TCRLA_Public/130618.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 18, 2013, Vol. 14, No. 119


                            Headlines



B O L I V I A

TRANSIERRA SA: Moody's Rates $135-Mil. Note Offering at Ba3


B R A Z I L

OGX PETROLEO: Default Seen in Bond Plummet As Batista Empire Sinks
OGX PETROLEO: Posts Oil and Natural Gas Production Numbers for May


C A Y M A N  I S L A N D S

AOF II (CAYMAN HOLDINGS): Members' Final Meeting Set for June 25
CHAMP EXPLORER: Shareholder to Receive Wind-Up Report on July 5
CONSILIUM EMERGING: Members' Final Meeting Set for July 3
CONSILIUM EMERGING MASTER: Members' Final Meeting Set for July 3
FISCH TREND: Members' Final Meeting Set for June 27

HINDE EQUITY: Shareholders' Final Meeting Set for June 26
HINDE EQUITY FEEDER: Shareholders' Final Meeting Set for June 26
HINDE EQUITY GP: Shareholders' Final Meeting Set for June 26
INGLEBY LIMITED: Shareholders' Final Meeting Set for July 3
QUEST TRADING: Shareholders' Final Meeting Set for June 24

RED GOLD: Shareholders' Final Meeting Set for June 24
SFCS FUNDS: Members' Final Meeting Set for June 25
SFCS SENTINELS: Members' Final Meeting Set for June 25
SFCS TITANS: Members' Final Meeting Set for June 25
WBS FUNDING: Members' Final Meeting Set for July 5


J A M A I C A

* JAMAICA: At Risk if Global Interest Rates Rise, World Bank Says


M E X I C O

SERVICIOS CORPORATIVOS: Terminates Agreement With ViveIca
SERVICIOS CORPORATIVOS: Moody's Cuts Sr. Debt Rating to B2
XIGNUX SA: S&P Affirms 'BB+' Rating; Outlook Stable


P U E R T O   R I C O

BUILDERS GROUP: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B O L I V I A
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TRANSIERRA SA: Moody's Rates $135-Mil. Note Offering at Ba3
-----------------------------------------------------------
Moody's assigned a first time rating of Ba3/Aa1.bo to Transierra
S.A.'s proposed up to $135 million senior unsecured local note
offering. At the same time Moody's assigned a corporate family
rating of Ba3/Aa1.bo to Transierra. The outlook for all the
ratings is stable. This was the first time Moody's had provided a
rating to Transierra.

Proceeds from the proposed notes will be used mostly to repay
Transierra's debt obligations to its shareholders, to complete its
2013 investment program and for working capital needs resulting in
no material increase in the company's total debt position.

Ratings Rationale:

The Ba3/Aa1.bo ratings are mainly supported by Transierra's
business model and stable cash flows from capacity payments as
well as sound credit metrics for its rating category.

The ratings are also supported by the strategic importance of the
pipeline to transport the export of Bolivian gas to Brazil, under
the Bolivian-Brazilian bi-lateral gas supply agreement (GSA). Gas
exports to Brazil are among the main sources of foreign currency
for Bolivia and one of Bolivia's main exports that are supported
by the substantial gas reserves in the country. In addition, the
exported gas is produced from the main gas basins in Bolivia,
where the operator is Petrobras (A3, negative) and one of
Transierra's main shareholders.

There are only two gas pipelines running from the gas fields in
southern Bolivia to the connecting pipeline that transports gas to
Brazil. As a result, there is limited competition for Transierra,
which currently operates at full capacity.

The Ba3/Aa1.bo ratings are tempered by the evolving regulations
for the hydrocarbon industry in Bolivia, that has been subject to
significant changes during recent years. One item of note is the
lack of any tariff review for Transierra's regulated tariff albeit
a tariff review mechanism is included in the 2001 concession
contract; however, to date it has never been applied.

The ratings are also constrained by Transierra's exposure to only
one client, YPFB, the Bolivian state-owned oil and gas company.
Consequently, the ratings are closely tied to Bolivia's government
bond rating (Ba3, stable).

Another area of particular concern is the risk of government
intervention in Transierra's business or the risk of
nationalization given the current government's track record of
nationalizations. The Bolivian Government (Ba3, Stable) has
performed a series of nationalizations, namely companies operating
in the natural gas industry, as well as various other companies in
the mining, telecommunications, and power generation and
transmission/distribution sectors. The December nationalization of
Spanish Iberdrola's subsidiaries, including Electropaz --
currently Delapaz - (Ba3/Aa1.bo Stable) is a recent example of the
government's effort to bring companies in strategic sectors back
into the hands of the state. Earlier in 2012, the Bolivian
government had also nationalized TDE, an electric transmission
company belonging to the Spanish Red Electrica de Espana, S.A.U.
(Baa2, negative).

In spite of Transierra's current shareholding structure, where
YPFB --an already state-owned company- has a controlling interest,
Moody's believes a certain degree of nationalization risk exists
given that the company still has other minority shareholders.

