TCRLA_Public/130508.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

           Wednesday, May 8, 2013, Vol. 14, No. 90


                            Headlines



A R G E N T I N A

BANCO DE CORRIENTES: Moody's Assigns B2 and Caa1 Deposit Ratings
HSBC SEGUROS: Moody's Cuts IFS to B1 on Credit Profile Slide


C A Y M A N  I S L A N D S

ALL SEASONS: Shareholders to Hear Wind-Up Report Today
CARBON ASSETS: Commences Liquidation Proceedings
EURO-ASIAN INVESTMENTS: Commences Liquidation Proceedings
HARBERT EVENT: Placed Under Voluntary Wind-Up
HARBERT EVENT MASTER: Placed Under Voluntary Wind-Up

HIGHVIEW POINT: Creditors' Proofs of Debt Due June 20
HIGHVIEW POINT LP: Creditors' Proofs of Debt Due June 20
HIGHVIEW POINT MASTER: Creditors' Proofs of Debt Due June 20
ING ASIA: Placed Under Voluntary Wind-Up
LION/MUSTARD CAYMAN: Creditors' Proofs of Debt Due Today

MONTPELIER PROPERTIES: Commences Liquidation Proceedings
OFFSHORE DRILLER 2: Commences Liquidation Proceedings
RADCLIFFE USD: Shareholders Receive Wind-Up Report
SCF FINANCE: Commences Liquidation Proceedings
SEMPRA ENERGY: Placed Under Voluntary Wind-Up

STANDARD CHARTERED: Creditors' Proofs of Debt Due Today
TARCHON A4: Creditors' Proofs of Debt Due Today
TARCHON A10: Creditors' Proofs of Debt Due Today
TARCHON ASIA: Creditors' Proofs of Debt Due Today
TARCHON FUND: Creditors' Proofs of Debt Due Today

TRAXIS EMERGING: Creditors' Proofs of Debt Due Today


E L   S A L V A D O R

AES EL SALVADOR: Fitch Withdraws 'BB' Issuer Default Rating


G U A T E M A L A

CENTRAL AMERICA: Fitch Assigns 'BB+' Rating to US$100MM Sr. Notes
CENTRAL AMERICA: S&P Affirms BB' Corporate Credit Rating
CENTRAL AMERICAN: Moody's Assigns Ba2 Rating to $100MM of Notes


J A M A I C A

JAMALCO: Alcoa Considers Adjusting Smelting Capacity
* JAMAICA: Remittance Inflows Down in February


M E X I C O

MAQUINARIA ESPECIALIZADA: Fitch Keeps 'B-' Secured Notes on RWN
MAXCOM TELECOMUNICACIONES: May File for Bankruptcy in June
TV AZTECA: Fitch Affirms 'BB-' Long-term Issuer Default Rating
URBI DESARROLLOS: Won't Make Payment of Interest of US$3.9 Million


V E N E Z U E L A

HARVEST NATURAL: PwC LLP Raises Going Concern Doubt


                            - - - - -


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A R G E N T I N A
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BANCO DE CORRIENTES: Moody's Assigns B2 and Caa1 Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Banco de
Corrientes S.A., including a bank financial strength rating (BFSR)
of E+ (plus), which maps to a b3 baseline credit assessment; long-
and short-term global local-currency deposit ratings of B2 and Not
Prime, respectively; and long- and short-term foreign-currency
deposit ratings of Caa1 and Not Prime, the latter constrained by
Moody's foreign-currency country ceiling for deposits in
Argentina.

Moody's Latin America also assigned a A1.ar local currency deposit
rating and a Ba1.ar foreign-currency deposit rating on the
Argentine national scale.

The outlook on the bank's BFSR and local-currency deposit ratings
is negative, in line with the negative outlook on Argentina's
sovereign ratings, because of the high correlation between the
bank's creditworthiness and the government's credit strength.

The following new ratings were assigned to Banco de Corrientes:

Bank Financial Strength Rating: E+, with negative outlook

Long- and short-term global local-currency deposits: B2 and Not
Prime, with negative outlook

Long- and short-term foreign-currency deposits: Caa1 and Not
Prime, with stable outlook

Long-term National Scale local-currency deposit rating: A1.ar,
with negative outlook

Long-term National Scale foreign-currency deposit rating: Ba1.ar,
with stable outlook

Ratings Rationale:

Moody's noted that the E+ BFSR and b3 baseline credit assessment
(BCA) reflect Banco de Corrientes's relatively modest size and
niche business strategy that is primarily focused on consumer
lending within the Province of Corrientes (not rated by Moody's).
As the financial and payroll agent for the provincial government
of Corrientes, the bank has access to low-cost funding sources,
including deposits from the Province, which account for over 30%
of total deposits, and benefits from preferred access to the
payroll and pension accounts of provincial civil servants. The
bank's business is particularly centered on high-margined payroll-
and pension deductible loans, as well as loans to small and
medium-sized companies and corporations; these relationships offer
important cross-selling opportunities that generate fees,
including those received from the Province for its role as paying
agent.

Moody's noted as key risk factors the bank's limited business and
funding diversification with a focus on one regional market and
dependent upon the financial performance of the Province. The
standalone ratings are also constrained by Banco de Corrientes's
high lending growth experienced over the last two years directed
mainly towards unsecured consumer credit, which exposes its
balance sheet to asset quality deterioration as the portfolio
seasons. The bank is also subject to competition from larger local
entities, despite its strong foothold in its province, as
indicated by loan and deposit market shares of 41% and 49%,
respectively.

The assigned ratings also reflect the risks related to Argentina's
highly inflationary economy and pressured operating and regulatory
environment. Banco de Corrientes's B2 global local-currency
deposit rating is largely based on the E+ BFSR and b3 BCA, and
receives one notch of uplift to B2 due to Moody's assessment of a
high probability of systemic support that reflect its regional
importance.

