TCRLA_Public/130325.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

           Monday, March 25, 2013, Vol. 14, No. 59


                            Headlines



B E R M U D A

DIGICEL GROUP: Loan Increase No Impact on Moody's B2 CFR


B R A Z I L

BR PROPERTIES: Fitch Upgrades Issuer Default Rating to 'BB'
MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Rating


C A Y M A N  I S L A N D S

APACHE FINANCE BAHARIYA: Commences Liquidation Proceedings
APACHE FINANCE MATRUH: Commences Liquidation Proceedings
APACHE FINANCE MEDITERRANEAN: Commences Liquidation Proceedings
ARROW ASIA: Shareholders Receive Wind-Up Report
BEST FUND: Placed Under Voluntary Wind-Up

BGI EXTERNAL: Shareholder Receives Wind-Up Report
FPCD ACQUISITION: Shareholders Receive Wind-Up Report
GSA CAPITAL: Shareholders Receive Wind-Up Report
GSA CAPITAL MASTER: Shareholders Receive Wind-Up Report
GSA COMPOSITE: Shareholders Receive Wind-Up Report

GSA COMPOSITE MASTER: Shareholders Receive Wind-Up Report
HARAJUKU TOWN: Shareholder Receives Wind-Up Report
LANAI HOLDING: Shareholders Receive Wind-Up Report
LIBERTYVIEW CONVERTIBLE: Commences Liquidation Proceedings
PIMCO GLOBAL: Shareholder Receives Wind-Up Report

RHOMBUS CAPITAL: Commences Liquidation Proceedings
TUCKERBROOK SHORT: Commences Liquidation Proceedings
ZLP MASTER: Commences Liquidation Proceedings
ZLP OFFSHORE: Commences Liquidation Proceedings
ZOOM ADVENTURES: Shareholders Receive Wind-Up Report


J A M A I C A

* JAMAICA: Approves JM$94.3 Billion in Spending


P E R U

COPEINCA ASA: Fitch Affirms 'B+' Issuer Default Rating


P U E R T O   R I C O

EVERTEC LLC: S&P Puts 'B+' CCR on CreditWatch Positive
PONCE DE LEON: PRLP 2011 Asks Court to Deny Plan Confirmation


T R I N I D A D  &  T O B A G O

PETROTRIN: No Court Order for Talks With OWTU


X X X X X X X X

* BOND PRICING: For the Week March 18 to March 22, 2013




                            - - - - -


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B E R M U D A
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DIGICEL GROUP: Loan Increase No Impact on Moody's B2 CFR
--------------------------------------------------------
Moody's Investors Service said Digicel Group Limited's B2
Corporate Family Rating and stable outlook are not affected by the
company's recent announcement that it has upsized its newly issued
6% senior unsecured notes due 2021 issued by its wholly-owned
subsidiary, Digicel Limited, to $1.3 billion.

The principal methodology used in rating Digicel Group Limited was
Global Telecommunications Industry published in December 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Incorporated in Hamilton, Bermuda, with headquarters in Kingston,
Jamaica, W.I., Digicel is the largest provider of wireless
telecommunication services in the Caribbean. Revenue for the
twelve months ended December 31, 2012 totaled $2.7 billion.


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B R A Z I L
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BR PROPERTIES: Fitch Upgrades Issuer Default Rating to 'BB'
-----------------------------------------------------------
Fitch Ratings has upgraded the ratings of BR Properties S.A. as:

-- Long-term foreign currency Issuer Default Rating (IDR) to 'BB'
   from 'BB-';

-- Long-term local currency IDR to 'BB' from 'BB-';

-- Long-term National scale rating to 'AA-(bra)' from 'A(bra)';

-- USD285 million perpetual notes issuance to 'BB' from 'BB-'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The upgrade of BR Properties' ratings reflects the consolidation
of the company's leading position in the Brazilian commercial
properties segment and the expectation that leverage and coverage
ratios will moderately improve as a result of stronger cash
generation from lease agreements. The rating action also
incorporated BR Properties' higher financial flexibility, due to
the strong increase of the company's scale of operations, with a
market value of the portfolio of commercial assets of BRL13.84
billion in December 2012. Fitch does not expect relevant property
acquisitions financed with debt in the short term.

The ratings incorporate BR Properties' predictable cash flow
generation and its low vacancy and delinquency rates during
diverse macroeconomic conditions. The rating also benefits from
the high quality of the properties and the company's
diversification into offices, warehouses, and retail stores,
which, combined with the scale of its business and the high
quality of its tenant base, adds more consistency to its results.

BR Properties has a prudent risk management policy and has
preserved an adequate cash reserve to cover annual debt
amortization and an eventual increase in the vacancy cost. The
company's ratings are limited by the cyclicality of the commercial
properties business and the company's reliance upon long-term
lines of credit to finance its expansion plans.

