TCRLA_Public/130415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

              Monday, April 15, 2013, Vol. 14, No. 73


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD GROUP: Victim Payment Plan Goes to Judge


A R G E N T I N A

* ARGENTINA: S&P Affirms Mendoza's 'B-' ICR; Outlook Negative
* ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative


B R A Z I L

CORPORACION PESQUERA: S&P Puts 'B+' Rating on CreditWatch
LUPATECH SA: S&P Lowers Corporate Credit Rating to 'D'
METROFINANCIERA SAPI: Fitch Puts RMBS on Rating Watch Negative


C A Y M A N  I S L A N D S

400 LTD: Commences Liquidation Proceedings
ACTIVE DEVELOPER II: Commences Liquidation Proceedings
BBH INTERNATIONAL: Commences Liquidation Proceedings
CAYUGA GLOBAL: Commences Liquidation Proceedings
CB RUSSIA: Commences Liquidation Proceedings

COLIMORE HARBOUR: Commences Liquidation Proceedings
DESMEJD CAPITAL: Appoints Kavkin as Liquidator
FORTUNE NEST: Placed Under Voluntary Wind-Up
GREENWICH (CAYMAN) I: Placed Under Voluntary Wind-Up
GREENWICH (CAYMAN) II: Placed Under Voluntary Wind-Up

GREENWICH (CAYMAN) III: Placed Under Voluntary Wind-Up
MTONE LIMITED: Placed Under Voluntary Wind-Up
NIGERIA MEDIA: Commences Liquidation Proceedings
ORIENTAL AND PACIFIC: Placed Under Voluntary Wind-Up
PETERSHAM ESTATES: Commences Liquidation Proceedings

RESORT DEVELOPMENT: Placed Under Voluntary Wind-Up
SOLA PORTABLE: Shareholder Receives Wind-Up Report
SP FIBERMARKS: Commences Liquidation Proceedings
TT FINANCIALS: Commences Liquidation Proceedings
TT FINANCIALS ALPHA: Commences Liquidation Proceedings


J A M A I C A

DIGICEL GROUP: Pre-qualifies to Tender for Burma Mobile Licence
UC RUSAL: Ewarton Bauxite Plant Back to Full Production


M E X I C O

BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
MAXCOM TELECOMUNICACIONES: Ventura Extends Offer to April 24


P E R U

FERREYCORP SAA: Moody's Rates Proposed $300MM Notes Issuance Ba1


P U E R T O   R I C O

EL FARMER: Court Takes Back Order Denying Cash Collateral Use
PUERTO DEL REY: Has Interim OK to Use Cash Collateral Til May 13
PUERTO DEL REY: Hearing on Case Dismissal Set for May 13


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Exec Drops Lawsuit Against T&T Opposition


X X X X X X X X

* BOND PRICING: For the Week April 8 to April 12, 2013




                            - - - - -


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


STANFORD GROUP: Victim Payment Plan Goes to Judge
-------------------------------------------------
Thomas Korosec & Andrew Harris, writing for Bloomberg News,
reported that R. Allen Stanford's investors may now be able to
recoup some of their losses more than four years after the
Stanford Group Co. founder was sued by the U.S. Securities and
Exchange Commission and put out of business.

According to the report, Ralph Janvey, the receiver appointed by a
federal judge to marshal and liquidate Stanford's personal and
business assets in February 2009, is set to ask permission to make
a $55 million interim distribution, about one penny for each of
the $5.1 billion dollars lost in the fraud scheme.

Bloomberg said the proposed payout trails the more than $5.4
billion paid to victims of Bernard L. Madoff, who was arrested in
December 2008, about $4.9 billion paid clients of the MF Global
Inc. brokerage after its parent MF Global Holdings Ltd. failed in
October 2011, and the $123 million interim distribution for
victims of Peregrine Financial Group Inc. founder Russell
Wasendorf, who prosecutors last year said stole $215 million.

"No distribution plan can satisfy every claimant," Mr. Janvey's
lawyers said in a Feb. 12 filing with U.S. District Judge David
Godbey in Dallas, Bloomberg recalled.  "But the receiver's interim
plan, which drew only three objections from thousands of
claimants, comes remarkably close."

