TCRLA_Public/130319.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 19, 2013, Vol. 14, No. 55


                            Headlines



A R G E N T I N A

CENTRAL TERMICA: Moody's Confirms Global Scale Rating at 'B3'
* ARGENTINA: Moody's Cuts Rating on Foreign Law Bonds to 'Caa1'
* Moody's Assigns (P)B3 Global Scale Rating to Cordoba's Notes


B R A Z I L

BANCO ABC: Fitch Upgrades Issuer Default Rating From 'BB+'
BANCO BMG: S&P Affirms 'B' Rating; Outlook Stable
FIBRIA CELULOSE: S&P Raises Rating From 'BB'; Outlook Stable


C A Y M A N  I S L A N D S

ADVISER BOND: Shareholders Receive Wind-Up Report
ALIF ALIF MEDIA: Shareholders Receive Wind-Up Report
ALIF ALIF HOLDING: Shareholders Receive Wind-Up Report
CRESCENT GROUP: Commences Liquidation Proceedings
CSAM TOTAL: Shareholder Receives Wind-Up Report

GAMBRINUS INVESTMENTS: Members Receive Wind-Up Report
GL DEVELOPMENT: Commences Liquidation Proceedings
GLOBAL FUND: Commences Liquidation Proceedings
HMTF-LA OUTDOOR: Shareholders Receive Wind-Up Report
INVESTCORP EARLY: Shareholders Receive Wind-Up Report

KURMA HOLDINGS: Shareholders Receive Wind-Up Report
LEICESTER CAYMAN: Placed Under Voluntary Wind-Up
LMF SELECT: Shareholders Receive Wind-Up Report
MERIDIAN PERFORMANCE: Shareholders Receive Wind-Up Report
PMI CDS: Commences Liquidation Proceedings

RAB INNOVATIONS: Placed Under Voluntary Wind-Up
RAMIUS ALTERNATIVE: Commences Liquidation Proceedings
SITO EMERGING: Placed Under Voluntary Wind-Up
VCM SYSTEMATIC: Shareholders Receive Wind-Up Report
ZENITH FUND: Placed Under Voluntary Wind-Up


C O L O M B I A

PACIFIC RUBIALES: Posts Decision on Quifa Association Contract
PACIFIC RUBIALES: S&P Raises CCR to 'BB+'; Outlook Stable


C O S T A  R I C A

* COSTA RICA: S&P Raises Issuer Credit Rating to 'BB+'


M E X I C O

FINANCIERA INDEPENDENCIA: Incurs Ps.120.4MM Net Loss in 4Q12
FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Rating on $200MM Notes
SERVICIOS CORPORATIVOS: S&P Rates $270MM Notes & $50MM Add-On B+


P U E R T O   R I C O

ALCO CORP: Wins Confirmation of Amended Reorganization Plan
RESTAURANT HOLDING: Moody's Changes Ratings Outlook to Negative
* PUERTO RICO: Fitch Expects Banks to Face Challenges in 2013


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


CENTRAL TERMICA: Moody's Confirms Global Scale Rating at 'B3'
-------------------------------------------------------------
Moody's Latin America downgraded the ratings on Central Termica
Loma de la Lata S.A.'s USD178 million (USD165 million outstanding)
in the national scale to Baa1.ar from A3.ar and confirmed its B3
global scale rating. The outlook is stable.

This rating action concludes the review initiated on Dec. 21, 2012
when Moody's placed the ratings on review for a possible downgrade
as a consequence of the turbine's failure that caused the combined
cycle plant to cease operations.

Ratings Rationale:

The downgrade in the NSR is mainly prompted by the change to the
original terms and conditions of the notes that occurred as a
result of the aforementioned failure. The key amendments to the
notes consist of the capitalization of its next two interest
payments due in March and September 2013 and the postponement of
the first principal payment, due in September 2013.

Although the new terms and conditions have been agreed to and
accepted by the note holders, the postponed interest and principal
payments are considered a payment default per Moody's definition.
Nevertheless, in confirming the B3 rating Moody's acknowledges
that: 1) business interruption insurance is expected to cover
CTLLL's lost benefits beginning February 1st; 2) the turbine's
repair costs are also covered by insurance; 3) the company had
sufficient liquidity on its balance sheet to make the March
interest payment; 4) 2012 fiscal year revenues and cash flows
confirmed the project's potential for strong cash generation when
the combined cycle plant is operating under normal conditions and
5) the plant is expected to become fully operational during the
second quarter of the year and. resume its cash generation
capacity to levels similar to those achieved in 2012.

For the fiscal year ending 2012 CTLLL's CFO pre WC (cash from
operations pre-working capital) to debt stood at 40% while CFO pre
WC plus Interest to Interest was at 3.6x.

The downgrade to Baa1.ar in the national scale also reflects our
view that CTLLL's relative position in relation to other B3 rated
companies in the same industry has weakened given the turbine
failure and its relatively weak operating track-record.

If the repair of the turbine takes longer than now anticipated and
CTLLL is not able to resume the production of electricity under
the Res 220 contract with Cammesa in a timely manner, in order to
generate enough cash flows for the debt servicing of the notes on
a consistent and sustainable basis, the ratings could be
downgraded.

Given the plant's operating track record, a rating upgrade will
require that CTLLL demonstrate a prolonged period of operations
without any unanticipated technical disruption while maintaining a
prudent financial profile.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.