Growing and Predictable Operational Cash Flow to Benefit Credit
Metrics
BR Properties' predictable and growing cash flow from lease
agreements should contribute to improve leverage and debt service
coverage ratios. In 2012, BR Properties generated BRL532 million
of EBITDA, BRL127 million of funds from operations (FFO), and
BRL136 million of cash flow from operations (CFFO). During 2012,
BR Properties invested BRL1.248 billion and distributed dividends
of BRL60 million, which resulted in negative free cash flow (FCF)
of BRL1.172 billion. Large investments in the period reflect the
relevant acquisition of the office building Ventura in Rio de
Janeiro for BRL746 million. Fitch expects continued and
sustainable EBITDA growth to more than BRL800 million in 2013.

Fitch expects FFO interest coverage to improve to 1.7x by the end
of 2014 as the company refinances higher cost debt and improves
CFFO with new rental revenues from recent acquisitions and project
deliveries. In 2012, FFO interest coverage was 1.3x, while the
EBITDA/interest expense ratio was 1.2x.

Leverage Reduction Expected
Fitch expects a reduction in leverage in 2013 and 2014, to levels
more compatible with other rated companies in the sector. BR
Properties should benefit from greater cash generation from
projects in development and a full year of revenues from the
incorporation of One Properties, while net debt is not anticipated
to change significantly. In 2012, total debt/EBITDA was 9.9x and
net debt/EBITDA was 8.8x, pressured by the incorporation of One
Properties. In 2011, these ratios were 7.4x and 3.8x,
respectively. Net leverage should reduce to about 5.0x by the end
of 2014.

BR Properties' business is capital intensive and highly dependent
on access to the debt and capital markets to finance its expansion
plan. Compared to other corporate sectors, the company's leverage
is high, but is supported by more predictable cash flows and long-
term leases. Relative to the value of the company's property
portfolio of BRL13.84 billion and total debt of BRL5.26 billion,
leverage is manageable with a loan-to-value ratio of about 38% and
34% on a net basis, at December 2012.

Scale of Operations Benefits Financial Flexibility
The sharp increase in BR Properties' scale of operations
contributed to improve the company's financial flexibility. As of
Dec. 31, 2012, about BRL4.4 billion of total debt, or 84%, was
guaranteed by receivables from rental agreements and by the
properties. Unencumbered assets had an estimated market value of
BRL3.2 billion (23% of the total market value of properties),
which may be available for sale or serve as collateral for a
secured financing, if needed. The estimated value of unencumbered
assets covered about 3.7x of unsecured debt of BRL859 million.
These properties represent about 20% of total pro forma net
operating income (NOI). The company's long-term strategy to reduce
the portion of its encumbered assets is positive and should
improve liquidity contingency and unsecured debt coverage.

Manageable Liquidity
BR Properties has a prudent risk management policy and has
preserved an adequate cash reserve. As of Dec. 31, 2012, the
company reported cash and marketable securities of BRL574 million
and total debt of BRL5.261 billion. These numbers compare with
BRL1.032 billion and BRL2.137 billion, respectively, in December
2011, prior to the merger with One Properties. The reduction in
the company's cash balances resulted mainly from the acquisition
of the Ventura office building. The company has debt maturities of
BRL644 million in the short term and BRL870 million in 2014. Fitch
expects BR Properties to be successful in its debt restructuring
plan and manage its liquidity conservatively, maintaining a cash
cushion sufficient to cover annual debt amortization and an
eventual increase in vacancy costs.

Positive Operating Track Record and Leading Position in Commercial
Properties Segment
BR Properties has demonstrated a positive operating track record
since 2007 with a diverse portfolio of offices, warehouses and
retail stores. The company's properties have a favorable leasing
profile with tenants representing a cross section of industries.
Customer concentration is an issue, however, as the 5 and 10
largest tenants represented about 41% and 57%, respectively, of
the company's revenues in 2012.

BR Properties has been successful in revising lease spreads of its
contracts. In the last couple of years, the company reported high
leasing spreads, both market alignments and new leases, well above
inflation, due mainly to the increased demand for commercial
properties and the high quality of its assets. BR Properties'
lease contract expiration timeline is well distributed, with only
6% of the contracts (by revenues) expiring in 2013 and 9% in 2014.
The company has maintained low delinquency rates, even under
changing macroeconomic conditions. As of Dec. 31, 2012, the
financial vacancy rate was 4.0% and physical vacancy rate was
2.6%, compared to 1.7% and 0.9%, respectively, in 2011. This
increase is temporary and was due to the delivery of the partially
leased Paulista Building.

The incorporation of One Properties consolidated BR Properties'
leading position in the Brazilian commercial properties segment.
As of Dec. 31, 2012, the company had 123 properties, including 13
under development, with a Gross Leasable Area (GLA) of 2,223
thousand square meters.

RATING SENSITIVITIES

BR Properties' ratings could be positively affected by coverage
and leverage ratios better than the expectation incorporated by
Fitch in this rating action. An extended debt maturity profile and
the maintenance of conservative cash cushion are also important
for future rating actions. The rating could also be upgraded if
the unsecured debt covered by unencumbered assets increases
significantly.

