TCRLA_Public/130514.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 14, 2013, Vol. 14, No. 94


                            Headlines



B O L I V I A

* BOLIVIA: S&P Affirms 'BB-' Rating; Outlook Stable


B R A Z I L

AUTOVIAS SA: Moody's Lifts Debentures' Rating One Notch to Baa3
CENTROVIAS SISTEMAS: Moody's Ups Ratings to Ba1, Outlook Stable
VIANORTE SA: Moody's Raises Issuer and Debenture Ratings to Ba1


C A Y M A N  I S L A N D S

BALISPUR LIMITED: Commences Liquidation Proceedings
BERHAR LTD: Commences Liquidation Proceedings
BEYOND LIMITS: Commences Liquidation Proceedings
COASTAL PROPERTIES: Commences Liquidation Proceedings
HT1 LTD: Shareholder to Receive Wind-Up Report on May 17

MEZZREF VII: Commences Liquidation Proceedings
PACIFIC STAR: Creditors' Proofs of Debt Due May 14
PANTHERA PARDUS: Commences Liquidation Proceedings
PEARL LIMITED: Commences Liquidation Proceedings
ROX CONDUIT: Creditors' Proofs of Debt Due May 22

ROX LIMITED: Creditors' Proofs of Debt Due May 22
SOUTHPOINT OFFSHORE: Commences Liquidation Proceedings
TRITAN INVESTMENTS: Commences Liquidation Proceedings
WESTERN INVESTMENT: Creditors' Proofs of Debt Due May 22
WINNWELL CAPITAL: Creditors' Proofs of Debt Due May 24


C O L O M B I A

MILLICOM INT'L: Fitch Puts 'BB+' Rating on US$500MM Unsec. Notes
* COLOMBIA: Four Cities Receive IDB Action Plans For Urban Growth


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP: Central Bank Injects US$488MM to Boost Economy


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=============
B O L I V I A
=============


* BOLIVIA: S&P Affirms 'BB-' Rating; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
long-term and 'B' short-term foreign and local currency sovereign
credit ratings on the Plurinational State of Bolivia.  The outlook
on the long-term ratings remains stable.  Standard & Poor's 'BB-'
transfer and convertibility (T&C) assessment for Bolivia is
unchanged.

"The ratings on Bolivia are constrained by the country's
fragmented political landscape (due to strong divisions among
regional, social, and ethnic lines) and government intervention
that dissuades investment, as well as vulnerability to the mining
sector and, particularly, shifts in gas prices," said Standard &
Poor's credit analyst Richard Francis.  "Rating strengths include
Bolivia's strong fiscal and external balance sheets in the wake of
debt forgiveness in 2006-2007, followed by current account
surpluses that have led to rising external liquidity.  Low fiscal
deficits and declining dollarization also support the rating."

Political tensions remain high because of the entrenched
divisiveness between President Evo Morales and a vociferous, but
fragmented, opposition, as well as the country's unions.  Partly
because of Bolivia's political landscape, domestic investment
remains relatively low at less than 20% of GDP.  This remains a
key structural weakness, exacerbated by revisions to the country's
investment policies and nationalization of so-called strategic
sectors of the economy.  Another rating constraint is the
country's high dependence on revenues from its natural gas and
mining sectors.  Nearly 70% of the country's exports are based on
natural gas and minerals and more than 30% of general government
revenues come from these sources.

However, the government's debt burden has declined, and the
country has solid external indicators.  The general government
debt burden fell to 14.6% of GDP in 2012 from 18% of GDP in 2011,
partly because of the government's fiscal surplus and high nominal
GDP growth.  In 2012, the general government recorded a surplus of
1.8% of GDP.  Strong fiscal revenue flows from both high prices on
hydrocarbons and the higher tax burden on foreign companies
operating in the sector underpin Bolivia's strong fiscal
performance.  In 2013, S&P expects that the general government
will post a small deficit of almost 1% of GDP--despite higher
government revenues--because of increased public spending.

"The outlook is stable.  We could raise the ratings if the
political landscape becomes more conducive to investment,
especially from the private sector, which would raise the overall
domestic investment-to-GDP ratio and support economic growth
prospects.  For example, the passage and implementation of a new
mining code could encourage new investment in the mining sector, a
key sector for the country.  We could also consider an upgrade if
Bolivia's monetary flexibility benefits from further improvements
in the transmission mechanism of monetary policy.  Additionally, a
growing capacity to withstand a fall in commodity prices, either
through further increases in hydrocarbon production or through
increased tax revenues from noncommodity sources, could also lead
to an upgrade.  On the other hand, if the political landscape
deteriorates and leads to a reversal in cautious macroeconomic
policies, we could lower the ratings.  Absent corrective fiscal
measures, a sharp, sustained fall in natural gas prices could also
lead to a downgrade.  If social tensions rise or if external price
shocks weaken the country's fiscal and external accounts, the risk
of derailing sound macroeconomic policies would increase.
Nevertheless, steady revenue from natural gas exports to two
captive markets (Brazil and Argentina) provides Bolivia with
enough of a financial buffer to withstand tough economic
conditions for some time," S&P said.


