TCRLA_Public/130619.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

           Wednesday, June 19, 2013, Vol. 14, No. 120


                            Headlines



A N T I G U A   &   B A R B U D A

* ANTIGUA & BARBUDA: Relaunches Scheme to Stimulate Economy


A R G E N T I N A

BANDER GREEN: Proofs of Claim Verification Deadline on June 28
KRASIA MAY: Proofs of Claim Filing Until Sept. 11
MODELOTZ SRL: Proofs of Claim Verification Deadline on June 25
PAPELERA BRAGADO: Files for Reorganization Proceedings
TEVEFLEX SA: Proofs of Claim Filing Until Aug. 8


B A H A M A S

BRITISH AMERICAN: Policyholders to Get News on Final Payout


B R A Z I L

JBS SA: Tarek Farahat Joins Board of Directors


C A Y M A N  I S L A N D S

CLEARSKY INVESTMENT: Members to Receive Wind-Up Report on June 30
KAICO ADVISORS: Members to Receive Wind-Up Report on June 30
LAMPADINA INVESTMENT: Members to Receive Wind-Up Report on June 30
POINT RACE: Shareholders to Receive Wind-Up Report on June 25
SANTA FEE: Members Receive Wind-Up Report


M E X I C O

BANCO MERCANTIL: Moody's Affirms Ratings; Outlook Still Negative
BANCO MERCANTIL: Moody's Affirms Ba1 Rating on Junior Debt


V E N E Z U E L A

VENEZUELA: S&P Lowers Sovereign Rating to 'B'; Outlook Negative


                            - - - - -


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


* ANTIGUA & BARBUDA: Relaunches Scheme to Stimulate Economy
-----------------------------------------------------------
Jamaica Gleaner reports that the Antigua and Barbuda government
said it will relaunch an initiative aimed at stimulating the
economy and providing nationals with an opportunity to own their
own homes.

The Baldwin Spencer government said that in collaboration with the
Antigua and Barbuda Investment Authority (ABIA), it will relaunch
the Construct Antigua and Barbuda Initiative (CAB-I) 2013,
according to Jamaica Gleaner.

"CAB-I continues to be rooted in the principle of stimulating
economic growth through increased construction and related
activity.  The 2011 initiative was very effective in its overall
goal to assist with jumpstarting national economic recovery," the
government said in a statement obtained by the news agency.

                        Over 300 Applicants

Jamaica Gleaner notes that the government said that more than 300
applications for residential construction projects have been
received and to date 258 applications approved, amounting to an
estimated $130 million in applications.

The main objectives of the CAB-I (2013) are to make homeownership
affordable by reducing construction costs by at least 15 per cent,
stimulate economic activity, create employment in the construction
sector and build confidence in the economy via government policy,
the report discloses.

The report relays that the government said that under the
initiative, potential and existing homeowners are entitled to
government incentives, including zero Antigua and Barbuda sales
tax on all building materials procured locally, as well as reduced
rates from the local financial institutions, insurance companies,
aggregate suppliers, architects, attorneys and contractors
registered with the ABIA.


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


BANDER GREEN: Proofs of Claim Verification Deadline on June 28
--------------------------------------------------------------
Juan Lazaro Musante, the court-appointed trustee for Bander Green
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 28, 2013.

Mr. Musante will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Musante is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

The Debtor can be reached at:

          Bander Green SRL
          Av. Brasil 2570
          Buenos Aires, Argentina


KRASIA MAY: Proofs of Claim Filing Until Sept. 11
-------------------------------------------------
Monica Graciela Aquim, the court-appointed trustee for Krasia May
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 11, 2013.

Ms. Aquim will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 13, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Ms. Aquim is also in charge of administering the company's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Krasia May SA
          Alcaraz 271
          Buenos Aires, Argentina


MODELOTZ SRL: Proofs of Claim Verification Deadline on June 25
--------------------------------------------------------------
Diego Adrian Stolkiner, the court-appointed trustee for Modelotz
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 25, 2013.

