TCRLA_Public/130604.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, June 4, 2013, Vol. 14, No. 109


                            Headlines



A R G E N T I N A

CELULOSA ARGENTINA: Fitch Affirms 'B-' FC Issuer Default Rating


B R A Z I L

PESCANOVA BRAZIL: Files for Bankruptcy, Argentine Unit Intact


C A Y M A N  I S L A N D S

ASI OFFSHORE: Creditors' Proofs of Debt Due June 21
DKR FUSION: Creditors' Proofs of Debt Due June 18
GOLDENTREE SPECIAL II: Commences Liquidation Proceedings
GOLDENTREE SPECIAL III: Commences Liquidation Proceedings
GOLDENTREE SPECIAL V: Commences Liquidation Proceedings

HJORDIS MARINE: Creditors' Proofs of Debt Due June 11
KAI YIH: Creditors' Proofs of Debt Due June 12
LIQUIDMACRO FUND: Creditors' Proofs of Debt Due June 21
LIQUIDMACRO MASTER: Creditors' Proofs of Debt Due June 21
LLK TECHNOLOGY: Creditors' Proofs of Debt Due June 22

OASIS PERSONNEL: Creditors' Proofs of Debt Due June 20
ODIN CDO I 2: Commences Liquidation Proceedings
ODIN CDO I 3: Commences Liquidation Proceedings
ODIN CDO I 4: Commences Liquidation Proceedings
PROGRESSIVE RETURNS: Creditors' Proofs of Debt Due June 21

SAKURA BONDCO: Commences Liquidation Proceedings
WASTEEQUITYCO: Creditors' Proofs of Debt Due June 20
WASTESHAREHOLDERCO 1: Creditors' Proofs of Debt Due June 20
WASTESHAREHOLDERCO 2: Creditors' Proofs of Debt Due June 20


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Latest Economic Measures Will Spur Production


H O N D U R A S

* HONDURAS: To Get $100-Million IDB Loan for Bono Program


J A M A I C A

JAMAICA DIVERSIFIED: Fitch Rates $100MM Series 2013-1 Notes 'BB'


M E X I C O

BANCO MONEX: S&P Affirms 'BB+' Rating; Outlook Stable


P E R U

TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Relationship With Air Jamaica a Concern


X X X X X X X X

LATAM TRUST: Fitch Upgrades Rating on CLP5.13BB Notes From 'BB+'
* Norton Rose Combines With Fulbright & Jaworski LLP
* Large Companies With Insolvent Balance Sheets


                            - - - - -

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


CELULOSA ARGENTINA: Fitch Affirms 'B-' FC Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the following ratings on Celulosa
Argentina S.A.:

-- Foreign currency Issuer Default Rating (IDR) at 'B-'; Outlook
   Negative;

-- Local currency IDR at 'B-'; Outlook Negative;

-- National scale Rating at 'A(arg)'; Outlook Stable.

Rating Fundamentals

Celulosa's 'B-' ratings reflect the company's solid market
position as an integrated pulp, paper and forest products
manufacturer in Argentina and Uruguay. Compared to its peers in
Chile and Brazil, Celulosa is small in size in both revenue and
volume. This results in relatively weak cost structure. The
company's lower economies of scale increase exposure to the
industry's high levels of volatility in international pulp prices.
The company is also exposed to double-digit inflation in Argentina
and other direct and in-direct sovereign related risks, including
transfer and convertibility risks.

Celulosa has vertically integrated production and distribution
operations, although it remains dependent on third parties for its
raw material. The company has a strong market share in the
domestic market, and a diversified and stable customer base. The
company benefits from import tariffs and other agreements, such as
a bilateral trade agreement between the governments of Argentina
and Brazil that limits Brazilian paper imports and reduces
competition in the domestic market.

Celulosa's vulnerability to raw materials is high. As of today,
95% of wood purchases are done on a spot basis, exposing the
company to prices and volume risks. The company has production
assets in Argentina and Uruguay, the latter through its subsidiary
Fanapel.

Financial results came under pressure over the last year. For the
last nine months ended Feb. 28, 2013, Celulosa generated revenues
ofUSD301 (+14% yoy) milliondespite lower volumes resulting from
programmed stoppage of plants for maintenance. Celulosa's improved
sales were achieved through a combination of price increases, and
product mix. EBITDA margins, however, deteriorated (11.5% for
9mo13 vs 12.6% for 9mo12) with costs reflecting Argentina's
double-digit inflation. Celulosa generated USD8.0 million of CFO
for the last nine months as of February 2013. The company used
this cash flow to finance capex and for the payment of preferred
dividends. A recovery in production volumes will boost fourth
quarter results, albeit not enough to compensate for the company's
weak first half. Fitch expects FY13 EBITDA of around USD52
million.

