TCRLA_Public/130626.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 26, 2013, Vol. 14, No. 125


                            Headlines



A R G E N T I N A

AUDIOALERT SRL: Proofs of Claim Verification Deadline on July 31
CTEC SRL: Proofs of Claim Verification Deadline on July 31
LAURA TEXTIL: Proofs of Claim Verification Deadline on June 26
ZENEIXI SA: Proofs of Claim Verification Deadline on July 12


B R A Z I L

MMX MINERACAO: Controlled by Batista, May Sell Assets or Shares
OSX BRASIL: Denies Debt Default Filing


C A Y M A N  I S L A N D S

3A WINDRIDER: Members to Hear Wind-Up Report on July 16
ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9
CHAMP EXPLORER: Shareholders to Hear Wind-Up Report on July 19
GREENHEART CAPITAL: Shareholders to Hear Wind-Up Report on July 10
JADE VIII: Members to Receive Wind-Up Report on July 16

MSR ASIA: Members to Receive Wind-Up Report on July 16
PARVUS EUROPEAN: Members to Hear Wind-Up Report on July 16
PARVUS MASTER: Members to Hear Wind-Up Report on July 16
TACTICAL REBALANCED: Members to Hear Wind-Up Report on July 9
TURNSTONE INTERNATIONAL: Members to Hear Wind-Up Report on July 18


C O L O M B I A

* COLOMBIA: IMF OKs Successor Two-Year US$5.84BB Credit Line


J A M A I C A

JPPC: Sets Redundancy Exercise for June 28


M E X I C O

GRUPO ELEKTRA: Moody's Assign Ba3 CFR with a Stable Outlook


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: T&T and Jamaica Commit to Make Deal Work


                            - - - - -


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


AUDIOALERT SRL: Proofs of Claim Verification Deadline on July 31
----------------------------------------------------------------
Maria Cristina Rodriguez, the court-appointed trustee for
Audioalert SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 31, 2013.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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. Rodriguez 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:

          Maria Cristina Rodriguez
          Av. Corrientes 3169
          Argentina


CTEC SRL: Proofs of Claim Verification Deadline on July 31
----------------------------------------------------------
Sergio Diego Hernan, the court-appointed trustee for CTEC SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 31, 2013.

Mr. Hernan will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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. Hernan 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:

          Sergio Diego Hernan
          Viamonte 1546
          Buenos Aires, Argentina


LAURA TEXTIL: Proofs of Claim Verification Deadline on June 26
--------------------------------------------------------------
Maria Catalina Gassi, the court-appointed trustee for Laura Textil
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 26, 2013.

Ms. Gassi 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. 25, 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. Gassi 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:

          Maria Catalina Gassi
          Defensa 898
          Buenos Aires, Argentina


ZENEIXI SA: Proofs of Claim Verification Deadline on July 12
------------------------------------------------------------
Juan Carlos Gabriel Toledo, the court-appointed trustee for
Zeneixi SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 12, 2013.

Mr. Toledo 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. 18, 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. Toledo 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:

          Juan Carlos Gabriel Toledo
          Viamonte 377
          Buenos Aires, Argentina


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


MMX MINERACAO: Controlled by Batista, May Sell Assets or Shares
---------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal, citing regulatory
filings, reports that MMX Mineracao e Metalicos S.A., a mining
company controlled by Brazilian billionaire Eike Batista, hired
financial advisers to "evaluate business opportunities," including
the possible sale of assets or shares currently owned by Mr.
Batista.

Mr. Batista has been selling off assets in his companies to shore
up the group's finances after the conglomerate's flagship oil
firm, OGX Petroleo e Gas Participacoes, reported production levels
well below expectations, triggering a confidence crisis, according
to The Wall Street Journal.

The report notes that there have been reports Mr. Batista could
sell a stake in his Superporto Sudeste project, in southern
Brazil, to Swiss mining multinational Glencore Xtrata.

The Wall Street Journal relates that last March, Mr. Batista hired
Brazilian investment bank BTG Pactual to develop a strategy for
the group including the possible sale of stakes in the group's
many start-up companies.

Since then Mr. Batista has sold an additional stake in his energy
company, MPX LLC, to German utility E.ON SE for around $700
million, as well as stakes in two offshore blocs blocks controlled
by OGX to Malaysia's Petroliam Nasional Bhd. for $850 million, the
report discloses.


OSX BRASIL: Denies Debt Default Filing
---------------------------------------
Reuters reports that OSX Brasil SA, the shipbuilding company of
billionaire Eike Batista, denied a report it failed to make
payments on debt held by Spanish infrastructure group Acciona.

The local Folha da S.Paulo newspaper reported that Batista's OSX
Brasil was struggling to avoid bankruptcy after it defaulted on
some BRL500 million ($222 million) in debt held by Acciona,
according to Reuters.

"The story on the supposed debt with supplier Acciona that OSX CN
failed to honor is false," OSX said in a market filing with
regulator CVM, the report notes.

The report relates that OSX said its debt payments were up to
date.

The report notes that OSX shares have sunk 85 percent since the
beginning of the year as a series of missed targets and project
delays eroded investor confidence in Batista's ability to deliver
on his promises.

OSX Brasil is a holding company involved in the oil and gas
sector.  The Company provides equipment and services to the
offshore oil and gas industries.


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


3A WINDRIDER: Members to Hear Wind-Up Report on July 16
-------------------------------------------------------
The members of 3A Windrider Fund will receive on July 16, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9
-------------------------------------------------------------
The members of Anthracite Balanced Company (JR-38) Limited will
receive on July 9, 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:

          Simon Conway
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


CHAMP EXPLORER: Shareholders to Hear Wind-Up Report on July 19
--------------------------------------------------------------
The shareholders of Champ Explorer Holdings Limited will receive
on July 19, 2013, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GREENHEART CAPITAL: Shareholders to Hear Wind-Up Report on July 10
------------------------------------------------------------------
The shareholders of Greenheart Capital Fund (Offshore) Ltd. will
receive on July 10, 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:

          Greenheart Capital Partners LLC
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


JADE VIII: Members to Receive Wind-Up Report on July 16
-------------------------------------------------------
The members of Jade VIII, Inc. will receive on July 16, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MSR ASIA: Members to Receive Wind-Up Report on July 16
------------------------------------------------------
The members of MSR Asia Acquisitions X, Inc. will receive on
July 16, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


PARVUS EUROPEAN: Members to Hear Wind-Up Report on July 16
----------------------------------------------------------
The members of Parvus European Plus Fund will receive on July 16,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


PARVUS MASTER: Members to Hear Wind-Up Report on July 16
--------------------------------------------------------
The members of Parvus European Plus Master Fund will receive on
July 16, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


TACTICAL REBALANCED: Members to Hear Wind-Up Report on July 9
-------------------------------------------------------------
The members of Tactical Rebalanced Fund Limited will receive on
July 9, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


TURNSTONE INTERNATIONAL: Members to Hear Wind-Up Report on July 18
------------------------------------------------------------------
The members of Turnstone International Ltd. will receive on
July 18, 2013, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


===============
C O L O M B I A
===============


* COLOMBIA: IMF OKs Successor Two-Year US$5.84BB Credit Line
------------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
new two-year arrangement for Colombia under the Flexible Credit
Line (FCL) in an amount equivalent to SDR 3.87 billion (about
US$5.84 billion).  The Colombian authorities indicated that they
intend to treat the new arrangement as precautionary and do not
intend to draw on the line.

Colombia's first FCL was approved on May 11, 2009 and two
successor arrangements were approved on May 7, 2010 and May 6,
2011.

Following the Executive Board discussion of Colombia, Mr. David
Lipton, First Deputy Managing Director and Acting Chairman of the
Board, made the following statement:

"Colombia has very strong policy frameworks, comprising an
inflation-targeting regime, a flexible exchange rate, effective
financial sector supervision and regulation, and a fiscal policy
guided by a structural balance rule for the central government.

The authorities also have a sustained track record of
implementation of very strong policies, which have underpinned
strong economic performance in recent years.  Looking ahead, the
authorities are firmly committed to maintaining such policies and
to undertaking further initiatives - including the recently -
approved tax reform - to bolster growth, reduce inequality, and
further increase economic resilience.

"Colombia's macroeconomic policies provided resilience to the
global financial crisis and supported a strong recovery and
gradual rebuilding of policy buffers.  The exchange rate has
played a key shock-absorbing role, and the financial system has
remained stable.  The authorities have also taken advantage of
strong capital inflows to partially rebuild their international
reserve position.

