TCRLA_Public/130423.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 23, 2013, Vol. 14, No. 79


                            Headlines



A R G E N T I N A

BANCO SUPERVIELLE: Moody's Assigns (P)B2 Local Currency Rating


B R A Z I L

OAS SA: S&P Retains 'BB-' Rating Following $200MM Add-On


C A Y M A N   I S L A N D S

AOF HAITAI: Shareholder Receives Wind-Up Report
APP CHINA: Shareholders Receive Wind-Up Report
ARLINGTON SPECIAL: Shareholders Receive Wind-Up Report
ATLAS OPERATIONS: Shareholders Receive Wind-Up Report
BEN MADIGAN: Shareholders Receive Wind-Up Report

CGMJ LTD: Shareholder Receives Wind-Up Report
CLEARVIEW HOLDINGS: Shareholders Receive Wind-Up Report
COACH INTERNATIONAL: Shareholders Receive Wind-Up Report
FQ GLOBAL: Shareholders Receive Wind-Up Report
FRONTEER HOLDINGS: Shareholder Receives Wind-Up Report

JAPETUS LIMITED: Shareholders Receive Wind-Up Report
LOCKERBIE LIMITED: Shareholder Receives Wind-Up Report
MADELEINE LIMITED: Shareholders Receive Wind-Up Report
SHELTON HOLDIGS: Shareholder Receives Wind-Up Report
SSARIS HOLDINGS IV: Shareholders Receive Wind-Up Report

SUMITOMO LIFE: Shareholder Receives Wind-Up Report
TTO INVESTMENT: Shareholders Receive Wind-Up Report
WILLROSE LIMITED: Shareholder Receives Wind-Up Report


J A M A I C A

UC RUSAL: Jamaica to Outline Solutions for Bauxite Plants
* JAMAICA: Close to Divesting Shares in Wallenford Coffee


M E X I C O

GRUPO FERTINAL: S&P Lowers CCR to 'B-'; Outlook Negative
URBI DESARROLLOS: S&P Lowers Global Scale Rating to 'D'


P E R U

FERREYCORP S.A.A.: Tenor Notes Reduction No Impact on Ba1 CFR


P U E R T O   R I C O

EMPRESAS OMAJEDE: Files Amended Schedules of Assets & Liabilities
MEDICAL CARD: Moody's Confirms 'Caa3' Corp. Family Rating
PUERTO DEL REY: Files Amended Schedules of Assets & Liabilities


S T.   L U C I A

* ST. LUCIA: Civil Servant Strike Costs Over EC$3 Million


V E N E N Z U E L A

* VENEZUELA: S&P Revises Outlook to Neg. & Affirms 'B+' Rating


V I R I G N   I S L A N D S

V.I. STANDPOINT: To Temporarily Cease Publication After April 25


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BANCO SUPERVIELLE: Moody's Assigns (P)B2 Local Currency Rating
--------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 global local-currency
debt rating and a (P)B3 global foreign currency debt rating to
Banco Supervielle's multi-currency debt program up to an amount of
ARS750 million, or its equivalent in other currencies. It was also
assigned a B2 global local currency debt ratings to the first
takedown up to ARS100 million and to the second up to ARS200
million.

At the same time, Moody's Latin America assigned Aa3.ar national
scale local currency debt rating to the program and both expected
issuances. It was also assigned a A2.ar foreign currency debt
rating to the program. Both issuances together should not exceed
ARS200 million.

The outlook for all ratings is negative, following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Banco Supervielle S.A.:

ARS750 million debt program:

(P)B2 Global Local Currency Debt Rating, with negative outlook

Aa3.ar Argentina National Scale Local Currency Debt Rating

(P)B3 Global Foreign Currency Debt Rating, with negative outlook

A2.ar Argentina National Scale Local Currency Debt Rating

First Issuance of a maximum amount of ARS100 million:

B2 Global Local Currency Debt Rating, with negative outlook

Aa3.ar Argentina National Scale Local Currency Debt Rating

Second issuance of a maximum amount of ARS200 million

B2 Global Local Currency Debt Rating, with negative outlook

Aa3.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale:

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

Moody's has assigned a B2 global local currency deposit rating to
Banco Supervielle, derived from the bank's b3 BCA, which benefits
from one notch of uplift from Moody's assessment of government
support. The ratings capture Supervielle's well-established
position as a consumer lender with a broad customer base, as well
as the bank's good profit margins, asset quality and
capitalization indicators. Key risks include the strong
competition the bank faces in the consumer segment, which could
pressure the current ample margins, and the high operating costs.

