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                     L A T I N   A M E R I C A

           Tuesday, July 02, 2013, Vol. 14, No. 128


                            Headlines



A R G E N T I N A

ACURA SA: Proofs of Claim Verification Deadline on July 4
BANCO DE GALICIA: S&P Affirms 'B-' Ratings; Outlook Negative
BANCO INDUSTRIAL: Moody's Withdraws B3/Not Prime Deposit Rating
DYPSA DESARROLLOS: Requests Court Approval of Court Agreement
FARMACIA GRAND: Proofs of Claim Verification Deadline on Aug. 5

FOXMAN FUEGUINA: Proofs of Claim Verification Deadline on Sept. 3
FRIBER SA: Proofs of Claim Verification Deadline on July 12
KELORA SA: Proofs of Claim Verification Deadline on Aug. 2
LOWE ARGENTINA: Proofs of Claim Verification Deadline on July 29
MARCALA SA: Proofs of Claim Verification Deadline on Aug. 9

ORIENTE EXPRESS: Proofs of Claim Verification Deadline on Aug. 1
VILLEY SA: Proofs of Claim Verification Deadline on Aug. 12


B R A Z I L

BANCO MERCANTIL: S&P Affirms 'BB-' Rating; Outlook Negative
DESENVIX ENERGIAS: Moody's Eyes Possible Ratings Downgrade


C H I L E

MASONITE INT'L: To Acquire Masisa SA's Operations for $12.5 Mil.
SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Underlying Rating


H A I T I

* HAITI: IDB Makes $25MM Grant to Support Energy Reform


M E X I C O

PATRIMONIO SA: Moody's Sees Mixed Impact of Loan Modifications
* Good Performance Drives Moody's Stable Outlook on Nayarit State


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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

ACURA SA: Proofs of Claim Verification Deadline on July 4
---------------------------------------------------------
Norberto Bonessi, the court-appointed trustee for Acura SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 4, 2013.

Mr. Bonessi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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. Bonessi 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:

          Norberto Bonessi
          Av. Juan B. Justo 5096
          Buenos Aires, Argentina


BANCO DE GALICIA: S&P Affirms 'B-' Ratings; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Banco Galicia.  The outlook remains negative.

The ratings on Banco Galicia on its "adequate" business position,
"weak" capital and earnings, "adequate" risk position, "average"
funding, and "adequate" liquidity (as our criteria define these
terms).

The negative outlook on the bank reflects that on the Republic of
Argentina.  If S&P downgrades Argentina, it could lower the
ratings on all financial institutions that it rates the same as
the sovereign.  S&P rarely rates these entities above the
sovereign long-term rating because they're very likely to be
affected by changes in national economy.  Also, all the financial
institutions operating in Argentina could face indirect effects of
a sovereign downgrade.  This is because S&P believes a sovereign
downgrade is normally associated with, or could lead to, a weaker
operating environment for financial institutions, which would very
likely erode their creditworthiness.

Increasing risks on external debt payments derived from the
consequences of legal actions against Argentina in international
courts, a worsening external position, mostly likely from
financial outflows, or additional policy actions that exacerbate
political polarization and further diminish Argentina's growth
prospects could lead to a downgrade on Argentina.  On the other
hand, the ratings could stabilize if the government takes actions
that restore investor confidence on medium-term prospects for the
economy (on the monetary or structural front), and thus reduce
uncertainty over its external liquidity position.  A revision to
stable on the sovereign outlook will trigger a similar rating
action on the country's banks.


BANCO INDUSTRIAL: Moody's Withdraws B3/Not Prime Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Industrial S.A. for business reasons.

The following ratings of Industrial were withdrawn:

Bank Financial Strength Rating: E+, negative outlook

Global Long-and Short Term Local-Currency Deposit Rating: B3/Not
Prime, negative outlook

National Scale Local Currency Deposit Rating: A2.ar

Global Long-and Short Term Foreign Currency Deposit Rating:
Caa1/Not Prime, stable outlook

National Scale Foreign Currency Deposit Rating: Ba1.ar

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

Banco Industrial S.A. (Argentina) is headquartered in Buenos
Aires, Argentina. As of December 2012 the bank had total assets of
ARS4,5 billion and equity of ARS489 million.


