TCRLA_Public/130403.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

           Wednesday, April 3, 2013, Vol. 14, No. 65


                            Headlines



B R A Z I L

GOL LINHAS: S&P Puts 'B' CCR on CreditWatch Negative


C A Y M A N  I S L A N D S

BILLION PLUS: Placed Under Voluntary Wind-Up
CAMELOT: Placed Under Voluntary Wind-Up
CAPITAL ALLIANCE: Shareholder Receives Wind-Up Report
CMTF PRIVATE: Placed Under Voluntary Wind-Up
COBALT OFFSHORE FUND II: Members Receive Wind-Up Report

COBALT OFFSHORE MASTER: Members Receive Wind-Up Report
ES HOLDINGS: Placed Under Voluntary Wind-Up
FLEXVEST LIMITED: Shareholders Receive Wind-Up Report
FQ GLOBAL: Commences Liquidation Proceedings
KARNA LTD: Placed Under Voluntary Wind-Up

KELTI HOLDINGS: Shareholders Receive Wind-Up Report
MATRIX REDUX: Shareholders Receive Wind-Up Report
MERCER PARK: Commences Liquidation Proceedings
MERCER PARK GP: Commences Liquidation Proceedings
OLYMPIA STAR II: Shareholders Receive Wind-Up Report

OLYMPIA STAR II PLUS: Shareholders Receive Wind-Up Report
RAINBOW FUND: Placed Under Voluntary Wind-Up
RAM INTERNATIONAL: Placed Under Voluntary Wind-Up
SEMPER UMBRELLA: Members Receive Wind-Up Report
UPTI CAYMAN: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IDB Pledges Support for Government Programs


P E R U

DOE RUN: La Oroya Sale Under Review, Meeting Set for April 12


P U E R T O   R I C O

EL FARMER: Access to Banco Popular Cash Collateral Denied
CERTENEJAS INCORPORADO: April 23 Hearing on Plan Confirmation


S U R I N A M E

* SURINAME: Maximum Return on Public Investments in Country




                            - - - - -


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


GOL LINHAS: S&P Puts 'B' CCR on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate credit
rating on Gol Linhas Aereas Inteligentes S.A. (GOL) on CreditWatch
with negative implications.  The CreditWatch is based on S&P's
view that GOL's financial risk profile may not recover as
previously expected because of its weaker performance and
resulting negative cash flow generation, which S&P now expects to
continue at least throughout the first half of 2013.

The CreditWatch placement follows the announcement of GOL's
results for the fourth quarter of 2012 and its guidance for 2013.
S&P believes GOL's performance will remain weak, especially in the
first half of 2013 due to both seasonal reasons--as the first half
of the year is weaker for airlines--and difficult market and
competitive conditions overall, limiting the company's ability to
raise fares and improve yields.  These negative factors may last
longer than S&P previously expected.  In addition, GOL's efforts
to streamline operations may not be enough to reverse soft cash
flow trends in the next year, resulting in a more permanent,
highly-leveraged financial profile.

While the company has improved load factors by cutting capacity,
this has not been enough to offset higher fuel costs.  Also, the
company continues to lose market share following its attempt to
reduce its fleet and cancel routes, resulting in lower passenger
traffic.  These factors will likely lead to negative cash flows
and weak credit metrics.

S&P believes GOL's liquidity remains adequate, with cash reserves
of R$1.4 billion as of December 2012 (net of restricted cash) and
short-term debt maturities of R$700 million in the next 12 months
(excluding R$1.1 billion of debentures that were reported due to a
covenant breach that has already been waived by debenture holders
in early 2013).  GOL's cash reserves provide the company with a
significant liquidity cushion and its access to bank lines remains
adequate, allowing it to rollover its bank debt, mitigating
refinancing risks in the short term.  However, negative free cash
flows may last longer than S&P originally expected, which will
keep depleting cash reserves, absent other positive liquidity
events, such as the announced IPO of the company's mileage program
Smiles.