Mr. Stolkiner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Stolkiner is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Modelotz SRL
          Arias 1681
          Buenos Aires, Argentina


PAPELERA BRAGADO: Files for Reorganization Proceedings
------------------------------------------------------
Papelera Bragado SA has requested for reorganization approval
after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Papelera to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 25, in Buenos Aires.  Clerk No. 50 assists the court
in this case.

The debtor can be reached at:

          Parque Industrial Campana
          Ruta 9, km 70, Lote 13
          Argentina


TEVEFLEX SA: Proofs of Claim Filing Until Aug. 8
------------------------------------------------
Ana Maria Blugerman, the court-appointed trustee for Teveflex SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Aug. 8, 2013.

Ms. Blugerman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Ms. Blugerman is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Teveflex SA
          Mendez de Andes 1040/42
          Argentina


=============
B A H A M A S
=============


BRITISH AMERICAN: Policyholders to Get News on Final Payout
-----------------------------------------------------------
Marina Mello at Royal Gazette reports that British American
Insurance Company policyholders should know soon how much their
final payout will be and when they will get their money.

The Official Receiver revealed the information June 13 amid
growing frustration among policyholders who have been waiting a
year and a half now for the rest of their money, according to
Royal Gazette.  The report relates that the policyholders were
supposed to get it once the former British American building on
Front Street was sold.  The sale went though this spring, the
asking price having been reduced from $3.6 million to $1.95
million, the report relays.

The report notes that the building was home to British American
before it was wound up after its 2009 collapse.  BAICO owned 40
percent of the building with the other 60 percent belonging to the
BAICO Bermuda pension scheme.

"The Official Receiver, as provisional liquidator of British
American Insurance Company Limited, anticipates issuing a press
release next week to update policyholders on the current status of
the provisional liquidation including the likely timing and amount
of the final distribution to Scheme Creditors," the report quoted
Mike Morrison of KPMG Advisory, agents to the Official Receiver,
as saying.

There are approximately 3,800 BAICO policyholders and 6,000
policies.

The policyholders received partial payouts back in December 2011.

                      About BAICO

British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company.  BAIC is owned by
Trinidad-based parent CL Financial.  BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).

By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.


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


JBS SA: Tarek Farahat Joins Board of Directors
----------------------------------------------
JBS S.A. disclosed that a new member has been inducted to its
board of directors.  Tarek Farahat has accepted the invitation to
become part of JBS SA' board from now onwards and awaits due
process to take his chair.

His position as board member of JBS is in addition to his
executive function which he holds at Proctor & Gamble (P&G) where
he is president of the Latin American operations along with
holding the presidency of the global Cash & Carry channel.  He is
also a member of the global board for leadership at P&G.

Mr. Farahat has been working at P&G for more than 24 years and
during this time has achieved various goals in his career.  He
started at P&G in 1989 as assistant brand manager for the Arabian
Peninsula and since then has been progressing through various
regional and global responsibilities in Switzerland, France,
Germany, Venezuela and Brazil.

Mr. Farahat is renowned for his leadership qualities and is
results driven, most recently demonstrated by the growth of P&G in
Brazil. P&G has grown more than any other company in the consumer
products category in recent years in Brazil.  A number of his
achievements are used as reference material in courses at the
University of Harvard in the United States.

Mr. Farahat is also a director of the Brazil Arab Chamber of
Commerce.

JBS also disclosed the creation of an Innovation and Marketing
Committee which will serve to support its board of directors and
which will be chaired by Mr. Farahat.  This committee's function
will be to analyze and recommend strategies in the innovation and
marketing department related to the consumer products category of
the company not only in Brazil but also globally.

The formation of this committee enhances the intelligence of JBS
in these areas.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Fitch Ratings has placed JBS S.A.'s (JBS) ratings
on Negative Watch following the announcement that it will acquire
certain assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.


