TCRLA_Public/130528.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 28, 2013, Vol. 14, No. 104



EDENOR SA: Incurs AR$510.4 Million Net Loss in First Quarter


COMPANHIA DE SANEAMENTO: Net Operating Revenue Reaches R$2.6BB
SUL AMERICA: S&P Raises Counterparty Rating to 'BBB-' from 'BB+'

C A Y M A N  I S L A N D S

ALBATROSS LEASE: Shareholders to Hear Wind-Up Report on June 6
BEARING CIRCLE: Member to Hear Wind-Up Report Today
BEARING CIRCLE MASTER: Member to Hear Wind-Up Report Today
BEST FUND: Shareholders Receive Wind-Up Report
BRASCAN STRUCTURED: Shareholders to Hear Wind-Up Report on June 7

CLEAN RESOURCES: Commences Liquidation Proceedings
CLEAN RESOURCES ASIA: Commences Liquidation Proceedings
COMPASS KAZAKHSTAN: Member to Hear Wind-Up Report on June 6
DRAGONTECH VENTURES: Member to Hear Wind-Up Report Today
GUNDY LIMITED: Member to Hear Wind-Up Report Today

HSC HEALTHCARE: Creditors' Proofs of Debt Due May 29
PAISLEY LIMITED: Member to Hear Wind-Up Report Today
SENONES FUND: Creditors' Proofs of Debt Due May 29
TRAHAN HEDGED: Placed Under Voluntary Wind-Up
WRA INVESTMENTS: Placed Under Voluntary Wind-Up

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Manufacturing Slump Paces 0.3% 1Q Growth


DIGICEL GROUP: Fitch Affirms Issuer Default Rating at 'B'
* JAMAICA: Bartlett Calls for Strategy to Stem Decline in Tourism


DESARROLLADORA HOMEX: Mancera S.C. Raises Going Concern Doubt
GRUPO FAMSA: Commences Offer to Buy 11.0% Senior Notes Due 2015
GRUPO FAMSA: Fitch Assigns 'B+' Issuer Default Ratings


* SURINAME: Fitch Affirms 'BB-' Issuer Default Ratings


* Bolivar Fuerte Devaluation Continues to Pressure U.S. Companies


* Large Companies With Insolvent Balance Sheets

                            - - - - -


EDENOR SA: Incurs AR$510.4 Million Net Loss in First Quarter
Edenor SA reported a net loss of AR$510.43 million on AR$836.37
million of net sales for the three months ended March 31, 2013, as
compared with net loss of AR$90.68 million on AR$709.10 million of
net sales for the same period a year ago.  Net Sales increased
17.9 percent to AR$836.4 million in the first quarter of 2013
mainly due to the additional income from the Resolution No. 347/12
which represents approximately Ps. 137.4 million, partially offset
by a decrease in the volume of energy sold.

The Company's balance sheet at March 31, 2012, showed AR$6.11
billion in total assets, AR$6.20 billion in total liabilities and
a AR$92.25 million total deficit.

A copy of the press release is available for free at:


                          About Edenor SA

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

"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases or their replacement by a new remuneration system, the
Board of Directors has raised substantial doubt about the ability
of the Company to continue as a going concern in the term of the
next fiscal year," according to the Company's annual report for
the year ended Dec. 31, 2012.


COMPANHIA DE SANEAMENTO: Net Operating Revenue Reaches R$2.6BB
Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP
disclosed its results for the first quarter 2013.

In 1Q13, net operating revenue reached R$2.6 billion, a 2.6
percent growth compared to 1Q12.

Costs and expenses, including construction costs, in the amount of
R$1.9 billion grew 2.4 percent over 1Q12.

EBIT grew 3.5 percent, from R$701.7 million in 1Q12 to R$726.3
million in 1Q13.

Adjusted EBITDA increased 3.7 percent, from R$888.2 million in
1Q12 to R$921.5 million in 1Q13.

The adjusted EBITDA margin was 34.8 percent in 1Q13 in comparison
to 34.5 percent in 1Q12.  Excluding construction revenues and
construction costs, the adjusted EBITDA margin was 42.4 percent in
1Q13 (43.3 percent in 1Q12).

Net income reached R$496.2 million in 1Q13, 0.9 percent higher
than in 1Q12.

Fitch Ratings has affirmed Companhia de Saneamento Basico do
Estado de Sao Paulo's (Sabesp) foreign currency and local currency
Issuer Default Rating (IDR) at 'BB+'. At the same time, Fitch has
upgraded its national long-term rating to 'AA(bra)' from 'AA-

The corporate Rating Outlook is Stable.

Key Rating Drivers

These rating actions reflect the strengthening of Sabep's credit
profile within its international rating category of 'BB+',
resulting in the national rating upgrade. The company has been
consistent in maintaining its robust financial profile, despite
the relevant capex, and sustaining its high EBITDA margins and
reduced financial leverage for its predictable operating segment
in addition to robust liquidity. Fitch has considered favorable
the development of the tariff revision process which has resulted
in moderate tariff adjustment for Sabesp effective April 2013, to
be confirmed in September 2013. The ratings also are supported by
the company's near monopolistic position in its business area, as
well as on the economies of scale obtained as the largest basic
sanitation company in the Americas by number of customers.

