TCRLA_Public/130827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, August 27, 2013, Vol. 14, No. 169


                            Headlines



A R G E N T I N A

* ARGENTINA: ATFA Lauds U.S. Second Circuit Ruling in Debt Case


B R A Z I L

BRASIL PHARMA: Moody's Downgrades CFR to Ba3; Outlook Stable
JBS SA: Mulls Suing OppenheimerFunds for Defamation
JBS SA: FB Participacoes Seeks Tender Offer of Vigor Shares
OSX BRASIL: Taps Marcelo Maia Gomes as New Chief Executive Officer


C A Y M A N  I S L A N D S

5:15 FUND LTD: Shareholder to Receive Wind-Up Report on Sept. 12
5:15 MASTER FUND: Shareholder to Hear Wind-Up Report on Sept. 12
5:15 TAIL MASTER: Shareholder to Hear Wind-Up Report on Sept. 12
5:15 TAIL RISK: Shareholder to Receive Wind-Up Report on Sept. 12
7x7 OFFSHORE: Shareholders' Final Meeting Set for Sept. 27

AL SALAMA: Shareholders Receive Wind-Up Report
DUNCAN ACHILLE: Shareholders Receive Wind-Up Report
FQ A-SQUARED: Shareholders' Final Meeting Set for Sept. 12
GOSTAV: Shareholders' Final Meeting Set for Sept. 30
KUONI MANAGEMENT: Shareholders' Final Meeting Set for Sept. 9

LEADERS FUND: Shareholders' Final Meeting Set for Sept. 5
METWEST ENHANCED: Shareholders' Final Meeting Set for Sept. 12
TURKANA INVESTMENT: Shareholders' Final Meeting Set for Sept. 16


J A M A I C A

* JAMAICA: JMA Calls for Measures to Stimulate Growth


M E X I C O

CORPGROUP BANKING: S&P Lowers Rating to 'BB-'; Outlook Stable
INVERSIONES CORPGROUP: S&P Lowers Rating to 'B+'; Outlook Stable


P U E R T O   R I C O

EMPRESAS INTEREX: Files First Amended Plan & Disclosure Statement


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: Injured Steel Worker Cries Discrimination


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


* ARGENTINA: ATFA Lauds U.S. Second Circuit Ruling in Debt Case
---------------------------------------------------------------
The American Task Force Argentina on Aug. 23 welcomed a ruling
from the U.S. Court of Appeals for the Second Circuit that upholds
the rule of law and reinforces the principle that the law applies
equally to all parties that submit to the judgment of U.S. courts.

Regarding the Court's ruling, ATFA Executive Director Robert Raben
made the following statement:

"[Fri]day's unanimous, well-reasoned decision is a victory for the
rule of law and the enforcement of contracts in the United
States."

"In order to raise billions of dollars at inexpensive rates in the
U.S. financial markets, Argentina promised in its bond contract to
submit to the jurisdiction of U.S. courts, adhere to New York law
and waive its sovereign immunity.  Since defaulting on those bonds
in 2001, Argentina has ignored those promises, waged a vicious
campaign against its creditors, and resisted every attempt by
creditors to engage in good-faith negotiations.  ATFA hopes that
Argentina will see today's ruling as motivation to resolve its
financial obligations through good-faith negotiations and
discontinue its defiance of court judgments and the rule of law."

The Second Circuit's decision directly addressed Argentina's
uniquely defiant and disorderly treatment of its unpaid creditors
and U.S. courts.  The decision cited Argentina's threats to pay
"not one dollar" to its unpaid creditors and to "not voluntarily
obey" the Court's orders, despite being fully able to pay.  "It is
within this context that we review the amended injunctions for
abuse of discretion and, finding none, we affirm," the Court
wrote.

Importantly, the Court rejected Argentina's claims that upholding
the lower court's orders would force it to default on its current
debt.  The Court cited the lower court's finding that Argentina
"has the financial wherewithal" to pay both holders of its current
debt and holders of its defaulted debt.  The Court rightly decided
that it was "unwilling to permit Argentina's threats to punish
[holders of its current debt] to dictate the availability or terms
of relief [available to holders of its defaulted debt]."

The Court also rejected Argentina's claims that upholding the
lower court's orders would have a negative impact on future
sovereign restructurings.  The Court called these claims,
"speculative, hyperbolic, and almost entirely of the Republic's
own making."  The Court called this case "an exceptional one with
little apparent bearing on transactions that can be expected in
the future."

In fact, this ruling should serve to increase global economic
stability by discouraging sovereigns from attempting to follow
what the ratings agency Moody's called Argentina's "unique[ly]
unilateral and coercive approach to debt restructuring."

The Second Circuit appeared to agree, observing that "cases like
this one are unlikely to occur in the future because Argentina has
been a uniquely recalcitrant debtor," among other reasons.

On Aug. 23, ATFA renewed its calls for Argentina to sit down with
its creditors and reach a fair resolution of its defaulted debt.


