TCRLA_Public/130819.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

           Monday, August 19, 2013, Vol. 14, No. 163


                            Headlines



B O L I V I A

* BOLIVIA: Fitch Assigns 'BB-' Long-Term Foreign Currency Rating


B R A Z I L

BANCO RURAL: CBF May Lose Half of 2012 Profit in Bank Failure
COMPANHIA SECURITIZADORA: Moody's Downgrades Certificates to B1
JBS SA: Posts US$146 Million Net Income in Second Quarter
OGX PETROLEO: S&P Lowers Issuer Credit Rating to 'CCC-'
OSX BRASIL: In Talks to Roll Over Shipyard Bridge Loans


C A Y M A N  I S L A N D S

ADVENT OXEA: Commences Liquidation Proceedings
BOFRA INVESTMENT: Creditors' Proofs of Debt Due Aug. 30
DIA BARCELONA: Creditors' Proofs of Debt Due Sept. 13
DIA MADRID: Creditors' Proofs of Debt Due Sept. 13
DUNE EQUITY: Creditors' Proofs of Debt Due Oct. 8

DUNE HOLDINGS: Creditors' Proofs of Debt Due Oct. 8
ED EQUITY: Creditors' Proofs of Debt Due Oct. 8
ELYN CORPORATION: Creditors' Proofs of Debt Due Aug. 22
EMERALD DUNES: Creditors' Proofs of Debt Due Oct. 8
EMERALD EQUITY: Creditors' Proofs of Debt Due Oct. 8

EMERALD INVESTMENTS: Creditors' Proofs of Debt Due Oct. 8
FIVE POINTS: Creditors' Proofs of Debt Due Sept. 10
FRONTIER SECURITIZATION: Creditors' Proofs of Debt Due Sept. 11
KE U SIMJO: Creditors' Proofs of Debt Due Sept. 11
TIBERIUS OC: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Nowhere to Invest US$5.7BB Pension Fund
* DOMINICAN REP: Gas Stations Blame Plunging Sales on Subsidies


M E X I C O

ALESTRA S DE RL: S&P Affirms 'B+' CCR; Outlook Stable
EVEN CONSTRUTORA: S&P Affirms 'BB-' Global Scale Rating
MAXCOM TELECOMMUNICACIONES: Taps Santamarina as Mexican Counsel
MAXCOM TELECOMMUNICACIONES: Seeks to Hire Lazard as Fin'l Advisor
MAXCOM TELECOMMUNICACIONES: Taps Alfaro Davila as Mexican Advisor


P U E R T O   R I C O

COSTA DORADA: 2nd Disclosure Statement to be Heard on Sept. 9


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Severed Chief Financial Officer From Airline


V E N E Z U E L A

* Political Woes Factor in Moody's B2 Foreign Currency Bond Rating


X X X X X X X X

BOND PRICING: For the Week From Aug. 12 to Aug. 15, 2013


                            - - - - -


=============
B O L I V I A
=============


* BOLIVIA: Fitch Assigns 'BB-' Long-Term Foreign Currency Rating
----------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB-' to the Government of Bolivia's USD500 million in Global
bonds (5.95% coupon) maturing in 2023.

The proceeds will be used to cover general budgetary expenses and
infrastructure projects included in the government's 2013
financing plan.

KEY RATING DRIVERS

Bolivia's sovereign ratings are underpinned by its strong external
buffers, improved sovereign debt profile and increased
diversification of financing sources, which provide flexibility to
cope with commodity cycles and adverse domestic and external
shocks. In addition, increasing public investment levels could
support growth momentum over the next two years.

The country's relatively high commodity dependence in terms of
fiscal and external accounts as well as lower GDP per capita and
human development indicators relative to 'BB' peers constitute key
credit weaknesses. In addition, regulatory uncertainty,
nationalization risks, social conflicts and institutional capacity
constraints continue weighing on private investment and government
policy effectiveness.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Bolivia's Long-
term foreign currency IDR. Fitch upgraded Bolivia's ratings to
'BB-' from 'B+' on Oct. 2 2012. The Outlook on the LTFC IDR is
Stable.



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


BANCO RURAL: CBF May Lose Half of 2012 Profit in Bank Failure
-------------------------------------------------------------
Tariq Panja and Francisco Marcelino at Bloomberg News report that
unnamed sources said Brazil's soccer federation may lose half its
2012 profit following the collapse of a bank that had been at the
center of a government graft scandal.

Confederacao Brasileira de Futebol, or CBF, deposited about
BRL30 million (US$13.14 million) with Belo Horizonte-based
Banco Rural over the last decade, said the person, who asked not
to be identified because the information is private, according to
Bloomberg News.

Brazil's central bank liquidated Rural this month citing "serious"
legal violations, Bloomberg News relates.

Bloomberg News notes that Banco Rural, which specialized in
lending to small and medium-size companies, was closed after
"successive losses generated abnormal risk to creditors," the
central bank said Aug. 2.

Banco Rural executives, including former Chief Executive Officer
Katia Rabello, were convicted last year by the Supreme Court of
money laundering and mismanagement of a financial institution as
part of the high court's ruling in the so-called Mensalao case,
Bloomberg News discloses.

