TCRLA_Public/131008.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, October 8, 2013, Vol. 14, No. 199


                            Headlines



A N T I G U A   &   B A R B U D A

LIAT: CEO Gave No Explanation For Resignation


A R G E N T I N A

* MUNICIPALITY OF CORDOBA: Moody's Rates US$35MM Series I Bond B3


B R A Z I L

BRAZILIAN STATES: Moody's Affirms Issuer Ratings of Three States
OGX PETROLEO: Bonds Continue to Fall as Pessimism Mounts


C A Y M A N  I S L A N D S

O'CONNOR CREDIT: Shareholders' Final Meeting Set for Oct. 15
THAI INVESTOR I: Members' Final Meeting Set for Oct. 15
THAI INVESTOR II: Members' Final Meeting Set for Oct. 15
THAI INVESTOR III: Members' Final Meeting Set for Oct. 15
THAI INVESTOR IV: Members' Final Meeting Set for Oct. 15

THAI INVESTOR V: Members' Final Meeting Set for Oct. 15
THAI INVESTOR VI: Members' Final Meeting Set for Oct. 15
THAI INVESTOR VII: Members' Final Meeting Set for Oct. 15
THAI INVESTOR VIII: Members' Final Meeting Set for Oct. 15


C O L O M B I A

* COLOMBIA: To Improve Transport System With US$40MM IDB Loan


J A M A I C A

* JAMAICA: Price of Aluminum to Sink Further


P A N A M A

* PANAMA: Gets US$54MM IDB Loan for Water & Sanitation Program


P U E R T O   R I C O

AES PUERTO RICO: Moody's Affirms Ba1 Rating on US$194MM Sec. Bonds


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -

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


LIAT: CEO Gave No Explanation For Resignation
---------------------------------------------
Caribbean360.com reports that Prime Minister Dr. Ralph Gonsalves,
chair of Leeward Islands Air Transport (LIAT)'s shareholder
governments, said he does not know why Ian Brunton resigned as the
airline's chief executive officer after just one year on the job.

LIAT's board of directors disclosed late September that it had
accepted Brunton's resignation, effective October 1, according to
Caribbean360.com.

"I really don't know what are the reasons for Captain Brunton's
resignation because none was offered; certainly, I have not seen
any communications offered to the chairman and sent to me, or the
person who is acting chairman, Isaac Solomon, who is a
Vincentian," the report quoted Mr. Gonsalves as saying.

The report notes that Mr. Brunton's resignation comes as LIAT is
engaged in re-fleeting its ageing planes and what may be
considered a bad few months for the airline given the problems,
including flight cancellations, associated with the exercise.

The report relates that Mr. Brunton himself said LIAT experienced
a "disastrous summer" this year.

Asked if there was any "gentle persuasion" for mr. Brunton to go,
Mr. Gonsalves replied "absolutely not," notes the report.

"I didn't speak to Ian about it and I know that Baldwin Spencer
(Prime Minister of Antigua and Barbuda) didn't because I saw
Baldwin in New York and we spoke about the matter and I didn't
communicate with my brother Freundel Stuart (Prime Minister of
Barbados) but from what I know, he was not involved either. . . .
This is a matter entirely dealt with by the Board of LIAT," the
report quoted Mr. Gonsalves as saying.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



=================
A R G E N T I N A
=================


* MUNICIPALITY OF CORDOBA: Moody's Rates US$35MM Series I Bond B3
-----------------------------------------------------------------
Moody's Latin America has assigned debt ratings of B3 (Global
Scale, Local Currency) and Baa1.ar (Argentina National Scale) to
the Municipality of Cordoba's Series I Bond for up to USD35
million (payable in ARS pesos), to be issued under the
Municipality of Cordoba's Debt Program for up to ARS400 million
(around US$70 million), or its equivalent in other currencies.

RATINGS RATIONALE

The Series I Bonds (the "Bonos de Deuda 2013 Serie I") constitute
direct, secured and unsubordinated obligations of the Municipality
of Cordoba. Authorized by Decree N§ 3723 of the Mayor of Cordoba
City and payable in Argentine pesos, this bond will carry a fixed
interest rate and mature in 2017. The amount expected to be issued
under Series I is US$35 million, about 5% of total revenues
budgeted for 2013.