"However, risks to the global economic outlook remain elevated,
and if they materialized, they would affect Colombia's economy and
external accounts.  Access to the Fund's Flexible Credit Line
(FCL) instruments will continue to play an important role in
supporting the authorities' macroeconomic strategy if that were to
happen.  A successor arrangement, which the authorities intend to
continue to treat as precautionary, will help Colombia to
effectively manage potential shocks and sustain strong economic
performance, while the authorities continue strengthening their
policy framework and rebuilding policy buffers."

                    About Flexible Credit Line

The FCL was established on March 24, 2009 and further enhanced on
Aug. 30, 2010.  The FCL is available to countries with very strong
fundamentals, policies, and track records of policy implementation
and is particularly useful for crisis prevention purposes.  FCL
arrangements are approved for countries meeting pre-set
qualification criteria.  The FCL is a renewable credit line, which
could be approved for either one or two years.  Two-year
arrangements involve a review of eligibility after the first year.
If the country draws on the credit line, the repayment period is
between three and five years.  There is no cap on access to Fund
resources under the FCL, and access is determined on a case-by-
case basis. Qualified countries have the full amount available up-
front, with no ongoing conditions.  There is flexibility to either
draw on the credit line at the time it is approved, or treat it as
precautionary.


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


JPPC: Sets Redundancy Exercise for June 28
------------------------------------------
RJR News reports that the Jamaica Private Power Company (JPPC) has
confirmed that it will reduce its workforce come next week.

The company said in a statement that it could no longer delay the
restructuring and re-organization of its operations and had no
alternative but to carry out the redundancy exercise on June 28,
according to RJR News.

The report relates that JPPC's management has informed the
National Workers' Union of the evaluation process to be used
before determining the list of persons who will be impacted.

RJR News says that the company denied a claim by the union that it
is cutting staff to hire trainees and overseas contractors.

Jamaica Private Power Company supplies power to JPS.


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


GRUPO ELEKTRA: Moody's Assign Ba3 CFR with a Stable Outlook
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Grupo Elektra, S.A.B. de C.V. The outlook is stable. This is
the first time Moody's has rated Grupo Elektra.

Ratings Rationale:

Grupo Elektra's corporate family rating reflects the company's
leading market position in the Mexican retail market. The company
has successfully targeted the mid to low income segment of the
market following a strategy of offering credit sales (around 60%
of sales are credit sales) through its financial services
subsidiary. The bank also benefits from a leading position in its
market segment. The rating entails Banco Azteca's ability to
generate consistently high core earnings and robust interest
margins maintaining good asset quality that is reflective of the
granular and short-term nature of consumer loan portfolio. The
bank's strong loan collection process is also a strength as it
leads to high loan recovery rates and small credit losses. Grupo
Elektra's strategy has resulted in a consolidated average annual
revenue growth of 27% for the last 3 years. Moreover, adjusted
average EBITDA margin of 15% for the same period is also strong
when compared with retail peers.

Constraining the rating is the volatile nature of the company's
products portfolio with around 54% of retail revenues being
consumer products for which demand varies significantly with
economic trends. Also affecting the rating is the high competitive
pressure in Elektra's main market, Mexico. Despite Elektra's
leading position in its retail format in the Mexican market, the
company is closely followed by Coppel and products sold by the
company are also offered by different retail formats such as
department stores, supermarkets and specialized stores. The
company's geographic concentration in Mexico is also a credit
negative factor. Banco Azteca's key negative factors include its
overall small size (measured by total assets, loan portfolio and
total deposits) and its limited business scope as a monoline-type
of operation focused on consumer finance for low income segment.
Also considered in the rating is Moody's assessment of a weak
corporate governance.

With revenues for the last twelve months (LTM) ended in March 30,
2013 of MXN72 billion (around $5.5 billion), Grupo Elektra is a
relevant player in the Latin American mixed retailers universe.
Although Grupo Elektra has presence in several Latin American
countries and in the US through its cash advance business, Mexico
represents the bulk of its consolidated revenues (around 75%).
Main competitors in its home market include Coppel and Famsa which
follow a similar retail format. However, the company's merchandise
product portfolio comprised mainly of electronics, appliances,
furniture and motorcycles exposes it to competitors operating
under different retail formats such as department stores,
supermarkets and specialized stores.