The ratings can be negatively affected by an increase in leverage,
a weakening debt amortization profile, and liquidity falling to
levels that considerably weaken short-term debt coverage. The
ratings could also be pressured by a significant increase in
vacancy and delinquency rates, a reduction in operational cash
generation, as well as a sharp downturn in the Brazilian economy.


MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Magnesita Refratarios S.A. and
Magnesita Finance Ltd's local and foreign currency Issuer Default
Rating (IDR) at 'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS:

Vertical Integration:

Magnesita's ratings are supported by its low-cost and vertically
integrated business model, allowing for an industry-leading EBITDA
margin 14.6% on EBITDA of BRL360 million during 2012. The
company's core business is refractory solutions, comprising 89% of
BRL2.5 billion in revenues during the year, followed by its
services business line (6%), and its minerals segment (5%). The
ratings are also backed by the company's long-life mine reserves,
geographical diversification, position as the world's third
largest refractory manufacturer in a highly fragmented market, and
sound liquidity profile.

Steel Sector Exposure:

The company has a customer concentration in the cyclical steel
industry, which accounted for 75% of consolidated revenues in
2012, and has acquisition event risk due to the globally
fragmented refractory industry. Magnesita plans to diversify its
revenues through its minerals segment by expanding into profitable
graphite sales and increasing existing sales volumes, along with
growth in cement and industrial refractories. The company has
strong long-term relationships with customers throughout the
world, having exported their products to over 75 countries in
2012. As of Dec. 31, 2012, the company had approximately 850
customers, including the largest Brazilian steel producers, as
well as leading Brazilian and international cement producers.

Improved Metrics Expected:

Fitch's Base Case indicates adjusted EBITDA generation at around
BRL365 million for 2013, with EBITDA margins improving to over
16%. Free cash flow (FCF) is also expected to remain positive
following capex and dividends for the year, with funds from
operations (FFO) interest coverage at about 2.0x and net adjusted
debt to EBITDA improving to around 3.7x from 3.8x in 2012.
Refractories are expected to continue to comprise 88% of revenues,
while services and minerals 6% of revenues, each.
Comfortable Liquidity:

Magnesita's liquidity position indicates comfortable headroom for
the rating category, ending 2012 with BRL820 million of cash and
marketable securities compared to short-term debt of BRL128
million. Short-term debt comprised just 6% of total adjusted debt
of BRL2.2 billion for the year. Year-end liquidity ratios are
strong with cash to short-term debt at 6.4x and cash plus CFFO to
short-term debt at 9.0x. Magnesita's debt amortization schedule is
very manageable over the next three years with BRL128 million due
in the short term, and BRL89 million in 2014. The company's cash
position is enough to meet all current debt maturities through
2017.

Track Record of Deleveraging:

Magnesita deleveraged following its highly leveraging acquisition
of European subsidiary LWB Refractories during 2008, with debt
ratios trending down through the challenging operating conditions
of 2009. The company's total and net adjusted debt to EBITDA
ratios in 2008 were 7.0x and 6.0x, compared to 6.1x and 3.8x by
year-end 2012, respectively. Deleveraging was aided by the company
raising BRL279 million of equity to repay debt during the first
quarter of 2011. Year-end 2012 leverage ratios show an increase on
total adjusted debt to EBITDA of 5.8x and net adjusted debt to
EBITDA of 3.4x in 2011.

Debt Increase in 2012 Due to Dollar-Denominated Debt:

Magnesita's total adjusted debt for 2012 amounted to BRL2.2
billion compared to BRL1.96 billion in 2011. This debt increase
was mostly due to the Brazilian real's depreciation against the
USD, as 81.4% of the company's total debt is dollar-denominated.
Fitch considers the company's post-employment obligations of
BRL306 million in Magnesita's total adjusted debt figure for 2012.

Minerals Segment to Diversify Revenues:

By 2017, the company is looking to diversify its revenues by
expanding its other business units, especially its nascent
minerals segment. In particular, the potential to develop graphite
sales is considerable given the growing demand for this raw
material for use in rechargeable batteries coupled with export
restrictions from China. Graphite is a very profitable business
opportunity for Magnesita with current sales prices of
approximately USD1,500 per metric ton in relation to the company's
low-cost position for production.

Magnesita's capex plan includes a project to develop its graphite
output to 40,000 metric tons per year by 2017, after which Fitch
expects the minerals segment to contribute with 15-20% of
consolidated revenues. Total capex spent during 2012 was USD258
million.

Positive FCF Generation:

Magnesita has exhibited positive FCF generation consistently since
2008, ending 2012 with FCF of BRL66 million after capex of BRL259
million and dividends of BRL17 million, approximately 25% of net
income. This was a significant decline on FCF of BRL384 million in
2011, but is still considered solid for the rating category. The
company's dividend policy has also remained conservative, with
2011 marking the first dividends payment since the LWB acquisition
in 2008.