CTLLL is an electric generation company that operates a thermo-
electric power plant located in the province of Neuquen-Argentina,
with an installed net capacity of 535 MW. CTLLL is fully owned by
Pampa Energia S.A. (not rated) the largest, fully-integrated
electricity company in Argentina. Through its subsidiaries, the
company is engaged in the generation, transmission and
distribution of electricity within the country. Pampa has an
installed capacity of approximately 2,217 MW, which represents
about 8% of the country's installed capacity.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico


* ARGENTINA: Moody's Cuts Rating on Foreign Law Bonds to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service lowered the rating of Argentina's
foreign law bonds to Caa1. The downgrade reflects the increased
default risk of these bonds deriving from ongoing legal
proceedings in US courts, and differentiates this portion of
Argentina's debt from the rest.

Moody's also affirmed Argentina's B3 issuer rating, which applies
to Argentina's domestic legislation bonds, and affirmed the Ca
rating on Argentina's $6.3 billion of debt untendered in the 2005
and 2010 debt swaps that remains in default. The outlook on all
these ratings is negative.

Moody's also affirmed Argentina's B3 foreign currency bond
ceiling, Caa1 foreign currency deposit ceiling, and the Ba3 local
currency bond and deposit ceilings.

Ratings Rationale:

On October 26, 2012 the US Second Circuit Court of Appeals upheld
a lower court ruling requiring the government of Argentina to pay
litigating bondholders concurrently with any payments to holders
of its restructured debt. The litigating bondholders, or holdouts,
are investors that did not participate in Argentina's 2005 or 2010
debt swaps. The litigating claims are US$ 1.3 billion, but could
expand to almost US$ 12 billion if all holdout claims (US$ and
EUR) can leverage the legal precedent -or US$ 7.5 billion if only
NY law claims benefit. The appeals court wrote that bond
documents' pari passu language "prohibits Argentina, as bond
issuer, from formally subordinating the bonds by issuing superior
debt." The court further ruled that as bond payer Argentina could
not pay other bonds without paying litigating bondholders.

The legal case was sent back to the district court to clarify the
formula to be used to pay both groups of bond holders, and whether
- and how - the ruling impacts third parties involved in
Argentina's payments process, and then the case returned to the
appeals court. On February 27 the appeals court held oral
arguments on the case. On March 1 the court asked Argentina to
propose a payment formula for holdouts, a proposal Argentina must
submit by March 29.

While there are multiple possible legal outcomes to this case, we
note two major credit scenarios:

1. The first results in a ruling that affirms litigant
bondholder's claims of full restitution, but provides no practical
enforcement mechanism and therefore leaves restructured debt
service unaffected, or that provides an alternative payment
formula to litigating bondholders that Argentina's government is
willing to accept.

2. The second is any ruling that Argentina's government refuses to
abide by and that impacts payments to restructured debt
bondholders. In this scenario payments to restructured debt
bondholders are attached and/or Argentina chooses an alternative
payment mechanism to avoid such attachments, resulting in delayed
payments or net present value losses to investors in restructured
debt.

Although Argentina has the financial means to meet any legal
obligation to litigating bondholders, the government has
repeatedly stated that it would not pay litigating bondholders in
full. The rating action reflects the risk that the final court
ruling will result in some delay or loss to restructured foreign-
law debt bondholders.

The issuer rating and domestic-legislation bond ratings remain B3
to reflect the fact that the majority of bonds outstanding are
domestic legislation bonds and are expected to be unaffected by
the final court ruling. Argentina's B3 rating balances the
country's economic development and improved debt metrics with
continuing concerns about the country's policy mix and political
volatility.

Argentina's GDP per capita is more than three times the median of
B-rated sovereigns, and its economy larger and more diversified
than its peer group. The debt burden is similar to rating peers
but is improving at a faster rate and we expect it will continue
falling this year and next. But Argentina's haphazard economic
policy decisions coupled with increasing questions about the
reliability of official statistics make it extremely difficult to
know with certainty Argentina's real economic conditions, raising
questions about the country's ability to manage adverse shocks.

What Could Change The Rating Up/Down

Moody's could consider moving the issuer rating outlook back to
stable upon evidence that Argentina's policy mix becomes more
consistent and predictable. In particular, a resolution of either
the Paris Club debt arrears or material improvements in the
quality of official economic data would be considered credit
positive for the rating.

Argentina's foreign legislation bonds could potentially be
upgraded back to the issuer rating if the final court ruling does
not impact Argentina's payments on its restructured debt.

A downgrade of the issuer rating could result if policy decisions
end up negatively impacting the main economic and debt metrics.
Additionally, a large and sustained deterioration of commodity
prices, a persistent decline in international reserves and failure
to make needed fiscal adjustments leading to a rise in the debt
ratios, could also result in a lower rating. A further downgrade
of Argentina's foreign legislation debt could result if
Argentina's reaction to a final court ruling involves missed
payments to restructured debt bondholders.

Previous Rating Action

Moody's previous action affecting Argentina's government bond
rating was implemented on September 17, 2012, when the rating
agency placed Argentina's government bond ratings on negative
outlook.


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

Ratings Rationale:

The maximum amount to be issued under the program is ARS 300
million, according to the authorization under the law (ordenanza)
12.139. The municipality will issue an initial offer (Series IV)
of AR$ 20 million which will mature within a period of 160 days.
The amount to be issued represents less than 1% of the
municipality's 2012 total revenues.

