TCRLA_Public/130305.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, March 5, 2013, Vol. 14, No. 45


                            Headlines



A R G E N T I N A

* ARGENTINA: Gets Court Directive to Provide Bond Payment Formula


B O L I V I A

PANAMERICAN SECURITIES: Moody's Assigns 'Caa1' Issuer Rating


C A Y M A N  I S L A N D S

ASPIN INVESTMENTS: Shareholder Receives Wind-Up Report
BALLON INVESTMENTS: Shareholder Receives Wind-Up Report
BARCLAYS MOSELLE NO 1: Shareholder Receives Wind-Up Report
CAMPOBASSO INVESTMENTS: Shareholder Receives Wind-Up Report
CRAFT 2012-3: Shareholder Receives Wind-Up Report

GALIBIER INVESTMENTS: Shareholder Receives Wind-Up Report
GATKEF DEAL I: Shareholder Receives Wind-Up Report
GATKEF DEAL II: Shareholder Receives Wind-Up Report
GATWA DEAL: Shareholder Receives Wind-Up Report
GREEN FOREST: Shareholder Receives Wind-Up Report

ISERAN INVESTMENTS: Shareholder Receives Wind-Up Report
JLOC VII: Shareholder Receives Wind-Up Report
LOOMIS SAYLES CAYMAN: Shareholder Receives Wind-Up Report
LOOMIS SAYLES EXTENDED: Shareholder Receives Wind-Up Report
LOOMIS SAYLES FUND: Shareholder Receives Wind-Up Report

LOOMIS SAYLES MASTER: Shareholder Receives Wind-Up Report
LOOMIS SAYLES RETURN: Shareholder Receives Wind-Up Report
LOOMIS SAYLES SENIOR: Shareholder Receives Wind-Up Report
LOOMIS SAYLES SENIOR II: Shareholder Receives Wind-Up Report
MA WHITNEY: Shareholder Receives Wind-Up Report

NOMURA CBO 1997-2: Shareholder Receives Wind-Up Report
PEYRESOURDE INVESTMENTS: Shareholder Receives Wind-Up Report
PRALOUP INVESTMENTS: Shareholder Receives Wind-Up Report
RP FINANCE I: Shareholder Receives Wind-Up Report
SAN LUCA: Shareholder Receives Wind-Up Report

SG CAYMAN POWER: Shareholder Receives Wind-Up Report
TORA ASSET: Shareholder Receives Wind-Up Report
TOURMALET INVESTMENTS: Shareholder Receives Wind-Up Report
TRAFALGAR ANSON: Shareholder Receives Wind-Up Report
WESLEY CAPITAL: Shareholder Receives Wind-Up Report


C U R A C A O

MIO: Files For Bankruptcy, Owes ANG28 Million


J A M A I C A

CLARENDON ALUMINA: Fitch Affirms, Withdraws 'CCC' IDR
* JAMAICA: Fitch Upgrades Issuer Default Rating to 'CCC'
* JAMAICA: Runaway Dollar Worries Manufacturers


M E X I C O

URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'CCC'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


* ARGENTINA: Gets Court Directive to Provide Bond Payment Formula
-----------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Argentina was
directed by a U.S. appeals court to provide a suggested formula
for paying the holders of defaulted bonds that are the subject of
a $1.3 billion lawsuit before the court.

The New York-based appeals court said in an order that Argentina's
lawyer, in an oral argument on Feb. 27, "appeared to propose" an
alternative to the payment formula devised by a lower-court judge
in the case, according to Bloomberg News.

Bloomberg News recalls that in November, U.S. District Judge
Thomas Griesa said Argentina must pay the entire $1.3 billion
claimed by a group of creditors led by Elliott Management Corp.'s
NML Capital Ltd., whenever it makes any payment on its
restructured debt.

Bloomberg News notes that Argentina defaulted on a record $95
billion of sovereign debt in 2001, resulting in lawsuits by many
of its creditors that are pending in Judge Griesa's court.

