TCRLA_Public/130806.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, August 6, 2013, Vol. 14, No. 154


                            Headlines



B R A Z I L

ARRENDAMENTO MERCANTIL: Moody's Downgrades Issuer Rating to Ba1
BANCO INDUSTRIAL: Moody's Lowers Deposit Ratings to Ba1
BANCO RURAL: Brazil Central Bank Orders Liquidation of Bank
CYRELA BRAZIL: S&P Revises Outlook to Positive & Affirms 'BB-' CCR
GOL LINHAS: Second Qtr. 2013 Earnings Release Set For Aug. 12

OSX BRASIL: Taps Credit Suisse to Seek Opportunities for Unit


C A Y M A N  I S L A N D S

ASIAN BOND: Placed Under Voluntary Wind-Up
BERMUDA INVESTORS: Placed Under Voluntary Wind-Up
CHARTER OAK: Commences Liquidation Proceedings
CHEYNE ABS: Creditors' Proofs of Debt Due Aug. 28
DIAMOND STARS: Placed Under Voluntary Wind-Up

JF THREE: Creditors' Proofs of Debt Due Aug. 29
MARBLETON SHIELD: Creditors' Proofs of Debt Due Aug. 29
MERRILL LYNCH: Creditors & Contributories to Meet on Aug. 28
PJM CAPITAL: Creditors' Proofs of Debt Due Aug. 29
QUEST GLOBAL: Creditors' Proofs of Debt Due Aug. 26

REGAL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
SEITEL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
SUNBRIDGE LIMITED: Creditors' Proofs of Debt Due Aug. 28
VINCI HEDGE: Creditors' Proofs of Debt Due Aug. 19


M E X I C O

DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to C.mx
DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt Rating to C
PR WIRELESS: Default Risk Cues Moody's to Lower CRF to Caa3
SATELITES MEXICANOS: Moody's Eyes Possible Upgrade of Caa1 CFR
* Moody's Withdraws Quintana Roo's B1.mx and B3 Issuer Ratings


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Moves to Phase Out Fuel Subsidy
CL FIN'L: Gov't Transfers Funds From CLICO to New Company


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ARRENDAMENTO MERCANTIL: Moody's Downgrades Issuer Rating to Ba1
---------------------------------------------------------------
Moody's America Latina has downgraded BIC - Arrendamento Mercantil
S.A.'s long-term global local-currency issuer rating to Ba1, from
Baa3. Moody's also downgraded the issuer's long-term Brazilian
national scale issuer rating to Aa2.br, from Aa1.br, long-term
global local currency subordinate debt rating to Ba2, from Ba1,
and long-term Brazilian national scale subordinate debt rating to
Aa3.br, from Aa2.br. At the same time, Moody's placed a negative
outlook on all ratings of BIC - Arrendamento Mercantil S.A.

This rating action is in line with the rating action on Banco
Industrial and Comercial S.A. (BICBANCO)'s ratings, announced on
August 2, 2013.

These rating actions conclude the review for downgrade initiated
on the issuer's ratings on July 5, 2013.

The following ratings of BIC - Arrendamento Mercantil S.A. were
downgraded:

Long-term global local currency issuer rating: to Ba1, from Baa3,
negative outlook

Long-term Brazilian national scale issuer rating: to Aa2.br, from
Aa1.br, negative outlook

Long-term global local currency subordinate debt rating: to Ba2,
from Ba1, negative outlook

Long-term Brazilian national scale subordinate debt rating: to
Aa3.br, from Aa2.br, negative outlook

Ratings Rationale:

Moody's explained that the local currency issuer rating derives
from BICBANCO's Ba1 global local currency deposit rating that, in
turn, incorporates the standalone bank financial strength rating
of D+ and baseline credit assessment of ba1. The subordination of
the notes was taken into consideration in the assignment of the
debt ratings.

The last rating action on BIC - Arrendamento Mercantil S.A. was on
July 5, 2013, when Moody's placed all ratings of the issuer on
review for possible downgrade.

The principal methodology used in rating this issuer was the
"Moody's Consolidated Global Bank Rating Methodology", published
on June 29, 2012.

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

BIC Leasing is headquartered in Fortaleza, Ceara, Brazil and
reported total assets of approximately BRL712 million ($348
million) and equity of BRL188 million ($92 million) as of
December 31, 2012.