The first issuance under the program, Series IV, will be backed by
the Contribution over Commerce, Industry, and Service Companies.
These notes will have two interest payments, the first 85 days
after issuance and the second at maturity.The assigned debt
ratings reflect Moody's view that the willingness and capacity of
the Municipality of Cordoba to honor these short-term treasury
notes is in line with the municipality's long-term credit quality
as captured in the B3/Baa2.ar issuer ratings.

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

The Municipality of Cordoba's intrinsic creditworthiness is
characterized by a strong revenue flexibility, low debt to revenue
levels, and strong gross operating surpluses. These positive
features are partially offset by a weak liquidity position and an
ongoing trend of cash financing deficits. Like most sub-national
governments in Argentina, and within a context of high inflation
rates, the Municipality of Cordoba still faces ongoing pressures
from salary renegotiations, limiting its spending flexibility.
What Could Change The Rating Up/Down

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

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

The last rating action was on October 17, 2012 when issuer and
debt ratings (local currency) were downgraded to B3/Baa2.ar from
B2/Aa3.ar; Negative Outlook.

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


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


BANCO ABC: Fitch Upgrades Issuer Default Rating From 'BB+'
----------------------------------------------------------
Fitch Ratings has taken the following rating actions on Banco ABC
Brasil S.A.:

-- Long-term foreign and local currency Issuer Default Ratings
    (IDRs) upgraded to 'BBB-' from 'BB+'; Outlook Stable;

-- Short-term foreign and local currency IDRs upgraded to 'F3'
    from 'B';

-- Viability rating upgraded to 'bbb-' from 'bb+';

-- Support rating affirmed at '3';

-- Long-term national rating upgraded to 'AA(bra)' from 'AA-
    (bra)'; Outlook Stable;

-- Short-term national rating affirmed at 'F1+(bra)'.

KEY RATING DRIVERS: LIQUIDITY, RISK MANAGEMENT, ASSET QUALITY

The upgrade on Banco ABC Brasil S.A.'s (ABCBr) foreign currency
and local currency Issuer Default Ratings (IDRs), viability rating
and long term national ratings are based on the bank's low risk
profile, which is underpinned by its low funding cost, sound risk
management and consistent profitability over the years even facing
a fierce and volatile competitive environment. Over the last
years, improvements included a further diversification of its
funding profile leading to a stronger asset and liabilities
management as it continues to expand its corporate and middle
market operations. Its credit portfolios are conservatively
matched and continue to show strong liquidity. Its continued high
quality asset and liquidity combined with its satisfactory
profitability and capital adequacy evidences the bank's overall
solid financial strength.

The upgrade takes into account the bank's conservative approach
towards risk management and the consistent and solid asset quality
indicators that compare very well to peers during the weaker
economic environment seen during the last two years. The bank
focuses on the lower-risk corporates and a middle market segment.
The growth of the middle market has been managed prudently
following the bank's conservative risk profile.

The assignment of a VR higher than that of its parent reflects the
fact that ABCBr has a strong and well regarded franchise in the
Brazilian market, its management's independence combined with a
very limited funding dependence from its parent. Such independence
was tested satisfactorily during 2011 during the Libyan crisis.

While the impact of the higher credit costs, higher levels of
liquid assets, and lower interest rates led to a reduction in
ABCBr's 2012 operational profit and net income, the bank was still
able to report satisfactory profitability ratios in a challenging
business environment (ROAA of 1.9% and an average of 2.1% in the
last five years). The bank's medium-term strategy is to grow the
percentage of the middle market segment from the current 14% to
25% of the total credit portfolio through its expanded sales
platforms which have already grown the number of middle market
clients while maintaining conservative per client exposure and
average tenors below 10 months. On the corporate segment, which
ABCBr views as a more mature market, the bank has been successful
in expanding its fee related business via cross-selling to
companies with more sophisticated demand for advisory and treasury
services, including derivatives and M&A.

Fitch core capital/risk-weighted assets at Dec. 2012 was an
adequate 10.6%, although it was lower than the 11.3% of the
previous year in part due to the growth in risk assets. Regulatory
capital rose further to a comfortable 15.9%. Major shareholder
Arab Banking Corporation (ABC; IDR 'BB+/Stable Outlook) is
strongly capitalized and has shown willingness and ability to
provide support if needed. Fitch believes that in a stress
scenario, ABCBr would receive some degree of support from ABC.

RATING SENSITIVITIES:

Given its funding profile and narrow business niche, further
upgrades of the bank's ratings may be limited under its current
business model.

Although unlikely in Fitch's view, a significant deterioration of
ABCBr's asset quality that results in credit costs that severely
limit its profitability and ability to grow its capital, combined
with a reduction on its liquidity or capitalization position could
lead towards a reduction on the bank's ratings. A decline in Fitch
core capital to risk-weighted assets ratio below 9% along with a
reduction in operating income to average asset ratio below 2%
could result in a ratings review.

Established in 1989, Banco ABC Brasil S.A. is a midsized wholesale
bank, which focuses in the corporate (companies whose annual sales
are above BRL 400 million) and middle market segments (companies
with net sales between BRL30 and BRL400 million).


BANCO BMG: S&P Affirms 'B' Rating; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' global scale
and 'brBB+' national scale ratings on Banco BMG S.A. (Banco BMG).
The outlook remains stable.