Since May 2012, Celulosa's debt has increased by 7% to USD168.0
million of debt. Nevertheless, Celulosa's 9mo of 4.4x remains low
relative to its rating peers (5.7x average/median gross leverage
for 'B-'-rated corporates) Fitch further expects that the company
will manage its balance sheet to a target ratio of debt-to EBITDA
of around 3.0x. The estimated interest coverage is expected to be
around 3.0x.

Celulosa's liquidity is tight and exposes the company to
refinancing risk. As of February 2013 Celulosa had USD6.5 million
of cash and marketable securities and USD89.7 million of short
term debt. Historically, the company has had a high concentration
of its financial debt in the short term and has consistently been
able to refinance these trade lines of credit. Fitch expects that
Celulosa will continue to successfully rollover its existing debt
in the local financial market.

Celulosa's ratings reflect the company's exposure to domestic
economic conditions. The high level of uncertainty of the
Argentine economy through capital controls and import restrictions
is preventing the company from rolling out any major capital
expenditure plan. Under this scenario, capital expenditures are
expected to remain at maintenance levels; at approximately USD 15
million. Free cash flow will likely be used to gradually reduce
leverage.

Rating Sensitivities

The Foreign Currency & Local Currency IDR of Celulosa could be
affected by a downgrade of the Argentine sovereign rating
(currently 'B-' with a Negative Outlook).

Also a prolonged downturn in pulp & paper prices that result in a
material weakening of the company's capital structure could
produce a rating downgrade.


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


PESCANOVA BRAZIL: Files for Bankruptcy, Argentine Unit Intact
-------------------------------------------------------------
Undercurrent News reports that Pescanova's subsidiary in Brazil
has filed for bankruptcy, according to a company statement issued
on the National Stock Exchange.  Undercurrent News relates that
Europapress.es said the subsidiary has applied for a judicial
recovery procedure, which is under consideration.

The report discloses that this latest bit of unraveling from the
shuttered Spanish giant hits Pescanova Brazil, a company located
in Rio de Janeiro, which sells products from Pescanova and
produces tilapia.  Pescanova SA controls 98.50% of the Brazilian
subsidiary.

Undercurrent News discloses that the bankruptcy comes on the heels
of multiple Pescanova subsidiary bankruptcies throughout Latin
America.

A Chilean court declared Pesca Chile bankrupt on May 1, and a few
days later, Argentinian subsidiary Argenova filed for bankruptcy
before a judge in Buenos Aires, Undercurrent News notes.

                    Argenova Remains Intact

Undercurrent News relays that Diario Jornada reported that
Argenova is managing to remain open and hold onto its 44 workers
following an agreement reached between the Argentine government
and the company.

Argenova's processing plant will be leased within the next 15 days
for a period of 24 months, the firm is expected to recover the
plant after that, and it is keeping its fleet operations intact,
Undercurrent News notes.

This agreement comes after what the newspaper calls "arduous"
negotiations between Argenova president Jaime Perez and the
Minister of Agriculture, Livestock and Fisheries, Noberto Yauhar,
Undercurrent News says.

Undercurrent News adds that the Union of Workers of the Food
Industry, which will negotiate with stakeholders over the next 24
months, supports the agreement, the report discloses.

                 Cash Injection Coming

Undercurrent News relates that a EUR55 million cash injection will
come next week from creditor banks, after Deloitte, the financial
firm appointed to be its administrator in the bankruptcy process,
analyzes the conditions and the judge gives the operation the go
ahead.

The need for that cash is urgent among Pescanova's subsidiaries,
reports Economia Digital. Discontent is prevalent among its
subsidiaries, some of which say they go "in some cases, for two
months without pay," sources familiar with the situation told the
news outlet, Undercurrent News notes.

As of May 24, financial services company Deloitte had ensured
payments for May and June to the company, Undercurrent News says.

Deloitte found that the restructuring would be done with the least
possible impact and organized gradually, reports
JornalDeNegocios.pt, Undercurrent News adds.


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


ASI OFFSHORE: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
The creditors of Asi Offshore Global Relative Value Fund, Ltd. are
required to file their proofs of debt by June 21, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 2013.

