulting
in increased financial leverage and a weak cash position.

Factors that could trigger a positive rating action include
significant reduction in leverage levels on a sustained basis,
consistent positive free cash flow generation, and product
diversification.


TELEFONICA CELULAR: Moody's Raises CFR to 'B3'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded Telefonica Celular del Paraguay
S.A. (Telecel)'s corporate family rating to Ba3 from (P)B1.
Simultaneously, Moody's upgraded the company's senior unsecured
global notes due 2022 to Ba3 from (P)B1. The ratings outlook is
stable.

Ratings Rationale

The ratings upgrade was based on Paraguay's sovereign rating
upgrade to Ba3 from B1 on January 8, 2013 as Telecel ratings had
been constrained by Paraguay's rating. The rating on Telecel and
its notes is supported by the company's status as #1 mobile
operator in the country, with an estimated 56% market share; track
record of strong and resilient growth despite changes in
government; and solid credit profile driven by low adjusted
leverage of 0.8x and high adjusted EBITDA margin during the twelve
months ending September 30, 2012. The ratings are constrained by
the company's modest revenue size (US$617 million in LTM) as
compared to global peers; a low amount of free cash flow
generation after capex and dividends; a high foreign exchange risk
related to USD debt and USD capex; and the competitive nature of
the Paraguayan telecom market, which places negative pressure on
revenue growth and margins. The Ba3 ratings on Telecel and its
notes now reflect the company's intrinsic credit quality and are
no longer constrained by Paraguay's sovereign rating.

Moody's applies the Global Telecommunications Industry Rating
Methodology to assist in the assessment of Telecel's credit
quality. The methodology grid suggested rating outcome for Telecel
is several levels higher than the assigned ratings. The notching
difference is explained by the aforementioned factors. Although
Moody's recognizes that Telecel has historically been able to
convert Guaranies into USD and transfer the currency outside
Paraguay without major difficulty, it cannot be certain that this
will continue to be the case in the future.

The stable rating outlook reflects Moody's expectation that
Telecel will grow at high single digit rates in the next 3 years
despite the competitive mobile market given its solid market share
and long operating track record; the stable outlook also assumes
that the company will be able to sustain current operating and
credit metrics.

An upward ratings pressure could result from a meaningful
reduction in foreign currency exposure either through a robust
hedging policy or a sizable increase in the company's hard
currency assets or revenues outside Paraguay. However, an upgrade
would require that the company maintains strong liquidity and a
comfortable debt maturity profile.

A downgrade would be considered if expected revenue growth is not
achieved or if operating margins decline further than anticipated
as a consequence competitors' irrational business behavior. A
negative rating action could also be triggered by a debt leverage
that reaches 2 times for a prolonged period of time without a
clear path to subsequent de-leveraging.

The last rating action on Telecel was on December 4, 2012.

The principal methodology used in rating Telecel was the Global
Telecommunications Industry Methodology published in December
2010.

With 3.8 million subscribers as of September 30, 2012, Telecel is
the largest mobile telecom operator in Paraguay with an estimated
56% market share. It is 100% owned by Millicom International
Cellular S.A. (Ba1 stable). During the last 12 months ended in
September 30, 2012, Telecel's revenues amounted to US$617 million.



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


* PARAGUAY: Fitch Assigns 'BB-' LT Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has initiated the sovereign coverage of the Republic
of Paraguay and has assigned Long-term foreign and local currency
Issuer Default Ratings (IDR) of 'BB-'. The Rating Outlook on both
ratings is Stable. Fitch has also assigned a Short-term foreign
currency rating of 'B' and a Country Ceiling of 'BB'.

Rating Rationale

Paraguay's ratings balance the strength of the sovereign's fiscal
and external balance sheets, low financing risks and prudent
macroeconomic policies against high commodity dependence, volatile
macroeconomic performance, a low government revenue base and
structural constraints such as low income per capita and
comparatively weak institutional framework.

The economy is estimated to have contracted in 2012 by 1.2% due to
the severe drought, sanitary bans on beef exports, and weaker
economic activity among the main trade partners. The economy could
post a 10% recovery in 2013 if weather conditions normalize and
domestic demand maintains a strong pace. Global economic
uncertainty, as well as economic sluggishness in Brazil and
Argentina, pose additional downside risks to the agency's economic
projections for Paraguay.

The Paraguayan economy has shown higher average growth rates
relative to the 'BB' median, but growth volatility has also been
greater due to the large size of its agriculture sector and the
negative shocks it receives from adverse weather cycles.

Nevertheless, changes in commodity prices of Paraguayan exports
and supply shocks in the primary sector do not directly affect
fiscal accounts, given the current tax framework. In addition, the
financial system has demonstrated resilience to negative shocks in
the agriculture sector due to its moderate loan exposure, long
loan terms and borrowers' low leverage position.

Risks related to high commodity dependence and financial
dollarization are partly mitigated by a relatively strong external
liquidity position, the sovereign's net external creditor
position, comparatively low external amortizations and the
availability of multilateral sources of funding.

Over the past decade, Paraguay has developed a record of fiscal
restraint through different economic and political cycles, which
has resulted in moderate fiscal surpluses, low maturities and
financing requirements, and one of the lowest debt burdens in the
'BB' rating category in spite of the sovereign's relatively low
revenue share. Nevertheless, this fiscal performance is also
partially explained by years of public underinvestment.

The decision to set up an investment fund (FONACIDE) with
additional royalties from the Itaipu dam and to increase both
infrastructure and social investment, if properly implemented,
could improve growth prospects, and contribute towards
diversifying the country's economic base over the long term.
However, the decision to use all of FONACIDE's funds as part of
the annual government budget instead of partially saving them
would limit Paraguay's capacity to accumulate savings in the
absence of fiscal surpluses.

Paraguay's credit profile is characterized by weaker structural
factors in relation to its rating category. Despite faster GDP
growth and some progress in reducing poverty, Paraguay remains a
relatively poor country compared to 'BB' peers. At the same time,
Paraguay lags its rating category peers in Human Development
Indicators, the investment rate, business environment and
governance indicators. Weak institutions and corruption undermine
the rule of law and government effectiveness, and could pose risks
to social and political stability.

RATING OUTLOOK STABLE

The main factors that could lead to a positive rating action are:

-- Sustained good growth momentum that would improve debt ratios
    and allow for improvements in GDP per capita;

-- Improvement in the government's revenue base and continued
    progress in broadening financing sources.

The main factors that could lead to a negative rating action are:

-- Increased macroeconomic and financial sector instability;

-- A sustained fiscal deterioration in the context of financing
    constraints.

KEY ASSUMPTIONS AND SENSITIVITIES

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch's economic growth forecasts factor in a modest recovery
    in Brazil and Argentina in 2013. Given Paraguay's significant
    ties to Argentina and Brazil through trade, a sharp
    deterioration in their economies would materially weaken
    Paraguay's economic growth performance.

-- Fitch assumes that no drought will affect the next agriculture
    cycle in Paraguay, and that sanitary bans on Paraguayan beef
    exports are lifted entirely. At the same time, agricultural
    prices in the commodity markets are expected to remain at
    current levels.

-- Fitch assumes that Paraguay will continue to diversify and
    develop its financing sources and have access to multilateral
    funding.



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


BMF INC: Firstbank Withdraws Objection to Confirmation of Plan
--------------------------------------------------------------
Following is a narration of the events that have transpired in the
Chapter 11 case of BMF, Inc., since the hearing on Sept. 26, 2012,
to consider the approval of the Disclosure Statement describing
the Debtor's Plan of Reorganization filed May 29, 2012.

On Oct. 1, 2012, the Court approved the Debtor's Disclosure
Statement describing the Debtor's Plan.

On Nov. 1, 2012, FirstBank Puerto Rico filed its opposition to
confirmation of the Plan, and also filed a request to have the
Chapter 11 case dismissed.

On Nov. 14, 2012, the Debtor filed an Amended Plan of
Reorganization dated Nov. 14, 2012.

Pursuant to the Amended Plan, Banco Popular de Puerto Rico
("BPPR"), owed $4,891,278, will receive deferred cash payments
with interest over a period of 60 months based on an amortization
term of 30 years, with a final balloon payment for the full
outstanding amount then due at the end of the 60 month term.