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


BRASIL PHARMA: Moody's Downgrades CFR to Ba3; Outlook Stable
------------------------------------------------------------
Moody's America Latina downgraded Brasil Pharma's ratings to Ba3
from Ba2 on the global scale and to A2.br from Aa3.br on the
Brazilian national scale. The outlook for all ratings is stable.

Ratings downgraded:

- Corporate Family Rating: to Ba3 from Ba2 (global scale);

- BRL 100 million senior unsecured debentures due 2016: to Ba3
from Ba2 (global scale); to A2.br from Aa3.br (national scale);

- BRL 150 million senior unsecured debentures due 2017: to Ba3
from Ba2 (global scale); to A2.br from Aa3.br (national scale).

Ratings Rationale:

The downgrade on Brasil Pharma's ratings reflects mainly a longer
than expected integration period for its recent acquisitions
coupled with a weaker Brazilian macroeconomic environment, which
has led to pressures in profitability and working capital
requirements, and translated into weaker credit metrics. For the
last twelve months ended in June, 2013, the company's adjusted
leverage to EBITDA ratio was at 5.7x.

On the positive side, Brasil Pharma's ratings are supported by the
solid fundamentals of the drug retail industry in Brazil,
including the aging population, estimated stable long-term macro-
economic conditions and growing middle class, as well as by the
increasing sales of generic drugs. In addition, the ratings take
into account the company's sound strategy executed by a
professional management team and its well capitalized and
committed main shareholder, the BTG Pactual bank.

Even though Brasil Pharma has already taken many steps towards
integration, the whole process should only be completed by mid-
2014, which should allow for the capturing of synergies and
consequent gradual improvements in operating performance and
overall credit metrics.

The company's growth strategy remains aggressive, involving the
addition of 100 stores per year over the next couple of years. For
2013, however, the guidance was reduced to 70 stores, reflecting
an uncertain macro-economic environment and higher real estate
prices, according to the company. The risk of this expansion plan
is somewhat mitigated by significant equity funding from follow-on
deals or possible capital injections from BTG Pactual. In
addition, this capex plan is flexible and could be revised
downwards if necessary.

The stable outlook reflects Moody's expectations that Brasil
Pharma will be able to improve its efficiency and working capital
management, which should translate into higher profitability and
operating cash flows over the next few years. It also takes into
account that the company's growth strategy will not put further
pressure on leverage ratios, given the preference for equity-
funded acquisitions.

The ratings could experience upward pressure if the company is
able to consolidate its presence in the Brazilian drugstore sector
while improving its profitability. This will be the case if the
company delivers positive free cash flow, and if EBITA/interest
expense is above 3.0x. In addition, adjusted leverage considering
the capitalization of operating leases would need to remain below
4.0x.

The ratings could be lowered if the company fails to grow
organically or maintain EBITDA margins near their current level.
The ratings could also come under downward pressure if adjusted
leverage is sustained above 5.0x on a consistent basis or if
liquidity deteriorates. A large debt-funded acquisition could also
put downward pressure on the rating.

Founded in 2009 and headquartered in the state of Sao Paulo,
Brasil Pharma S.A. has the BTG Pactual bank as its main
shareholder. The company is among the three largest drugstore
chains in the country in terms of sales and had 727 owned stores
in the south, northeast, north and central-west regions of the
country as of as of June 30, 2013. Brasil Pharma also runs a
franchise business under the "Farmais" brand, with 433 stores as
of June 30, 2013. Net revenues for the LTM period ended June 30,
2013 amounted to BRL 3.0 Billion (approximately $ 1.3 Billion at
current exchange rates), with adjusted EBITDA margin of 7.8% and
adjusted gross leverage to EBITDA of 5.7x (both ratios including
the capitalization of operating leases).

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

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: Mulls Suing OppenheimerFunds for Defamation
---------------------------------------------------
Reuters reports that Brazil's JBS SA said it is considering suing
U.S. investment firm OppenheimerFunds for spreading potentially
libelous information about its leasing of a local poultry plant
owned by France's Doux.

Reuters, citing a statement released, relates that JBS SA said its
leasing of Doux's Frangosul assets in Brazil in May 2012 does not
violate any claims OppenheimerFunds might have on Doux's assets as
collateral for unpaid debts.  JBS, which did not specify where it
would file a lawsuit, denied having bought the Doux assets,
according to Reuters.

Reuters notes that Art Steinmetz, president and chief investment
officer of OppenheimerFunds, told Bloomberg News that JBS's lease
of the Frangosul plant violates the fund's rights over the unit,
which was put up as collateral on a US$100 million defaulted loan.

Mr. Steinmetz, Reuters discloses, said the fact that JBS is 30-
percent owned by Brazilian federal government entities could spell
a potential risk for the fund's rights as a creditor.

JBS said in its statement that no state entity actively
participates in the company's management and strategy, the report
relates.

The issue underscores mounting worries among bond investors in
Brazil who are grappling with the impact of a slowing economy,
rising state intervention in the economy and rising legal
uncertainty in the country, Mr. Steinmetz says, notes the report.