DYPSA DESARROLLOS: Requests Court Approval of Court Agreement
-------------------------------------------------------------
Dypsa Desarrollos y Proyectos SA requested court approval of its
court agreement entered into with its creditors on March 18, 2013.


FARMACIA GRAND: Proofs of Claim Verification Deadline on Aug. 5
---------------------------------------------------------------
Gustavo A. Fiszman, the court-appointed trustee for Farmacia Grand
Bourg SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until Aug. 5, 2013.

Mr. Fiszman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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. Fiszman 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:

          Gustavo A. Fiszman
          Melian 2743
          Buenos Aires, Argentina


FOXMAN FUEGUINA: Proofs of Claim Verification Deadline on Sept. 3
-----------------------------------------------------------------
Estudio Bernasconi, Ramirez y Asociados, the court-appointed
trustee for Foxman Fueguina SA's bankruptcy proceeding, will be
verifying creditors' proofs of claim until Sept. 3, 2013.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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.

The Trustee 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 4, 2014.

The Trustee can be reached at:

          Estudio Bernasconi
          Ramirez y Asociados; Maipu 374
          Buenos Aires, Argentina


FRIBER SA: Proofs of Claim Verification Deadline on July 12
-----------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for Friber
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 12, 2013.

Ms. Giambone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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. Giambone 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:

          Silvia Beatriz Giambone
          Carlos Pellegrini 1063
          Buenos Aires, Argentina


KELORA SA: Proofs of Claim Verification Deadline on Aug. 2
----------------------------------------------------------
Ruben Hugo Faurecon, the court-appointed trustee for Kelora SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 2, 2013.

Mr. Faurecon 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. Faurecon 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:

          Ruben Hugo Faurecon
          Av. Corrientes1312
          Buenos Aires, Argentina


LOWE ARGENTINA: Proofs of Claim Verification Deadline on July 29
----------------------------------------------------------------
Alfredo Luis Palacio, the court-appointed trustee for Lowe
Argentina SACIFI de Cinematografia y Television's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
July 29, 2013.

Mr. Palacio 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. 39, 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. Palacio 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:

          Alfredo Luis Palacio
          Montevideo 368
          Buenos Aires, Argentina


MARCALA SA: Proofs of Claim Verification Deadline on Aug. 9
-----------------------------------------------------------
Christian Lukasch, the court-appointed trustee for Marcala SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 9, 2013.

Mr. Lukasch will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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. Lukasch 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:

          Christian Lukasch
          Av. Corrientes 1327
          Buenos Aires, Argentina


ORIENTE EXPRESS: Proofs of Claim Verification Deadline on Aug. 1
----------------------------------------------------------------
Alejandra Ethel Giacomini, the court-appointed trustee for Oriente
Express SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until Aug. 1, 2013.

Ms. Giacomini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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. Giacomini 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:

          Alejandra Ethel Giacomini
          Av. Eva Peron 2030
          Buenos Aires, Argentina


VILLEY SA: Proofs of Claim Verification Deadline on Aug. 12
-----------------------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for Villey
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 12, 2013.

Mr. 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. 39, 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. 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:

          Marcelo Carlos Rodriguez
          Cerrito 146
          Buenos Aires, Argentina


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B R A Z I L
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BANCO MERCANTIL: S&P Affirms 'BB-' Rating; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale 'BB-
/B' and national scale 'brA-' issuer credit ratings on Banco
Mercantil do Brasil S.A. (BMB).  The outlook is negative.

