TCRLA_Public/130227.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 27, 2013, Vol. 14, No. 41


                            Headlines



B E R M U D A

AQUILA FSC-3 B767: Creditors' Proofs of Debt Due March 1
AQUILA FSC-3 B767: Member to Receive Wind-Up Report on March 22
AQUILA FSC-2 B777: Creditors' Proofs of Debt Due March 1
AQUILA FSC-2 B777: Member to Receive Wind-Up Report on March 21


B R A Z I L

USIMINAS: To Boost Brazil Steel Prices Up to 12%, Santander Says


C A Y M A N  I S L A N D S

APAC APEMM: Placed Under Voluntary Wind-Up
CREP INVESTMENT J: Commences Liquidation Proceedings
DRZ LTD: Members Receive Wind-Up Report
FARROW MANAGEMENT: Members Receive Wind-Up Report
FQ ALPHA: Commences Liquidation Proceedings

FQ GLOBAL: Commences Liquidation Proceedings
LATTEI INVESTMENT: Placed Under Voluntary Wind-Up
MARITIME SECURITY: Commences Liquidation Proceedings
MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings
OPTIMAL ASIA: Shareholder Receives Wind-Up Report

PINOT PACIFIC: Placed Under Voluntary Wind-Up
PYRENEES GENERAL: Members Receive Wind-Up Report
PYRENEES INVESTMENT: Members Receive Wind-Up Report
RED COBRA: Placed Under Voluntary Wind-Up
SAB FAMILY: Placed Under Voluntary Wind-Up

SALIX INVESTMENTS: Members Receive Wind-Up Report
SOLA SPV II: Placed Under Voluntary Wind-Up
VICTORY MARINE: Shareholders Receive Wind-Up Report
WW INVESTMENTS: Sole Member Receives Wind-Up Report


J A M A I C A

DYOLL GROUP: Joint Liquidators to Make Final Dividend Payment
* JAMAICA: Construction Sector is Still in a Slump, BOJ Says


M E X I C O

GRUMA SAB: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
* Moody's Assigns (P)B3 Rating to Rio Cuarto's Treasury Notes


P U E R T O   R I C O

CONSTRUCTORA DE HATO: Seeks Extension of Plan Filing Deadline




                            - - - - -


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B E R M U D A
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AQUILA FSC-3 B767: Creditors' Proofs of Debt Due March 1
--------------------------------------------------------
The creditors of Aquila FSC-3 B767 Ltd. are required to file their
proofs of debt by March 1, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 13, 2013.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


AQUILA FSC-3 B767: Member to Receive Wind-Up Report on March 22
---------------------------------------------------------------
The member of Aquila FSC-3 B767 Ltd. will receive on March 22,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Feb. 13, 2013.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


AQUILA FSC-2 B777: Creditors' Proofs of Debt Due March 1
--------------------------------------------------------
The creditors of Aquila FSC-2 B777 Ltd. are required to file their
proofs of debt by March 1, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 12, 2013.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


AQUILA FSC-2 B777: Member to Receive Wind-Up Report on March 21
---------------------------------------------------------------
The member of Aquila FSC-2 B777 Ltd. will receive on March 21,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Feb. 12, 2013.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


USIMINAS: To Boost Brazil Steel Prices Up to 12%, Santander Says
----------------------------------------------------------------
Juan Pablo at Bloomberg News reports that Banco Santander SA said
Usinas Siderurgicas de Minas Gerais SA is boosting steel prices
for distributors by as much as 12% next month.

Usiminas is set to raise prices for some steel products by between
6% and 12%, Santander analysts Felipe Reis and Alex Sciacio said
in a note to clients, according to Bloomberg News.

The analysts, Bloomberg News relates, said that the increase may
boost the company's earnings before interest, taxes, depreciation
and amortization this year by about BRL85 million (US$42.9
million).