JBS can renew the 10-year lease, which also gives it the option to
buy the local unit of the French poultry company, the report
added.

The New York-based fund is free to take any action under the law
to recover its debts from Doux, JBS said, adding that the leasing
of Frangosul by JBS "does not circumvent or jeopardize in any way
Oppenheimer's options to exercise its rights," Reuters relays.

"Therefore, any attempt on Oppenheimer's part to make JBS
responsible for debts assumed by Doux Frangosul shows a profound
lack of understanding in the basic principles of law and
characterizes a gross distortion of the facts, which JBS will
vigorously contest," the company said, the report adds.

OppenheimerFunds Inc. is a unit of Massachusetts Mutual Life
Insurance Co.


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


JBS SA: FB Participacoes Seeks Tender Offer of Vigor Shares
-----------------------------------------------------------
Vigor Alimentos S.A. and JBS S.A. disclosed that FB Participacoes
S.A., the controlling shareholder of Vigor and JBS, filed with CVM
and with BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e
Futuros ("BM&FBOVESPA"), a registration request of a public tender
offer of common shares issued by Vigor.

It is by means of the exchange for common shares issued by JBS,
plus R$0.010812573 per share of Vigor, an amount that corresponds
to the difference between the dividends paid by JBS and Vigor
since June 21, 2012 until the date in which the auction in stock
exchange will take place, considering that such amount will be
adjusted by the variation of the Interbank Deposit Rate
(Certificado de Deposito Interbancario - CDI) since the date of
the effective payment of such dividend by JBS until the auction
date, in accordance with the CVM Normative Instruction No. 361,
dated March 5, 2002, as amended ("Tender Offer").

Vigor and JBS will keep their shareholders and the market updated
on the next steps of the Tender Offer.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


OSX BRASIL: Taps Marcelo Maia Gomes as New Chief Executive Officer
------------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that OSX Brasil SA
named a new chief executive officer as the company cuts costs and
prepares to deploy an oil platform that backs US$500 million in
bonds.

Marcelo Maia Gomes, who previously worked at a corporate
restructuring advisory, will replace Carlos Eduardo Sardenberg
Bellot as CEO, according to Bloomberg News.

Mr. Gomes, who holds degrees in business administration and
mechanical engineering, was advising the company on the cutbacks
as general director of Alvarez & Marsal Brasil, according to OSX's
regulatory filing, Bloomberg News notes.

Bloomberg News relates that OSX last month hired Credit Suisse AG
to look at potential asset sales as it seeks to redefine its
business strategy after its main client, Batista's OGX Petroleo &
Gas Participacoes SA (OGXP3), said July 1 that it may shut-down
its only producing field next year.

OSX in May announced that it was cutting back plans to build a
shipyard, and as part of the cut back plans, OSX terminated its
contract with Acciona SA (ANA) for the construction of the
shipyard, according to the Aug. 23 filing, Bloomberg News relays.

Bloomberg News discloses that the company's OSX-3 floating
production, storage and offloading vessel, or FPSO, was scheduled
to arrive in Rio on Aug. 24, it said in the filing.

The OSX-3 has since anchored in Rio de Janeiro, according to
Bloomberg vessel tracking data.

The OSX-3 is scheduled to be used at a field in which Malaysia's
Petroliam Nasional Bhd., or Petronas, also owns a stake. The
contract for the use of the OSX-3 guarantees $500 million in
dollar-denominated bonds due in 2015, Bloomberg News 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
==========================


5:15 FUND LTD: Shareholder to Receive Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Fund, Ltd will receive on Sept. 12,
2013, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Name: Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877


5:15 MASTER FUND: Shareholder to Hear Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Master Fund, Ltd. will receive on
Sept. 12, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Name: Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877


5:15 TAIL MASTER: Shareholder to Hear Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Tail Risk Master Fund, Ltd. will
receive on Sept. 12, 2013, at 11:40 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Name: Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877


5:15 TAIL RISK: Shareholder to Receive Wind-Up Report on Sept. 12
-----------------------------------------------------------------
The sole shareholder of 5:15 Tail Risk Fund, Ltd. will receive on
Sept. 12, 2013, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Name: Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 9877


7x7 OFFSHORE: Shareholders' Final Meeting Set for Sept. 27
----------------------------------------------------------
The shareholders of 7x7 Offshore, Ltd will hold their final
meeting on Sept. 27, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AL SALAMA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Al Salama Limited received on Aug. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Russell Homer is the company's liquidator.