However, Moody's believes that if a nationalization of Transierra
were to occur, the debt at the company level would be treated or
seen as debt at the government level (Ba3, stable), mainly because
of the strategic importance of gas to the Bolivian economy, the
strategic relationship with Petrobras behind Transierra's
operation and the reputational risk of a default at a nationalized
Transierra for the Bolivian government.

Liquidity

Transierra's liquidity is deemed adequate. With no large debt
maturities in the short term, Moody's expects Transierra's debt
issuance plus its solid cash generation to be sufficient for the
company to fund comfortably any working capital needs and the
Villamontes' compression plant expansion. Aside from replacing the
debt extended by the shareholders, the notes will allow the
company to improve its maturity profile.

Funds from Operations are expected to increase in 2013 and beyond
after the 2010 and 2011 declines when funds from operations where
significantly lower because the company paid the accumulated
interest from 2006 to 2011 that was owed on inter-company loans to
its shareholders.

On the negative side, as it happens with most of Latam companies,
Transierra does not have access to any committed credit facilities
and access to the capital markets is limited to the local market
only in Bolivia, which is less developed and deep than the
international market or markets of other countries in the region.

Finally, Transierra's debt is fully denominated in US dollars;
however, tariffs are set and billed in US dollars thus offsetting
any potential FX risk.

The stable outlook anticipates continued stable cash flows and
profits with moderate leverage. After the 2013 investment at the
Villamontes' compression plant, Moody's expects funds from
operations to debt (FFO /Debt) to be sustained thereafter at above
the 30% level while debt to Ebitda should decline to less than 2.5
times after peaking at almost 4.0 times in 2013.

Given the close relationship between Transierra's operations, the
regulatory regime in Bolivia, and the government's control of the
hydrocarbon industry and hydrocarbon exports, prospects for the
rating to be upgraded are strongly limited by the sovereign
rating, which is currently Ba3 with a stable outlook.

Negative pressure on the rating or outlook could occur if the
company losses the stability of its business model which is mainly
derived from the regulatory regime or if the company adopts a more
aggressive financial policy. Quantitatively, a ratio of FFO to
Debt below 15%, interest coverage lower than 1.5 times or a ratio
of RCF to Debt lower than 10% could lead to a downgrade. A
downgrade on the sovereign rating could also prompt a downgrade on
Transierra's ratings.

Transierra is a regulated natural gas pipeline, transporting gas
from Bolivian gas fields located in the south of the country to
the city of Rio Grande, in Santa Cruz de la Sierra where it
connects to Gasbol, the Bolivian-Brazilian pipeline that
transports the gas to be exported to Brazil. Transierra has been
granted the concession to build and operate the GASYRC pipeline,
under a 40 year concession agreement. Transierra's pipeline is the
major transportation channel for the gas produced at San Antonio
and San Alberto gas fields, which are among the major gas
production fields in South Bolivia.

The methodologies used in this rating were Natural Gas Pipelines
published in November 2012, 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.


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


OGX PETROLEO: Default Seen in Bond Plummet As Batista Empire Sinks
------------------------------------------------------------------
Boris Korby and Veronica Navarro Espinosa at Bloomberg News report
that OGX Petroleo & Gas Participacoes SA's bonds are falling like
never before, a sign that investors are bracing for what would be
the biggest company default in Latin America as controlling
shareholder Eike Batista struggles to raise cash.

The oil producer's $2.56 billion of notes due 2018 have plummeted
16.9 cents early this month, the most since the debt was issued in
May 2011, to a record-low 40 cents on the dollar, according to
Bloomberg News.

The securities are trading below the average of 45 cents for
defaulted Latin American corporate debt tracked by Bloomberg and
less than the maximum 50 cents on the dollar that Fitch Ratings
estimates bondholders would recover in a restructuring.

Fitch cut OGX's credit grade one step to CCC on June 15, or seven
levels below investment grade.  It has a negative outlook on the
rating.

Bloomberg News notes that while OGX said it isn't analyzing a debt
restructuring, investors are losing confidence Batista can honor
his obligations as an 83 percent plunge in personal wealth pushed
him to sell OGX shares and other stakes in his faltering commodity
and energy empire, SW Asset Management and Brookshire Advisory &
Research said.

The company is set to run out of money in about a year at its burn
rate as slumping production puts output goals out of reach, even
after Batista pumped at least BRL2 billion ($943 million) of his
own cash into OGX, Bloomberg News relays.

Bloomberg News relays that OGX is not analyzing a debt
restructuring, a company press official said in an e-mailed
response to questions.  Cash generation from current and future
production, potential sales of stakes in oil fields and an option
that would oblige Mr. Batista to purchase as much as $1 billion of
OGX shares will all allow the company to continue servicing its
obligations, the official said, Bloomberg News discloses.

Bloomberg News relays that Mr. Batista said in a statement June 14
that OGX parent company EBX Group Co. restructured debt and now
only has long-dated maturities.  The restructuring "is clear
evidence of EBX's high level of commitment toward its obligations
with stakeholders," he said without providing further details,
Bloomberg News notes.

