TCRLA_Public/130402.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, April 2, 2013, Vol. 14, No. 64


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD GROUP: Greenberg Traurig Says Deal Imperils Law Firms


A R G E N T I N A

* ARGENTINA: 'Greek Tragedy' Nears End as Debt Ruling Looms


B R A Z I L

CIMENTO TUPI: Fitch Affirms 'B' Issuer Default Rating


C A Y M A N  I S L A N D S

CLARITAS DIVERSIFIED: Commences Liquidation Proceedings
COBALT OFFSHORE: Commences Liquidation Proceedings
COBALT OFFSHORE MASTER: Commences Liquidation Proceedings
DAVENPORT INTERNATIONAL: Commences Liquidation Proceedings
KELTI HOLDINGS: Placed Under Voluntary Wind-Up

LAVENDER GLOBAL: Placed Under Voluntary Wind-Up
MANALAPAN ORACLE: Commences Liquidation Proceedings
MANALAPAN ORACLE MASTER: Commences Liquidation Proceedings
MATRIX REDUX: Commences Liquidation Proceedings
NEWLAND OFFSHORE: Placed Under Voluntary Wind-Up

NORTON LIMITED: Placed Under Voluntary Wind-Up
OLYMPIA STAR: Commences Liquidation Proceedings
OLYMPIA STAR II: Commences Liquidation Proceedings
ORACLE OFFSHORE: Placed Under Voluntary Wind-Up
ORACLE TEN: Placed Under Voluntary Wind-Up

REVERE TACTICAL: Placed Under Voluntary Wind-Up
SALFORD LTD: Placed Under Voluntary Wind-Up
SEMPER UMBRELLA: Commences Liquidation Proceedings
SSARIS HOLDINGS IV: Commences Liquidation Proceedings


H A I T I

* HAITI: IDB Approves US$4 Million Loan to Aid Willbes HA


J A M A I C A

* JAMAICA: Close to 3,000 Jobs Abolished in Two Years


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


STANFORD GROUP: Greenberg Traurig Says Deal Imperils Law Firms
--------------------------------------------------------------
Eric Hornbeck of BankruptcyLaw360 reported that Greenberg Traurig
LLP told a Texas federal court Monday that it opposed a settlement
between the U.S. and Antiguan receivers in charge of compensating
victims of Robert Allen Stanford's $7 billion Ponzi scheme because
the deal could spark a second wave of litigation against law
firms.

The report related that the settlement, which includes
unobjectionable provisions to resolve disputes about jurisdiction
over $300 million that Stanford had in the U.K., Switzerland and
Canada, also had provisions that would allow more lawsuits to be
filed against law firms like Greenberg Traurig.


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


* ARGENTINA: 'Greek Tragedy' Nears End as Debt Ruling Looms
-----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Argentina may learn
at any time whether a U.S. appeals court will rule that it must
pay US$1.4 billion to holders of its defaulted debt, something the
South American country has resisted for more than a decade.

The court in New York is set to rule after Argentina submitted a
payment proposal that would force holders of defaulted bonds to
take a steep discount on debt the nation repudiated in its record
2001 default on $95 billion, according to Bloomberg News.  The
report relates that with further appeals unlikely to succeed, the
ruling may be the last word on the matter.

Bloomberg News discloses that Argentina's proposal largely ignored
previous U.S. court rulings and instead offered the type of
restructuring deal that has been rejected by holdout bondholders
led by billionaire hedge fund manager Paul Singer and his Elliott
Management Corp. unit NML Capital Ltd.  The proposal sets up a
possible collision between Argentine politicians and U.S. judges
that has been a decade in the making, Bloomberg News says.

"This has some Greek tragedy elements to it," Bloomberg News
quoted Anna Gelpern, a law professor at American University in
Washington who is an expert on government debt, as saying.

"The parties are bound to play along and succumb to their fates,"
Joshua Rosner, an analyst at Graham Fisher & Co., said in an e-
mailed note March 30 that Argentina's last-minute proposal is the
equivalent of the nation "thumbing its nose at" the court,
Bloomberg News notes.

Bloomberg News discloses that a decision forcing Argentina to pay
the defaulted bondholders immediately would expose it to $43
billion in additional claims it can't pay and trigger a new
default, the government has warned.  The nation's officials have
also said they may ignore the U.S. court altogether, Bloomberg
News relays.

                          Repudiated Bonds

In its proposal, Bloomberg News relays, Argentina said it would
give holders of the repudiated bonds about one-sixth of what a
U.S. judge has said they're entitled to receive. The country's
proposed plan, filed March 29 -- one hour before a deadline set by
the court weeks ago -- offers two possibilities for holdout
bondholders to exchange their defaulted debt for new bonds.

                      'Argentine Consumption'

"The proposal itself appears intended for local Argentine
consumption," Bloomberg News quoted Joe Kogan, head of emerging-
market debt strategy at Scotia Capital Markets, as saying.
Argentine officials said they will submit a bill to their nation's
Congress to provide for the plan to be implemented, Bloomberg News
relays.