The appeals court said that Argentina must tell it by March 29 how
and when it proposes to make current its payments on the defaulted
bonds, the rate it proposes to pay on the defaulted bonds and any
assurances it can give that Argentina's government will take the
necessary actions to make the payments, Bloomberg News discloses.

Argentina's legislature in 2005 passed a so-called lock law
barring payment on the defaulted bonds.  The March 29 deadline for
Argentina to respond may signal the earliest date by which the
court could decide the appeal.

Bloomberg, citing the newspaper El Cronista, says that Argentina
may accelerate debt payments to bondholders this year to avoid the
possibility the court will allow Judge Griesa to block payments to
holders of Argentina's restructured debt.

The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-06978, U.S. District Court, Southern District of New York
(Manhattan). The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).


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


PANAMERICAN SECURITIES: Moody's Assigns 'Caa1' Issuer Rating
------------------------------------------------------------
Moody's assigns Caa1 global local and foreign currency issuer
ratings and A2.bo Bolivian National Scale local and foreign
currency ratings to Panamerican Securities S.A. The rating outlook
is stable.

The following ratings were assigned to Panamerican Securities
S.A.:

Global Local Currency Issuer Rating: Caa1, stable outlook
Global Foreign Currency Issuer Rating: Caa1, stable outlook
National Scale Local Currency Issuer Rating: A2.bo
National Scale Foreign Currency Issuer Rating: A2.bo

Rating Rationale:

Moody's noted that the Caa1 and A2.bo ratings assigned to
Panamerican reflect its limited earnings capacity and revenue
diversification, as well as its volatile profitability and balance
sheet structure, the latter owing to its emphasis on proprietary
trading as the company's main source of revenues and profits. The
ratings also incorporate the firm's weak funding diversification
given its reliance on asset-backed repo funding from banks and
institutional investors that also constrains the firm's liquidity.
While Panamerican also provides investment banking advisory and
asset management services, the revenues from these businesses are
still evolving and therefore do not provide sufficient
diversification to help cover the firm's operating costs.

Panamerican's risk appetite and asset/liability management
approach are also a constraint to the firm's ratings, said
Moody's. While Panamerican invests mainly in relatively high
quality bank certificates of deposit and corporate investments,
its strategy is to fund medium term investments with short term
loans in order to profit from interest rate and liquidity
differentials. The firm's dependence on proprietary trading makes
its profitability and cash flow and, therefore, its capital
vulnerable to business, regulatory, or event risks that could
affect these operations. Such risks include a potential flattening
of the local yield curve or of a government intervention to
control interest rates on bank deposits. The limited depth and
diversification of the Bolivian securities market also restricts
the firm's ability to preserve profitability and diversify its
funding access, given the size and investment universe in Bolivia
that is mainly comprised of bank term deposits and government or
Central Bank notes.

Positive rating factors include Panamerican's expert owners and
management team that have the knowledge and flexibility to adapt
to a changing business environment, illustrated by the company's
track record of over 19 years through several financial and
political crises in Bolivia. The firm's history also reflects the
owners' commitment to the firm's operations and to the Bolivian
market. Panamerican competes against both bank-owned and other
privately-owned brokers. In 2012 it was the second largest bond
trader in terms of volume with a total market share of 15%.

Panamerican is a medium-sized privately-owned securities broker in
Bolivia that offers trading, investment banking and asset
management services to institutional investors and to retail
investors through the broker market. The company is headquartered
in La Paz, Bolivia, and had assets of Bs. 44.1 million (US$ 6.3
million) and equity of Bs. 12.5 million (US$ 1.8 million) as of
December 31, 2012.

The principal methodology used in this rating was Global
Securities Industry Methodology published in December 2006.


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


ASPIN INVESTMENTS: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Jan. 18, 2013, the shareholder of Aspin Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


BALLON INVESTMENTS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Jan. 18, 2013, the shareholder of Ballon Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


BARCLAYS MOSELLE NO 1: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Barclays Moselle No 1
Investments Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


CAMPOBASSO INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Campobasso Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


CRAFT 2012-3: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the shareholder of Craft 2012-3, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


GALIBIER INVESTMENTS: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 18, 2013, the shareholder of Galibier Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


GATKEF DEAL I: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Jan. 18, 2013, the shareholder of Gatkef Deal I Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


GATKEF DEAL II: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Jan. 18, 2013, the shareholder of Gatkef Deal II Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


GATWA DEAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Jan. 18, 2013, the shareholder of Gatwa Deal Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


GREEN FOREST: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the shareholder of Green Forest Securities
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


ISERAN INVESTMENTS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Jan. 18, 2013, the shareholder of Iseran Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


JLOC VII: Shareholder Receives Wind-Up Report
---------------------------------------------
On Jan. 18, 2013, the shareholder of JLOC VII Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


LOOMIS SAYLES CAYMAN: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Cayman
Leveraged Senior Loan Fund II, 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


LOOMIS SAYLES EXTENDED: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Multi-Sector
Absolute Return Extended Alpha Master Fund, 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


LOOMIS SAYLES FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Multi-Sector
Absolute Return Extended Alpha Fund, 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


LOOMIS SAYLES MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Multi-Sector
Absolute Return Master Fund, 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


LOOMIS SAYLES RETURN: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Multi-Sector
Absolute Return Fund, 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


LOOMIS SAYLES SENIOR: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Leveraged
Senior Loan Fund, 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


LOOMIS SAYLES SENIOR II: Shareholder Receives Wind-Up Report
------------------------------------------------------------
On Jan. 18, 2013, the shareholder of Loomis Sayles Leveraged
Senior Loan Fund II 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


MA WHITNEY: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Jan. 18, 2013, the shareholder of MA Whitney Japan Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949 8244
         Facsimile: (345)949 5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


NOMURA CBO 1997-2: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Jan. 18, 2013, the shareholder of Nomura CBO 1997-2 Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


PEYRESOURDE INVESTMENTS: Shareholder Receives Wind-Up Report
------------------------------------------------------------
On Jan. 18, 2013, the shareholder of Peyresourde Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


PRALOUP INVESTMENTS: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Jan. 18, 2013, the shareholder of Praloup Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


RP FINANCE I: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the shareholder of RP Finance I received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984
         Grand Cayman KY1-1104
         Cayman Islands


SAN LUCA: Shareholder Receives Wind-Up Report
---------------------------------------------
On Jan. 18, 2013, the shareholder of San Luca Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


SG CAYMAN POWER: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Jan. 18, 2013, the shareholder of SG Cayman Power Holdings,
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


TORA ASSET: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Jan. 18, 2013, the shareholder of Tora Asset Management Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TOURMALET INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Tourmalet Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman, KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914-3115


TRAFALGAR ANSON: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Jan. 18, 2013, the shareholder of Trafalgar Anson 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


WESLEY CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Jan. 18, 2013, the shareholder of Wesley Capital Master Fund,
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


=============
C U R A C A O
=============


MIO: Files For Bankruptcy, Owes ANG28 Million
---------------------------------------------
TeleGeography News, citing press reports originating from the
Netherlands Antilles, reports that Curacao-based CDMA operator MIO
has been declared bankrupt.

The cellco is still thought to be owned by EOCG, a US-based
investment company that focuses on the communications and real
estate sectors, which first acquired a concession in Curacao in
mid-2005, according to TeleGeography News.  The report relates
that in 2005, it purchased a license from a previous licensee, GSM
Caribbean, to provide services in Curacao, going on to acquire
additional licenses in nearby Sint Maarten and Bonaire.

Unverified local press sources suggest that at the time of its
closure the company harbored debts of ANG28 million (US$15.4
million), and was living on 'borrowed time' after an initial
creditor's meeting in January 2011 allowed the company a period of
grace to sort out its stricken finances, TeleGeography News notes.

