TCRLA_Public/130226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, February 26, 2013, Vol. 14, No. 40


                            Headlines



A R G E N T I N A

* ARGENTINA: Denies Owing US$186MM in U.K. Creditors Lawsuit


C A Y M A N  I S L A N D S

ARCAPITA BANK: U.S. Judge Okays Antony Zacaroli as Counsel
ATTARA MANAGEMENT: Commences Liquidation Proceedings
BELLMAN WALTER: Commences Liquidation Proceedings
CC HOLDINGS: Commences Liquidation Proceedings
COMMON/PB-3 INC: Commences Liquidation Proceedings

COMMON/PB-4 INC: Commences Liquidation Proceedings
EVOLVED ALPHA: Commences Liquidation Proceedings
EVOLVED ALPHA EQUITIES: Commences Liquidation Proceedings
EVOLVED ALPHA F.O.X: Commences Liquidation Proceedings
KBC INVESTMENTS: Commences Liquidation Proceedings

MITAKE INTERNATIONAL: Placed Under Voluntary Wind-Up
MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings
MUSE CORPORATION: Commences Liquidation Proceedings
PICPOINT LIMITED: Commences Liquidation Proceedings
PK AIRFINANCE: Commences Liquidation Proceedings

PROVINCETOWN LIMITED: Placed Under Voluntary Wind-Up
SOGEPA MULTI-STRATEGY: Commences Liquidation Proceedings
TEMPEST PE FUND: Commences Liquidation Proceedings
TRITON CORPORATION: Placed Under Voluntary Wind-Up
URC SUKUK: Commences Liquidation Proceedings

WESLEY CAPITAL: Commences Liquidation Proceedings


C O L O M B I A

BANCOLOMBIA S.A.: Moody's Reviews Ratings for Downgrade
FABRICATO SA: Report Puts Share Value at 24% Below Last Trade


J A M A I C A

* JAMAICA: NDM Concerned on Continuing Slide of Jamaican Dollar


M E X I C O

ALMACENADORA SUR: Moody's Assigns B2 CFR; Outlook is Stable
TENEDORA NEMAK: S&P Retains 'BB-' Rating After Note Increase
* COACALCO: Weak Finances Prompt Moody's to Cut Ratings to Caa1
* Moody's Reviews Ratings on 18 Mexican RMBS Certs. for Downgrade


P U E R T O   R I C O

EMPRESAS INTEREX: Proposes Full-Payment Chapter 11 Plan


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


* ARGENTINA: Denies Owing US$186MM in U.K. Creditors Lawsuit
------------------------------------------------------------
Kit Chellel at Bloomberg News reports that Argentina denied owing
as much as US$186 million to funds in the Cayman Islands and Turks
and Caicos in a U.K. lawsuit over unpaid bond debt.

Argentina owed Clarex Ltd. and Fiscella Holdings Ltd. about
US$144 million following a November 2010 federal court ruling in
New York, and hasn't paid anything, according to documents the
companies filed last year, notes Bloomberg News.

Florida-based Capital Markets Financial Services Inc. acted as
agent for the bondholders.

Bloomberg News notes that the companies are claiming a further
US$42 million in interest.

Bloomberg News discloses that in London court filings dated last
month, Argentina's lawyers denied Capital Markets Financial was
entitled to any money, and said the interest calculations for
Clarex and Fiscella weren't accurate.

Argentina, which is facing about 180 lawsuits in the U.S. over its
2001 default on US$95 billion of bonds, is fighting a ruling by
U.S. District Judge Thomas Griesa that it must pay US$1.3 billion
in its dispute with Elliott Management Corp. and other creditors,
Bloomberg News relays.  The dispute has resulted in efforts to
seize Argentinian assets including a ship, Bloomberg News says.

The case is: Capital Markets Financial Services Inc. & Ors. v. The
Republic of Argentina, High Court of Justice, Queen's Bench
Division, Commercial Court: 12-964


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


ARCAPITA BANK: U.S. Judge Okays Antony Zacaroli as Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized debtors Arcapita Bank B.S.C.(c), et al., to employ
Antony Zacaroli, Queen's Counsel, to serve as the Debtors' special
counsel to advise on Cayman Islands law, and to perform these
services on behalf of the Debtors:

  -- Represent Arcapital Investment Holdings Limited ("AIHL") in
     its proceedings in the Cayman Islands;

  -- Represent AIHL and prosecute on its behalf any proceeding in
     the Cayman Court required to effectuate the terms of the
     prospective plan of reorganization to be filed on behalf of
     the Debtors in the Chapter 11 Cases; and

  -- Perform all other legal services relating to Cayman Islands
     law for the Debtors that may be necessary, in the judgment of
     Mourant Ozannes, the Debtors' special Cayman Islands counsel
     and the Debtors.

Mr. Zacaroli will be compensated for services performed at the
rate of GBP675 per hour -- which will be subject to a 50%
reduction for any non-working time spent traveling -- in
connection with the services performed pursuant to the order.

                        About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.  Falcon Gas
is an indirect wholly owned subsidiary of Arcapita that previously
owned the natural gas storage business NorTex Gas Storage Company
LLC.  In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a
Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II,
L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock
of NorTex from Falcon Gas for $515 million. Arcapita guaranteed
certain of Falcon Gas' obligations under the NorTex Purchase
Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition to
its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group had roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases.  AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.


ATTARA MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 5, 2012, the shareholders of Attara Management, 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:

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


BELLMAN WALTER: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 7, 2012, the sole shareholder of Bellman Walter Global
Fund Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Jeffrey Bellman
         4040 Civic Center Drive
         Suite 200, San Rafael
         CA 94903
         USA


CC HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 6, 2012, the sole shareholder of CC Holdings Limited
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


COMMON/PB-3 INC: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Common/PB-3, Inc.
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


COMMON/PB-4 INC: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Common/PB-4, Inc.
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


EVOLVED ALPHA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Evolved Alpha, 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


EVOLVED ALPHA EQUITIES: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Evolved Alpha Equities
MF, 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


EVOLVED ALPHA F.O.X: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Evolved Alpha F.O.X. MF,
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


KBC INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 7, 2012, the members of
KBC Investments Cayman Islands Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Stuart Sybersma
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: (852) 2852-1659
         Facsimile: (852) 2850-8362



MITAKE INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 6, 2012, the sole shareholder of Mitake International
Holdings Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Chiu, Hung-Che
         11th Floor, No. 39, Sec. 2
         Hsin Sheng N. Road
         Taipei, Taiwan, R.O.C.
         Telephone: +8 (862) 2563-9999
         Facsimile: +8 (862) 2567-1968


MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 7, 2012, the shareholders of Morgan Stanley Commodities
Trading Cayman Holdings Limited 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:

         Rainer Hok Chung Lam
         c/o Jodi Jones
         Telephone: (345) 949-7000
         Facsimile: (345) 945-4237
         PO Box 258
         Grand Cayman KY1-1104
         Cayman Islands


MUSE CORPORATION: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 6, 2012, the shareholders of Muse Corporation Limited
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:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: (345) 945-9208
         Facsimile: (345) 945-9210
         BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor, Shedden Road
         George Town, Grand Cayman
         Cayman Islands


PICPOINT LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 22, 2012, the shareholders of Picpoint Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Theodose Melas Kyriazi
         c/o Bryan Cave
         1290 Avenue of the Americas
         New York, NY 10104-3300
         USA
         Telephone: +4 (420) 3207-1180
         e-mail: tracey.cherryman@bryancave.com


PK AIRFINANCE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 28, 2012, the sole shareholder of PK Airfinance (Cayman) I
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:

         Nils Karl Ejner Hallerstrom
         4 vir Reischtert
         L-6948 Niederanven
         Luxembourg
         Telephone: (352) 342-0301


PROVINCETOWN LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 7, 2012, the shareholders of Provincetown Limited resolved
to voluntarily wind up the company's operations.