Officials from the ruling Workers' Party -- including former
cabinet chief Jose Dirceu under President Luiz Inacio Lula da
Silva -- were found guilty by the Supreme Court of using embezzled
public funds and fraudulent loans from Rural to buy votes in the
Congress from 2003 to 2005, Bloomberg News says.

Bloomberg News relays that Folha de S.Paulo said the CBF Chief
Financial Officer and treasurer were fired.

                             2014 Cup

Bloomberg News discloses that CBF, which had 2012 sales of BRL382
million and net income of BRL55.6 million, risks losing the
majority of its money held at Banco Rural because of the terms of
the bank's liquidation.

Brazil's deposit insurance fund guarantees Banco Rural's
certificate of deposit, local agricultural letters of credit and
deposits of as much as BRL250,000, Bloomberg News relays.

Amounts above BRL250,000 will be evaluated by the liquidator,
according to a Rural statement on its webpage, Bloomberg News
notes.

The deposit insurance fund also guarantees investments in the so-
called DPGE, a local bank note, of as much as BRL20 million,
Bloomberg News notes.

The CBF is a private body responsible for soccer in Brazil and
controls the national soccer team. Brazil next year will seek a
record-extending sixth World Cup title when it hosts international
sports' most-watched event.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Moody's Investors Service has lowered Banco Rural
S.A.'s baseline credit assessment (BCA) to c, from caa1, and
downgraded the bank's long-term global local and foreign currency
deposit ratings to C, from Caa1.  At the same time, Moody's
downgraded Rural's long-term Brazilian national scale deposit
rating to C.br, from Caa1.br.  Concurrently, Moody's affirmed
Rural's bank financial strength at E and Rural's short-term
deposit ratings. At their current level all ratings carry no
outlook.  At the same time, the rating agency said that it will
withdraw all ratings following the Central Bank of Brazil's
announcement on August 2, 2013 of the liquidation of Banco Rural.


COMPANHIA SECURITIZADORA: Moody's Downgrades Certificates to B1
---------------------------------------------------------------
Moody's America Latina downgraded to B1 from Ba3 (global scale,
local currency) and to Baa3.br from A3.br (national scale) the
15th series of the 1st issuance of real estate certificates (CRI
or certificates) issued by PDG Companhia Securitizadora. This
rating action follows a similar rating action on PDG Realty S.A.
Empreendimentos e Participacoes that was announced on August 13,
2013.

Issuer: PDG Companhia Securitizadora

15th Series / 1st Issuance of Certificates: downgrade to B1 from
Ba3 (global scale, local currency), and to Baa3.br from A3.br
(national scale); the last rating action occurred on December 14,
2012, when the ratings were downgraded to Ba3/A3.br from
Ba2/Aa3.br.

Ratings Rationale:

On August 13, 2013, Moody's downgraded the corporate family
ratings and the ratings of the CCB (cedula de credito bancario)
that backs the 15th series of CRIs, to B1/ Baa3.br from Ba3 /
A3.br.

The downgrade in PDG's ratings reflects the continued
deterioration in the company's leverage ratios over the last six
months and Moody's expectation that credit metrics will remain
pressured during the rest of this year.

Moody's views the certificates as full pass-through securities of
the underlying CCB. Given that the ratings of the 15th series of
certificates are primarily based on PDG's ability to make payments
under the bank loan agreement (CCB), any changes to the CCB
ratings will lead to a change in the ratings assigned to the
certificates. The current ratings of the CCB are B1/ Baa3.br.

PDG is one of largest homebuilders in Brazil operating through its
wholly owned subsidiaries, Goldfarb, CHL, Agre and minority
investments in other companies. The company currently has 231
projects in 10 macro regions and virtually all price segments.
During the last twelve months ended June 30 2013, PDG generated
net revenues of BRL4.3 billion ($2.1 billion) and net losses of
BRL1.9 billion ($934 million).

PDG holds a near 100% stake in PDG Companhia Securitizadora, a
fully controlled subsidiary incorporated in 2009.

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

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.


JBS SA: Posts US$146 Million Net Income in Second Quarter
---------------------------------------------------------
Steve Lynn, writing for Northern Colorado Business Report, says
JBS S.A., parent company of Greeley-based JBS USA, earned US$146
million in net income during the second quarter, doubling the
US$73 million the Brazilian meatpacker earned during the same
quarter a year earlier.

JBS S.A. reported second-quarter net revenue of US$9.3 billion vs.
US$8 billion during the second quarter of 2012, the Brazilian
meatpacker said in an earnings release, according to Northern
Colorado Business Report.

"Since we acquired Swift, we were able to deliver better results
and better numbers," the report quoted Chief Executive Officer
Wesley Batista as saying.  The report relates that the company's
U.S. beef and chicken operations lifted its second-quarter
earnings, JBS S.A. said.

The report discloses that JBS USA Beef, including operations in
Australia and Canada, saw net revenue of US$4.8 billion,
outperforming the US$4.3 billion in net revenue posted during the
second quarter of last year.  Earnings before interest, taxes,
depreciation and amortization from JBS USA Beef rose to US$161.7
million during the second quarter, reversing a net loss of US$9.1
million in the second quarter of last year, the report notes.