FFO for the year was BRL358 million compared to a high BRL444
million in 2011. CFFO decreased to BRL342 million in 2012
following a small working capital outflow of BRL16 million,
compared to CFFO of BRL609 million in 2011. Foreign exchange risk
for the company is partially mitigated due to its geographic
diversification, resulting in approximately 46% of its 2012 EBITDA
being generated in foreign currency compared to 81.4% of its debt
being denominated in USD.

RATING SENSITIVITIES:

A Negative Outlook or downgrade could take place following a
prolonged downturn in the cyclical steel and cement markets that
hampers production volumes globally to levels that severely affect
the company's financial performance. Another potential negative
driver would be a large debt-funded acquisition, increasing net
debt to EBITDA above 4.0x. Magnesita also operates in a highly
fragmented market that makes acquisitions a likely event risk.

A positive rating action could be driven by sustained improvement
in net adjusted debt to EBITDA to below 3.0x alongside stronger
coverage ratios, such as FFO interest coverage above 4.0x,
combined with growth in the company's scale as a global player in
refractories.

Fitch has affirmed these ratings:

Magnesita Refratarios S.A.
-- Long-term Issuer Default Rating (IDR) at 'BB';
-- Local currency long-term IDR at 'BB';
-- National long-term rating at 'A+(bra)'.

Magnesita Finance Ltd
-- Long-term IDR at 'BB';
-- Local currency long-term IDR at 'BB';
-- Senior unsecured rating at 'BB'.


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


APACHE FINANCE BAHARIYA: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 31, 2012, the shareholders of Apache Finance East Bahariya
Corporation LDC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE FINANCE MATRUH: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 31, 2012, the shareholders of Apache Finance Matruh
Corporation LDC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APACHE FINANCE MEDITERRANEAN: Commences Liquidation Proceedings
---------------------------------------------------------------
On Dec. 31, 2012, the shareholders of Apache Finance Mediterranean
Corporation LDC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ARROW ASIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Jan. 21, 2013, the shareholders of Arrow Asia Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


BEST FUND: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on Dec. 13, 2012, the
sole shareholder of The Best Fund Corporation 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:

         Tromino Financial Services Ltd
         Telephone: (441) 295 5588
         Facsimile: (441) 295 5578
         2 Reid Street
         Hamilton HM 11
         Bermuda
         Fabian Schonenberg


BGI EXTERNAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 31, 2013, the shareholder of The BGI External Alpha Fund I
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FPCD ACQUISITION: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 23, 2013, the shareholders of FPCD Acquisition Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


GSA CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
On Jan. 31, 2013, the shareholders of GSA Capital Futures Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         Grant Hiley Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA CAPITAL MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Jan. 31, 2013, the shareholders of GSA Capital Futures Master
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         Grant Hiley Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA COMPOSITE: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Jan. 31, 2013, the shareholders of GSA Composite Alpha Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         Grant Hiley Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


GSA COMPOSITE MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On Jan. 31, 2013, the shareholders of GSA Composite Alpha Master
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         Grant Hiley Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2353
         Facsimile: +1 (345) 949 8258


HARAJUKU TOWN: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Jan. 31, 2013, the shareholder of Harajuku Town Cayman received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LANAI HOLDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Jan. 22, 2013, the shareholders of Lanai Holding Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Rebecca Hume
         Telephone: 949 4544
         Facsimile: 949 7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 2nd Floor, 122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


LIBERTYVIEW CONVERTIBLE: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 24, 2012, the shareholders of Libertyview Convertible
Arbitrage Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


PIMCO GLOBAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 31, 2013, the shareholder of Pimco Global Credit
Opportunity Offshore Fund II, Ltd. received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RHOMBUS CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 19, 2012, the shareholders of Rhombus Capital Overseas
Fund, Ltd resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


TUCKERBROOK SHORT: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 21, 2012, the sole shareholder of Tuckerbrook Short Alpha
Composite 150, Ltd. resolved to voluntarily liquidate the
company's business.

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:

         John Hassett
         30 Doaks Lane
         Marblehead, Massachusetts
         01945, United States


ZLP MASTER: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 20, 2012, the shareholders of ZLP Master Opportunity Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Penner
         c/o Rachel Williams
         Deloitte & Touche,
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3302
         Facsimile: +1 (345) 949 8258


ZLP OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 20, 2012, the shareholders of ZLP Offshore Opportunity
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Penner
         c/o Rachel Williams
         Deloitte & Touche,
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3302
         Facsimile: +1 (345) 949 8258


ZOOM ADVENTURES: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 29, 2013, the shareholders of Zoom Adventures LLC received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bruce Makowsky
         Campbells Corporate Services Limited
         Willow House, Floor 4, Cricket Square
         P.O. Box 268 Grand Cayman KY1-1104
         Telephone: +1 (345) 949 6268
         Facsimile: +1 (345) 945 2877


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J A M A I C A
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* JAMAICA: Approves JM$94.3 Billion in Spending
-----------------------------------------------
RJR News reports that the Jamaican Parliament has approved the
expenditure of JM$94.3billion to carry on the business of
Government for the new financial year until the Budget is passed.

