TCRLA_Public/130507.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, May 7, 2013, Vol. 14, No. 89


                            Headlines



A N T I G U A  &  B A R B U D A

LATAM Airlines: Fitch Downgrades Issuer Default Rating to 'BB'


A R G E N T I N A

EDENOR SA: Incurs ARS1 Billion Net Loss in 2012


C A Y M A N  I S L A N D S

6S SMALL: Creditors' Proofs of Debt Due May 8
ALL SEASONS: Creditors' Proofs of Debt Due May 8
ASCEND CL: Creditors' Proofs of Debt Due May 8
ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
BALU HOLDINGS: Placed Under Voluntary Wind-Up

FISCH TREND: Creditors' Proofs of Debt Due May 8
FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
GREENWICH (CAYMAN): Members Receive Wind-Up Report
GREENWICH (CAYMAN) II: Members Receive Wind-Up Report

GREENWICH (CAYMAN) III: Members Receive Wind-Up Report
MARATHON OIL: Creditors' Proofs of Debt Due May 10
NHN GLOBAL: Creditors' Proofs of Debt Due May 21
RADCLIFFE USD: Placed Under Voluntary Wind-Up
RIDLEY PARK: Creditors' Proofs of Debt Due May 10

RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
SHU HOLDINGS: Placed Under Voluntary Wind-Up
THAMES RIVER: Creditors' Proofs of Debt Due May 9
TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
UNITY CAPITAL: Creditors' Proofs of Debt Due May 8


C H I L E

CCU: Slumps in Chile as BofA Says Sell on AmBev Pressure


H A I T I

YELE HAITI FOUNDATION: Owes HVS US$108,972, Faces Suit


J A M A I C A

* JAMAICA: IMF Executive Board OKs US$932.3 Million Arrangement


M E X I C O

BANCO INTERACCIONES: Moody's Removes (hyb) Indicator from Rating
RDS ULTRA-DEEPWATER: S&P Affirms 'B' Rating on $270MM Notes


P U E R T O   R I C O

SWISS CHALET: Puerto Rico Judge Won't Reconsider Prior Order


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LATAM Airlines: Fitch Downgrades Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded LATAM Airlines Group S.A.'s (LATAM)
foreign currency Issuer Default Rating (IDR) to 'BB' from 'BB+'.
In addition, Fitch has affirmed TAM S.A.'s (TAM) foreign and local
currency IDRs at 'BB' and its national long-term rating at
'A+(bra)'.

The Rating Outlook is Stable.

The rating downgrade reflects LATAM's weak operational
performance, negatively impacted by its Brazilian operations, and
the deterioration in its capital structure resulting in high
adjusted gross leverage, lease-adjusted debt/EBITDAR basis, by the
end of December 2012. It also incorporates Fitch's revised
expectations for the company's financial profile during the next
24 months ended in December 2014. Fitch expects the business will
deleverage over the course of 2013, yet not to levels sufficient
to support a 'BB+' rating. Fitch foresees net leverage ratio
(lease adjusted net debt/EBITDAR) reaching between 4.5 - 5.0x by
the end of the year from 6.8x at the end of2012.

LATAM's ratings incorporate its diversified business model, strong
regional market position, high gross adjusted leverage, and low
liquidity. The ratings also incorporate the company's strong
market position in the domestic and international Brazilian market
as well as the volatility in the operational results - associated
within these markets - through the economic cycle.

The Stable Outlook reflects expectations that the company will
stabilize its operations and execute its business plan during 2013
reaching EBITDAR margins around 17%, lowering net adjusted
leverage to between 4.5 - 5.0x, and improved liquidity following
the execution of recently announced equity increase. The
challenging operating environment in the Brazilian domestic market
should continue to limit further improvements on operating cash
flow generation.

Fitch has equalized LATAM and TAM's ratings to incorporate the
strong credit linkage between both entities with significant
legal, operational and strategic ties existing between the two
companies. This credit linkage is reflected in the existence of
cross guarantees and cross default clauses related to the aircraft
financing for both entities, no restriction in terms of dividends
and/or intercompany loans between both entities with substantially
all dividend flow generated by TAM expected to be directed to
LATAM through its non-voting shares in TAM. In addition, the
financing of the combined fleet plan capital expenditure is
primarily implemented through LATAM with the new aircrafts being
subleased to TAM. LATAM maintains indirectly substantially all of
the economic rights and 20% of the voting rights in TAM, which is
an affiliate company of LATAM.

KEY RATING DRIVERS

High Financial Leverage:

The ratings incorporate the company's current high leverage and
the expectation that the company's net adjusted financial leverage
will improve toward the end of 2013, reaching levels between4.5 -
5.0x. On a combined basis, including TAM, the company's gross,
measured by total adjusted debt divided by EBITDAR, and net
adjusted leverage ratios were 7.5x and 6.8x in latest 12 months
(LTM) ended Dec. 31, 2012. On a combined basis, the company
achieved revenues, EBITDAR, and an EBITDAR margin of USD13.0
billion, USD1.6 billion, and 12.3%, respectively, during LTM
Dec. 31, 2012. In addition, the company's total adjusted debt was
approximately USD12.8 billion at the end of December 2012. This
debt includes USD9.8 billion in on-balance-sheet debt and USD3
billion in off-balance-sheet obligations related to operating
leases with combined rental payments of around USD431 million for
LTM Dec. 31, 2012.

