TCRLA_Public/130312.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 12, 2013, Vol. 14, No. 50


                            Headlines



B A H A M A S

BRITISH AMERICAN: U.S. Court to Hear Suit Against Ex-Directors


B R A Z I L

NATIONAL COMMERCIAL: S&P Lowers Issuer Credit Rating to 'CCC+/C'
OAS SA: S&P Affirms 'BB-' Rating; Outlook Stable


C A Y M A N  I S L A N D S

ACCESS OFFSHORE: Commences Liquidation Proceedings
ASSET & ASHE: Commences Liquidation Proceedings
ASSET & ASHE MANAGEMENT: Commences Liquidation Proceedings
AUSTIN CAPITAL: Commences Liquidation Proceedings
AUSTIN CAPITAL SAFE: Commences Liquidation Proceedings

BLACKROCK SELECT: Placed Under Voluntary Wind-Up
DEVELOPMENT PRINCIPLES: Placed Under Voluntary Wind-Up
GENESIS PARTNERS II: Commences Liquidation Proceedings
GULFMENA OPPORTUNITIES: Placed Under Voluntary Wind-Up
GULFMENA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up

HM MVS: Commences Liquidation Proceedings
JEMEKK LONG/SHORT: Placed Under Voluntary Wind-Up
KRIYA UPROFISH: Placed Under Voluntary Wind-Up
NBK-FRONTIER MULTI: Placed Under Voluntary Wind-Up
PMI CDS: Commences Liquidation Proceedings

SEER CAPITAL: Commences Liquidation Proceedings
SL ONE: Placed Under Voluntary Wind-Up
SL TWO: Placed Under Voluntary Wind-Up
UPROFISH CAPITAL: Placed Under Voluntary Wind-Up
WESTCLIFF INTERNATIONAL: Commences Liquidation Proceedings


G R E N A D A

* GRENADA: Plans to Restructure Public Debt


J A M A I C A

* JAMAICA: Hopes to Earn Over J$360 Billion in Taxes


M E X I C O

* MEXICO: Moody's Confirms Naucalpan's B3.mx Issuer Rating


P U E R T O   R I C O

EMPRESAS INTEREX: Plan Outline Hearing Scheduled for March 27
JC PENNEY: Cuts Additional 2,200 Workers to Slash Costs


V E N E Z U E L A

* VENEZUELA: Fitch Keeps Negative Outlook on 'B+' Sovereign Rtng


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


=============
B A H A M A S
=============


BRITISH AMERICAN: U.S. Court to Hear Suit Against Ex-Directors
--------------------------------------------------------------
Bankruptcy Judge Erik P. Kimball tossed out the request of
Lawrence Duprey and Vishnu Ramlogan to dismiss Count I of the
adversary complaint filed against them by British American
Insurance Company Limited, a Chapter 15 debtor.  The Court also
rejected the Defendants' request for the Court to abstain from
adjudicating Count I.

In Count I, British American Insurance Company Limited seeks
damages for breach of fiduciary duty against its former directors,
including the Defendants.  The Defendants argue that the claim
presented in Count I is a tort claim constituting intangible
property located outside the United States and that the Bankruptcy
Court is without jurisdiction to entertain such a claim in light
of the provisions of 11 U.S.C. Sec. 1521(a)(5).  The Defendants
argue that the Court also lacks subject matter jurisdiction as Mr.
Brian Glasgow, the foreign representative of BAICO in the nonmain
chapter 15 case, lacks standing to pursue Count I because he
represents only a branch of BAICO in Saint Vincent and the
Grenadines and not the entire entity. The Defendants argue that
permitting Mr. Glasgow to bring Count I under United States
bankruptcy jurisdiction would have unintended and unwelcome
consequences. In the alternative, the Defendants argue that the
Court should abstain from adjudicating Count I under the
permissive abstention provisions of 28 U.S.C. Sec. 1334(c)(1).