Standard & Poor's bases its ratings on BMB's "moderate" business
position, "weak" capital and earnings, "adequate" risk position,
"below-average" funding, and "adequate" liquidity, as S&P's
criteria define these terms.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's economic risk and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating.  Our anchor is based on the country's economic risk score
of '5' and an industry risk score of '4'.  Brazil's economic risk
reflects low GDP per capita, which limits its ability to withstand
economic downturns, and household credit capacity.  It also
considers our view that economic imbalances have increased as a
result of rapid credit expansion.  As this trend in lending
continues amid a slowly growing economy, we are concerned about
increasing household debt burden.  Conversely, Brazil's
improvement in payment culture and rule of law, in addition to
moderate leverage in the corporate sector, and the absence of
high-risk loans in banks, somewhat mitigate the higher risk
factors of our economic risk assessment.  We assess the current
trend of economic risk as negative. Despite the slowdown in credit
expansion during 2012, we believe that the current
administration's policies could lead to a new period of rapid
credit expansion.  Further lending would increase an already hefty
debt burden on households, subjecting the system to incremental
credit risk," S&P said.

"We revised our industry risk score to '4' from '3' as we believe
the industry risks in Brazil's banking sector have increased.  In
our view, there are growing market distortions due to the
increased market share of loans from publicly owned banks during
2012 and a growing spread differential between public and private
banks.  S&P's industry risk assessment still reflects extensive
coverage and effective supervision of the financial system and its
assessment of system wide funding, sustained by an adequate and
stable deposit base.

"We continue to view BMB's business position as moderate.  It is a
medium sized, publicly listed, private bank that has operated in
Brazil for over 70 years.  With R$14.3 billion in assets and
R$9.6 billion in loans as of March 2013 (considering loan
assignments with recourse), it is the 26th largest bank by assets
according to central bank data, representing less than 1% of the
total financial system's assets," S&P said.  "We believe the
bank's strategy to leverage its branch network is likely to
improve its profitability looking forward," said Standard & Poor's
credit analyst Vitor Garcia.


DESENVIX ENERGIAS: Moody's Eyes Possible Ratings Downgrade
----------------------------------------------------------
Moody's America Latina Ltda. placed under review for possible
downgrade Desenvix Energias Renovaveis S.A.'s issuer ratings of
Ba3 on the global scale and A2.br on the Brazilian national scale.
Moody's also placed under review for possible downgrade the B1
rating on the global scale and Baa1.br rating on the Brazilian
national scale of Desenvix's amortizing BRL 100 million
debentures, which the company issued in December 2012 with a final
maturity in four years.

Ratings Rationale:

The review of Desenvix's ratings has been prompted by the recent
unexpected deterioration in the company's credit metrics, as well
as by its weaker liquidity at a time when the regulator ANEEL
could potentially apply penalties to Desenvix.

Desenvix' weaker than anticipated operational and financial
performance in 2012 mainly derived from higher than expected
financial expenses along with the operational interruption of one
of its subsidiaries, ENERCASA, over most of the year.

Higher financial expenses stemmed from the reimbursement of costs
associated with the issuance of bank guarantees provided by some
of the company's shareholders to Desenvix's power projects, which
were BRL 12.3 million in 2012.

ENERCASA is a 33 MW co-generation thermal power project fueled by
steam from heating of water by burning of sugar cane bagasse. As a
result of financial difficulties, ENERCASA's co-generator has been
failing to supply sugar cane bagasse to ENERCASA, which prevents
the latter from producing electricity to honor its purchase power
agreements. As per management information, ENERCASA only produced
21,106 MW/h in 2012, which was equivalent to only 15% of the
contracted 140,160 MW/h.

In spite of failing to produce the quantity of energy it was
contractually obliged to, ENERCASA received its full contractual
amount from the Electric Energy Commercialization Chamber (CCEE).
As a result, the regulator ANEEL recently determined that ENERCASA
needed to reimburse BRL 22 million to CCEE, the amount equivalent
to the electricity it failed to produce during the year. At the
same time, ANEEL imposed a BRL 11 million penalty for the non-
fulfillment of the supply contract as envisaged in the energy
concession contract.

According to management, ENERCASA reimbursed the BRL 22 million to
CCEE in May and is waiting for the regulator's decision on an
administrative appeal the company has filed requesting a
postponement of the BRL 11 million overdue penalty payment. It has
also requested that ANEEL reconsider applying additional
contractual penalties.

