TCRLA_Public/130716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, July 16, 2013, Vol. 14, No. 139


                            Headlines



B R A Z I L

BANCO DO BRASIL: Fitch Affirms Viability Rating at 'bb+'
GOL LINHAS: Receives "Neutral" Rating From Zacks
* ITAU UNIBANCO: Has BRL3.2 Billion Exposure to Eike Batista


C A Y M A N  I S L A N D S

APSON CAPITAL: Creditors' Proofs of Debt Due Aug. 12
CROWN ENTERPRISES: Creditors' Proofs of Debt Due Aug. 12
EASTER: Creditors' Proofs of Debt Due Aug. 12
HADAR FUND: Court to Hear Liquidation Proceedings on Aug. 9
HARVEST CAYMAN: Creditors' Proofs of Debt Due Aug. 12

MADEIRA POWER: Creditors' Proofs of Debt Due Aug. 12
METCOMP CO: Creditors' Proofs of Debt Due Aug. 12
METCOMP HOLDINGS: Creditors' Proofs of Debt Due Aug. 12
RIDLEY PARK: Shareholder to Hear Wind-Up Report on July 22
RIDLEY PARK MASTER: Shareholder to Hear Wind-Up Report on July 22

RILLIAM GLOBAL: Creditors' Proofs of Debt Due Aug. 12
RONYRA WINDSOR: Creditors' Proofs of Debt Due Aug. 16
SAPIC II: Creditors' Proofs of Debt Due Aug. 11
D O M I N I C A N   R E P U B L I C
* DOMINICAN REPUBLIC: No Layoffs From Higher Minimum Wage


M E X I C O

BANCO DAVIVIENDA: Moody's Keeps Ba2 Subordinated Debt Rating
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Ca.mx
DESARROLLADORA HOMEX: Default Cues Moody's to Cut Rating to Ca
MAXCOM TELECOMUNICACIONES: Discloses Agreement on Recapitalization


X X X X X X X X

Large Companies With Insolvent Balance Sheets


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B R A Z I L
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BANCO DO BRASIL: Fitch Affirms Viability Rating at 'bb+'
--------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign and local
currency Issuer Defaults Ratings (IDRs), Support Ratings and
National Ratings of Banco do Brasil S.A. (BdB), Banco Votorantim
S.A. (BV) and Caixa Economica Federal (Caixa). Fitch also affirmed
BdB's and BV's Viability Ratings (VR) at 'bb+' and at 'bb-',
respectively.

The international ratings of BdB and Caixa, which are systemically
important banks in Brazil, are equalized and linked to Brazil's
sovereign ratings, reflecting the support that Fitch expects they
would receive form federal government if necessary.

BdB and Caixa are two of the largest government-owned retail banks
and lenders in Brazil. They have maintained their market share
over the years, despite fierce competition from large private
retail banks. At the first quarter of 2013 (1Q'13), with assets of
BRL1.179 billion and deposits of BRL469 billion, BdB was the
largest bank in the country in terms of assets and deposits (18%
and 27% market share, respectively, in 2012). In the same period,
Caixa's assets and deposits were BRL731 billion and BRL323
billion, ranking as the fourth and second, respectively (12% and
18% market share, respectively, in 2012).

Both banks are present in a wide range of lending segments from
commercial lending to individuals, SMEs and corporates, to lending
for infrastructure projects. BdB is the largest lender in
agricultural lending (62% market share) and payroll deductible
loans (30% market share), while Caixa is by far the largest lender
in mortgage lending (69% market share). They also manage the
collection and payment of benefits in Brazil.

BdB is 58.6% owned by the government and Caixa is fully government
owned. They both fulfill an important public policy role. Their
loan books grew faster than the private banks' average in the
recent years. Average annual loan growth was 20% and 42% for BdB
and Caixa, respectively, between 2010 and 2012. Such aggressive
loan growth reflects the anti-cyclical role performed by both
banks in the recent years and will be tested in an environment of
lower interest rates and high credit costs. Fitch expects that
such fast loan growth will not undermine their current asset
quality ratios in the short and medium term, although the current
environment of lower than average economic growth may put some
pressure to those ratios.