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


AUTOVIAS SA: Moody's Lifts Debentures' Rating One Notch to Baa3
---------------------------------------------------------------
Moody's America Latina Ltda upgraded to Baa3 from Ba1 on the
global scale and Aa1.br from Aa2.br on the Brazilian National
Scale Ratings (NSRs) Autovias' issuer ratings and the ratings on
outstanding senior secured and second lien secured debentures. The
outlook is stable for all ratings.

Ratings upgraded:

Issuer Rating: to Baa3 from Ba1 and Aa1.br from Aa2.br on the
(NSR)

BRL405 million Sr. Sec. Debentures due in 2015 and 2017: to Baa3
from Ba1 and Aa1.br from Aa2.br on the (NSR)

BRL100 million Second lien Sec. Debentures due in 2015: to Baa3
from Ba1 and Aa1.br from Aa2.br on the (NSR)

Ratings Rationale:

Autovias' continued improving operating performance as well as the
new controlling shareholders' less aggressive investment strategy
with respect to existing and new infrastructure assets in Brazil
prompted the upgrade. Autovias also compares favorably within its
peer group of operating toll road concessions in Brazil.

The Baa3 rating reflects the solid credit fundamentals of
Autovias, as evidenced by its strong credit metrics for the rating
category and the relatively stable and supportive regulatory
environment in the state of Sao Paulo. Autovias has a long track
record of operations but traffic history has been relatively
volatile on account of heavy freight traffic composition. The
rating also incorporates upcoming increases in leverage, although
the ultimate structure is still unknown, in order to help finance
large capital expenditure programs at the federal concessions,
planned contract amendments, potential investments in new
concessions, as well as dividend distributions to shareholders.
The rating is further limited by the rather short remaining life
of the Autovias concession, which expires in five years with
little prospects for renewal or extension.

The ratings of Autovias remain constrained by the potential cash
needs of the parent company. Arteris S.A. is forecasted to require
sizeable dividends and occasional inter-company loans from its
state concession subsidiaries in order to support dividend
distributions to shareholders, ongoing capital expenditures at the
federal concession level and to a lesser extent towards new and
select investments in the Brazilian toll road sector.

Nevertheless, covenants embedded in the debentures limit the
distribution of dividends and a significant leverage increase of
Autovias. The covenants limit the maximum amount of net debt to
3.5 times the annual EBITDA and require cash coverage of short
term debt obligations to be higher than 1.2x. Currently, these
covenants are relatively loose given that the net debt to EBITDA
ratio was 1.4x for 2012, while the cash coverage of short term
debt was 1.23x (excluding current maturities of long-term debt).
Our projections indicate that coverage under these covenants will
reduce somewhat but remain comfortably achievable throughout the
duration of the debentures.

Recent announcements regarding renegotiations of existing Sao
Paulo state concession agreements towards a new economic re-
equilibrium including lowering tariffs, will likely impact
Autovias. Management believes any such negotiation is likely to
result in increases in the concession life, and Moody's agrees.
Overall, Autovias would benefit from an extension of its
concession life and could absorb a 10-20% reduction in revenues
without suffering a significant negative impact on its credit
metrics given its strong positive cash flow generation capability
with capital expenditures limited to maintenance only.

Autovias' new controlling shareholders have a more conservative
business strategy with respect to new investments, favoring more
brownfield and operational toll roads versus greenfield projects.
In addition, in the short to medium term, it is expected that
through Arteris there will be cost reduction efforts such as more
centralized operations, further development of internal
procedures, and the consolidation of operations while the
integration of the new shareholders and their vision takes place.
There is still interest in participating in some of the upcoming
toll road concessions on a selective basis. This overall more
conservative strategy is a departure from the previous
shareholder's intentions of investing in various segments of
Brazil's infrastructure concessions.

The existing early maturity clauses in the debentures comprise a
cross default provision with the parent company. In the event that
Arteris S.A. goes bankrupt or files for reorganization under the
Brazilian bankruptcy law, the debenture holders could call an
early maturity event and execute their rights derived from the
debentures' guarantees.

Autovias has strong credit metrics for the rating category. Toll
related revenues in 2012 increased 9.6% compared to 2011, stemming
from the 2.7% increase in toll traffic and the 4.26% tariff
increase granted by ARTESP on July 1, 2012, in line with inflation
measured by the general price index (IGP-M) from June 2011 to May
2012. Autovias' strong operating performance supported the
continued high cash flow coverage ratios despite the significant
debt increase of BRL505 million with the debenture issuances in
2010. In 2012, the Funds from operations (FFO) to debt ratio
reached 33.7%, while the FFO coverage of the cash interest (cash
interest coverage ratio) was 3.6 times. These metrics were in line
with our expectations.

The stable outlook reflects Moody's opinion that Autovias'
operational performance will remain solid during the remaining
life of the concession in light of strong credit fundamentals
boosted by the expected continued growth in the Brazilian GDP.
Moody's expects that the payment of dividends and extension of
inter-company loans will continue for the remainder of the
concession, but that they will be prudently managed so that the
credit metrics remain within the proposed financial covenants.
Further, Moody's anticipates a smooth integration process deployed
by the experienced and new controlling shareholders focused on
improving operating efficiencies among the various concessions.