The matter was dealt with during sitting of Parliament, according
to RJR News.

RJR News relates that Dr. Peter Phillips, Minister of Finance,
tabled a resolution and explained that the amount will cover JM$80
billion in recurrent expenses and more than JM$13 billion for
capital projects and contractual obligations.


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P E R U
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COPEINCA ASA: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Copeinca ASA and its
wholly-owned subsidiary Corporacion Pesquera Inca SAC as:

Copeinca ASA
-- Foreign Currency Issuer Default Rating (IDR) at 'B+'

Corporacion Pesquera Inca SAC (COPEINCA)
-- Foreign Currency IDR at 'B+';
-- USD250 million senior unsecured notes at 'B+/RR4'

The Rating Outlook is Stable.

Copeinca's ratings reflect the company's solid market position as
the second largest producer in the Peruvian fishmeal industry with
a 10.7% fishing quota in Peru's northern zone, as well as the
company's adequate liquidity and moderate leverage. Copeinca's
ratings are constrained by production vulnerability to climatic
events, such as 'El Nino' or 'La Nina', which increases cash flow
and pricing volatility. The ratings are also constrained by the
company's limited product and customer diversification; fishmeal
and fish oil represent 100% of the company's sales, and China is
the company's main market, representing approximately 40%-50% of
total sales. Fitch expects Copeinca to maintain its high dividend
payout, which will limit meaningful free cash flow (FCF)
generation and deleveraging of Copeinca's balance sheet.

The ratings also incorporate the possible takeover of Copeinca by
China Fisheries Group Limited (CFGL) following CFGL's recent
unsolicited bid for the company. Fitch believes that a potential
full or partial acquisition of Copeinca and its fully owned
subsidiary COPEINCA by CFGL (rated 'BB-' with a Stable Outlook by
Fitch) would most likely have a neutral to mildly positive impact
on the credit quality of Copeinca. In this context, Fitch has
considered several potential scenarios in which CFGL successfully
acquires anywhere between 50.01% and 100% of Copeinca at a price
similar to the one currently offered. Ultimately, the credit
impact of any transaction on Copeinca will depend upon the final
price, percentage of the shares purchased and financing structure.
In most of the likely scenarios, the benefits for Copeinca's
business profile would offset an increased debt burden.

The 'B+/RR4' rating of the company's unsecured public debt
reflects average recovery prospects in the range of 31%-50% of
current principal and related interest in the event of default.
Fitch uses soft caps on its recoveries in certain markets to
reflect concern about creditor rights or weak enforcement of
existing laws. This resulted in a cap of Copeinca's debt at the
level of 'RR4', which is consistent with anticipated recoveries.

COPEINCA is a wholly owned subsidiary of Copeinca ASA, which has
fully and unconditionally guaranteed the notes. Its ratings have
been linked to Copeinca ASA's through Fitch's parent-subsidiary
linkage criteria. The linkage reflects the strong legal and
operational ties between Copeinca ASA and COPEINCA, centralized
treasury and management commonality.

Key Rating Drivers:

Factors that could result in a negative rating action include
deterioration in Copeinca's credit metrics resulting from some
combination of the following elements: adverse climatic conditions
and/or declining fishmeal and fish oil prices leading to increased
financial leverage and a weak cash position. Debt and leverage
increases above Fitch's expectations that may result from a
successful but higher CFGL bid may also lead to a negative rating
action.

Factors that could trigger a positive rating action include
significant reduction in leverage levels on a sustained basis,
consistent positive FCF generation, strengthening of the company's
contingency cash reserves and/or product diversification.

Financial Performance:

Copeinca is expected to deliver satisfactory results in FY 2013.
Fishing conditions in Peru are expected to recover moderately
starting with the first fishing season of the year (May). This
should help offset the expected weaker results in the first
quarter, the result of weak volumes that carried over from 2012's
second fishing season into January of this year. In 2013, sales
are expected to be in the USD250 million range, slightly lower
than in 2012. After the spike-up in the first quarter of 2013,
total debt to EBITDA is expected to return to 3.0x by the end of
2013.

In 2012, Copeinca generated relatively strong sales of USD314
million and EBITDA of USD95.9 million despite poor climatic
conditions throughout the year. The fishing quota for the second
fishing season of 2012 was reduced to 810,000 metric tonnes (MT)
from the prior year's 2,500,000 MT (down 68% year-over-year).
Copeinca's financial performance benefited from its high inventory
level carried over from 2011. Fitch estimates that adjusted for
those inventories, sales and EBITDA would have been USD225 million
and USD65 million in 2012, respectively, and debt to adjusted
EBITDA would have been 3.4x. Additionally, the 48% reduction in
Copeinca's total fishing volumes was partially offset by increases
in fish meal and fish oil prices. Copeinca's average fishmeal/fish
oil sales price climbed to USD1,548 in the last quarter of 2012
from USD1,270 per MT in the same quarter of 2011. Fishmeal is
reportedly currently trading at above USD2,000 per MT. Prices are
expected to remain high until the next fishing season, which
starts in the second quarter of 2013.