Sabesp's ratings are limited by its aggressive capex going
forward, with long-term returns, a recurring need for debt
rollover, despite important progress having been made given debt
issuances in advanced, and the considerable foreign exchange
exposure of its indebtedness. The company has the challenge to
improve its operating ratios due to the new regulatory environment
with higher demand for efficiency on every tariff revision cycle.
Sabesp's businesses are also subject to hydrological conditions
and the political risk inherent to its state control. Sabesp is
also exposed to Brazil's basic sanitation regulatory model, which
is recent and has yet to be tested.

Solid Operational Cash Generation

In the recent years, Sabesp's operational cash generation has been
robust supported by the consistent growth of its activities.
Excluding construction revenue, the company's net revenue of
BRL8.4 billion during the latest 12 months (LTM) ended first
quarter of 2013 (1Q'13) grew 9% against 2011, benefitted by tariff
readjustments of 5.15%, in September 2012, and 6.83%, in September
2011, in addition to the 2.5% increase in the volume of water and
sewage billed.

During the same period, Sabesp reported EBITDA of BRL3.6 billion,
with a 43% margin (excluding the construction revenue), which is
strong for the industry. The company has been successful in
maintaining its operational efficiency, even after additional
expenses, mainly those relative to the contract signed in June
2010 with the Municipality of Sao Paulo (MSP). The company may
benefit from the pass through to the tariffs of the higher
expenses related with the contract with the MSP, if authorized by
the regulatory body (Arsesp), expected to release a decision by
august 2013. The challenge for Sabesp will be to sustain its
robust operating cash generation within the next revision cycles,
when higher efficiencies should be required.

Investments Pressure Free Cash Flow

Fitch believes that Sabesp should continue to report negative free
cash flow (FCF) in view of the high annual investments foreseen,
around BRL2 billion-BRL2.5 billion, mainly focusing the expansion
of sewage collection and treatment services. During the LTM ended
1Q'13, Sabesp reported consistent CFFO, of BRL2.6 billion, which
compares to BRL2.7 billion in 2011. The FCF was a negative at
BRL187 million, pressured by the aggressive investments which
amounted to BRL2.2 billion, and by the dividend distribution of
BRL579 million in the same period.

Maintenance of Adequate Credit Measures

Sabesp has been efficient in sustaining reduced financial leverage
for its operating segment, considering its predictable operating
cash generation. As of March 31, 2013, the company's total
adjusted debt/EBITDA ratio was 3.2x and the net adjusted
debt/EBITDA ratio was 2.6x, compared with 3.4x and 2.7x,
respectively, by the end of 2011.

Fitch's expectations are that the company will manage its net
leverage under 3.0x going forward, despite continued strong
investments, which will be important for future assessments. As of
March 31, 2013, Sabesp's total adjusted debt was BRL11.5 billion,
with significant portion (BRL3.2 billion) exposed to exchange rate
fluctuations and without hedging instruments, which could generate
negative pressures on the company's credit metrics and financial
covenants in the event of a significant devaluation of the Real.

Satisfactory Liquidity Reduces Debt Refinancing Risk

The maintenance of substantially more robust liquidity positions
reduces Sabesp's debt refinancing risk. The volume of financial
obligations maturing in the coming years, despite its manageable
indebtedness maturity profile, combined with expectations for
negative FCFs, indicates the need for continuous and relevant
rollover payment of Sabesp's debt.

The company's strategy to issue its funding needs in advance has
been positive, reducing the company's exposure to tighter
liquidity scenarios. Sabesp's satisfactory track record in
accessing the debt market, due to the strength of its business,
also partially mitigates this risk.

As of March 31, 2013, Sabesp's cash and marketable securities
position was BRL2.1 billion. The BRL850 million short-term debt
coverage ratio by liquidity was 2.5x, being 1.6x including total
payments maturing until 2014.

Low Business Risk

Sabesp's low business risk is based on its almost monopolistic
position as the provider of water and sewage services of 363
municipalities in the state of Sao Paulo and has been confirmed by
its resilient performance in recent years. The company benefits
from the large gains of scale compared to its peers and as the
largest water/wastewater company in the Americas.

Sabesp has been efficient in reducing losses and has made progress
in signing concession contracts with the municipalities it serves.
No significant water supply issues are expected over the short
term. As to the political risk, Fitch has not noted any relevant
change in company's risk after the change of government in the
state of Sao Paulo, in early 2011.

Rating Sensitivities

The ratings could be upgraded as a result of lower commitment of
operational cash generation to investments, or cash generation
growth above Fitch's expectations. An upgrade is also possible in
case the debt profile is lengthened and the reliance of frequent
rollovers is reduced.

Pressure on the ratings could occur in the event of frustrations
and greater volatility of cash generation after the final
definition of the tariff revision, larger than expected
investments and a weakening of the current liquidity policy
resulting on weaker financial profile.

Fitch has taken the following rating actions.

-- Local currency long-term Issuer Default Rating (IDR) affirmed
   at 'BB+';
-- Foreign currency long-term IDR at affirmed at 'BB+';
-- USD140 million notes affirmed at 'BB+';
-- USD350 million notes affirmed at 'BB+';
-- National long-term rating upgraded to 'AA(bra)' from

SUL AMERICA: S&P Raises Counterparty Rating to 'BBB-' from 'BB+'
Standard & Poor's Ratings Services raised its global scale
counterparty credit rating on Sul America Companhia Nacional de
Seguros S.A. (SulAmerica) to 'BBB+' from 'BBB'.  Also, S&P
affirmed its 'brAAA' national scale rating on SulAmerica.  At the
same time, S&P raised its global scale counterparty credit rating
on Sul America S.A. (SASA; the holding company) to 'BBB-' from
'BB+'.  In addition, S&P affirmed its 'brAA+' national scale
rating on SASA.  The stand-alone credit profile (SACP) on
SulAmerica is 'bbb+'.  The outlook is stable.