Greater demand for beef along with a rise in exports, particularly
to Japan, lead to the earnings increase, JBS S.A. said, the report
adds.

"Most of the restrictions that existed in terms of exports of U.S.
beef to the Japanese market were lifted in the first quarter of
this year, so we began to see some substantial improvement in our
exports out of the U.S.," the report quoted Jerry O'Callaghan,
director of investor relations, as saying.

Additionally, Australian beef exports to China rose dramatically,
Mr. O'Callaghan said, the report notes.

JBS USA Chicken, which consists of Pilgrim's Pride Corp., saw
second-quarter net revenue of US$2.2 billion vs. US$2 billion
during the second quarter of 2012, the report relays.  JBS USA
owns a controlling interest in Pilgrim's Pride.

Second-quarter earnings before interest, taxes, depreciation and
amortization surged to US$265 million from US$125.7 million in the
second quarter of last year, the report notes.  The increase came
from improved revenue in U.S. and Mexican markets, says the
report.

"The increase in chicken prices is primarily due to the growth in
demand, boosted by promotional activities at retail and
foodservice in the U.S.," the earnings statement said, the report
adds.

Sao Paulo-based JBS S.A. also said it ended the quarter with
US$3.1 billion in cash and cash equivalent.

                     *     *     *

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


OGX PETROLEO: S&P Lowers Issuer Credit Rating to 'CCC-'
-------------------------------------------------------
Standard & Poor's Rating Services lowered its global scale issuer
credit rating on OGX Petroleo e Gas Participacoes S.A. (OGX) to
'CCC-' from 'CCC'.  The outlook remains negative.

The downgrade is based on S&P's expectation that the company's
cash sources (including its cash position of about US$326 million
as of June 2013) will not be sufficient to cover its cash
commitments in the next six months, including interest payments,
the
$80 million it owes to its sister company OSX Brasil S.A. (OSX;
not rated), and the company's capital expenditures plan.
Therefore, in S&P's view, a debt distressed exchange or
restructuring in the short term is probable, unless the company
receives a significant cash inflow.  OGX recently announced that
it hired Blackstone Group as its financial advisor to assess its
capital structure.

S&P continues to assess OGX's liquidity as "weak," based on the
following assumptions:

   -- Sources will cover uses by less than 1.0x for 2013.

   -- Cash position of US$326 million as of June 2013;

   -- No principal maturities until January 2014 when a US$300
      million bridge loan is due;

   -- US$80 million payment to OSX in 2013; and

   -- Cash inflows from the sale of OGX's 40% share of Tubarao
      Martelo field to Petronas (US$250 million in 2013 and
      US$500 million in 2014).

"The next interest payments on OGX's outstanding bonds are due in
October 2013 for about US$45 million and December 2013 for about
US$110 million.  We believe the company's cash sources will not be
sufficient to cover these commitments," said Standard & Poor's
credit analyst Renata Lotfi.


OSX BRASIL: In Talks to Roll Over Shipyard Bridge Loans
-------------------------------------------------------
Jeff Fick at 4-traders.com reports that Brazilian shipbuilder and
oilfield services company OSX Brasil SA, part of Brazilian
businessman Eike Batista's troubled industrial empire, is in talks
with two state-run banks to roll over about US$342 million in
bridge loans used to build its shipyard.

"We are negotiating the terms of the rollover and talks have
progressed substantially," the report quoted OSX Chief Executive
Officer Carlos Bello as saying.

4-traders.com notes that Mr. Bello said OSX took out two bridge
loans for construction of its shipyard with the Brazilian National
Development Bank, or BNDES, and Caixa Economica Federal, each
valued at about BRL400 million (US$171 million).

The shipyard is located at the Acu port in northern Rio de Janeiro
state that is operated by LLX Logistica SA, the report says.

LLX said that EIG Management Co. would become the firm's
controlling shareholder after making a BRL1.3 billion investment
in the logistics company, the report notes.

The deal "won't have any impact on OSX," Mr. Bello said, adding
that the company viewed the transaction as positive, the report
discloses.

The report relays that Mr. Batista's firms have experienced a
crisis of confidence after oil company OGX failed to meet
production targets.

OGX's troubles soon spread to the rest of Mr. Batista's EBX Group
of companies, with the entrepreneur now in the midst of
complicated restructuring efforts that have included some asset
sales, says the report.

OSX expects revenue to get a boost before year-end 2013 and next
year as two oil-production platforms leased to sister company OGX
start production, 4-traders.com notes.

The OSX-3 floating platform is on its way to Brazil and should
arrive between Aug. 24 and Aug. 27, Mr. Bello said, 4-traders.com
discloses.  The platform, which will be installed at OGX's Tubarao
Martelo field, is expected to start generating revenue of
US$383,000 a day when it starts production, the report relays.

The report says that Chief Financial Officer Luiz Guilherme
Marques said that once production starts, the company should be
able to quickly refinance US$500 million in loans used to build
the platform.  "We expect that up to US$350 million in resources
could be injected back into the company when first oil is
produced," the report quoted Mr. Marques as saying.

A second platform, called WHP-2, is also expected to complete
construction in the second or third quarters of 2014, with talks
under way with the BNDES about refinancing construction loans, Mr.
Marques said.  The platform will also be installed at Tubarao
Martelo, the report adds.

