TCRLA_Public/130725.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

           Thursday, July 25, 2013, Vol. 14, No. 146


                            Headlines



A R G E N T I N A

* ARGENTINA: IMF Drops Proposal to Back Country in Default Case
* Moody's Sees Slow Rise of Loan Delinquencies in Argentina
* Argentinean Corporate Credit Quality to Remain Stable


B R A Z I L

BANCO DO BRASIL: Sells EUR700 Million in Bonds
COMPANHIA SIDERURGICA: Eyes Acquisition of ThyssenKrupp Assets
* Credit Quality of Brazilian Corporates to Remain Stable


C A Y M A N  I S L A N D S

ADEIM LIMITED: Shareholders' Final Meeting Set for Aug. 6
CHEYNE AMERICAS: Shareholders' Final Meeting Set for Aug. 15
ELMORE AMSA: Shareholders' Final Meeting Set for Aug. 23
HELIUM LIMITED: Shareholders' Final Meeting Set for Aug. 21
MARATHON BAJA: Sole Member to Hear Wind-Up Report on Aug. 19

MISERO INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 15
MONASTERY INVESTMENT: Shareholders' Final Meeting Set for Aug. 15
MOUSETRAP INVESTMENT: Shareholders' Final Meeting Set for Aug. 15
MSGI HOLDINGS: Shareholders' Final Meeting Set for Aug. 6
PREMIUM FINANCE: Shareholders' Final Meeting Set for Aug. 9

ROBECO-SAGE: Shareholder to Hear Wind-Up Report on Aug. 6
TE JENKINS INVESTORS: Shareholders' Final Meeting Set for Aug. 23
TE JENKINS PORTFOLIO: Shareholders' Final Meeting Set for Aug. 23
THAMES RIVER: Shareholders' Final Meeting Set for Aug. 22
WOODS COMPANY: Shareholders' Final Meeting Set for Aug. 6


M E X I C O

* Moody's Expects Stable Credit Quality for Mexican Corporates


P U E R T O   R I C O

EMERITO ESTRADA: Files Schedules of Assets and Liabilities
TU DEVELOPMENT: Case Summary & Unsecured Creditor


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


* ARGENTINA: IMF Drops Proposal to Back Country in Default Case
---------------------------------------------------------------
Sandrine Rastello & Katia Porzecanski at Bloomberg News report
that International Monetary Fund Managing Director Christine
Lagarde withdrew a proposal to back Argentina in the country's
legal battle over its defaulted debt, citing opposition from the
U.S., the fund's largest shareholder.

The decision comes three days after Ms. Lagarde said she'd
recommend that the IMF board file its first-ever friend-of-the-
court brief to the U.S Supreme Court in support of Argentina's
request for a review of a lower court ruling, according to
Bloomberg News.

Bloomberg News relates that the case involves holdout creditors
from the nation's $95 billion default in 2001.

"The managing director's recommendation was premised on U.S.
support, as it would not be appropriate for the IMF to file this
brief without that support. . . . The Fund remains deeply
concerned about the broad systemic implications that the lower
court decision could have for the debt restructuring process in
general," IMF said in an e-mailed statement obtained by Bloomberg
News.

Bloomberg News notes that the South American nation contends that
a federal appeals court in New York was wrong when it ruled in
October that investors who accepted Argentina's debt restructuring
can't be paid unless holders of defaulted bonds who rejected the
plan are also paid.

The holdouts are led by billionaire Paul Singer's Elliott
Management Corp. and its NML Capital Ltd. unit.

Bloomberg News relates that the IMF said Director Lagarde's
decision came after the U.S. said that "at this stage" it no
longer supported the filing.

                        'Political Reality'

Bloomberg News notes that in asking the Supreme Court to take the
case, Argentina argued that the lower-court ruling "represents an
unprecedented intrusion into the activities of a foreign state
within its own territory that raises significant foreign relations
concerns for the United States."

Bloomberg News relates that, the Obama administration said it
won't file a brief at this stage urging the Supreme Court to hear
Argentina's appeal.  The justices could seek the government's
views before acting in the case, potentially giving the
administration another chance to make a recommendation, says
Bloomberg News.

The administration backed Argentina at the appeals court.

