TCRLA_Public/130409.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 9, 2013, Vol. 14, No. 69


                            Headlines



A R G E N T I N A

ALTO PARANA: S&P Lowers CCR to 'B'; Outlook Negative
EDENOR SA: Amends Annual Report for 2011
INDUSTRIAS METALURGICAS: S&P Lowers Rating to 'B'
LOMA NEGRA: S&P Affirms 'B' ICR & Removes Rating From CreditWatch
PETROBRAS ARGENTINA: S&P Lowers Rating to 'B'; Outlook Negative


B O L I V I A

BANCO SOLIDARIO: Moody's Rates Proposed Debt Issuance 'Ba2'
FONDO FINANCIERO: BS40MM Subordinated Debt Gets Moody's B3 Rating


B R A Z I L

* BRAZIL: Fitch Says 'Through The Cycle' Approach a Credit Plus


C A Y M A N  I S L A N D S

AROCHEM REFINING: Placed Under Voluntary Wind-Up
ASHLAND INVESTMENTS: Placed Under Voluntary Wind-Up
BLUE HERON: Commences Liquidation Proceedings
CARETTA INTEGRATED: Placed Under Voluntary Wind-Up
CMA CAPITAL: Commences Liquidation Proceedings

CPC FOODVEST: Shareholder Receives Wind-Up Report
DEL MAR: Commences Liquidation Proceedings
DEL MAR RIVERSIDE: Commences Liquidation Proceedings
FMCP VOLATILITY: Commences Liquidation Proceedings
FMIM LONG: Commences Liquidation Proceedings

FORSYTH INVESTMENTS:  Shareholders Receive Wind-Up Report
FRM EMERGING: Placed Under Voluntary Wind-Up
HAV3 (VIII): Shareholder Receives Wind-Up Report
KERALA INVESTMENTS: Commences Liquidation Proceedings
MAXIMUM LATIN: Members Receive Wind-Up Report

ORCHID DEVELOPMENT: Placed Under Voluntary Wind-Up
ROYAL BANK: Commences Liquidation Proceedings
TREASURY ENHANCED: Shareholders Receive Wind-Up Report
VINCI FIRENZE: Shareholder Receives Wind-Up Report
VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report


D O M I N I  C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Power Firms Ask Gov't to Pay US$700MM Debt


J A M A I C A

* JAMAICA: NIR Dips to 15 Weeks of Imports


M E X I C O

GRUPO GICSA: Moody's Confirms Global Scale Issuer Rating at B1
* MEXICO: Moody's to Downgrade State of Chiapas' Rating to Ba2
* MEXICO: Revised Insurance Law May Spur M&As, Fitch Reports


P A N A M A

BANCO INTERNACIONAL: Moody's Affirms Deposit Ratings at Ba1


P E R U

BANCO DE CREDITO: Moody's Assigns Ba1 Rating to New Notes Issue


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


ALTO PARANA: S&P Lowers CCR to 'B'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Alto Parana S.A. (APSA) to 'B' from 'B+'.  At the same
time, S&P removed the rating from CreditWatch negative, where it
placed it on Nov. 1, 2012.  The outlook is negative.

The downgrade reflects S&P's belief that prospects for a potential
and timely support from APSA's parent company, Chilean forest
products producer Celulosa Arauco y Constitucion S.A. (ARAUCO;
BBB-/Stable/--), beyond the guarantees already extended to it, are
now weaker due to worsening business conditions in Argentina.

The credit rating on APSA is one notch above the country's 'B-'
transfer and convertibility risk assessment (T&C) and one notch
higher than APSA's stand-alone credit profile (SACP), which S&P
assess at 'b-', because the only foreign debt that APSA has is the
2017 bond, which ARAUCO fully guarantees.

Business conditions in Argentina have significantly deteriorated
in the past two years, undermining APSA's profitability, leverage
metrics, and its capacity to generate free cash flows.  S&P's base
case assumes that it will be difficult for APSA to reverse this
trend in the next two years, resulting in even weaker operating
performance.  Those factors constrain S&P's assessment of APSA's
business risk profile, which remains "vulnerable."

The company has increased its short-term debt with local banks to
finance rising costs in Argentina due to high inflation levels
that are not offset by the pace of the local currency depreciation
rate.  In addition, APSA faces a dispute with the Argentine fiscal
regulator that may result in an AR$650 million bill, if the
Argentine Supreme Court refuses to grant a new appeal, or
having accepted the appeal, rules unfavorably.


EDENOR SA: Amends Annual Report for 2011
----------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. ("Edenor")
filed a third amendment to its annual report on Form 20-F for the
fiscal year ended Dec. 31, 2011, as filed on April 26, 2012, for
the following reasons:

   1. To amend item 3 ("Key Information", pages 5and 6) and Note
      32 to the financial statements ("Summary of Significant
      Differences between Argentine GAAP and U.S. GAAP", pages F-
      121 and F-127) for purposes of revising certain figures in
      order to correct immaterial errors that were made in
      connection with the calculation of the (loss) earnings per
      share and per ADS from both continuing and discontinued
      operations under U.S. GAAP in the Original 20-F, as further
      described on pages 5,6, F-121 and F-127.