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

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


HSBC SEGUROS: Moody's Cuts IFS to B1 on Credit Profile Slide
------------------------------------------------------------
Moody's Latin America downgraded HSBC Seguros de Vida (Argentina)
S.A.'s global local-currency (GLC) insurance financial strength
(IFS) rating to B1 from Ba3 and its Argentina national scale IFS
rating to Aa3.ar from Aa2.ar. The outlook of both ratings remains
negative.

Ratings Rationale:

HSBC Seguros de Vida provides life insurance products in the
Argentine local market where it holds a 4% market share. Together
with HSBC Seguros de Retiro (Argentina), the company is an
integral part of HSBC's operations in Argentina which also include
a leading commercial bank. The strong integration among the two
insurance companies, as well as with the bank, is evident from the
number of senior management, board members, and retail and
corporate customers they share.

Moody's said that the downgrade of HSBC Seguros de Vida reflects
the deterioration in its stand-alone credit profile, primarily
driven by weaker asset quality and capital adequacy. As a result
of a regulatory change in the local Argentine insurance market,
the company had to repatriate its higher-quality foreign assets to
lower-quality domestic sovereign bonds and other local instruments
that carry speculative-grade ratings. As a result, there has been
a sharp decline in the company's asset quality, as seen by the
ratio of high risk assets to shareholder's equity which rose
significantly to a level of 391% as of December 31, 2012, after
reaching a peak of 490% as of June 30, 2012. Although HSBC Seguros
de Vida's good profitability and equity growth could reduce the
company's exposure to high-risk assets if capital is retained at
the company, the rating agency said it would take some time to
lower the company's exposure back to the level it was at a few
years ago (e.g. approximately 200% of equity).

Alejandro Pavlov, senior analyst at Moody's, added, "HSBC Seguros
de Vida's economic capitalization declined significantly over the
past year because of a very large shareholder dividend taken out
of the company in 2012, as well as the deterioration in the
company's asset quality." The company's adjusted shareholder's
equity-to-total assets ratio declined to 14% as of December, 31
2012, after averaging 26% in the 2008-2011 period. In addition,
the company's local regulatory solvency margin fell to 20% at
December 31, 2012 from its previous average level of 180%.

With respect to HSBC Seguros de Vida's public IFS ratings, Moody's
commented that the company's B1 rating receives two notches of
uplift from its stand-alone credit profile because of the
ownership and implied support from the HSBC Group given the strong
integration with the bank and the insurer's strong contribution to
the combined earnings of the bancassurance group in Argentina.

Moody's went on to say that HSBC Seguros de Vida's outlook is
still negative because of the negative outlook on the Argentine
sovereign bond rating and the majority of local bank deposit
ratings, given the insurer's high balance sheet exposure to these
assets.

Given the negative outlook, an upgrade of the company is not
likely; however, the following factors could move the outlook back
to stable: 1) Argentine sovereign rating outlook returns to stable
from negative, 2) significantly improved capitalization to similar
levels observed in the past (e.g. local equity-to-assets metric
around 25% and solvency margin around 200%), 3) strong improvement
in Argentina's operating environment, 4) a more balanced business
composition, with at least three business lines representing 25%-
30% of policyholders' reserves/premiums, and 5) additional
explicit parental support from HSBC (e.g., a guarantee or keepwell
agreement).

The following factors could lead to a further downgrade of the
rating: 1) downgrade of Argentina's government bond rating and/or
deterioration in Argentine's operating environment, 2) significant
decline in its market share below 2%, 3) weakening profitability,
4) weaker combined business/financial profile of the two HSBC
insurers in Argentina, 5) sale of the company by HSBC Group and/or
6) reduced support from and integration with HSBC Group.

The principal methodology used in this rating was Moody's Global
Rating Methodology for Life Insurers published in May 2010.

Based in Buenos Aires, Argentina, HSBC Seguros de Vida (Argentina)
reported a net profit of ARS47 million and gross premiums written
of above ARS255 million for the first half of 2012/13 fiscal year
ended on December 31, 2012. Total assets were almost ARS861
million and its shareholders' equity was ARS178 million as of
December 31, 2012.

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


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


ALL SEASONS: Shareholders to Hear Wind-Up Report Today
------------------------------------------------------
The shareholders of All Seasons Africa Multi-Strategy Master Fund
Limited will receive today, May 8, 2013, the liquidator's report
on the company's wind-up proceedings and property disposal.

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


CARBON ASSETS: Commences Liquidation Proceedings
------------------------------------------------
On March 25, 2013, the shareholder of Carbon Assets Fund resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


EURO-ASIAN INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
On March 28, 2013, the shareholders of Euro-Asian Investments
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          M. Ayed F. Al-Sharriff
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


HARBERT EVENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 25, 2013, the sole shareholder of Harbert Event
Opportunities Offshore Fund, Ltd resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815 1750
          Facsimile: (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HARBERT EVENT MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On March 25, 2013, the sole shareholder of Harbert Event
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815 1750
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HIGHVIEW POINT: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------
The creditors of Highview Point Offshore Fund, Ltd are required to
file their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.

John J. Carney, Esq. is the company's receiver.


HIGHVIEW POINT LP: Creditors' Proofs of Debt Due June 20
--------------------------------------------------------
The creditors of Highview Point LP are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

John J. Carney, Esq. is the company's receiver.


HIGHVIEW POINT MASTER: Creditors' Proofs of Debt Due June 20
------------------------------------------------------------
The creditors of Highview Point Master Fund, Ltd. are required to
file their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.

John J. Carney, Esq. is the company's receiver.


ING ASIA: Placed Under Voluntary Wind-Up
----------------------------------------
On March 26, 2013, the sole member of ING Asia Pacific Growth SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 30, 2013, will be included in the company's dividend
distribution.