Bloomberg News says that more than $28 billion of Batista's
personal wealth has evaporated since last year as shares plunged
94 percent since March 2012 and his oil producer struggles to meet
output goals.

OGX's cash holdings fell 68 percent in the 12 months ended March
31 to $1.14 billion, enough to keep it operational into the fourth
quarter at the company's current burn rate, according to data
compiled by Bloomberg.  While OGX raised as much as $850 million
selling an oilfield stake to Malaysia's Petroliam Nasional Bhd.
last month, the amount would only extend cash reserves until mid-
2014, the data show, Bloomberg News notes.

"It appears restructuring activity is imminent. . . . Offshore
drilling is a very capital intensive business.  Bringing the
product online has taken much more than investors would have ever
hoped for." Bloomberg News quoted Gianna Bern, a former senior
director at Fitch Ratings who is now president of risk-management
adviser Brookshire Advisory and Research, as saying.

OGX Petroleo e Gas SA is focused on oil and natural gas
exploration and production and is conducting the largest private-
sector exploratory campaign in Brazil.  OGX has a diversified,
high-potential portfolio, comprised of 26 exploratory blocks in
the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba
Basins in Brazil, and 5 exploratory blocks in Colombia, in the
Lower Magdalena Valley and the Cesar-Rancheria basins.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, 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.


OGX PETROLEO: Posts Oil and Natural Gas Production Numbers for May
------------------------------------------------------------------
OGX Petroleo e Gas Participacoes S.A. disclosed that its average
oil and natural gas production for May 2013 reached 18.2 thousand
barrels of oil equivalent per day (boepd).  Of this amount, 6.8
thousand boepd corresponds to the offshore average production at
Tubarao Azul Field, in the Campos Basin, and 11.4 thousand boepd
(1.8 million m3 per day) to OGX's share of the average production
of natural gas at the onshore Gaviao Real Field, in the Parnaiba
Basin.

Overall for May 2013, total offshore production was 209,296
barrels of oil equivalent and total onshore production was 120.5
million m3 of natural gas.

                        Offshore Production

Production at the Tubarao Azul Field was impacted by the following
factors:

  (i) OGX-26HP: the well produced throughout the month of May;

(ii) OGX-68HP: the well produced for 11 days during the month of
      May.  The repair of OGX-68HP well's electrical submersible
      pump (ESP) commenced in mid-April and was concluded in mid-
      May;

(iii) TBAZ-1HP: the well did not produce in April and May due to
      operational issues in March that interrupted its production.

OGX's technical team will decide when the repair of TBAZ-1HP
well's ESP will commence based on the production of OGX-26HP and
OGX-68HP.  TBAZ-1HP's production will remain interrupted until the
repair of its ESP.

Considering the effective production days, the average offshore
productivity per well was 5.0 thousand boepd in May.

                        Onshore Production

Total average production at the Gaviao Real Field was 3.9 million
m3 per day (1.8 million m3 net to OGX), with four turbines
operating at the Thermo Power Plant I throughout the month of May.

OGX Petroleo e Gas SA is focused on oil and natural gas
exploration and production and is conducting the largest private-
sector exploratory campaign in Brazil.  OGX has a diversified,
high-potential portfolio, comprised of 26 exploratory blocks in
the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba
Basins in Brazil, and 5 exploratory blocks in Colombia, in the
Lower Magdalena Valley and the Cesar-Rancheria basins.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, 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.


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


AOF II (CAYMAN HOLDINGS): Members' Final Meeting Set for June 25
----------------------------------------------------------------
The members of AOF II (Cayman Holdings) Limited will hold their
final meeting on June 25, 2013, at 7:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Ms. Aisling Clarke
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8986


CHAMP EXPLORER: Shareholder to Receive Wind-Up Report on July 5
---------------------------------------------------------------
The shareholder of Champ Explorer GP Limited will receive on
July 5, 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:

          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


CONSILIUM EMERGING: Members' Final Meeting Set for July 3
---------------------------------------------------------
The members of Consilium Emerging Market Absolute Return Fund,
Ltd. will hold their final meeting on July 3, 2013, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CONSILIUM EMERGING MASTER: Members' Final Meeting Set for July 3
----------------------------------------------------------------
The members of Consilium Emerging Market Absolute Return Master
Fund, Ltd will hold their final meeting on July 3, 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:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FISCH TREND: Members' Final Meeting Set for June 27
---------------------------------------------------
The members of Fisch Trend Multi Manager Fund will hold their
final meeting on June 27, 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:

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


HINDE EQUITY: Shareholders' Final Meeting Set for June 26
---------------------------------------------------------
The shareholders of Hinde Equity Fund Ltd will hold their final
meeting on June 26, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Swiss Financial Services (Ireland) Ltd
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road, Waterford
          Ireland


HINDE EQUITY FEEDER: Shareholders' Final Meeting Set for June 26
----------------------------------------------------------------
The shareholders of Hinde Equity Feeder Fund Ltd will hold their
final meeting on June 26, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Swiss Financial Services (Ireland) Ltd
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road, Waterford
          Ireland


HINDE EQUITY GP: Shareholders' Final Meeting Set for June 26
------------------------------------------------------------
The shareholders of Hinde Equity Fund GP Ltd will hold their final
meeting on June 26, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Swiss Financial Services (Ireland) Ltd
          Block 4B, Cleaboy Business Park
          Old Kilmeaden Road, Waterford
          Ireland


INGLEBY LIMITED: Shareholders' Final Meeting Set for July 3
-----------------------------------------------------------
The shareholders of Ingleby Limited will hold their final meeting
on July 3, 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:

          Trident Liquidators (Cayman) Limited
          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


QUEST TRADING: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of Quest Trading Managers Limited will hold their
final meeting on June 24, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------
The shareholders of Red Gold Consultants Ltd. will hold their
final meeting on June 24, 2013, at 12:00 noon, to receive 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


SFCS FUNDS: Members' Final Meeting Set for June 25
--------------------------------------------------
The members of SFCS Funds SPC will hold their final meeting on
June 25, 2013, at 1:30 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


SFCS SENTINELS: Members' Final Meeting Set for June 25
------------------------------------------------------
The members of SFCS Sentinels One Feeder Ltd will hold their final
meeting on June 25, 2013, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


SFCS TITANS: Members' Final Meeting Set for June 25
---------------------------------------------------
The members of SFCS Titans Feeder Ltd will hold their final
meeting on June 25, 2013, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


WBS FUNDING: Members' Final Meeting Set for July 5
--------------------------------------------------
The members of WBS Funding Company will hold their final meeting
on July 5, 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:

          Steven G. Sokohl
          69 Dr. Roy's Drive
          PO Box 1043, George Town Grand Cayman KY1-1102
          Cayman Islands


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J A M A I C A
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* JAMAICA: At Risk if Global Interest Rates Rise, World Bank Says
-----------------------------------------------------------------
RJR News reports that the World Bank said Jamaica is among
countries that could face extreme risks in the event that global
interest rates begin to rise.

The World Bank on June 12 said monetary tightening in advanced
economies could cramp growth in emerging markets as interest rates
rise, lowering their potential output by as much as 12 per cent,
according to RJR News.

The report relates that its Chief Economist Kaushik Basu said
long-term risk is greater in emerging market currency and bond
markets, as traders try to position themselves for when the US
Federal Reserve begins its exit from ultra-loose monetary
policies.

The report notes that the World Bank said the risk is especially
high for countries such as Egypt, Jamaica and Pakistan that have
run up high debt in a time of low interest rates.

The report relays that it added that if interest rates surge
suddenly, these countries would face sharply higher debt servicing
costs that they may not be able to manage.


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M E X I C O
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SERVICIOS CORPORATIVOS: Terminates Agreement With ViveIca
---------------------------------------------------------
Servicios Corporativos Javer S.A.P.I. de C.V., issued a statement
with regards to the recently-announced termination of the
agreement to combine the homebuilding assets of Javer and ViveIca.

Due to the inability to agree on terms stipulated in the original
agreement, both parties have decided not to pursue this
transaction further for the time being.  Given that Javer had
already raised US$50 million through the reopening of its 2021
notes to pre-fund the assumed debt of the acquired assets, the
Company is in the process of analyzing alternatives to reduce this
leverage and return its capital structure to its original state.
Javer will promptly announce its intended strategy to be executed
in the short term.

Eugenio Garza, Javer's Chief Executive Officer, stated, "We will
continue to look for attractive opportunities that may arise in
the wake of the current turbulence experienced by companies in the
Mexican housing sector.  We remain very confident in our outlook
given Javer's strong financial position, optimal maturity
schedule, ample liquidity position, land bank and, most
importantly, execution capabilities within a short working capital
cycle and attractive ROIC framework."

Javer maintains its original 2013 guidance for its standalone
business, which consists of 19,000 homes titled, Ps. 5.9 billion
in revenues, Ps. 925 million in EBITDA and positive free cash
flow.

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately $7.3 billion Mx pesos and equity
of approximately $1.5 billion Mx pesos at March 31, 2013.


SERVICIOS CORPORATIVOS: Moody's Cuts Sr. Debt Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded Servicios Corporativos Javer,
S.A.P.I. de C.V.'s senior unsecured debt rating to B2 from B1. The
outlook was revised to stable from negative.

Ratings Rationale:

This rating action follows the announcement by Javer and Empresas
ICA, S.A.B. de C.V.'s ("ICA") that the agreement to purchase ICA's
low-income sector homebuilding business had been terminated. This
was a strategic transaction that would have improved the company's
credit profile, particularly with respect to geographic diversity
outside of Nuevo Leon. In addition, in March 2013 Javer raised $50
million of debt through a reopening of its 2021 senior notes in
order to cover the expected debt assumption of this transaction.
With the termination of this transaction, the company is more
highly leveraged with no immediate use for the cash.