OSX 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
==========================


ADVENT OXEA: Commences Liquidation Proceedings
----------------------------------------------
On July 18, 2013, the shareholders of Advent Oxea (Cayman) Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          PO Box 11820 Grand Cayman KY1-1009
          Cayman Islands


BOFRA INVESTMENT: Creditors' Proofs of Debt Due Aug. 30
-------------------------------------------------------
The creditors of Bofra Investment Ltd. are required to file their
proofs of debt by Aug. 30, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2013.

The company's liquidator is:

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


DIA BARCELONA: Creditors' Proofs of Debt Due Sept. 13
-----------------------------------------------------
The creditors of Dia Barcelona Leasing Ltd are required to file
their proofs of debt by Sept. 13, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          Sophia Richards
          69 Dr. Roy's Drive, George Town
          PO Box 1043 Grand Cayman KY1-1102
          Cayman Islands


DIA MADRID: Creditors' Proofs of Debt Due Sept. 13
--------------------------------------------------
The creditors of Dia Madrid Leasing Ltd are required to file their
proofs of debt by Sept. 13, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Sophia Richards
          69 Dr. Roy's Drive, George Town
          PO Box 1043 Grand Cayman KY1-1102
          Cayman Islands


DUNE EQUITY: Creditors' Proofs of Debt Due Oct. 8
-------------------------------------------------
The creditors of Dune Equity Limited are required to file their
proofs of debt by Oct. 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 24, 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


DUNE HOLDINGS: Creditors' Proofs of Debt Due Oct. 8
---------------------------------------------------
The creditors of Dune Holdings Limited are required to file their
proofs of debt by Oct. 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 24, 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


ED EQUITY: Creditors' Proofs of Debt Due Oct. 8
-----------------------------------------------
The creditors of ED Equity Limited are required to file their
proofs of debt by Oct. 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 24, 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


ELYN CORPORATION: Creditors' Proofs of Debt Due Aug. 22
-------------------------------------------------------
The creditors of Elyn Corporation are required to file their
proofs of debt by Aug. 22, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 12, 2013.

The company's liquidator is:

          Portcullis Trustnet (Cayman) Ltd
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


EMERALD DUNES: Creditors' Proofs of Debt Due Oct. 8
---------------------------------------------------
The creditors of Emerald Dunes Finance Limited are required to
file their proofs of debt by Oct. 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 24, 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


EMERALD EQUITY: Creditors' Proofs of Debt Due Oct. 8
----------------------------------------------------
The creditors of Emerald Equity Limited are required to file their
proofs of debt by Oct. 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 24, 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


EMERALD INVESTMENTS: Creditors' Proofs of Debt Due Oct. 8
---------------------------------------------------------
The creditors of Emerald Equity Investments Limited are required
to file their proofs of debt by Oct. 8, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 24, 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


FIVE POINTS: Creditors' Proofs of Debt Due Sept. 10
---------------------------------------------------
The creditors of Five Points Offshore Fund, Ltd. are required to
file their proofs of debt by Sept. 10, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

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


FRONTIER SECURITIZATION: Creditors' Proofs of Debt Due Sept. 11
---------------------------------------------------------------
The creditors of Frontier Securitization XVI Limited are required
to file their proofs of debt by Sept. 11, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 22, 2013.

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


KE U SIMJO: Creditors' Proofs of Debt Due Sept. 11
--------------------------------------------------
The creditors of KE U Simjo are required to file their proofs of
debt by Sept. 11, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 22, 2013.

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


TIBERIUS OC: Commences Liquidation Proceedings
----------------------------------------------
On July 18, 2013, the shareholders of Tiberius OC Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Aug. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


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


* DOMINICAN REP: Nowhere to Invest US$5.7BB Pension Fund
--------------------------------------------------------
Dominican Today reports that even with the pension funds'
encouraging figures -- 97% of the affiliated working population
has RD$232.0 billion (US$5.7 billion) accumulated -- the lack of
financial instruments to reinvest that money poses a threat
against obtaining higher earnings.

Pension Fund Superintendent Joaquin Geronimo made the warning,
noting that if the banking sector fails to create those financial
instruments, then the state, "which is also in need of funds," can
use the funds on infrastructure, according to Dominican Today.

"Pension funds are waiting for instruments to emerge basically
mortgage bonds, trusts, debt in the securities market, and titles
which produce investment funds. . . . While banks have excess
liquidity for the same pension funds, as they have deposited
RD$70.0 billion in short-term certificates, with rates of 3%, 5%
and 6%, they use them to do business at higher rates, but not
invest them in other instruments," the report quoted Mr. Geronimo
as saying.

Mr. Geronimo, the report notes, said the pension funds have a
monthly liquidity of RD$5.0 billion and short-term bank deposits
at very low interest.  "In this backdrop RD$25.0 billion could
enter the pension funds by December and short-term maturity
certificates of between RD$50.0 billion and RD$60.0 billion are in
the banks," Mr. Geronimo said, the report relays.

