TCRLA_Public/130521.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 21, 2013, Vol. 14, No. 99


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'B-' Rating; Outlook Negative


B R A Z I L

ELETROPAULO METROPOLITANA: Moody's Reviews Ratings for Downgrade
INVEPAR: Moody's Changes Outlook to Stable; Affirms Ba3 CFR
LUPATECH SA: Moody's Lowers CFR to Ca; Outlook Remains Stable
MENDES JUNIOR: Moody's Assigns First-Time B1 CFR; Outlook Stable
OGX PETROLEO: Fitch Downgrades Issuer Default Rating to 'B-'


C A Y M A N  I S L A N D S

ALLIANCEBERNSTEIN GLOBAL: Member to Hear Wind-Up Report on June 5
AREIM RUSSIA: Shareholder Receives Wind-Up Report
ATMOSPHERE MANAGEMENT: Shareholders Receive Wind-Up Report
CHARLEMAGNE CAPITAL: Shareholder Receives Wind-Up Report
CHEVRON THAILAND: Shareholder Receives Wind-Up Report

DB SEDANKA: Shareholder Receives Wind-Up Report
LAKESIDE RE II: Shareholder to Hear Wind-Up Report on May 22
LAMARO PRODUCTIONS: Members to Hear Wind-Up Report on May 24
MANAGERS FUND: Shareholders to Hear Wind-Up Report on May 22
MARTA EAST: Shareholder to Hear Wind-Up Report on May 22

MEDFORD HOLDINGS: Shareholder to Hear Wind-Up Report on May 22
MITSUI MULTI-STRATEGY: Members Receive Wind-Up Report
MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on May 22
NEW STAR: Members' Final Meeting Set for May 23
NEW STAR MASTER: Members' Final Meeting Set for May 23

PACIFIC OCEAN: Shareholders Receive Wind-Up Report


M E X I C O

GRUPO FAMSA: S&P Assigns 'B' Rating to Proposed Sr. Unsec. Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Trinidad Government Fires Board


X X X X X X X X

* Flow of Remittances to LatAm & Caribbean Remain Stable at $61BB
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO HIPOTECARIO: S&P Affirms 'B-' Rating; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Banco Hipotecario S.A.  The outlook remains negative.

The negative outlook reflects that on the Republic of Argentina.
S&P could lower the ratings on all financial institutions rated at
the same level as the sovereign if it downgraded Argentina.  S&P
rarely rates financial institutions above the long-term rating on
their country of domicile because S&P considers it unlikely that
these institutions would remain unaffected by developments in
their domestic economy.  Also, all the financial institutions
operating in Argentina could face indirect effects of a sovereign
downgrade.  This is because S&P believes a sovereign downgrade is
normally associated with, or could lead to, a weaker operating
environment for financial institutions, which would very likely
affect their creditworthiness.


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


ELETROPAULO METROPOLITANA: Moody's Reviews Ratings for Downgrade
----------------------------------------------------------------
Moody's America Latina placed Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s Baa3 issuer rating on the global
scale, and Aa1.br on the national scale rating on review for
downgrade. At the same time, Moody's placed the ratings of
ELETROPAULO's BRL750 million senior unsecured debentures of Baa3
on the global scale, and Aa1.br on the NSR, as well as the ratings
of the Company's BRL400 million subordinated debentures of Ba1 on
the global scale, and Aa2.br on the NSR on review for downgrade.

Ratings Rationale:

The current Baa3 issuer rating reflects the Company's relatively
stable operating cash flows from its long-term electricity
distribution concession in Brazil's wealthiest municipality as
well as the Company's track record of successfully accessing the
local banking and capital markets.

The review for downgrade reflects the deterioration of the
Company's credit metrics as a result of: (i) the change in the
discount rate to 3.75% and in local accounting rules that
significantly increased the pension fund liability by BRL2.8
billion to BRL3.9 billion (although there is no immediate impact
on liquidity), and consequently a higher level of debt, pursuant
to Moody's standard adjustments; (ii) the reimbursement of
BRL1.053 billion to customers, beginning in the second half of
2013 until 2015, as a result of the postponement of the Third
Cycle Tariff Review, which was originally scheduled to take place
in July 2011 but was moved to July 2012 by ANEEL, the regulator;
(iii) the Company's exposure to electricity spot prices due to
increased thermal generation resulting from adverse hydrology
conditions in the Brazilian integrated electricity generating
system, with no significant cash impact expected in 2013
considering the transfer of funds from the Conta de
Desenvolvimento Energetico (CDE); and (iv) lower tariffs and
operating cash flows following the third periodic tariff review
that became effective on July 4, 2012.

From 2010 to the last twelve months ended on March 31, 2013 (LTM
03/13), ELETROPAULO's Cash Flow from Operations (CFO) and related
credit metrics have steadily deteriorated despite the relatively
stable and predictable cash flows of the electricity distribution
business. During this period, (i) CFO has fallen from BRL1.8
billion in 2010 to BRL -62 million; (ii) the (CFO) pre-Working
Capital (WC) minus Dividends-to-Debt ratio fell to -5.1% from
3.8%; (iii) (CFO pre-WC + Interest)/Interest (or CFO pre-WC
Interest Coverage) fell to 1.8x from 5.0x; and (iv) CFO pre-WC-to-
Debt fell to 3.6% from 36.5%.

The review will focus on the financial condition, which, according
to these metrics, has deteriorated significantly since 2010, and
the implementation of remedies, if any, for management to
materially improve the Company's financial condition over the near
term. Moody's projections indicate that, as a result of the lower
operating cash flows resulting from the 3rd Cycle Tariff Review
coupled with the expected reimbursement of BRL1.053 billion to
customers starting in the second half of this year, a key variable
that will clearly affect ELETROPAULO's credit metrics and the
mapping to the appropriate rating category is the dividend policy
that the Company chooses to utilize over the next couple of years
which has been somewhat adjusted by the Company in light of the
Third Periodic Tariff Review. Moody's will also analyze the
potential impact of ANEEL's decision with respect to the Company's
request to include previously disallowed assets into its rate
base.

Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. is a
regulated electricity distribution utility, listed on the
BM&FBOVESPA stock exchange. ELETROPAULO is controlled by its
holding company Brasiliana, which in turn is owned by The AES
Corporation (50% plus one share of the voting capital), and the
Brazilian Federal Development Bank -- BNDES (50% less one share of
the voting capital of Brasiliana). ELETROPAULO distributes
electricity to 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, serving 6.5 million
customers, with an estimated market share of 10% in Brazil. The
Company has a 30-year concession contract that was granted by
ANEEL, the Brazilian electricity sector regulator, in 1998.

As per Moody's standard adjustments, in 2012 ELETROPAULO posted
net sales of BRL9,128 million (excluding construction revenues),
EBITDA of BRL 892 million, and net profit of BRL108 million, an
increase of 0.34%, a decrease of 76.7% and 93.1%, respectively,
when compared with 2011. In the LTM 03/13, the Company had net
revenues of BRL8,988 million, a decrease of 1.5% over 2012; EBITDA
of BRL 689 million, a decrease of 22.8% over 2012; and a net
profit of BRL10 million, a decrease of 90.7% over 2012.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities Rating Methodology (August, 2009).

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.


INVEPAR: Moody's Changes Outlook to Stable; Affirms Ba3 CFR
-----------------------------------------------------------
Moody's America Latina changed the outlook to stable from negative
of Investimentos e Participacoes em Infraestrutura S.A. --
INVEPAR. At the same time, Moody's affirmed INVEPAR's corporate
family ratings of Ba3 and A2.br on the global and on the Brazilian
national scales, respectively.

Ratings Rationale:

INVEPAR's Ba3 and A2.br CFR reflect the relatively stable and
predictable operating cash flows generated by its subsidiaries
that operate in the transportation sector, via long-term
concession contracts, in Brazil and abroad. The ratings also take
into account the strong financial support from INVEPAR's ultimate
shareholders. This was recently demonstrated by INVEPAR's BRL1.3
billion fresh capital contribution from FUNCEF and PETROS in March
2012 (of which BRL450 million were used to redeem INVEPAR's
debentures), and by the Company's BRL594 million capital increase
in MetroRio, of which BRL514 million were related to the
conversion of an intercompany loan into equity (June 2012).

The stable outlook reflects Moody's view that INVEPAR's
subsidiaries will continue to carry out their respective CAPEX
programs according to plan without material delays or cost-
overruns, thus managing to achieve key milestones according to
their respective concession contract requirements. The stable
outlook also reflects Moody's opinion that the subsidiaries will
be able to continue to raise subsidized long-term financing from
public banks, such as BNDES, BNB and CEF, and that INVEPAR's
ultimate shareholders will continue to provide financial support
to the group's subsidiaries, if needed.

However, INVEPAR's CFRs continue to be constrained by its highly
leveraged capital structure, potential delays and/or cost-overruns
in the implementation of the remaining CAPEX of some of its
subsidiaries such as the GRU Airport, as well as traffic growth
risk at several of its toll road subsidiaries that are still in
their ramp-up stage. The ratings are also somewhat constrained by
the potential political interference related to tariff/fare
adjustments and/or modifications to the original design of the
concessions, which could directly impact the operating cash flows
of the subsidiaries that are exposed to this risk.

A rating upgrade of INVEPAR is unlikely to occur until key
construction completion milestones of its subsidiaries are
achieved, hence enabling a significant increase in operating
revenues and cash flows, which, combined with a reduction in
leverage, would result in a material improvement in the credit
metrics. Quantitatively, a rating upgrade could be considered if
there is a significant reduction in financial leverage, on a
consolidated basis, so that INVEPAR's Funds from Operations (FFO)-
to-Debt ratio remains above 8%, and the interest coverage ratio
above 2.5x, on a sustainable basis.

A rating downgrade could occur in case there are material delays
and/or cost overruns in the implementation of the group's CAPEX
program, and/or the financial support and commitment from
INVEPAR's ultimate shareholders is perceived to have diminished,
and/or liquidity deteriorates. Quantitatively, a rating downgrade
could occur if there is a sustained deterioration in the credit
metrics so that FFO-to-Debt remains below 5.0%, and the interest
coverage ratio stays below 1.8x for an extended period.

Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR
(Ba3/A2.br; stable) is the holding company controlled by the three
largest Brazilian pension funds (PREVI, FUNCEF and PETROS) and the
construction company OAS (B1, stable). INVEPAR was created in
March 2000 to invest in companies operating in the transport and
urban mobility infrastructure sectors. In addition to METRORIO,
INVEPAR's current portfolio of concessions consists of several
toll roads, such as: Linha Amarela S.A. - LAMSA (LAMSA),
Concessionaria Auto Raposo Tavares S.A. (CART), Concessionaria
Litoral Norte S.A. (CLN), , Concessionaria Rio - Teresopolis S.A.
(CRT), in which INVEPAR holds a 24.9% stake, and Concessionaria
Bahia Norte and Concessionaria Rota do Atlantico (CRA) ( joint-
venture companies with the Brazilian Odebrecht group). In March
2012, INVEPAR acquired 100% ownership of V.P.R. Brasil
Participacoes S.A., which, through a special purpose entity (Linea
Amarilla S.A.C.) controls the 40-year concession of Via Parque
Rimac, a 25-km urban road in the city of Lima, Peru. In February
2012, INVEPAR won the auction for the concession of Guarulhos, the
busiest airport in Latin America, which is located near the City
of Sao Paulo. Also in 2012, INVEPAR led the consortium that won
the bidding process for the Transolimpica Expressway, an urban
toll road that is part of a set of investments in preparation to
the 2016 Olympic Games. Finally, in April 2013, the VLT Carioca
Consortium, in which INVEPAR has a 24.44% stake, was awarded the
25-year concession to construct and operate the Light Rail System
(VLT) in the city of Rio de Janeiro.

The principal methodology used in this rating was Operational Toll
Roads Rating Methodology (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.


LUPATECH SA: Moody's Lowers CFR to Ca; Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service downgraded Lupatech's corporate family
rating to Ca from Caa2 (and to Ca.br from Caa2.br on the national
scale rating) and its senior unsecured debt ratings to C from
Caa3. The outlook for the ratings is stable.

Ratings Downgraded:

Lupatech S.A.

Corporate Family Rating -- downgraded to Ca from Caa2 (global
scale) and to Ca.br from Caa2.br (national scale)

Lupatech Finance Limited

$275 million senior unsecured perpetual bond -- downgraded to C
from Caa3 (global scale)

The outlook for the ratings is stable.

