TCRLA_Public/130611.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 11, 2013, Vol. 14, No. 114


                            Headlines



A R G E N T I N A

GENNEIA SA: New Notes Offer of Up to $20MM Gets Moody's B3 Rating


B R A Z I L

MARFRIG ALIMENTOS: JBS Agrees to Buy Food-Processing Assets
OMNI SA: Fitch Assigns 'B' Long-term Issuer Default Ratings


C A Y M A N  I S L A N D S

AL RAJHI: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING GROUP: Creditors' Proofs of Debt Due July 3
ASIA PACKAGING HOLDINGS: Creditors' Proofs of Debt Due July 3
[REDACTED -- July 3, 2014]

CCB INTERNATIONAL: Creditors' Proofs of Debt Due June 22
FREIGHTER KING: Creditors' Proofs of Debt Due July 5
HAV2 (IV): Shareholder to Receive Wind-Up Report on June 21
ISUPPLI INC: Shareholder to Receive Wind-Up Report on June 21
LSP PENN EB I: Shareholders' Final Meeting Set for June 24

LSP PENN EB II: Shareholders' Final Meeting Set for June 24
MATTER FUND: Commences Liquidation Proceedings
T.W.E.: Commences Liquidation Proceedings
TAIT ASIA: Creditors' Proofs of Debt Due July 3
TAZMARINE LTD: Shareholder Receives Wind-Up Report

TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
TELEOS MASTER: Member to Hear Wind-Up Report on June 21
THREADNEEDLE INSTITUTIONAL: Creditors' Proofs of Debt Due June 24
THREE KINGDOMS: Creditors' Proofs of Debt Due July 3
TRAIN FINANCING: Shareholders' Final Meeting Set for June 21


D O M I N I C A N   R E P U B L I C

* DOMINCAN REP: Proposed US$30 Departure Tax Stokes Tourism Woes


M E X I C O

IXE BANCO: Fitch Affirms and Withdraws Viability Rating at 'bb+'
TENEDORA NEMAK: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR


P U E R T O   R I C O

EMERITO ESTRADA: Case Summary & 20 Largest Unsecured Creditors


V E N E N Z U E L A

CORPORACION ELECTRICA: S&P Affirms 'B' Ratings; Outlook Negative


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


GENNEIA SA: New Notes Offer of Up to $20MM Gets Moody's B3 Rating
-----------------------------------------------------------------
Moody's Latin America assigned B3/A3.ar ratings to Genneia's Class
XII proposed notes for up to $20 million and at the same time
affirmed its B3/A3.ar global local currency corporate family
rating and the B3/A3.ar senior unsecured rating on Genneia's other
outstanding notes. The outlook for all ratings is stable.

Genneia will use proceeds from the new notes to repay other short
term debt, to finance its working capital needs and to complete
the financing of its 2013 investment program.

Rating Rationale:

The B3/A3.ar ratings are supported by Genneia's stable cash flows
arising primarily from its wind and "energia distribuida" (ED)
operations coupled with its moderately leveraged financial
position.

The wind generation that entered into commercial operations in
early 2012 is producing energy in line with expectations, showing
capacity factors above 40% at times, and producing stable revenues
under a long term (15 years), fixed price contract. In addition,
in spite of reduced prices under the renewed ED contracts, the
company has extended its contractual horizon to 7 years from the
original 3 year contract. This agreement going forward should also
generate stable revenues of approximately $ 120 million per year .

The ratings are also supported by the various payment mechanisms
available for debt repayment. Most of Genneia's outstanding debt
is payable from direct transfers to a trustee arising from
collections under the Res. 220 ED contracts and by payments under
the "off-take contract" with Cammesa for the wind farm production.

The issuance of the Class 12 notes coupled with the completion of
its investment plan for 2013/2014 along with stabilized operations
and cash flows should result in positive levels of free cash flow
in relation to existing debt over the coming years.

Nevertheless, the ratings remain mainly constrained by the
concentration of its operations in only the Argentinean market,
which has been highly unpredictable in recent years. Furthermore,
most of Genneia's cash flows arise from contracts where the off-
taker is Cammesa, a federal government agency that administers the
wholesale electricity market in Argentina. Cammesa administers not
only the operation of the system but also manages its collections
and payments. Since the price paid for electricity by most
consumers is not enough to cover electricity production costs,
Cammesa faces an ongoing operating deficit that is currently
financed with federal government resources to facilitate payments
to the producers. This represents a high degree of exposure to
Argentine government credit risk (B3, Negative), which adds a cap
to the ratings.

