TCRLA_Public/130911.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

           Wednesday, September 11, 2013, Vol. 14, No. 180


                            Headlines



B R A Z I L

AUTOMOTORES GILDEMEISTER: Moody's Lowers CFR to Ba3
CHEMICAL VIII: Moody's Assigns (P)B2 Rating to Mezzanine Shares
LUPATECH SA: Hasn't Been Informed of Bankruptcy Request
OGX PETROLEO: Sinks as Batista Challenges US$1 Billion Put Option
OGX SA: Fitch Downgrades Issuer Default Ratings to 'C'

REDE ENERGIA: Brazil Court Approves Bankruptcy Protection Plan


C A Y M A N  I S L A N D S

BLUEGOLD GENERAL: Creditors' Proofs of Debt Due Oct. 9
DEEPHAVEN EUROPEAN: Creditors' Proofs of Debt Due Oct. 9
FORTITUDE CAPITAL: Creditors' Proofs of Debt Due Oct. 9
GBP FUNDING: Commences Liquidation Proceedings
HARTVILLE RE: Placed Under Voluntary Wind-Up

HIGHBRIDGE MANAGED: Creditors' Proofs of Debt Due Oct. 9
HIGHBRIDGE MASTER: Creditors' Proofs of Debt Due Oct. 9
LONGACRE OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 11
PARKLAND GLOBAL: Creditors' Proofs of Debt Due Oct. 14
ROTHORN AIRCRAFT: Creditors' Proofs of Debt Due Oct. 15

RUTLEY CARPOOL: Creditors' Proofs of Debt Due Oct. 9
RUTLEY CARPOOL 1: Creditors' Proofs of Debt Due Oct. 9
SCARAB HOLDING: Creditors' Proofs of Debt Due Oct. 9
SECQUAERO INVESTMENT: Creditors' Proofs of Debt Due Oct. 9
SMITH BREEDEN: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gets Thumbs Down From World Economic Forum


J A M A I C A

* JAMAICA: NIR Sinks to Six-Month Low in August, BOJ Reports


M E X I C O

CORPORACION GEO: S&P Withdraws 'D' CCR and Issue-Level Rating
EMPRESAS ICA: Moody's Confirms B2 CFR; Outlook Negative


P E R U

INKIA ENERGY: S&P Retains 'BB' Rating Following $150MM Add-On
INKIA ENERGY: Moody's Assigns Ba3 Rating to $150MM Notes Add-on


P U E R T O   R I C O

EL FARMER: Hearing on Plan Outline Scheduled for Nov. 6
INDUCHEM S E: Case Summary & 6 Unsecured Creditors
IS WORLD DISTRIBUTORS: Case Summary & 8 Unsecured Creditors
WYR CORPORATION: Case Summary & 10 Unsecured Creditors


T R I N I D A D  &  T O B A G O

GTL TRINIDAD: PwC Discusses Receivership Decisions With Petrotrin


X X X X X X X X

* Moody's Notes Rising Pvt. Sector Debt for Developing Countries


                            - - - - -


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


AUTOMOTORES GILDEMEISTER: Moody's Lowers CFR to Ba3
---------------------------------------------------
Moody's Investors Service has downgraded Automotores Gildemeister
S.A.'s corporate family rating and its senior unsecured rating to
Ba3 from Ba2. The ratings remain under review for further
downgrade.

Ratings downgraded:

Issuer: Automotores Gildemeister S.A.

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

- $400 million Senior Unsecured Notes due 2021: to Ba3 from Ba2
(foreign currency)

- $300 million Senior Unsecured Notes due 2023: to Ba3 from Ba2
(foreign currency)

Ratings Rationale:

"The one-notch downgrade to Ba3 was triggered by Gildemeister's
weaker margins and higher than expected working capital outflows,
that are likely to lead to higher than expected leverage for a
prolonged period of time, explained Moody's senior analyst, Soummo
Mukherjee. The deterioration in financial performance reflects
higher overall selling and administrative expenses and EBITDA
losses in Brazil, expected to amount to $ 20 million in 2013.

"The downgrade also takes into account the expectation that free
cash flow will remain largely negative over the next few
quarters," added Mukherjee.

Gildemeister's leverage, as measured by Total Adjusted Debt to
EBITDA, has steadily risen over the last few quarters to 6.6x for
the LTM ended June 30th, 2013 from 3.1x at LTM Q1 2012 and 4.8x at
the of 2012, according to Moody's standard definitions and
adjustments. In the meantime, free cash to debt deteriorated to
negative 22% for the LTM ended June 30th, 2013 from negative 9.4%
at the end of Q1 2012.

While the company has improved in terms of top-line due to the
solid growth in its Peruvian and Chilean markets, its reported
EBITDA margin declined to its current 7.4% level from 13% at the
end of 2011. Moreover, working capital outflows, mainly related to
higher inventory levels and high capital expenditure, have
contributed towards negative free cash flow and higher leverage in
the past few quarters.

Gildemeister's Brazilian operations continue to be a cash-drain
that is likely to persist into 2014. Although its revised dividend
policy and expected capex reduction should help preserve cash
flows 2014, the company has already paid the equivalent of $ 37
million in dividends in 2013 and free cash flow is likely to
remain negative during next year, leading to leverage ratios above
6.0x over the short-to-medium term.