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


LION/MUSTARD CAYMAN: Creditors' Proofs of Debt Due Today
--------------------------------------------------------
The creditors of Lion/Mustard Cayman Topco Limited are required to
file their proofs of debt today, 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:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 814 9103
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MONTPELIER PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
On March 22, 2013, the shareholders of Montpelier Properties
(International) Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


OFFSHORE DRILLER 2: Commences Liquidation Proceedings
-----------------------------------------------------
On March 25, 2013, the shareholder of Offshore Driller 2 Ltd
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Geir Johansen
          10 Collyer Quay, Ocean Financial Centre
          #37-06/10 Singapore 049315


RADCLIFFE USD: Shareholders Receive Wind-Up Report
--------------------------------------------------
On May 1, 2013, the shareholders of Radcliffe USD Fund II, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SCF FINANCE: Commences Liquidation Proceedings
------------------------------------------------
On March 15, 2013, the shareholders of SCF Finance Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 30, 2013, will be included in the company's dividend
distribution.

The company's liquidators are:

          Hugh Dickson
          Jamie Toynton
          c/o John Royle
          10 Market Street #765, Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


SEMPRA ENERGY: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 8, 2013, the sole shareholder of Sempra Energy
International Cayman Holding Co. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
April 29, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Randall L. Clark
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


STANDARD CHARTERED: Creditors' Proofs of Debt Due Today
-------------------------------------------------------
The creditors of Standard Chartered Investments (Cayman) Limited
are required to file their proofs of debt today, May 8, 2013, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 26, 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


TARCHON A4: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Tarchon A4 Limited are required to file their
proofs of debt today, May 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

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


TARCHON A10: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Tarchon A10 Limited are required to file their
proofs of debt today, May 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

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


TARCHON ASIA: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of Tarchon Asia are required to file their proofs of
debt today, May 8, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

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


TARCHON FUND: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of The Tarchon Fund of Funds SPC are required to
file their proofs of debt today, May 8, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

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


TRAXIS EMERGING: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Traxis Emerging Markets Equity Offshore Fund Ltd.
are required to file their proofs of debt today, 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


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AES EL SALVADOR: Fitch Withdraws 'BB' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has withdrawn AES El Salvador Trust ratings as
follows:

-- Long-term foreign currency (FC) Issuer Default Rating
   (IDR) 'BB';
-- Local currency (LC) long-term IDR 'BB'.

This rating action follows the payment in full of its USD300
million senior notes issuance on April 29, 2013. As a result, the
trust accomplished its purposes and will no longer exist.

Fitch currently rates AES El Salvador Trust II as follows:

-- Long-term FC IDR 'BB';
-- LC long-term IDR 'BB';
-- USD310 million Sr. notes due 2023 'BB'.

The Rating Outlook is Stable.


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CENTRAL AMERICA: Fitch Assigns 'BB+' Rating to US$100MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to The Central America
Bottling Corporation's USD100 million reopening of its senior
notes due 2022. Proceeds from the notes are expected to be used
for general corporate purposes including acquisitions.

KEY RATING DRIVERS
CBC's ratings are supported by the company's long track record of
operations as an anchor bottler of the PepsiCo system in Central
America and the Caribbean, diversified product portfolio of
leading beverage brands across its franchised territories, and
broad distribution network. The ratings also benefit from the
company's good operating performance, characterized by positive
and stable cash flow generation, and solid credit metrics. In
addition, the company has the implied operative and technical
support of PepsiCo which owns a 18% of its equity.

CBC's ratings are constrained by strong competition within the
beverage industry, the volatility in the cost of its main raw
materials which pressures the company's margins, and some exposure
of cash generation to low-rated countries.

In 2012, CBC's total adjusted debt calculated by Fitch reached
USD347 million, out of which USD4 million was related to preferred
capital. This adjusted debt excludes USD112 of debt under a lender
of record structure that the company implemented for its
operations in Central America. Fitch estimates that CBC's credit
metrics remain solid for the rating category. For the year ended
2012, the company's EBITDA to gross interest expense was 4.2x,
while the total adjusted debt to EBITDA and total adjusted net
debt to EBITDA were 2.9x and 1.9x, respectively.

On a pro forma basis, including the proceeds from the senior note
reopening, Fitch estimates total adjusted debt to EBITDA around
3.7x and total adjusted net debt to EBITDA close to 1.9x.

Fitch expects that CBC will maintain its positive growth trend and
improved profitability. For the year ended 2012, the company's net
revenues were USD1.1 billion, which represented an increase of 24%
when compared to 2011. The acquisition of Grupo Tesalia in Ecuador
which closed in May 2012 contributed around 14% of the increase in
sales, while the rest came from organic growth in CBC's current
territories. In terms of profitability, CBC's EBITDA margin
improved to 11% at year-end 2012, as a result of the continuous
implementation of production and distribution efficiencies,
hedging initiatives in main raw materials, and the consolidation
of its operations in the Caribbean and Ecuador.

Fitch expects that CBC's planned capital expenditures of around
USD80 million in 2013 could limit its free cash flow generation
(FCF, defined as cash flow from operations less capital
expenditures and dividends). In 2012, the company's FCF as
estimated by Fitch was negative mainly as a result of higher
capital expenditures of around USD75 million and USD13 of
dividends. CBC continued generating stable cash flow from
operations of approximately USD46 million during 2012.

CBC's adjusted liquidity position, excluding the effect of the
lender restructure, is ample with USD117 million of cash, and held
to maturity investments and USD34 million of short-term debt. In
addition, CBC's debt maturity profile is manageable with no
significant debt maturities in the next few years. Fitch considers
that the proceeds from the reopening will contribute to
strengthening the company's liquidity position.