First Bank of Puerto Rico will receive deferred cash payments with
interest over a period of 60 months based on an amortization term
of 25 years, with a final balloon payment for the full outstanding
amount then due at the end of the 60 month term.

General unsecured creditors who have filed proofs of claims over
$5,000 will be paid 20% of the allowed claims on a monthly basis
over a period of 7 years from the Effective Date.  General
unsecured creditors who have filed proofs of claims $5,000 or less
will be paid 20% of the allowed claims within a period of 30 days
from the Effective Date.

Equity security and interest holders of the Debtor will not
receive any dividend or other payment under the Plan and are
ineligible to vote.  All current equity holders of the Debtor will
retain their equity interest under the Plan.

A copy of the Amended Plan is available at:

             http://bankrupt.com/misc/bmf.doc138.pdf

Subsequent to the filing of the Amended Plan, Firstbank withdrew
its objection to the Amended Plan and its request for dismissal.
In a Joint Motion submitted to the Court dated Dec. 4, 2012, the
Parties stipulated that Firstbank's treatment under the Amended
Plan will be amended such that Firstbank will now receive deferred
monthly cash payments based on an amortization schedule of 20
years (instead of the previous 25 years under the Amended Plan)
over a period of 60 months, with a balloon payment at the end of
the 60 month term.  Monthly payments will now be in the amount of
$13,242.

In addition, the parties have further agreed that one of the
Debtor's shareholder, Mr. Bert A. Foti, will provide the bank with
additional personal real estate collateral in order to secure
compliance of the Debtor to Firstbank.

The stipulation does not alter the treatment in Debtor's Amended
Plan to any other creditor.

                          About BMF Inc.

BMF Inc. operates a water distillation operation to produce
bottled drinking water.  BMF markets the water it distills --
under the brand Pure H20 -- at various retail chains and
restaurants throughout Puerto Rico and the Caribbean region.  BMF
Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No.
12-00658) on Jan. 31, 2012.  BMF disclosed $12.3 million in assets
and $8.9 million in liabilities.


CERTENEJAS INCORPORADO: Court Sets Feb. 12 Confirmation Hearing
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the disclosure statement describing the proposed
Chapter 11 plan of reorganization of Certenejas Incorporado.

The hearing to consider the confirmation of the Plan will be held
on Feb. 12, 2013, at 10:00 a.m.  Objections to claims must be
filed 45 days prior to the confirmation hearing.  Acceptances or
rejections of the Plan may be filed on/or before 45 days prior to
Confirmation hearing.  Objections, if any, to confirmation of the
Plan will be filed no later than 21 days prior to the Confirmation
hearing.

A summary of the Plan was reported in the Troubled Company
Reporter on Oct. 16, 2012.  According to the explanatory
disclosure statement, Banco Popular de Puerto Rico, holder of a
$40.4 million claim secured by substantially all assets of the
Debtor, will recover 100%.  On the effective date, the Debtor will
surrender, as payment in kind to BPPR or will consent to the
foreclosure of the Motel Molino Azul (valued at $6.95 million),
Motel Molino Rojo ($5.60 million), Motel Las Palmas ($8.50
million), Motel El Rio ($6.67 million), and Motel El Eden ($3.25
million), and a parcel of land in Rio Grand, Puerto Rico ($1.45
million).  The Debtor will retain the real property known as Motel
Flor Del Valle (valued at $4.5 million).  The balance of BPPR's
secured claim for $4.5 million will be paid through monthly
payments with a balloon payment of $4.32 million on Dec. 31, 2014.

Holders of general unsecured claims aggregating $4.65 million will
recover 1%.  They will split a $50,000 carve out to be agreed with
BPPR.

Holders of interests are unimpaired.  Mr. Luis Jaime Meaux and
Mrs. Marta I. Muniz Melendez will retain their shares unaltered.