The continued review for downgrade will focus on the company's
concrete 2014 business plan. Specifically, Moody's will assess
Gildemeister's ability to offset further potential deterioration
in local currencies against the $, restore gross and EBITDA
margins with cost-cutting measures, improve inventory days and
generate positive free cash flow, while deleveraging the business
going forward. Moody's expects to conclude this review following
its Q3 results.

As of June 30, 2013, Gildemeister's liquidity profile was adequate
based on cash on hand of Chilean Pesos 57.6 billion (approximately
$112 million) to cover short term debt of Chilean Pesos 49.3
(approx. $ 84 million). The company remains reliant on its
approximate $ 400 million of availability in its total uncommitted
lines with several banks in Peru and Chile amounting to $ 600
million. With continued high capital expenditures for 2013 and
Moody's expectation that free cash flow will remain negative,
liquidity is likely to remain tight and Gildemeister should remain
reliant on external sources to fund its growth plans. The
company's inventory, however, remains largely unencumbered and
could be used to finance secured debt, if needed.

The principal methodology used in this rating was the Global
Automotive Retailer Industry Methodology published in December
2009.

Gildemeister S.A., headquartered in Santiago, Chile, is one of the
largest importers and distributors in Chile and Peru operating a
network of company-owned and franchised vehicle dealerships. Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets. For the last twelve months ended June 30,
2013, Gildemeister reported consolidated net revenues of about $
1.6 billion with approximately 60% being generated from its key
market, Chile.


CHEMICAL VIII: Moody's Assigns (P)B2 Rating to Mezzanine Shares
---------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Baa3
(sf) (Global Scale, Local Currency) and (P)Aaa.br (sf) (Brazilian
National Scale) to the Senior Shares, and of (P)B2 (sf) (Global
Scale, Local Currency) and (P)Ba1.br (sf) (Brazilian National
Scale) to the Mezzanine Shares to be issued by Chemical VIII -
FIDC Industria Petroquimica, a securitization backed by a pool of
trade receivables and originated by Braskem Group.

Issuer: Chemical VIII - FIDC Industria Petroquimica (Chemical VIII
- FIDC)

Senior Shares - (P)Baa3 (sf) (Global Scale, Local Currency) &
(P)Aaa.br (sf) (Brazilian National Scale)

Subordinated Mezzanine Shares - (P)B2 (sf) (Global Scale, Local
Currency) & (P)Ba1.br (sf) (Brazilian National Scale)

Ratings Rationale:

The ratings are based on the following factors:

- Credit enhancement in the form of senior subordination ranging
from a minimum of 9.09% to a maximum of 13.04% to mitigate losses
due to obligor default and/or dilution;

- The eligibility criteria of the trade receivables, represented
by electronic invoices, to be acquired by the issuer, which
include concentration limits by client, delinquency by client, and
maximum term of the trade receivables. The maximum individual
obligor concentration limit is 3%;

- Low and stable historical delinquency and dilution levels of the
sellers' trade receivable portfolio;

- Very low commingling risk as payments by obligors are made to
the fund's segregated account maintained at Banco Bradesco (A3
Long-Term Bank Deposit Rating in the Global Scale, Local Currency
Scale & Aaa.br in the Brazilian National Scale); and

- Braskem Group's sound track record in sponsoring securitization
transactions and stable performance of previous transactions.
Chemical VIII -- FIDC is Braskem Group's eighth securitization of
its trade receivables portfolio. The realized performance of the
past transactions has been in line with Moody's original
assumptions used in rating the transactions.

Chemical VIII - FIDC is a closed-ended FIDC and will have a final
legal maturity of 60 months. Provisional ratings are assigned to
the senior shares and to the mezzanine shares. The senior shares
and the mezzanine shares accrue, on a daily basis, a floating-rate
of interest equivalent to the DI Rate (Brazilian Interbank Rate)
plus a fixed rate of 1.15% and 3.10% per annum, respectively.

The transaction will have a 54 month revolving period followed by
a 6 month amortization period. During the 54-month revolving
period no principal payments will be made on the senior and
mezzanine shares; interest payments will be made semi-annually.
During the final 6 month amortization period, starting on month
55, principal and interest payments will be made on a monthly
basis. Senior and mezzanine shares will follow the same
amortization schedule.

Amortization payments to the mezzanine shares will only be allowed
(i) after the scheduled senior amortization payments are made, and
(ii) as long as the minimum senior subordination ratio is
maintained. As long as there are senior and mezzanine shares
outstanding, partial amortization payments of junior subordinated
shares are allowed if the mezzanine subordination is above 2.8%.

Key eligibility criteria verified by the master servicer includes
(i) obligor concentration up to 3% and (ii) maturity of trade
receivables are 90 day maximum and 9 days minimum.

The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.), Braskem
Petroquimica Ltda. (previously known as Quattor Petroquimica
S.A.), together Braskem Group or the Sellers.

Commingling risk is considered to be very low as obligors are
instructed to pay directly into a segregated account in the name
of the fund by means of invoices generated by Banco Bradesco and
other selected collection banks. Any monies received by the
sellers must be remitted to the segregated account within 2
business days; a non-automatic acceleration event (evento de
avaliacao) is triggered if payments made directly to the sellers'
account trigger 5% of fund's net assets. The sellers will act as
primary servicers.