The company's free cash flow (FCF) is expected to be negative
during 2013 and 2014 driven by its capex plan. Although the
company has adjusted down its capital expenditures (capex) related
to its fleet plan during the next few years, the capex plan
remains high relative to its cash flow generation. The company
maintains a fleet plan that calls for capex levels of USD2.0
billion and USD2.0 billion during 2013 and 2014, respectively,
resulting in a consolidated capacity increase of 2.7% in 2013 and
1.2% in 2014. From a strategic and operational point of view, the
company's fleet renewal is viewed as a positive as it will provide
a cost advantage in terms of fuel consumption. By the end of
December 2012, LATAM's consolidated fleet was composed of 327
aircraft units, distributed among its short haul/regional fleet
(232 units), long haul fleet (79 units); and cargo fleet (16
units).

Turnaround of Brazilian Operations Key Credit Factor:

Decline in the company's adjusted net leverage is expected to come
from improved cash flow generation, measured by EBITDAR. LATAM's
2012 EBITDAR margin was 12.3%, which negatively compares to prior
year margins, primarily driven by TAM's operational performance.
TAM's EBITDAR margin declined from 13.1% in 2011 to 5.1% in 2012.
The weakening of TAM's margins during 2012 reflects the very
challenging scenario - driven by devaluation of the real, fuel
prices, and competition - faced by the company resulting in a
negative RASK - CASK spread in 2012 (RASK: revenues per available
seat kilometer; CASK: cost per available seat kilometer).

Fitch base case for 2013 considers a recovery in LATAM's EBITDAR
margin during 2013, driven by better result from Brazilian
operations, reaching levels around 16%-17%. This recovery is
expected to come from several initiatives being implemented by the
company in its Brazilian operations which includes capacity
reduction in the Brazilian domestic market of around 7% during
2013, better passenger segmentation allowing for a 10 point
improvement in load factors, which are approximately at 80% by
April 2013, and cost reduction initiatives.

Liquidity to Improve, USD1 Billion Equity Increase Incorporated:

Fitch views the company's liquidity position as low for the rating
category, although this is partially compensated by the company's
access to alternative sources of liquidity. At the end of December
2012, the company had a cash position of USD1.1 billion, along
with USD208 million in unused committed line of credit. LATAM
faces debt amortizations of USD1 billion per year during 2013 and
2014. This level of liquidity (cash and marketable securities plus
unused committed credit lines) represents 10% of the company's
revenues for LTM Dec. 31, 2012 (USD13 billion). In addition, at
the end of December 2012, the company had an additional source of
available liquidity in the form of financing against 75% of its
pre-delivery payments (PDP) deposits of approximately USD650
million.

Positively incorporated is the expectation that Latam's liquidity
position will strengthen by the end of 2013. The company's
financial strategy considers raising equity of up to USD1 billion,
which has been recently announced and is expected to successfully
be fully executed during the third quarter of 2013. This
initiative is viewed as positive credit factor, as the targeted
outcome of this measure should improve the company's liquidity.

Market Position and Business Diversification:

LATAM's business model offers a solid regional market position and
a high degree of geographic and product diversification that
benefits capacity management and produces operating results that
are less volatile - in relative terms - in adverse business
conditions. The company maintains a leading market position in the
domestic markets of Brazil, Chile and Peru with participations of
approximately 40%, 70%, and 65%, respectively. The company's
market share in the Colombian domestic market is around 20%. The
company's market share position in terms of ASK in the intra-
regional traffic is estimated around 55%, while its participations
in the traffic of the Latin American region with USA/Canada and
Europe is estimated at 24% and 13%, respectively. The company
maintains a good business diversification with International
Passengers, Domestic Brazil, Domestic Spanish Speaking Countries,
and Cargo divisions representing 36%, 31%, 15% and 16%,
respectively, of the company's total revenues by the end of
December 2012.

RATING SENSITIVITIES:

Considerations that could lead to a negative rating action (Rating
or Outlook):

A negative rating action could be triggered by a deterioration of
the company's credit protection measures, especially in a fuel
spike or falling demand scenario in the company's main markets,
due to sizeable negative FCF funded with additional debt. Total
adjusted net debt to EBITDAR consistently at or above 5.5x coupled
with liquidity deterioration would likely result in a negative
rating action.

Considerations that could lead to a positive rating action (Rating
or Outlook):

Conversely, Fitch may take a positive rating action if a
combination of the following factors takes place: improvement in
the company's net adjusted leverage below 4.0x; solid liquidity;
and improving FCF generation trending toward neutral to positive
levels.