S&P based its ratings on Banco BMG on its "weak" business
position, "weak" capital and earnings, "adequate" risk position,
"below-average" funding, and "moderate" liquidity, as S&P's
criteria define these terms.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  Our anchor for a commercial bank operating
only in Brazil is 'bbb', based on the country's economic risk
score of '5' and an industry risk score of '4'. Brazil's economic
risk reflects its low GDP per capita levels that limit its ability
to withstand economic downturns and household credit capacity.  It
also considers our view that economic imbalances have increased as
a result of rapid credit expansion.  "As this trend in lending
continues amid a slowly growing economy, we are concerned about
the increasing household debt burden," said Standard & Poor's
credit analyst Cynthia Cohen Freue.  Conversely, Brazil's
improvement in payment culture and rule of law, in addition to
moderate leverage in the corporate sector and the absence of high-
risk loans in banks, somewhat mitigate the higher risk factors in
our economic risk assessment.  We assess the trend of economic
risk as negative. Despite the slowdown in credit during 2012, we
believe that a new period of rapid credit expansion could result
from the current administration's policies.  Further lending would
increase an already hefty debt burden on households, subjecting
the system to incremental credit risk," S&P said.


FIBRIA CELULOSE: S&P Raises Rating From 'BB'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Fibria
Celulose S.A. to 'BB+' from 'BB'.  The outlook is stable.

The rating action reflects S&P's expectation that Fibria's debt
reduction will continue.  Since the company began a new financial
policy since the first quarter of 2011, which mandates to keep the
leverage ratio below 3.5x, it has prepaid around $1.2 billion in
debt, and S&P expects that trend to continue in the near future.
S&P's base-case scenario comprises annual debt reductions of
around $600 million in 2013 and 2014, and may involve a
combination of internally generated cash, excess liquidity and
eventually, proceeds from additional sales of non-core assets.


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


ADVISER BOND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of The Adviser Bond Fund Ltd received on Jan. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Ben Gillooly
         Telephone: (345) 815 1764
         Facsimile: (345) 949 9877


ALIF ALIF MEDIA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Alif Alif Media Company received on Nov. 19,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced liquidation proceedings on Nov. 19, 2012.

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


ALIF ALIF HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Alif Alif Media Holding Company received on
Nov. 19, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 19, 2012.

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


CRESCENT GROUP: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Crescent Group Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         c/o Kim Charaman
         Telephone: (345) 943 3100
         Facsimile: (345) 945 4757
         Grand Cayman, KY1-9005
         Cayman Islands


CSAM TOTAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of CSAM Total Commodity Return, Ltd. received on
Jan. 31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

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) 943 3100


GAMBRINUS INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Gambrinus Investments received on Jan. 21, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


GL DEVELOPMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 14, 2012, the sole shareholder of GL Development, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 943 3100
         Facsimile: (345) 945 4757
         Intertrust (Cayman) Limited
         Grand Cayman KY1-9005
         Cayman Islands


GLOBAL FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 19, 2012, the sole shareholder of Global Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         K. Beighton
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Eleanore Laureles
         Telephone: +1 (345) 914 4466/ +1 (345) 949 4800
         Facsimile: +1 345 949 7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


HMTF-LA OUTDOOR: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of HMTF-LA Outdoor Advertising Partners Company
received on Jan. 25, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 20, 2012.

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


INVESTCORP EARLY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Investcorp Early Stage Fund Limited SPC
received on Jan. 31, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         Boundary Hall, Cricket Square
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


KURMA HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Kurma Holdings Limited received on Dec. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Russell Smith
         Derek Larner
         BDO CRI (Cayman) Ltd
         Building 3, 2nd Floor, Governor's Square
         23 Lime Tree Bay Avenue
         PO Box 31229 Grand Cayman KY1-1205
         Cayman Islands


LEICESTER CAYMAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 14, 2012, the sole shareholder of Leicester Cayman Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

         Lucio Velo
         CH-6901 Lugano 1
         Via G. Marconi 2
         CP6618 Switzerland


LMF SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of LMF Select Assets, Ltd received on Dec. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Russell Smith
         Derek Larner
         BDO CRI (Cayman) Ltd
         Building 3, 2nd Floor, Governor's Square
         23 Lime Tree Bay Avenue
         PO Box 31229 Grand Cayman KY1-1205
         Cayman Islands


MERIDIAN PERFORMANCE: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Meridian Performance Partners, Ltd. received
on Jan. 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meridian Diversified Fund Management, LLC
         20 Corporate Woods Blvd., 4th Floor, Albany
         NY 12211 USA
         Telephone: (518) 432 1600
         E-mail: thickey@mcphedge.com


PMI CDS: Commences Liquidation Proceedings
------------------------------------------
On Dec. 17, 2012, the sole shareholder of PMI CDS (Cayman) VII
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


RAB INNOVATIONS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 14, 2012, the sole shareholder of Rab Innovations (Master)
Fund Limited resolved 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


RAMIUS ALTERNATIVE: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 20, 2012, the sole shareholder of Ramius Alternative
Replication Master Fund Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         Ramius Alternative Solutions LLC
         c/o Sharon Gnessin
         599 Lexington Avenue, 19th Floor
         New York
         New York 10022
         United States of America
         Telephone: +1 (646) 562 1702


SITO EMERGING: Placed Under Voluntary Wind-Up
---------------------------------------------
The shareholders of Sito Emerging Fund Ltd resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

         Alric Lindsay
         Telephone: (345 -926 1688
         E-mail: info@lindsay.ky
         Artillery Court, Shedden Road
         P.O. Box 11371 Grand Cayman KY1-1008
         Cayman Islands


VCM SYSTEMATIC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of VCM Systematic Alternative Beta Replication
Fund Ltd received on Jan. 25, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 20, 2012.

