TCRLA_Public/130214.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

             Thursday, February 14, 2013, Vol. 14, No. 32


                            Headlines



B E L I Z E

* BELIZE: Minister Discloses New Debt Terms on Defaulted Bond


C A Y M A N  I S L A N D S

ALBEMARLE SPECIAL: Shareholder Receives Wind-Up Report
CENTRAL MASSACHUSETTS: Members Receive Wind-Up Report
ENSERVE LTD: Shareholder Receives Wind-Up Report
FORTE INVESTMENT: Members Receive Wind-Up Report
GLADBROOK LIMITED: Members Receive Wind-Up Report

GREAT HOPE: Members Receive Wind-Up Report
GRUPO ENERGIA: Shareholder Receives Wind-Up Report
HIGH QUALITY: Shareholders Receive Wind-Up Report
HIGH QUALITY ABS: Shareholders Receive Wind-Up Report
HIGHLAND BOWL: Members Receive Wind-Up Report

HYPER ENGINE: Members Receive Wind-Up Report
IVAN LIMITED: Members Receive Wind-Up Report
MARCH 1 LTD: Shareholders Receive Wind-Up Report
NAUTILUS GLOBAL: Shareholders Receive Wind-Up Report
PUMA ABSOLUTE: Shareholders Receive Wind-Up Report

RASMALA HEDGE: Members Receive Wind-Up Report
SANDA KAN: Shareholders Receive Wind-Up Report
SIPFIM FUND: Shareholders Receive Wind-Up Report
TOLLTECH HOLDING: Shareholder Receives Wind-Up Report


J A M A I C A

PALMYRA RESORT: Overseers Refuse to Fund Maintenance Cost
* JAMAICA: Fitch Lowers IDRs to 'C' on Distressed Debt Exchange
* JAMAICA: S&P Cuts Rating to 'SD' After Plans of Debt Exchange


V E N E Z U E L A

* VENEZUELA: Fitch Says Devaluation to Have Mixed Effect on Banks


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars

                            - - - - -


===========
B E L I Z E
===========


* BELIZE: Minister Discloses New Debt Terms on Defaulted Bond
-------------------------------------------------------------
Adam Williams at Bloomberg News reports that Belize's government
proposed extending maturities and cutting the coupon on the
country's $544 million of defaulted debt as part of the Central
American nation's second debt restructuring since 2007.

Prime Minister Dean Barrow's plan would extend the maturity on the
defaulted bonds to 2038 from 2029 and lower the current coupon to
5 percent from 8.5 percent. Barrow, speaking to the lower house in
Belmopan, said the agreement would provide the country $247
million in relief over the next 10 years, according to Bloomberg
News.

"There is no reason to fear that with this massive package of debt
relief, there can be any chance of Belize defaulting again,"
Bloomberg News quoted Mr. Barrow as saying.

Bloomberg News recalls that Belize missed a $23 million coupon
payment on its bonds in August.  It later paid half the amount as
talks with creditors continued, Bloomberg News relays.



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


ALBEMARLE SPECIAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Jan. 4, 2013, the shareholder of Albemarle Special Assets Fund
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CENTRAL MASSACHUSETTS: Members Receive Wind-Up Report
-----------------------------------------------------
On Dec. 24, 2012, the members of Central Massachusetts Indemnity
Company, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

Russell Homer is the company's liquidator.


ENSERVE LTD: Shareholder Receives Wind-Up Report
------------------------------------------------
On Jan. 4, 2013, the shareholder of Enserve Ltd. received 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


FORTE INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
On Dec. 20, 2012, the members of Forte Investment Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


GLADBROOK LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
On Dec. 27, 2012, the members of Gladbrook Limited received 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 KY1-1102
         Cayman Islands


GREAT HOPE: Members Receive Wind-Up Report
------------------------------------------
On Dec. 27, 2012, the members of Great Hope Investments Limited
received 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 KY1-1102
         Cayman Islands


GRUPO ENERGIA: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Jan. 4, 2013, the shareholder of Grupo Energia Cayman LLC
received 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


HIGH QUALITY: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 28, 2012, the shareholders of High Quality ABS
Opportunities (Master) Fund III, Ltd. received 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


HIGH QUALITY ABS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Dec. 28, 2012, the shareholders of High Quality ABS
Opportunities (Cayman) Fund III, Ltd. received 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


HIGHLAND BOWL: Members Receive Wind-Up Report
---------------------------------------------
On Dec. 17, 2012, the members of Highland Bowl Trading Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


HYPER ENGINE: Members Receive Wind-Up Report
--------------------------------------------
On Dec. 27, 2012, the members of Hyper Engine Limited received 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 KY1-1102
         Cayman Islands


IVAN LIMITED: Members Receive Wind-Up Report
--------------------------------------------
On Dec. 27, 2012, the members of Ivan Limited received 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 KY1-1102
         Cayman Islands


MARCH 1 LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
On Jan. 29, 2013, the shareholders of March 1 Ltd. received 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


NAUTILUS GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 3, 2013, the shareholders of Nautilus Global Capital
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Wei Liu
         c/o Stephen Nelson
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         P.O. Box 709 Grand Cayman KY1-1107
         Cayman Islands


PUMA ABSOLUTE: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Jan. 4, 2013, the shareholders of Puma Absolute Return Fund
Limited received 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


RASMALA HEDGE: Members Receive Wind-Up Report
---------------------------------------------
On Dec. 24, 2012, the members of Rasmala Hedge Fund Strategies
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SANDA KAN: Shareholders Receive Wind-Up Report
----------------------------------------------
On Dec. 28, 2012, the shareholders of Sanda Kan (Cayman I)
Holdings Company Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


SIPFIM FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
On Dec. 25, 2012, the shareholders of SIPFIM Fund Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marco Racy Kheirallah
         c/o Avenida Brigadeiro Faria Lima,
         No. 2277, 9th Floor, conjuntos 1603 and 1604
         Sao Paulo
         Brazil


TOLLTECH HOLDING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 4, 2013, the shareholder of Tolltech Holding, Ltd.
received 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



=============
J A M A I C A
=============


PALMYRA RESORT: Overseers Refuse to Fund Maintenance Cost
---------------------------------------------------------
Janet Silvera at Jamaica Gleaner reports that a number of
homeowners and tenants of the Palmyra Resort & Spa, Montego Bay,
have been forced to vacate the premises because of a refusal by
the property's overseers to continue funding increasing
maintenance costs.

The receiver has already curtailed access to electricity to a few
hours each day, according to Jamaica Gleaner.

Jamaica Gleaner notes that Sunday Business said that at least one
of the two banks that own the property has stopped providing
funding towards the operation of the power plant at the resort.

The report notes that electricity at the property is costing in
excess of US$140,000 per month, sources close to the resort have
said, the report relates.  Overall, the report discloses that the
two banks, RBC and NCB, spend US$450,000 to maintain the property
which went into receivership on July 2011.

The operation of the property, said the source had impacted badly
on the bottom line of both entities, the report notes.

The occupants were given a four-day notice to move out by
Saturday, February 9.

The report relays that the short eviction notice has irked
occupants, about 20 to 30 homeowners and tenants, who were advised
by the property's receiver Ken Tomlinson on February 5.

                      About Palmyra Resort

The Palmyra, which is located at Rose Hall in Montego Bay, is a
288-room hotel/condominium complex encompassing three towers, two
of which were completed.  It has 103 owners of individual condos,
with 97 units remaining for sale on the completed blocks, the
Sabal Tower and Silver Tower.  The shell of a high-rise hotel
designed for 88 studio suites, called Sentry Tower, and 11 three-
bedroom villas are at varying stages of completion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, Jamaica Observer said that local banks placed the
Palmyra Resort and Spa into receivership on July 22, 2011.
Jamaica Gleaner, citing information filed with the Companies
Office of Jamaica, reports that businessman Robert Trotta has at
least a US$22 million loan with RBC Royal Bank Jamaica (fka RBTT),
and a US$88 million loan with National Commercial Bank secured by
debenture dated 2007 amounting to US$110 million.  The size of the
outstanding debts was not ascertained.  Mr. Trotta headed the
U.S.-based Resort Properties Group, which is one of the developers
of the resort.  The second developer is Michelle Rollins' Rose
Hall Developments.

                Plan to Sell Through Auction Fails

TCRLA reported that Jamaica Gleaner, citing sources, said plans to
sell the Palmyra Resort & Spa at auction have failed despite two
extensions on the original sealed-bid deadline.  The Financial
Gleaner has learned that Palmyra receiver Ken Tomlinson has
switched to Plan B and is now hoping to sell the 16-acre
beachfront property via private treaty.


* JAMAICA: Fitch Lowers IDRs to 'C' on Distressed Debt Exchange
---------------------------------------------------------------
Fitch Ratings has downgraded Jamaica's ratings:

-- Long-term foreign currency (FC) and local currency (LC)
    Issuer Default Ratings (IDRs) to 'C' from 'B-';
-- Short-term foreign currency IDR to 'C' from 'B';
-- The country ceiling to 'B-' from 'B';
-- International senior unsecured debt instruments to 'CCC'
    from 'B-'.

KEY RATING DRIVERS

The downgrade of Jamaica's sovereign ratings reflects the
following key rating factors:

The government has announced a domestic debt exchange involving
approximately J$860 billion in both FC and LC domestic debt. In
Fitch's opinion, the exchange, if completed, would constitute a
'distressed debt exchange' (DDE) in line with its criteria, as the
operation adversely impacts the original contractual terms of
domestic bondholders.

The proposed debt exchange will affect some instruments to which
Fitch's FC IDR applies. As a result, both the sovereign FC and LC
IDRs have been lowered to 'C' from 'B-' indicating that default on
both types of debt instruments is highly likely in the near term.

The debt exchange announced by the government entails extension of
maturities and reduction in coupons for the affected debt
instruments. Although the operation does not involve a 'haircut'
on principal, the proposed exchange does imply an adverse change
in the terms of government domestic debt.

In addition, the debt exchange has been set as a precondition
towards progress in finalizing a new agreement with the
International Monetary Fund (IMF). In the absence of an IMF
program to stabilize investor confidence, Jamaica will likely face
rising financing pressures and increased risks for macroeconomic
stability.

Although the operation does not directly involve international
bonds, Fitch has lowered the rating on Jamaican Eurobonds to
'CCC', as an unsuccessful debt exchange could result in increased
financing pressures for the sovereign.

The country ceiling will be downgraded to 'B-'. Capital controls
or FX restrictions have not been announced.

RATING OUTLOOK

Fitch considers that Jamaica's proposed domestic debt exchange
will, if completed, constitute a default. Hence, the sovereign's
FC and LC IDRs will be lowered to 'Restricted Default' (RD) upon
completion of the exchange. The government plans to close the
exchange on Feb. 21, 2013.

Jamaica's ratings will be raised out of default shortly after
Fitch determines that the exchange has been successful, which is
typically measured by a minimum participation rate of 90%. The new
rating will be consistent with Jamaica's prospective credit
profile and debt structure.

KEY ASSUMPTIONS AND SENSITIVITIES

Fitch considers that an IMF program is necessary for Jamaica to
avoid destabilizing macroeconomic and fiscal pressures by
restoring domestic confidence and providing access to FX funding.
Hence, Fitch assumes the government's goal is to make swift
progress in meeting other program pre-conditions, most notably
reaching a salary agreement with public sector unions.

Fitch assumes that the debt exchange operation will not result in
financial instability which could in turn accentuate current
financing pressures.


* JAMAICA: S&P Cuts Rating to 'SD' After Plans of Debt Exchange
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its foreign and
local currency sovereign credit ratings on Jamaica to 'SD' from
'B-/B'.  At the same time, S&P lowered its ratings on the bonds
that are included in the sovereign's proposed domestic debt
exchange to 'D'.  S&P lowered the ratings on the government
securities not included in the debt exchange to 'CCC'.

These rating actions follow the government's announcement of the
domestic debt exchange and its official launch.  The offer seeks
to exchange Jamaica's domestically issued debt.  It includes
foreign currency-denominated debt that was issued locally, which
carries foreign currency ratings, which is why S&P has lowered the
foreign currency credit rating to 'SD'.  This transaction excludes
debt owed to nonresidents.

S&P considers the debt exchange as a default for two main reasons,
as described in its criteria, "Rating Implications Of Exchange
Offers And Similar Restructurings, Update," published May 12,
2009.  "In S&P's view, the offer implies that investors will
receive less value than promised as per the original securities
based on the lower interest rate and maturity extension--an
average increase of five years," said Standard & Poor's credit
analyst Joydeep Mukherji.  "We view this offer as distressed
rather than opportunistic because the issuer does not intend to
fulfill its original obligations."

Jamaica undertook a similar debt exchange offer in January 2010,
when S&P also revised its foreign and local currency sovereign
credit ratings on Jamaica to 'SD'.

The government has announced its intention to seek an agreement
with the International Monetary Fund, as part of a broad strategy
of reforms designed to manage its debt burden and gain access to
more external liquidity.  Although such an agreement could ease
short-term liquidity concerns, a sustained improvement in the
government's financial profile will take many years, in S&P's
view, because of the country's structural economic weaknesses.

"We expect to assign a new sovereign credit rating in the 'CCC'
category to the new bonds upon the completion of the debt exchange
and the issuance of the new bonds, which is scheduled for later
this month," said Mr. Mukherji.  "A high debt burden and weak
external liquidity position will constrain the new sovereign
rating after the debt exchange is completed."

Despite the reduction in debt-servicing needs following the debt
exchange, Jamaica's general government debt burden will remain
high, at above 115% of GDP in 2013.  Moreover, its net
international reserves were approximately $1 billion at the end of
January, down from more than $1.9 billion at the beginning of
2012.  Low external reserves, along with low prospects for GDP
growth, will constrain the new sovereign rating.



=================
V E N E Z U E L A
=================


* VENEZUELA: Fitch Says Devaluation to Have Mixed Effect on Banks
-----------------------------------------------------------------
The widely anticipated devaluation of Venezuela's official
exchange rate on Feb. 8 will likely have mixed effects on the
country's banks, while intensifying problems for some Latin
American corporates with substantial exposure to Venezuela,
according to Fitch Ratings. "We do not expect the devaluation to
have any effect on ratings or outlooks for rated banks and
corporates in the region, but inflationary pressure and weaker
growth could adversely affect operating results, particularly in
the Venezuelan banking system," Fitch says.

Venezuelan banks have generally reduced their long net foreign
currency positions over the past two years. As a result, the
impact of the exchange rate change on banks' financial profiles
will be less than the last official devaluation in 2010. By local
regulation, banks cannot hold net foreign currency positions
greater than 30% of equity, and most banks have reduced this
position to single digits.

However, Titulos de Interes y Capital Cubierto, instruments that
are denominated in bolivar but adjust to currency devaluation, are
not included in the banks' net foreign currency position
calculation for regulatory purposes. These instruments represent
between 20% and 30% of equity at the large and midsize private
sector universal banks. We expect these banks' equity positions to
benefit from the devaluation, as most of these instruments tend to
be classified as hold to maturity.

According to local regulation, these currency gains cannot be
recognized as income, but are reflected as an increase in equity
on the banks' financial statements. As such, these gains are not
subject to distribution as dividends, but can be used for certain
purposes such as meeting loan loss provision needs.

The devaluation is likely to have a negative impact on Venezuelan
banks' asset quality to the extent that higher inflation and
slower growth contribute to higher operating costs and impaired
debt service capacity among borrowers. We expect loan growth to
decelerate in real terms, net interest margins to narrow, and
efficiency ratios to deteriorate in the short term. As previously
noted in our "2013 Outlook: Andean Banks" report, profitability
will decline from peaks posted in 2012.

For Latin American nonfinancial corporates with significant
operations in Venezuela, the devaluation was widely expected, and
most of the financial challenges they face are essentially
unchanged. In particular, firms such as restaurant operator Arcos
Dorados (more than 10% of EBITDA in Venezuela) and Chilean board
manufacturer Masisa (more than 20% of EBITDA) will continue to
look for opportunities to raise local prices in a more challenging
inflationary environment. In addition, these companies may
continue to struggle in finding ways to repatriate cash from their
Venezuelan operations.

Two Fitch-rated Latin American corporates have had their
Venezuelan operations nationalized by the government, but have
failed to receive compensation. These firms -- Venezuelan
steelmaker Sidetur and Mexican food company Gruma -- could see
their compensation reduced as a result of the devaluation.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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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