The rating could be upgraded if the company were to steadily
improve its liquidity profile and maintain credit metrics in line
with historical performance so that the FFO to debt ratio remains
above 30% and the interest coverage stays above 3.5x on a
sustainable basis.

The rating could be downgraded if there is a significant and
sustained deterioration in credit metrics so that FFO to debt
ratio falls below 25% and interest coverage ratio remains below
3.0x for an extended period of time. Deterioration in the credit
quality of Arteris S.A. could also prompt a downgrade rating
action.

Autovias S.A. (Autovias) is an operating subsidiary of Arteris
S.A. (Arteris, not rated). Arteris (f/k/a OHL Brasil S.A.) is a
holding company with approximately 3,226 kilometers of operating
toll roads under concession in Brazil consisting of four
concessions in the state of Sao Paulo and five federal concessions
in the states of Sao Paulo, Minas Gerais, Rio de Janeiro, Parana
and Santa Catarina. Combined tolled traffic was 696.6 million in
FY 2012.

Autovias has a 20-year concession to operate the toll road
services of five small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998, with 5 years remaining. The
five roads consist of 316 kilometers and 5 toll plazas and have an
estimated annual traffic of 44 million of equivalent vehicles. The
region covered by the concession comprises eighteen cities with an
estimated population of around 1.6 million people.

Autovias is now indirectly controlled by Abertis Infraestructuras
S.A. (Abertis, not rated) and by Brookfield Asset Management, Inc.
(Brookfield, Baa2/stable) through their respective ownerships of
51% and 49% in Participes en Brasil S.L. (Participes, not rated).
In August 2012, Abertis and OHL Concessiones S.A. (OHL, Ba2,
negative) reached an agreement through which Abertis incorporated
100% of the shares of Participes, previously owned by OHL. The
operation involved (i) the exchange of 100% of Participes' capital
stock for 10% of Abertis' capital stock, (ii) the assumption, by
Abertis, of approximately BRL1.2 billion in intercompany loans
between OHL and Participes, and (iii) the payment of EUR10.7
million. In order to make the operation feasible, Abertis
formalized an agreement with the Canadian fund Brookfield for the
joint acquisition of Participes. All government approvals were
received and the transaction was finalized in December 2012.

Abertis, a publicly-held company listed in the Spanish market for
more than 25 years, having been included in the IBEX 35 since its
creation. The company has a market capitalization of approximately
EUR9 billion and assets under management of EUR23 billion. It
operates in 12 countries (excluding Brazil) and three sectors:
highway concessions, telecommunications infrastructure and
airports, with 45 public-private partnership contracts and 25
highway concessions worldwide. With the December transaction
close, Abertis became the global leader in highway management.

Brookfield is indirectly controlled by Brookfield Asset Management
Inc., a company listed on the NYSE and the Toronto Stock Exchange,
with a market capitalization of more than $20 billion and more
than $150 billion in assets under management. Brookfield Asset
Management has been operating in Brazil since 1899, with a direct
or indirect presence in 11 states and the Federal District and
more than BRL25 billion under management. In Brazil, it operates
primarily in the real estate, renewable energy, infrastructure and
private equity segments.

The last rating action for Autovias was on November 8, 2010, when
Moody's assigned a Ba1 rating on the global scale and Aa2.br
rating on the Brazilian National scale to the 5-year 2nd lien
senior secured debentures issued by Autovias.

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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.


CENTROVIAS SISTEMAS: Moody's Ups Ratings to Ba1, Outlook Stable
---------------------------------------------------------------
Moody's America Latina Ltda upgraded to Ba1 from Ba2 on the global
scale and Aa1.br from Aa2.br the National Scale Ratings (NSRs)
assigned to Centrovias Sistemas Rodoviarios S.A. (Centrovias) and
its BRL406 million senior secured debentures issued in March 2010.
The outlook for all ratings is stable.

Ratings upgraded:

Issuer Rating: to Ba1 from Ba2 and Aa1.br from Aa2.br on the (NSR)

BRL286 million Sr. Sec. Debentures due in 2015: to Ba1 from Ba2
and Aa1.br from Aa2.br on the (NSR)

BRL120 million Sr. Sec. Debentures due in 2017: to Ba1 from Ba2
and Aa1.br from Aa2.br on the (NSR)

Ratings Rationale:

Centrovias' continued improving operating performance as well as
the new controlling shareholders' less aggressive investment
strategy with respect to existing and new infrastructure assets in
Brazil prompted the upgrade. Centrovias also compares favorably
within its peer group of operating toll road concessions in
Brazil.

The upgrade on a global scale rating to Ba1 reflects the mature
nature of Centrovias' concession, as evidenced by its solid
historic performance since 1998 and its strengthening credit
metrics over the last three years. Moody's views recent
improvement in operating performance from higher traffic volumes
as sustainable given the evolving economic fundamentals of its
service area and Centrovias' low capital expenditure requirements.
The stable regulatory environment in the State of Sao Paulo
further supports the ratings.

