TCRLA_Public/130730.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 30, 2013, Vol. 14, No. 149


                            Headlines



B R A Z I L

JBS SA: Vigor Shareholders May Return to JBS Shareholders Status
SMU SA: Weak Performance Prompts Moody's to Cut CFR to B3


C A Y M A N  I S L A N D S

AFS CAYMAN: Creditors' Proofs of Debt Due Aug. 19
AFS CAYMAN: Members to Hold Final Meeting on Aug. 22
AFS CAYMAN II: Creditors' Proofs of Debt Due Aug. 19
AFS CAYMAN II: Members to Hold Final Meeting on Aug. 22
CARGILL GLOBAL: Creditors' Proofs of Debt Due Aug. 19

CARGILL GLOBAL: Members to Hold Final Meeting on Aug. 20
EBANK CAPITAL: Creditors' Proofs of Debt Due Aug. 19
ML HEDGE: Creditors' Proofs of Debt Due Aug. 19
ML HEDGE: Members to Hold Final Meeting on Aug. 20
PRADO CDO: Creditors' Proofs of Debt Due Aug. 19

PRADO CDO: Members to Hold Final Meeting on Aug. 22
THORIUM INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
THORIUM INTERNATIONAL: Members to Hold Final Meeting on Aug. 22
TOKAI TOKYO: Creditors' Proofs of Debt Due Aug. 19
TOKAI TOKYO MASTER: Creditors' Proofs of Debt Due Aug. 19


C O S T A  R I C A

BANCO DE COSTA RICA: Fitch to Rate $500MM Unsec. Bond at 'BB+'


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: 3% Growth in 2013 On Par With Latam, Caribbean


J A M A I C A

GSC LTD: To Cease Operations Due to Economic Downturn


M E X I C O

GRUPO GAYOSSO: Fitch Withdraws 'B' Rating on $150MM Debt Issuance


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


JBS SA: Vigor Shareholders May Return to JBS Shareholders Status
----------------------------------------------------------------
JBS S.A. and Vigor Alimentos S.A., in accordance with Law no.
6,404, dated Dec. 15, 1976 and Brazilian Securities and Exchange
Commission requirements set forth in CVM Instruction no. 358,
dated Jan. 3, 2002, as amended, inform their shareholders and the
market in general the following:

As a result of a transaction occurred in June 2012, which aimed at
adding value to all the shareholders of JBS through the separation
of its dairy segment, and which made Vigor an entity independent
from JBS, Vigor obtained its publicly-held company registration
and had its ordinary shares admitted to and traded on the Novo
Mercado listing segment of BM&FBOVESPA.  Such transaction was
implemented through a voluntary public tender offer which
guaranteed to all shareholders of JBS the opportunity to, at their
discretion, migrate their investment in JBS to Vigor, subject to
certain conditions provided at that time.

Since the beginning of trading on the Novo Mercado listing segment
until the present time, Vigor's shares have not yet reached the
expected level of liquidity, at the expense of a better pricing
for such shares.  Therefore, FB Participacoes S.A., in its
capacity as Vigor's controlling shareholder, undertook an
irreversible and irrevocable commitment with shareholder BNDES
Participacoes S.A.  -- to implement a transaction, on a voluntary
basis, that ensures the opportunity to all shareholders of Vigor
to return to their status as shareholders of JBS, and receive the
economic rights that they would be entitled to receive had they
remained JBS' shareholders since June 2012.

Thus, subject to legal and regulatory terms and deadlines, FB has
undertaken to conduct a Voluntary Public Tender Offer for the
Acquisition of Common Shares Issued by Vigor in Exchange for
Common Shares Issued by JBS, aimed at one hundred percent (100%)
of the outstanding shares of Vigor, with mixed liquidation, being
one (1) common share issued by Vigor exchanged by one (1) common
share issued by JBS, plus R$0.010812573 per share, an amount
equivalent to the difference between the dividends declared by JBS
and Vigor in the period. Such amount shall be adjusted by the CDI
variation from its payment date to the date of the Auction.  In
addition, FB has committed not to transfer, sell, assign or
otherwise dispose of, pledge or encumber fifty-one million, two
hundred and eighty-one thousand, four hundred and thirty-two
(51,281,432) shares issued by JBS that it holds until the date of
the auction of the

                           Exchange Offer

Such commitment of FB intends to ensure the possibility to all
shareholders of Vigor to equally and voluntary choose to hold
shares with more liquidity.  BNDESPAR has made a firm commitment
to fully adhere to the Exchange Offer.

