TCRLA_Public/130917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, September 17, 2013, Vol. 14, No. 184


                            Headlines



A R G E N T I N A

BANCO COLUMBIA: Poor Performance Prompts Moody's to Cut Ratings
BANCO FINANSUR: Moody's Assigns (P)B3 Rating to Sr. Debt Program
CORDIAL COMPANIA: Moody's Rates New Debt Program '(P)B2'
* ARGENTINA: To Get US$1.2BB IDB Credit Line for Railroad System
* S&P Lowers Ratings on 4 Argentine Banks to 'CCC+'

* S&P Lowers Rating on Buenos Aries, Argentinean Provinces to CCC+
* S&P Downgrades Ratings on 11 Argentine Corporates


B E R M U D A

TUCKER'S POINT RESORT: Goes Into Receivership, Owes US$130 Million


B R A Z I L

BANCO PINE: Moody's Upgrades Deposit Ratings One Notch to Ba1
OGX PETROLEO: Eike Batista Says Angra Helping With Restructuring
OSX BRASIL: Bondholders Sign Accord to Protect Rights


C A Y M A N  I S L A N D S

AOI COMMODITIES: Shareholders' Final Meeting Set for Oct. 18
BLACK RHINO: Shareholder to Hear Wind-Up Report on Oct. 7
BLUEGOLD GENERAL: Shareholders' Final Meeting Set for Oct. 18
FORTITUDE CAPITAL: Shareholder to Hear Wind-Up Report on Oct. 18
GBP FUNDING 2007-A: Shareholders' Final Meeting Set for Oct. 1

GULF STREAM: Shareholders' Final Meeting Set for Oct. 17
HARTVILLE RE: Shareholder to Hear Wind-Up Report on Oct. 14
HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
HILL POND: Shareholder to Hear Wind-Up Report on Oct. 7
RUTLEY CARPOOL: Shareholders' Final Meeting Set for Oct. 18

SCARAB HOLDING: Shareholders' Final Meeting Set for Oct. 18
SECQUAERO INVESTMENT: Shareholders' Final Meeting Set for Oct. 24
SHELF LIFE: Shareholder to Hear Wind-Up Report on Oct. 7
SMITH BREEDEN: Shareholders' Final Meeting Set for Oct. 2


J A M A I C A

NATIONAL COMMERCIAL BANK: Cuts 41 More Jobs


M E X I C O

NICOLAS ROMERO: Moody's Lowers Rating on MXN180-Mil. Loan to B1
* Servicing Transfer No Impact on Proyectos Adamantine's Ratings


P A R A G U A Y

BANCO BILBAO: S&P Affirms 'BB-' Rating; Outlook Stable


T R I N I D A D  &  T O B A G O

CARONI LIMITED: 4,000 Former Workers Has Yet To Get Promised Lots


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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BANCO COLUMBIA: Poor Performance Prompts Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Latin America downgraded the bank financial strength
rating (BFSR) of Banco Columbia S.A. (Columbia) to E from E+
(plus), lowering the baseline credit assessment (BCA) to caa2 from
b3. Moody's also lowered the global local-and foreign currency
deposit ratings to Caa2/Not Prime, from B3/Not Prime and Caa1/Not
Prime, respectively. In the Argentinean national scale, Moody's
downgraded the deposit ratings to B1.ar from A3.ar and Ba1.ar
respectively. Moody's also downgraded the senior unsecured
multicurrency MTN debt program's local and foreign currency
ratings to (P)Caa2 from (P)B3, and to B1.ar from A3.ar, and
affirmed the short term Not Prime local and foreign currency
global deposits ratings.

The outlook on the bank's BFSR, deposit, and debt ratings remain
negative, given the bank's weak expected performance over the
coming quarters.

The following ratings of Banco Columbia were downgraded:

Bank Financial Strength Rating: to E from E+, negative outlook

Long- and short-term global local-currency deposits: to Caa2/Not
Prime from B3/Not Prime, negative outlook

Long- and short-term foreign-currency deposits: to Caa2/Not Prime,
from Caa1/Not Prime, negative outlook

Long- term global local-and foreign currency MTN debt rating: to
(P)Caa2 from (P)B3, negative outlook

Long-term National Scale local-currency deposit rating: to B1.ar
from A3.ar, negative outlook

Long-term National Scale foreign-currency deposit rating: to B1.ar
from Ba1.ar, negative outlook

Long-term National Scale local-and foreign currency MTN debt
rating: to B1.ar from A3.ar, negative outlook

The following ratings were affirmed:

Short term local and foreign currency deposits at NP

Ratings Rationale:

In lowering Columbia's standalone rating by two notches, Moody's
noted the deterioration of the banks' creditworthiness, and
particularly the weakening of its asset quality, profitability,
and earnings power generation, evidenced by the modest net income
reported in its last fiscal year ended June 2013. Columbia's poor
profits in June 2013, which declined by nearly 96% year-over year,
derived from higher-than-expected credit costs and write offs,
combined with lower business volumes and high operating expenses,
despite still-high net interest margin of 27.6%.

Moody's said that because Columbia lends predominantly to low and
medium income households, its loan portfolio is inherently
vulnerable to credit losses in a less benign economic environment
of high inflation that reduces consumer's purchasing power, as it
has been the case in Argentina. The sharp rise in delinquency
ratios, which reached 15.6% of total loans in June 2013, up from
10.9% in YE2012, reflects the deterioration in the on-balance
consumer finance portfolio, combined with sizable securitizations
and loan sales of higher quality loans. Moreover, because of much
higher securitizations volumes, the bank's on-balance loan book
contracted 12.2% over the past 12 months, thus exacerbating
already poor asset quality metrics. As a result, Columbia
increased provisions by 80% against loan losses, which
significantly affected net income. Despite the asset quality
deterioration, however, the bank's reserve coverage of problem
loans continued to weaken, and accounted for only 45.3% of non-
performing loans as of June 2013, down from 48.9% in YE2012.

Moody's said that in light of the bank's risky targeted client
base and continued asset quality deterioration amidst decelerating
credit conditions and business growth, Columbia's capitalization
will likely remain under pressure. As of June 2013, the reported
Tier 1 capital ratio was 9.8%, but Moody's expects the bank's
capital cushion to decline. Moreover, Columbia faces harsh
competition from peers, which may affect its ability to build
quality loans and revenues, despite its strong loan-generation
capability.

Moody's noted that a key rating driver is the vulnerability of the
bank's funding structure, which is very short-term and primarily
derived from institutional investors and recurrent loan
securitizations, a profile that exposes the bank to volatility in
the cost and availability of funding. Core deposits accounted for
78% of total funding, of which 58% are short-term time deposits.
In that regard, Moody's notes that Columbia's balance sheet is
predominantly short-term, with 60% of the bank's lending portfolio
due within one month, a profile that poses significant operating
costs and commercial efforts in order to rebuild its balance
sheet, with consequent effect on its cost to income ratio.