Bloomberg News says that though Argentina could file an appeal of
any adverse ruling by the three-judge appellate panel to a larger
number of judges, or the U.S. Supreme Court, it's unlikely to be
granted either because contract issues in the case were based on
New York state law.   As a result, it's improbable they would be
reviewed by the Supreme Court, said Henry Weisburg, an
international litigator at New York-based Shearman & Sterling LLP,
Bloomberg News notes.

Bloomberg News discloses that Argentina's best bet for high court
review may lie with the Foreign Sovereign Immunities Act, a
federal law that limits suits against foreign governments.
However, Bloomberg News notes Mr. Weisburg said it's unlikely the
court will choose to consider the case on that ground either.

Argentina's top leaders have vowed never to pay the hedge funds,
which it calls "vulture" investors that hold the debt, Bloomberg
News says.

                             Not Obey

Bloomberg News notes that Jonathan Blackman, the attorney for the
South American nation, has said Argentina would default on its
restructured debt if it's forced by the panel to pay so-called
vultures.

Mr. Blackman, Bloomberg News relays, argued that a lower-court
order obliging Argentina to pay the defaulted bonds whenever it
makes payments on restructured debt violated its sovereignty,
threatens to trigger a new financial crisis and would quadruple
the number of Argentine bond cases in New York federal court.

The holdout creditors are seeking to uphold rulings by U.S.
District Judge Thomas Griesa in Manhattan, who has presided over
the case for a decade, Bloomberg News notes.  Judge Griesa has
ruled that Argentina must pay holdouts the full amount they're
owed whenever it makes a required payment to the holders of the
exchange bonds, Bloomberg News relays.

The Exchange Bondholder Group, who took the deal offered by
Argentina for their bonds, claimed the ruling threatens their
investment, Bloomberg News notes.

                       'Innocent Parties'

"We're innocent parties," attorney David Boies argued for the
Exchange Bondholder Group at the oral arguments, Bloomberg News
discloses.  Judge Griesa's order shouldn't apply to restructured
debt holders, Mr. Boies said, notes the report.

"If you allow Judge Griesa's injunction to exist unchanged,
everybody in this courtroom knows what's going to happen. . .
Argentina is going to default," the report quoted Mr. Boies as
saying.

In a related case, Bloomberg News relates, the U.S. Court of
Appeals said March 26 that it won't grant a full-court
reconsideration of an earlier ruling barring Argentina from
treating restructured-debt holders more favorably than holders of
the repudiated debt.

In November, Judge Griesa quizzed a lawyer for Argentina about
press statements by President Cristina Fernandez De Kirchner and
Lorenzino that the republic wouldn't pay "vulture funds,"
Bloomberg News says.

The three judges on the appeals panel are Rosemary Pooler,
appointed by President Bill Clinton; and Barrington Parker and
Raggi, both named to the court by George W. Bush.

In a press conference March 30 in Buenos Aires, Vice President
Amado Boudou said the country won't issue more debt to repay old
debt as part its proposal, Bloomberg News notes.  Mr. Boudou said
the Judge Griesa ruling it's fighting would mean a 1,300% gain in
five years for holdouts, Bloomberg News relates.

According to Argentina, the payment formula it's challenging, set
by Judge Griesa, would give NML Capital $720 million, Bloomberg
News relates.  That compares with an estimated value of $120.6
million for NML under one of the payment alternatives the nation
is proposing, the so-called discount option, Bloomberg News notes.


                           'Fair Return'

"Argentina's proposal accounts for past-due amounts to bring the
debt current, provides for a fair return going forward, and also
gives an upside in the form of annual payments if Argentina's
economy grows," Bloomberg News quoted the country's lawyers as
saying.

It "fulfills the court's dual objectives to satisfy the pari passu
clause: non-discrimination in payment priority and equal treatment
among bondholders," they added, Bloomberg News relays.

Bloomberg News recalls that in 2005 and 2010, Argentina offered
its creditors new bonds, at a deep discount.  About 91% of
bondholders agreed to the debt restructuring, or exchange.

NML and other holdouts have tried to use U.S. courts to enforce
their rights under the original bond agreements, Bloomberg News
notes.  In its proposal to the court, Argentina estimated that NML
paid $48.7 million for the bonds in 2008, Bloomberg News relates.

"The formula adopted by the district court would cause great harm
to the exchange bondholders while giving plaintiffs a return that
is exorbitant on its face," Bloomberg News quoted Argentina as
saying.

Argentina's legislature in 2005 passed a so-called lock law
barring payment on the defaulted bonds.

                            Par Option

Under Argentina's proposal, Bloomberg News notes, a so-called par
option, which is intended for small accountholders, would give
bondholders new bonds due in 2038 in a nominal face amount equal
to the amount of their defaulted debt, plus unpaid interest up to
the end of 2001.  The par bonds would pay interest that rises from
2.5 percent to 5.25 percent a year over the life of the bonds.