Judge Kimball, however, held that:

     -- there is "related to" jurisdiction over Count I of
        the complaint under 28 U.S.C. Sec. 1334(b);

     -- 11 U.S.C. Sec. 1521(a)(5) does not present a limitation
        on the Court's subject matter jurisdiction;

     -- 11 U.S.C. Sec. 1521(a)(5) limits the Court's in rem
        jurisdiction but such jurisdiction is not implicated in
        Count I; and

     -- 28 U.S.C. Sec. 1334(c)(1) does not permit the Court to
        abstain from hearing Count I on a permissive basis.

The lawsuit is styled as, BRITISH AMERICAN INSURANCE COMPANY
LIMITED, Plaintiff, v. ROBERT FULLERTON, BRIAN BRANKER, RAMCHAND
RAMNARINE, LAWRENCE DUPREY, VISHNU RAMLOGAN, SHIVA RAMBERRAN,
GREEN ISLAND HOLDINGS, LLC, and CHARLES PRATT, Defendants, Adv.
Proc. No. 11-03118 (Bankr. S.D. Fla.).  A copy of the Court's
Feb. 28, 2013 Memorandum Opinion is available at
http://is.gd/d9Bu30from Leagle.com.

                           About BAICO

British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company.  BAIC is owned by
Trinidad-based parent CL Financial.  BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).

By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.


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


NATIONAL COMMERCIAL: S&P Lowers Issuer Credit Rating to 'CCC+/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to
'CCC+/C' 'B-/B'.  The downgrade follows the completion of the
sovereign domestic debt exchange program and the resulting upgrade
of Jamaica to 'CCC+/C' from 'SD'.  The ratings on the bank remain
on CreditWatch with negative implications, where S&P put them on
Feb. 15, 2013.  S&P is also lowering NCBJ's stand-alone credit
profile (SACP) to 'b' from 'b+' following the change in Banking
Industry Country Risk Assessment (BICRA) on Jamaica to group '10'
from group '9'.

"The bank's downgrade reflects its significant exposure to
Jamaican sovereign-debt securities and loans to public entities
(62% of its total investment and loan portfolio).  As a result,
the sovereign ratings cap the ratings on bank," said Standard &
Poor's credit analyst Vitor Garcia.


OAS SA: S&P Affirms 'BB-' Rating; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'brA-' national scale ratings on OAS S.A. (OAS).  At the same
time, S&P assigned its 'brA-2' national scale short-term issue
level rating to the company's proposed 12-month debentures for
R$150 million.  The outlook remains stable.

OAS will likely post weaker-than-expected credit metrics for
fiscal 2012, mainly as a result of a higher debt.  "We believe
this is a temporary situation related to the progress in its main
projects, and is not indicative of a more aggressive financial
policy or growth strategy," said Standard & Poor's credit
analyst Luciano Gremone.  Therefore, S&P's expectations regarding
the company's ability to reduce its debt and strengthen its credit
metrics over the next two to three years remain unchanged.

The ratings on OAS continue to reflect its "fair" business risk
profile and "aggressive" financial risk profile.  The ratings also
reflect the company's large debt due to aggressive growth strategy
of previous years and some execution risks associated with the
ramp-up of its main investments.  The positive rating factors are
OAS' favorable market position in the Brazilian engineering and
construction (E&C) industry and the expectation that the company's
growth strategy will moderate and it will pay down its debt in the
next few years.