Bloomberg related that a federal jury in Houston last year found
Stanford, 63, guilty of lying to investors about the nature and
oversight of certificates of deposit issued by his Antigua-based
bank. The jurors later decided he must forfeit $330 million in
accounts seized by the U.S. government.  Sentenced to 110 years in
federal prison, Stanford has appealed the jury's verdict.

The SEC case is Securities and Exchange Commission v. Stanford
International Bank, 09-cv-00298, U.S. District Court, Northern
District of Texas (Dallas). The criminal case is U.S. v. Stanford,
09-cr-00342, U.S. District Court, Southern District of Texas
(Houston).

                    About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management served more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.


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


* ARGENTINA: S&P Affirms Mendoza's 'B-' ICR; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B-' global scale issuer credit rating, on the province of
Mendoza.  The outlook is negative.

The 'B-' rating on the province reflects the high risk inherent to
the Republic of Argentina (B-/Negative/B) and the close linkage
between the sovereign and local governments in Argentina.  The
province's "very negative" liquidity, which only covers 30% of
debt service for the next 12 months, and its limited budgetary
flexibility also constrain the rating.  Somewhat offsetting these
risks are its moderate debt level -- at 40% of operating revenues
as of the end of 2012 and that has been sharply falling for the
past five years -- and its low level of contingent liabilities.


* ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
unsolicited long-term foreign and local currency sovereign credit
ratings on the Republic of Argentina.  At the same time, S&P
affirmed the 'B' short-term rating.  The outlook on the ratings
remains negative.  S&P is also affirming its 'B-' transfer and
convertibility assessment on Argentina.

"The rating reflects Argentina's limited access to funding, the
lack of predictability in economic policies in the context of high
inflation, and growing rigidities in government spending," said
Standard & Poor's credit analyst Sebastian Briozzo.  "It also
reflects diminished debt levels relative to GDP and a relatively
high level of international reserves, despite the use of central
bank reserves to pay external debt."

After the hearing that took place on Feb. 27, 2013, the U.S. Court
of Appeals in New York asked the Republic of Argentina to present
a formal payment proposal to holders of its defaulted debt.  The
Republic of Argentina presented on March 29, 2013, a proposal that
was basically the same as the one it offered in 2010.  The court
then forwarded the proposal to the litigants, who were asked to
reply to the court by April 22.  It remains difficult to
anticipate the final ruling of the U.S. Second Circuit Court of
Appeals.  Each decision could have different implications for
Argentina's ability to continue paying capital and interest on the
exchange bonds issued in 2005 and 2010 under New York
jurisdiction.

"A key rating factor is the court's decision about the ability of
intermediary banks to continue transferring funds from the
government to the holders of the exchange bonds," said Mr.
Briozzo.

Given the variety of possible outcomes, S&P believes that its
current 'B-' rating and the negative outlook incorporate the risks
associated with the legal procedure in New York courts.

The outlook remains negative to reflect the possible implication
of an adverse ruling that includes the third parties (financial
intermediaries) and, therefore, would affect Argentina's ability
to service its exchange bonds.  Under that scenario, S&P would
lower the ratings to 'CCC'.  S&P could also consider lowering its
ratings as a result of a worsening external position, mostly
likely from financial outflows, or additional policy actions that
exacerbate political polarization and further diminish Argentina's
growth prospects.  On the other hand, the ratings could stabilize
if the legal risks were to diminish and if the government takes
actions that restore investor confidence in the economy's medium-
term prospects, thus reducing uncertainty about its external
liquidity position.

This unsolicited rating(s) was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer.  Standard &
Poor's has used information from sources believed to be reliable
based on standards established in S&P's Credit Ratings Information
and Data Policy but does not guarantee the accuracy, adequacy, or
completeness of any information used.


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


CORPORACION PESQUERA: S&P Puts 'B+' Rating on CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' ratings,
including the corporate credit rating, on Corporacion Pesquera
Inca S.A.C.  (Copeinca) on CreditWatch with developing
implications.

The CreditWatch listing follows Cermaq A.S.A.'s planned
acquisition of Copeinca for approximately $824 million.  The
developing implications indicate that S&P could raise, lower, or
affirm the ratings following further review of the transaction.
An upgrade is possible if the transaction improves the company's
business or financial risk profiles and, therefore, its credit
quality.  S&P could affirm the ratings if it views the combined
company as having similar default prospects to Copeinca's, or if
the transaction does not close at all.  S&P could lower the
ratings if the transaction results in a weaker financial risk
profile, resulting in a higher default risk.

