TCRLA_Public/130625.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 25, 2013, Vol. 14, No. 124


                            Headlines



A R G E N T I N A

COOPERATIVA DE PROVISION: Creditors' Proofs of Debt Due Aug. 12
ELECTROVERIFICACION SA: Creditors' Proofs of Debt Due Aug. 7
HYDRO AMERICA: Creditors' Proofs of Debt Due July 11
SAMA EXPLOTACIONES: Files for Reorganization Proceedings
TEJIDOS JMS: Proofs of Claim Verification Deadline on July 12


B R A Z I L

BANCO BVA: Moody's Downgrades Deposit Ratings One Notch to C
JBS SA: Brazil Queries Over Use of Derivatives
OSX BRASIL: Owner Tries to Avoid Bankruptcy of Firm


C A Y M A N  I S L A N D S

CALIBRE FUND: Creditors & Contributories to Meet on July 19
CIL LIMITED: Creditors to Hold Meeting on July 8
CLYDESDALE CLO: Creditors' Proofs of Debt Due July 8
GOLDEN HANS: Creditors' Proofs of Debt Due July 17
KEY FUND: Creditors' Proofs of Debt Due July 15

KLEROS PREFERRED III: Creditors' Proofs of Debt Due July 18
KLEROS PREFERRED IV: Creditors' Proofs of Debt Due July 18
LONE CEDAR II: Creditors' Proofs of Debt Due July 18
MARATHON PORTFOLIO: Sole Member to Hear Wind-Up Report on July 22


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Moody's Affirms LT Local-Currency Ratings at B1


J A M A I C A

* JAMAICA: Debt Forgiveness by Muli-laterals Will Reduce Debt


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: T&T Moves to Pay Outstanding Debts to Jamaica


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -

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

COOPERATIVA DE PROVISION: Creditors' Proofs of Debt Due Aug. 12
---------------------------------------------------------------
Beatriz Rosa Mazaferri, the court-appointed trustee for the
bankruptcy proceedings of Cooperativa de Provision de Servicios y
Credito de Propietarios de Taxi Cooprotax Limitada, will be
verifying creditors' proofs of claim until Aug. 12, 2013.

Ms. Mazaferri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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. Mazaferri 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 Trustee can be reached at:

          Beatriz Rosa Mazaferri
          Lavalle 1459
          Argentina


ELECTROVERIFICACION SA: Creditors' Proofs of Debt Due Aug. 7
------------------------------------------------------------
Diego J. Fierro Ariet, the court-appointed trustee for
Electroverificacion SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Aug. 7, 2013.

Mr. Ariet will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, 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 separate
proceedings 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. Ariet 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 Trustee can be reached at:

          Diego J. Fierro Ariet
          Berna 2387
          Argentina


HYDRO AMERICA: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
Mirta Aurora Lopez, the court-appointed trustee for Hydro America
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 11, 2013.

Ms. Lopez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, 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. Lopez 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 Trustee can be reached at:

          Mirta Aurora Lopez
          Av. Corrientes 2335
          Argentina


SAMA EXPLOTACIONES: Files for Reorganization Proceedings
--------------------------------------------------------
Sama Explotaciones Agricolas SA has requested for reorganization
approval after failing to pay its liabilities since last May 8.

The reorganization petition, once approved by the court, will
allow the company 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 20 in Buenos Aires.  Clerk No. 40 assists the court in
this case.


TEJIDOS JMS: Proofs of Claim Verification Deadline on July 12
-------------------------------------------------------------
Carlos Daniel Brezinski, the court-appointed trustee for Tejidos
JMS SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 12, 2013.

Mr. Brezinski will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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. Brezinski 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 Trustee can be reached at:

          Carlos Daniel Brezinski
          Lambare 1440
          Argentina


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


BANCO BVA: Moody's Downgrades Deposit Ratings One Notch to C
------------------------------------------------------------
Moody's Investors Service lowered Banco BVA S.A.'s baseline credit
assessment (BCA) to c, from ca, and downgraded the bank's long-
term global local and foreign currency deposit ratings to C, from
Ca.

At the same time, Moody's downgraded BVA's foreign currency debt
rating to C, from Ca, and the long-term Brazilian national scale
deposit rating to C.br, from Ca.br. Concurrently, Moody's affirmed
BVA's bank financial strength rating (BFSR) of E and BVA's short-
term deposit ratings. At their current level all ratings carry no
outlook. This action concludes the review initiated on October 19,
2012.