The upgrade of the Brazilian national scale to Aa1.br reflects the
current standing of Centrovias' ratings in comparison with those
of the other operating toll road concessions in state of Sao
Paulo. Moody's NSRs are intended as relative measures of
creditworthiness within a narrowly defined peer group in the same
country, as compared to the full universe of Moody's rated
entities, and thus differ from Moody's global scale ratings.

The ratings of Centrovias remain constrained by the potential cash
needs of the parent company. Arteris S.A. is forecasted to require
sizeable dividends and occasional inter-company loans from its
state concession subsidiaries in order to support dividend
distributions to shareholders, ongoing capital expenditures at the
federal concession level and to a lesser extent towards new and
select investments in the Brazilian toll road sector.

Nevertheless, covenants embedded in the debentures limit the
distribution of dividends and a significant leverage increase of
Centrovias. The covenants limit the maximum amount of net debt to
3.5 times the annual EBITDA and require cash coverage of short
term debt obligations to be higher than 1.2x. Currently, these
covenants are relatively loose given that the net debt to EBITDA
ratio was 0.86x for 2012, while the cash coverage of short term
debt was 3.9x (excluding current maturities of long-term debt).
Our projections indicate that coverage under these covenants will
reduce somewhat but remain comfortably achievable throughout the
duration of the debentures.

Recent announcements regarding renegotiations of existing Sao
Paulo state concession agreements towards a new economic re-
equilibrium including lowering tariffs, will likely impact
Centrovias. Management believes any such negotiation is likely to
result in increases in the concession life, and Moody's agrees.
Overall, Centrovias would benefit from an extension of its
concession life and could absorb a 10-20% reduction in revenues
without suffering a significant negative impact on its credit
metrics given its strong positive cash flow generation with
capital expenditures limited to maintenance only.

Centrovias' new controlling shareholders have a more conservative
business strategy with respect to new investments, favoring more
brownfield and operational toll roads versus greenfield projects.
In addition, in the short to medium term, it is expected that
through Arteris there will be cost reduction efforts such as more
centralized operations, further development of internal
procedures, and the consolidation of operations while the
integration of the new shareholders and their vision takes place.
There is still interest in participating in some of the upcoming
toll road concessions on a selective basis. This overall more
conservative strategy is a departure from the previous
shareholder's intentions of investing in various segments of
Brazil's infrastructure concessions.

Centrovias' fifteen-year history of tolled traffic shows that
heavy trucks represent over 60% of the road traffic in terms of
equivalent vehicles. Commercial vehicle traffic tends to be more
volatile than passenger vehicle traffic and typically moves in
tandem with the country's GDP. From the period spanning from 2000
through 2010, Centrovias presented an average tolled traffic
growth of 5.7% per year, which compares favorably with the
Brazilian GDP performance during the same period (i.e. 3.6% per
year). Measured by equivalent vehicles, tolled traffic at
Centrovias increased 62% in 2011 and 6.5% in 2012, the large
increase in 2011 reflected changes in the configuration of certain
toll plazas so that they could begin to charge tolls in both
directions. On a normalized basis, we estimate that Centrovias'
toll traffic increased approximately 7% in 2011. The traffic
growth in 2012 was driven by increases in traffic for agricultural
commodities and increased car ownership, even though GDP growth in
Brazil was just 2.7% in 2011. Presumably, the lower tariffs with
toll plazas in both directions also contributed to additional
traffic volumes in certain locations as toll evasion was reduced.

The stable outlook reflects Moody's opinion that Centrovias'
operational performance will remain solid during the remaining
life of the concession in light of strong credit fundamentals
boosted by the expected continued growth in the Brazilian GDP.
Moody's expects that the payment of dividends and extension of
inter-company loans will continue for the remainder of the
concession, but that they will be prudently managed so that the
credit metrics remain within the proposed financial covenants.
Further, Moody's anticipates a smooth integration process deployed
by the experienced and new controlling shareholders focused on
improving operating efficiencies among the various concessions.

The rating could be upgraded if the company were to steadily
improve its liquidity profile and maintain credit metrics in line
with historical performance so that the FFO to debt ratio stays
above 30% and the interest coverage remains above 3.5x on a
sustainable basis.

The rating could be downgraded if there is a significant and
sustained deterioration in credit metrics so that FFO to debt
ratio falls below 25% and interest coverage ratio remains below
3.0x for an extended period of time. Deterioration in the credit
quality of Arteris S.A. could also prompt a downgrade rating
action.

The last rating action on Centrovias was on April 10, 2012 when
Moody's upgraded to Aa2.br, Centrovias' issuer and BRL 406 million
senior secured debentures due in 2015 and 2017 on the Brazilian
National Scale rating.

Centrovias Sistemas Rodoviarios S.A. (Centrovias) is an operating
subsidiary of Arteris S.A. (Arteris, not rated). Arteris (f/k/a
OHL Brasil S.A.) is a holding company with approximately 3,226
kilometers of operating toll roads under concession in Brazil
consisting of four concessions in the state of Sao Paulo and five
federal concessions in the states of Sao Paulo, Minas Gerais, Rio
de Janeiro, Parana and Santa Catarina. Combined tolled traffic was
696.6 million in FY 2012. Centrovias has a 21-year concession to
operate the toll road services of two small adjacent roads in the
interior of the state of Sao Paulo, which the state regulatory
agency ARTESP granted under a single concession in 1998, with 5
years remaining.