Additional constraining factors are Genneia's relatively tight
liquidity and limited financial flexibility. In particular,
Moody's sees Genneia's limited flexibility under its current bank
loan covenants as challenging.

The stable outlook reflects Moody's expectation that Genneia will
stabilize its cash flows and operations during fiscal year 2013
and beyond while reducing leverage over time.

Negative pressure on the ratings or outlook could occur if
Genneia's financial policy becomes more aggressive than expected.
Specifically, Moody's would become concerned should debt to EBITDA
exceed 4.5x times; interest coverage (CFO pre WC +
Interest/Interest) falls below 1.5x or RCF /Debt becomes lower
than 10%.

The ratings could also come under downward pressure if payments
from Cammesa begin to experience significant delays. In addition,
given Genneia's exposure to Argentine government credit risk, a
negative rating action at the sovereign level could also add
further downwards rating pressure.

Given Genneia's ratings current constraining factors, limited
prospects exist for an upgrade over the near term. Longer term a
rating up-grade would require Genneia to continue to generate
stable cash flows from its ED business and from its wind
generation farm for which Moody's would expect capacity
realizations of around 40%. Quantitatively, a rating upgrade would
require Genneia to generate CFO (pre WC) to debt of above 20%, and
positive levels of FCF on a sustainable basis. In addition, the
sovereign rating would need to be upgraded as well.

Genneia S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991 in the gas distribution
and transportation business under its previous denomination
"Emgasud". However, since 2008 power generation has been its main
business, contributing more than 90% of its total revenues. For
the last 12 months ending March 2013 Genneia reported revenues of
approximately $ 160 million.

The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.

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


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


MARFRIG ALIMENTOS: JBS Agrees to Buy Food-Processing Assets
-----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA agreed to buy
some food-processing assets from Marfrig Alimentos SA.

The agreement involves assets from the Seara Foods unit, according
to the two unnamed sources, according to Bloomberg News.

Bloomberg News, citing The Wall Street Journal, relates that JBS
SA will buy the Brazilian poultry unit of Seara for US$2.5 billion
to US$3 billion, citing four unidentified people close to the
deal.

For Marfrig, the most indebted meatpacker in the Western
Hemisphere, the deal means a reduction in net debt that jumped
seven-fold in the past five years to about BRL10 billion (US$4.7
billion) as of March 31, Bloomberg News notes.

Bloomberg News discloses that Marfrig owns three food-processing
units under the Seara Foods umbrella:

   -- Seara Brasil, which supplies chicken nuggets, sausages and
      hot dogs to the Brazilian market;
   -- Keystone Foods, the U.S. largest hamburger patties supplier
      to McDonald's Corp.; and
   -- Moy Park, in Europe, maker of ready-to-eat chicken meals
      endorsed by celebrity chef Jamie Oliver.

Bloomberg News says that Marfrig's net debt equals 4.4 times
earnings before interest, taxes, depreciation and amortization.

Bloomberg News notes that Marfrig aims to cut gross debt by as
much as BRL2 billion, Sergio Rial, head of the food-processing
unit Seara Foods, said May 14.

                        About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OMNI SA: Fitch Assigns 'B' Long-term Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has assigned the following ratings to Omni S.A.
Credito, Financiamento e Investimento:

-- Foreign and local currency Long-term Issuer Default Ratings
   (IDRs) 'B'; Outlook Stable;

-- Foreign and local currency Short-term IDRs 'B';

-- Viability Rating 'b';
-- Support Rating '5';
-- Support Rating Floor of 'No Floor'.

At the same time, Fitch has affirmed Omni's other ratings as
follows:

--National long-term rating at 'BBB-(bra)'; Outlook Stable;
--National short-term rating at 'F3 (bra)'.

KEY RATING DRIVERS - IDRS AND NATIONAL RATINGS

The ratings of Omni are driven by its Viability Rating (VR).
Omni's ratings reflect the institution's good systems and risk
controls, as well as adequate profitability ratios. It also
considers Omni's experience in its main business focus, financing
autos (cars, trucks and utility vehicles, especially used, up to
25 years old, as well as new and used motorcycles) for the lower
purchasing power classes ('C' and 'D'), a segment less exploited
by the competition.

The ratings also consider Omni's small size compared with its
peers, high leverage, its business market, greater susceptibility
to fluctuations in the economy, and its still limited access to
long-term funding sources. This presupposes high revenue and
business concentrations, typical of institutions with these
characteristics.