Banco Supervielle S.A. is headquartered in Buenos Aires, with
assets of ARS11,7 billion and equity of ARS1,2 billion as of
December, 2012.


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


OAS SA: S&P Retains 'BB-' Rating Following $200MM Add-On
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' global
scale and 'brA-' national scale ratings on OAS S.A. remain
unchanged following the $200 million add-on to its $300 million
originally proposed perpetual notes issuance, totaling
$500 million.  S&P expects the company to continue to use
$300 million from the proceeds to fund capital expenditures for
its infrastructure projects and the add-on to refinance existing
debt, including a portion of OAS Empreendimentos S.A.'s short- and
long-term debt and a portion of OAS S.A.'s long-term debt.

RATINGS LIST
OAS S.A.
  Corporate credit rating
   Global scale                   BB-/Stable/--
   National scale                 brA-/Stable/brA-2


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


AOF HAITAI: Shareholder Receives Wind-Up Report
-----------------------------------------------
On April 12, 2013, the shareholder of AOF Haitai (Cayman) Ltd.
received 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


APP CHINA: Shareholders Receive Wind-Up Report
----------------------------------------------
On April 8, 2013, the shareholders of APP China Technology Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Chuan Luo
          No. 102, Door 1, Floor 2
          Zhuxiyuan Xiaoquo
          Haidian District
          Beijing
          PRC
          Telephone: +8 (610) 5752 5200/1055
          Facsimile: +8 (610) 5752 5300


ARLINGTON SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 10, 2013, the shareholders of Arlington Special
Situations Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          PO Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


ATLAS OPERATIONS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On April 3, 2013, the shareholders of Atlas Operations Cayman Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lisa Cohen
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


BEN MADIGAN: Shareholders Receive Wind-Up Report
------------------------------------------------
On April 3, 2013, the shareholders of Ben Madigan Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Frances Catherine Buchanan
          P.O. Box 1994, Grand Cayman KY1-1104
          Queensgate House, 4th Floor, George Town
          Grand Cayman
          Cayman Islands


CGMJ LTD: Shareholder Receives Wind-Up Report
---------------------------------------------
On April 1, 2013, the shareholder of CGMJ Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


CLEARVIEW HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On April 8, 2013, the shareholders of Clearview Holdings Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COACH INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On April 2, 2013, the shareholders of Coach International
Holdings, Inc received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


FQ GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
On April 10, 2013, the shareholders of FQ Global Diversified Alpha
Fund Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FRONTEER HOLDINGS: Shareholder Receives Wind-Up Report
------------------------------------------------------
On April 15, 2013, the shareholder of Fronteer Holdings Inc.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kim Charaman
          Telephone: (345) 943 3100
          Facsimile: (345) 945 4757


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

The company's liquidator is:

          Hamad Abdulla Mohamed Jassim Al Thani
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


LOCKERBIE LIMITED: Shareholder Receives Wind-Up Report
------------------------------------------------------
On April 8, 2013, the shareholder of Lockerbie Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MADELEINE LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 18, 2013, the shareholders of Madeleine Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jagjit K. Comins
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands
          E-mail: jagjit.toor-comins@bnpparibas.ky


SHELTON HOLDIGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
On March 26, 2013, the shareholder of Shelton Holdigs received the
liquidator's report on the company's wind-up proceedings and
property disposal.

Ian Phillips is the company's liquidator.


SSARIS HOLDINGS IV: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On April 11, 2013, the shareholders of SSARIS Holdings IV Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SUMITOMO LIFE: Shareholder Receives Wind-Up Report
--------------------------------------------------
On April 12, 2013, the shareholder of Sumitomo Life Fundings
Cayman Limited III received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TTO INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
On April 2, 2013, the shareholders of TTO Investment (Cayman) Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WILLROSE LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On April 17, 2013, the sole shareholder of Willrose Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626


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


UC RUSAL: Jamaica to Outline Solutions for Bauxite Plants
---------------------------------------------------------
Jamaica Gleaner reports that the Jamaica Government is to outline
a solution that it hopes will facilitate the reopening of the
Russian-owned Alpart and Kirkvine bauxite plants.