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


ZENITH FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 21, 2012, the sole shareholder of Zenith Fund SPC resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

         Appleby Trust (Cayman) Ltd
         Clifton House, 75 Fort Street
         PO Box 1350 Grand Cayman KY1-1108
         Cayman Islands


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


PACIFIC RUBIALES: Posts Decision on Quifa Association Contract
--------------------------------------------------------------
Pacific Rubiales Energy Corp. disclosed that a commercial
arbitration decision in Colombia has been rendered in connection
with its dispute with Ecopetrol, S.A. regarding the interpretation
of the high-prices clause of its Quifa Association Contract.  The
Company is evaluating the decision as it leaves open several
unresolved issues.  The Company is also evaluating all of its
alternative remedies under Colombian laws and applicable
international treaties.

The Company's share of production in the Quifa SW field is 60%
before royalties.  This participation may decrease when the
application of the PAP is triggered.

On Sept. 27, 2011, Ecopetrol and the Company agreed on an
arbitration process to settle differences in the interpretation of
the PAP clause in the Quifa Association Contract and its effect on
their share of production.

On March 13, 2013, the arbitration panel delivered its decision
interpreting that the PAP formula should be calculated on 100% of
the production of the Quifa SW field, instead of simply the
Company's 60%.

However, the arbitration panel expressly denied Ecopetrol's demand
for an order for Pacific Rubiales to deliver the associated
volumes of hydrocarbons as a result of its interpretation of the
PAP formula.  The arbitration decision is not yet firm nor does it
provide enforceable remedies against the Company.

In the event that the interpretation of the PAP formula by the
arbitration panel becomes enforceable, the Company would be
required to deliver an additional 1,393,252 bbl of oil to
Ecopetrol, representing Ecopetrol's additional share in Quifa SW
production from April 3, 2011 to Dec. 31, 2012, which in any case
would be delivered in kind from future production out of 10% of
its daily net share of production of the Quifa SW field (as of
present, approximately 2,270 bbl/d over a 20 month period).  This
additional volume has been recorded as an over-lift on the
Company's consolidated financial statements as at Dec. 31, 2012.

As a result of the above and under prudent accounting practice, a
provision has been made in the Company's 2012 year-end financials
to account for cumulative amounts accrued as:

   -- US$92 million negative impact on 2012 EBITDA, from US$2,110
      million to US$2,018 million, representing approximately a 4%
      reduction.

   -- US$61 million negative impact on 2012 Net Income, from
      US$589 million to US$528 million, which is around a 10%
      reduction.

The Company is evaluating all available courses of action and will
vigorously defend its rights under the Quifa Association contract.

Pacific Rubiales, a Canadian company and producer of natural gas
and crude oil, owns 100% of Meta Petroleum Corp., which operates
the Rubiales, Piriri and Quifa heavy oil fields in the Llanos
Basin, and 100% of Pacific Stratus Energy Colombia Corp., which
operates the La Creciente natural gas field in the northwestern
area of Colombia.  Pacific Rubiales has also acquired 100% of
PetroMagdalena Energy Corp., which owns light oil assets in
Colombia, and 100% of C&C Energia Ltd., which owns light oil
assets in the Llanos Basin.  In addition, the Company has a
diversified portfolio of assets beyond Colombia, which includes
producing and exploration assets in Peru, Guatemala, Brazil,
Guyana and Papua New Guinea.

The Company's common shares trade on the Toronto Stock Exchange
and La Bolsa de Valores de Colombia and as Brazilian Depositary
Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under
the ticker symbols PRE, PREC, and PREB, respectively.


PACIFIC RUBIALES: S&P Raises CCR to 'BB+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
senior unsecured debt ratings on Pacific Rubiales Energy Corp.
(PRE) to 'BB+' from 'BB'.  The outlook is stable.

"The upgrade is based on the company's improved diversification in
2012 due to its acquisitions, mitigating the risk of a significant
decrease in cash generation from 2016 with the expiration of the
Rubiales and PirirĄ concession," said Standard & Poor's credit
analyst Fabiola Ortiz.  The company has demonstrated a strong
track record and ability to successfully implement its business
plan, and S&P assumes it will be able to develop the newly
acquired fields during the next three to four years, thus
mitigating the impact of those concessions.  Even though capital
requirements will be substantial over next few years, S&P expects
the proposed bond issue and internal cash generation will fund
these investments.  Therefore, S&P expects only a slight
deterioration in credit metrics.


==================
C O S T A  R I C A
==================


* COSTA RICA: S&P Raises Issuer Credit Rating to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services announced that it is
withdrawing its recovery ratings on all speculative-grade
sovereign and international public finance loans and debt issues.

In the future, S&P may provide commentary on recovery prospects
for certain sovereign and international public finance debt in
selective cases where S&P believes its views would be of
particular interest to investors.

S&P has revised its issue-level ratings on one issuer, The
Republic of Costa Rica, as a result of these recovery rating
withdrawals.  The recovery rating on Costa Rica's senior unsecured
debt was previously '2', indicating S&P's expectation of
substantial (70% to 90%) recovery for debtholders in the event of
a payment default.  As per Standard & Poor's notching criteria for
a '2' recovery rating, the issue-level rating was notched up one
from the 'BB' issuer credit rating on the republic, to 'BB+'.