Omni continued to present operating results slightly above the
average of banks and finance companies focused on consumers. Its
delinquency ratios have also been high and greater than those
reported in traditional banking activities, given the nature of
consumer credit to the low-income classes. However, its high
delinquency is well monitored and offset by the high interest
rates charged and the diversification of its portfolio, which,
according to Fitch, is not expected to experience excessive
deterioration.

Omni's funding will continue to rely on the securitization of
assets for receivables-backed investment funds (FIDCs), as well as
time deposits with special guarantees (DPGE I and II). Omni also
has about BRL210 million (time deposits, notes and hybrid capital)
funded by its shareholder. Omni is studying an overseas issuance
of about USD50 million. Given the lower competition which allows
Omni to be selective with its underwriting, the finance company
plans to maintain the size of its loan portfolio at the current
level.

Due to loan portfolio retention, Fitch's calculation of core
capital-to-total weighted risk assets remained around 9% in 2012,
a percentage that is considered to be low. The agency weights
loans sold to FIDCs at 75%. Hybrid capital and debt instruments,
considered in regulatory capital as Tier 2, were not included in
this calculation, although Fitch recognizes the benefits of this
additional long-term source of funding.

Omni has been increasing its private label credit card operations,
mainly with small supermarket chains. Their participation in
earnings, however, is still small, but will tend to grow over the
long term.

RATING SENSITIVITIES - IDRS AND NATIONAL RATINGS

Omni's ratings could benefit from growth in the capital structure,
greater funding diversification, and an improvement in its asset
quality ratios. On the other hand, negative pressures on the
rating may come from: a decrease in operating earnings and
operational ROAA falling below 1.0%; Fitch core capital ratio
below 8%; an increase in the level of encumbered assets; and/or a
significant deterioration of its asset quality ratios.

Founded in 1968 as Distribuidora de Titulos e Valores Mobiliarios
(DTVM), a securities dealer, Omni was converted into a finance
company in 1994. In first quarter 2013, Omni presented total
assets of BRL1.4 billion (USD703 million), net worth of BRL152,6
million (USD75.8 million) and net income of BRL6,5 million (USD3.2
million).


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


AL RAJHI: Creditors' Proofs of Debt Due July 3
----------------------------------------------
The creditors of Al Rajhi Cement Sukuk Company are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2013.

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) 943 3100


ASIA PACKAGING: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of Asia Packaging Company Limited are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

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


ASIA PACKAGING GROUP: Creditors' Proofs of Debt Due July 3
----------------------------------------------------------
The creditors of Asia Packaging Group Holdings Limited are
required to file their proofs of debt by July 3, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

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


ASIA PACKAGING HOLDINGS: Creditors' Proofs of Debt Due July 3
-------------------------------------------------------------
The creditors of Asia Packaging Holdings Limited are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

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


[REDACTED -- July 3, 2014]


CCB INTERNATIONAL: Creditors' Proofs of Debt Due June 22
--------------------------------------------------------
The creditors of CCB International Holdings (Cayman) Limited 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:

          Ning An
          c/o Michelle R. Bodden-Moxam
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman, KY1-1208
          Cayman Islands


FREIGHTER KING: Creditors' Proofs of Debt Due July 5
----------------------------------------------------
The creditors of Freighter King Limited are required to file their
proofs of debt by July 5, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands


HAV2 (IV): Shareholder to Receive Wind-Up Report on June 21
-----------------------------------------------------------
The shareholder of HAV2 (IV) Limited will receive on June 21,
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:

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


ISUPPLI INC: Shareholder to Receive Wind-Up Report on June 21
-------------------------------------------------------------
The shareholder of Isuppli Inc. will receive on June 21, 2013, at
9:45 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


LSP PENN EB I: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of LSP Penn EB I, Ltd will hold their final
meeting on June 24, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          James Bartlett
          1700 Broadway, 35th Floor
          New York, NY 10019
          United States


LSP PENN EB II: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------------
The shareholders of LSP Penn EB II, Ltd. will hold their final
meeting on June 24, 2013, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          James Bartlett
          1700 Broadway, 35th Floor
          New York, NY 10019
          United States


MATTER FUND: Commences Liquidation Proceedings
----------------------------------------------
On May 10, 2013, the sole shareholder of Matter Fund 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:

