TCRLA_Public/130617.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

           Monday, June 17, 2013, Vol. 14, No. 118


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative
FIDEICOMISO FINANCIERO I: Moody's Detects Reporting Conflicts
METROGAS SA: U.S. Top Court May Shift US' Role in Arbitration


B A H A M A S

ULTRAPETROL (BAHAMAS): Discloses Closing of $200MM Notes Offering
ULTRAPETROL (BAHAMAS): Moody's Puts B3 Rating to $200MM Sr. Notes


B R A Z I L

BANCO INDUSTRIAL: S&P Lowers Issuer Credit Rating to 'BB'
OGX PETROLEO: Fitch Downgrades Issuer Default Rating to 'CCC'


C A Y M A N  I S L A N D S

ARBIC MANAGED: Shareholders to Hear Wind-Up Report on June 26
ASA LEASING 4: Shareholders to Hear Wind-Up Report on July 5
BLUE ATTRACTION: Shareholders to Hear Wind-Up Report on July 3
CAYMAN PROPERTY: Shareholder to Hear Wind-Up Report on July 3
CHINA RISE: Shareholder to Hear Wind-Up Report on July 3

CLEARWATER CAPITAL: Shareholder to Hear Wind-Up Report on July 5
CRYSTAL VICTORY: Sole Member to Hear Wind-Up Report on July 15
FIRST DYNASTY: Shareholders to Hear Wind-Up Report on June 20
GALIAM MASTER: Shareholder to Hear Wind-Up Report on July 5
HIDARO FUND: Shareholder to Hear Wind-Up Report on June 26

JANA PIRANHA: Shareholder to Hear Wind-Up Report on July 3
NGBO HOLDING: Shareholders to Hear Wind-Up Report on June 24
TANGARA US 3: Shareholders to Hear Wind-Up Report on June 21
WHARTON ASIAN: Shareholders to Hear Wind-Up Report on June 25
ZULIA ONE: Sole Member to Hear Wind-Up Report on July 8


J A M A I C A

UC RUSAL: To Build Bauxite Plant In Indonesia


M E X I C O

SAGICOR LIFE: S&P Puts 'BB+' Rating on CreditWatch Negative


P U E R T O   R I C O

GREEN ISLE: Case Summary & 20 Largest Unsecured Creditors


V E N E Z U E L A

HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter


X X X X X X X X

* BOND PRICING: For the Week From June 10 to 14, 2013


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: S&P Affirms 'B-' Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Aeropuertos Argentina 2000 S. A. (AA2000).  The outlook remains
negative.

"Our ratings on AA2000 continue to reflect the company's exposure
to Argentine country risk, the limited track record of the
country's regulatory framework, the volatility inherent in
passenger traffic, and challenges in implementing an investment
plan agreement with the central government, which includes
construction risk," said Standard & Poor's credit analyst Candela
Macchi.  The partly offsetting factors are the company's very good
competitive position thanks to its exclusive concession to operate
33 airports in Argentina, and its manageable maturity profile.  We
assess AA2000's business risk profile as "vulnerable," its
financial risk profile as "aggressive," and its management as
"fair."

During 2012, AA2000's consolidated revenues grew about 20% mainly
due to an increase in aeronautical income thanks to a 16% increase
in regional tariffs and a 17% rise in international tariffs,
approved last December 2011 by the local regulator, and to a
lesser extent, to an improvement in passenger traffic.  Passenger
traffic increased about 8.9% on an aggregate basis in 2012,
compared to 2011, totaling 24.7 million passengers.  Domestic
traffic rose by 16% during the same period, while international
traffic was up by only 2.1%, down from the double-digit increases
over the last several years.  Operating costs, primarily salaries
and wages, continued increasing in line with inflation which
weakened the company's EBITDA margin to 31.4% from the 34.1% a
year earlier.  Credit metrics remained stable and consistent with
S&P's expectations: EBITDA interest coverage was 9.2x for 2012 and
funds from operations (FFO) to debt was 44%, compared to 2.7x and
41.8%, respectively, in fiscal 2011.


FIDEICOMISO FINANCIERO I: Moody's Detects Reporting Conflicts
-------------------------------------------------------------
Moody's Latin America reports that in monitoring the ratings of
Fideicomiso Financiero Colservice Serie I, it detected some
reporting inconsistencies. These inconsistencies have been
resolved and did not affect the performance of the transaction.

In addition, Moody's reported that obligors are not making
payments directly into the trust account despite having received
notices to do so. Obligors continue making payments to the
servicer's account; therefore, commingling risk is higher than
expected originally, but it is offset by higher credit enhancement
levels.

Moody's noted that as a result, it did not take any rating action
on the current ratings of the transaction, which are: Aa2.ar (sf)
(National Scale Rating) and B1 (Global Scale, Local Currency) for
the VRDA; Baa2.ar (sf) (National Scale Rating) and B3 (Global
Scale, Local Currency) for the VRDB; Caa2.ar (sf) (National Scale
Rating) and Caa3 (Global Scale, Local Currency) for the VRDC; and
C.ar (sf) (National Scale Rating) and C (Global Scale, Local
Currency) for the CP.

The issues Moody's noticed during the monitoring process included
the following:

First, Moody's detected inconsistencies in the collection reports
provided by the trustee (Equity Trust Company (Argentina) S.A.)
and the master servicer (BDO Becher y Asociados S.R.L.). The
inconsistencies were related to the different collection periods
used by the trustee (from day 15 to day 15), and the master
servicer (calendar month). Moody's has received reinstated
collections reports from the master servicer; the collections the
master servicer reports are now consistent with the collections
the trustee reports. This discrepancy in reported collections did
not affect payments to investors, as the trustee was not relying
on the master servicer reports to generate payment notices to
investors.

Second, Moody's detected a change in the delinquency levels
calculations as reported by the master servicer. Initially,
delinquency levels were calculated using the entire loan balance.
Starting on the third month of the transaction, the delinquency
level calculation was modified to include only delinquent
installments, rather than the entire loan balance, which
artificially reduced the delinquency levels of the transaction.
Moody's has subsequently received reinstated delinquency
calculations using the entire loan balance. As of April 2013,
current delinquencies for loans that are more than 30 days past
due are equivalent to 4.63% of the original pool balance. There
are no delinquencies higher than 180 days.

Third, although the servicer notified the borrowers of the
securitized pool to pay directly into the trust account,
approximately 90% of the trust collections continue to be paid
directly to the servicer's account and not to the trust account.
The servicer has 72 hours to submit to the trust account any
collections it receives. As a consequence, commingling risk is
higher than expected originally. Moody's has rerun its cash flow
model of the transaction, now including commingling risk with the
primary servicer. The rating levels continue to be consistent with
the current rating levels, despite the heightened commingling
risk, due to the deleveraging of the transaction and higher credit
enhancement levels provided by a turbo sequential payment
structure. As of April 2013, current subordination levels for the
Classes VRDA, VRDB, VRDC and CP were 55.86%, 54.11%, 40.11% and
22.61% respectively.

Fourth, the servicer has repurchased delinquent loans in the
transaction at par value, which is permitted by the transaction
documents, for an amount equivalent to approximately 3% of the
original pool balance. However, the master servicer's report did
not include information of these loan repurchases. From a credit
perspective, loan repurchases mask the real performance of the
securitized portfolio, as delinquent loans are transferred from
the trust's assets to the seller and not reported as delinquent
loans. Moody's expects loan repurchases to be included in future
reports.

Fifth, the loan installments are adjusted periodically by the
prices of new buses. However, the trust only has rights to the
value of the installment as of the cut-off date. Any additional
amounts paid by the borrowers to the trust belong to the seller.
Moody's notes that to date the trustee has been relying solely on
the seller's calculation to make the determination of the amounts
owed to the seller. Moody's expects the trustee will receive
further verification from a third party to determine the amounts
owed to the seller.


METROGAS SA: U.S. Top Court May Shift US' Role in Arbitration
-------------------------------------------------------------
Keith Goldberg of BankruptcyLaw360 reported that by agreeing to
take on BG Group PLC and Argentina's dispute over a $181 billion
arbitration award, experts say, the U.S. Supreme Court is poised
to determine how much power U.S. courts can wield over
international arbitration proceedings linked to bilateral
investment treaties and could give firms second thoughts about
having those disputes handled by U.S.-based arbitration panels.