DUNCAN ACHILLE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Duncan Achille Mcgregor received on Aug. 19,
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


FQ A-SQUARED: Shareholders' Final Meeting Set for Sept. 12
----------------------------------------------------------
The shareholders of FQ A-Squared Fund Ltd. will hold their final
meeting on Sept. 12, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GOSTAV: Shareholders' Final Meeting Set for Sept. 30
----------------------------------------------------
The shareholders of Gostav will hold their final meeting on
Sept. 30, 2013, at 11:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P. O. Box 897
          Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


KUONI MANAGEMENT: Shareholders' Final Meeting Set for Sept. 9
-------------------------------------------------------------
The shareholders of Kuoni Management Services Limited will hold
their final meeting on Sept. 9, 2013, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LEADERS FUND: Shareholders' Final Meeting Set for Sept. 5
---------------------------------------------------------
The shareholders of Leaders Fund will hold their final meeting on
Sept. 5, 2013, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345) 926 1688
          Artillery Court
          Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          e-mail: info@lindsay.ky


METWEST ENHANCED: Shareholders' Final Meeting Set for Sept. 12
--------------------------------------------------------------
The shareholders of Metwest Enhanced Talf Strategy Fund, Ltd. will
hold their final meeting on Sept. 12, 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:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TURKANA INVESTMENT: Shareholders' Final Meeting Set for Sept. 16
----------------------------------------------------------------
The shareholders of Turkana Investment Fund Ltd. will hold their
final meeting on Sept. 16, 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:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949-8295
          P. O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


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


* JAMAICA: JMA Calls for Measures to Stimulate Growth
-----------------------------------------------------
RJR News reports that the Jamaica Manufacturers Association (JMA)
is urging the government, to implement measures to stimulate
growth, amid indications that the economy contracted for a 6th
straight quarter.

The JMA made the call following news that the country passed the
first test, administered by the International Monetary Fund (IMF),
according to RJR News.

The report relates that the international lending agency announced
that Jamaica met its targets under the new agreement, and is on
track to get a second disbursement of US$30 million next month.

However, the report added that the passing of the test came with
continued contraction in the economy.  The JMA said, that must be
corrected, and stated that the government needs to implement
policies that will stimulate investment, create well needed
employment and put Jamaica on a path for growth, the report
discloses.


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


CORPGROUP BANKING: S&P Lowers Rating to 'BB-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long term ratings
on CorpGroup Banking S.A. (CG Banking) to 'BB-' from 'BB'.
Additionally, S&P removed the ratings from CreditWatch negative,
where it placed them on Oct. 10, 2012.  The outlook is stable.

Standard & Poor's is correcting its senior unsecured ratings by
reinstating them after there were mistakenly withdrawn due to
technical issues.

"The rating action follows the downgrade of Corpbanca S.A. to
'BBB' from 'BBB+', CG Banking's most important cash contributor,"
said Standard & Poor's credit analyst Ivana Recalde.  The ratings
on CG Banking reflect its heavy reliance on dividends from its
subsidiaries and its aggressive financial profile.  CG Banking
increased its debt after it issued $500 million notes in February
2013.  The long term structure of its debt (with bonds maturing in
2023), good position in the Chilean banking and insurance sectors,
and Corpbanca's healthy earnings capacity partially mitigate the
negative factors.


INVERSIONES CORPGROUP: S&P Lowers Rating to 'B+'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Inversiones CorpGroup Interhold Ltda. (Interhold) to 'B+' from
'BB-'.  S&P also removed the ratings from CreditWatch negative,
where it placed them on Oct. 10, 2012.  The outlook is stable.
Subsequently, S&P withdrew the ratings at the company's request.

"The rating action follows the downgrade of Corpbanca S.A. to
'BBB' from 'BBB+', Interhold's main cash contributor," said
Standard & Poor's credit analyst Ivana Recalde.  It also reflects
the holding company's more aggressive financial risk profile as a
consequence of higher-than-expected debt levels to support its
growth strategy, amid a reduced cash stream from its banking unit
and pressures to upstream cash to service debt in different layers
of the group.  Corpbanca has cut its dividend payout to 50%, from
100% during 2008-2012, in order to sustain its development plan.

Prior to the withdrawal, the ratings on Interhold reflected its
heavy reliance on dividends from Corpbanca and weak financial
profile deriving from its aggressive expansion strategy that
resulted in high debt and tight liquidity.  Over the past few
years, Interhold has made several investments, including the
purchase of stakes in VTR GlobalCom S.A., and ING insurance assets
in Chile.  It also acquired Banco Santander Colombia and Helm bank
through Corpbanca.  These acquisitions have significantly
increased Interhold's debt.  Its good position in the Chilean
banking and insurance sectors and Corpbanca's good earnings
capacity are positive credit factors that partially mitigate the
negative rating factors.


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


EMPRESAS INTEREX: Files First Amended Plan & Disclosure Statement
-----------------------------------------------------------------
Empresas Interex, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a first amended disclosure statement
to provide for the following treatment of claims:

   * The claim of DF Services, LLC, the Plan sponsor, estimated to
amount to US$7,547,006, is impaired.  DF's claim will be satisfied
through the transfer of the Debtor's residential project on the
effective date of the Plan.  In consideration of the transfer of
the Property, DF's claim will be reduced to US$6,870,728, and DF
will fund the 50% payment to be made to Holders of Allowed General
Unsecured Claims.