Centrovias is now indirectly controlled by Abertis
Infraestructuras S.A. (Abertis, not rated) and by Brookfield Asset
Management, Inc. (Brookfield, Baa2/stable) through their
respective ownerships of 51% and 49% in Participes en Brasil S.L.
(Participes, not rated). In August 2012, Abertis and OHL
Concessiones S.A. (OHL, Ba2, negative) reached an agreement
through which Abertis incorporated 100% of the shares of
Participes, previously owned by OHL. The operation involved (i)
the exchange of 100% of Participes' capital stock for 10% of
Abertis' capital stock, (ii) the assumption, by Abertis, of
approximately BRL1.2 billion in intercompany loans between OHL and
Participes, and (iii) the payment of EUR10.7 million. In order to
make the operation feasible, Abertis formalized an agreement with
the Canadian fund Brookfield for the joint acquisition of
Participes. All government approvals were received and the
transaction was finalized in December 2012.

Abertis, a publicly-held company listed in the Spanish market for
more than 25 years, having been included in the IBEX 35 since its
creation, it has a market capitalization of approximately EUR9
billion and assets under management of EUR23 billion. It operates
in 12 countries (excluding Brazil) and three sectors: highway
concessions, telecommunications infrastructure and airports, with
45 public-private partnership contracts and 25 highway concessions
worldwide. With the merger of Arteris, Abertis became the global
leader in highway management.

Brookfield is indirectly controlled by Brookfield Asset Management
Inc., a company listed on the NYSE and the Toronto Stock Exchange,
with a market capitalization of more than $20 billion and more
than $150 billion in assets under management. Brookfield Asset
Management has been operating in Brazil since 1899, with a direct
or indirect presence in 11 states and the Federal District and
more than BRL25 billion under management. In Brazil, it operates
primarily in the real estate, renewable energy, infrastructure and
private equity segments.

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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.


VIANORTE SA: Moody's Raises Issuer and Debenture Ratings to Ba1
---------------------------------------------------------------
Moody's America Latina Ltda upgraded Vianorte's senior secured
debentures' ratings and issuer's ratings to Ba1 from Ba2 on the
global scale and Aa2.br from Aa3.br rating on the Brazilian
National scale to the BRL 206 million senior secured debentures
issued by Vianorte S.A. The outlook is stable for all ratings.

Ratings upgraded:

Issuer Rating: to Ba1 from Ba2 and Aa2.br from Aa3.br on the (NSR)

BRL286 million Sr. Sec. Debentures due in 2015 and 2017: to Ba1
from Ba2 and Aa1.br from Aa2.br on the (NSR)

Ratings Rationale:

Vianorte's continued improving operating performance as well as
the new controlling shareholders' less aggressive investment
strategy with respect to existing and new infrastructure assets in
Brazil prompted the upgrade. Vianorte also compares favorably
within its peer group of operating toll road concessions in
Brazil.

The Ba1 and Aa2.br issuer ratings of Vianorte reflect the mature
nature of the concession, as evidenced by its solid and stable
historic performance. Vianorte serves a relatively small but
wealthy region with virtually no comparable competition from
alternative routes foreseen during the remaining life of the
concession. The rating is supported by solid credit metrics for
the rating category and the relatively strong track record of
operating performance since 1998 in the stable regulatory
environment of the State of Sao Paulo.

The ratings of Vianorte remain constrained by the potential cash
needs of the parent company. Arteris S.A. is forecasted to require
sizeable dividends and occasional inter-company loans from its
state concession subsidiaries in order to support dividend
distributions to shareholders, ongoing capital expenditures at the
federal concession level and to a lesser extent towards new and
select investments in the Brazilian toll road sector. The
relatively short remaining life of the concession also constrains
the rating.

Nevertheless, covenants embedded in the debentures limit the
distribution of dividends and a significant leverage increase of
Vianorte. The covenants limit the maximum amount of net debt to
3.5 times the annual EBITDA and require cash coverage of short
term debt obligations to be higher than 1.2x. Currently, these
covenants are relatively loose given that the net debt to EBITDA
ratio was 0.2x for 2012, while the cash coverage of short term
debt was 7.0x. Our projections indicate that coverage under these
covenants will remain comfortably achievable throughout the
duration of the debentures. Further, the short remaining life of
the concession somewhat limits Vianorte's leveraging capability in
the absence of an extension of concession term.

Vianorte's new controlling shareholders have a more conservative
business strategy with respect to new investments, favoring more
brownfield and operational toll roads versus greenfield projects.
In addition, in the short to medium term, it is expected that
through Arteris there will be cost reduction efforts such as more
centralized operations, further development of internal
procedures, and the consolidation of operations while the
integration of the new shareholders and their vision takes place.
There is still interest in participating in some of the upcoming
toll road concessions on a selective basis. This overall more
conservative strategy is a departure from the previous
shareholder's intentions of investing in various segments of
Brazil's infrastructure concessions.

