TCRLA_Public/130613.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

           Thursday, June 13, 2013, Vol. 14, No. 116


                            Headlines



B R A Z I L

JBS SA: S&P Puts 'BB' Rating on CreditWatch Negative
JBS SA: Seara and Zenda Purchase is a Credit Negative Says Moody's
LATAM AIRLINES: To Spend $11BB Through 2017 as Share Sale Approved
MARFRIG: Seara and Zenda Sale is a Credit Positive Says Moody's
MARFRIG ALIMENTOS: S&P Puts 'B' Rating on CreditWatch Positive


C A Y M A N  I S L A N D S

ARBIC MANAGED: Placed Under Voluntary Wind-Up
CAYMAN PROPERTY: Creditors' Proofs of Debt Due June 25
CHAMP EXPLORER: Creditors' Proofs of Debt Due July 3
CHEYNE AMERICAS: Creditors' Proofs of Debt Due July 3
CHINA RISE: Creditors' Proofs of Debt Due June 25

CLEARSKY INVESTMENT: Creditors' Proofs of Debt Due June 30
CLEARWATER CAPITAL: Creditors' Proofs of Debt Due July 4
FMIM EQUITY: Creditors' Proofs of Debt Due July 2
FMIM EQUITY MASTER: Creditors' Proofs of Debt Due July 2
FRANCK ASSET: Creditors' Proofs of Debt Due July 1

GLOBAL ADVISORS: Creditors' Proofs of Debt Due July 3
INGLEBY LIMITED: Placed Under Voluntary Wind-Up
KAICO ADVISORS: Creditors' Proofs of Debt Due June 30
LAMPADINA INVESTMENT: Creditors' Proofs of Debt Due June 30
LANTERNE ARRAN: Creditors' Proofs of Debt Due July 3

LANTERNE ARRAN MASTER: Creditors' Proofs of Debt Due July 3
QUEST TRADING: Creditors' Proofs of Debt Due June 23
RED GOLD: Creditors' Proofs of Debt Due June 24
TANGARA US 3: Creditors' Proofs of Debt Due June 21
TRANSOCEAN BANK: Creditors' Proofs of Debt Due July 1


J A M A I C A

RITZ CARLTON: Details of Sale Negotiations to be Revealed Soon


V E N E Z U E L A

SIDERURGICA DEL TURBIO: Steering Group Concerned Over Unpaid Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Fly Jamaica Takes Over Dropped Routes


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


JBS SA: S&P Puts 'BB' Rating on CreditWatch Negative
----------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' ratings on JBS
S.A. and its U.S. subsidiary, JBS USA LLC, on CreditWatch with
negative implications.

The CreditWatch placement follows JBS' announcement that it agreed
to acquire Marfrig Alimentos S.A.'s Seara Brasil and Zenda assets.
JBS will fund this acquisition by assuming debt of R$5.85 billion.
The negative CreditWatch listing reflects the possibility of JBS'
downgrade due to the debt increase and the challenges to integrate
the assets and fund significant working capital and commercial
expenses to improve Seara's cash flows.

Seara Brasil is the second-largest producer and exporter of
poultry and pork products in Brazil, which can bring significant
scale and commercial and logistic synergies to JBS' huge beef
operation in Brazil.  However, in S&P's view, Seara Brasil's
operations still require significant investments to improve
efficiencies, and mitigate the volatility of poultry operations
and exposure to global grain prices and poultry demand.  Moreover,
while S&P expected JBS to post a total gross debt to EBITDA close
to 4x by the end of the year, S&P's preliminary estimate is that
the ratio will be closer to 5x once the transaction is completed.

S&P expects to resolve the CreditWatch listing once it has a clear
view on the company's capital structure and liquidity after the
transaction is complete and its strategy to improve the operations
of Seara and to reduce its debt.  S&P will also reassess its
financial projections for the company to ascertain whether near-
term forecasted credit ratios remain in line with a 'BB' or lower
rating.