The negative outlook on the bank's ratings reflects Moody's view
of Columbia's weaken expected performance over the coming
quarters, which may lead to further profitability pressures, which
in turn could weaken the bank's capital levels.

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

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.


BANCO FINANSUR: Moody's Assigns (P)B3 Rating to Sr. Debt Program
----------------------------------------------------------------
Moody's Latin America assigned a (P)B3 global local currency
senior debt rating to Banco Finansur's senior debt program up to
the amount of ARS 200 million, and a B3 global local currency
senior debt rating to Banco Finansur's first expected issuance for
an amount up to ARS 60 million, which will be due in 18 months. At
the same time, on the National Scale, Moody's assigned A2.ar local
currency debt rating to the program and the expected issuance.

The outlook on all ratings is negative, following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Banco Finansur's:

ARS 200 million Senior debt program:

(P)B3 Global Local Currency Debt Rating, negative outlook.

A2.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

First issuance up to ARS 60 million:

B3 Global Local Currency Debt Rating, negative outlook.

A2.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Banco Finansur's B3 global local currency
deposit rating. Finansur's B3 global deposits rating captures the
bank's small franchise, focused on small and medium-sized
companies chiefly through receivables, and retail banking, and its
steady funding sources and adequate asset quality indicators.
However, key risks incorporate the bank's weak profitability
indicators, and the highly competitive market where the bank
operates, which adds pressure to financial margins.

Banco Finansur is headquartered in Buenos Aires, Argentina, and it
had assets of ARS 1,2 billion and deposits of ARS 843 million, as
of June 2013.

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

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.


CORDIAL COMPANIA: Moody's Rates New Debt Program '(P)B2'
--------------------------------------------------------
Moody's Latin America assigned a (P)B2 global local currency
senior debt rating to Cordial Compania Financiera S.A.'s senior
debt program up to an amount of ARS 500 million, and a B2 global
local currency senior debt rating to Cordial Compania Financiera
S.A.'s class I and II expected bond issuances for an amount up to
ARS 150 million, which will be due in 270 days and 18 months,
respectively. Both expected issuances together should not exceed
Ar$150 million. At the same time, on the National Scale, Moody's
assigned Aa3.ar local currency debt rating to the program and both
expected issuances.

The outlook on all ratings is negative, following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Cordial Compania Financiera
S.A.:

ARS 500 million Senior debt program:

(P)B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Class I expected issuance of a maximum amount of ARS 150 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Class II expected issuance of a maximum amount of ARS 150 million:

B2 Global Local Currency Debt Rating, negative outlook.

Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.

Ratings Rationale:

Moody's explained that the local currency senior unsecured debt
rating derives from Cordial's B2 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

The B2 global deposit rating derives from Cordial's baseline
credit assessment (BCA) of b3, and incorporates the high
probability of parental support from its shareholder, Banco
Supervielle, currently rated B2. Cordial's rating incorporates its
niche market focus for consumer finance products, chiefly personal
loans, credit cards and the insurance services deriving from its
strategic alliance with Wal-Mart. However, the ratings also
captures Cordial's customer base, which is sensitive to economic
cycles, as well as its loan quality, which has generated high
provisioning costs, thus hurting profitability.

Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS 1,261 million of total assets and ARS
193 million of shareholders' equity as of June 2013.

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

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.


* ARGENTINA: To Get US$1.2BB IDB Credit Line for Railroad System
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a conditional
credit line for US$1.2 billion to finance a program to improve
metropolitan railroads in Argentina.  The Bank also approved the
first loan in the credit line for US$300 million for the Plaza
Constitucion La Plata branch of the General Roca Railroad, which
will benefit 2.4 million people in the Buenos Aires metropolitan
area.

The overall objective of the conditional credit line is to help
Argentina upgrade its metropolitan railroads to increase urban
public transport services and improve the quality of life.

The General Roca branch improvements will improve and electrify
passenger service over a distance of 52.6 kilometers.  The
project's objective is to reduce travel times and accidents and
improve reliability, in this way increasing ridership in the
Buenos Aires?La Plata corridor.

In the first year of electrified operation, the Plaza
Constitucion La Plata branch will carry an estimated 55 million
passengers.  The 9 million people using buses and automobiles are
expected to switch to the railroad, which will help to reduce
traffic congestion and pollution.

Riders on the General Roca line are among the poorest passengers
in the metropolitan railroad system, which is normally used by
low-income people.

Works to be financed by the loan include the rehabilitation and
improvement of track, placement of artwork, upgrading of stations,
implementation of a new signaling and communications system, a
maintenance shop, and underpasses.

The beneficiaries are the residents of the municipalities of
Avellaneda, Quilmes, Berazategui, Ensenada and La Plata, which
comprise the rail line's corridor.

The conditional credit line for up to US$1.2 billion has a term of
10 years and a counterpart contribution of US$300 million.

The first loan under this credit line for up to US$300 million has
a term of 25 years, with a five-year grace period, and an interest
rate based on LIBOR.  The local counterpart contribution is US$200
million.


* S&P Lowers Ratings on 4 Argentine Banks to 'CCC+'
---------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale issuer
credit ratings on Banco Hipotecario S.A., Banco Patagonia S.A.,
Banco de Galicia y Buenos Aires S.A., and Banco de la Provincia de
Buenos Aires S.A. to 'CCC+' from 'B-'.  In addition, S&P removed
the ratings on Banco de la Provincia de Buenos Aires from
CreditWatch with negative implications, where S&P placed them on
July 4, 2013.  The outlook on the ratings is negative.

The downgrade of Argentina is based on increased risks to debt
service stemming from a lawsuit over the debt the government still
maintains in default.  The lawsuit could result in the
interruption of payments on bonds currently under New York
jurisdiction, or it could prompt Argentina to undertake a debt
exchange that S&P could view as distressed.  Under S&P's criteria,
those outcomes would lead it to lower its rating on Argentina to
'SD' for selective default.  Although neither outcome is certain,
S&P believes that there is at least a one-in-three chance of
either occurring within the coming 12 months.

S&P rarely rates financial institutions above the foreign currency
ratings on the countries where they operate because it considers
it unlikely that these institutions would remain unaffected by
developments in their domestic economy.  Also, all the financial
institutions operating in Argentina could face indirect effects of
a sovereign downgrade.  This is because S&P believes a sovereign
downgrade is normally associated with, or could lead to, a weaker
operating environment for financial institutions, which would very
likely affect their creditworthiness.  These trends could harm the
credit fundamentals of these four banks.  S&P will continue to
monitor their financial condition closely.

