TCRLA_Public/130822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Thursday, August 22, 2013, Vol. 14, No. 166


                            Headlines



B R A Z I L

BROOKFIELD INCORPORACOES: Posts 2Q and 1H Consolidated Results


C A Y M A N  I S L A N D S

5:15 FUND: Creditors' Proofs of Debt Due Sept. 2
5:15 MASTER: Creditors' Proofs of Debt Due Sept. 2
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Sept. 11
ARLINGTON ENERGY: Creditors' Proofs of Debt Due Sept. 2
BOFRA INVESTMENT: Shareholders' Final Meeting Set for Aug. 30

CALIFORD INVESTMENTS: Shareholders Receive Wind-Up Report
CLICQUOQQLEFLAIVE LTD: Placed Under Voluntary Wind-Up
HALBIS U.S.: Creditors' Proofs of Debt Due Sept. 2
HANSEN LIMITED: Shareholders' Final Meeting Set for Aug. 30
INTERNATIONAL FUND: Creditors' Proofs of Debt Due Sept. 12

I-PREFERRED TERM: A.M. Best Affirms 'b' Rating on US$24MM Notes
KARSCH CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 12
MA SELECT I: Shareholders' Final Meeting Set for Sept. 4
TRIAGE OFFSHORE: Creditors' Proofs of Debt Due Sept. 12
VOYAGER ADVANTAGE: Creditors' Proofs of Debt Due Sept. 2

VOYAGER ADVANTAGE MASTER: Creditors' Proofs of Debt Due Sept. 2


G U Y A N A

CARIBBEAN AIRLINES: To Review Guyana Fare Structure


J A M A I C A

LIME JAMAICA: Subscribers Base Jump But Incurs JM$808MM Net Loss
UC RUSAL: Incurs US$439 Million Loss in First Half 2013
* JAMAICA: Bank of Jamaica Says Credit Card Debt Up JM$24.6 Bil.


M E X I C O

* MEXICO: Economy Grows Less Than Expected as Industry Contracts


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: Steel Workers Union Plans to Take Legal Actions


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BROOKFIELD INCORPORACOES: Posts 2Q and 1H Consolidated Results
--------------------------------------------------------------
Brookfield Incorporacoes S.A. revealed its consolidated results
for the second quarter and first half of 2013.

            Second Quarter & First Half 2013 Highlights

Strong Operating Results

Operating results were strong, but financial results included
adjustments related to the budget review process, combined with a
one-time project write-off, resulting in a net loss of R$ 160.

Sales Guidance on Track

First half 2013 sales totaled R$ 1.3 billion, achieving almost
half of the annual guidance

Sales over Supply (SoS) Strong in Largest Region

SoS was 17.6% in the second quarter 2013, versus 16.0% in the
first quarter 2013. Sao Paulo, the Company's largest market,
achieved SoS of 28.9% in the second quarter 2013

Record First Half Deliveries

32 projects or phases delivered in the first half 2013, totaling
6,915 units or R$ 1.5 billion in Potential Sales Value (PSV),
compared with deliveries totaling R$ 1.8 billion in PSV in the
full year 2012.  First half 2013 deliveries represent 43% of the
low end of 2013 guidance in terms of PSV. Substantial increase in
2H13 deliveries is expected

Sales Terminations Contained

Despite a 128% y-o-y rise in unit deliveries in the first half
2013, sales terminations increased just 10% over the same period
to R$ 256.7 million

Record First Half Mortgage Takeouts

3,266 contracts representing R$ 605.9 million (including
prepayments) were transferred to financial institutions in the
first half 2013, a 45% y-o-y rise in terms of amount

Significant Decline in Cash Consumption
Cash consumption was R$ 71., a substantial decline compared with
R$ 211.3 million in the first quarter 2013. In the first half
2013, total cash consumption was R$ 282.7 million compared with R$
508.7 million in the 1H12

Improved Debt Profile

Rollover of working capital reduced the volume of maturing 2013
corporate debt to R$ 264.9 million from R$ 425.3 million
previously.  Compares with R$ 901 million in December 2012.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Fitch Ratings has downgraded the long-term foreign
and local currency Issuer Default Ratings (IDRs) of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes) and its full
subsidiary Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
(Brookfield SP) to 'B+' from 'BB-'. Fitch has also downgraded the
companies' long-term national ratings to 'A(bra)' from 'A+(bra)'.


