TCRLA_Public/130723.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 23, 2013, Vol. 14, No. 144


                            Headlines



A T I G U A  &  B A R B U D A

LIAT: Venezuela May Acquire Stake in Airline


A R G E N T I N A

PETROBRAS ARGENTINA: Fitch Cuts Issuer Default Ratings to 'B+'


B R A Z I L

BANCO DO BRASIL: Fitch Assigns 'bb+' Viability Rating


C A Y M A N  I S L A N D S

ACORN TACTICAL: Commences Liquidation Proceedings
AGATE GLOBAL: Creditors' Proofs of Debt Due Aug. 13
AL SALAMA: Commences Liquidation Proceedings
ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
CICC SECURITIES: Creditors' Proofs of Debt Due Aug. 13

GIR FUND: Creditors' Proofs of Debt Due Aug. 14
KLEROS PREFERRED: Creditors' Proofs of Debt Due Aug. 13
LERA LIMITED: Commences Liquidation Proceedings
NB SOF II: Shareholder to Receive Wind-Up Report on Aug. 23
ORCHARD II: Creditors' Proofs of Debt Due Aug. 5

PURRFECT CAT: Commences Liquidation Proceedings
ST. MAARTEN: Creditors' Proofs of Debt Due Aug. 13
TVG CAPITAL: Commences Liquidation Proceedings
TVG (CAYMAN): Commences Liquidation Proceedings
XU JIA: Creditors' Proofs of Debt Due Aug. 5


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Another Haiti Ban Stuns Industries


G U A T E M A L A

BANCO DE DESARROLLO: Fitch Affirms 'BB+' Issuer Default Rating


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: Venezuela May Acquire Stake in Airline
--------------------------------------------
Jamaica Gleaner reports that Prime Minister Roosevelt Skerrit said
the shareholder governments of Leeward Islands Air Transport,
known as LIAT, are discussing proposals that would allow Venezuela
to acquire a piece of the airline.

Mr. Skerrit said Caracas has expressed an interest in investing in
the regional airline company and that a draft agreement has
already been provided to shareholders for their consideration,
according to Jamaica Gleane.

"I believe it is an absolutely good move if we were to get
Venezuela to invest in LIAT to provide LIAT with the much-needed
financial and technical support that it requires.  It could also
mean additional business for LIAT. . . . If we could get Conviasa
to service flights from Brazil and from Venezuela and all the
Latin and South American countries and transport them to a hub in
the Caribbean and then take them to their respective destinations
within the Caribbean then it means additional business for LIAT,"
the report quoted Mr. Skerrit as saying.

Conviasa is the national airline of Venezuela.

The report relays that Mr. Skerrit said that further discussions
will be held with Caracas on the issue.

Jamaica Gleaner discloses that it is in the process of replacing
its ageing fleet, which has a price tag of US$100 million.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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


PETROBRAS ARGENTINA: Fitch Cuts Issuer Default Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Petrobras Argentina S.A.'s (PESA)
long-term foreign and local currency Issuer Default Ratings (IDRs)
to 'B+' from 'BB'. The rating action applies to the company's
approximately USD200 million of senior unsecured notes due 2013.
The agency has simultaneously affirmed PESA's guaranteed notes
rating at 'BBB'. The Rating Outlook is Stable.

KEY RATING DRIVERS

PESA's ratings downgrade reflects Fitch perception of a weaker
strategic tie between the company and its main shareholder,
Petroleo Brasileiro (Petrobras; rated 'BBB'), coupled with PESA's
heightening standalone credit risk. Fitch's overall assessment of
PESA and Petrobras linkage remains strong considering other
reputational, operational and financial ties between them and this
is reflected in the two notch differentiation above Argentina's
country ceiling of 'B-'.

Over the last couple of years, PESA lost its earnings geographical
diversification following the sale of the company's sizable
portfolio of upstream and downstream assets. Other credit issues
include the potential for high capex to boost production and
reserve growth, and the uncertain regulatory atmosphere for the
industry in Argentina.

Uncertainty From Concessions Renewals Undermine Upstream Metrics

Fitch notes that the company's reserve base at year-end 2012,
which amounted to 215 million barrels of oil equivalent (boe), has
been decreasing over time due to divestures of certain assets and
a prevailing portfolio of mature fields. PESA's leverage as
measured by exploration and production debt to proven developed
reserve remains relatively unchanged at $4.4/boe as of Dec. 31,
2012. Nevertheless, the company's reserve life has shortened over
time to six year as of year-end 2012. PESA's bulk of oil
concession contracts are due in 2015-2016. Fitch identifies the
on-going negotiations of key concession contracts as a determining
factor for next year's performance. Fitch expects selective capex
and declining reserve and production levels to continue until
these contracts are redefined.

Financial Performance As Expected

PESA's credit metrics for the latest 12-month (LTM) ending March
31, 2013 continued to be robust. At the end of the first quarter,
funds from operations (FFO) adjusted leverage was approximately
0.9 times (x) same as reported at the LTM ending March 31, 2012.
The company's FFO fixed charge coverage ratio was also kept at
solid levels (11.4x over the same period). LTM free cash flow
(FCF) was negative USD159 million after capex of USD653 million -
including the acquisition of Petrolera Entre Lomas for USD249
million - and dividends of USD49 million while operating cash
flows for the period was USD543 million.

Capex has been moderate to aggressive over the last couple of
years at USD653 million as of March 2013 and USD635 million during
the fiscal year 2012 following a period of divestures during years
2009-2011. Cash proceeds from these sales have been used to build
up cash balances, reduce debt and to finance capex including
exploration ventures in non-conventional gas. Production of non-
conventional gas still represents a minor portion of total
production. The abovementioned asset divesture resulted in
reduction of export flows to approximately USD200 million per
annum. The assets involved include petrochemical assets in Brazil
(Innova sold to Petrobras) and upstream divestures in Peru and
Ecuador.

Low Leverage Levels To Persist

Fitch's Base Case indicates PESA's net debt to EBITDA ratio to
remain below 1.0x at year-end 2013. At March 31, 2013, the
company's debt to LTM EBITDA was flat at 0.8x same as in 2012.
Total debt decreased significantly compared to 2011-2009 levels.
As of March 31, 2013, PESA had USD200 million of senior unsecured
notes due 2013 and USD300 million of secured notes due 2017
supported by a stand-by purchase agreement from Petrobras. PESA's
2017 guaranteed notes include a change of control clause which
states the obligation of PESA to repurchase the notes at 101% upon
a change of control event.

PESA's liquidity as of March 31, 2013 was USD259 million of cash
balances that should be consider solid to its financial needs.

RATING SENSITIVITIES

A positive rating action seems limited at the time given the
rating level and several challenges PESA has to sort out in the
near term. In contrast, a negative rating action could occur as a
result of any industry regulation or legal change or any changes
in Petrobras' credit quality or further changes in its strategic
or operational factors that could lead to diminished support to
PESA.


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


BANCO DO BRASIL: Fitch Assigns 'bb+' Viability Rating
------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BBB' to Banco do Brasil S.A.'s (BdB) euro senior unsecured notes.
The notes will be issued by Banco do Brasil's Grand Cayman branch
under the USD5 billion global medium-term program. The amount of
the notes totaled EUR700 million and the interest payments will be
made annually. The principal will be paid at the maturity. The
notes proceeds shall be used for general corporate purposes.

KEY RATING DRIVERS

The rating assigned to BdB's issuance corresponds to the bank's
long-term foreign currency Issuer Default Rating (IDR) ('BBB';
Outlook Stable) and ranks equal with its other senior unsecured
debt.

BdB's IDRs 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.

RATING SENSITIVITIES

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

Fitch currently rates BdB as follows:

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


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


ACORN TACTICAL: Commences Liquidation Proceedings
-------------------------------------------------
On June 14, 2013, the sole shareholder of Acorn Tactical Trading
Fund Ltd resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Acorn Advisory Capital, L.P.
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


AGATE GLOBAL: Creditors' Proofs of Debt Due Aug. 13
---------------------------------------------------
The creditors of Agate Global Equity Fund are required to file
their proofs of debt by Aug. 13, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345) 926 1688
          Artillery Court Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


AL SALAMA: Commences Liquidation Proceedings
--------------------------------------------
On July 5, 2013, the shareholders of Al Salama Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946 0820
          Facsimile: (345) 946 0864
          PO Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2 long-
term foreign-and local-currency issuer ratings of Aton Capital
Group to negative from stable. Concurrently, the company's B2/Not
Prime long-term and short-term foreign-currency and local-currency
issuer ratings were affirmed.

Moody's assessment of the issuer's ratings is largely based on
Aton Capital Group's audited financial statements for 2012 and its
unaudited financial statements for Q1 2013, prepared under IFRS.

Ratings Rationale:

Moody's decision to change the outlook on Aton Capital Group's
long-term ratings to negative is based on (1) the intensifying
risks in the Russian securities markets in which the group
operates, which provide fewer earnings opportunities; and (2)
evidence of sustained pressure on the company's weak and volatile
profitability.

The global financial crisis has had a long-lasting impact on
Russian securities markets which now provide fewer earning
opportunities.  The securities market index (RTS) is still 45%
below the highest value recorded prior to the financial crisis and
this index is currently in stagnating mode.  Competition in
brokerage and investment banking has intensified, and decelerating
economic activity (with GDP growth projected by Moody's to
contract to 2.5% in 2013 from 3.4% in 2012) continues to
pressurize investors' risk appetite and assets prices.

Given the forecast of deceleration of economic growth, Moody's
believes that the company will face greater challenges in its
efforts to sustain adequate profitability as the Russian
securities industry is highly susceptible to operating environment
trends.

As a result of weaker earning opportunities in Russia's
challenging operating environment, Aton Capital Group struggles to
maintain positive profitability as reflected in the low and
volatile return on equity (ROE) which has not exceeded 3% for the
past three years (2012: less than 1%, and Q1 2013: 2.3%). Given
that a significant share of profits were generated from unstable
sources (e.g., private equity deals and other one-off
transactions) -- which accounted for 17% of revenues in 2012 --
Moody's expects any deterioration in the operating environment to
further pressure the company's earnings, thus rendering them more
volatile.

What Could Move The Ratings Up/Down

Given the negative outlook on the long-term ratings, Aton Capital
Group's ratings are unlikely to be upgraded in the next 12 to 18
months. However, outlook could be changed to stable in the event
of (1) improved core profitability stemming from continuous
franchise development; and (2) lower volatility of earnings due to
improved diversification in terms of asset-class instruments,
clients and geography.

Downwards pressure could be exerted on Aton Capital Group's
ratings as a result of any failure to improve core profitability.
Negative pressure could also stem from any significant
deterioration in liquidity and capital erosion.

Principal Methodologies

The principal methodology used in this rating was Global
Securities Industry Methodology published in May 2013.

Based in the Cayman Islands, Aton Capital Group is the holding
company which unites a number of sub-holding and operating
companies in various jurisdictions while the majority of business
is related to Russia.  Aton Capital Group recorded total assets of
$733 million and equity of $255 million at year-end 2012 according
to audited financial statements under IFSR.


CICC SECURITIES: Creditors' Proofs of Debt Due Aug. 13
------------------------------------------------------
The creditors of CICC Securities (HK) Limited 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 June 24, 2013.

The company's liquidators are:

          Iain Ferguson Bruce
          Thomas Andrew Corkhill
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


GIR FUND: Creditors' Proofs of Debt Due Aug. 14
-----------------------------------------------
The creditors of GIR Fund Management are required to file their
proofs of debt by Aug. 14, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 4, 2013.

The company's liquidator is:

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


KLEROS PREFERRED: Creditors' Proofs of Debt Due Aug. 13
-------------------------------------------------------
The creditors of Kleros Preferred Funding VII, Ltd. are required
to file their proofs of debt by Aug. 13, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 4, 2013.

The company's liquidator is:

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


LERA LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On June 27, 2013, the shareholders of Lera Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


NB SOF II: Shareholder to Receive Wind-Up Report on Aug. 23
-----------------------------------------------------------
The shareholder of NB SOF II Offshore Investor Ltd will receive on
Aug. 23, 2013, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ORCHARD II: Creditors' Proofs of Debt Due Aug. 5
------------------------------------------------
The creditors of Orchard II, Inc. are required to file their
proofs of debt by Aug. 5, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 4, 2013.

The company's liquidator is:

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


PURRFECT CAT: Commences Liquidation Proceedings
-----------------------------------------------
On June 28, 2013, the shareholders of Purrfect Cat Ltd resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ST. MAARTEN: Creditors' Proofs of Debt Due Aug. 13
--------------------------------------------------
The creditors of St. Maarten CDO Limited are required to file
their proofs of debt by Aug. 13, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 5, 2013.

The company's liquidator is:

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


TVG CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On July 5, 2013, the shareholders of TVG Capital Partners GP 2,
LLC resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Varun Kumar Bery
         House I(9)
         Kellett View Town Houses
         65-69 Mount Kellett Road Peak
         Hong Kong
         Telephone: +8 (52) 2147-2080


TVG (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------
On July 5, 2013, the shareholders of TVG (Cayman) Limited resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Varun Kumar Bery
         House I(9)
         Kellett View Town Houses
         65-69 Mount Kellett Road Peak
         Hong Kong
         Telephone: +8 (52) 2147-2080


XU JIA: Creditors' Proofs of Debt Due Aug. 5
--------------------------------------------
The creditors of Xu Jia Hui Serviced Apartment Limited are
required to file their proofs of debt by Aug. 5, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 4, 2013.

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: Another Haiti Ban Stuns Industries
--------------------------------------------------------
Dominican Today reports that another ban on imports by Haiti, this
time on plastic products which could again affect local factories
with losses as high as US$75 million yearly, has alarmed Dominican
Republic's Industries Association (AIRD).

In a statement, the business organization said Haiti's media
disclosed the ban approved by the Council of Ministers, on the
country's polyethylene bags and polyethylene packaging foam (EPS
or PS, glass or polyethylene) in any format, including individual
foods, such as cups, bottles, bags and plates, according to
Dominican Today.

The report relates that AIRD President Ligia Bonetti said Haiti
media reported that the ban would be in effect starting August 1,
for which that nation's customs will confiscate any items in those
types of containers or packaging, and owners will be punished
according to Haiti law.

Ms. Bonetti said however that the confiscation of products has
already been reported, the report notes.

"We ask the government, especially our Foreign Minister (Carlos
Morales) to spearhead the process to seek a solution to this new
impasse in our trade relations with Haiti," Ms. Bonetti said,
notes the report.

It's the third ban Haiti has slapped on Dominican products within
the last 12 months, including processed meats, live chickens and
eggs, the report adds.


==================
G U A T E M A L A
==================


BANCO DE DESARROLLO: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has revised Banco de Desarrollo Rural S.A.'s
(Banrural) Rating Outlook to Negative from Stable and affirmed the
bank's long-term Issuer Default Rating (IDR) at 'BB+'. At the same
time, Fitch has revised Banco Industrial S.A.'s Rating Outlook to
Stable from Positive and affirmed its long-term IDR at 'BB'. This
action follows Fitch's revision of Guatemala's sovereign Rating
Outlook to Negative from Stable (for more information on the
sovereign rating action see 'Fitch Affirms Guatemala at 'BB+';
Revises Outlook to Negative', dated July 11, 2013 at
www.fitchratings.com).

BANRURAL'S KEY RATING DRIVERS - IDRs, VR AND NATIONAL RATINGS

Banrural's IDRs and Viability Rating (VR) are at the same level of
Guatemala's sovereign and given its association with the public
sector, particularly in its funding side, an eventual downgrade of
Guatemala's sovereign rating would, in turn, lead to a similar
action on Banrural's IDRs.