With the recovery rating withdrawal, S&P has lowered the issue-
level rating to 'BB' from 'BB+'.  The 'BB' issuer rating,
reflecting Costa Rica's overall creditworthiness, is unaffected.

All of the other withdrawn recovery ratings, except for the
recovery rating on the City of Buenos Aires' senior unsecured
debt, were either '3' (indicating a 50% to 70% recovery
expectation) or '4' (30% to 50% recovery expectation).  Because
S&P don't notch its issue ratings from the related issuer ratings
for recovery ratings of '3' or '4', the announcement did not
affect any other issue-level ratings aside from those on Costa
Rica's unsecured debt.

The City of Buenos Aires' unsecured debt also carried a recovery
rating of '2'; however, the issue ratings on the city's debt are
capped by Argentina's transfer and convertibility (T&C) assessment
and, therefore, are also unaffected by the recovery rating
withdrawal.  (The T&C assessment reflects S&P's opinion of the
likelihood of the sovereign restricting nonsovereign access to
foreign exchange needed for debt service.)

RATINGS LIST


Issue-Level Rating Lowered; Recovery Rating Withdrawn



                                        To                 From

Costa Rica (Republic of)

Senior Unsecured                       BB                 BB+

   Recovery Rating                      NR                 2



Recovery Rating Withdrawn



                                        To                 From

Albania (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Barbados

   Recovery Rating                      NR                 3



                                        To                 From

Belarus (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Belize

   Recovery Rating                      NR                 4



                                        To                 From

Bolivarian Republic of Venezuela

   Recovery Rating                      NR                 4



                                        To                 From

Bolivia (Plurinational State of)

   Recovery Rating                      NR                 4



                                        To                 From

Buenos Aires (City of)

   Recovery Rating                      NR                 2



                                        To                 From

Buenos Aires (Province of)

   Recovery Rating                      NR                 3



                                        To                 From

Catalonia (Autonomous Community of)

   Recovery Rating                      NR                 4



                                        To                 From

Central Bank of Tunisia

   Recovery Rating                      NR                 3



                                        To                 From

Cordoba (Province of)

   Recovery Rating                      NR                 3



                                        To                 From

Croatia (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Cyprus (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Dnipropetrovsk (City of)

   Recovery Rating                      NR                 4



                                        To                 From

Dominican Republic

   Recovery Rating                      NR                 3



                                        To                 From

Ecuador (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Egypt (Arab republic of)

   Recovery Rating                      NR                 3



                                        To                 From

El Salvador (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Gabonese Republic

   Recovery Rating                      NR                 4



                                        To                 From

Georgia (Government of)

   Recovery Rating                      NR                 4



                                        To                 From

Ghana (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Greece (Hellenic Republic)

   Recovery Rating                      NR                 4



                                        To                 From

Grenada

   Recovery Rating                      NR                 4



                                        To                 From

Guatemala (Republic of)

   Recovery Rating                      NR                 3

                                        To                 From

Hungary

   Recovery Rating                      NR                 3


                                        To                 From

Indonesia (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Instituto Valenciano de Finanzas

   Recovery Rating                      NR                 4



                                        To                 From

Jamaica

   Recovery Rating                      NR                 3



                                        To                 From

Jordan (Hashemite Kingdom of)

   Recovery Rating                      NR                 4



                                        To                 From

Kyiv (City of)

   Recovery Rating                      NR                 4



                                        To                 From

Kyiv Finance PLC

   Recovery Rating                      NR                 4



                                        To                 From

Lebanon (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Leningrad Oblast

   Recovery Rating                      NR                 3



                                        To                 From

Lviv (City of)

   Recovery Rating                      NR                 4



                                        To                 From

Macedonia (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Mendoza (Province of)

   Recovery Rating                      NR                 3



                                        To                 From

Metropolitano de Lisboa E.P.

   Recovery Rating                      NR                 4



                                        To                 From

Mongolia

   Recovery Rating                      NR                 3



                                        To                 From

Montenegro (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Nigeria (Federal Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Novosibirsk (City of)

   Recovery Rating                      NR                 3



                                        To                 From

Pakistan (Islamic Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Paraguay (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

PARPUBLICA - Participacoes Publicas (SGPS) S.A.

   Recovery Rating                      NR                 4



                                        To                 From

Philippines (Republic of the)

   Recovery Rating                      NR                 3



                                        To                 From

Plovdiv (City of)

   Recovery Rating                      NR                 3



                                        To                 From

Portugal (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Republic of Fiji

   Recovery Rating                      NR                 4



                                        To                 From

Romania

   Recovery Rating                      NR                 3



                                        To                 From

Sakha (Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Samara Oblast

   Recovery Rating                      NR                 3



                                        To                 From

Senegal (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Serbia (Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Sri Lanka (Democratic Socialist Republic of)

   Recovery Rating                      NR                 4



                                        To                 From

Stara Zagora (City of)

   Recovery Rating                      NR                 3



                                        To                 From

Sverdlovsk Oblast

   Recovery Rating                      NR                 4



                                        To                 From

Tomsk Oblast

   Recovery Rating                      NR                 3



                                        To                 From

Tver Oblast

   Recovery Rating                      NR                 3



                                        To                 From

Ufa (City of)

   Recovery Rating                      NR                 3



                                        To                 From

Ukraine

   Recovery Rating                      NR                 4



                                        To                 From

Valencia (Autonomous Community of)

   Recovery Rating                      NR                 4



                                        To                 From

Varna (City of)

   Recovery Rating                      NR                 3



                                        To                 From

Vietnam (Socialist Republic of)

   Recovery Rating                      NR                 3



                                        To                 From

Zambia (Republic of)

   Recovery Rating                      NR                 3


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


FINANCIERA INDEPENDENCIA: Incurs Ps.120.4MM Net Loss in 4Q12
------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V. posted results for the
three- and twelve-month periods ended Dec. 31, 2012.  During
fourth quarter 2012 the company recorded a Net Loss of Ps.120.4
million compared with Net Income of Ps.20.2 million in 4Q11.