Recent announcements regarding renegotiations of existing Sao
Paulo state concession agreements towards a new economic re-
equilibrium including lowering tariffs will likely impact
Vianorte. Management believes any such negotiation is likely to
result in increases in the concession life, and Moody's agrees.
Overall, Vianorte would benefit from an extension of its
concession life and could absorb a 10-20% reduction in revenues
without suffering a significant negative impact on its credit
metrics given its strong positive cash flow generation with
capital expenditures limited to maintenance only.

The stable outlook reflects Moody's opinion that Vianorte's
operational performance will remain solid during the remaining
life of the concession in light of strong credit fundamentals
boosted by the expected continued growth in the Brazilian GDP.
Moody's expects that the payment of dividends and extension of
inter-company loans will continue for the remainder of the
concession, but that they will be prudently managed so that the
credit metrics remain within the proposed financial covenants.
Further, Moody's anticipates a smooth integration process deployed
by the experienced and new controlling shareholders focused on
improving operating efficiencies among the various concessions.

The rating could be upgraded if the company were to steadily
improve its liquidity profile and produce credit metrics in line
with historical performance so that the FFO to debt ratio stays
above 40% and the interest coverage remains above 4.0x on a
sustainable basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 30% and interest coverage ratio
remains below 3.x for an extended period. Deterioration in the
credit quality of Arteris S.A. could also prompt a downgrade
rating action.

Vianorte S.A. is an operating subsidiary of Arteris S.A. (Arteris,
not rated). Arteris (f/k/a OHL Brasil S.A.) is a holding company
with approximately 3,226 kilometers of operating toll roads under
concession in Brazil consisting of four concessions in the state
of Sao Paulo and five federal concessions in the states of Sao
Paulo, Minas Gerais, Rio de Janeiro, Parana and Santa Catarina.
Combined tolled traffic was 696.6 million in FY 2012.

Vianorte has a 20-year concession to operate the toll road
services of four small adjacent roads in the interior of the state
of Sao Paulo, which the state regulatory agency ARTESP granted
under a single concession in 1998, with 5 years remaining. The
four roads consist of 237 kilometers and 4 toll plazas and have an
estimated annual traffic of 34 million of equivalent vehicles. The
region covered by the concession comprises fourteen cities with an
estimated population of around 1.1 million people.

Vianorte is now indirectly controlled by Abertis Infraestructuras
S.A. (Abertis, not rated) and by Brookfield Asset Management, Inc.
(Brookfield, Baa2/stable) through their respective ownerships of
51% and 49% in Participes en Brasil S.L. (Participes, not rated).
In August 2012, Abertis and OHL Concessiones S.A. (OHL, Ba2,
negative) reached an agreement through which Abertis incorporated
100% of the shares of Participes, previously owned by OHL. The
operation involved (i) the exchange of 100% of Participes' capital
stock for 10% of Abertis' capital stock, (ii) the assumption, by
Abertis, of approximately BRL1.2 billion in intercompany loans
between OHL and Participes, and (iii) the payment of EUR10.7
million. In order to make the operation feasible, Abertis
formalized an agreement with the Canadian fund Brookfield for the
joint acquisition of Participes. All government approvals were
received and the transaction was finalized in December 2012.

Abertis, a publicly-held company listed in the Spanish market for
more than 25 years, having been included in the IBEX 35 since its
creation, it has a market capitalization of approximately EUR9
billion and assets under management of EUR23 billion. It operates
in 12 countries (excluding Brazil) and three sectors: highway
concessions, telecommunications infrastructure and airports, with
45 public-private partnership contracts and 25 highway concessions
worldwide. With the merger of Arteris, Abertis became the global
leader in highway management.

Brookfield is indirectly controlled by Brookfield Asset Management
Inc., a company listed on the NYSE and the Toronto Stock Exchange,
with a market capitalization of more than $20 billion and more
than $150 billion in assets under management. Brookfield Asset
Management has been operating in Brazil since 1899, with a direct
or indirect presence in 11 states and the Federal District and
more than BRL25 billion under management. In Brazil, it operates
primarily in the real estate, renewable energy, infrastructure and
private equity segments.

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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.


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


BALISPUR LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On April 10, 2013, the sole shareholder of Balispur Limited passed
a resolution that voluntarily liquidates the company's business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


BERHAR LTD: Commences Liquidation Proceedings
---------------------------------------------
On April 10, 2013, the sole shareholder of Berhar Ltd. passed a
resolution that voluntarily liquidates the company's business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


BEYOND LIMITS: Commences Liquidation Proceedings
------------------------------------------------
On April 10, 2013, the sole shareholder of Beyond Limits Limited
passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


COASTAL PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
On March 27, 2013, the members of Coastal Properties Insurance
Company SPC passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Kyle Broadhurst
          c/o Broadhurst LLC
          P.O. Box 2503
          40 Linwood Street
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 7237
          Facsimile: (345) 949 7725


HT1 LTD: Shareholder to Receive Wind-Up Report on May 17
--------------------------------------------------------
The shareholder of HT1 Ltd will receive on May 17, 2013, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on March 28, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


MEZZREF VII: Commences Liquidation Proceedings
----------------------------------------------
On April 8, 2013, the sole shareholder of MEZZREF VII Bond
Investors-GP Ltd. passed a resolution that voluntarily liquidates
the company's business.