JBS SA: Seara and Zenda Purchase is a Credit Negative Says Moody's
------------------------------------------------------------------
Moody's Investors Service reports that the sale of Marfrig's Seara
Brasil and Zenda leather operations to JBS for BRL 5.85 billion
($2.8 billion) announced on June 10 is a credit positive for
Marfrig (B2 RUR-Down) and a credit negative for JBS (Ba3 RUR-Down)
over a shorter term horizon.


LATAM AIRLINES: To Spend $11BB Through 2017 as Share Sale Approved
---------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Latam Airlines SA
will use proceeds from a US$1 billion share sale to help finance
plane purchases as the carrier seeks to bolster its balance sheet
and regain an investment-grade credit rating.

The carrier plans to spend about US$11 billion through 2017 to add
165 planes, including 59 Airbus SAS A320s and 25 Boeing Co. 787s,
Roberto Alvo, Latam's vice president of strategic planning, told
shareholders at the company's annual meeting in Santiago,
according to Bloomberg News.

The carrier will retire 114 planes, Mr. Alvo said, Bloomberg News
notes.

Shareholders voted at the meeting to approve the capital increase,
Bloomberg News relays.

Latam will disclose the sale price for the new shares in the
second half of August and plans to complete it by Sept 25, Mr.
Alvo said, the report discloses.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2013, Standard & Poor's Ratings Services assigned its
'BB' global scale corporate credit rating to Latam Airlines Group
S.A. (Latam).  S&P also affirmed its 'BB' rating on its
subsidiary, TAM S.A.  The outlook is positive.  The 'BB' ratings
on Latam reflect S&P's opinion of the company's "satisfactory"
business risk profile and "significant" financial risk profile.


MARFRIG: Seara and Zenda Sale is a Credit Positive Says Moody's
---------------------------------------------------------------
Moody's Investors Service reports that the sale of Marfrig's Seara
Brasil and Zenda leather operations to JBS for BRL 5.85 billion
($2.8 billion) announced on June 10 is a credit positive for
Marfrig (B2 RUR-Down) and a credit negative for JBS (Ba3 RUR-Down)
over a shorter term horizon.


MARFRIG ALIMENTOS: S&P Puts 'B' Rating on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' ratings on
Marfrig Alimentos S.A. (Marfrig) on CreditWatch with positive
implications.

The CreditWatch placement follows Marfrig's announcement that it
agreed to sell its Brazilian poultry operations of Seara Brasil
and its Uruguay-based leather producer Zenda to JBS S.A., which
will assume R$5.85 billion of debt from Marfrig.  With the
transaction, S&P expects Marfrig to significant reduce its debt,
potentially beyond its expectations for the rating affirmation
with a stable outlook.  At the same time, S&P wants to further
monitor the impact on the company's cash flow, capital structure,
and financial policy following the transaction.  After S&P's
analysis, it believes it could affirm the ratings with a stable
outlook or raise them by one notch, depending on the extent of
improvement in credit metrics and the drop in interest burden
through the debt reduction.

Seara Brasil, which is the second-largest poultry and pork
producer and exporter in Brazil, added business diversification to
Marfrig.  However, the sizable investments and working capital
needs, as well as the challenging operating conditions for poultry
producers in 2012 hindered Marfrig's potential cash flow
generation, which helped to deteriorate its "highly leveraged"
financial risk profile.  Following the completion of the deal, S&P
expects Marfrig's capital structure to improve significantly,
suiting its debt maturities to its internal cash generation.


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


ARBIC MANAGED: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 22, 2013, the sole shareholder of Arbic Managed Funds
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


CAYMAN PROPERTY: Creditors' Proofs of Debt Due June 25
------------------------------------------------------
The creditors of Cayman Property Holdings Limited are required to
file their proofs of debt by June 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2013.