Earnings per share (EPS) for the quarter were negative Ps.0.1682
compared with Ps.0.0281 for the same period last year

As of Dec. 31, 2012 total liabilities were Ps.7,196.6 million,
down 9.7% from the Ps.7,973.3 million reported on Dec. 31, 2011.

On a sequential basis, total liabilities decreased 4.8% from
Ps.7,561.0 million in Sept. 30, 2012.

At the end of 4Q12, Findep's debt consisted of Ps.2,513.9 million
of senior guaranteed notes due  March 2015, Ps.1,501.6 million in
medium-term notes "Certificados Bursatiles" due May 2014, as well
as Ps.2,722.9 million of bank and other entities loans.  The
Company's total lines of credit amounted to Ps.3,824.7 million at
the end of 4Q12, of which Ps.1,639.1 million, or 42.8%, are
available.

This includes the lines of credit at Finsol and AEF.

During the quarter, Apoyo Financiero Inc. obtained a US$4.75
million line of credit with California based, Bridge Bank. The
line of credit matures in November 2013 and pays an interest rate
equivalent to approximately 4.5%.

Also during this quarter, FINAFIM granted Apoyo Econ˘mico Familiar
a new Ps.60 million line of credit that pays an interest rate of
Cetes plus 550 basis points and matures in December 2015.

Of the total lines of credit, Ps.1,500 million mature in December
2013, Ps.65 million in November 2013, Ps.70 million in July 2014,
Ps.170 million in October 2014, Ps.260 million in April 2015,
Ps.60 million in  December 2015 and the remaining Ps.1,700 million
have an evergreen feature.

On Aug. 30, 2011, the Company entered into a step-up interest rate
swap from a floating to a fixed rate for a notional amount of
Ps.1,500.0 million to hedge the medium-term notes "Certificados
Bursatiles" for a three-year period starting on Sept. 7, 2011.

The interest rate for the first twelve months was 6.95% and
thereafter it is 7.80% until maturity.

As of Dec. 31, 2012 stockholder's equity was Ps.2,858.9 million, a
6.4% decrease from Ps.3,052.9 million in the same year-ago period,
reflecting the Ps.50.7 million negative impact in  Financial
Instruments - Derivatives plus the Ps.116.5 million Net Loss
generated during the period.

A full text copy of the company's financial result is available
for free at:

   http://bankrupt.com/misc/FINANCIERA_INDEPENDENCIA4Q.pdf

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
(Independencia), is a Mexican microfinance lender of personal
loans to individuals and working capital loans through group
lending microfinance.


FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Rating on $200MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
counterparty credit ratings on Financiera Independencia S.A.B. de
C.V. SOFOM E.N.R. (Findep).  At the same time, S&P affirmed its
'mxBBB/mxA-3' Mexican national scale ratings on Findep.  S&P also
affirmed its 'B+' rating on Findep's $200 million senior unsecured
notes due March 2015.  The outlook on the long-term ratings
remains stable.

The ratings on Findep reflect its expected moderate profitability
and asset quality metrics, and the highly competitive market in
which it operates.  S&P continues to consider the company's
satisfactory liquidity risk management, adequate funding
structure, and geographic and client diversity as positive rating
factors.


SERVICIOS CORPORATIVOS: S&P Rates $270MM Notes & $50MM Add-On B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and its '4' recovery rating to Servicios Corporativos Javer
S.A.P.I. de C.V.'s (Javer) existing $270 million senior unsecured
notes and a $50 million add-on.  At the same time, S&P affirmed
its 'B+' corporate credit rating on the company.  The outlook is
positive.

"Javer will seek to amend its existing $270 million notes due 2021
for an additional $50 million," said Standard & Poor's credit
analyst Fernanda Hernandez.  The company will use the proceeds to
refinance ViveICA's existing debt, which Javer will absorb upon
the acquisition's completion.

The ratings on Javer reflect the concentration of its mortgage
originations in Infonavit, a government related entity that
provides housing credit and is somewhat subject to political risk.
Javer will improve its scale and geographic diversity following
the ViveICA acquisition.  ViveICA is a subsidiary of Empresas ICA
S.A.B. de C.V. (ICA; BB-/Stable/--).  However, S&P believes Javer
is exposed to a competitive and mature housing industry in Mexico,
especially in the central states.  Javer will also face
integration risks; it expects to collect significant efficiency
gains from acquired assets, but this might be a challenge to
realize.  The rating incorporates Javer's "adequate" liquidity and
sound capital structure due to low debt maturities in the next
several years and the high brand recognition in the regions where
it operates.  S&P assess Javer's business risk profile as "weak"
and its financial risk profile as "aggressive."


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


ALCO CORP: Wins Confirmation of Amended Reorganization Plan
-----------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an opinion and order on March 11,
2013, confirming the Amended Chapter 11 Plan of Reorganization
filed by Alco Corporation.