The negative outlook on the banks reflects the outlook on
sovereign ratings.  S&P could further lower its rating on
Argentina if it perceives that legal risks to its debt servicing
have increased or have become more imminent.  Among other
developments, a decision by the U.S. Supreme Court not to hear the
appeal or the implementation of an exchange proposal that makes
alternative payment arrangements that, in S&P's view, materially
alter the terms of its bond indentures to the detriment of
creditors could prompt a downgrade.  On the other hand, if the
U.S. Supreme Court agreed to hear the case or if S&P perceived the
legal risks had moderated, the ratings could stabilize.  A
revision the sovereign outlook to stable will trigger a similar
rating action on the four Argentine banks.


* S&P Lowers Rating on Buenos Aries, Argentinean Provinces to CCC+
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign currency
global scale ratings on the city of Buenos Aires and the provinces
of Buenos Aires, Cordoba, and Mendoza to 'CCC+' from 'B-'.  The
outlook is negative.

In addition, S&P lowered its global scale ratings on the provinces
of Salta's and Neuquen's amortizing notes to 'CCC+' from 'B-'.  At
the same time, S&P removed them from CreditWatch negative.

Also, S&P kept the 'B-' local currency global scale ratings on the
City of Buenos Aires and the provinces of Buenos Aires, Cordoba,
and Mendoza on CreditWatch negative.

These rating actions follows the downgrade of Argentina and its
transfer and convertibility assessment and reflects the close
linkage between the sovereign and the local regional governments
(LRGs) in Argentina.  According to S&P's criteria, the foreign
currency global scale ratings on LRGs are capped at the T&C level,
which in the case of Argentina is now 'CCC+'.  The local currency
ratings on Argentinean LRGs could be above the sovereign ratings
if any LRG meets a set of conditions and special characteristics.
In such cases, an LRG exhibits sufficient operational and
financial flexibility to deal with the sovereign and country
risks, even in a stress scenario.  S&P will assess if there's a
measurable likelihood that any of the Argentinean LRGs' credit
characteristics will remain stronger than those of the sovereign
in a scenario of economic and political stress.

In addition to facing similar economic challenges, all Argentinean
LRGs share critical links with the central government through its
significant revenue distribution (the coparticipation transfers,
which account for about 40% of rated LRGs' total revenues, and
discretional transfers), direct financing of infrastructure
projects, and authorization for the LRGs to issue new debt.

S&P lowered its ratings on Argentina because of increased risks to
debt service stemming from a lawsuit over the debt the government
still maintains in default.  The lawsuit could result in the
interruption of payments on bonds currently under New York
jurisdiction, or it could prompt Argentina to undertake a debt
exchange that S&P could view as distressed.  Under S&P's criteria,
those outcomes would lead S&P to lower its rating on Argentina to
'SD' for selective default.  Although neither outcome is certain,
S&P believes that there is at least a one-in-three chance of
either occurring within the coming 12 months.

The negative outlook on the foreign currency global scale rating
on the city of Buenos Aires and the provinces of Cordoba, Mendoza,
and Buenos Aires reflects the outlook on the sovereign.
S&P will resolve the CreditWatch listing on the local currency
global scale ratings on these four entities by assessing whether
they meet the conditions to be rated above the sovereign in the
local currency within the next three months.


* S&P Downgrades Ratings on 11 Argentine Corporates
----------------------------------------------------
Standard & Poor's Ratings Services lowered the foreign currency
ratings on the following Argentine entities:

   -- Aeropuertos Argentina 2000 S.A. (AA2000);
   -- Transportadora de Gas del Sur S.A. (TGS);
   -- Hidroelectrica Piedra del Aguila S.A. (HPDA);
   -- CAPEX S.A.;
   -- Alto Palermo S.A.;
   -- Alto Parana S.A.;
   -- CLISA-Compania Latinoamericana de Infraestructura &
      Servicios S.A.;
   -- IRSA Inversiones y Representaciones S.A.;
   -- Petrobras Argentina S.A.; and
   -- RAGHSA S.A.

The outlook on the foreign currency global scale ratings on
AA2000, TGS, HPDA, CAPEX, Alto Palermo, CLISA, IRSA, and RAGHSA
remains negative.  At the same time, S&P placed its foreign
currency global scale ratings on Alto Parana and Petrobras
Argentina and its local currency global scale ratings on all
entities (except on Petrobras Argentina) on CreditWatch with
negative implications.

In addition, S&P lowered its local and foreign currency ratings on
Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (IMPSA) and its
fully-owned subsidiary, WPE International Cooperatief U.A.
(WPEIC), to 'B-' from 'B'.  At the same time, S&P placed these
ratings on CreditWatch negative.

The rating actions and CreditWatch listing follows the downgrade
of the Republic of Argentina and our transfer and convertibility
assessment (T&C) on it to 'CCC+' from 'B-'.  The outlook on the
sovereign remains negative.

The downgrade of Argentina was primarily based on increased risks
to debt service stemming from a lawsuit over the debt the
government still maintains in default.  S&P's 'CCC+' T&C
assessment reflects the risk that Argentina's government could
tighten further its exchange control regime to the extent that the
ability of the private sector to service its foreign currency debt
becomes impaired.  Argentina already makes use of a range of
exchange controls, and there is a wide disparity between the
official and parallel market exchange rate.

S&P lowered its foreign currency ratings on AA2000, TGS, HPDA,
CAPEX, Alto Palermo, CLISA, IRSA, and RAGHSA to 'CCC+' from 'B-'.
S&P believes that none of these entities would be able to continue
honoring their foreign currency obligations under potential
restrictions to access to foreign currency and/or restrictions on
the ability to transfer money abroad.  As a result, S&P's foreign
currency ratings on these entities are at the same level as its
T&C risk assessment for Argentina.

As a result of the sovereign downgrade, S&P also placed the local
currency rating on these eight entities on CreditWatch negative
until it can further assess the impact of a sovereign default on
the Argentine entities' local currency payment capacity.  The
CreditWatch listing indicates a 50% chance of a potential
downgrade.  S&P expects to resolve this CreditWatch listing in the
next 90 days incorporating, the entities' ability to generate (or
finance) enough local currency resources to honor all their
financial obligations under more stressful conditions associated
with a potential sovereign default.