Standard & Poor's will seek to resolve or update the CreditWatch
listing within 90 days.  S&P will monitor developments relating to
this transaction and will resolve the CreditWatch listing
following a review of the acquisition and its approval by
Copeinca's shareholders and the Norwegian Parliament.  S&P will
evaluate management's business strategies, new capital structure,
and gain an additional understanding of the company's financial
policy objectives and degree of integration with Cermaq.


LUPATECH SA: S&P Lowers Corporate Credit Rating to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its global and national
scale corporate credit ratings on Lupatech S.A. (Lupatech) to 'D'
from 'SD'.  At the same time, S&P lowered its issue rating on
Lupatech Finance Ltd.'s perpetual bonds to 'D' from 'CCC'.

The downgrade follows the company's April 10, 2013, missed
interest payment on its perpetual bonds.  Up until April 10, 2013,
the company had depended on equity infusions in order to honor its
financial obligations.  "We do not expect the company to pay the
interest due within the 30-day cure period established by the bond
indenture," said Standard & Poor's credit analyst Renata Lotfi.

S&P assigned the 'SD' ratings to Lupatech on April 23, 2012, when
the company postponed the interest payment on local debentures
mostly held by one of its shareholders, Banco Nacional de
Desenvolvimento Economico e Social (BNDES) in connection with a
capital strengthening plan.

When and if this default is resolved, S&P will reevaluate the
company's credit quality as it reorganizes its capital structure.
Recently, the company hired Bank of America Merrill Lynch to act
as a financial advisor in order to broadly restructure its debt.


METROFINANCIERA SAPI: Fitch Puts RMBS on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed the following Metrofinanciera, S.A.P.I.
de C.V., SOFOM, E.N.R. (Metrofinanciera) residential mortgage back
securities (RMBS) on Rating Watch Negative:

MTROCB 07U
-- UDI indexed notes due 2033 'B+sf' and 'BBB(mex)'; Rating Watch
   Negative.

MTROCB 08U
-- UDI indexed notes due 2033 'B+sf' and 'BBB(mex)'; Rating Watch
   Negative.

Key Rating Drivers

The rating actions reflects Metrofinanciera's current
impossibility to transfer March-collections from its banking
accounts to the trust accounts in order to cover next monthly
coupon payment, exposing MTROCB 07U and MTROCB 08U notes to
liquidity risk. Metrofinanciera is the primary servicer on these
transactions, and its collection accounts are temporarily frozen
following a lawsuit filed by an unsecured investor. According to
account balances received from the respective trustees, net
current cash and cash equivalents positions in the trusts (in the
form of liquidity reserves or available cash) are somewhat limited
to fully pay interests on the following coupon payment dates.

Rating Sensitivities

Reviewed ratings could be downgraded by one or more rating
categories if expected March-collections are not fully transferred
to the trusts' accounts or if alternative payments arrangements
are not achieved in order to timely recover recurrent cashflows to
the trusts. A downgrade could also take place if despite paying
next coupon, Metrofinanciera's banking accounts continue to be
frozen in the coming months, its servicing abilities rapidly
deteriorate, asset quality metrics of rated RMBS worsen and net
cash positions remain intermittent for the foreseeable future.


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


400 LTD: Commences Liquidation Proceedings
------------------------------------------
On Jan. 9, 2013, the sole member of 400 Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ACTIVE DEVELOPER II: Commences Liquidation Proceedings
------------------------------------------------------
On Feb. 14, 2013, the sole shareholder of Active Developer II
Company resolved to voluntarily liquidate the company's business.

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

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


BBH INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
On Feb. 14, 2013, BBH International Equity Master Fund (Cayman),
Ltd. commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
March 27, 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


CAYUGA GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 31, 2013, the sole shareholder of Cayuga Global Macro Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 27, 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


CB RUSSIA: Commences Liquidation Proceedings
--------------------------------------------
CB Russia Absolute Return Fund commenced liquidation proceedings
on Feb. 8, 2013.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


COLIMORE HARBOUR: Commences Liquidation Proceedings
---------------------------------------------------
Colimore Harbour Ltd commenced liquidation proceedings.