Banrural's IDRs and VR reflect its sound local franchise,
historically high profitability, strong capital, good credit
quality and ample depository base. Banrural's ratings also reflect
moderate concentrations in public sector funds and the limited
revenue diversification, given its main target markets (micro, and
small enterprises). The affirmation of the support rating of '3'
reflects Fitch's opinion that the bank maintains a moderate
probability of support from the state, given its systemic
importance in the banking system.

Banrural's national ratings were affirmed and its Outlook remains
Stable as the bank's relative strength in the local market remains
unchanged.

INDUSTRIAL'S KEY RATING DRIVERS - IDRs, VR AND NATIONAL RATINGS

Industrial's Rating Outlook has been revised to Stable from
Positive, indicating that its IDR has little upside potential
should Guatemala's Negative Outlook eventually result in a
sovereign downgraded. Industrial's large exposure to Guatemalan
bonds prevents its ratings to be above that of the sovereign.

The Outlook of Industrial's long-term national ratings was also
revised to Stable from Positive, and the ratings affirmed as the
relative strength in the local market remains unchanged, even with
the sovereign's downgrade. The Rating Outlook of Industrial's
subsidiaries (Contecnica and Banco Industrial El Salvador) were
also revised to Stable from Positive while its national ratings
were affirmed.

Industrial's IDRs are driven by its strong national franchise,
sound asset quality, good efficiency, ample deposit base, and
sound liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are constrained by its modest capitalization,
moderate profitability, and the relatively high loan portfolio
concentrations.

BANRURAL'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS

A downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs. On the other hand, if the sovereign
ratings are eventually affirmed at 'BB+' and the Outlook revised
to Stable from Negative, it is highly likely that Banrural's
Rating Outlook would be revised accordingly. Banrural's national
ratings would not be affected should Guatemala's sovereign be
downgraded.

INDUSTRIAL'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS

Industrial IDR's upside potential is considered limited by Fitch,
should Guatemala's Negative Outlook eventually result in a
sovereign downgraded, considering the bank's high exposure to the
sovereign in its securities portfolio. On the other hand, a
further than expected weakening of the bank's loss absorption
capacity could trigger a downgrade of the bank's IDRs.

Fitch has taken the following rating actions on Banrural:

-- Long-term foreign currency IDR affirmed at 'BB+'; Outlook
   revised to Negative from Stable;

-- Short-term foreign currency IDR affirmed at 'B';

-- Long-term local currency IDR affirmed at 'BB+'; Outlook revised
   to Negative from Stable;

-- Short-term local currency IDR affirmed at 'B';

-- Viability rating affirmed at 'bb+';

-- Support affirmed at '3';

-- Support Rating Floor affirmed at 'BB-';

-- National long -term rating affirmed at 'AA+(gtm)'; Outlook
   Stable;

-- National scale short-term rating affirmed at 'F1+(gtm)'.

Fitch has taken the following rating actions on Industrial:

-- Long-term IDR affirmed at 'BB'; Outlook revised to Stable
   from Positive;

-- Short-term IDR affirmed at 'B';

-- Local-currency long-term IDR affirmed at 'BB'; Outlook revised
   to Stable from Positive;

-- Local-currency short-term IDR affirmed at 'B';

-- Viability Rating affirmed at 'bb';

-- Support affirmed at '3';

-- Subordinated Tier I capital notes debt affirmed at 'B-';

-- Support Rating Floor affirmed at 'BB-';

-- National scale long-term rating affirmed at 'AA-(gtm)'; Outlook
   revised to Stable from Positive;

-- National scale short-term rating affirmed at 'F1+(gtm)'.

Fitch has taken the following rating actions on Contecnica:

-- National long -term rating affirmed at 'A(gtm)'; Outlook
   revised to Stable from Positive;

-- National scale short-term rating affirmed at 'F1(gtm)'.

Fitch has taken the following rating actions on Banco Industrial
El Salvador:

-- National long-term rating affirmed at 'A+(slv)'; Outlook
   revised to Stable from Positive;

-- National scale short-term rating affirmed at 'F1(slv)'.


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