Notwithstanding the above, FB and the management of Vigor are
still committed to the execution of Vigor's strategic plan,
focusing on higher added value products and geographic expansion,
as the acquisition of fifty percent (50%) of the common shares
issued by Itambe Alimentos S.A., for example, a transaction that
was submitted and approved without any restrictions by the
Brazilian Antitrust Authorities - CADE.  Both recent and future
strategic movements of Vigor will be funded through ongoing access
to the Brazilian capital markets in short and medium terms.

Aware of the obligation set forth in item 3.1 (vi) of the
Regulations of the Novo Mercado listing segment of BM&FBOVESPA, FB
and Vigor will apply for an authorization to be granted by
BM&FBOVESPA to maintain a Minimal Free Float Percentage, as
defined therein, at a level below twenty five percent (25%) after
the liquidation of the Exchange Offer and for a period to be
established by BM&FBOVESPA.

In this sense, FB will timely submit the request of registration
of the Exchange Offer to CVM and BM&FBOVESPA.

JBS and Vigor will keep their shareholders and the market in
general informed regarding the progress of the Exchange Offer.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Fitch Ratings has placed JBS S.A.'s (JBS) ratings
on Negative Watch following the announcement that it will acquire
certain assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.


SMU SA: Weak Performance Prompts Moody's to Cut CFR to B3
---------------------------------------------------------
Moody's Investors Service downgraded SMU S.A.'s Corporate Family
Rating and its $300 million senior unsecured notes due in 2023 to
B3 from B2 and placed all ratings on review for further downgrade.

Ratings Rationale:

"The rating downgrade of SMU is driven by the company's weaker
than expected operating results since September 2012 that led to
higher than expected leverage and weaker overall credit metrics
that are no longer commensurate with the B2 rating category,"
explained Soummo Mukherjee, Moody's Vice President. "The ratings
review for further downgrade reflects the company's recent changes
in management and consequently a review of its financial and
operating strategy going forward that is likely to focus on an
overall downsizing of operations when compared to its previous
plan and a planned capital increase of up to $ 500 million."

Moody's review for downgrade will focus on the company's ability
to raise equity and solve its liquidity concerns by addressing the
breached covenants under some of its loan documents. At the same
time, Moody's will assess the company's revised business plans and
resulting capital structure to determine the appropriate rating
level.

On July 11, 2013, SMU announced that, due to reporting errors
impacting about 40% of its store lease contracts, the company's
financial liabilities and EBITDA were misstated according to IFRS
standards, causing the company to be in violation of some of its
bond covenants. In order to mitigate this credit negative event,
the company unveiled plans to raise up to $ 500 million of equity,
that will be subject to an extraordinary shareholder meeting on
August 8, where its controlling shareholder, CorpGroup (unrated),
owned by Mr. Alvaro Saieh, is expected to commit between $250 to
300 million to support SMU's future plans. Moody's notes that,
given the company's difficult financial situation and lackluster
market environment, SMU's capital raising plans face a moderate
degree of execution uncertainty.

SMU's 1st quarter results ended in March 31, 2013 reported weaker
than expected cash flow generation and EBITDA margins due to
supplier-related problems in the last two quarters. The company
has made changes to its management team in the recent months and
is now considering a new business plan that includes a number of
store closings, an optimization in workforce and focus on lowering
costs.

On July 23 and 24, SMU obtained waivers from its banks the
covenant breached, resulting from a ratings trigger of its local
ratings in its bank contracts. The company is still under its cure
period within the indenture of its local bonds for the breach of
the two financial covenants. This period will expire at the
earliest on August 27, 2013.

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

Headquartered in Santiago, Chile, SMU is one of the largest
Chilean food retail companies with a network of stores that
includes a total of 339 supermarkets, 148 wholesale stores, 84
convenient stores, 34 construction material wholesale stores and
an online grocer.


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


AFS CAYMAN: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------
The creditors of AFS Cayman Limited are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 16, 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


AFS CAYMAN: Members to Hold Final Meeting on Aug. 22
----------------------------------------------------
The members of AFS Cayman Limited will hold their final meeting on
Aug. 22, 2013, at 10:10 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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


AFS CAYMAN II: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------
The creditors of AFS Cayman II Limited are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 16, 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


AFS CAYMAN II: Members to Hold Final Meeting on Aug. 22
-------------------------------------------------------
The members of AFS Cayman II Limited will hold their final meeting
on Aug. 22, 2013, at 10:20 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


CARGILL GLOBAL: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------
The creditors of Cargill Global Trading are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 9, 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


CARGILL GLOBAL: Members to Hold Final Meeting on Aug. 20
--------------------------------------------------------
The members of Cargill Global Trading will hold their final
meeting on Aug. 20, 2013, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