A copy of the Disclosure Statement is available for free at:

    http://bankrupt.com/misc/Certenejas_Inco_Plan_Outline.pdf

                   About Certenejas Incorporado

Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El
Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and
Motel El Rio -- owns motels or short-term guest houses in Puerto
Rico.  It filed a Chapter 11 petition (Bankr. D. P.R. Case No.
12-02806) in Old San Juan, Puerto Rico, on April 11, 2012.  The
Debtor disclosed US$27.68 million in assets and US$45.29 million
in debts as of the Chapter 11 filing.  Charles Alfred Cuprill,
Esq., serves as the Debtor's counsel.  The petition was signed by
Luis J. Meaux Vazquez, president.

Certenejas Incorporado and three of its affiliates previously
sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos.
09-08470 to 09-08473) on Oct. 2, 2009.  The affiliates are
Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget
Development Corporation.  According to the schedules filed in the
2009 case, Certenejas Incorporado had total assets of
US$13,800,000, and total debts of US$41,596,637.  The petition was
signed by Luis J. Meaux Vazquez, the Company's president.


EMPRESAS BERDUT: Case Summary & 9 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Empresas Berdut, Inc.
        1537 Ave Ponce De Leon
        Buzon #1 Sector El Cinco
        San Juan, PR 00926

Bankruptcy Case No.: 13-00051

Chapter 11 Petition Date: January 8, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Mildred Caban

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  VICTOR GRATACOS-DIAZ LEGAL OFFICE
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  E-mail: bankruptcy@gratacoslaw.com

Scheduled Assets: $1,802,000

Scheduled Liabilities: $2,514,219

A copy of the Company's list of its nine largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-00051.pdf

The petition was signed by Elberto Berdut, Inc., president.


M, P, M, INC: Case Summary & Unsecured Creditor
-----------------------------------------------
Debtor: M, P, M, Inc.
        GPO Box 6066
        San Juan, PR 00936

Bankruptcy Case No.: 13-00057

Chapter 11 Petition Date: January 8, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Jesus Santiago Malavet, Esq.
                  SANTIAGO MALAVET AND SANTIAGO LAW OFFICE
                  473 Sagrado Corazon Street
                  San Juan, PR 00915
                  Tel: (787) 727-3058
                  Fax: (787) 726-5906
                  E-mail: jsantiago.smslopsc@gmail.com

Scheduled Assets: $3,280,000

Scheduled Liabilities: $1,150,102

The petition was signed by Antonio Nicolas Moreda Toledo,
president.

The Company's list of its largest unsecured creditors filed with
the petition contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Antonio Nicolas Moreda Toledo      Advances               $500,102
GPO Box 6066
San Juan, PR 00936



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


PETROTRIN: Looking to Invest TT$7 Billion in New Drill Sites
------------------------------------------------------------
Caribbean360.com reports that the recent award of two exploration
and production licenses to the state-owned oil company Petroleum
Company of Trinidad and Tobago by the Ministry of Energy will
result in a near TT$7 billion investment over the next four years.

Energy Minister Kevin Ramnarine revealed the award of the licenses
for the Trinmar acreages Trinidad Northern Areas Block (TNA) and
the North Marine Block, according to Caribbean360.com.

The report notes that the licenses, negotiations for which took
several months, provide for new work programs, signature and
commerciality bonuses, technical equipment, environmental and
other bonuses and abandonment provisions.  They provide for a term
of six years to execute the exploration programs and the
development of existing field areas, Caribbean360.com relates.

Caribbean360.com says that Mr. Ramnarine described the signing of
the license agreement at the Ministry's offices in Tower C,
International Waterfront Centre, Wrightson Road, Port of Spain, as
an "historic" occasion, as the licenses were being renewed after
almost 30 years.

"This is also historic, the first updated plan in 35 years. After
it gets all its approvals from Cabinet, I will present it at the
Energy Conference," the report quoted Mr. Ramnarine as saying.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.



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


* BOND PRICING: For the Week Jan. 7 to Jan. 11, 2013
----------------------------------------------------

Issuer              Coupon    Maturity    Currency      Price
------              ------    --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS           8.28    12/31/2033    USD         63.6
ARGENT-$DIS           8.28    12/31/2033    USD        69.63
ARGENT-$DIS           8.28    12/31/2033    USD        69.63
ARGENT-$DIS           8.28    12/31/2033    USD        70.75
ARGENT-$DIS           8.28    12/31/2033    USD         73.5
ARGENT-PAR            1.18    12/31/2038    ARS        44.91
ARGENT- DIS           7.82    12/31/2033    EUR           45
ARGENT- DIS           7.82    12/31/2033    EUR        59.25
ARGENT- DIS           7.82    12/31/2033    EUR           60
ARGENT- DIS           4.33    12/31/2033    JPY           36
ARGENT- DIS           4.33    12/31/2033    JPY           36
ARGENT- PAR           0.45    12/31/2038    JPY           15
ARGENT- PAR&GDP       0.45    12/31/2038    JPY            8
ARGNT-BOCON PRE9         2    3/15/2014     ARS         51.5
BANCO MACRO SA        9.75    12/18/2036    USD        75.48
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
CAPEX SA                10    3/10/2018     USD           71
CAPEX SA                10    3/10/2018     USD        67.88
CIA LATINO AMER        9.5    12/15/2016    USD         65.3
EMP DISTRIB NORT      10.5    10/9/2017     USD        36.85
EMP DISTRIB NORT      9.75    10/25/2022    USD         47.5
EMP DISTRIB NORT      9.75    10/25/2022    USD        44.63
PROV BUENOS AIRE     9.625    4/18/2028     USD        67.04
PROV BUENOS AIRE     9.625    4/18/2028     USD        66.88
PROV BUENOS AIRE     9.375    9/14/2018     USD        73.86
PROV BUENOS AIRE     9.375    9/14/2018     USD        73.75
PROV BUENOS AIRE    10.875    1/26/2021     USD        75.74
PROV DE FORMOSA          5    2/27/2022     USD         65.5
PROV DE MENDOZA        5.5    9/4/2018      USD        70.38
PROV DEL CHACO           4    12/4/2026     USD        30.88
PROV DEL CHACO           4    11/4/2023     USD        57.75
TRANSENER             9.75    8/15/2021     USD        37.75
TRANSENER             9.75    8/15/2021     USD           41
TRANSENER            8.875    12/15/2016    USD         40.5


CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035    EUR         59.5
BCP FINANCE CO         4.239                EUR        41.06
BCP FINANCE CO         5.5                  EUR        39.67
BES FINANCE LTD        4.5                  EUR        63.17
BES FINANCE LTD       5.58                  EUR        64.33
CHINA FORESTRY       10.25    11/17/2015    USD        53.88
CHINA FORESTRY       10.25    11/17/2015    USD         54.1
CHINA SUNERGY         4.75    6/15/2013     USD        53.46
EFG HELLAS CAYMA         9    3/8/2019      EUR         70.5
ESFG INTERNATION     5.753                  EUR        50.67
GOL FINANCE           8.75                  USD        65.75
GOL FINANCE           8.75                  USD        65
JINKOSOLAR HOLD          4   5/15/2016      USD        50.19
LDK SOLAR CO LTD      4.75   4/15/2013      USD        63
LDK SOLAR CO LTD        10   2/28/2014      CNY        67.82
LUPATECH FINANCE     9.875                  USD        37.75
LUPATECH FINANCE     9.875                  USD        42
PUBMASTER FIN        6.962   6/30/2028      GBP        62.36
RENHE COMMERCIAL        13   3/10/2016      USD        76.13
SUNTECH POWER            3   3/15/2013      USD        54.38
SUNTECH POWER            3   3/15/2013      USD        53.5


CHILE
-----

ALMENDRAL TEL            3.5 12/15/2014      CLP       42.34
CHILE                    3    1/1/2042       CLP       65.9
CHILE                    3    1/1/2042       CLP       65.9
CHILE                    3    1/1/2040       CLP       67.41
CHILE                    3    1/1/2040       CLP       67.41
COLBUN SA              3.2    5/1/2013       CLP       24.86


PUERTO RICO
-----------

PUERTO RICO CONS       6.5     4/1/2016      USD       67.5


VENEZUELA
---------

PETROLEOS DE VEN       5.5     4/12/2037     USD       72
PETROLEOS DE VEN     5.375     4/12/2027     USD       76.7


                            ***********


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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