Ratings Rationale:

This rating action follows Lupatech's failure to make the $ 6.8
million (BRL 13.5 million) interest payment of its perpetual bonds
(issued by Lupatech Finance Limited) within the required thirty-
day cure period, which expired on May 10th. This constitutes an
event of default under the bond indenture and may trigger a
payment acceleration of the bonds, placing a large burden on the
company's already weak liquidity position. The C rating on the
notes reflects expectations for significant losses to the
creditors given very weak cash generating capability of the
company.

Due to the recent default under its perpetual bonds, an upgrade of
Lupatech's ratings is not contemplated in the medium term.

The ratings could be withdrawn if company enters into a
restructuring process.

The principal methodology used in this rating was the Global
Oilfield Service Rating Methodology published in December 2009.

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.

Headquartered in Nova Odessa, Brazil, Lupatech S.A. is a major
equipment manufacturer for the oil & gas, industrial valves and
casting parts sectors, with net revenues of BRL 628 million ($322
million) for the last twelve months ended March 31, 2013.
Lupatech's Products division represented some 45% of net sales for
the most recent quarter, and includes oil and gas valves,
synthetic fiber ropes for platform anchoring and industrial
valves. The Services division, focused on oilfield services in
Brazil and Colombia, as well as tubular and coating services,
represented 55% of net sales.


MENDES JUNIOR: Moody's Assigns First-Time B1 CFR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned a first-time B1 corporate
family rating to Mendes Junior Trading e Engenharia S.A.

Ratings assigned:

Mendes Junior Trading e Engenharia S.A.

Corporate Family Rating - B1

The outlook for the ratings is stable.

Ratings Rationale:

Mendes Junior's B1 rating reflects the company's good position in
the Brazilian construction market; its technical expertise, and
longstanding relationship with public sector entities in Brazil.
The rating is also supported by Mendes Junior's solid track record
and healthy backlog, as well as the positive fundamentals for
heavy construction and infrastructure investments in Brazil.
Mendes Junior has low leverage ratios (2.1x total adjusted debt to
Ebitda in 2012) and good access to medium size banks, especially
local banks in the state of Minas Gerais, even during periods
financial distress.

Credit negatives include the company's leveraged capital structure
and relatively weak liquidity position, as 71% of the company's
total reported debt is due in the short term, mostly represented
by working capital lines, with the remaining 29% maturing in 2014.
Mendes Junior small size compared to its local and global peers,
and concentrated customer and market base that relies heavily on
Brazil, with particular reliance on Petrobras also constrains the
ratings. The strong influence of the owner family poses some
corporate governance risks.

The stable outlook is based on Moody's expectations that Mendes
Junior will be successful in maintaining its market share in the
construction business in Brazil and in expanding to the PPP
(public private partnership) segment in the coming years. Mendes
Junior should benefit from increased government spending in
infrastructure in Brazil in the next couple of years.

The rating or outlook could improve if the company consistently
grows revenues and improves operating performance, while
diversifying its backlog to others countries and regions, reducing
the high exposure to Brazil (currently 100% of total backlog). An
upgrade of the rating would require a substantially improved
liquidity position, particularly lower exposure to short term
debt, reducing its refinancing risk. Also, improvement in interest
coverage, measured by adjusted EBITA to interest expense, to
levels above 5.0x (2.58x as of December 31, 2012) would be
necessary for an upgrade.

Conversely, Mendes Junior' ratings could be downgraded if Mendes
Junior's credit metrics deteriorate with adjusted funds from
operations to adjusted debt remaining in levels below 10% (33.1%
as of December 31, 2012) without expectation of improving in the
long term, or if liquidity deteriorates, most likely due to
difficulties in rolling over short term debt currently used to
finance the company's operations. Negative pressure could also
come from deterioration in the operating environment (stemming
from economic slowdown and/or increased competition), impacting
Mendes Junior's margins and revenue growth.

The principal methodology used in this rating was Global
Construction Methodology published in November 2010.

Headquartered in Belo Horizonte, Brazil, Mendes Junior Trading e
Engenharia S.A. is a major engineering and construction company in
Brazil, with net consolidated revenues of about BRL 1.3 billion
($668 million converted by the average exchange rate) in 2012.
Mendes Junior construction projects include highways, railways,
bridges, power plants, tunnels, subways, airports, ports,
commercial and residential buildings, mining and industrial
facilities.


OGX PETROLEO: Fitch Downgrades Issuer Default Rating to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded OGX Petroleo e Gas Participacoes
S.A.'s foreign and local currency Issuer Default Rating (IDR) to
'B-' from 'B' and its long-term National Scale rating to
'BB+(bra)' from 'BBB-(bra)'.

Fitch has also downgraded the rating of the company's USD2.6
billion and USD1.1 billion notes to 'B-/RR4' from 'B/RR4'. OGX's
wholly owned subsidiary, OGX AUSTRIA GMBH, is the issuer of both
notes. These notes are unconditionally and irrevocably guaranteed
by OGX, OGX Petroleo e Gas Ltda. and OGX Campos Petroleo e Gas
S.A.

The Rating Outlook has been revised to Negative from Stable.

KEY RATING DRIVERS

The rating downgrades reflect concern about OGX's liquidity due to
its aggressive acquisition of 13 exploratory blocks during a time
in which the company is implementing an aggressive investment
program and is struggling to bring oil and gas production on line.
The exploratory blocks acquisition is valued at approximately
USD190 million and has to be paid upfront within the next few
months. Committed minimum investments for these blocks amount to
USD350 million in the five-year exploratory period, which will
further pressure OGX's cash needs.

OGX continues to face operating challenges. During April, its
three production wells were halted due to technical issues at the
centrifugal submersible pump in well OGS-68HP, and unstable
electrical generation at OSX-1 which affected the production in
the other two wells. Of the three wells, one was very quickly put
back into production. The second one is expected to restart
production in May, and the third well in June.

As of March 31, 2013, OGX had USD4 billion of total debt and only
USD1.1 billion of cash and marketable securities. OGX's ambitious
capital expenditure program of approximately USD 1.3 billion in
2013 and low-to-negative EBITDA (depending upon the speed of
recovery in production volumes) is expected to result in a large
cash flow deficit during 2013.

Fitch believes there is a high likelihood that OGX will need to
exercise a USD1 billion put option against its controlling
shareholder in 2013 to fund a portion of its negative cash flow.
The recent decision by the company to sell a 40% stake in blocks
BCM-39 and BCM-40 to Petronas is positive, but is not large enough
to address all of the company's funding needs. Upon the
regulators' approval of such transaction, probably during the
second half of 2013, OGX is expected to receive USD250 million. An
additional USD500 million would be received following the
start of production of oil in these blocks, which is
anticipated to occur in the first quarter of 2014. OGX would
receive subsequent payments upon reaching certain production
volumes.