S&P lowered its foreign currency ratings on Alto Parana and
Petrobras Argentina to 'B-' from 'B' and placed them on
CreditWatch negative.  S&P believes that these two entities
benefit from factors that might help them continue honor their
financial obligations under more restrictive capital controls.  In
particular, a significant portion of their obligations is fully
guaranteed by their respective parents.  Nevertheless, the
CreditWatch listing indicates a 50% chance of a potential further
one-notch downgrade.  S&P expects to resolve the CreditWatch
listing during the next 90 days by reassessing their parents'
ability to provide additional extraordinary and timely support if
needed under more stressful sovereign and T&C situations.

Finally, the downgrade of IMPSA is due to its weakening financial
performance and credit metrics amid still-limited cash
contributions from its operations in Brazil and significant
exposure to Argentina.  S&P expects to resolve the CreditWatch
listing on IMPSA in the next 90 days by reassessing to what extent
the company would be able to withstand stressful conditions in a
hypothetical sovereign default and T&C restrictions.  The partly
offsetting factors include the company's sizable operations in
Brazil and its low cross-border debt allocated in Argentina.

The negative outlook on the foreign currency ratings on all these
entities (except on Alto Parana, IMPSA, and Petrobras Argentina)
mirrors that of the Republic of Argentina.  It also reflects S&P's
views that credit quality for the corporate sector in the country
may continue to deteriorate based on a weaker operating
environment (including high inflation and gradual devaluation of
the local currency), a challenging refinancing scenario, increased
regulatory risk, and higher uncertainties regarding the ability to
access foreign currency.


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TUCKER'S POINT RESORT: Goes Into Receivership, Owes US$130 Million
------------------------------------------------------------------
Caribbean360.com reports that Tucker's Point, one of recession-hit
Bermuda's top resorts, with a debt of more than US$130 million,
has been placed into receivership.

The announcement of the receivership is seen as a fresh blow for
the island's struggling tourism industry and Tourism Minister
Shawn Crockwell admitted government was "disappointed" by the
news, according to Caribbean360.com.

"We had hoped it could have been avoided.  Despite rising
occupancy rates, the resort operation has been struggling for
years with significant debt challenges," Mr. Crockwell said,
adding "although we are not aware of all the details, we are
encouraged by the fact that Rosewood Hotels & Resorts has agreed
to continue operating the luxury property on a business-as-usual
basis. . . . It is a sign of confidence by one of the world's
leading hoteliers," notes the report.

The 88-room hotel employs an estimated 300 people.  Roy Bailey and
Keiran Hutchison, of Ernst & Young Bermuda, confirmed they have
been appointed joint receivers of Bermuda Properties Ltd and
certain subsidiaries, which own the Tucker's Point resort,
according to Caribbean360.com

The report relates that they stressed the receiverships were to
effect a financial restructuring and the resort would continue to
operate as normal.

Mr. Bailey said the loan outstanding to HSBC, Bermuda's largest
bank, is more than US$100 million, and the majority of some US$50
million is owed to leading insurers Argus and Bermuda Fire &
Marine, a level of debt too high for resort to support, the report
relays.

The report notes that International group Rosewood Hotels &
Resorts will continue to operate Tucker's Point.  Mr. Bailey said
all bookings would be honored and staff would continue in their
jobs, the report added.

Caribbean360.com says that Ernst & Young teams have already been
to the resort -- which opened in 2009 on the site of the former
Marriott Hotel -- to begin meeting staff.

Mr. Crockwell said the "setback" offered an opportunity to
restructure the resort's financial situation, the report notes.

"Rosewood Tucker's Point is an outstanding property -- world-class
in its setting and facilities -- whose best days are ahead, and
government will work with management and staff to support its
future success," the report quoted Mr. Crockwell as saying.


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B R A Z I L
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BANCO PINE: Moody's Upgrades Deposit Ratings One Notch to Ba1
-------------------------------------------------------------
Moody's Investors Service has raised Banco Pine S.A.'s baseline
credit assessment (BCA) to ba1, from ba2, and upgraded the bank's
long-term global local and foreign currency deposit ratings to
Ba1, from Ba2. At the same time, Moody's also upgraded the long-
term foreign-currency senior unsecured debt rating to Ba1, from
Ba2, the long-term foreign-currency subordinated debt rating to
Ba2, from Ba3, and the long-term Brazilian national scale deposit
rating to Aa2.br, from A1.br. Pine's bank financial strength was
also upgraded to D+, from D. Moody's affirmed the short-term
global local and foreign currency deposit ratings at Not Prime and
the short-term Brazilian national scale deposit rating of BR-1.
The outlook on all ratings is now stable.

The following ratings of Banco Pine were upgraded:

Long-term global local-currency deposit rating: to Ba1 from Ba2,
stable outlook

Long-term foreign-currency deposit rating: to Ba1 from Ba2, stable
outlook

Long-term Brazilian national scale deposit rating: to Aa2.br from
A1.br, stable outlook

Long-term foreign-currency senior unsecured debt rating: to Ba1
from Ba2, stable outlook

Long-term foreign-currency subordinated debt rating: to Ba2 from
Ba3, stable outlook

Bank financial strength: to D+ from D, stable outlook

The following ratings of Banco Pine were affirmed:

Short-term global local-currency deposit rating of Not Prime

Short-term foreign-currency deposit rating of Not Prime

Short-term Brazilian national scale deposit rating of BR-1

Ratings Rationale:

In upgrading Pine's ratings, Moody's acknowledged the relative
stability of its financial metrics, and particularly its asset
quality, profitability and capitalization, which benefit from the
business and earnings diversification derived from the bank's
broader franchise. Having shifted its focus towards the corporate
and upper-middle commercial lending segments, Pine added
investment banking and derivatives capabilities to complement its
product offering and boost earnings generation, while leveraging
customers' coverage and demand. The consolidation of the bank's
strategic positioning has resulted in a track record of
profitability and asset quality, which contrasts with the more
volatile performance of other mid-size peer banks.

Moody's noted that as Pine continues to grow its wholesale banking
operations, its balance sheet will likely reflect the lower risk
and lower profitability that is associated with corporate lending.
More recently, margins have narrowed in line with lower policy
rates and increased competition, a trend that also reflects the
subdued economic conditions that have led to more cautious loan
origination. Pine's revenue generation, however, has been boosted
by fee-based earnings from its complementary business lines,
including investment banking and client derivatives, which
combined accounted for 36.5% of earnings in June 2013. Moreover,
contained credit and operating costs also support the bank's
profitability.