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


5:15 FUND: Creditors' Proofs of Debt Due Sept. 2
------------------------------------------------
The creditors of 5:15 Fund, Ltd are required to file their proofs
of debt by Sept. 2, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 31, 2013.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


5:15 MASTER: Creditors' Proofs of Debt Due Sept. 2
--------------------------------------------------
The creditors of 5:15 Master Fund, Ltd are required to file their
proofs of debt by Sept. 2, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 31, 2013.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------------
The creditors of Anthracite Balanced Company (40) 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 24, 2013.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


ARLINGTON ENERGY: Creditors' Proofs of Debt Due Sept. 2
-------------------------------------------------------
The creditors of Arlington Energy and Environment Offshore Fund,
Ltd are required to file their proofs of debt by Sept. 2, 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:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BOFRA INVESTMENT: Shareholders' Final Meeting Set for Aug. 30
-------------------------------------------------------------
The shareholders of Bofra Investment Ltd. will hold their final
meeting on Aug. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CALIFORD INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Califord Investments Ltd. received on Aug. 15,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CLICQUOQQLEFLAIVE LTD: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on July 31, 2013, the
shareholder of Clicquoqqleflaive Ltd resolved to voluntarily wind
up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


HALBIS U.S.: Creditors' Proofs of Debt Due Sept. 2
--------------------------------------------------
The creditors of Halbis U.S. Credit Alpha Master Fund, Ltd. are
required to file their proofs of debt by Sept. 2, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HANSEN LIMITED: Shareholders' Final Meeting Set for Aug. 30
-----------------------------------------------------------
The shareholders of Hansen Limited will hold their final meeting
on Aug. 30, 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:

          Fides Limited
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 949 7232
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


INTERNATIONAL FUND: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------------
The creditors of International Fund of Alternative Investments SPC
are required to file their proofs of debt by Sept. 12, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2013.

The company's liquidator is:

          Philip Mosely
          Cayman Management Ltd.,
          Harbour Centre, Ground Floor
          PO Box 1569 42, North Church Street,
          George Town Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


I-PREFERRED TERM: A.M. Best Affirms 'b' Rating on US$24MM Notes
---------------------------------------------------------------
A.M. Best Co. has affirmed the debt ratings on a multi-tranche
collateralized debt obligation (CDO) co-issued by two bankruptcy
remote special purpose vehicles: I-Preferred Term Securities III,
Ltd. (Cayman Islands) and I-Preferred Term Securities III, Inc.
(Delaware) (collectively known as I-Preferred Term Securities III
and issuers).

The outlook for all ratings is stable.

The principal balance of the rated notes are collateralized by a
pool of trust preferred securities, surplus notes and secondary
market securities (collectively, the capital securities),
primarily issued by small- to medium-sized insurance companies.
The capital securities are pledged as security to the notes.

Interest paid by the issuers of the capital securities are the
primary source of funds to pay operating expenses of the issuers
and interest on the notes.

Repayment of the note principal is primarily funded from the
redemption of the capital securities.

These rating actions primarily reflect: (1) the current issuer
credit ratings (ICR) of the remaining issuers of the capital
securities and the number of terminated capital securities; (2) a
stress of up to 250% on the assumed marginal default rates of
insurers (derived from Best's Idealized Default Rates of
Insurers); (3) the amount of capital securities considered to be
in distress; (4) recoveries of 0% after the default of the capital
securities; and (5) qualitative factors such as the effect of
interest rate pikes; subordination level associated with each
rated debt tranche; the adjacency of very high investment grade
ratings to very low non-investment grade ratings in the
transaction's capital structure; and the possibility that
additional redemptions of highly-rated entities will leave lower-
rated companies in the collateral pool.

The debt ratings could be upgraded or downgraded and/or the
outlook revised if there are material changes in the ICR of the
remaining insurance carriers, an increase in the number of
defaulted capital securities or significant termination of the
number of existing capital securities.