   2. To file a complete amended Original 20-F with all of the
      items as required by Form 20-F, along with a currently dated
      and signed signature page and required certifications of the
      CEO and CFO filed as exhibits 12.1, 12.2 and 13.1 to this
      Amendment No. 3.

The Company notes that the amended Original 20-F being filed as
part of this Amendment No. 3 includes the revisions made pursuant
to the Amendment No. 1 to the Original 20-F, which was filed on
Dec. 16, 2012, and the Amendment No. 2 to the Original 20-F, which
was filed on Feb. 7, 2013.

A copy of the amended Form 20-F is available for free at:

                       http://is.gd/F6S7qq

Edenor filed a copy of a letter dated March 11, 2013, addressed to
the Argentine Securities and Exchange Commission containing
excerpt of the minutes No. 365 of the meeting of the Board of
Directors of EDENOR on March 8, 2013, in relation to the approval
of the the annual Financial Statements for the fiscal year ended
Dec. 31, 2012.  A copy of the letter is available for free at:

                       http://is.gd/uEEeRf

                           About EDENOR

Based in Buenos Aires, Argentina, Edenor S.A. is the largest
electricity distribution company in Argentina in terms of number
of customers and electricity sold (both in GWh and Pesos).
Through a concession, Edenor distributes electricity exclusively
to the northwestern zone of the greater Buenos Aires metropolitan
area and the northern part of the city of Buenos Aires, which has
a population of approximately 7 million people and an area of
4,637 sq. km.  In 2011, Edenor sold 20,077 GWh of energy and
purchased 23,004 GWh of energy, with net sales of approximately
Ps. 2.3 billion and net loss of Ps. 435.4 million.

Price Waterhouse & Co. S.R.L., in Buenos Aires, said that the
delay in obtaining tariff increases, the cost adjustments
recognition ("MMC"), requested in the presentations made until now
by the Company in accordance with the terms of the Adjustment
Agreement ("Acta Acuerdo") and the continuous increase in
operating expenses significantly affected the economic and
financial position of the Company and raise substantial doubt
about its ability to continue as a going concern.

The Company reported a net loss of ARS435.40 million on net sales
of ARS3.565 billion for 2011, compared with a net loss of
ARS49.05 million on ARS2.174 billion for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
ARS5.744 billion in total assets, ARS4.373 billion in total
liabilities, ARS56.87 million of minority interest, and
stockholders equity of ARS1.314 billion.

                             *   *    *

As reported by the TCR on Sept. 12, 2012, Moody's Latin America
has downgraded Edenor's corporate family and senior unsecured
ratings to Caa1 from B3 and its national scale rating to Ba3.ar
from Baa2.ar. The downgrade has been prompted by Edenor's
continued poor operating performance in 2012 and the ongoing issue
of frozen tariffs.  The downgrade also reflects the liquidity
constraints the company will face over coming quarters should the
frozen tariff position of the company not change.


INDUSTRIAS METALURGICAS: S&P Lowers Rating to 'B'
--------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on
Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (IMPSA) and on its
wholly-owned subsidiary, WPE International Cooperatief U.A.
(WPEIC) to 'B' from 'B+'.  At the same time, S&P removed them from
CreditWatch with negative implications where it placed them on
Nov. 1, 2012.  The outlook is negative.

"The downgrade reflects our view that the group's overall credit
quality has weakened due to worsening business conditions in
Argentina and still limited cash contribution from its significant
and growing business in Brazil," said Standard & Poor's credit
analyst Luciano Gremone.  Because of IMPSA's 100% ownership of
WPEIC and their integrated business and financial management, S&P
views both companies as bearing a single-default risk.  S&P bases
its financial analysis on IMPSA's consolidated figures, but
exclude cash flows and debt from its project-financed wind parks,
because their debt is structured as 'non-recourse' and matched
with the assets' cash flows.

Still, S&P's ratings on IMPSA are one notch above the unsolicited
foreign currency rating on Argentina (B-/Negative/B) and one notch
above S&P's assessment of 'B-' transfer and convertibility risk
(T&C).  This reflects S&P's view that the company would be able to
withstand in the intermediate term stressful conditions that would
be associated with a hypothetical sovereign default and T&C
restrictions.  Insulating factors include IMPSA's sizable
operations in Brazil through WPEIC and its low cross-border debt
allocated in Argentina (about $50 million as of the date of this
report).  However, in S&P's view, IMPSA's operations in Brazil
support the group's credit quality, enhancing its financial
flexibility (access to better and more diversified financing
conditions and in its capacity to attract financial partners to
the projects) but haven't generated significant excess cash flows.
This is due to the ramp-up of the business and the highly-
leveraged nature of the wind park projects.