The U.S. Supreme Court agreed to consider BG Group PLC's bid to
reinstate an arbitration award over an investment in now-bankrupt
Argentine gas distributor MetroGas SA, an award the D.C. Circuit
said was given in violation of an international investment treaty,
the report said.

According to the report, the high court granted BG Group's
petition for writ of certiorari 18 months after the D.C. Circuit
overturned the British natural gas exploration company's
arbitration award, ruling that the arbitration panel had
overstepped its authority.

                         About MetroGas SA

Headquartered in Buenos Aires, Argentina, MetroGAS S.A. is the
largest gas distribution company in Argentina in terms of number
of customers and of delivered gas volumes.  MetroGAS distributes
approximately 20.4% of the total natural gas supplied by the nine
distribution companies licensed after the privatization of Gas del
Estado in late 1992, and currently has approximately 2.2 million
customers in its service area (Buenos Aires City and eleven
municipalities in the south of Greater Buenos Aires), a densely
populated area including major power plants and other industrial
and commercial users.

As a consequence of different scenarios that significantly
affected the Company's ability to generate enough fund flows to
satisfy payments to its suppliers and financial creditors, on
June 17, 2010, MetroGAS' Board of Directors requested a
Reorganization proceeding which was filed before the National
Court for Commercial Matters No. 26, Secretariat No.51, case
record No. 056,999.  The Shareholders' Assembly carried out on
Aug. 2, 2010, ratified the decision taken by the Board.

In Feb. 2, 2012, the Company presented a total and final
reformulation of the preventive agreement proposal for unsecured
creditors who are verified and declared acceptable consisting in
the payment of verified or declared unsecured credits by means of
releasement, swap or "dacion en pago" of such credits, of two
kinds of negotiable bonds (the "New Negotiable Bonds") to be due
on Dec. 31, 2018.

During the Bondholders' Meeting of MetroGAS S.A, on June 18, 2012,
the proposal for the reorganization proceedings of MetroGAS S.A.
was unanimously accepted by the Company's creditors.


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B A H A M A S
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ULTRAPETROL (BAHAMAS): Discloses Closing of $200MM Notes Offering
-----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited, an industrial transportation
company serving marine transportation needs in three markets
(River Business, Offshore Supply Business and Ocean Business),
disclosed the closing of its previously announced sale of $200
million in aggregate principal amount of its 8.875% First
Preferred Ship Mortgage Notes due 2021.  The Notes and related
guarantees are secured by the stock of certain of the Company's
subsidiaries and by first preferred mortgages on vessels owned by
certain of its subsidiaries.  The Notes were issued at par and
sold in a private offering within the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and to certain other persons outside of
the United States in reliance on Regulation S under the Securities
Act.  The Company received gross proceeds of $200 million from the
offering.

Ultrapetrol plans to use the net proceeds of the offering to
redeem its existing $180 million aggregate principal amount of its
senior notes due 2014, as well as for general corporate purposes.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes and the related
guarantees, nor shall there be any sale of the Notes and the
related guarantees in any jurisdiction in which such offer,
solicitation or sale is unlawful.  Any offer of the Notes and
related guarantees will be made only by means of a private
offering memorandum.  The Notes and the related guarantees have
not been registered under the Securities Act, or any state
securities laws, and unless so registered, may not be offered or
sold except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act
and applicable state securities laws.


ULTRAPETROL (BAHAMAS): Moody's Puts B3 Rating to $200MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded Ultrapetrol (Bahamas) Limited's
corporate family rating to B3 and assigned a B3 rating to
Ultrapetrol's $200 million 8.875% senior secured ship mortgage
notes due 2021, removing the (P) designation.

The upgrade is based on the expectation that the company will use
proceeds from the notes offering to redeem the November 2014
maturity of its existing $180 million first preferred ship
mortgage notes. The ratings outlook is stable. Concurrently,
Moody's upgraded the company's speculative grade liquidity rating
to SGL-2 from SGL-3, reflecting the expectation of good liquidity
over the next twelve months. The rating actions follow the
completion of the company's refinancing transaction, and concludes
the review for possible upgrade that began on May 28, 2013.