Following recent events, Fitch has adjusted the production volumes
imbedded in its base case scenario to about 10,000 barrels of oil
equivalent per day (boepd) in 2013; 46,000 boepd in 2014 and 94,
000 boepd in 2015. Considering Fitch's oil price deck, Fitch has
reduced its EBITDA projection to approximately USD1.5 billion by
2015 from the previous 2 billion. Should production volumes
materialize at the new indicated level, Fitch expects OGX to
report negative free cash flow over the next three years,
highlighting OGX's liquidity risk. In 2015, Fitch expects leverage
to be about 4.0x, after adjusting debt for operating leases

RATING SENSITIVITIES

OGX's ratings may be downgraded if its liquidity risks continue to
increase. If the company encounters additional execution issues
with its exploratory and development plan, further negative rating
actions could occur.

A positive rating action could result from satisfactory production
volumes, coupled with lower uncertainties regarding reserves and
liquidity.

OGX is a Brazilian oil and gas company created in 2007, 61.2%
owned by EBX Group. OGX has a portfolio of 49 blocks in Brazil and
Colombia. In Brazil, OGX's blocks are located in the Campos,
Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins.


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


ALLIANCEBERNSTEIN GLOBAL: Member to Hear Wind-Up Report on June 5
-----------------------------------------------------------------
The member of Alliancebernstein Global Diversified Strategies Ltd.
- Hedge Fund A will receive on June 5, 2013, at 8:45 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AREIM RUSSIA: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Areim Russia (Cayman), Ltd received on May 15,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949-9877


ATMOSPHERE MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Atmosphere Management received on May 15,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Luis Telmo Balsemao De Abreu
          Alexandra House
          Office 232 Ballsbridge 4
          Dublin
          Ireland


CHARLEMAGNE CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Charlemagne Capital Russia Fund received on
May 15, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jane Mcandry
          c/o Charlemagne Capital Limited
          St Mary's Court, 20 Hill Street
          Douglas, Isle of Man IM1 1EU
          British Isles


CHEVRON THAILAND: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Chevron Thailand Power Company Limited received
on May 13, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jeffrey J. Allison
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


DB SEDANKA: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of DB Sedanka Limited received on May 17, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jeremy Simon Spratt
          c/o Jacqueline Edwards
          Telephone: +44 (020) 7311 8563
          Facsimile: +44 (020) 7694 3533
          KPMG LLP
          8 Salisbury Square
          London


LAKESIDE RE II: Shareholder to Hear Wind-Up Report on May 22
------------------------------------------------------------
The shareholder of Lakeside RE II Ltd. will receive on May 22,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


LAMARO PRODUCTIONS: Members to Hear Wind-Up Report on May 24
------------------------------------------------------------
The members of Lamaro Productions will receive on May 24, 2013, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alan Turner
          Turners Management Ltd.
          Strathvale House, 90 North Church Street
          PO Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


MANAGERS FUND: Shareholders to Hear Wind-Up Report on May 22
------------------------------------------------------------
The shareholders of Managers Fund, Ltd. will receive on May 22,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Ian Goddard
          Natalee McLean
          Fides Limited, Liquidator
          P.O. Box 10338 Grand Cayman KY1-1003
          Telephone: (345) 949 7232


MARTA EAST: Shareholder to Hear Wind-Up Report on May 22
--------------------------------------------------------
The shareholder of Marta East Line Limited will receive on May 22,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


MEDFORD HOLDINGS: Shareholder to Hear Wind-Up Report on May 22
--------------------------------------------------------------
The shareholder of Medford Holdings Ltd. will receive on May 22,
2013, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Universal Directors Limited
          Providence House, Ground Floor
          East Wing, East Hill Street
          P.O. Box CB-12399 Nassau
          Bahamas


MITSUI MULTI-STRATEGY: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Mitsui Multi-Strategy (Japan) Corporation, Ltd
received on May 13, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on May 22
------------------------------------------------------------
The shareholder of Multicat Mexico 2009 Limited will receive on
May 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


NEW STAR: Members' Final Meeting Set for May 23
-----------------------------------------------
The members of New Star Multi-Strategy Hedge Fund Limited will
hold their final meeting on May 23, 2013, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


NEW STAR MASTER: Members' Final Meeting Set for May 23
------------------------------------------------------
The members of New Star Multi Strategy Master Hedge Fund Limited
will hold their final meeting on May 23, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PACIFIC OCEAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Pacific Ocean Holdings received on May 16,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Luis Telmo Balsemao De Abreu
          Alexandra House
          Office 232 Ballsbridge 4
          Dublin
          Ireland


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


GRUPO FAMSA: S&P Assigns 'B' Rating to Proposed Sr. Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' global scale
issue-level rating to Mexico-based specialty retailer Grupo Famsa,
S.A.B. de C.V.'s (GFamsa; B/Positive/--) proposed dollar-
denominated medium- to long-term senior unsecured notes.  In
addition, S&P assigned a recovery rating of '3' to the proposed
notes, indicating meaningful (50% to 70%) recovery of principal.
GFamsa plans to use the proceeds to fund the tender offer for the
outstanding $200 million notes due 2015.

The ratings on GFamsa reflect S&P's view of its "weak" business
risk profile and "highly leveraged" financial risk profile, due to
the company's smaller scale compared to its Mexican peers in a
highly competitive retail industry.  The ratings also reflect
S&P's expectation that GFamsa will generate negative free
operating cash flow for the next three years.  The offsetting
factors are the company's favorable profitability levels,
geographic and client diversification despite its smaller scale,
and S&P's expectations that Banco Ahorro Famsa's deposits will
continue to fund most of GFamsa's shortfalls related to its high
working capital needs.

With the new issuance, S&P expects a further improvement on
GFamsa's capital structure given that the proposed notes will
substitute the outstanding notes, which mature in 2015.  Although
the company will not hedge the principal or coupons of the
proposed notes, S&P believes the risk of currency mismatch is
somewhat mitigated due to its intermediate- to long-term maturity.

RATINGS LIST

Grupo Famsa, S.A.B. de C.V.
  Corpora credit ratings             B/Positive/--


Rating Assigned

Grupo Famsa, S.A.B. de C.V.