The Court finds that the Plan sets forth realistic and attainable
goals and is not part of a visionary scheme to take advantage of
the reorganization process.  Management has taken the necessary
measures to implement its new business strategy and is capable of
performing its duties under the Amended Plan, Judge Flores held.

The Court overruled the objection to confirmation filed by
Betteroads Asphalt Corporation, Petroleum and Emulsion
Manufacturing Corporation, and Betterecycling Corporation. The
Court further denied the Betteroads Group's request to convert the
case to Chapter 7.

The Betteroads Group had argued the Debtor is administratively
insolvent and will be unable to pay administrative expenses upon
the effective date of the Amended Plan.

The Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.

A copy of the Bankruptcy Court's March 11, 2013 Opinion and Order
is available at http://is.gd/Q1uMZRfrom Leagle.com.

                       About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.


RESTAURANT HOLDING: Moody's Changes Ratings Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service changed the ratings outlook of
Restaurant Holding Company to negative from stable while affirming
its long term ratings, including the B3 Corporate Family Rating
and Caa1-PD Probability of Default Rating.

The outlook revision reflects Moody's expectation that RHC's
operating trends will remain under pressure near-term, owing to
weak macroeconomic factors in Puerto Rico, volatile commodity
prices, and the intense competitive environment among quick
service restaurants ("QSR"). In the past two quarters of fiscal
2013, Caribbean's comparable restaurant sales declined in the mid
single-digit percentage range on a year-over-year basis. Moody's
is concerned that comparable restaurant sales will remain negative
over coming quarters as the aforementioned challenges persist.

Ratings affirmed:

Corporate Family Rating at B3

Probability of Default Rating at Caa1-PD

$22.5 million senior secured revolving credit facility due 2016 at
B3 (LGD3, 32%). Revised from (LGD3, 31%)

$182 million senior secured term loan due 2017 at B3 (LGD3, 32%).
Revised from (LGD3, 31%)

Ratings Rationale:

RHC's B3 CFR reflects its high financial leverage of about 5.5
times and Moody's expectation that it will increase to the 6.0
times range (excluding preferred stock adjustment) over the next
12 to 18 months as EBITDA levels modestly deteriorate. The rating
also reflects the company's high exposure to consumer spending
patterns, modest scale, and narrow geographic concentration. The
rating is supported by the company's leading position in the
Puerto Rico QSR segment as a result of its exclusive development
agreement within Puerto Rico and the strength of the Burger King
brand. The rating also reflects sufficient coverage of cash
interest expense (on an EBITDA less capex basis) and Moody's
expectation that RHC will maintain an adequate liquidity profile
near-term.

Moody's could downgrade RHC's ratings if its operating metrics
such as same store sales, customer traffic, and operating profit
continue to decline resulting in debt to EBITDA (excluding
preferred equity adjustment) approaching 6.5 times, EBITDA less
capex to interest falling to one time, or sustained negative free
cash flow. Downward ratings pressure could also result if the
company's liquidity profile weakens.

Given the weak economic environment in Puerto Rico, positive
ratings momentum is not expected in the near term, but could occur
if the company is able to develop a track-record of improved
operating performance, increase its scale and geographic
diversification, and sustain debt to EBITDA below 5.0 times.

The principal methodology used in this rating was the Global
Restaurant Methodology published in June 2011. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Restaurant Holding Company, through an exclusive territorial
development agreement with Burger King Corporation, is the sole
franchisee of Burger King restaurants in Puerto Rico with
approximately 179 units as of January 2013. In 2011 the company's
subsidiary Latin American Subs, LLC acquired the rights to operate
the Firehouse Subs franchise in Puerto Rico and currently there
are seven Firehouse Subs restaurants operating. Caribbean is a
wholly-owned subsidiary of BKH Acquisition Corp., which in turn is
majority-owned by Castle Harlan Partners, a private equity firm
that purchased the company in 2004.


* PUERTO RICO: Fitch Expects Banks to Face Challenges in 2013
-------------------------------------------------------------
Fitch Ratings expects Puerto Rican banks to face continuing
operating challenges in 2013, despite recent efforts by local
institutions to build capital, improve performance and strengthen
balance sheets. Weak economic fundamentals in Puerto Rico will
likely persist this year, and banks will face ongoing risks of
rising asset quality pressure and limited improvements to
financial performance.

In light of the weak macro backdrop, as well as commercial and
residential real estate markets that remain stressed, Puerto Rican
banks will be forced to maintain high capital levels to absorb
shocks that could drive net charge-off (NCO) and nonperforming
loan (NPL) levels higher in 2013.

Although growth in problem assets slowed in 2011 and 2012, NPLs
remain stubbornly high, and NCOs could increase if the island's
economic growth falters and financial pressure on borrowers
builds. Fitch believes NCOs may begin to increase from residential
mortgages given the rising delinquency rates and the increase in
foreclosures.

For most banks, the capital position has improved during the past
two years due largely to a combination of equity raising and
preferred stock issuance and/or conversions. The build-up of
capital was viewed as necessary given the significant decline in
credit quality. In Fitch's view, given uncertainties in the local
economy, prudent capital positions are expected.

On Jan. 17, 2013, Fitch completed its Puerto Rican bank peer
review. See Fitch's press release titled 'Fitch Takes Rating
Action on Puerto Rico Banks Following Peer Review' for a summary
of those actions.

The full report 'Puerto Rican Banks Peer Review (Face Headwinds in
2013)' is available at www.fitchratings.com.'


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