Proceeds from the $200 million notes offering are expected to be
used to redeem the company's existing $180 million ship mortgage
notes due November 2014, add cash to the balance sheet and pay
fees and expenses related to the transaction. The notes are
secured by first priority ship mortgages on certain barges and
vessels of Ultrapetrol.

Ratings assigned:

$200 million 8.875% senior secured ship mortgage notes due 2021 at
B3; the (P) designation was removed

Ratings upgraded:

Corporate family rating to B3 from Caa1;

Speculative grade liquidity rating to SGL-2 from SGL-3

Ratings affirmed:

$180 million 9% First Preferred Ship Mortgage Notes due 2014, at
Caa1*;

Outlook, changed to Stable from Ratings Under Review Up

* The rating on the existing ship mortgage notes would be
withdrawn upon redemption of the notes.

Ratings Rationale:

The upgrade of Ultrapetrol's CFR to B3 from Caa1 was based on the
extension of the company's debt maturity profile through the
refinancing of its existing ship mortgage notes due 2014. The
upgrade is also reflective of Moody's expectation that
Ultrapetrol's credit metrics will likely improve over the next
twelve to eighteen months both in its River and Offshore Supply
segments.

Ultrapetrol's B3 CFR reflects the expectation that the company's
credit metrics will be in line with the B3 rating level over the
intermediate term. A confluence of factors including recovery of
the soybean crop in 2013 (from the severe 2012 drought) in the
Hidrovia region of South America, a full year of operations from
some of the company's platform supply vessels in its offshore
segment (used in oil-related activities for Brazilian-based
Petrobras) and the increase in the sale of barges that favorably
contribute to the company's EBITDA generation have been factored
in the ratings. Counterbalancing these factors, the ratings also
consider the highly cyclical nature of the River business due to
its dependence on weather patterns in the Hidrovia region as well
as inflationary pressures in Argentina and currency revaluations
in Brazil. The marked EBITDA improvement expected in 2013 is
anticipated to more than offset the moderate increase in debt from
the June 2013 refinancing. Credit metrics over the next eighteen
months, based on an improvement in EBITDA levels, are expected to
result in debt/EBITDA falling below 6.0 times and EBIT/interest at
approximately 1.0 times, on a Moody's adjusted basis.

The stable outlook is supported by Ultrapetrol's good liquidity
profile and Moody's view that improvement in the company's core
business segments are supportive of its B3 credit profile over the
intermediate term.

The upgrade of the SGL rating to SGL-2 from SGL-3 reflects the
expectation for good near term liquidity, supported by the lack of
meaningful near-term debt maturities, availability under a $40
million three-year reducing revolver the company put in place in
May and balance sheet cash augmented by the refinancing. The
refinancing transaction has extended the company's maturity
profile by several years.

A rating upgrade would likely be accompanied by an expectation of
debt / EBITDA improving to and being sustained at 5.0x with EBIT /
interest approaching 2.0x, combined with a good liquidity profile.

Negative rating momentum would develop if the company's liquidity
profile were to deteriorate, debt/EBITDA were to be sustained over
6.5 times and EBIT/interest were to be sustained under 1.0 times.

The principal methodology used in this rating was Global Shipping
Industry published in December 2009.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended March 31, 2013 revenues totaled
$327 million. Sparrow Capital Investments, Ltd, a subsidiary of
Southern Cross Latin America Private Equity Funds III and IV owns
approximately 78 percent of Ultrapetrol's common shares
outstanding.


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B R A Z I L
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BANCO INDUSTRIAL: S&P Lowers Issuer Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Banco Industrial e Comercial S.A. (Bicbanco) to
'BB' from 'BB+'.  At the same time, S&P affirmed its 'B' short-
term rating on the bank.  In addition, S&P lowered the long-term
national scale rating to 'brAA-' from 'brAA'.  The outlook remains
negative for all ratings.

The downgrade reflects S&P's expectation of lower risk-adjusted
capital (RAC) levels due to a weakening internal capital
generation and continued aggressive dividend payments.  S&P
forecasts the RAC ratios (calculated according to Standard &
Poor's methodology) at moderate levels, below 7%.  As a result,
S&P is revising its capital and earnings assessment on the bank to
"moderate" from "adequate."