          Marco Racy Kheirallah
          c/o Avenida Brigadeiro Faria Lima,
          No. 2277, 9th Floor, conjuntos 1603 and 1604
          Sao Paulo, Sao Paulo
          Brazil


T.W.E.: Commences Liquidation Proceedings
-----------------------------------------
On May 14, 2013, the members of T.W.E. 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:

          Sami Dahmani
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


TAIT ASIA: Creditors' Proofs of Debt Due July 3
-----------------------------------------------
The creditors of Tait Asia Ltd. are required to file their proofs
of debt by July 3, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 16, 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


TAZMARINE LTD: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Tazmarine Ltd. received on June 7, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
--------------------------------------------------------------
The member of Teleos International, Ltd will receive on June 21,
2013, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Daniel Gressel
          88 Cedar Cliff Road
          Riverside, Connecticut 06878
          United States of America


TELEOS MASTER: Member to Hear Wind-Up Report on June 21
-------------------------------------------------------
The member of Teleos Master Fund, Ltd will receive on June 21,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Daniel Gressel
          88 Cedar Cliff Road
          Riverside, Connecticut 06878
          United States of America


THREADNEEDLE INSTITUTIONAL: Creditors' Proofs of Debt Due June 24
-----------------------------------------------------------------
The creditors of Threadneedle Institutional Global Equity (Master)
Fund are required to file their proofs of debt by June 24, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2013.

The company's liquidator is:

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


THREE KINGDOMS: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of The Three Kingdoms Korea Fund Inc are required to
file their proofs of debt by July 3, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 17, 2013.

The company's liquidator is:

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


TRAIN FINANCING: Shareholders' Final Meeting Set for June 21
------------------------------------------------------------
The shareholders of Train Financing Corporation Limited will hold
their final meeting on June 21, 2013, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Fides Limited
          c/o Ian Goddard and Natalee McLean
          P.O. Box 10338 Grand Cayman KY1-1003
          Telephone: (345) 949 7232


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


* DOMINCAN REP: Proposed US$30 Departure Tax Stokes Tourism Woes
----------------------------------------------------------------
Dominican Today reports that the Internal Taxes Agency proposed to
increase the departure tax at ports and airports from US$20, to
US$30, levied on all travelers, national or foreign.

For the tourism sector, the request to raise the tax feels like a
bucket of cold water, who say the increase would add to the
already spiraling cost of airfare, according to Dominican Today.

Dominican Today relates that although the proposal to the
Executive Branch had included the elimination of the US$10 tax of
the tourist card to fuse it with the $20 departure tax in the case
of foreigners, the draft of the bill cites only the US$30, without
distinction.


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


IXE BANCO: Fitch Affirms and Withdraws Viability Rating at 'bb+'
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the international- and/or
national-scale ratings of Ixe Banco and Fincasa Hipotecaria,
former subsidiaries of Grupo Financiero Banorte (GFNorte). Fitch
has withdrawn these ratings since Ixe Banco and Fincasa
Hipotecaria were recently merged into Banco Mercantil del Norte
(Banorte), the largest of GFNorte's subsidiaries. Accordingly,
Fitch will no longer provide ratings or analytical coverage for
Ixe Banco and Fincasa Hipotecaria, since both entities no longer
exist, although rating coverage is maintained for both GFNorte and
Banorte, among other related entities. Ixe Banco's hybrid
securities remain outstanding and are now under Banorte's
obligations.

The following ratings have been affirmed and withdrawn:

Ixe Banco
-- Long-term foreign currency IDR at 'BBB';
-- Short-term foreign currency IDR at 'F2';
-- Long-term local currency IDR at 'BBB';
-- Short-term local currency IDR at 'F2';
-- Viability Rating at 'bb+';
-- Support Rating at '2';
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)'.

Fincasa Hipotecaria
-- National-scale long-term rating at 'AA+(mex)';
-- National-scale short-term rating at 'F1+(mex)


TENEDORA NEMAK: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings on Tenedora Nemak S.A. de C.V. (Nemak) to positive from
stable.  At the same time, S&P affirmed its 'BB-' global scale
corporate credit and senior unsecured ratings.  The recovery
rating of '3' remains unchanged.  S&P also affirmed its 'mxA-'
national scale long-term corporate credit rating on the company.