At the same time, the rating agency said that it will withdraw all
ratings as a result of the Central Bank of Brazil's announcement
on 19 June 2013 that determines the liquidation of BVA.

At the time of withdrawal, BVA's ratings are as follows:

Bank financial strength rating of E, which maps to a standalone
baseline credit assessment of c

Global local currency deposit ratings of C and Not Prime

Foreign currency deposit ratings of C and Not Prime

Foreign currency senior unsecured debt ratings assigned to MTN
program of (P)C and (P)Not Prime

Long-term foreign currency senior unsecured debt rating assigned
to outstanding notes of C

Brazilian national scale deposit ratings of C.br and BR-4

Ratings Rationale:

The downgrade and withdrawal of BVA's ratings follow the Central
Bank of Brazil's announcement on the liquidation of BVA, and
concludes the intervention process that was triggered by solvency
and liquidity problems at the bank. During the past months, the
regulator has conducted a thorough examination of the bank's
financial condition and its capacity to repay all of its
obligations. In the meantime, Brazil's Depositary Insurance Fund
(FGC), BVA's largest creditor, has pursued negotiations with
prospective buyers to restore the bank's solvency, without
success.

In downgrading BVA's deposit and debt ratings to C, Moody's
highlights the uncertainty regarding the potential recovery rate
of BVA's uninsured obligations, now that the bank's liquidation
has been decreed. During the past months, BVA's creditors failed
to reach an agreement that would have imposed a 65% haircut to the
bank's non-insured, outstanding obligations. Moody's C global
scale rating implies expected losses in the range of 65% to 100%
to creditors.

The last rating action on BVA occurred on October 19, 2012, when
Moody's downgraded all global local and foreign currency deposit
ratings, as well as its foreign currency debt ratings, to Ca from
Caa1. The baseline credit assessment was lowered to ca from caa1,
mapping from the E bank financial strength rating (BFSR). The
bank's long-term Brazilian national scale rating was also
downgraded to Ca.br from Caa1.br. The ratings remained on review
for downgrade.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 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 to 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.

Banco BVA S.A. is headquartered in Sao Paulo, Brazil. As of
December 2011, the bank had total assets of approximately BRL6.74
billion ($3.61 billion) and equity of BRL747 million ($401
million).


JBS SA: Brazil Queries Over Use of Derivatives
----------------------------------------------
4-traders.com reports that Brazil's securities regulator, the CVM,
has asked JBS SA to explain its use of derivatives.

Outside of the financial industry, JBS SA is by far the largest
user of derivatives, CVM said in a letter sent to JBS, according
to 4-traders.com.

The report notes that companies with large international
operations such as JBS SA often use derivatives to protect
themselves against variations in a number of markets, including
currency, commodities and interest rates.

The report relates that in the recent past, some Brazilian
companies have made big bets in derivatives markets that have gone
wrong, in some cases leading companies into bankruptcy or to be
rescued by rivals through acquisitions.

The report discloses that JBS SA makes "constant changes" in its
bets in the derivatives operations, switching position in one
direction or another, the CVM said.

In a statement, JBS's comptroller, Rafael Harada, said the company
uses derivatives to protect its operations against market
movements, the report notes.

4 Traders.com adds that the firm said it will ask independent
auditors to examine JBS's use of derivatives.  JBS didn't explain
its derivatives positions.

                       *     *     *

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.


OSX BRASIL: Owner Tries to Avoid Bankruptcy of Firm
---------------------------------------------------
Reuters, citing Folha de S.Paulo daily, reports that Brazilian
billionaire Eike Batista is struggling to avoid bankruptcy of its
shipyard and ship leasing company OSX Brasil after it defaulted on
some BRL500 million ($222 million) in debt owed to Spanish
infrastructure group Acciona.

The local newspaper said that OSX Brazil, which recently fired 300
employees to cut costs, is now under pressure from banking
creditors to pay off or renegotiate some BRL2 billion in short-
term debt, according to Reuters.

The report notes that Folha said OSX remains in negotiations over
its debt with Acciona, which does not rule out seeking bankruptcy
of the ship leasing company -- a move that could spill over into
Batista's other companies.

OSX shares have lost 85 percent of their value since the beginning
of the year as a series of missed targets and project delays
eroded investors' confidence in Batista's ability to deliver on
his promises, Reuters notes.

Mr. Batista became Brazil's richest man in recent years after
raising billions of dollars amid booming demand for commodity-
related investments in the country, but lost his standing after
the selloff helped slash more than $20 billion from his fortune in
the past year, the report adds.