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


ACCESS OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Access Offshore Fund,
Ltd resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Harold Stuart Zlot
         c/o John O'Driscoll
         Walkers
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Telephone: +1 (345) 914 4229


ASSET & ASHE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 14, 2012, the sole shareholder of Asset & Ashe Investment
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Xu Zhijun
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


ASSET & ASHE MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 14, 2012, the sole shareholder of Asset & Ashe Management
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Xu Zhijun
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


AUSTIN CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Austin Capital Next
Generation Offshore Fund, Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

         David Friedman
         3801 North Capital of Texas Highway, Suite E-
         240-89, Austin, Texas, 78746
         USA
         Telephone: +1 (512) 600 5225
         E-mail: dfriedman@acminvestment.com


AUSTIN CAPITAL SAFE: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Austin Capital Safe
Harbor Portable Alpha Offshore Fund One, Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         David Friedman
         3801 North Capital
         Texas Highway
         Suite E-240-89, Austin
         Texas, 78746
         USA


BLACKROCK SELECT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Blackrock Select Hedge
Ltd. passed a resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming or Lisa Clarke
         Telephone: (345) 945 2187/ (345) 945 2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


DEVELOPMENT PRINCIPLES: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Dec. 19, 2012, the sole member of Development Principles Fund
II GP Limited passed a resolution to wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


GENESIS PARTNERS II: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 29, 2011, the shareholders of Genesis Partners II LDC
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Private Equity Management, Inc.
         E. Shalev Management 2000 (1999) Ltd.
         c/o 425 Lexington Ave, 2nd Floor
         New York, NY, 10017
         USA


GULFMENA OPPORTUNITIES: Placed Under Voluntary Wind-Up
------------------------------------------------------
Gulfmena Opportunities Fund Limited was placed under voluntary
wind up.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345) 926 1688
         Artillery Court
         Shedden Road
         P.O. Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


GULFMENA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------------------
Gulfmena Opportunities Master Fund Limited was placed under
voluntary wind up.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345) 926 1688
         Artillery Court
         Shedden Road
         P.O. Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


HM MVS: Commences Liquidation Proceedings
-----------------------------------------
On Dec. 10, 2012, the shareholders of HM MVS Capital Inc resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


JEMEKK LONG/SHORT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Jemekk Long/Short Canada
Ltd. passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: +1 (345) 769 4422
         Facsimile: +1 (345) 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


KRIYA UPROFISH: Placed Under Voluntary Wind-Up
----------------------------------------------
Kriya Uprofish Macro Fund was placed under voluntary wind up.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345) 926 1688
         Artillery Court
         Shedden Road
         P.O. Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


NBK-FRONTIER MULTI: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 16, 2012, the sole shareholder of NBK-Frontier Multi Asset
Fund SPC passed a resolution to wind up the company's operations.

The company's liquidator is:

         Gavin Lowe
         Turners Management Ltd.
         Strathvale House
         90 North Church Street
         PO Box 2636 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: +1 (345) 814 0712


PMI CDS: Commences Liquidation Proceedings
------------------------------------------
On Dec. 17, 2012, the sole shareholder of PMI CDS (Cayman) V
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Aodh O. Murchu
         28 Upper Pembroke Street
         Dublin 2
         Ireland
         Telephone: +3 (531) 234 2641
         E-mail: aodh.omurchu@pmigroup.com


SEER CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 19, 2012, the sole shareholder of Seer Capital Talf
Opportunity Fund Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt by Jan. 30,
2013, to be included in the company's dividend distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 914 3115


SL ONE: Placed Under Voluntary Wind-Up
--------------------------------------
On Dec. 19, 2012, the sole shareholder of SL One Limited passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Company Secretaries Ltd
         Clifton House, 75 Fort Street
         P.O. Box 1350 Grand Cayman KY1-1108
         Cayman Islands


SL TWO: Placed Under Voluntary Wind-Up
--------------------------------------
On Dec. 19, 2012, the sole shareholder of SL Two Limited passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Company Secretaries Ltd
         Clifton House, 75 Fort Street
         P.O. Box 1350 Grand Cayman KY1-1108
         Cayman Islands


UPROFISH CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
Uprofish Capital Management was placed under voluntary wind up.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345) 926 1688
         Artillery Court
         Shedden Road
         P.O. Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


WESTCLIFF INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 17, 2012, the sole shareholder of Westcliff International
Fund Ltd resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         WCM Cayman, Ltd
         c/o John O'Driscoll
         Walkers
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Telephone: +1 (345) 914 4229


=============
G R E N A D A
=============


* GRENADA: Plans to Restructure Public Debt
-------------------------------------------
The Caribbean Journal reports that Grenada said the government
will undertake a "comprehensive and collaborative restructuring of
its public debt".