Additional contractual penalties from ANEEL would stem from the
non- fulfillment of the company's PPAs given the fact that
ENERCASA is likely not to generate electricity in the short- to-
medium term because of the lack of a regular supply of sugar cane
bagasse. In a stress scenario, Moody's forecasts that such
penalties could reach around BRL 20 million in 2013 and BRL 28
million in 2014.

Based on ANEEL's dispatch #1,516 the payment of any penalty is
suspended until the merit of the company's request is judged by
ANEEL.

Desenvix's lower than expected cash flow along with potential cash
outlays for penalties imposed by the regulator are likely to
further deteriorate the company's credit metrics and put
additional pressure on its liquidity.

Desenvix's inadequate liquidity position is further exacerbated by
an unusual high short-term liability of BRL 103 million owed to
suppliers as of March 31, 2013. It remains to be seen how
management will settle this liability. It is likely to either
lengthen its debt profile or reach an agreement that somehow
reduces the size of this liability.

Regardless of the outcome of the current negotiations with
suppliers, it seems that the liability with them will not
represent an immediate cash outlay. Moody's does not rule out the
possibility of lengthy discussions which could ultimately be
decided in court.

During the review period Moody's will continue to monitor the
company's performance and evaluate management's options to improve
its liquidity situation while also addressing the key credit risks
associated with the weaker cash from operations that is expected
because of lower net consolidated revenues and potential penalties
from the regulator. It is anticipated that ANEEL will reach a
decision on the company's request within the next two months.

Desenvix Energias Renovaveis S.A is a holding company controlled
through a shareholding agreement between Jackson Empreendimentos
Ltda (not rated), through the equity fund FIP Cevix, with 40.65%
of Desenvix's voting and total capital; SN Power, which holds
40.65% of the company's voting and total capital; and the pension
fund FUNCEF, which holds the remaining 18.7% of the company's
voting and total capital. SN Power is a holding company controlled
by two Norwegian companies Statkraft (60%; Baa1, stable) and
Norfund (40%).

Desenvix holds interests in 15 power plants with a total installed
capacity of 349 MW, consisting of 10 small and medium sized hydro-
power plants, one biomass plant and four wind power plants. In
addition, Desenvix holds 25.5% of two transmission projects for
the construction of 511 kilometers of transmission lines. Desenvix
is also engaged in the development of three power projects of
which two are hydro power plants with total installed capacity of
80 MW and one is a 30 MW wind power plant.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies Rating Methodology (August, 2009).


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C H I L E
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MASONITE INT'L: To Acquire Masisa SA's Operations for $12.5 Mil.
----------------------------------------------------------------
Building online reports that Masonite International Corporation
has signed a definitive agreement to acquire the door
manufacturing operations of Masisa S.A. for approximately $12.5
million.

The transaction includes the door component operations in Cabrero,
Chile and a door assembly factory in Chillan, Chile, according to
the Building Online.  The report relates that the operations to be
acquired primarily manufacture high quality stile and rail panel
and French wood doors for the North American market.

The facilities employ approximately 300 people.

"The addition of this manufacturing capability to our existing
stile and rail wood door offering in North America will help
ensure that our customers have reliable access to the widest range
of high quality, cost effective wood door products. . . . This
transaction complements our existing residential wood door
offering and provides an important additional platform of
strategic growth for our company," the report quoted Chris
Virostek, Masonite's Senior Vice President of Corporate
Development, as saying.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 1, 2013, Fitch Ratings has affirmed Masisa S.A.'s ratings as
follows:

-- Foreign and local currency Issuer Default Ratings (IDRs) at
   'BB';

-- National scale rating of Bond Line No. 355, No. 356, No. 439,
   No. 440,No. 560, No. 724 and No. 725 at 'A-(cl)';

-- Short-term rating at 'F1(cl)';

-- Long term national scale rating at 'A- (cl)'.

The Rating Outlook is Stable.

Fitch has also downgraded Masisa's equity rating to 'Primera Clase
Nivel 3' from 'Primera Clase Nivel 2

                       About Masonite International

Based in Ontario, Canada, Masonite International Corporation --
http://www.masonite.com/-- (TSE:MHM) is a vertically integrated
producer, manufacturing key components of doors, including
composite molded and veneer door facings, glass door lites and cut
stock.  The Company provides these products to its customers in
more than 70 countries around the world.  The Company is a wholly
owned subsidiary of Masonite International Inc.  It offers a range
of interior and exterior doors.  Masonite Canada operates Masonite
International's Canadian subsidiaries, well as certain other non-
United States subsidiaries.