BANCO INDUSTRIAL: Moody's Lowers Deposit Ratings to Ba1
-------------------------------------------------------
Moody's Investors Service has downgraded Banco Industrial and
Comercial S.A.'s (BICBANCO) global local- and foreign-currency
deposit ratings to Ba1 and Not Prime, from Baa3 and Prime-3, long-
and short-term, respectively. Moody's also lowered BICBANCO's
standalone baseline credit assessment (BCA) to ba1, from baa3, and
confirmed the bank financial strength rating of D+. At the same
time, Moody's also downgraded the long-term foreign-currency
senior unsecured debt rating to Ba1, from Baa3, the long-term
foreign-currency subordinated debt rating to Ba2, from Ba1, and
the long-term Brazilian national scale deposit rating to Aa2.br,
from Aa1.br. The short-term Brazilian national scale deposit
rating of BR-1 was not affected by the rating action. Moody's also
placed a negative outlook on all ratings.

Moody's also downgraded Banco Industrial e Comercial S.A.,
Cayman's long-term foreign currency debt rating to Ba1, from Baa3.

These rating actions conclude the review for downgrade initiated
on the bank's ratings on July 5, 2013.

The following ratings of Banco Industrial and Comercial S.A. were
downgraded:

Long- and short-term global local-currency deposit ratings: to Ba1
and Not Prime, from Baa3 and Prime-3, negative outlook

Long- and short-term foreign-currency deposit rating: to Ba1 and
Not Prime, from Baa3 and Prime-3, negative outlook

Long-term foreign-currency senior unsecured debt rating: to Ba1,
from Baa3, negative outlook

Long-term foreign-currency subordinated debt rating: to Ba2, from
Ba1, negative outlook

Long-term Brazilian national scale deposit rating: to Aa2.br, from
Aa1.br, negative outlook

The following ratings of Banco Industrial and Comercial S.A. were
confirmed:

Bank financial strength rating of D+, negative outlook

Short-term Brazilian national scale deposit rating of BR-1,
negative outlook

The following rating of Banco Industrial e Comercial S.A., Cayman
was downgraded:

Long-term foreign currency debt rating: to Ba1, from Baa3,
negative outlook

Ratings Rationale:

In lowering BICBANCO's standalone credit assessment and deposit
ratings to ba1 and Ba1, respectively, Moody's noted the bank's
weakened financial metrics in recent quarters, particularly its
profitability and asset quality, which remain under pressure
despite management's considerable efforts to reposition the
lending business and to clean up the loan portfolio. Compression
of the bank's loan margins partly reflect the bank's shift towards
lower risk, lower margined borrowers, but also a change in the
funding mix towards long-tenored instruments such as banknotes
(Letras Financeiras) and DPGEs, which tend to be more expensive
than customer deposits. These characteristics remain a challenge
to BICBANCO's franchise in the near term, and limit the bank's
internal capital generation to support future growth.

The negative outlook on BICBANCO's ratings is driven by the
expectation of continued earnings pressure over the near term as a
result of modest loan growth, intense competition in its target
markets, and a more difficult operating environment. The negative
outlook also reflects the uncertainty related to the bank's
strategic direction, said Moody's.

The last rating action on BICBANCO occurred on July 5, 2013, when
Moody's placed all ratings of the bank on review for possible
downgrade.

The last rating action on Banco Industrial e Comercial S.A.,
Cayman was on July 5, 2013, when Moody's placed on review for
downgrade the long-term foreign currency debt rating on Banco
Industrial e Comercial S.A., Cayman's outstanding senior unsecured
notes.

The principal methodology used in these ratings was Global Banks
Methodology published in May 31, 2013.

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

BICBANCO is headquartered in Sao Paulo, Brazil, and had total
consolidated assets of BRL16.5 billion ($8.2 billion) and
shareholders' equity of BRL1.9 billion ($960 million), as of
March 31, 2013.


BANCO RURAL: Brazil Central Bank Orders Liquidation of Bank
-----------------------------------------------------------
Paulo Winterstein at The Wall Street Journal reports that the
Central Bank of Brazil said it ordered the liquidation of Banco
Rural SA, after the troubled bank failed to provide an adequate
recovery plan.