Grenada said "circumstances have forced" the move, which will
include its US and Eastern Caribbean-denominated bonds due in
2025, according to The Caribbean Journal.

"The Grenadian economy has been severely affected by the global
financial crisis and -- despite a debt restructuring in 2005 and
the reforms implemented over the last five years under IMF-
supported programs -- has been unable fully to recover from the
devastation wrought by hurricanes Ivan and Emily in 2004 and 2005,
respectively," the government said in a statement obtained by the
news agency.

The Caribbean Journal notes that Grenada's economy grew by just
0.2% in 2012 under the former government of Prime Minister Tillman
Thomas, according to data from the United Nations Economic
Commission for Latin America and the Caribbean.  It had been
projected to grow by 1.2% in 2013, the report relates.

The Caribbean Journal discloses that Grenada missed a coupon
payment on its bond due in 2025 in September, eventually making
the payment just before the expiry of its grace period by
borrowing US$4.4 million.

"With further borrowing no longer a viable option, Grenada
confirmed that it will not have the resources to pay the coupons
that fall due on its U.S. Dollar and E.C. Dollar Bonds due 2025 on
March 15, 2013. . . . Moreover, the Government does not expect to
have the funds to do so within the relevant grace periods."

The Caribbean Journal relates that both the US Dollar and EC
Dollar Bonds are based on step-up coupon structures.  The coupons
increased from 2.5% to 4.5% in September 2011, and are scheduled
to step up again, to 6.0%, in September 2013, The Caribbean
Journal discloses.

Further step-ups are scheduled for 2015 and 2017, with the final
step-ups, to 9%, scheduled to take place in September 2018, The
Caribbean Journal notes.

Grenada's recovery from the devastating impact of hurricanes Ivan
and Emily was set back by the onset of the global financial
crisis, with a struggling economy seeing annual contractions in
the range of -1.2%.

By way of comparison, the government said, "the annual growth
assumption that underpinned Grenada's 2005 debt restructuring (a
restructuring that involved no haircut to the principal of the
debt stock) was 4.7% per annum," the report discloses.

The Caribbean Journal notes that the restructuring plans marked
the first major announcement by the government of Prime Minister
Dr. Keith Mitchell.

"The global financial crisis has taken a heavy toll on the
country, and aggravated the severe debt overhang that continues to
weigh down our economy. . . . It is now time for Grenada to
confront the fact that it cannot continue to pay its debts on
current terms, and that the restoration of growth requires the
debt overhang to be resolved. . . . We need a fresh start, and it
is therefore imperative that we approach our creditors promptly to
discuss an orderly restructuring of our liabilities," the report
quoted Finance Minister Mitchell as saying.

The government said it would soon begin initiating contacts with
creditors, including holders of its 2025 bonds and their trustees,
the report notes.

Grenada's Treasury Bills on the Regional Government Securities
Market will not be affected, the report adds.


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


* JAMAICA: Hopes to Earn Over J$360 Billion in Taxes
----------------------------------------------------
RJR News reports that the government of Jamaica is eyeing more
than J$360 billion in taxes for the next financial year.

The figures were presented as part of the medium term fiscal
forecasts, according to RJR News.  The report relates that the
government projects tax revenues for this year, will be J$11.7
billion below projections.

The projection was for taxes to exceed J$335 billion this year but
that has been revised down to J$324 billion, RJR News relates.


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


* MEXICO: Moody's Confirms Naucalpan's B3.mx Issuer Rating
----------------------------------------------------------
Moody's de Mexico confirmed Naucalpan's issuer ratings of B3.mx
(Mexican National Scale) and B3 (Global Scale, local currency) and
assigns a negative outlook. The rating action concludes the review
for possible downgrade that was initiated on December 4, 2012,
following Naucalpan's default on short-term lines of credit.