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


CLEARSKY INVESTMENT: Members to Receive Wind-Up Report on June 30
-----------------------------------------------------------------
The members of Clearsky Investment Ltd. will receive on June 30,
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


KAICO ADVISORS: Members to Receive Wind-Up Report on June 30
------------------------------------------------------------
The members of Kaico Advisors Ltd. will receive on June 30, 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


LAMPADINA INVESTMENT: Members to Receive Wind-Up Report on June 30
------------------------------------------------------------------
The members of Lampadina Investment Ltd. will receive on June 30,
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


POINT RACE: Shareholders to Receive Wind-Up Report on June 25
-------------------------------------------------------------
The shareholders of Point Race Capital will receive on June 25,
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:

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


SANTA FEE: Members Receive Wind-Up Report
-----------------------------------------
The members of Santa Fee Limited received on June 17, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


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


BANCO MERCANTIL: Moody's Affirms Ratings; Outlook Still Negative
----------------------------------------------------------------
Moody's de Mexico affirmed all of Banco Mercantil del Norte,
S.A.'s ratings and maintained a negative outlook. The following
ratings on Banorte were affirmed: C- (C minus) standalone bank
financial strength rating (BFSR) and A3 long-term global local
currency deposit rating. Banorte's standalone C- BFSR maps to a
baa2 standalone baseline credit assessment (BCA). Moody's also
affirmed the Baa3 long-term subordinated debt and Ba1 junior
subordinated debt ratings. The outlooks on all these ratings
remain negative.

At the same time, Moody's affirmed the A3 global local currency
issuer ratings of Arrendadora y Factor Banorte, S.A. The outlook
on these ratings is negative.

The Mexican National Scale ratings of all these related issuers
were not affected by this action. The ratings of Ixe Banco, S.A.
and Casa de Bolsa Banorte Ixe, S.A. were not affected by this
action either.

List of Affected Ratings:

The following ratings were affirmed with negative outlook:

Banco Mercantil del Norte, S.A.

- Bank financial strength rating (BFSR) of C-

- Long-term global local currency deposits of A3

- Long-term global local foreign deposits of Baa1

- Global local currency subordinated debt of Baa3

- Global local currency subordinated debt program of (P) Baa3

- Global local currency junior subordinated debt of Ba1 (hyb)

- Global local currency junior subordinated debt program of (P)
Ba1

- Mexican National Scale subordinated debt of Aa2.mx

- Mexican National Scale subordinated debt program of Aa2.mx

- Mexican National Scale junior subordinated debt of Aa3.mx (hyb)

- Mexican National Scale junior subordinated debt program of
Aa3.mx

Arrendadora y Factor Banorte, S.A.

- Long-term global local currency issuer of A3

- Short-term global local currency issuer of P-2

- Long-term Mexican National Scale issuer rating of Aaa.mx

- Short-term Mexican National Scale issuer rating of MX-1

- Long-term global local currency senior debt program of (P) A3

- Short-term global local currency senior debt program of (P) P-2

- Long term Mexican National Scale senior debt rating of Aaa.mx

- Short term Mexican National Scale senior debt rating of MX-1

Ratings Rationale:

Maintenance Of Negative Outlook

Moody's said that Grupo Financiero Banorte, S.A.B.'s (GFNorte)
announcement of an intended public shares offering for up to $3
billion provides clarity on the financing plan to fund its
acquisitions and outstanding financial commitments. However,
uncertain market conditions may interfere with the timing and
execution of the deal, and in turn, expose Banorte to earnings and
capital pressures. Banorte is the largest earnings and cash
generator of its financial group. As such, GFNorte's acquisitive
mode represents a potential drain on the bank's capital resources,
which explains Moody's negative outlook on the rating.

Moody's acknowledges that a successful share offering would reduce
pressure on Banorte's financial performance and capital adequacy.
However, should there not be enough investor appetite or market
depth, the bank would be required to continue to support its
holding company's commitments. Moreover, Banorte has historically
reported a weaker capital profile relative to its large Mexican
bank peers' as suggested by a lower share of high-quality Tier-1
capital.

Affirmation Of Standalone And Deposit Ratings

In affirming the standalone C-/baa2 ratings, Moody's cited
Banorte's strong franchise value supported by important and
growing market shares and recurrent earnings power. As a result of
organic and inorganic expansion in the last few years, Banorte, as
a group, is building a more rounded franchise and assuring a large
critical mass, providing for earnings diversification and
stability.

Following the absorption of IXE Banco, S.A., Banorte holds an
important market share of nearly 12% of the system's deposits, and
is now the third largest bank in Mexico by this measure. The bank
is also the 3rd largest in customers and branches with more than
26 million clients and a footprint of more than 1,300 branches and
approximately 6,700 ATMs nationwide.

Banorte's A3 deposit rating incorporates two notches of uplift
from the baa2 standalone credit assessment because of Moody's
assessment of a high probability of systemic support from the
Mexican government in a stress situation given the bank's
importance as a leading deposit-taker and lender in the Mexican
market.

Banorte is headquartered in Mexico City. As of March 31, 2013, the
bank reported Mx$702 billion in assets (source: Comision Nacional
Bancaria y de Valores).

The principal methodology used in this rating was Global Banks
published in March 2013.

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.

The date of the last Credit Rating Action on Banorte was on March
13, 2013 when Moody's affirmed Banorte's ratings; outlook remained
negative.

The period of time covered in the financial information used to
determine Banorte's rating is between December 31, 2006 and March
31, 2013 (source: Moody's, Issuer's financial statements, CNBV and
Banxico).

The sources and items of information used to determine Banorte's
rating include 2011, 2012 and 2013 interim financial statements
(source: Grupo Financiero Banorte); year-end 2011 and 2012 audited
financial statements (source: Grupo Financiero Banorte, audited by
Deloitte Touche Tohmatsu Limited); financial statements and
information on market position (source: CNBV); regulatory capital
information (source: Banxico); debt offering memorandum (source:
Grupo Financiero Banorte).


BANCO MERCANTIL: Moody's Affirms Ba1 Rating on Junior Debt
----------------------------------------------------------
Moody's Investors Service affirmed all of Banco Mercantil del
Norte, S.A.'s global foreign currency subordinated and junior
subordinated debt ratings and maintained a negative outlook. The
following ratings on Banorte were affirmed: Baa3 (hyb) long-term
global foreign currency subordinated debt and Ba1 (hyb) long-term
global foreign currency junior subordinated debt ratings. The
outlooks on these ratings remain negative.

At the same time, Moody's affirmed the A3 global foreign currency
senior debt rating of Banco Mercantil del Norte, S.A. (Cayman
Islands). The outlook on this rating is negative.

List of Affected Ratings:

The following ratings were affirmed with negative outlook:

Banco Mercantil del Norte, S.A.

- Global foreign currency subordinated debt rating of Baa3 (hyb)

- Global foreign currency junior subordinated debt rating of Ba1
(hyb)

Banco Mercantil del Norte, S.A. (Cayman Islands)

- Global foreign currency senior debt rating of A3, negative
outlook

Ratings Rationale:

Maintenance Of Negative Outlook

Moody's said that Grupo Financiero Banorte, S.A.B.'s announcement
of an intended public shares offering for up to $3 billion
provides clarity on the financing plan to fund its acquisitions
and outstanding financial commitments. However, uncertain market
conditions may interfere with the timing and execution of the
deal, and in turn, expose Banorte to earnings and capital
pressures. Banorte is the largest earnings and cash generator of
its financial group. As such, GFNorte's acquisitive mode
represents a potential drain on the bank's capital resources,
which explains Moody's negative outlook on the rating.

Moody's acknowledges that a successful share offering would reduce
pressure on Banorte's financial performance and capital adequacy.
However, should there not be enough investor appetite or market
depth, the bank would be required to continue to support its
holding company's commitments. Moreover, Banorte has historically
reported a weaker capital profile relative to its large Mexican
bank peers' as suggested by a lower share of high-quality Tier-1
capital.

Affirmation Of Standalone And Deposit Ratings

In affirming the standalone C-/baa2 ratings, Moody's cited
Banorte's strong franchise value supported by important and
growing market shares and recurrent earnings power. As a result of
organic and inorganic expansion in the last few years, Banorte, as
a group, is building a more rounded franchise and assuring a large
critical mass, providing for earnings diversification and
stability.

Following the absorption of IXE Banco, S.A., Banorte holds an
important market share of nearly 12% of the system's deposits, and
is now the third largest bank in Mexico by this measure. The bank
is also the 3rd largest in customers and branches with more than
26 million clients and a footprint of more than 1,300 branches and
approximately 6,700 ATMs nationwide.

Banorte's A3 deposit rating incorporates two notches of uplift
from the baa2 standalone credit assessment because of Moody's
assessment of a high probability of systemic support from the
Mexican government in a stress situation given the bank's
importance as a leading deposit-taker and lender in the Mexican
market.

Banorte is headquartered in Mexico City. As of March 31, 2013, the
bank reported Mx$702 billion in assets (source: Comision Nacional
Bancaria y de Valores).

The principal methodology used in this rating was Global Banks
published in March 2013.

The date of the last Credit Rating Action on Banorte was on
March 31, 2013 when Moody's affirmed Banorte's ratings; outlook
remained negative.



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


VENEZUELA: S&P Lowers Sovereign Rating to 'B'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela to 'B' from 'B+'.  The outlook on
the long-term ratings is negative.

At the same time, S&P affirmed its 'B' short-term foreign and
local currency sovereign credit ratings on Venezuela.

S&P also downgraded its transfer & convertibility (T&C) assessment
to 'B' from 'B+'.

"The downgrade on Venezuela reflects the government's diminishing
ability to implement measures to reverse declining GDP growth,
rising inflation, and weakening external liquidity in the context
of growing political disagreements within the administration,"
said Standard & Poor's credit analyst Sebastian Briozzo.  "Growing
political uncertainty is weakening the implementation of economic
policies and may possibly undermine governability."

The political uncertainty reflects both increasing tension between
the government and the opposition because of the narrow election
victory of the now President Nicolas Maduro and the fact that this
result was challenged by the opposition and, more importantly,
signs of internal disagreements within the government.  This makes
it more difficult for the government to undertake steps to contain
inflation, ease shortages of goods in the local market, and
reverse other economic distortions.  GDP growth is decelerating
sharply in 2013, and S&P expects it to approach zero.  Inflation
is increasing and may reach close to 40% by year-end.  Growing
restrictions on external liquidity as a result of PDVSA's lower
oil production and a more uncertain outlook for oil prices will
continue to limit Venezuela's ability to deal with growing
domestic political and economic challenges.

Moreover, political difficulties add to the already high level of
unpredictability that characterizes Venezuela's economic policy
framework, which constrains the sovereign credit rating.  The
country's vast oil and gas reserves, the government's relatively
low debt burden, and its net external asset position continue to
support the rating.

"The negative outlook reflects the possibility that a politically
weakened president and administration may pursue less pragmatic
policies that increase imbalances in the economy and result in
greater instability," said Mr. Briozzo.  "It also reflects the
risk that even if the government takes corrective measures, it may
not be able to implement them effectively because of the difficult
political environment.  We could lower the rating by one notch
under such a scenario."

In a more extreme and remote scenario, the political situation
could deteriorate to the point of disrupting the administration's
ability to govern and, thereby, impair its ability to service its
debt.  S&P could lower the rating by more than one notch under
such a scenario.

Steps to defuse the heightened tensions in Venezuela's political
environment would reduce the risks of eroding governability and of
greater volatility in economic policies.  That, along with
pragmatic economic policies to contain economic imbalances, could
lead S&P to revise the outlook to stable.


                            ***********


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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