The company's liquidator is:

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


DKR FUSION: Creditors' Proofs of Debt Due June 18
-------------------------------------------------
The creditors of DKR Fusion Quantitative Strategies Holding Fund
Ltd. are required to file their proofs of debt by June 18, 2013,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2013.

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


GOLDENTREE SPECIAL II: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the members of
Goldentree Special Holdings II Ltd resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          GTAM TS Investment LLC
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


GOLDENTREE SPECIAL III: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the members of
Goldentree Special Holdings III Ltd resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          GTAM TS Investment LLC
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


GOLDENTREE SPECIAL V: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on May 8, 2013, the shareholder
of Goldentree Special Holdings V Ltd resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          GTAM TS Investment LLC
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


HJORDIS MARINE: Creditors' Proofs of Debt Due June 11
-----------------------------------------------------
The creditors of Hjordis Marine Ltd. are required to file their
proofs of debt by June 11, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

           Campbells Directors Limited
           Willow House, Floor 4
           Cricket Square, PO Box 268
           Grand Cayman KY1-1104
           Cayman Islands
           Telephone: +1 (345) 949 6258
           Facsimile: +1 (345) 945 2877


KAI YIH: Creditors' Proofs of Debt Due June 12
----------------------------------------------
The creditors of Kai Yih Holding Corporation are required to file
their proofs of debt by June 12, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 30, 2013.

The company's liquidator is:

          Wu, Yung-Hsiang (Crispin Wu)
          No. 98, Sec. 2, Anhe Rd.
          Annan Dist., Tainan City 709
          Taiwan (R.O.C.)
          Telephone: +1886 (6356) 0511
          Facsimile: +1886 (6356) 6055


LIQUIDMACRO FUND: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of Liquidmacro Fund, Ltd. are required to file their
proofs of debt by June 21, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 8, 2013.

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


LIQUIDMACRO MASTER: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Liquidmacro Master Fund, Ltd. are required to
file their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2013.

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


LLK TECHNOLOGY: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------
The creditors of LLK Technology, Inc. are required to file their
proofs of debt by June 22, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 6 2013.

The company's liquidator is:

          Portcullis Trustnet (Cayman) Ltd.
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


OASIS PERSONNEL: Creditors' Proofs of Debt Due June 20
------------------------------------------------------
The creditors of Oasis Personnel Limited are required to file
their proofs of debt by June 20, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 26, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943 3100


ODIN CDO I 2: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 2) Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ODIN CDO I 3: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 3) Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ODIN CDO I 4: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Odin CDO I (Cayman Islands No. 4) Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


PROGRESSIVE RETURNS: Creditors' Proofs of Debt Due June 21
----------------------------------------------------------
The creditors of Progressive Returns Fund Ltd. are required to
file their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2013.

The company's liquidator is:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2228
          Facsimile: +1 (345) 949 8258


SAKURA BONDCO: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on April 26, 2013, the members of
Sakura Bondco resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Sakura Master Holding GP
          c/o Rupert Bell
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 949 0100


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

The company commenced liquidation proceedings on May 3, 2013.

The company's liquidator is:

          Michael Penner
          c/o Grant Hiley
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


WASTESHAREHOLDERCO 1: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
The creditors of Wasteshareholderco 1 are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 3, 2013.

The company's liquidator is:

          Michael Penner
          c/o Grant Hiley
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


WASTESHAREHOLDERCO 2: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
The creditors of Wasteshareholderco 2 are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 3, 2013.

The company's liquidator is:

          Michael Penner
          c/o Grant Hiley
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


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


* DOMINICAN REP: Latest Economic Measures Will Spur Production
---------------------------------------------------------------
The Dominican Today reports that the monetary and financial
authorities' latest measures aimed at spurring production,
especially the sectors which generate jobs, is just what the
country needs, according to the Association of Industries (AIRD)
President Ligia Bonetti, and the economist Franklin Vasquez,.

Mr. Bonetti said the lower fees and eased credit channel more
funds to productive sectors are "positive" steps, as well as
lowering the overnight rate to 4.25%, according to The Dominican
Today.

The report relates that the he business leader said the AIRD and
the financial sector have been working together to seek improved
access to credit for industry this year and hailed the monetary
authorities' decisions to support the process carried out by
banking and industry, "especially one that further eases access to
credit for small and medium industries."