In addition, Moody's affirms the debt ratings of a MXN 486 million
(original face value) enhanced loan contracted with Banorte at
Baa3.mx (Mexican National Scale) and B1(Global Scale, local
currency) .

Ratings Rationale:

Naucalpan defaulted in three short-term lines of credit with Banco
Interacciones. Given Naucalpan's acute liquidity pressures it also
defaulted on a factoring facility (cadena productiva) with Banco
del Bajio. Following the default, the review was to evaluate: a)
the willingness of the new administration to pay all outstanding
debt obligations, b) the amount of losses incurred by the banks,
and c) the maintenance of full and timely debt service payments of
Naucalpan's all other debt obligations.

The ratings confirmation reflect: a) the new administration's
recognition of outstanding obligations b) the full refinancing of
the short-term lines of credit (MXN 72 million) with Banco
Interacciones and the restructuring with Banco del Bajio (MXN 15.5
million) to pay due amounts through three installments, and c) the
continued full and timely debt service payments of the
municipality's long-term debt.

In addition to the default, the B3/B3.mx ratings also take into
account Naucalpan's very tight liquidity position, the recording
of unbalanced financial results and moderate debt levels.
According to 2012 preliminary results, net working capital to
total expenditures stood at --36.1% and net direct and indirect
debt was equivalent to 23.8% of operating revenues. The negative
outlook reflects Naucalpan's challenges to structurally improve
its liquidity position and to strengthen its operating and
consolidated financial results.

The affirmation of the MXN 486 million enhanced loan debt ratings
reflect the confirmation of Naucalpan's issuer ratings.

What Could Change The Ratings Up/Down

Given the negative outlook, Moody's does not expect upward
pressure in the short-term. However, the ratings could be
stabilized if liquidity is significantly improved, cash financing
requirements are reduced and gross operating balances turn
positive.

If Naucalpan's liquidity continues to deteriorate and the
municipality recurs again on short-term debt, the ratings could
face downward pressure. Failure to reduce cash financing
requirements and to strengthen gross operating balances could also
exert downward pressure on the rating.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Naucalpan's issuer
ratings would likely result in an upgrade of the ratings on the
MXN 486 million enhanced loan. Conversely, a downgrade of
Naucalpan's issuer ratings could also exert downward pressure on
the debt ratings of the loan. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.

The methodologies used in this rating were "Regional and Local
Governments" published in January 2013, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in October 2012.


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


EMPRESAS INTEREX: Plan Outline Hearing Scheduled for March 27
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
convene a hearing on March 27, 2013, at 9 a.m., to consider
adequacy of information in the Disclosure Statement explaining
Empresas Interex Inc.'s Chapter 11 Plan.  Objections, if any, are
due 14 days prior to the hearing.

As reported in the TCR on Feb. 25, 2013, under the Plan, 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

                    About Empresas Interex Inc.

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.


JC PENNEY: Cuts Additional 2,200 Workers to Slash Costs
-------------------------------------------------------
Jamaica Gleaner reports that J.C. Penney Co. has eliminated an
additional 2,200 jobs as the struggling department store chain
slashes costs after a year of plunging sales and mounting losses.

Company spokesman Joey Thomas said that those being let go worked
in back-office administration in stores and district offices,
according to Jamaica Gleaner.  Mr. Thomas said that the cuts
translate to an average elimination of two positions per store,
the report relates.

Jamaica Gleaner says that the cuts come as J.C. Penney lost US$4.3
billion in revenue for the year as a strategy launched in early
2012 by Chief Executive Officer Ron Johnson to scale back most
sales in favor of everyday prices has failed to resonate with
shoppers.

Jamaica Gleaner notes that J.C. Penney reported last month its
quarterly loss widened to US$552 million, or US$2.51 per share,
while revenue slid by a quarter to US$12.98 billion.