LOMA NEGRA: S&P Affirms 'B' ICR & Removes Rating From CreditWatch
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
issuer credit rating on Loma Negra C.I.A.S.A. (Loma Negra) and
removed it from CreditWatch with negative implications where it
placed it on Nov. 1, 2012.  S&P subsequently withdrew this rating
at the issuer's request following its full repayment of its
capital market debt.  Before withdrawing the ratings, the assigned
outlook was negative.

At the time of the withdrawal, the long-term rating on Loma Negra
was one notch higher than its stand-alone credit profile (SACP),
one notch above S&P's long-term sovereign rating on the Republic
of Argentina (B-/Negative/B), and one notch higher than S&P's 'B-'
transfer and convertibility risk assessment on the sovereign.  In
S&P's view, rating on the company benefited from potential support
from Loma Negra's parent, InterCement Brasil S.A. (BB/Stable/--),
which fully and unconditionally guaranteed approximately 60% of
Loma Negra's total debt (comprising about 100% of the company's
cross-border debt).

Loma Negra's SACP, in turn, reflected the inherent risks of
operating in Argentina, the volatile nature of the cement
industry, a limited product diversification, and a certain level
of currency mismatch.  Loma Negra mitigates these factors through
its convenient access to raw materials and logistic integration,
which support its market position as the largest cement producer
in Argentina in terms of market share, installed capacity, and
competitive cost structure.

S&P assessed Loma Negra's business risk profile as "vulnerable,"
and its financial risk profile as "aggressive."  At the time of
the withdrawal, the negative outlook indicated that S&P could
lower the rating further in case of further deteriorations in the
business environment in Argentina and the potential negative
impact of rising country risk to the company's SACP.


PETROBRAS ARGENTINA: S&P Lowers Rating to 'B'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on Petrobras
Argentina S.A. (PESA) to 'B' from 'B+' and removed them from
CreditWatch with negative implications where S&P placed them on
Nov. 1, 2012.  The outlook is negative.

The downgrade is primarily based on S&P's view that the incentives
and appropriate mechanisms for potential further, and timely,
support from its parent company's, Brazilian oil and gas company
Petroleo Brasileiro S.A. - Petrobras (Petrobras; BBB/Stable/--),
support to PESA are now less visible than before, due to worsening
business conditions in Argentina.  As a result, S&P is reducing
its assessment of potential support to only one notch for PESA's
stand-alone credit profile (SACP), which S&P continues to assess
at 'b-'.

Still, S&P's ratings on PESA are one notch above the foreign
currency rating on Argentina (B-/Negative/B), and one notch above
S&P's assessment of 'B-' transfer and convertibility risk (T&C) on
the sovereign.  This reflects S&P's view that the company would be
able to withstand for an intermediate term stressful conditions
that would be associated with a hypothetical sovereign default and
T&C restrictions.  Insulating factors include Petrobras' guarantee
of about 60% of the company's debt, PESA's very low debt, adequate
liquidity, and manageable debt maturities.

PESA's SACP, in turn, reflects the company's exposure to weakening
business conditions in Argentina and high regulatory risk,
significant need for capital expenditures to develop its reserve
base and increase production, and weak reserve replacement ratios.
These factors offset some of the positive aspects of PESA's
business and financial risk profiles, such as adequate integration
of exploration and production (E&P) and refining and marketing
activities, the competitive production costs of its E&P unit, low
debt, and adequate liquidity.  S&P assess PESA's business risk
profile as "vulnerable" and its financial risk profile as
"aggressive."


=============
B O L I V I A
=============


BANCO SOLIDARIO: Moody's Rates Proposed Debt Issuance 'Ba2'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local currency
debt rating to the expected issuance up to Bs 160 million which
will be due in 2,880 days of Banco Solidario. At the same time,
Moody's Latin America assigned a Aaa.bo local currency national
scale debt rating to the expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Solidario's expected
debt issuance:

Bs. 160 million debt issuance:

Global Local Currency Debt Rating: Ba2, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aaa.bo, stable
outlook

Ratings Rationale:

Moody's explained that the local currency senior debt rating
derives from Solidario's Ba2 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

Banco Solidario's Ba2 local currency deposit rating incorporates
the bank's ample profit margins, as well as its good liquidity and
asset quality metrics. The rating also captures the bank's
established franchise in the microfinance business and Solidario's
shareholders composition, largely international microfinance
investors, which provides access to global managerial, strategic
and risk management expertise. However, key risks include a
declining capitalization, which is likely to become a binding
restriction for further loan growth, and lagging efficiency
indicators.