"The outlook revision follows Nemak's strengthened capital
structure through the refinancing of a portion of its debt, and
its improved operating performance," said Standard & Poor's credit
analyst Bernardo Gonzalez.  In February 2013, Nemak issued senior
unsecured notes for $500 million.  Nemak used all proceeds to
refinance a significant portion of its debt amortizations
scheduled for 2015 and 2016, which S&P had viewed as a potential
refinancing risk.  Due to higher production volumes and the
adequate integration of J.L. French Automotive Castings Inc, its
operating performance has remained in line with S&P's expectations
for improved metrics in 2013.  As a result, its key financial
ratios have continued to strengthen and are in line with S&P's
expectations.  S&P now assess Nemak's financial risk profile as
"significant" rather than "aggressive."

"The ratings on Nemak reflect our assessment of the company's
"weak" business risk profile (similar to most of its rated peers)
and "significant" financial risk profile, as per our rating
criteria.  Our assessment of the company's "weak" business risk
profile reflects the concentration of more than 60% of its sales
volume in the three major U.S.-based automakers--Ford Motor Co.
(Ford), General Motors Co. (GM), and Chrysler Group LLC
(Chrysler)--its concentration in manufacturing cylinder heads and
engine blocks (about 85% of revenues), and the cyclical nature of
the automotive industry.  The company's good and fairly stable
operating margins, worldwide leading position in the aluminum
components casting sector for the automotive industry, geographic
diversification, close and long-term relationship with key
customers, and high-technology processes partly offset these
factors.  Our assessment of its "significant" financial risk
profile reflects the company's improved capital structure,
stronger key financial ratios and "adequate" liquidity.  On the
other hand, it incorporates the company's growth strategy through
debt financed acquisitions," S&P added.


=====================
P U E R T O   R I C O
=====================


EMERITO ESTRADA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Emerito Estrada Rivera Isuzu De PR Inc.
        P.O. Box 11847
        San Juan, PR 00922

Bankruptcy Case No.: 13-04608

Chapter 11 Petition Date: June 4, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Edward A. Godoy

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES
                  P.O. Box 9022726
                  SAN JUAN, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

Scheduled Assets: $16,490,000

Scheduled Liabilities: $8,680,399

The petition was signed by Hector Estrada Colon, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Municipio De San Juan              Municipal Patents      $166,932
P.O. Box 4355
San Juan, PR 00901

Steven McClintock                  Settlement Agreement   $120,000
Buchanan Office, Suite 101
Guaynabo, PR 00968-8001

Centennial De Pr                   Telephone & Fax         $30,842
P.O. Box 71333                     Service
San Juan, PR 00936-8433

Complete Truck Bodies              Parts                   $29,122

CPA Jose Rosa Rivera               Professional Services   $28,610

Barnes Distribution                Supplies                $22,114

Jose Rodriguez Perez               Settlement Agreement    $19,000

Sala, Hernandez & Garcia           Legal Services          $16,093

Preferred Health Plan              Health Plan             $14,854

Oriental Auto                      Deficiency on Auto      $13,584
                                   Loans

Estudio Legal Garcia               Legal Services          $10,075

Mario Dumont                       Professional Services   $10,000

Estudios Tecnicos, Inc.            Professional Services   $10,000

Crowley Liner                      Freight Charges          $9,715

ODV Appraisal Group                Appraisal                $9,500

Almacenes Arilope                  Storage                  $9,030

National Ceramics                  Materials                $6,466

Aeronet Wireless Broadband Corp.   Internet Communications  $5,957

Hold Smart                         Supplies                 $3,588

Econocaribe                        Parts                    $3,518


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


CORPORACION ELECTRICA: S&P Affirms 'B' Ratings; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
Corporacion Electrica Nacional S.A. (Corpoelec).  The outlook
remains negative.

Standard & Poor's ratings on Corpoelec reflect its opinion that
there is an "almost certain" likelihood that its owner, the
Bolivarian Republic of Venezuela (B+/Negative/B), would provide
timely and sufficient extraordinary support to the company in the
event of financial distress.  Therefore, the corporate credit
rating on Corpoelec is a notch higher than its 'b-' stand-alone
credit profile (SACP).  In accordance with S&P's criteria for
government-related entities (GRE), its view of an almost certain
likelihood of extraordinary support is based on S&P's assessment
of Corpoelec's critical role as the only provider of electric
services in Venezuela.  In S&P's opinion, this provides a strong
economic incentive for the sovereign to support the company during
periods of financial distress.  S&P also takes into account its
very strong link with the government, given the government's full
ownership of Corpoelec.


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


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


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


  ARGENTINA
  ---------

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


  BRAZIL
  ------

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


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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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