EBANK CAPITAL: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------
The creditors of Ebank Capital Management (Cayman) Ltd. are
required to file their proofs of debt by Aug. 19, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 12, 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


ML HEDGE: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------
The creditors of ML Hedge Fund Ventures II are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 16, 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


ML HEDGE: Members to Hold Final Meeting on Aug. 20
--------------------------------------------------
The members of ML Hedge Fund Ventures II will hold their final
meeting on Aug. 20, 2013, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


PRADO CDO: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------
The creditors of Prado CDO Ltd. are required to file their proofs
of debt by Aug. 19, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 15, 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


PRADO CDO: Members to Hold Final Meeting on Aug. 22
---------------------------------------------------
The members of Prado CDO Ltd. will hold their final meeting on
Aug. 22, 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:

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


THORIUM INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------------------
The creditors of Thorium International Commodities Fund Ltd. are
required to file their proofs of debt by Aug. 19, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 18, 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


THORIUM INTERNATIONAL: Members to Hold Final Meeting on Aug. 22
---------------------------------------------------------------
The members of Thorium International Commodities Fund Ltd. will
hold their final meeting on Aug. 22, 2013, at 1:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


TOKAI TOKYO: Creditors' Proofs of Debt Due Aug. 19
--------------------------------------------------
The creditors of Tokai Tokyo Asia Renaissance Fund Limited are
required to file their proofs of debt by Aug. 19, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 12, 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


TOKAI TOKYO MASTER: Creditors' Proofs of Debt Due Aug. 19
---------------------------------------------------------
The creditors of Tokai Tokyo Asia Renaissance Master Fund Limited
are required to file their proofs of debt by Aug. 19, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 12, 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


==================
C O S T A  R I C A
==================


BANCO DE COSTA RICA: Fitch to Rate $500MM Unsec. Bond at 'BB+'
--------------------------------------------------------------
Fitch Ratings expects to assign a 'BB+(EXP)' rating to Banco de
Costa Rica's (BCR) proposed senior unsecured bond issuance of up
to USD 500 million due in 2023. Proceeds are expected to be used
for debt repayment and asset liability management improvement. The
final rating of the issuance is contingent upon the receipt of
final documents and legal opinions conforming to the information
already received.

KEY RATING DRIVERS

BCR's IDR and the expected issuance rating are aligned with Costa
Rica's sovereign ratings. The ratings are driven by the sovereign
guarantees for all of the bank's liabilities. According to Costa
Rica's banking law (Ley Organica del Sistema Bancario Nacional),
all state-owned banks have the guarantee and full collaboration of
the state.

BCR is one of the strongest banks in Costa Rica. Its solid
franchise benefits from sovereign guarantee, consistent
performance, and an extensive branch network. BCR is the second
largest bank in Costa Rica in terms of assets and deposits, and
enjoys a well-diversified loan portfolio. The bank complements its
services with four wholly owned subsidiaries in regulated non-
credit activities in Costa Rica and a 51% participation in the
Panamanian general licence bank Banco Internacional de Costa Rica
(BICSA, rated 'BB+' with a Stable Outlook by Fitch), which allows
it to extend its business abroad.

BCR's profitability is modest but sufficient to support asset
growth and maintain and adequate capital position. ROAA has
remained consistently around 1%, below its international peers'
average. High operating expenses will continue to limit
profitability. Similar to other state-owned institutions, BCR's
efficiency indicators compare below its international peers'
average.

The bank's risk appetite is moderate, and asset growth remains
modest. A restriction placed by the Central Bank in February has
limited the asset growth of the Costa Rican financial system.
However, BCR maintains its loan portfolio growth close to its
historic average, as the limit established by the Central Bank is
well above BCR's loan portfolio growth historic average.
Asset quality remains adequate and compares favorably with
international peers' average. BCR's growth toward a more balanced
portfolio has improved loan portfolio diversification while
keeping loan portfolio dollarization, a concern to most Costa
Rican banks, at a moderate level.

BCR's deposit base remains as its main funding source. Further
diversification has been achieved by local bond and notes
issuances, ample credit lines from international banks and a
subordinated debt agreement for USD30 million with the Inter-
American Investment Corporation. Asset liability management
presents some challenges related to tenure mismatches, partly
offset by deposit's stability and adequate liquidity coverage.
Fitch expects the proposed long-term issuance be used for short-
term debt repayment.

RATINGS SENSITIVITIES

Changes in the bank's IDRs and issuance ratings are contingent on
sovereign rating actions for Costa Rica (rated 'BB+'; Stable
Outlook).

