TCRLA_Public/130916.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

           Monday, September 16, 2013, Vol. 14, No. 183


                            Headlines



B R A Z I L

GOL LINHAS: Reveals Air Traffic Figures for August 2013
OGX PETROLEO: Seeks Lifeline From Creditors
PETROLEO BRASILEIRO: Sells Colombian Oil Assets to Perenco


C A Y M A N  I S L A N D S

ANDERBURY LIMITED: Creditors' Proofs of Debt Due Oct. 6
B.A. INTERNATIONAL: Commences Liquidation Proceedings
BERKSHIRE INVESTMENTS: Placed Under Voluntary Wind-Up
CHEUNG CHOW: Placed Under Voluntary Wind-Up
EBULLIO COMMODITY: Creditors & Contributories to Meet on Sept. 23

ETHAN INVESTMENTS: Placed Under Voluntary Wind-Up
HBM BIOMED: Commences Liquidation Proceedings
HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
LUMIERE SPV: Creditors' Proofs of Debt Due Oct. 14
OPE 1ST SECURITIZATION: Creditors' Proofs of Debt Due Sept. 30

POLLUX PARTNERS I: Creditors' Proofs of Debt Due Sept. 30
RIVERDALE LIMITED: Creditors' Proofs of Debt Due Sept. 30
SMARAGD: Creditors' Proofs of Debt Due Sept. 30
SONJA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 30
VICTORIA FALLS: Creditors' Proofs of Debt Due Sept. 24


J A M A I C A

BANK OF JAMAICA: Incurs JM$15.7 Billion Year-to-Date Losses
DIGICEL GROUP: To Unveil Fixed Line Product


M E X I C O

MAXCOM TELECOMUNICACIONES: Court Confirms Prepackaged Ch. 11 Plan


N I C A R A G U A

* NICARAGUA: To Improve Transport System With US$91.5MM IDB Loan


P E R U

MAESTRO PERU: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

BOND PRICING: For the Week From Sept. 9 to Sept. 13, 2013


                            - - - - -


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


GOL LINHAS: Reveals Air Traffic Figures for August 2013
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary air
traffic figures for August 2013.

                   PRASK, Yield and Fuel Prices

Net PRASK presented a 24% growth over August/12, even with a supply
reduction of 7.6% in the domestic market in the period.  The
additional supply reduction announced at the end of June
contributed to this expressive PRASK growth on an annual
comparison.  This is the 17(th) consecutive monthly PRASK increase,
a result of the Company's focus on maximizing the profitability of
its supply.

Net yield in August posted a 33% increase year-over-year,
registering between R$24.0 and R$24.5 cents.  GOL maintained its
strategy of always improving the attractiveness of its product for
passengers who present a differentiated profile in terms of the
consumption frequency and standard.

Fuel prices* moved up by 9% in the month when compared to
August/12, driven by the continuous depreciation of the Real
against the Dollar in the last months comprising the jet fuel price
formation period, which carries a time lag.  For the next months,
the tendency is of further price hikes.

(*) Fuel price per liter considers total fuel and lubricant
expenses divided by period consumption

                          Domestic Market

In August, supply reduced by 7.6% the domestic market when compared
to August/12.

                        International Market

In August, supply moved up by 22.4%, when compared to the same
month in 2012, a reflection of the introduction of the flights to
Santo Domingo, Miami and Orlando in the end of last year.

Gol Linhas Aereas Inteligentes SA (NYSE:GOL) is a low-cost, low-
fare airline in the world 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: Seeks Lifeline From Creditors
-------------------------------------------
Emily Glazera and Luciana Magalhaes at The Wall Street Journal,
citing unnamed sources, reported that Brazilian tycoon Eike
Batista's OGX Petroleo e Gas Participacoes SA may need hundreds of
millions of dollars to continue operations as it faces a debt
restructuring and operational struggles.

Sources said that about 20 restructuring advisers for OGX Petroleo
and its creditors gathered in New York to discuss the struggling
oil company's business plan and possible next steps, according to
The Wall Street Journal.

The company has told some advisers it needs about US$500 million to
stay afloat, and in the meeting asked creditors through their
advisers for a roughly US$300 million capital injection, some of
these people said, notes WSJ.  If the creditors don't agree, the
company said it would look for other financial investors, the WSJ
added, citing one of these people as saying.

According to the source, WSJ discloses, the sides will continue to
hash out negotiations, and as they get closer to a compromise some
creditors may become "restricted," or sign confidentiality
agreements, as soon as early next week.  This would enable them to
craft a deal with the company but the situation remains fluid, the
source added, WSJ relates.

The WSJ relays that Mr. Batista has been selling assets amid a
financial crisis triggered more than a year ago when OGX failed to
meet production targets, sending shocks through his interlinked
companies, which are grouped under parent EBX Group.

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, WSJ notes.

OGX will seek to secure fresh capital from creditors as part of
talks to restructure the debts, the firm's Chief Executive Officer,
Eduardo Carneiro, told reporters, after a meeting of OGX
shareholders, WSJ discloses.

Mr. Batista and the creditors will also discuss changes in
ownership and control of the company, Mr. Carneiro said, WSJ
relays.

The firm has held a first round of discussions with creditors, but
there is no date yet for completion, WSJ quoted Mr. Carneiro as
saying.

Other avenues OGX is pursuing to raise funds include demanding an
extra US$1 billion in capital from Mr. Batista, under an agreement
signed late last year, as well as selling a 40% stake in the firm's
main oil field to Malaysia's government-run oil company, Petroliam
Nasional, or Petronas, Mr. Carneiro said, WSJ relates.

WSJ says that both those options are in doubt, however.  Mr.
Batista has refused to put fresh capital into the company, and has
said he would seek arbitration if OGX's management team insists,
WSJ notes.  Petronas, meanwhile, has said it won't conclude the
deal with OGX until the Brazilian firm restructures its debts,
notes the report.

OGX, which has discontinued development of most of its oil fields,
has fallen into turmoil, WSJ says.  Its travails have also thrown
the future of Mr. Batista's infrastructure conglomerate -- with
interests in oil and gas, mining and logistics -- into question,
WSJ added.

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.


PETROLEO BRASILEIRO: Sells Colombian Oil Assets to Perenco
----------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Petroleo Brasileiro
SA, the most indebted publicly traded oil company, agreed to sell
oil blocks and pipelines in Colombia to Perenco UK Ltd. for US$380
million.

"The Petrobras Colombia assets that are part of the transaction
include 11 onshore exploration and production blocks with an
average production of 6,530 barrels of oil equivalent per day, as
well as the Colombia and Alto Magdalena oil pipelines," Petrobras,
said in a regulatory filing, according to Bloomberg News.  The sale
is pending approval from Colombia's oil regulator.

Bloomberg News relates that Petrobras is selling overseas assets to
help finance development of its so-called pre-salt oil reserves
below the Brazilian seabed.  The Rio de Janeiro-based company sold
50 percent stakes in African assets to Grupo BTG Pactual for US$1.5
billion last month, Bloomberg News notes.

Bloomberg News says that Petrobras is spending more than 60 percent
of its US$237 billion five-year business plan on exploration and
production, mostly in the pre-salt area.

Petrobras said in the filing it will hold on to its offshore oil
blocks, one onshore block and gasoline stations in Colombia.
Perenco, the oil producer that scrapped an initial public offering
of its Brazilian unit in 2011, is an operator and non-operator of
Colombian oil-fields, Bloomberg News notes.

HSBC Holdings Plc advised Petrobras on the sale.

Bloomberg News says that unknown sources said China National
Petroleum Corp., the country's largest oil producer, was
considering buying Petrobras assets in Colombia and Peru.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.


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


ANDERBURY LIMITED: Creditors' Proofs of Debt Due Oct. 6
-------------------------------------------------------
The creditors of Anderbury Limited are required to file their
proofs of debt by Oct. 6, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Charles Gary Hepburn
          c/o Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147, Grand Cayman KY1-1002
          Cayman Islands


B.A. INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Aug. 26, 2013, the sole shareholder of B.A. International
(Cayman) 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:

          Nina Tai
          135 South LaSalle Street, Chicago, IL 60603
          USA
          Telephone: +1 (312) 828 6491
          e-mail: nina.tai@bankofamerica.com


BERKSHIRE INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on July 2, 2013, the
shareholders of Berkshire Investments Ltd. resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM Ltd.
          Governor's Square
          Ground Floor, West Bay Road
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


CHEUNG CHOW: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on Aug. 29, 2013, the
shareholder of Cheung Chow Investments Ltd resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

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


EBULLIO COMMODITY: Creditors & Contributories to Meet on Sept. 23
-----------------------------------------------------------------
The creditors and contributories of Ebullio Commodity Master Fund
L.P will hold a meeting on Sept. 23, 2013, at 10:00 a.m.