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


CALIBRE FUND: Creditors & Contributories to Meet on July 19
-----------------------------------------------------------
The creditors and contributories of Calibre Fund, SPC will hold
their meeting on July 19, 2013, at 8:00 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 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
          Switchboard: +1 (345) 949 8444


CIL LIMITED: Creditors to Hold Meeting on July 8
------------------------------------------------
The creditors of CIL Limited will hold their first meeting on
July 8, 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:

          Matthew Wright
          c/o Chris Kennedy
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          RHSW (Cayman) Limited
          P.O. Box 897
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CLYDESDALE CLO: Creditors' Proofs of Debt Due July 8
----------------------------------------------------
The creditors of Clydesdale CLO 2003 Limited are required to file
their proofs of debt by July 8, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 6, 2013.

The company's liquidators are:

          Samit Ghosh
          Simon Owiti
          P.O. Box 1109 Grand Cayman KY1-1102
          Cayman Islands
          c/o Adam Fox
          Telephone: 949-7755
          Facsimile: 949-7634


GOLDEN HANS: Creditors' Proofs of Debt Due July 17
--------------------------------------------------
The creditors of Golden Hans Restaurant Group Holdings Limited are
required to file their proofs of debt by July 17, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 3, 2013.

The company's liquidator is:

          Cosimo Borelli
          c/o Borelli Walsh
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman, KY1-1205
          Telephone (345) 947 4700


KEY FUND: Creditors' Proofs of Debt Due July 15
-----------------------------------------------
The creditors of Key Fund Ltd. are required to file their proofs
of debt by July 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 22, 2013.

The company's liquidator is:

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


KLEROS PREFERRED III: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------------
The creditors of Kleros Preferred Funding III, Ltd. are required
to file their proofs of debt by July 18, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 4, 2013.

The company's liquidator is:

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


KLEROS PREFERRED IV: Creditors' Proofs of Debt Due July 18
----------------------------------------------------------
The creditors of Kleros Preferred Funding IV, Ltd. are required to
file their proofs of debt by July 18, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 4, 2013.

The company's liquidator is:

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


LONE CEDAR II: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
The creditors of Lone Cedar II, Ltd are required to file their
proofs of debt by July 18, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 31, 2013.

The company's liquidator is:

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


MARATHON PORTFOLIO: Sole Member to Hear Wind-Up Report on July 22
-----------------------------------------------------------------
The sole member of Marathon Portfolio International Limited will
receive on July 22, 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:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056
          U.S.A


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


BANCO DE RESERVAS: Moody's Affirms LT Local-Currency Ratings at B1
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco de Reservas de la
Republica Dominicana's E+ standalone bank financial strength
rating (BFSR) and b2 standalone baseline credit assessment (BCA)
and changed the outlook to negative from stable.

At the same time, Moody's affirmed Banreservas' B1 and Not Prime
long and short term local currency deposit ratings and the B2 and
Not Prime long and short term foreign currency deposit ratings
with stable outlooks. Moody's also affirmed with a stable outlook
the bank's B2 foreign currency subordinated debt rating.

The following rating was affirmed, with the outlook changed to
negative from stable:

Bank financial strength rating: E+

The following ratings were affirmed with stable outlooks:

Long term local currency deposit rating: B1

Short term local currency deposit rating: Not Prime

Long term foreign currency deposit rating: B2

Short term foreign currency deposit rating: Not Prime

Long term foreign currency subordinated debt rating: B2

Ratings Rationale:

Moody's said that the negative outlook on the standalone ratings
reflects the negative pressure on the bank's capital as a result
of the announced transfer of RD$ 3.2 billion (around $80 million)
to the government, as a dividend related to retained earnings for
the years 2012 and 2011 and 2010. The transfer is sizeable for
Banreservas as it represents 1.4 times the bank's net income for
2012 of RD$ 2.3 billion (around $ 58 million).

Moody's noted that the move is a significant reversal of the
bank's earnings retention practice during 2012 and 2011 when the
bank retained 99% and 92% of net income to support its expanding
loan portfolio. While by law the government may draw dividends
from the bank in excess of the 35% legal minimum, the recent move
reflects the low predictability of the bank's dividend policy that
creates uncertainty with respect to the management of the bank's
capital resources and risk-based capital ratios.

The rating agency also noted the continuing drain on Banreservas'
resources by the government, its 100% shareholder, that hinders
the bank's stated business strategy of increasing its lending to
the private sector and diversifying away from its high asset
concentrations with the public sector. Moody's said that the
dividend transfer adds to the $ 1.1 billion increase in public
sector loans during 2012, which doubled vis--vis year-end 2011,
and represented 31% of the bank's total assets up from 13% the
year before. Moreover, total public sector assets of the bank
including government securities comprised almost half of total
assets as of year-end 2012, from 27% in 2011. Moody's also
observed that the transfer effectively reduces the cash flow
available to service the bank's own obligations, including
deposits and bank borrowings, as well as the $ 300 million
subordinated debt issued in February 2013.

The rating agency noted its concern that Banreservas might
continue to transfer resources to the government in the near term,
in light of a persistently high fiscal deficit and sluggish
economic growth. Should the bank continue with this strategy,
Moody's would consider further negative actions on the standalone
ratings, to reflect a weakening of the bank's internal capital
generation and thus of its growth and earnings potential.

The return to a stable outlook on Banreservas' standalone ratings
will hinge on a more consistent public sector lending and dividend
policy. Steady growth in good quality private sector loans that
support earnings would also be seen as positive, said Moody's.

Moody's explained that the continuing stable outlook on the bank's
supported deposit and subordinated debt ratings reflects its
continued assumption that the bank's 100% owner, the Dominican
government (B1, stable), will fully support Banreservas'
obligations, in case of need.

Banreservas' B1 local currency deposit rating is based on the
standalone baseline credit assessment of b2, that is mapped from
the E+ BFSR, and receives one notch of uplift due to Moody's
assumption of parental support. This assumption is based on the
government's ownership of the bank, its close financial and
business linkages, and the importance of its deposit and lending
franchise. The bank's B2 foreign currency deposit rating also
remains with a stable outlook, and is constrained by the foreign
currency country ceiling for deposits. The B2 subordinated debt
rating, also with stable outlook, reflects one notch of
subordination from the deposit rating, in line with Moody's
guidelines for subordinated debt ratings.

The principal methodology used in this rating was Moody's Global
Banks methodology published on May 31, 2013.

The last rating action on Banreservas was on January 18, 2013,
when Moody's assigned first time standalone, deposit and debt
ratings to the bank.

Based in Santo Domingo, Banreservas is the Dominic Republic's
largest bank, with consolidated total assets of $6.2 billion
(DOP248 billion), deposits of $3.1 billion, shareholders' equity
of $460 million and net income of $58 million, as of December 31,
2012.


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


* JAMAICA: Debt Forgiveness by Muli-laterals Will Reduce Debt
-------------------------------------------------------------
RJR News reports that Research published by the Centre for
Economic and Policy Research, in Washington, D.C., is suggesting
that debt forgiveness by multi-laterals, will go further in
reducing Jamaica's debt burden, compared to current IMF prescribed
austerity measures.

The report in a paper published showed that debt cancellations
from multi-laterals such as the IMF, World Bank and Inter American
Development Bank, would free up US$1.6 billion for Jamaica in the
next four years, according to RJR News.

The report relates that by comparison, Jamaica is seeking to
borrow up to US$ 2 billion the same 4 year period, from the same
multi-laterals.


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


CARIBBEAN AIRLINES: T&T Moves to Pay Outstanding Debts to Jamaica
-----------------------------------------------------------------
RJR News reports that the Trinidadian Government is making
arrangements to clear the debt of Caribbean Airlines Limited to
Jamaican entities by the end of the month.  The entities include
the Customs Department, the Jamaica Civil Aviation Authority and
the Airports Authority of Jamaica, according to RJR News.

The report relates Trinidad & Tobago's Guardian newspaper quoted
Trade Minister Vasant Bharath as saying that most of the US$15
million owed to Jamaica had been paid.  Mr. Bharath disclosed that
the remaining US$2 million will be paid this month, notes the
report.

According to RJR News, Mr. Bharath said he recently met with new
CAL's interim chairman, Phillip Marshall, and outlined what he
expects from the new board.

Mr. Bharath said people who worked with the former BWIA and early
Caribbean Airlines structure were also assisting, the report
relates.

The report discloses that the Minister said CAL was finalizing
issues concerning the Air Jamaica arrangement and quelling
Jamaican concerns on outstanding matters.

Dr. Omar Davies, Jamaica's Minister of Transport and Works, gave
the authorities in Port of Spain one month to provide a clear plan
on the way forward for the Air Jamaica brand, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services.  It also specializes in
the shipment of fresh cut flowers and packaged meats, hatching
eggs, chocolates, fruits and vegetables, frozen and chilled fish,
vaccines, newspapers, and magazines within the Caribbean, as well
as to North America and Europe.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report said the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in
January.


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


* 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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