The company's liquidator is:

          Ian Ashman
          c/o Neil Lupton
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4286
          E-mail: Neil.Lupton@walkersglobal.com


DESMEJD CAPITAL: Appoints Kavkin as Liquidator
----------------------------------------------
On Dec. 18, 2012, Alexander Kavkin of 3-71, Alymova Street,
107031, Moscow, Russia was appointed as liquidator of Desmejd
Capital Ltd.


FORTUNE NEST: Placed Under Voluntary Wind-Up
--------------------------------------------
On Feb. 5, 2013, the sole shareholder of Fortune Nest Corporation
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Ian Stokoe
          c/o Adam Keenan
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


GREENWICH (CAYMAN) I: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on Feb. 11, 2013, the
shareholders of Greenwich (Cayman) I Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GREENWICH (CAYMAN) II: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 11, 2013, the
shareholders of Greenwich (Cayman) II Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GREENWICH (CAYMAN) III: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on Feb. 11, 2013, the
shareholders of Greenwich (Cayman) III Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MTONE LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On Feb. 5, 2013, the sole shareholder of Mtone Limited resolved to
voluntarily wind up the company's operations.

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:

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


NIGERIA MEDIA: Commences Liquidation Proceedings
------------------------------------------------
Nigeria Media Holdings Limited commenced liquidation proceedings.

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:

          Emmanuel Assiak
          Plot 1684
          Sanusi Fafunwa Street
          Lagos, Nigeria


ORIENTAL AND PACIFIC: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Feb. 14, 2013, the sole shareholder of The Oriental and Pacific
Steam Company resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 25, 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


PETERSHAM ESTATES: Commences Liquidation Proceedings
----------------------------------------------------
On Feb. 15, 2013, the shareholders of Petersham Estates Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


RESORT DEVELOPMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Feb. 14, 2013, the sole shareholder of Resort Development
Resources Limited 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


SOLA PORTABLE: Shareholder Receives Wind-Up Report
--------------------------------------------------
On March 26, 2013, the sole shareholder of Sola Portable Alpha
Fund I Ltd received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


SP FIBERMARKS: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 5, 2013, SP Fibermarks Ltd. commenced liquidation
proceedings.

Only creditors who were able to file their proofs of debt by
March 27, 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


TT FINANCIALS: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 30, 2013, the members of TT Financials Long Short Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          P.O. Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2228
          Facsimile: +1 (345) 949 8258
          e-mail: maczarnocki@deloitte.com


TT FINANCIALS ALPHA: Commences Liquidation Proceedings
------------------------------------------------------
On Jan. 30, 2013, the members of TT Financials Long Short Alpha
Fund Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          P.O. Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2228
          Facsimile: +1 (345) 949 8258
          E-mail: maczarnocki@deloitte.com


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


DIGICEL GROUP: Pre-qualifies to Tender for Burma Mobile Licence
---------------------------------------------------------------
RJR News reports that Digicel Group has been told it has
successfully pre-qualified to tender for one of two mobile phone
licences up for grabs in Burma.  Digicel has formed a consortium
with two other firms to seek the license, according to RJR News.

Twelve other applicants have pre-qualified to tender, including
firms from Japan, Europe and Africa.

RJR News says that there were nearly 100 pre-qualification
applicants.

The licenses have come up for tender as Burma seeks to loosen ties
between government and industry as economic reform gets under way
in the newly democratic nation, RJR News notes.

The winners of the licenses are due to be announced at the end of
June.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


UC RUSAL: Ewarton Bauxite Plant Back to Full Production
-------------------------------------------------------
RJR News reports that Phillip Paulwell, Minister of Science,
Technology, Energy and Mining, is reporting that the Ewarton
Bauxite Plant in St. Catherine is now back at full production.

The refinery, which is owned by Russian aluminium giant UC Rusal,
was facing closure last year, according to RJR News.  The report
relates that Mr. Paulwell also outlined the new energy policy for
bauxite companies in Jamaica.

"The bauxite companies have been allowed by the government's new
policy to incorporate their energy source.  There is no way we are
going to have an efficient bauxite alumina industry without this
energy question being solved.  The UC Rusal has recently
reconfirmed their commitment to establishing a 30 megawatt plant
to enable Ewarton to be more efficient.  I'm now recently advised
by US Rusal that the Ewarton plant is back up to full production,"
RJR News quoted Mr. Paulwell as saying.

Meanwhile, RJR News notes that UC Rusal said about 1.5 million
metric tons of aluminum production must be removed from the global
market to reduce record-high inventories.  About 5.2 million
metric tons of aluminum is currently sitting in London Metal
Exchange warehouses, a situation that continues to worry Rusal
which has a major stake in Jamaica's mining sector, RJR News
notes.

UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica, the report says.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.


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


BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit ratings on Banco Continental S.A.E.C.A. (Banco
Continental).  The outlook is stable.

The ratings on Banco Continental reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity.  The 'BB-' issuer credit rating on the bank
is the same as its 'bb-' stand-alone credit profile (SACP), as it
does not incorporate external support.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  Our anchor for a commercial bank operating
only in Paraguay is 'b+'.  Our economic risk score on Paraguay is
'10', based on our view that Paraguay's economy depends largely on
agriculture and international trade, and its monetary flexibility
is limited.  Our industry risk score on Paraguay is '7',
reflecting our belief that the Paraguayan financial system has an
aggressive risk appetite, as demonstrated by rapid credit growth,
and that the scope of supervision is limited.  Despite a
significant increase in domestic credit during the past four
years, the economy still has relatively low leverage. We classify
the Paraguayan government as "support uncertain" toward domestic
banking.


MAXCOM TELECOMUNICACIONES: Ventura Extends Offer to April 24
------------------------------------------------------------
Ventura Capital Privado S.A. de C.V., on behalf of Trust Number
1387 (the "Trust" and, collectively with Ventura, Javier Molinar
Horcasitas and Enrique Castillo Sanchez Mejorada, the
"Purchaser"), on April 10 disclosed that the Purchaser has
extended the expiration date of its tender offer to purchase (i)
all of the outstanding Series A Common Stock, without par value of
Maxcom Telecomunicaciones, S.A.B. de C.V., (ii) all of the
outstanding Ordinary Participation Certificates ("CPOs") of
Maxcom, and (iii) all of the outstanding American Depository
Shares ("ADSs," and collectively with the Shares and CPOs, the
"Securities") of Maxcom, in each case held by persons who are not
Mexican residents.  In Mexico, the Purchaser is offering to
purchase all of the outstanding Shares and CPOs of Maxcom.  The
Mexican Offer is being made on substantially the same terms and at
the same prices as the U.S. Offer.

The tender offer, which was previously scheduled to expire at
12:00 midnight, New York time, on April 10, 2013, will now expire
at 12:00 midnight, New York City time, on April 24, 2013, unless
further extended in accordance with the terms of the tender offer.
The closing of the tender offer will occur on April 29, 2013.  The
extension to April 24, 2013 was made to accommodate the timetable
for the simultaneous exchange offer for any and all outstanding
Maxcom's 11% Senior Notes due 2014 for Maxcom's Step-Up Senior
Notes due 2020.

In addition, the Purchaser is also amending and supplementing the
tender offer to reflect that Maxcom, according to a press release
issued on April 10, 2013, has stated that (i) Maxcom has increased
the minimum tender condition in the Exchange Offer from 61.44% to
80%, subject to Maxcom's right, in its sole discretion, to
decrease the minimum tender condition to 75.1% without extending
the Exchange Offer or granting withdrawal rights; (ii) the
Exchange Offer has been extended three times and as a result has
remained open longer than anticipated; (iii) since the Exchange
Offer and the Equity Tender Offer have not been consummated to
date, Maxcom has not yet received the capital contribution the
Purchaser agreed to make in connection with the Equity Tender
Offer; (iv) during the period that the Exchange Offer has remained
open, Maxcom's operational and financial viability has further
deteriorated in light of not having received the capital
contribution from the Purchaser; (v) as of March 1, 2013, Maxcom's
cash and temporary investment balance was Ps.82.8 million (US$6.4
million); (vi) if the Exchange Offer is not consummated and Maxcom
does not receive the capital contribution from the Purchaser in
connection with the Equity Tender Offer, Maxcom does not expect to
be able to make the coupon payment due on June 15, 2013 with
respect to the Old Notes and Maxcom may not be able to meet other
financial obligations as they come due; (vii) if this occurs,
holders of the Old Notes and the creditors could commence
involuntary bankruptcy proceedings against Maxcom in Mexico or in
the United States; and (viii) if the Exchange Offer is not
consummated, Maxcom currently intends to implement a restructuring
by (a) commencing voluntary cases under Chapter 11 of the United
States Bankruptcy Code through a plan of reorganization; (b)
seeking expedited confirmation of a plan of reorganization or (c)
seeking other forms of bankruptcy relief, all of which involve
uncertainties, potential delays, reduced payments to all creditors
(including holders of the Old Notes) and litigation risks.
Moreover, Maxcom has also stated that (i) such a restructuring may
be protracted and contentious and disruptive to Maxcom's business
and could materially adversely affect Maxcom's relationships with
its customers, suppliers and employees who may terminate their
relationships with Maxcom; (ii) a restructuring would also cause
Maxcom to incur significant legal, administrative and other
professional expenses; (iii) no assurances can be given that any
such restructuring will be successful or that holders of Maxcom's
debt obligations will not have their claims significantly reduced,
converted into equity or eliminated; (iv) if a restructuring is
not successful, Maxcom may be forced to liquidate its business and
assets; (v) the board of directors of Maxcom has approved the
engagement of, and the Maxcom has engaged, counsel to advise it on
a Chapter 11 reorganization and authorized the preparatory
activities related to a restructuring, including the negotiating
of a plan support agreement and a Chapter 11 plan term sheet with
certain of the holders of the Old Notes during the pendency of the
Exchange Offer; and (vi) in the event Maxcom implements a
restructuring through Chapter 11, holders of the Old Notes may
receive New Notes with terms less favorable than those offered
pursuant to the Exchange Offer .

The depositary for the Equity Tender Offer has advised the
Purchaser in connection with the Equity Tender Offer that as of
5:00 p.m., New York City time, on April 10, 2013, approximately
354,540,391 of Maxcom's Series A Common Stock, or 44.87% of the
total outstanding Series A Common Stock, had been validly tendered
and not withdrawn in the Equity Tender Offer.

Security holders of Maxcom may obtain a free copy of these
documents and other documents filed by the Trust and Maxcom with
the SEC at the website maintained by the SEC at http://www.sec.gov

In addition, stockholders may obtain a free copy of these
documents from the Purchaser by contacting Georgeson Inc., the
Information Agent for the tender offer, at (866) 729-6818 or by
contacting Maxcom's Investor Relations department at (52 55) 4770-
1170.



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


FERREYCORP SAA: Moody's Rates Proposed $300MM Notes Issuance Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Ferreycorp
S.A.A.'s proposed senior unsecured global notes for an amount up
to $300 million and a tenor of 10 years. At the same time, Moody's
assigned a Ba1 global local currency corporate family rating to
Ferreycorp. The outlook is stable. This is the first time Moody's
has rated Ferreycorp.

Issuance proceeds will be used mainly to refinance existing short
term debt that the company used to partially fund its working
capital needs.

Ratings Rationale:

"The rating is supported by Ferreycorp's status as Caterpillar
Inc.'s (CAT, rated A2, stable) sole distributor in Peru,
Guatemala, El Salvador and Belize, which affords it with leading
market positions in the construction and mining segments. The
company's track record of stable operating performance, as
evidenced by its strong backlog and well-balanced business between
new unit sales and parts and services also benefit the rating"
said Veronica Amendola, a Vice President senior analyst at
Moody's.

Credit negatives partly offsetting these strengths include
Ferreycorp's relatively modest liquidity, concentration of cash
flows in the cyclical construction and mining industries, and
aggressive capital expenditures program which is expected to
result in negative free cash flow over the near term.

Moody's expects the notes issuance to improve Ferreycorp's current
liquidity profile as proceeds will partially pay down short term
debt that the company maintains with banks and CAT. Furthermore,
CAT's financial support though credit lines counterbalances the
company's currently modest liquidity.

The stable rating outlook reflects Moody's expectation that the
company will be able to continue to benefit from the attractive
fundamentals of the Peruvian mining and construction markets and
maintain its position as one of the leading equipment
distributors. The stable outlook also considers Ferreycorp's
significant backlog for 2013, mainly concentrated in the mining
sector.

Upward rating pressure could emerge if the company were to
substantially increase its size and diversification while
maintaining its solid market position in its key markets together
with a substantial improvement in its liquidity profile.

The ratings or outlook could come under downward pressure if the
company is unable to quickly reduce its operations, investments,
and leverage through a downturn. Quantitatively, Ferreycorp's
rating could come under downward pressure if its debt to EBITDA
ratio moves above 4.0 times or if its EBIT to interest expense
drops below 2.5 times.

The principal methodology used in this rating was the Global Heavy
Manufacturing Rating Methodology published in November 2009.

Headquartered in the city of Lima, Peru, Ferreycorp S.A.A.
(Ferreycorp) is Caterpillar Inc.'s sole distributor in Peru,
Guatemala, El Salvador and Belize. The company also distributes
products under Massey Ferguson, Kenworth, Iveco, Yutong, Terex,
Kepler Weber, Atlas Copco, Sullair and Zaccaria brand names.
Ferreycorp has operations in Peru which represent 82% of revenues
with the balance coming mainly from Guatemala, El Salvador and
Belize. In 2012 Ferreycorp reported revenues and EBITDA of
PEN4,670 million ($1,830 million) and PEN462 million ($178
million), respectively.


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


EL FARMER: Court Takes Back Order Denying Cash Collateral Use
-------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has taken back a previous order denying El
Farmer Inc.'s request for authorization to use cash collateral of
Banco Popular de Puerto.

As reported by the Troubled Company Reporter on April 2, 2013, the
Court denied the Debtor's request to use cash collateral when the
Debtor failed to submit operating budgets and provide a detail of
the proposed usage of the funds.

In an order dated March 27, 2013, the Court vacated the previous
order and approved the stipulation allowing the Debtor to use cash
collateral until April 30, 2013.

The TCR reported on March 5, 2013, that the Debtor sought court
authorization of a stipulation authorizing the use of the cash
collateral until April 30, 2013.  The Debtor's indebtedness to
BPPR 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.

The Debtor explained to the Court, in a motion dated March 8, 2013
requesting reconsideration of the cash collateral order denying
cash collateral use, that the budgets and the detail of the
proposed usage of the funds weren't included in the motion by
involuntary error.  The Debtor has submitted with the motion the
operating budgets and the detail of the proposed usage of the
funds.  A copy of the budgets is available for free at:

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

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.


PUERTO DEL REY: Has Interim OK to Use Cash Collateral Til May 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
granted Puerto Del Rey, Inc., interim authorization to use the
cash collateral of secured creditor FirstBank Puerto Rico until
May 13, 2013.

In December 2009, FirstBank and the Debtor entered into a loan
agreement for $46.55 million, consisting of three credit
facilities.  The debts under the Loan Agreement were evidenced by
promissory notes.

On Jan. 8, 2013, FirstBank sought to prohibit cash collateral use.
On Jan. 14, 2013, the Debtor answered FirstBank's motion.  At a
hearing held on Jan. 16, 2013, the Debtor and FirstBank agreed for
the use of cash collateral under the terms and conditions of a
consented order.  On Feb. 4, 2013, the consented order was
entered.

As adequate protection, FirstBank is hereby granted replacement
liens in the Debtor's post-petition assets.

The Court will hold a hearing on the Debtor's cash collateral use
on May 13, 2013.

                       About Puerto del Rey

Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a
petition for Chapter 11 protection on Dec. 28 in Old San Juan,
Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million
to secured lender First Bank Puerto Rico Inc.  The 22-acre
facility in Fajardo, Puerto Rico, has 918 wet slips and dry
storage for 600 boats.  Bankruptcy was designed to forestall
creditors from attaching assets.  The Debtor disclosed assets of
$99.8 million and liabilities totaling $44.4 million


PUERTO DEL REY: Hearing on Case Dismissal Set for May 13
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
convene a hearing on May 13, 2013, on secured creditor FirstBank
Puerto Rico's motion for the dismissal of the Chapter 11 case of
Puerto Del Rey, Inc.