They would also receive a one-time cash payment to compensate for
interest they would have earned if the bonds had been issued on
Dec. 31, 2003, according to the letter, Bloomberg News relates.

Bloomberg News says that the holders would receive additional
payments when the Argentine gross domestic product growth exceeds
about 3 percent a year, the government said in the letter.

Bloomberg News discloses notes that the discount option would give
bondholders discount bonds due in 2033, less than the defaulted
amount, with an 8.28 percent annual rate and an increase in
principal over time.  They would be compensated for past due
interest on those bonds with new bonds due in 2017 that pay 8.75
percent annually, according to the letter, Bloomberg News relates.

The holders would also receive GDP-tied payments, according to the
proposal, Bloomberg News adds.

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


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


CIMENTO TUPI: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed the following ratings of Cimento Tupi
S.A.:

-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'B',
-- Senior unsecured notes due 2018 at 'B/RR4';
-- Long-Term National rating at 'BBB-(bra)'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Tupi's 'B' ratings reflect the execution risks related to the
change in its business model, the volatility of its cash flow
generation due to the cyclicality of the cement industry, as well
as its small business position in an industry dominated by larger
competitors. Tupi's low liquidity position relative to short-term
debt is also factored into the ratings.

Uncertainties due to the delay in the company's startup of its new
cement plant further heighten risk. Tupi is expected to receive
government licenses to start operation of its Pedra do Sino kiln
during May. Receiving the approval in a timely manner will be
crucial to avoiding a future downgrade, as the company's size is
not sufficient to support its debt obligations over the medium
term without the sales volumes that are projected to result from
the new plant.

Weak Business Profile:

Tupi's small production scale and its lack of geographic
diversification heighten the risk of its exposure to the
volatility of the cement industry. Tupi's cost structure is higher
than the largest integrated Brazilian cement producers. The strong
credit profile of these large companies could allow them to
pressure prices during a downturn in the industry in an attempt to
sustain volumes, which would negatively affect Tupi's ability to
service its debt.

Business Model Shift a Challenge; Behind Schedule Heightens Risks:

The company is currently implementing a new operating model. This
is a result of the termination of a supply agreement, effective
April 2012, for slag from Companhia Siderurgica Nacional S.A.
(CSN), a large Brazilian steel company, which is increasing its
presence in cement. Tupi's strategy is to expand its unit at its
Pedra do Sino plant, which will significantly reduce the company's
reliance on slag and increase total overall nominal production
capacity to 3.2 million tons of cement per year from 2.4 million.
Absent this expansion, Fitch estimates that the company's nominal
annual capacity would be reduced to 1.6 million tons. Tupi has
already run out of slag inventories and currently faces challenges
to find alternative suppliers to maintain current production
levels.

Operational Constrains Continue to Limit Cash Flow Expansion in
2013:

Under current conditions, Fitch foresees limited room for growth
in 2013. Tupi generated BRL66 million of EBITDA and BRL41 million
of funds from operations (FFO) during 2012. This was quite in line
with the agency's expectations, considering the lack of raw
material (slag). Free cash flow (FCF), defined as cash flow from
operations less dividends and investments, was negative BRL202
million as a result of its expansion project (BRL220 million) and
dividends (BRL15 million). If the Pedra do Sino project fails to
start operations until July, Fitch expects Tupi's EBITDA to be
similar to 2012. FCF will likely be negative by about BRL50
million during 2013 due to high capex.

Leverage Trending Up; FX Risks:

Tupi is exposed to currency mismatch risks. About 63% of its debt
is denominated in USD, and 100% of its cash flow generation is in
local currency. As of Dec. 31, 2012, Tupi's total debt was BRL470
million, basically consisting of BRL297 of the bond issuance,
BRL103 million of banking loans and BRL34 million relative to tax
financings.

Tupi forecasted BRL250 million of capex for its expansion plan.
Expenses related to the expansion project have increased to about
BRL350 million. This cost overrun, along with a weaker foreign
exchange rate that increased its debt levels in terms of Brazilian
reais, have resulted in leverage levels higher than projected.
During 2012, Tupi's net leverage ratio was 6.7x. Fitch's base case
forecasts this ratio will climb to 7.7x in 2013. If the company is
able to get the new mill operating in the middle of 2013, it
should be able to achieve sales volumes in 2014 that would allow
it to lower its leverage ratio to 4.5x during 2014.

Refinancing Risks:

Tupi's liquidity position is quite weak. As of Dec. 31, 2012, Tupi
had BRL109 million of short-term debt and BRL23 million of cash
and marketable securities. Out of the short-term debt figure,
BRL97 million is related to banking loans. Most of this debt was
raised during 2013 and Fitch expects it to be rolled over. The
level of Tupi's short-term debt coverage, as measured by cash plus
FFO/short-term debt) was weak at 0.6x.