Banco Rural in March accounted for less than 0.1% of assets in
Brazil's financial system, according to the central bank, and just
0.13% of deposits in the system, according to The Wall Street
Journal.

The report relates the central bank said it will continue to
investigate the cause of the bank's financial problems, and may
penalize those responsible in case of irregularities.

Earlier this year, the central bank liquidated bank Banco BVA SA,
another small lender, the report notes.

At the end of 2012, The Wall Street Journal said, the central bank
also decided to liquidate Banco Cruzeiro do Sul, a midsized bank
specializing in payroll-deductible lending, after detecting
accounting irregularities.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Moody's Investors Service downgraded to E, from E+,
the bank financial strength rating assigned to Banco Rural S.A.
and lowered its unsupported baseline credit assessment to caa1,
from b3.


CYRELA BRAZIL: S&P Revises Outlook to Positive & Affirms 'BB-' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
'brAA-' national scale rating on Cyrela Realty S.A.
Empreendimentos e Participacoes (Cyrela) to positive from stable.
At the same time, S&P affirmed its 'BB-' global scale corporate
credit rating on the company.  The outlook on the latter remains
stable.

The positive outlook on the national scale rating reflects the
possibility of a one-notch upgrade if the company sustains its
current credit metrics until the end of 2013, achieving a stronger
financial risk profile within S&P's 'BB' category rating.

The ratings on Cyrela reflect S&P's view of its "fair" business
risk profile, "significant" financial risk profile, and "adequate"
liquidity.  The ratings are based on the company's favorable
competitive position, as one of the largest homebuilders in
Brazil, and its strong profitability, especially compared with
those of its peers.  "The credit constraints are its exposure to
execution risks, intensive working capital requirements, and our
view of relatively weaker industry dynamics due to a volume sales
slowdown amid uncertain macroeconomic conditions," said Standard &
Poor's credit analyst Fernanda Hernandez.


GOL LINHAS: Second Qtr. 2013 Earnings Release Set For Aug. 12
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed that its second
quarter 2013 Earnings Release is scheduled for Aug. 12, 2013
(after trading hours).

In accordance with fair disclosure and corporate governance best
practices, GOL started its Quiet Period on July 29, and will end
immediately after the conference calls on August 13.

As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2012, Standard & Poor's Ratings Services lowered to 'B'
from 'B+' its global-scale long-term corporate credit rating on
Brazilian airline Gol Linhas Aereas Inteligentes S.A. (GOL).


OSX BRASIL: Taps Credit Suisse to Seek Opportunities for Unit
-------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
Brazilian naval construction firm OSX Brasil SA controlled by
billionaire Eike Batista, has signed a nonexclusive agreement with
Credit Suisse to look for businesses opportunities for its leasing
arm's assets, the company said late Wednesday in a regulatory
filing.

Mr. Batista's empire has plunged into turmoil as its flagship oil
company, OGX Petroleo e Gas Participacoes SA, has failed to meet
production targets and is slashing back investments and
operations, according to The Wall Street Journal.

The Wall Street Journal relates that OGX recently canceled orders
for five oil platforms with OSX and said it would pay $449 million
to the company in compensation.

SX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil SA, the shipbuilding
company of billionaire Eike Batista, denied a report it failed to
make payments on debt held by Spanish infrastructure group
Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.


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


ASIAN BOND: Placed Under Voluntary Wind-Up
------------------------------------------
On July 10, 2013, the sole member of Asian Bond Fund II (Cayman)
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Gavin Lowe
          Turners Management Ltd.
          PO Box 2636 Strathvale House
          90 North Church Street
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 943 5555


BERMUDA INVESTORS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 15, 2013, the sole shareholder of Bermuda Investors
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Joseph Zuiker
          6 Front Street
          Hamilton, HM11
          Bermuda


CHARTER OAK: Commences Liquidation Proceedings
----------------------------------------------
On July 15, 2013, the shareholders of Charter Oak Offshore Fund
Ltd passed a resolution that voluntarily liquidates 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:

          Deborah J. Ziskin
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (3450 914 4229


CHEYNE ABS: Creditors' Proofs of Debt Due Aug. 28
-------------------------------------------------
The creditors of Cheyne ABS Opportunities Fund Inc. are required
to file their proofs of debt by Aug. 28, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 18, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Directors Limited
          Reference: Christine Fletcher
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Directors Limited
          Reference: Kareem Robinson
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


DIAMOND STARS: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 18, 2013, the shareholder of Diamond Stars Limited
resolved to voluntarily wind up the company's operations.