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:

         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


SOGEPA MULTI-STRATEGY: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Sogepa Multi-Strategy
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


TEMPEST PE FUND: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 6, 2012, the sole shareholder of Tempest Pe Fund 1
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


TRITON CORPORATION: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 6, 2012, the shareholders of Triton Corporation Limited
resolved to voluntarily wind up the company's operations.

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:

         Darren Riley
         c/o Ellen J. Christian
         Telephone: (345) 945-9208
         Facsimile: (345) 945-9210
         BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town, Grand Cayman
         Cayman Islands


URC SUKUK: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 6, 2012, the sole shareholder of URC Sukuk Limited
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 KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814-6847


WESLEY CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Wesley Capital, 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


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


BANCOLOMBIA S.A.: Moody's Reviews Ratings for Downgrade
-------------------------------------------------------
Moody's Investors Service placed on review for downgrade the
ratings of Bancolombia S.A. following the bank's February 19
announcement that it will acquire 100% of ordinary shares and
90.1% of preferred shares of the Panamanian operations of HSBC
Bank (Panama), S.A. (HSBC Panama). Bancolombia expects to complete
the acquisition, which also includes HSBC Panama's insurance,
leasing, trust and asset management, and brokerage subsidiaries,
in the third quarter of 2013, subject to regulatory approvals.

The review for downgrade was placed on Bancolombia's D+ standalone
bank financial strength rating (BFSR) and baa3 standalone baseline
credit assessment (BCA) and the bank's Baa2 and Prime-3 long and
short term global local currency deposit ratings, Baa3 and Prime-3
long and short term foreign currency deposit ratings, Baa2 long
term foreign currency senior debt ratings, and Ba1 long term
foreign currency subordinated debt ratings.

The following ratings were placed on review for downgrade:

- Bank financial strength rating of D+

- Long term global local currency deposit rating of Baa2

- Short term global local currency deposit rating of Prime-3

- Long term foreign currency deposit rating of Baa3

- Short term foreign currency deposit rating of Prime-3

- Long term foreign currency senior debt ratings of Baa2

- Long term foreign currency subordinated debt ratings of Ba1

Ratings Rationale:

Moody's said that the review for downgrade reflects the potential
negative pressure on Bancolombia's capital, liquidity, and
profitability as a result of its planned acquisition of HSBC
Panama, the second largest banking group in Panama. The
acquisition of HSBC Panama is sizeable for Bancolombia given its
asset size of approximately $8 billion, or around 20% of
Bancolombia's assets and 120% of its equity base. Management
expects to use cash-on-hand and gains on the sale of investment
securities holdings to fund the purchase.

Based on the announced purchase price of $2.1 billion, the
transaction will generate goodwill of around $1.4 billion in
addition to existing goodwill of $330 million from the 2007
acquisition of Banco Agricola de El Salvador, S.A., which together
will represent around one third of the bank's reported Tier 1
capital of $5 billion, as of September 2012. The transaction will
therefore result in an immediate effect of at least a 200 basis
point decline in the bank's Tier 1 ratio per Moody's adjustments
on the bank's financials as of September 30, 2012, or further once
stricter Basel III norms take effect in Colombia in August 2013.
This could lead to a Tier 1 capital ratio of about 5%, according
to management.

The review for downgrade also reflects the bank's ongoing
acquisition strategy and the risk of greater than expected credit,
operational, and integration costs, the latter particularly in
light of the out-of-market nature of the merger, which could weigh
on the bank's profitability and therefore its internal capital
generation. Moody's also noted that while the transaction
represents an important diversification for Bancolombia, it also
presents significant cross border risk and business management
challenges.

Moody's said its review will focus on the financing structure of
the acquisition and the final financial impact on the combined
banks' balance sheets. The review will also assess the financial
fundamentals, management, and structure of the operations being
acquired, based on post divestiture financials of HSBC Panama's
operations in El Salvador, Honduras, and Costa Rica. The divested
operations are estimated to represent about half of the entity's
assets and one third of its earnings as of September 2012.

Moody's said that Bancolombia's acquisition is another step in the
consolidation of the bank's presence in Central America and in
Panama in particular, where the bank has operated since 1973. Once
the integration is complete, the HSBC Panama transaction is
expected to enhance Bancolombia's earnings diversification both
geographically and in terms of commercial and retail customer
coverage. HSBC Panama is the country's second largest bank in
terms of domestic loans with a market share of 14.6% among
locally-focused banks, as of September 2012.

The last rating action on Bancolombia was on February 5, 2013,
when Moody's downgraded its long term foreign currency
subordinated debt ratings to Ba1, from Baa3, in line with Moody's
reassessment of systemic support for all rated Colombian banks'
subordinated debt instruments.

Bancolombia is headquartered in Medellin, Antioquia and is the
largest bank in Colombia and El Salvador. As of September 30,
2012, the bank had $51.8 billion in assets and $6.2 billion in
shareholders' equity.

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


FABRICATO SA: Report Puts Share Value at 24% Below Last Trade
-------------------------------------------------------------
Christine Jenkins at Bloomberg News reports that Fabricato SA
published a report on Feb. 19, 2013, stating that its shares have
a value of at least 24% below the last price in November, when
trading was suspended.

Regulators had required Medellin-based Fabricato to hire an
independent firm to estimate the stock's value as a condition for
trading to resume, according to Bloomberg News.

Bloomberg News notes that now that the report is out, the shares
can start trading on March 1, Colombia's financial regulator said
in an e-mail.

The stock was suspended after it fell 21 percent on Nov. 16, the
biggest drop in fifteen years, Bloomberg News recalls.  The report
relates that the company had become the target of a control bid by
an activist investor group financed by Interbolsa SA, according to
Pablo Munoz, the Colombian official overseeing the liquidation of
the financial firm.

Bloomberg News says that the shares have a value of 35 to 55 pesos
each, according to the report by the Medellin-based investment
bank SBI Banca d Inversion SA.

SBI's valuation doesn't include any premium investors might assign
to the company as a potential takeover target, according to the
report, Bloomberg News notes.

The stock last changed hands at 72 pesos before trading was
suspended in November, according to data compiled by Bloomberg.

Fabricato told the investment bank that it isn't currently in
talks for a possible sale, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2012, Bloomberg News said that Fabricato SA paid down its
debt under Colombian bankruptcy law to about COP1.53 billion pesos
(US$870,210), the textile producer said in a regulatory filing.

Fabricato SA is a textile maker company in Colombia.


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


* JAMAICA: NDM Concerned on Continuing Slide of Jamaican Dollar
---------------------------------------------------------------
RJR News reports that the National Democratic Movement (NDM) has
raised concern about the continuing slide in the value of the
Jamaican dollar against the US currency.

The Party wants the government to tell the country what action is
being taken to halt the slide, according to RJR News.

The report relates that the NDM noted that the depreciation of the
dollar will lead to higher prices amid a freeze on wages and a
second debt exchange.

It warns that if nothing is done it will lead to further hardship
for Jamaicans, RJR News says.


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


ALMACENADORA SUR: Moody's Assigns B2 CFR; Outlook is Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 global local currency
corporate family rating to Almacenadora Sur, S.A. de C.V. (Alsur)
and lowered by one notch Alsur's long term global local currency
issuer rating to B3, from B2. Moody's also affirmed Alsur's short
term local currency issuer rating of Not Prime.