The ratings also reflect the bank's "moderate" business position,
"adequate" risk position, "below average" funding, and "moderate"
liquidity.


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

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

The Rating Outlook is Negative.

Key Rating Drivers

The rating downgrades reflect increased uncertainty about the
willingness and ability of OGX controlling shareholder Mr. Eike
Batista to honor the company's USD1 billion put option. Funding
for OGX's capex program is vital to increasing oil production, so
a default on the put option would further tighten the company's
liquidity position.

Early this week, OGX disclosed that Mr. Batista had reduced his
stake in the company to 58.92% through the sale of 2.17% of the
shares of OGX during May 2013. Although this sale is mostly
symbolic, it raises concern about Mr. Batista's commitment to the
company. The reported selling price ranged between BRL1.57 and
BRL1.85 per share, which is significantly lower than the put
option execution price of BRL6.30 per share. This price
differential supports the uncertainty about Mr. Batista's
willingness to honor the put option, which expires on April 30,
2014. The unavailability of such funds would further pressure
OGX's ability to continue operating.

OGX's 'CCC' ratings reflect Fitch's concerns about the company's
liquidity during the next 12 to 18 months, given high capital
expenditures that are needed to increase production output and
operating cash flow. As of March 31, 2013, OGX had USD1.1 billion
of liquidity. OGX's ambitious capital expenditure program of
approximately USD1.3 billion in 2013 and its low to negative
EBITDA (subject to the speed of recovery in production volumes) is
expected to result in a depletion of the company's cash by the end
of 2013. As of March 2013, OGX's debt amounted to USD4 billion,
mostly composed by USD2.6 billion notes due in 2018 and USD1.1
billion notes due in 2022.

These rating actions take into consideration the cash infusion
from OGX's asset sales to Petronas and MPX. Although these
transactions will provide a fresh source of cash to the company,
liquidity will remain tight and OGX will need to access additional
sources of funds to cover its cash flow deficit absent the Batista
cash infusion.

Rating Sensitivities

OGX's ratings will be downgraded if OGX liquidity risk continues
to increase and/or if it encounters additional execution issues
with its exploratory and development plan.  A positive rating
action could result from significant new external sources of
capital, including but not limited to the successful execution of
the Batista USD1 billion put, satisfactory production volumes,
coupled with lower uncertainties regarding reserves and liquidity.

OGX is a Brazilian oil and gas company created in 2007, 58.92%
owned by EBX Group. OGX has a portfolio of 62 blocks in Brazil and
Colombia, including the recently acquired 13 exploratory blocks in
Brazil. In Brazil, OGX's blocks are located in the Campos, Santos,
Espirito Santo, Para-Maranhao and Parnaiba Basins.


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C A Y M A N  I S L A N D S
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ARBIC MANAGED: Shareholders to Hear Wind-Up Report on June 26
-------------------------------------------------------------
The shareholders of Arbic Managed Funds Limited will receive on
June 26, 2013, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


ASA LEASING 4: Shareholders to Hear Wind-Up Report on July 5
------------------------------------------------------------
The shareholders of Asa Leasing 4 will receive on July 5, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


BLUE ATTRACTION: Shareholders to Hear Wind-Up Report on July 3
--------------------------------------------------------------
The shareholders of Blue Attraction (Cayman) Limited will receive
on July 3, 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:

          Roy Angliss
          PO Box 141, La Tonnelle House
          Les Banques, St. Sampson
          Guernsey GY1 3HS, Channel Islands
          Telephone: +44 (1481) 712374
          Facsimile: +44 (1481) 722046


CAYMAN PROPERTY: Shareholder to Hear Wind-Up Report on July 3
-------------------------------------------------------------
The shareholder of Cayman Property Holdings Limited will receive
on July 3, 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:

          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


CHINA RISE: Shareholder to Hear Wind-Up Report on July 3
--------------------------------------------------------
The shareholder of China Rise Limited will receive on July 3,
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:

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


CLEARWATER CAPITAL: Shareholder to Hear Wind-Up Report on July 5
----------------------------------------------------------------
The shareholder of Clearwater Capital Partners Pacific II, Ltd.
will receive on July 5, 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/Kim Charaman
          Telephone: (345) 943 3100