Dominican Today discloses that Mr. Geronimo said that leaves only
bank certificates as the destination for the funds, at 3.8%,
"which means that pension funds are facing a big challenge in the
absence of financial instruments to invest," and that's why the
Pension Superintendence (Sipen) expanded the Government's spending
limits, which is, Mr. Geronimo said, the only qualified issuer
able to access those funds to invest in productive sectors.

Interviewed by the Corripio Communications Group, Mr. Geronimo
said given the private banks' "inertia," the State-owned Reservas
bank should spearhead the creation of financial instruments as an
investment destination for the funds, adding that by year end, the
pension funds will reach an estimated RD$260.0 billion, Dominican
Today adds.


* DOMINICAN REP: Gas Stations Blame Plunging Sales on Subsidies
---------------------------------------------------------------
Dominican Today reports that the government's diesel and gasoline
subsidies for power and transport companies, and public works
contractors has led to a plunge in sales of those fuels at service
stations, its association (Anadegas) president revealed.

Rafael Polanco said fuel cost is a heavy burden on the rest of the
population, which pays a RD$88.32 tax on each gallon of premium
gasoline; RD$79.86 on regular and RD$47.10 on diesel, according to
Dominican Today.

"These privileges allowed by politicians distort the fuel market,
and it's unfair competition against retailers, with monthly sales
cut by 30,144 gallons," the report quoted Mr. Polanco as saying.

The report relates that Mr. Polanco said compared with 2012 fuel
consumption continue to decline in the last seven months as the
sale of gasoline fell by 6.3 million gallons, or 6%, while propane
increased by 6.2 million gallons, or 3%, "and diesel consumption
has had a dramatic decrease, down 21 million gallons, or 20%."

The report discloses that Mr. Polanco urged Customs director
Fernando Fernandez "open your eyes because we have reports that in
some fuel terminals Customs personnel allow diesel to enter
without paying the (RD$ 47.10 per gallon) tax, for which the
government hasn't received more than one billion pesos thus far
this year."

Mr. Polanco suggested eliminating exemptions and lower fuel tax so
that people pay fair prices, noting that Dominicans pay the 3rd
highest fuel prices in the hemisphere's 24 countries, the report
adds.


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


ALESTRA S DE RL: S&P Affirms 'B+' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and issue level ratings on Alestra S. de R.L. de C.V.
(Alestra).  The '3' recovery rating on the company remains
unchanged, indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.  The outlook is
stable.

The ratings on Alestra reflect the company's "weak" business risk
profile as a result of intense competition from stronger and
better capitalized companies in an industry subject to increasing
pricing pressures and declining revenues from traditional long-
distance services, its niche competitive strategy targeting
services to multinational companies, large and midsize enterprises
and high-end residential users, the possible support from its
parent company, Alfa S.A.B. de C.V. (not rated), its flexible and
advanced network with several access technologies, its limited
geographic diversification only in Mexico, and its margin
stability.

The ratings also reflect Alestra's "significant" financial risk
profile, given its exposure to foreign exchange risk derived from
its 100% dollar-denominated debt versus its revenues mostly
denominated in pesos, its bond maturity in August 2014, which has
led S&P to revise its assessment of Alestra's liquidity to "less
than adequate," and its positive free operating cash flow (FOCF)
generation.


EVEN CONSTRUTORA: S&P Affirms 'BB-' Global Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
corporate credit rating on Even Construtora e Incorporadora S.A.
(Even) to 'brA' from 'brA-'.  At the same time, S&P affirmed its
'BB-' global scale rating on the company.  The outlook on both
scales is stable.

The rating action reflects S&P's view that Even's more-consistent
results constitute stronger credit within its 'BB-' global rating
category.  The ratings on Even reflect S&P's assessment of its
"significant" financial risk profile and "weak" business risk
profile, as S&P's criteria define these terms.  The company's
"adequate" liquidity, stable profitability and leading market
position in a niche sector of Brazil's housing industry, despite
its relatively small size and narrow operating scope, support the
ratings.  In contrast, it's exposure to execution risks, intensive
working capital requirements, and S&P's view of relatively weaker
industry dynamics due to a volume sales slowdown amid aggressive
pricing strategies and uncertain macroeconomic conditions
constrain the ratings.

"For the first half of the year, Even had R$800 million in new
unit starts which, considering the company's cyclicality, leads us
to believe that it will be able to reach R$2.5 billion by year-end
2013," said Standard & Poor's credit analyst Fernanda Hernandez.
This, together with previous projects, should lead to about
R$2.2 billion in revenue in 2013, a 2% growth compared to 2012.
S&P believes this signals the company's prudent growth strategy
amid sluggish economic conditions in Brazil and the slowdown in
the housing industry.  However, S&P expects Even to pick-up higher
growth rates during 2014 and reach about R$2.8 billion in new unit
starts and R$2.5 billion in revenue.


MAXCOM TELECOMMUNICACIONES: Taps Santamarina as Mexican Counsel
---------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., et al., seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Santamarina y Steta, S.C., as special Mexican corporate and
restructuring counsel.

The following professionals will take a primary role in providing
services to the Debtors and will be paid their customary hourly
rates:

Fernando del Castillo, Esq. -- fcastillo@s-s.mx    US$390
Carlos Montes Flores, Esq. -- cmontes@s-s.mx         $241
Gabriela Meza Diaz de Leon, Esq. -- gmeza@s-s.mx     $241
Adriana Padilla Rivas, Esq. -- apadilla@s-s.mx       $200
Ana Laura Elizalde Leon, Esq. -- aelizalde@s-s.mx    $189
Karla Silva Rodriguez, paralegal                      $89
Rodrigo Solis Azonos, paralegal                       $89
Jorge Gaitan Burgos, paralegal                        $89
Andres Sanchez Mendoza, paralegal                     $89
Saady Ancheita Arroyo, paralegal                      $89

The firm will also be reimbursed for any necessary out-of-pocket
expenses.

Mr. del Castillo, a partner of the law firm Santamarina y Steta,
S.C., assures the Court that his firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.

A hearing on the employment application will be held today,
Aug. 19, 2013, at 9:30 a.m. (prevailing Eastern Time).  Objections
were due Aug. 12.

                            About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an US$11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No. 13-
bk-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed US$11.1 billion in assets and US$402.3 million in
debt.  The company had assets valued at 4.98 billion pesos ($394
million) in the quarter ended March 31, according to an April 26
regulatory filing.  The company reached a restructuring agreement
with Ventura Capital, a group holding about US$86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


MAXCOM TELECOMMUNICACIONES: Seeks to Hire Lazard as Fin'l Advisor
-----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., et al., seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Lazard Freres & Co. LLC as financial advisor and investment
banker, to be paid a US$125,000 monthly fee, a restructuring fee
of US$2.5 million if a restructuring transaction is consummated
before Sept. 23, 2013, a minority sale transaction fee, a
financing fee, and an opinion fee of US$350,000.

J. Blake O'Dowd, a managing director at Lazard Freres & Co. LLC,
assures the Court that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

A hearing on the employment application will be held today,
Aug. 19, 2013, at 9:30 a.m. (prevailing Eastern Time).  Objections
were due Aug. 12.

                            About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an US$11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No. 13-
bk-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed US$11.1 billion in assets and US$402.3 million in
debt.  The company had assets valued at 4.98 billion pesos (US$394
million) in the quarter ended March 31, according to an April 26
regulatory filing.  The company reached a restructuring agreement
with Ventura Capital, a group holding about US$86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


MAXCOM TELECOMMUNICACIONES: Taps Alfaro Davila as Mexican Advisor
-----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., et al., seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Alfaro, Davila y Rios, S.C., as Mexican financial advisor.

ADR, a strategic alliance partner of Lazard Freres & Co. LLC based
in Mexico, will provide advice with respect to the Debtors'
restructuring activities as they relate to Mexican regulatory
issues, negotiations with local private equity funds, and the
Latin American financial markets.  ADR is will be entitled to one-
third of any fees payable under the fee structure payable to
Lazard, although the Debtors clarify that the one-third payable to
ADR will be independent from and not contingent or otherwise tied
to the compensation that may be payable to Lazard.

Adolfo D. Rios Olivier, a founder, shareholder and partner of the
firm Alfaro, Davila y Rios, S.C., assures the Court that his firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

A hearing on the employment application will be held today
Aug. 19, 2013, at 9:30 a.m. (prevailing Eastern Time).  Objections
were due Aug. 12.

                            About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an US$11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No. 13-
bk-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed US$11.1 billion in assets and US$402.3 million in
debt.  The company had assets valued at 4.98 billion pesos (US$394
million) in the quarter ended March 31, according to an April 26
regulatory filing.  The company reached a restructuring agreement
with Ventura Capital, a group holding about US$86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


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


COSTA DORADA: 2nd Disclosure Statement to be Heard on Sept. 9
-------------------------------------------------------------
A Puerto Rico bankruptcy court has set a Sept. 9, 2013 hearing to
consider the adequacy of the Second Disclosure Statement filed by
Costa Dorada Apartments Corp., dba Villas De Costa Dorada,
explaining its proposed Plan of Reorganization.

The Plan divides creditors into six classes -- Class 1
Administrative Expenses, Class 2 Secured Creditors, Class 3
Secured Creditor Banco Popular de PR, Class 4 General Unsecured
Creditors, Class 5 Time Sharing (Vacation Club) Agreements, and
Class 6 Equity Interests.

The Second Disclosure Statement reveals that Banco Popular
transferred its US$3.68 million unsecured claim to PRLP 2011
Holding LLC in October 2011.

The Second Disclosure Statement further clarifies that general
unsecured creditors will be paid upon the sale of 20 apartments
pertaining to the estate.  The Debtor will sell these apartments,
and after payment in full of the secured claim due to Scotiabank,
the administrative expenses and allowed secured government claims
pursuant to 11 U.S.C. Sec. 506, will use any remaining proceeds,
to pay the creditors under Class 4 at pro-rata.  The dividend to
be paid to Class 4 will be in the amount of US$700,000.

These sales are expected to be completed by the Debtor within 12
months from confirmation date or no later than the effective date
of the plan.  Disbursement of the sales proceeds of property will
be governed by the following provisions:

  * First, all selling and administrative expenses will be paid in
    full from the gross proceeds.

  * Second, payment in full of the secured Class 2 of Scotiabank.

  * Third, allowed secured government claims pursuant and
    unsecured priority claims, as allowed by the Court, will be
    paid in full from the gross proceeds.

Only upon full payment of all allowed claims with superior rank
will general unsecured claimants be paid on a pro-rata basis.

A full-text copy of the Second Disclosure Statement dated July 15,
2013, is available for free at:

         http://bankrupt.com/misc/COSTADORADA_2ndDSJul15.PDF

                  About Costa Dorada Apartments

Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in
Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr.
D.P.R. Case No. 11-03960) on May 10, 2011.  The Debtor disclosed
US$10.7 million in assets and US$8.6 million in liabilities as of
the Chapter 11 filing.  The Hon. Enrique S. Lamoutte Inclan,
presides over the case.  The petition was signed by Carlos R.
Fernandez Rodriguez, its president.  Wigberto Lugo Mender, Esq.,
at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the
Debtor as counsel.


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


CARIBBEAN AIRLINES: Severed Chief Financial Officer From Airline
----------------------------------------------------------------
Asha Javeed at Trinidad Express reports that Caribbean Airlines
Limited has severed its Chief Financial Officer Shiva Ramnarine
from the Company.

Aviation sources informed the Express that Mr. Ramnarine was asked
to leave the job following a meeting with CAL Director Patricia
Kong-Ting and acting Chief Executive Captain Jagmohan Singh,
according to Trinidad Express.

The report notes that it is understood that Mr. Ramnarine and
Mr. Kong-Ting did not agree on several matters with regard to the
transformation plan for the cash-strapped airline.

Trinidad Express notes that it is the second CFO the company has
lost in recent months.

Three months ago, the report relates, former CFO Andre Mills was
made redundant by Mr. Ramnarine's appointment.

Trinidad Express says that the national carrier is now without two
key managers -- it has an acting chief executive following the
resignation of former acting CEO Robert Corbie two months ago and
is now without a permanent CFO.

The report discloses that the company recently lost its human
resource manager Anisa Allaham-Hosein who resigned from the
airline while executive manager of revenue management Wayne Henry
died earlier this year.

The company has interviewed a potential candidate for the chief
executive position, the Express notes.

Trinidad Express relays that the previous CAL board of directors
was axed by Finance Minister Larry Howai in May and the company
now operates with an interim board chaired by Philip Marshall
which includes Kong-Ting, vice chairman Vishnu Dhanpaul, Indira
Ramkissoon, Captain Azad Niamat and Jamaican director Dennis
Lalor.

Apart from corporate governance issues with the previous board
chaired by Rabindra Moonan, CAL reported a US$700 million loss for
its financial year 2012 and had to write off some US$200 million
related to alleged credit card and cargo fraud, the report notes.

The company is expected to submit its outstanding financial
statements for 2011 and 2012 to Howai this month, the report adds.


=================
V E N E Z U E L A
=================


* Political Woes Factor in Moody's B2 Foreign Currency Bond Rating
------------------------------------------------------------------
Venezuela's B1 local currency rating and B2 foreign currency bond
rating consider its growing macroeconomic imbalances and economic
distortions, a result of the government's unorthodox and
unpredictable policymaking.

These policies reflect the highly discretionary exercise of
governmental authority that very weak institutions have enabled,
says Moody's Investors Service in a new report. The negative
outlook Moody's has had on the ratings since January 2013 points
to the increased political uncertainty and risks to the Venezuelan
economy following the death of former President Chavez.

Moody's explains the political transition in Venezuela has come at
a particular challenging time for the Venezuelan economy, which
over the last year has experienced a marked deterioration in a
number of key economic indicators, notably in the public sector
deficit, the balance of payments, and the rate of inflation.

Although the transition has been smoother than expected , the
narrowness of Nicolas Maduro's victory in the recent presidential
election has deprived him of the mandate required to assure
governability in a highly polarized environment, says Moody's.

Moody's is concerned that Mr. Chavez's death has generated a power
vacuum in Venezuela that is impairing the government's ability to
confront entrenched competing interests and take decisive policy
action to address the current economic situation.

Negatives for credit quality include a highly pro-cyclical fiscal
policy marked by a rapid increase in government spending and
indebtedness, lack of transparency in the government's accounts,
and the heavy dependence of the economy as a whole and government
finances in particular on the oil sector, which has been
exhibiting declining output.

In addition to Venezuela's large oil reserves, credit strengths
include the government's high degree of control over the country's
supply of foreign currency as well as a captive domestic investor
base.

Government debt levels remain moderate despite recent rapid growth
in the debt stock, and principal payments should remain affordable
during the coming years thanks to a favorable debt maturity
profile.

The new report, a credit analysis, is an annual update to the
markets and does not constitute a rating action.

In summary, Moody's finds Venezuela to have moderate economic and
government financial strength, very low institutional strength and
high susceptibility to event risk

Moody's determines a country's sovereign rating by assessing it on
the basis of four key factors -- economic strength, institutional
strength, government financial strength and susceptibility to
event risk -- as well as the interplay among them.


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


BOND PRICING: For the Week From Aug. 12 to Aug. 15, 2013
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Argentine Republic Government  7.82    12/31/2033   EUR      56
International Bond

Argentine Republic Government
International Bond             7.82    12/31/2033   EUR      55.5

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      55

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD      69.8

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      57.5

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD      68.4

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD      51

Banco Macro SA                 9.75    12/18/2036   USD      67.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD      63

Capex SA                       10      3/10/2018    USD      71

Cia Latinoamericana de
Infraestructura & Servicios SA 9.5     12/15/2016   USD      63

Cia de Transporte de
Energia Electrica en Alta      8.88    12/15/2016   USD      47.6
Tension Transe

Provincia de Mendoza
Argentina                      5.5     9/4/2018     USD     74

Argentine Republic Government
International Bond             1.18    12/31/2038   ARS     43.7

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     55

Argentine Republic
Government International Bond  7.82    12/31/2033   EUR     45

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     50

Alta Tension Transe
Argentina Bocon                2       3/15/2014    ARS     32.5

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD     50

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36.5

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     59.9

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     45.4

Alta Tension Transe
MetroGas SA                    8.88    12/31/2018   USD     65.5

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD     70

Empresa Distribuidora Y
Comercializadora Norte         10.5    10/9/2017    USD     51.3

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36

Banco Macro SA                 9.75    12/18/2036   USD     67.8

City of Buenos
Aires Argentina                3.98    3/15/2018    USD     68.6

Capex SA                       10      3/10/2018    USD     67.6

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD     68.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD     63

MetroGas SA                    8.88     12/31/2018   USD    63.4
Argentine Republic
Government International Bond  0.45     12/31/2038   JPY    8

Banco Macro SA                 9.75     12/18/2036   USD    67.8

Provincia de Mendoza Argentina 5.5      9/4/2018     USD    73.5

Provincia del Chaco            4        11/4/2023    USD    53.8

Provincia del Chaco            4        12/4/2026    USD    25.5

Formosa Province of Argentina  5        2/27/2022    USD    61.9

Argentine Republic
Government International Bond  8.28     12/31/2033   USD    61.8

Cia Energetica de Sao Paulo    9.75     1/15/2015    BRL    64.6

Gol Finance                    8.75                  USD    60

Banco Bonsucesso SA            9.25     11/3/2020    USD    73.5

Sifco SA                       11.5     6/6/2016     USD    50.3

Gol Finance                    8.75                  USD    58.3

Banco Bonsucesso SA            9.25     11/3/2020    USD    72.5

Cia Sud Americana de
Vapores SA                     6.4      10/1/2022    CLP    69.8

Almendral
Telecomunicaciones SA          3.5      12/15/2014   CLP    33

Cia Cervecerias Unidas SA      4        12/1/2024    CLP    58.2

Aguas Andinas SA               4.15     12/1/2026    CLP    72.5

Quinenco SA                    3.5      7/21/2013    CLP    12.9

Talca Chillan Sociedad
Concesionaria SA               2.75     12/15/2019   CLP    60.8

Empresa de Transporte de
Pasajeros Metro SA             5.5      7/15/2027    CLP    4.58

Hidili Industry International
Development Ltd                8.63     11/4/2015    USD    71.5

Renhe Commercial
Holdings Co Ltd                13       3/10/2016    USD    62.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015    USD    63.1

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

JinkoSolar Holding Co Ltd      4        5/15/2016     USD    66.3

Renhe Commercial
Holdings Co Ltd                13       3/10/2016     USD    56

Hidili Industry International
Development Ltd                8.63     11/4/2015     USD    71.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015     USD    63.8

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

BES Finance Ltd                5.58                   EUR    65.5

Bank Austria Creditanstalt
Finance Cayman Ltd             1.61                   EUR    49.7

ERB Hellas Cayman
Islands Ltd                    1.8      6/8/2017      EUR    55.2

Bank Austria Creditanstalt
Finance Cayman Ltd 2           1.84                   EUR    49.9

BCP Finance Co Ltd             5.54                   EUR    41.7

ESFG International Ltd         5.75                   EUR    50.8

BCP Finance Co Ltd             4.24                   EUR    42.8

BES Finance Ltd                3.03                   EUR    74.3

Banco Finantia
International Ltd              2.46     7/26/2017     EUR    44.1

BES Finance Ltd                4.5                    EUR    56.4

Caixa Geral De
Depositos Finance              1.02                   EUR    34.7

BCP Finance Bank Ltd           5.31    12/10/2023     EUR    66.3

ERB Hellas Cayman
Islands Ltd                    9       3/8/2019       EUR    31.9

Banif Finance Ltd              1.58                   EUR    44

BCP Finance Bank Ltd           5.01    3/31/2024      EUR    63.5

Banco BPI SA/Cayman Islands    4.15    11/14/2035     EUR    41.6

Petroleos de Venezuela SA      5.38    4/12/2027      USD    60.2

Venezuela Government
International Bond             7      3/31/2038      USD     67.3

Petroleos de Venezuela SA      5.5    4/12/2037      USD     58.8

Venezuela Government
International Bond             7.65   4/21/2025      USD     74.6

Venezuela Government
International Bond             6      12/9/2020      USD     74.2

Bolivarian Republic of
Venezuela                      7      3/31/2038      USD     66.8

                            ***********


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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