   * The claim of the Debtor's shareholder, Universidad
Interamericana de Puerto Rico, estimated to amount to US$360,440,
is impaired, but is estimated to recover 100% of the allowed
amount.  The Allowed Claim of the University, bearing an annual
interest at 2% over the prime rate, with a floor of 6%,
collateralized by a parcel of land of 1,598 square meters at PR-
830, Bayamon, Puerto Rico, will be paid on the basis of US$1,953
per month, including principal and interest at 4.25% per annum,
over a period of 25 years.

   * Allowed General Unsecured Claims, estimated to total
US$175,694, are impaired and are estimated to recover 50% of the
total allowed amount.  Holders of Allowed General Unsecured Claims
will be paid pro-rata from the US$87,847 to be provided by DF.

A full-text copy of the First Amended Disclosure Statement, dated
Aug. 19, 2013, is available for free at:

          http://bankrupt.com/misc/EMPRESAS_ds0819.pdf

The Debtor is represented by Charles A. Cuprill, Esq. --
ccuprill@cuprill.com -- at CHARLES A. CUPRILL P.S.C. LAW OFFICES,
in San Juan, Puerto Rico.

                    About Empresas Interex Inc.

San Juan, Puerto Rico-based Empresas Interex Inc. is engaged in
the development, construction, and lease of real estate.  One of
the Debtor's construction project is known as Ciudad Atlantis at
Hato Bajo Ward, Arecibo, Puerto Rico.

Empresas Interex filed for Chapter 11 bankruptcy (Bankr. D.P.R.
Case No. 11-10475) on Dec. 7, 2011.  Bankruptcy Judge Mildred
Caban Flores presides over the case.  The company disclosed
US$11,412,500 in assets and US$9,335,561 in liabilities.  The
Debtor is represented by CHARLES A. CUPRILL P.S.C. LAW OFFICES.


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


ARCELORMITTAL: Injured Steel Worker Cries Discrimination
--------------------------------------------------------
Trinidad and Tobago Newsday reports that the Steel Workers Union
has branded as "discrimination", a letter sent to one of its
members, electrician Curt Fletcher, after he appeared at a press
conference organized by the union to highlight the plight of
injured workers at the Point Lisas facility of Arcelo Mittal.

Mr. Fletcher, during a second press conference at SWU, Couva,
displayed a letter he received from the company dated August 20 in
which he was asked to explain why his services should not be
terminated "on the grounds of abandonment of employment given your
lack of co-operation in this matter," according to Trinidad and
Tobago Newsday.

However, the report notes that Mr. Fletcher said the company had
issued a "false accusation" of him not going to their doctor and
that the company doctor had refused to sign his injury leave
papers.

"I am asking them to stop making false accusations because I have
my proof which is my doctor's report," Trinidad and Tobago Newsday
quoted Mr. Fletcher as saying.

The report discloses that Mr. Fletcher said he was injured while
at the work site on July 12, when he and another worker was
attempting to move a 500 pound transformer and he injured his
lower back and right leg.

However, the report notes that in the company's letter, Mr.
Fletcher was asked to explain his "unauthorized absences from the
job for three days with effect from July 28, 2013 to the present,
refusal to present yourself to the company's medical consultant in
order for him to examine you with effect from July 20, 2013 after
being requested to do so by the company's health care
administrator and refusal to permit the company's medical
consultant to see the results from your personal medical
practitioner with effect from August 11, 2013 even though it was
agreed that the company would pay for the report and you agreed to
present the report."

The report relays that General Secretary, Lancelot Smart, said the
union was seeking the advice of its legal team.  However, the
report notes that Arcelor Mittal's communications manager,
Mohammed Fazad, described the letter as one of its attempts to
contact Mr. Fletcher.

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
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Large Companies With Insolvent Balance Sheets
---------------------------------------------


                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

  ARGENTINA
  ---------

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88
CENTRAL COSTAN-B       CRCBF US          355868838     -87473853.3
EDENOR-B               DNOR AR          1394532232     -3893195.32
EMP DISTRIB-ADR        EDN US           1394532232     -3893195.32
EMP DISTRIB-ADR        PWD1 GR          1394532232     -3893195.32
EDENOR-B US$           DNORD AR         1394532232     -3893195.32
EDENOR-B C/E           DNORC AR         1394532232     -3893195.32
EMPRESA DISTRI-A       0122196D AR      1394532232     -3893195.32
EMPRESA DISTRI-C       0122368D AR      1394532232     -3893195.32
ENDESA COSTAN-A        CECO1 AR          355868838     -87473853.3
ENDESA COSTAN-         CECO2 AR          355868838     -87473853.3
CENTRAL COST-BLK       CECOB AR          355868838     -87473853.3
ENDESA COSTAN-         CECOD AR          355868838     -87473853.3
ENDESA COSTAN-         CECOC AR          355868838     -87473853.3
ENDESA COSTAN-         EDCFF US          355868838     -87473853.3
CENTRAL COSTAN-C       CECO3 AR          355868838     -87473853.3
CENTRAL COST-ADR       CCSA LI           355868838     -87473853.3
ENDESA COST-ADR        CRCNY US          355868838     -87473853.3
CENTRAL COSTAN-B       CNRBF US          355868838     -87473853.3
SNIAFA SA              SNIA AR          11229696.2     -2670544.88
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.88
EDENOR-B               EDN AR           1394532232     -3893195.32
EDENOR-B               EDNC AR          1394532232     -3893195.32
EDENOR-B               EDND AR          1394532232     -3893195.32
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
PETROLERA DEL CO       PSUR AR          64304553.9     -1269120.56