Masonite International, Inc., and six affiliates filed petitions
on March 16, 2009, before the Ontario Superior Court of Justice
(Commercial List) under the Companies' Creditors Arrangement Act.
The Honorable Justice Campbell presides over the CCAA proceedings.
Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc. serve as
monitor.  Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at
Goodmans LLP in Toronto, serve as the Applicants' counsel.

Masonite Corporation, based in Tampa, Florida, and several U.S.
affiliates filed for Chapter 11 bankruptcy protection on the same
day (Bankr. D. Del. Case No. 09-10844).  Judge Peter J. Walsh
handles the cases.  Richard M. Cieri, Esq., Jonathan S. Henes,
Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP;
and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and
Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A.,
serve as bankruptcy counsel.  The Debtors' Investment Banker and
Financial Advisor is Perella Wenberg Partners LLP; the Debtors'
Restructuring Advisors is Alvarez & Marsal North American LLC; and
the Debtors' Claims Agent is Kurtzman Carson Consultants LLC.

As of January 31, 2009, the Debtors had total assets of
$1,527,495,443 and total debts of $2,641,590,842.

The Debtors filed with the Bankruptcy Court a pre-negotiated
reorganization plan together with their petitions.  The Plan
provides that Masonite's existing senior secured obligations will
be converted on a pro rata basis subject to the election of each
existing holder of Senior Secured Obligations into: (i) a new
first-priority senior secured term loan; (ii) a new second-
priority senior secured PIK loan; and (iii) 97.5% of the common
equity of the reorganized Masonite.  Holders of Masonite's
existing senior subordinated notes will be allocated 2.5% of the
common equity in the reorganized Masonite plus warrants for 17.5%
of the common stock of the reorganized Company, subject to
dilution under certain conditions.  Holders of Class 5 General
Unsecured Claims under the Plan will be unimpaired and is expected
to recover 100% under the Plan.

At the end of May 2009, the U.S. Court and the Ontario Court
entered orders approving Masonite's restructuring plan.  The
Reorganized Debtors' Plan of Reorganization was declared effective
on June 9, 2009.  All requests for payment of an administrative
claim were due July 24, 2009, which is the date that is 45 days
after the Effective Date.


SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Underlying Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' Standard &
Poor's underlying rating (SPUR) on Sociedad Concesionaria Vespucio
Norte Express S.A. (VNE).  Given that the SPUR on VNE is higher
than the issuer credit rating on bond insurance provider, MBIA
Insurance Corp. (B/Stable/--), the 'BB' rating on the senior
secured notes reflects the SPUR.  The outlook is stable.

The SPUR continues to reflect the following risks:

   -- Relatively weak financial performance after low initial
      traffic levels, as evidenced by a tight certified debt
      service coverage ratio (DSCR) of 1.095x as of December 2012.

   -- Dependence on strong traffic growth, which is contingent
      upon continued strong GDP growth in Chile;

   -- A back-loaded amortization schedule, as about 55% of the
      principal is due during the fourth quarter of the note's
      life; and

   -- Customer management risks associated with electronic toll
      collection.

Partly mitigating these weaknesses is its strong liquidity
protection, which includes a debt service reserve account,
contingent equity and accumulated cash, and therefore providing
sufficient headroom against potential cash shortfalls during the
life of the notes.

During 2012, VNE's traffic and revenues rose about 9.2% and 3.9%
in real terms, respectively, compared with 2011; however, 2011 saw
a boost in these due to earthquake-related insurance inflows.
Therefore, considering only recurring revenues and excluding 2011
insurance proceeds, real revenues increased 13.2% in 2012 due to
9.2% traffic growth and a 3.5% toll adjustment.  During the first
four months of 2013, traffic increased about 7.2% and real
revenues by 12.2% compared with the same period of 2012.  "The
improvement in operating performance during the past two years
boosted the DSCR, to 1.095x in 2012, which we still consider
relatively weak, but which should continue to increase during the
life of the notes," said Standard & Poor's credit analyst
Andrea Zombory.

Going forward, S&P's base case assumes a 3.5% real toll adjustment
for 2013 and 2014 and traffic growth of 5% in 2013 and 3% in 2014,
as well as conservative real revenue growth of 3.5% afterwards,
that should lead to a minimum DSCR of 1.16x (in 2013, 2015 and
2025) and an average DSCR of 1.32x.


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H A I T I
=========


* HAITI: IDB Makes $25MM Grant to Support Energy Reform
-------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed the approval
of a $25 million policy-based grant to support the institutional
transformation and modernization of Haiti's energy sector.  The
resources include $22 million from the IDB Grant Facility and $3
million from the Haiti Reconstruction Fund.

The grant is the third in a series of three policy-based
operations focused on providing budgetary support to the
government of Haiti as it carries out energy policy reforms.  The
measures will help strengthen institutional capacity and
organization of the energy sector; foster better management and
operational efficiency of the state utility Electricite diHaiti,
and address problems such as electricity theft and fraud.

In coordination with other donors, the IDB is assisting Haiti in
its efforts to expand access to reliable and affordable
electricity services.  In recent years it has provided the Haitian
government $64.5 million to restore the Peligre hydroelectric
plant's generation capacity and upgrade the power distribution
network in Port-au-Prince.  The IDB has also financed pilot
projects to tap renewable resources such as solar energy in Haiti.


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


PATRIMONIO SA: Moody's Sees Mixed Impact of Loan Modifications
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. announced that the loan
modification program that Patrimonio S.A. de C.V. SOFOM E.N.R.
plans to implement in connection with eleven RMBS transactions
could have mixed results depending on the transaction and the
assumptions used in the analysis. Moody's will monitor the
implementation and results of the program as information becomes
available.

Moody's cautioned that the final assessment of the impact will
depend on (1) the loss severity assumed for defaulted loans; and
(2) the re-default rate of modified loans. Moody's notes that it
is currently reviewing the severity of loss assumptions on six of
the affected deals (MXMACCB 05U, MXMACCB 06U, BRHSCCB 05U,
BRHCCB08U & 08-2U & 08-3U, PATRICB 06U and PATRICB 07U). In
addition, there is considerable uncertainty regarding re-defaults
and loan severities given the limited amount of data available.

In principle, a loan modification program could have a credit
positive impact on a transaction, because it could turn highly
delinquent loans (most of which are 360+ days delinquent) into
performing, cash-flowing collateral. However, such programs could
lead to a higher severity of loss depending on how the servicer
implements the program and how the modified loans perform.

In order to analyze whether the impact on the transaction is
credit-positive, negative or neutral, Moody's estimated the loss
severity that could result from implementing the program on the
affected deals, and compared it to the loss severity assumed
currently.

Moody's considered the following factors: 1) a re-default rate of
55%, which indicates the percentage of loans that re-default after
being modified; 2) the loss severity currently assumed for each
transaction; and 3) a maximum principal forgiveness of 30% of the
loan's outstanding balance, which is the maximum the servicer can
provide a borrower.

The following are Moody's loss severity assumptions assuming
implementation of the loan modification program compared to
Moody's current loss severity assumption:

- MXMACCB 05U: 46% compared to 42% assumed currently.

- MXMACCB 06U: 47% compared to 45% assumed currently.

- BRHSCCB 05U: 47% compared to 44% assumed currently.

- BRHCCB08U, BRHCCB08-2U & BRHCCB08-3U: 46% compared to 42%
assumed currently.

- PATRICB 06U: 53% compared to 60% assumed currently.

- PATRICB 07U: 53% compared to 60% assumed currently.

- MXMACFW 06U & 06-2U: 56% compared to 67% assumed currently.

- MXMACFW 07U & 07-2U: 56% compared to 68% assumed currently.

- MXMACFW 07-3U & 07-4U: 56% compared to 68% assumed currently.

- MXMACFW 07-5U & 07-6U: 57% compared to 69% assumed currently.

- BRHCGCB 04U: 58% compared to 73% assumed currently.

However, Moody's notes that it is in the process of evaluating its
current loss severity assumptions for Mexican RMBS due to rising
concerns about the potential for a higher loss severity on
defaulted loans.

Loan Modification Programs

Modifications will take one of the following forms: 1) "Apoyo con
quita" (discount on past due amount) which consist in deferring a
percentage of past due installments, with the possibility of
forgiving a portion of this amount; 2) "Reduccion permanente de la
mensualidad con quita" (permanent reduction of the monthly
installment) which consist in a discount to the outstanding
balance of a delinquent loan, reducing the monthly payment
permanently; 3) "Finiquito o venta de derechos litigiosos" (total
liquidation) which consist in a discount to the outstanding
balance if the loan is paid in full; and 4) "Dacion en pago con
incentivo economico" (deed-in-lieu with economic incentive) which
consist in obtaining a deed-in-lieu by providing an incentive to
the debtor. For both the first and second products, the servicer
can forgive principal only if the borrower remains current after
modification of the loan during four years for the first case, and
permanently for the second one.

Moody's based its current opinion on preliminary information it
has received from the servicer about the modification program;
Patrimonio has yet to finalize the transaction agreements to
reflect the program guidelines. Based on the information received,
Moody's has identified a number of credit-positive aspects to the
program:

- The servicer cannot modify current loans. To qualify for a loan
modification, the borrower must be delinquent. For the
modifications that entail the largest discounts, the loan must be
at least 12 months past due; however, if the loan is between 6 and
12 months delinquent, it is subject to detailed analysis and to
the approval of a special servicer's committee. In addition, for
all cases, the servicer must make sufficient efforts to collect
before offering a modification.

- The principal haircut cannot be higher than 30% of the
outstanding balance of the loan, which limits the servicer's
discretion when negotiating the haircuts.

- The potential recoveries on the modified loan must be higher
than the potential recoveries from the judicial foreclosure
process. In order to maximize collections from collateral, the
servicer must conduct a net present value analysis to satisfy this
condition for each individual loan it plans to modify.

- The servicer must negotiate modifications for each loan
individually, rather than as part of a general program. Doing so
will be positive because the servicer will be able to gain a
better understanding of a borrower's financial situation and thus
better assess the causes of default and the borrower's willingness
to pay, which will determine what type of modification it should
offer.

- When granting a modification, the servicer must first obtain
from the borrower a judicial agreement which permits recovering
the house in a shorter period of time, in case of re-default.

- The servicer cannot provide more than one modification per
borrower.

- For the purpose of calculating over-collateralization (OC), the
servicer can consider modified loans "current" only if they have
been current for at least twelve consecutive months following
modification.

In general, from an industry perspective, loan modification
programs also entail risks:

- The current servicing fee structure might not always fully align
the interests of investors with those of the servicer. By charging
a higher fee for current loans, the servicer could be tempted to
provide modifications to borrowers who do not deserve them or to
re-modify a loan. This is especially a risk if, for the purposes
of calculating the servicer fee, modified loans can be considered
"current" just after being restructured, with no time elapsed to
show sustained payment.

- The servicer could offer modifications without making adequate
efforts to collect from borrowers or offer loan modifications to a
large number of obligors, increasing the risk of moral hazard.

- If the servicer does not document the loan modifications
properly, the amount of time necessary to repossess the collateral
could lengthen significantly.

- Even within the guidelines, the servicer has some discretion
with regards to implementing the loan modification program. For
example, the program allows the servicer to determine the key
assumptions it uses to calculate the net present value of the loss
of a modified loan, when compared to the net present value of the
loss of a foreclosure process.

- A lack of transparency and inadequate reporting of loan
modifications will render more difficult the ability to accurately
assess the full impact of the loan modification program on the
credit quality of the pool.