The report relates that results for the full year were even more
staggering.  J.C. Penney lost US$985 million, or US$4.49 per
share, for the fiscal year, compared with a loss of US$152
million, or 70 cents per share, a year earlier while revenue
dropped 25% to US$12.98 billion from US$17.26 billion, the report
relates.

The report discloses that the latest blow to J.C. Penney is when
one of its biggest shareholders confirmed in a regulatory filing
that it's sold more than 40% of its stake.  The move by Vornado
Realty Trust, whose Chairman and Chief Executive Officer Steve
Roth sits on Penney's board, is perhaps the biggest indicator yet
that investors are losing patience with the turnaround strategy,
the report relates.

Mr. Johnson, the report notes, said in New York State Supreme
Court that the Plano, Texas-based company had eliminated 19,000
jobs since he came on board.  That figure came up while he was
testifying in a trial that pits Penney against rival Macy's Inc.
over a partnership over the Martha Stewart brand, the report
relates.

The report discloses that when Mr. Johnson joined the retailer,
Penney employed 134,000 people.  That means the company has cut
about 16% of its workforce since then, the report adds.

J. C. Penney Company, Inc. -- http://www.jcpenney.com-- through
its subsidiary, J. C. Penney Corporation, Inc., operates a network
of department stores in the United States and Puerto Rico. The
company sells merchandise and services to consumers through its
department stores and through the Internet Website at
http://jcp.com/


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


* VENEZUELA: Fitch Keeps Negative Outlook on 'B+' Sovereign Rtng
----------------------------------------------------------------
The next Venezuelan government will face challenges in quickly
moving to establish a more balanced and sustainable policy mix
that would support improved sovereign credit quality, according to
Fitch. Due to the magnitude of the political transition at hand,
uncertainty over politics and future policy will continue to
represent a key factor influencing the performance of Venezuela's
economy.

Fitch says: "The next government will face a host of economic
problems, including the reduction of fiscal imbalances. The
central government's budget deficit rose to unsustainably high
levels in 2012, even as high oil prices supported government
revenues. A rationalization of heavy pre-election spending levels
will be critical in reducing the rapid pace of debt buildup. We
estimate that the central government's fiscal deficit exceeded 7%
of GDP in 2012.

"In addition, we believe that a focus on the creation of a more
efficient and transparent foreign exchange system would represent
a positive step. Such a system would limit the need for government
FX debt issuance in the domestic market, reduce macroeconomic
distortions and allow more transparent and efficient access to FX
by the private sector. February's devaluation of the bolivar was
an important but insufficient step towards reducing the Venezuelan
currency's overvaluation. Even after the devaluation, heavy demand
for dollars in the Venezuelan economy remains unmet, thus
increasing the risk of greater inflation and shortages.

"Over the medium term, a successful transition to improved growth
performance and reduced vulnerabilities in the Venezuelan economy
will partly depend on the next government's willingness to
increase the coherence and credibility of monetary, fiscal and
exchange rate policies. In addition to the changes outlined above,
improved management of the country's vital oil sector will be
critical for a stabilization of external and fiscal accounts.

"Regardless of the outcome of the upcoming elections, we expect
political considerations to factor heavily into economic
policymaking.

"Over the near term, policymakers will retain a degree of
flexibility in confronting Venezuela's economic challenges. Oil
prices remain at a level that limits destabilizing fiscal
pressures. In addition, government financing needs will be
supported by a captive local market, and the sovereigns' debt
amortization schedule will remain manageable over the next few
years.

"The outlook on Venezuela's 'B+' sovereign rating remains
negative.  This reflects the country's weakened policy framework,
which could lead to increased vulnerability to commodity price
shocks and deterioration in fiscal and external credit metrics --
and ongoing political uncertainty. We remain focused on potential
policy changes that could lead to a more balanced, transparent and
sustainable policy mix as the key to improvement in macroeconomic
fundamentals and stronger credit quality."


===============
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.


                   * * * End of Transmission * * *