The ratings reflect S&P's view of SulAmerica's "strong" business
risk profile (BRP) and "less than adequate" financial risk profile
(FRP), based on S&P's "intermediate risk" Insurance Industry
Country Risk Assessment (IICRA) on Brazil's health and property
and casualty (P&C) insurance segments and the company's "strong"
competitive position. A  "less than adequate" capital and
earnings, combined with an "intermediate risk" risk position and
"less than adequate" financial flexibility result in a "less than
adequate" FRP.  S&P's assessment of the company's BRP and FRP
indicates an anchor of 'bbb+'.  S&P's enterprise risk management
(ERM) and management assessment are consistent with the SACP of
'bbb+'.  S&P assess the company's liquidity as "strong."

C A Y M A N  I S L A N D S

ALBATROSS LEASE: Shareholders to Hear Wind-Up Report on June 6
The shareholders of Albatross Lease Services Limited will receive
on June 6, 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:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands

BEARING CIRCLE: Member to Hear Wind-Up Report Today
The member of Bearing Circle Centennial Fund Ltd. will receive
today, May 28, 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 April 26, 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

BEARING CIRCLE MASTER: Member to Hear Wind-Up Report Today
The member of Bearing Circle Centennial Master Fund Ltd. will
receive today, May 28, 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 April 26, 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

BEST FUND: Shareholders Receive Wind-Up Report
The shareholders of The Best Fund Corporation received on May 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Tromino Financial Services Ltd
          c/o Fabian Schonenberg
          Telephone: (441) 295 5588
          Facsimile: (441) 295 5578
          2 Reid Street
          Hamilton HM 11

BRASCAN STRUCTURED: Shareholders to Hear Wind-Up Report on June 7
The shareholders of Brascan Structured Notes 2005-2, Ltd. will
receive on June 7, 2013, at 8:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

CLEAN RESOURCES: Commences Liquidation Proceedings
On April 21, 2013, the sole member of Clean Resources (Offshore)
Fund Limited resolved to voluntarily liquidate the company's

Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

CLEAN RESOURCES ASIA: Commences Liquidation Proceedings
On April 21, 2013, the sole member of Clean Resources Asia Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

COMPASS KAZAKHSTAN: Member to Hear Wind-Up Report on June 6
The member of Compass Kazakhstan Ltd. will receive on June 6,
2013, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

DRAGONTECH VENTURES: Member to Hear Wind-Up Report Today
The member of Dragontech Ventures Limited will receive today, May
28, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Zhang Shenglan
          c/o Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong

GUNDY LIMITED: Member to Hear Wind-Up Report Today
The member of Gundy Limited will receive today, May 28, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michella Callender
          c/o Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands

HSC HEALTHCARE: Creditors' Proofs of Debt Due May 29
The creditors of HSC Healthcare Limited are required to file their
proofs of debt by May 29, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 24, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          PO Box 2681 Grand Cayman KY1-1111
          Cayman Islands

PAISLEY LIMITED: Member to Hear Wind-Up Report Today
The member of Paisley Limited will receive today, May 28, 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:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands

SENONES FUND: Creditors' Proofs of Debt Due May 29
The creditors of Senones Fund are required to file their proofs of
debt by May 29, 2013, to be included in the company's dividend

The company commenced wind-up proceedings on March 26, 2013.

The company's liquidator is:

          Clifton House
          75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands

TRAHAN HEDGED: Placed Under Voluntary Wind-Up
On April 16, 2013, the sole shareholder of Trahan Hedged
Opportunities Fund Offshore resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend

The company's liquidator is:

          c/o Joanne Steven
          Telephone: 815 1895
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

WRA INVESTMENTS: Placed Under Voluntary Wind-Up
On April 25, 2013, the sole shareholder of WRA Investments
Offshore Fund, Ltd resolved to voluntarily wind up the company's

Only creditors who were able to file their proofs of debt by
May 27, 2013, will be included in the company's dividend

The company's liquidator is:

          c/o Joanne Steven
          Telephone: 815 1895
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Manufacturing Slump Paces 0.3% 1Q Growth
The Dominican Today reports that Dominican Republic's economy grew
barely 0.3% in the first quarter, much slower than forecast,
according to the Central Bank.

In its preliminary report the monetary authorities noted that in
the first quarter of 2012 the economy grew 3.8%, 4.3% in 2011 and
7.5% in 2010, according to The Dominican Today.  The report
relates that key sectors with a strong impact on employment have
fallen thus far this year, including retail sales (-2.6%), hotels
and restaurants (-0.6%), construction (-2.9%) and local
manufacturing (-3.7%).

Meanwhile banking and related activities jumped 9.8%, education
6.3%, sugar processing 5.3%, health 5.3%, free zone manufacturing
4.3%, communications 3.2%, and housing rentals 3.0%, The Dominican
Today notes.

"A number of factors influenced this performance, such as the
effects of the tax package which has been influencing the
expectations of economic agents since the end of last year.  This
has been reflected in a decrease in the domestic demand," the
Central Bank said, The Dominican Today reports.