At the same time, Moody's de Mexico affirmed Alsur's long term
Mexican National Scale issuer rating of Ba2.mx and short term
Mexican National Scale issuer rating of MX-4.

All ratings have a stable outlook.

The following rating was assigned, with a stable outlook:

Long term global local currency corporate family rating of B2

The following rating was lowered, with a stable outlook:

Long term global local currency issuer rating to B3, from B2

The following ratings were affirmed, with a stable outlook:

Short term global local currency issuer rating of Not Prime

Long term Mexican National Scale issuer rating of Ba2.mx

Short term Mexican National Scale issuer rating of MX-4

Ratings Rationale:

The assignment of the corporate family rating follows the
implementation of Moody's revised global rating methodology for
finance companies, which establishes the key operational,
financial and environmental factors Moody's considers when rating
this type of company. The CFR incorporates the standalone credit
profile of a finance company as well as any parental or affiliate
support.

In contrast to a finance company's issuer ratings, which represent
Moody's opinion of credit risk equivalent to the company's senior
unsecured debt obligations, the CFRs represent the rating agency's
opinion of a company's consolidated credit risk, equivalent to the
weighted average of all debt classes within the company's capital
structure. Using the CFR as a reference point, the methodology
codifies Moody's framework for assigning ratings to the various
classes of debt issued by non-investment grade finance companies
on the basis of expected differences in loss given default. This
framework considers the proportionality, seniority and level of
asset protection associated with various debt classes, both
nominally and in relation to each other.

In the case of Alsur, the implementation of the revised
methodology has led to the lowering by one notch of the issuer
rating to B3, from B2, and the assignment of a CFR one notch above
the issuer rating at B2. This reflects the predominance of senior
secured obligations in the company's debt structure and the
structural subordination of the issuer rating, which reflects the
credit risk of senior unsecured obligations. Alsur's CFR also
represents the company's standalone rating as Moody's does not
attribute specific parental or affiliate support to the rating,
given that it is privately owned.

The B2 CFR and affirmation of Alsur's Mexican National Scale
issuer rating at Ba2.mx also reflect the company's stable
financial fundamentals including an improving, though still
limited profitability, in line with higher business volumes and
improving operating efficiency. Moody's also mentioned that
Alsur's ratings are supported by its continued high
capitalization, despite a slight increase in leverage due to
higher usage of lines of credit related to investments in the
company's warehouses and silos.

Key risk factors considered in Alsur's ratings are its monoline
business devoted to warehousing and the issuance of certificates
of warehoused deposits, with a limited franchise and
diversification within the small regulated warehousing industry in
Mexico. Alsur also presents poor liquidity and funding
diversification. The company's funding consists mainly of lines of
credit from Mexican commercial and development banks that are
largely secured by certificates of warehousing deposits and the
company's fixed assets.

Alsur is headquartered in Mexico City, Mexico and reported MXP710
million in total assets, MXP483 million in shareholders' equity
and MXP7.3 billion in certificates of warehoused deposits as of
September 30, 2012.

The principal methodology used in this rating is the Finance
Company Global Rating Methodology published in March 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."

The long-term Mexican National Scale ratings of Ba2.mx demonstrate
below-average creditworthiness relative to other domestic issuers.
Moody's applies numerical modifiers 1, 2 and 3 in each generic
rating from Aa to Caa (for example, Ba2.mx). The modifier 2
indicates a mid-range ranking of its generic rating category.
Issuers with short-term Mexican National Scale ratings of MX-4
have a below-average ability to repay short-term senior debt
obligations relative to other domestic issuers.

The last rating action on Alsur was on June 4, 2010, when Moody's
affirmed its ratings with a stable outlook.

The period of time covered in the financial information used to
determine Alsur's rating is between December 31, 2007 and
September 30, 2012 (source: Moody's, CNBV and Issuer's financial
statements).

The sources and items of information used to determine Alsur's
rating include 2011 and 2012 interim financial statements (source:
Alsur); year-end 2011, 2010, 2009, 2008 audited financial
statements (source: Alsur, audited by De la Paz, Costemalle-DFK,
S.C.); and issuer's presentations (source: Alsur).


TENEDORA NEMAK: S&P Retains 'BB-' Rating After Note Increase
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
issue rating on Mexico-based aluminum automotive components
manufacturer Tenedora Nemak, S.A. de C.V. (Nemak; BB-/Stable/--)
remains unchanged following the announcement that it increased its
10-year 5.5% fixed-rate senior unsecured notes to $500 million
from $300 million.  The $200 million increase should not raise
Nemak's debt, as it will use the proceeds from the issuance to
refinance existing debt.  Additionally, S&P expects the subsequent
refinancing will extend Nemak's average debt life and improve its
maturity profile due to more comfortable debt amortizations in the
next few years, especially in 2015 and 2016.

RATINGS LIST

Tenedora Nemak S.A. de C.V.

Corporate Credit Rating               BB-/Stable/--
$500 million Senior Unsecured Notes   BB-


* COACALCO: Weak Finances Prompt Moody's to Cut Ratings to Caa1
---------------------------------------------------------------
Moody's downgraded the Municipality of Coacalco issuer ratings to
Caa1 (Global Scale, local currency) and Caa1.mx (Mexican National
Scale) from B3 and B1.mx, respectively. The outlook of Coacalco's
issuer rating was revised to negative. This action concludes the
review that was initiated on August 23, 2012 and extended on
December 13, 2012.

Ratings Rationale:

The downgrade of Coacalco's issuer ratings reflects the very weak
financial standing of the municipality, including the severe
liquidity pressures which, in the absence of structural measures,
will prevail in the near to medium term. The financial distress is
evidenced by the municipality's recent default on a short-term
loan, whose principal and interests were repaid by year-end 2012,
but with a delay of two months.

Coacalco's financial fundamentals are extremely weak, as reflected
by their sizable cash financing requirements recorded since 2010
averaging 18% of total revenues. As a result, net direct and
indirect debt increased from 25.1% of operating revenues in 2009
to 63.8% in 2012. The current administration plans to incur
additional debt, which would increase the debt-to-revenue ratio to
over 100% by the end of 2013, one of the highest levels among
rated Mexican municipalities. Furthermore, Coacalco's liquidity is
chronically weak, as reflected by its recurrent practice of
postponing payments to suppliers. Liquidity declined to the very
weak level of -48% of total expenditures in 2012 from -12% in
2010. While the current administration has implemented measures to
redress Coacalco's poor financial standing, Moody's expects cash
shortfalls are unlikely to revert in the near to medium term.

The negative outlook reflects our expectation that Coacalco faces
significant challenges to redress the financial situation of the
municipality. In order to return to balance, Coacalco's must first
address its gross operating deficit, spurring operating revenue
growth along with significant cuts in operating expenditures,
which in our view are difficult to achieve. Furthermore, the
municipality should also exert significant control over capital
expenditures to reduce cash financing requirements.

What Could Change the Rating Up/Down

Moody's does not expect upward pressure on Coacalco's ratings in
the near to medium term. Notwithstanding, if the municipality
corrects the misalignment between revenues and expenditures,
leading to an improvement of its liquidity position and
significant reductions of cash financing requirements and debt
levels, this could lead to the revision of the outlook back to
stable. Conversely, if Coacalco continues to register fiscal
deficits above of our expectations, leading to further increases
in debt levels and weakening of its liquidity position, this could
exert downward pressure on the ratings.

The methodologies used in this rating were Regional and Local
Governments published in January 2013, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.


* Moody's Reviews Ratings on 18 Mexican RMBS Certs. for Downgrade
-----------------------------------------------------------------
Moody's de Mexico has placed the ratings of 18 Mexican Sofol RMBS
certificates on review for possible downgrade due to rising
concerns about the potential for a higher severity of loss on
defaulted loans.