Debt service will be quarterly, with a one-year grace period for
principal payments. The Series I will also be guaranteed by the
collection of the "Gross Revenue Contribution" that the
Municipality of Cordoba's charges large tax payers ("Contribucion
que incide sobre la actividad comercial, industrial y de
servicios, categorˇa grandes contribuyentes").

The B3 Moody's has assigned to this Bond Series I is in line with
the Municipality of Cordoba's B3 issuer rating and long-term
credit quality. In Moody's view, the presence of dedicated
municipal revenues to back the debt service enhances the credit
quality of this instrument. This is reflected in the Baa1.ar
rating compared to the Municipality of Cordoba's national scale
rating of Baa2.ar.

The ratings assigned are based on documentation Moody's had
received as of the rating assignment date. Moody's does not expect
changes to the documentation between September 27th 2013 and the
expected closing date of the deal. Moody's will assess the impact
on the ratings of any differences should the transaction structure
differ from what the submitted documentation outlines, and act
accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN
Given the dependence of the bonds' credit quality on that of the
obligor, an upgrade to the City of Cordoba's issuer ratings would
likely result in an upgrade of the ratings on the bonds.
Conversely, a downgrade to the City of Cordoba's issuer ratings
could also pressure the bonds' debt ratings downward. Also, a
deterioration in the city's operating and financing margins,
coupled with a downgrade to the sovereign rating, could lead to a
downgrade to the bonds' rating.

The principal methodology used in this rating was Regional and
Local Governments published in 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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


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


BRAZILIAN STATES: Moody's Affirms Issuer Ratings of Three States
----------------------------------------------------------------
Moody's America Latina Ltda has affirmed the issuer ratings (both
global and national scale) of three Brazilian states. These
actions follow Moody's action on Brazil's Baa2 sovereign bond
rating, revising the outlook to stable from positive.

AFFIRMED RATINGS
- State of Maranhao - Ba1 (Global Scale), Aa2.br (National Scale),
stable outlook
- State of Mato Grosso - Baa3 (Global Scale), Aa1.br (National
Scale), stable outlook
- State of Parana - Baa3 (Global Scale), Aa1.br (National Scale),
stable outlook

RATINGS RATIONALE

The affirmation of these ratings reflects the solid performance of
these states and the stable environment under which they operate.
In Moody's view, the recent change of outlook on the sovereign
does not lead to any material change on the credit profile of the
issuers.

WHAT COULD CHANGE THE RATING UP/DOWN

A continuation in the trend of positive fiscal results, combined
with a further decline in debt-to-revenue levels, could exert
upward pressure on the ratings.

Conversely, a downgrade of Brazil's Baa2 government bonds rating
could exert downward pressure on the assigned ratings. A
significant deterioration in the financial performance of any of
these three entities, including a sudden increase in debt to
revenue levels, could also move ratings down on that issuer.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013. Please see the Credit
Policy page on www.moodys.com.br for a copy of this methodology.
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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


OGX PETROLEO: Bonds Continue to Fall as Pessimism Mounts
--------------------------------------------------------
Luciana Magalhaes at Dow Jones reports that bonds of Brazilian oil
company OGX Petroleo e Gas Participacoes SA, the flagship of
businessman Eike Batista's crumbling empire, are tumbling fast
Oct.4.

Another sell off was triggered Oct. 3 after the company said the
probable reserves at its Tubarao Martelo oil field are much
smaller than previously estimated, according to Dow Jones.

The report notes that OGX's bonds maturing in 2018 and 2022 both
fell to around 10 cents to the dollar Oct. 4, after closing around
12 cents to the dollar Oct. 3, according to traders.

The report relates that oil field consultancy DeGolyer and
MacNaughton, in a report to the company released by OGX, certified
the field has probable reserves of 87.9 million barrels of oil
equivalent, with a 50% certainty of being produced.  Previously,
in a less accurate study, Tubarao Martelo's total recoverable
volume had been estimated at 212 million barrels of oil
equivalent, the report says.

The report relays that OGX, which earlier missed an interest
payment on outstanding bonds, is counting on production from the
field to start by the end of the year.  Tubarao Martelo is
currently considered OGX's lone viable oil field.