Science, Technology, Energy and Mining Minister Phillip Paulwell
will outline the solution when he makes his contribution to the
2013/14 Sectoral Debate, according to Jamaica Gleaner.

Jamaica Gleaner relates that the Government has been engaged in
months of intense negotiations with the Russian-based aluminum
company, UC Rusal, for the resumption of operations at the
facilities, which closed in 2009.

Mr. Paulwell, the report notes, said the high cost of energy is a
major issue affecting the reopening of the plants.

Jamaica Gleaner relays that while UC Rusal is investing US$100
million in a coal-fired electricity generating system for Ewarton,
Mr. Paulwell said "they are maintaining that gas is the energy
solution for both Alpart and Kirkvine, and I am to report on that
fully in the Sectoral Debate." The plants are being maintained,
and are ready for operation, he added, the report notes.

Jamaica Gleaner recalls that a downturn in the global aluminium
market forced UC Rusal to cease its operations at Kirkvine,
Ewarton and Alpart in 2009.  The Ewarton refinery, located in St
Catherine, was reopened in July 2010 and the Government, in 2012,
was able to secure a deal with UC Rusal to maintain operations at
the refinery and save the 600 local jobs at the facility, the
report notes.

Jamaica Gleaner says that as part of the agreement, Ewarton, as of
2015, will become a base producer of alumina for UC Rusal's
aluminium smelters overseas, with the Kirkvine and Alpart
refineries, located in Manchester and St Elizabeth, respectively,
to be so designated, once they resume production.

A government statement said that this means that Jamaica will no
longer be regarded as a "swing location" and so be vulnerable to
closure during times of recession, the report notes.

UC Rusal entered Jamaica's bauxite and alumina sector in 2007.
The company has a 93% stake in Windalco, which owns and operates
Ewarton Works and the Kirkvine Alumina Refinery, and has 100%
ownership of the Alpart refinery.

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.


* JAMAICA: Close to Divesting Shares in Wallenford Coffee
---------------------------------------------------------
Antigua Observer reports that the Jamaica government said it is
close to completing the divestment of the Wallenford Coffee
Company that would result in substantial revenue to the country.

Finance and Planning Minister Dr. Peter Phillips said final
negotiations are taking place with the preferred bidder to
complete the divestment, according to Antigua Observer.

In March, Antigua Observer notes that the government agreed to
divest its shares in the company.  "When completed the result will
yield savings of over $200 million (One Jamaica dollar = US$0.01
cents) per year for the Government, which represents the annual
loss for the company," Mr. Phillips told legislators, the report
relates.

Mr. Phillips also reiterated plans to privatise a number of state-
owned entities, which are deemed under-performing or do not form
part of the government's core activities, the report notes.

The report discloses that Mr. Phillips noted that already, action
was underway on a number of entities, including the Kingston
Container Terminal, Norman Manley Airport, Jamaica Railway
Corporation, and Caymanas Track Limited.

The Finance Minister said the Portia Simpson Miller administration
is pursuing plans for either a sale or lease agreement for its
shares in the Clarendon Alumina Partners Limited, the report adds.


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


GRUPO FERTINAL: S&P Lowers CCR to 'B-'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Grupo Fertinal S.A. de C.V. (Fertinal)
to 'B-' from 'B+'.  The outlook is negative.

"The downgrade reflects our expectations that Fertinal's already
deteriorated financial metrics won't materially recover during
2013, and likely during part of 2014, as previously expected,
mainly as a result of continued high raw material prices and
delayed recovery in fertilizers prices," said Standard & Poor's
credit analyst Francisco Gutierrrez.  As a result, S&P is revising
its assessment of the company's financial risk profile to "highly
leveraged" and its liquidity to "weak."  S&P continues to assess
the company's business risk profile as "vulnerable" due to the
inherent volatility in fertilizer prices, its small scale relative
to peers, and its single-asset operations.  The offsetting factors
are Fertinal's vertical integration, its entrenched position in
the Mexican west coast market, and key relationships with its
customers.

Following the resolution of operating issues during the first half
of 2012, the company is operating at normal capacity since July
2012.  However, increased ammonia prices--due to world supply
constraints and depressed prices for diammonium phosphate (DAP)
and mono-ammonium phosphate (MAP)--reduced the company's EBITDA
margins to 5.8% in 2012 from 20.7% in 2011.