Favorable Prospects for the Sector Should Sustain Cement Prices:

The positive outlook for the cement sector in Brazil, reflecting
the expansion of the real estate segment and infrastructure
projects, should also favor Tupi's operations, which are largely
dependent upon favorable prices and high capacity utilization
levels. Profitability margins should remain relatively flat,
however, as a lot of new capacity is being added by the leading
cement producers. Tupi's end-market, which is highly oriented
toward the refurbishment and construction of homes, should not be
affected materially by the high level of infrastructure projects
in Brazil, as it is linked more with unemployment and income
levels.

RATING SENSITIVITIES

A ratings downgrade could result from further delays in the
inauguration of its new kiln. A significant deterioration in the
company's cash flow generation and operating margins due to a
downturn in the Brazilian market would also pressure the ratings.
Given current challenges related to a shift in its business model,
an upgrade of Tupi's ratings is unlikely in the short-to medium-
term.


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


CLARITAS DIVERSIFIED: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 18, 2012, the shareholders of Claritas Diversified
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Baker Tilly (Cayman) Ltd
          c/o Nathan Stubing
          Telephone: (345) 946 7853
          Facsimile: (345) 946 7854
          P.O. Box 888 Grand Cayman, KY1-1103
          Cayman Islands


COBALT OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on Jan. 7, 2013, the
shareholders of Cobalt Offshore Fund II, Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


COBALT OFFSHORE MASTER: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Jan. 7, 2013, the
shareholders of Cobalt Offshore Master Fund II, Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


DAVENPORT INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Jan. 10, 2013, the
shareholders of Davenport International, Ltd. resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

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


KELTI HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 7, 2013, the members of Kelti Holdings Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 20, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LAVENDER GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 21, 2012, the sole shareholder of Lavender Global Holdings
Ltd. 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


MANALAPAN ORACLE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Jan. 10, 2013, the
shareholders of Manalapan Oracle Eagle Offshore Fund Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


MANALAPAN ORACLE MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Jan. 10, 2013, the
shareholders of Manalapan Oracle Eagle Master Fund Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


MATRIX REDUX: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on Jan. 14, 2013, the
shareholders of Matrix Redux Emerging Markets Fund, Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


NEWLAND OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 17, 2013, the sole shareholder of Newland Offshore Fund,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Susan Lock
          Telephone: (345) 815 1889
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NORTON LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Jan. 2, 2013, the
shareholders of Norton Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 26, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


OLYMPIA STAR: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 7, 2013, the shareholders of Olympia Star II Ltd resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Newington Ltd.
          c/o J. Andrew Murray
          Telephone: (345) 949 9710
          P.O. Box 2075 31 The Strand
          Grand Cayman KY1-1105
          Cayman Islands


OLYMPIA STAR II: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 7, 2013, the shareholders of Olympia Star II Plus Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Newington Ltd.
          c/o J. Andrew Murray
          Telephone: (345) 949 9710
          P.O. Box 2075 31 The Strand
          Grand Cayman KY1-1105
          Cayman Islands


ORACLE OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 12, 2012, the sole shareholder of Oracle Offshore Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ORACLE TEN: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 12, 2012, the sole shareholder of Oracle Ten Fund Offshore
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


REVERE TACTICAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 20, 2012, the sole shareholder of Revere Tactical Risk
Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SALFORD LTD: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 15, 2013, the shareholders of Salford Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Campbells Directors Limited
          c/o Peter A de Vere
          Willow House, Floor 4
          PO Box 268
          Cricket Square, Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 914 5872
          Facsimile: +1 (345) 945 2877


SEMPER UMBRELLA: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on Jan. 9, 2013, the
shareholders of Semper Umbrella Funds SPC resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 29, 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


SSARIS HOLDINGS IV: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Jan. 17, 2013, the
shareholders of Ssaris Holdings IV Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 27, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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

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


=========
H A I T I
=========


* HAITI: IDB Approves US$4 Million Loan to Aid Willbes HA
---------------------------------------------------------
The Inter-American Development Bank disclosed the approval of a
loan of up to $4 million to help Willbes HA, a subsidiary of The
Willbes & Co Ltd, headquartered in Cheonan, Republic of Korea, to
expand its existing ready-made garment facility at the Parc
Industriel Metropolitain in Port-au-Prince.  The operation is the
latest in a series of private-sector initiatives by the Bank in
Haiti, including support for the northern Caracol Industrial Park.

"The Bank's loan will enable Willbes to pursue a longer-term
expansion creating additional jobs and associated economic
benefits for Haiti," said Alexandre Fernandes de Oliveira, Chief
of the Industries and Services Division in the Structured and
Corporate Finance Department.  "It is expected that the company
will hire significantly more women than men, contributing to
greater gender equality in the workplace -- the project will also
help ensure compliance with international environmental and labor
standards."

The loan for the first phase of the expansion of the facility will
result in employment and training for an estimated 918 new Haitian
workers.  Overall, the company's planned multi-year expansion
would add up to 4,500 new jobs to the Haitian economy, with direct
and indirect benefits that would affect as many as 38,700 people.