Exclusive of this transaction, the company's credit metrics
continue to be weak with Debt/LTM Recurring EBITDA of 5.61x and
LTM EBITDA margins at 13.2% as of 1Q13. Currently, approximately
30% of the company's sales are reliant on subsidies, the
allocation of which is not under the direct control of the
company. Also, the Mexican government has yet to announce the
details regarding the implementation of the National Housing
Policy, which was expected at the end of May.

The stable outlook reflects Javer's solid liquidity position in a
tough operating environment. In addition, the stable outlook
incorporates Moody's expectation that the company will
successfully deleverage the balance sheet either through a tender
offer or investment back into operations. Moody's also anticipates
that Javer will be able to meet its sales targets in markets with
challenging demand dynamics and strong competition from regional
players. Finally, the stable outlook assumes that Javer's credit
metrics have reached their weakest point and should remain stable
or slightly improve over the medium term.

An upgrade of the rating would be predicated upon the company
maintaining EBITDA above 15%, debt to EBITDA closer to 3x and
fixed charge coverage at or above 2.0x. Finally, Moody's will need
more clarity with respect to the implementation of the National
Housing Policy and the impact it will have on Javer's operations
in order to consider an upgrade. A downgrade will occur should
Javer encounter further challenges in reaching titling and sales
targets which result in a weakening of credit metrics from current
levels such that EBITDA margins fall closer to 12% and/or
debt/EBITDA approaches 5x.

The following rating was downgraded with a stable outlook:

Servicios Corporativos Javer, S.A.P.I. de C.V. - - Senior
unsecured debt rating to B2

The last rating action with respect to Javer was on March 18, 2013
when Moody's confirmed Javer's senior unsecured debt rating at B1
and placed the outlook on negative.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.

Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately $7.3 billion Mx pesos and equity
of approximately $1.5 billion Mx pesos at March 31, 2013.


XIGNUX SA: S&P Affirms 'BB+' Rating; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'mxA+' national scale corporate credit ratings on Xignux S.A.
de C.V.  The outlook remains stable.  The ratings affirmation
follows S&P's regular annual review of the company.

The ratings on Xignux continue to reflect S&P's assessment of the
company's business risk profile as "fair" and its financial risk
profile as "significant."

"The ratings reflect the cyclicality of most of the company's end
markets; resilient nature of its food business segment; exposure
to raw materials price volatility, particularly copper; weaker
competitive position compared to its peers in the top global cable
& wire industry; and still single-digit operating margins.  The
offsetting factors are the consolidation of acquired Colombia-
based company's, Cables de Energia y Telecomunicaciones S.A.
(CENTELSA) operations since Sept. 1, 2012; significant market
shares in most of the markets in which it participates,
particularly cables & wires and power and distribution
transformers; continued revamping of its food business segment;
and improved geographic diversification, customers base and
product portfolio; moderate financial policy; and strong liquidity
coupled with manageable debt maturity profile.

The ratings also reflect S&P's expectation that Xignux will
maintain its cash-flow protection leverage ratios in line with
S&P's assessment of its "significant" financial risk profile amid
currently challenging industry conditions, global soft economic
conditions, and volatile raw materials prices, particularly
copper.


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


BUILDERS GROUP: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Builders Group & Development Corp.
          dba Cupey Professional Mall
        P.O. Box 2255
        Guaynabo, PR 00970

Bankruptcy Case No.: 13-04867

Chapter 11 Petition Date: June 12, 2013

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

Debtor's Counsel: Gerardo A. Carlo Altieri, Esq.
                  G.A. CARLO ALTIERI & ASSOCIATES
                  P.O. Box 9021470
                  San Juan, PR 00902
                  Tel: (787) 919-0026

Debtor's
Accountants:      JOSE M. MONGE ROBERTIN, CPA

Estimated Assets: $10,000,001 to $50,000,000

Estimated Debts: $10,000,001 to $50,000,000

The petition was signed by Jorge A. Rios Pulpeiro, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
CPG/GS PR NPL, LLC                 --                   $8,240,606
270 Avenue Mu¤oz Rivera, 3rd Floor
San Juan, PR 00918

Doral Bank                         --                   $5,692,467
P.O. Box 70308
San Juan, PR 00936-8628

CPG/GS PR NPL, LLC                 --                   $4,011,899
270 Avenue Mu¤oz Rivera, 3rd Floor
San Juan, PR 00918

Doral Bank                         --                   $3,648,182
P.O. Box 70308
San Juan, PR 00936-8628

Department of Treasury of PR       --                     $512,196
Bankruptcy Section (424-B)
P.O. Box 9024140
San Juan, PR 00902-4140

Doral Bank                         --                     $356,971
P.O. Box 70308
San Juan, PR 00936-8628

United Surety & Indemnity Corp.    --                     $339,495
P.O. Box 2111
San Juan, PR 00922

CRIM                               --                     $100,487

Stone & Tile of Puerto Rico        --                      $57,593

Department of Treasury of PR       --                      $47,740

Municipality of San Juan           --                      $38,575

Municipality of San Juan           --                      $37,541

Internal Revenue Services          --                      $34,371

Autoridad Acueductos y             --                      $22,123
Alcantarillados