The underlying collateral consists of first-lien, fixed-rate
mortgage loans denominated in inflation-indexed Unidades de
Inversion (UDIs) units and granted primarily to low-income
borrowers in Mexico. The originators include Hipotecaria Su Casita
S.A. de C.V., Hipotecaria Credito y Casa S.A. de C.V.,
Metrofinanciera SOFOM E.N.R., Patrimonio S.A. de C.V., ING
Hipotecaria S. A. de C.V. and Hipotecaria Nacional S.A. de C.V.

The complete rating action is as follows:

- MXMACCB 04U Class A, Aaa.mx (sf) (Mexican National Scale) and
Baa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Dec 3, 2004 assigned Aaa.mx (sf)
and Baa1 (sf)

- MXMACCB 05U Class A, Aaa.mx (sf) (Mexican National Scale) and
Baa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Aug 8, 2005 assigned Aaa.mx (sf)
and Baa1 (sf)

- MXMACCB 06U Class A, A2.mx (sf) (Mexican National Scale) and Ba2
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Jan 12, 2011 downgraded to A2.mx (sf) and
Ba2 (sf)

- MFCB 05U Class A, A2.mx (sf) (Mexican National Scale) and Ba2
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Feb 2, 2011 confirmed at A2.mx (sf) and
Ba2 (sf)

- METROCB 06U Class A, A2.mx (sf) (Mexican National Scale) and Ba2
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Feb 2, 2011 confirmed at A2.mx (sf) and
Ba2 (sf)

- MTROCB 07U Class A, Baa3.mx (sf) (Mexican National Scale) and B2
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Feb 24, 2012 confirmed at Baa3.mx (sf)
and B2 (sf)

- MTROCB 08U Class A, Caa1.mx (sf) (Mexican National Scale) and
Caa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Jul 15, 2011 downgraded to
Caa1.mx (sf) and Caa1 (sf)

- CREYCB 06U Class A, B1.mx (sf) (Mexican National Scale) and B3
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Mar 7, 2012 downgraded to B1.mx (sf) and
B3 (sf)

- CREYCB 06-2U Class B, Ca.mx (sf) (Mexican National Scale) and Ca
(sf) (Global Scale, Local Currency) placed on review for possible
downgrade; previously on Feb 2, 2011 downgraded to Ca.mx (sf) and
Ca (sf)

- PATRICB 06U Class A, Aa2.mx (sf) (Mexican National Scale) and
Baa3 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Apr 16, 2009 downgraded to
Aa2.mx (sf) and Baa3 (sf)

- PATRICB 07U Class A, Aa3.mx (sf) (Mexican National Scale) and
Ba1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Apr 16, 2009 downgraded to
Aa3.mx (sf) and Ba1 (sf)

- HICOACB 06U Class A, Aaa.mx (sf) (Mexican National Scale) and
Baa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Oct 10, 2006 assigned Aaa.mx
(sf) and Baa1 (sf)

- BRHSCCB 05U Class A, Aaa.mx (sf) (Mexican National Scale) and
Baa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Oct 18, 2011 confirmed at Aaa.mx
(sf) and Baa1 (sf)

- BRHSCCB 06U Class A, Aa2.mx (sf) (Mexican National Scale) and
Baa3 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Oct 18, 2011 downgraded to
Aa2.mx (sf) and Baa3 (sf)

- BRHSCCB 06-5U Class A, Aaa.mx (sf) (Mexican National Scale) and
Baa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Oct 18, 2011 confirmed at Aaa.mx
(sf) and Baa1 (sf)

- BRHCCB 07-2U Class A-2, Caa2.mx (sf) (Mexican National Scale)
and Caa2 (sf) (Global Scale, Local Currency) underlying ratings
(reflecting the certificates' intrinsic credit quality absent the
financial guarantee provided by MBIA Mexico, rated Caa2 for
insurance financial strength), placed on review for possible
downgrade; previously on Nov 21, 2012 underlying rating assigned
Caa2.mx (sf) (National Scale Rating) and previously on Jan 11,
2011 underlying rating downgraded to Caa2 (sf) (Global Scale,
Local Currency)

- BRHCCB08-2U Class A-2, Caa1.mx (sf) (Mexican National Scale) and
Caa1 (sf) (Global Scale, Local Currency) placed on review for
possible downgrade; previously on Aug 24, 2012 Downgraded to
Caa1.mx (sf) and downgraded to Caa1 (sf)

- Hipotecaria Su Casita - Cross-border, Class A Insured
Residential Mortgage Backed Floating Rate Notes Class A, B3 (sf)
(Global Scale, Foreign Currency) placed on review for possible
downgrade; previously on Jan 11, 2011 downgraded to B3 (sf)

The certificates' current rating is consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating (MBIA Insurance
Corp., rated Caa2) and (2) the underlying ratings, which reflect
the intrinsic credit quality of the certificates in the absence of
the guarantee, and based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

Ratings Rationale:

Today's rating action is based mainly on Moody's concerns about
the potential for a higher severity of loss on defaulted loans in
the affected Sofol-sponsored Mexican RMBS in the low-income
housing sector. Across the affected transactions, Moody's
currently assumes an average severity of loss of 47% for the
thirteen transactions benefiting from mortgage insurance policies
and 61% for those without such policies.

Moody's believes that the severity of loss assumption may have to
be adjusted upwards due to:

i. The limited real estate owned (REO) activity in the Sofol RMBS
market, despite the high level of loan defaults;

ii. The growing recovery lag;

iii. Available data from servicers for the affected transactions
and market data signaling negative trends for the severity of
loss; and

iv. The relatively low level of reported mortgage insurance
proceeds to date across transactions benefiting from such
policies.

Limited REO Activity in Sofol RMBS Market, Despite High
Delinquencies

Despite the large pipeline of 90+ day delinquencies that has built
up since 2008 across the affected transactions, the number of
properties in REO status is generally low. These transactions
contain a large number of defaulted loans but a relatively small
amount of REO inventory; the difference signals that a large
backlog of defaulted loans have yet to go through or complete the
foreclosure process.

Across the affected deals, defaulted loans (including 90+ day
delinquencies and loans in REO) averaged 40% of the current pool
balance, while servicers reported only 7% of the current pool
balance in REO status. Further, according to the data that
servicers report, cumulative REO sales proceeds to date equal
approximately 1% of the original pool balance on average,
indicating that servicers have not had much success in
repossessing and liquidating properties associated with defaulted
loans, leading to a very slow pace of recoveries.

Growing Recovery Lag

The fact that REO recoveries have yet to accelerate four years
after loan defaults started to pick up signals that the lag
between the initial loan default and final liquidation has likely
lengthened beyond the three to four year timeline that Moody's
previously assumed in its ratings. In general, the longer the
recovery lag, the higher the severity of loss. This is due to
higher accrued interest expense and REO maintenance and/or
foreclosure costs. Also negatively impacting the severity of loss
is the mismatch that arises due to the fact that the trust
liabilities (denominated in UDIs) continue to be indexed to
inflation during the recovery lag, but they are partially backed
by non-performing assets (defaulted and REO loans) that are no
longer generating inflation-indexed cashflows. Lastly, in the case
of the Hipotecaria Su Casita and Credito y Casa transactions,
servicer transfers have resulted in delays in the substitute
servicer obtaining the legal powers necessary to foreclose on
defaulted loans, leading to longer recovery lags.

Other Market and Surveillance Data Signal Negative Trends for
Severity of Loss

After reviewing general market data as well as monitoring data
that certain servicers provided for some of the affected
transactions, Moody's is concerned that foreclosure costs may
represent 25% or more of a property's appraised value and that REO
properties may be selling at an average discount of 30% or more of
the original appraised value. Further, it is possible that future
REO sales may produce lower recoveries if the REO inventory with
the oldest aging has undesirable attributes.