BdB and Caixa's asset quality indicators remained largely stable
in 2012 and 1Q'13, and continue to be slightly better than large
private banks' averages. The banks benefit from relatively higher
exposure to public sector employee client base and payroll
deductible loans. Past due loans over 90 days of both entities are
approximately 2% of gross loans and compare well with local and
international peers. Caixa's impaired loans, which include loans
that are performing but classified in the riskier end of the
internal risk classification of the bank, remain higher than BdB's
(8.7% of gross loans versus 5.8%, respectively, at 1Q'13) and are
driven mainly by its commercial loan book where impaired loans
13.6% versus the 6% of the mortgage lending book.

Both BdB and Caixa have low Fitch Core Capital (FCC) ratios (BdB:
5.8% and Caixa: 4.7%, at 1Q'13) compared to other banks in Brazil
and around the world, which is one of their main weakness. Fitch
notes that current capitalization strategy for both banks
considers a significant use of hybrid instruments that will aid
their compliance with the newly regulatory capital rules (BIS III
compliant) and even result in higher than minimum regulatory
capital ratios; nevertheless, the overall result of such strategy
will not improve their FCC, which is Fitch's cornerstone capital
measure. Despite their franchise, adequate historic profitability,
stable funding and good asset quality ratios, Fitch believes
improvements in capitalization ratios derived from paid in capital
would enhance the credit quality of both banks.

KEY RATING DRIVERS

BdB:
BdB's IDRs and national ratings are linked to the sovereign
ratings of Brazil and reflect the federal government control and
its systemic importance. The probability of the Brazilian
government providing support to BdB is high, which explains its
Support Rating of '2' and its Support Rating Floor of 'BBB'. The
federal government has influence over the strategies of the bank,
which is evidenced by BdB's role during the recent crisis, and in
the governmental economic policies promoting the agribusiness
development, and, more recently, in the widespread reduction in
the domestic interest rates.

BdB's VR factors its strong franchise, wide branch network,
diversified client and earnings base, high liquidity and
satisfactory performance through the economic cycles, while its
capitalization remains low compared to other banks rated 'bbb-' or
higher around the world. Even if a minor improvement is expected
in its FCC ratio due the profits from the Initial Public Offering
of BB Seguridade, a large portion of the capitalization plan of
the bank to comply with new regulatory capital rules in Brazil is
based on the use of hybrid instruments as part of their 'Principal
Tier 1 Capital', which would be neutral to Fitch's FCC ratio.

BV:
BV's IDRs and national ratings are based on the support that Fitch
believes the bank receives from BdB. Fitch considers BV to be
strategically important to BdB, since BV performs important
complementary activities to BdB's operations.

BV's VR is constrained by its recent weak performance, high
leverage and challenges to its asset quality metrics. Also, BV's
VR considers its adequate position within its niche market - the
auto loans segment - and the benefits provided by the ordinary
support of its shareholders in terms of liquidity and funding
availability.

Caixa:
Caixa's ratings are linked to Brazil's sovereign ratings and
reflect the high probability of support, as evidenced by the
capital injections by the National Treasury funding loan growth
over the years, full ownership by the federal government, its
systemic importance, and the crucial role it plays in the
implementation of government economic programs and extension of
credit to lower income population segments. Fitch considers Caixa
a 'public-mission bank', therefore does not assign a VR.

Caixa is one of the main agents financing and/or managing
politically high profile federal government development programs
such as Programa de Aceleracao do Crescimento (the Accelerated
Growth Program focusing on large infrastructure projects),
Programa Minha Casa Minha Vida (a program for mortgage lending),
and Bolsa Familia (an assistance grant made to low-income
families). It also manages a number of large public funds and the
collection of federal lottery proceeds.

The National Treasury injected BRL12 billion of capital and BRL23
billion of hybrid instruments and subordinate debt eligible as
regulatory capital between 2010 and 2012. In June 2013, the
National Treasury injected BRL8 billion as 'Principal Tier 1
Capital', and is expected to transfer further funds until the end
of the year. The regulatory capital ratio is likely to increase by
year-end, despite the expectation of the maintenance of high
dividend payouts (123% of net income in 2012) and loan growth
target of 40% for year-end 2013. Despite such capitalization
strategy, Caixa's FCC remains at 4.7% as of March 2013 and it is
expected to remain around this level, which, in Fitch's view, is
low compared to other similar entities and also considering its
ambitious growth target.

RATING SENSITIVITIES

BdB:
BdB's IDRs would be affected by potential changes in the sovereign
ratings of Brazil and/or in its shareholder's willingness to
provide support. Fitch does not expect a change in the
government's willingness to provide support over the rating
horizon.

BdB's VR would be negatively affected if the FCC ratio falls below
5.5%, asset quality deteriorates to above its historic average on
a sustained basis, and/or profitability weakens beyond Fitch's
expectations undermining its capital base measured by FCC ratio.
Also, positive rating changes to BdB's VR would be dependent on a
significant and sustained improvement of its FCC ratio and the
ability to preserve good asset quality ratios and profitability
levels.

BV:
Although unlikely in the short term, any change in BdB's ratings
or in its willingness or capacity to provide support could result
in changes to BV's IDRs and national ratings.

The VR could benefit from the reversal of its weak performance,
expressed by an ROA above 1%, and from the sustainable improvement
in its performance and credit quality metrics. The VR could be
downgraded if there is further deterioration in credit portfolio,
reduction in capitalization, and weak performance.

Caixa:
Caixa's IDRs would be affected by potential changes in the
sovereign ratings of Brazil and/or in its shareholder's
willingness to provide support. Fitch does not expect a change in
its evaluation of the government's willingness to provide support
over the rating horizon.

Fitch has taken the following rating actions:

Banco do Brasil:
-- Long-term foreign and local currency IDRs affirmed at 'BBB',
   Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F2';
-- Viability Rating affirmed at 'bb+';
-- Long-term national rating affirmed at 'AAA(bra)', Outlook
   Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- Support Rating Floor affirmed at 'BBB'.

Banco Votorantim:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-',
   Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Viability Rating affirmed at 'bb-';
-- Long-term national rating affirmed at 'AA+(bra)', Outlook
   Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- BRL senior unsecured notes due May 2016, foreign currency
   rating affirmed at 'BBB-'.

BV Leasing Arrendamento Mercantil S.A.
-- 1st and 2nd debentures issuances, national long-term rating
   affirmed at 'AA(bra)'.

Caixa Economica Federal:
-- Long-term foreign and local currency IDRs affirmed at 'BBB',
   Outlook Stable;
-- Short-term foreign and local currency IDR affirmed 'F2';
-- Long-term national rating affirmed at 'AAA(bra)', Outlook
   Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- Support Rating Floor affirmed at 'BBB';
-- Senior unsecured USD notes due 2017 and 2022, long-term
   foreign currency rating affirmed at 'BBB'.


GOL LINHAS: Receives "Neutral" Rating From Zacks
------------------------------------------------
Lindsey Winhoffer, citing StockRatingsNetwork, at WatchList News
reports that Gol Linhas Aereas Inteligentes SA's stock had its
"neutral" rating reaffirmed by Zacks in a research report issued
on July 12.

They currently have a $3.50 price objective on the stock. Zacks'
target price would indicate a potential upside of 6.06% from the
company's current price, according to WatchList News.

WatchList News notes that Zacks' analyst wrote, "We maintain our
Neutral recommendation on GOL Linhas.  The company commands a
strong position in the Brazilian aviation sector owing to its
constant network enhancement in the U.S. and overseas, fleet
restructuring, focus on customer satisfaction and lucrative
partnerships.  The new loyalty program and the initial public
offering of Smiles S.A. are expected to boost the performance
level of the company in the coming months.  However, the company's
weaker-than-expected first quarter results dampens our optimistic
outlook.  Fluctuating fuel costs, a competitive sector scenario,
imbalance in domestic supply and demand ratio and international
business risks might also weigh on the stock."

WatchList News relates that several other analysts have also
recently commented on the stock.

Analysts at Imperial Capital initiated coverage on shares of Gol
Linhas Aereas Inteligentes SA in a research note to investors on
July 1.

WatchList News says that they set an "outperform" rating and a
$6.00 price target on the stock.

Separately, analysts at Raymond James cut their price target on
shares of Gol Linhas Aereas Inteligentes SA from $7.50 to $6.00 in
a research note to investors, June 18, WatchList News discloses.

Finally, WatchList News relates that analysts at Goldman Sachs
Group Inc. initiated coverage on shares of Gol Linhas Aereas
Inteligentes SA in a research note to investors, June 3.

They set a "neutral" rating and a GBX 5.60 ($0.08) price target on
the stock, WatchList News notes.

The report adds that one analyst has rated the stock with a sell
rating, two have given a hold rating and three have issued a buy
rating to the company.  Gol Linhas Aereas Inteligentes SA
presently has an average rating of "Hold" and an average target
price of $6.22, WatchList News notes.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2013, Standard & Poor's Ratings Services affirmed its 'B'
global-scale corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL).  S&P also affirmed its 'brBBB-' national
scale rating on GOL.  At the same time, S&P removed all its
ratings on GOL from CreditWatch, where they were placed with
negative implications on Aug. 15, 2012.  The outlook is negative.


* ITAU UNIBANCO: Has BRL3.2 Billion Exposure to Eike Batista
------------------------------------------------------------
Dow Jones Newswires, citing an unnamed source, reports that
Brazil-based Itau Unibanco Holding SA is owed BRL3.2 billion
(US$1.4 billion) by the group controlled by Brazilian tycoon Eike
Batista, and may set aside a small amount of cash to cover
potential losses.

Mr. Batista's industrial group is struggling to stay afloat
financially, after a crisis of credibility triggered by missed
production targets at his flaghsip oil company OGX Petroleo e Gas
Participacoes SA, according to Dow Jones Newswires.

The report notes that the source said Itau's largest loans are to
the group's electric power company, MPX Energia SA (MPXEY,
MPXE3.BR), totaling BRL2.2 billion. Germany's E.ON SE owns 36.2%
of MPX.

Dow Jones Newswires relates that the source said Itau's loans to
the group are guaranteed by shares in one of Mr. Batista's
companies, along with some of the businessman's real-estate
properties and even a slice of Mr. Batista multi-million-dollar
yacht.

The report says that late July 9, Mr. Batista said he's handed
over more assets to guarantee loans with Itau BBA, the investment
bank unit of Itau Unibanco.

Dow Jones Newswires discloses that one of Mr. Batista's holding
companies, Centennial Asset Participacoes Acu SA, will deposit all
of its shares in logistics company LLX Acu Operacoes Portuarias SA
as a guarantee for loans obtained from Itau BBA.

LLX Acu is building a huge seaport and industrial complex in
southeastern Brazil.

The report adds that the source said Itau may set aside some
additional provisions to cover for potential losses in the second
quarter, but this would be relatively small and wouldn't impact
overall guidance on provisions for the full year.

Dow Jones Newswires relays that Itau has said it expects its
provisions this year to be between BRL19 billion and BRL22
billion.

The report says that the EBX group loans account for a small part
of Itau's overall loan portfolio, a fraction of the bank's total
assets of BRL1.03 trillion, as of the end of the first quarter.

Dow Jones Newswires adds that the concerns about Mr. Batista's
group has weighed on Brazilian bank shares in recent days.


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


APSON CAPITAL: Creditors' Proofs of Debt Due Aug. 12
----------------------------------------------------
The creditors of Apson Capital are required to file their proofs
of debt by Aug. 12, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 9, 2013.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CROWN ENTERPRISES: Creditors' Proofs of Debt Due Aug. 12
--------------------------------------------------------
The creditors of Crown Enterprises Limited are required to file
their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 8, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


EASTER: Creditors' Proofs of Debt Due Aug. 12
---------------------------------------------
The creditors of Easter are required to file their proofs of debt
by Aug. 12, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 8, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


HADAR FUND: Court to Hear Liquidation Proceedings on Aug. 9
-----------------------------------------------------------
A petition to continue the liquidation proceedings of Hadar Fund
Ltd. will be heard before the Grand Court of Cayman Islands on
Aug. 9, 2013, at 10:00 a.m.

The company's liquidators are:

          David A.K. Walker
          Ian D. Stokoe
          PwC Corporate Finance & Recovery (Cayman) Limited
          PO Box 25 8, Strathvale House
          George Town
          Grand Cayman KY1-1104
          Cayman Islands


HARVEST CAYMAN: Creditors' Proofs of Debt Due Aug. 12
-----------------------------------------------------
The creditors of Harvest Cayman Holding Ltd. are required to file
their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 10, 2013.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


MADEIRA POWER: Creditors' Proofs of Debt Due Aug. 12
----------------------------------------------------
The creditors of Madeira Power Limited are required to file their
proofs of debt by Aug. 12, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 8, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


METCOMP CO: Creditors' Proofs of Debt Due Aug. 12
-------------------------------------------------
The creditors of Metcomp Co. are required to file their proofs of
debt by Aug. 12, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 5, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


METCOMP HOLDINGS: Creditors' Proofs of Debt Due Aug. 12
-------------------------------------------------------
The creditors of Metcomp Holdings are required to file their
proofs of debt by Aug. 12, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 5, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


RIDLEY PARK: Shareholder to Hear Wind-Up Report on July 22
----------------------------------------------------------
The shareholder of Ridley Park Paragon Fund Limited will receive
on July 22, 2013, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Kassi Desrochers
          Telephone: (345) 914 4473/ (345) 949 4800
          Facsimile: (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


RIDLEY PARK MASTER: Shareholder to Hear Wind-Up Report on July 22
-----------------------------------------------------------------
The shareholder of Ridley Park Paragon Master Fund Limited will
receive on July 22, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Kassi Desrochers
          Telephone: (345) 914 4473/ (345) 949 4800
          Facsimile: (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


RILLIAM GLOBAL: Creditors' Proofs of Debt Due Aug. 12
-----------------------------------------------------
The creditors of Rilliam Global Offshore, Ltd. are required to
file their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 10, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


RONYRA WINDSOR: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------------
The creditors of Ronyra Windsor Ltd. are required to file their
proofs of debt by Aug. 16, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 1, 2013.

The company's liquidator is:

          David S. Zweig, Esq.
          Telephone: (858) 274 1818
          Facsimile: (858) 274 8535
          e-mail: dzweig@zweiglaw.com
          c/o Law Firm of David S. Zweig
          4425 Bayard Street, Suite 200
          San Diego, California 92109


SAPIC II: Creditors' Proofs of Debt Due Aug. 11
-----------------------------------------------
The creditors of Sapic II Reference Fund (46) Limited are required
to file their proofs of debt by Aug. 11, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2013.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: No Layoffs From Higher Minimum Wage
---------------------------------------------------------
The Dominican Today reports that Santiago's business and
industrial leaders grouped in the ACIS discarded concerns that the
14% higher minimum wage would lead to layoffs in north region
companies.

ACIS President Sandy Filpo said businesses in Santiago as well as
those of the entire northern region took all precautionary
measures to preserve jobs after the wage increase, according to
The Dominican Today.

"The increase that was approved was a consensus, maybe it wasn't
what employees expected, but this increase was what the
possibility allowed," the report quoted Mr. Filpo as saying.

Mr. Filpo said "they'll have to way for the impact the wage
increase can generate on business, but regardless of that, the
employers were aware of the situation," the report notes.

The report adds that Mr. Filpo said that the companies will make a
great effort to keep jobs and that a higher labor cost doesn't
have a negative impact.


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M E X I C O
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BANCO DAVIVIENDA: Moody's Keeps Ba2 Subordinated Debt Rating
------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Banco
Davivienda S.A., including its standalone bank financial strength
rating (BFSR) of D+, which maps to an unsupported baseline credit
assessment of ba1; its global local currency long- and short-term
deposit ratings of Baa3/Prime-3; foreign currency long- and short-
term deposit ratings of Baa3/Prime-3; foreign currency senior debt
rating of Baa3; and foreign currency subordinated debt rating of
Ba2. At the same time, Moody's changed Davivienda's outlook to
stable, from negative.

Ratings Rationale:

In affirming Davivienda's ratings with a stable outlook, Moody's
noted that the bank's financial metrics, and its earnings and
asset quality in particular, have been largely unaffected by the
incorporation of the bank, insurance, and financial and service
companies acquired from HSBC in El Salvador, Costa Rica and
Honduras. The new subsidiaries represent 16.6% of Davivienda's
consolidated assets.

In the six months period since it took over these operations,
Davivienda has aligned the loan provisions of the subsidiaries to
Colombia's more stringent regulatory requirements, although the
quality of the regional loan book appears to be largely in line
with Davivienda's. The overall increase in the bank's credit
costs, therefore, combines such adjustments with the growth in its
Colombian-based consumer loan book, which also demanded additional
provisions. Moreover, the ongoing operational integration process
has limited earnings contribution from the subsidiaries, a trend
Moody's anticipates will continue over the next quarters, but
which has been largely offset by the strength of Davivienda's
domestic results and growth prospects.

Moody's highlighted that Davivienda's franchise will be
strengthened by the geographic diversification that this regional
expansion entails, together with improving earnings quality, as
management leverages the Central American businesses and completes
the integration process. Nevertheless, the ratings incorporate the
risks related to the bank's presence in less benign and highly
dollarized operating environments in Central America.

Moody's notes that Davivienda's capitalization following the
acquisition remains at a relatively low level when compared
regionally, especially when adjusting for goodwill, and including
recent regulatory changes in Colombia and Moody's own adjustments.
However, because of the ample loan loss reserves and overall
profitability, Davivienda's capitalization is able to withstand
substantial deterioration in asset quality in all its different
jurisdictions, according to Moody's scenario analysis.

The principal methodology used in these ratings was Global Banks
Methodology published in May 2013.

The date of the last Credit Rating Action was February 5, 2013
when Moody's concluded the review of Colombian banks' subordinated
debt ratings.

Davivienda is headquartered in Bogot , Distrito Capital, Colombia
and had $ 27.0 billion in assets, $ 18.5 billion in net loans, $
17.0 billion in deposits, $ 3.0 billion in shareholders' equity,
and net income of $ 130.5 million as of March 31, 2013.

The following ratings assigned to Davivienda were affirmed with a
stable outlook:

Bank Financial Strength Rating of D+

Long term global local currency bank deposit ratings of Baa3

Short term global local currency bank deposit ratings of Prime-3

Long term foreign currency bank deposit ratings of Baa3

Short term foreign currency bank deposit ratings of Prime-3

Long term foreign currency senior unsecured debt ratings of Baa3

Long term foreign currency subordinated debt ratings of Ba2


DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Ca.mx
-----------------------------------------------------------
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to Ca.mx, from Caa2.mx (global
scale local currency rating to Ca from Caa2). This rating remains
under review for downgrade.

Ratings Rationale:

This rating action follows Homex's announcement that it did not
make the required payment on its US$250 million 9.5% unsecured
bonds due 2019 during the grace period, which expired on July 11,
2013. This constitutes an event of default under the bond
indenture and triggers a payment acceleration of not only this
bond, but would likely trigger an event of default and an
acceleration of the company's remaining debt, placing a large
burden on the company's already feeble liquidity position and
viability. The Ca rating implies a diminished recovery to
bondholders and other stakeholders.

In its review Moody's will monitor Homex's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Homex has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.

The following ratings were downgraded and remain under review for
downgrade:

Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Ca.mx, from Caa2.mx and global scale local currency
issuer rating to Ca, from Caa2.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.

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

Period of time covered in the financial information used to
determine the rating was December 31, 2009 to March 31, 2013.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


DESARROLLADORA HOMEX: Default Cues Moody's to Cut Rating to Ca
--------------------------------------------------------------
Moody's Investors Service downgraded Desarrolladora Homex, S.A.B.
de C.V.'s global scale foreign currency senior unsecured debt
rating to Ca from Caa2. The rating remains under review for
downgrade.

Ratings Rationale:

This rating action follows Homex's announcement that it did not
make the required payment on its US$250 million 9.5% unsecured
bonds due 2019 during the grace period, which expired on July 11,
2013. This constitutes an event of default under the bond
indenture and triggers a payment acceleration of not only this
bond, but would likely trigger an event of default and an
acceleration of the company's remaining debt, placing a large
burden on the company's already feeble liquidity position and
viability. The Ca rating implies a diminished recovery to
bondholders and other stakeholders.

In its review Moody's will monitor Homex's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Homex has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.

The following ratings were downgraded and remain under review for
downgrade:

Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to Ca, from
Caa2.

The last rating action with respect to Homex took place on May 31,
2013 when Moody's Investors Service downgraded the global scale
foreign currency rating on senior notes issued in the USA to Caa2,
from B2. Concurrently, Moody's de Mexico downgraded the national
scale issuer rating to Caa2.mx, from Ba1.mx and global scale local
currency issuer rating to Caa2, from B2. All ratings remained
under review for downgrade.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.

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


MAXCOM TELECOMUNICACIONES: Discloses Agreement on Recapitalization
------------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. has negotiated the terms
of a comprehensive recapitalization and debt restructuring that is
expected to significantly reduce Maxcom's debt service expense and
position Maxcom for growth with a US$45 million capital infusion.

Maxcom, private equity firm Ventura Capital Privado, S.A. de C.V.,
an ad hoc group holding an aggregate amount of approximately US$84
million of Maxcom's 11% Senior Notes due 2014, and certain of its
current equity holders have reached agreement on the terms of a
restructuring and support agreement, a recapitalization agreement,
and agreements to tender.

In connection with the recapitalization, Maxcom has entered into a
recapitalization agreement with Ventura and certain related
parties, pursuant to which the Purchasers have agreed to make a
capital contribution of US$45.0 million dollars and conduct a
tender offer to acquire for cash, at a price equal to Ps.$2.90
(two pesos and 90/100) per CPO, up to 100% (one hundred percent)
of the issued and outstanding shares of Maxcom, subject to the
terms of the recapitalization agreement.

The Purchasers' obligation to consummate the tender offer and make
the capital contribution is subject to a number of conditions,
including: receiving legal and regulatory approvals from the
Mexican Banking and Securities Commission (Comision Nacional
Bancaria y de Valores), the Mexican Ministry of Communications and
Transportation (Secretaria de Comunicaciones y Transportes) and
the Mexican Antitrust Commission (Comision Federal de
Competencia), the absence of certain material adverse effects, the
entry of an acceptable bankruptcy court confirmation order
consistent with the terms of the restructuring and support
agreement and the recapitalization agreement and such order
becoming final.

Pursuant to the terms of the Chapter 11 plan that have been agreed
by and among Maxcom, the Purchasers and the Ad Hoc Group, all
classes of creditors are unimpaired and will be paid in full in
the ordinary course, except for the Senior Notes claims, which
will receive (1) the step-up senior notes (which include the
capitalized interest amount for unpaid interest accrued on the
Senior Notes from (and including) April 15, 2013 through (and
excluding) June 15, 2013, at the rate of 11% per annum), (2) cash
in the amount of unpaid interest accrued on the Senior Notes (A)
from (and including) December 15, 2012 through (and excluding)
April 15, 2013, at the rate of 11% per annum, and (B) from (and
including) June 15, 2013 through (and excluding) the effective
date of the Plan at the rate of 6% per annum, and (3) rights to
purchase equity that is unsubscribed by the Company's current
equity holders pursuant to the terms of the Plan.

The step-up senior notes will: (a) be issued in an aggregate
principal amount of US$200 million, minus the amount of Senior
Notes held in treasury by the Company, plus the capitalized
interest amount; (b) bear interest (i) from the date of issuance
until June 14, 2016, at the annual rate of 6% per annum, (ii) from
June 15, 2016 until June 14, 2018, at the annual rate of 7% per
annum, and (iii) from June 15, 2018 until the maturity date, at
the annual rate of 8% per annum; (c) have a maturity date of June
15, 2020; (d) be secured by the same collateral that currently
secures the Senior Notes; and (e) be unconditionally guaranteed,
jointly and severally and on a senior unsecured basis, by all of
Maxcom's direct and indirect subsidiaries, excluding Fundacion
Maxcom, A.C.

Maxcom's recapitalization and debt restructuring will be
implemented through a voluntary, prepackaged Chapter 11 filing
under the U.S. Bankruptcy Code and an equity tender offer in
accordance with U.S. and Mexican securities laws.  Maxcom
commenced solicitation of votes from holders of the Senior Notes
on July 3, 2013.

The Company intends to operate in the ordinary course of business
during the implementation of its recapitalization and debt
restructuring and continue to provide a high level of
responsiveness to its customers, vendors and business partners.

No assurances can be given that a proposed recapitalization and
debt restructuring will be successful or that holders of Maxcom's
debt obligations and/or relevant stakeholders will reach an
agreement.  If a consensual, pre-packaged Chapter 11 restructuring
cannot be implemented, Maxcom may be forced to file for bankruptcy
or concurso mercantil without the support of a significant portion
of its creditors.  A failure to complete a restructuring, through
a pre-packaged Chapter 11 filing or otherwise, could have a
material adverse effect on the business or the interests of
holders of Maxcom's debt and equity securities.

As previously announced, the Company has engaged Lazard Freres &
Co. LLC and its alliance partner Alfaro, Davila y Rios, S.C. as
its financial advisor and Kirkland & Ellis LLP and Santamarina y
Steta, S.C. as its U.S. and Mexican legal advisors in connection
with its restructuring proceedings and potential Chapter 11 case.

The Ad Hoc Group has retained Cleary Gottlieb Steen & Hamilton LLP
and Cervantes Sainz, S.C., as its U.S. and Mexican legal advisors.
Ventura has retained VACE Partners as its financial advisor, and
Paul Hastings LLP and Jones Day as its U.S. and Mexican legal
advisors, respectively.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

                           *    *     *

Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.


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

  ARGENTINA
  ---------

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88
CENTRAL COSTAN-B       CRCBF US          355868838     -87473853.3
EDENOR-B               DNOR AR          1394532232     -3893195.32
EMP DISTRIB-ADR        EDN US           1394532232     -3893195.32
EMP DISTRIB-ADR        PWD1 GR          1394532232     -3893195.32
EDENOR-B US$           DNORD AR         1394532232     -3893195.32
EDENOR-B C/E           DNORC AR         1394532232     -3893195.32
EMPRESA DISTRI-A       0122196D AR      1394532232     -3893195.32
EMPRESA DISTRI-C       0122368D AR      1394532232     -3893195.32
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
SNIAFA SA              SNIA AR          11229696.2     -2670544.88
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.88
EDENOR-B               EDN AR           1394532232     -3893195.32
EDENOR-B               EDNC AR          1394532232     -3893195.32
EDENOR-B               EDND AR          1394532232     -3893195.32
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


  BRAZIL
  ------

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
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         339244079      -561405855
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
LUPATECH SA            LUPA3 BZ          754879275      -127862714
REDE EMP ENE ELE       ELCA4 BZ         1175265498     -62202546.7
REDE EMP ENE ELE       ELCA3 BZ         1175265498     -62202546.7
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           339244079      -561405855
LAEP INVESTMENTS       LEAP LX           222902263      -255311019
LUPATECH SA            LUPAF US          754879275      -127862714
REDE ENERG-UNIT        REDE11 BZ        1175265498     -62202546.7
CELGPAR                GPAR3 BZ          224346590     -1034483191
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      1175265498     -62202546.7
REDE ENER-RCT          3907731Q BZ      1175265498     -62202546.7
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         1175265498     -62202546.7
REDE ENER-RCT          REDE9 BZ         1175265498     -62202546.7
REDE ENER-RT           REDE2 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE10 BZ        1175265498     -62202546.7
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            0848424D 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
PET MANG-RTS           RPMG1 BZ          246810937      -224879124
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         1175265498     -62202546.7
CAIUA SA               ELCON BZ         1175265498     -62202546.7
REDE EMPRESAS-PR       REDE4 BZ         1175265498     -62202546.7
CAIUA SA-PREF          ELCPN BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCA6 BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCBN BZ         1175265498     -62202546.7
CAIUA SA-RTS           ELCA2 BZ         1175265498     -62202546.7
CAIUA SA-DVD CMN       ELCA11 BZ        1175265498     -62202546.7
CAIUA SA-RCT PRF       ELCA10 BZ        1175265498     -62202546.7
CAIUA SA-DVD COM       ELCA12 BZ        1175265498     -62202546.7
CAIUA ELEC-C RT        ELCA1 BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCAN BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCA5 BZ         1175265498     -62202546.7
CAIVA SERV DE EL       1315Z BZ         1175265498     -62202546.7
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          110495982      -162541773
DHB IND E COM          DHBON BZ          110495982      -162541773
D H B-PREF             DHBI4 BZ          110495982      -162541773
DHB IND E COM-PR       DHBPN BZ          110495982      -162541773
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
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
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

  COLOMBIA
  --------

PUYEHUE RIGHT          PUYEHUOS CI        25722049     -4310587.75
PUYEHUE                PUYEH CI           25722049     -4310587.75






                            ***********


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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