RATING SENSITIVITIES
Factors considered positive to credit quality include a
combination of better operating results, stronger cash flow
generation from higher-rated countries and solid credits metrics
on a sustained basis. The ratings could be negatively pressured by
a deterioration of the company's capital structure resulting in
higher debt and leverage ratios, as well as a decline in its
operating results due to adverse market conditions.

Fitch currently rates CBC as follows:

-- Foreign currency long-term Issuer Default Rating (IDR) 'BB+';
-- Local currency long-term IDR 'BB+';
-- USD200 million senior notes due 2022 'BB+'.

The Rating Outlook is Stable.


CENTRAL AMERICA: S&P Affirms BB' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Central America Bottling Corp. (CabCorp).  At
the same time, S&P affirmed the 'BB' rating on its senior
unsecured notes due 2022.  The outlook is stable.

The rating affirmation follows Cabcorp's announcement that it will
issue a $100 million add-on to its existing $200 million senior
unsecured notes due 2022.  Through the proposed add-on, Cabcorp
seeks to seize favorable market conditions to enhance its
liquidity.  The company will keep proceeds in cash and could use
them for potential acquisitions in the next 12 months.  Although
the proposed add-on will increase the company's total debt to
EBITDA to 4.8x from 4.0x as of the end of 2012, it will decrease
to 4.3x by the end of 2013, and S&P expects it to continue
declining as EBITDA rises.

S&P's ratings on CabCorp reflect the country and macroeconomic
risks where the company operates, its high proportion of dollar-
denominated debt, and its exposure to commodity price volatility.
However, the company's leading position in bottled beverage
markets in Latin America, its extensive distribution network,
relatively low industry cyclicality, and stable cash-flow
generation mitigate these negative factors.  S&P considers the
company's business risk profile as "fair" and its financial risk
profile as "significant."

The 'BB' rating on the notes reflects the upstream guarantees that
most of CabCorp's subsidiaries provide, mitigating the notes'
structural subordination.


CENTRAL AMERICAN: Moody's Assigns Ba2 Rating to $100MM of Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to The Central
American Bottling Corporation's proposed $100 million senior
unsecured notes due 2022. This issuance is an add-on to Cabcorp's
$200 million 6.750% senior notes due 2022 issued on February 9,
2012. The rating outlook is stable.

Ratings Rationale:

The rating is supported by the company's access to PepsiCo's
(Pepsi) extensive soft beverages portfolio, its solid market
position in its bottler territories, and Pepsi's relationship with
the company through its18% ownership and a seat on the board,
which enhances Moody's view of Cabcorp's corporate governance
despite being a family-owned company.

The rating is constrained by the company's relatively small
revenue size and modest profitability when compared with its peers
in the global soft beverages industry, its presence in some
riskier markets and the ongoing event risk given the company's
strategy to pursue M&A on a regular basis.

Cabcorp enjoys a strong market position and access to Pepsi's
extensive soft beverage portfolio, which covers multiple
categories such as carbonated soft drinks (CSD), juices & nectars,
isotonic beverages, energy drinks, water and tea. In the CSD
category (which represent around 55% of total sales), Cabcorp
holds a #1 market position in Guatemala and Jamaica and a #2
market position in El Salvador, Honduras, Nicaragua, Puerto Rico,
and Trinidad & Tobago following its largest beverage competitor,
the Coca-Cola Company. In Ecuador it holds a #3 market position in
the CSD product category. Pepsi brands are the market leader in
Cabcorp's territories in other categories such as isotonic
beverages, energy drinks and teas.

Cabcorp has been able to maintain adequate credit metrics despite
economic downturns, adverse weather conditions and acquisitions.
From 2009 to 2011, the company has been able to maintain modest
leverage below 2.5 times. In 2012 Moody's adjusted debt/EBITDA
increased to 3.4 times due to higher debt related to the $200
million notes issuance done in February 2012 used in part to
finance the acquisition in Ecuador. Pro-forma for the issuance of
the proposed notes leverage (adj. debt/EBITDA) would be 4.5 times
at the same 2012 EBITDA level. Moody's expects leverage to decline
to 3.4 times in 2013 and to 3.0 times in 2014 mainly driven by the
additional EBITDA of around $30 million per year anticipated from
the operation in Ecuador.

The company has a history of acquisitions with the most recent one
done in 2012 when Cabcorp ventured into Ecuador by acquiring 50% +
1 share of Grupo Tesalia, the sole Pepsi bottler in the country.
Moody's would expect acquisitions to continue in the medium term
given (i) a stated strategy to continue expanding geographic
footprint through acquisitions, (ii) being considered by Pepsi a
territory consolidator, and (iii) the consolidation trend in the
industry with recent actions from major participants. Moody's
notes that although positive in terms of scale and
diversification, the company's business and credit profile could
weaken should a major acquisition transaction occur, especially if
the company faces material integration challenges and aggressive
competition, or if leverage increases significantly as a result.

The stable outlook reflects Moody's expectation that the company
will be able to successfully optimize its operation in Ecuador and
increase its EBITDA generation without any major operational
issues. Furthermore, the stable outlook incorporates an expected
modest improvement in operating margins and free cash flow
generation over the next couple of years.

An upgrade could be triggered as a result of an increase in the
company's size while maintaining Debt/EBITDA below 2.5 times. In
addition, the company would need to improve its profitability,
sustaining EBIT margins above 7% while generating higher free cash
flow and/or debt reduction such that Free Cash Flow/Debt is at
least 15% on a sustained basis.

A downgrade could be triggered if credit metrics deteriorate
materially, for example as a result of an acquisition, or due to
negative results in the markets in which Cabcorp operates. EBIT
margin lower than 5%, Debt/EBITDA above 4.5 times or Retained Cash
Flow/Net Debt sustained below 12% could lead to a downgrade.