Willbes is the oldest and largest private investor in the garment
sector in Haiti -- the project's support for an estimated 37
percent expansion of sewing capacity will help ensure the
continuation of the company's operations in the country.


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


* JAMAICA: Close to 3,000 Jobs Abolished in Two Years
-----------------------------------------------------
RJR News reports that nearly 3,000 positions in the Jamaican
public sector have been abolished over the past two years as part
of the ongoing restructuring of the public sector.

Horace Dalley, Minister with responsibility for the Public Sector,
gave an update on the streamlining of posts since 2011, according
to RJR News.  The report relates that Mr. Dalley, who was speaking
in the House of Representatives, said during the period new posts
were created while others were either upgraded or reclassified.

In breaking down the figures Mr. Dalley said 374 new posts were
created in the public sector, 62 upgraded, 193 re-titled and 40
reclassified. This was done in various areas of the public sector,
RJR News says.

Mr. Dalley, the report discloses, added that some of these
improvements and creation of posts also came at the Customs
Department which will become an executive agency as of April 1.
In addition to this a large number of positions in the public
service were abolished, the report adds.


===============
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)
-------              ------       ---------      ------------


  ARGENTINA
  ---------

SNIAFA SA-B         SDAGF US       11229696.2    -2670544.88
CENTRAL COSTAN-B    CRCBF US        369642685    -49030758.7
ENDESA COSTAN-A     CECO1 AR        369642685    -49030758.7
ENDESA COSTAN-      CECO2 AR        369642685    -49030758.7
CENTRAL COST-BLK    CECOB AR        369642685    -49030758.7
ENDESA COSTAN-      CECOD AR        369642685    -49030758.7
ENDESA COSTAN-      CECOC AR        369642685    -49030758.7
ENDESA COSTAN-      EDCFF US        369642685    -49030758.7
CENTRAL COSTAN-C    CECO3 AR        369642685    -49030758.7
CENTRAL COST-ADR    CCSA LI         369642685    -49030758.7
ENDESA COST-ADR     CRCNY US        369642685    -49030758.7
CENTRAL COSTAN-B    CNRBF US        369642685    -49030758.7
SNIAFA SA           SNIA AR        11229696.2    -2670544.88
SNIAFA SA-B         SNIA5 AR       11229696.2    -2670544.88
IMPSAT FIBER NET    IMPTQ US        535007008      -17164978
IMPSAT FIBER NET    330902Q GR      535007008      -17164978
IMPSAT FIBER NET    XIMPT SM        535007008      -17164978
IMPSAT FIBER-CED    IMPT AR         535007008      -17164978
IMPSAT FIBER-C/E    IMPTC AR        535007008      -17164978
IMPSAT FIBER-$US    IMPTD AR        535007008      -17164978
IMPSAT FIBER-BLK    IMPTB AR        535007008      -17164978