Moody's does not express an opinion as to whether the proposed
modification program could have other, non-credit-related effects.
Moody's opinion is based in part on how the servicer has stated it
expects to implement the program. Further, Moody's current opinion
does not preclude the possibility of a downgrade or withdrawal of
the rating for any reason, with respect to the implementation and
effectiveness of the loan modification program and any adverse
effect it might have on the credit quality and performance of the
affected transactions. As always, Moody's will continue to monitor
the transactions' performance to assess impact of the loan
modification program upon implementation.


* Good Performance Drives Moody's Stable Outlook on Nayarit State
-----------------------------------------------------------------
Moody's de Mexico changes the outlook of the State of Nayarit's
A3.mx (Mexico National Scale) and Ba3 (Global Scale, local
currency) ratings to stable from negative.

At the same time, Moody's affirmed the Ba1 (Global Scale, local
currency) and A1.mx (Mexico National Scale) debt ratings of the
following six enhanced loans:

- MXN 200 million (original face value) enhanced loan from
Banorte, with a maturity of 20 years and a pledge of 3.4% of
participation revenues

- MXN 200 million enhanced loan from BBVA Bancomer (original face
value), with a maturity of 10 years and a pledge of 5% of
participation revenues

- MXN 300 million enhanced loan from Banorte (original face
value), with a maturity of 10 years and a pledge of 5.6% of
participation revenues

- MXN 1,255.6 million (original face value) enhanced loan from
Banorte, with a maturity of 20 years and a pledge of 13% of
participation revenues

- MXN 287.5 million (original face value) enhanced loan from
Bansi, with a maturity of 20 years and a pledge of 3.18% of
participation revenues

- MXN 200 million (original face value) enhanced loan from Bansi,
with a maturity of 20 years and a pledge of 2.20% of participation
revenues

Ratings Rationale:

The stable outlook reflects the reduction in cash financing
requirements leading to the stabilization of debt metrics, and the
strengthening of liquidity.

In 2012 the state reduced its deficit to a moderate 2.4% of total
revenues after three years of sizeable fiscal deficits, averaging
9.3%. That year Nayarit went through a debt-refinancing process
and the new loan contracts include covenants setting: a) year-end
ceilings to debt backed by participation transfers until 2032, b)
short term debt limits at 6% of total revenues and c) a sinking
fund provision for personnel year-end bonuses, among other
enhancements. The contracts also establish no new debt contracting
in 2013. Accordingly, Moody's expects that in line with these
provisions, an adequate performance of own-source revenues and
expenditure growth control will result in modest cash financing
requirements in 2013 and 2014.

Debt levels stabilized at 30% of operating revenues in 2012 and
Moody's does not expect significant increases in the near term due
to the debt covenants that limit debt contracting in 2013 and only
allow a relatively small amount of debt contraction in 2014.

Liquidity deteriorated sharply starting in 2009 and despite the
improvement by the year end of 2012, it remains a credit
challenge. Net working capital (current assets minus current
liabilities) as a percentage of total expenditures reached -2.6%,
a low level but in line with Nayarit's peers.

The affirmation of Nayarit's six enhanced loan debt Ba1/A1.mx
ratings reflect the credit enhancements embedded in the loans and
their links to the credit quality of the issuer, which ensures
that all underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a proxy)
are reflected by the enhanced loans ratings.

What could change the rating up/down?

The continuation of fiscal discipline along with sound debt and
liquidity metrics could exert upward pressure on the ratings.
Conversely, poor financial performance, growing debt levels and
failing to improve the state's tight liquidity position could
exert additional downward pressure on the ratings.

The ratings assigned to the enhanced loans could face upward or
downward rating pressure if actual debt service coverages are
materially better or worse than our projections. Given the links
between the loans and the credit quality of the obligor, a
downgrade of Nayarit's issuer ratings could also exert downward
pressure on debt ratings for the loans. Conversely, an upgrade of
Nayarit's issuer ratings could result in an upgrade of the ratings
on the loans.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013 and Enhanced Municipal
and State Loans in Mexico published on 27-Jan-2011.


===============
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

                            ***********


Mondayis 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
issuersi public debt and equity securities about which we report.

Tuesdayis 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.
Donit be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firmis
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
Thursdayis 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 Creditorsi 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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