Concerns Related to Mortgage Insurance Policies

Thirteen of the seventeen affected transactions benefit from
mortgage insurance policies providing mortgage default protection
for individual loans at specified coverage percentages. Mortgage
insurance can considerably decrease the severity of loss
associated with a defaulted loan. However, servicers generally
report a relatively low level of historical mortgage insurance
proceeds which could indicate that claims are not being presented
adequately or that claims are being rejected.

Focus During the Review Period

During the review period Moody's will request detailed and
standardized, loan-by-loan information from servicers of the
affected transactions to better assess their historical and
expected severity of loss experience as well as the status of any
mortgage insurance (MI) policies benefiting the trusts. Moody's
will evaluate this information together with other market
information and use it to determine the appropriate severity of
loss assumption for the affected transactions.

Moody's will also continue discussions with servicers to
understand the exact causes for the higher-than-expected and
observed recovery lags and to understand any delays posed by the
servicing transfer process, including obtaining legal powers
necessary to initiate foreclosure process. In addition, Moody's
will evaluate the status of mortgage insurance policies and will
assess if servicers are processing mortgage insurance claims on a
timely basis and within the policies' time limit requirements.

If the severity of loss assumption is adjusted upwards, the
ratings of the affected transactions may be downgraded. Because
the extent of any potential adjustment is uncertain until the
review is concluded, Moody's has calculated how the model-
indicated global scale ratings of the affected certificates would
change in a worst-case scenario, that is, if the severity of loss
assumption equaled 100%:

- MXMACCB 04U Class A, rating would change to Caa3 (sf) from Baa1
(sf) if the current severity assumption of 46% were to increase to
100%; lifetime projected losses would increase to 49% from 23% of
the current pool balance.

- MXMACCB 05U Class A, rating would change to B3 (sf) from Baa1
(sf) if the current severity assumption of 42% were to increase to
100%; lifetime projected losses would increase to 39% from 17% of
the current pool balance.

- MXMACCB 06U Class A, rating would change to Caa3 (sf) from Ba2
(sf) if the current severity assumption of 45% were to increase to
100%; lifetime projected losses would increase to 50% from 23% of
the current pool balance.

-  MFCB 05U Class A, rating would change to Caa2 (sf) from Ba2
(sf) if the current severity assumption of 44% were to increase to
100%; lifetime projected losses would increase to 32% from 14% of
the current pool balance.

-  METROCB 06U Class A, rating would change to Caa3 (sf) from Ba2
(sf) if the current severity assumption of 44% were to increase to
100%; lifetime projected losses would increase to 44% from 20% of
the current pool balance.

-  MTROCB 07U Class A, rating would change to Ca (sf) from B2 (sf)
if the current severity assumption of 47% were to increase to
100%; lifetime projected losses would increase to 53% from 25% of
the current pool balance.

-  MTROCB 08U Class A, rating would change to Ca (sf) from Caa1
(sf) if the current severity assumption of 47% were to increase to
100%; lifetime projected losses would increase to 51% from 24% of
the current pool balance.

-  CREYCB 06U Class A, rating would change to Caa3 (sf) from B3
(sf) if the current severity assumption of 50% were to increase to
100%; lifetime projected losses would increase to 56% from 28% of
the current pool balance.

-  CREYCB 06-2U Class B, rating would change to C (sf) from Ca
(sf) if the current severity assumption of 50% were to increase to
100%; lifetime projected losses would increase to 56% from 28% of
the current pool balance.

-  PATRICB 06U Class A, rating would change to B2 (sf) from Baa3
(sf) if the current severity assumption of 60% were to increase to
100%; lifetime projected losses would increase to 38% from 23% of
the current pool balance.

-  PATRICB 07U Class A, rating would change to Caa2 (sf) from Ba1
(sf) if the current severity assumption of 60% were to increase to
100%; lifetime projected losses would increase to 45% from 28% of
the current pool balance.

-  HICOACB 06U Class A, rating would change to B3 (sf) from Baa1
(sf) if the current severity assumption of 51% were to increase to
100%; lifetime projected losses would increase to 30% from 16% of
the current pool balance.

-  BRHSCCB 05U Class A, rating would change to Caa3 (sf) from Baa1
(sf) if the current severity assumption of 44% were to increase to
100%; lifetime projected losses would increase to 54% from 24% of
the current pool balance.

-  BRHSCCB 06U Class A, rating would change to B3 (sf) from Baa3
(sf) if the current severity assumption of 59% were to increase to
100%; lifetime projected losses would increase to 35% from 22% of
the current pool balance.

-  BRHSCCB 06-5U Class A, rating would change to Ba2 (sf) from
Baa1 (sf) if the current severity assumption of 54% were to
increase to 100%; lifetime projected losses would increase to 31%
from 17% of the current pool balance.

-  BRHCCB 07-2U Class A-2, underlying rating would change to C
(sf) from Caa2 (sf) if the current severity assumption of 62% were
to increase to 100%; lifetime projected losses would increase to
68% from 42% of the current pool balance.

-  BRHCCB08-2U Class A-2, rating would change to C (sf) from Caa1
(sf) if the current severity assumption of 42% were to increase to
100%; lifetime projected losses would increase to 64% from 27% of
the current pool balance.

-  Cross-border, Class A Insured Residential Mortgage Backed
Floating Rate Notes Class A, underlying rating would change to Ca
(sf) from B3 (sf) if the current severity assumption of 63% were
to increase to 100%; lifetime projected losses would increase to
57% from 36% of the current pool balance.

The methodologies used in this rating action were "Moody's
Approach to Rating Mexican RMBS" published in August 2012 and
"Moody's Approach to Monitoring Residential Mortgage-Backed
Securitizations in Mexico" published in August 2009.

Moody's considered the servicers' practices and considers them
adequate.


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


EMPRESAS INTEREX: Proposes Full-Payment Chapter 11 Plan
-------------------------------------------------------
Empresas Interex Inc. filed with the Bankruptcy Court for the
District of Puerto Rico on January 8 a proposed Chapter 11 plan.

According to the Disclosure Statement, DF Services LLC, owed
$6,648,614 on a secured claim (Class 1) is impaired but will have
a 100% recovery.  The claimant will receive payment in cash and in
full 100% of its claim commencing with the sale of the seventh
residence of those pending to be sold, and the necessary
subsequent residences to be sold at the rate of 70% from the gross
proceeds of the sale of each such residences, until full payment.
DF will retain a second mortgage for $10,000,000 on the
residential housing development, subordinated and subject to that
for $700,000 in favor of Interamerican University of Puerto Rico.

Other secured creditors, namely Banco Popular de Puerto Rico, owed
$1,367,037 on a secured claim (Class 2); Oriental Bank, owed
$300,000 (Class 3), and the Center for Collection of Municipal
Income, owed $86,697 (Class 4), are also impaired but will receive
a 100% recovery.  BPPR will receive a promissory note with an
estimated balance of $183,296 as of Nov. 30, 2011, line of credit
for $600,000, and secured mortgage note for $583,741.

Holders of general unsecured claims (Class 5) are impaired but
will have 100% recovery. They will be paid in full satisfaction of
their claims through 60 consecutive monthly installments, without
interest.  They will recover 9% during the first yea, 12% during
the following second and third years, 25% during the fourth year,
with the remaining balance of 42% during the fifth year.

Shareholders (Class 6) are unimpaired under the Plan.