The company's liquidator is:

          Ken Shimamura
          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


CHAMP EXPLORER: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of Champ Explorer GP 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 17, 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/Kim Charaman
          Telephone: (345) 943 3100


CHEYNE AMERICAS: Creditors' Proofs of Debt Due July 3
-----------------------------------------------------
The creditors of Cheyne Americas High Yield 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 23, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Christine Fletcher
          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


CHINA RISE: Creditors' Proofs of Debt Due June 25
-------------------------------------------------
The creditors of China Rise Limited are required to file their
proofs of debt by June 25, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2013.

The company's liquidator is:

          Chan Ping Leung Tommy
          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


CLEARSKY INVESTMENT: Creditors' Proofs of Debt Due June 30
----------------------------------------------------------
The creditors of Clearsky Investment Ltd. are required to file
their proofs of debt by June 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2013.

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


CLEARWATER CAPITAL: Creditors' Proofs of Debt Due July 4
--------------------------------------------------------
The creditors of Clearwater Capital Partners Pacific II, Ltd. are
required to file their proofs of debt by July 4, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 10, 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/Kim Charaman
          Telephone: (345) 943 3100


FMIM EQUITY: Creditors' Proofs of Debt Due July 2
-------------------------------------------------
The creditors of FMIM Equity Event Driven Fund Limited are
required to file their proofs of debt by July 2, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 2013.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone (345) 947 4700


FMIM EQUITY MASTER: Creditors' Proofs of Debt Due July 2
--------------------------------------------------------
The creditors of FMIM Equity Event Driven Master Fund Limited are
required to file their proofs of debt by July 2, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 7, 2013.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone (345) 947 4700


FRANCK ASSET: Creditors' Proofs of Debt Due July 1
--------------------------------------------------
The creditors of Franck Asset Management Cayman Limited are
required to file their proofs of debt by July 1, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2013.

The company's liquidator is:

          Robin Lee McMahon
          c/o Aisling Clarke
          Ernst & Young Ltd
          Telephone +1 (345) 814 8986


GLOBAL ADVISORS: Creditors' Proofs of Debt Due July 3
-----------------------------------------------------
The creditors of Global Advisors International 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 15, 2013.

The company's liquidators are:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


INGLEBY LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On May 23, 2013, the shareholders of Ingleby Limited passed a
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Mrs Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


KAICO ADVISORS: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------
The creditors of Kaico Advisors Ltd. are required to file their
proofs of debt by June 30, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 24, 2013.

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


LAMPADINA INVESTMENT: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------------
The creditors of Lampadina Investment Ltd. are required to file
their proofs of debt by June 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 23, 2013.

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


LANTERNE ARRAN: Creditors' Proofs of Debt Due July 3
----------------------------------------------------
The creditors of Lanterne Arran Feeder (Offshore) Fund 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 23, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Christine Fletcher
          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


LANTERNE ARRAN MASTER: Creditors' Proofs of Debt Due July 3
-----------------------------------------------------------
The creditors of Lanterne Arran Master Fund 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 23, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Christine Fletcher
          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


QUEST TRADING: Creditors' Proofs of Debt Due June 23
----------------------------------------------------
The creditors of Quest Trading Managers Limited are required to
file their proofs of debt by June 23, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


RED GOLD: Creditors' Proofs of Debt Due June 24
-----------------------------------------------
The creditors of Red Gold Consultants Ltd. are required to file
their proofs of debt by June 24, 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:

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


TANGARA US 3: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
The creditors of Tangara US 3 Leasing Limited are required to file
their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2013.

The company's liquidators are:

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


TRANSOCEAN BANK: Creditors' Proofs of Debt Due July 1
-----------------------------------------------------
The creditors of Transocean Bank & Trust Ltd are required to file
their proofs of debt by July 1, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2013.

The company's liquidator is:

          Robin Lee McMahon
          c/o Aisling Clarke
          Ernst & Young Ltd
          Telephone +1 (345) 814 8986


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


RITZ CARLTON: Details of Sale Negotiations to be Revealed Soon
--------------------------------------------------------------
RJR News reports that the outcome of current negotiations between
Ritz Carlton and Playa Hotels and Resorts will be revealed by next
week.