CRYSTAL VICTORY: Sole Member to Hear Wind-Up Report on July 15
--------------------------------------------------------------
The sole member of Crystal Victory Investment Limited will receive
on July 15, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


FIRST DYNASTY: Shareholders to Hear Wind-Up Report on June 20
-------------------------------------------------------------
The shareholders of First Dynasty Mines Armenia Limited will
receive on June 20, 2013, at 2:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Kaye
          c/o Stanley Davis Group Limited
          41 Chalton Street
          London NW1 1JD
          United Kingdom
          Telephone +44 (0)20 7554 2222
          Facsimile +44 (0)20 7554 2201


GALIAM MASTER: Shareholder to Hear Wind-Up Report on July 5
-----------------------------------------------------------
The shareholder of Galiam Master Fund, Ltd. will receive on
July 5, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HIDARO FUND: Shareholder to Hear Wind-Up Report on June 26
----------------------------------------------------------
The shareholder of Hidaro Fund Limited will receive on June 26,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Kassi Desrochers
          Telephone: (345) 914 4473/ 345-949-4800
          Facsimile:   345-949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


JANA PIRANHA: Shareholder to Hear Wind-Up Report on July 3
----------------------------------------------------------
The shareholder of Jana Piranha Master Fund, Ltd. will receive on
July 3, 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:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949 9877


NGBO HOLDING: Shareholders to Hear Wind-Up Report on June 24
------------------------------------------------------------
The shareholders of NGBO Holding International Ltd. will receive
on June 24, 2013, at 12:00 noon, 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


TANGARA US 3: Shareholders to Hear Wind-Up Report on June 21
------------------------------------------------------------
The shareholders of Tangara US 3 Leasing 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:

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


WHARTON ASIAN: Shareholders to Hear Wind-Up Report on June 25
-------------------------------------------------------------
The shareholders of Wharton Asian Arbitrage Fund Company Limited
will receive on June 25, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Post
          House 4 Shouson Hill Road West
          Hong Kong


ZULIA ONE: Sole Member to Hear Wind-Up Report on July 8
-------------------------------------------------------
The sole member of Zulia One Ltd. will receive on July 8, 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:

          BDS Corporate Services Limited
          Banca del Sempione (Overseas) Limited
          George Street, George House, 3rd Floor
          P.O. Box N-8159
          Nassau, Bahamas


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


UC RUSAL: To Build Bauxite Plant In Indonesia
---------------------------------------------
RJR News reports that UC Rusal is to build a bauxite refinery in
Indonesia.  The plant will be used to produce alumina, in order to
benefit from the government's ban on the export of unprocessed
ores by 2014, according to RJR News.

Top executives from the company expressed their interest during a
meeting with government and industry officials in Jakarta,
according to the report.  The report relates that they discussed,
among other things, possible tax incentives offered by the
government for the proposed investment.

The report relates that as an initial step, UC Rusal will carry
out a feasibility study on the alumina manufacturing facility in
September.

UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica, the report says.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.

TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden.  It said it will
agree to new loan conditions by the end of 2012 before its
covenant holiday expires, according to RJR News.


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


SAGICOR LIFE: S&P Puts 'BB+' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' financial
strength and counterparty credit ratings on Sagicor Life Inc. and
its 'BB' rating on Sagicor Finance Ltd.'s $150 million, 10-year
senior unsecured notes on CreditWatch with negative implications.

S&P's ratings incorporate its expectations that Sagicor will be
able to significantly reduce its property and casualty (P&C)
business.  "So far, the company failed to sell Sagicor at Lloyd's,
which specializes in P&C, but the company is still pursuing the
sale," said Standard & Poor's credit analyst angelica Bala.

S&P would downgrade the company if the sale doesn't materialize
over the next three months.  Based on S&P's analysis, if the sale
is not completed within that period, its capital adequacy
calculations will erode and the company's bottom-line results will
continue to suffer losses in this business.  If the sale is
completed, S&P's capital calculations and operating performance
should remain in line with its expectations, and it could affirm
the rating.  However, due to the company's large exposure to
Jamaica (CCC+/Stable/C), which recently restructured its debt amid
a stalled economy, the outlook will most likely remain negative.