As reported by the Troubled Company Reporter on March 15, 2013,
FirstBank has asked the Court to enter an order dismissing the
case, or, alternatively, for abstention under Section 305 of the
Bankruptcy Code or 28 U.S.C. Section 1334(c)(1), saying that there
is prima facie evidence of the Debtor's bad-faith in commencing
its case.

In December 2009, FirstBank and the Debtor entered into a loan
agreement for $46.55 million, consisting of three credit
facilities.  The debts under the Loan Agreement were evidenced by
promissory notes.

According to the Debtor, FirstBank made reference to Case No. NSCI
2011-0442, before the Court of First Instance of Puerto Rico,
Fajardo Section, "and vacuously refers to such case as a
restructuring proceeding instituted by Debtor, when such a
qualification is unsustainable first because it is false and
second because Case No. NSCI 2011-0442 was not and cannot be a
substitute for the reorganization proceedings filed by Debtor."

The Debtor claimed that FirstBank erroneously argued that the
Debtor achieved a restructuring allegedly evidenced by a
stipulation for the entry of a judgment by consent in Case No.
NSCI 2011-0442, which terms were incorporated by reference into a
final judgment.  FirstBank alleged that the Debtor took advantage
of the 6 months drop dead term provided by the Settlement to pay
FirstBank $43 million.  FirstBank prevented the Debtor from making
that payment.

The Debtor said that Case No. NSCI 2011-0442 with the Fajardo
Court was filed by the Debtor and others.  FirstBank counter-
claimed to collect the debt evidenced by the Promissory
Notes and execute the mortgages and other security agreements that
served as collateral to the Promissory Notes.  The case resulted
in the Settlement dated July 10, 2012.  According to the
Settlement, the Debtor and the other plaintiffs stipulated with
FirstBank, that the Debtor's and the other plaintiffs' total debt
to the bank, as of July 9, 2012, amounting to $56.96 million
including principal, accrued interest, penalties, charges and
legal fees, would be reduced to $43 million and would be payable
by the Debtor, without interest, on or before Dec. 31, 2012.

The parties further stipulated that in the event of non-payment by
the Debtor of the $43 million by Dec. 31, 2012, FirstBank's
remedies would be limited to either (i) require the Debtor to
deliver the mortgaged real estate in favor of FB in lieu of
payment or (ii) the execution of said mortgages through confession
of judgment.  The Settlement, according to the Debtor,
extinguished the Debtor's original obligations to FirstBank under
the Promissory Notes.  The Debtor said that the old and the new
obligations are incompatible, the new one for the $43 million
substituting the old one evidenced by the Promissory Notes.  The
Debtor stated that the dismissal with prejudice of FirstBank's
counterclaim "extinguished the obligations under the Promissory
Notes.  A new and different obligation was created by the
Settlement, e.g. the $43 million."

                       About Puerto del Rey

Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a
petition for Chapter 11 protection on Dec. 28 in Old San Juan,
Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million
to secured lender First Bank Puerto Rico Inc.  The 22-acre
facility in Fajardo, Puerto Rico, has 918 wet slips and dry
storage for 600 boats.  Bankruptcy was designed to forestall
creditors from attaching assets.  The Debtor disclosed assets of
$99.8 million and liabilities totaling $44.4 million


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


CARIBBEAN AIRLINES: Exec Drops Lawsuit Against T&T Opposition
-------------------------------------------------------------
RJR News reports that a lawsuit filed by former Caribbean Airlines
Limited Chairman George Nicholas against Trinidad's Opposition
Leader Dr. Keith Rowley over comments made on a political platform
has been withdrawn.

The matter came up for hearing in a Port of Spain court on
April 8, 2013.

Mr. Nicholas had filed the claim on April 30 last year seeking
compensation for statements attributed to Mr. Rowley during a
political meeting on Jan. 17, 2012, according to RJR News.

Mr. Nicholas, the report says, had also sued the Trinidad Express
newspaper as defendants in the lawsuit for an article published.


                     About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in January
2007.


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


* BOND PRICING: For the Week April 8 to April 12, 2013
------------------------------------------------------

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

ARGENTINA
---------


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



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

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


CHILE
-----

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


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

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


VENEZUELA
---------

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





                            ***********


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

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

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


                            ***********


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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