TCRLA_Public/130416.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 16, 2013, Vol. 14, No. 74


                            Headlines



A N G U I L L A

BINGO.COM LTD: Incurs $46,235 Net Loss in 2012


A N T I G A U  &  B A R B U D A

* ANTIGUA & BARBUDA: IMF Approves US$10.162 Million Disbursement


A R G E N T I N A

* ARGENTINA: Moody's Upgrades Ratings on Various Securitizations
* ARGENTINA: Moody's Confirms Cordoba's B3 Issuer & Debt Ratings


B R A Z I L

BANCO FIBRA: Moody's Rates New $150-Mil. Bond Issuance 'Ba3'
BANCO RIBEIRAO: Moody's Withdraws Ba2 Deposit Ratings
BANIF BANCO: Moody's Withdraws Caa2 Deposit Ratings
OAS SA: Fitch Upgrades Issuer Default Rating to 'B+'


C A Y M A N  I S L A N D S

AALTO ASIA: Shareholders Receive Wind-Up Report
AALTO ASIA MASTER: Shareholders Receive Wind-Up Report
ASTRUM HOLDINGS: Shareholders Receive Wind-Up Report
CAYUGA GLOBAL: Shareholders Receive Wind-Up Report
CB CAPITAL: Members Receive Wind-Up Report

CX WINDTECH: Shareholders Receive Wind-Up Report
HFV DRAKE 1: Members Receive Wind-Up Report
HFV DRAKE 2: Members Receive Wind-Up Report
HYLAS CAPITAL: Shareholder Receives Wind-Up Report
HYLAS CAPITAL MASTER: Shareholder Receives Wind-Up Report

LAPP EMERGING: Shareholder Receives Wind-Up Report
LAPP EMERGING LLC: Shareholder Receives Wind-Up Report
LAPP EMERGING MASTER: Shareholder Receives Wind-Up Report
PENHAM HOLDINGS: Shareholders Receive Wind-Up Report
PORTABLE ALPHA: Shareholder Receives Wind-Up Report

SOLA PACIFIC: Shareholder Receives Wind-Up Report
SOLA PORTABLE: Shareholder Receives Wind-Up Report
SP FIBERMARKS: Shareholders Receive Wind-Up Report
TRITON 400: Shareholders Receive Wind-Up Report
WBS FX: Shareholder Receives Wind-Up Report


M E X I C O

BAJA MINING: Reports $321.3-Mil. Net Loss in 2012
CORPORACION GEO: S&P Lowers Global Scale Ratings to 'CCC+'
CORPORACION GEO: Seeks Restructuring as Bonds Sink
MAXCOM TELECOM: Increases Coupon Rate in Exchange Offer
URBI DESARROLLOS: Said to Hire Rothschild to Study Restructuring

* Moody's Withdraws B3 Ratings on ING Bank and ING Casa


P U E R T O   R I C O

BERWIND REALTY: Stipulation on the Use of BPPR's Rents Approved


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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A N G U I L L A
===============


BINGO.COM LTD: Incurs $46,235 Net Loss in 2012
----------------------------------------------
Bingo.com, Ltd., filed on March 29, 2013, its annual report on
Form 10-K for the year ended Dec. 31, 2012.

Davidson & Company LLP, in Vancouver, Canada, expressed
substantial doubt about Bingo.com, Ltd.'s ability to continue as a
going concern, citing the Company's negative cash flows from
operating activities during the past year and accumulated deficit
of US$15,965,824 as of Dec. 31, 2012.

The Company reported a net loss of US$46,235 on US$1.8 million of
total revenue in 2012, compared with a net loss of US$689,016 on
US$1.4 million of total revenue in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
US$3.4 million in total assets, US$105,608 in total currrent
liabilities, and stockholders' equity of US$3.3 million.

A copy of the Form 10-K is available at http://is.gd/TcKLap

Headquartered in The Valley, Anguilla, B.W.I., Bingo.com, Ltd.,
was originally incorporated in the State of Florida on Jan. 12,
1987.  It is in the business of owning and marketing a bingo based
entertainment website that provides a variety of Internet games
plus other forms of entertainment, including an online community,
chat rooms, and more.


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


* ANTIGUA & BARBUDA: IMF Approves US$10.162 Million Disbursement
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
completed the eighth and ninth reviews of Antigua and Barbuda's
economic performance under a program supported by a 36-month
Stand-by Arrangement (SBA).  The completion of the reviews allows
the immediate disbursement of an amount equivalent to SDR 6.75
million (about US$10.162 million), bringing total disbursements
under the arrangement to an amount equivalent to SDR 50.625
million (about US$76.2 million).

In completing the review the Executive Board approved the
authorities' request for a waiver of nonobservance of the
continuous performance criterion on external arrears.  This waiver
was granted on the basis of the temporary and minor nature of the
deviations from the program objectives and the corrective measures
undertaken by the authorities.  The Executive Board also approved
a request for a waiver of applicability for the end-March 2013
performance criteria (PC).  This waiver was necessary because the
Executive Board meeting was scheduled to take place prior to the
availability of data to assess the relevant PCs.

Following the Executive Board's discussion, Mr. Naoyuki Shinohara,
Deputy Managing Director and Acting Chair, made the following
statement:

"Antigua and Barbuda's economy is recovering gradually after three
years of recession brought on by the international financial
crisis. Tourism arrivals increased in 2012 and government programs
provided an incentive for housing investment.  However,
significant risks to the macroeconomic outlook remain, including
from a slowdown in advanced economies, higher import prices and
natural disasters.

"The government continues to make progress in fiscal consolidation
through expenditure restraint and improvements in revenue
administration.  All performance criteria for end-December 2012
were met, except for a minor breach of the continuous performance
criterion on external arrears for which corrective action has been
taken.  The government maintains its successful efforts in debt
restructuring to reduce the burden of debt service, although
potential contingent liabilities in state-owned enterprises and
the banking sector remain a concern.

"The authorities' budget for 2013 is consistent with their goal of
reducing the debt ratio to 60 percent of GDP by 2020.  Continued
implementation of structural reforms in revenue administration and
public financial management will be essential to achieve the 2013
fiscal targets while providing space for productive public
investment in human capital and infrastructure.  Reducing
concessions in customs and other tax expenditures will be an
important part of this effort.  The passage and implementation of
best practice legislation in customs and tax administration will
also ensure the sustainability of the fiscal consolidation effort
going forward.

"The authorities expect to conclude the resolution of ABI Bank by
end-April, 2013.  This will reduce uncertainty in the domestic
banking system and free resources to concentrate on other
important financial sector reforms, including strengthening
banking supervision, updating the regulatory and legal framework,
restructuring the indigenous banking system and improving the Anti
Money Laundering/Countering the Financing of Terrorism supervisory
framework.  Making the government's asset management company
operational will also be important to maximize recovery from the
impaired assets of the ABIB resolution."


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


* ARGENTINA: Moody's Upgrades Ratings on Various Securitizations
----------------------------------------------------------------
Moody's Latin America upgraded the national scale and global local
currency ratings of several debt securities and certificates of
securitizations issued in the Argentina.

The complete rating action, which includes upgrades of the
national scale ratings and global local currency ratings, is as
follows:

Issuer: Fideicomiso Financiero Finansur Autos IV

CP, Upgraded to B2.ar (sf); previously on Jun 8, 2011 Assigned
Caa2.ar (sf)

CP, Upgraded to Caa2 (sf); previously on Jun 8, 2011 Assigned Caa3
(sf)

Issuer: Fideicomiso Financiero Finansur Autos V

VDFB, Upgraded to Aaa.ar (sf); previously on Jul 28, 2011 Assigned
Aa3.ar (sf)

VDFB, Upgraded to Ba3 (sf); previously on Jul 28, 2011 Assigned B1
(sf)

Issuer: Fideicomiso Financiero Pvcred Serie VII

VRDB - Class B Debt Securities, Upgraded to Aaa.ar (sf);
previously on Oct 12, 2012 Upgraded to Aa1.ar (sf)

CP - Certificates, Upgraded to Aaa.ar (sf); previously on Oct 12,
2012 Upgraded to B2.ar (sf)

CP - Certificates, Upgraded to Ba3 (sf); previously on Oct 12,
2012 Upgraded to Caa2 (sf)

Ratings Rationale:

The upgrade reflects the sound performance of the securitized
pools and the increased credit enhancement levels due to a turbo
sequential structure that captures the totality of the available
excess spread in the transactions to repay the rated debt.