The report says that a last-ditch attempted at securing MIO's
future saw a number of banks offered a 20% stake in the company in
lieu of payment, although this option was rejected.

Authorities have pointed out that the bankruptcy has no effect on
its namesake MIO Aruba, which is no longer affiliated to MIO
Curacao, TeleGeography News relates.

In June 2010, US-based Atlantic Tele Network Inc (ATNI) entered
into a joint venture to purchase a controlling interest in MIO
Aruba, which was then in the midst of its own bankruptcy
proceedings, the report discloses.

The joint venture was conducted through a newly-created company
named Caribbean Telecom Partners (CTP), in which ATNI invested
US$3.1 million in exchange for a 51% controlling interest in MIO,
TeleGeography News adds.


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


CLARENDON ALUMINA: Fitch Affirms, Withdraws 'CCC' IDR
-----------------------------------------------------
Fitch Ratings has affirmed and withdrawn Clarendon Alumina
Production Limited's ratings as follows:

-- Long-term foreign currency (FC) Issuer Default Rating (IDR)
    'CCC';
-- Local currency (LC) long-term IDR 'CCC';
-- USD200 million 8.5% unsecured notes due November 2021
    'CCC/RR4'.

This rating action follows the upgrade of Jamaica's sovereign
rating to 'CCC' from 'RD' and the affirmation of its senior
unsecured international bonds at 'CCC' on March 1, 2013.

The ratings are being withdrawn due to a lack of information.


* JAMAICA: Fitch Upgrades Issuer Default Rating to 'CCC'
--------------------------------------------------------
Fitch Ratings has upgraded Jamaica's ratings as follows:

-- Long-term foreign currency (FC) and local currency (LC)
    Issuer Default Ratings (IDRs) to 'CCC' from 'RD';

-- Short-term FC IDR to 'C' from 'D'.

As per Fitch's definition, a 'CCC' rating implies that default is
a real possibility.

The country ceiling is affirmed at 'B-' and international senior
unsecured debt instruments at 'CCC'.

KEY RATING DRIVERS

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

With a participation rate above 98% of eligible securities, Fitch
considers that the National Debt Exchange (NDX) has been
materially completed and the default event cured in line with
Fitch's Distressed Debt Exchange (DDE) Criteria. Fitch determined
that the NDX constituted a DDE, as the debt exchange adversely
impacted the original contractual terms of domestic bondholders.

As Eurobonds were not affected by the exchange, Fitch has affirmed
these securities at the long-term FC IDR level of 'CCC'.

Jamaica's 'CCC' ratings reflect continuing concerns about public
debt sustainability and still high external financing needs
(estimated at 172% of international reserves in 2013) reflected in
a large current account deficit, sizeable external debt payments
and low international reserves.

The extension of maturities and reduction of coupon payments on
domestic debt achieved through the NDX will result in lower
interest payments and reduced financing needs over the forecast
period. Nevertheless, Jamaica's large government debt burden,
estimated at over 130% of GDP in fiscal year (FY) 2012, rigid
expenditure profile and record of growth underperformance
represent challenges for achieving medium-term debt
sustainability. Maintaining high primary surpluses and stronger
growth will be essential to put public debt/GDP on a convincing
downward trajectory.

The completion of the NDX represents further progress towards the
implementation of an Extended Fund Facility (EFF) with the
International Monetary Fund (IMF). The government of Jamaica has
still to reach an agreement with public sector workers' unions
consistent with medium-term fiscal targets under the IMF program.
Fitch believes that IMF support is critical to stabilize investor
confidence, support the balance of payments and reduce the
sovereign's present financing constraints. Implementation risks
will remain for Jamaica even if it gets access to the IMF facility
given its past erratic record on meeting targets set under
previous IMF programs.

RATING SENSITIVITIES

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

-- Sustained easing of external financing constraints and clear
    signs of a restoration in investor confidence.

-- Improved growth performance, fiscal consolidation and a
    declining debt trajectory.

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

Failure to reach an IMF agreement could result in increased
balance of payments pressures, macroeconomic instability and
further erode the sovereign's payment capacity.

KEY ASSUMPTIONS

Fitch considers that an IMF program is necessary for Jamaica to
avoid destabilizing macroeconomic and fiscal pressures by
restoring domestic confidence and providing access to foreign
exchange funding.


* JAMAICA: Runaway Dollar Worries Manufacturers
-----------------------------------------------
RJR News reports that concern is escalating in the Jamaican
manufacturing sector about the rapid slide in the value of the
Jamaican dollar and the negative impact on its members.

The local currency continues to depreciate against its US
counterpart which is trading above the J$97 mark, according to RJR
News.

RJR News notes that the Jamaica Manufacturers' Association (JMA)
said its members were coming under increased pressure from the
rising cost of the US dollar, especially as it concerns the
purchase of raw material.

Brian Pengelley, president of the Association, told RJR's
Financial Report that the situation was compounded by the tight
supply of foreign exchange.  The report relates that Mr. Pengelley
explained that at the same time some manufacturers have not been
able to adjust their prices.

Mr. Pengelley, notes the report, said some segments of the
manufacturing sector have been hard hit by the drastic movement in
the exchange rate.

". . . . As well as finished goods imports: they will be facing
the same sort of thing; the importer is paying at a higher rate,
so all around it a very tough situation," the report quoted Mr.
Pengelley as saying.


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


URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'CCC'
-----------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Urbi
Desarrollos Urbanos, S.A.B. de C.V.:

-- Foreign currency Issuer Default Rating (IDR) to 'CCC'
    from 'B';
-- Local currency IDR to 'CCC' from 'B';
-- National long-term rating to 'CCC(Mex)' from 'BBB-(Mex)';
-- US$150 million senior notes due 2016 to 'CCC/RR4' from
    'B/RR4';
-- US$300 million senior notes due 2020 to 'CCC/RR4' from
    'B/RR4';
-- US$500 million senior notes due 2022 to 'CCC/RR4' from
    'B/ RR4';
-- MXN600 million in Certificados Bursatiles (CBs) due in 2014
    to 'CCC(mex)' from 'BBB-(mex)';
-- National short-term ratings to 'C(mex)' from 'F3(mex)'.

KEY RATING DRIVERS

The rating downgrades reflect a substantial deterioration of
Urbi's liquidity during 2012, which has heightened the risk of
default. Urbi had a negative free cash flow (FCF) of MXN7.8
billion during 2012 primarily as a result of increasing working
capital requirements that resulted from growing inventory levels
and accounts receivables. Fitch's FCF calculation considers cash
from operations less capital expenditures and dividends.

As of Dec. 31, 2012, Urbi had MXN2.1 billion of cash and
marketable securities. This figure is a sharp deterioration from
MXN5.5 billion as of Dec. 31, 2011. The company has covered its
cash drain with incremental debt increases. Over the 12-month
period ending Dec. 31, 2012, gross debt climbed to MXN19.9 billion
from MXN14.9 billion. The company's gross leverage (total debt
over LTM EBITDA) at year-end was 5.4x, with net leverage of 4.9x.
Without external funding, the company's cash position will not
support another quarter of high cash burn similar to what it
experienced in the fourth quarter of 2012.

RATING SENSITIVITY

Fitch believes the factors that have contributed to cash flow
deterioration in the past--a challenging regulatory environment
and changing demand characteristics for the industry--are unlikely
to change in the near term, and may even escalate.

A significant reduction in inventories and receivables could
stabilize the company's financial situation. Another factor that
could contribute to a positive rating action would be the
occurrence of a scenario in which the company receives
extraordinary financial support from the controlling shareholders
or third parties, including but not limited to the Mexican
government. While quite uncertain where this support could come
from, extraordinary financial support could provide additional
time for the company to right size its business and to liquidate
assets to generate cash, to the extent feasible.


===============
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


                            ***********


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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