Nevertheless, Pine's single loan concentrations measured against
its core earnings and Tier 1 capital are particularly large
relative to peers, and will likely remain high in light of its
increasingly corporate business focus. Sizable concentrations
exposes the bank's balance sheet to potential asset quality and
earnings volatility in case of stress, and are a key constrain to
ratings, Moody's said. In this context, Pine's capital and
reserves buffers seem appropriate to absorb unexpected loan and
investment losses that could derive from potentially more volatile
assets and earnings, according to Moody's stress scenarios. Pine's
capitalization ratios benefit from lower regulatory risk weighting
for corporate loans, and from a relatively low leverage that could
support further growth. In addition, they incorporate minority
participation of international shareholders such as Germany's DEG
(Deutsche Investitions-und Entwicklungsgesellschaft mbH) and
France's ProParco (Societe de Promotion et de Participation pour
la Cooperation Economique).

Moody's noted management's efforts to diversify the bank's funding
sources and reduce balance sheet tenor mismatches, therefore,
limiting liquidity risk, which is a positive development. However,
the bank's funding remains predominantly wholesale-based, and
therefore, expensive and confidence-sensitive, which is an
intrinsic limitation to the ratings.

The stable outlook on the ratings reflects Moody's assessment of
limited probability of upward movement over the outlook horizon,
and incorporates the expectation that Pine's business model and
earnings performance will continue to support internal capital
generation, while it manages to maintain healthy asset quality.
The rating could come under pressure if Pine experiences sudden
asset quality deterioration as a result of distressed large
exposures. Also, outsized earnings volatility resulting from
increased risk appetite or control issues in the bank's
alternative business could negatively affect the ratings.

The last rating action on Pine was on August 23, 2012, when
Moody's affirmed Pine's bank financial strength at D, long-term
global local and foreign currency deposit ratings at Ba2, long-
term global foreign currency senior and subordinated debt ratings
at Ba2 and Ba3, respectively, and long-term Brazilian national
scale deposit rating at A1.br. The outlook on all ratings was
changed to positive from stable.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 2013.

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.

Banco Pine S.A. is headquartered in Sao Paulo, Brazil. As of June
30, 2013, the bank had total assets of approximately BRL10.5
billion ($4.7 billion) and equity of BRL1.26 billion ($570
million).


OGX PETROLEO: Eike Batista Says Angra Helping With Restructuring
----------------------------------------------------------------
Paulo Winterstein, writing for Daily Bankruptcy News, reports that
Brazilian businessman Eike Batista confirmed he hired Angra
Partners to advise his EBX Group as OGX Petroleo e Gas
Participaaoes S.A. weathers financial difficulties.

However, Mr. Batista denied there were conflicts between Angra and
company executives, Daily Bankruptcy News reports.

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.


OSX BRASIL: Bondholders Sign Accord to Protect Rights
-----------------------------------------------------
Reuters, citing the Estado de S. Paulo newspaper, reports that
investors holding about US$300 million of shipbuilder OSX Brasil
SA's debt signed an agreement to protect their rights in case the
company controlled by Brazilian tycoon Eike Batista is unable make
bond payments.

The accord was signed by seven large investment funds with about
US$200 million in OSX bonds and other investors holding about
US$100 million, Estado said, without naming a source, according to
Reuters.  OSX has US$500 million in international bonds
outstanding, the paper said, the report notes.

Reuters relates that under the agreement, the signatories have
agreed not to sell their holdings, the paper reported.

The newspaper said OSX debt is trading at about 80 percent of face
value, notes the report.  That compares with less than 20 percent
for Oil Company OGX's bonds, Reuters relays.  Despite being
dependent on OGX for its revenue, OSX debt is outperforming OGX
debt because OSX pledged the OGX-3 FPSO as collateral against non-
payment, note the report.

Reuters says lower than expected output at OGX's offshore fields
led to a meltdown in the value of OGX, OSX and other companies in
Batista's EBX energy, port, shipbuilding and mining group.  A more
than 90 percent drop in the value of most of the six EBX Group
companies in the last year has also reduced Batista's ability to
keep investing in EBX companies, most of which are start-ups with
little or no revenue, says Reuters.

Reuters notes that the OGX-3 oil production ship recently arrived
in Rio de Janeiro from Singapore to work in OGX's Tubarao Martelo
offshore oil field.  OSX bondholders are looking at how to seize
ownership of the ship if needed, Estado said, Reuters adds.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil denied a report it
failed to make payments on debt held by Spanish infrastructure
group Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.


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


AOI COMMODITIES: Shareholders' Final Meeting Set for Oct. 18
------------------------------------------------------------
The shareholders of AOI Commodities Offshore Ltd will hold their
final meeting on Oct. 18, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


BLACK RHINO: Shareholder to Hear Wind-Up Report on Oct. 7
---------------------------------------------------------
The shareholder of Black Rhino Fund, Ltd. will receive on Oct. 7,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


BLUEGOLD GENERAL: Shareholders' Final Meeting Set for Oct. 18
-------------------------------------------------------------
The shareholders of Bluegold General Partner Inc. will hold their
final meeting on Oct. 18, 2013, at 9:30 a.m., to receive 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


FORTITUDE CAPITAL: Shareholder to Hear Wind-Up Report on Oct. 18
----------------------------------------------------------------
The shareholder of Fortitude Capital Extension (Caymans) Fund will
receive on Oct. 18, 2013, at 9:00 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


GBP FUNDING 2007-A: Shareholders' Final Meeting Set for Oct. 1
--------------------------------------------------------------
The shareholders of GBP Funding 2007-A will hold their final
meeting on Oct. 1, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alan Levy
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


GULF STREAM: Shareholders' Final Meeting Set for Oct. 17
--------------------------------------------------------
The shareholders of Gulf Stream Finance Limited will hold their
final meeting on Oct. 17, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


HARTVILLE RE: Shareholder to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------
The shareholder of Hartville Re will receive on Oct. 14, 2013, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor
          George Town, PO Box 10311
          Grand Cayman KY1-1003
          Cayman Islands


HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
-----------------------------------------------------------------
The shareholder of Highbridge Managed Portfolio Feeder, Ltd. will
receive on Oct. 18, 2013, at 8:45 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


HILL POND: Shareholder to Hear Wind-Up Report on Oct. 7
-------------------------------------------------------
The shareholder of Hill Pond Fund, Ltd. will receive on Oct. 7,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


RUTLEY CARPOOL: Shareholders' Final Meeting Set for Oct. 18
-----------------------------------------------------------
The shareholders of Rutley Carpool (Cayman) Limited will hold
their final meeting on Oct. 18, 2013, at 9:15 a.m., to receive 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


SCARAB HOLDING: Shareholders' Final Meeting Set for Oct. 18
-----------------------------------------------------------
The shareholders of Scarab Holding Limited will hold their final
meeting on Oct. 18, 2013, at 9:45 a.m., to receive 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


SECQUAERO INVESTMENT: Shareholders' Final Meeting Set for Oct. 24
-----------------------------------------------------------------
The shareholders of Secquaero Investment Management (Cayman) Ltd
will hold their final meeting on Oct. 24, 2013, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SHELF LIFE: Shareholder to Hear Wind-Up Report on Oct. 7
--------------------------------------------------------
The shareholder of Shelf Life Fund will receive on Oct. 7, 2013,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


SMITH BREEDEN: Shareholders' Final Meeting Set for Oct. 2
---------------------------------------------------------
The shareholders of Smith Breeden Short Duration Ltd will hold
their final meeting on Oct. 2, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Smith Breeden Associates Inc.
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


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


NATIONAL COMMERCIAL BANK: Cuts 41 More Jobs
-------------------------------------------
Jamaica Observer reports that National Commercial Bank Jamaica
(NCB) let go 41 employees in its latest round of redundancies on
Sept. 13, 2013.