The following debt ratings have been affirmed:

I-Preferred Term Securities III

-- "aaa" on $251.50 million Floating Rate Class A-1 Senior Notes
    Due November 5, 2033

-- "aaa" on $40.00 million Floating Rate Class A-2 Senior Notes
    Due November 5, 2033

-- "aaa" on $15.00 million Fixed/Floating Rate Class A-3 Senior
    Notes Due November 5, 2033

-- "aaa" on $10.00 million Fixed/Floating Rate Class A-3 Senior
    Notes Due November 5, 2033

-- "bb+" on $51.00 million Floating Class B-1 Mezzanine Notes
    Due November 5, 2033

-- "bb+" on $27.69 million Fixed/Floating Class B-2 Mezzanine
    Notes Due November 5, 2033

-- "bb+" on $57.50 million Fixed/Floating Class B-3 Mezzanine
    Notes Due November 5, 2033

-- "b" on $24.50 million Floating Rate Class C Mezzanine Notes
    Due November 5, 2033

These are structured finance ratings.


KARSCH CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 12
--------------------------------------------------------------
The shareholder of Karsch Capital Management Dedicated Investor
Fund Offshore, Ltd. will receive on Sept. 12, 2013, at 9:00 a.m.,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


MA SELECT I: Shareholders' Final Meeting Set for Sept. 4
--------------------------------------------------------
The shareholders of MA Select I Limited will hold their final
meeting on Sept. 4, 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:

          Mark Longbottom
          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


TRIAGE OFFSHORE: Creditors' Proofs of Debt Due Sept. 12
-------------------------------------------------------
The creditors of Triage Offshore Fund, Ltd. are required to file
their proofs of debt by Sept. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 24, 2013.

The company's liquidator is:

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

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


VOYAGER ADVANTAGE: Creditors' Proofs of Debt Due Sept. 2
--------------------------------------------------------
The creditors of Voyager Advantage, Ltd. are required to file
their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 23, 2013.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


VOYAGER ADVANTAGE MASTER: Creditors' Proofs of Debt Due Sept. 2
---------------------------------------------------------------
The creditors of Voyager Advantage Master Fund, Ltd. are required
to file their proofs of debt by Sept. 2, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 23, 2013.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


===========
G U Y A N A
===========


CARIBBEAN AIRLINES: To Review Guyana Fare Structure
---------------------------------------------------
Miranda La Rose at Trinidad & Tobago Newsday reports that
Caribbean Airlines Limited has assured the Guyana Government that
it will review the airline's fare structure for Guyanese
passengers using its service over the next few days.

The assurance was given by CAL Board Chairman, Phillip Marshall,
Chief Executive Officer Jagmohan Singh, and Corporate Secretary
Nalini Lalla when they met in Georgetown, Guyana with senior
Guyana Government and private sector officials, according to
Trinidad & Tobago Newsday.

The report relates that the meeting was held at the request of
Guyana's Minister of Tourism, Industry and Commerce, Irfann Ali,
after the country's Cabinet threatened to pull out its national
carrier status it had given Caribbean Airlines over escalating
high air fares, and poor service.

Mr. Ali, the report notes, in recent weeks had accused Caribbean
Airlines of forcing customers "to pay enormous prices" while
"taking us for granted and reaping in great profits."

However, the report relates that the issue of the withdrawal of
the carrier status was not raised at the meeting.

Caribbean Airlines has been the main airline flying between Guyana
and New York since May when Delta Airlines withdrew, citing high
fuel costs.

Reports out of Guyana quoted Mr. Ali as saying that Guyana
recognized the role that CAL has played in attempting to fill the
gap in Guyana's airlift capacity, and noted the need for both CAL
and the Guyana Government to improve to formulate a strategy that
would define the way forward in the best interest of all
stakeholders, the report discloses.

According to Caribbean Airlines Corporate Communications Director
Clint Williams, one of the specific concerns was the overall
airfare structure which the Guyanese claimed, were extremely high,
the report notes.

Also raised, Mr. Williams said was the matter of the security
screening of in transit Guyanese passengers at the Piarco
International Airport, the report relays.

The screening, Mr. Williams said was not instituted at the level
of Caribbean Airlines, but was a requirement of the US
Transportation and Safety Administration (TSA) for all passengers
departing Trinidad and Tobago as a last stop before entry into the
USA, the report notes.