S&P aims to resolve the CreditWatch placement after fully revising
its projections for GOL's performance in 2013 and beyond.  S&P
could downgrade the company by one or two notches if it concludes
that it will not be able to reverse its losses and improve cash
flows in 2013, resulting in stronger credit metrics such as total
debt to EBITDA closer to 6x in the next 12-18 months.


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


BILLION PLUS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 29, 2013, the sole shareholder of Billion Plus Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 5, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lo Choy Yuk Ching Yvonne
          7 Black's Link
          Repulse Bay
          Hong Kong


CAMELOT: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on Jan. 17, 2013, the
shareholder of Camelot resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


CAPITAL ALLIANCE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 29, 2013, the sole member of Capital Alliance Private
Equity, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Sam Oniovosa
          Plot 1684
          Sanusi Fafunwa
          Victoria Island
          Lagos, Nigeria


CMTF PRIVATE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 6, 2012, the sole shareholder of CMTF Private Equity One
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Ogier
          c/o Fion Chan
          Telephone: (852) 3189 6897
          Facsimile: (852) 2810 0162
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


COBALT OFFSHORE FUND II: Members Receive Wind-Up Report
-------------------------------------------------------
On Feb. 29, 2013, the members of Cobalt Offshore Fund II, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Members Receive Wind-Up Report
------------------------------------------------------
On Feb. 29, 2013, the members of Cobalt Offshore Master Fund II,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ES HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 10, 2012, the members of ES Holdings Ltd resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Robert N. Slatter
          Fordsar (Cayman) Limited
          Telephone: (345) 945 5799
          Facsimile: (345) 945 5899
          PO Box 335 Grand Cayman KY1-1301
          Cayman Islands


FLEXVEST LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On March 1, 2013, the shareholders of Flexvest Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Theodose Melas Kyriazi
          c/o Bryan Cave
          1290 Avenue of the Americas
          New York
          NY 10104-3300
          United States of America
          Telephone: +4 (420) 3207 1180
          E-mail: tracey.cherryman@bryancave.com


FQ GLOBAL: Commences Liquidation Proceedings
--------------------------------------------
On Jan. 17, 2013, the sole shareholder of FQ Global Diversified
Alpha Fund 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


KARNA LTD: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on Jan. 18, 2013, the
shareholder of Karna Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


KELTI HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Feb. 20, 2013, the shareholders of Kelti Holdings Limited
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


MATRIX REDUX: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Jan. 29, 2013, the shareholders of Matrix Redux Emerging
Markets Fund, Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

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


MERCER PARK: Commences Liquidation Proceedings
----------------------------------------------
On Jan. 17, 2013, the sole shareholder of Mercer Park Special
Situations Fund, 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:

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


MERCER PARK GP: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 17, 2013, the sole shareholder of Mercer Park GP, 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:

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


OLYMPIA STAR II: Shareholders Receive Wind-Up Report
----------------------------------------------------
On March 7, 2013, the shareholders of Olympia Star II Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OLYMPIA STAR II PLUS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On March 7, 2013, the shareholders of Olympia Star II Plus Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RAINBOW FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Jan. 16, 2013, the
shareholder of Rainbow Fund resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


RAM INTERNATIONAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 8, 2013, the sole shareholder of Ram International Holding
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SEMPER UMBRELLA: Members Receive Wind-Up Report
-----------------------------------------------
On Feb. 29, 2013, the members of Semper Umbrella Funds SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


UPTI CAYMAN: Commences Liquidation Proceedings
----------------------------------------------
On Jan. 15, 2013, the shareholders of UPTI Cayman Sub, Inc
resolved to voluntarily liquidate the company's business.

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:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Chris Van de Water
          Telephone: +1 (345) 815 2645/ +1 (345) 949 4800
          Facsimile: +1 (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: IDB Pledges Support for Government Programs
-----------------------------------------------------------------
Dominican Today reports that the Inter-American Development Bank
(IDB) has US$250 million available for investment in several
projects designed by the Government in the areas of agriculture,
education, small businesses and the Colonial City.

IDB President Luis Alberto Moreno met with President Danilo
Medina, Economy, Planning and Development Minister Temistocles
Montas, and Comptroller General Simon Lizardo at the Presidential
Palace on Tuesday to look over plans, according to Dominican
Today.