After a critical review of its business mode, the bank said it
embarked on a number of supporting strategic initiatives,
according to Jamaica Observer.

"To position the NCB Group to respond to a volatile, uncertain and
dynamic environment, we embarked on an organizational
transformation strategy dedicated to these initiatives. . . . A
major component of our transformation efforts has the been the
development of a lean operating model, a comprehensive review of
our operating processes and procedures and the subsequent design
and implementation of the staffing mix required to support the
reconfigured model," said a statement issued by the banking group
on Sept. 13, the report notes.

The report relates that prior to the redundancies the banking
group had 2,469 staff, not including the 254 at Advantage General
Insurance, which is being acquired by NCB.

The report discloses that Rickert Allen, NCB senior general
manager of group human resources, said the positions that are
being affected range across all categories from tellers up to
senior managers.

"While it is a difficult decision, since it affects the lives of
members of our team, we believe it is the best decision to ensure
our sustainability and the attainment of our aspirations," said
the bank, the report adds.


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


NICOLAS ROMERO: Moody's Lowers Rating on MXN180-Mil. Loan to B1
---------------------------------------------------------------
Moody's de Mexico downgraded the debt ratings on the MXN 180
million enhanced loan from Banco Interacciones to the Municipality
of Nicolas Romero to B1 (Global Scale, local currency) from Ba3,
and to Baa2.mx (Mexico National Scale) from Baa1.mx.

The MXN 180 million enhanced loan is payable through a trust
(Monex F/201), to which the municipality has pledged the flows and
rights of 20% of its federal participation transfers. The loan is
denominated in Mexican pesos and has a maturity of 15 years at an
interest rate composed of the 28-day Mexican Interbank Interest
Rate (TIIE) plus a spread.

Ratings Rationale:

The downgrade reflects the effect of the increase in the loan
amount to MXN 180 million from the original MXN 150 million
contracted in 2010. The addendum to the original contract that
allowed the increase kept the same legal enhancements and clauses.
The increase in the loan with no change to the maturity date leads
to a deterioration in the debt service coverage under Moody's base
case and stress scenarios to 1.1x and 1.0x, respectively.
Moreover, the loan has moderate reserve levels that represent a
cushion of 1.5 months against payment delays.

What Could Change The Ratings Up/Down

An upgrade of the Municipality of Nicolas Romero's issuer ratings
would likely result in an upgrade of the ratings on the loan. Debt
service coverage significantly exceeding Moody's forecasts could
also exert upward pressure on the rating.

Conversely, the debt ratings could face downward pressure if debt
service coverage levels fall materially below Moody's
expectations. Given the links between the loan and the credit
quality of the obligor, a downgrade of the Municipality of Nicolas
Romero could also exert downward pressure on debt ratings for this
loan.

The principal methodologies used in this rating were Enhanced
Municipal and State Loans in Mexico published on January 2011 and
Regional and Local Governments published on January 2013.

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.


* Servicing Transfer No Impact on Proyectos Adamantine's Ratings
----------------------------------------------------------------
Moody's de Mexico stated that its ratings of the mortgage-backed
securities would not be downgraded or withdrawn as of September
13, 2013, only as a result of the execution of Proyectos
Adamantine, S.A. de C.V.'s ("Proyectos Adamantine") proposal to
transfer the primary servicing of certain mortgage loans from
Credito Inmobiliario S.A. de C.V. ("CI") to Adamantine Servicios
S.A. de C.V. ("Adamantine Servicios ") (the "Proposed Amendment").
Moody's notes that the procedures and formalities set out in the
documents of the structures should be followed in order to approve
Proyectos Adamantine's proposal, as master servicer, to appoint
Adamantine Servicios as substitute primary servicer prior to the
execution of a new servicing agreement.

The affected certificates and their ratings are as follows:

- MXMACFW 07-3U Class A Certificates B3 (sf) (Global Scale, Local
Currency), B1.mx (sf) (Mexican National Scale); underlying ratings
Ca (sf) (Global Scale, Local Currency), Ca.mx (sf) (Mexican
National Scale)

- MXMACFW 07-4U Class B Certificates C (sf) (Global Scale, Local
Currency), C.mx (sf) (Mexican National Scale)

- MXMACFW 07-5U Class A Certificates B3 (sf) (Global Scale, Local
Currency), B1.mx (sf) (Mexican National Scale); underlying ratings
C (sf) (Global Scale, Local Currency), C.mx (sf) (Mexican National
Scale)

- MXMACFW 07-6U Class B Certificates C (sf) (Global Scale, Local
Currency), C.mx (sf) (Mexican National Scale)

In response to Proyectos Adamantine's request, Moody's analyzed
the credit impact of the Proposed Amendment. Moody's opinion, as
of this date, reflects only the credit impact of the Proposed
Amendment. At this time, the Proposed Amendment will not, in and
of itself, result in a reduction or withdrawal of the current
credit ratings on the Obligations. It is not a determination by
Moody's as to whether any such amendments could have any adverse
effect on any security holder that is not related to credit risk.
Further, this opinion does not preclude the possible future
downgrade or withdrawal of the current ratings for any reason.

Moody's opinion was based in part on information provided by
Proyectos Adamantine and the expected impact of a servicing
transfer on pool performance, mortgage collections, and the
trust's ability to meet timely interest payments on the affected
securities.

In order to assess the magnitude of the risks, Moody's considered
the following key factors and evaluated how they apply to the
specific circumstances of each transaction: a) the concentration
of Credito Inmobiliario serviced loans in the different
securitized pools to determine the extent of the potential
interruption to mortgage collections, b) MBIA's financial
guarantee for the benefit of the senior certificates MXMACFW 07-3U
and MXMACFW 07-5U covering interest payment shortfalls and c) the
incentives to align Proyectos Adamantine' interests with those of
investors given its ownership of the residual certificates.