DIGICEL GROUP: Fitch Affirms Issuer Default Rating at 'B'
Fitch Ratings has affirmed the ratings of Digicel Group Limited
(DGL) and its subsidiaries Digicel Limited (DL) and Digicel
International Finance Limited (DIFL), collectively referred to as
'Digicel' as follows:

-- Long-term Issuer Default Rating (IDR) at 'B';
-- US$1.5 billion 8.25% senior subordinated notes due 2020 at
-- US$775 million 10.5% senior subordinated notes due 2018 at

-- Long-term IDR at 'B';
-- US$800 million 8.25% senior notes due 2017 at 'B/RR4';
-- US$250 million 7% senior notes due 2020 at 'B/RR4';
-- US$1.3 billion 6% senior notes due 2021 at 'B/RR4'.

-- Long term ID) at 'B';
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


Digicel's ratings reflect solid operating performance and CFO
generation, diversified revenue, and the expectation for stable
credit metrics. In addition, the ratings are supported by its
position as the leading provider of wireless services in most of
its markets and strong brand recognition. Digicel's credit quality
is tempered by continued high leverage and the exposure of its
operations to low rated countries. 'RR4' rated securities have
average recovery prospects given default and characteristics
consistent with securities historically recovering 31%-50% of
current principal and related interest.

Under Fitch's approach to rating entities within a corporate group
structure, the IDRs of DGL, DL and (DIFL) are the same and viewed
on a consolidated basis as they have a weaker parent and the
degree of linkage between parent and subsidiaries is considered
strong. For issue ratings, Fitch rates debt at DIFL one notch
higher than its parent DL reflecting its above-average recovery
prospects. DL's ratings reflect the increased burden the DGL
subordinated notes place on the operating assets and the loss of
financial flexibility. The ratings of DGL incorporate their
subordination to debt at DIFL and DL, as well as the subordinated
notes' below-average recovery prospects in the event of default.

Stable Operating Trends:
Fitch expects value added services (VAS) as a percentage of
revenue to continue increasing its share of revenues. Positive
trends in VAS have supported revenues and EBITDA growth over the
past few quarters, offsetting pressures from traditional voice
services in some markets due to reductions in mobile termination
rates (MTR), tax increases and strong competition. In addition
Papua New Guinea (PNG) growth continues to support operating
results. For the quarter ended Dec. 31, 2012, VAS accounted for
23% of service revenues, of which 16% is related to non-SMS. Both
SMS and other data services have posted positive trends.

DGL has diversified its cash flow generation and asset base
leading to lower business risk over the past several years.
Fitch estimates that PNG has become the most meaningful market for
EBITDA contribution, followed by Haiti and Jamaica. Digicel
Pacific Limited (DPL), a subsidiary of DGL, has continued to grow
and has generated positive free cash flow (FCF) over the past
three years. DPL's operating trends are underpinned by PNG which
is now able to pay dividends to DGL. For the 12 months ended Dec.
31, 2012 DPL contributed approximately 24% of DGL's EBITDA. The
most important contributors to DGL's EBITDA are PNG, Haiti,
Jamaica, Trinidad & Tobago and French West Indies (FWI).

Temporary High Cash Balances:
After the recent bond issuances, Digicel has high cash balances
that are estimated to exceed USD1 billion. Fitch believes that the
cash can be used to fund a Digicel-led consortium to participate
in the bidding process for two licenses in Myanmar. This should
take place during the month of June. In the event the consortium
is not awarded with a license, the use of cash balances is still
uncertain but Fitch believes it may be used for some debt
repayment, additional investments in existing markets and special

Lower Capex Supporting FCF:
Fitch expects positive FCF in the coming years from existing
operations and in the absence of special dividends. Funds from
operations (FFO) should grow modestly and capex is expected to
decline from its peak in fiscal 2012. The capex-to-revenue ratio
is expected to trend towards 10% in the next few years. Lower
capital expenditures should have a positive effect on FCF in the
medium term amidst a stable dividend policy of USD40 million per
year. DGL paid a USD300 million special dividend during the first
quarter of fiscal 2013. Digicel expects that for the near future
the company will not raise its 42.52% (44.97% including warrants)
stake in Digicel Holdings Central America Limited (DHCAL), which
owns the operation in Panama.

Leverage at DGL remains high but is expected to gradually decline
in the medium term, as EBITDA grows and indebtedness remains
relatively stable. Considering the recent bond issuance for USD1.3
billion at DGL's subsidiary DL and consolidated financial data for
DGL as of Dec. 31, 2012; pro forma total debt-to-EBITDA is close
to 5.0x, while net debt-to-EBITDA should approximate to 4.1x.

Reported leverage as of Dec. 31, 2012 based on last 12 months
EBITDA was 4.4x. At DL, total debt-to-EBITDA was 2.8x for this
same period. DGL's total pro forma debt is now approximately
USD5.7 billion and cash balances approximated USD1.1 million.
Consolidated pro forma total debt is allocated as follows:
USD2,275 million at DGL, USD2,350 million at DL, USD892 million at
DIFL, and US$180 million at DPL.

Improved Maturity Profile:
The debt maturity profile has been extended, with DGL's USD1.5
billion issuance due 2020 done last year and the recent DL USD1.3
billion issuance due 2021. Digicel does not face any significant
maturity until fiscal 2018. Before this date the largest maturity
in a single year is USD354 million in fiscal 2015. Cash balances
of USD353 million as of Dec. 31, 2012 further support liquidity.