The company's liquidator is:

          Rebecca Hume
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          PO Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


PACIFIC STAR: Creditors' Proofs of Debt Due May 14
--------------------------------------------------
The creditors of Pacific Star Financial Vietnam (Cayman) Ltd are
required to file their proofs of debt by May 14, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2013.

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


PANTHERA PARDUS: Commences Liquidation Proceedings
--------------------------------------------------
On April 10, 2013, the sole shareholder of Panthera Pardus Limited
passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


PEARL LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On April 10, 2013, the sole shareholder of Pearl Limited passed a
resolution that voluntarily liquidates the company's business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


ROX CONDUIT: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of Rox Conduit Limited are required to file their
proofs of debt by May 22, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 5, 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


ROX LIMITED: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of Rox Limited are required to file their proofs of
debt by May 22, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 25, 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


SOUTHPOINT OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------------
On April 9, 2013, the sole shareholder of Southpoint Offshore
Fund, Ltd passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Anthony J. Buffalano III
          623 Fifth Avenue
          Suite 2601, New York
          New York 10022
          United States of America
          Telephone: +1 (212) 692 6356
          E-mail: Anthony@southpoint-capital.com


TRITAN INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On April 10, 2013, the sole shareholder of Tritan Investments
Limited passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o PO Box 487 Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914 6365


WESTERN INVESTMENT: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------
The creditors of Western Investment Total Return Fund Ltd. are
required to file their proofs of debt by May 22, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 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


WINNWELL CAPITAL: Creditors' Proofs of Debt Due May 24
------------------------------------------------------
The creditors of Winnwell Capital LLC are required to file their
proofs of debt by May 24, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 29, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 914 3207


===============
C O L O M B I A
===============


MILLICOM INT'L: Fitch Puts 'BB+' Rating on US$500MM Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Millicom International Cellular, S.A.'s
(MIC) proposed USD500m senior unsecured notes due 2020 a
'BB+(EXP)' rating. Proceeds from the notes will be used primarily
to refinance existing debt at the African subsidiaries and to a
lesser extent for general corporate uses.

KEY RATINGS DRIVERS:

MIC's ratings reflect the company's geographically diversified
portfolio, leading market positions in most of its markets, value
added services orientation, expectation of moderate leverage,
solid liquidity and pre-dividend free cash flow (FCF) generation.
The ratings are tempered by exposure to markets with low sovereign
ratings and low GDP per capita, pricing pressures, debt allocation
between subsidiaries and the holding company, shareholder returns
policy and recent M&A activity.

MIC's rating reflects its leading positions in the majority of its
markets, resulting in FCF generation. Strong brand recognition and
extensive distribution networks helps the company mitigate a
strong competitive environment, particularly in mobile voice. The
company's focus in growing data revenues as part of its strategy
of evolving to a digital company from a communications company is
aimed to alleviate pressures from voice revenues.

The ratings incorporate the company's exposure of its operation to
countries with low sovereign ratings which tends to be more
politically unstable and more volatile in terms of economic
growth. This adds currency risk, as part of its debt is
denominated in USD and cash flow is generated in local currencies.
For the 12 months ended March 31, 2013 approximately 84% of EBITDA
and the majority of operating FCF was generated by the Central and
South American operations. The African operations, with the
exception of Tanzania, are not expected to generate significant
cash flow over the next few years.

The company's strategy involves developing VAS services as
traditional mobile services mature. During 2012 Millicom
restructured its business segments in each country by product
categories to focus on new revenue sources, which include data and
mobile financial services among others. In addition the company
acquired CATV provider Cablevision in Paraguay, entered into an
agreement to acquire an initial 20% stake in Rocket Internet,
which has operations in Latin America and Africa and entered into
discussions with UNE in Colombia to merge both companies' assets.


Recent M&A activity follows MIC's approach to complementing its
existing service portfolio; however it should result in higher
leverage levels. Net debt to EBITDA should approximate to 1.5x
after the transaction with UNE is completed, in line with Fitch's
expectations. Fitch believes that a successful merger will improve
the competitive position of the resulting entity in Colombia, as
they offer complementary services. Fitch also believes there is
some room to achieve synergies that could result in lower leverage
levels over the medium term.

Fitch remains concerned that the investment in Rocket could
require additional capital injections, which could cause
Millicom's leverage to increase. MIC does not expect Rocket to
become EBITDA neutral until 2015, with EBITDA for 2013 being
negative in the range of USD125m-USD200m. The exercise of the
option to increase the ownership in Rocket's Latin America
Internet Holdings (LIH) and Africa Internet Holdings (AIH) to 35%
from 20% for a combined EUR85m (USD109m) is expected to be paid
with cash by September of 2013. MIC has an option to increase its
stake in Rocket to 50% by September of 2014 by an additional
EUR170m and also has an option to acquire the remaining 50% by
September of 2016 depending on the performance of the business.