"Clearly this is a politically sensitive issue and the politically
conservative thing to do is not to file at this time," Bloomberg
News quoted Anna Gelpern, a law professor at Georgetown University
in Washington and senior fellow at the Peterson Institute for
International Economics, said in a telephone interview.  "It
sounds like the fund has decided that the politically sensible
thing to do for now is to hold off," Ms. Anna Gelpern added,
Bloomberg News says.


* Moody's Sees Slow Rise of Loan Delinquencies in Argentina
-----------------------------------------------------------
The performance of Argentine securitizations will be slightly
weaker in the second half of 2013, says Moody's Investors Service
in a report entitled "Argentine Securitization Market: 2013 Mid-
Year Review & Outlook."

The performance of outstanding transactions will be slightly
weaker in the second half of 2013 because of rising consumer loan
delinquencies. However, the delinquency rate will increase at a
slower pace than in the first six months of the year, owing to
modest economic improvement and nominal salary adjustments for
private and public employees that will help mitigate the impact of
high inflation.

"Consumer lending activity will slow down in the second half
because of growing caution on the part of originators," said
Moody's Vice President Martín Fernandez-Romero. "Nevertheless, we
anticipate a pickup in new deal activity in the second half after
a weak start to the year, owing to expedited approval processes by
local regulators for transactions that are similar to ones an
originator issued previously."

The recent implementation of the Basel II standards by the
Argentine Central Bank will also lead to structural changes in new
securitizations, such as fewer deals that include mezzanine
tranches.


* Argentinean Corporate Credit Quality to Remain Stable
-------------------------------------------------------
The credit quality of Argentinean non-financial corporates should
remain stable over the next 12 months despite low GDP growth,
declining consumption and double-digit inflation, Moody's
Investors Service says in a new report, "Corporate Credit Quality
to Remain Stable Despite Economic Challenges in Argentina."
Inflation will help drive revenues up, offsetting higher operating
costs, but higher administrative costs will prevent margin
improvement.

"The Argentine operating environment poses many challenges for
companies, including haphazard government policies, capital
controls and a weakening peso," says Associate Managing Director,
Marianna Waltz. "Nevertheless, the current expansionary fiscal and
monetary environment and strong commodity prices will support
companies' revenue growth in the next 12 months."

The Argentinean retail sector, however, is likely to see slowing
growth in the next year or so, Waltz says. Retailers have
benefited from government policies, including import restrictions
and initiatives to expand consumer credit, over the past few
years, but consumption is expected to slow due to reduced consumer
financing from banks and the volatile economic environment.

Local manufacturers, on the other hand, will continue to benefit
from import restrictions. "We believe the government will continue
to restrict imports for the foreseeable future, as substitution of
imports with domestic goods is a major policy position," says Vice
President -- Senior Analyst, Veronica Amendola. "This will allow
local producers to continue to enjoy high sales volumes."

And while some Argentinean companies have foreign currency debt
obligations and so are exposed to the risk that the government
could restrict external debt payments, most are taking the
precautionary measure of switching their US dollar-denominated
debt to local currency debt, Moody's says.

Similarly, the refunding risks that result from Argentinean
corporates' lack of access to long-term funding in the local
credit markets and deeper international capital markets should not
present a problem for them in the next year. Although companies
are reliant on strong banking relationships to roll over bank
loans, Moody's does not expect them to have difficulty doing so.


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


BANCO DO BRASIL: Sells EUR700 Million in Bonds
----------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Banco do
Brasil S.A. pulled off a lighting swoop on international debt
markets, raising more than expected and lowering its borrowing
costs, as investors clamored for a piece of the deal.

The bank sold EUR700 million in five-year bonds, more than the
EUR500 million it had originally planned to sell, after demand
topped EUR2 billion, said the bank's financial director, Jose
Mauricio Pereira Coelho, according to WSJ.

WSJ notes that the bonds will pay an annual yield of 3.875%, which
is below the 4% yield it had originally targeted, Mr. Pereira
Coelho said.  The last time the bank sold euro-denominated bonds,
in January 2011, it sold EUR750 million in five-year bonds at a
yield of 4.5%, WSJ discloses.

WSJ notes that Latin American companies have been struggling to
borrow overseas, but a window opened abruptly on as global markets
calmed after comments by U.S. Federal Reserve Chairman Ben
Bernanke.