Moody's also considered Proyectos Adamantine's role as master
servicer of the two affected transactions. Proyectos Adamantine's
role is expected to facilitate the servicing transfer process
given its familiarity with Credito Inmobiliario's historical loan-
by-loan servicing data.


===============
P A R A G U A Y
===============


BANCO BILBAO: S&P Affirms 'BB-' Rating; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long term
and 'B' short term ratings on Banco Bilbao Vizcaya Argentaria
Paraguay S.A. (BBVA Paraguay).  The outlook is stable.

The ratings on BBVA Paraguay reflect the bank's "strong" business
position, "weak" capital and earnings, "adequate" risk position,
"average" funding, and "adequate" liquidity, as defined by S&P's
criteria.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Paraguay is 'b+'.  S&P's economic risk score on
Paraguay is '10', based on its view that Paraguay's economy
depends largely on agriculture and international trade, and its
monetary flexibility is limited.  S&P's industry risk score on
Paraguay is '7', reflecting its belief that the Paraguayan
financial system has an aggressive risk appetite, as demonstrated
by rapid credit growth, and that the scope of supervision is
limited.  Despite a significant increase in domestic credit during
the past four years, the economy still has relatively low
leverage.

S&P believes BBVA Paraguay is a moderately strategically important
subsidiary for its Spain-based parent, Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; BBB-/Negative/A-3), which owns 99.99% of
the bank's equity.  "BBVA Paraguay's strategy and operations are
aligned to those of its parent. BBVA Paraguay's subsidiary status
means that the credit rating on the bank could be one notch higher
than its stand-alone credit profile (SACP) of 'bb-', said Standard
& Poor's credit analyst Ivana Recalde.  Nevertheless, the credit
rating on the bank is limited by the foreign currency rating on
Paraguay (BB-/Stable/B), given its exposure to the Paraguayan
economy.


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


CARONI LIMITED: 4,000 Former Workers Has Yet To Get Promised Lots
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Nirvan Maharaj, All
Trinidad General Workers Trade Union (ATGWTU) president general,
said an estimated 4,000 ex-Caroni workers have not received either
their agricultural or residential plots of lands promised to them
following the closure of Caroni Limited in 2003.

Mr. Maharaj was responding to statements by Lands and Marine
Affairs Minister, Jairam Seemungal, who, at a lease distribution
ceremony on September 11, accused former Caroni workers of being
their own hindrance to obtaining residential and agricultural
plots, according to Trinidad and Tobago Newsday.  The lands were
part of the Voluntary Separation of Employment Packages (VSEP)
offered to former Caroni workers.

The report notes that Mr. Maharaj laid the blamed at the previous
PNM Administration and the People's Partnership Government saying
both had breached the 2007 Deyalsingh judgment which ordered each
ex-Caroni worker be allotted a two-acre agricultural plot and
residential lot.

Mr. Maharaj, the report relates, said the union was prepared to
provide Mr. Seemungal with a document outlining the "failure" of
State agencies, such as Caroni (1975) Limited and EMBD, to provide
infrastructure such as drainage, irrigation systems, crossings and
ponds "to facilitate a smooth transition for ex-Caroni workers
after the closure of the sugar industry".