"The Debtor believes that the Plan provides the quickest recovery
to Creditors and will maximize the return thereto on their Claims.
ACCORDINGLY, THE DEBTOR URGES ALL CREDITORS TO VOTE IN FAVOR OF
THE PLAN," according to the Disclosure Statement.

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

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

San Juan, Puerto Rico-based Empresas Interex Inc. is engaged in
the development, construction, and lease of real estate.  One of
the Debtor's construction project is known as Ciudad Atlantis at
Hato Bajo Ward, Arecibo, Puerto Rico.

Empresas Interex filed for Chapter 11 bankruptcy (Bankr. D.P.R.
Case No. 11-10475) on Dec. 7, 2011.  Bankruptcy Judge Mildred
Caban Flores presides over the case.  The company disclosed
$11,412,500 in assets and $9,335,561 in liabilities.


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


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

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


AGRENCO LTD          AGRE LX         395826857.5   -540627165.4
AGRENCO LTD-BDR      AGEN11 BZ       395826857.5   -540627165.4
ALL ORE MINERACA     AORE3 BZ        21657457.41   -7184940.816
ALL ORE MINERACA     STLB3 BZ        21657457.41   -7184940.816
ARTHUR LAN-DVD C     ARLA11 BZ       11642255.92   -17154461.86
ARTHUR LAN-DVD P     ARLA12 BZ       11642255.92   -17154461.86
ARTHUR LANGE         ARLA3 BZ        11642255.92   -17154461.86
ARTHUR LANGE SA      ALICON BZ       11642255.92   -17154461.86
ARTHUR LANGE-PRF     ARLA4 BZ        11642255.92   -17154461.86
ARTHUR LANGE-PRF     ALICPN BZ       11642255.92   -17154461.86
ARTHUR LANG-RC C     ARLA9 BZ        11642255.92   -17154461.86
ARTHUR LANG-RC P     ARLA10 BZ       11642255.92   -17154461.86
ARTHUR LANG-RT C     ARLA1 BZ        11642255.92   -17154461.86
ARTHUR LANG-RT P     ARLA2 BZ        11642255.92   -17154461.86
B&D FOOD CORP        BDFCE US           14423532       -3506007
B&D FOOD CORP        BDFC US            14423532       -3506007
BALADARE             BLDR3 BZ        159454015.9   -52992212.81
BATTISTELLA          BTTL3 BZ        246036232.2   -51251360.68
BATTISTELLA-PREF     BTTL4 BZ        246036232.2   -51251360.68
BATTISTELLA-RECE     BTTL9 BZ        246036232.2   -51251360.68
BATTISTELLA-RECP     BTTL10 BZ       246036232.2   -51251360.68
BATTISTELLA-RI P     BTTL2 BZ        246036232.2   -51251360.68
BATTISTELLA-RIGH     BTTL1 BZ        246036232.2   -51251360.68
BOMBRIL              BMBBF US        344846084.5   -16082109.13
BOMBRIL              FPXE4 BZ        19416015.78   -489914901.9
BOMBRIL              BOBR3 BZ        344846084.5   -16082109.13
BOMBRIL CIRIO SA     BOBRON BZ       344846084.5   -16082109.13
BOMBRIL CIRIO-PF     BOBRPN BZ       344846084.5   -16082109.13
BOMBRIL HOLDING      FPXE3 BZ        19416015.78   -489914901.9
BOMBRIL SA-ADR       BMBPY US        344846084.5   -16082109.13
BOMBRIL SA-ADR       BMBBY US        344846084.5   -16082109.13
BOMBRIL-PREF         BOBR4 BZ        344846084.5   -16082109.13
BOMBRIL-RGTS PRE     BOBR2 BZ        344846084.5   -16082109.13
BOMBRIL-RIGHTS       BOBR1 BZ        344846084.5   -16082109.13
BOTUCATU TEXTIL      STRP3 BZ        27663604.95   -7174512.028
BOTUCATU-PREF        STRP4 BZ        27663604.95   -7174512.028
BUETTNER             BUET3 BZ        106809931.8   -26451200.98
BUETTNER SA          BUETON BZ       106809931.8   -26451200.98
BUETTNER SA-PRF      BUETPN BZ       106809931.8   -26451200.98
BUETTNER SA-RT P     BUET2 BZ        106809931.8   -26451200.98
BUETTNER SA-RTS      BUET1 BZ        106809931.8   -26451200.98
BUETTNER-PREF        BUET4 BZ        106809931.8   -26451200.98
CAF BRASILIA         CAFE3 BZ        160938139.9   -149281089.5
CAF BRASILIA-PRF     CAFE4 BZ        160938139.9   -149281089.5
CAFE BRASILIA SA     CSBRON BZ       160938139.9   -149281089.5
CAFE BRASILIA-PR     CSBRPN BZ       160938139.9   -149281089.5
CELGPAR              GPAR3 BZ         2657428496   -817505840.1
CENTRAL COST-ADR     CCSA LI         369642685.3    -49030758.7
CENTRAL COSTAN-B     CRCBF US        369642685.3    -49030758.7
CENTRAL COSTAN-B     CNRBF US        369642685.3    -49030758.7
CENTRAL COSTAN-C     CECO3 AR        369642685.3    -49030758.7
CENTRAL COST-BLK     CECOB AR        369642685.3    -49030758.7
CHIARELLI SA         CCHI3 BZ        11165368.88    -88048393.7
CHIARELLI SA         CCHON BZ        11165368.88    -88048393.7
CHIARELLI SA-PRF     CCHI4 BZ        11165368.88    -88048393.7
CHIARELLI SA-PRF     CCHPN BZ        11165368.88    -88048393.7
CIA PETROLIFERA      MRLM3 BZ        377602195.2   -3014291.724
CIA PETROLIFERA      MRLM3B BZ       377602195.2   -3014291.724
CIA PETROLIFERA      1CPMON BZ       377602195.2   -3014291.724
CIA PETROLIF-PRF     MRLM4 BZ        377602195.2   -3014291.724
CIA PETROLIF-PRF     MRLM4B BZ       377602195.2   -3014291.724
CIA PETROLIF-PRF     1CPMPN BZ       377602195.2   -3014291.724
CIMOB PARTIC SA      GAFP3 BZ         44047411.7   -45669963.59
CIMOB PARTIC SA      GAFON BZ         44047411.7   -45669963.59
CIMOB PART-PREF      GAFP4 BZ         44047411.7   -45669963.59
CIMOB PART-PREF      GAFPN BZ         44047411.7   -45669963.59
COBRASMA             CBMA3 BZ        84044218.09    -2153724140
COBRASMA SA          COBRON BZ       84044218.09    -2153724140
COBRASMA SA-PREF     COBRPN BZ       84044218.09    -2153724140
COBRASMA-PREF        CBMA4 BZ        84044218.09    -2153724140
CONST A LINDEN       CALI3 BZ        12894010.61   -2805191.164
CONST A LINDEN       LINDON BZ       12894010.61   -2805191.164
CONST A LIND-PRF     CALI4 BZ        12894010.61   -2805191.164
CONST A LIND-PRF     LINDPN BZ       12894010.61   -2805191.164
CONST LINDEN RCT     CALI9 BZ        12894010.61   -2805191.164
CONST LINDEN RCT     CALI10 BZ       12894010.61   -2805191.164
CONST LINDEN RT      CALI1 BZ        12894010.61   -2805191.164
CONST LINDEN RT      CALI2 BZ        12894010.61   -2805191.164
D H B                DHBI3 BZ        138254321.9   -115344518.7
D H B-PREF           DHBI4 BZ        138254321.9   -115344518.7
DHB IND E COM        DHBON BZ        138254321.9   -115344518.7
DHB IND E COM-PR     DHBPN BZ        138254321.9   -115344518.7
DOCA INVESTIMENT     DOCA3 BZ        262638432.2   -199076299.9
DOCA INVESTI-PFD     DOCA4 BZ        262638432.2   -199076299.9
DOCAS SA             DOCAON BZ       262638432.2   -199076299.9
DOCAS SA-PREF        DOCAPN BZ       262638432.2   -199076299.9
DOCAS SA-RTS PRF     DOCA2 BZ        262638432.2   -199076299.9
ENDESA COST-ADR      CRCNY US        369642685.3    -49030758.7
ENDESA COSTAN-       CECO2 AR        369642685.3    -49030758.7
ENDESA COSTAN-       CECOD AR        369642685.3    -49030758.7
ENDESA COSTAN-       CECOC AR        369642685.3    -49030758.7
ENDESA COSTAN-       EDCFF US        369642685.3    -49030758.7
ENDESA COSTAN-A      CECO1 AR        369642685.3    -49030758.7
ESTRELA SA           ESTR3 BZ        83538938.27   -102223933.2
ESTRELA SA           ESTRON BZ       83538938.27   -102223933.2
ESTRELA SA-PREF      ESTR4 BZ        83538938.27   -102223933.2
ESTRELA SA-PREF      ESTRPN BZ       83538938.27   -102223933.2
F GUIMARAES          FGUI3 BZ        11016542.14   -151840377.4
F GUIMARAES-PREF     FGUI4 BZ        11016542.14   -151840377.4
FABRICA RENAUX       FTRX3 BZ        70649865.99   -75488504.45
FABRICA RENAUX       FRNXON BZ       70649865.99   -75488504.45
FABRICA RENAUX-P     FTRX4 BZ        70649865.99   -75488504.45
FABRICA RENAUX-P     FRNXPN BZ       70649865.99   -75488504.45
FABRICA TECID-RT     FTRX1 BZ        70649865.99   -75488504.45
FER HAGA-PREF        HAGA4 BZ        20081896.26   -49045924.81
FERRAGENS HAGA       HAGAON BZ       20081896.26   -49045924.81
FERRAGENS HAGA-P     HAGAPN BZ       20081896.26   -49045924.81
FERREIRA GUIMARA     FGUION BZ       11016542.14   -151840377.4
FERREIRA GUIM-PR     FGUIPN BZ       11016542.14   -151840377.4
HAGA                 HAGA3 BZ        20081896.26   -49045924.81
HOTEIS OTHON SA      HOOT3 BZ        255452990.1   -73565093.67
HOTEIS OTHON SA      HOTHON BZ       255452990.1   -73565093.67
HOTEIS OTHON-PRF     HOOT4 BZ        255452990.1   -73565093.67
HOTEIS OTHON-PRF     HOTHPN BZ       255452990.1   -73565093.67
IGUACU CAFE          IGUA3 BZ        262778568.4   -57161259.46
IGUACU CAFE          IGCSON BZ       262778568.4   -57161259.46
IGUACU CAFE          IGUCF US        262778568.4   -57161259.46
IGUACU CAFE-PR A     IGUA5 BZ        262778568.4   -57161259.46
IGUACU CAFE-PR A     IGCSAN BZ       262778568.4   -57161259.46
IGUACU CAFE-PR A     IGUAF US        262778568.4   -57161259.46
IGUACU CAFE-PR B     IGUA6 BZ        262778568.4   -57161259.46
IGUACU CAFE-PR B     IGCSBN BZ       262778568.4   -57161259.46
IMPSAT FIBER NET     IMPTQ US          535007008      -17164978
IMPSAT FIBER NET     330902Q GR        535007008      -17164978
IMPSAT FIBER NET     XIMPT SM          535007008      -17164978
IMPSAT FIBER-$US     IMPTD AR          535007008      -17164978
IMPSAT FIBER-BLK     IMPTB AR          535007008      -17164978
IMPSAT FIBER-C/E     IMPTC AR          535007008      -17164978
IMPSAT FIBER-CED     IMPT AR           535007008      -17164978
LA POLAR SA          NUEVAPOL CI       623197996   -605184455.9
LA POLAR SA          LAPOLAR CI        623197996   -605184455.9
LA POLAR-RT          LAPOLARO CI       623197996   -605184455.9
LA POLAR-RT          LAPOLAOS CI       623197996   -605184455.9
LATTENO FOOD COR     LATF US            14423532       -3506007
LUPATECH SA          LUPA3 BZ        943240001.5   -5971578.447
LUPATECH SA          LUPAF US        943240001.5   -5971578.447
LUPATECH SA -RCT     LUPA9 BZ        943240001.5   -5971578.447
LUPATECH SA-ADR      LUPAY US        943240001.5   -5971578.447
LUPATECH SA-RT       LUPA11 BZ       943240001.5   -5971578.447
LUPATECH SA-RTS      LUPA1 BZ        943240001.5   -5971578.447
MINUPAR              MNPR3 BZ        153054387.9   -2037402.694
MINUPAR SA           MNPRON BZ       153054387.9   -2037402.694
MINUPAR SA-PREF      MNPRPN BZ       153054387.9   -2037402.694
MINUPAR-PREF         MNPR4 BZ        153054387.9   -2037402.694
MINUPAR-RCT          9314634Q BZ     153054387.9   -2037402.694
MINUPAR-RCT          0599564D BZ     153054387.9   -2037402.694
MINUPAR-RCT          MNPR9 BZ        153054387.9   -2037402.694
MINUPAR-RT           9314542Q BZ     153054387.9   -2037402.694
MINUPAR-RT           0599562D BZ     153054387.9   -2037402.694
MINUPAR-RTS          MNPR1 BZ        153054387.9   -2037402.694
NORDON MET           NORD3 BZ        12234778.35   -30283728.64
NORDON METAL         NORDON BZ       12234778.35   -30283728.64
NORDON MET-RTS       NORD1 BZ        12234778.35   -30283728.64
NOVA AMERICA SA      NOVA3 BZ           21287489   -183535527.2
NOVA AMERICA SA      NOVA3B BZ          21287489   -183535527.2
NOVA AMERICA SA      NOVAON BZ          21287489   -183535527.2
NOVA AMERICA SA      1NOVON BZ          21287489   -183535527.2
NOVA AMERICA-PRF     NOVA4 BZ           21287489   -183535527.2
NOVA AMERICA-PRF     NOVA4B BZ          21287489   -183535527.2
NOVA AMERICA-PRF     NOVAPN BZ          21287489   -183535527.2
NOVA AMERICA-PRF     1NOVPN BZ          21287489   -183535527.2
PARMALAT             LCSA3 BZ          388720096     -213641152
PARMALAT BRASIL      LCSAON BZ         388720096     -213641152
PARMALAT BRAS-PF     LCSAPN BZ         388720096     -213641152
PARMALAT BR-RT C     LCSA5 BZ          388720096     -213641152
PARMALAT BR-RT P     LCSA6 BZ          388720096     -213641152
PARMALAT-PREF        LCSA4 BZ          388720096     -213641152
PET MANG-RECEIPT     0229292Q BZ     246810936.7   -224879124.2
PET MANG-RECEIPT     0229296Q BZ     246810936.7   -224879124.2
PET MANG-RECEIPT     RPMG9 BZ        246810936.7   -224879124.2
PET MANG-RECEIPT     RPMG10 BZ       246810936.7   -224879124.2
PET MANG-RIGHTS      3678565Q BZ     246810936.7   -224879124.2
PET MANG-RIGHTS      3678569Q BZ     246810936.7   -224879124.2
PET MANG-RT          4115360Q BZ     246810936.7   -224879124.2
PET MANG-RT          4115364Q BZ     246810936.7   -224879124.2
PET MANG-RT          0229249Q BZ     246810936.7   -224879124.2
PET MANG-RT          0229268Q BZ     246810936.7   -224879124.2
PET MANG-RT          RPMG2 BZ        246810936.7   -224879124.2
PET MANG-RT          RPMG1 BZ        246810936.7   -224879124.2
PET MANGUINH-PRF     RPMG4 BZ        246810936.7   -224879124.2
PETRO MANGUINHOS     RPMG3 BZ        246810936.7   -224879124.2
PETRO MANGUINHOS     MANGON BZ       246810936.7   -224879124.2
PETRO MANGUIN-PF     MANGPN BZ       246810936.7   -224879124.2
PORTX OPERACOES      PRTX3 BZ        976769402.8   -9407990.345
PORTX OPERA-GDR      PXTPY US        976769402.8   -9407990.345
PUYEHUE              PUYEH CI        24251713.88   -3390038.992
PUYEHUE RIGHT        PUYEHUOS CI     24251713.88   -3390038.992
RECRUSUL             RCSL3 BZ        41094940.32   -21379158.76
RECRUSUL - RCT       4529789Q BZ     41094940.32   -21379158.76
RECRUSUL - RCT       4529793Q BZ     41094940.32   -21379158.76
RECRUSUL - RCT       0163582D BZ     41094940.32   -21379158.76
RECRUSUL - RCT       0163583D BZ     41094940.32   -21379158.76
RECRUSUL - RCT       0614675D BZ     41094940.32   -21379158.76
RECRUSUL - RCT       0614676D BZ     41094940.32   -21379158.76
RECRUSUL - RCT       RCSL10 BZ       41094940.32   -21379158.76
RECRUSUL - RT        4529781Q BZ     41094940.32   -21379158.76
RECRUSUL - RT        4529785Q BZ     41094940.32   -21379158.76
RECRUSUL - RT        0163579D BZ     41094940.32   -21379158.76
RECRUSUL - RT        0163580D BZ     41094940.32   -21379158.76
RECRUSUL - RT        0614673D BZ     41094940.32   -21379158.76
RECRUSUL - RT        0614674D BZ     41094940.32   -21379158.76
RECRUSUL SA          RESLON BZ       41094940.32   -21379158.76
RECRUSUL SA-PREF     RESLPN BZ       41094940.32   -21379158.76
RECRUSUL SA-RCT      RCSL9 BZ        41094940.32   -21379158.76
RECRUSUL SA-RTS      RCSL1 BZ        41094940.32   -21379158.76
RECRUSUL SA-RTS      RCSL2 BZ        41094940.32   -21379158.76
RECRUSUL-BON RT      RCSL11 BZ       41094940.32   -21379158.76
RECRUSUL-BON RT      RCSL12 BZ       41094940.32   -21379158.76
RECRUSUL-PREF        RCSL4 BZ        41094940.32   -21379158.76
REII INC             REIC US            14423532       -3506007
RENAUXVIEW SA        TXRX3 BZ          113010473   -78451102.12
RENAUXVIEW SA-PF     TXRX4 BZ          113010473   -78451102.12
RIMET                REEM3 BZ        103098360.9   -185417654.6
RIMET                REEMON BZ       103098360.9   -185417654.6
RIMET-PREF           REEM4 BZ        103098360.9   -185417654.6
RIMET-PREF           REEMPN BZ       103098360.9   -185417654.6
SANESALTO            SNST3 BZ         31802628.1   -2924062.868
SANSUY               SNSY3 BZ        183655396.8   -138233504.6
SANSUY SA            SNSYON BZ       183655396.8   -138233504.6
SANSUY SA-PREF A     SNSYAN BZ       183655396.8   -138233504.6
SANSUY SA-PREF B     SNSYBN BZ       183655396.8   -138233504.6
SANSUY-PREF A        SNSY5 BZ        183655396.8   -138233504.6
SANSUY-PREF B        SNSY6 BZ        183655396.8   -138233504.6
SAUIPE               PSEG3 BZ        18005034.37   -5223527.469
SAUIPE SA            PSEGON BZ       18005034.37   -5223527.469
SAUIPE SA-PREF       PSEGPN BZ       18005034.37   -5223527.469
SAUIPE-PREF          PSEG4 BZ        18005034.37   -5223527.469
SCHLOSSER            SCLO3 BZ        56671769.64   -52218991.26
SCHLOSSER SA         SCHON BZ        56671769.64   -52218991.26
SCHLOSSER SA-PRF     SCHPN BZ        56671769.64   -52218991.26
SCHLOSSER-PREF       SCLO4 BZ        56671769.64   -52218991.26
SNIAFA SA            SNIA AR         11229696.22   -2670544.877
SNIAFA SA-B          SDAGF US        11229696.22   -2670544.877
SNIAFA SA-B          SNIA5 AR        11229696.22   -2670544.877
STAROUP SA           STARON BZ       27663604.95   -7174512.028
STAROUP SA-PREF      STARPN BZ       27663604.95   -7174512.028
STEEL - RCT ORD      STLB9 BZ        21657457.41   -7184940.816
STEEL - RT           STLB1 BZ        21657457.41   -7184940.816
TEKA                 TKTQF US        363575480.9   -371579997.4
TEKA                 TEKA3 BZ        363575480.9   -371579997.4
TEKA                 TEKAON BZ       363575480.9   -371579997.4
TEKA-ADR             TEKAY US        363575480.9   -371579997.4
TEKA-ADR             TKTPY US        363575480.9   -371579997.4
TEKA-ADR             TKTQY US        363575480.9   -371579997.4
TEKA-PREF            TKTPF US        363575480.9   -371579997.4
TEKA-PREF            TEKA4 BZ        363575480.9   -371579997.4
TEKA-PREF            TEKAPN BZ       363575480.9   -371579997.4
TEKA-RCT             TEKA9 BZ        363575480.9   -371579997.4
TEKA-RCT             TEKA10 BZ       363575480.9   -371579997.4
TEKA-RTS             TEKA1 BZ        363575480.9   -371579997.4
TEKA-RTS             TEKA2 BZ        363575480.9   -371579997.4
TEXTEIS RENA-RCT     TXRX9 BZ          113010473   -78451102.12
TEXTEIS RENA-RCT     TXRX10 BZ         113010473   -78451102.12
TEXTEIS RENAU-RT     TXRX1 BZ          113010473   -78451102.12
TEXTEIS RENAU-RT     TXRX2 BZ          113010473   -78451102.12
TEXTEIS RENAUX       RENXON BZ         113010473   -78451102.12
TEXTEIS RENAUX       RENXPN BZ         113010473   -78451102.12
VARIG PART EM SE     VPSC3 BZ        83017828.56   -495721699.8
VARIG PART EM TR     VPTA3 BZ        49432124.18   -399290396.3
VARIG PART EM-PR     VPTA4 BZ        49432124.18   -399290396.3
VARIG PART EM-PR     VPSC4 BZ        83017828.56   -495721699.8
VARIG SA             VAGV3 BZ          966298048    -4695211008
VARIG SA             VARGON BZ         966298048    -4695211008
VARIG SA-PREF        VAGV4 BZ          966298048    -4695211008
VARIG SA-PREF        VARGPN BZ         966298048    -4695211008
WETZEL SA            MWET3 BZ        93591243.36   -7959637.409
WETZEL SA            MWELON BZ       93591243.36   -7959637.409
WETZEL SA-PREF       MWET4 BZ        93591243.36   -7959637.409
WETZEL SA-PREF       MWELPN BZ       93591243.36   -7959637.409


                            ***********


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


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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.


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