  Senior unsecured notes             B
   Recovery rating                   3


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


CARIBBEAN AIRLINES: Trinidad Government Fires Board
---------------------------------------------------
Dennis Lalor at Jamaica Gleaner reports that Trinidad's Finance
Minister Larry Howai named a new board of directors for the cash-
strapped state-owned national carrier, Caribbean Airlines Limited,
less than 72 hours after he told legislators that the company had
accumulated losses in excess of US$100 million.

Mr. Howai told a news conference that the new interim board will
be chaired by former independent legislator Phillip Marshall and
includes the Jamaican Dennis Lalor, according to Jamaica Gleaner.

"The immediate mandate of the new board will be to do a detailed
diagnostic review of the company after they have done an initial
orientation to provide detailed recommendations on which we could
proceed to implement specific measures for addressing the
turnaround of the airline," the report quoted Mr. Howai as saying.

The report notes that Mr. Howai said he had lost patience with the
former board taking issue with matters of governance at the state
carrier.

"Certainly it was some of the issues that came to light regarding
the whole process of governance within the company itself. It
certainly was an issue that was certainly a matter of serious
concern for myself (and) it is a matter we have been monitoring,
looking at what is happening with the overall financial situation
of the company and as things begin to add up, you have to move and
react as quickly as possible," Mr. Howai told reporters, the
report discloses.

Troubled Company Reporter-Latin America reported in May 20, 2013,
that Caribbean360.com said Mr. Howai said Caribbean Airlines
recorded losses estimated at US$70 million in 2012.  Mr. Howai
told the Senate that the figure does not include the US$40 million
in fuel subsidy to the airline even though he insists that the
airline remains solvent, according to Caribbean360.com.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in
January.


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


* Flow of Remittances to LatAm & Caribbean Remain Stable at $61BB
-----------------------------------------------------------------
Remittances to Latin America and the Caribbean (LAC) showed a
slight increase in 2012 with respect to the previous year,
according to the latest report on remittances by the Multilateral
Investment Fund (MIF), a member of the Inter-American Development
Bank Group.

The report, "Remittances to Latin America and the Caribbean in
2012: Differing Behavior among Sub-regions," said that the region
received a total of $61.3 billion in remittances last year.  This
amount represents a year-on-year increase of $300 million, a 0.6
percent increase from 2011.  After a historic high of nearly $65
billion in 2008, and a 15 percent drop due to the financial crisis
in 2009, money transfers to the region have stabilized.

Remittances inflow trends varied among countries in Latin America
and the Caribbean.  While remittances to South American countries
and Mexico decreased by 1.1 percent and 1.6 percent, respectively,
the countries in the Caribbean displayed modest growth and Central
American nations experienced a significant increase of 6.5 percent
in the total remittances received.  This increase helped offset
decreases in bigger countries, allowing for the region as a whole
to end the year with slight growth.

"The latest data show that migrants continue to provide critical
financial support to millions of households across the region,"
said MIF General Manager Nancy Lee.  "The development impact of
remittances can be much greater if families have the option to
save some of these flows rather than convert them all into cash
upon receipt.  The new MIF Remittance and Savings program will
help identify innovative and commercially viable business models
that work for both financial institutions and families."

The economic uncertainty and sluggish labor market in Europe
continue to affect the amount of money migrants in Spain are able
to send back home, while the improvements in the labor market in
the United States largely explain increases in remittances to
certain countries, particularly in Central America.

The value of the money transferred home in 2012 varied from
country to country, depending on exchange rates and inflation
levels in each country.  In Brazil, for instance, the $1.9 billion
sent in 2012 represents a 1 percent increase in nominal terms with
respect to 2011, but when expressed in local currency terms and
adjusted for inflation, the amount represents a 12 percent yearly
increase.  In other countries, the dollars sent home decreased in
value once received, such as in Colombia, where remittance values
expressed in local currency terms showed an 8 percent drop.

Mexico remains the largest remittance recipient with $22.4
billion, followed by Guatemala, with $4.8 billion, and Colombia
receiving $4 billion, while El Salvador and the Dominican Republic
received $3.9 and $3.2 billion respectively.

Remittance flows continue to represent an important source of
foreign inflows in many of the countries in the region, and
constitute more than 10 percent of the gross domestic product in
several countries, including Haiti, Guyana, Honduras, El Salvador,
Nicaragua, Jamaica and Guatemala.  These flows also represent an
important source of income for the millions of families in the
region that receive the transfers to cover basic needs and invest
in education, health, housing, and small businesses.

                     The MIF and Remittances

The Multilateral Investment Fund started analyzing remittances in
2000 to gauge their volume and economic impact in Latin America
and the Caribbean. Its work promoted greater competition among
service providers, which led to dramatic reductions in the costs
of transferring money to millions of families in the region.
Recently, the MIF launched a Remittances and Savings Program,
seeking to increase the access and use of formal savings products
among remittance sending and receiving households in the region.