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

The company's liquidator is:

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


ETHAN INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Aug. 29, 2013, the
shareholder of Ethan Investments Limited resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

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


HBM BIOMED: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 26, 2013, the sole shareholder of HBM Biomed China 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:

          Harbour Management Services Ltd.
          10 Market Street Suite 140
          Camana Bay, Grand Cayman, KY1-9006
          Cayman Islands


HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
-----------------------------------------------------------------
The shareholder of Highbridge Managed Portfolio Master, Ltd. will
receive on Oct. 18, 2013, at 8:30 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


LUMIERE SPV: Creditors' Proofs of Debt Due Oct. 14
--------------------------------------------------
The creditors of Lumiere SPV Holding are required to file their
proofs of debt by Oct. 14, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2013.

The company's liquidator is:

          Darren P. Riley
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


OPE 1ST SECURITIZATION: Creditors' Proofs of Debt Due Sept. 30
--------------------------------------------------------------
The creditors of OPE 1ST Securitization SPV are required to file
their proofs of debt by Sept. 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2013.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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

The company commenced wind-up proceedings on Aug. 22, 2013.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


RIVERDALE LIMITED: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
The creditors of Riverdale Limited are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 30, 2013.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust Corporate Services (Cayman) Limited
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


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

The company commenced liquidation proceedings on Aug. 27, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SONJA INVESTMENTS: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
The creditors of Sonja Investments Ltd are required to file their
proofs of debt by Sept. 30, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 30, 2013.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust Corporate Services (Cayman) Limited
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640 6712


VICTORIA FALLS: Creditors' Proofs of Debt Due Sept. 24
------------------------------------------------------
The creditors of Victoria Falls Investment Fund are required to
file their proofs of debt by Sept. 24, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 29, 2013.

The company's liquidator is:

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


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


BANK OF JAMAICA: Incurs JM$15.7 Billion Year-to-Date Losses
-----------------------------------------------------------
RJR News reports that there has been a further increase in year-to-
date losses at the Bank of Jamaica.  Its balance sheet as at August
28 puts the figure at JM$15.7 billion, according to RJR News.

The report notes that this is up from JM$14.8 billion dollars three
weeks earlier.


DIGICEL GROUP: To Unveil Fixed Line Product
-------------------------------------------
RJR News reports that Digicel Group Limited will unveil its fixed
line product, DigiHome.  This follows the recent announcement by
Barry O'Brien, Digicel chief executive officer, of the company's
decision to enter the fixed line market, according to RJR News.

The report, citing a statement from Digicel, relates that DigiHome
is a fixed line voice service that is billed per second.

The report notes that Mr. O'Brien expects DigiHome will enable
Digicel to secure market share in the fixed line business over the
next few months.

Headquartered in Jamaica, Digicel Group Limited is a
telecommunications provider with over 13 million customers across
its 31 markets in the Caribbean, Central America and Asia Pacific.

                           *     *     *

As of Sept. 15, 2013, the company continues to carry Moody's "Caa1"
Senior Unsecured Debt rating and "B2" long-term ratings, long-term
corporate family rating, and probability of default rating.


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


MAXCOM TELECOMUNICACIONES: Court Confirms Prepackaged Ch. 11 Plan
-----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. disclosed that the U.S.
Bankruptcy Court for the District of Delaware on Sept. 10 entered
an order confirming the Company's prepackaged Chapter 11 plan of
reorganization.  Confirmation of the Plan was fully-consensual:
the only class of creditors entitled to vote overwhelmingly voted
in favor of the Plan and no party objected to confirmation of the
Plan.

Confirmation of the Plan paves the way for Maxcom to effectuate
its previously announced comprehensive recapitalization and debt
restructuring, consistent with Maxcom's expectations to emerge
from Chapter 11 by early fall.

Under the confirmed Plan, subject to the conditions set forth in
the recapitalization agreement and the restructuring and support
agreement, Maxcom will complete a recapitalization and debt
restructuring that is expected to significantly reduce Maxcom's
debt service expense and position Maxcom for growth with a US$45
million capital infusion.  The Plan's restructuring of the
Company's funded debt obligations and the parallel out-of-court
transactions (i.e., the proposed tender offer and new capital
contribution) to be effectuated in accordance with applicable
Mexican and United States law will enable Maxcom to emerge from
Chapter 11 with a healthy, sustainable balance sheet and a new
capital contribution from the new owners of a substantial portion
of Maxcom's equity.  This capital will permit the Debtors to
continue to upgrade and expand their telecommunications network,
thereby solidifying the Debtors' long-term growth prospects and
operating performance.

As anticipated, the restructuring has not adversely affected
Maxcom's customers, employees, or vendors.  All telecommunications
services have continued without change or interruption, and
employees and vendors have been paid in the ordinary course of
business.

  Previously Announced Recapitalization and Debt Restructuring

Maxcom, private equity firm Ventura Capital Privado, S.A. de C.V.,
an ad hoc group holding an aggregate amount of approximately US$86
million of Maxcom's 11% Senior Notes due 2014, and certain of its
current equity holders have reached agreement on the terms of the
restructuring and support agreement, recapitalization agreement,
and agreements to tender.  Pursuant to the recapitalization
agreement, Ventura and certain related parties have agreed to make
a capital contribution of US$45.0 million dollars and conduct a
tender offer to acquire for cash, at a price equal to Ps.$2.90
(two pesos and 90/100) per CPO, up to 100% (one hundred percent)
of the issued and outstanding shares of Maxcom, subject to the
terms of the recapitalization agreement.  The Purchasers'
obligation to consummate the tender offer and make the capital
contribution is subject to a number of conditions, including:
receiving legal and regulatory approvals from the Mexican Banking
and Securities Commission (Comision Nacional Bancaria y de
Valores), the Mexican Ministry of Communications and
Transportation (Secretaria de Comunicaciones y Transportes), and
the Mexican Antitrust Commission (Comision Federal de
Competencia); the absence of certain material adverse effects; and
that the bankruptcy court order confirming the Plan has become
final.

Pursuant to the terms of the Plan, all classes of creditors are
unimpaired and will be paid in full under the Plan, except for the
Senior Notes claims, which will receive (1) the step-up senior
notes (which include the capitalized interest amount for unpaid
interest accrued on the Senior Notes from (and including) April
15, 2013 through (and excluding) June 15, 2013, at the rate of 11%
per annum), (2) cash in the amount of unpaid interest accrued on
the Senior Notes (A) from (and including) December 15, 2012
through (and excluding) April 15, 2013, at the rate of 11% per
annum, and (B) from (and including) June 15, 2013 through (and
excluding) the effective date of the Plan at the rate of 6% per
annum, and (3) rights to purchase equity that is unsubscribed by
the Company's current equity holders pursuant to the terms of the
Plan.  The step-up senior notes will:  (a) be issued in an
aggregate principal amount of US$200 million, minus the amount of
Senior Notes held in treasury by the Company, plus the capitalized
interest amount; (b) bear interest (i) from the date of issuance
until June 14, 2016, at the annual rate of 6% per annum, (ii) from
June 15, 2016 until June 14, 2018, at the annual rate of 7% per
annum, and (iii) from June 15, 2018 until the maturity date, at
the annual rate of 8% per annum; (c) have a maturity date of
June 15, 2020; (d) be secured by the same collateral that
currently secures the Senior Notes; and (e) be unconditionally
guaranteed, jointly and severally and on a senior unsecured basis,
by all of Maxcom's direct and indirect subsidiaries, excluding
Fundacion Maxcom, A.C.

As of the voting deadline on July 23, 2013, over 98 percent in
amount and over 94 percent in number of the holders of Senior
Notes that cast ballots voted to accept the Plan.  These results
exceed the amount required for the court to approve the Plan, and
were certified and filed with the U.S. Bankruptcy Court by GCG,
Inc., Maxcom's proposed notice, claims, and balloting agent.

As previously announced, the Company engaged Lazard and its
alliance partner Alfaro, Davila y Rios, S.C. as its financial
advisor and Kirkland & Ellis LLP and Santamarina y Steta, S.C. as
its U.S. and Mexican legal advisors in connection with its
restructuring proceedings and potential Chapter 11 case.  The Ad
Hoc Group has retained Cleary Gottlieb Steen & Hamilton LLP and
Cervantes Sainz, S.C., as its U.S. and Mexican legal advisors.
Ventura has retained VACE Partners as its financial advisor, and
Paul Hastings LLP and Jones Day as its U.S. and Mexican legal
advisors, respectively.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


=================
N I C A R A G U A
=================


* NICARAGUA: To Improve Transport System With US$91.5MM IDB Loan
----------------------------------------------------------------
Nicaragua will improve the efficiency and safety of its road
transportation system and advance regional integration with a
US$91.5 million loan approved by the Inter-American Development
Bank.

The overall objective of the program is to make road transport in
Nicaragua more efficient in order to foster economic activity and
improve the population's quality of life, while facilitating
integration of the country's various regions with the rest of
Central America.

The project also will work to reduce vehicle operating costs,
increase travel speeds, reduce accident rates and conduct studies
on the impact of climate change on infrastructure.  One of the main
challenges faced by Central American countries is the low level of
logistical performance that affects their ability to integrate
competitively with their neighbors as well as the global economy.

The government's priority is to improve the road network in order
to increase access to basic services and markets.  This loan
includes the improvement of 36.4 km of the Villa 15 de Julio-
Malpaisillo junction highway, rehabilitation of 24.7 km of the
Boaco-Muy Muy highway, rehabilitation of 31.4 km of the Chinandega-
Guasaule highway that is part of the Pacific Corridor, and the
improvement and maintenance of 60.5 km of roads at the Las
Piedrecitas-Nagarote-Izapa junction.

The project also aims to increase the total number of new shops and
businesses operating in the service areas of the road sections
being rehabilitated by a minimum 5 percent; reduced vehicle
operating costs and increased travel speeds, with an eye to reduce
traffic disruptions and accidents.

Nicaragua has a road network of nearly 24,000 kilometers, of which
just over 3,100 kilometers are paved.  The poor quality of its
roads translates into high transport costs, hurting economic.

The IDB financing consists of a US$45.750 million 30-year loan from
the Bank's ordinary capital with a 5.5-year grace period and a
variable interest rate based on LIBOR.  An additional US$45.750
million is from the concessional Fund for Special Operations for a
40-year term with a 40-year grace period.


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


MAESTRO PERU: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed Maestro Peru S.A.'s (Maestro) ratings as
follows:

-- Foreign currency Issuer Default Rating (IDR) at 'B+';
-- Local currency IDR at 'B+'
-- Senior unsecured notes at 'BB-/RR3'

The Rating Outlook has been revised to Negative from Stable.

The Negative Outlook reflects the deterioration in the company's
capital structure and liquidity driven by negative free cash flow
generation at levels not previously anticipated in the ratings. The
company will need to better balance its capital structure against
its ambitious capital expenditure plan in order to avoid further
deterioration in its credit profile.

The ratings also incorporate Maestro's leading market position,
positive medium-term business growth prospects. The ratings also
incorporate the company's high leverage, low liquidity, and,
negative FCF trends driven by the execution of its capital
expenditure (capex) plan. Maestro has limited business and
geographic diversification, as the company's operations are
concentrated in one retail business format, home improvement retail
format, in Peru. The ratings also consider the sensitivity of the
construction and home improvements industry to economic cycles.

The 'BB-/RR3' ratings on the company's unsecured senior notes debt
reflect good recovery prospects that are anticipated to be in the
range of 50% - 70% in the event of a default.

Key Rating Drivers

Sustainable Market Position:

The company is a leading local player in the Peruvian home
improvement retail sector and is expected to continue benefiting
from its solid business position. Maestro is one of the two largest
modern home improvement retailers in Peru. It has an estimated
market share of 41% of the modern retail channel. The company
maintains an established and recognized brand and is well
positioned as a low-price specialist. Maestro's ratings are
supported by the solid fundamentals of Peru's home improvement
industry reflected in increasing purchasing power of households and
the industry's low penetration. The Peruvian economy is forecasted
to post annual growth rates of around 5% during 2013-2015 after
growing 6% in 2012.

Low Liquidity, Negative FCF:

The company's liquidity position has weakened and will rely in
Maestro's ability to refinancing debt. Maestro ended June 2013 with
cash position of S/.37 million (S/.144 million as December 31,
2012), and debt payments due during 2013 and 2014 of around S/.24
million and S/.28 million. In addition, the company is expected to
continue to have negative FCF due to the execution of its capex
plan.

The company's free cash flow (FCF) is expected to be negative
during 2013 and 2014 driven by its capex plan. During LTM June
2013, the company's FCF was negative S/.215 million with a negative
FCF margin of 16%. FCF calculation for the period considers S/.86
million in cash flow from operations minus S/.301 million in capex.
During LTM June 2013, the company opened 8 new stores increasing
its total selling spaceby 44% and ending the period with a total
number of 27 stores and a total selling space of 145,910 square
meters (m2). Additionally during July 2013, 1 new store was opened
and there are 2 new stores under construction. The company plans to
continue to expand its operations through the execution of an
aggressive capex. The company's store breakdown currently consists
of 57% of owned stores and 43% of leased stores; this mix is not
expected to materially change during the next few years.

Margins Expected at 9%:

EBITDA margins expected to remain stable around 9%. The company
achieved revenues, EBITDA, and EBITDAR of S/.1,348 million, S/.119
million; and S/.145 million, respectively, during LTM June 30,
2013. This resulted in EBITDA and EBITDAR margins of 8.8% and
10.8%, with rentals of S/.26 million in the period. The increase in
the company's cash flow generation, measured as EBITDA, has been
below expectations and reflects the fact that the new stores
recently opened - representing 44% of Maestro's total selling area
- require a period of 3 to 4 years to mature and reach regular
sales per square meter. The company reached average sales of
S/.9,405 per square meter during 2012. Fitch's base scenario
considers the company's total annual sales growth rate to be
approximately 22% with an EBITDA margin around 9% during the 2013 -
2014 period.

High Leverage:

The ratings incorporate the company's high current leverage.
Maestro's gross adjusted leverage, measured by total adjusted debt
divided by EBITDAR, and net adjusted leverage ratios were 5.7x and
5.5x in latest 12 months (LTM) ended June 30, 2013. Maestro's
company total debt increased during 2012 after the USD200 million
bond issuance in September 2012; the resources were used primarily
to refinance debt and to fund its capex plan. The company's total
adjusted debt was approximately S/.829 million at the end of June
2013. This debt includes S/.645 million in on-balance-sheet debt,
mostly compounded by the USD200 million unsecured notes, and S/.185
million in estimated off-balance-sheet obligations related to
rental expenses. Total off-balance-sheet debt is calculated
adjusting by 7x the company's rental payments of S/.26 million
during LTM June 30, 2013.

No Covenant Issues:

The company's USD200 million bond indenture considers a limitation
on additional indebtedness of a consolidated debt to consolidated
EBITDA ratio no greater than 4.5x prior to year two after issuance,
4x in year two and prior to year three; and 3.5x thereafter. The
indenture also includes carveouts that allow for additional new
debt - up to USD40 million - despite being above the maximum
financial leverage covenant. As of June 2013 the company's
financial leverage ratio was 5.4x, level above the covenant maximum
limit and the additional new debt incurred was S/.29 million
(approximately USD10.4 million) below the maximum allowed for
additional indebtedness.

Rating Sensitivities

The ratings are expected to be driven by the development - during
the next quarters - by the company's liquidity, FCF generation, and
gross adjusted leverage during the execution of its capex plan.

A downgrade could be triggered by a continued deterioration of the
company's credit protection measures and cash position due to weak
operational results and/or more aggressive capex levels to those
levels incorporated in the ratings. Expectations by Fitch of total
adjusted debt to EBITDAR being consistently beyond 5x will likely
result in a downgrade.

Conversely, stable operational performance reflecting improving
store performance combined with a balance between capex, liquidity
and capital structure, which will result in the expectation that
the company's gross adjusted leverage will moderately improve to
below 5x can trigger a revision of the Rating Outlook to Stable.


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


BOND PRICING: For the Week From Sept. 9 to Sept. 13, 2013
---------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Argentine Republic Government  7.82    12/31/2033   EUR      56
International Bond

Argentine Republic Government
International Bond             7.82    12/31/2033   EUR      55.5

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      55

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD      69.8

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      57.5

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD      68.4

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD      51

Banco Macro SA                 9.75    12/18/2036   USD      67.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD      63

Capex SA                       10      3/10/2018    USD      71

Cia Latinoamericana de
Infraestructura & Servicios SA 9.5     12/15/2016   USD      63

Cia de Transporte de
Energia Electrica en Alta      8.88    12/15/2016   USD      47.6
Tension Transe

Provincia de Mendoza
Argentina                      5.5     9/4/2018     USD     74

Argentine Republic Government
International Bond             1.18    12/31/2038   ARS     43.7

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     55

Argentine Republic
Government International Bond  7.82    12/31/2033   EUR     45

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     50

Alta Tension Transe
Argentina Bocon                2       3/15/2014    ARS     32.5

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD     50

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36.5

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     59.9

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     45.4

Alta Tension Transe
MetroGas SA                    8.88    12/31/2018   USD     65.5

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD     70

Empresa Distribuidora Y
Comercializadora Norte         10.5    10/9/2017    USD     51.3

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36

Banco Macro SA                 9.75    12/18/2036   USD     67.8

City of Buenos
Aires Argentina                3.98    3/15/2018    USD     68.6

Capex SA                       10      3/10/2018    USD     67.6

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD     68.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD     63

MetroGas SA                    8.88     12/31/2018   USD    63.4
Argentine Republic
Government International Bond  0.45     12/31/2038   JPY    8

Banco Macro SA                 9.75     12/18/2036   USD    67.8

Provincia de Mendoza Argentina 5.5      9/4/2018     USD    73.5

Provincia del Chaco            4        11/4/2023    USD    53.8

Provincia del Chaco            4        12/4/2026    USD    25.5

Formosa Province of Argentina  5        2/27/2022    USD    61.9

Argentine Republic
Government International Bond  8.28     12/31/2033   USD    61.8

Cia Energetica de Sao Paulo    9.75     1/15/2015    BRL    64.6

Gol Finance                    8.75                  USD    60

Banco Bonsucesso SA            9.25     11/3/2020    USD    73.5

Sifco SA                       11.5     6/6/2016     USD    50.3

Gol Finance                    8.75                  USD    58.3

Banco Bonsucesso SA            9.25     11/3/2020    USD    72.5

Cia Sud Americana de
Vapores SA                     6.4      10/1/2022    CLP    69.8

Almendral
Telecomunicaciones SA          3.5      12/15/2014   CLP    33

Cia Cervecerias Unidas SA      4        12/1/2024    CLP    58.2

Aguas Andinas SA               4.15     12/1/2026    CLP    72.5

Quinenco SA                    3.5      7/21/2013    CLP    12.9

Talca Chillan Sociedad
Concesionaria SA               2.75     12/15/2019   CLP    60.8

Empresa de Transporte de
Pasajeros Metro SA             5.5      7/15/2027    CLP    4.58

Hidili Industry International
Development Ltd                8.63     11/4/2015    USD    71.5

Renhe Commercial
Holdings Co Ltd                13       3/10/2016    USD    62.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015    USD    63.1

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

JinkoSolar Holding Co Ltd      4        5/15/2016     USD    66.3

Renhe Commercial
Holdings Co Ltd                13       3/10/2016     USD    56

Hidili Industry International
Development Ltd                8.63     11/4/2015     USD    71.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015     USD    63.8

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

BES Finance Ltd                5.58                   EUR    65.5

Bank Austria Creditanstalt
Finance Cayman Ltd             1.61                   EUR    49.7

ERB Hellas Cayman
Islands Ltd                    1.8      6/8/2017      EUR    55.2

Bank Austria Creditanstalt
Finance Cayman Ltd 2           1.84                   EUR    49.9

BCP Finance Co Ltd             5.54                   EUR    41.7

ESFG International Ltd         5.75                   EUR    50.8

BCP Finance Co Ltd             4.24                   EUR    42.8

BES Finance Ltd                3.03                   EUR    74.3

Banco Finantia
International Ltd              2.46     7/26/2017     EUR    44.1

BES Finance Ltd                4.5                    EUR    56.4

Caixa Geral De
Depositos Finance              1.02                   EUR    34.7

BCP Finance Bank Ltd           5.31    12/10/2023     EUR    66.3

ERB Hellas Cayman
Islands Ltd                    9       3/8/2019       EUR    31.9

Banif Finance Ltd              1.58                   EUR    44

BCP Finance Bank Ltd           5.01    3/31/2024      EUR    63.5

Banco BPI SA/Cayman Islands    4.15    11/14/2035     EUR    41.6

Petroleos de Venezuela SA      5.38    4/12/2027      USD    60.2

Venezuela Government
International Bond             7      3/31/2038      USD     67.3

Petroleos de Venezuela SA      5.5    4/12/2037      USD     58.8

Venezuela Government
International Bond             7.65   4/21/2025      USD     74.6

Venezuela Government
International Bond             6      12/9/2020      USD     74.2

Bolivarian Republic of
Venezuela                      7      3/31/2038      USD     66.8


                            ***********


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
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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 * * *