Department of Treasury of PR       --                      $18,273

Security Guard Affairs             --                      $11,447

Autoridad Energia Electrica        --                      $11,328

Department of Treasury of PR       --                      $10,201

Power Patrol Service               --                       $8,093

Tax & Accounting Services          --                       $5,072


===============
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)
-------                ------       ---------      ------------

FABRICA TECID-RT        FTRX1 BZ       66603693.6    -76419244.2
TEKA-ADR                TEKAY US       407967021     -392649052
BOMBRIL                 BMBBF US       359985634    -12154088.6
TEKA                    TKTQF US       407967021     -392649052
TEKA-PREF               TKTPF US       407967021     -392649052
SNIAFA SA-B             SDAGF US       11229696.2    -2670544.88
PUYEHUE RIGHT           PUYEHUOS CI    25722049      -4310587.75
VULCABRAS-RIGHT         VULC1 BZ       656823700    -17327661.6
VULCABRAS-RIGHT         VULC2 BZ       656823700    -17327661.6
VULCABRAS-RECEIP        VULC9 BZ       656823700    -17327661.6
VULCABRAS-REC PR        VULC10 BZ      656823700    -17327661.6
BATTISTELLA-RIGH        BTTL1 BZ       158330518    -36518145.6
BATTISTELLA-RI P        BTTL2 BZ       158330518    -36518145.6
BATTISTELLA-RECE        BTTL9 BZ       158330518    -36518145.6
BATTISTELLA-RECP        BTTL10 BZ      158330518    -36518145.6
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
CENTRAL COSTAN-B        CRCBF US       355868838    -87473853.3
LUPATECH SA             LUPA3 BZ       754879275     -127862714
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       24630103.9    -10366431.8
B&D FOOD CORP           BDFCE US       14423532       -3506007
BOMBRIL-RGTS PRE        BOBR2 BZ       359985634    -12154088.6
BOMBRIL-RIGHTS          BOBR1 BZ       359985634    -12154088.6
LAEP-BDR                MILK11 BZ      222902263     -255311019
AGRENCO LTD             AGRE LX        325151004     -611658179
LAEP INVESTMENTS        LEAP LX        222902263     -255311019
LUPATECH SA             LUPAF US       754879275     -127862714
REDE ENERG-UNIT         REDE11 BZ      1164635971      -23251158
CELGPAR                 GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT           4529781Q BZ    48003655.5    -18502124.9
RECRUSUL - RT           4529785Q BZ    48003655.5    -18502124.9
RECRUSUL - RCT          4529789Q BZ    48003655.5    -18502124.9
RECRUSUL - RCT          4529793Q BZ    48003655.5    -18502124.9
REDE ENER-RT            3907727Q BZ    1164635971      -23251158
REDE ENER-RCT           3907731Q BZ    1164635971      -23251158
RECRUSUL-BON RT         RCSL11 BZ      48003655.5    -18502124.9
RECRUSUL-BON RT         RCSL12 BZ      48003655.5    -18502124.9
BALADARE                BLDR3 BZ       159454016    -52992212.8
TEXTEIS RENAU-RT        TXRX1 BZ       97868151.6    -91899413.1
TEXTEIS RENAU-RT        TXRX2 BZ       97868151.6    -91899413.1
TEXTEIS RENA-RCT        TXRX9 BZ       97868151.6    -91899413.1
TEXTEIS RENA-RCT        TXRX10 BZ      97868151.6    -91899413.1
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      754879275     -127862714
ALL ORE MINERACA        AORE3 BZ       18737017.6    -11880129.6
B&D FOOD CORP           BDFC US        14423532       -3506007
LUPATECH SA-ADR         LUPAY US       754879275     -127862714
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       18737017.6    -11880129.6
STEEL - RCT ORD         STLB9 BZ       18737017.6    -11880129.6
MINUPAR-RT              9314542Q BZ    136398462    -91947867.2
MINUPAR-RCT             9314634Q BZ    136398462    -91947867.2
PET MANG-RT             0229249Q BZ    246810937     -224879124
PET MANG-RT             0229268Q BZ    246810937     -224879124
RECRUSUL - RT           0163579D BZ    48003655.5    -18502124.9
RECRUSUL - RT           0163580D BZ    48003655.5    -18502124.9
RECRUSUL - RCT          0163582D BZ    48003655.5    -18502124.9
RECRUSUL - RCT          0163583D BZ    48003655.5    -18502124.9
PORTX OPERA-GDR         PXTPY US       976769403    -9407990.35
PORTX OPERACOES         PRTX3 BZ       976769403    -9407990.35
ALL ORE MINERACA        STLB3 BZ       18737017.6    -11880129.6
MINUPAR-RT              0599562D BZ    136398462    -91947867.2
MINUPAR-RCT             0599564D BZ    136398462    -91947867.2
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    222902263     -255311019