Fitch has taken the following rating actions:

LATAM Airlines Group S.A.:
-- Long-term Issuer Default Rating (IDR) downgraded to 'BB'
   from 'BB+';
-- National Equity Rating affirmed at Primera Clase Nivel 2 (cl).

TAM S.A.:
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- National long-term rating affirmed at 'A+(bra)'.

Tam Linhas Aereas S.A.
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- National long-term rating affirmed at 'A+(bra)';
-- BRL600 million debentures due 2017 affirmed at 'A+(bra)'.

Tam Capital Inc.
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD300 million senior unsecured note due 2017 affirmed at 'BB'.

Tam Capital Inc. 2
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD300 million senior unsecured note due to 2020 affirmed
   at 'BB'.

Tam Capital Inc. 3:
-- Long-term IDR affirmed at 'BB';
-- Local currency IDR affirmed at 'BB';
-- USD500 million senior unsecured note due affirmed at 'BB'.


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


EDENOR SA: Incurs ARS1 Billion Net Loss in 2012
-----------------------------------------------
Edenor S.A. filed with the U.S. Securities and Exchange Commission
its annual report on Form 20-F disclosing a loss of ARS1.01
billion on ARS3.72 billion of revenue from sales for the year
ended  Dec. 31, 2012, as compared with a net loss of ARS291.38
million on ARS2.80 billion of revenue from sales for the year
ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed ARS6.80
billion in total assets, ARS6.31 billion in total liabilities and
ARS489.28 million in total equity.

"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases or their replacement by a new remuneration system, the
Board of Directors has raised substantial doubt about the ability
of the Company to continue as a going concern in the term of the
next fiscal year."

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

                        http://is.gd/z6E1UI

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.


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


6S SMALL: Creditors' Proofs of Debt Due May 8
---------------------------------------------
The creditors of 6S Small Cap Opportunity Fund Ltd are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2013.

The company's liquidator is:

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


ALL SEASONS: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of All Seasons Africa Multi-Strategy Master Fund
Limited are required to file their proofs of debt by May 8, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2013.

The company's liquidator is:

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


ASCEND CL: Creditors' Proofs of Debt Due May 8
----------------------------------------------
The creditors of Ascend CL Fund Ltd. are required to file their
proofs of debt by May 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

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


ASCEND CL MASTER: Creditors' Proofs of Debt Due May 8
-----------------------------------------------------
The creditors of Ascend CL Master Fund Ltd. are required to file
their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

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


BALU HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Balu Holdings Corporation resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

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


FISCH TREND: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of Fisch Trend Multi Manager Fund are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 22, 2013.

The company's liquidator is:

          Michael Penner
          c/o Elaine Willis
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3303
          Facsimile: +1 (345) 949 8258
          e-mail: ewillis@deloitte.com


FOXHILL OPPORTUNITY: Creditors' Proofs of Debt Due May 8
--------------------------------------------------------
The creditors of Foxhill Opportunity Offshore Fund, Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 15, 2013.

The company's liquidator is:

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


GAVEA BRAZILIAN: Creditors' Proofs of Debt Due May 8
----------------------------------------------------
The creditors of Gavea Brazilian Managers Fund Ltd. are required
to file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2013.

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


GREENWICH (CAYMAN): Members Receive Wind-Up Report
--------------------------------------------------
The members of Greenwich (Cayman) I Limited received on, April 30,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


GREENWICH (CAYMAN) II: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Greenwich (Cayman) II Limited received on,
April 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


GREENWICH (CAYMAN) III: Members Receive Wind-Up Report
------------------------------------------------------
The members of Greenwich (Cayman) III Limited received on,
April 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MARATHON OIL: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Marathon Oil Jupiter Limited are required to file
their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe
          St. Houston, Texas 77056
          U.S.A.


NHN GLOBAL: Creditors' Proofs of Debt Due May 21
------------------------------------------------
The creditors of NHN Global Ltd are required to file their proofs
of debt by May 21, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 15, 2013.

The company's liquidator is:

          Kim Chan Su
          Admiralty Centre
          Room 1808, 18th Floor Tower II
          18 Harcourt Road, Admiralty
          Hong Kong
          Telephone: +8 (522) 528 9899
          Facsimile: +8 (522) 804 1004


RADCLIFFE USD: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 12, 2013, the sole shareholder of Radcliffe USD Fund II,
Ltd. resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


RIDLEY PARK: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
The creditors of Ridley Park Paragon Fund Limited are required to
file their proofs of debt by May 10, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Kassi Desrochers
          Telephone: +1 (345) 914 4473/ +1 (345) 949 4800
          Facsimile:  +1 (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


RIDLEY PARK MASTER: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Ridley Park Paragon Master Fund Limited are
required to file their proofs of debt by May 10, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Kassi Desrochers
          Telephone: +1 (345) 914 4473/ +1 (345) 949 4800
          Facsimile:  +1 (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


SHU HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on March 20, 2013, the
shareholders of Shu Holdings Corporation resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

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


THAMES RIVER: Creditors' Proofs of Debt Due May 9
-------------------------------------------------
The creditors of Thames River Distressed Focus Fund Limited are
required to file their proofs of debt by May 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2013.