"The payment history, if established definitively in the Asset
Valuation Regulations, constitutes a sign of confidence which must
be had on a client whose accomplishments are desired.  Sales
sometimes don't progress favorably, and yet a customer maintains
compliance with their obligations, because being an industrialist
isn't a short-term commitment," the report quoted Mr. Bonetti as
saying.

For Mr. Vasquez, a university professor and expert in SMEs, the
two new measures will supplement the macroeconomic environment
which seeks to stimulate the economy, which, according to Central
Bank figures, remained flat during the first quarter 2013, the
report notes.


===============
H O N D U R A S
===============


* HONDURAS: To Get $100-Million IDB Loan for Bono Program
---------------------------------------------------------
Honduras will improve its efficiency and coverage of the program
to support the social safety net known as the Bono 10,000, with a
$100 million loan approved by the Inter-American Development Bank
(IDB).

The Bono 10,000 Program, established in 2010, has benefited more
than 350,000 poor households.  Improving the program's efficiency
and targeting should enable it to reach 50 percent of the
country's poorest rural families.

The project aims to increase the use of services in education,
health and nutrition of pregnant women and children under 18 years
of age through targeted conditional cash transfers.  Also the
program is expected to increase the supply of the third cycle of
basic education (7th to 9th grade) in selected rural areas and
improve the efficiency of program management.

The project seeks comprehensive and sustained interventions that
consider gender and cultural factors that constitute barriers to
access opportunities and resources in order to help break the
cycle of poverty.  According to the Household Survey Multipurpose
(MPHS) May 2012, two out of three households live in poverty and
nearly half in extreme poverty.

The executing agency will be the Family Allowance Program (PRAF),
a decentralized agency of the Ministry of the Presidency.

The IDB financing consists of $70 million from the ordinary
capital, with a 30-year term, a grace period of 5.5 years and an
interest rate based on LIBOR, and $30 million from the Fund for
Special Operations, with a 40-year term and grace period and 0.25
percent interest.  Local counterpart funds total $10 million.


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


JAMAICA DIVERSIFIED: Fitch Rates $100MM Series 2013-1 Notes 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB' to Jamaica Diversified
Payment Rights Company's issuance of $100 million of series 2013-1
notes. The Rating Outlook is Stable. Fitch's rating addresses the
timely payment of interest and principal on a quarterly basis in
accordance with the transaction documents. The expected final
payment date is March 15, 2018 with the option to extend the legal
maturity date up to three years.

The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ; long-term (LT) local currency
Issuer Default Rating (IDR) of 'B-'; Outlook Negative).

Key Rating Drivers

The assigned rating reflects (i) the credit quality of NCBJ and
its going concern assessment score of 'GC1'; (ii) the sovereign
rating and the overall debt restructuring process; (iii) overall
cashflows and coverage levels which include a significant portion
of domestic generated receivables; and (iv) the level of DPR
related debt to overall funding and liabilities.

Over 70% of the Jamaican banking industry is held in two banks,
NCBJ and Bank of Nova Scotia (BNS) with NCBJ being the largest in
terms of assets (45% as of fiscal year-end [FYE] 2012). The bank
was well positioned to manage the fallout from the government's
recent debt restructuring, but the Negative Outlook on its ratings
reflects downside risks for a more challenging operating
environment if the government is not successful at implementing
its IMF programme.

Pro forma quarterly debt service coverage ratios (DSCRs),
calculated according to the transaction documents, are expected to
be above 48.9 times (x) maximum quarterly debt service. The
calculation considers average quarterly flows through DDBs for the
past three years and excludes 65% of flows from certain entities
which have large levels of domestic flows; the remaining amount is
then divided by the maximum expected quarterly debt service to
determine the respective DSCRs.

For purposes of Fitch's analysis, the agency excluded domestic
receivables; Fitch's adjusted DSCR is 40.6x. In addition, the
issuance represents only 2.79% of NCBJ's total liabilities.

Rating Sensitivities

The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' local currency IDR could lead to a
downgrade on the notes. In addition, severe reductions in coverage
levels could also result in rating downgrades.

Transaction Summary

The notes are backed by future flows related to USD-denominated
DPRs originated by NCBJ. DPRs are defined as electronic or other
messages utilized by financial institutions to instruct NCBJ to
make a payment to a beneficiary. For this transaction only USD-
denominated MT102 and MT103 flows (or any other MT100 series) sent
via the SWIFT system will be securitized.