Moody's has analyzed the sellers' receivables pool for the 36-
month period starting in May 2010 and ending in April 2013
reviewed by KPMG. During this period, Braskem and Quattor Group
(Braskem Qpar, Braskem Petroquimica and RioPol) have generated
trade receivables in the amount of BRL 76.3 billion over
approximately 1,053,592 separate invoices. On August 30, 2013,
RioPol was acquired by Braskem Qpar. As modeling input
assumptions, Moody's used a central mean of 0.13% monthly
dilutions and 0.20% monthly losses over outstanding balance, and
it assumed portfolio turnover at 40.75 days. Moody's calculates
loss assumptions using as a proxy delinquencies from 91 to 120
days past due over the total portfolio.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. Moody's key ratings-
model assumptions for this transaction are Braskem's rating, loss
rate and dilution rate. If Braskem's rating is downgraded from
Baa3 to Ba2 and the loss rate and dilution rate are doubled, the
senior and mezzanine ratings assigned would remain unchanged.

The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool. Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the
international competition in the petrochemical industry and severe
economic activity downturn.

The principal methodology used in this rating was Moody's Approach
to Rating Trade Receivables Backed Transactions published in July
2002.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


LUPATECH SA: Hasn't Been Informed of Bankruptcy Request
-------------------------------------------------------
Katerina Petroff at Bloomberg News reports that a column of
bankruptcy requests published in Valor Economico newspaper said
that Brasilia Maquinas e Ferramentas entered a request for
Lupatech SA bankruptcy at a Sao Paulo court.

Lupatech SA said in regulatory filing that it will take
appropriate measures to resolve the issue once it receives the
bankruptcy request, according to Bloomberg News.

Headquartered in Nova Odessa, Brazil, Lupatech S.A. is a major
equipment manufacturer for the oil & gas, industrial valves and
casting parts sectors, with net revenues of BRL 628 million ($322
million) for the last twelve months ended March 31, 2013.
Lupatech's Products division represented some 45% of net sales for
the most recent quarter, and includes oil and gas valves,
synthetic fiber ropes for platform anchoring and industrial
valves. The Services division, focused on oilfield services in
Brazil and Colombia, as well as tubular and coating services,
represented 55% of net sales.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2013, Moody's Investors Service downgraded Lupatech's
corporate family rating to Ca from Caa2 (and to Ca.br from Caa2.br
on the national scale rating) and its senior unsecured debt
ratings to C from Caa3.  The outlook for the ratings is stable.


OGX PETROLEO: Sinks as Batista Challenges US$1 Billion Put Option
-----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Eike Batista's OGX
Petroleo & Gas SA tumbled the most in a week after the Brazilian
entrepreneur disputed a request from the oil explorer to exercise
part of a US$1 billion put option as it seeks cash to keep
operating.

OGX plummeted 17 percent to 43 centavos at the close of trading in
Sao Paulo, the most since Aug. 30, according to Bloomberg News'
Sep 10 report.

The oil company founded by Batista is down 90 percent this year,
the biggest drop among more than 500 global oil companies worth at
least US$100 million, according to data compiled by Bloomberg.

Mr. Batista is disputing the terms of the option and plans to take
the matter to an arbitration court if an agreement isn't reached
within 60 days, according to a letter from the entrepreneur to OGX
that the company disclosed Sept. 10 in a regulatory filing,
Bloomberg News discloses.

Bloomberg News notes that OGX posted its largest ever increase
Sept. 6 after saying it would ask Batista for $100 million by
exercising part of the option he pledged last year.

"I reserve the rights provided to me by the contract and law in
the sense of questioning the circumstances, form, content,
legitimacy and other legal aspects of the intended exercising of
the option," Mr. Batista said in the letter, Bloomberg News 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.


OGX SA: Fitch Downgrades Issuer Default Ratings to 'C'
------------------------------------------------------
Fitch Ratings has downgraded the Foreign Currency (FC) and Local
Currency (LC) Issuer Default Ratings (IDRs) of OGX S.A. to 'C'
from 'CCC' and its long-term National Scale rating to 'C (bra)'
from 'CCC (bra)'. In conjunction with these rating actions, Fitch
has downgraded the rating of OGX's USD2.6 billion and USD1.1
billion notes to 'C/RR5' from 'CCC/RR4'.

Key Rating Drivers
These downgrades follow the announcement by the company's
controlling shareholder, Eike Batista, that he is contesting the
validity of a USD1 billion put option obligation to OGX.

OGX's 'C' ratings reflect the company's imminent default given its
extremely tight liquidity position, and the need for significant
capital expenditures to increase production output and operating
cash flow. OGX's ambitious capital expenditure program of
approximately USD1.3 billion in 2013 and its low to negative
EBITDA is expected to result in a depletion of the company's cash
by the end of 2013. As of June 30, 2013, OGX had BRL722 million of
cash and cash equivalents and BRL8.7 billion of debt obligations,
mostly composed of USD2.6 billion notes due in 2018 and USD1.1
billion notes due in 2022.

Rating Sensitivities
Absent a material capital infusion, OGX is likely to default on
its debt in the near future. OGX is a Brazilian oil and gas
company created in 2007, 58.92% owned by EBX Group. OGX has a
portfolio of 62 blocks in Brazil and Colombia, including the
recently acquired 13 exploratory blocks in Brazil. In Brazil,
OGX's blocks are located in the Campos, Santos, Espirito Santo,
Para-Maranhao and Parnaiba Basins.


REDE ENERGIA: Brazil Court Approves Bankruptcy Protection Plan
--------------------------------------------------------------
Fabiola Moura at Bloomberg News, citing a regulatory filing,
reports that Rede Energia SA said that the Brazil Court has
approved Rede Energia SA's bankruptcy protection plan.

Court approval is important pre condition for Rede Energisa to
acquire Grupo Rede cos., Energisa said in a separate filing,
according to Bloomberg News.

Acquisition remains subject to fulfilling of certain conditions,
including Aneel, Cade approvals, Bloomberg News relates.

Rede Energia SA, headquartered in Sao Paulo, Brazil, is a holding
company with interests mostly in the electricity distribution.
Through majority-owned subsidiaries Companhia de Energia Eletrica
do Estado do Tocantins - Celtins, Centrais Eletricas
Matogrossenses S.A. - Cemat, Centrais Eletricas do Para S.A. -
Celpa and Empresa Energ. do Mato Grosso Sul - Enersul, the group
operates concessions to distribute electricity in the states of
Tocantins, Mato Grosso, Para and Mato Grosso do Sul,
respectively.



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


BLUEGOLD GENERAL: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------------
The creditors of Bluegold General Partner Inc. are required to
file their proofs of debt by Oct. 9, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 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


DEEPHAVEN EUROPEAN: Creditors' Proofs of Debt Due Oct. 9
--------------------------------------------------------
The creditors of Deephaven European Event Master Fund Ltd. are
required to file their proofs of debt by Oct. 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2013.

The company's liquidator is:

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


FORTITUDE CAPITAL: Creditors' Proofs of Debt Due Oct. 9
-------------------------------------------------------
The creditors of Fortitude Capital Extension (Caymans) Fund are
required to file their proofs of debt by Oct. 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 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


GBP FUNDING: Commences Liquidation Proceedings
----------------------------------------------
On Aug. 27, 2013, the sole shareholder of GBP Funding 2007-A
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Alan Levy
          c/o Bank of America Merrill Lynch
          One Bryant Park
          New York, NY 10036
          USA
          Telephone: +1 (345) 914 6365


HARTVILLE RE: Placed Under Voluntary Wind-Up
--------------------------------------------
On July 17, 2013, the sole shareholder of Hartville Re resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          RSM Cayman Ltd.
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town, PO Box 10311
          Grand Cayman KY1-1003
          Cayman Islands


HIGHBRIDGE MANAGED: Creditors' Proofs of Debt Due Oct. 9
--------------------------------------------------------
The creditors of Highbridge Managed Portfolio Feeder, Ltd. are
required to file their proofs of debt by Oct. 9, 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


HIGHBRIDGE MASTER: Creditors' Proofs of Debt Due Oct. 9
-------------------------------------------------------
The creditors of Highbridge Managed Portfolio Master, Ltd. are
required to file their proofs of debt by Oct. 9, 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


LONGACRE OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 11
-----------------------------------------------------------
The creditors of Longacre Opportunity Offshore Fund, Ltd are
required to file their proofs of debt by Oct. 11, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 14, 2013.

The company's liquidator is:

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

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


PARKLAND GLOBAL: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------------
The creditors of Parkland Global Assets Fund Ltd are required to
file their proofs of debt by Oct. 14, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 14, 2013.

The company's liquidator is:

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


ROTHORN AIRCRAFT: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------
The creditors of Rothorn Aircraft Leasing Ltd are required to file
their proofs of debt by Oct. 15, 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:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


RUTLEY CARPOOL: Creditors' Proofs of Debt Due Oct. 9
----------------------------------------------------
The creditors of Rutley Carpool (Cayman) Limited are required to
file their proofs of debt by Oct. 9, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 20, 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


RUTLEY CARPOOL 1: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------------
The creditors of Rutley Carpool (Cayman) 1 Limited are required to
file their proofs of debt by Oct. 9, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 20, 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


SCARAB HOLDING: Creditors' Proofs of Debt Due Oct. 9
----------------------------------------------------
The creditors of Scarab Holding Limited are required to file their
proofs of debt by Oct. 9, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 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


SECQUAERO INVESTMENT: Creditors' Proofs of Debt Due Oct. 9
----------------------------------------------------------
The creditors of Secquaero Investment Management (Cayman) Ltd are
required to file their proofs of debt by Oct. 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 16, 2013.

The company's liquidator is:

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


SMITH BREEDEN: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 28, 2013, the sole shareholder of Smith Breeden Short
Duration 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 liquidator is:

           Smith Breeden Associates Inc.
           c/o 280 South Mangum St.
           Suite 301 Durham NC 27701 USA
           Telephone: +1 (345) 914 6365


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


* DOMINICAN REPUBLIC: Gets Thumbs Down From World Economic Forum
----------------------------------------------------------------
The Dominican Today reports that the World Economic Forum's Global
Competitiveness Index again ranked the Dominican Republic 105th
among 148 countries, which measures those nation's level of
prosperity.

The result stressed that among the country's most problematic
factors for doing business figure corruption, at 17.7 points,
access to financing, with 13.7, inefficient government
bureaucracy, 11.9; tax rates, 11.2, and poorly educated workforce,
with 10 points, according to The Dominican Today.

The report relates that it ranks favoritism in decisions by
government officials at 145, and 143 on reliability in the
services of police and trust in politicians.

Among other points, the Global Competitiveness Report 2013-2014
report released said despite robust economic growth of the last
few years, low productivity still hobbles Latin America, The
Dominican Today notes.

Global Competitiveness report notes a general stagnation on
competitiveness in the region, and ranks Chile on top of the
classification with 34, ahead of Panama (40), Costa Rica (54) and
Mexico (55), The Dominican Today adds.


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


* JAMAICA: NIR Sinks to Six-Month Low in August, BOJ Reports
------------------------------------------------------------
RJR News reports that the Bank of Jamaica has released data,
showing the Net International Reserves (NIR) sank to a six-month
low in August.  At the end of that month, the NIR stood at US$881
million after two consecutive months of decline, according to RJR
News.

The report relates that since the start of the year, the NIR has
lost US$244 million and is now at its second lowest level in more
than a decade.  The central bank said with current prices it
estimates the NIR is capable of purchasing less than 11 weeks of
imports, RJR News notes.

The international benchmark is for the NIR to be capable of
purchasing at least 12 weeks of goods and services, RJR News adds.


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


CORPORACION GEO: S&P Withdraws 'D' CCR and Issue-Level Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its corporate credit
and issue-level ratings on Mexico-based real-estate developer
Corporacion GEO, S.A.B. de C.V. (Geo).  Prior to the withdrawal,
the ratings were 'D'.

On July 25, 2013, Geo announced that it would not report its
quarterly results for the period ended June 31, 2013.

"Since early April of this year, Geo has undergone a financial and
operating restructuring.  However, as the company has not provided
any update on this process and has failed to report fiscal results
required by the regulator, we do not have sufficient information
to conduct a thorough analysis," said Standard & Poor's credit
analyst Fernanda Hernandez.

On April 29, 2013, S&P lowered its corporate credit and issue-
level ratings on Geo to 'D', after the company failed to pay
MXN2.4 million in interest corresponding to its debt certificate
GEO11.  As of today, the company has not complied with any other
payment.


EMPRESAS ICA: Moody's Confirms B2 CFR; Outlook Negative
-------------------------------------------------------
Moody's Investors Service confirmed Empresas ICA, S.A.B. de C.V.
corporate family and senior unsecured ratings at B2 and changed
the outlook to negative. This concludes the ratings review
initiated on May 17th, 2013, prompted by ICA's higher than
anticipated debt leverage and liquidity risk.

The following ratings were affected:

- Corporate Family Rating: confirmed at B2

- 8.375% $ 350 million global notes due 2017: confirmed at B2

- 8.9% $ 500 million global notes due 2021: confirmed at B2

The ratings outlook is negative.

Ratings Rationale:

ICA's B2 ratings are based on the company's weak credit metrics
related to debt leverage and interest coverage as well as its weak
liquidity. The ratings also factor ICA's high dependence on short
term bank debt renewals as well as asset sales to fund operations
and committed equity injections to its portfolio of concessions.
The ratings incorporate about MXN 7 billion raised from the sale
of equity stakes at OMA (airport concessions) and RCO (toll road
concessions) in the last couple of months.

Supporting ICA's ratings are its leading position in the
construction industry in Mexico, its long-term track record of
participating in the largest construction and infrastructure
projects in the country, and the company's diversified and solid
portfolio of concessions in the road, airport, water treatment,
and ports, among others, most of which have solid margins and
favorable earnings prospects.

The negative outlook on ICA's ratings reflects the current weak
operating performance at the construction business given the low
number and aggregate peso amount of infrastructure projects
sponsored by the Mexican government so far in 2013. The negative
outlook also takes into account Moody's belief that upcoming
construction projects, when announced, will take some time to
materialize in terms of cash inflows to ICA given the lengthy
drafting and bidding process usually related to large
infrastructure projects.

ICA's liquidity risk is high. The company had about MXN 8 billion
in cash as of June 30, 2013, which negatively compares with
approximately MXN 14.7 billion in debt maturing in the next 12
months and about MXN 4.6 billion in capex planned for the same
period, mainly related to committed equity contributions to
concessions, which must be funded before the end of 2014. The
company's dependence on rolling over short-term debt highlights
its liquidity risk.

ICA's liquidity profile is also significantly influenced by
working capital swings related to the construction business; the
company is also vulnerable to its business relationship with
several instances of Mexican governments, which tend to delay
payments.

Moody's believes that dividends and royalties from ICA's
construction and airports businesses will be sufficient to cover
debt service at the holding level. In its credit risk assessment,
Moody's assumes that ICA receives no dividends from its concession
projects, which are either in start-up or greenfield phases.
However, Moody's believes that these assets are accretive to ICA
in case it needs to raise cash; Moody's estimates, based on recent
transactions, that the six most important projects in ICA's
portfolio of 18 concessions are worth about MXN 17 billion. In the
last couple of months, ICA sold a 17% stake at OMA (airport
concessions) and the totality of its xx% stake at RCO (a portfolio
of toll roads) for a total combined amount of MXN 7 billion.

The new Mexican government, which took office in early December
2012, has already announced its National Infrastructure Plan,
which amounts to $ 100 billion for the next five years. However,
it is not yet clear when new, large government projects will be
announced and awarded; in any event, Moody's believes that ICA
would only start to post revenues from these projects in mid 2014.

Moody's could stabilize the ratings outlook in the next 12 to 18
months if there is better visibility about the cash flows from
construction business in Mexico, particularly for ICA. Moody's
will also consider any additional debt that ICA would choose to
raise to participate in new construction projects.

It is unlikely that ICA's ratings will be upgraded in the next 12
to 18 months. However, if the company's maturing concession
portfolio either increase dividends to ICA or is monetized via
asset sales, with the proceeds used for significant debt
reduction, a positive credit momentum could develop. In this
regard, the ratings could be positively affected if the company
manages to reduce its consolidated Moody's-adjusted leverage to
around 8 times and reported leverage at construction business
below 4 times on a sustained basis, while maintaining positive
revenue growth. For an upgrade to be considered, ICA's operating
margins should be stable and it would have to maintain a backlog
sufficient to cover at least 12 months of execution.

Conversely, ICA's ratings could be downgraded if the company's
liquidity position worsens with limited prospects for a short-term
improvement, if Moody's believes that revenue or margins during
the next 12 to 18 months will be weaker than expected, if debt
leverage increases further, or if it becomes difficult for the
company to renew its revolver credit lines, which fund its working
capital needs.

The last rating action on ICA occurred on May 17th, 2013 when
Moody's downgraded ICA's ratings to B2 from B1 and left the rating
on review for possible further downgrade.

Headquartered in Mexico City, ICA is the largest engineering,
procurement and construction company in Mexico and the largest
provider of construction services to both public and private-
sector clients. In the last twelve months ended in June, 2013,
ICA's revenue and Moody's adjusted EBITDA margin were about $ 3.4
billion and 15.2% respectively

The principal methodology used in this rating was the Global
Construction Industry Methodology published in November 2010.


=======
P E R U
=======


INKIA ENERGY: S&P Retains 'BB' Rating Following $150MM Add-On
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' issue-level
rating on Bermuda-based power generator conglomerate Inkia Energy
Ltd. remains unchanged following the $150 million add-on.  The
add-on brings the total amount under the existing senior unsecured
bond to $450 million.  The terms and conditions of the new bonds
are the same as of the existing $300 million bonds issued in April
2011.

The issue-level 'BB' rating (the same as the corporate credit
rating on the company) reflects Inkia's credit quality, its "fair"
business and "aggressive" financial risk profiles.  S&P expects
Inkia will use the proceeds of the bonds to prefund its
development pipeline of power projects in Latin America, both
through greenfield projects and acquisitions.

RATINGS LIST

Inkia Energy Ltd.
  Corporate credit rating    BB/Stable/--
  Sr unsec notes             BB


INKIA ENERGY: Moody's Assigns Ba3 Rating to $150MM Notes Add-on
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family and
senior unsecured ratings of Inkia Energy Ltd. In addition, Moody's
assigned a Ba3 rating to Inkia's proposed $150 million additional
senior unsecured note offering to be issued under the indenture
dated April 4, 2011, pursuant to which Inkia issued initially the
$300 million 8.375% senior unsecured notes due 2021. The outlook
is stable.

Proceeds of the notes will be used to fund the development of
Inkia's pipeline of power projects which includes greenfield but
also potentially the acquisition of operating hydroelectric,
thermal and wind power projects in Peru, Chile, the Dominican
Republic and Central America.

Ratings Rationale:

"Inkia's Ba3 ratings reflect the structural subordination and the
material amount of debt that exists at the holding company" said
Moody's Vice President Natividad Martel. "Moody's calculates that
Inkia's parent-only debt will exceed 50% of the consolidated
indebtedness including the subordinated shareholder loans
following the issuance of the additional senior unsecured notes".
While the ratings factor the benefits associated with Inkia's
geographical diversified ownership stakes that credit positive's
relevance is overshadowed by the importance of dividend
distributions from its two largest investments in Peru, Edegel and
Kallpa. The ratings also acknowledge that the operating and
financial performance of the latter has improved significantly
after the successful completion of its CC-project in 2012. The
ratings also capture the current risks associated with the
construction of the 525MW run-of the river hydro-electric power
generation plant, Cerro del Aguila (capital expenditure; $910
million) in which Inkia holds a 74.9% equity interest albeit the
ratings also consider the mechanisms that have been put in place
to mitigate these risks" added Martel.

The Ba3 ratings further consider Inkia's significant pipeline of
potential projects but assume that the issuer will pursue any new
growth initiative in a disciplined manner. The Ba3 ratings
acknowledge that the absence of any planned dividend distributions
to Israel Corporation (IC), Inkia's ultimate parent, provides
Inkia some financial flexibility. The ratings also anticipate that
decisions regarding the servicing of the subordinated shareholders
loans consider the company's funding requirements should its
significant pipeline of projects materialize. While Inkia's
ratings do not incorporate any uplift from its current shareholder
structure, Moody's considers IC's historical capital commitment to
help fund Inkia's growth and development, including its financial
commitment to support the completion of the Cerro del Aguila
project, to be credit positive. Therefore, the ratings also assume
that a change in Inkia's ownership structure should IC implement
the spin-off of some of its subsidiaries, currently under
consideration, including Inkia's direct parent company, IC Power,
would not result in any significant changes in Inkia's financial
policy in terms of its dividend policy and capital allocation.
While the absence of a committed credit facility to cope with
unexpected liquidity shocks is a credit negative, Inkia has access
to alternative sources of liquidity including the possible
disposal of some of its equity interests in some subsidiaries,
including its 21.1% stake in the Peruvian power generation company
Edegel that has a current total market value of around $2.3
billion.

Importantly, the ratings assume that Inkia will continue to report
consolidated and parent only credit metrics that are commensurate
with the lower-end of the Ba-rating category despite the
additional notes issuance as well as the significant incremental
project financing indebtedness associated with the funding of the
CdA project until its completion (expected before year-end 2015).
Specifically, the ratings anticipate that Inkia's 3-year average
ratio of consolidated and parent operating cash flow (POCF,
defined as total subsidiary distributions less parent overhead
costs and parent interest expense) to parent level debt (including
shareholders' loans) to hover around 10%, with parent interest
coverage of at least 2.0x.

The stable rating outlook reflects Moody's expectation that Kallpa
will continue to upstream robust cash flows amid its amortizing
indebtedness with no significant re-leveraging over the short-to-
medium term. It further assumes continued steady progress in the
construction of the Cerro del Aguila hydroelectric project, and
that Inkia will continue to pursue new investment opportunities in
a disciplined manner such that the company would be able to report
parent only and consolidated credit metrics that remain
commensurate with the low range of the Ba-rating category.

Inkia's ratings could see some positive momentum after the
completion of the Cerro del Aguila project in 2016 if the
company's consolidated and parent-only credit metrics improve such
that cash flow coverage of interest expense and cash flow to debt
exceed 3.0x and 18%, respectively, on a sustainable basis.
Additionally, any improvement in Inkia's consolidated financial
performance will be balanced against Moody's assessment of the
company's growth and development initiatives underway at that
time.

Complications in the completion of the Cerro del Aguila
hydroelectric project, and/or political or operational problems at
some of its other key subsidiaries that result in a material
deterioration in the anticipated dividend distributions to Inkia
and/or in the consolidated and parent-only credit metrics could
put downward pressure on the ratings. Specifically, downward
pressure would result if Inkia were to report 3-year average
consolidated or parent-only cash flow to debt, and interest cash
flow coverage below 10% and 2.0x, respectively, on a sustainable
basis.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.

Headquartered in Lima, Peru (Government bond: Baa2; positive),
Inkia Energy Limited (Inkia) is an international holding company
incorporated in Bermuda that holds ownership stakes in unregulated
power generation companies domiciled in several Central and South
American countries.

Israel Corporation is Inkia's 100% indirect parent company via the
holding company IC Power Ltd., set up to hold the group's
investments in power generation, including Inkia and an 80% stake
in OPCRotem. The latter is currently building a 440MW CC facility
in Israel (completed in July).

At the end of June 2013, Inkia recorded consolidated assets of
$1.9 billion and cash flow from operations of around $188 million
for the last twelve months ended in June.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.


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


EL FARMER: Hearing on Plan Outline Scheduled for Nov. 6
-------------------------------------------------------
The hearing to consider the approval of the disclosure statement
for El Farmer, Inc.'s Chapter 11 Plan of Reorganization dated
July 29, 2013, is scheduled for Nov. 6, 2013, at 9:00 a.m.  The
Debtor's deadline to file an amended Plan and Disclosure Statement
is on Sept. 30, 2013.  The Court's scheduling order also provided
the Debtor five days to file an application for use of cash
collateral with the corresponding projections.

As reported in the TCR on Aug. 22, 2013, El Farmer, Inc., filed
with the U.S. Bankruptcy Court for the District of Puerto Rico a
Proposed Plan of Reorganization and explanatory Disclosure
Statement on July 29, 2013.

Pursuant to the Plan, general unsecured creditors will receive a
distribution of 5% of their allowed claims to be distributed at
$4,396 per month for 96 months.  General unsecured claims filed in
the case total $54,926.79.  BPPR's unsecured portion is
$6,592,679.

With respect to BPPR's Secured Claim of $11,641,429, the Debtor
will pay the value of collateral determined as $5,048,750 at the
rate of $36,092 in 180 equal monthly installments.  The balance
will be treated as a general unsecured claim.

Payments and distributions under the Plan will be funded from the
Debtor's postpetition income from the operation of the business.

A copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/elfarmer.doc120.pdf

                          About El Farmer

El Farmer, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012.  The
Debtor scheduled $18.3 million in assets and $12.0 million in
liabilities, including $11.0 million owed to secured creditor
Banco Popular De Puerto Rico.  The Debtor owns farm lands in
Isabela, Puerto Rico.  Modesto Bigas Mendez, Esq., at Bigas &
Bigas, in Ponce, P.R., represents the Debtor as counsel.


INDUCHEM S E: Case Summary & 6 Unsecured Creditors
--------------------------------------------------
Debtor: Induchem S E
        P.O. Box 364153
        San Juan, PR 00936

Bankruptcy Case No.: 13-07337

Chapter 11 Petition Date: September 4, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

Scheduled Assets: $2,600,000

Scheduled Liabilities: $2,010,442

A copy The Company's list of its six largest unsecured creditors
filed with the petition is available for free at:

          http://bankrupt.com/misc/prb13-07337.pdf

The petition was signed by Domingo Pagan Ithier, administrator.


IS WORLD DISTRIBUTORS: Case Summary & 8 Unsecured Creditors
-----------------------------------------------------------
Debtor: IS World Distributors PR Inc.
        P.O. Box 364149
        San Juan, PR 00936

Bankruptcy Case No.: 13-07364

Chapter 11 Petition Date: September 5, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Georgetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: (787) 758-3606
                  Fax: (787) 753-5317
                  E-mail: ldfglaw@coqui.net

Scheduled Assets: $224,100

Scheduled Liabilities: $2,361,823

A copy of the Company's list of its largest unsecured creditors,
filed together with the petition, is available for free at
http://bankrupt.com/misc/prb13-7364.pdf

The petition was signed by Efrain D. Segui Ramirez, president.


WYR CORPORATION: Case Summary & 10 Unsecured Creditors
------------------------------------------------------
Debtor: WYR Corporation
          dba Liceo Infantil Nieves
        Cond Camelot 140, Apt 1301
        San Juan, PR 00926

Bankruptcy Case No.: 13-07370

Chapter 11 Petition Date: September 5, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtor's Counsel: Diomedes M Lajara Radinson, Esq.
                  LAJARA RADINSON & ALICEA PSC
                  1303 Americo Miranda Ave
                  San Juan, PR 00921
                  Tel: (787) 781-6767
                  Fax: (787) 774-9324
                  E-mail: dlajara@lra-law.com

Scheduled Assets: $1,021,730

Scheduled Liabilities: $719,646

A copy of the Company's list of its largest unsecured creditors,
filed together with the petition, is available for free at
http://bankrupt.com/misc/prb13-7370.pdf

The petition was signed by Rosemarie Colon Berrios, secretary-
director.


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


GTL TRINIDAD: PwC Discusses Receivership Decisions With Petrotrin
-----------------------------------------------------------------
Breaking News Trinidad and Tobago reports that in a written
evidence submitted by attorney Nadia Kangaloo on behalf of
PriceWaterhouseCoopers (PwC) Partner Brian Hackett and World GTL
Trinidad Limited, which is in receivership, for a Port of Spain
High Court matter on September 4, Mr. Hackett said he formed
"strategy" and took decisions "based on discussions with"
Petroleum Company of Trinidad and Tobago (Petrotrin).

On the night before the first hearing of the matter on Sept. 3,
the judge recused herself from the case.

New York-headquartered World GTL Inc. is claiming US$2 billion for
expropriation by Petrotrin and Trinidad and Tobago of a gas-to-
liquids (GTL) plant on Petrotrin compound in Pointe-a-Pierre,
according to Breaking News Trinidad and Tobago.

In its filing with the U.S. Court for the Southern District of New
York, World GTL Inc. accused PwC of being a "puppet receiver" for
World GTL Trinidad Ltd (WGTL-TL) "who took control of the facility
without notice to anyone and without any judicial proceeding," the
report notes.  The U.S. district court referred the case to the
London Court of International Arbitration (LCIA), the report
relates.

In his written evidence, Mr. Hackett said: "Upon my appointment as
receiver, I considered that there were several options open to me,
including but not limited to: completing the GTL plant; partnering
with someone to complete the GTL plant; selling the charged assets
as a complete package or alternatively on a break up basis," the
report relays.  Mr. Hackett said he also formed strategy based on
discussions with Petrotrin.

In May 2010, the report recalls, T&T, which appoints the Petrotrin
board, changed.  Incumbent Petrotrin Chairman Lindsay Gillette was
appointed on October 20, 2010.

In his written evidence, the report discloses that Mr. Hackett
continued: "A 'teaser letter' was then prepared and distributed in
or around May 2011, an incomplete (missing Attachments I and II)
copy of which is annexed at 'AG.3' to the affidavit of Ainsley
Gill, sworn and filed herein as set out in paragraph 5 herein
above."  Ainsley Gill is the chief executive officer of NiQuan
Energy's T&T operation which took the receiver to court alleging
that Hackett and Petrotrin allowed Chinese investors to visit the
GTL plant, Mr. Hackett said, the report notes.

Mr. Hackett also said he sold TT$455,000 in scrap items from the
plant.

"In or around April 2013, I arranged for the sale of certain scrap
items in an effort to raise short term cash to meet accumulated
liabilities.  The scrap items sold were badger dock scrap, site
scrap, containers with scrap items, electrical containers and
poles including cable trays and other scrap ends which secured a
return of TT$455,000," the report quoted Mr. Hackett as saying.


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


* Moody's Notes Rising Pvt. Sector Debt for Developing Countries
----------------------------------------------------------------
Developing countries have continued to raise their levels of
private sector debt in the wake of the global financial crisis,
while developed ones have generally lowered them, says Moody's
Investors Service in the report "Private leverage trends in
developed and developing economies."

While leverage in the developing countries, in terms of debt to
GDP, is still only about half that in the developed countries and
growth in debt is a normal part of economic development, debt may
be reaching levels associated with slower growth for some
economies, says Moody's.

"In both developed and developing economies, more leverage is not
necessarily associated with more growth, and vice versa," says
Lucio Vinhas de Souza, a Moody's Managing Director and Chief
Economist for its Sovereign Risk Group. "In Developing Asia, and
China in particular, the level of leverage may have reached that
associated in some recent studies with slower growth. Given the
now increasingly important role that developing economies have for
global growth, this is a potential concern for the global
economy."

Trends in leverage show significant variation across the
developing countries, says Moody's. Developing Asia and Latin
America have been largely driving the increasing leveraging trend
even during the global crisis. Debt has stabilized in Central and
Eastern Europe, and has been falling in the Middle East and North
Africa, partly due to political unrest.

In the developed economies overall leverage levels remain very
high by historical standards. The high leverage leaves households
vulnerable to further negative shocks, such as unexpected
increases in interest rates.

Among the developed countries, those deleveraging the most have
been the US, the UK and Japan. Meanwhile, adjustments in the euro
area have so far been relatively modest, although leverage had
been at a lower level there than in the other developed countries
before the crisis.

                            ***********


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 * * *