The principal methodology used in this rating was the Global Soft
Beverage Industry Methodology published in December 2009.

Headquartered in Guatemala City, Guatemala, Central American
Bottling Corp. (Cabcorp) is the 'Anchor Bottler' of PepsiCo (Aa3
negative) for Central America. With over 412,000 points of sale
the company operates in Guatemala, Ecuador, El Salvador, Honduras,
Nicaragua, Puerto Rico, Jamaica, and Trinidad & Tobago. In 2012,
Cabcorp reported revenues of $1,093 million and EBITDA of $123
million.


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


JAMALCO: Alcoa Considers Adjusting Smelting Capacity
----------------------------------------------------
RJR News reports that Alcoa, which owns majority stake in Jamalco
in Clarendon, is considering cutting up to 11% of its current
smelting capacity as it tries to weather low prices for aluminum.

Aluminum prices have fallen by more than one third since 2011 due
to a prolonged slump in the raw-aluminum market, according to RJR
News.

The report relates that Alcoa has stated that it will spend 15
months reviewing possible capacity curtailments totaling 460,000
tons, or 11% of current capacity, with a focus on its most
expensive plants and those subject to the risk of rising energy or
regulatory costs.

At the same time, the company is also likely to take production
out of the market, propping up prices, RJR News notes.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 19, 2012, RJR News said that U.S. aluminum giant Alcoa, which
is part owner of the Alcoa Minerals of Jamaica (Jamalco) plant in
Jamaica, has posted a US$2 million second quarter loss after
aluminum prices slumped to near two-year lows.  Alcoa said revenue
declined 9% to US$6 billion as aluminum prices fell 18% from last
year, according to RJR News.

A TCRLA report on April 13, 2009, Radio Jamaica News said Alcoa
plans to cut 13,500 jobs or 13% of the work force in Jamaica,
because of the global slowdown.  Alcoa is also selling four
business units and reducing output to save money, the report
noted.  Caribbean Net News said the government is holding talks
with potential purchasers for its 45% stake in the Jamalco
refinery in south-central parish of Clarendon.  Aluminum giant
Alcoa holds 55% of the company, which has a production capacity of
1.4 million tons of alumina.


* JAMAICA: Remittance Inflows Down in February
----------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) said remittance
inflows dipped in February for the first time in five years to
US$158 million which was almost US$10 million or 6% lower, than it
was in the same month last year.

It was the first dip in remittance inflows, for the month of
February, since an 18% dip in February 2009, brought on by the
global financial crisis, according to RJR News.  The report
relates that the dip in February inflows, has been enough to
trigger an overall decline for the first two months of the year.

RJR News notes that total inflows between January and February,
were US$309 million which is down 2.4% from last year.

The reversal in remittance growth, is the first in five years over
January and February, the report adds.


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


MAQUINARIA ESPECIALIZADA: Fitch Keeps 'B-' Secured Notes on RWN
---------------------------------------------------------------
Fitch Ratings has maintained the following notes issued by
Maquinaria Especializada MXO Trust Agreement No. F/00762 on Rating
Watch Negative:

-- US$160 million senior secured notes due 2021 rated 'B-'.

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery leased to Corporacion Geo S.A.B.de C.V.
(Geo Corp.). Repayment of the notes is supported by an irrevocable
and unconditional quarterly servicer payment paid by Geo Corp.
during a 10-year period under the terms of the Service Agreement
(SA) for the operation of the equipment.

KEY RATING DRIVERS
The rating takes into consideration (i) Geo Corp.'s timely payment
for quarterly services due under the SA on April 26, 2013; (ii)
recent announcements related to a potential restructuring plan and
non-payment of interest on its Certificados Bursatiles (GEO 11)
due April 26, 2013; (iii) the transaction's performance; (iv)
available liquidity in the form of cash reserve accounts totaling
approximately $41 million; and (v) the additional collateral in
the form of construction equipment. Geo Corp.'s quarterly service
payment due under the SA on April 26 allowed the transaction to
make its scheduled interest and principal payment on May 1.

In the event that Geo Corp. does not pay quarterly service
payments, the available liquidity would be sufficient to
potentially cover the next five scheduled interest and principal
payments. A default by Geo Corp. or any of its subsidiaries in the
amount of $10 million or greater constitutes a technical event of
default for the transaction; this could lead the trust to
terminate the SA. As long as the trust continues to receive
quarterly service payments from Geo Corp., Fitch believes there is
no incentive to terminate the SA. Fitch's rating addresses the
timely payment of interest and principal according to the original
schedule and does not include any potential acceleration amounts.

The transaction benefits from a reserve account with a balance of
USD25.60 million as of April 2013; in addition, the trust estate
includes the general dollar account ($11.4 million), the general
peso account ($38,323), the capital expense account ($3 million),
and the tax account ($524,664). These accounts can be used to
provide liquidity to the transaction or to pay down the
outstanding balance of the notes.

Additional credit support is provided by a security over the
essential construction equipment in the trust. As of Jan. 31,
2013, the trust held 1,117 pieces of heavy construction equipment.
In an event of default, the trust may liquidate this machinery and
apply the proceeds to pay down the debt balance. While this
equipment is essential to Geo Corp. and this should provide
increased incentives to honor the SA, it may be difficult to
repossess and liquidate the collateral.

The Negative Rating Watch reflects the deteriorating credit
quality of Geo Corp. and Fitch's continued concern about the
company's ability to perform under the terms of the SA.

Geo Corp.'s ratings reflect the company's recent announcement of
the missed interest payment on its Certificados Bursatiles (GEO
11). As a result of the company's actions, a default or a
distressed debt exchange (DDE) is highly probable. A DDE would
likely impose a material reduction of principal and/or interest
vis-a-vis the original contractual terms of the company's capital
markets debt. The Recovery Rating (RR) of 'RR4' reflects an
anticipated recovery in the event of default of between 30% and
50%.

RECOVERY ESTIMATE
In the event that the SA is terminated, Geo Corp. must pay a
termination fee which ranges from 49%-100% of the outstanding note
balance. Considering the $41 million in transaction accounts, the
sale of equipment for 30% of its last appraised value, and the
corporate recovery rating of 'RR4' applied to the termination fee,
Fitch believes the ultimate recovery on these notes is relatively
high.

RATING SENSITIVITIES
The transaction is subject to the performance risk of Geo Corp.,
material changes in the collection of the pledged payments to the
trust, reduction in the balances of the reserve accounts, and a
significant decrease in the number of pieces of essential
equipment held by the trust.

Initial Key Rating Drivers and Rating Sensitivity are further
described in the New Issue report 'Maquinaria Especializada Trust
Agreement No. F/00762 $160 Million Notes Due 2021,' published on
May 2, 2011, and available at www.fitchratings.com.


MAXCOM TELECOMUNICACIONES: May File for Bankruptcy in June
----------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., on Dec. 4, 2012,
entered into a recapitalization agreement pursuant to which it
would conduct an exchange offer for its outstanding senior secured
notes and concurrently Ventura Capital Privado S.A. de C.V. would
conduct a tender offer for Maxcom's outstanding equity securities
and make a capital contribution into Maxcom.  The Tender Offer and
Capital Contribution were conditioned on, among other things, the
success of the Debt Exchange Offer.  The Debt Exchange Offer was
extended three times and expired on April 24, 2013, without the
conditions to the offer having been satisfied and, as a result,
Maxcom did not receive the Capital Contribution.  Maxcom's
operational and financial position has further deteriorated by
virtue of not having received the Capital Contribution and without
additional sources of capital, the Company may not be able to make
the coupon payment due on June 15, 2013, with respect to the
Company's outstanding senior secured notes and the Company may not
be able to meet other financial obligations as they come due.  If
this occurs, holders of Maxcom's outstanding senior secured notes
and the Company's other creditors could commence involuntary
bankruptcy proceedings against the Company in Mexico or in the
United States.  In addition, the Company's business is very
capital intensive and there is a significant risk that the Company
will not have the ability to make the necessary investments in
technology, infrastructure and maintenance of the Company's
network.

In light of the outcome of the Debt Exchange Offer, Maxcom is
considering its alternatives including, but not limited to, the
commencement of a voluntary restructuring under Chapter 11 of the
United States Bankruptcy Code or other restructuring proceeding as
the Company may not be able to satisfy its liquidity and working
capital requirements or restructure its capital structure.  The
Company is currently assembling a plan intended to achieve that
restructuring, which includes the Company's assessment of the
implications that such plan will have, if any, on the Company's
financial position, results of operations, cash flows and related
disclosures.  Based on this analysis, Maxcom may conclude it will
not be able to continue as a going concern and the Company's
independent registered public accounting firm may or may not
concur with that conclusion upon their completing their audit.
This situation has caused the Company to delay the issuance of its
consolidated financial statements as of and for the year ended
Dec. 31, 2012, intended to be included in the Company's annual
report for the year ended Dec. 31, 2012, on Form 20-F and
consequently not permitting the Company's independent registered
public accounting firm to complete their audit and report on those
consolidated financial statements.

The Company anticipates, based on the information currently
available to it, that its results of operations for the year ended
Dec. 31, 2012, will be significantly different then the results of
operations for the year ended Dec. 31, 2011.

The Company expects to report Ps.2,201.3 million in net revenues
for the year ended Dec. 31, 2012.  The Company expects to report
an operating loss of Ps.64.2 million for the year ended Dec. 31,
2012, primarily as a result of lower contribution margins.  The
Company expects to report net loss of Ps.136.1 million for the
year ended Dec. 31, 2012, which reflects operating loss, as well
as interest expense.

                           About Maxcom

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

                           *    *     *

Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.


TV AZTECA: Fitch Affirms 'BB-' Long-term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed TV Azteca, S.A.B. de CV's ratings as
follows:

-- Long-term Issuer Default Rating (IDR) at 'BB-';
-- Local currency IDR at 'BB-';
-- USD300 million Senior Notes due 2018 at 'BB-'.

The Rating Outlook is Stable.

TV Azteca's ratings reflect its business position as the second
largest TV broadcaster in Mexico with national presence and one of
the largest Spanish-language TV companies in the world. The
ratings consider the company's financial profile and strong cash
generation, which in turn have been used in past years to finance
growth, pay dividends, and for capital reductions and share
repurchases. TV Azteca's ratings are limited by the mature stage
of the industry, high competition from traditional and new
distribution platforms, limited revenue diversification base, as
well as by the company's debt structure, with approximately 50% of
its total debt secured by 22% of national advertising revenues,
which is senior to all unsecured debt instruments.

KEY RATING FACTORS

TV Azteca's business position reflects its stable market share of
around 30% in the domestic market. Mexico's TV broadcasting market
is comprised of two national networks (Grupo Televisa, S.A.B. and
TV Azteca) and smaller regional and local broadcasters. Television
continues to be the most important mass media in Mexico for
advertisers. The company's revenues are supported by its
internally produced content which allows it to align advertisers
with specific demographics.

Historically the company's growth has followed the national GDP,
although in downturns it has maintained stability given that
traditionally, advertisers with presence in broadcast TV in Mexico
are engaged in less cyclical segments such as consumer goods and
services; this has translated into stable cash flows during
economic cycles. During 2012, TV Azteca's revenues grew 3% versus
2011 reflecting TV Azteca's stable market share and economic
conditions.

TV Azteca's management strategy is focused on maintain strong
profitability through stable audiences and pricing power, in
conjunction with keeping strict controls on costs and expenses.
Operating margins have been pressured recently as a result of
increased content production capabilities for traditional and new
platforms and distribution channels. In addition, during the first
quarter of 2013, revenues were pressured by low government
spending and seasonality; historically the second half of the year
is stronger than the first half. Fitch expects stabilization of
operating results through the rest of the year, with EBITDA margin
around 34%-35%.

The ratings consider the exposure to domestic economic activity
and increased regulation going forward. The upcoming
telecommunications law in Mexico, expected to become enforced
during this year once the secondary laws are passed by congress,
could have an impact on TV Azteca's results in the medium term,
reflecting increased competition from potential new participants,
among other factors. However, Fitch believes that the company's
cash generation will allow it to maintain a stable financial
profile and meet its financial obligations.

In recent years internally generated cash has been the company's
main source to finance growth and cash distributions to
shareholders. The company's strategy continues to be focused on
the production of robust programming which requires investment in
talent and facilities. For 2013 Fitch expects that TV Azteca's
cash generation will be used to cover capex and other investments
related mostly to exhibition rights (e.g. world cup, local soccer
teams and third parties content), as well as dividend payments of
approximately USD25 million per year.

TV Azteca's financial profile is strong and has been stable in
recent years. Total debt to EBITDA for 2012 was 2.6x and net debt
to EBITDA 0.8x, similar to the previous year. Free cash flow
generation (FCF; cash from operations - interest paid - capex -
dividends) during 2012 was negative USD12 million and the company
ended the year with a cash balance above USD558 million. For the
LTM at March 2013, gross leverage was 2.6x and net leverage 0.7x.
Fitch expects these ratios to remain stable in 2013.

TV Azteca's liquidity risk is low with total debt as of March 31,
2013 of MXN10.1 billion, short-term debt of MXN667 million and
MXN7.3 billion of cash. TV Azteca's debt is made up of structured
Certificados Bursatiles with an outstanding balance of MXN5
billion which began amortization in 2011 through 2020, USD300
million in senior notes due in 2018 equivalent to MXN3.6 billion,
and MXP1.5 billion (USD120 million) financing with American Tower
Corp. maturing in 2020 with an option to be extended until 2069.
The company's financial flexibility is limited by its restricted
access to debt markets (i.e. banks and capital markets). The
ratings take into consideration the controlling ownership by the
Salinas family and track record of transactions with related
entities.

While liquidity risk is low and the company's debt maturity
profile is adequate, it is important to note that approximately
50% of the company's total debt as of March 31, 2013 is secured by
22% of national advertising revenues, which is senior to all debt
instruments.

RATINGS SENSITIVITY
Factors that could lead to a positive rating action include a
combination of: additional profitable business lines contributing
to positive cash flow generation, consistently lower leverage
through the cycle, sustained increase in market share that would
lead to higher cash generation allowing the company to reduce
working capital needs.

Negative factors that could affect the company's credit profile
are: declining market share, results and profitability; increased
leverage and reduced liquidity; size, form and rollout of future
investments; higher than expected cash distributions to
shareholders.


URBI DESARROLLOS: Won't Make Payment of Interest of US$3.9 Million
------------------------------------------------------------------
Urbi Desarrollos Urbanos disclosed that it will not make the
payment of interest of $3.9 million that was due on April 30,
2013, provided for in the title of its 2014 Local Bonds (Cebures).

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.

                           *     *     *

Moody's de Mexico downgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V.'s national scale Certificados Bursatiles program rating to
Caa2.mx, from Ba2.mx (global scale local currency rating to
(P)Caa2 from (P)B2), its national scale senior unsecured debt
rating to Caa2.mx, from Ba2.mx (global scale local currency rating
to Caa2 from B2) and its corporate family rating to Caa2 from B2.
These ratings remain under review for downgrade. Urbi's commercial
paper program on the national scale was affirmed at MX-4 (global
scale local currency commercial paper program rating affirmed at
Not Prime).


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


HARVEST NATURAL: PwC LLP Raises Going Concern Doubt
---------------------------------------------------
Harvest Natural Resources, Inc., filed on May 2, 2013, its annual
report on Form 10-K for the year ended Dec. 31, 2012.

PricewaterhouseCoopers LLP, in Houston, Texas, expressed
substantial doubt about Harvest Natural's ability to continue as a
going concern.  The independent auditors noted that the Company
has not generated revenue and has incurred recurring losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.

The Company reported net income of $12,211 in 2012, compared to
net income of $70,137 in 2011.  For the year ended Dec. 31, 2012,
the Company had no revenues from continuing operations and net
cash used in operating activities of $26.4 million.  For the year
ended Dec. 31, 2011, the Company had no revenues from continuing
operations and net cash used in operating activities of
$55.2 million.

Harvest Natural said: "The Company had a net loss attributable to
Harvest of $12.2 million for the year ended Dec. 31, 2012,
compared to net income attributable to Harvest of $56.0 million
for the year ended Dec. 31, 2011.  Net loss attributable to
Harvest for the year ended Dec. 31, 2012, includes $9.1 million of
exploration expense, $9.3 of impairment expense, $5.6 million of
dry hole costs and net equity income from Petrodelta's operations
of $67.8 million.  Net income attributable to Harvest for the year
ended Dec. 31, 2011, includes $12.6 million of exploration
expense, $3.3 million of impairment expense, $49.7 million of dry
hole costs and net equity income from Petrodelta's operations of
$73.5 million.

        Restatement of Prior Period Financial Statements

"In connection with the preparation of our Annual Report on Form
10-K for the year ended Dec. 31, 2012, we concluded that there
were errors in previously filed financial statements.  In the
course of our review, management determined that (a) certain
warrants issued in 2010 in connection with our $60 million term
loan facility were improperly valued at inception and improperly
classified as equity instruments rather than liability
onstruments.  As a result of the improper classification of the
Warrants, (b) the debt discount and associated interest expense
related to the amortization of the debt discount was understated
for all periods in which the associated debt was outstanding, and
(c) the consolidated statement of operations and comprehensive
income (loss) for each reporting period was misstated by the
omission of the changes in fair value of the Warrants as a
liability instrument.  Additionally, (d) certain exploration
overhead was incorrectly capitalized to oil and gas properties,
which under the successful efforts method of accounting should
have been expensed, and (e) certain leasehold maintenance and
other costs were improperly capitalized to oil and gas properties,
which under the successful efforts method of accounting should
have been expensed.  Finally, (f) advances to equity affiliate
were improperly classified as an operating activity rather than an
investing activity and (g) certain costs were improperly
classified as an investing activity rather than an operating
activity on the consolidated statement of cash flows.  Such errors
impacted annual periods ended Dec. 31, 2010, and 2011, and
quarterly periods ended March 31, 2011, June 30, 2011, Sept. 30,
2011, Dec. 31, 2011, March 31, 2012, June 30, 2012, and
Sept. 30, 2012.

"As a result of the errors related to the Warrants described
above, loss on extinguishment of debt was understated for the year
ended Dec. 31, 2011, and the quarters ended June 30, 2011,
Sept. 30, 2011, and Dec. 31, 2011.

"Additionally, an error was identified in the calculation of
earnings (loss) per diluted share for the year ended Dec. 31,
2011, and the three and six months ended June 30, 2011, and an
additional error was identified related to the improper expensing
of costs associated with debt conversions that should have been
recorded to equity for the quarters ended March 31, 2012, and
Sept. 30, 2012.

"We have restated our segment footnote information to reflect the
applicable errors stated above and (a) reclassify noncontrolling
interest from United States segment to Venezuela segment, (b)
eliminate intrasegment receivables erroneously reported gross of
related intrasegment payable, and (c) eliminate intrasegment
revenue erroneously reported gross of related intrasegment
expense.  Such errors impacted annual periods ended Dec. 31, 2010,
and 2011, and quarterly periods ended March 31, 2011, June 30,
2011, Sept. 30, 2011, Dec. 31, 2011, March 31, 2012, June 30,
2012, and Sept. 30, 2012.  We also restated our financial
statement schedule to reflect adjustments to the balance sheet
related to income taxes for the years ended Dec. 31, 2010, and
2011.

"In assessing the severity of the errors, management determined
that the errors were material to the consolidated financial
statements for the years ended Dec. 31, 2011, and 2010, and
quarterly information for all quarters in 2011 and the first,
second and third quarters of 2012.  In addition to the errors
described above, we made corrections for previously identified
immaterial errors and errors affecting classification within the
consolidated statement of operations and comprehensive income
(loss) related to impairment of oil and gas properties and income
taxes and the consolidated balance sheets related to income taxes.

Balance Sheet

The Company's balance sheet at Dec. 31, 2012, showed
$596.8 million in total assets, $120.4 million in total
liabilities, and stockholders' equity of $476.4 million.

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

                        About Harvest Natural

Harvest Natural Resources, Inc. (NYSE: HNR) is a petroleum
exploration and production company incorporated under Delaware law
in 1989.  The Company's focus is on acquiring exploration,
development and producing properties in geological basins with
proven active hydrocarbon systems.  HNR operates from its Houston,
Texas headquarters.  HNR also has regional/technical offices in
the United Kingdom and Singapore, and field offices in Jakarta,
Republic of Indonesia; Port Gentil, Republic of Gabon; and Muscat,
Sultanate of Oman to support field operations in those areas.

The Company has acquired and developed significant interests in
the Bolivarian Republic of Venezuela.  Its Venezuelan interests
are owned through Harvest-Vinccler Dutch Holding, B.V., a Dutch
private company with limited liability ("Harvest Holding").  HNR's
ownership of Harvest Holding is through HNR Energia, B.V., in
which HNR has a direct controlling interest.  Through HNR Energia,
HNR indirectly owns 80 percent of Harvest Holding and the
Company's partner, Oil & Gas Technology Consultants (Netherlands)
Cooperatie U.A., a controlled affiliate of Venezolana de
Inversiones y Construcciones Clerico, C.A. ("Vinccler"),
indirectly owns the remaining 20 percent interest of Harvest
Holding.  Harvest Holding owns, indirectly through wholly owned
subsidiaries, a 40 percent of Petrodelta, S.A.  As HNR indirectly
owns 80 percent of Harvest Holding, it indirectly owns a net 32
percent interest in Petrodelta, and Vinccler indirectly owns eight
percent.  Corporacion Venezolana del Petroleo S.A. ("CVP") owns
the remaining 60 percent of Petrodelta.  Petroleos de Venezuela
S.A. ("PDVSA") owns 100 percent of CVP.  Harvest Holding has a
direct controlling interest in Harvest Vinccler S.C.A.  Harvest
Vinccler's main business purposes are to assist HNR in the
management of Petrodelta and in negotiations with PDVSA.  HNR does
not have a business relationship with Vinccler outside of
Venezuela.

In addition to its interests in Venezuela, HNR hold exploration
acreage mainly onshore West Sulawesi in Indonesia, offshore of
Gabon, onshore in Oman, and offshore of the People's Republic of
China.

For the year ended December 31, 2012, we had no revenues from
continuing operations and net cash used in operating activities of
$26.4 million. As of December 31, 2011, we had total assets of
$507.2 million, unrestricted cash of $58.9 million and long-term
debt of $31.5 million. For the year ended December 31, 2011, we
had no revenues from continuing operations and net cash used in
operating activities of $55.2 million.


                            ***********


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


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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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