Fitch has assigned the following rating to BCR's proposed USD500
milion issuance:

-- Long-term senior unsecured bonds 'BB+(EXP)'

Fitch currently rates BCR as follows:

International ratings
-- Long-term IDR 'BB+', Outlook Stable;
-- Short-term IDR 'B';
-- Long-term local currency IDR 'BB+', Outlook Stable;
-- Short-term local currency IDR 'B';
-- Viability Rating 'bb+';
-- Support Rating '3';
-- Support Rating Floor 'BB+'.

National ratings:
-- Long-term national rating 'AA+(cri)', Outlook Stable;
-- Short-term national rating 'F1+(cri)';
-- Long-term senior unsecured bonds 'AA+(cri)';
-- Commercial paper 'F1+(cri)'.


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


* DOMINICAN REP: 3% Growth in 2013 On Par With Latam, Caribbean
---------------------------------------------------------------
Dominican Today reports that the Dominican economy will grow 3%
this year, the same as the forecast for Latin America and
Caribbean, and similar to last year rate, says a new report from
Economic Commission for Latin America (ECLA), released in
Santiago, Chile.

According to the report, in its Economic Survey of Latin America
and the Caribbean 2013, ECLAC notes that the decline in growth
compared with the last estimate (3.5% in April) is due in part to
deceleration in Brazil and Mexico.

The report notes that at a press conference, ECLAC also said
several countries which had boasted high growth rates, such as
Chile, Panama and Peru, show a slowdown in economic activity in
recent months.

Dominican Today discloses that the report adds that the region
shows some weaknesses with short and long term affects on the
current negative backdrop abroad, a high dependence on exports to
Europe and China and a growing current account deficit among them.


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


GSC LTD: To Cease Operations Due to Economic Downturn
-----------------------------------------------------
Marina Mello at Royal Gazette reports that GSC Ltd, one of the
Island's largest air conditioning and mechanical companies, has
shut down operations -- a victim of the economic downturn and
severe construction slowdown.

The company, which has operated for 15 years and once employed as
many as 63 people, said its workers at the new KEMH site were
expected to continue on there with another employer, which it
declined to name, according to Royal Gazette.  The report relates
that Airserv, the service and installation arm will continue.

The report notes that a GSC spokesman said the company has faced a
slew of challenges that came on together, including increased
competition in the HVAC sector and a massive theft of what he said
was more than $400,000 in Mitsubishi equipment.  The spokesman
said the insurers declined GSC's claim due to lack of forced
entry, the report says.

The report relates that after that, the company, acquired from the
previous owner in late 2008, said major construction work started
to dry up and its Cayman operation was impacted by budget
challenges in the islands and GSC had to withdraw from the
venture.

"It is with great regret that we provide notice that GSC Limited
will be reducing its operations effective immediately. . . . GSC
Limited has existed for the past 15 years and has seen both
upticks and downturns in the economy.  Over the past three years
we have experienced a continued decline in major construction.  We
have also experienced challenges in collecting amounts due from
residential and commercial customers following the provision of
service to them.  This has had a negative impact on our cash flows
and has impacted our ability to settle accounts as they have
become due.  We have therefore made the decision to reduce
operations in the interest on stemming the continued deterioration
of GSC Limited.  GSC Limited has employed a number of persons in
various trades.  We have made arrangements for most of our
employees to secure employment with alternate organizations.  The
majority of staff inclusive of Bermudians and non Bermudians were
employed at the KEMH site," GSC said in a statement obtained by
the news agency.

"Those employees are expected to continue their employment on that
site with another employer.  That employer has been actively
involved since the projects inception and has a solid
understanding of the project.  They also have the firm ability to
ensure no delays or disruptions will occur as a result of this
occurrence. In all these efforts will see the vast majority of
staff accommodated as we seek to ensure continuity for their
households and families. . . . We would like to thank the Bermuda
public for its support over the past many years and are saddened
by this turn of events," the reported GSC spokesperson as saying.

The report notes that the petition was presented by GSC creditor
Keen Ltd, a major high lift rental and electrical services
company.

Royal Gazette adds that GSC earlier this month laid off 22
employees at the KEMH site.


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


GRUPO GAYOSSO: Fitch Withdraws 'B' Rating on $150MM Debt Issuance
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'B(exp)/RR4' rating on Grupo
Gayosso S.A. de C.V.'s (Gayosso) proposed USD$150 million debt
issuance.

Proceeds were intended to pay down existing debt, as well as for
general corporate uses. As there is no set time frame for resuming
the issuance process, no rating is required at this time.

Fitch currently rates Gayosso as follows:

-- Foreign currency Issuer Default Rating (IDR) 'B';
-- Local currency IDR 'B';

The Rating Outlook is Stable.


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