Mr. Marshall, the report discloses, has also recommended the
establishment of a formal communication structure through which
concerns could be quickly directed to Caribbean Airlines senior
management.

On Caribbean Airlines' application to launch flights originating
from Georgetown to New York, Mr. Williams said that the US
authorities were still considering that. Such direct flights, Mr.
Williams said, would have a positive impact on air fares.  At
present CAL serves Guyanese passengers with flight from Georgetown
to New York originating from Port-of-Spain, the report adds.

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

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

                         *     *     *

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

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


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


LIME JAMAICA: Subscribers Base Jump But Incurs JM$808MM Net Loss
----------------------------------------------------------------
Jamaica Observer reports that consumers flocked to LIME Jamaica's
mobile network but the company still recorded a JM$808-million net
loss for the three months to June, or more than double
year-earlier losses.

The telecom's mobile subscriber base jumped nearly one-quarter as
rates were slashed by some two-thirds in early June as part of a
marketing campaign facilitated by regulatory rate cuts, according
to Jamaica Observer.

The report notes that LIME indicated that total revenues dipped 10
per cent to JM$4.3 billion due to fixed line and broadband
declines but mobile revenues actually grew 10 per cent over the
period.

"We continued the encouraging progress in our mobile business with
a 10 per cent increase in mobile services revenue over the same
period," the report quoted LIME Jamaica Chief Executive Officer
Garry Sinclair as saying.

The report notes that the reduction in LIME rates actually
preceded a regulatory adjustment by the Office of Utilities
Regulation (OUR).

Mr. Sinclair, the report discloses, explained that the fixed line
business continues to suffer declines due to the "diminishing
subscriber base and a reduction in the fixed termination rate
which was effective from June 2012".

Broadband revenues declined by 11 per cent as a result of net
reduction in subscribers and the introduction of low priced
packages such as browse and talk, said Mr. Sinclair, the report
says.

LIME Jamaica recorded a JM$4.9-billion total loss for its March
2013 year end compared with a JM$20-billion loss a year earlier,
the report adds.

                         About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.


UC RUSAL: Incurs US$439 Million Loss in First Half 2013
--------------------------------------------------------
RJR News reports that UC Rusal, a major stakeholder in amaica's
mining sector, has reported a net loss of US$439 million for the
first half of 2013.

It made a US$1 million profit during the corresponding period last
year, according to RJR News.

The report relates that UC Rusal cited falling prices, an excess
global supply and economic uncertainty.  RJR News relays that the
company also said revenue for the six months to June 30 fell 8.8
per cent year-on-year to US$5.2 billion.

The report notes that the total aluminum output over the six
months was two thousand tons, down 4.5 per cent, as the company
moved to reduce production.

In the meantime, the report discloses, Rusal said it now plans to
reduce production this year by nine per cent year or 357,000 tons,
which is 57,000 tons more than previously forecast.  The company
will shut down one smelter near St Petersburg and suspend
production at a number of other facilities, RJR News relates.

The report notes that UC Rusal said lower inflation forecasts and
slower growth in China, as well as the expected wind-down of the
US Federal Reserve's stimulus program, were putting pressure on
metal prices.

At the London Metal Exchange, the average price of aluminum in the
first half of the year dropped to US$1,835 dollars per ton from
US$1,978 in 2012, the report adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.

TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden.  It said it will
agree to new loan conditions by the end of 2012 before its
covenant holiday expires, according to RJR News.


* JAMAICA: Bank of Jamaica Says Credit Card Debt Up JM$24.6 Bil.
----------------------------------------------------------------
RJR News reports that the Bank of Jamaica said credit card debt
rose to JM$24.6 billion at the end of June.

The figure marks an increase of more than JM$2 billion in credit
card debt since the start of the year, according to RJR News.

The report relates that about 80 percent of credit card debt is
held in local currency.


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


* MEXICO: Economy Grows Less Than Expected as Industry Contracts
----------------------------------------------------------------
Nacha Cattan and Eric Martin at Bloomberg News report that
Mexico's economy grew less than forecast by any of the analysts
surveyed by Bloomberg in the second quarter as industrial
production declined on a sluggish U.S. recovery.

