TCRLA_Public/130903.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, September 3, 2013, Vol. 14, No. 174


                            Headlines



B R A Z I L

* BRAZIL: IMF Board Concludes 2013 Article IV Consultation


C A Y M A N  I S L A N D S

AILESBURY INCORPORATED: Creditors' Proofs of Debt Due Sept. 25
ARGONAUT WORLDWIDE: Creditors' Proofs of Debt Due Sept. 16
BARAI CAPITAL: Creditors' Proofs of Debt Due Sept. 25
BARAI CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Sept. 25
DYNASTY HOLDINGS: Creditors' Proofs of Debt Due Sept. 25

INSPECTORATE GROUP: Creditors' Proofs of Debt Due Sept. 26
NEUROSURANCE PROFESSIONAL: Commences Liquidation Proceedings
NUEVA IMAGING: Creditors' Proofs of Debt Due Sept. 17
ON WINGS: Creditors' Proofs of Debt Due Sept. 25
SAKER GLOBAL: Creditors' Proofs of Debt Due Sept. 29

TSAF INVESTOR I: Creditors' Proofs of Debt Due Sept. 30
TSAF INVESTOR II: Creditors' Proofs of Debt Due Sept. 30
TSAF INVESTOR III: Creditors' Proofs of Debt Due Sept. 30
TSAF INVESTOR IV: Creditors' Proofs of Debt Due Sept. 30
TSAF INVESTOR V: Creditors' Proofs of Debt Due Sept. 30


C H I L E

CORPBANCA: Moody's Puts All Ratings on Review For Downgrade


D O M I N I C A N   R E P U B L I C

EMPRESA GENERADORA: S&P Affirms 'B' Rating; Outlook Stable
* DOMINICAN REPUBLIC: Central Bank Adopts Control Measures


H O N D U R A S

* HONDURAS: IMF Sees Economic Growth to Reach 3 Percent in 2013


M E X I C O

BANCO MERCANTIL: S&P Affirms 'BB' Rating on Jr. Subordinated Notes
GRUPO PAPELERO: S&P Affirms 'B+' Rating on $300MM Sr. Unsec. Notes


V E N E Z U E L A

* VENEZUELA: S&P Affirms 'B' Credit Ratings; Outlook Negative


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


* BRAZIL: IMF Board Concludes 2013 Article IV Consultation
----------------------------------------------------------
On July 26, 2013, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Brazil.

During the last decade, Brazil's strong macroeconomic frameworks
have contributed to preserve macroeconomic stability, support
robust growth, and underpin sustained poverty reduction.  The key
pillars of Brazil's macroeconomic frameworks have been the fiscal
responsibility law, the inflation targeting regime, and the
flexible exchange rate.  In addition, a strong prudential
framework has underpinned a sound financial sector that withstood
well the global financial crisis of 2008-09.

The prolonged macroeconomic stability has facilitated the adoption
of far-reaching social programs that have produced a remarkable
social transformation - in particular, a substantial reduction in
poverty and the increase in living standards of large segments of
the population.

Brazil's economy is recovering gradually from the slowdown that
began in mid-2011.  Consumption remained resilient last year
underpinned by low unemployment and broad gains in real wages,
although it has slowed somewhat more recently.

After a protracted period of weakness, investment has begun to
recover in recent quarters while business confidence has firmed.
With the economy estimated to be operating close to potential,
supply-side constraints have restrained near-term growth and
exacerbated inflationary pressures.  Low unemployment has also
contributed to demand-pull and cost-push inflation pressures. End-
of-period inflation, the reference measure for inflation-targeting
in Brazil, has been below the upper limit of the 41/2 2 percent
target range for several years; it has been running however in the
upper range of the target band, while medium-term inflation
expectations have risen above the mid-point target.

The authorities have started to focus on alleviating supply-side
constraints (including infrastructure bottlenecks) and containing
inflationary pressures by tightening monetary policy.

The external current account deficit has widened, reflecting
weaker external demand, buoyant consumption and, more recently, a
pickup in investment and temporary disruptions in oil production.

The real exchange rate depreciated over the last year, most
recently as part of a broader realignment across emerging markets.

At the same time, unit labor costs in U.S. dollars have remained
broadly unchanged, limiting the impact on competitiveness, as the
effect of the weaker currency has been offset by rapid growth in
real wages and stagnant labor productivity gains.  Capital
inflows, particularly portfolio flows, subsided in 2012 linked to
a weaker growth outlook and lower interest rates in Brazil, and
the use of capital flow measures.  More recently, global financial
volatility and higher global risk aversion have further dampened
portfolio inflows to Brazil.  Equity prices have declined and
corporate debt and equity issuances have slowed, in line with
other major emerging markets.  Foreign direct investment inflows,
however, have remained robust.  International reserves have
remained broadly stable at a high level following a halt in
reserves accumulation since mid-2012.

Financial conditions have tightened but credit growth has remained
strong, driven by public banks' lending.  Mortgage lending has
continued to grow strongly, but remains a relatively small share
of total credit.  Real estate prices, though moderating, have
continued to increase.  The authorities have made progress in
implementing key recommendations of the 2012 Financial Sector
Assessment Program (FSAP) Update.

Executive Board Assessment

Executive Directors commended the Brazilian authorities for their
long-standing commitment to sound policy frameworks, notably the
fiscal responsibility law, inflation targeting, the flexible
exchange rate, and a strong prudential regime.  They noted that
these frameworks, together with the implementation of social
programs, have underpinned macroeconomic stability and remarkable
growth over the past decade, lifting living standards and reducing
poverty.

Directors observed that, in addition to headwinds from external
conditions, domestic supply-side constraints and policy
uncertainties may be holding back near-term growth.  A tighter
policy stance would help address persistent price pressures,
safeguard confidence in policy frameworks, and set the stage for a
medium-term rebalancing of demand away from consumption.  In this
context, Directors welcomed the initiation of a monetary
tightening cycle, and agreed that monetary policy should remain
geared at containing inflationary pressures and anchoring
inflation expectations.  They underscored the need for a steady,
measured pace of fiscal consolidation, anchored on Brazil's long-
standing primary surplus target.  Some Directors saw a continued
role for fiscal stimulus as a counter-cyclical tool. More
generally, Directors considered that monetary policy should play
the main role in aggregate demand management, with fiscal policy
focused on rebuilding buffers.

Directors highlighted the importance of adhering to a primary
surplus target that places public debt firmly on a downward path.
They encouraged efforts to maintain fiscal discipline at the sub-
national level, ease budget rigidities to increase public savings,
and recognize more fully potential fiscal risks associated with
public bank assets and infrastructure concession agreements.
Directors also recommended a gradual reduction of policy lending
to public banks to improve debt dynamics.  A number of Directors
considered that a more detailed assessment of Brazil's public debt
encompassing net and gross concepts would permit an enhanced
interpretation of fiscal developments and prospects.

Directors welcomed the substantial progress in strengthening
financial regulation and supervision.  They observed that Brazil's
banking system is sound and well placed to implement Basel III
ahead of schedule. Directors noted nevertheless that some risks,
notably those associated with household credit and mortgage loans,
warrant ongoing vigilance.  They welcomed the progress in
implementing most of the recommendations of the recent Financial
Sector Assessment Program Update.

Directors concurred that the flexible exchange rate remains the
main shock absorber in periods of financial turbulence, and
welcomed the authorities' intention to limit interventions in the
foreign exchange market to moderating excessive volatility.  They
agreed that Brazil has an adequate toolkit to deal with capital
inflow pressures, by allowing the exchange rate to appreciate
somewhat, supported by other policies, including some further
temporary reserve accumulation and carefully-considered capital
flow management measures.

Directors supported the focus of reforms to ease supply-side
constraints, noting that the government's market-based concessions
program would boost investment and alleviate infrastructure
bottlenecks.  They emphasized that comprehensive efforts to boost
productivity, competitiveness, and investment are critical for
raising potential growth.  To this end, it will be important to
increase domestic saving, improve the minimum wage indexation
mechanism, and continue to reform the pension system.  Other
efforts to foster private investment should include streamlining
taxation and improving business conditions.


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


AILESBURY INCORPORATED: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------------------
The creditors of Ailesbury Incorporated are required to file their
proofs of debt by Sept. 25, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 16, 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


ARGONAUT WORLDWIDE: Creditors' Proofs of Debt Due Sept. 16
----------------------------------------------------------
The creditors of Argonaut Worldwide Equities Fund Ltd are required
to file their proofs of debt by Sept. 16, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2013.

The company's liquidator is:

          Ogier
          c/o Kate O'Neill
          Telephone: (345) 815 1822
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BARAI CAPITAL: Creditors' Proofs of Debt Due Sept. 25
-----------------------------------------------------
The creditors of Barai Capital Master Fund, Ltd. are required to
file their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 5, 2013.

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


BARAI CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------------------
The creditors of Barai Capital Offshore Fund, Ltd are required to
file their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 5, 2013.

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


DYNASTY HOLDINGS: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------------
The creditors of Dynasty Holdings Limited are required to file
their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


INSPECTORATE GROUP: Creditors' Proofs of Debt Due Sept. 26
----------------------------------------------------------
The creditors of Inspectorate Group Holdings Limited are required
to file their proofs of debt by Sept. 26, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 15, 2013.

The company's liquidator is:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2228
          Facsimile: +1 (345) 949 8258


NEUROSURANCE PROFESSIONAL: Commences Liquidation Proceedings
------------------------------------------------------------
On Aug. 14, 2013, the sole shareholder of Neurosurance
Professional Indemnity Company, Ltd. 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 liquidators are:

          Thomas Hodson
          Peter Breen
          Telephone: (345) 949 0488
          Facsimile: (345) 949 0364
          P.O. Box 1990 Grand Cayman KY1-1104
          Cayman Islands


NUEVA IMAGING: Creditors' Proofs of Debt Due Sept. 17
-----------------------------------------------------
The creditors of Nueva Imaging are required to file their proofs
of debt by Sept. 17, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2013.

The company's liquidator is:

          Xinping He
          1731 Technology Drive, Suite 220
          San Jose, CA 95110
          Telephone: +1 (408) 453 4074
          Facsimile: +1 (408) 453 4029


ON WINGS: Creditors' Proofs of Debt Due Sept. 25
------------------------------------------------
The creditors of On Wings of Destiny Limited are required to file
their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


SAKER GLOBAL: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------
The creditors of Saker Global Fund are required to file their
proofs of debt by Sept. 29, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 15, 2013.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services (Cayman) Ltd.
          Voltastrasse 61
          PO Box 371, CH-8044 Zurich
          Switzerland
          Telephone: +41 (44) 366 4016
          Facsimile: +41 (44) 366 4039
          e-mail: rhk@ifit.net


TSAF INVESTOR I: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of TSAF Investor I Inc are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


TSAF INVESTOR II: Creditors' Proofs of Debt Due Sept. 30
--------------------------------------------------------
The creditors of TSAF Investor II Inc. are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


TSAF INVESTOR III: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
The creditors of TSAF Investor III Inc. are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


TSAF INVESTOR IV: Creditors' Proofs of Debt Due Sept. 30
--------------------------------------------------------
The creditors of TSAF Investor IV Inc. are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


TSAF INVESTOR V: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of TSAF Investor V Inc. are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Declan Magennis
          Telephone: (345) 947 4700


=========
C H I L E
=========


CORPBANCA: Moody's Puts All Ratings on Review For Downgrade
-----------------------------------------------------------
Moody's Investors Service placed all of CorpBanca's ratings on
review for downgrade. These include the bank's standalone bank
financial strength rating of D+, which maps to a standalone
baseline credit assessment (BCA) of baa3, long- and short-term
local and foreign currency deposit ratings of Baa2/Prime-2, and
long term foreign currency senior unsecured debt rating of Baa2.

At the same time, Moody's placed on review for downgrade all the
ratings of the bank's direct holding company CorpGroup Banking
S.A. These include the direct holding company's local and foreign
currency issuer ratings of Ba3 and long term foreign currency
senior unsecured debt rating of Ba3.

The following ratings of CorpBanca were placed on review for
downgrade:

- Bank financial strength rating of D+

- Long term local currency deposit rating of Baa2

- Short term local currency deposit rating of Prime-2

- Long term foreign currency deposit rating of Baa2

- Short term foreign currency deposit rating of Prime-2

- Long term foreign currency senior unsecured debt rating of Baa2

The following ratings of CorpGroup Banking were placed on review
for downgrade:

- Long term local currency issuer rating of Ba3

- Long term foreign currency issuer rating of Ba3

- Long term foreign currency senior unsecured debt rating of Ba3

Ratings Rationale:

In placing CorpBanca's ratings on review for downgrade, Moody's
noted the growing uncertainties regarding the effects on the
bank's institutional funding and earnings performance of
developments at its sister company, SMU S.A. (B3 on review for
downgrade). While the direct financial connections between
CorpBanca and SMU are limited in terms of loans and funding, the
companies' shared majority shareholder and the overall tighter
market conditions have led to concerns regarding increasing
funding costs that are likely to affect the bank's profitability.
Moody's highlighted CorpBanca's higher than average reliance on
short term wholesale funding, which presents refinancing risks
that are partly mitigated by the fact that the majority of those
are client deposits.

Moody's said its review will focus on the evolution of the bank's
funding structure and conditions, particularly in light of
potentially higher contagion from the SMU issue, and the effects
this could have on Corpbanca's profitability. The review will also
focus on the management of Corpbanca's balance sheet under dynamic
market conditions, and its ability to extricate itself from the
headline risk related to SMU, through greater clarity regarding
the group's plans and progress in resolving SMU's financial
problems.

The review for downgrade on CorpGroup Banking's Ba3 issuer and
debt ratings is in line with the review for downgrade on
CorpBanca's D+ standalone BFSR and baa3 standalone BCA, on which
the holding company's ratings are anchored.

The last rating action on CorpBanca was on August 20, 2013, when
Moody's affirmed the bank's standalone BCA of baa3, with a stable
outlook, and lowered the long term local and foreign currency
deposit ratings and foreign currency senior debt rating to Baa2
from Baa1, changing the outlook to stable from negative.

The last rating action on CorpGroup Banking was on August 20, 2013
when Moody's affirmed with a stable outlook the Ba3 local and
foreign currency issuer ratings and foreign currency senior debt
rating.

Based in Santiago, CorpBanca was the fifth largest bank in Chile,
with $27.7 billion (CLP 14.0 trillion) in consolidated assets and
$2.6 billion in shareholders' equity as of June 30, 2013.
CorpBanca is 45.06% owned by CorpGroup Banking S.A., which is in
turn owned by Inversiones CorpGroup Interhold. CorpGroup Banking
together with other investment companies from the Saieh family
control 53.6% of CorpBanca.

Established in 1998 and incorporated in Chile, CorpGroup Banking
S.A. is an intermediate holding company 99.99% owned by
Inversiones Corp Group Interhold, that is in turn 75.6% owned and
controlled by the Saieh family. CorpGroup Banking's main operating
subsidiary is CorpBanca. Corp Group Banking also holds a 40% stake
in the group's insurance company, CorpGroup Vida Chile, the
country's largest provider of annuities. As of March 31, 2013,
CorpGroup Banking reported unconsolidated assets of $ 2.1 billion
(CLP 1 trillion) and controlling shareholders' equity of $ 1.5
billion. On a consolidated basis as of March 31, 2013, CorpGroup
Banking and its subsidiaries reported total assets of $ 29 billion
and total net equity of $3 billion.

The principal methodology used in this rating was Global Banks
published in May 2013.


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


EMPRESA GENERADORA: S&P Affirms 'B' Rating; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' rating on
Empresa Generadora de Electricidad Haina S.A. (EGE Haina).  The
outlook remains stable.

S&P's ratings on EGE Haina and on its special-purpose financing
entity, Haina Finance S.A., consider the challenges of operating
in the Dominican Republic's (B+/Stable/B) electric power industry,
its weak regulatory framework, and an inefficient and highly
subsidized distribution sector with uncertain long-term
operational and financial sustainability.  In particular, the cash
flows of energy generating companies are susceptible to weak
collection rates and payment delays from the distribution
companies.  "The rating also considers the power sector's
dependence on the sovereign's ability to continue subsidizing the
sector and the economy, which may be affected in an economic
stress scenario," said Standard & Poor's credit analyst Maria del
Sol Gonzalez.

The ratings also incorporate S&P's opinion that there is a low
likelihood of timely and sufficient extraordinary support from the
Dominican Republic to EGE Haina in the event of financial
distress.  In accordance with S&P's criteria for government-
related entities, it assess EGE Haina as having limited importance
to the government's key economic and political objectives and a
limited link to the government (given the latter's low level of
involvement in the company's strategy and day-to-day operations
and its lack of controlling rights).  The Haina Investment Co.
(HIC; not rated) owns 50% of the company, and the Dominican
government owns the other 50%.


* DOMINICAN REPUBLIC: Central Bank Adopts Control Measures
----------------------------------------------------------
The Dominican Today reports that the Governor of Dominican
Republic Central Bank, Hector Valdez Albizu, announced a series of
measures on Aug. 28 aimed at tackling the upward trend in the
exchange rate.

Mr. Albizu said that the Central Bank was planning to implement a
program of interventions in the exchange market, with the
injection of an estimated US$200 million in two weeks, according
to Dominican Today.

The report notes that Mr. Albizu said that the CB exchange rate
was being increased by 200 basic points, from 4.25% to 6.25%.

Mr. Albizu said that the measure would not have repercussions on
the economy in the coming three months, but would have a greater
impact next year, when they estimate that the economy will be
growing by approximately 5%, the report relates.

Mr. Albizu said that these measures are aimed at preventing the
upward change in the exchange rate from affecting internal prices
and thus inflation, the report notes.

Mr. Albizu, the report discloses, also informed that the Central
Bank was issuing fixed rate certificates for monetary regulation
for a total of RD$2.861 billion, almost double the rate originally
offered.

"The Central Bank intends to take an active part in the foreign
exchange market, and has sufficient foreign currency for this.
It's a measure that is going to be adopted tomorrow and that will
prevent the sectors or people who have been betting on devaluation
for the sake of betting, by retaining dollars or getting rid of
them quickly at the rates the Central Bank is offering as the
planned average for market operations," the report quoted Mr.
Albizu as saying.

The report relays that Mr. Albizu stressed that the Central Bank
has sufficient international reserve levels and this is why it is
able to intervene in the market with more foreign currency
resources from its international reserves.

Mr. Albizu dismissed suggestions that there was a plot to
destabilize the country's economy, the report says.

The Central Bank hopes that during the September-December period
this year an additional US$800 to US$900 million could enter the
country in disbursements from the Inter-American Development Bank
(US$250 million) the World Bank (US$80 million), and PetroCaribe
(US$200 million) as established in the 2013 budget, along with the
resources that the State will receive following the negotiations
with the Barrick Gold mining company, the report notes.

It is predicted that these resources will increase the supply of
dollars in the economy, the report adds.


===============
H O N D U R A S
===============


* HONDURAS: IMF Sees Economic Growth to Reach 3 Percent in 2013
---------------------------------------------------------------
An International Monetary Fund staff mission visited Honduras
during August 26-30, as part of the Fund's periodic consultation
with its member countries.  During the visit, the mission met with
President Porfirio Lobo, Ministry of the Presidency Maria
Antonieta de Bogran, Central Bank Governor Maria Elena Mondragon,
Minister of Finance Wilfredo Cerrato as well as other senior
government officials and representatives of the private sector.

At the conclusion of the visit, IMF Mission Chief Lisandro Abrego
issued the following statement in Tegucigalpa:

"Economic growth is projected to reach close to 3 percent in 2013,
below its 2012 level.  The decline reflects partly a drop in
coffee production due to rust leaf disease and weaker trading
partner growth.  The staff team projects inflation to remain
broadly unchanged at about 5.5 percent this year, with a slight
decline in core inflation offset by higher food prices.  On the
external sector side, the mission projects the current account
deficit to increase somewhat this year, reflecting weaker terms of
trade and lower volumes of coffee exports.  International reserves
would remain at slightly above 3 months of imports, helped by the
placement of a sovereign global bond in March.

"Staff observed that the evolution of credit to the private sector
during 2013 would have helped keep inflationary pressures under
control.  It noted the need to remain vigilant of monetary
developments to ensure that credit expands at a moderate rate,
which should also contribute to strengthening the external sector
position.

"The authorities concurred with the team about the need to protect
macroeconomic stability and move forward with the process of
fiscal consolidation.  To achieve the latter, staff stressed the
importance of working both on the expenditure and the revenue
side.  It also noted that strengthening the performance of public
enterprises has a role to play in the process of fiscal
consolidation, while contributing to supporting medium-term
economic growth.

"Finally, the mission thanks authorities and private sector
representatives for a fruitful dialogue and for their excellent
cooperation and hospitality."


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


BANCO MERCANTIL: S&P Affirms 'BB' Rating on Jr. Subordinated Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-/A-3' global
scale and 'mxAA+/mxA-1+' national scale issuer credit ratings on
Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo
Financiero Banorte (Banorte).  The outlook remains positive.  S&P
is also affirming Banorte's senior unsecured debt at 'BBB-' and
its junior subordinated notes at 'BB'.  S&P notches its ratings on
Banorte's hybrid instruments downward--because of the risk of
partial or untimely payment and subordination--from its stand-
alone credit profile (SACP), which is at 'bbb-'.

At the same time S&P is withdrawing its 'BB' issue rating on
Banorte's $120 million, perpetual, non-cumulative, non-preferred,
subordinated, non-step-up notes, issued on February 2007.  The
bank has already paid these notes.

The ratings on Banorte reflect S&P's view of its "adequate"
business position, "adequate" capital and earnings, "moderate"
risk position, "average" funding and "adequate" liquidity, as
S&P's criteria define these terms.  The bank's stand-alone credit
profile (SACP) is 'bbb-'.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating.  Our anchor for a commercial bank operating only in Mexico
is 'bbb'.  In our view, the main risk for the banks operating in
Mexico is economic risk.  This is because of the population's low
income level (from a global perspective), and a decrease in
payment capacity amid a low level of domestic savings.  Mexican
banks face challenges associated with lending within a legal
framework that is still establishing a track record of creditor
rights.  However, underwriting standards have improved.  Also, we
do not view any asset bubbles in the Mexican economy.  Industry
risk is not as high, because of conservative regulation, but
supervision still needs to be strengthened.  Healthy competitive
dynamics drive the lending system.  Funding is based on stable
deposits, while the domestic debt markets are rapidly expanding.
We classify the Mexican government as "supportive" to its banking
system based on past experience and our belief that it has the
capacity to help banks withstand problems," S&P said.

In S&P's view, Banorte's business position is "adequate."  "It
reflects the bank's good and increasing market position within the
Mexican banking industry, and its improving business activities
diversification which should strengthen the bank's revenue
stability," said Standard & Poor's credit analyst Alfredo Calvo.
S&P believes the bank's efforts to build long-standing customer
relationships will allow Banorte to keep growing at double-digit
rates during the next two years, leading to expanding business
volumes.  During the first-half of 2013, Grupo Financiero Banorte
S.A.B. de C.V. (GFNorte; not rated) merged IXE Banco and Fincasa
Hipotecaria under Banorte.  As part of the changes in the group's
corporate structure, Banorte divested its participation in Solida
Administradora de Portafolios - an entity specialized in work-out
activities --and now this company is a direct subsidiary of
GFNorte.  Including these mergers, Banorte reported a market share
of 14.2% in terms of loans, as of June 2013, and is the third-
largest bank in Mexico.  The bank has a relevant market position
in most of the business segments in which it participates: 15.7%
in the commercial segment (including commercial loans, government
and financial institutions), 16.2% in mortgages, and 8.4% in
retail loans-- payroll in particular representing 17.7% of the
market.


GRUPO PAPELERO: S&P Affirms 'B+' Rating on $300MM Sr. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
rating on Grupo Papelero Scribe, S.A. de C.V.'s (Scribe).  At the
same time, S&P affirmed its 'B+' senior unsecured debt rating on
Scribe's $300 million senior unsecured notes.  The outlook is
stable.  S&P's recovery rating on the notes remains at '4',
indicating its expectation of average (30%-50%) recovery in the
event of a payment default.

Standard & Poor's ratings on Scribe reflect S&P's assessment of
the company's "weak" business risk profile, "aggressive" financial
risk profile and "adequate" liquidity, as its criteria define
these terms.

"Our assessment of Scribe's business risk profile as weak
continues to reflect the challenges posed by a seasonal and
somewhat mature paper industry in Mexico, as well as the company's
limited capacity to mitigate its exposure to pulp price
volatility, given the insufficient vertical integration in pulp
production," said Standard & Poor's credit analyst Luis Manuel
Martinez.  It also reflects a highly competitive market due to the
provisions under the North American Free Trade Agreement, which
facilitates imports from the U.S. and Canada.  The company's
strong brand recognition in Mexico, its 80% share of the notebook
market, its solid position in the paper and office supplies
markets, and a relatively low-cost production structure partially
offset the negative factors.


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


* VENEZUELA: S&P Affirms 'B' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook on the long-term
ratings remains negative.  At the same time, S&P affirmed its 'B'
short-term foreign and local currency sovereign credit ratings on
Venezuela.

S&P also affirmed its 'B' transfer & convertibility (T&C)
assessment.

                             RATIONALE

A sharp political polarization, an erratic economic policymaking
that exacerbates both the economy's oil dependence and the
prevailing macroeconomic inconsistencies, and weakening external
liquidity constitute the main constraints to the ratings on
Venezuela.  The negative outlook results from the still-prevailing
risks, despite the emerging signs of a more pragmatic economic
agenda that shows greater dialogue with private-sector
participants.  Although a more pragmatic economic dialogue has
diminished the near-term governability risks in Venezuela, the
country's political environment remains fragile.  At the same
time, pressures on the foreign-exchange system have increased,
complicating the implementation of a more pragmatic economic-
policy approach.  Deep-rooted political polarization and a
deteriorating domestic economy despite high oil prices will
continue to make it difficult for the government to contain
significant macroeconomic distortions, such as high inflation.

Long-standing political divisions in the country were exacerbated
this year because of the transition to a new leadership after the
death of President Hugo Chavez and the very close results of
April's presidential elections.  Increasing tension with the
opposition and lack of cohesion within the government's party hurt
an already weak economic performance and led to a widening gap
between the official and parallel exchange rate (the difference
was about six times as of August 2013) and increasing inflation.
S&P expects GDP to contract 1% in real terms throughout 2013,
while inflation will reach near 40% at year-end.

Future success in containing inflation, easing shortages of goods
in the local market, and reversing other economic distortions will
continue to depend on authorities' ability to expand the dialogue
with private-sector participants and enlarge political support
within the government's party for a more pragmatic economic
agenda.  Management of the foreign-exchange market seems at the
core of any future initiative because the severe restrictions to
formally access foreign currency limits imports, widens the gap
between the official and parallel exchange rate, increases
scarcity, and results in higher inflation.  Despite the
government's announcements of less-restrictive policies regarding
access to foreign exchange, progress under the system to auction
foreign reserves (the SICAD, Sistema Complementario de
Administracion de Divisas) was slow during the first half of the
year.  However, new auctions began with greater frequency in July
and August this year.  The ability to sustain a more pragmatic
economic policy agenda will be tested during the municipal
elections scheduled for December 2013, as the government tries to
legitimize its narrow April election victory through a more robust
win.  Polls so far continue to show a tight race between the
government and the opposition.

Growing restrictions on external liquidity as a result of
Petroleos de Venezuela S.A.'s marginally decreasing oil production
and a more uncertain outlook for oil prices will continue to limit
Venezuela's ability to deal with growing domestic political and
economic challenges.  The country's vast oil and gas reserves, the
government's relatively low debt burden, and its low level of
external debt continue to support the rating.

                              OUTLOOK

The negative outlook reflects the possibility that a politically
weakened president and administration may pursue less pragmatic
policies that increase imbalances in the economy and result in
greater instability.  It also reflects the risk that, even if the
government takes corrective measures, it may not be able to
implement them effectively because of the difficult political
environment.  S&P could lower the rating by one notch under such a
scenario.

Steps to defuse the heightened political tensions in Venezuela
would reduce the risks of eroding governability and of greater
volatility in economic policies.  That, along with a growing track
record of pragmatic economic policies aimed at containing economic
imbalances, could lead S&P to revise the outlook to stable.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Bolivarian Republic of Venezuela
Sovereign Credit Rating                  B/Negative/B
Transfer & Convertibility Assessment     B
Senior Unsecured                         B


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


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


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

  ARGENTINA
  ---------

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


  BRAZIL
  ------

FABRICA TECID-RT       FTRX1 BZ         66603693.6     -76419244.2
TEKA-ADR               TEKAY US          407967021      -392649052
BOMBRIL                BMBBF US          359985634     -12154088.6
TEKA                   TKTQF US          407967021      -392649052
TEKA-PREF              TKTPF US          407967021      -392649052
VULCABRAS-RIGHT        VULC1 BZ          656823700     -17327661.6
VULCABRAS-RIGHT        VULC2 BZ          656823700     -17327661.6
VULCABRAS-RECEIP       VULC9 BZ          656823700     -17327661.6
VULCABRAS-REC PR       VULC10 BZ         656823700     -17327661.6
BATTISTELLA-RIGH       BTTL1 BZ          158330518     -36518145.6
BATTISTELLA-RI P       BTTL2 BZ          158330518     -36518145.6
BATTISTELLA-RECE       BTTL9 BZ          158330518     -36518145.6
BATTISTELLA-RECP       BTTL10 BZ         158330518     -36518145.6
AGRENCO LTD-BDR        AGEN11 BZ         339244079      -561405855
REII INC               REIC US            14423532        -3506007
PET MANG-RIGHTS        3678565Q BZ       246810937      -224879124
PET MANG-RIGHTS        3678569Q BZ       246810937      -224879124
PET MANG-RECEIPT       0229292Q BZ       246810937      -224879124
PET MANG-RECEIPT       0229296Q BZ       246810937      -224879124
LUPATECH SA            LUPA3 BZ          754879275      -127862714
REDE EMP ENE ELE       ELCA4 BZ         1175265498     -62202546.7
REDE EMP ENE ELE       ELCA3 BZ         1175265498     -62202546.7
BOMBRIL HOLDING        FPXE3 BZ         19416015.8      -489914902
BOMBRIL                FPXE4 BZ         19416015.8      -489914902
SANESALTO              SNST3 BZ         24630103.9     -10366431.8
B&D FOOD CORP          BDFCE US           14423532        -3506007
BOMBRIL-RGTS PRE       BOBR2 BZ          359985634     -12154088.6
BOMBRIL-RIGHTS         BOBR1 BZ          359985634     -12154088.6
LAEP-BDR               MILK11 BZ         222902263      -255311019
AGRENCO LTD            AGRE LX           339244079      -561405855
LAEP INVESTMENTS       LEAP LX           222902263      -255311019
LUPATECH SA            LUPAF US          754879275      -127862714
REDE ENERG-UNIT        REDE11 BZ        1175265498     -62202546.7
CELGPAR                GPAR3 BZ          224346590     -1034483191
RECRUSUL - RT          4529781Q BZ      48003655.5     -18502124.9
RECRUSUL - RT          4529785Q BZ      48003655.5     -18502124.9
RECRUSUL - RCT         4529789Q BZ      48003655.5     -18502124.9
RECRUSUL - RCT         4529793Q BZ      48003655.5     -18502124.9
REDE ENER-RT           3907727Q BZ      1175265498     -62202546.7
REDE ENER-RCT          3907731Q BZ      1175265498     -62202546.7
RECRUSUL-BON RT        RCSL11 BZ        48003655.5     -18502124.9
RECRUSUL-BON RT        RCSL12 BZ        48003655.5     -18502124.9
BALADARE               BLDR3 BZ          159454016     -52992212.8
TEXTEIS RENAU-RT       TXRX1 BZ         97868151.6     -91899413.1
TEXTEIS RENAU-RT       TXRX2 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX9 BZ         97868151.6     -91899413.1
TEXTEIS RENA-RCT       TXRX10 BZ        97868151.6     -91899413.1
CIA PETROLIF-PRF       MRLM4 BZ          377602195     -3014291.72
CIA PETROLIFERA        MRLM3 BZ          377602195     -3014291.72
NOVA AMERICA SA        NOVA3 BZ           21287489      -183535527
NOVA AMERICA-PRF       NOVA4 BZ           21287489      -183535527
LUPATECH SA-RT         LUPA11 BZ         754879275      -127862714
ALL ORE MINERACA       AORE3 BZ         18737017.6     -11880129.6
B&D FOOD CORP          BDFC US            14423532        -3506007
LUPATECH SA-ADR        LUPAY US          754879275      -127862714
PET MANG-RT            4115360Q BZ       246810937      -224879124
PET MANG-RT            4115364Q BZ       246810937      -224879124
REDE ENER-RT           REDE1 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE9 BZ         1175265498     -62202546.7
REDE ENER-RT           REDE2 BZ         1175265498     -62202546.7
REDE ENER-RCT          REDE10 BZ        1175265498     -62202546.7
STEEL - RT             STLB1 BZ         18737017.6     -11880129.6
STEEL - RCT ORD        STLB9 BZ         18737017.6     -11880129.6
MINUPAR-RT             9314542Q BZ       136398462     -91947867.2
MINUPAR-RCT            9314634Q BZ       136398462     -91947867.2
PET MANG-RT            0229249Q BZ       246810937      -224879124
PET MANG-RT            0229268Q BZ       246810937      -224879124
RECRUSUL - RT          0163579D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0163580D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163582D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0163583D BZ      48003655.5     -18502124.9
PORTX OPERA-GDR        PXTPY US          976769403     -9407990.35
PORTX OPERACOES        PRTX3 BZ          976769403     -9407990.35
ALL ORE MINERACA       STLB3 BZ         18737017.6     -11880129.6
MINUPAR-RT             0599562D BZ       136398462     -91947867.2
MINUPAR-RCT            0599564D BZ       136398462     -91947867.2
PET MANG-RT            RPMG2 BZ          246810937      -224879124
PET MANG-RT            0848424D BZ       246810937      -224879124
PET MANG-RECEIPT       RPMG9 BZ          246810937      -224879124
PET MANG-RECEIPT       RPMG10 BZ         246810937      -224879124
LAEP INVESTMEN-B       0122427D LX       222902263      -255311019
LAEP INVES-BDR B       0163599D BZ       222902263      -255311019
RECRUSUL - RT          0614673D BZ      48003655.5     -18502124.9
RECRUSUL - RT          0614674D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614675D BZ      48003655.5     -18502124.9
RECRUSUL - RCT         0614676D BZ      48003655.5     -18502124.9
TEKA-RTS               TEKA1 BZ          407967021      -392649052
TEKA-RTS               TEKA2 BZ          407967021      -392649052
TEKA-RCT               TEKA9 BZ          407967021      -392649052
TEKA-RCT               TEKA10 BZ         407967021      -392649052
LUPATECH SA-RTS        LUPA1 BZ          754879275      -127862714
LUPATECH SA -RCT       LUPA9 BZ          754879275      -127862714
MINUPAR-RTS            MNPR1 BZ          136398462     -91947867.2
MINUPAR-RCT            MNPR9 BZ          136398462     -91947867.2
RECRUSUL SA-RTS        RCSL1 BZ         48003655.5     -18502124.9
RECRUSUL SA-RTS        RCSL2 BZ         48003655.5     -18502124.9
RECRUSUL SA-RCT        RCSL9 BZ         48003655.5     -18502124.9
RECRUSUL - RCT         RCSL10 BZ        48003655.5     -18502124.9
PET MANG-RTS           RPMG1 BZ          246810937      -224879124
ARTHUR LANGE           ARLA3 BZ         11642255.9     -17154461.9
ARTHUR LANGE SA        ALICON BZ        11642255.9     -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ         11642255.9     -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ        11642255.9     -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ         11642255.9     -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ         11642255.9     -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ        11642255.9     -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642255.9     -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ        11642255.9     -17154461.9
BOMBRIL                BOBR3 BZ          359985634     -12154088.6
BOMBRIL CIRIO SA       BOBRON BZ         359985634     -12154088.6
BOMBRIL-PREF           BOBR4 BZ          359985634     -12154088.6
BOMBRIL CIRIO-PF       BOBRPN BZ         359985634     -12154088.6
BOMBRIL SA-ADR         BMBPY US          359985634     -12154088.6
BOMBRIL SA-ADR         BMBBY US          359985634     -12154088.6
BUETTNER               BUET3 BZ          109743344     -29812083.5
BUETTNER SA            BUETON BZ         109743344     -29812083.5
BUETTNER-PREF          BUET4 BZ          109743344     -29812083.5
BUETTNER SA-PRF        BUETPN BZ         109743344     -29812083.5
BUETTNER SA-RTS        BUET1 BZ          109743344     -29812083.5
BUETTNER SA-RT P       BUET2 BZ          109743344     -29812083.5
CAF BRASILIA           CAFE3 BZ          160938140      -149281089
CAFE BRASILIA SA       CSBRON BZ         160938140      -149281089
CAF BRASILIA-PRF       CAFE4 BZ          160938140      -149281089
CAFE BRASILIA-PR       CSBRPN BZ         160938140      -149281089
REDE ENERGIA SA        REDE3 BZ         1175265498     -62202546.7
CAIUA SA               ELCON BZ         1175265498     -62202546.7
REDE EMPRESAS-PR       REDE4 BZ         1175265498     -62202546.7
CAIUA SA-PREF          ELCPN BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCA6 BZ         1175265498     -62202546.7
CAIUA SA-PRF B         ELCBN BZ         1175265498     -62202546.7
CAIUA SA-RTS           ELCA2 BZ         1175265498     -62202546.7
CAIUA SA-DVD CMN       ELCA11 BZ        1175265498     -62202546.7
CAIUA SA-RCT PRF       ELCA10 BZ        1175265498     -62202546.7
CAIUA SA-DVD COM       ELCA12 BZ        1175265498     -62202546.7
CAIUA ELEC-C RT        ELCA1 BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCAN BZ         1175265498     -62202546.7
CAIUA SA-PRF A         ELCA5 BZ         1175265498     -62202546.7
CAIVA SERV DE EL       1315Z BZ         1175265498     -62202546.7
CHIARELLI SA           CCHI3 BZ         10063296.6       -79357620
CHIARELLI SA           CCHON BZ         10063296.6       -79357620
CHIARELLI SA-PRF       CCHI4 BZ         10063296.6       -79357620
CHIARELLI SA-PRF       CCHPN BZ         10063296.6       -79357620
IGUACU CAFE            IGUA3 BZ          241713948     -76084456.4
IGUACU CAFE            IGCSON BZ         241713948     -76084456.4
IGUACU CAFE            IGUCF US          241713948     -76084456.4
IGUACU CAFE-PR A       IGUA5 BZ          241713948     -76084456.4
IGUACU CAFE-PR A       IGCSAN BZ         241713948     -76084456.4
IGUACU CAFE-PR A       IGUAF US          241713948     -76084456.4
IGUACU CAFE-PR B       IGUA6 BZ          241713948     -76084456.4
IGUACU CAFE-PR B       IGCSBN BZ         241713948     -76084456.4
SCHLOSSER              SCLO3 BZ         57116502.2     -55719508.9
SCHLOSSER SA           SCHON BZ         57116502.2     -55719508.9
SCHLOSSER-PREF         SCLO4 BZ         57116502.2     -55719508.9
SCHLOSSER SA-PRF       SCHPN BZ         57116502.2     -55719508.9
COBRASMA               CBMA3 BZ         83714759.4     -2293331419
COBRASMA SA            COBRON BZ        83714759.4     -2293331419
COBRASMA-PREF          CBMA4 BZ         83714759.4     -2293331419
COBRASMA SA-PREF       COBRPN BZ        83714759.4     -2293331419
D H B                  DHBI3 BZ          110495982      -162541773
DHB IND E COM          DHBON BZ          110495982      -162541773
D H B-PREF             DHBI4 BZ          110495982      -162541773
DHB IND E COM-PR       DHBPN BZ          110495982      -162541773
DOCA INVESTIMENT       DOCA3 BZ          273120342      -211736207
DOCAS SA               DOCAON BZ         273120342      -211736207
DOCA INVESTI-PFD       DOCA4 BZ          273120342      -211736207
DOCAS SA-PREF          DOCAPN BZ         273120342      -211736207
DOCAS SA-RTS PRF       DOCA2 BZ          273120342      -211736207
FABRICA RENAUX         FTRX3 BZ         66603693.6     -76419244.2
FABRICA RENAUX         FRNXON BZ        66603693.6     -76419244.2
FABRICA RENAUX-P       FTRX4 BZ         66603693.6     -76419244.2
FABRICA RENAUX-P       FRNXPN BZ        66603693.6     -76419244.2
HAGA                   HAGA3 BZ         19421487.9     -46077943.1
FERRAGENS HAGA         HAGAON BZ        19421487.9     -46077943.1
FER HAGA-PREF          HAGA4 BZ         19421487.9     -46077943.1
FERRAGENS HAGA-P       HAGAPN BZ        19421487.9     -46077943.1
CIMOB PARTIC SA        GAFP3 BZ         44047411.7     -45669963.6
CIMOB PARTIC SA        GAFON BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFP4 BZ         44047411.7     -45669963.6
CIMOB PART-PREF        GAFPN BZ         44047411.7     -45669963.6
IGB ELETRONICA         IGBR3 BZ          363687063     -27195507.3
GRADIENTE ELETR        IGBON BZ          363687063     -27195507.3
GRADIENTE-PREF A       IGBR5 BZ          363687063     -27195507.3
GRADIENTE EL-PRA       IGBAN BZ          363687063     -27195507.3
GRADIENTE-PREF B       IGBR6 BZ          363687063     -27195507.3
GRADIENTE EL-PRB       IGBBN BZ          363687063     -27195507.3
GRADIENTE-PREF C       IGBR7 BZ          363687063     -27195507.3
GRADIENTE EL-PRC       IGBCN BZ          363687063     -27195507.3
HOTEIS OTHON SA        HOOT3 BZ          253308748     -83119368.3
HOTEIS OTHON SA        HOTHON BZ         253308748     -83119368.3
HOTEIS OTHON-PRF       HOOT4 BZ          253308748     -83119368.3
HOTEIS OTHON-PRF       HOTHPN BZ         253308748     -83119368.3
RENAUXVIEW SA          TXRX3 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXON BZ        97868151.6     -91899413.1
RENAUXVIEW SA-PF       TXRX4 BZ         97868151.6     -91899413.1
TEXTEIS RENAUX         RENXPN BZ        97868151.6     -91899413.1
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON BZ         388720096      -213641152
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ         388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ          388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ          388720096      -213641152
ESTRELA SA             ESTR3 BZ         72008697.6      -116219949
ESTRELA SA             ESTRON BZ        72008697.6      -116219949
ESTRELA SA-PREF        ESTR4 BZ         72008697.6      -116219949
ESTRELA SA-PREF        ESTRPN BZ        72008697.6      -116219949
WETZEL SA              MWET3 BZ          102020563     -6073582.74
WETZEL SA              MWELON BZ         102020563     -6073582.74
WETZEL SA-PREF         MWET4 BZ          102020563     -6073582.74
WETZEL SA-PREF         MWELPN BZ         102020563     -6073582.74
MINUPAR                MNPR3 BZ          136398462     -91947867.2
MINUPAR SA             MNPRON BZ         136398462     -91947867.2
MINUPAR-PREF           MNPR4 BZ          136398462     -91947867.2
MINUPAR SA-PREF        MNPRPN BZ         136398462     -91947867.2
NORDON MET             NORD3 BZ         12386508.7     -33450200.1
NORDON METAL           NORDON BZ        12386508.7     -33450200.1
NORDON MET-RTS         NORD1 BZ         12386508.7     -33450200.1
NOVA AMERICA SA        NOVA3B BZ          21287489      -183535527
NOVA AMERICA SA        NOVAON BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVA4B BZ          21287489      -183535527
NOVA AMERICA-PRF       NOVAPN BZ          21287489      -183535527
NOVA AMERICA-PRF       1NOVPN BZ          21287489      -183535527
NOVA AMERICA SA        1NOVON BZ          21287489      -183535527
RECRUSUL               RCSL3 BZ         48003655.5     -18502124.9
RECRUSUL SA            RESLON BZ        48003655.5     -18502124.9
RECRUSUL-PREF          RCSL4 BZ         48003655.5     -18502124.9
RECRUSUL SA-PREF       RESLPN BZ        48003655.5     -18502124.9
PETRO MANGUINHOS       RPMG3 BZ          246810937      -224879124
PETRO MANGUINHOS       MANGON BZ         246810937      -224879124
PET MANGUINH-PRF       RPMG4 BZ          246810937      -224879124
PETRO MANGUIN-PF       MANGPN BZ         246810937      -224879124
RIMET                  REEM3 BZ          103098361      -185417655
RIMET                  REEMON BZ         103098361      -185417655
RIMET-PREF             REEM4 BZ          103098361      -185417655
RIMET-PREF             REEMPN BZ         103098361      -185417655
SANSUY                 SNSY3 BZ          192536335      -145445052
SANSUY SA              SNSYON BZ         192536335      -145445052
SANSUY-PREF A          SNSY5 BZ          192536335      -145445052
SANSUY SA-PREF A       SNSYAN BZ         192536335      -145445052
SANSUY-PREF B          SNSY6 BZ          192536335      -145445052
SANSUY SA-PREF B       SNSYBN BZ         192536335      -145445052
BOTUCATU TEXTIL        STRP3 BZ         27663604.9     -7174512.03
STAROUP SA             STARON BZ        27663604.9     -7174512.03
BOTUCATU-PREF          STRP4 BZ         27663604.9     -7174512.03
STAROUP SA-PREF        STARPN BZ        27663604.9     -7174512.03
TEKA                   TEKA3 BZ          407967021      -392649052
TEKA                   TEKAON BZ         407967021      -392649052
TEKA-PREF              TEKA4 BZ          407967021      -392649052
TEKA-PREF              TEKAPN BZ         407967021      -392649052
TEKA-ADR               TKTPY US          407967021      -392649052
TEKA-ADR               TKTQY US          407967021      -392649052
F GUIMARAES            FGUI3 BZ         11016542.1      -151840377
FERREIRA GUIMARA       FGUION BZ        11016542.1      -151840377
F GUIMARAES-PREF       FGUI4 BZ         11016542.1      -151840377
FERREIRA GUIM-PR       FGUIPN BZ        11016542.1      -151840377
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -4695211008
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
VULCABRAS AZALEI       VULC3 BZ          656823700     -17327661.6
VULCABRAS SA           VULCON BZ         656823700     -17327661.6
VULCABRAS AZ-PRF       VULC4 BZ          656823700     -17327661.6
VULCABRAS SA-PRF       VULCPN BZ         656823700     -17327661.6
VULCABRAS-RT PRF       VULC11 BZ         656823700     -17327661.6
LOJAS ARAPUA           LOAR3 BZ         60020270.1     -3542047972
LOJAS ARAPUA           LOARON BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOAR4 BZ         60020270.1     -3542047972
LOJAS ARAPUA-PRF       LOARPN BZ        60020270.1     -3542047972
LOJAS ARAPUA-PRF       52353Z US        60020270.1     -3542047972
LOJAS ARAPUA-GDR       3429T US         60020270.1     -3542047972
LOJAS ARAPUA-GDR       LJPSF US         60020270.1     -3542047972
BATTISTELLA            BTTL3 BZ          158330518     -36518145.6
BATTISTELLA-PREF       BTTL4 BZ          158330518     -36518145.6
SAUIPE SA              PSEGON BZ          23615862     -840174.001
SAUIPE                 PSEG3 BZ           23615862     -840174.001
SAUIPE SA-PREF         PSEGPN BZ          23615862     -840174.001
SAUIPE-PREF            PSEG4 BZ           23615862     -840174.001
CIA PETROLIFERA        MRLM3B BZ         377602195     -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ         377602195     -3014291.72
CIA PETROLIFERA        1CPMON BZ         377602195     -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ         377602195     -3014291.72
LATTENO FOOD COR       LATF US            14423532        -3506007
VARIG PART EM TR       VPTA3 BZ         49432124.2      -399290396
VARIG PART EM-PR       VPTA4 BZ         49432124.2      -399290396
VARIG PART EM SE       VPSC3 BZ         83017828.6      -495721700
VARIG PART EM-PR       VPSC4 BZ         83017828.6      -495721700

  COLOMBIA
  --------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *