TCRLA_Public/130813.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 13, 2013, Vol. 14, No. 159


                            Headlines



A R G E N T I N A

TRANSENER SA: Incurs AR$44,5MM Net Loss in 1st Half of 2013
TRANSENER SA: Fitch Affirms and Withdraws 'CCC' LT IDR
TRANSPORTADORA GAS: Fitch Affirms and Withdraws 'B-' IDR


B R A Z I L

BANCO BMG: Fitch Views 2Q'13 Results as Credit Positive
BANCO MERCANTIL: S&P Affirms 'BB-' ICR; Outlook Stable
ULTRAPETROL BAHAMAS: Set to Reveal Earnings Today


C A Y M A N  I S L A N D S

CHARTER OAK: Shareholders' Final Meeting Set for Aug. 22
CHINA GOLDEN: Shareholders' Final Meeting Set for Aug. 27
CHINA GOLDEN MASTER: Shareholders' Final Meeting Set for Aug. 27
HOLIDAY ISLE: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17

HOLIDAY ISLE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
HOLIDAY ISLE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
JEFFERIES DAKOTA: Creditors' Proofs of Debt Due Aug. 26
JEFFERIES DAKOTA MASTER: Creditors' Proofs of Debt Due Aug. 26
JF THREE: Shareholder to Receive Wind-Up Report on Sept. 6

LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
PERA GLOBAL: Shareholders' Final Meeting Set for Aug. 26
T.W.E: Shareholders' Final Meeting Set for Aug. 20
WOODBOURNE MASTER: Creditors' Proofs of Debt Due Aug. 26
WOODBOURNE SECURITIES: Creditors' Proofs of Debt Due Aug. 26


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Luxury Housing Market Dives
* DOMINICAN REP: Free Zones Give Thanks for Significant Recovery


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -

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


TRANSENER SA: Incurs AR$44,5MM Net Loss in 1st Half of 2013
-----------------------------------------------------------
Compania de Transporte de Energia Electrica en Alta Tension
(Transener S.A.), Argentina's leading electricity transmission
company, announced results for the six-month period ended on
June 30, 2013.

Transener S.A. incurred a consolidated net loss of AR$ 44,5
million for the six-month period ended on June 30th, 2013,
compared to a consolidated net loss of AR$ 32,5 million for the
same period of 2012, mainly due to an increase in the operating
loss and a decrease in the finance profit, partially offset by a
higher profit in the income tax.

A full text copy of the company's financial results is available
for free at:

                        http://is.gd/TlKdGK


TRANSENER SA: Fitch Affirms and Withdraws 'CCC' LT IDR
------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings for
Transener S.A.:

-- Long-term Foreign Currency Issuer Default Rating at 'CCC';
-- Long-term Local Currency Issuer Default Rating at 'CCC';
-- 2016 notes at 'CCC'/RR4;
-- 2021 notes at 'CCC'/RR4.

The ratings are being withdrawn because Fitch no longer considers
Transener and its debt instrument to be relevant to the agency's
coverage. Fitch will discontinue covering the issue and issuer.

KEY RATING DRIVERS

Transener's ratings reflect the weak regulatory environment and
law enforceability. Transener's full-tariff review is pending
since 2002. The cash revenues of Transener are unstable as
payments from the Wholesale Electric Market Administrator
(CAMMESA) are subject to the discretion of the regulator and the
availability of funds at CAMMESA. The company's CAMMESA reached
AR$152 million as of March 2013.

Transener has a weak operating profile. EBITDA is negative due to
cost increases while tariffs remain frozen. There is concern as to
the company's ability to meet its financial obligations during the
next years.

While Transener has an adequate debt amortization schedule with no
major maturities until 2021, the deterioration of its operating
profile has resulted in high leverage levels and weak coverage
ratios. In Fiscal Year Dec. 2012 the company had AR$760 million
debt, a negative Debt/EBITDA and FFO/Interest coverage ratio 1.6x.

The recovery ratings for Transener's capital markets debt
instruments reflect Fitch's expectation that the company's
creditors would have an average recovery constrained by the soft
cap of 'RR4' for bonds issued by corporates domiciled in
Argentina.

RATING SENSITIVITIES

A negative credit factor considered by the ratings is the
significant deterioration in the company's liquidity.


TRANSPORTADORA GAS: Fitch Affirms and Withdraws 'B-' IDR
--------------------------------------------------------
Fitch Ratings has affirmed and withdraw the following ratings of
Transportadora Gas del Sur S.A. (TGS):

-- Foreign currency Issuer Default Rating (IDR) at 'B-';
   Outlook Negative;

-- Local currency IDR at 'B'; Outlook Negative;

-- Unsecured debt at 'B-/RR4'.

The reason for the withdrawal is that TGS and its debt instrument
are no longer considered by Fitch to be relevant to the agency's
coverage. Fitch will not continue covering the issue or the
issuer.

KEY RATINGS DRIVERS

TGS's ratings continue to reflect the weak regulatory framework
that has affected the company's original business model. The
company's core business, its natural gas transportation unit has
been operating with frozen tariffs since 1999, reducing its share
over EBITDA to approximately 24% while its liquefied natural gas
(LNG) processing unit represents 72%. Fitch believes that the
company's credit quality is likely to come under pressure, should
unfavorable regulatory and operating events affect TGS's LNG
business unit. Additional concerns include cost pressures derived
from double digit inflation.

TGS's conservative capital structure mitigates existing
operational and regulatory risks. As of June 2013, debt was USD381
million, with a debt to EBITDA of 2.1 times (x), which is low for
the credit category. Debt is concentrated in the long-term with no
debt maturities until May 2014.

Despite frozen tariffs for its pipeline business and rising
inflation, TGS has maintained good cash generation levels, which
mostly reflect high international prices for LNG. For the quarter
ended June 30, 2013, TGS's EBITDA was 99.12 million, 9% higher
than the same period in 2012.

RATING SENSITIVITIES

TGS's foreign currency IDR is constrained by Argentina's country
ceiling of 'B' and its Recovery Rating of 'RR4' is constrained by
the soft cap of 'RR4' for bonds issued by Argentine Corporates.
Negative credit factors considered by the ratings are the natural
gas unavailability, sharp and sustained decrease in LNG prices and
change in sovereign credit quality.


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


BANCO BMG: Fitch Views 2Q'13 Results as Credit Positive
-------------------------------------------------------
Fitch Ratings considers Banco BMG S.A.'s (Long-Term Foreign
Currency Issuer Default Rating 'B') recently released 2Q'13
results a credit positive.

The figures showed favorable performance especially when compared
to a year earlier. For the first half of 2013, the bank reported
an adjusted net income figure of BRL286 million versus a BRL280
million loss for the same period in 2012.

The 2Q'13 result was equivalent to a healthy annualized ROAA of
2.6%. The bank saw a 45% yoy increase in new payroll deductible
loans (known locally as 'Consignado').

While the bank still relies on asset sales, which, as of June 30,
2013, accounted for nearly 51% of its funding, a relevant portion
of these sales were to Itau Unibanco S.A. following last year's
funding agreement. Fitch Ratings viewed that agreement as very
positive for BMG's core business over the next few years as it
supports the bank with the funding it needs to generate good
recurring earnings in the face of the strong competition in this
niche. Further to asset sales and deposits, the bank also
continues to diversify its funding sources through the use of
special purpose funding vehicles known as 'FIDCs'. Another funding
highlight was the greater use of 'Letra Financeiras' which enables
the growth in long-term funding (average tenor of 3.5 years).

Banco BMG S.A.'s partnership with Itau Unibanco S.A. in Banco Itau
BMG Consignado S.A. has generated BRL 9.2 million during the first
half of 2013, and this JV is expected to perform at an even higher
level given the strong demand and the strengths of its majority
partner. The JV also recently purchased BMG Seguradora S.A. which
was partially owned by the shareholders of Banco BMG. BMG
Seguradora S.A. is expected to further grow the earnings capacity
of the JV and thus will contribute to Banco BMG's revenues via
BMG's 30% ownership share of the JV.

The bank continues to focus on its product niche and even though
asset quality deteriorated from the levels shown a year earlier,
the bank's asset quality remains satisfactory. The bank reported a
good efficiency ratio of 32.7%. In addition to the further
professionalization of its management, the bank is also expected
to complete the transfer of its headquarters to Sao Paulo over the
next 30 days.

Fitch views the above mentioned highlights and other recently
announced results as a credit positive and expects the bank to
continue reporting this positive trend in a sustained manner which
should gradually result in an improved Fitch Core Capital Ratio
('FCC'). As stated in our ratings affirmation of March 22, 2013, a
sustained recovery of recurring earnings and good asset quality
ratios that yields an improvement of its FCC ratio closer to 6%
could favorably impact the bank's viability rating. As of June 30,
2013, BMG's FCC ratio improved to 5%. The ability of the bank to
sustain current positive results and a prudent dividend and growth
strategy may pave the way to achieve a less compromised
capitalization.

Soon to be headquartered in Sao Paulo, Banco BMG S.A. is a mid-
sized, wholesale bank, which is a market leader in paycheck
deductible loans. The bank is privately owned by Mr. Flavio
Pentagna Guimaraes and his family.


BANCO MERCANTIL: S&P Affirms 'BB-' ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' issuer
credit ratings on Banco Mercantil Santa Cruz (BMSC).  In addition,
S&P recently determined a negative industry risk for Bolivia in
its Banking Industry Country Risk Assessment (BICRA).  The outlook
on the bank is stable.

"In our view, new banking legislation, which Bolivia's Congress is
currently considering, could jeopardize the banks' risk positions
and internal capital generation, as it could regulate interest
rates on loans and fees on services, pressuring margins.
Therefore, we view this legislation as interventionist and the
trend in the industry risk as negative," said Standard & Poor's
credit analyst Vitor Garcia.

The ratings continues to reflect its stand-alone credit profile
(SACP) of 'bb-'.  S&P will continue to monitor the bank's
financials and if any pressure on earnings and on its risk
position arise if the law is approved.  Nevertheless, S&P expects
BMSC to maintain its current capital levels thanks to an increase
in recent earnings retention and to the possibility of a hybrid
instruments issuance.

S&P views Bolivia's economic risk as relatively high, which
reflects the country's fragmented political landscape, which
discourages private-sector investments, and its heavy dependence
on commodity prices.  Despite recent good economic performance and
conservative macroeconomic policies, Bolivia's per capita income
remains very low, limiting the population's debt capacity and
hindering healthy lending in the economy.  While the government
has successfully reduced banking system's dollarization and
therefore has limited credit risks, S&P believes regulators should
focus on the banking system's rapid credit expansion in order to
maintain stability in the system.


ULTRAPETROL BAHAMAS: Set to Reveal Earnings Today
-------------------------------------------------
Ultrapetrol Bahamas Ltd will issue its second quarter 2013
quarterly earnings data after the market closes today, Aug. 13,
2013.

                 *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2012, Moody's Investors Service downgraded Ultrapetrol
(Bahamas) Limited's Corporate Family to Caa1 from B3.
Concurrently, the company's $180 million senior secured notes due
November 2014 were downgraded to Caa1 from B3.  A speculative
grade liquidity rating of SGL-3 has been assigned reflecting an
adequate liquidity profile.  The ratings outlook is stable.


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


CHARTER OAK: Shareholders' Final Meeting Set for Aug. 22
--------------------------------------------------------
The shareholders of Charter Oak Offshore Fund 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:

          Deborah J. Ziskin
          c/o Charter Oak Partners
          10 Wright Street
          Suite 210, Westport
          CT 06880


CHINA GOLDEN: Shareholders' Final Meeting Set for Aug. 27
---------------------------------------------------------
The shareholders of China Golden Wealth Fund will hold their final
meeting on Aug. 27, 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:

          Lor Tak Chiu, Seton
          Bank of China Tower, 27th Floor
          1 Garden Road, Central
          Hong Kong
          Facsimile: +852 2526 8295


CHINA GOLDEN MASTER: Shareholders' Final Meeting Set for Aug. 27
----------------------------------------------------------------
The shareholders of China Golden Wealth Master Fund will hold
their final meeting on Aug. 27, 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:

          Lor Tak Chiu, Seton
          Bank of China Tower, 27th Floor
          1 Garden Road, Central
          Hong Kong
          Facsimile: +852 2526 8295


HOLIDAY ISLE: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------
The creditors of Holiday Isle Limited are required to file their
proofs of debt by Sept. 17, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HOLIDAY ISLE EQUITY: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------------
The creditors of Holiday Isle Equity Limited are required to file
their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HOLIDAY ISLE HOLDINGS: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------------------
The creditors of Holiday Isle Holdings Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HOLIDAY ISLE INVESTMENTS: Creditors' Proofs of Debt Due Sept. 17
----------------------------------------------------------------
The creditors of Holiday Isle Investments Limited are required to
file their proofs of debt by Sept. 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


JEFFERIES DAKOTA: Creditors' Proofs of Debt Due Aug. 26
-------------------------------------------------------
The creditors of Jefferies Dakota Fund (Cayman), Ltd. are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


JEFFERIES DAKOTA MASTER: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------------------
The creditors of Jefferies Dakota Master Fund, Ltd. are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


JF THREE: Shareholder to Receive Wind-Up Report on Sept. 6
----------------------------------------------------------
The shareholder of JF Three Holdings Corp. will receive on
Sept. 6, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of Level Radar Fund, Ltd. will hold their final
meeting on Aug. 26, 2013, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert Aspinall
          Grant Hiley
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


PERA GLOBAL: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of Pera Global Holdings Limited will hold their
final meeting on Aug. 26, 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:

          Guoming Zhang
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


T.W.E: Shareholders' Final Meeting Set for Aug. 20
--------------------------------------------------
The shareholders of T.W.E. will hold their final meeting on
Aug. 20, 2013, at 4:30 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sami Dahmani
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


WOODBOURNE MASTER: Creditors' Proofs of Debt Due Aug. 26
--------------------------------------------------------
The creditors of Woodbourne Master Fund Ltd. are required to file
their proofs of debt by Aug. 26, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


WOODBOURNE SECURITIES: Creditors' Proofs of Debt Due Aug. 26
------------------------------------------------------------
The creditors of Woodbourne Securities Fund Ltd. are required to
file their proofs of debt by Aug. 26, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 19, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


* DOMINICAN REPUBLIC: Luxury Housing Market Dives
-------------------------------------------------
Dominican Today reports that Dominican Republic's luxury housing
market jumped so high in recent years it dramatically changed the
skyline of large cities in just one decade, while the boom in
demand for those properties also led to a growing supply.

The global financial crisis however led to a drop in buyers, and
its current sag has lasted several years, according to Dominican
Today.

According to the report, real estate expert Javier Herrera, quoted
by outlet Listin Diario, said the glut has significantly surpassed
demand, prompting developers to hold off on new projects.

Mr. Herrera noted, however, that the market is in a recovery phase
on tighter profit margin due to the effects of the global crisis,
resulting in smarter investors are more careful buyers, notes the
report.

"Before, people bought a property on paper and obtained profit of
around 20% when they resold.  In 2007 you could sell homes at
twice the price they were bought, but this is becoming less
feasible, because the profit isn't the same as a few years ago,"
the report quoted Mr. Herrera as saying.


* DOMINICAN REP: Free Zones Give Thanks for Significant Recovery
----------------------------------------------------------------
Dominican Today reports that in recent years the Free Zones sector
has achieved significant levels of recovery, showing positive
results in its main variables, especially increased exports as
well as creating jobs and companies in the country, said business
leader and Dominican Free Zones Association (ADOZONA) president
Aquiles Bermudez.

Mr. Bermudez stressed the progress made by the productive sector,
during a mass to give thanks officiated by Monsignor Agripino
Nunez Collado to mark ADOZONA's 25th anniversary, according to
Dominican Today.

Mr. Bermudez noted that ADOZONA is currently comprised of 14 Free
Zone Business Associations, 26 private industrial parks, 26
Special Zones and 4 unaffiliated local associations, for a total
of 70 members across the country, the report relates.


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