WSJ relays that Banco do Brasil is tapping the market for the
first time since January, when it then sold $2 billion in dollar-
denominated perpetual bonds aimed at improving its financial
position and helping it maintain a rapid pace of credit growth.

The WSJ, citing Standard & Poor's Ratings Services, says that the
bank will issue the latest bonds under its global medium-term note
program, which has a limit of $5 billion, and it is planning to
use the proceeds for general banking purposes.

                          *     *     *

As of July 24, 2013, the company continues to hold Fitch's 'bb+'
Viability Rating.


COMPANHIA SIDERURGICA: Eyes Acquisition of ThyssenKrupp Assets
--------------------------------------------------------------
Paul Kiernan at The Wall Street Journal, citing Fitch Ratings,
reports that Companhia Siderurgica Nacional's large mound of cash
and tight-fisted approach to acquisitions can be viewed as rays of
hope as it negotiates to buy assets from ThyssenKrupp that would
likely bring higher debt levels.

CSN is nearing an agreement to buy a major stake in the German
industrial conglomerate's loss-making steel mill near Rio de
Janeiro, sources familiar with the negotiations said, sending the
company's shares down sharply, according to The WSJ.

"Should it take place, Fitch would expect the transaction to have
the effect of a net debt increase, it's just a question of the
extent," said Jay Djemal, director of Latin American corporate
ratings at Fitch, in an interview, WSJ notes.

WSJ notes that Fitch assigns an investment-grade triple- B-minus
rating to CSN's debt, and has said that possible triggers for a
downgrade might include an increase in long-term average of net
debt to more than three times earnings before interest, taxes,
depreciation and amortization, or Ebitda.

WSJ relates that CSN exceeded that ratio at the end of the first
quarter with net debt of 3.75 times Ebitda, up from 2.36 a year
earlier.  Overcapacity in the global steel industry and an
ambitious investment cycle at CSN contributed to the increase.

SJ says that with Brazil's stock market and currency suffering
from a wave of concern about the country's economic prospects --
and CSN's own shares down nearly 50% so far this year -- the
funding for any acquisition would likely come at least partially
via cash or debt.

The WSJ relays that CSN has valued ThyssenKrupp's Brazilian steel
mill around $1.8 billion, while a sister mill in Alabama that CSN
is also believed to be interested in buying has spurred a bid of
$2 billion from a joint-venture between ArcelorMittal (MT) and
Nippon Steel & Sumitomo Metal Corp., sources familiar with the
matter have said.

The report notes that but CSN is a company that hoards cash, with
BRL14.12 billion of it as of March 31, and has enough money in the
bank to cover debt obligations through 2016, Mr. Djemal said, The
WSJ notes.

The WSJ says that and its management has shown "restraint" toward
acquisitions in recent years.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2012, Moody's Investors Service changed the outlook for
Companhia Siderurgica Nacional S.A. ("CSN") and its rated
guaranteed subsidiaries to stable from positive. Moody's also
affirmed CSN's corporate family rating of Ba1 on the global scale,
its Aa1.br on the Brazilian national scale and the Ba1 rating of
the guaranteed issuances of CSN Resources S.A. (Luxembourg), CSN
Islands VIII Corporation, CSN Islands IX Corporation, CSN Islands
XI Corporation, and CSN Islands XII Corporation.


* Credit Quality of Brazilian Corporates to Remain Stable
---------------------------------------------------------
The credit quality of Brazilian non-financial corporates is
expected to remain stable over the next 12 months, Moody's
Investors Service says in a new report. The depreciation of the
real and adequate corporate liquidity should help mitigate slow
economic growth and rising inflation.

"While slow growth and high inflation will pressure many rated
companies' operating performance over the next year, their
generally adequate liquidity will help them weather economic and
market volatility," says Vice President -- Senior Analyst, Barbara
Mattos, in "Brazilian Corporate Credit Quality to Remain Stable
During Next 12 Months."

Nevertheless, Brazil's economic recovery since the global economic
crisis faces some downside risks, Mattos says. Although forecast
GDP growth of 2.0%-2.5% in 2013 and 3% in 2014 is an improvement
over last year's 0.9% growth, expectations have been gradually
deteriorating. In addition, recent public protests throughout
Brazil could reinforce negative market perceptions.