Capital Structure:

In January 2013, Copeinca issued USD75 million of additional debt
through the reopening of its 9% senior unsecured notes due 2017.
Approximately USD35 million of the proceeds was used to repay
leases while the remaining funds will be used for general
corporate purposes. Pro forma the transaction, Copeinca's ratio of
total debt-to-EBITDA was 2.8x at the end of December 2012. As of
Dec. 31, 2012, the company's total debt/EBITDA ratio was 2.3x, a
slight decline from the levels of 2.6x and 2.9x reached at the end
of 2011 and 2010, respectively, as EBITDA grew faster than nominal
debt. At the end of 2012, Copeinca's total debt was USD223.8
million, USD42 million lower than at the end of 2011. The
company's debt was primarily composed of USD175 million of
unsecured bonds due in 2017, and the rest was lease-back
contracts. As of Dec 31, 2012, the company did not have any
working capital lines outstanding.

Liquidity:

Copeinca's ratings factor in its manageable liquidity position and
debt payment schedule. As of Dec. 31, 2012, Copeinca had short-
term debt of USD21.9 million and a cash position of USD15.7
million, with inventories and accounts receivable of USD19.7
million and USD28.9 million, respectively. In addition, the
company secured a committed credit line of USD15 million at the
start of 2013. Fitch estimates that through the re-tap
offering, all short-term maturities of long-term debt through 2014
would be addressed. Copeinca's semi-annual fixed expenses are
estimated to be about USD25 million. The company also maintains
adequate levels of unencumbered assets - primarily fishing
licenses - that could be used as collateral to access liquidity if
required which provides the company with additional financial
flexibility.

China Fisheries Bid:

Copeinca could potentially benefit from becoming part of a larger,
more diversified entity with global operations if acquired by
CFGL. Synergies from merging with the Peruvian operations are
possible as CFGL already owns 6.2% of the Center-North Fishing
Quota in Peru through its existing Peruvian operations. A
potential combined entity would become the largest fishing company
in Peru, holding a combined 16.9% of the quota, followed by the
current leader TASA with 14.1% and Diamante with 8.5%.

Fitch believes that if CFGL was to acquire less than a 100% stake
in Copeinca, it would lean towards financing the transaction with
a larger equity portion. In the potential scenario of a full
acquisition, Fitch estimates that the pro forma combined entity
would have a total debt-to-EBITDA ratio of 3.3x as of Dec. 31,
2012, about a turn higher than Copeinca's current debt-to-EBITDA
ratio of 2.3x as of Dec. 31, 2012. Fitch notes that in the
volatile fishing industry, the higher debt ratio would still fall
within the upper boundary considered appropriate for the 'B+'
rating category. The potential FCF generation and debt repayment
capacity of the combined entity would also be considered.

In a scenario where the entire acquisition debt is placed at
Copeinca's level, potentially bringing its leverage to at or above
5x, several other factors would be considered, including the
strategic importance that a fully owned asset would have for CFGL
and the potential benefits and liabilities of merging CFGL's
Peruvian operations (2012 EBITDA of USD53 million) into Copeinca.
Fitch considers such a scenario possible, but unlikely, and notes
that in deciding the final capital structure, CFGL would consider
such factors as tax benefits versus cost of financing. CFGL's
current Peruvian operations bear only working capital debt, and
most of the debt is at the holding company level.


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


EVERTEC LLC: S&P Puts 'B+' CCR on CreditWatch Positive
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on San Juan, Puerto Rico-based EVERTEC LLC on
CreditWatch with positive implications.

S&P also assigned the company's proposed first-lien senior secured
credit facilities (consisting of a $100 million revolver,

$300 million term loan A, and $400 million term loan B) S&P's 'B+'
issue-level rating and placed the rating on CreditWatch with
positive implications.  The recovery rating on this debt is '3',
indicating S&P's expectation of meaningful (50% to 70%) recovery
for lenders in the event of a payment default.

The issue-level rating on the existing first-lien senior secured
credit facilities remains unchanged at 'BB-' and the recovery
rating remains at '2', indicating S&P's expectation of
substantial (70% to 90%) recovery in the event of a payment
default.  The issue-level and recovery ratings on the existing

senior unsecured notes are also unchanged at 'B-' and '6'
(indicating S&P's expectation of negligible, 0% to 10%, recovery)
respectively.  S&P will withdraw all of these ratings if and when
the company completes the proposed refinancing.

"The CreditWatch listing follows EVERTEC's clarification of the
timing of its planned IPO," said Standard & Poor's credit analyst
Alfred Bonfantini.  The company is targeting an April 2013 launch
of an IPO, which it intends to use to partially repay existing
noteholders.  Simultaneously, and contingent upon successful
execution of an IPO, EVERTEC will enter into new first-lien senior

secured credit facilities to complete the refinancing of its
existing debt.  Based upon these events, S&P expects 2012 pro
forma adjusted leverage could decline to about 4x from the current
mid-4x area.  In addition, given S&P's growth projections and
assumptions on debt repayment, leverage could approach 3.5x by
2013 fiscal year end.  If the refinancing is completed as
outlined, the company receives close to $125 million of primary
proceeds, and management confirms our 2013 leverage expectations
are consistent with its policies and goals, S&P would revise the
financial profile to "significant" from "aggressive".  Therefore,
given the lower leverage range and S&P's assessment of the
company's business risk profile as "weak," S&P would expect to
raise its corporate credit rating on the company to 'BB-' from
'B+' with the closing of the IPO/refinancing.

However, if the company closes the IPO and receives more than

$75 million but not close to the $125 million in IPO proceeds,
which would result in higher-than-expected post-IPO leverage, S&P
would likely affirm the 'B+' ratings, and assign a positive
outlook.

S&P's expectation for a lower recovery percentage on the new
first-lien credit facilities than on the existing ones reflects
the increase in first-lien priority debt outstanding at the time
of default in its simulated default scenario, as the company's
senior unsecured notes are being refinanced by secured debt.
There is a lower recovery estimate despite revising S&P's recovery
valuation upwards slightly to reflect better-than-expected
performance.

Resolution of the CreditWatch listing will be predicated upon the
completion of the IPO and refinancing at the indicated amounts.
S&P will also assess the company's post-IPO financial policies and
governance structure prior to resolving the CreditWatch.


PONCE DE LEON: PRLP 2011 Asks Court to Deny Plan Confirmation
-------------------------------------------------------------
Secured creditor PRLP 2011 Holdings LLC objects to Ponce De Leon
1043, Inc.'s Jan. 25, 2013 Amended Plan of Reorganization, citing
that the Plan should not be confirmed as it suffers from various
deficiencies pursuant to Section 1129 of the Bankruptcy Code.

According to papers filed with the Court, the Plan is not feasible
due to, among other things, the fact that the treatment provided
to creditors in the Plan is inconsistent with the most recent
Appraisal Report prepared by Luis E. Vallejo of Vallejo & Vallejo
Real Estate Appraisers and Counselors.  "Specifically, the
feasibility of the Plan is put into question inasmuch as the
proposed Scenario A is predicated upon Debtor entering into an
agreement with PRLP (which agreement has not materialized to
date), as well as is based on expected sales of certain
Residential and Commercial Units for which no historical sales
support exists.

"Furthermore, the Plan cannot be confirmed under the proposed
Scenario B treatment as the same is insufficiently funded as to
those creditors in Classes 3 and 4 of the Plan, as well as
attempts to improvidently modify and expunge PRLP's collateral,
guarantees and security interests therein.

"PRLP will show that the Plan, as proposed, is patently
unconfirmable in light of the fact that the Plan will not offer
creditors more than they would receive under a liquidation
scenario, the fact that Debtor has improper and improvidently
precluded PRLP from participating in the General Unsecured
Creditors Class to collect on their Deficiency Claim, particularly
when considering that the value of the Metro Plaza properties will
not be sufficient to cover PRLP's indebtedness in full.

"Furthermore, the Appraisal Report is premised and relies on
insufficient and incorrect information.  Both the applicable law
and the testimony offered by the Accountant and Mr. Paul Lavergne
support PRLP's contention that the Plan cannot be confirmed.
"Debtor's Plan has also been proposed in bad faith as it created a
separate classification of creditors for the sole and exclusive
purpose of "gerrymandering" the acceptance of one (1) impaired
Class for purposes of forcing a cramdown confirmation pursuant to
Sections 1129(a)(10) and (b) of the Code.  As such, Debtor's Plan
is patently unconfirmable and PRLP respectfully requests that the
Court deny confirmation of the Plan."

According to papers filed with the Court, the Debtor and Banco
Popular de Puerto Rico, now PRLP, entered into a Financing
Agreement on Sept. 27, 2005 in the amount of $45 million, which
loan was utilized for the construction of one hundred fifty (150)
apartment units, three commercial space and a commercial parking
garage located at 1403 Ponce de Leon Avenue, intersection Villamil
Street, Stop 19, Santurce, Puerto Rico (the "Project" or the
"Metro Plaza Property" or the "Collateral").

The Debtor recognized and affirmed that, as of the Petition Date,
it owed PRLP $14,496,907.24.

A copy of PRLP's objection to confirmation of Ponce De Leon 1403,
Inc.'s Jan. 25, 2013 Amended Plan of Reorganization is available
at http://bankrupt.com/misc/poncedeleon1403.doc194.pdf

Pursuant to the Debtor's Jan. 25, 2013 Amended Plan, PRLP
submitted a proof of claim against the Debtor for $14,496,907.
According to the Debtor, the outstanding obligation to PRLP has
been reduced to approximately $10.1 million.  The Debtor will
treat this obligation to PRLP under two Scenarios.

Under Scenario A, the preferred scenario by the Debtor, the Debtor
will retain the property and PRLP will retain the liens securing
its claims.  On account of such claim PRLP will receive deferred
cash payments totaling the full amount of its claim, of a value as
of the effective date of the Plan estimated in $10.1 million
approx. within 36 months.  The treatment will continue the sale of
the unsold units for a term of 36 months with a mutually
satisfactory budget for the use of the cash collateral and a
strong and well-planned marketing strategy and lease program to be
agreed upon with the secured creditor, before the confirmation
hearing.

Under Scenario B, the Debtor will surrender to PRLP property of
the estate equal in value or equivalent to the value of PRLP's
secured claim as of the confirmation date.  This property will be
the remaining residential units at Metro Plaza Towers Condominium
project, the commercial spaces and parking spaces.

General unsecured creditors were listed in the the Debtor's
Schedules in the total amount of $3,386,263, including the amount
owed to QB Construction Inc.  After review of the proofs of claims
filed to date, those listed by the Debtor, and the agreements with
several creditors, excluding QB Construction Inc., who has
accepted to be classified separately in a junior class, the
liability to unsecured creditors under this class, including
disputed, contingent and unliquidated claims is estimated in the
amount of $41,065.  The Debtor will pay 100% of the allowed claims
in this class with interest at prime rate (3.25%) under the terms
of the Plan.  In the event the Debtor pays PRLP under the terms of
Scenario A, the Debtor will be making monthly installment payments
to this Class of creditors for months 37 - 72 of the Debtor's Plan
of Reorganization.  In the event the Debtor pays PRLP under the
terms provided by Scenario B its shareholders will make a capital
contribution to pay general unsecured creditors in full with
interest within one year from the effective date of the Plan.

Equity security and interest holders will not receive any dividend
or other payment under the Debtor's Plan.  All current equity
holders of the Debtor, however, will retain their equity
interests.

The Debtor will generate revenue by selling all of the remaining
residential units and selling or leasing commercial spaces in the
Metro Plaza Towers Projected including the public parking spaces.
Additionally, the Debtor says it is in the process of trying to
obtain tax credits which, if obtained, would provide additional
revenue for the Debtor and enable it to accelerate payments to
creditors.

A copy of the Amended Plan is available at:

        http://bankrupt.com/misc/poncedeleon1403.doc177.pdf

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

On April 13, 2012, the Debtor filed its Disclosure Statement and
Chapter 11 Plan of Reorganization.  The Court approved the
Disclosure Statement on June 25, 2012.


===============================
T R I N I D A D  &  T O B A G O
===============================


PETROTRIN: No Court Order for Talks With OWTU
---------------------------------------------
Carolyn Kissoon at Trinidad Express reports that the Industrial
Court has not ordered conciliation talks between State-owned
Petroleum Company of Trinidad and Tobago and the Oilfields
Workers' Trade Union (OWTU).

Petrotrin dismissed union claims that the court had instructed
both parties to enter discussions through supervised conciliation,
according to Trinidad Express.

Instead, the report relates, the company stated management was
available to discuss issues raised by the OWTU, including alleged
political interference and outstanding variable payments.

"The court recommended strongly that we go into conciliation and
that (court) will provide facilities and the conciliator for a
third party to conciliate in this matter to bring resolution to
this matter.  We agreed, and we will be taking directions as to
what are the next steps and how we go forward in that regard," the
report quoted OWTU President General Ancel Roget as saying.

A press release was issued by Petrotrin stating: "The court agreed
that the parties would not go to conciliation.  Petrotrin remains
available to discuss issues raised by the OWTU," the report notes.

Trinidad Express says that the court granted an injunction that
forced Petrotrin workers to return to the job after a week-long
work stoppage that the company said had cost $700 million in lost
income.

Mr. Roget said workers complied with the order and returned to the
workplace, the report relates.

Petrotrin stated during hearing, "Both parties agreed to the dates
by which they would submit further evidence in respect of
Petrotrin's application for an order against the OWTU regarding
the commission of an industrial relations offence and the
continuing injunction," the report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


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


* BOND PRICING: For the Week March 18 to March 22, 2013
-------------------------------------------------------

Issuer              Coupon    Maturity     Currency   Price
------              ------    --------     --------   -----

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR          1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP       0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN        2.75    12/15/2019    CLP         65.673


PUERTO RICO
-----------

PUERTO RICO CONS       6.2    5/1/2017      USD          58.5
PUERTO RICO CONS       6.5    4/1/2016      USD          69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD         69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD         69.35


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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