  BRAZIL
  ------

FABRICA TECID-RT    FTRX1 BZ         70649866    -75488504.5
TEKA-ADR            TEKAY US        363575481     -371579997
BOMBRIL             BMBBF US        344846084    -16082109.1
TEKA                TKTQF US        363575481     -371579997
TEKA-PREF           TKTPF US        363575481     -371579997
BATTISTELLA-RIGH    BTTL1 BZ        246036232    -51251360.7
BATTISTELLA-RI P    BTTL2 BZ        246036232    -51251360.7
BATTISTELLA-RECE    BTTL9 BZ        246036232    -51251360.7
BATTISTELLA-RECP    BTTL10 BZ       246036232    -51251360.7
AGRENCO LTD-BDR     AGEN11 BZ       325151004     -611658179
REII INC            REIC US          14423532       -3506007
PET MANG-RIGHTS     3678565Q BZ     246810937     -224879124
PET MANG-RIGHTS     3678569Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229292Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229296Q BZ     246810937     -224879124
LUPATECH SA         LUPA3 BZ        943240001    -5971578.45
BOMBRIL HOLDING     FPXE3 BZ       19416015.8     -489914902
BOMBRIL             FPXE4 BZ       19416015.8     -489914902
SANESALTO           SNST3 BZ       31802628.1    -2924062.87
B&D FOOD CORP       BDFCE US         14423532       -3506007
BOMBRIL-RGTS PRE    BOBR2 BZ        344846084    -16082109.1
BOMBRIL-RIGHTS      BOBR1 BZ        344846084    -16082109.1
AGRENCO LTD         AGRE LX         325151004     -611658179
LUPATECH SA         LUPAF US        943240001    -5971578.45
CELGPAR             GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT       4529781Q BZ    41094940.3    -21379158.8
RECRUSUL - RT       4529785Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529789Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529793Q BZ    41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL11 BZ      41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL12 BZ      41094940.3    -21379158.8
BALADARE            BLDR3 BZ        159454016    -52992212.8
TEXTEIS RENAU-RT    TXRX1 BZ        113010473    -78451102.1
TEXTEIS RENAU-RT    TXRX2 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX9 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX10 BZ       113010473    -78451102.1
CIA PETROLIF-PRF    MRLM4 BZ        377602195    -3014291.72
CIA PETROLIFERA     MRLM3 BZ        377602195    -3014291.72
NOVA AMERICA SA     NOVA3 BZ         21287489     -183535527
NOVA AMERICA-PRF    NOVA4 BZ         21287489     -183535527
LUPATECH SA-RT      LUPA11 BZ       943240001    -5971578.45
ALL ORE MINERACA    AORE3 BZ       21657457.4    -7184940.82
B&D FOOD CORP       BDFC US          14423532       -3506007
LUPATECH SA-ADR     LUPAY US        943240001    -5971578.45
PET MANG-RT         4115360Q BZ     246810937     -224879124
PET MANG-RT         4115364Q BZ     246810937     -224879124
STEEL - RT          STLB1 BZ       21657457.4    -7184940.82
STEEL - RCT ORD     STLB9 BZ       21657457.4    -7184940.82
MINUPAR-RT          9314542Q BZ     153054388    -2037402.69
MINUPAR-RCT         9314634Q BZ     153054388    -2037402.69
CONST LINDEN RT     CALI1 BZ       14128873.9    -2140102.39
CONST LINDEN RT     CALI2 BZ       14128873.9    -2140102.39
PET MANG-RT         0229249Q BZ     246810937     -224879124
PET MANG-RT         0229268Q BZ     246810937     -224879124
RECRUSUL - RT       0163579D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0163580D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163582D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163583D BZ    41094940.3    -21379158.8
PORTX OPERA-GDR     PXTPY US        976769403    -9407990.35
PORTX OPERACOES     PRTX3 BZ        976769403    -9407990.35
ALL ORE MINERACA    STLB3 BZ       21657457.4    -7184940.82
MINUPAR-RT          0599562D BZ     153054388    -2037402.69
MINUPAR-RCT         0599564D BZ     153054388    -2037402.69
CONST LINDEN RCT    CALI9 BZ       14128873.9    -2140102.39
CONST LINDEN RCT    CALI10 BZ      14128873.9    -2140102.39
PET MANG-RT         RPMG2 BZ        246810937     -224879124
PET MANG-RT         RPMG1 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG9 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG10 BZ       246810937     -224879124
RECRUSUL - RT       0614673D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0614674D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614675D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614676D BZ    41094940.3    -21379158.8
TEKA-RTS            TEKA1 BZ        363575481     -371579997
TEKA-RTS            TEKA2 BZ        363575481     -371579997
TEKA-RCT            TEKA9 BZ        363575481     -371579997
TEKA-RCT            TEKA10 BZ       363575481     -371579997
LUPATECH SA-RTS     LUPA1 BZ        943240001    -5971578.45
LUPATECH SA -RCT    LUPA9 BZ        943240001    -5971578.45
MINUPAR-RTS         MNPR1 BZ        153054388    -2037402.69