The depreciation of the real will aid Brazilian exporters over the
next few months, making their goods more competitive overseas or
increasing their revenues in local currency. Conversely, companies
with significant US dollar-denominated debt will see their
leverage ratios go up, in some cases to a point that could
threaten their financial covenants.

And good global harvests and increased capacity, in addition to
reduced demand from China, should see commodity prices in Brazil
remain stable or decline over the next year, Mattos says. "Lower
prices will benefit companies with commodity inputs, such as
meatpackers and poultry producers, but hurt those in the sugar-
ethanol, base metals and paper industries." However, the Brazilian
real depreciation will partially mitigate the impact.

Brazilian companies' access to the capital markets may be tighter
due to uncertainties around the country's economic growth and
interest rates elsewhere. Nonetheless, Moody's does not expect any
major liquidity imbalances over the next few quarters, as many
Brazilian companies anticipated their refinancing needs and
overall corporate liquidity remains satisfactory.

"Although we have stable outlooks on 74% of Brazilian non-
financial corporate ratings, 20% of the rated issuers in Brazil
face negative pressures captured either by negative outlooks or
reviews for a rating downgrade", Mattos notes. Despite of the
negative pressures, "we do not foresee an overall deterioration in
companies' credit quality during the next 12 months."


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


ADEIM LIMITED: Shareholders' Final Meeting Set for Aug. 6
---------------------------------------------------------
The shareholders of Adeim Limited will hold their final meeting on
Aug. 6, 2013, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147, Grand Cayman KY1-1002
          Cayman Islands


CHEYNE AMERICAS: Shareholders' Final Meeting Set for Aug. 15
------------------------------------------------------------
The shareholders of Cheyne Americas High Yield Fund Inc. will hold
their final meeting on Aug. 15, 2013, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ELMORE AMSA: Shareholders' Final Meeting Set for Aug. 23
--------------------------------------------------------
The shareholders of Elmore Amsa Fund Limited will hold their final
meeting on Aug. 23, 2013, at 10:30 a.m., to receive 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 Jennifer Chailler/Kim Charaman
          Telephone: (345) 943 3100


HELIUM LIMITED: Shareholders' Final Meeting Set for Aug. 21
-----------------------------------------------------------
The shareholders of Helium Limited will hold their final meeting
on Aug. 21, 2013, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P.O. Box 10147, Grand Cayman KY1-1002
          Cayman Islands


MARATHON BAJA: Sole Member to Hear Wind-Up Report on Aug. 19
------------------------------------------------------------
The sole member of Marathon Baja Limited will receive on Aug. 19,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MISERO INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------------------
The shareholders of Misero International Ltd. will hold their
final meeting on Aug. 15, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MONASTERY INVESTMENT: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------------------
The shareholders of Monastery Investment Ltd. will hold their
final meeting on Aug. 15, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MOUSETRAP INVESTMENT: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------------------
The shareholders of Mousetrap Investment Ltd. will hold their
final meeting on Aug. 15, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MSGI HOLDINGS: Shareholders' Final Meeting Set for Aug. 6
---------------------------------------------------------
The shareholders of MSGI Holdings Limited will hold their final
meeting on Aug. 6, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Rebecca Hume
          Telephone: +1 (345) 949 4544
          Facsimile: +1 (345) 949 7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          PO Box 709 Grand Cayman KY1-1107
          Cayman Islands


PREMIUM FINANCE: Shareholders' Final Meeting Set for Aug. 9
-----------------------------------------------------------
The shareholders of Premium Finance will hold their final meeting
on Aug. 9, 2013, at 1:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ROBECO-SAGE: Shareholder to Hear Wind-Up Report on Aug. 6
---------------------------------------------------------
The shareholder of Robeco-Sage Long/Short Equity Fund, Ltd. will
receive on Aug. 6, 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:

          Ogier
          c/o Bradley Kruger
          Telephone: (345) 815 1877
          Facsimile: (345) 949-9877


TE JENKINS INVESTORS: Shareholders' Final Meeting Set for Aug. 23
-----------------------------------------------------------------
The shareholders of Te Jenkins Investors, Ltd. will hold their
final meeting on Aug. 23, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


TE JENKINS PORTFOLIO: Shareholders' Final Meeting Set for Aug. 23
-----------------------------------------------------------------
The shareholders of Te Jenkins Portfolio, Ltd. will hold their
final meeting on Aug. 23, 2013, at 10:45 a.m., to receive 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 Jennifer Chailler/Kim Charaman
          Telephone: (345) 943 3100


THAMES RIVER: Shareholders' Final Meeting Set for Aug. 22
---------------------------------------------------------
The shareholders of Thames River Africa Focus Fund Limited will
hold their final meeting on Aug. 22, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


WOODS COMPANY: Shareholders' Final Meeting Set for Aug. 6
---------------------------------------------------------
The shareholders of Woods Company Limited will hold their final
meeting on Aug. 6, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher R. Rodi
          700 Crossroads Bldg, 2 State St
          Rochester, NY 14614


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


* Moody's Expects Stable Credit Quality for Mexican Corporates
--------------------------------------------------------------
The credit quality of Mexican non-financial corporates is expected
to remain stable over the next 12 months, Moody's Investors
Service says in a new report. Although the Mexican economy has
slowed recently, the current softness is most likely a cyclical
downturn, and growth should pick up again in the second half of
this year and be higher still next year.

"We expect GDP growth of 3%-4% in both 2013 and 2014," says
Assistant Vice President, Alonso Sanchez, in "Corporate Credit
Quality to Remain Stable as Economy Continues Modest Growth."
"Further, macroeconomic variables that influence domestic demand,
such as monthly remittances, show signs of improvement, while
indicators that affect consumers' disposable income and
consumption, such as inflation and unemployment, will remain
relatively stable."

In addition, the liquidity position of Mexican non-financial
companies continues to improve, Sanchez says. After the global
economic crisis, many firms built their cash reserves and extended
maturities through refinancings. As a result they should be able
to cover short-term debt, current maturities of long-term debt,
operating expenses and regular capital expenditures until the end
of 2014 with cash on hand, free cash flow and available committed
banking facilities. Mexican companies also have low exposure to
foreign-currency debt.

Among industries, mining is the weakest, given current low metal
prices and the expectation that they will remain depressed for at
least the remainder of this year amid weakening global economic
indicators. The aluminum sector will be the most challenged, while
copper is the best positioned. Conversely, Moody's expects
positive trends for the Mexican beverage industry over the next
year or so, with low price volatility of raw material inputs
helping to keep companies' cost structures stable.

Ratings should remain stable over the next year, Sanchez says.
"Twenty-two of the 28 Mexican non-financial corporates we rate
have stable rating outlooks, and we downgraded just five companies
in the 12 months ended June 30, and upgraded four."


=====================
P U E R T O   R I C O
=====================


EMERITO ESTRADA: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Emerito Estrada Rivera Isuzu De P.R. Inc. filed with the U.S.
Bankruptcy Court for the District of Puerto Rico its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $17,540,000
  B. Personal Property            $6,320,000
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $14,100,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $1,586,023
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $599,163
                                  -----------     -----------
        TOTAL                     $23,860,000     $16,285,186

A copy of the schedules is available for free at
http://bankrupt.com/misc/EMERITO_ESTRADA_sal.pdf

                      About Emerito Estrada

Emerito Estrada Rivera Isuzu De PR Inc., a car dealer in Puerto
Rico, filed a bare-bones Chapter 11 petition (Bankr. D.P.R. Case
No. 13-04608) in Old San Juan, on June 4, 2013.  Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices, serves as counsel.  The
Debtor says its sole asset is a real property worth $16.5
million.  It has $8.68 million in liabilities, of which $8.1
million is secured.


TU DEVELOPMENT: Case Summary & Unsecured Creditor
-------------------------------------------------
Debtor: Tu Development Corp.
        Galeria Paseos, Suite 112 227
        Gran Bulevar Paseos
        San Juan, PR 00926

Bankruptcy Case No.: 13-05776

Chapter 11 Petition Date: July 16, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A. CURPILL, PSC LAW OFFICES
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Scheduled Assets: $0

Scheduled Liabilities: $12,794,171

The petition was signed by Gerard Gil Bonard, president.

The Company's list of its largest unsecured creditors filed with
the petition contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Banco Popular De Puerto Rico       --                  $12,794,171
P.O. Box 362708
San Juan, PR 00936-2708


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


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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


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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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