The synergies the company derives from its retail - financial
services integrated business model have resulted in strong
profitability when compared to its retail peers. This integrated
strategy has resulted in a consolidated average annual revenue
growth of 27% for the last 3 years. As of March 31, 2013, the
company's consolidated EBITDA margin for the LTM including Moody's
standard adjustments, was 19.7% which is strong when compared to
other Ba rated retail peers. Banco Azteca has also had solid
operating results since inception in 2002. Its loan book and
deposits have grown consistently supported on ample capitalization
and a very good core earnings power. In the consumer finance
segment, the bank holds a leading position outperforming other
retailer-related banks and consumer-oriented finance companies.

Leverage is high for the rating category but Moody's expects the
company to lower it to levels more in line with the Ba3 rating. As
of March 2013, Debt / EBITDA as adjusted by Moody's was 8.2 times
and it expects it to be around the same level by the end of 2013.
Moody's notes that this leverage calculation considers debt at the
bank, including the sizeable deposits that as of March 31, 2013
its estimate were around MXN77 billion (around $6 billion).
Considering only debt at the commercial subsidiary Moody's
estimates that adjusted leverage should be around 5.0 times by the
end of 2013. Despite the exclusion of debt at the bank level,
Elektra's leverage is high for the rating category. Going forward
Moody's expects the company to be able to lower adjusted leverage
to below 4.5 times, in line with the Ba3 rating assigned.

The rating also includes Moody's consideration that the company
has a weak corporate governance. Main factors underlying its
assessment include family based ownership structure, with the
Salinas-Pliego family holding a stake of 72% including the fact
that decision making process is highly dependent on a limited
number of individuals. Moody's assessment of the company's weak
corporate governance also entails its track record of low market
transparency and high activity of related party transactions.

The outlook is stable reflecting Moody's expectation that the
company will be able to execute its organic growth plan while
maintaining its strong credit profile and adequate liquidity. The
outlook also considers its expectation that the company will
reduce leverage to levels more in line with the rating category in
the next 12 to 18 months.

A ratings upgrade is unlikely over the near to medium term because
of the company's high leverage even when considering only
commercial debt. Longer term, upward rating pressure could occur
as a result of better than expected operating results that will
allow the company to have a commercial leverage ratio as adjusted
by Moody's below 2.5 times on a sustained basis.

The rating could come under pressure if weaker than anticipated
operating results lead the company to have an adjusted commercial
leverage ratio above 4.5 times and EBITA to interest expense below
3.5 times on a sustained basis.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Grupo Elektra, based in Mexico City, is a holding company of
several retail and financial services companies in several Latin
American markets, however Mexico represents the bulk of its
operations with around 75% of revenues. The company is controlled
by the Salinas Pliego family and has a 28% floating stake trading
in the Mexican Stock Exchange and in Spain's Latibex. As of March
31, 2013 Grupo Elektra's consolidated revenues were MXN 72 billion
(around $ 5.5 billion) with a 19.7% EBITDA margin as adjusted by
Moody's.


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


CARIBBEAN AIRLINES: T&T and Jamaica Commit to Make Deal Work
------------------------------------------------------------
Ria Taitt at Trinidad Express reports that Trinidad and Tobago and
the Jamaica are committed to making the Caribbean Airlines Limited
and Air Jamaica Limited arrangement work.

Both countries have set up committees to look at some of the
problems affecting the CAL/Air Jamaica arrangement, Minister in
the Ministry of Finance Vasant Bharath said, according to Trinidad
Express.

"The teams would look at the branding issue to determine how we
would best represent both brands, Caribbean Airlines and Air
Jamaica as essentially one brand in the market place, and whether
it is a question of having both logos emblazoned on the aircraft,
on whether it would be a question of having a Caribbean Airlines
aircraft but with a Jamaica service on certain routes and that
would mean Jamaica pilots, Jamaican stewardesses, Jamaican food,"
the report quoted Mr. Bharath as saying.

The report discloses that Mr. Bharath said while both governments
are committed to the airline, they had to be realistic about the
viability of the organization at some time.  Mr. Bharath said
Caribbean Airlines had lost market share on many of those routes
which had been taken up by low cost carriers, the report relates.

The report relays that Mr. Bharath said the government had
approved the establishment of an Inter-Ministerial Committee to
make Trinidad and Tobago more facilitative to business operations.

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.


                            ***********


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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