The report relates that Mr. Moreno said they had US$60 million for
small-scale farming projects and US$30 million is being spent on
the restoration of the Colonial City with a view to converting the
area into a tourist attraction.  Mr. Moreno, the report notes,
said that as well as these funds, they have an additional US$200
million available for funding government social programs.

The IDB head praised what Mr. Moreno described as the "enormous"
effort that the Dominican government is making in its attempt to
balance public finances, whose effects, Mr. Moreno said, would
begin to be seen as of next year 2014, the report adds.


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P E R U
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DOE RUN: La Oroya Sale Under Review, Meeting Set for April 12
-------------------------------------------------------------
Tiffany Grabski at BNAmericas reports that the board of creditors
of Doe Run Peru, the former operator of the La Oroya metallurgical
complex in Peru's Junin region, and the administrator in charge of
its liquidation, Right Business, will re-evaluate the sale of La
Oroya in a meeting on April 12, a Doe Run Peru representative told
BNamericas.

The sale was suspended in order to reconsider the restructuring of
the company, according to local PR company Community, in charge of
public relations for La Oroya's workers union, according to
BNAmericas.

"The suspension [of the sale] is not official," the Doe Run
representative told BNamericas.

BNAmericas relates that community representative Paulete Manrique
told BNamericas that more than PER60 million (US$23.2 million) is
still owed to some 3,000 workers at La Oroya, raising concerns
amongst the workers that the sale's suspension could mean they
will not receive the money they are due.

Operations came to a halt at La Oroya in 2009 when Doe Run Peru
declared bankruptcy, the report recalls.

In April last year, the report notes that the group of creditors
in charge of deciding the future of La Oroya rejected a
restructuring plan presented by the company, later approving Right
Business' proposal to sell the complex on August 27.

BNAmericas says that the zinc processing circuit at the La Oroya
complex was restarted in July following a three-year shutdown
after Right Business, the creditors and workers were able to reach
an initial agreement.  The lead circuit has since also been
restarted, reaching full production in January 2013, the report
discloses.
As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Bloomberg News related that Doe Run Peru Vice
President Jose Mogrovejo said creditors unanimously rejected a
debt restructuring plan and will seek the liquidation of its
closed zinc smelter in La Oroya.  The creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said the creditors had a 30-day "window" to
take a final decision.  Carlos Galvez, chief financial officer at
precious metals miner Buenaventura, said the plan was rejected
because creditors found that it lacked clear financing commitments
from parent company Renco Group Inc. and a timetable for a
$160 million environmental clean-up, Bloomberg News stated.
Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica related that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


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


EL FARMER: Access to Banco Popular Cash Collateral Denied
---------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has denied El Farmer Inc's request to use
cash collateral.  The Debtor failed to submit operating budgets
and provide a detail of the proposed usage of the funds.

As reported by the Troubled Company Reporter on March 5, 2013, the
Debtor sought court authorization of a stipulation authorizing the
use of Banco Popular de Puerto Rico's cash collateral until
April 30, 2013.  The Debtor's indebtedness to Banco Popular de
Puerto as of the filing date is $11,694,429.  BPPR holds and
controls a commercial account into which all accounts receivables
of the Debtor are deposited by the Debtor's principal client,
Suiza Dairy, Inc.  The Debtor and the Bank have agreed on the
Debtor's continued use of cash collateral.

El Farmer Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012.  The
Debtor scheduled $18.3 million in assets and $12.0 million in
liabilities, including $11.0 million owed to secured creditor
Banco Popular De Puerto Rico.  The Debtor owns farm lands in
Isabela, Puerto Rico.


CERTENEJAS INCORPORADO: April 23 Hearing on Plan Confirmation
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
convene a hearing on April 23, 2013, at 10 a.m., to consider
confirmation of Certenejas Incorporado's Plan of Reorganization

The hearing scheduled for Feb. 12 was canceled.

According to the explanatory disclosure statement, Banco Popular
de Puerto Rico, holder of a $40.4 million claim secured by
substantially all assets of the Debtor, will recover 100%.  On the
effective date, the Debtor will surrender, as payment in kind to
BPPR or will consent to the foreclosure of the Motel Molino Azul
(valued at $6.95 million), Motel Molino Rojo ($5.60 million),
Motel Las Palmas ($8.50 million), Motel El Rio ($6.67 million),
and Motel El Eden ($3.25 million), and a parcel of land in Rio
Grand, Puerto Rico ($1.45 million).  The Debtor will retain the
real property known as Motel Flor Del Valle (valued at $4.5
million).  The balance of BPPR's secured claim for $4.5 million
will be paid through monthly payments with a balloon payment of
$4.32 million on Dec. 31, 2014.

Holders of general unsecured claims aggregating $4.65 million will
recover 1%.  They will split a $50,000 carve out to be agreed with
BPPR.

Holders of interests are unimpaired.  Mr. Luis Jaime Meaux and
Mrs. Marta I. Muniz Melendez will retain their shares unaltered.

A copy of the Disclosure Statement is available for free at:

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

                   About Certenejas Incorporado

Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El
Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and
Motel El Rio -- owns motels or short-term guest houses in Puerto
Rico.  It filed a Chapter 11 petition (Bankr. D. P.R. Case No.
12-02806) in Old San Juan, Puerto Rico, on April 11, 2012.  The
Debtor disclosed US$27.68 million in assets and US$45.29 million
in debts as of the Chapter 11 filing.  Charles Alfred Cuprill,
Esq., serves as the Debtor's counsel.  The petition was signed by
Luis J. Meaux Vazquez, president.

Certenejas Incorporado and three of its affiliates previously
sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos.
09-08470 to 09-08473) on Oct. 2, 2009.  The affiliates are
Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget
Development Corporation.  According to the schedules filed in the
2009 case, Certenejas Incorporado had total assets of
US$13,800,000, and total debts of US$41,596,637.  The petition was
signed by Luis J. Meaux Vazquez, the Company's president.


===============
S U R I N A M E
===============


* SURINAME: Maximum Return on Public Investments in Country
-----------------------------------------------------------
Managing public investment is one of the most challenging jobs for
governments, particularly in the developing world.  For public
investment to effectively generate development, countries must
have the technical and institutional capacity to ensure that the
projects selected have the highest economic and social rate of
return.

In 2010, Suriname laid out an ambitious development program with a
number of public sector investments, particularly in
infrastructure, to diversify the economy and boost economic
growth. To help the country obtain the maximum return on its
investments, the IDB is working with the government to implement
comprehensive reforms to improve the efficiency of public
expenditure management.

The reforms represent a concerted effort to plan, manage, execute,
and monitor the use of public investments in the entire budget
cycle.  They are setting clear selection and prioritization
criteria for public investment and modernizing financial
management, procurement, and audit and control systems to ensure
greater transparency and accountability in the decision-making and
execution processes.

For example, starting in 2012, public investment projects had to
be outlined in the government's investment program and subject to
a formal review by the Ministry of Finance, which verifies a
project's technical, financial, and socioeconomic feasibility as
well as its alignment with national development priorities.

Over the past two years, the government has established a
mechanism for the identification, selection, budget allocation,
monitoring, and evaluation of public investment projects. It has
created a roadmap to enhance public financial management, put in
place regulations for public procurement, and launched a public
procurement portal to increase the transparency of government
purchases.

Last year, Suriname approved a conceptual framework for a new
budget law outlining the roles, responsibilities, and coordination
required among ministries to streamline the budgetary process and
ensure resources are properly allocated to fund public
investments.

The steady pace at which reforms are being implemented shows that
the authorities are committed to changing the status quo. As a
result, Suriname is on track to ensure it gets the maximum
development return for every cent of public investment.

Steps to Improve Management of Public Expenditure in Suriname:

   * Proper prioritization and selection of projects ensures that
     the most important projects are fed into the budget process

   * Revamped public financial system provides the tools to
     properly allocate resources and monitor the implementation of
     investments

   * A modern procurement system generates greater value for
     money, the quality of spending, and competition.

    * An overhauled audit and control processes ensures
      transparency and accountability.


                            ***********


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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