The transaction structure benefits from notice and acknowledgment
agreements signed with designated depositary banks (DDBs), Bank of
New York Mellon, Citibank, HSBC, Barclays Bank PLC, and Wells
Fargo, which irrevocably instruct them to deposit DPR flows into
offshore accounts controlled by the indenture trustee. The
percentage of DPR flows processed by DDBs has averaged over 90% of
total DPRs since 2007.

NCBJ processed approximately $2.4 billion in DPR flows in 2012, up
slightly from $2.3 billion in 2011. While these levels have
steadily increased back to pre-crisis levels, a large portion of
this growth comes from growing domestic receivables.

A new issue report providing additional details on this
transaction will be available on Fitch's web site.


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


BANCO MONEX: S&P Affirms 'BB+' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
(Banco Monex).  The outlook is stable.

S&P's ratings on Banco Monex reflect its "moderate" business and
risk positions, "strong" capital and earnings, as well as S&P's
assessment of "below average" funding and "adequate" liquidity (as
S&P's criteria define these terms).  The bank's stand-alone credit
profile (SACP) is 'bb+'.

S&P's bank criteria used its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR).  S&P's anchor for a commercial bank
operating only in Mexico is 'bbb'.  In S&P's view, the main risk
for the banks operating in Mexico is economic risk.  This is due
to the population's low income level (from a global perspective)
and the decrease in payment capacity amid a low level of domestic
savings.  In addition, banks face challenges associated with
lending within a legal framework that is still establishing a
track record of creditor rights.  However, underwriting standards
have improved.  Additionally, S&P do not view any asset bubbles in
the Mexican economy.  Industry risk is not as high, because of
conservative regulation, but supervision still needs to improve.
Healthy competitive dynamics drive the lending system.  Funding is
based on stable deposits, and the domestic debt markets are
rapidly expanding.  S&P classify the Mexican government as
supportive to its banking system because of past experience and
S&P's belief that it has the capacity to help banks withstand
problems.


=======
P E R U
=======


TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issue rating
on Terminales Portuarios Euroandinos Paita S.A.'s (TPE)
$110 million senior secured notes due 2037 based on continued
sound revenue and traffic performance, which remained in line with
S&P's expectations.  The outlook is stable.

"Our 'BB' rating reflects the project's exposure to the volatile
commodity and container trade volumes industry, which we consider
risky in light of the potential declines in traffic levels and
regional production, which could hinder the concessionaire's
revenues," said Standard & Poor's credit analyst Candela Macchi.
Further, the company has a small scale of operations, compared
with other ports in the region, and a relatively concentrated
customer base.  As of December 2012, TPE's top 10 clients
generated about 75% of its consolidated revenues.  It also has
exposure to adverse weather conditions and natural disasters, such
as the El Nino phenomenon.  Its back-loaded amortization schedule,
with about 55% of the principal amortizing in the last quarter of
the bonds' life, is also a weakness.


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


CARIBBEAN AIRLINES: Relationship With Air Jamaica a Concern
-----------------------------------------------------------
RJR News reports that Prime Minister Portia Simpson Miller said
the relationship between Caribbean Airlines and Air Jamaica which
it acquired two years ago is a great cause of concern for the
Jamaican people.

Mrs. Simpson Miller made the comment while speaking to reporters
in Trinidad, according to RJR News.  The report relates that
Trinidad and Tobago's Minister of Finance, Larry Howai, last month
disclosed that CAL's estimated losses for 2012 were US$70 million,
of which US$32 million was identified as losses on Air Jamaica's
routes.

Mr. Howai, the report notes, also said the fuel subsidy for CAL
and Air Jamaica for 2012 was US$40 million US dollars.

A report in the Trinidad Express newspaper said Mrs. Simpson
Miller did not have the opportunity while she was in Trinidad on
Saturday to discuss the matter with Prime Minister Kamla Persad-
Bissessar due to the visit of the President of the People's
Republic of China, the report adds.

                  About Caribbean Airlines

Caribbean Airlines Limited -- 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 said 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
===============


LATAM TRUST: Fitch Upgrades Rating on CLP5.13BB Notes From 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings on the credit-linked notes
issued by LatAm Trust, Series 2007-105 (LatAm 2007-105) as
follows:

-- CLP5,136,000,000 credit-linked notes to 'BBB-sf' from 'BB+sf';
   Outlook Stable.