A negative rating action could be triggered if consolidated
leverage at DGL approaches 6.0x. While refinancing risk was
reduced with the recent issuances, inability to refinance sizeable
bullet maturities in advance in the medium to longer term could
pressure credit quality. Positive factors for credit quality would
be a sustained reduction in gross leverage at DGL to about 4.0x or
below and an increase in FCF generation.

* JAMAICA: Bartlett Calls for Strategy to Stem Decline in Tourism
RJR News reports that Ed Bartlett, Opposition Spokesman on
Tourism, is calling on the Minister of Tourism Dr. Wykeham McNeil,
to outline a clear strategy to move the country forward, after the
sector recorded another decline in April.

Preliminary data show stopover arrivals declined 2 per cent while
cruise arrivals fell 12 per cent in April after a brief respite in
March from five consecutive months of decline, according to RJR
News.  The report relates that Mr. Bartlett said the trend is a
concern, especially given that the declines have occurred for most
of the traditionally strong winter tourist season and calls on the
Minister to craft a response.

RJR News notes that Mr. Bartlett said while the country has seen
declines, it is rare for both stopover and cruise arrivals to fall
in the same month.  Mr. Bartlett said he is hoping that Dr. McNeil
will address the issues surrounding the decline and tell the
nation, the marketing plans that will bring more tourists to the
island, RJR News relays.

In the meantime, RJR News discloses that Mr. Bartlett said he is
now trying to negotiate with investors in Europe to consider
options in Jamaica.  Mr. Bartlett, who is in now in Spain and will
visit London after, highlighted the areas he is seeking to have
Europeans invest in Jamaica, the report adds.


DESARROLLADORA HOMEX: Mancera S.C. Raises Going Concern Doubt
Desarrolladora Homex, S.A.B. de C.V. filed with the U.S.
Securities and Exchange Commission on May 22, 2013, its annual
report on Form 20-F for the year ended Dec. 31, 2012.

Mancera, S.C., a member practice of Ernst & Young Global, in
Culiacan, Sinaloa, Mexico, noted that, as discussed in Note 29 to
the financial statements, the Company's current liquidity and
certain other matters raise substantial doubt about its ability to
continue as a going concern.

The Company reported a net loss of MXN1.599 billion on
MXN28.749 billion of revenues in 2012, compared with net income of
MXN1.025 billion on MXN21.749 billion of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
MXN51.346 billion in total assets, MXN36.599 billion in total
liabilities, and stockholders' equity of MXN14.747 billion.

A copy of the Form 20-F is available at

Desarrolladora Homex, S.A.B. de C.V. is a corporation registered
in Culiacan, Sinaloa, Mexico under the Mexican Companies Law on
March 30, 1998, with an indefinite corporate existence.

The Company is a vertically integrated home development company
engaged in the development, construction and sale of affordable
entry-level, middle-income and tourism housing in Mexico and
affordable entry-level housing in Brazil.

GRUPO FAMSA: Commences Offer to Buy 11.0% Senior Notes Due 2015
Grupo Famsa, S.A.B. DE C.V. has commenced an offer to purchase any
and all outstanding 11.0% Senior Notes due 2015 (CUSIP/ISIN No.
40052WAA0/P7700WCF5 and US40052WAA09/USP7700WCF51) and a
solicitation of consents to amend the indenture relating to the
Notes, upon the terms and subject to the conditions set forth in
the Offer Documents.

                           The Tender Offer

The Tender Offer will expire at midnight, New York City Time, on
June 12, 2013.  Holders who validly tender Notes at or prior to
5:00 P.M., New York City Time, on May 29, 2013 (such time and
date, as the same may be extended, the "Early Tender Deadline"),
unless the Tender Offer is earlier terminated or withdrawn by the
Company, will be eligible to receive the Total Consideration.

Holders who validly tender Notes after the Early Tender Deadline,
but at or prior to the Expiration Time, unless the Tender Offer is
earlier terminated or withdrawn by the Company, will be eligible
to receive the Tender Offer Consideration.  Notes tendered may be
withdrawn at any time at or prior to 5:00 P.M., New York City
Time, on May 29, 2013 but not thereafter.

Holders of Notes who validly tender Notes in the Tender Offer and
Consent Solicitation, and whose tender and delivery of Consents
are accepted by the Company, will receive, in addition to accrued
and unpaid interest, for each US$1,000 principal amount of Notes
tendered, an amount in cash in U.S. dollars equal to:

in the case of Notes tendered and related Consents delivered at or
prior to the Early Tender Deadline, an amount equal to
US$1,068.75, consisting of (i) an amount equal to US$1,038.75,
plus (ii) an amount equal to US$30.00  and in the case of Notes
tendered and related Consents delivered after the Early Tender
Deadline, but at or prior to the Expiration Time, the Tender Offer

The terms and conditions of the Tender Offer and Consent
Solicitation are set forth in an Offer to Purchase and Consent
Solicitation Statement dated the date hereof, and in the related
Letter of Transmittal and consent.  The Company may amend, extend,
terminate or withdraw the Tender Offer and Consent Solicitation.

                     The Consent Solicitation

Under the Consent Solicitation, the Company is soliciting Consents
to amend the indenture relating to the Notes, including among
other things, the elimination of most of the restrictive covenants
and certain of the events of default and shortening of the minimum
notice period to holders required for a redemption from thirty
days to six business days prior to the redemption date, with an
additional minimum notice of three business days to the Trustee.

Holders who desire to tender their Notes must deliver Consents to
the Proposed Amendments and holders may not deliver Consents
without tendering the related Notes.

The completion of the Tender Offer and Consent Solicitation is
conditioned, among other things, on the valid delivery to the
tender agent appointed by the Company of the Consents of holders
of at least a majority in principal amount of the outstanding
Notes on or prior to the Expiration Time.


Subject to the terms and conditions of the Tender Offer and
Consent Solicitation being satisfied or waived and to the
Company's right to amend, extend, terminate or withdraw the Tender
Offer and Consent Solicitation, the Company expects that payment
for all Notes validly tendered prior to the Early Tender Deadline
and accepted by the Company will be made on the business day the
Company selects promptly following the Early Tender Deadline, or
the business day on which the Company waives the conditions to
consummation of the Tender Offer and Consent Solicitation and that
payment for all Notes validly tendered after the Early Tender
Deadline and at or prior to the Expiration Time and accepted by
the Company will be made on the business day the Company selects
promptly following the Expiration Time or the business day on
which the Company waives the conditions to consummation of the
Tender Offer and Consent Solicitation.

The Company expects the Early Payment Date to be May 31, 2013.

The Company's obligation to accept for purchase and to pay for
Notes validly tendered and not withdrawn pursuant to the Tender
Offer is subject to the satisfaction or waiver of certain
conditions, which are more fully described in the Statement,
including, among others, the Company's receipt of aggregate net
proceeds to fund the total consideration plus accrued and unpaid
interest in respect of all Notes and estimated fees and expenses
relating to the Tender Offer and Consent Solicitation from an
underwritten offering of senior notes exempt from registration
requirements of the U.S. Securities Act of 1933, as amended, on
terms satisfactory to the Company.

In no event will the information contained in this release or the
Offer Documents regarding such underwritten offering constitute an
offer to sell or a solicitation of an offer to buy any securities
offered thereunder.

Credit Suisse Securities (USA) LLC is the dealer manager and
solicitation agent for the Tender Offer and Consent Solicitation.

D.F. King & Co., Inc. has been appointed as the tender agent and
information agent for the Tender Offer and Consent Solicitation.

The Offer Documents will be distributed to holders of Notes

GRUPO FAMSA: Fitch Assigns 'B+' Issuer Default Ratings
Fitch Ratings assigns a 'B+/RR4' rating to the 7.25% USD250
million notes, due 2020, issued by Grupo Famsa, S.A.B. de C.V.

Fitch currently rates FAMSA as follows:

-- Foreign currency Issuer Default Rating (IDR) 'B+';
-- Local currency IDR 'B+';
-- Long-term national scale rating 'BBB(mex)';
-- Short-term national scale rating 'F3(mex)';
-- USD200 million senior unsecured notes due in 2015 'B+/RR4';
-- MXN1 billion Certificados Bursatiles issuance due 2014,
-- MXN1 billion short-term Certificados Bursatiles programs

The Rating Outlook is Stable.

FAMSA's ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, broadly stable
operating cash flow generation by the retail operation, and a
linkage with its banking subsidiary, Banco Ahorro Famsa (BAF;
rated 'BBB(mex)' by Fitch). On the other hand, the ratings are
constrained by low single-digit same store sales (SSS).

The USD$250 million issuance will be used mostly to pay down
existing debt (specifically, the USD$200 million notes due 2015),
as well as for general corporate uses. 'RR4' rated securities have
characteristics consistent with securities historically recovering
31%-50% of current principal and related interest.


Fitch expects Mexican retail operations to show low organic growth
(with any increases in revenues coming mostly from store and bank
openings), for the U.S. division to continue generating positive
EBITDA, and for the banking operation to continue facing pressure
in its capital adequacy. FAMSA plans to increase total revenues by
about 7% to 9% and to open 15 stores/banks and 30 standalone banks
in Mexico.

Improving EBITDA
The downsizing of FAMSA USA's footprint resulted in consolidated
EBITDA growing 35.4% for 2012, while consolidated revenues shrank
8.4%. FAMSA USA's recent store closures on the West Coast
(California, Nevada and Arizona) have resulted in lower revenues,
but allowed for U.S. EBITDA generation to reach MXN122 million for
2012, the company's first positive results since 2009, as the
western operations had been unprofitable.

Recently, the firm has tried to improve its category mix,
attempting to deemphasize lower margin categories such as
electronics, and focusing on more profitable categories, such as
furniture. The firm has also tried to broaden its geographic
footprint within Mexico, while at the same time undertaking store
closures and pursuing targeted store openings. FAMSA competes
directly with larger Mexican retail chains such as Coppel and
Elektra, which also target the low-income segment of the

BAF's Profitability Weakening
Fitch believes that BAF is in a process of consolidation, trying
to demonstrate its stability. Some of the challenges the firm
faces, including the deterioration of its loan portfolio and
managing loan-impairment charges, are relevant, due to loan
portfolio growth forecasted by BAF for the next two years. Even
though profitability is adequate, as of 1Q'13, it was negatively
affected due to continued asset deterioration and high operating

Lower Leverage
In previous years, FAMSA's leverage levels were high, a result of
negative cash flow from the U.S. operations. Currently, debt-to-
EBITDA and adjusted debt-to-EBITDAR ratios for 1Q'13 LTM
(excluding bank deposits) have fallen to 2.8x and 3.9x,
respectively (1Q'12 LTM: 3.2x and 4.5x). Including bank deposits,
these ratios are 8.6x and 8.2x for 1Q'13 LTM. Since most of the
positive effects from the U.S. store closures are already present
in current levels, Fitch expects them to remain constant in the
short-to-medium term.