LAEP INVES-BDR B        0163599D BZ    222902263     -255311019
RECRUSUL - RT           0614673D BZ    48003655.5    -18502124.9
RECRUSUL - RT           0614674D BZ    48003655.5    -18502124.9
RECRUSUL - RCT          0614675D BZ    48003655.5    -18502124.9
RECRUSUL - RCT          0614676D BZ    48003655.5    -18502124.9
TEKA-RTS                TEKA1 BZ       407967021     -392649052
TEKA-RTS                TEKA2 BZ       407967021     -392649052
TEKA-RCT                TEKA9 BZ       407967021     -392649052
TEKA-RCT                TEKA10 BZ      407967021     -392649052
LUPATECH SA-RTS         LUPA1 BZ       754879275     -127862714
LUPATECH SA -RCT        LUPA9 BZ       754879275     -127862714
MINUPAR-RTS             MNPR1 BZ       136398462    -91947867.2
MINUPAR-RCT             MNPR9 BZ       136398462    -91947867.2
RECRUSUL SA-RTS         RCSL1 BZ       48003655.5    -18502124.9
RECRUSUL SA-RTS         RCSL2 BZ       48003655.5    -18502124.9
RECRUSUL SA-RCT         RCSL9 BZ       48003655.5    -18502124.9
RECRUSUL - RCT          RCSL10 BZ      48003655.5    -18502124.9
ENDESA COSTAN-A         CECO1 AR       355868838    -87473853.3
ENDESA COSTAN-          CECO2 AR       355868838    -87473853.3
CENTRAL COST-BLK        CECOB AR       355868838    -87473853.3
ENDESA COSTAN-          CECOD AR       355868838    -87473853.3
ENDESA COSTAN-          CECOC AR       355868838    -87473853.3
ENDESA COSTAN-          EDCFF US       355868838    -87473853.3
CENTRAL COSTAN-C        CECO3 AR       355868838    -87473853.3
CENTRAL COST-ADR        CCSA LI        355868838    -87473853.3
ENDESA COST-ADR         CRCNY US       355868838    -87473853.3
CENTRAL COSTAN-B        CNRBF US       355868838    -87473853.3
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       359985634    -12154088.6
BOMBRIL CIRIO SA        BOBRON BZ      359985634    -12154088.6
BOMBRIL-PREF            BOBR4 BZ       359985634    -12154088.6
BOMBRIL CIRIO-PF        BOBRPN BZ      359985634    -12154088.6
BOMBRIL SA-ADR          BMBPY US       359985634    -12154088.6
BOMBRIL SA-ADR          BMBBY US       359985634    -12154088.6
BUETTNER                BUET3 BZ       109743344    -29812083.5
BUETTNER SA             BUETON BZ      109743344    -29812083.5
BUETTNER-PREF           BUET4 BZ       109743344    -29812083.5
BUETTNER SA-PRF         BUETPN BZ      109743344    -29812083.5
BUETTNER SA-RTS         BUET1 BZ       109743344    -29812083.5
BUETTNER SA-RT P        BUET2 BZ       109743344    -29812083.5
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       10063296.6      -79357620
CHIARELLI SA            CCHON BZ       10063296.6      -79357620
CHIARELLI SA-PRF        CCHI4 BZ       10063296.6      -79357620
CHIARELLI SA-PRF        CCHPN BZ       10063296.6      -79357620
IGUACU CAFE             IGUA3 BZ       241713948    -76084456.4
IGUACU CAFE             IGCSON BZ      241713948    -76084456.4
IGUACU CAFE             IGUCF US       241713948    -76084456.4
IGUACU CAFE-PR A        IGUA5 BZ       241713948    -76084456.4
IGUACU CAFE-PR A        IGCSAN BZ      241713948    -76084456.4
IGUACU CAFE-PR A        IGUAF US       241713948    -76084456.4
IGUACU CAFE-PR B        IGUA6 BZ       241713948    -76084456.4
IGUACU CAFE-PR B        IGCSBN BZ      241713948    -76084456.4
SCHLOSSER               SCLO3 BZ       57116502.2    -55719508.9
SCHLOSSER SA            SCHON BZ       57116502.2    -55719508.9
SCHLOSSER-PREF          SCLO4 BZ       57116502.2    -55719508.9
SCHLOSSER SA-PRF        SCHPN BZ       57116502.2    -55719508.9
COBRASMA                CBMA3 BZ       83714759.4    -2293331419
COBRASMA SA             COBRON BZ      83714759.4    -2293331419
COBRASMA-PREF           CBMA4 BZ       83714759.4    -2293331419
COBRASMA SA-PREF        COBRPN BZ      83714759.4    -2293331419
D H B                   DHBI3 BZ       115744688     -149168651
DHB IND E COM           DHBON BZ       115744688     -149168651
D H B-PREF              DHBI4 BZ       115744688     -149168651
DHB IND E COM-PR        DHBPN BZ       115744688     -149168651
DOCA INVESTIMENT        DOCA3 BZ       273120342     -211736207
DOCAS SA                DOCAON BZ      273120342     -211736207
DOCA INVESTI-PFD        DOCA4 BZ       273120342     -211736207
DOCAS SA-PREF           DOCAPN BZ      273120342     -211736207
DOCAS SA-RTS PRF        DOCA2 BZ       273120342     -211736207
FABRICA RENAUX          FTRX3 BZ       66603693.6    -76419244.2
FABRICA RENAUX          FRNXON BZ      66603693.6    -76419244.2