  BRAZIL
  ------

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BOMBRIL                BMBBF US          359985634     -12154088.6
TEKA                   TKTQF US          407967021      -392649052
TEKA-PREF              TKTPF US          407967021      -392649052
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REII INC               REIC US            14423532        -3506007
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RECRUSUL - RCT         4529789Q BZ      48003655.5     -18502124.9
RECRUSUL - RCT         4529793Q BZ      48003655.5     -18502124.9
REDE ENER-RT           3907727Q BZ      1175265498     -62202546.7
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BALADARE               BLDR3 BZ          159454016     -52992212.8
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TEXTEIS RENAU-RT       TXRX2 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX9 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX10 BZ        97868151.6     -91899413.1
CIA PETROLIF-PRF       MRLM4 BZ          377602195     -3014291.72
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NOVA AMERICA SA        NOVA3 BZ           21287489      -183535527
NOVA AMERICA-PRF       NOVA4 BZ           21287489      -183535527
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ALL ORE MINERACA       AORE3 BZ         18737017.6     -11880129.6
B&D FOOD CORP          BDFC US            14423532        -3506007
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PET MANG-RT            4115364Q BZ       246810937      -224879124
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REDE ENER-RT           REDE2 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE10 BZ        1175265498     -62202546.7
STEEL - RT             STLB1 BZ         18737017.6     -11880129.6
STEEL - RCT ORD        STLB9 BZ         18737017.6     -11880129.6
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MINUPAR-RCT            9314634Q BZ       136398462     -91947867.2
PET MANG-RT            0229249Q BZ       246810937      -224879124
PET MANG-RT            0229268Q BZ       246810937      -224879124
RECRUSUL - RT          0163579D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0163580D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163582D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163583D BZ      48003655.5     -18502124.9
PORTX OPERA-GDR        PXTPY US          976769403     -9407990.35
PORTX OPERACOES        PRTX3 BZ          976769403     -9407990.35
ALL ORE MINERACA       STLB3 BZ         18737017.6     -11880129.6
MINUPAR-RT             0599562D BZ       136398462     -91947867.2
MINUPAR-RCT            0599564D BZ       136398462     -91947867.2
PET MANG-RT            RPMG2 BZ          246810937      -224879124
PET MANG-RT            0848424D BZ       246810937      -224879124
PET MANG-RECEIPT       RPMG9 BZ          246810937      -224879124
PET MANG-RECEIPT       RPMG10 BZ         246810937      -224879124
LAEP INVESTMEN-B       0122427D LX       222902263      -255311019
LAEP INVES-BDR B       0163599D BZ       222902263      -255311019
RECRUSUL - RT          0614673D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0614674D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614675D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614676D BZ      48003655.5     -18502124.9
TEKA-RTS               TEKA1 BZ          407967021      -392649052
TEKA-RTS               TEKA2 BZ          407967021      -392649052
TEKA-RCT               TEKA9 BZ          407967021      -392649052
TEKA-RCT               TEKA10 BZ         407967021      -392649052
LUPATECH SA-RTS        LUPA1 BZ          754879275      -127862714
LUPATECH SA -RCT       LUPA9 BZ          754879275      -127862714
MINUPAR-RTS            MNPR1 BZ          136398462     -91947867.2
MINUPAR-RCT            MNPR9 BZ          136398462     -91947867.2
RECRUSUL SA-RTS        RCSL1 BZ         48003655.5     -18502124.9
RECRUSUL SA-RTS        RCSL2 BZ         48003655.5     -18502124.9
RECRUSUL SA-RCT        RCSL9 BZ         48003655.5     -18502124.9
RECRUSUL - RCT         RCSL10 BZ        48003655.5     -18502124.9
PET MANG-RTS           RPMG1 BZ          246810937      -224879124
ARTHUR LANGE           ARLA3 BZ         11642255.9     -17154461.9
ARTHUR LANGE SA        ALICON BZ        11642255.9     -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ         11642255.9     -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ        11642255.9     -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ         11642255.9     -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ        11642255.9     -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642255.9     -17154461.9
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BOMBRIL                BOBR3 BZ          359985634     -12154088.6
BOMBRIL CIRIO SA       BOBRON BZ         359985634     -12154088.6
BOMBRIL-PREF           BOBR4 BZ          359985634     -12154088.6
BOMBRIL CIRIO-PF       BOBRPN BZ         359985634     -12154088.6
BOMBRIL SA-ADR         BMBPY US          359985634     -12154088.6
BOMBRIL SA-ADR         BMBBY US          359985634     -12154088.6
BUETTNER               BUET3 BZ          109743344     -29812083.5
BUETTNER SA            BUETON BZ         109743344     -29812083.5
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BUETTNER SA-RTS        BUET1 BZ          109743344     -29812083.5
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CAF BRASILIA           CAFE3 BZ          160938140      -149281089
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CAF BRASILIA-PRF       CAFE4 BZ          160938140      -149281089
CAFE BRASILIA-PR       CSBRPN BZ         160938140      -149281089
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CAIUA SA               ELCON BZ         1175265498     -62202546.7
REDE EMPRESAS-PR       REDE4 BZ         1175265498     -62202546.7
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CAIUA SA-PRF B         ELCBN BZ         1175265498     -62202546.7
CAIUA SA-RTS           ELCA2 BZ         1175265498     -62202546.7
CAIUA SA-DVD CMN       ELCA11 BZ        1175265498     -62202546.7
CAIUA SA-RCT PRF       ELCA10 BZ        1175265498     -62202546.7
CAIUA SA-DVD COM       ELCA12 BZ        1175265498     -62202546.7
CAIUA ELEC-C RT        ELCA1 BZ         1175265498     -62202546.7
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CAIUA SA-PRF A         ELCA5 BZ         1175265498     -62202546.7
CAIVA SERV DE EL       1315Z BZ         1175265498     -62202546.7
CHIARELLI SA           CCHI3 BZ         10063296.6       -79357620
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CHIARELLI SA-PRF       CCHPN BZ         10063296.6       -79357620
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IGUACU CAFE            IGCSON BZ         241713948     -76084456.4
IGUACU CAFE            IGUCF US          241713948     -76084456.4
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IGUACU CAFE-PR A       IGCSAN BZ         241713948     -76084456.4
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IGUACU CAFE-PR B       IGUA6 BZ          241713948     -76084456.4
IGUACU CAFE-PR B       IGCSBN BZ         241713948     -76084456.4
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SCHLOSSER SA           SCHON BZ         57116502.2     -55719508.9
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D H B                  DHBI3 BZ          110495982      -162541773
DHB IND E COM          DHBON BZ          110495982      -162541773
D H B-PREF             DHBI4 BZ          110495982      -162541773
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DOCAS SA               DOCAON BZ         273120342      -211736207
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DOCAS SA-PREF          DOCAPN BZ         273120342      -211736207
DOCAS SA-RTS PRF       DOCA2 BZ          273120342      -211736207
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FABRICA RENAUX         FRNXON BZ        66603693.6     -76419244.2
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HAGA                   HAGA3 BZ         19421487.9     -46077943.1
FERRAGENS HAGA         HAGAON BZ        19421487.9     -46077943.1
FER HAGA-PREF          HAGA4 BZ         19421487.9     -46077943.1
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CIMOB PARTIC SA        GAFP3 BZ         44047411.7     -45669963.6
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IGB ELETRONICA         IGBR3 BZ          363687063     -27195507.3
GRADIENTE ELETR        IGBON BZ          363687063     -27195507.3
GRADIENTE-PREF A       IGBR5 BZ          363687063     -27195507.3
GRADIENTE EL-PRA       IGBAN BZ          363687063     -27195507.3
GRADIENTE-PREF B       IGBR6 BZ          363687063     -27195507.3
GRADIENTE EL-PRB       IGBBN BZ          363687063     -27195507.3
GRADIENTE-PREF C       IGBR7 BZ          363687063     -27195507.3
GRADIENTE EL-PRC       IGBCN BZ          363687063     -27195507.3
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HOTEIS OTHON SA        HOTHON BZ         253308748     -83119368.3
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HOTEIS OTHON-PRF       HOTHPN BZ         253308748     -83119368.3
RENAUXVIEW SA          TXRX3 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXON BZ        97868151.6     -91899413.1
RENAUXVIEW SA-PF       TXRX4 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXPN BZ        97868151.6     -91899413.1
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON BZ         388720096      -213641152
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ         388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ          388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ          388720096      -213641152
ESTRELA SA             ESTR3 BZ         72008697.6      -116219949
ESTRELA SA             ESTRON BZ        72008697.6      -116219949
ESTRELA SA-PREF        ESTR4 BZ         72008697.6      -116219949
ESTRELA SA-PREF        ESTRPN BZ        72008697.6      -116219949
WETZEL SA              MWET3 BZ          102020563     -6073582.74
WETZEL SA              MWELON BZ         102020563     -6073582.74
WETZEL SA-PREF         MWET4 BZ          102020563     -6073582.74
WETZEL SA-PREF         MWELPN BZ         102020563     -6073582.74
