TCRLA_Public/130220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Wednesday, February 20, 2013, Vol. 14, No. 36


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Committee Seeks US$90MM of Transfers From Antigua


A R G E N T I N A

NEWSAN S.A.: Moody's Rates New Class V and IV Notes Issue 'B2'


B O L I V I A

* BOLIVIA: To Get US$47MM IDB Loan to Improve Urban Restructuring


C A Y M A N  I S L A N D S

BAM OPPORTUNITY: Commences Liquidation Proceedings
CG INTERNATIONAL: Placed Under Voluntary Wind-Up
ENTERASPEN LIMITED: Placed Under Voluntary Wind-Up
EPIC: Commences Liquidation Proceedings
J-MEZZ INVESTMENTS: Placed Under Voluntary Wind-Up

LOMBARD/APIC MANAGEMENT: Commences Liquidation Proceedings
LONGHILL HOLDING: Commences Liquidation Proceedings
OAK HILL: Commences Liquidation Proceedings
OPTIMAL ASIA: Commences Liquidation Proceedings
PRIDE INTERNATIONAL: Commences Liquidation Proceedings

PYRENEES GENERAL: Commences Liquidation Proceedings
PYRENEES INVESTMENT: Commences Liquidation Proceedings
SALIX INVESTMENTS: Placed Under Voluntary Wind-Up
SB FINANCE: Commences Liquidation Proceedings
SSF III EBISU: Placed Under Voluntary Wind-Up

SSF III INVESTMENT: Placed Under Voluntary Wind-Up
SSF III YALE: Placed Under Voluntary Wind-Up
TRF LIQUIDATING: Commences Liquidation Proceedings
VICTORY MARINE: Commences Liquidation Proceedings
WW INVESTMENTS: Commences Liquidation Proceedings


P A R A G U A Y

CRC DRILLING: Case Summary & 20 Largest Unsecured Creditors




                            - - - - -






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


STANFORD INT'L: Committee Seeks US$90MM of Transfers From Antigua
-----------------------------------------------------------------
Reuters reports that the Official Stanford Investors Committee and
the court-appointed receiver of Robert Allen Stanford's financial
empire have sued Antigua and Barbuda, the Eastern Caribbean
Central Bank and 23 former Stanford Financial Group Co executives,
accusing them of assisting in the financier's US$7 billion (GBP4.5
billion) Ponzi scheme.

The committee is seeking at least US$90 million of transfers to
Antigua, according to the complaint filed on February 15 in the
U.S. Federal Court in Dallas, reports Reuters.  The committee is
also seeking punitive damages.

It accuses Antigua and Barbuda of shielding Stanford's activities
in exchange for loans that were not repaid and real estate,
Reuters notes.

The report, citing court documents, discloses that the suit
accuses the twin-island nation of being a "'blood brother' to
Stanford, and an integral component of Mr. Stanford's fraudulent
enterprise."

Reuters discloses that Mr. Stanford is appealing his March 2012
conviction and 110-year prison sentence over what prosecutors
called a massive fraud centered on the sale of bogus certificates
of deposit by his Antigua-based Stanford International Bank.

"Stanford used Antigua as a regulatory haven from which to steal
customer funds, and Antigua sustained its struggling economy with
Stanford's ill-gotten largesse," the committee said in court
documents, Reuters relays.

The cases are The Official Stanford Investors Committee v. Antigua
and Barbuda, 3:13-cv-0760; The Official Stanford Investors
Committee v. Bank of Antigua, 3:13-cv-0762; Janvey v. Alvarado,
3:13-cv-0775.  The suits were filed in the U.S. District Court,
Northern District of Texas in Dallas.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


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


NEWSAN S.A.: Moody's Rates New Class V and IV Notes Issue 'B2'
--------------------------------------------------------------
Moody's Latin America has assigned a B2 global rating and an
Aa3.ar Argentina National Scale Rating to Newsan S.A.'s proposed
ARS 115 million Class IV and ARS 35 million Class V senior
unsecured notes to be issued in the local capital market. At the
same time, Moody's affirmed Newsan's B2 corporate family ratings,
and assigned a Aa3.ar national scale rating. Finally, Moody's
affirmed the B2/Aa3.ar Class II and Class III Senior Unsecured
Local Notes and the B2/ Aa3.ar ratings for the ARS 200 million
bank credit lines with Banco de la Nacion Argentina. The outlook
is negative.

The proceeds of the notes will be used to satisfy the company's
capital expenditure program and working capital.

The following ratings were affected:

- Corporate Family Rating, B2 is affirmed

- ARS 100 million Class II Senior Unsecured notes, B2 is affirmed.
Aa3.ar National Scale Rating is affirmed.

- ARS 88 million Class III Senior Unsecured notes, B2 is affirmed.
Aa3.ar National Scale Rating is affirmed.

- Senior Unsecured Bank Credit Facility, B2 is affirmed. Aa3.ar
National Scale Rating is affirmed

- Negative Outlook

Assignments:

- Corporate Family Rating Aa3.ar national scale rating

- ARS up to 115 million Class IV Senior Unsecured notes, B2 /
Aa3.ar

- ARS up to 35 million Class V Senior Unsecured notes, B2 / Aa3.ar

Ratings Rationale:

The B2 and Aa3.ar ratings reflect Newsan's position as one of the
leading consumer electronics manufacturers in Argentina, its
diversified product portfolio with market leadership in the
television and residential air conditioning segments and its
flexible manufacturing base, with five plants located
strategically to serve the Argentine consumer market.
Additionally, the ratings reflect Newsan's strong revenue growth
and Moody's expectations that the company's sales and funds from
operations will continue to benefit from the 2010 tax amendment
with fiscal benefits for the local electronic manufacturing
industry, coupled with consumer financing plans offered by banks
and retailers.

The ratings also consider Newsan's low leverage for its rating
category and its well-established relationships with parts
suppliers, one of which is New San's minority shareholder, Sanyo
Electric Co., Ltd, acquired by Panasonic (rated Baa3 / Negative).

Newsan's key credit negatives include the particularly challenging
competitive environment, with its exclusive focus on the Argentine
consumer market, relatively small scale in relation to its global
peers and high customer concentration. The company's tight
liquidity profile, with most of its debt structured in the short
term, is also a credit negative, although Moody's acknowledges
that Newsan has developed good local banking relationships and
expect that the company may have some flexibility with its capital
expenditures and dividend payments.

The negative rating outlook for Newsan is in line with Moody's
negative outlook for the Argentine government's B3 rating. The
negative outlook for Newsan reflects Moody's view that the
creditworthiness of the company cannot be completely de-linked
from the credit quality of the Argentine government and thus their
ratings need to closely reflect the risk that Newsan shares with
the sovereign. Moody's believes that a weaker sovereign has the
potential to create a ratings drag on companies operating within
its borders, and therefore it is appropriate to limit the extent
to which these issuers can be rated higher than the sovereign,
according to Moody's Rating Implementation Guidance "How Sovereign
Credit Quality May Affect Other Ratings" published on February 13,
2012.

While unlikely at this juncture, the rating could experience
upward pressure if Argentina's B3 government bond rating were
upgraded. In addition, an upgrade of the ratings could result from
a continued strengthening of Newsan's revenues during 2013 while
maintaining its operating margins and low leverage. In addition,
upward pressure on the ratings could result if Newsan is able to
reduce its short term debt exposure, thus improving its liquidity
profile. The extension period of the current credit cards
installment payment scheme could bring upward pressure on the
ratings. Quantitatively, upward momentum could result if Newsan's
total adjusted debt to EBITDA is sustained below 2.0 times (1.88
times as of the last twelve months ended September, 2012) and
EBITDA margin above 15% (8.0% as of the last twelve months ended
September, 2012). Additionally, a more predictable outlook for
economic activity in Argentina would be important for ratings
upgrade.

Ratings could come under downward pressure if there is reduced
availability of consumer loans in 2013 or if weaker than expected
performance leads to a deterioration in operating margins.
Quantitatively, a downgrade could result from a drop in Newsan's
EBIT margin to below 5.0% on a three-year average basis or a
significant increase in leverage, with total adjusted debt to
EBITDA of above 4.0 times. Indications of a weakening market share
in the domestic retail market and a further deterioration in
Newsan's liquidity profile could also drive negative pressure. In
addition, Moody's cautions that a rating downgrade of the
sovereign would likely result in negative rating actions for these
companies to maintain the issuers' current notching gap relative
to the sovereign in the absence of any significant change in their
underlying credit quality.

The principal methodology used in this rating was the Asian
Consumer Electronics Industry Methodology published in December
2010.

Headquartered in Buenos Aires, Argentina, New San S.A.
manufactures digital consumer electronics products, components and
audio and home appliances. With total revenues of ARS 4.5 billion
as of the last twelve months ended September 30, 2012 and a widely
known brand name in the local retail market, New San is a family-
owned company and minority owned by Sanyo Electric Co, Ltd.


=============
B O L I V I A
=============


* BOLIVIA: To Get US$47MM IDB Loan to Improve Urban Restructuring
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$47 million
loan for Bolivia, to help reduce traffic congestion in the La Ceja
area, improving planning capacity, urban management, road
infrastructure and decentralizing the services provided to
citizens by the Municipal Self-Government of El Alto (GAMEA).

As a result of its strategic location bordering the La Paz
municipality, La Ceja has become the only location in El Alto
where transportation hubs and the main commercial and service
activities coincide, particularly those provided by the various
levels of government.  Living on the outskirts of the city forces
most people to travel long distances to reach this commercial and
service center, or travel to La Paz.  The ensuing concentration of
people and vehicles results in heavy congestion.

The program proposes urban restructuring through two operations.
The first operation will support strategic urban actions at
different points in the city.  The second operation will finance
improvements in infrastructure and urban spaces -- as well as
organizing commercial and vehicle activities.

It will also help GAMEA strengthen its urban planning and
management capacities and provide the city with a medium and long-
term vision, and a management system that makes it possible to
monitor the progress of infrastructure works undertaken by GAMEA.

The IDB's lending consists of $37.6 million from the Ordinary
Capital (OC) and US$9.4 million from the concessional Fund for
Special Operations (FSO).  The OC tranche is for a 30-year term,
with a 6 year grace period, and carries a fix interest rate; the
FSO component is for a 40-year term, with 40 years of grace, and
0.25 percent interest.


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


BAM OPPORTUNITY: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 1, 2012, the sole shareholder of Bam Opportunity Offshore
Fund SPV, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, 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


CG INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 25, 2012, the shareholders of CG International Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Energy Sky Limited
         East Point Centre, 20th Floor
         555 Hennessy Road
         Hong Kong
         Telephone: (582) 2833-8338
         Facsimile: (345) 949-8613


ENTERASPEN LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 29, 2012, the sole shareholder of Enteraspen Limited
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 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


EPIC: Commences Liquidation Proceedings
---------------------------------------
On Nov. 29, 2012, the sole shareholder of Epic resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


J-MEZZ INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 21, 2012, the sole shareholder of J-MEZZ Investments GP,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


LOMBARD/APIC MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------------
On Nov. 28, 2012, the sole shareholder of Lombard/Apic Management
LDC resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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


LONGHILL HOLDING: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 28, 2012, the shareholders of Longhill Holding Company II,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, 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


OAK HILL: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 27, 2012, the sole shareholder of Oak Hill Securities Fund
II (Offshore II), LDC resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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


OPTIMAL ASIA: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 20, 2012, the sole shareholder of Optimal Asia Pacific
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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; or

         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road, Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


PRIDE INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 27, 2012, the sole shareholder of Pride International Fund
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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


PYRENEES GENERAL: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 28, 2012, the sole shareholder of Pyrenees General Partner
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, 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


PYRENEES INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 28, 2012, the sole shareholder of Pyrenees Investment
Management resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, 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


SALIX INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2012, the
shareholders of Salix Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Governor's Square
         Ground Floor, West Bay Road
         P.O. Box 1982
         Grand Cayman KY-1104
         Cayman Islands


SB FINANCE: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 28, 2012, the sole shareholder of SB Finance CI-05-WF2
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jagjit Toor-Comins
         BNP Paribas Bank & Trust Cayman Limited
         PO Box 10632
         Royal Bank House, 3rd Floor
         24 Shedden Road, George Town
         Grand Cayman KY1-1006
         Cayman Islands


SSF III EBISU: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 21, 2012, the sole shareholder of SSF III Ebisu Preferred
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1750
         Facsimile: (345) 949-9877


SSF III INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 21, 2012, the sole shareholder of SSF III Investment
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1750
         Facsimile: (345) 949-9877


SSF III YALE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 21, 2012, the sole shareholder of SSF III Yale Holding
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1750
         Facsimile: (345) 949-9877


TRF LIQUIDATING: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 28, 2012, the sole shareholder of TRF Liquidating SPV
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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


VICTORY MARINE: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 27, 2012, the sole shareholder of Victory Marine, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, 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


WW INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 27, 2012, the sole member of WW Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin Mcghee
         HSBC Guyerzeller Trust Company SA
         P.O. Box 2019 1211 Geneva 1
         Switzerland
         c/o Philip C Pedro


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


CRC DRILLING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: CRC Drilling & Blasting, Inc.
        P.O. Box 800-996
        Coto Laurel
        Ponce, PR 00780

Bankruptcy Case No.: 13-01120

Chapter 11 Petition Date: February 15, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Patricia I. Varela, Esq.
                  CHARLES A CUPRILL PSC
                  356 Fortaleza Street
                  Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  Fax: (787) 977-0518
                  E-mail: pvarela@cuprill.com

Scheduled Assets: US$1,363,544

Scheduled Liabilities: US$3,913,106

A copy of the Company's list of its 20 largest unsecured
creditors, filed together with the petition, is available for free
at http://bankrupt.com/misc/prb13-01120.pdf

The petition was signed by Carlos Rodriguez Castro, president.


                            ***********


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, Julie Anne L. Toledo, 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.


                   * * * End of Transmission * * *