Liquidity should be manageable. Prior to this issuance, most large
maturities were due in 2014 and 2015. The company has not issued
dividends for the last few years and it is projecting about MXN350
million of Capex for 2013. For 1Q'13, FAMSA's debt amounted to
MXN6.3 billion and bank deposits totaled MXN12.9 billion. FAMSA's
debt is comprised of senior notes, national short- and long-term
issuances and bank loans. Short-term debt as of Dec. 31, 2012 was
about MXN3.9 billion, with cash holdings of about MXN2.2 billion.

Credit quality could be negatively affected by deterioration in
BAF's creditworthiness, by revenue-increasing efforts which might
result in lower profit margins, by lowered EBITDA generation by
FAMSA USA in 2013 that results in higher leverage levels, as well
as by deterioration in the quality of the loan portfolio.

Conversely, creditworthiness would benefit from increased EBITDA
generation, from lower debt levels and from SSS more in line with


* SURINAME: Fitch Affirms 'BB-' Issuer Default Ratings
Fitch Ratings has affirmed Suriname's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-' with a Stable
Outlook. Fitch has also affirmed Suriname's Short-term IDR at 'B'
and the Country Ceiling at 'BB-'.

Suriname's ratings are underpinned by its sustained economic
growth and positive investment prospects, low government
indebtedness, robust external balance sheet and improved capacity
of the monetary authorities to safeguard macroeconomic stability.

These credit strengths are balanced by high commodity dependence,
relatively weak monetary, exchange rate and fiscal policy
frameworks, a poor business environment and deficient, albeit
improving, official data quality.


Suriname's sovereign ratings and Stable Outlook balance the
following factors:

-- The economy has demonstrated resilience and relative dynamism
   through adverse external and domestic cycles. Suriname's five-
   year average growth rate of 4% in 2012 is above the 'BB' median
   of 3.4%. Economic activity could accelerate depending on the
   pace of execution of new investments in the gold and oil

-- Suriname's low indebtedness and a favorable amortization
   schedule reduce refinancing risks. Central government debt of
   22% of GDP in 2012 is just over half the 'BB' median. Given
   current low indebtedness levels, the sovereign could
   accommodate the planned USD600 million (11% of GDP) debut bond
   issue without jeopardizing fiscal sustainability.

-- However, a narrow economic base, high fiscal revenue
   vulnerability to commodity shocks, shallow domestic capital
   markets and a short external repayment record limits Suriname's
   ability to sustain high levels of public spending and
   government debt.

-- The country's strong external solvency and liquidity buffers
   support the fixed exchange rate regime and mitigate risks
   derived from high commodity dependence and persistent financial
   dollarization. International reserves reached 21% of GDP in
   2012, covering 4.5 months of current external payments and 90%
   of foreign currency deposits in the banking system.

-- Monetary authorities remain committed to preserve price and
   currency stability. Annual inflation fell to 1.4% in March 2013
   and is expected to end the year at 4.5%. Increased fiscal
   spending and temporary disruptions in the EUR/USD market put
   pressure on the Surinamese dollar in the first part of 2013 but
   decisive central bank interventions underpinned the domestic
   currency to support the fixed exchange rate regime.

-- The fiscal deficit climbed to 2.8% of GDP in 2012 from 1.9% in
   2011. While the government is exercising greater current
   expenditure restraint, weak budget controls increase the risks
   of fiscal slippage in the run up to the general elections in
   May 2015. Delays in the implementation of revenue-enhancing
   reforms such as the introduction of the value-added tax, the
   creation of the sovereign wealth fund and the taxation of the
   informal mining sector could compound fiscal vulnerability to
   a downturn in commodity prices.

-- Weak regulatory quality and institutional capacity constraints
   weigh on government effectiveness. The absence of mining and
   investment laws has hindered foreign investment and the
   development of new gold reserves. Monetary and fiscal
   policymaking rests on the credibility of individual public
   officials rather than on institutional and market instruments.

The current Outlook on the long-term ratings is Stable, which
reflects Fitch's assessment that upside and downside risks to the
rating are currently evenly balanced.

The main factors that individually, or collectively, could trigger
positive rating action:

-- Strengthened budget management and reduced institutional
   capacity constraints;

-- Progress towards implementation of investment projects leading
   to higher growth in the context of macroeconomic stability.

The main factors that individually, or collectively, could trigger
negative rating action:

-- A sustained erosion of the country's strong international
   reserves position;

-- Material deterioration in the fiscal trajectory or confidence
   shocks resulting in macroeconomic instability.


The ratings and Outlooks are sensitive to a number of assumptions:

-- The fiscal and external forecasts assume that gold prices and
   production will remain at relatively high levels.