Bloomberg News discloses that Usiminas posted on Feb. 18 a fourth-
quarter net loss of BRL323.8 million, more than twice the loss
estimated by analysts, as costs of products sold rose faster than
sales.

Headquartered in Belo Horizonte, Minas Gerais, Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 6.6 million tons of crude steel and consolidated
net revenues of BRL11.7 billion (approximately USD 6.9 billion
converted by the average exchange rate) in the twelve months
ended March 31, 2012. Usiminas also owns iron ore mining
activities, steel distribution and capital goods subsidiaries and
operates downstream facilities in Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 29, 2012, Fitch Ratings has downgraded the long-term foreign
and local currency Issuer Default Ratings (IDRs) of Usinas
Sideruurgicas de Minas Gerais S.A. (Usiminas) to 'BB+' from 'BBB-'
and national scale rating to 'AA(bra)' from 'AA+(bra)'. The Rating
Outlook is Stable.


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


APAC APEMM: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 5, 2012, the sole shareholder of Apac APEMM Fund resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         John Ralph Wardlaw
         c/o Lewis Holdway
         20 Queen Street
         Melbourne Victoria
         Australia
         Telephone: +6 (139) 629-9629
         Facsimile: +6 (139) 629-9630
         E-mail: office@lewisholdway.com.au


CREP INVESTMENT J: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 29, 2012, the sole shareholder of CREP Investment J Cayman
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


DRZ LTD: Members Receive Wind-Up Report
---------------------------------------
On Jan. 7, 2013, the members of DRZ Ltd. received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town
         KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814-3471


FARROW MANAGEMENT: Members Receive Wind-Up Report
-------------------------------------------------
On Jan. 7, 2013, the members of Farrow Management Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FQ ALPHA: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 6, 2012, the sole shareholder of FQ Alpha Prime Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: Christine Fletcher
         Telephone: +1 (345) 949-4123
         Facsimile: +1 (345) 949-4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949-4123
         Facsimile: +1 (345) 949-4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


FQ GLOBAL: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 6, 2012, the sole shareholder of FQ Global Opportunities
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Reference: Christine Fletcher
         Telephone: +1 (345) 949-4123
         Facsimile: +1 (345) 949-4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949-4123
         Facsimile: +1 (345) 949-4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


LATTEI INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 30, 2012, the sole shareholder of Lattei Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MARITIME SECURITY: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 30, 2012, the sole shareholder of The Maritime Security
Association Limited resolved to voluntarily liquidate the
company's business.

Mr. Stuart Jessop is the company's liquidator.


MORGAN STANLEY COMMODITIES: Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 7, 2012, the sole shareholder 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


OPTIMAL ASIA: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the sole shareholder of Optimal Asia Pacific
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PINOT PACIFIC: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 4, 2012, the shareholders of Pinot Pacific SA resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


PYRENEES GENERAL: Members Receive Wind-Up Report
------------------------------------------------
On Jan. 7, 2013, the members of Pyrenees General Partner received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         Grand Cayman KY1-1205
         Cayman Islands


PYRENEES INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
On Jan. 7, 2013, the members of Pyrenees Investment Management
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         Grand Cayman KY1-1205
         Cayman Islands


RED COBRA: Placed Under Voluntary Wind-Up
-----------------------------------------
On Dec. 7, 2012, the sole shareholder of Red Cobra Fund (139516)
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Celina Lin
         Telephone: +8 (522) 845-0956
         Facsimile: +8 (522) 845-0931
         Bowen Asia Limited
         1503 Jubilee Centre
         18 Fenwick Street
         Wanchai
         Hong Kong


SAB FAMILY: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 7, 2012, the shareholders of SAB Family Office (PTC) Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Cees Jan Quirijns
         H&P Trust Group
         Poststrasse 6, 6300 Zug
         Switzerland
         Telephone: +4 (141) 729-6363
         Facsimile: +4 (141) 729-6364