MINUPAR                MNPR3 BZ          136398462     -91947867.2
MINUPAR SA             MNPRON BZ         136398462     -91947867.2
MINUPAR-PREF           MNPR4 BZ          136398462     -91947867.2
MINUPAR SA-PREF        MNPRPN BZ         136398462     -91947867.2
NORDON MET             NORD3 BZ         12386508.7     -33450200.1
NORDON METAL           NORDON BZ        12386508.7     -33450200.1
NORDON MET-RTS         NORD1 BZ         12386508.7     -33450200.1
NOVA AMERICA SA        NOVA3B BZ          21287489      -183535527
NOVA AMERICA SA        NOVAON BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVA4B BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVAPN BZ          21287489      -183535527
NOVA AMERICA-PRF       1NOVPN BZ          21287489      -183535527
NOVA AMERICA SA        1NOVON BZ          21287489      -183535527
RECRUSUL               RCSL3 BZ         48003655.5     -18502124.9
RECRUSUL SA            RESLON BZ        48003655.5     -18502124.9
RECRUSUL-PREF          RCSL4 BZ         48003655.5     -18502124.9
RECRUSUL SA-PREF       RESLPN BZ        48003655.5     -18502124.9
PETRO MANGUINHOS       RPMG3 BZ          246810937      -224879124
PETRO MANGUINHOS       MANGON BZ         246810937      -224879124
PET MANGUINH-PRF       RPMG4 BZ          246810937      -224879124
PETRO MANGUIN-PF       MANGPN BZ         246810937      -224879124
RIMET                  REEM3 BZ          103098361      -185417655
RIMET                  REEMON BZ         103098361      -185417655
RIMET-PREF             REEM4 BZ          103098361      -185417655
RIMET-PREF             REEMPN BZ         103098361      -185417655
SANSUY                 SNSY3 BZ          192536335      -145445052
SANSUY SA              SNSYON BZ         192536335      -145445052
SANSUY-PREF A          SNSY5 BZ          192536335      -145445052
SANSUY SA-PREF A       SNSYAN BZ         192536335      -145445052
SANSUY-PREF B          SNSY6 BZ          192536335      -145445052
SANSUY SA-PREF B       SNSYBN BZ         192536335      -145445052
BOTUCATU TEXTIL        STRP3 BZ         27663604.9     -7174512.03
STAROUP SA             STARON BZ        27663604.9     -7174512.03
BOTUCATU-PREF          STRP4 BZ         27663604.9     -7174512.03
STAROUP SA-PREF        STARPN BZ        27663604.9     -7174512.03
TEKA                   TEKA3 BZ          407967021      -392649052
TEKA                   TEKAON BZ         407967021      -392649052
TEKA-PREF              TEKA4 BZ          407967021      -392649052
TEKA-PREF              TEKAPN BZ         407967021      -392649052
TEKA-ADR               TKTPY US          407967021      -392649052
TEKA-ADR               TKTQY US          407967021      -392649052
F GUIMARAES            FGUI3 BZ         11016542.1      -151840377
FERREIRA GUIMARA       FGUION BZ        11016542.1      -151840377
F GUIMARAES-PREF       FGUI4 BZ         11016542.1      -151840377
FERREIRA GUIM-PR       FGUIPN BZ        11016542.1      -151840377
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -4695211008
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
VULCABRAS AZALEI       VULC3 BZ          656823700     -17327661.6
VULCABRAS SA           VULCON BZ         656823700     -17327661.6
VULCABRAS AZ-PRF       VULC4 BZ          656823700     -17327661.6
VULCABRAS SA-PRF       VULCPN BZ         656823700     -17327661.6
VULCABRAS-RT PRF       VULC11 BZ         656823700     -17327661.6
LOJAS ARAPUA           LOAR3 BZ         60020270.1     -3542047972
LOJAS ARAPUA           LOARON BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOAR4 BZ         60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOARPN BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       52353Z US        60020270.1     -3542047972
LOJAS ARAPUA-GDR       3429T US         60020270.1     -3542047972
LOJAS ARAPUA-GDR       LJPSF US         60020270.1     -3542047972
BATTISTELLA            BTTL3 BZ          158330518     -36518145.6
BATTISTELLA-PREF       BTTL4 BZ          158330518     -36518145.6
SAUIPE SA              PSEGON BZ          23615862     -840174.001
SAUIPE                 PSEG3 BZ           23615862     -840174.001
SAUIPE SA-PREF         PSEGPN BZ          23615862     -840174.001
SAUIPE-PREF            PSEG4 BZ           23615862     -840174.001
CIA PETROLIFERA        MRLM3B BZ         377602195     -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ         377602195     -3014291.72
CIA PETROLIFERA        1CPMON BZ         377602195     -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ         377602195     -3014291.72
LATTENO FOOD COR       LATF US            14423532        -3506007
VARIG PART EM TR       VPTA3 BZ         49432124.2      -399290396
VARIG PART EM-PR       VPTA4 BZ         49432124.2      -399290396
VARIG PART EM SE       VPSC3 BZ         83017828.6      -495721700
VARIG PART EM-PR       VPSC4 BZ         83017828.6      -495721700

  COLOMBIA
  --------

PUYEHUE RIGHT          PUYEHUOS CI        25722049     -4310587.75
PUYEHUE                PUYEH CI           25722049     -4310587.75


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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