In order to establish the updated rating levels, Moody's ran cash
flow models using lognormal distributions for defaults and
prepayments. Moody's used the current pool balance and the current
balance of the debt securities and certificates. Moody's analysis
did not consider any loans that were more than 30 days past due.

The rating of the Certificates addresses only the repayment of
principal before legal final.

The principal methodology used in these ratings was Moody's
Approach to Rating Consumer Loan ABS Transactions published in
October 2012.

Moody's National Scale Credit 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 credit 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 an ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico.


* ARGENTINA: Moody's Confirms Cordoba's B3 Issuer & Debt Ratings
----------------------------------------------------------------
Moody's Latin America confirmed the issuer ratings of the Province
of Cordoba of B3/Baa2.ar (local currency) and Caa1/Ba3.ar (foreign
currency); Moody's Latin America also confirmed Cordoba's debt
ratings of B3/Baa2.ar (local currency) and Caa1 (foreign
currency). The outlook on the ratings is negative. This action
concludes the review that was initiated on January 30.

Ratings Rationale:

This action reflects Moody's assessment of the support that the
Province of Cordoba continues to provide to Empresa Provincial de
Energia de Cordoba (EPEC), an electric utility fully owned by the
province, as evidenced by the continuity of the provincial
guarantee on the USD 565 million (face value) 10-year notes issued
by EPEC in 2011.

Last January a court ruling modified the flow structure under
which the provincial guarantee on the notes operated. The ruling
ordered Banco de la Nacion Argentina, the paying agent, to stop
sending Cordoba's ceded co-participation funds (roughly USD 5
million per month, or Cordoba's 0.1% of operating revenues) to the
trust serving EPEC notes and send them directly to the Province.
While such structure provided no rating enhancement on the notes,
the court's ruling dismantled any implicit enhancements that the
structure had leaving it explicitly and directly linked to the
province's credit risk and willingness to pay.

Since then, the Province of Cordoba has continued to support EPEC
by making direct transfers to the trust to complement the debt
service payments as required under the terms of the notes. The
province has made clear its intentions to continue to guarantee
EPEC's notes and transfer all of the resources required to ensure
their good standing.

With this action, Moody's confirms the following ratings of the
Province of Cordoba:

- Issuer ratings: B3 (Global Scale, local currency) and Baa2.ar
(National Scale, local currency); Caa1 (Global Scale, foreign
currency) and Ba3.ar (National Scale, foreign currency)

- Debt ratings: B3 (Global Scale, local currency) and Baa2.ar
(National Scale, local currency); Caa1 (Global Scale, foreign
currency)

The negative outlook assigned reflects the negative outlook
assigned to Argentina's B3 local and foreign currency government
bond ratings. The outlook reflects the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy, rising fiscal and foreign exchange pressures and legal
proceedings that could affect the creditworthiness of its
provinces and municipalities. Despite the intrinsic financial
characteristics of Argentinean provinces and municipalities, the
lack of consistent and predictable policies at the national level
affects the institutional framework under which provinces and
municipalities operate and ultimately ties their credit quality to
that of the Sovereign.

What Could Change the Rating Up/Down?

Moody's does not expect upward pressures in the Province of
Cordoba's ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable.

The province could be downgraded if the negative outlook on the
sovereign rating materializes into a rating downgrade.
Furthermore, any action taken by the federal government that would
negatively impact the ability of the province to repay its
financial obligations could lead to a further downgrade. Any such
actions would be viewed by Moody's as further illustration of a
deteriorating institutional framework and an unstable policy
environment.

The principal methodologies used in this rating were Regional and
Local Governments published in January 2013 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 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
an ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

The last rating action was in January 30, 2013 when Cordoba's
issuer and debt ratings were placed under review for possible
downgrade.


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


BANCO FIBRA: Moody's Rates New $150-Mil. Bond Issuance 'Ba3'
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency debt rating to the proposed senior unsecured bond
issuance by Banco FIBRA S.A., in the approximate amount of $150
million, due April 2016. The outlook on the debt rating is stable.

The following rating was assigned:

Issuer: Banco FIBRA S.A.

Ba3 senior unsecured long-term bond rating, stable outlook

Ratings Rationale:

Moody's explains that the foreign currency senior unsecured debt
rating derives from Fibra's Ba3 global local currency (GLC)
deposit rating. The proposed notes will be issued under the bank's
existing $1 billion Global Medium Term Note Program rated (P)Ba3
on the long term scale and (P)Not Prime on the short-term scale.

Fibra's standalone rating incorporates its traditional midsized
franchise, which is based on middle-market lending and treasury
activities, as well as a consumer finance business currently being
restructured. Poor recurring earnings and sustainability has been
a key rating driver for Fibra and reflects the bank's inroads into
consumer lending at a time of changing market conditions, which
has resulted in high credit and operating costs that have affected
earnings and thus internal capital generation. The refocusing of
its business model, now under way, will lead to lower provisions
as the retail loan book is running-off and as sales platforms are
being repositioned in order to concentrate on good performance in
the traditional SME lending business and a reshaped consumer
finance platform centered on personal loans and credit card
activities.

The last rating action on Banco FIBRA occurred on 26 June 2012,
when Moody's downgraded the bank financial strength rating (BFSR)
to D-, from D, and its long-term global local and foreign currency
deposit ratings to Ba3, from Ba2. At the same time, Fibra's
Brazilian national scale deposit ratings were downgraded to
A2.br/BR-2, from Aa3.br/BR-1, long- and short-term, respectively.
The bank's long-term foreign currency subordinated debt rating was
also lowered to B1, from Ba3. The short-term ratings remained
unchanged.

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

Banco FIBRA S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of BRL10.4 billion ($5.5 billion) and
shareholders' equity of BRL1,037.4 million ($507.7 million) as of
December 31, 2012.


BANCO RIBEIRAO: Moody's Withdraws Ba2 Deposit Ratings
-----------------------------------------------------
Moody's Investors Service has withdrawn Banco Ribeirao Preto
S.A.'s (BRP) bank financial strength rating (BFSR) of D and global
local currency and foreign currency deposit ratings of Ba2 and Not
Prime. At the same time, Moody's has withdrawn the Brazilian
national scale deposit ratings of A1.br and BR-1. Before the
withdrawal, all ratings had a negative outlook.

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

The last rating action on BRP occurred on November 21, 2012, when
Moody's affirmed all of BRP's ratings and changed their outlook to
negative from stable.

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
an ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

Banco Ribeirao Preto S.A. is headquartered in Ribeirao Preto, Sao
Paulo, Brazil. As of December 2012, the bank had total assets of
approximately BRL269 million ($131 million) and equity of BRL69
million ($34 million).

The following ratings assigned to BRP were withdrawn:

Bank financial strength rating: D, negative outlook;

Global local-currency deposit rating: Ba2 and Not Prime, negative
outlook;

Foreign-currency deposit rating: Ba2 and Not Prime, negative
outlook;

Brazilian national scale deposit ratings: A1.br and BR-1, negative
outlook.


BANIF BANCO: Moody's Withdraws Caa2 Deposit Ratings
---------------------------------------------------
Moody's Investors Service has withdrawn Banif Banco de
Investimento (Brasil), S.A.'s (Banif Investimento) bank financial
strength rating (BFSR) of E and global local currency and foreign
currency deposit ratings of Caa2 and Not Prime.

At the same time, Moody's has withdrawn the Brazilian national
scale deposit ratings of Caa2.br and BR-4. Before the withdrawal,
the BFSR had stable outlook and all long-term deposit ratings were
on review for possible downgrade.

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

The last rating action on Banif Investimento occurred on December
13, 2012, when Moody's downgraded its BFSR to E from E+, and
lowered its standalone baseline credit assessment to caa2 from b3.
At the same time, Moody's downgraded the long-term global local
and foreign currency deposit ratings to Caa2 from B2 and the
Brazilian national scale deposit ratings to Caa2.br and BR-4 from
Ba1.br and BR-3. The short-term local and foreign currency deposit
ratings of Not Prime remained unchanged. All the long-term deposit
ratings were placed on review for possible downgrade, while the
outlook on the BFSR remained stable.

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
an ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil. As of December 2012, the bank had total assets of
approximately BRL417 million ($204 million) and equity of BRL131
million ($64 million).

The following ratings assigned to Banif Investimento were
withdrawn:

Bank financial strength rating: E, stable outlook

Global local-currency deposit rating: Caa2 and Not Prime, review
for downgrade;

Foreign-currency deposit rating: Caa2 and Not Prime, review for
downgrade;

Brazilian national scale deposit ratings: Caa2.br and BR-4, review
for downgrade


OAS SA: Fitch Upgrades Issuer Default Rating to 'B+'
----------------------------------------------------
Fitch Ratings has upgraded the ratings of the OAS group as
follows:

OAS S.A. (OAS):

-- Long-Term Foreign Currency Issuer Default Ratings (IDR) to 'B+'
   from 'B'';
-- Long-Term Local Currency IDR to 'B+' from 'B';
-- Long-Term National Rating to 'BBB+(bra)' from 'BBB(bra)';
-- 2nd Debenture Issue, BRL200 million, maturity in June 2013,
   Long-term National Rating to 'BBB+(bra)' from 'BBB(bra)';
-- 3rd Debenture Issue, BRL300 million, maturity in December 2016,
   Long-term National Rating to 'BBB+(bra)' from 'BBB(bra)';
-- 4th Debenture Issue, BRL250 million, maturity in January 2027,
   Long-term National Rating to 'BBB+(bra)' from 'BBB(bra)';
-- 5th Debenture Issue, BRL300 million, maturity in May 2015,
   Long-term National Rating to 'BBB+(bra) from 'BBB(bra)'.

Construtora OAS S.A. (Construtora OAS):
-- Long-term Foreign Currency IDR to 'B+' from 'B';
-- Long-term Local Currency IDR to 'B+' from 'B';
-- Long-term National Rating to 'BBB+(bra)' from 'BBB(bra)'.

OAS Investments GmbH:
-- Long-term Foreign Currency IDR to 'B+' from 'B';
-- Senior Notes Issue, USD500 million, maturity October 2019 - to
   'B+' /''RR4' from 'B'/'RR4'

OAS Empreendimentos S.A. (OAS Empreendimentos)
-- Long Term National Rating to 'BBB-(bra)' from 'BB+(bra)';
-- 2nd Debenture Issue, BRL60 million, maturity in July 2014,
   guaranteed by OAS S.A., Long-term National Rating to BBB+(bra)
   from BBB(bra).

Fitch also assigned 'B+'/'RR4' rating to OAS Finance Ltd's
proposed Perpetual Bonds issuance of US200 million to USD300
million. The Bonds are unconditionally guaranteed by
OAS,Construtora OAS and OAS Investimentos (OASI). The majority of
the proceeds will be used to finance CAPEX investments.

The Outlook for the corporate ratings is Stable.

KEY RATING DRIVERS

The upgrade of the ratings of OAS group companies reflects
Construtora OAS' improved credit metrics, the group's heavy
construction company and the main cash generator, and the
expectation that the company will continue to report improved
results, following the spin-off of the activities of the
investments segment. OAS' stronger liquidity and extended debt
amortization profile were also factored in the analysis. Fitch
expects OAS to preserve conservative cash cushion to support the
group's growth strategy and debt maturities.

The rating action also considers the OAS's capacity to deleverage
in the next 3 years faster than previously expected by Fitch, as
EBITDA generation should grow especially due to the startup of
activities of subsidiaries of OASI that are still in pre-
operational phase. Fitch considers the group's consolidated
leverage high due to the expansion in the infrastructure
concession segment, but considers that most of these investments
are funded through project finance lines, with limited -recourse
to OAS, and that the companies should generate cash flow in the
medium term to meet their obligations.

The ratings also incorporate the strong expertise and the position
of the OAS group as one of the five largest contractors in the
domestic civil construction sector by revenues, and its long track
record in engineering and heavy construction in Brazil. The
ratings also factor the backlog concentration in some large works;
the volatility inherent to the construction sector; and the
support required for the homebuilding company of the group.

Construtora OAS has the same ratings as the controller OAS, since
it has historically been the group's main operating company and
cash generator. The company is 100% controlled by and
operationally integrated to OAS, besides being the guarantor of
46% of the consolidated corporate debt, net of project finance
lines. In 2012, OAS's engineering divison represented 72% of the
group's consolidated gross revenues.

Construtora OAS Improved Credit Metrics

Construtora OAS' credit metrics should continue to improve, as the
group finalized the spin-off of OAS Investimentos's assets in
December 2012. The investments and expenses of these projects
under the Construtora OAS's structure negatively impacted the
company's margins and leverage ratios during the last periods. In
2012, Construtora OAS generated EBITDA of BRL306 million and
represented 93% of the group's consolidated operating EBITDA as
per Fitch's criteria. Fitch expects Construtora OAS to increase
its EBITDA margin to around 8% from 2013 onwards, compared to 5.6%
reported in 2012.

Stronger Liquidity

OAS group's liquidity improved. Fitch expects OAS to preserve
strong cash reserves to support the backlog's growth and the
group's working capital needs, and to continue with its strategy
of lengthening the consolidated debt amortization profile. As of
Dec. 31, 2012, consolidated cash and marketable securities were
BRL3.179 billion and total debt, BRL6.749 billion. These numbers
compare with BRL1.465 billion and BRL3.753 billion, respectively,
at year-end 2011.

OAS has an extended debt amortization profile, especially
excluding limited-recourse debt related to project financing. Cash
reserves were sufficient to cover 217% of the short-term
consolidated debt of BRL1.462 billion and 127% of BRL2.495 billion
of debt due up to December 2014. The expansion of the
infrastructure concession segment of the group resulted in a
significant increase in total debt. From the total consolidated
debt, about BRL2.1 billion are limited -recourse debt, related to
investments funded with project finance lines, which reduces the
pressure on OAS consolidated liquidity.

Leverage Should Gradually Reduce

OAS' leverage is high and is expected to gradually reduce in the
next 3 years. The group's aggressive business expansion in heavy
construction and the investments in infrastructure concessions and
in homebuilding have resulted in a significant increase of OAS'
consolidated debt. In 2012, net leverage adjusted by limited-
recourse debt and restricted cash was 6,7x according to Fitch
criteria, and should gradually decline, more intensively after
2015 following the startup of great part of current projects in
pre-operational phase. OASI's additional potential EBITDA
generation above BRL400 million by 2015, combined with lower
expected equity commitments for the current portfolio of about
BRL500 million during 2013-2015, compared to high equity
injections of BRL1.4 billion between 2010 and 2012, should
contribute to reduce the group's leverage.

Strong Backlog Supports Growth

Construtora OAS' backlog increased to BRL18.2 billion at end 2012
from BRL17.9 billion in June 2012, despite some work cancellation
and the delay for signing new contracts. The backlog is, however,
somewhat concentrated with six projects representing 40% of the
total. The current backlog and the positive scenario for the
infrastructure sector should ensure the group's growth in the next
periods, both in its activities as subcontractor and in the
concession area.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Non-recovery or a reduction of operating margins and
deterioration of credit metrics due to downturns in the heavy
construction activities or increase in execution costs. Such
scenarios would further pressure margins and reduce the group's
capacity to generate operating cash flow.

-- A weaker liquidity and higher leverage to support increased
investments could also result in a rating downgrade.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- A consistent reduction in leverage and evolution of operational
cash flow generation, combined with maintenance of strong
liquidity position, and lengthened schedule of debt amortization.


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


AALTO ASIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AALTO Asia Fund Limited received on March 26,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Alric Lindsay
          PO Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          Telephone: 345-926-1688
          E-mail: info@lindsay.ky


AALTO ASIA MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of AALTO Asia Master Fund Limited received on
March 26, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alric Lindsay
          PO Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          Telephone: 345-926-1688
          E-mail: info@lindsay.ky


ASTRUM HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Astrum Holdings Limited received on April 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


CAYUGA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cayuga Global Macro Fund Limited received on
March 29, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CB CAPITAL: Members Receive Wind-Up Report
-------------------------------------------
The members of CB Capital Management Inc. received on March 25,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CX WINDTECH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CX Windtech Holdings Company Limited received
on March 19, 2013, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


HFV DRAKE 1: Members Receive Wind-Up Report
-------------------------------------------
The members of HFV Drake 1 Ltd received on March 22, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Beverly Mathias
          C/O Citco Trustees (Cayman) Limited
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


HFV DRAKE 2: Members Receive Wind-Up Report
-------------------------------------------
The members of HFV Drake 2 Ltd received on March 22, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Beverly Mathias
          C/O Citco Trustees (Cayman) Limited
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


HYLAS CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Hylas Capital Fund, Ltd received on March 19,
2013, 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


HYLAS CAPITAL MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Hylas Capital Master Fund, Ltd. received on
March 19, 2013, 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


LAPP EMERGING: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Lapp Emerging Markets Fund I Limited received
on March 25, 2013, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


LAPP EMERGING LLC: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Lapp Emerging Markets Fund I, LLC received on
March 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


LAPP EMERGING MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Lapp Emerging Markets Master Fund I received on
March 25, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Dinh Quang Nguyen
          1 Kim Seng Promenade #10-03
          Great World City
          East Tower
          Singapore 237994


PENHAM HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Penham Holdings Limited received on April 2,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PORTABLE ALPHA: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Portable Alpha Fund II Ltd received on
March 26, 2013, 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1762
         Facsimile: (345) 949 9877


SOLA PACIFIC: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Sola Pacific Fund Ltd received on
March 26, 2013, 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1762
         Facsimile: (345) 949 9877


SOLA PORTABLE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The sole shareholder of Sola Portable Alpha Fund III Ltd received
on March 26, 2013, 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
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1762
         Facsimile: (345) 949 9877


SP FIBERMARKS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of SP Fibermarks Ltd. received on March 29, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TRITON 400: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Triton 400 Ltd received on March 25, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


WBS FX: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of WBS FX Funding Company received on March 29,
2013, 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


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


BAJA MINING: Reports $321.3-Mil. Net Loss in 2012
-------------------------------------------------
Baja Mining Corp. reported a net loss of US$321.3 million for the
year ended Dec. 31, 2012, compared with net income of
US$20.0 million for the year ended Dec. 31, 2011.

The loss in 2012 was primarily driven by: (i) impairment losses
totaling US$190.4 million, including a US$188.1 million impairment
following the announcement of the forecasted cost overrun of the
Boleo Project during the quarter ended June 30, 2012; and (ii) a
loss of US$127.3 million relating to the deconsolidation of MMB
upon completion of the Phase I interim funding in the quarter
ended Sept. 30, 2012, principally attributable to a fair value
impairment attributable to the underlying equity and MMB
shareholder loans.

The foregoing was partly offset by income of US$10.0 million
representing the Company's Share of Results in Associate in the
period subsequent to the loss of control of MMB and by a
US$10.6 million fair value adjustment gain relating to the
Company's derivative instruments.

In the 2011 comparable period, the income was primarily driven by
the fair value gain on the Company's zero cost collar hedge
contracts of US$42.8 million due to a reduction in forward copper
prices compared to the Company's call price and US$4.0 million in
foreign exchange gains.

Loss before other items during the year ended Dec. 31, 2012, was
US$208.5 million compared to US$22.8 million for the year ended
Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed
US$54.4 million in total assets, US$11.8 million in total
liabilities, and stockholders' equity of US$42.6 million.

                        Going Concern Doubt

According to Baja Mining, "Critical factors, amongst others,
impacting the likelihood of any demand arising under the senior
borrowing guarantee and, therefore, the Company's ability to
continue as a going concern, include the following:

a) the Phase II Funding Requirement as committed by the Consortium
being completed;
  
b) the continued support of the remaining 2010 Project Financing
lenders in choosing not to exercise any remedies available to them
under the Event of Default;
  
c) the renewal on March 31, 2013, of the latest standstill
agreement and/or the reinstatement or replacement of the remaining
2010 Project Financing;

d) completion of development of the Boleo Project;
  
e) establishing profitable operations.

"In addition, should the Company be required to repay the
refundable manganese deposit liability, it currently has
insufficient funds available to settle this liability.

"The success of these factors above cannot be assured and
accordingly, there is a substantial doubt about the Company's
ability to continue as a going concern."

A copy of the Company's consolidated financial statements dated
Dec. 31, 2012, is available at http://is.gd/f4PWXR

A copy of the MD&A of the Company's financial results for the year
ended Dec. 31, 2012, is available at http://is.gd/FZMvyD

Vancouver, Canada-based Baja Mining Corp. was incorporated on
July 15, 1985, under the Company Act (British Columbia).  The
Company's principal asset is its investment in the Boleo Project,
a copper-cobalt-zinc-manganese deposit located near Santa Rosalia,
Baja California Sur, Mexico.  The Project is currently under
construction and surface and underground mining activities have
commenced.  Baja controlled and operated the Boleo Project up
until its change in control on Aug. 27, 2012.

As at Dec. 31, 2012, the Company owned a 49% interest in the Boleo
Project through its wholly owned Luxembourg subsidiary, Baja
International S.a r.l., which owns 100% of a Luxembourg
subsidiary, Boleo International S.a r.l., which in turn owned 49%
of the shares of MMB.  MMB holds all mineral and property rights
in the Boleo Project.  As at Dec. 31, 2012, the remaining 51% of
MMB was owned by members of a Korean consortium, comprised of
Korea Resources Corporation, LS-Nikko Copper Inc., Hyundai Hysco
Co., Ltd., SK Networks Co., Ltd., and Iljin Materials Co., Ltd.,
which acquired an initial 30% interest in June 2008.  Subsequent
to Dec. 31, 2012, and after giving effect to further contributions
by members of the Consortium, Baja's interest in MMB was further
reduced to 26.2%.

Following the reduction of its interest in MMB and subsequent loss
of control of MMB on Aug. 27, 2012, the Company was no longer the
operator of the Boleo Project and no longer had day-to-day
involvement in the management and development of the Boleo
Project.  The Company's current focus is on addressing outstanding
matters relating to the change of control in MMB and considering
alternative opportunities for the benefit of its stakeholders.


CORPORACION GEO: S&P Lowers Global Scale Ratings to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Corporacion Geo, S.A.B. de C.V. (Geo) to 'CCC+' from
'BB-' and national scale ratings to 'mxB-' from 'mxBBB+' and
placed them on CreditWatch with negative implications.

S&P's rating action follows Geo's announcement that it has begun a
debt restructuring process.  S&P believes the company's liquidity
weakened beyond expectations during the first four months of 2013.

S&P believes that Geo's restructuring process evidences the
company's potential inability to honor its debt obligations under
the existing terms.  However, its restructuring may provide some
headroom for the company to maintain its operations, but it also
may reduce the recovery prospect for its unsecured notes.
Depending on the new terms, S&P could consider this restructuring
as distressed.

S&P will resolve the CreditWatch listing once the company provides
further details on the proposed terms for its new agreements.


CORPORACION GEO: Seeks Restructuring as Bonds Sink
--------------------------------------------------
Boris Korby & Jonathan Levin at Bloomberg News report that Corp.
Geo SAB said it will seek to restructure debt after bleeding cash
for a third straight year, sparking a selloff that sent its bonds
to record lows.

Geo hired Fians Capital to provide advice with the "principal
objective of generating efficiencies and reviewing alternatives
for restructuring its debt," according to a filing to the Mexican
stock exchange obtained by Bloomberg News.

On April 13, 2013, the company's $400 million of notes due 2022
tumbled 30.16 cents to 49.95 cents on the dollar as of 3:56 p.m.
in New York, while shares tumbled 8.8% to 6.34 pesos, the lowest
price on a closing basis since 2003.

"We've been very concerned about industry developments from the
[start] of the year . . . . We really expected there would be
defaults and bond restructurings," Bloomberg News quoted Shamaila
Khan, an emerging-market money manager at Alliance Bernstein,
which oversees about $419 billion of assets, as saying.

Bloomberg News says that Mexico's largest publicly traded
homebuilders are touching record lows in the stock and bond
markets on concern that a shift in government housing policy that
favors construction of apartment buildings, which require more
upfront capital than single-family homes, is cutting into their
cash flow.

Bloomberg News notes that Geo had negative free cash flow to
equity -- the amount of cash that can be paid to owners after all
expenses, reinvestments and debt repayments -- of MXN1.75 billion
($145 million) last year, marking its third straight year of cash
bleed, according to its Feb. 27 fourth-quarter report.

Fourth-quarter revenue fell 31% to MXN4.3 billion as the company
sold 26% fewer homes, while net income narrowed 61% to MXN177.5
million, Bloomberg News relates.

Bloomberg News discloses that the builder had total debt of
MXN14.2 billion as of the end of last year, making net debt 2.8
times trailing earnings before interest, taxes, depreciation and
amortization, or Ebitda.

Bloomberg News notes that Luis Orvananos Lascurain, Geo's chief
executive officer, said in the company's latest earnings report
that 2012 was a "year full of challenges for the housing
industry."

Corp.

Geo SAB is a publicly traded homebuilder in Mexico.


MAXCOM TELECOM: Increases Coupon Rate in Exchange Offer
-------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. on April 11 disclosed
that it has extended, amended and supplemented the pending
exchange offer for any and all of its outstanding 11% Senior Notes
due 2014 for its Step-Up Senior Notes due 2020.

The exchange agent for the Exchange Offer has advised the Company
that as of 5:00 p.m., New York City time, on April 10, 2013,
approximately US$84,268,000, or 42.13%, of the Old Notes had been
validly tendered and not withdrawn in the Exchange Offer.

The Exchange Offer has been extended three times and as a result
has remained open longer than anticipated.  Since the Exchange
Offer and the concurrent equity tender offer for Maxcom's Series A
Common Stock and related CPOs and ADSs have not been consummated,
the Company has not yet received the capital contribution the
purchaser in connection with the Equity Tender Offer agreed to
make.  During the period that the Exchange Offer has remained
open, the Company's operational and financial viability has
further deteriorated in light of not having received the capital
contribution from such purchaser.  As of March 31, 2013, the
Company's cash and temporary investment balance was Ps. 102.9
million (US$8.3 million).

If the Exchange Offer is not consummated and the Company does not
receive the capital contribution from the purchaser in connection
with the Equity Tender Offer, the Company does not expect to be
able to make the coupon payment due on June 15, 2013 with respect
to the Old Notes and the Company may not be able to meet other
financial obligations as they come due.  If this occurs, holders
of the Old Notes and other creditors could commence involuntary
bankruptcy proceedings against the Company in Mexico or in the
United States.

The Company's ability to continue as a going concern depends upon
its consummation of its recapitalization transactions, including
the consummation of the exchange offer and the receipt of the
capital contribution from the Purchaser, or on the Company's
ability to otherwise raise additional capital or restructure its
capital structure.  The Company may not be able to satisfy its
liquidity and working capital requirements or restructure its
capital structure.  Although the Company's consolidated financial
statements do not currently include any adjustments that might
result from the outcome of this uncertainty, the Company's
auditors may conclude there is substantial doubt as to its ability
to continue as a going concern.

If the Exchange Offer is not consummated, the Company currently
intends to implement a restructuring by (i) commencing voluntary
cases under Chapter 11 of the United States Bankruptcy Code
through a plan of reorganization; (ii) seeking expedited
confirmation of a plan of reorganization; or (iii) 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.  Such a
restructuring may be protracted and contentious and disruptive to
the Company's business and could materially adversely affect its
relationships with its customers, suppliers and employees who may
terminate their relationships with the Company.  A restructuring
would also cause the Company to incur significant legal,
administrative and other professional expenses. Moreover, no
assurances can be given that any such restructuring will be
successful or that holders of the Company's debt obligations will
not have their claims significantly reduced, converted into equity
or eliminated.  If a restructuring is not successful, the Company
may be forced to liquidate its business and assets.

The board of directors of the Company has approved the engagement
of, and the Company has engaged, counsel to advise it on a Chapter
11 reorganization and authorized 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.  In the event the Company 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.

As a result, the Company is amending and supplementing the
Exchange Offer to (i) reflect that the Company has increased the
minimum tender condition in the Exchange Offer from 61.44% to 80%,
subject to the Company's right, in its sole discretion, to
decrease the minimum tender condition to 75.1% without extending
the Exchange Offer or granting any withdrawal rights, (ii) reflect
that the Company has increased the rate at which the New Notes
will accrue interest as follows: (x) from the date of issuance of
the New Notes until June 14, 2016 by 100 basis points, from 6% per
annum to 7% per annum, (y) from June 15, 2016 until June 14, 2018
by 100 basis points, from 7% per annum to 8% per annum and (z)
from June 15, 2018 until the date of maturity by 200 basis points,
from 8% per annum to 10% per annum and (iii) inform holders of the
Old Notes that if the 80% minimum tender condition (or 75.1% if
decreased by the Company) is not met on the expiration date, the
Company will terminate the Exchange Offer and does not expect to
be able to make the coupon payment due on June 15, 2013 on the Old
Notes.

The Company is also extending the early participation date, the
withdrawal date and the expiration date to 5:00 p.m. New York City
time on April 24, 2013.  The expiration date of the Equity Tender
Offer is also being extended by ten business days to April 24,
2013.

The complete terms and conditions of the Exchange Offer and
consent solicitation are described in the Offering Memorandum and
Consent Solicitation Statement, copies of which may be obtained by
eligible holders of the Old Notes by contacting D.F. King & Co.,
Inc., the information agent for the Exchange Offer and consent
solicitation, at (800) 967-4607 (toll free).

The New Notes have not been registered under the Securities Act of
1933, as amended, or any state securities laws, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements, and will
therefore be subject to substantial restrictions on transfer.

The Exchange Offer is being made, and the New Notes are being
offered and issued, only to registered holders of Old Notes (i) in
the United States who are "qualified institutional buyers," as
that term is defined in Rule 144A under the Securities Act and
(ii) outside the United States and are persons who are not "U.S.
persons," as that term is defined in Rule 902 under the Securities
Act.

This announcement is for informational purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy
the New Notes nor an offer to purchase Old Notes nor a
solicitation of consents.  The Exchange Offer and consent
solicitation is being made solely by means of the Offering
Memorandum and Consent Solicitation Statement and Letter of
Transmittal.

                             About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.


URBI DESARROLLOS: Said to Hire Rothschild to Study Restructuring
----------------------------------------------------------------
Jonathan Levin and Veronica Navarro Espinosa at Bloomberg News
report that an unnamed source said Urbi Desarrollos Urbanos SAB
hired Rothschild as a financial adviser to consider a debt
restructuring.

Securities of Mexico's homebuilders have plunged as President
Enrique Pena Nieto shifts government housing policy to favor
capital-intensive apartment construction over single-family
dwellings that previously garnered subsidies, according to
Bloomberg News.

The hiring of Rothschild is a "bad signal. . . . If things were
going well they would not need them," Ray Zucaro, who helps
oversee $300 million of emerging-market debt at SW Asset
Management in Newport Beach, California, wrote in an e-mail
obtained by Bloomberg News.

While Urbi and other homebuilders have tried to shrink operations
to conserve cash, "the solution remains mostly out of their
control because of their significant exposure to government
programs," Morgan Stanley analyst Rafael Pinho wrote in an e-
mailed report, Bloomberg News notes.  The firm cut its rating on
Urbi's shares to underweight from equal weight.

Bloomberg News discloses that concern that Urbi will become the
first homebuilder in Mexico to impose losses on bondholders has
grown because the company has the highest debt-to-earnings ratio
in the industry.  Urbi also was the biggest cash burner in 2012,
with MXN5.4 billion of negative free cash flow, Bloomberg News
notes.  Construction of apartments requires higher initial cash
investments, Bloomberg News adds.

Moody's Investors Service cut Urbi's credit rating on March 20 to
B2, five levels below investment grade, citing the company's
earnings and cash flow deterioration.  Standard & Poor's and Fitch
Ratings rank the homebuilder three levels lower at CCC.  That
level means default is a "real possibility," according to Fitch.

HSBC Holdings Plc analysts said last month that a restructuring of
Urbi's bank loans may "leave the rest of Urbi's stakeholders
deeply subordinated," Bloomberg News says.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately $50.4 billion Mexican pesos and equity of
approximately $16.6 billion Mexican pesos at December 31, 2012.


* Moody's Withdraws B3 Ratings on ING Bank and ING Casa
-------------------------------------------------------
Moody's de Mexico has withdrawn ING Bank (Mexico), S.A.,
Institucion de Banca Multiple's (ING Mexico) ratings including:
(i) bank financial strength rating (BFSR) of E+, mapping from a
standalone baseline credit strength of b3; (ii) long and short
term global local currency (GLC) deposit ratings of B3 and Not
Prime, respectively; (iii) long and short term foreign currency
deposit ratings of B3 and Not Prime. Moody's de Mexico has also
withdrawn ING Mexico's long and short term Mexican National Scale
deposit ratings of Ba3.mx and MX-4. The outlook on all the ratings
before the withdrawal was stable.

On the same date, Moody's withdrew ING (Mexico), S.A. de C.V.,
Casa de Bolsa, ING Grupo Financiero's (ING Casa de Bolsa) long and
short term GLC issuer ratings of B3 and Not Prime. Moody's de
Mexico has also withdrawn ING Casa de Bolsa's long and short term
Mexican National Scale issuer ratings of Ba3.mx and MX-4. The
outlook on all ratings before the withdrawal was stable.

Ratings Rationale:

Moody's has withdrawn ING Mexico's and ING Casa de Bolsa's ratings
for business reasons since the entities have ceased to exist.

The last rating action on ING Mexico and ING Casa de Bolsa was on
December 14, 2012, when Moody's downgraded both the banks' and
brokerage house's ratings to B3 and changed the outlook of all
ratings to stable, from negative.

ING Mexico is headquartered in Mexico City, Mexico. As of February
28, 2013, the bank had total assets of MXP1.2 billion ($96.7
million) and equity of MXP1.2 billion ($92.8 million).

The following ratings assigned to ING Mexico were withdrawn:

Bank Financial Strength Rating of E+

Long term global local currency deposit rating of B3

Short term global local currency deposit rating of Not Prime

Long term foreign currency deposit rating of B3

Short term foreign currency deposit rating of Not Prime

Long term Mexican National Scale deposit rating of Ba3.mx

Short term Mexican National Scale deposit rating of MX-4

The following ratings assigned to ING Casa de Bolsa were
withdrawn:

Long term global local currency issuer rating of B3

Short term global local currency issuer rating of Not Prime

Long term Mexican National Scale issuer rating of Ba3.mx

Short term Mexican National Scale issuer rating of MX-4


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


BERWIND REALTY: Stipulation on the Use of BPPR's Rents Approved
---------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico approved a stipulation authorizing Berwind
Realty LLC to use rents; and provide adequate protection to Banco
Popular de Puerto Rico.  Additionally, the Court approved the
terms for treatment of BPPR's claims in a consented Plan of
Reorganization.

According to the Debtor, after substantial negotiations, the
Debtor and BPPR have agreed to, among other things, the limited
use of certain rents and postpetition income to satisfy certain
operating expenses, and the adequate protection, to enable the
Debtor to continue operating and confirm a plan.

The terms of Consensual Plan and treatment of BPPR's claim,
include, among other things:

   1. as adequate protection for BPPR and to facilitate Debtor's
reorganization through the Plan incorporating the terms, the
Debtor and BPPR hereby agree to restructure BPPR's claim; and

   2. the Debtor, with the consent of BPPR, will file a motion to
authorize the sale of each of the Sale Collateral -- real
properties: (1) 1086 Muoz Rivera Avenue, Ro Piedras, PR
(formerly El Amal headquarters); (2) Km 32.1, Road 14, San
Ildefonso, Coamo, PR; (3) Machete Ward, Guayama (formerly El Amal
Store No. 22); (4) Berwind Shopping Center, 65th Infantery Ave.,
Ro Piedras, PR; and (5) Sabana Seca Ave., Levittown, PR (formerly
El Amal Store No. 37).

A copy of the stipulation is available for free at
http://bankrupt.com/misc/BERWINDREALTY_rentuse_stipulation.pdf

                         About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of
$53.8 million and liabilities of $58.1 million.  Berwind Realty's
president, Saleh Yassin signed the petition.  Charles A. Cuprill,
PSC Law Offices, serves as bankruptcy counsel.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------


                                                    Total
                                    Total        Shareholders
                                    Assets          Equity
Company              Ticker        (US$MM)        (US$MM)
-------              ------       ---------      ------------