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


GREEN ISLE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Green Isle Inn, Inc.
          dba Casa Mathiesen Se
              Coqui Inn
              Mango's Inn
        Calle I Num 36
        Villamar Isla Verde
        Carolina, PR 00979

Bankruptcy Case No.: 13-04653

Chapter 11 Petition Date: June 6, 2013

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

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Carlos J. Nazario Diaz, Esq.
                  NAZARIO DIAZ & ASSOC.
                  97 Esteban Padilla
                  Bayamon, PR 00959
                  Tel: (787) 787-5780
                  Fax: (787) 786-3468
                  E-mail: starpropertiescorp@gmail.com

Scheduled Assets: $1,778,500

Scheduled Liabilities: $8,128,660

A copy of the Company's list of its 20 largest unsecured creditors
is available for free at http://bankrupt.com/misc/prb13-04653.pdf

The petition was signed by Henry Rick Orasi, president.


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


HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter
-------------------------------------------------------------
Harvest Natural Resources, Inc., filed its quarterly report on
Form 10-Q, reporting net income of $46.0 million for the three
months ended March 31, 2013, compared with net income of
$2.3 million for the same period last year.

The Company currently does not have any revenue or operating cash
inflow and, historically its main source of cash has been
dividends from Petrodelta, S.A.  The Company indirectly owns a net
32 percent interest in Petrodelta.

For the three months ended March 31, 2013, the Company recorded
net income from unconsolidated equity affiliates of $49.5 million,
compared to net income from unconsolidated equity affiliates of
$16.9 million during the same period in 2011.

The Company's balance sheet at March 31, 2013, showed $629.0
million in total assets, $105.8 million in total liabilities, and
stockholders' equity of $523.2 million.

According to the regulatory filing, while the Company believes the
issuance of additional equity securities, short- or long-term debt
financing, farm-downs, delay of the discretionary portion of its
capital spending to future periods and/or operating cost
reductions could be put into place which would not jeopardize its
operations and future growth plans, these circumstances raise
substantial doubt about our ability to continue to operate as a
going concern.

A copy of the Form 10-Q is available at http://is.gd/Bbilvb

Harvest Natural Resources, Inc., headquartered in Houston, Texas,
is an independent energy company with principal operations in
Venezuela, exploration assets in Indonesia, West Africa, and China
and business development offices in Singapore and the United
Kingdom.


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


* BOND PRICING: For the Week From June 10 to 14, 2013
-----------------------------------------------------

Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

ARGENTINA
---------

Argentine International Bond   7.82   12/31/2033    EUR      58.15
Argentine International Bond   7.82   12/31/2033    EUR      57.65
Venezuela International Bond   7       3/31/2038    USD      71.25
Cia Energetica de Sao Paulo    9.75    1/15/2015    BRL      72.5
Petroleos de Venezuela SA      5.5     4/12/2037    USD      60.5
Gol Finance                    8.75                 USD      76.5
Argentine International Bond   8.28   12/31/2033    USD      56
Renhe Commercial Holdings
Co Ltd                         11.75   5/18/2015    USD      66
Renhe Commercial Holdings
Co Ltd                         13      3/10/2016    USD      60
Provincia de Buenos
Aires/Argentina                10.87   1/26/2021    USD      69.92
EDENOR                          9.75   10/25/2022   USD      52
Banco Bonsucesso SA             9.25   11/3/2020    USD      73
Emerald Plantation
Holdings Ltd                    6       1/30/2020   USD      67.5
Bank Austria Creditanstalt
Finance Cayman Ltd              1.61                EUR      49.88
Capex SA                       10       3/10/2018   USD      74
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
CLISA                           9.5    12/15/2016   USD      61.5
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.33
Banco Macro SA                  9.75   12/18/2036   USD      72.7
BES Finance Ltd                 5.58                         69.67
Bank Austria Creditanstalt
Finance Cayman Ltd 2            1.83                EUR      48
Provincia de Buenos
Aires/Argentina                 9.62    4/18/2028   USD      63.28
Argentine International Bond    8.28   12/31/2033   USD      62.13
Sifco SA                       11.5     6/6/2016    USD      57.68
Transer S.                      8.87   12/15/2016   USD      52.5
Renhe Commercial
Holdings Co Ltd                13       3/10/2016   USD      61.13

JinkoSolar Holding
Co Ltd                          4       5/15/2016   USD      58.62
ESFG International Ltd          5.753               EUR      57.48
Provincia de Mendoza
Argentina                       5.5     9/4/2018    USD      74.28
BCP Finance Co Ltd              4.2                 EUR      45.17
Transer S.A                     9.75   8/15/2021    USD      48
Argentine International
Bond                            8.28  12/31/2033    USD      58.13
BCP Finance Co Ltd              5.54                EUR      45
Edenor                         10.5    10/9/2017    USD      51.25
Argentine International
Bond                            1.18   12/31/2038   ARS      45.72
BES Finance Ltd                 3.03                EUR      74.25
MetroGas SA                     8.87   12/31/2018   USD      68.63
Argentina Bocon                        23/15/2014   ARS      38.45
Edenor                          9.75   10/25/2022   USD      49.13
Argentine International
Bond                            7.82   12/31/2033   EUR      45
Transer S.A                     9.75    8/15/2021   USD      46
Banco Finantia
International Ltd               2.45    7/26/2017   EUR      44.05
BES Finance Ltd                 4.5                 EUR      61.5
Punch Taverns Finance
B Ltd                           6.9     6/30/2028   GBP      62.13
Argentine International Bond    4.3    12/31/2033   JPY      36
Bolivarian Republic
of Venezuela                    7       3/31/2038   USD      69.19
Provincia de Buenos
Aires/Argentina                10.8     1/26/2021   USD      70.25
Argentine International Bond    4.3    12/31/2033   JPY      36.5
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
Argentine International Bond    8.28   12/31/2033   USD      58.13
Renhe Commercial
Holdings Co Ltd                11.75    5/18/2015   USD      66.38
Puerto Rico Conservation        6.5     4/1/2016    USD      67.61
Capex SA                       10       3/10/2018   USD      71.75
Argentine International
Bond                            9      11/29/2018   USD      74
City of Buenos
Aires Argentina                 3.98    3/15/2018   USD      68.75
Caixa Geral De
Depositos Finance               1.01                EUR      35.45
Banco Macro SA                  9.75   12/18/2036   USD      71
Gol Finance                     8.75                USD      73.13
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.5
ERB Hellas Cayman
Islands Ltd                     9        3/8/2019   EUR      26.38
MetroGas SA                     8.87    12/31/2018  USD      71.25
Argentine International Bond    8.28    12/31/2033  USD      57.75
Banif Finance Ltd               1.58                EUR      44
Argentine International Bond    0.45    12/31/2038  JPY       8
Banco BPI SA/Cayman Islands     4.15    11/14/2035  EUR      53.5
Provincia de Buenos
Aires/Argentina                 9.62     4/18/2028  USD      63.25
Almendral Telecomunicaciones
SA                              3.51     2/15/2014  CLP      44.24
Banco Bonsucesso SA             9.25    11/3/2020   USD      70.75
Banco Macro SA                  9.75    12/18/2036  USD      71
Provincia del Chaco             4       11/4/2023   USD      54
BCP Finance Bank Ltd            5.0     13/31/2024  EUR      72.63
Formosa Province of Argentina   5        2/27/2022  USD      61.63
CAM Global Finance              6.08    12/22/2030  EUR      69.63
Cia Sud Americana
de Vapores SA                   6.4     10/1/2022   CLP      69.99
Aguas Andinas SA                4.15    12/1/2026   CLP      72.27
Provincia del Chaco             4       12/4/2026   USD      25.88
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP      66.57
Cia Cervecerias Unidas SA       4       12/1/2024   CLP      58.32
Provincia de Mendoza Argentina  5.5      9/4/2018   USD      74.13
Petroleos de Venezuela SA       5.37     4/12/2027  USD      64.15
Quinenco SA                     3.5      7/21/2013  CLP      12.87
Metro S.A.                      5.5      7/15/2027  CLP       3.0

                            ***********


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.


                   * * * End of Transmission * * *