Gross domestic product expanded 1.5 percent from the year earlier,
rebounding from a revised 0.6 percent growth rate in the previous
three months, the National Statistics Institute said, according to
Bloomberg News.  The median estimate of 17 economists surveyed by
Bloomberg was for growth of 2.3 percent, the report relates.

Bloomberg News notes that the economy contracted 0.7 percent from
the previous quarter.

Bloomberg News discloses that the central bank cut its growth
forecast for this year to between 2 percent and 3 percent this
month from 3 percent to 4 percent on stagnant exports to the U.S.
and muted public spending.

Growth will accelerate in both the third and fourth quarters,
rising to 4 percent next year as the U.S. recovery strengthens and
the government passes key economic reforms, according to the
median estimate in a Bloomberg survey.

Industrial production fell 0.6 percent in the second quarter from
the year earlier, the statistics agency also said, Bloomberg News
notes.  The construction sector contracted 4 percent over the same
period amid a drop in government spending, Bloomberg News relays.

Bloomberg News discloses that Mexican exports increased just 0.6
percent in the first six months of the year, the slowest start to
a year since the 2009 recession and compared with 7 percent growth
in the first half of 2012.

Central Bank Governor Agustin Carstens said Aug. 7 that a slowdown
in government spending had hurt the construction sector, Bloomberg
News relays.  The trend should reverse in the second half of the
year as public spending picks up, Mr. Carstens said, Bloomberg
News adds.



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


ARCELORMITTAL: Steel Workers Union Plans to Take Legal Actions
--------------------------------------------------------------
Richardson Dhalai at Trinidad & Tobago Newsday reports that the
Steel Workers Union of Trinidad and Tobago plans to take legal
action against multinational steel giant, ArcelorMittal, for not
addressing concerns about employees who suffered injuries at its
facility at the Point Lisas Industrial Estate.

However, in an immediate response, Arcelor Mittal representative,
Mohammed Fazad, described the union's accusations as inaccurate
saying the care of its employees was a top priority and the
company was fully compliant with the recommendations of an
independent team of doctors regarding injuries sustained by
employees, according to Trinidad & Tobago Newsday.

The report notes that during a media conference at the union's
headquarters on Southern Main Road, California, chief labor
relations officer, Timothy Bailey, called on Minister of Health
Dr. Fuad Khan and Minister of Labor Errol McLeod to probe the
"unsatisfactory treatment being administrated to employees who
have suffered work related injuries and conditions arising out of
their employment with the company."

"Some of the complaints lodged by our members are that the top
management of the company locally is attempting to classify injury
leave as sick leave and ultimately classify the individual's
conditions and personal," the report quoted Mr. Bailey as saying.
Mr. Bailey said workers were also reporting that they were being
placed on light duty while on injury leave saying the position of
light duty did not exist in any of the classifications of the
collective agreements, the report notes.

"The most disturbing complaint thus far is that personnel from the
healthcare department with the support of the company's senior
management are not acknowledging the specialist's advice and
pronouncement in relation to patients under their care," he said.

However, in a telephone interview, Mr. Fazad disputed the union's
claim saying the health care unit had an obligation to follow the
recommendations by doctors regarding the employees, the report
relays.

Mr. Fazad, the report discloses, also noted that once workers had
been deemed fit to return to work, there was a gradual
reintroduction into the environment.

SWU acting president, Kubir Teeluck said the union may have to
assist the injured workers by taking the matter of their
compensation and other benefits to the High Court saying their
attorneys were also seeking to "take whatever action necessary" in
the civil courts, the report adds.

ArcelorMittal is the world's largest steel company. It operates
more than 60 integrated and minimill steel-making facilities in
over 20 countries. For the 12 months ended September 30, 2012,
ArcelorMittal shipped 84 million tonnes of steel and had sales of
US$87 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2013, Standard & Poor's Ratings Services said that it has
affirmed its 'BB+' long-term and 'B' short-term corporate credit
ratings on Luxembourg-registered steel group ArcelorMittal.  The
outlook remains negative.


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


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

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

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

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

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

                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *