TCRLA_Public/130910.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 10, 2013, Vol. 14, No. 179



EDENOR: Reveals Second Quarter 2013 Results
EDENOR: Moody's Downgrades CFR and Sr. Unsecured Rating to Caa3
* Moody's Rates Two Convexity-Managed Bond Funds 'B-bf'


GOL LINHAS: Upgrades to Sabre Technology
OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
OGX PETROLEO: Taps Davis Polk to Represent in Talks With Creditors

C A Y M A N  I S L A N D S

AQUA PRO: Shareholder to Hear Wind-Up Report on Sept. 25
CANYON CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 24
T3 CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 4
TEMAGAMI OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 17
UNIVERSAL SOLUTIONS: Shareholder to Hear Wind-Up Report on Oct. 11


* JAMAICA: Has Made it Through The Worst, Finance Minister Says


TRANSPORTADORA GAS: Fitch Affirms Issuer Default Ratings at 'CCC'


* To Strengthen Public Mgmt. Control Systems With US$20MM IDB Loan


Large Companies With Insolvent Balance Sheets

                            - - - - -


EDENOR: Reveals Second Quarter 2013 Results
Empresa Distribuidora y Comercializadora Norte S.A. disclosed its
results for the second quarter of 2013.

According to Resolution 250/13 issued by the Secretary of Energy
on May 15, 2013, as of June 30, 2013, the Company recorded an
income of Ps. 2,212.6 million from partial recognition of its
costs under the Cost Monitoring Mechanism, exhibited under the
line "Recognition of major costs - Resolution SE 250/13" within
the Income Statement, which by no means implies a tariff increase
and solely represents a compensation of expenses incurred by the
Company in the past.

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


All figures are stated in Argentine Pesos and have been prepared
in accordance with International Financing Reporting Standards

Solely for the convenience of the reader, Peso amounts as of and
for the period ended June 30, 2013, have been translated into U.S.
Dollars at the buying rate for U.S. Dollars quoted by Banco de la
Nacion Argentina (Banco Nacion) on June 30, 2013 of Ps. 5.388.

EDENOR: Moody's Downgrades CFR and Sr. Unsecured Rating to Caa3
Moody's Latin America has downgraded Edenor's corporate family and
senior unsecured ratings to Caa3 from Caa1 and its national scale
rating to from The outlook for all ratings is

Ratings Rationale:

The downgrade has been prompted by Edenor's continued weak
operating performance in the first half of 2013, inadequate cash
generation along with extremely poor liquidity.  The negative
outlook reflects the liquidity constraints the company will
continue to face over coming quarters should the current frozen
tariff position of the company not change.

Edenor's ratings were placed under review on May 2013 after the
company reported accumulated losses that as of March 31 amounted
to ARS 510 million and which as of that date had consumed Edenor's
net worth completely.  The review also incorporated the company's
weak cash generation and its inability to fund its day to day cash

As of June 2013, even though from an accounting point of view
Edenor was able to reverse the previous negative net worth
position at the end of the first quarter, the company's operating
expenses during the second quarter continued to grow causing its
margins to decline and cash generation capability to weaken
further.  Only through the substantial reduction of its energy
payments to Cammesa the company was able to sustain its day to day
cash needs.  With its tariffs frozen, the company will obviously
need to continue its partial payments to Cammesa and probably
reduce them even further to cover its cash needs, including
operating expenses, capital expenditures and interest on its debt.

The continued absence of a workable cost recovery mechanism (CMM)
in a climate of high inflation has clearly hurt Edenor's
profitability and cash generation.  The provisional mechanism by
which the Energy Secretariat has allowed Edenor to retain funds
from the Program for the Rational Use of Electric Power (PUREE),
has become less effective in protecting Edenor's cash flows from
its growing SG&A expenses.  In addition, the fixed charge
introduced at the end of last year into Edednor's tariffs (Res.
247) has proven to be totally inadequate in offsetting the ongoing
inflation driven increase in the company's costs and expenses.
For the first half of the year, the fixed charge collected from
Edenor's customers amounted to approximately ARS 250 million while
the increase in operating costs and expenses during the same
period was over ARS 400 million.

Although the company faces no significant debt maturities near
term since most of its debt is not due until 2022 and interest
payments amount to only US$16 million twice a year (next payment
in October), it is at this point highly uncertain how much longer
the company will be able or willing to service its debt.  Based
upon the company's cash position at the end of June and the
assumption that future energy payments to Cammesa are reduced
further, the company should be able to make the next two interest
payments this coming October and next April.

The negative outlook reflects Moody's view that Edenor's margins
and cash flows will continue to deteriorate given the continued
cost pressures and the lack of a workable mechanism to recover
those increased costs.

If Edenor's cash generation continues its downward trend and
additional cost pressures are not addressed by an increase or
adjustment to its tariffs the ratings will, most likely, be
downgraded further.

In light of the negative rating outlook and current constraining
factors, near-term prospects for the rating to be upgraded are
extremely limited.  A rating upgrade will require the company to
be able to recover its increased costs and begin to reverse the
negative operating margin trend and negative cash generation on a
sustainable basis.

Empresa Distribuidora y Comercializadora Norte S.A (Edenor),
headquartered in Buenos Aires, Argentina, is the country's largest
electricity distribution company.  For the last twelve months
ending, June 2013, Edenor reported total revenues of ARS 2.9
billion (approximately US$520 million).

Edenor's ultimate parent, Pampa Energia S.A. (not rated), is the
largest, fully-integrated electricity company in Argentina.
Through its subsidiaries, the company is engaged in the
generation, transmission and distribution of electricity within
the country.  Pampa has an installed capacity of approximately
2,187 MW, which represents about 8% of the country's installed
capacity. It also co-controls Transener (not rated), the largest
high-voltage electricity transmission system in Argentina.

* Moody's Rates Two Convexity-Managed Bond Funds 'B-bf'
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to two fixed-income funds managed
by Convexity SA SGFCI in Argentina.  The global scale and national
scale ratings assigned are as follows:

- Convexity Renta Fija Argentina FCI; rating B-bf/

- Convexity FCI Abierto Pymes; rating B-bf/

Rating Rationale:

"The fund ratings are based on Moody's evaluation of each of the
funds historical composition and the expectation that Convexity
will continue to maintain maturity-adjusted weighted average
credit quality profiles in a similar manner.  Looking at the
funds' histories, their maturity-adjusted weighted average credit
quality profiles are comparable to those of similarly rated peers,
"said Moody's lead analyst Carlos de Nevares.

The principal methodology used in this rating was the Moody's Bond
Fund Rating Methodology published in May 2013.

Convexity SA SGFCI, a new asset manager from local and independent
brokerage group.  As of June 2013 Convexity manages approximately
AR$41,0 million in Assets under Management (AUM) or approximately
US$7.7 millions


GOL LINHAS: Upgrades to Sabre Technology
Travel Agent News reports that GOL Linhas Aereas Inteligentes has
selected Sabre's market intelligence solution to leverage up-to-
date global passenger traffic data from more than 40 industry
sources and across air travel merchandising channels.

The technology agreement gives the airline an understanding of
passenger demand data to help drive more revenue, including the
personalization of the experience for frequent flyers and
corporate travelers while creating business opportunities in their
busiest routes, Sabre said, according to Travel Agent News.

Through the Sabre AirVision Market Intelligence implementation the
airline will have a consolidated and up-to-date picture of all
global markets for analysis, the report notes.  The information is
comprised of a combination of historical flights and booking data
to determine new markets and drive more revenue, identify actual
market share and analyze competitors' performance, the report

Gol Linhas Aereas Inteligentes SA (NYSE:GOL) is a low-cost, low-
fare airline providing service on routes connecting all of
Brazil's cities and from Brazil to cities in South America
and select touristic destinations in the Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigned a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.

OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
Luciana Magalhaes, writing for Daily Bankruptcy Review, reported
that Brazilian businessman Eike Batista may seek arbitration
against the decision made by his oil and gas company OGX Petroleo
e Gas Participacoes SA management, which on Sept. 6 demanded $1
billion in new capital from the controlling shareholder.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.

OGX PETROLEO: Taps Davis Polk to Represent in Talks With Creditors
Emily Glazer and Luciana Magalhaes writing for the Wall Street
Journal report that unnamed sources said OGX Petroleo e Gas
Participacoes SA tapped lawyers at Davis Polk & Wardwell LLP to
represent it in talks with creditors even as a split emerged
between the struggling oil firm's managers and its controlling

Restructuring advisers for OGX and its creditors are expected to
meet in New York today, Sept. 10, 2013, to discuss the next steps
as the oil company faces a huge debt load and operational
problems, some of these people said, according to WSJ.

The WSJ notes that Davis Polk, which is based in New York, has
previously worked with OGX and other firms in Eike Batista's EBX
Group, advising them on corporate work, according to the firm's
website.  Mr. Batista owns just over 50% of OGX.

The WSJ relates that OGX, the flagship firm in Mr. Batista's
industrial group, ran into trouble after failing to meet
production targets, sending shocks through the interlinked group.
OGX has since discontinued the development of most of its oil
fields, notes the report.

The WSJ discloses that the oil firm has some US$3.6 billion in
bonds outstanding.  The value of the bonds has fallen to below 20
cents on the dollar, indicating that investors aren't expecting to
recover much of their initial investment, the report added.

The WSJ relays that OGX is expected soon to propose a debt
restructuring in which bonds would be swapped for shares and the
firm would try to raise fresh capital to help fund operations.

The WSJ notes that the company said it hired advisers at
Blackstone Group LP to consider options to make it financially
viable again.

The WSJ discloses that on Sept. 6, 2013, managers demanded Mr.
Batista honor a commitment made in October 2012 to provide an
extra $1 billion in capital should it be needed, including US$100
million immediately.  But the tycoon has balked, saying in a
letter to OGX's management that he questions "the circumstances,
form, content, validity and other legal aspects" of the firm's
request, says the report.

Mr. Batista also said in the letter that if the two sides can't
settle their disagreement in 60 days, he will seek arbitration,
The WSJ relays.

The report added that Fitch Ratings cited Mr. Batista's resistance
in cutting its credit rating on OGX to C from triple-C.  OGX needs
new investment to increase production output and operating cash
flow, but absent fresh capital it is likely to default on its
debts "in the near future," Fitch said, The WSJ adds.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.

C A Y M A N  I S L A N D S

AQUA PRO: Shareholder to Hear Wind-Up Report on Sept. 25
The shareholder of Aqua Pro of Cayman Ltd will receive on
Sept. 25, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Robert R. Kershaw
          3592 Willow Lane
          Thousand Oaks
          California, CA91361, USA
          Telephone: +1 (310) 516 9911
          Facsimile: +1 (310) 833 4336

CANYON CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 24
The shareholder of Canyon Capital CDO 2001-1 Limited will receive
on Sept. 24, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Hugh Dickson is the company's liquidator.

T3 CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 4
The shareholder of T3 Cayman Holdings Ltd. will hear on Oct. 4,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

TEMAGAMI OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 17
The shareholder of Temagami Offshore Fund, Ltd. will receive on
Sept. 17, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

UNIVERSAL SOLUTIONS: Shareholder to Hear Wind-Up Report on Oct. 11
The shareholder of Universal Solutions Limited will receive on
Oct. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Cayman Islands


* JAMAICA: Has Made it Through The Worst, Finance Minister Says
--------------------------------------------------------------- reports that Jamaica Finance Minister, Dr. Peter
Phillips said the period of difficulty for the country may be over
as Jamaica has passed the worst as far as the effects of the
structural adjustments are concerned.

However, the report relates that Minister Phillips cautioned that
the country is not yet out of the woods.

Minister Phillips, the report relays, said it will take some time
before all the productive and new productive activities which are
going to take the country out of the difficulty will get started.

The Finance Minister cautioned that the process of simply getting
an idea and moving that idea to a plan will take some time, the
report notes.

Concerning news of a rise in unemployment and declines in some
sectors, Minister Phillips expressed optimism that the economy
will experience growth this fiscal year in keeping with
projections agreed on with the International Monetary Fund (IMF),
the report discloses.

The Finance Minister also signaled that Jamaicans will be spared
from increased taxes over the next few years as the focus will
remain on increasing the tax base, the report relates.


TRANSPORTADORA GAS: Fitch Affirms Issuer Default Ratings at 'CCC'
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Transportadora Gas del Norte S.A.'s
(TGN) at 'CCC' and its long-term national scale rating at
'CCC(arg)'.  In addition, Fitch has affirmed TGN's national Equity
Rating at Primera Clase Nivel 4.

Key Rating Drivers

Limited Ability to Generate Cash: The company's ability to
generate cash has been severely affected by a tariff structure
frozen since 1999, inflation, limitations on natural gas exports,
and peso depreciation.  Absent a tariff increase, or any
additional source of funds, TGN's EBITDA is expected to be
negative by year end 2013 and to increase in magnitude over the
next few years.

Weak Credit Profile Following Debt Restructuring: On Aug. 8, 2012,
the company reached consent with 88.04% of the bondholders to
restructure its debt and proceeded to issue USD170.45 million
notes due in 2019 and USD56.8 million claim protection notes which
matured on Aug. 22, 2013.  In December 2012, TGN issued USD48.9
million notes due in 2017, to restructure a portion of the debt in
default (discussed below).  Fitch anticipates that TGN's ability
to face interest payments on the new debt will be extremely
limited due to its weak operating performance, which is reflected
in its 'CCC' rating.  The 'RR4' Recovery Rating on the notes
indicates a recovery prospect of 31%-50%.  Fitch notes that
interest is expected to capitalize during the first three years
with a portion capitalizing in year four.

Uncertain Regulatory Environment: Tariffs have remained frozen
since 1999.  Although the government ratified a 20% tariff
increase in April 2010, the regulatory entity (ENARGAS) has failed
to approve the new tariff scheme.  Should such tariffs be invoiced
by TGN, the funds received would be administered by a special fund
and would be used to finance capital expenditures.

Debt in Default: As of June 2013, outstanding notes in default
amount to USD6.3 million of principal which initially matured in
December 2012, but which TGN defaulted on in December 2008. The
'C' rating of the 2012 notes reflects exceptionally high levels of
credit risk.  The 'RR5' indicates the expectation of below-average
recovery prospects given default.

As of June 2013, TGN had USD233 million of financial debt with 95%
consisting of long-term debt; all its debt is denominated in US
dollars.  TGN's cash position at the end of June, 2013 was USD91
million.  During 2012, TGN's EBITDA decreased to USD18 million
from USD48 million in 2010.  Cash generation is expected to
continue to deteriorate on the back of frozen tariffs, increasing
costs, and the reduction in its export revenues.  Capital
expenditures decreased to a record low of USD10 million in 2012
from USD15 million in 2011.  TGN had built up cash during the
suspension of principal and interest payments, prior to its debt
restructuring in 2012.  The company is expected to use such funds
to finance working capital needs and operating cost structure.

Rating Sensitivities

A material deterioration in its liquidity position that affects
TGN's ability to meet operating costs and/or the non-payment of
interest or principal would lead to a negative rating action.  An
adequate tariff review that restores TGN's economic equilibrium
could potentially result in a positive rating action.

Fitch has affirmed TGN's ratings as follows:

-- USD250 million notes Series A at 'C/RR5' and national scale
   rating at 'D(arg)';

-- USD 250 million notes Series B at 'C/RR5' and national scale
   rating at 'D(arg)';

-- USD 170.45 million Step-up Notes at 'CCC/RR4/CCC(arg)' ;

-- USD 49.9 million notes at 'CCC(arg)';

-- Equity rating at Primera Clase Nivel 4

Fitch has also withdrawn the rating of TGN's USD56.8 million Claim
Protection Notes (rated 'CCC/RR4/CCC(arg)' which expired on
Aug. 22, 2013.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total gas
consumption.  The Argentine government has intervened into TGN's
administration since December 2008.  The designated government's
interventor is responsible for supervising all actions related to
the public service.  TGN's main shareholders are Gasinvest S.A.
(56.35%) and Blue Ridge Investments LLC (23.53%), while 20% is
floating in the market.  Gasinvest S.A. is in turn owned by
Tecpetrol Internacional SL (27.24%), Total Gas y Electricidad
Argentina S.A (20.60%), Total Gasandes (6.63%), Compania General
de Combustibles S.A. (27.24%), RPM Gas S.A. (18.29%).


* To Strengthen Public Mgmt. Control Systems With US$20MM IDB Loan
The Inter-American Development Bank (IDB) approved a loan for
US$20 million to strengthen the Peruvian government's National
Control System (NCS), which is responsible for conducting
governmental oversight in the context of challenges posed by the
country's growing economic development and the resulting increase
in public expenditure, as well as Peru's ongoing process of

In recent years, the Office of the Comptroller General of the
Republic has significantly enhanced its capacity with a new
management model.  However, major challenges remain.  Only 14
percent of local governments are subject to effective control,
compared to 75 percent of the national government.

The project seeks to strengthen the consolidation process of the
NCS in order to reduce the gap between demand for oversight and
its availability in Peru's regions and municipalities.  The
project supports new roles for government oversight, going beyond
the traditional after the fact controls to a focus on supporting
management and improvement of the efficiency of spending and
prevention capabilities.

In this way, the project supports the development of capacity to
improve the performance of control systems in line with efforts to
foster budgeting by results.  The project pays particular
attention to strengthening internal control of public entities.

Expected results include increasing the rate of recommendations
made in financial compliance audits implemented by public
institutions, increasing coverage of control in local governments,
and supporting the adoption of budgeting for results.

More than 2,500 public entities are subject to the NCS, including
more than 1,960 local entities and 175 public enterprises.

The loan has an interest rate based on LIBOR with a disbursement
period of 66 months and a bullet payment due in March 2021.  Local
counterpart financing totals US$20 million.


Large Companies With Insolvent Balance Sheets

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


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


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


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


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

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