The report discloses that advisors for OGX have been in talks with
bondholders to restructure the company's debt.  OGX is also
looking for possible investors as it is seeking debtor-in-
possession financing, a special form of financing usually provided
to companies in financial distress, a person familiar with the
company said, adding that the company is considering seeking court
protection in coming weeks, the report relates.

            About OGX Petroleo e Gas Participaaoes S.A.

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 Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


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


O'CONNOR CREDIT: Shareholders' Final Meeting Set for Oct. 15
------------------------------------------------------------
The shareholders of O'Connor Credit Arbitrage Master Limited will
hold their final meeting on Oct. 15, 2013, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Grant Hiley
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue,, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


THAI INVESTOR I: Members' Final Meeting Set for Oct. 15
-------------------------------------------------------
The members of Thai Investor I Inc will hold their final meeting
on Oct. 15, 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:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR II: Members' Final Meeting Set for Oct. 15
--------------------------------------------------------
The members of Thai Investor II Inc. will hold their final meeting
on Oct. 15, 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:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR III: Members' Final Meeting Set for Oct. 15
---------------------------------------------------------
The members of Thai Investor III Inc. will hold their final
meeting on Oct. 15, 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:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR IV: Members' Final Meeting Set for Oct. 15
--------------------------------------------------------
The members of Thai Investor IV Inc. will hold their final meeting
on Oct. 15, 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:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR V: Members' Final Meeting Set for Oct. 15
-------------------------------------------------------
The members of Thai Investor V Inc. will hold their final meeting
on Oct. 15, 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:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR VI: Members' Final Meeting Set for Oct. 15
--------------------------------------------------------
The members of Thai Investor VI Inc. will hold their final meeting
on Oct. 15, 2013, at 10:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR VII: Members' Final Meeting Set for Oct. 15
---------------------------------------------------------
The members of Thai Investor VII Inc. will hold their final
meeting on Oct. 15, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


THAI INVESTOR VIII: Members' Final Meeting Set for Oct. 15
----------------------------------------------------------
The members of Thai Investor VIII Inc. will hold their final
meeting on Oct. 15, 2013, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          c/o Declan Magennis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


===============
C O L O M B I A
===============


* COLOMBIA: To Improve Transport System With US$40MM IDB Loan
-------------------------------------------------------------
Colombia will improve its public transportation system in Bogota
with a US$40 million loan approved by the Inter-American
Development Bank (IDB), making its hallmark bus system better as
well as cleaner.

With 7.6 million inhabitants and approximately 16 percent of
Colombia's population, Bogota faces the challenge of providing
efficient transportation to support its economic potential, boost
its competitiveness and improve the quality of life of its
inhabitants.

The project will finance 282 new medium capacity hybrid or
electric buses.  It will reduce operating costs of this fleet by
35 percent and reduce greenhouse gas emissions by 7,000 tons/year,
a 46 percent drop.  This fleet will provide access to improved
low-carbon transport to approximately 33,000 people per day.

Financing for clean technology buses will increase the benefits
offered by the Integrated Public Transport System because it will
lead to even greater reductions in operating costs and
transportation-related emissions.

The IDB financing consists of a US$40 million 40-year loan with
resources from the Clean Technology Fund with a 10-year grace
period and a fixed interest rate of 0.25 percent.


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


* JAMAICA: Price of Aluminum to Sink Further
--------------------------------------------
RJR News reports that there is more grim news for Jamaica's mining
sector with another forecast that the price of aluminum is set to
further tumble.

Analysts said China's aluminum prices are likely to fall in the
fourth quarter, as supply is expected to rise amid sliding demand.
Some analysts have predicted that the prices will decline to an
all-time low, according to RJR News.

The report notes that traditionally, the fourth quarter has been a
weak season for aluminum consumption, as cold weather in north
China slows down construction activities.  In northwest China,
however, smelters which are able to operate at relatively low
costs are still gearing up, RJR News relates.

The report discloses that market participants have estimated that
about 2 million tons of new aluminum capacity will start
operations before year-end in China.


============
P A N A M A
============


* PANAMA: Gets US$54MM IDB Loan for Water & Sanitation Program
--------------------------------------------------------------
Panama will continue improving, rehabilitating and expanding its
water and sanitation services in central and western provinces
with the Water and Sanitation Multiphase Investment Program, a
US$54 million loan from the Inter-American Development Bank (IDB).