SALIX INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the shareholders of Salix Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         Telephone: (345) 946-5125
         Facsimile: (345) 946-5126
         FCM LTD.
         P.O. Box 1982 Grand Cayman KY-1104
         Cayman Islands


SOLA SPV II: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 5, 2012, the sole shareholder of Sola SPV II 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 Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


VICTORY MARINE: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 18, 2013, the shareholders of Victory Marine, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WW INVESTMENTS: Sole Member Receives Wind-Up Report
---------------------------------------------------
On Jan. 28, 2013, the sole member of WW Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin McGhee
         c/o HSBC Guyerzeller Trust Company SA
         Route de Pre-Bois 6
         PO Box 2019 1211 Geneva 1
         Switzerland


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


DYOLL GROUP: Joint Liquidators to Make Final Dividend Payment
-------------------------------------------------------------
Jamaica Gleaner reports that Jamaica Stock Exchange (JSE) said Ken
Tomlinson and Paul Cole, the joint liquidators of Dyoll Group
Limited, will be making a final dividend payment of 40 cents per
share to current shareholders.

JSE said that NCB Jamaica Nominees Limited will be handling the
process of the final dividend payment on behalf of the
liquidators, according to Jamaica Gleaner.

Dyoll Group opted for voluntary liquidation in 2008 after its
insurance business succumbed to mounting claims following the
passage of Hurricane Ivan in 2004, the report recalls.

Jamaica Gleaner notes that having paid out all its creditors, to
the tune of about J$200 million according to Gleaner Business
sources, the Group is remitting the remaining funds to
shareholders.

The report discloses that Dyoll Group operated both in Jamaica and
the Cayman Islands, but the brunt of the effect from the hurricane
was felt in the latter country.  The Group was barred from trading
on the JSE on several occasions and delisted in April 2008, the
report relays.

Dyoll Group Limited is a Jamaica-based company. The Company is
principally engaged in providing management services to its
subsidiaries and associated companies, as well as holding of
investments. Dyoll Group Limited's subsidiaries are Dyoll
Insurance Company Limited and Dyoll/Wataru Coffee Company Limited.


* JAMAICA: Construction Sector is Still in a Slump, BOJ Says
------------------------------------------------------------
RJR News reports that new data from the Bank of Jamaica showed the
local construction sector is still in a slump.

It is estimated to have declined in the October to December
quarter although at a slower pace than the average decline of 4%
for the first three quarters of 2012, according to RJR News.

The report relates that BoJ said the industry's performance
partially reflected the contraction in residential construction
activity.

RJR News notes that this is based on preliminary data on housing
starts from the National Housing Trust, relative to the
corresponding period in 2011.

However, the report discloses, the Central Bank said the decline
was tempered by the continuation of infrastructure development
programs such as the Kingston and St. Andrew Water Improvement
Project, rehabilitation activities along the Palisadoes shoreline
and rehabilitation work following the passage of Hurricane Sandy.


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


GRUMA SAB: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on GRUMA S.A.B. de C.V. (GRUMA).  At the same time,
S&P affirmed its 'BB' rating on the company's senior unsecured
perpetual bonds.  The recovery rating on the bonds remains
unchanged at '3'.  The outlook remains stable.

The ratings on GRUMA reflect its "aggressive" financial policy,
its intensive working capital needs, and exposure to volatile raw
materials prices, its relatively high debt, and "less-than-
adequate" liquidity.  The company's leading position as a corn
flour and tortilla producer in Mexico (fundamental products in the
national diet), its strong brand recognition, and its
geographically diverse cash flow--mainly in countries with
moderate country risk--partially mitigate the risk factors.  S&P
considers the company's business risk profile as "satisfactory"
and its financial risk profile as "significant."  S&P also
assesses the company's management and governance as "fair,"
considering its risk tolerance.