-- Fitch's growth outlook for 2013-2014 does not factor in the
   development of the new potential mining projects with Iamgold
   and the Alcoa/Newmont consortium. Fitch assumes that the two
   joint ventures will not be operational before 2014 and that the
   projects will involve a time to production of at least two

-- The potential effect of an inaugural sovereign international
   bond issue of USD600 million on debt sustainability is
   considered but not incorporated in the government debt
   forecasts. This transaction is contingent upon the legislative
   approval of the two new mining contracts.


* Bolivar Fuerte Devaluation Continues to Pressure U.S. Companies
Venezuela's currency devaluation dented first-quarter earnings per
share (EPS) and net profits for U.S. companies with operations or
doing business within this market and Fitch Ratings believes
pressure on the bolivar fuertes (Bs.F.) and potential incremental
charges could continue.

In first-quarter 2013, Ford recorded a $186 million re-measurement
loss in Venezuela; the re-measurement impact at General Motors
(GM) was $162 million while the re-measurement impact at Goodyear
was $115 million. GM also noted that another devaluation of the
Bs.F. to the dollar would result in a $50 million charge based
upon the company's Bs.F.-denominated assets and liabilities as of
March 31, 2013.

The 32% devaluation of the Bs.F. on Feb. 13, 2013 resulted in
relatively moderate nonrecurring charges for issuers with exposure
to this market. However, the impact of the devaluation is greater
than downdrafts to EPS guidance would suggest. There is also a
drag on sales momentum from the Venezuelan market, potential
impact to covenant calculations, and the loss of value as net
monetary assets, particularly local currency cash and working
capital, are being re-measured downward.

Additionally, the recent changes in Venezuela's foreign exchange
(FX) system could reduce the need for the sovereign to issue FX
debt for exchange rate policy purposes. Nevertheless, in the
absence of tighter fiscal and monetary policies with efficiency
improvements in the allocation of FX to the private sector, the
new system is not likely to improve macroeconomic stability.
Hence, future devaluations cannot be ruled out.

Prior to 2010, Venezuela had attractive growth characteristics, as
robust local demand and inflationary pricing benefitted
improvements in the top line and margins. As such, it was part of
the faster growth emerging markets that were sought after by
issuers looking to offset constrained consumption in developed
markets since the financial crisis. Venezuela's previous major
devaluation in 2010 was supplemented by increasing price control
mandates for many consumer goods. Since then, growth and profits
in this market has been less robust for many companies.

Turbulence in emerging markets is nothing new to large
multinational companies. Colgate Palmolive (Colgate) has had a
presence in Latin America starting with Brazil in 1927 and holds
commanding market shares in key product lines throughout the
region. The company has weathered many political and currency
regime changes since then. Therefore, although Venezuela is a
small market representing just 4% of Colgate's sale and operation
profits in the first quarter of 2013, it is committed to remaining
in the Venezuelan market for the long haul despite the 19%
reduction in net income on charges related to the Bs.F.

Venezuela is a small market for most multinational corporations.
U.S.-based consumer product companies typically derive less than
5% of revenues in this country. Avon Products, Inc. (Avon) and
Colgate generate more than 75% of revenues and profits outside the
U.S. while Venezuela represents 4% or less of sales and profits
for both companies. At the larger end, operations in Venezuela
represented more than 18% of revenues and 19% of gross profits for
Coca Cola FEMSA SAB de CV (FEMSA).

Fitch expects that issuers with more reliance on this market for
revenues or profits may continue to be negatively affected.
Additionally, covenants based on profit before taxes could be
affected by the devaluation-related charges. Avon has a covenant
based on profit before taxes and its bank agreements were recently
renegotiated to prove carve-outs for noncash, nonrecurring charges
such as these.

Restrictions on the transfer of cash out of Venezuela continue to
make operating in the country difficult. Payments for commodities
or other dollar-based imports or other manufacturing inputs have
been problematic for decades. While some companies have provided
support through intercompany lending, it is not necessarily ideal
or a solution for all. For example, as of March 31, 2013, Goodyear
had $75 million in payables from Goodyear Venezuela that had been
pending for more than one year before the Venezuelan Currency
Exchange Board's decision. Included in those payables were amounts
owed to the parent company.

The restrictions, which have been in place for several years have
also exposed monetary assets to losing value on a dollar basis.
Avon has had roughly 10%-15% of total cash held in Bs.F. At the
end of 2012, the company had $171 million, or 14% of cash in
Bs.F.; after the devaluation, local currency cash balances are
just $114 million ended March 31, 2013.

"We forecast GDP growth in Latin America to rise to 3.7% in 2013
and 3.9% in 2014, up from our previous growth forecast of 2.8% in
2012. However, Venezuela is considered to be a laggard compared to
the continent's key growth engines such as Colombia and Peru.
Demand from consumers remains robust in a majority of emerging
markets due to low unemployment levels, rising wages, modest
inflation, and improving consumer confidence. However, high
inflation, a poor business environment, and increased intervention
of the state in the economy have weighed on Venezuela's growth
performance," Fitch says.

While price stability has improved for most of Latin America,
central banks have highlighted currency depreciation pressures as
a risk to the region's otherwise benign inflation outlook.
Venezuela's inflation, averaging 21.1% in 2012, is likely to
accelerate with the recent devaluation. Venezuela's macroeconomic
volatility, reflected in high inflation, devaluation risks, and
price controls, coupled with limitations to transfer hard currency
abroad, represent key credit weaknesses that might discourage
foreign investment.


* Large Companies With Insolvent Balance Sheets

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


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


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

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


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

                   * * * End of Transmission * * *