  ARGENTINA
  ---------

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


  BRAZIL
  ------

FABRICA TECID-RT    FTRX1 BZ         70649866    -75488504.5
TEKA-ADR            TEKAY US        363575481     -371579997
BOMBRIL             BMBBF US        344846084    -16082109.1
TEKA                TKTQF US        363575481     -371579997
TEKA-PREF           TKTPF US        363575481     -371579997
BATTISTELLA-RIGH    BTTL1 BZ        246036232    -51251360.7
BATTISTELLA-RI P    BTTL2 BZ        246036232    -51251360.7
BATTISTELLA-RECE    BTTL9 BZ        246036232    -51251360.7
BATTISTELLA-RECP    BTTL10 BZ       246036232    -51251360.7
AGRENCO LTD-BDR     AGEN11 BZ       325151004     -611658179
REII INC            REIC US          14423532       -3506007
PET MANG-RIGHTS     3678565Q BZ     246810937     -224879124
PET MANG-RIGHTS     3678569Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229292Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229296Q BZ     246810937     -224879124
LUPATECH SA         LUPA3 BZ        943240001    -5971578.45
BOMBRIL HOLDING     FPXE3 BZ       19416015.8     -489914902
BOMBRIL             FPXE4 BZ       19416015.8     -489914902
SANESALTO           SNST3 BZ       31802628.1    -2924062.87
B&D FOOD CORP       BDFCE US         14423532       -3506007
BOMBRIL-RGTS PRE    BOBR2 BZ        344846084    -16082109.1
BOMBRIL-RIGHTS      BOBR1 BZ        344846084    -16082109.1
AGRENCO LTD         AGRE LX         325151004     -611658179
LUPATECH SA         LUPAF US        943240001    -5971578.45
CELGPAR             GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT       4529781Q BZ    41094940.3    -21379158.8
RECRUSUL - RT       4529785Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529789Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529793Q BZ    41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL11 BZ      41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL12 BZ      41094940.3    -21379158.8
BALADARE            BLDR3 BZ        159454016    -52992212.8
TEXTEIS RENAU-RT    TXRX1 BZ        113010473    -78451102.1
TEXTEIS RENAU-RT    TXRX2 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX9 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX10 BZ       113010473    -78451102.1
CIA PETROLIF-PRF    MRLM4 BZ        377602195    -3014291.72
CIA PETROLIFERA     MRLM3 BZ        377602195    -3014291.72
NOVA AMERICA SA     NOVA3 BZ         21287489     -183535527
NOVA AMERICA-PRF    NOVA4 BZ         21287489     -183535527
LUPATECH SA-RT      LUPA11 BZ       943240001    -5971578.45
ALL ORE MINERACA    AORE3 BZ       21657457.4    -7184940.82
B&D FOOD CORP       BDFC US          14423532       -3506007
LUPATECH SA-ADR     LUPAY US        943240001    -5971578.45
PET MANG-RT         4115360Q BZ     246810937     -224879124
PET MANG-RT         4115364Q BZ     246810937     -224879124
STEEL - RT          STLB1 BZ       21657457.4    -7184940.82
STEEL - RCT ORD     STLB9 BZ       21657457.4    -7184940.82
MINUPAR-RT          9314542Q BZ     153054388    -2037402.69
MINUPAR-RCT         9314634Q BZ     153054388    -2037402.69
CONST LINDEN RT     CALI1 BZ       14128873.9    -2140102.39
CONST LINDEN RT     CALI2 BZ       14128873.9    -2140102.39
PET MANG-RT         0229249Q BZ     246810937     -224879124
PET MANG-RT         0229268Q BZ     246810937     -224879124
RECRUSUL - RT       0163579D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0163580D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163582D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163583D BZ    41094940.3    -21379158.8
PORTX OPERA-GDR     PXTPY US        976769403    -9407990.35
PORTX OPERACOES     PRTX3 BZ        976769403    -9407990.35
ALL ORE MINERACA    STLB3 BZ       21657457.4    -7184940.82
MINUPAR-RT          0599562D BZ     153054388    -2037402.69
MINUPAR-RCT         0599564D BZ     153054388    -2037402.69
CONST LINDEN RCT    CALI9 BZ       14128873.9    -2140102.39
CONST LINDEN RCT    CALI10 BZ      14128873.9    -2140102.39
PET MANG-RT         RPMG2 BZ        246810937     -224879124
PET MANG-RT         RPMG1 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG9 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG10 BZ       246810937     -224879124
RECRUSUL - RT       0614673D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0614674D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614675D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614676D BZ    41094940.3    -21379158.8
TEKA-RTS            TEKA1 BZ        363575481     -371579997
TEKA-RTS            TEKA2 BZ        363575481     -371579997
TEKA-RCT            TEKA9 BZ        363575481     -371579997
TEKA-RCT            TEKA10 BZ       363575481     -371579997
LUPATECH SA-RTS     LUPA1 BZ        943240001    -5971578.45
LUPATECH SA -RCT    LUPA9 BZ        943240001    -5971578.45
MINUPAR-RTS         MNPR1 BZ        153054388    -2037402.69
MINUPAR-RCT         MNPR9 BZ        153054388    -2037402.69
RECRUSUL SA-RTS     RCSL1 BZ       41094940.3    -21379158.8
RECRUSUL SA-RTS     RCSL2 BZ       41094940.3    -21379158.8
RECRUSUL SA-RCT     RCSL9 BZ       41094940.3    -21379158.8
RECRUSUL - RCT      RCSL10 BZ      41094940.3    -21379158.8
ARTHUR LANGE        ARLA3 BZ       11642255.9    -17154461.9
ARTHUR LANGE SA     ALICON BZ      11642255.9    -17154461.9
ARTHUR LANGE-PRF    ARLA4 BZ       11642255.9    -17154461.9
ARTHUR LANGE-PRF    ALICPN BZ      11642255.9    -17154461.9
ARTHUR LANG-RT C    ARLA1 BZ       11642255.9    -17154461.9
ARTHUR LANG-RT P    ARLA2 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC C    ARLA9 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC P    ARLA10 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD C    ARLA11 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD P    ARLA12 BZ      11642255.9    -17154461.9
BOMBRIL             BOBR3 BZ        344846084    -16082109.1
BOMBRIL CIRIO SA    BOBRON BZ       344846084    -16082109.1
BOMBRIL-PREF        BOBR4 BZ        344846084    -16082109.1
BOMBRIL CIRIO-PF    BOBRPN BZ       344846084    -16082109.1
BOMBRIL SA-ADR      BMBPY US        344846084    -16082109.1
BOMBRIL SA-ADR      BMBBY US        344846084    -16082109.1
BUETTNER            BUET3 BZ        106809932      -26451201
BUETTNER SA         BUETON BZ       106809932      -26451201
BUETTNER-PREF       BUET4 BZ        106809932      -26451201
BUETTNER SA-PRF     BUETPN BZ       106809932      -26451201
BUETTNER SA-RTS     BUET1 BZ        106809932      -26451201
BUETTNER SA-RT P    BUET2 BZ        106809932      -26451201
CAF BRASILIA        CAFE3 BZ        160938140     -149281089
CAFE BRASILIA SA    CSBRON BZ       160938140     -149281089
CAF BRASILIA-PRF    CAFE4 BZ        160938140     -149281089
CAFE BRASILIA-PR    CSBRPN BZ       160938140     -149281089
CHIARELLI SA        CCHI3 BZ       11165368.9    -88048393.7
CHIARELLI SA        CCHON BZ       11165368.9    -88048393.7
CHIARELLI SA-PRF    CCHI4 BZ       11165368.9    -88048393.7
CHIARELLI SA-PRF    CCHPN BZ       11165368.9    -88048393.7
IGUACU CAFE         IGUA3 BZ        262778568    -57161259.5
IGUACU CAFE         IGCSON BZ       262778568    -57161259.5
IGUACU CAFE         IGUCF US        262778568    -57161259.5
IGUACU CAFE-PR A    IGUA5 BZ        262778568    -57161259.5
IGUACU CAFE-PR A    IGCSAN BZ       262778568    -57161259.5
IGUACU CAFE-PR A    IGUAF US        262778568    -57161259.5