* Moody's Assigns (P)B3 Rating to Rio Cuarto's Treasury Notes
-------------------------------------------------------------
Moody's de Mexico has assigned a national scale rating of Baa2.ar
(local currency) to the 2013 Short-Term Treasury Note Program of
the Municipality of Rio Cuarto. At the same time, Moody's
Investors Service has assigned a global scale rating of (P)B3
(local currency) to this program. The ratings are in line with the
municipality's long term local currency issuer ratings, which
carry a negative outlook.

Ratings Rationale:

The Short-Term Treasury Note Program has been authorized by the
municipal 2013 Budget Law 140/12. The treasury notes, which will
be backed by the Contribution on Commerce, Industry, and Service
Companies, and sold under a Dutch auction scheme, will mature
within a period of 365 days.

While the maximum authorized amount to be issued under the program
is ARS30 million, the municipality will issue three initial offers
(Series XIV to Series XVI) of AR$5 million each, with a maturity
of 140, 170, and 200 days. The amount to be issued represents
around 14.2% of the municipality's net direct and indirect debt as
of December 2012 and 3.5% of total revenues.

The assigned ratings reflect Moody's view that the willingness and
capacity of the Municipality of Rio Cuarto to honor these short-
term treasury notes is in line with the municipality's long-term
credit quality as captured in the B3/Baa2.ar issuer ratings.

Rio Cuarto's issuer ratings reflect the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of the Municipality of Rio
Cuarto, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
city operates and ultimately anchors its credit quality to that of
the Sovereign.

The Municipality of Rio Cuarto's intrinsic creditworthiness is
characterized by a declining trend of debt-to-revenue ratios,
strong management practices and a diversified economy that
supports a relatively strong own-source revenue base. The ratings
also reflect continuing spending pressures that have led to weak
operating margins in recent years. The municipality has also
experienced a deterioration in its liquidity position as reflected
by the need to use short term borrowing to finance seasonal cash
imbalances.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the Municipality of
Rio Cuarto's ratings in the near to medium term. Notwithstanding,
a change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable. Conversely, the city could
be downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Furthermore, any action
taken by the central government that would negatively impact the
ability of the city to repay its financial obligations could lead
to a further downgrade. Any such actions would be viewed by
Moody's as further illustration of a deteriorating institutional
framework and an unstable policy environment.

The principal methodology used in this rating was 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 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
".ar" for Argentina.

The last rating action was on October 17, 2012 when issuer and
debt ratings (local currency) were downgraded to B3/Baa2.ar from
B3/A2.ar; Negative Outlook.


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


CONSTRUCTORA DE HATO: Seeks Extension of Plan Filing Deadline
-------------------------------------------------------------
Constructora De Hato asked the Bankruptcy Court to extend by 60
days or until March 29, 2013, the deadline to file a Chapter 11
plan and disclosure statement.

The Debtor said it is imperative that asset sales be conducted
prior to the filing of a Chapter 11 plan as the proceeds of the
sales will be funding the plan.

The Debtor has received an offer from Aramis Rivera, president of
Dey Drilling Equipment, for the purchase of the Debtor's 2011
Volvo.  The Debtor also received an offer from Drey for the
purchase of the Debtor's 1998 Tesmec Model 110 for $50,000.

The Debtors also expects to receive additional offers for the
purchase of other equipment.

                    About Constructora De Hato

San Juan, Puerto Rico-based Constructora De Hato owns parcels of
land in Puerto Rico with an aggregate value of $1.82 million.  It
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11)
in Old San Juan, Puerto Rico, on April 13, 2012.  The petition was
signed by Waldemar Carmona Gonzalez, president.  The Debtor is
represented by Charles Alfred Cuprill, Esq., at Charles A.
Curpill, PSC Law Office, in San Juan.  Luis R. Carrasquillo & Co.,
PSC, serves as financial consultant.  In its schedules, as
amended, the Debtor disclosed $10,701,724 in assets and $6,847,693
in liabilities.


                            ***********


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.


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