Pre-dividend FCF margins are expected to remains somewhat stable
in the next few years. As MIC moves to lower margin businesses but
less capital intensive, EBITDA margin is expected to trend towards
35% in the next few years, but should be offset by lower capital
expenditures. Operating performance has come under pressure due to
mobile termination cuts in several markets, the strong competitive
environment in Central America, data investments in South America
and currency devaluation in Africa.

The ratings incorporate that MIC's net debt to EBITDA (after
corporate expenses) should be close to 1.5x over the long term.
For the 12 months ended March 31, 2013 net debt to EBITDA was 1.2x
and funds from operations adjusted net leverage stood at 1.5x. The
ratings take into account the company's shareholder distribution
policy, with Fitch expecting that any excess cash flow generation
will be returned to shareholders in the form of dividend payments
or share buybacks. Shareholder distributions totaled USD731m
during 2012.

MIC has historically maintained a strong liquidity position with
high cash balances. Total consolidated cash as of March 31, 2013
was USD1.1bn. Total on-balance sheet debt of USD3bn was allocated
at the operating companies, with 35% being guaranteed by MIC.
Fitch expects that over the medium term most of the debt will
continue to be allocated at the operating companies and only a
small proportion allocated at the holding company. Debt maturity
profile should be manageable given the company's liquidity
position, pre-dividend FCF and debt maturity profile.

RATING SENSITIVITIES:

-- A strong management commitment towards a net debt to EBITDA
   Of 1.0x over the long term could lead to a positive rating
   action.

-- An increase in net debt to EBITDA to 2.0x without a clear
   path to deleveraging due to a single or combination of M&A
   activity, additional funding to Rocket, increased shareholder
   distributions or competitive pressures could lead to a
   negative rating action.

Fitch rates MIC as follows:

-- Long-term local and foreign currency Issuer Default Rating
   (IDR) 'BB+'

The Rating Outlook is Stable.


* COLOMBIA: Four Cities Receive IDB Action Plans For Urban Growth
-----------------------------------------------------------------
The Inter-American Development Bank disclosed the completion of
action plans for the Colombian cities of Barranquilla,
Bucaramanga, Manizales, and Pereira, providing them with powerful
tools to prioritize their investments over the next decade.

The action plans provide preliminary estimates that the four
Colombian cities require $2.2 billion in investments in areas such
as urban development of socially vulnerable areas, expansion of
public transport systems and provision of exclusive lanes for
pedestrians and bicycles, renovation of historic centers, public
safety, and strengthened fiscal management.

This marks the first time the IDB has simultaneously released four
action plans in one country, an achievement that was carried out
through a partnership between the IDB's Emerging and Sustainable
Cities Initiative (ESCI) and Financiera del Desarrollo (Findeter),
the Colombian state agency that supports development projects in
the country.

"Barranquilla, Bucaramanga, Manizales, and Pereira now have tools
to allocate resources where they are most needed, enabling their
citizens to live in cities that are more pleasant, more
environmentally sustainable, and more competitive," said Ellis
Juan, the IDB's coordinator for ESCI."  In addition to a rigorous
technical process to develop the plans, the planning effort
received extensive input from civil society, which further
strengthens the sustainability of the plans," he said.

Under the ESCI program, the IDB is working in partnership with
banks and local investment entities as well as public and private
international donors to achieve its goal of generating 50 action
plans for high- growth intermediate-sized cities in Latin America
and the Caribbean by 2015.  Each action plan costs about $1
million.

ESCI also works with universities and research centers and draws
on the expertise of leading international urban planning
professionals.  The new initiative uses 140 indicators in areas
such as fiscal management, water and waste management, energy,
natural disaster vulnerability, land use and transportation.

So far, seven cities -- Trujillo (Peru), Port of Spain (Trinidad
and Tobago), Montevideo (Uruguay), La Paz (Mexico), Mar del Plata
(Argentina), Santa Ana (El Salvador) and Goiania (Brazil) -- are
implementing their action plans. Nine other cities, including the
four Colombian cities, are in the process of rolling out their
plans.

The action plans, which identify areas that need improvement, are
followed by a pre-investment stage that identifies specific
projects, how much they cost and helps mobilize long-term
financing.  The entire process takes about four years.

In the case of Colombia, the government and the IDB have agreed on
a $600 million credit line, subject to approval by the IDB's Board
of Executive Directors, to support fiscal strengthening and public
investment expenditures for local governments.



==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REP: Central Bank Injects US$488MM to Boost Economy
---------------------------------------------------------------
The Dominican Today reports that Dominican Republic's Central Bank
released RD$20.0 billion (US$488.0 million) to finance
construction, agriculture, retail and small and medium businesses,
among other productive sectors.

The funds, to be lent at 9% during a term of six years, stem from
the Monetary Board's move to spur the economy hit hard by the tax
package enacted late last year, and expected first quarter growth
at less than 1%, according to The Dominican Today.

Central Banker Hector Valdez said RD$5.0 billion will be earmarked
to finance the construction of 3,700 houses and an additional
RD$1.0 billion to finish new homes, the report relates.

The Dominican Today notes that Mr. Valdez said there'll be RD$5.0
billion for industry, RD$3.4 billion for small and medium
businesses, and RD$606 million for consumer loans.


===============
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.


                   * * * End of Transmission * * *