URBI DESARROLLOS: S&P Lowers Global Scale Rating to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Mexico-based real-estate developer Desarrollos Urbanos
Urbi S.A.B. de C.V. (Urbi) to 'D' from 'CCC-'.

The rating action follows Urbi's failure to pay its $6.4 million
interest expense due April 19, 2013.  The company announced it had
decided to avail itself of the 30-day grace period on the interest
payment on its bond due 2016.  "Although Urbi is allowed to make
the interest payment within a 30-day grace period, our criteria
requires us to apply a 'D' rating when we believe such payment
will not occur within five business days, and when we believe this
default signals a general default as obligations come due," said
Standard & Poor's credit analyst Fernanda Hernandez.

In S&P's opinion, Urbi's default on the $6.4 million interest
payment reflects the company's massive financial distress.  The
fact that Urbi is seeking to postpone payment of a fairly small
amount compared to the company's scale of operations suggests that
the company's liquidity has been severely depleted and that Urbi
will likely require a broader debt restructuring, including its
bank debt, in order to continue operations.  As a result, S&P
believes a general default is inevitable, and that Urbi will fail
to pay all or substantially all of its obligations as they come
due in the next few months.  Upcoming interest payments for its
public debt are scheduled for July 21, 2013, and August 3, 2013.


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


FERREYCORP S.A.A.: Tenor Notes Reduction No Impact on Ba1 CFR
-------------------------------------------------------------
Moody's Investor Service said that Ferreycorp's change in tenor to
its proposed $300M notes to 7 from 10 years has no impact on
ratings or the stable ratings outlook. The Ba1 rating assigned to
Ferreycorp's proposed $300 million senior unsecured global notes,
as well as the Ba1 Corporate Family Rating, remain unchanged after
the proposed change in debt structure.

Headquartered in the city of Lima, Peru, Ferreycorp S.A.A. 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
=====================


EMPRESAS OMAJEDE: Files Amended Schedules of Assets & Liabilities
-----------------------------------------------------------------
Empresas Omajede Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

   Name of Schedule           Assets                Liabilities
   ----------------           ------                -----------
A. Real Property            $16,067,417
B. Personal Property           $651,197
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                    $3,848,982
E. Creditors Holding
   Unsecured Priority
   Claims                                              $165,285
F. Creditors Holding
Unsecured Non-priority
Claims                                                 $921,615
                         --------------          --------------
TOTAL                       $16,718,614              $4,935,883

                    About Empresas Omajede Inc.

Empresas Omajede Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Patricia I. Varela, Esq., and the law firm of Charles A. Cuprill,
PSC, serve as counsel.  Nelson E. Galarza serves as financial
advisor.

The Debtor disclosed $5,613,568 in assets and $98,762,700 in its
schedules.  The Debtor is a Single Asset Real Estate as defined
in 11 U.S.C. Sec. 101(51B) with principal assets located at La
Ectronica Building, 1608 Bori St., in San Juan, Puerto Rico.


MEDICAL CARD: Moody's Confirms 'Caa3' Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service confirmed the Caa3 senior secured debt
rating and Caa3 corporate family rating of Medical Card System,
Inc., following the release of its 2011 audited statutory reports
and the filing of its 2012 statutory statements with the Insurance
Department in Puerto Rico.

Moody's also confirmed the B3 insurance financial strength (IFS)
rating of the company's operating subsidiary, MCS Advantage, Inc.
The outlook on the ratings is developing.

Ratings Rationale:

Moody's said that the rating action concludes the review for
downgrade first initiated on December 20, 2011 when MCS's ratings
were downgraded as a result of a combination of financial and
operational problems. The rating agency said that the primary
drivers of the ratings confirmation were the release of the
company's 2011 audited statutory report and the filing of its 2012
statutory statements. "The unqualified audit report from the
company's auditors was significant in confirming and validating
MCS's financial reporting processes", said Moody's Senior Vice
President, Steve Zaharuk. The 2011 audit report adds credibility
to the improving financial results of the company as reported in
the 2012 statutory filings, particularly the return to
profitability shown in the fourth quarter", Zaharuk added.

The rating agency commented that the developing outlook on the
ratings reflects the potential for further validation of
improvement in the company's financial profile pending the release
of the 2011 audited GAAP consolidated financial statements and the
2012 audited GAAP consolidated and subsidiary statutory financial
statements. Moody's noted that the Caa3 debt rating reflects
uncertainty created as a result of the delayed audited financial
statements. When the company completes these audited financials
and if they corroborate the return to profitability reflected in
the unaudited statutory results, there could be upward rating
pressure provided the improvement is viewed to be sustainable.
Conversely, if there is a significant delay in producing the
delayed audited financials, or if the audited GAAP financials do
not support the profitability improvement shown in the statutory
results, there could be downward rating pressure.

Commenting on MCS's credit profile, Moody's pointed to the
relatively small size of MCS and its geographic concentration with
100% of its revenues being generated in Puerto Rico, the company's
high concentration of business in Medicare Advantage, and low
consolidated risk based capital (RBC) ratio. In particular,
Moody's noted that while the company has met the RBC ratio
requirement established in Puerto Rico for 2012, the company was
not in compliance with these requirements at the end of 2011. On
the positive side, the company's bank lenders have recently
entered into a Waiver Agreement covering several reporting
covenant breaches incurred by MCS. As a result, the threat of a
forced acceleration of repayment of the outstanding loan amount
has been significantly lessened.

Moody's added that, while lessened to some degree, there are
continuing concerns regarding an ongoing federal investigation of
the company. While no charges have been made against the company,
the concern is that this could result in the federal authorities
placing operational constraints and/or assessing fines/penalties,
which would have negative financial implications for the company.
The company reported that an internal investigation ordered by an
independent committee of the board of directors found no evidence
that MCS acted willfully or recklessly in connection with the
activities subject to the federal investigation and that no
accrual was made in the audited financial statements.

Moody's stated that MCS ratings could be upgraded if: 1) MCS
releases its 2011 and 2012 GAAP and statutory audited statements
before the end of 2013 and results are in line with previously
filed statements, 2) net income for 2013 continues to be positive,
3) there is no significant decrease in medical membership, and 4)
the company is able to continue to meet the RBC ratio requirements
of Puerto Rico. Conversely, the ratings could be downgraded if: 1)
there is a significant delay in the release of the 2011 GAAP and
2012 GAAP audited financial statements, 2) medical membership
decreases by 20% or more, 3) the company reports net losses during
2013, or 4) there is an adverse development with respect to the
federal investigation.

The following ratings were confirmed with a developing outlook:

  Medical Card System, Inc. -- senior secured debt rating at
  Caa3; corporate family rating at Caa3;

  MCS Advantage, Inc. -- insurance financial strength rating at
  B3.

Medical Card System, Inc. is headquartered in San Juan, Puerto
Rico. For 2012 MCS reported total revenues on a statutory basis of
approximately $1.2 billion and a net gain of approximately $29.7
million. Medicare Advantage membership as of December 31, 2012 was
113,436 members (including Medicare Part D standalone membership)
compared to 112,640 members at December 31, 2011.

Moody's insurance financial strength ratings are opinions about
the ability of insurance companies to punctually pay senior
policyholder claims and obligations.

The principal methodology used in this rating was Moody's Rating
Methodology for U.S. Health Insurance Companies published in May
2011.


PUERTO DEL REY: Files Amended Schedules of Assets & Liabilities
---------------------------------------------------------------
Puerto del Rey, Inc., aka Marina Puerto Del Rey, filed with the
U.S. Bankruptcy Court for the District of Puerto Rico its
schedules of assets and liabilities, disclosing:

   Name of Schedule           Assets                Liabilities
   ----------------           ------                -----------
A. Real Property            $89,574,000
B. Personal Property        $10,372,188
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                   $43,230,500
E. Creditors Holding
   Unsecured Priority
   Claims                                               $90,000
F. Creditors Holding
   Unsecured Non-priority
   Claims                                            $1,302,869
                         --------------          --------------
TOTAL                       $99,946,188             $44,623,369

                       About Puerto del Rey

Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed
a petition for Chapter 11 protection (Bankr. D.P.R. Case No.
12-10295) on Dec. 28, 2012, in Old San Juan, Puerto Rico, 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.