Both hotels have been in negotiations since last month, over
Playa's intention to purchase the hotel, according to RJR News.

The report relates that the negotiators do not wish to conduct the
process in public and will make an announcement as soon a deal is
reached.  The negotiations started after Ritz Carlton announced it
would cease operating the Rose Hall based property, the report
discloses.

As reported in the Troubled Company Reporter-Latin America on
May 16, 2013, Jamaica Observer said that Jamaica Minister of
Tourism Wykeham McNeill said many of the 400 workers who will be
made redundant when the Ritz-Carlton closes its Montego Bay hotel
could be rehired by the new management of the Rose Hall property.
After 13 years in operation at the property, Ritz-Carlton Hotel
Company said it will cease management of the 427-room Ritz-Carlton
Golf & Spa Resort in Rose Hall on May 31, according to Jamaica
Observer.  The report related that the property will be taken over
by Virginia-based Playa Hotels and Resorts.  Serious concerns have
been expressed over the job losses stemming from the impending
closure of the hotel, but Mr. McNeill told the Jamaica Observer
that many of the affected workers are "likely" to be rehired when
Playa reopens the property at a later date.


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


SIDERURGICA DEL TURBIO: Steering Group Concerned Over Unpaid Notes
------------------------------------------------------------------
The Steering Group of Holders of the 10% Notes Due 2016 guaranteed
by Siderurgica del Turbio, S.A. consists of institutional
investors who make significant investments in debt securities
issued by Petroleos de Venezuela, S.A. and by the Republic of
Venezuela.  The Steering Group is concerned about further
investments in PDVSA or the Republic in light of Venezuela's
current approach to the remaining US$73,750,000 in Sidetur's
Notes.

Venezuela has nationalized Sidetur, taking control of Sidetur's
cash and other material assets.  Since the nationalization,
Sidetur has defaulted on the Notes.  The Steering Group is aware
Venezuela has addressed other, much larger nationalizations and
defaults -- Petrozuata, Cerro Negro, Fertinitro, and Electricidad
de Caracas -- in a constructive manner by ensuring full and prompt
repayment of the debt securities of the affected businesses.  But
Venezuela has not yet proceeded this way in Sidetur's case.

The lack of progress toward this proven solution, especially in
connection with the relatively small amount of Sidetur debt,
causes the Steering Group concern about Venezuela's commitment to
capital markets programs and obligations.  The Steering Group does
not imagine there has been a change in Venezuelan policy on smooth
and cost-effective capital markets access.  The Steering Group
remains hopeful Venezuela will address Sidetur's case promptly, in
the same constructive manner as the other nationalizations.  In
the meantime, however, the Steering Group plans to refrain from
further investments in PDVSA or the Republic, and the Steering
Group understands other investors have similar concerns.

Based in Caracas, Venezuela, Siderurgica del Turbio, S.A. --
http://www.sidetur.com.ve-- manufactures and commercializes steel
products for construction and metalwork activities in Venezuela,
America, Africa, Asia, and Europe.  It offers rebars for use in
structural reinforcement; flats, rounds, and squares for
industrial blacksmith shops; I and U shaped light beams and angles
for use in metallic structures, wire mesh, trusses, and wire rods;
and steel bars.  Siderurgica del Turbio, S.A. operates as a
subsidiary of Siderurgica Venezolana S.A.



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


CARIBBEAN AIRLINES: Fly Jamaica Takes Over Dropped Routes
---------------------------------------------------------
RJR News reports that just weeks after Caribbean Airlines Limited
reduced some of its flights out of Jamaica, Fly Jamaica Airways is
to service some of those dropped routes.

Captain Lloyd Tai, Fly Jamaica's chief operating officer, said
from the end of this month the airline will be providing daily
flights to and from New York, according to RJR News.

The report relates that the airline currently operates four
flights a week, including Sundays, out of the Norman Manley
International Airport to John F. Kennedy Airport in New York.

                        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
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/



                            ***********


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


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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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