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


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


  ARGENTINA
  ---------

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


  BRAZIL
  ------

FABRICA TECID-RT     FTRX1 BZ       66790814.7    -79675855.6
TEKA-ADR             TEKAY US        408825446     -369130546
BOMBRIL              BMBBF US        351436148    -7660238.74
TEKA                 TKTQF US        408825446     -369130546
TEKA-PREF            TKTPF US        408825446     -369130546
BATTISTELLA-RIGH     BTTL1 BZ        242292395    -31883815.5
BATTISTELLA-RI P     BTTL2 BZ        242292395    -31883815.5
BATTISTELLA-RECE     BTTL9 BZ        242292395    -31883815.5
BATTISTELLA-RECP     BTTL10 BZ       242292395    -31883815.5
AGRENCO LTD-BDR      AGEN11 BZ       325151004     -611658179
REII INC             REIC US          14423532       -3506007
PET MANG-RIGHTS      3678565Q BZ     246810937     -224879124
PET MANG-RIGHTS      3678569Q BZ     246810937     -224879124
PET MANG-RECEIPT     0229292Q BZ     246810937     -224879124
PET MANG-RECEIPT     0229296Q BZ     246810937     -224879124
LUPATECH SA          LUPA3 BZ        796681450    -92628747.2
REDE EMP ENE ELE     ELCA4 BZ       1164635971      -23251158
REDE EMP ENE ELE     ELCA3 BZ       1164635971      -23251158
BOMBRIL HOLDING      FPXE3 BZ       19416015.8     -489914902
BOMBRIL              FPXE4 BZ       19416015.8     -489914902
SANESALTO            SNST3 BZ       31802628.1    -2924062.87
B&D FOOD CORP        BDFCE US         14423532       -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ        351436148    -7660238.74
BOMBRIL-RIGHTS       BOBR1 BZ        351436148    -7660238.74
LAEP-BDR             MILK11 BZ       225295577     -202020979
AGRENCO LTD          AGRE LX         325151004     -611658179
LAEP INVESTMENTS     LEAP LX         225295577     -202020979
LUPATECH SA          LUPAF US        796681450    -92628747.2
REDE ENERG-UNIT      REDE11 BZ      1164635971      -23251158
CELGPAR              GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT        4529781Q BZ    45007563.8    -17324870.8
RECRUSUL - RT        4529785Q BZ    45007563.8    -17324870.8
RECRUSUL - RCT       4529789Q BZ    45007563.8    -17324870.8
RECRUSUL - RCT       4529793Q BZ    45007563.8    -17324870.8
REDE ENER-RT         3907727Q BZ    1164635971      -23251158
REDE ENER-RCT        3907731Q BZ    1164635971      -23251158
RECRUSUL-BON RT      RCSL11 BZ      45007563.8    -17324870.8
RECRUSUL-BON RT      RCSL12 BZ      45007563.8    -17324870.8
BALADARE             BLDR3 BZ        159454016    -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ       96911396.7      -87693429
TEXTEIS RENAU-RT     TXRX2 BZ       96911396.7      -87693429
TEXTEIS RENA-RCT     TXRX9 BZ       96911396.7      -87693429
TEXTEIS RENA-RCT     TXRX10 BZ      96911396.7      -87693429
CIA PETROLIF-PRF     MRLM4 BZ        377602195    -3014291.72
CIA PETROLIFERA      MRLM3 BZ        377602195    -3014291.72
NOVA AMERICA SA      NOVA3 BZ         21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ         21287489     -183535527
LUPATECH SA-RT       LUPA11 BZ       796681450    -92628747.2
ALL ORE MINERACA     AORE3 BZ       20231387.6    -8975347.28
B&D FOOD CORP        BDFC US          14423532       -3506007
LUPATECH SA-ADR      LUPAY US        796681450    -92628747.2
PET MANG-RT          4115360Q BZ     246810937     -224879124
PET MANG-RT          4115364Q BZ     246810937     -224879124
REDE ENER-RT         REDE1 BZ       1164635971      -23251158
REDE ENER-RCT        REDE9 BZ       1164635971      -23251158
REDE ENER-RT         REDE2 BZ       1164635971      -23251158
REDE ENER-RCT        REDE10 BZ      1164635971      -23251158
STEEL - RT           STLB1 BZ       20231387.6    -8975347.28
STEEL - RCT ORD      STLB9 BZ       20231387.6    -8975347.28
MINUPAR-RT           9314542Q BZ     136700993    -89498652.2
MINUPAR-RCT          9314634Q BZ     136700993    -89498652.2
CONST LINDEN RT      CALI1 BZ       14128873.9    -2140102.39
CONST LINDEN RT      CALI2 BZ       14128873.9    -2140102.39
PET MANG-RT          0229249Q BZ     246810937     -224879124
PET MANG-RT          0229268Q BZ     246810937     -224879124
RECRUSUL - RT        0163579D BZ    45007563.8    -17324870.8
RECRUSUL - RT        0163580D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0163582D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0163583D BZ    45007563.8    -17324870.8
PORTX OPERA-GDR      PXTPY US        976769403    -9407990.35
PORTX OPERACOES      PRTX3 BZ        976769403    -9407990.35
ALL ORE MINERACA     STLB3 BZ       20231387.6    -8975347.28
MINUPAR-RT           0599562D BZ     136700993    -89498652.2
MINUPAR-RCT          0599564D BZ     136700993    -89498652.2
CONST LINDEN RCT     CALI9 BZ       14128873.9    -2140102.39
CONST LINDEN RCT     CALI10 BZ      14128873.9    -2140102.39
PET MANG-RT          RPMG2 BZ        246810937     -224879124
PET MANG-RT          RPMG1 BZ        246810937     -224879124
PET MANG-RECEIPT     RPMG9 BZ        246810937     -224879124
PET MANG-RECEIPT     RPMG10 BZ       246810937     -224879124
LAEP INVESTMEN-B     0122427D LX     225295577     -202020979
LAEP INVES-BDR B     0163599D BZ     225295577     -202020979
RECRUSUL - RT        0614673D BZ    45007563.8    -17324870.8
RECRUSUL - RT        0614674D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0614675D BZ    45007563.8    -17324870.8
RECRUSUL - RCT       0614676D BZ    45007563.8    -17324870.8
TEKA-RTS             TEKA1 BZ        408825446     -369130546
TEKA-RTS             TEKA2 BZ        408825446     -369130546
TEKA-RCT             TEKA9 BZ        408825446     -369130546
TEKA-RCT             TEKA10 BZ       408825446     -369130546
LUPATECH SA-RTS      LUPA1 BZ        796681450    -92628747.2