================
S T.   L U C I A
================


* ST. LUCIA: Civil Servant Strike Costs Over EC$3 Million
---------------------------------------------------------
Caribbean360.com reports that the three week old strike by Civil
Servants has cost St. Lucia well over EC$3 million, according to
Cabinet Secretary Darryl Montrope.

The Government started to assess the financial cost of the work
stoppage, when the strike came to a halt, according to
Caribbean360.com.

The report notes that Mr. Montrope said that preliminary figures
for the Customs Department alone indicate that the Government lost
over EC$2 million in revenue at an average of EC$200,000 a day.

The Cabinet Secretary said apart from Customs -- the Inland
Revenue Department, the Ministry of Commerce and the Registry were
the worst affected by absentism during the strike period,
Caribbean360.com notes.

The report relates that Mr. Montrope said with respect to the
Inland Revenue Department while government was able to meet the
revised fiscal target for the month of March it was clear that
more funds would have been collected had the full work force been
present.

In addition Mr. Montrope said it must be noted that despite the
fact that the workers were away from their jobs they were still
being paid, the report notes.

Mr. Montrope said the government would also assess the impact of
the strike on the business community, the report discloses.

The Cabinet Secretary said while the strike did not have a
crippling effect, the government is pleased that Civil Servants
have returned to work, adding that it was in no one's interest for
there to be industrial unrest especially at this time, the report
says.

The Civil Service Association and the Government Negotiating Team
are expected to resume negotiations with the Association hoping
that a settlement can be reached on new proposals for allowances
for Public Servants, the report adds.


===================
V E N E N Z U E L A
===================


* VENEZUELA: S&P Revises Outlook to Neg. & Affirms 'B+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlook on its long-term foreign currency sovereign credit
ratings on the Bolivarian Republic of Venezuela.  At the same
time, S&P affirmed its 'B+/B' long- and short-term foreign and
local currency sovereign credit ratings on Venezuela.  S&P's 'B+'
transfer & convertibility (T&C) assessment is unchanged.

"The outlook revision reflects growing political uncertainty that
could weaken the implementation of economic policies and possibly
undermine governability following the presidential elections of
April 14," said Standard & Poor's credit analyst Sebastian
Briozzo.  According to official results, incumbent President
Nicolas Maduro of the Partido Socialista Unido de Venezuela
narrowly defeated his opposition challenger, Henrique Capriles, by
slightly more than 200,000 votes.  The opposition has challenged
the official results and sought a full recount.  The country's
electoral council has agreed to undertake an audit.

"The election results add to the already high level of
unpredictability that characterizes Venezuela's economic policy
and its legal and policy framework, which constrain the sovereign
credit rating," said Mr. Briozzo.  "The country's vast oil and gas
reserves, the government's relatively low debt burden, and its net
external asset position continue to support the rating."

The negative outlook signals the possibility that a politically
weakened president and administration may pursue less pragmatic,
more interventionist policies that increase imbalances in the
economy and result in greater instability.  S&P could lower the
rating by one notch under such a scenario.

In a more extreme and remote scenario, the recent political
problems could create sufficient disorder to disrupt the
administration's ability to govern and, thereby, impair its
ability to service its debt.  S&P could lower the rating by more
than one notch under such a scenario.

Steps to defuse the heightened tensions in Venezuela's political
environment would reduce the risks of eroding governability and of
greater volatility in economic policies.  That, along with
pragmatic economic policies to contain economic imbalances, could
lead S&P to revise the outlook to stable.


===========================
V I R I G N   I S L A N D S
===========================


V.I. STANDPOINT: To Temporarily Cease Publication After April 25
----------------------------------------------------------------
Eric Voorhis at The BVI Beacon reports that the Virgin Islands
StandPoint said it will temporarily cease publication after its
April 25 edition due to financial difficulties.

"It's a difficult decision for anyone to make. . . .I'm hopeful
that the paper will print again, but I can't continue to do
business like this," the report quoted Managing Director and Owner
Elton Callwood.

The report relates that the temporary closure will allow the
company to consider restructuring as it "examines the way forward
in these harsh economic times."

Mr. Callwood said one of the biggest obstacles the paper faces is
collecting timely payment from clients and advertisers, the report
notes.

"Everyone is suffering out there, but you can't run your business
like a bank. . . . Eventually you realise that you can't pay your
own bills.  It's a domino effect," Mr. Callwood added, the report
discloses.


===============
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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