FABRICA RENAUX-P        FTRX4 BZ       66603693.6    -76419244.2
FABRICA RENAUX-P        FRNXPN BZ      66603693.6    -76419244.2
HAGA                    HAGA3 BZ       19421487.9    -46077943.1
FERRAGENS HAGA          HAGAON BZ      19421487.9    -46077943.1
FER HAGA-PREF           HAGA4 BZ       19421487.9    -46077943.1
FERRAGENS HAGA-P        HAGAPN BZ      19421487.9    -46077943.1
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       253308748    -83119368.3
HOTEIS OTHON SA         HOTHON BZ      253308748    -83119368.3
HOTEIS OTHON-PRF        HOOT4 BZ       253308748    -83119368.3
HOTEIS OTHON-PRF        HOTHPN BZ      253308748    -83119368.3
RENAUXVIEW SA           TXRX3 BZ       97868151.6    -91899413.1
TEXTEIS RENAUX          RENXON BZ      97868151.6    -91899413.1
RENAUXVIEW SA-PF        TXRX4 BZ       97868151.6    -91899413.1
TEXTEIS RENAUX          RENXPN BZ      97868151.6    -91899413.1
PARMALAT                LCSA3 BZ       388720096     -213641152
PARMALAT BRASIL         LCSAON BZ      388720096     -213641152
PADMA INDUSTRIA         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       72008697.6     -116219949
ESTRELA SA              ESTRON BZ      72008697.6     -116219949
ESTRELA SA-PREF         ESTR4 BZ       72008697.6     -116219949
ESTRELA SA-PREF         ESTRPN BZ      72008697.6     -116219949
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       136398462    -91947867.2
MINUPAR SA              MNPRON BZ      136398462    -91947867.2
MINUPAR-PREF            MNPR4 BZ       136398462    -91947867.2
MINUPAR SA-PREF         MNPRPN BZ      136398462    -91947867.2
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       48003655.5    -18502124.9
RECRUSUL SA             RESLON BZ      48003655.5    -18502124.9
RECRUSUL-PREF           RCSL4 BZ       48003655.5    -18502124.9
RECRUSUL SA-PREF        RESLPN BZ      48003655.5    -18502124.9
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       192536335     -145445052
SANSUY SA               SNSYON BZ      192536335     -145445052
SANSUY-PREF A           SNSY5 BZ       192536335     -145445052
SANSUY SA-PREF A        SNSYAN BZ      192536335     -145445052
SANSUY-PREF B           SNSY6 BZ       192536335     -145445052
SANSUY SA-PREF B        SNSYBN BZ      192536335     -145445052
SNIAFA SA               SNIA AR        11229696.2    -2670544.88
SNIAFA SA-B             SNIA5 AR       11229696.2    -2670544.88
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       407967021     -392649052
TEKA                    TEKAON BZ      407967021     -392649052
TEKA-PREF               TEKA4 BZ       407967021     -392649052
TEKA-PREF               TEKAPN BZ      407967021     -392649052
TEKA-ADR                TKTPY US       407967021     -392649052
TEKA-ADR                TKTQY US       407967021     -392649052
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
VULCABRAS AZALEI        VULC3 BZ       656823700    -17327661.6
VULCABRAS SA            VULCON BZ      656823700    -17327661.6
VULCABRAS AZ-PRF        VULC4 BZ       656823700    -17327661.6
VULCABRAS SA-PRF        VULCPN BZ      656823700    -17327661.6
VULCABRAS-RT PRF        VULC11 BZ      656823700    -17327661.6
LOJAS ARAPUA            LOAR3 BZ       60020270.1    -3542047972
LOJAS ARAPUA            LOARON BZ      60020270.1    -3542047972
LOJAS ARAPUA-PRF        LOAR4 BZ       60020270.1    -3542047972
LOJAS ARAPUA-PRF        LOARPN BZ      60020270.1    -3542047972
LOJAS ARAPUA-PRF        52353Z US      60020270.1    -3542047972
LOJAS ARAPUA-GDR        3429T US       60020270.1    -3542047972
LOJAS ARAPUA-GDR        LJPSF US       60020270.1    -3542047972
BATTISTELLA             BTTL3 BZ       158330518    -36518145.6
BATTISTELLA-PREF        BTTL4 BZ       158330518    -36518145.6
SAUIPE SA               PSEGON BZ      23615862    -840174.001
SAUIPE                  PSEG3 BZ       23615862    -840174.001
SAUIPE SA-PREF          PSEGPN BZ      23615862    -840174.001
SAUIPE-PREF             PSEG4 BZ       23615862    -840174.001
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
PUYEHUE                 PUYEH CI       25722049    -4310587.75
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
PETROLERA DEL CO        PSUR AR        64304553.9    -1269120.56
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


                            ***********


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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