KEY RATING DRIVERS

The rating action follows Fitch's upgrade of the qualified
investment, Merrill Lynch & Co, Inc. subordinated medium-term
notes (rated 'BBB+'; Outlook Stable by Fitch) on May 16, 2013.
Fitch monitors the performance of the underlying risk-presenting
entities and adjusts the rating accordingly through application of
its current credit-linked note (CLN) criteria, 'Global Rating
Criteria for Single- and Multi-Name Credit-Linked Notes' dated
Feb. 21, 2013.

Fitch's rating of LatAm 2007-105 is credit-linked to the rating of
the qualified investment and the reference entity, Endesa, S.A.
(rated 'BBB+'; Outlook Negative). The Rating Outlook reflects the
status of the main risk driver, Merrill Lynch & Co, Inc.
subordinated medium-term notes, which remains the highest risk-
presenting entity due to lower expected recoveries on the
subordinated notes.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of the underlying
risk-presenting entities. A downgrade of either the qualified
investment or the reference entity would likely result in a
downgrade to the notes.

Latam 2007-105 (the issuer) is a single-name CLN structure
referencing Endesa, S.A. via a Credit Default Swap (CDS) between
the issuer and the swap counterparty, Merrill Lynch Capital
Services (MLCS), which is guaranteed by Merrill Lynch & Co., Inc.
The CDS is funded by subordinated medium-term notes (the qualified
investment) issued by Merrill Lynch & Co., Inc. Payments of
interest and principal will be made in U.S. dollar (USD) amounts
adjusted according to both the prevailing value of the Unidad de
Fomento (UF) and the CLP/USD exchange rate.


* Norton Rose Combines With Fulbright & Jaworski LLP
----------------------------------------------------
"I am proud to inform you that effective today, June 3, 2013,
Norton Rose has formally combined with leading US legal practice
Fulbright & Jaworski LLP to create Norton Rose Fulbright,"
announced John Coleman, Managing Partner of Canada Norton Rose
Fulbright.

"This is an exciting step for us and one which we believe will
greatly benefit our clients.

"Norton Rose Fulbright has close to 3,800 lawyers and offers
worldwide coverage from more than 50 cities across Canada, the
United States, Europe, Latin America, Asia, Australia, Africa, the
Middle East and Central Asia. In the United States, we have one of
the country's largest legal practices, with 750 lawyers coast to
coast, including New York, Houston, Dallas, Los Angeles and
Washington, DC.

"As Norton Rose Fulbright, we will be able to provide clients with
a full service US law capability with Canada's largest trading
partner. We can now help with inbound and outbound cross-border
deals seamlessly, with lawyers based in our country's key markets.
We will also have new north-to-south access to the Americas, with
close to 1,500 lawyers in Canada, the US and Latin America.

"Norton Rose Fulbright aims to provide you with world-class legal
skills in corporate, M&A and securities; banking and finance;
dispute resolution and litigation; intellectual property;
antitrust and competition; employment and labour; real estate; and
tax. We have one of the leading global regulation and
investigations practices, with highly experienced regulatory
lawyers in all of our principal locations. We have also
significantly enhanced the depth and breadth of our resources in
financial institutions; energy; infrastructure, mining and
commodities; technology and innovation; transport; and life
sciences and healthcare, which comprise our key industry sector
strengths.

"I will continue to be a member of our global management team and
am joined on the executive by Fulbright & Jaworski's US Managing
Partner, Kenneth Stewart. Canadian Senior Partners Michael Lang
and Bill Tuer, and Partner Jane Caskey, are also members of our
global management team. Our Global Chairman is Adrian Ahern, based
in Sydney and Norman Steinberg, our Canadian Chairman is now also
Global Co-Chair.

"The creation of Norton Rose Fulbright has been a long-term
ambition for us and represents a landmark achievement for both
practices. It puts us on a new level of legal service to clients
in Canada, the US and around the world.

"If you would like further information about the cross-border and
global services we offer, please speak to your relationship lawyer
at Norton Rose Fulbright or visit our website at
http://www.nortonrosefulbright.com"

Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton
Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa
(incorporated as Deneys Reitz Inc) and Fulbright & Jaworski LLP,
each of which is a separate legal entity, are members ("the Norton
Rose Fulbright members") of Norton Rose Fulbright Verein, a Swiss
Verein. Norton Rose Fulbright Verein helps coordinate the
activities of the Norton Rose Fulbright members but does not
itself provide legal services to clients.


* 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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