Banco Solidario is headquartered in La Paz, Bolivia, and it had
assets of Bs. 6.3 billion and equity of Bs. 487 million, as of
December 2012.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.


FONDO FINANCIERO: BS40MM Subordinated Debt Gets Moody's B3 Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 global local currency
subordinated debt rating to the expected issuance up to Bs 40
million which will be due in 3,600 days of Fondo Financiero
Privado Fassil. At the same time, Moody's Latin America assigned a
A1.bo local currency national scale debt rating to the
subordinated expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Fondo Financiero Privado
Fassil's expected debt issuance:

Bs 40 million subordinated debt issuance:

Global Local Currency Debt Rating: B3, stable outlook

Bolivia National Scale Local Currency Debt Rating: A1.bo, stable
outlook

Ratings Rationale:

Moody's explained that the local currency subordinated debt rating
derives from Fassil's B2 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

Fondo Financiero Fassil's b2 standalone credit assessment captures
its monoline business orientation, mainly focused on customers
without formal employment, and who are highly susceptible to
macroeconomic fluctuations. Additionally, the ratings reflect
Fassil's aggressive growth strategy as it experienced an
exponential loan portfolio expansion over the past years, which
resulted in higher margins, but raised the risks of asset quality
deterioration as loans season. Moreover, increasing competition in
the microfinance segment from commercial banks and micro finance
institutions may pressure margins in the future.

Fondo Financiero Privado Fassil S.A. is headquartered in Santa
Cruz, Bolivia, and it had assets of Bs. 3.4 billion and equity of
Bs. 248 million, and was the second in size among the five "Fondos
Financieros" and the 12th within the whole banking system in terms
of deposits, with 2.7% of market share as of December 2012.


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


* BRAZIL: Fitch Says 'Through The Cycle' Approach a Credit Plus
---------------------------------------------------------------
The 'through the cycle' strategy employed by Brazilian banks
captures their collective strength of while maintaining a measure
of restraint, this according to Fitch Ratings following its
completed review of Brazil bank portfolio performance. The results
are detailed in a special report released April 5, 2013.

The universe of Fitch-rated Brazilian banks (50 in total)
accounted for over 80% of the assets in the banking system as of
March 31, 2013. Fitch began rating Brazilian banks in the mid-
1980's and has maintained a Brazilian bank portfolio for over 30
years.

'Fitch believes its ratings best serve investors when they
demonstrate consistent relativity through economic cycles, with a
granularity that allows for meaningful differentiation among banks
in the portfolio, and when ratings remain relatively stable
through economic cycles,' said Franklin Santarelli, Managing
Director of Latin American Financial Institutions. 'Fitch
endeavors to rate banks 'through the cycle' as a service to
investors that normally engage in long-term relationships with
these institutions.'

In its review Fitch found just six banks were affected by multi-
notch downgrades in a period of less than 12 months. Conversely,
one bank experienced an upgrade followed by a downgrade in less
than 24 months, which reflected an M&A transaction.

Fitch also notes that 52% of the rating actions since January 2003
have been rating affirmations, followed by 16% rating upgrades and
just 2% rating downgrades. This despite several and sometimes
abrupt economic cycles. The majority of bank ratings have not
echoed these trends in economic activity.

Among banks that have failed in the last 10 years, the ratings
assigned by Fitch to those banks have been always within the non-
investment-grade range or, for those that only had public national
scale rating, below the 'BBB(bra)' range.

In most cases, significant weaknesses on the business model and/or
aggressive expansion plans, as reflected in the ratings, proved to
be the reason for such failures.


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


AROCHEM REFINING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 25, 2013, the shareholders of Arochem Refining Company
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor's Square
          Ground Floor, West Bay Road
          PO Box 1982 Grand Cayman KY1-1104
          Cayman Islands


ASHLAND INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Jan. 30, 2013, the shareholders of Ashland Investments resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Peter Charles Spencer Keeble
          c/o Campbells Corporate Services Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


BLUE HERON: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 18, 2013, the sole shareholder of Blue Heron International
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 13, 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


CARETTA INTEGRATED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 25, 2013, the shareholders of Caretta Integrated Circuits
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


CMA CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 4, 2013, the sole shareholder of CMA Capital Partners Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services AG
          Voltastrasse 61
          PO Box 2520 CH-8033
          Zurich, Switzerland
          Telephone: +4 (144) 366 4016
          Facsimile: +4 (144) 366 4039
          e-mail: rhk@ifit.net


CPC FOODVEST: Shareholder Receives Wind-Up Report
-------------------------------------------------
On March 20, 2013, the shareholder of CPC Foodvest, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gregory Giannini
          Telephone: (214) 999 1000
          Facsimile: (214) 999 1022
          500 Victory Plaza East
          3030 Olive Street
          Dallas, Texas 75219
          United States of America


DEL MAR: Commences Liquidation Proceedings
------------------------------------------
On Jan. 21, 2013, the sole shareholder of Del Mar Riverside Fund
Ltd resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 13, 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


DEL MAR RIVERSIDE: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 21, 2013, the sole shareholder of Del Mar Riverside
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 13, 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


FMCP VOLATILITY: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 30, 2013, the shareholders of FMCP Volatility Master Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 12, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


FMIM LONG: Commences Liquidation Proceedings
--------------------------------------------
On Jan. 30, 2013, the shareholders of FMIM Long Short Equity
Relative Value Master Fund Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 12, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700
          e-mail: Declan.Magennis@KRyS-Global.com


FORSYTH INVESTMENTS:  Shareholders Receive Wind-Up Report
---------------------------------------------------------
On March 4, 2013, the shareholders of Forsyth Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: 945 4777
          Facsimile: 945 4799
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


FRM EMERGING: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 28, 2013, the sole shareholder of FRM Emerging Markets
Fund SPC resolved to voluntarily wind up the company's operations.

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:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HAV3 (VIII): Shareholder Receives Wind-Up Report
------------------------------------------------
On March 15, 2013, the shareholder of HAV3 (VIII) Limited 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


KERALA INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 31, 2013, the sole shareholder of Kerala Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 13, 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


MAXIMUM LATIN: Members Receive Wind-Up Report
---------------------------------------------
On March 8, 2013, the members of Maximum Latin America Alpha
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ORCHID DEVELOPMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 25, 2013, the shareholders of Orchid Development Group
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper (Cayman) Limited
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay, Grand Cayman KY1-9006; and

          Alastair Beverage
          Zolfo Cooper LLP, 10 Fleet Place
          London EC4M 7RB
          United Kingdom


ROYAL BANK: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 25, 2013, the sole shareholder of Royal Bank Of Canada
International Currencies Fund Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 12, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Robert Crockett
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone: +1 (345) 814 8962
          e-mail: robert.crockett@ky.ey.com


TREASURY ENHANCED: Shareholders Receive Wind-Up Report
------------------------------------------------------
On March 18, 2013, the shareholders of Treasury Enhanced Liquidity
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


VINCI FIRENZE: Shareholder Receives Wind-Up Report
--------------------------------------------------
On May 15, 2013, the sole shareholder of Vinci Firenze
International Fund II received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On May 15, 2013, the shareholder of Vinci International Fund II
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949 9877


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


* DOMINICAN REPUBLIC: Power Firms Ask Gov't to Pay US$700MM Debt
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
(ADIE) demanded payment of a debt of more than US$700 million they
affirm is five months in arrears for electricity supplied to the
state-owned utilities (EDES).

Dominican Today notes that ADIE said the debt makes the power
companies' operations untenable, for which the call on the
Government to make greater effort to pay the accumulated debt,
according to Dominican Today. "To honor this commitment is the
only guarantee that exists to ensure the electrical system's
sustainability in the short term," ADIE said, the report relates.

ADIE stressed that the debt owed is for energy supplied and
consumed, and that they need the funds to buy fuel to continue
operating the plants.  "Despite this fact, the power companies
have continued to operate because of our commitment with Dominican
society, to the point of financing the lack of payment by the
EDES," ADIE said, the report adds.


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


* JAMAICA: NIR Dips to 15 Weeks of Imports
------------------------------------------
RJR News reports that data from the Bank of Jamaica show the
country's Net International Reserves has suffered another dip.

It declined by US$55 million last month, according to RJR News.

The report relates that the NIR is now valued at US$884 million or
15 weeks of imports.  A year ago it stood at US$1.7 billion with a
value of 23 weeks of imports, the report notes.


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


GRUPO GICSA: Moody's Confirms Global Scale Issuer Rating at B1
--------------------------------------------------------------
Moody's de Mexico confirmed Grupo GICSA, S.A. de C.V.'s MX-2
national scale short-term rating, Not Prime global scale local
currency short-term rating, Baa1.mx national scale issuer rating,
and its B1 global scale local currency issuer rating. The outlook
is stable. This action concludes Moody's review started on
September 19, 2012.

Ratings Rationale:

These ratings actions reflect the consummation of the sale of 15
properties and the rights to operate and use commercial space at a
marine terminal and port area to Fibra Uno in the 3Q 2012. GICSA
signed a seven-year management contract with Fibra Uno and will
continue to operate the assets. In addition, Grupo GICSA has sold
off most of its luxury high-rise condominium projects, which was a
capital intensive and volatile business segment, and has no plans
for future construction of this type of product.

GICSA is now a smaller, more focused developer, with investments
in retail malls, office and industrial properties, which provide a
stable income stream from long-term recurring leases. These
positive factors are counterbalanced by the company's weak
liquidity profile, which provides limited cushion for unforeseen
cash shortfalls. The company has a large development pipeline and
relies on non-recourse, construction financing that is secured by
the projects. In addition, the company has a $400 million pesos
commercial paper program, which is used for short-term working
capital needs. GICSA is a private company and has not accessed the
public bond or equity markets.

The stable rating outlook incorporates Moody's expectation that
GICSA's credit metrics will at least remain at expected levels
and/ or continue to improve as the company continues to enhance
and grow its owned portfolio, while prudently managing its
development pipeline and at least maintaining its operating
margins. Moody's will monitor GICSA's opportunistic investment and
growth strategy and the funding of its growth strategy.

Moody's stated that upward rating movements will be predicated
upon continued successful progress in its development and growth
strategy accompanied by material improvements in the company's
credit profile including: an reduction in secured debt closer to
30% resulting from the removal of encumbrances of some of its
assets and improvement in the company's overall liquidity profile
such that weighted average debt maturities fall closer to 20-25%
of total debt.

The company's aggressive growth and funding strategy, coupled with
its limited history of accessing the public debt markets are
challenges to ratings improvement in the medium term. Downward
rating pressure would occur from any significant missteps in its
development pipeline or growth plans causing a 10% or more of
reduction in revenues. In addition, material mismanagement of its
development pipeline, causing returns to fall by more than 15%,
its projected occupancies to decline by more than 10% and
deterioration in GICSA's credit profile as follows: fixed charge
coverage below 1.5X and Net Debt/EBITDA above 7.0x, will also
place downward ratings pressure.

The following ratings were confirmed with a stable outlook:

Grupo GICSA, S.A. de C.V. - MX-2 national scale short-term rating;
Not Prime global scale local currency short-term rating; Baa1.mx
national scale issuer rating, and a B1 global scale local currency
issuer rating.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

GICSA, based in Mexico City, Mexico is an owner, operator and
developer of real estate in Mexico. The company owns a portfolio
of shopping centers, offices and industrial properties with
recurring leases as well as an existing development pipeline.

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


* MEXICO: Moody's to Downgrade State of Chiapas' Rating to Ba2
--------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the State of
Chiapas to A2.mx (Mexico National Scale) and to Ba2 (Global Scale,
local currency) from A1.mx and Ba1 respectively. The outlook is
stable.

At the same time, Moody's downgraded the debt ratings of the
following enhanced loans:

MXP1.9 billion (original face value) from Banobras to Aa2.mx and
Baa2 from Aa1.mx and Baa1, respectively;

Both tranches (MXP3.2 billion (original face value) and MXP2.2
billion (original face value)) that comprise a MXP5.4 billion
enhanced loan contracted by the State of Chiapas with Banobras to
Aa3.mx and Baa3 from Aa2.mx and Baa2, respectively.

Moody's also affirmed the debt ratings of Aa2.mx and Baa2 of the
MXP2 billion (original face value) enhanced loan from Banobras.

Ratings Rationale:

The downgrade to Ba2/A2.mx from Ba1/A1.mx reflects the recording
of cash financing requirements and the rapid increase of the
state's debt levels in 2011 and forecasted for 2012. According to
preliminary 2012 results, expenditure growth continues to outpace
revenue growth. Moody's estimates Chiapas' year-end 2012 cash
financing requirements will be equivalent to -7% of total revenue,
a significant level. As a result, net direct and indirect debt to
total revenue is estimated to have increased to around 23.2% in
2012. Adding to that, Chiapas' state congress has approved
additional debt of MXP2.8 billion, that would increase its debt
levels to roughly 30% of total revenues in 2013.

"The stable outlook reflects the good start of fiscal measures
enacted by the new government to redress its fiscal deficit in the
medium term. Measures taken so far on the revenue side such as the
recent inclusion of the vehicle tax rate could support higher own-
source revenues. On the expenditure side, we anticipate that
Chiapas will follow through with the implementation of controls to
better align expenditure to revenue growth", explained Roxana
Munoz, a Moody's Analyst.

The outlook also reflects Chiapas' increasing debt profile,
although mitigated by the lack of any refinancing risk in the
short term. Chiapas total outstanding debt is long term debt and
secured with federal transfers. The state has no short term debt
outstanding. Debt service will represent 1.8% of total revenues in
2013, still a manageable level.

The ratings downgrade of the two enhanced loans reflects the
downgrade of Chiapas' issuer ratings. While the loans'
enhancements continue to provide a notch uplift from the global
scale issuer ratings, per our methodology on rating enhanced
loans, the loan ratings are directly linked to the credit quality
of the issuer, which ensures that underlying contract enforcement
risks, economic risks and credit culture risks (for which the
issuer rating acts as a proxy) are embedded in the enhanced loans
ratings.

The affirmation of the ratings of the MXP2 billion loan reflects
higher revenues pledged to pay debt service. In January 2013, the
state included 25% of FAFEF (a Federal Fund) to the 5.1% of
participations revenues already pledged to service this loan.

What Could Change The Ratings Up/Down

While currently we do not anticipate upward pressure on the
ratings, an adjustment of expenditures, in conjunction with
continued improvement in own-source revenues generation, leading
to sustained positive financial results and the stabilization of
debt metrics, could exert upward pressure on the ratings.

If Chiapas fails to reduce its cash financing requirements and
stabilize debt trends, the issuer ratings could be downgraded
further. Also an accumulation of short-term debt or a
deterioration of its liquidity position could also exert downward
pressure on the ratings.

Given the links between the loans and the credit quality of the
obligor, an upgrade of the State of Chiapas' issuer ratings would
likely result in an upgrade of the ratings on the three enhanced
loans. Conversely, a further downgrade of Chiapas' issuer ratings
could exert downward pressure on the debt ratings of the loans. In
addition, the ratings could face downward pressure if debt service
coverage levels fall materially below our expectations.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013, Enhanced Municipal and
State Loans in Mexico published on 27-Jan-2011, and Mapping
Moody's National Scale Ratings to Global Scale Ratings published
in 9-Oct-2012.

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


* MEXICO: Revised Insurance Law May Spur M&As, Fitch Reports
------------------------------------------------------------
Recent changes to Mexican insurance law enhance the regulatory
framework under a risk-based capital approach, provide the
regulator and the market with new tools to monitor the different
risk exposures of Mexican insurance companies, and may spur some
mergers and acquisition (M&A) activity in the industry. The law,
aligned with Solvency II, provides a more detailed framework we
believe more accurately assess the risks insurance companies are
exposed to, including credit, market, underwriting, and operative
risks. It also improves the industry's transparency and
strengthens corporate governance and regulatory supervision.
Most of the changes are related capital requirements. They move
from the old "solvency margin" to a new measure that not only
incorporates expected capital needs (derived from insurance
underwriting) but also considers the actual credit, market, and
operative risk exposure of each insurance company. Other important
changes in the law are related to the enhancement of technical
reserves and investment rules. In addition, the law requires a new
set of regular financial reporting techniques and the use of
credit rating agencies to provide independent opinions about the
financial strength of the insurance companies, similar to those in
other markets in Central America, Chile, and Colombia.

Since 2009, local regulators and the insurance companies have been
developing the tools and measuring the impact of many of the
changes included in this law, which should result in a relatively
smooth application of the new rules. They are expected to be fully
implemented in the first quarter of 2014.

However, some market participants may find the newer, more
sophisticated models required by the law to asses catastrophic and
other risk exposures inaccessible in the short run. Over the
longer run, the calibration of the models may also be a challenge.
And, in our view, these tools will only be useful for recognizing
and mitigating risks. But they could also be misused to operate
with thinner capital levels if viewed as a tool for the reduction
overall risk. We believe third-party opinions will play a key role
in such monitoring risks. There will be some increased costs to
compliance, and some companies may find it difficult to manage all
the new requirements. Because of this, some M&As may result.


===========
P A N A M A
===========


BANCO INTERNACIONAL: Moody's Affirms Deposit Ratings at Ba1
-----------------------------------------------------------
Moody's Investors Service upgraded Banco Internacional de Costa
Rica S.A.'s standalone bank financial strength rating (BFSR) to D+
from D, and raised the standalone baseline credit assessment (BCA)
to ba1 from ba2. Moody's has also affirmed the bank's long and
short term foreign currency deposit ratings of Ba1 and Not Prime,
respectively.

The outlook on all ratings is now stable.

The following rating was upgraded for Banco Internacional de Costa
Rica S.A.:

Bank financial strength rating to D+, stable outlook, from D

The following ratings were affirmed:

Long term foreign currency deposit rating of Ba1, stable outlook

Short term foreign currency deposit rating of Not Prime

Ratings Rationale:

Moody's said that the upgrade of BICSA's standalone ratings
reflects the bank's growing franchise and profitability as a
lender and trade finance provider within the expanding economies
and regional trade of Central America, its main operating
footprint. The action is anchored on the bank's increased earnings
generation capacity, including growing core and net profitability
that has benefited from strong loan growth and improving fee
generation based on an increasing emphasis on value-added lending,
including a strategy of originating and distributing structured
finance transactions.

The rating upgrade also incorporates the bank's improving asset
quality and increasing geographic and industry diversification as
well as proactive and conservative management of problem loans and
reserve coverage. Moody's also noted that BICSA has strengthened
its risk management organization and practices, including the
centralization of all credit and market risk functions at its head
office in Panama and the appointment of a Chief Risk Officer that
reports directly to the Board. The agency noted at the same time
that the risk management organization will continue to be tested
as BICSA expands into new markets and with new clients throughout
Central and South America. In 2012, the bank included two
independent members in its Board of Directors that will also be
members of the Risk and Audit committees, as required under new
Panamanian regulations.

Moody's noted that the rating upgrade was also driven by BICSA's
improved funding diversification, away from large shareholder
deposits towards customer deposits, as well as through broader
access to market sources, including bank borrowings and term debt
issuances in various Central American markets. This
diversification has supported balance sheet growth and allowed the
bank to reduce its funding costs. BICSA's D+/ba1 standalone
ratings also incorporate the bank's high quality capitalization,
comprised mainly of tangible common equity, and by the consistent
retention of 100% of its earnings, which have supported the bank's
growth strategy so far.

Moody's indicated that principal risks to BICSA's future
performance is its high reliance on wholesale, mainly short term,
market funding that is partly mitigated by continued
diversification of its funding sources. The bank's high growth
strategy is also a key challenge as it may lead to rapid asset
quality deterioration if not managed carefully, given the bank's
high single borrower concentrations and the developing nature of
its target markets. Despite ample capitalization currently, it may
potentially become a constraint going forward should earnings not
be sufficient to support management's growth plans.

BICSA's Ba1 foreign currency deposit rating is now mapped directly
from the bank's baseline credit assessment, and no longer benefits
from support uplift, said Moody's. BICSA's ratings nevertheless
take into account the implicit support of its controlling
shareholders, Banco de Costa Rica, with a 51% stake, and Banco
Nacional de Costa Rica, with a 49% stake, both wholly-owned by the
Costa Rican government, including their agreement with the bank's
full earnings retention and their endorsement of the bank's
strategy of developing international business on their behalf with
Costa Rican and other Central American companies.

The last rating action on Banco Internacional de Costa Rica S.A.
was on January 28, 2011, when Moody's changed the outlook on the
BFSR to positive from stable and affirmed the Ba1 and Not Prime
long and short term foreign currency deposit ratings.

The principal methodology used in rating Banco Internacional de
Costa Rica S.A. was Moody's Consolidated Global Bank Rating
Methodology published in June 2012.

Based in Panama City, Panama, BICSA reported total assets of $ 1.5
billion, equity of $ 156 million, and net income of $ 16.2 million
as of December 31, 2012.


=======
P E R U
=======


BANCO DE CREDITO: Moody's Assigns Ba1 Rating to New Notes Issue
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 foreign currency debt
rating to the subordinated notes to be issued by Banco de Credito
del Peru, through its Panamanian branch, due 2027. The new notes
represent the reopening of the bank's existing $350 million in
subordinated notes due 2027 and are governed by the laws of the
State of New York.

The outlook on the rating is stable.

The following rating is assigned to Banco de Credito del Peru,
Panama Branch:

Foreign Currency Subordinated Debt Rating: Ba1, stable outlook

Ratings Rationale:

The Ba1 foreign currency subordinated debt rating is assigned at
one notch below BCP's baa3 standalone baseline credit assessment
(BCA), that is mapped from the bank's D+ standalone bank financial
strength rating, in line with "Moody's Guidelines for Rating Bank
Hybrid Securities and Subordinated Debt," published in November
2009.

The rating for the subordinated notes therefore does not receive
uplift due to systemic support as in the case of the bank's Baa2
deposit and senior debt ratings. Those ratings derive one notch of
uplift from the baa3 standalone baseline credit assessment,
reflecting Moody's assessment of a very high probability of
systemic support in case of need, given BCP's significant deposit
and loan franchise in Peru.

BCP's baa3 standalone baseline credit assessment (BCA) reflects
its leading market shares in loans, deposits, mutual funds, and
equity, as well as its growing and diversifying core earnings,
well managed asset quality and liquidity, and improving
capitalization, amid intensifying competition from both
international and regional players in Peru. Earnings have been
fueled by recurring net interest income and fees, which have
helped offset the rise in operating and provisioning expenses
related to business expansion. BCP's credit challenges include a
below average net interest margin (NIM) due in part to its largely
corporate loan mix and the addition of a large amount of term debt
to support its longer term credit portfolios. A major shift
towards retail and consumer lending should help boost margins. The
bank's growing appetite for corporate finance and investment
banking transactions in Peru and cross border could lead to higher
risk concentrations and asset quality risk. Nevertheless, the
bank's strong earnings, capital and reserves provide an adequate
buffer to absorb potential losses under our adverse stress
scenarios.

The last rating action on Banco de Credito del Peru was on March
25, 2013, when Moody's assigned a Baa2 foreign currency senior
unsecured debt rating to the bank's fixed rate global senior
unsecured notes.

The principal methodology used in this rating was the Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Banco de Credito del Peru is headquartered in Lima, and is Peru's
largest bank in terms of loans and deposits. The bank reported
assets of $32.3 billion and equity of $2.8 billion as of
December 31, 2012.


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


                   * * * End of Transmission * * *