MINUPAR-RCT         MNPR9 BZ        153054388    -2037402.69
RECRUSUL SA-RTS     RCSL1 BZ       41094940.3    -21379158.8
RECRUSUL SA-RTS     RCSL2 BZ       41094940.3    -21379158.8
RECRUSUL SA-RCT     RCSL9 BZ       41094940.3    -21379158.8
RECRUSUL - RCT      RCSL10 BZ      41094940.3    -21379158.8
ARTHUR LANGE        ARLA3 BZ       11642255.9    -17154461.9
ARTHUR LANGE SA     ALICON BZ      11642255.9    -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ       11642255.9    -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ      11642255.9    -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ       11642255.9    -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD C    ARLA11 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ      11642255.9    -17154461.9
BOMBRIL             BOBR3 BZ        344846084    -16082109.1
BOMBRIL CIRIO SA    BOBRON BZ       344846084    -16082109.1
BOMBRIL-PREF        BOBR4 BZ        344846084    -16082109.1
BOMBRIL CIRIO-PF    BOBRPN BZ       344846084    -16082109.1
BOMBRIL SA-ADR      BMBPY US        344846084    -16082109.1
BOMBRIL SA-ADR      BMBBY US        344846084    -16082109.1
BUETTNER            BUET3 BZ        106809932      -26451201
BUETTNER SA         BUETON BZ       106809932      -26451201
BUETTNER-PREF       BUET4 BZ        106809932      -26451201
BUETTNER SA-PRF     BUETPN BZ       106809932      -26451201
BUETTNER SA-RTS     BUET1 BZ        106809932      -26451201
BUETTNER SA-RT P    BUET2 BZ        106809932      -26451201
CAF BRASILIA        CAFE3 BZ        160938140     -149281089
CAFE BRASILIA SA    CSBRON BZ       160938140     -149281089
CAF BRASILIA-PRF    CAFE4 BZ        160938140     -149281089
CAFE BRASILIA-PR    CSBRPN BZ       160938140     -149281089
CHIARELLI SA        CCHI3 BZ       11165368.9    -88048393.7
CHIARELLI SA        CCHON BZ       11165368.9    -88048393.7
CHIARELLI SA-PRF    CCHI4 BZ       11165368.9    -88048393.7
CHIARELLI SA-PRF    CCHPN BZ       11165368.9    -88048393.7
IGUACU CAFE         IGUA3 BZ        262778568    -57161259.5
IGUACU CAFE         IGCSON BZ       262778568    -57161259.5
IGUACU CAFE         IGUCF US        262778568    -57161259.5
IGUACU CAFE-PR A    IGUA5 BZ        262778568    -57161259.5
IGUACU CAFE-PR A    IGCSAN BZ       262778568    -57161259.5
IGUACU CAFE-PR A    IGUAF US        262778568    -57161259.5
IGUACU CAFE-PR B    IGUA6 BZ        262778568    -57161259.5
IGUACU CAFE-PR B    IGCSBN BZ       262778568    -57161259.5
SCHLOSSER           SCLO3 BZ       56671769.6    -52218991.3
SCHLOSSER SA        SCHON BZ       56671769.6    -52218991.3
SCHLOSSER-PREF      SCLO4 BZ       56671769.6    -52218991.3
SCHLOSSER SA-PRF    SCHPN BZ       56671769.6    -52218991.3
COBRASMA            CBMA3 BZ       84044218.1    -2153724140
COBRASMA SA         COBRON BZ      84044218.1    -2153724140
COBRASMA-PREF       CBMA4 BZ       84044218.1    -2153724140
COBRASMA SA-PREF    COBRPN BZ      84044218.1    -2153724140
CONST A LINDEN      CALI3 BZ       14128873.9    -2140102.39
CONST A LINDEN      LINDON BZ      14128873.9    -2140102.39
CONST A LIND-PRF    CALI4 BZ       14128873.9    -2140102.39
CONST A LIND-PRF    LINDPN BZ      14128873.9    -2140102.39
D H B               DHBI3 BZ        138254322     -115344519
DHB IND E COM       DHBON BZ        138254322     -115344519
D H B-PREF          DHBI4 BZ        138254322     -115344519
DHB IND E COM-PR    DHBPN BZ        138254322     -115344519
DOCA INVESTIMENT    DOCA3 BZ        262638432     -199076300
DOCAS SA            DOCAON BZ       262638432     -199076300
DOCA INVESTI-PFD    DOCA4 BZ        262638432     -199076300
DOCAS SA-PREF       DOCAPN BZ       262638432     -199076300
DOCAS SA-RTS PRF    DOCA2 BZ        262638432     -199076300
FABRICA RENAUX      FTRX3 BZ         70649866    -75488504.5
FABRICA RENAUX      FRNXON BZ        70649866    -75488504.5
FABRICA RENAUX-P    FTRX4 BZ         70649866    -75488504.5
FABRICA RENAUX-P    FRNXPN BZ        70649866    -75488504.5
HAGA                HAGA3 BZ       20081896.3    -49045924.8
FERRAGENS HAGA      HAGAON BZ      20081896.3    -49045924.8
FER HAGA-PREF       HAGA4 BZ       20081896.3    -49045924.8
FERRAGENS HAGA-P    HAGAPN BZ      20081896.3    -49045924.8
CIMOB PARTIC SA     GAFP3 BZ       44047411.7    -45669963.6
CIMOB PARTIC SA     GAFON BZ       44047411.7    -45669963.6
CIMOB PART-PREF     GAFP4 BZ       44047411.7    -45669963.6
CIMOB PART-PREF     GAFPN BZ       44047411.7    -45669963.6
HOTEIS OTHON SA     HOOT3 BZ        255452990    -73565093.7
HOTEIS OTHON SA     HOTHON BZ       255452990    -73565093.7
HOTEIS OTHON-PRF    HOOT4 BZ        255452990    -73565093.7
HOTEIS OTHON-PRF    HOTHPN BZ       255452990    -73565093.7
RENAUXVIEW SA       TXRX3 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXON BZ       113010473    -78451102.1