LUPATECH SA -RCT     LUPA9 BZ        796681450    -92628747.2
MINUPAR-RTS          MNPR1 BZ        136700993    -89498652.2
MINUPAR-RCT          MNPR9 BZ        136700993    -89498652.2
RECRUSUL SA-RTS      RCSL1 BZ       45007563.8    -17324870.8
RECRUSUL SA-RTS      RCSL2 BZ       45007563.8    -17324870.8
RECRUSUL SA-RCT      RCSL9 BZ       45007563.8    -17324870.8
RECRUSUL - RCT       RCSL10 BZ      45007563.8    -17324870.8
ARTHUR LANGE         ARLA3 BZ       11642255.9    -17154461.9
ARTHUR LANGE SA      ALICON BZ      11642255.9    -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ       11642255.9    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ      11642255.9    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ       11642255.9    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ       11642255.9    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ      11642255.9    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ      11642255.9    -17154461.9
BOMBRIL              BOBR3 BZ        351436148    -7660238.74
BOMBRIL CIRIO SA     BOBRON BZ       351436148    -7660238.74
BOMBRIL-PREF         BOBR4 BZ        351436148    -7660238.74
BOMBRIL CIRIO-PF     BOBRPN BZ       351436148    -7660238.74
BOMBRIL SA-ADR       BMBPY US        351436148    -7660238.74
BOMBRIL SA-ADR       BMBBY US        351436148    -7660238.74
BUETTNER             BUET3 BZ        107788131    -27487916.4
BUETTNER SA          BUETON BZ       107788131    -27487916.4
BUETTNER-PREF        BUET4 BZ        107788131    -27487916.4
BUETTNER SA-PRF      BUETPN BZ       107788131    -27487916.4
BUETTNER SA-RTS      BUET1 BZ        107788131    -27487916.4
BUETTNER SA-RT P     BUET2 BZ        107788131    -27487916.4
CAF BRASILIA         CAFE3 BZ        160938140     -149281089
CAFE BRASILIA SA     CSBRON BZ       160938140     -149281089
CAF BRASILIA-PRF     CAFE4 BZ        160938140     -149281089
CAFE BRASILIA-PR     CSBRPN BZ       160938140     -149281089
REDE ENERGIA SA      REDE3 BZ       1164635971      -23251158
CAIUA SA             ELCON BZ       1164635971      -23251158
REDE EMPRESAS-PR     REDE4 BZ       1164635971      -23251158
CAIUA SA-PREF        ELCPN BZ       1164635971      -23251158
CAIUA SA-PRF B       ELCA6 BZ       1164635971      -23251158
CAIUA SA-PRF B       ELCBN BZ       1164635971      -23251158
CAIUA SA-RTS         ELCA2 BZ       1164635971      -23251158
CAIUA SA-DVD CMN     ELCA11 BZ      1164635971      -23251158
CAIUA SA-RCT PRF     ELCA10 BZ      1164635971      -23251158
CAIUA SA-DVD COM     ELCA12 BZ      1164635971      -23251158
CAIUA ELEC-C RT      ELCA1 BZ       1164635971      -23251158
CAIUA SA-PRF A       ELCAN BZ       1164635971      -23251158
CAIUA SA-PRF A       ELCA5 BZ       1164635971      -23251158
CAIVA SERV DE EL     1315Z BZ       1164635971      -23251158
CHIARELLI SA         CCHI3 BZ       10041449.5    -79185336.9
CHIARELLI SA         CCHON BZ       10041449.5    -79185336.9
CHIARELLI SA-PRF     CCHI4 BZ       10041449.5    -79185336.9
CHIARELLI SA-PRF     CCHPN BZ       10041449.5    -79185336.9
IGUACU CAFE          IGUA3 BZ        251154980    -71879415.8
IGUACU CAFE          IGCSON BZ       251154980    -71879415.8
IGUACU CAFE          IGUCF US        251154980    -71879415.8
IGUACU CAFE-PR A     IGUA5 BZ        251154980    -71879415.8
IGUACU CAFE-PR A     IGCSAN BZ       251154980    -71879415.8
IGUACU CAFE-PR A     IGUAF US        251154980    -71879415.8
IGUACU CAFE-PR B     IGUA6 BZ        251154980    -71879415.8
IGUACU CAFE-PR B     IGCSBN BZ       251154980    -71879415.8
SCHLOSSER            SCLO3 BZ       56191844.3    -53412737.8
SCHLOSSER SA         SCHON BZ       56191844.3    -53412737.8
SCHLOSSER-PREF       SCLO4 BZ       56191844.3    -53412737.8
SCHLOSSER SA-PRF     SCHPN BZ       56191844.3    -53412737.8
COBRASMA             CBMA3 BZ       82889430.3    -2196482618
COBRASMA SA          COBRON BZ      82889430.3    -2196482618
COBRASMA-PREF        CBMA4 BZ       82889430.3    -2196482618
COBRASMA SA-PREF     COBRPN BZ      82889430.3    -2196482618
CONST A LINDEN       CALI3 BZ       14128873.9    -2140102.39
CONST A LINDEN       LINDON BZ      14128873.9    -2140102.39
CONST A LIND-PRF     CALI4 BZ       14128873.9    -2140102.39
CONST A LIND-PRF     LINDPN BZ      14128873.9    -2140102.39
D H B                DHBI3 BZ        138254322     -115344519
DHB IND E COM        DHBON BZ        138254322     -115344519
D H B-PREF           DHBI4 BZ        138254322     -115344519
DHB IND E COM-PR     DHBPN BZ        138254322     -115344519
DOCA INVESTIMENT     DOCA3 BZ        268517428     -205157416
DOCAS SA             DOCAON BZ       268517428     -205157416
DOCA INVESTI-PFD     DOCA4 BZ        268517428     -205157416
DOCAS SA-PREF        DOCAPN BZ       268517428     -205157416
DOCAS SA-RTS PRF     DOCA2 BZ        268517428     -205157416
FABRICA RENAUX       FTRX3 BZ       66790814.7    -79675855.6
FABRICA RENAUX       FRNXON BZ      66790814.7    -79675855.6
FABRICA RENAUX-P     FTRX4 BZ       66790814.7    -79675855.6
FABRICA RENAUX-P     FRNXPN BZ      66790814.7    -79675855.6
HAGA                 HAGA3 BZ       19158663.2    -45056708.1
FERRAGENS HAGA       HAGAON BZ      19158663.2    -45056708.1
FER HAGA-PREF        HAGA4 BZ       19158663.2    -45056708.1
FERRAGENS HAGA-P     HAGAPN BZ      19158663.2    -45056708.1
CIMOB PARTIC SA      GAFP3 BZ       44047411.7    -45669963.6
CIMOB PARTIC SA      GAFON BZ       44047411.7    -45669963.6
CIMOB PART-PREF      GAFP4 BZ       44047411.7    -45669963.6
CIMOB PART-PREF      GAFPN BZ       44047411.7    -45669963.6
IGB ELETRONICA       IGBR3 BZ        363687063    -27195507.3
GRADIENTE ELETR      IGBON BZ        363687063    -27195507.3
GRADIENTE-PREF A     IGBR5 BZ        363687063    -27195507.3
GRADIENTE EL-PRA     IGBAN BZ        363687063    -27195507.3