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


JF THREE: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------
The creditors of JF Three Holdings Corp. are required to file
their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 18, 2013.

The company's liquidator is:

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


MARBLETON SHIELD: Creditors' Proofs of Debt Due Aug. 29
-------------------------------------------------------
The creditors of Marbleton Shield (Cayman) Limited are required to
file their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 3, 2013.

The company's liquidator is:

          Pavel Nazariyan
          3, Boulevard du Prince Henri
          L-1724 Luxemburg
          Telephone: (011) 352 2647 0623


MERRILL LYNCH: Creditors & Contributories to Meet on Aug. 28
------------------------------------------------------------
The creditors and contributories of Merrill Lynch Islands Limited
will hold a meeting on Aug. 28, 2013, at 11:00 a.m.

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper (Cayman) Limited
          38 Market Street, 2nd Floor
          Canella Court, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


PJM CAPITAL: Creditors' Proofs of Debt Due Aug. 29
--------------------------------------------------
The creditors of PJM Capital Master Fund Ltd. are required to file
their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 3, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Kareem Robinson
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


QUEST GLOBAL: Creditors' Proofs of Debt Due Aug. 26
---------------------------------------------------
The creditors of Quest Global Investing Corporation are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 4, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


REGAL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------------
The creditors of Regal International 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 wind-up proceedings on July 18, 2013.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


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

The company commenced wind-up proceedings on July 17, 2013.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


SUNBRIDGE LIMITED: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------------
The creditors of Sunbridge Limited are required to file their
proofs of debt by Aug. 28, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 19, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


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

The company commenced wind-up proceedings on June 27, 2013.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: 345 815 1793
          Facsimile: 345 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


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

Ratings Rationale:

This action follows Homex's release of a materially weak 2Q13
results that increases the likelihood of a bankruptcy. Reported
revenues for the quarter were P$1.1 billion down 84% year-over-
year, while home sales plunged 94% YoY to only 710 units mostly
affected by material liquidity constraints that prevented the
reactivation of home construction projects. Furthermore, EBITDA
for the 1H13 was negative P$10.6 billion and reported free cash
flow for the 2Q13 was negative P$4.5 billion (excluding the
penitentiary business).

In addition the downgrade reflects a heightened likelihood of
economic default and the potential for above-average loss severity
on Homex's debt. Moody's stressed that funding and liquidity
challenges that continue to lie ahead for the company are
burdensome in an increasingly depressed capital environment for
Mexican homebuilders. Without the financing and liquidity
necessary to restart the construction of its projects the
company's viability is questionable.

The following rating was downgraded:

Desarrolladora Homex, S.A.B. de C.V. -- national scale issuer
rating to C.mx, from Ca.mx (global scale, local currency rating to
C, from Ca).

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $41,476 million Mexican Pesos and equity of
approximately $5,331 million Mexican Pesos as of June 30, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2013.

Period of time covered in the financial information used to
determine the rating was December 31, 2009 to June 30, 2013.

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


DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt Rating to C
----------------------------------------------------------------
Moody's Investors Service downgraded Desarrolladora Homex, S.A.B.
de C.V.'s global scale foreign currency senior unsecured debt
rating to C from Ca. This concludes Moody's review.

Ratings Rationale:

This action follows Homex's release of a materially weak 2Q13
results that increases the likelihood of a bankruptcy. Reported
revenues for the quarter were P$1.1 billion down 84% year-over-
year, while home sales plunged 94% YoY to only 710 units mostly
affected by material liquidity constraints that prevented the
reactivation of home construction projects. Furthermore, EBITDA
for the 1H13 was negative P$10.6 billion and reported free cash
flow for the 2Q13 was negative P$4.5 billion (excluding the
penitentiary business).

In addition the downgrade reflects a heightened likelihood of
economic default and the potential for above-average loss severity
on Homex's debt. Moody's stressed that funding and liquidity
challenges that continue to lie ahead for the company are
burdensome in an increasingly depressed capital environment for
Mexican homebuilders. Without the financing and liquidity
necessary to restart the construction of its projects the
company's viability is questionable.