At the end of this program, the number of households with improved
residential access to clean drinking water will increase to 33,000
and 2,200 households will gain networked connections to the
sewerage system, giving thousands of poor Panamanians in the
central and western provinces access to clean water and sanitation
services.

The program will allow Panama to reduce unequal access to potable
water and sanitation services within these regions, and also
tackle other problems such as non-revenue water issues.

The IDB loan is set for a 25-year amortization period, with a 5.5
year grace period and a LIBOR-based interest rate.  Local
counterpart funds total US$15.4 million.


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


AES PUERTO RICO: Moody's Affirms Ba1 Rating on US$194MM Sec. Bonds
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 rating on approximately
US$194 million of secured bonds issued by the Puerto Rico
Industrial, Tourist, Educational, Medical, and Environmental
Control Facilities Financing Authority on behalf of AES Puerto
Rico L.P (AES PR). The rating outlook remains stable.

RATINGS RATIONALE

The rating affirmation and stable outlook is reflective of the
project's operational and financial performance and also considers
the current rating and outlook for both the Commonwealth of Puerto
Rico (Baa3, negative) and the Puerto Rico Electric Power Authority
(PREPA: Baa3, negative).

The Ba1 senior secured rating for AES PR reflects the ongoing
stability of its revenues, which are generated via a long-term
power purchase agreement (PPA) with PREPA, and considers the
strategic importance of the project as a source of fuel diversity
and relatively low-cost base load power. The rating also reflects
AES Corporation's (AES: Ba3, stable) significant experience in
operating and procuring coal for its global fleet of power plants
and the operational and financial performance of the project,
which has been stable, but will continue to be impacted by an
aggressive heat rate guarantee incorporated in the PPA and
operating and maintenance expenses that are more burdensome than
that originally anticipated. Over the near-to-medium term, we
anticipate debt service coverage ratios will generally remain
above 1.30x.

AES PR's revenues are entirely dependent upon PREPA which in turn
is heavily dependent on the economic health of the Commonwealth of
Puerto Rico -- an entity that has been experiencing lackluster
growth burdened by high unemployment and population loss. Since
our last update of AES PR, the ratings and outlook for the
Commonwealth and PREPA have both declined several notches to Baa3
with negative outlook, one notch above the Ba1 rating for AES PR's
secured bonds. Notwithstanding the negative outlook for PREPA, the
stable outlook for AES PR reflects our view that, based on the
importance of the project to PREPA, the priority of its PPA
payment as a PREPA operating expense, and the secured position of
the bond holders, a one notch downgrade of the rating of PREPA,
should it occur, would not in and of itself, result in a downgrade
of AES PR's secured bonds.

The stable outlook for AES PR reflects Moody's expectation of
continued normal operating performance at the project - including
its ability to find beneficial uses for its ash, which Moody's
anticipate will result in debt service coverage remaining above
1.30x.

The rating is currently upwardly constrained by the Baa3 rating
and negative outlook for PREPA, so upward movement over the near-
to-medium term is unlikely. Longer term, upward pressure on the
rating or outlook could develop if the rating or outlook of PREPA
were to be revised upward and if the project is able to
demonstrate debt service coverage ratios above 1.5x on a
sustainable basis.

In the event the Baa3 rating of PREPA was to be lowered by more
than one notch, the rating of AES PR would also likely be lowered.
Downward pressure on the rating could also develop if the project
were to experience prolonged operating difficulties which result
in reductions to PREPA's capacity payments or if increases in
unrecovered operating and/or capital costs cause debt service
coverage ratios to remain below the 1.3x -- 1.4x range for an
extended period. An inability to extend or replace the project's
external liquidity facilities could also put downward pressure on
the rating.

AES PR, an indirect wholly owned subsidiary of AES Corporation
(AES: Ba3, stable), owns and operates a 454 megawatt (MW) coal-
fired cogeneration facility located on the southeastern coast of
Puerto Rico. The project sells all of its firm energy and capacity
pursuant to a 25-year power purchase agreement to the PREPA, a
public corporation and governmental agency of the Commonwealth of
Puerto Rico. The project began operating in 2002.


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


                    ***********


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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