The company's liquidator is:

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


TRAXIS GLOBAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Traxis Global Equity Macro Offshore Fund Ltd. are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2013.

The company's liquidator is:

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


UNITY CAPITAL: Creditors' Proofs of Debt Due May 8
--------------------------------------------------
The creditors of Unity Capital International (Cayman) Ltd are
required to file their proofs of debt by May 8, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2013.

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


=========
C H I L E
=========


CCU: Slumps in Chile as BofA Says Sell on AmBev Pressure
--------------------------------------------------------
Eduardo Thomson at Bloomberg News report that Cia. Cervecerias
Unidas SA (CCU) fell the most since 2008 after Bank of America
Corp. recommended investors dump the shares amid falling beer
sales and intensifying competition.

CCU, controlled by Chile's Luksic family, slumped 5.5 % to 7,740
pesos at 1:01 p.m. on May 4, 2012, in Santiago, its biggest fall
on a closing basis since December 2008, according to Bloomberg
News.  The country's benchmark Ipsa index advanced 0.5 percent.

Bloomberg News notes that Bank of America cut its rating to the
equivalent of sell from hold, saying the Santiago-based company's
alcoholic beverage business was disappointing in the first
quarter.

Brazilian rival Cia. de Bebidas das Americas, also known as AmBev,
is likely to push to expand Chilean operations, according to Bank
of America, Bloomberg News relates.

"We look for AmBev to continue leveraging excess affiliate
capacity, cheap shipping and a strong peso to grow its Chilean
operations and pressure CCU profitability," analysts Robert Ford
and Melissa Byun wrote in an e-mailed note obtained by Bloomberg
News.

Cia. Cervecerias Unidas SA (CCU) is Chile's biggest brewer.


=========
H A I T I
=========


YELE HAITI FOUNDATION: Owes HVS US$108,972, Faces Suit
------------------------------------------------------
Antigua Observer reports that the Yele Haiti foundation of former
Fugees front man Wyclef Jean is being sued by HVS Global
Hospitality Services that said the now-defunct charity owes it
US$108,972.

HVS Global Hospitality said Yele failed to fulfill a promise for
job training it gave to Haitians in 2011, according to Antigua
Observer.

The report notes that HVS's lawsuit, filed in the Manhattan
Supreme Court, said Yele agreed to pay US$285,000 for a
hospitality and education training program in Haiti in May 2011.

Antigua Observer relays that the court paper said Yele signed a
contract promising to pay HVS in installments over the course of
the six-month training.  But the controversial charity fell behind
and ignored invoices sent by HVS, the report notes.

HVS is suing the charity to recoup the initial payments it never
received, plus interest lost on the amount since April 20, 2012,
the report discloses.  The company also wants Yele to pay its
attorney fees, the report says.

The report relates that this is the first New York lawsuit filed
against the Manhattan-based charity activated in 2005.  Several
Haiti-based companies have reportedly sued the organization over
unpaid debts, the report notes.

Yele reported taking in US$2 million in the wake of the 2010
earthquake that rocked the French speaking nation but its
heightened international profile led to questions about spotty
bookkeeping and frequent payouts to members of Mr. Jean's family,
the report says.

Yele shut down in 2012 after a forensic audit challenged
foundation payments to Mr. Jean, his family and associates from
the US$16 million pot that the organization raised over seven
years, the report recalls.

The New York State Attorney General reportedly opened an
investigation into its finances after it was revealed Yele did not
file income tax returns for several years, the report notes.

Mr. Jean said his foundation's troubled finances were due to
ignorance, not corruption, the report adds.


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


* JAMAICA: IMF Executive Board OKs US$932.3 Million Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a four-year Extended Fund Facility (EFF) arrangement for
Jamaica to support the authorities' comprehensive economic reform
agenda.

The EFF arrangement amounts to SDR 615.38 million (about US$932.3
million), the equivalent of 225 percent of Jamaica's quota in the
IMF.

The financing arrangement forms a critical part of a total funding
package of US$2 billion from Jamaica's multilateral partners
including the World Bank and the Inter-American Development Bank,
with each having preliminarily agreed to allocate US$510 million
over the next four years.  The Executive Board approval enables an
initial disbursement by the IMF of an amount equivalent to SDR
136.75 million (about US$207.2 million).

Following the Executive Board's discussion, Mr. David Lipton First
Deputy Managing Director and Acting Chair of the Board, stated:
"For most of the past three decades, Jamaica has suffered from
very low growth, high public debt, and serious social challenges.
Key factors behind these problems have been Jamaica's
unsustainable debt burden, low competiveness, a weak business
climate, and lack of policy credibility.  During 2012/13, the
authorities started to tighten fiscal policy and prepared a
comprehensive four-year economic reform program to address these
challenges.

"The main objective of the program is to put public debt on a
firmly downward trajectory and thereby create a virtuous cycle of
debt sustainability and higher economic growth. The authorities'
multi-layered reform agenda comprises ambitious fiscal
consolidation, improvement in competitiveness, debt reduction, and
improved social protection programs.

"Achieving higher and sustained growth is key to increase the
welfare of Jamaicans and ensure the country's long-term
macroeconomic stability.  The authorities' growth agenda
integrates ambitious fiscal consolidation with structural reforms
to reduce impediments to growth and facilitate strategic
investments.

"While the full benefits of the reform agenda may take time to
materialize, the reforms are urgently needed to ensure a more
prosperous future for Jamaica.  To enhance sustainability of the
reform agenda, fair burden sharing of the reform effort is
essential. A central component of the program is the authorities'
package of measures to promote social coherence that includes a
floor on social spending, an improved social safety net, and
programs to increase employment.

"The authorities recognize that safeguarding the financial sector
is also critical. They have established a Financial Sector Support
Fund to offer assistance, if needed, to financial institutions
participating in the recent debt exchange.

"Although the risks to the program are high, the implementation of
the prior actions, the frontloaded nature of the reform agenda,
and the envisaged collaboration with development partners should
help foster the successful implementation of the program."


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


BANCO INTERACCIONES: Moody's Removes (hyb) Indicator from Rating
----------------------------------------------------------------
Moody's Investors Service removed a hybrid indicator (hyb)
previously attached to the rating of MXP500 million Tier 2 capital
notes due November, 16 2018 (ISIN: MX0QBI000010) issued by Banco
Interacciones, S.A. A "(hyb)" indicator was previously appended to
the rating of this subordinated debt due to an internal
administrative error.

On November 29, 2012, Moody's de Mexico affirmed the B1 long term
global local currency subordinated debt rating assigned to Banco
Interacciones. On its Mexican National Scale, Moody's affirmed the
long term subordinated debt rating of Baa1.mx assigned to these
notes. The outlook is stable.


RDS ULTRA-DEEPWATER: S&P Affirms 'B' Rating on $270MM Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on RDS
Ultra-Deepwater Ltd. (RDS) to stable from positive.  At the same
time, S&P affirmed its 'B' issue rating on RDS' $270 million
senior secured notes due 2017.

The outlook revision reflects the lower-than-expected prepayment
of the bank loan.  "We had expected that by year-end 2013 the
outstanding balance on the unrated senior bank loan would be about
5% of the $225 million initially contracted.  However, we have
revised our base-case to indicate that by year-end, the
outstanding balance of the bank loan will be about 20% of the
initial contracted amount," said Standard & Poor's credit analyst
Monica Ponce.  The rating reflects the project's cash flow
mechanism which has allowed a significant debt reduction despite
the December 2012 rig failure.

RDS is a wholly owned special-purpose finance subsidiary of
Rubicon Drilling Services - Aluguer de Equipamentos Tecnologicos,
Unipessoal LDA (Rubicon; not rated), a limited liability company
organized under the laws of Portugal.  RDS issued the notes and
made an intercompany loan to Rubicon, which agreed to purchase
Centenario (formerly PetroRig III), an ultra-deepwater
semisubmersible drilling rig.  Through a related company, Grupo R
Exploracion Marina S.A. de C.V. (GREM; not rated), the rig entered
into a long-term charter contract with Pemex Exploracion y
Produccion (Pemex E&P; not rated), a wholly owned subsidiary of
Pemex.  RDS, Rubicon, and GREM belong to Grupo R, a group of
companies that service the Mexican energy and industrial sectors.


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


SWISS CHALET: Puerto Rico Judge Won't Reconsider Prior Order
------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte denied the request of McP&G,
Inc., d/b/a Terranova Realty Group, for reconsideration of the
Court's prior order denying its administrative expense claim in
the Chapter 11 case of Swiss Chalet, Inc.

"In its Motion to Reconsider, Terrranova does not allege an
intervening change of law, newly-discovered evidence or manifest
error of law. Instead, it reiterates, as it did in its previous
Answer to Order to Show Cause . . . that the reasons for non-
compliance with this court's orders to file the proposed findings
of fact and conclusions of law . . . was due to a misplacement of
the initial draft sent by the Debtor's counsel to its attorney,
that on March 15, 2013, its attorney sent a draft to the Debtor's
counsel of the proposed findings of fact and conclusions of law,
that it requested 5 days to file the proposed findings of fact and
conclusions of law . . . which elapsed on March 20, 2013, and that
its second failure to file the proposed findings of fact and
conclusions of law was 'due to Debtor's counsel previous
commitments and the fact that he was outside of Puerto Rico for
approximately one week', which is 'not attributable to Terranova'
. . . .  Terranova, however, did not timely inform the court of
the foregoing nor did it request an additional extension of time.
It opted instead to idly stand in spite of the prior opportunities
this court afforded it in its previous orders," the Court ruled.

A copy of Judge Lamoutte's April 26, 2013 Opinion and Order is
available at http://is.gd/ErfOwOfrom Leagle.com.

                      About The Swiss Chalet

The Swiss Chalet Inc., developed the Gallery Plaza Condominium and
Atlantis Condominium in San Juan, Puerto Rico.  SCI also owns the
DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent to
the Gallery Plaza.  SCI filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants.  In its schedules, the Debtor disclosed
total assets of $115,580,977 and total debts of $138,603,384.  The
petition was signed by Arnold Benus, director.

The Debtor's Joint Amended Plan of Reorganization was confirmed on
Feb. 2, 2012.


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


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


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


  ARGENTINA
  ---------

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


  BRAZIL
  ------

FABRICA TECID-RT     FTRX1 BZ       66790814.7    -79675855.6
TEKA-ADR             TEKAY US        408825446     -369130546
BOMBRIL              BMBBF US        351436148    -7660238.74
TEKA                 TKTQF US        408825446     -369130546
TEKA-PREF            TKTPF US        408825446     -369130546
BATTISTELLA-RIGH     BTTL1 BZ        242292395    -31883815.5
BATTISTELLA-RI P     BTTL2 BZ        242292395    -31883815.5
BATTISTELLA-RECE     BTTL9 BZ        242292395    -31883815.5
BATTISTELLA-RECP     BTTL10 BZ       242292395    -31883815.5
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        796681450    -92628747.2
REDE EMP ENE ELE     ELCA4 BZ       1164635971      -23251158
REDE EMP ENE ELE     ELCA3 BZ       1164635971      -23251158
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        351436148    -7660238.74
BOMBRIL-RIGHTS       BOBR1 BZ        351436148    -7660238.74
LAEP-BDR             MILK11 BZ       225295577     -202020979
AGRENCO LTD          AGRE LX         325151004     -611658179
LAEP INVESTMENTS     LEAP LX         225295577     -202020979
LUPATECH SA          LUPAF US        796681450    -92628747.2
REDE ENERG-UNIT      REDE11 BZ      1164635971      -23251158
CELGPAR              GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT        4529781Q BZ    45007563.8    -17324870.8
RECRUSUL - RT        4529785Q BZ    45007563.8    -17324870.8
RECRUSUL - RCT       4529789Q BZ    45007563.8    -17324870.8
RECRUSUL - RCT       4529793Q BZ    45007563.8    -17324870.8
REDE ENER-RT         3907727Q BZ    1164635971      -23251158
REDE ENER-RCT        3907731Q BZ    1164635971      -23251158
RECRUSUL-BON RT      RCSL11 BZ      45007563.8    -17324870.8
RECRUSUL-BON RT      RCSL12 BZ      45007563.8    -17324870.8
BALADARE             BLDR3 BZ        159454016    -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ       96911396.7      -87693429
TEXTEIS RENAU-RT     TXRX2 BZ       96911396.7      -87693429
TEXTEIS RENA-RCT     TXRX9 BZ       96911396.7      -87693429
TEXTEIS RENA-RCT     TXRX10 BZ      96911396.7      -87693429
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       796681450    -92628747.2
ALL ORE MINERACA     AORE3 BZ       20231387.6    -8975347.28
B&D FOOD CORP        BDFC US          14423532       -3506007
LUPATECH SA-ADR      LUPAY US        796681450    -92628747.2
PET MANG-RT          4115360Q BZ     246810937     -224879124
PET MANG-RT          4115364Q BZ     246810937     -224879124
REDE ENER-RT         REDE1 BZ       1164635971      -23251158
REDE ENER-RCT        REDE9 BZ       1164635971      -23251158
REDE ENER-RT         REDE2 BZ       1164635971      -23251158
REDE ENER-RCT        REDE10 BZ      1164635971      -23251158
STEEL - RT           STLB1 BZ       20231387.6    -8975347.28
STEEL - RCT ORD      STLB9 BZ       20231387.6    -8975347.28
MINUPAR-RT           9314542Q BZ     136700993    -89498652.2
MINUPAR-RCT          9314634Q BZ     136700993    -89498652.2
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    45007563.8    -17324870.8
RECRUSUL - RT        0163580D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0163582D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0163583D BZ    45007563.8    -17324870.8
PORTX OPERA-GDR      PXTPY US        976769403    -9407990.35
PORTX OPERACOES      PRTX3 BZ        976769403    -9407990.35
ALL ORE MINERACA     STLB3 BZ       20231387.6    -8975347.28
MINUPAR-RT           0599562D BZ     136700993    -89498652.2
MINUPAR-RCT          0599564D BZ     136700993    -89498652.2
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
LAEP INVESTMEN-B     0122427D LX     225295577     -202020979
LAEP INVES-BDR B     0163599D BZ     225295577     -202020979
RECRUSUL - RT        0614673D BZ    45007563.8    -17324870.8
RECRUSUL - RT        0614674D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0614675D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0614676D BZ    45007563.8    -17324870.8
TEKA-RTS             TEKA1 BZ        408825446     -369130546
TEKA-RTS             TEKA2 BZ        408825446     -369130546
TEKA-RCT             TEKA9 BZ        408825446     -369130546
TEKA-RCT             TEKA10 BZ       408825446     -369130546
LUPATECH SA-RTS      LUPA1 BZ        796681450    -92628747.2
LUPATECH SA -RCT     LUPA9 BZ        796681450    -92628747.2
MINUPAR-RTS          MNPR1 BZ        136700993    -89498652.2
MINUPAR-RCT          MNPR9 BZ        136700993    -89498652.2
RECRUSUL SA-RTS      RCSL1 BZ       45007563.8    -17324870.8
RECRUSUL SA-RTS      RCSL2 BZ       45007563.8    -17324870.8
RECRUSUL SA-RCT      RCSL9 BZ       45007563.8    -17324870.8
RECRUSUL - RCT       RCSL10 BZ      45007563.8    -17324870.8
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        351436148    -7660238.74
BOMBRIL CIRIO SA     BOBRON BZ       351436148    -7660238.74
BOMBRIL-PREF         BOBR4 BZ        351436148    -7660238.74
BOMBRIL CIRIO-PF     BOBRPN BZ       351436148    -7660238.74
BOMBRIL SA-ADR       BMBPY US        351436148    -7660238.74
BOMBRIL SA-ADR       BMBBY US        351436148    -7660238.74
BUETTNER             BUET3 BZ        107788131    -27487916.4
BUETTNER SA          BUETON BZ       107788131    -27487916.4
BUETTNER-PREF        BUET4 BZ        107788131    -27487916.4
BUETTNER SA-PRF      BUETPN BZ       107788131    -27487916.4
BUETTNER SA-RTS      BUET1 BZ        107788131    -27487916.4
BUETTNER SA-RT P     BUET2 BZ        107788131    -27487916.4
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
REDE ENERGIA SA      REDE3 BZ       1164635971      -23251158
CAIUA SA             ELCON BZ       1164635971      -23251158
REDE EMPRESAS-PR     REDE4 BZ       1164635971      -23251158
CAIUA SA-PREF        ELCPN BZ       1164635971      -23251158
CAIUA SA-PRF B       ELCA6 BZ       1164635971      -23251158
CAIUA SA-PRF B       ELCBN BZ       1164635971      -23251158
CAIUA SA-RTS         ELCA2 BZ       1164635971      -23251158
CAIUA SA-DVD CMN     ELCA11 BZ      1164635971      -23251158
CAIUA SA-RCT PRF     ELCA10 BZ      1164635971      -23251158
CAIUA SA-DVD COM     ELCA12 BZ      1164635971      -23251158
CAIUA ELEC-C RT      ELCA1 BZ       1164635971      -23251158
CAIUA SA-PRF A       ELCAN BZ       1164635971      -23251158
CAIUA SA-PRF A       ELCA5 BZ       1164635971      -23251158
CAIVA SERV DE EL     1315Z BZ       1164635971      -23251158
CHIARELLI SA         CCHI3 BZ       10041449.5    -79185336.9
CHIARELLI SA         CCHON BZ       10041449.5    -79185336.9
CHIARELLI SA-PRF     CCHI4 BZ       10041449.5    -79185336.9
CHIARELLI SA-PRF     CCHPN BZ       10041449.5    -79185336.9
IGUACU CAFE          IGUA3 BZ        251154980    -71879415.8
IGUACU CAFE          IGCSON BZ       251154980    -71879415.8
IGUACU CAFE          IGUCF US        251154980    -71879415.8
IGUACU CAFE-PR A     IGUA5 BZ        251154980    -71879415.8
IGUACU CAFE-PR A     IGCSAN BZ       251154980    -71879415.8
IGUACU CAFE-PR A     IGUAF US        251154980    -71879415.8
IGUACU CAFE-PR B     IGUA6 BZ        251154980    -71879415.8
IGUACU CAFE-PR B     IGCSBN BZ       251154980    -71879415.8
SCHLOSSER            SCLO3 BZ       56191844.3    -53412737.8
SCHLOSSER SA         SCHON BZ       56191844.3    -53412737.8
SCHLOSSER-PREF       SCLO4 BZ       56191844.3    -53412737.8
SCHLOSSER SA-PRF     SCHPN BZ       56191844.3    -53412737.8
COBRASMA             CBMA3 BZ       82889430.3    -2196482618
COBRASMA SA          COBRON BZ      82889430.3    -2196482618
COBRASMA-PREF        CBMA4 BZ       82889430.3    -2196482618
COBRASMA SA-PREF     COBRPN BZ      82889430.3    -2196482618
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        268517428     -205157416
DOCAS SA             DOCAON BZ       268517428     -205157416
DOCA INVESTI-PFD     DOCA4 BZ        268517428     -205157416
DOCAS SA-PREF        DOCAPN BZ       268517428     -205157416
DOCAS SA-RTS PRF     DOCA2 BZ        268517428     -205157416
FABRICA RENAUX       FTRX3 BZ       66790814.7    -79675855.6
FABRICA RENAUX       FRNXON BZ      66790814.7    -79675855.6
FABRICA RENAUX-P     FTRX4 BZ       66790814.7    -79675855.6
FABRICA RENAUX-P     FRNXPN BZ      66790814.7    -79675855.6
HAGA                 HAGA3 BZ       19158663.2    -45056708.1
FERRAGENS HAGA       HAGAON BZ      19158663.2    -45056708.1
FER HAGA-PREF        HAGA4 BZ       19158663.2    -45056708.1
FERRAGENS HAGA-P     HAGAPN BZ      19158663.2    -45056708.1
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
IGB ELETRONICA       IGBR3 BZ        363687063    -27195507.3
GRADIENTE ELETR      IGBON BZ        363687063    -27195507.3
GRADIENTE-PREF A     IGBR5 BZ        363687063    -27195507.3
GRADIENTE EL-PRA     IGBAN BZ        363687063    -27195507.3
GRADIENTE-PREF B     IGBR6 BZ        363687063    -27195507.3
GRADIENTE EL-PRB     IGBBN BZ        363687063    -27195507.3
GRADIENTE-PREF C     IGBR7 BZ        363687063    -27195507.3
GRADIENTE EL-PRC     IGBCN BZ        363687063    -27195507.3
HOTEIS OTHON SA      HOOT3 BZ        252819121    -80969977.1
HOTEIS OTHON SA      HOTHON BZ       252819121    -80969977.1
HOTEIS OTHON-PRF     HOOT4 BZ        252819121    -80969977.1
HOTEIS OTHON-PRF     HOTHPN BZ       252819121    -80969977.1
RENAUXVIEW SA        TXRX3 BZ       96911396.7      -87693429
TEXTEIS RENAUX       RENXON BZ      96911396.7      -87693429
RENAUXVIEW SA-PF     TXRX4 BZ       96911396.7      -87693429
TEXTEIS RENAUX       RENXPN BZ      96911396.7      -87693429
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       80291424.1     -104213317
ESTRELA SA           ESTRON BZ      80291424.1     -104213317
ESTRELA SA-PREF      ESTR4 BZ       80291424.1     -104213317
ESTRELA SA-PREF      ESTRPN BZ      80291424.1     -104213317
WETZEL SA            MWET3 BZ        102020563    -6073582.74
WETZEL SA            MWELON BZ       102020563    -6073582.74
WETZEL SA-PREF       MWET4 BZ        102020563    -6073582.74
WETZEL SA-PREF       MWELPN BZ       102020563    -6073582.74
MINUPAR              MNPR3 BZ        136700993    -89498652.2
MINUPAR SA           MNPRON BZ       136700993    -89498652.2
MINUPAR-PREF         MNPR4 BZ        136700993    -89498652.2
MINUPAR SA-PREF      MNPRPN BZ       136700993    -89498652.2
NORDON MET           NORD3 BZ       12386508.7    -33450200.1
NORDON METAL         NORDON BZ      12386508.7    -33450200.1
NORDON MET-RTS       NORD1 BZ       12386508.7    -33450200.1
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       45007563.8    -17324870.8
RECRUSUL SA          RESLON BZ      45007563.8    -17324870.8
RECRUSUL-PREF        RCSL4 BZ       45007563.8    -17324870.8
RECRUSUL SA-PREF     RESLPN BZ      45007563.8    -17324870.8
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        191834998     -136761525
SANSUY SA            SNSYON BZ       191834998     -136761525
SANSUY-PREF A        SNSY5 BZ        191834998     -136761525
SANSUY SA-PREF A     SNSYAN BZ       191834998     -136761525
SANSUY-PREF B        SNSY6 BZ        191834998     -136761525
SANSUY SA-PREF B     SNSYBN BZ       191834998     -136761525
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        408825446     -369130546
TEKA                 TEKAON BZ       408825446     -369130546
TEKA-PREF            TEKA4 BZ        408825446     -369130546
TEKA-PREF            TEKAPN BZ       408825446     -369130546
TEKA-ADR             TKTPY US        408825446     -369130546
TEKA-ADR             TKTQY US        408825446     -369130546
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        242292395    -31883815.5
BATTISTELLA-PREF     BTTL4 BZ        242292395    -31883815.5
SAUIPE SA            PSEGON BZ      16327067.6    -6893336.18
SAUIPE               PSEG3 BZ       16327067.6    -6893336.18
SAUIPE SA-PREF       PSEGPN BZ      16327067.6    -6893336.18
SAUIPE-PREF          PSEG4 BZ       16327067.6    -6893336.18
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    25367370.6    -3712717.52
PUYEHUE              PUYEH CI       25367370.6    -3712717.52

                            ***********


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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