RENAUXVIEW SA-PF    TXRX4 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXPN BZ       113010473    -78451102.1
PARMALAT            LCSA3 BZ        388720096     -213641152
PARMALAT BRASIL     LCSAON BZ       388720096     -213641152
PARMALAT-PREF       LCSA4 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
ESTRELA SA          ESTR3 BZ       83538938.3     -102223933
ESTRELA SA          ESTRON BZ      83538938.3     -102223933
ESTRELA SA-PREF     ESTR4 BZ       83538938.3     -102223933
ESTRELA SA-PREF     ESTRPN BZ      83538938.3     -102223933
WETZEL SA           MWET3 BZ       93591243.4    -7959637.41
WETZEL SA           MWELON BZ      93591243.4    -7959637.41
WETZEL SA-PREF      MWET4 BZ       93591243.4    -7959637.41
WETZEL SA-PREF      MWELPN BZ      93591243.4    -7959637.41
MINUPAR             MNPR3 BZ        153054388    -2037402.69
MINUPAR SA          MNPRON BZ       153054388    -2037402.69
MINUPAR-PREF        MNPR4 BZ        153054388    -2037402.69
MINUPAR SA-PREF     MNPRPN BZ       153054388    -2037402.69
NORDON MET          NORD3 BZ       12234778.3    -30283728.6
NORDON METAL        NORDON BZ      12234778.3    -30283728.6
NORDON MET-RTS      NORD1 BZ       12234778.3    -30283728.6
NOVA AMERICA SA     NOVA3B BZ        21287489     -183535527
NOVA AMERICA SA     NOVAON BZ        21287489     -183535527
NOVA AMERICA-PRF    NOVA4B BZ        21287489     -183535527
NOVA AMERICA-PRF    NOVAPN BZ        21287489     -183535527
NOVA AMERICA-PRF    1NOVPN BZ        21287489     -183535527
NOVA AMERICA SA     1NOVON BZ        21287489     -183535527
RECRUSUL            RCSL3 BZ       41094940.3    -21379158.8
RECRUSUL SA         RESLON BZ      41094940.3    -21379158.8
RECRUSUL-PREF       RCSL4 BZ       41094940.3    -21379158.8
RECRUSUL SA-PREF    RESLPN BZ      41094940.3    -21379158.8
PETRO MANGUINHOS    RPMG3 BZ        246810937     -224879124
PETRO MANGUINHOS    MANGON BZ       246810937     -224879124
PET MANGUINH-PRF    RPMG4 BZ        246810937     -224879124
PETRO MANGUIN-PF    MANGPN BZ       246810937     -224879124
RIMET               REEM3 BZ        103098361     -185417655
RIMET               REEMON BZ       103098361     -185417655
RIMET-PREF          REEM4 BZ        103098361     -185417655
RIMET-PREF          REEMPN BZ       103098361     -185417655
SANSUY              SNSY3 BZ        183655397     -138233505
SANSUY SA           SNSYON BZ       183655397     -138233505
SANSUY-PREF A       SNSY5 BZ        183655397     -138233505
SANSUY SA-PREF A    SNSYAN BZ       183655397     -138233505
SANSUY-PREF B       SNSY6 BZ        183655397     -138233505
SANSUY SA-PREF B    SNSYBN BZ       183655397     -138233505
BOTUCATU TEXTIL     STRP3 BZ       27663604.9    -7174512.03
STAROUP SA          STARON BZ      27663604.9    -7174512.03
BOTUCATU-PREF       STRP4 BZ       27663604.9    -7174512.03
STAROUP SA-PREF     STARPN BZ      27663604.9    -7174512.03
TEKA                TEKA3 BZ        363575481     -371579997
TEKA                TEKAON BZ       363575481     -371579997
TEKA-PREF           TEKA4 BZ        363575481     -371579997
TEKA-PREF           TEKAPN BZ       363575481     -371579997
TEKA-ADR            TKTPY US        363575481     -371579997
TEKA-ADR            TKTQY US        363575481     -371579997
F GUIMARAES         FGUI3 BZ       11016542.1     -151840377
FERREIRA GUIMARA    FGUION BZ      11016542.1     -151840377
F GUIMARAES-PREF    FGUI4 BZ       11016542.1     -151840377
FERREIRA GUIM-PR    FGUIPN BZ      11016542.1     -151840377
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
BATTISTELLA         BTTL3 BZ        246036232    -51251360.7
BATTISTELLA-PREF    BTTL4 BZ        246036232    -51251360.7
SAUIPE SA           PSEGON BZ      18005034.4    -5223527.47
SAUIPE              PSEG3 BZ       18005034.4    -5223527.47
SAUIPE SA-PREF      PSEGPN BZ      18005034.4    -5223527.47
SAUIPE-PREF         PSEG4 BZ       18005034.4    -5223527.47
CIA PETROLIFERA     MRLM3B BZ       377602195    -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ       377602195    -3014291.72
CIA PETROLIFERA     1CPMON BZ       377602195    -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ       377602195    -3014291.72
LATTENO FOOD COR    LATF US          14423532       -3506007
VARIG PART EM TR    VPTA3 BZ       49432124.2     -399290396
VARIG PART EM-PR    VPTA4 BZ       49432124.2     -399290396
VARIG PART EM SE    VPSC3 BZ       83017828.6     -495721700
VARIG PART EM-PR    VPSC4 BZ       83017828.6     -495721700

  COLOMBIA
  --------

PUYEHUE RIGHT       PUYEHUOS CI    24251713.9    -3390038.99
PUYEHUE             PUYEH CI       24251713.9    -3390038.99


                            ***********


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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