GRADIENTE-PREF B     IGBR6 BZ        363687063    -27195507.3
GRADIENTE EL-PRB     IGBBN BZ        363687063    -27195507.3
GRADIENTE-PREF C     IGBR7 BZ        363687063    -27195507.3
GRADIENTE EL-PRC     IGBCN BZ        363687063    -27195507.3
HOTEIS OTHON SA      HOOT3 BZ        252819121    -80969977.1
HOTEIS OTHON SA      HOTHON BZ       252819121    -80969977.1
HOTEIS OTHON-PRF     HOOT4 BZ        252819121    -80969977.1
HOTEIS OTHON-PRF     HOTHPN BZ       252819121    -80969977.1
RENAUXVIEW SA        TXRX3 BZ       96911396.7      -87693429
TEXTEIS RENAUX       RENXON BZ      96911396.7      -87693429
RENAUXVIEW SA-PF     TXRX4 BZ       96911396.7      -87693429
TEXTEIS RENAUX       RENXPN BZ      96911396.7      -87693429
PARMALAT             LCSA3 BZ        388720096     -213641152
PARMALAT BRASIL      LCSAON BZ       388720096     -213641152
PARMALAT-PREF        LCSA4 BZ        388720096     -213641152
PARMALAT BRAS-PF     LCSAPN BZ       388720096     -213641152
PARMALAT BR-RT C     LCSA5 BZ        388720096     -213641152
PARMALAT BR-RT P     LCSA6 BZ        388720096     -213641152
ESTRELA SA           ESTR3 BZ       80291424.1     -104213317
ESTRELA SA           ESTRON BZ      80291424.1     -104213317
ESTRELA SA-PREF      ESTR4 BZ       80291424.1     -104213317
ESTRELA SA-PREF      ESTRPN BZ      80291424.1     -104213317
WETZEL SA            MWET3 BZ        102020563    -6073582.74
WETZEL SA            MWELON BZ       102020563    -6073582.74
WETZEL SA-PREF       MWET4 BZ        102020563    -6073582.74
WETZEL SA-PREF       MWELPN BZ       102020563    -6073582.74
MINUPAR              MNPR3 BZ        136700993    -89498652.2
MINUPAR SA           MNPRON BZ       136700993    -89498652.2
MINUPAR-PREF         MNPR4 BZ        136700993    -89498652.2
MINUPAR SA-PREF      MNPRPN BZ       136700993    -89498652.2
NORDON MET           NORD3 BZ       12386508.7    -33450200.1
NORDON METAL         NORDON BZ      12386508.7    -33450200.1
NORDON MET-RTS       NORD1 BZ       12386508.7    -33450200.1
NOVA AMERICA SA      NOVA3B BZ        21287489     -183535527
NOVA AMERICA SA      NOVAON BZ        21287489     -183535527
NOVA AMERICA-PRF     NOVA4B BZ        21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ        21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ        21287489     -183535527
NOVA AMERICA SA      1NOVON BZ        21287489     -183535527
RECRUSUL             RCSL3 BZ       45007563.8    -17324870.8
RECRUSUL SA          RESLON BZ      45007563.8    -17324870.8
RECRUSUL-PREF        RCSL4 BZ       45007563.8    -17324870.8
RECRUSUL SA-PREF     RESLPN BZ      45007563.8    -17324870.8
PETRO MANGUINHOS     RPMG3 BZ        246810937     -224879124
PETRO MANGUINHOS     MANGON BZ       246810937     -224879124
PET MANGUINH-PRF     RPMG4 BZ        246810937     -224879124
PETRO MANGUIN-PF     MANGPN BZ       246810937     -224879124
RIMET                REEM3 BZ        103098361     -185417655
RIMET                REEMON BZ       103098361     -185417655
RIMET-PREF           REEM4 BZ        103098361     -185417655
RIMET-PREF           REEMPN BZ       103098361     -185417655
SANSUY               SNSY3 BZ        191834998     -136761525
SANSUY SA            SNSYON BZ       191834998     -136761525
SANSUY-PREF A        SNSY5 BZ        191834998     -136761525
SANSUY SA-PREF A     SNSYAN BZ       191834998     -136761525
SANSUY-PREF B        SNSY6 BZ        191834998     -136761525
SANSUY SA-PREF B     SNSYBN BZ       191834998     -136761525
BOTUCATU TEXTIL      STRP3 BZ       27663604.9    -7174512.03
STAROUP SA           STARON BZ      27663604.9    -7174512.03
BOTUCATU-PREF        STRP4 BZ       27663604.9    -7174512.03
STAROUP SA-PREF      STARPN BZ      27663604.9    -7174512.03
TEKA                 TEKA3 BZ        408825446     -369130546
TEKA                 TEKAON BZ       408825446     -369130546
TEKA-PREF            TEKA4 BZ        408825446     -369130546
TEKA-PREF            TEKAPN BZ       408825446     -369130546
TEKA-ADR             TKTPY US        408825446     -369130546
TEKA-ADR             TKTQY US        408825446     -369130546
F GUIMARAES          FGUI3 BZ       11016542.1     -151840377
FERREIRA GUIMARA     FGUION BZ      11016542.1     -151840377
F GUIMARAES-PREF     FGUI4 BZ       11016542.1     -151840377
FERREIRA GUIM-PR     FGUIPN BZ      11016542.1     -151840377
VARIG SA             VAGV3 BZ        966298048    -4695211008
VARIG SA             VARGON BZ       966298048    -4695211008
VARIG SA-PREF        VAGV4 BZ        966298048    -4695211008
VARIG SA-PREF        VARGPN BZ       966298048    -4695211008
BATTISTELLA          BTTL3 BZ        242292395    -31883815.5
BATTISTELLA-PREF     BTTL4 BZ        242292395    -31883815.5
SAUIPE SA            PSEGON BZ      16327067.6    -6893336.18
SAUIPE               PSEG3 BZ       16327067.6    -6893336.18
SAUIPE SA-PREF       PSEGPN BZ      16327067.6    -6893336.18
SAUIPE-PREF          PSEG4 BZ       16327067.6    -6893336.18
CIA PETROLIFERA      MRLM3B BZ       377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ       377602195    -3014291.72
CIA PETROLIFERA      1CPMON BZ       377602195    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ       377602195    -3014291.72
LATTENO FOOD COR     LATF US          14423532       -3506007
VARIG PART EM TR     VPTA3 BZ       49432124.2     -399290396
VARIG PART EM-PR     VPTA4 BZ       49432124.2     -399290396
VARIG PART EM SE     VPSC3 BZ       83017828.6     -495721700
VARIG PART EM-PR     VPSC4 BZ       83017828.6     -495721700
  COLOMBIA
  --------


PUYEHUE RIGHT        PUYEHUOS CI    25367370.6    -3712717.52
PUYEHUE              PUYEH CI       25367370.6    -3712717.52


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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