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


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

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

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34
EMP DISTRIB-ADR        PWD1 GR          1394532241     -3893195.34
EMPRESA DISTRI-A       0122196D AR      1394532241     -3893195.34
EMPRESA DISTRI-C       0122368D AR      1394532241     -3893195.34
ENDESA COST-ADR        CRCNY US         355868840      -87473853.9
ENDESA COSTAN-         CECO2 AR         355868840      -87473853.9
ENDESA COSTAN-         CECOD AR         355868840      -87473853.9
ENDESA COSTAN-         CECOC AR         355868840      -87473853.9
ENDESA COSTAN-         EDCFF US         355868840      -87473853.9
ENDESA COSTAN-A        CECO1 AR         355868840      -87473853.9
ESTRELA SA             ESTR3 BZ         71379818.6     -111239805
ESTRELA SA             ESTRON BZ        71379818.6     -111239805
ESTRELA SA-PREF        ESTR4 BZ         71379818.6     -111239805
ESTRELA SA-PREF        ESTRPN BZ        71379818.6     -111239805
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18875306.2     -40047314.2
FERRAGENS HAGA         HAGAON BZ        18875306.2     -40047314.2
FERRAGENS HAGA-P       HAGAPN BZ        18875306.2     -40047314.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18875306.2     -40047314.2
HOTEIS OTHON SA        HOOT3 BZ         227432125      -70780169.8
HOTEIS OTHON SA        HOTHON BZ        227432125      -70780169.8
HOTEIS OTHON-PRF       HOOT4 BZ         227432125      -70780169.8
HOTEIS OTHON-PRF       HOTHPN BZ        227432125      -70780169.8
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         219009123      -69129785
IGUACU CAFE            IGCSON BZ        219009123      -69129785
IGUACU CAFE            IGUCF US         219009123      -69129785
IGUACU CAFE-PR A       IGUA5 BZ         219009123      -69129785
IGUACU CAFE-PR A       IGCSAN BZ        219009123      -69129785
IGUACU CAFE-PR A       IGUAF US         219009123      -69129785
IGUACU CAFE-PR B       IGUA6 BZ         219009123      -69129785
IGUACU CAFE-PR B       IGCSBN BZ        219009123      -69129785
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         54968258.7     -3370955902
LOJAS ARAPUA           LOARON BZ        54968258.7     -3370955902
LOJAS ARAPUA-GDR       3429T US         54968258.7     -3370955902
LOJAS ARAPUA-GDR       LJPSF US         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOAR4 BZ         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOARPN BZ        54968258.7     -3370955902
LOJAS ARAPUA-PRF       52353Z US        54968258.7     -3370955902
LUPATECH SA            LUPA3 BZ         684389276      -151417630
LUPATECH SA            LUPAF US         684389276      -151417630
LUPATECH SA -RCT       LUPA9 BZ         684389276      -151417630
LUPATECH SA-ADR        LUPAY US         684389276      -151417630
LUPATECH SA-RT         LUPA11 BZ        684389276      -151417630
LUPATECH SA-RTS        LUPA1 BZ         684389276      -151417630
MINUPAR                MNPR3 BZ         119382337      -92195102.2
MINUPAR SA             MNPRON BZ        119382337      -92195102.2
MINUPAR SA-PREF        MNPRPN BZ        119382337      -92195102.2
MINUPAR-PREF           MNPR4 BZ         119382337      -92195102.2
MINUPAR-RCT            9314634Q BZ      119382337      -92195102.2
MINUPAR-RCT            0599564D BZ      119382337      -92195102.2
MINUPAR-RCT            MNPR9 BZ         119382337      -92195102.2
MINUPAR-RT             9314542Q BZ      119382337      -92195102.2
MINUPAR-RT             0599562D BZ      119382337      -92195102.2
MINUPAR-RTS            MNPR1 BZ         119382337      -92195102.2
NORDON MET             NORD3 BZ         11154278.4     -30655920.5
NORDON METAL           NORDON BZ        11154278.4     -30655920.5
NORDON MET-RTS         NORD1 BZ         11154278.4     -30655920.5
NOVA AMERICA SA        NOVA3 BZ         21287490.2     -183535537
NOVA AMERICA SA        NOVA3B BZ        21287490.2     -183535537
NOVA AMERICA SA        NOVAON BZ        21287490.2     -183535537
NOVA AMERICA SA        1NOVON BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4 BZ         21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4B BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVAPN BZ        21287490.2     -183535537
NOVA AMERICA-PRF       1NOVPN BZ        21287490.2     -183535537
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          64304554.3     -1269120.57
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23274759.4     -4575396.32
PUYEHUE RIGHT          PUYEHUOS CI      23274759.4     -4575396.32
RECRUSUL               RCSL3 BZ         41210099.9     -18423894.9
RECRUSUL - RCT         4529789Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         4529793Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163582D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163583D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614675D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614676D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         RCSL10 BZ        41210099.9     -18423894.9
RECRUSUL - RT          4529781Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          4529785Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163579D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163580D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614673D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614674D BZ      41210099.9     -18423894.9
RECRUSUL SA            RESLON BZ        41210099.9     -18423894.9
RECRUSUL SA-PREF       RESLPN BZ        41210099.9     -18423894.9
RECRUSUL SA-RCT        RCSL9 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL1 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL2 BZ         41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL11 BZ        41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL12 BZ        41210099.9     -18423894.9
RECRUSUL-PREF          RCSL4 BZ         41210099.9     -18423894.9
REDE EMP ENE ELE       ELCA4 BZ         1068602117     -71011565.8
REDE EMP ENE ELE       ELCA3 BZ         1068602117     -71011565.8
REDE EMPRESAS-PR       REDE4 BZ         1068602117     -71011565.8
REDE ENERGIA SA        REDE3 BZ         1068602117     -71011565.8
REDE ENERG-UNIT        REDE11 BZ        1068602117     -71011565.8
REDE ENER-RCT          3907731Q BZ      1068602117     -71011565.8
REDE ENER-RCT          REDE9 BZ         1068602117     -71011565.8
REDE ENER-RCT          REDE10 BZ        1068602117     -71011565.8
REDE ENER-RT           3907727Q BZ      1068602117     -71011565.8
REDE ENER-RT           REDE1 BZ         1068602117     -71011565.8
REDE ENER-RT           REDE2 BZ         1068602117     -71011565.8
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         89516044.1     -84915135
RENAUXVIEW SA-PF       TXRX4 BZ         89516044.1     -84915135
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         22323863.1     -3810831.28
SANSUY                 SNSY3 BZ         180592889      -139972527
SANSUY SA              SNSYON BZ        180592889      -139972527
SANSUY SA-PREF A       SNSYAN BZ        180592889      -139972527
SANSUY SA-PREF B       SNSYBN BZ        180592889      -139972527
SANSUY-PREF A          SNSY5 BZ         180592889      -139972527
SANSUY-PREF B          SNSY6 BZ         180592889      -139972527
SAUIPE                 PSEG3 BZ         18741726.8     -4445594.67
SAUIPE SA              PSEGON BZ        18741726.8     -4445594.67
SAUIPE SA-PREF         PSEGPN BZ        18741726.8     -4445594.67
SAUIPE-PREF            PSEG4 BZ         18741726.8     -4445594.67
SCHLOSSER              SCLO3 BZ         57116503.7     -55719510.4
SCHLOSSER SA           SCHON BZ         57116503.7     -55719510.4
SCHLOSSER SA-PRF       SCHPN BZ         57116503.7     -55719510.4
SCHLOSSER-PREF         SCLO4 BZ         57116503.7     -55719510.4
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         18737018.1     -11880129.9
STEEL - RT             STLB1 BZ         18737018.1     -11880129.9
TEKA                   TKTQF US         371193871      -375865470
TEKA                   TEKA3 BZ         371193871      -375865470
TEKA                   TEKAON BZ        371193871      -375865470
TEKA-ADR               TEKAY US         371193871      -375865470
TEKA-ADR               TKTPY US         371193871      -375865470
TEKA-ADR               TKTQY US         371193871      -375865470
TEKA-PREF              TKTPF US         371193871      -375865470
TEKA-PREF              TEKA4 BZ         371193871      -375865470
TEKA-PREF              TEKAPN BZ        371193871      -375865470
TEKA-RCT               TEKA9 BZ         371193871      -375865470
TEKA-RCT               TEKA10 BZ        371193871      -375865470
TEKA-RTS               TEKA1 BZ         371193871      -375865470
TEKA-RTS               TEKA2 BZ         371193871      -375865470
TEXTEIS RENA-RCT       TXRX9 BZ         89516044.1     -84915135
TEXTEIS RENA-RCT       TXRX10 BZ        89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX1 BZ         89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX2 BZ         89516044.1     -84915135
TEXTEIS RENAUX         RENXON BZ        89516044.1     -84915135
TEXTEIS RENAUX         RENXPN BZ        89516044.1     -84915135
VARIG PART EM SE       VPSC3 BZ         83017833.2     -495721727
VARIG PART EM TR       VPTA3 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPTA4 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPSC4 BZ         83017833.2     -495721727
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         591011112      -26163506.4
VULCABRAS AZ-PRF       VULC4 BZ         591011112      -26163506.4
VULCABRAS SA           VULCON BZ        591011112      -26163506.4
VULCABRAS SA-PRF       VULCPN BZ        591011112      -26163506.4
VULCABRAS-RCT          VULC9 BZ         591011112      -26163506.4
VULCABRAS-REC PR       VULC10 BZ        591011112      -26163506.4
VULCABRAS-RECEIP       0853207D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        0853205D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        VULC2 BZ         591011112      -26163506.4
VULCABRAS-RT PRF       VULC11 BZ        591011112      -26163506.4
VULCABRAS-RTS          VULC1 BZ         591011112      -26163506.4
WETZEL SA              MWET3 BZ         95682256.3     -5467518.71
WETZEL SA              MWELON BZ        95682256.3     -5467518.71
WETZEL SA-PREF         MWET4 BZ         95682256.3     -5467518.71
WETZEL SA-PREF         MWELPN BZ        95682256.3     -5467518.71








                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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