The following rating was downgraded:

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

The last rating action with respect to Homex took place on July
12, 2013, when Moody's downgraded Homex's global scale foreign
currency senior unsecured debt rating to Ca from Caa2. The rating
remained under review for downgrade.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $41,476 million Mexican Pesos and equity of
approximately $5,331 million Mexican Pesos as of June 30, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.

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


PR WIRELESS: Default Risk Cues Moody's to Lower CRF to Caa3
-----------------------------------------------------------
Moody's Investors Service downgraded PR Wireless, Inc.'s corporate
family rating to Caa3 from Caa1 and probability of default rating
to Caa3-PD from Caa1-PD. Moody's also downgraded to Caa3 from Caa1
the ratings on the company's senior secured bank credit
facilities. The ratings outlook is negative.

Ratings affected:

- $ 15 million senior secured revolving credit facility due 2014:
downgraded to Caa3 from Caa1

- $ 231 million senior secured term loan due 2016: downgraded to
Caa3 from Caa1

Ratings Rationale:

The downgrade of PR Wireless ratings reflects the company's higher
probability of default given its tight liquidity position and weak
operating performance. The limited prospects for a sharp operating
turnaround suggest that weak EBITDA generation will continue to
pressure the company's credit metrics. Moreover, Moody's believes
that liquidity will further deteriorate in the next quarters due
to the reduction of the company's $ 15 million revolving facility
to only $ 9 million, which as of June 30, 2013 was fully utilized.

During the last six quarters, earnings and cash flow have been
impacted by competitive pressures, higher handset subsidies and
other operating costs. Ratings are also based on the company's
small revenue size relative to its peers, which include AT&T and
America Movil, as well as its small market share, estimated by the
company at 10% as of June 2013. Moody's expects competition to
remain intense or increase even further, especially as major
carriers work to expand their service offerings in the country.
While PR Wireless made major capital expenditures (at about 25% of
revenues) to improve its network during 2011 and 2012, Moody's
believes that the company's ability to meet its capex program
could be constrained by the tight liquidity.

Moody's incorporates in its assessment about $ 28 million in debt
reduction with proceeds from the sale of 10 MHz of spectrum (for a
total amount of $ 35 million), the maturity extension of the
company's revolving credit line for additional 6 months ending in
December 31, 2014, and looser financial covenants, which will
provide for some liquidity relief in the short term.

PR Wireless' liquidity is weak. The level of cash on hand as of
June 30, 2013 of $ 13.4 million cast doubt on the company's
ability face upcoming cash outflows, consisting mainly of
interests of about $ 12 million of quarterly interest payments and
$ 7.5 million of debt coming due up to June 30, 2014.

The negative outlook reflects Moody's expectation that the company
will continue to face operating challenges and that its weak
financial position will limit its ability to successfully compete
with larger and better capitalized peers.

Further rating downgrades would be merited in case PR Wireless'
liquidity situation deteriorates further, if a covenant default is
not cured immediately or if a near-term debt maturity is not
promptly addressed. In addition, shareholder payouts or debt-
funded business expansion that depresses free cash flow would
adversely impact the ratings.

Considering PR Wireless' tight liquidity situation and the highly
competitive environment where it operates, a ratings upgrade is
unlikely in the near term. Over the medium to longer term,
positive pressure could result if the company is able to increase
revenues and improve margins so that adjusted debt/EBITDA leverage
trends down towards 4 times and simultaneously grow free cash
flow.

The principal methodology used in this rating was the Global
Telecommunications Industry Methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

PR Wireless (brand name Open Mobile) is a wireless service
provider in Puerto Rico. It is owned by the holding company PR
Wireless, LLC (incorporated in Delaware, U.S.), which in turn, is
owned by M/C Venture Partners (35%), Columbia Capital (35%) and
Leap Wireless (18%), among others. PR Wireless began operations in
June 2007 after the bankruptcy and reorganization of its
predecessor entity, MoviStar, Inc. With approximately 11%
subscriber market share as of December 2012, the company generated
revenues of $ 168 million and adjusted EBITDA of $ 46 million in
the last twelve months ended March 31, 2013.


SATELITES MEXICANOS: Moody's Eyes Possible Upgrade of Caa1 CFR
--------------------------------------------------------------
Moody's Investors Service placed Satelites Mexicanos, S.A. de
C.V.'s Caa1 corporate family rating as well as the Caa1 rating on
the company's $360 million guaranteed senior secured global notes
due 2017 on review for upgrade. The rating actions were prompted
by the company's announcement that it has signed an agreement to
be acquired by Eutelsat Communications SA (Baa3 / Under Review for
Downgrade).

The following summarizes Satmex' ratings and these rating actions:

On Review for Possible Upgrade:

Issuer: Satelites Mexicanos, S.A. de C.V.

Corporate Family Rating, Placed on Review for Possible Upgrade,
currently Caa1

Senior Secured Regular Bond/Debenture May 15, 2017, Placed on
Review for Possible Upgrade, currently Caa1

Outlook Actions:

Issuer: Satelites Mexicanos, S.A. de C.V.

Outlook, Changed To Rating Under Review From Negative

Rating Rationale:

The review for upgrade was prompted by the company's announcement
that it has signed an agreement to be acquired by Eutelsat
Communications SA (Eutelsat; Baa3 / Under Review for Downgrade).
Since Satmex' bonds are trading at a premium to the 101% change of
control put and are not immediately callable, Moody's expects they
will survive the acquisition, at least for a short time. The
acquisition agreement is positive for Satmex considering
Eutelsat's strong business position as a multi-regional satellite
service provider, its ability to achieve revenues growth, and its
solid liquidity position. "Eutelsat's strong credit profile should
support Satmex' launch programme, reducing ongoing execution and
credit risks", said Nymia Almeida, a Vice President / Senior
Credit Officer at Moody's. With Eutelsat assuming Satmex' debt,
Moody's review is likely to conclude simultaneous with the
Eutelsat review which is expected when the acquisition closes or
when closing is virtually certain. The review will focus on the
financial profile of the combined entity as well as aspects of the
final financing structure that may be pertinent.

The purchase agreement was announced last July 31, 2013 and it has
already been approved by both companies' boards of directors so it
is subject only to pending government and regulatory approvals.
The transaction is expected to close by the end of 2013 with
Eutelsat acquiring 100% of Satmex equity in a cash transaction for
$ 831 million. In addition, Eutelsat will assume Satmex'
outstanding debt that is mainly comprised of the $ 360 million
global notes.

The acquisition is positive for Satmex considering Eutelsat's
ability and willingness to support the satellite launch program
that currently posses credit risk. The program includes Satmex 7
and Satmex 9, both expected to be launched in 2015, with a total
cost of approximately $ 170 million each. As of March 31, 2013,
the company had only incurred $ 60 million related to Satmex 7, so
Satmex will still need to finance some $ 280 million. Since
Eutelsat has stated that the acquisition is driven by the
intention to complement its footprint in fast-growing markets, and
securing future sources of growth, Moody's thinks that it supports
Satmex growth. Moreover, Moody's thinks Eutelsat has the ability
to support Satmex due to its strong credit profile. Satmex should
also benefit from the integration of its network into Eutelsat's
fleet and operations.

Absent of the acquisition, the review will focus on Satmex ability
to get proper financing for its launch program. Moody's also
expects that the company will be able to meet its expected results
once Satmex 8 operates at its capacity and that include a revenue
growth of around 12% by 2014.

The last rating action on Satmex occurred on December 20, 2012
when Moody's downgraded Satmex ratings to Caa1 from B3 given
increased operational and liquidity risks resulting from delays in
Satmex 8's launch. As part of the same rating action, the rating
outlook was changed to negative.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

Satmex is a privately-owned Mexican satellite operator providing
fixed satellite services (standard C- and Ku-band services) to
local and international broadcasting and telecom firms as well as
to government-related entities. Satmex operates three satellites
in geo-synchronous orbital slots allocated to Mexico, covering the
Americas. The company's satellite fleet includes Satmex 5, Satmex
6 and the recently launched Satmex 8. As of March 31, 2013, the
company's last twelve months revenues amounted to about $ 140
million, of which fixed satellite services represented around 80%.
Moody's adjusted EBITDA for the same period was $ 96 million
(68.5% margin).


* Moody's Withdraws Quintana Roo's B1.mx and B3 Issuer Ratings
--------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of the state of
Quintana Roo due to insufficient information.

Ratings Rationale:

Moody's has withdrawn the issuer ratings assigned to the state of
Quintana Roo due to insufficient information to continue
monitoring effectively the state's creditworthiness. The rating
agency has not received detailed and timely information to monitor
funding available to meet Quintana Roo's short-term debt
obligations. At the time of the withdrawal, Quintana Roo's issuer
ratings were B1.mx (Mexico National Scale) and B3 (Global Scale,
local currency), under review for downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

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


===============================
T R I N I D A D  &  T O B A G O
===============================


CARIBBEAN AIRLINES: Moves to Phase Out Fuel Subsidy
---------------------------------------------------
RJR News reports that Caribbean Airlines Limited is expected to
begin phasing out its expensive fuel subsidy in a bid to become
self-reliant.

A Trinidad Express newspaper said that at the start of the next
fiscal year, the airline will likely start the process with the
hope of weaning off the Government's subsidized fuel help over the
next three years, according to RJR News.

RJR News reports that an unnamed source at Caribbean Airlines said
ticket prices were expected to be stable but routes could be
rationalized.  The report relates that the source said the intent
is for the airline to break even and become sustainable.

RJR News notes that CAL's subsidy has been criticized by regional
carrier LIAT which argued recently that the subsidy has given the
airline an unfair advantage in the regional travel market.  The
report relates that CAL's TT$300 million subsidy also extends to
its Air Jamaica aircraft.

It was granted for a three-year period at a fixed price -- US$50 a
barrel of oil -- when CAL was formed in 2007, RJR News notes.  It
was subsequently extended but the pricing changed, the report
says.   RJR News discloses that it moved from US$1.50 US$2.34
cents a gallon.

In the meantime, RJR News notes that CAL is expected to shortly
file its financial statements for 2011 and 2012 in the Trinidad
and Tobago Parliament.

The report relays that the airline has been challenged with
financial debt.

It made an unaudited loss of US$52.8 million for 2011 while Air
Jamaica recorded an unaudited loss of US$38.1 million, RJR News
notes.

It has had to write off TT$200 million in cargo losses and alleged
credit card fraud, RJR News adds.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.

TCRLA reported on March 21, 2012, that RJR News said Caribbean
Airlines Limited owes nearly US$30 million to Trinidad and
Tobago's fuel provider National Petroleum.  Trinidad Express said
CAL enjoys a seven-day credit facility for aviation fuel from the
company, according to RJR News.  However, the report related that
the airline has not been able to pay the full amount when invoiced
and instead has been issuing partial payments to sustain the
account.  RJR News noted that Trinidad Express reported that the
arrears were built up as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations.


CL FIN'L: Gov't Transfers Funds From CLICO to New Company
---------------------------------------------------------
Caribbean360.com reports that over TT$8 billion worth of Colonial
Life Insurance Company Limited's (CLICO) profitable business will
be transferred to Atruis, a new company that will be owned by the
state.

CLICO is a subsidiary of CL Financial Limited.

The Trinidad Express said that the Cabinet approved the transfer
as the Finance and General Purposes Committee continues to discuss
a letter of intent hammered out by the Ministry of Finance and CL
Financial's 400 shareholders, which envisions taxpayers will
recover the more than TT$20 billion Government has injected since
2009 to keep CL subsidiary CLICO and other companies afloat,
according to Caribbean360.com.

Caribbean360.com notes that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com relates that at its annual general meeting last
month, CL Financial shareholders voted to extend the agreement
with Government until August 25 while Cabinet decides on a new
framework accord to recover the debt owed to Government through
divestment of CL subsidiaries, including Methanol Holdings,
Republic Bank, Angostura Holdings, CL World Brands and Home
Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com says.

Trinidad Express said it will also be used to repay creditors, and
shareholders who will benefit if the assets are sold for higher
than valuation prices when they go on the market, Caribbean360.com
notes.

It is expected that CLICO agents and staff members at the
company's eight branches and Port of Spain head office will be
absorbed when Atrius opens its doors for business in the coming
months, Caribbean360.com discloses.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===============
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.


                   * * * End of Transmission * * *