IGUACU CAFE-PR B    IGUA6 BZ        262778568    -57161259.5
IGUACU CAFE-PR B    IGCSBN BZ       262778568    -57161259.5
SCHLOSSER           SCLO3 BZ       56671769.6    -52218991.3
SCHLOSSER SA        SCHON BZ       56671769.6    -52218991.3
SCHLOSSER-PREF      SCLO4 BZ       56671769.6    -52218991.3
SCHLOSSER SA-PRF    SCHPN BZ       56671769.6    -52218991.3
COBRASMA            CBMA3 BZ       84044218.1    -2153724140
COBRASMA SA         COBRON BZ      84044218.1    -2153724140
COBRASMA-PREF       CBMA4 BZ       84044218.1    -2153724140
COBRASMA SA-PREF    COBRPN BZ      84044218.1    -2153724140
CONST A LINDEN      CALI3 BZ       14128873.9    -2140102.39
CONST A LINDEN      LINDON BZ      14128873.9    -2140102.39
CONST A LIND-PRF    CALI4 BZ       14128873.9    -2140102.39
CONST A LIND-PRF    LINDPN BZ      14128873.9    -2140102.39
D H B               DHBI3 BZ        138254322     -115344519
DHB IND E COM       DHBON BZ        138254322     -115344519
D H B-PREF          DHBI4 BZ        138254322     -115344519
DHB IND E COM-PR    DHBPN BZ        138254322     -115344519
DOCA INVESTIMENT    DOCA3 BZ        262638432     -199076300
DOCAS SA            DOCAON BZ       262638432     -199076300
DOCA INVESTI-PFD    DOCA4 BZ        262638432     -199076300
DOCAS SA-PREF       DOCAPN BZ       262638432     -199076300
DOCAS SA-RTS PRF    DOCA2 BZ        262638432     -199076300
FABRICA RENAUX      FTRX3 BZ         70649866    -75488504.5
FABRICA RENAUX      FRNXON BZ        70649866    -75488504.5
FABRICA RENAUX-P    FTRX4 BZ         70649866    -75488504.5
FABRICA RENAUX-P    FRNXPN BZ        70649866    -75488504.5
HAGA                HAGA3 BZ       20081896.3    -49045924.8
FERRAGENS HAGA      HAGAON BZ      20081896.3    -49045924.8
FER HAGA-PREF       HAGA4 BZ       20081896.3    -49045924.8
FERRAGENS HAGA-P    HAGAPN BZ      20081896.3    -49045924.8
CIMOB PARTIC SA     GAFP3 BZ       44047411.7    -45669963.6
CIMOB PARTIC SA     GAFON BZ       44047411.7    -45669963.6
CIMOB PART-PREF     GAFP4 BZ       44047411.7    -45669963.6
CIMOB PART-PREF     GAFPN BZ       44047411.7    -45669963.6
HOTEIS OTHON SA     HOOT3 BZ        255452990    -73565093.7
HOTEIS OTHON SA     HOTHON BZ       255452990    -73565093.7
HOTEIS OTHON-PRF    HOOT4 BZ        255452990    -73565093.7
HOTEIS OTHON-PRF    HOTHPN BZ       255452990    -73565093.7
RENAUXVIEW SA       TXRX3 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXON BZ       113010473    -78451102.1
RENAUXVIEW SA-PF    TXRX4 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXPN BZ       113010473    -78451102.1
PARMALAT            LCSA3 BZ        388720096     -213641152
PARMALAT BRASIL     LCSAON BZ       388720096     -213641152
PARMALAT-PREF       LCSA4 BZ        388720096     -213641152
PARMALAT BRAS-PF    LCSAPN BZ       388720096     -213641152
PARMALAT BR-RT C    LCSA5 BZ        388720096     -213641152
PARMALAT BR-RT P    LCSA6 BZ        388720096     -213641152
ESTRELA SA          ESTR3 BZ       83538938.3     -102223933
ESTRELA SA          ESTRON BZ      83538938.3     -102223933
ESTRELA SA-PREF     ESTR4 BZ       83538938.3     -102223933
ESTRELA SA-PREF     ESTRPN BZ      83538938.3     -102223933
WETZEL SA           MWET3 BZ       93591243.4    -7959637.41
WETZEL SA           MWELON BZ      93591243.4    -7959637.41
WETZEL SA-PREF      MWET4 BZ       93591243.4    -7959637.41
WETZEL SA-PREF      MWELPN BZ      93591243.4    -7959637.41
MINUPAR             MNPR3 BZ        153054388    -2037402.69
MINUPAR SA          MNPRON BZ       153054388    -2037402.69
MINUPAR-PREF        MNPR4 BZ        153054388    -2037402.69
MINUPAR SA-PREF     MNPRPN BZ       153054388    -2037402.69
NORDON MET          NORD3 BZ       12234778.3    -30283728.6
NORDON METAL        NORDON BZ      12234778.3    -30283728.6
NORDON MET-RTS      NORD1 BZ       12234778.3    -30283728.6
NOVA AMERICA SA     NOVA3B BZ        21287489     -183535527
NOVA AMERICA SA     NOVAON BZ        21287489     -183535527
NOVA AMERICA-PRF    NOVA4B BZ        21287489     -183535527
NOVA AMERICA-PRF    NOVAPN BZ        21287489     -183535527
NOVA AMERICA-PRF    1NOVPN BZ        21287489     -183535527
NOVA AMERICA SA     1NOVON BZ        21287489     -183535527
RECRUSUL            RCSL3 BZ       41094940.3    -21379158.8
RECRUSUL SA         RESLON BZ      41094940.3    -21379158.8
RECRUSUL-PREF       RCSL4 BZ       41094940.3    -21379158.8
RECRUSUL SA-PREF    RESLPN BZ      41094940.3    -21379158.8
PETRO MANGUINHOS    RPMG3 BZ        246810937     -224879124
PETRO MANGUINHOS    MANGON BZ       246810937     -224879124
PET MANGUINH-PRF    RPMG4 BZ        246810937     -224879124
PETRO MANGUIN-PF    MANGPN BZ       246810937     -224879124
RIMET               REEM3 BZ        103098361     -185417655
RIMET               REEMON BZ       103098361     -185417655
RIMET-PREF          REEM4 BZ        103098361     -185417655
RIMET-PREF          REEMPN BZ       103098361     -185417655
SANSUY              SNSY3 BZ        183655397     -138233505
SANSUY SA           SNSYON BZ       183655397     -138233505
SANSUY-PREF A       SNSY5 BZ        183655397     -138233505
SANSUY SA-PREF A    SNSYAN BZ       183655397     -138233505
SANSUY-PREF B       SNSY6 BZ        183655397     -138233505
SANSUY SA-PREF B    SNSYBN BZ       183655397     -138233505
BOTUCATU TEXTIL     STRP3 BZ       27663604.9    -7174512.03
STAROUP SA          STARON BZ      27663604.9    -7174512.03
BOTUCATU-PREF       STRP4 BZ       27663604.9    -7174512.03
STAROUP SA-PREF     STARPN BZ      27663604.9    -7174512.03
TEKA                TEKA3 BZ        363575481     -371579997
TEKA                TEKAON BZ       363575481     -371579997
TEKA-PREF           TEKA4 BZ        363575481     -371579997
TEKA-PREF           TEKAPN BZ       363575481     -371579997
TEKA-ADR            TKTPY US        363575481     -371579997
TEKA-ADR            TKTQY US        363575481     -371579997
F GUIMARAES         FGUI3 BZ       11016542.1     -151840377
FERREIRA GUIMARA    FGUION BZ      11016542.1     -151840377
F GUIMARAES-PREF    FGUI4 BZ       11016542.1     -151840377
FERREIRA GUIM-PR    FGUIPN BZ      11016542.1     -151840377
VARIG SA            VAGV3 BZ        966298048    -4695211008
VARIG SA            VARGON BZ       966298048    -4695211008
VARIG SA-PREF       VAGV4 BZ        966298048    -4695211008
VARIG SA-PREF       VARGPN BZ       966298048    -4695211008
BATTISTELLA         BTTL3 BZ        246036232    -51251360.7
BATTISTELLA-PREF    BTTL4 BZ        246036232    -51251360.7
SAUIPE SA           PSEGON BZ      18005034.4    -5223527.47
SAUIPE              PSEG3 BZ       18005034.4    -5223527.47
SAUIPE SA-PREF      PSEGPN BZ      18005034.4    -5223527.47
SAUIPE-PREF         PSEG4 BZ       18005034.4    -5223527.47
CIA PETROLIFERA     MRLM3B BZ       377602195    -3014291.72
CIA PETROLIF-PRF    MRLM4B BZ       377602195    -3014291.72
CIA PETROLIFERA     1CPMON BZ       377602195    -3014291.72
CIA PETROLIF-PRF    1CPMPN BZ       377602195    -3014291.72
LATTENO FOOD COR    LATF US          14423532       -3506007
VARIG PART EM TR    VPTA3 BZ       49432124.2     -399290396
VARIG PART EM-PR    VPTA4 BZ       49432124.2     -399290396
VARIG PART EM SE    VPSC3 BZ       83017828.6     -495721700
VARIG PART EM-PR    VPSC4 BZ       83017828.6     -495721700

  COLOMBIA
  --------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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