TCRLA_Public/131014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R


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


           Monday, October 14, 2013, Vol. 14, No. 203



                            Headlines




B R A Z I L


BANCO GMAC: Moody's Affirms Baseline Credit Assessment at Ba3
OGX PETROLEO: Bondholders Unlikely to Reach Deal This Week
OGX PETROLEO: Brazil Denies Request to Suspend Oil Field Dev't.
* EIKE BATISTA: Firms Look to Exit Historic Building



C A Y M A N  I S L A N D S


BELMONT TRADING: Commences Liquidation Proceedings
BRIGANTINE HIGH: Creditors' Proofs of Debt Due Nov. 7
CAPITANIA EQUITY: Commences Liquidation Proceedings
CONFIDAS CONSULTANTS: Creditors' Proofs of Debt Due Oct. 28
DALTON CDO: Creditors' Proofs of Debt Due Nov. 7


EASTON ASIA: Creditors' Proofs of Debt Due Nov. 7
FLY CAPITAL: Commences Liquidation Proceedings
JAPAN NPL 1: Creditors' Proofs of Debt Due Nov. 6
JAPAN NPL 2: Creditors' Proofs of Debt Due Nov. 6
KNOLLWOOD CDO II: Creditors' Proofs of Debt Due Nov. 6


LIFE CAPITAL: Commences Liquidation Proceedings
MIDAS INVESTMENTS: Creditors' Proofs of Debt Due Nov. 8
OLYMPIA (PTC): Creditors' Proofs of Debt Due Nov. 8
VALE CAPITAL II: Creditors' Proofs of Debt Due Nov. 6
ZOE PDP: Creditors' Proofs of Debt Due Nov. 6



C O S T A  R I C A


BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable



G U A T E M A L A


EMPRESA ELECTRICA: S&P Raises Rating to 'BB'; Outlook Stable
GUATEMALA ELECTRICITY: S&P Raises Rating on $100MM Notes to 'BB'



J A M A I C A


ALCOA INC: Posts Slim Profit Of US$24 Million
* JAMAICA: Bank of Jamaica Asked to Relax Liquidity Requirements



M E X I C O


CEMEX SAB: Disclose Acceptance for Purchase of US$470M 2016 Notes



P U E R T O   R I C O


AMBAC FINANCIAL: Discloses US$2.5 Billion Puerto Rico Exposure



X X X X X X X X X


BOND PRICING: For the Week From Oct.7 to Oct. 11, 2013



                            - - - - -




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



BANCO GMAC: Moody's Affirms Baseline Credit Assessment at Ba3
-------------------------------------------------------------
Moody's Investors Service has affirmed Banco GMAC S.A.'s (Banco
GMAC) baseline credit assessment (BCA) of ba3, which is equivalent
to a bank financial strength of D-. Moody's also affirmed the
bank's global local and foreign currency deposit ratings of Ba3
and Not-Prime, long- and short-term, respectively, and the
Brazilian national scale deposit ratings of A3.br and BR-2, long-
and short-term, respectively. The outlook on all ratings is
stable.


The following ratings of Banco GMAC S.A. were affirmed:


Bank financial strength of D-, stable outlook, which maps to a
standalone baseline credit assessment of ba3


Long-term global local-currency deposit rating: Ba3, stable
outlook


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


Long-term foreign-currency deposit rating: Ba3, stable outlook


Short-term foreign-currency deposit rating: Not Prime


Long-term Brazilian national scale deposit ratings: A3.br, stable
outlook


Short-term Brazilian national scale deposit ratings: BR-2


Ratings Rationale:


The affirmation of Banco GMAC's ratings acknowledges the low risk
profile of the bank's loan portfolio and its conservative
standards for originating loans, both features that support its
good asset quality ratios, said Moody's. Banco GMAC's unsupported
BCA of ba3 continues to reflect limited diversification of
earnings and the bank's reliance on wholesale funding, two
intrinsic characteristics of a captive finance operation.
Nevertheless, the bank's specialized franchise in vehicle
financing benefits from its links to General Motors do Brasil
S.A.'s (GMB, unrated), which has a large participation in the
Brazilian auto industry, resulting in recurring revenues that are
closely tied to GMB's sales volumes.


Moody's noted that the continued stimulus to the car production
and sales in Brazil, allied with a decline in loan origination
from large banks caused by a spike in delinquencies, has benefited
captive finance banks, including Banco GMAC, which has been
reporting robust loan growth since early 2012. As a result of
higher loan volumes and less competition, margins have remained
high and, for the past 18 months, above those of its peers,
positively reflecting in its profitability metrics in the first
half of 2013.


Moody's said the bank's wholesale funding structure remains
vulnerable to changes in cost and availability of funds, which, in
turn, could compress profitability, particularly in a scenario of
rising interest rates. During the last few years, the bank has
maintained access to the domestic funding market and has sought to
diversify its funding sources through the issuance of domestic
debt (Letras Financeiras). Nevertheless, loan sale agreements with
financial institutions and interbank deposits still represent the
majority of Banco GMAC's funding structure, which tends to be
expensive.


Banco GMAC's deposit ratings incorporate Moody's assessment of a
high likelihood of support deriving from General Motors Financial
Company, Inc (b1/Ba3, review for upgrade), which is the bank's new
controlling shareholder as of 1 October 2013. Despite the
assessment of high support, the bank's deposit ratings do not
benefit from any uplift because Banco GMAC's BCA of ba3 is already
above the parent's BCA of b1.


The last rating action on Banco GMAC was on 16 February 2011, when
Moody's upgraded Banco GMAC's financial strength to D-, from E+,
the long-term local and foreign currency deposit ratings to Ba3
from B2, and the national scale deposit ratings to A3.br and BR-2
from Ba1.br and BR-4, long- and short-term, respectively. Moody's
also affirmed the short-term local and foreign currency deposit
ratings at Not Prime. The outlook on all ratings was stable.


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 GMAC is headquartered in Sao Paulo, Brazil. As of 30 June
2013, Banco GMAC had total assets of BRL10.5 billion ($4.8
billion) and shareholders' equity of BRL1.4 billion ($629
million).



OGX PETROLEO: Bondholders Unlikely to Reach Deal This Week
-----------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that advisers
representing distressed Brazilian oil company OGX Petroleo e Gas
Participacoes SA, the flagship of businessman Eike Batista's
teetering empire, and the firm's bondholders do not expect to
reach agreement on a debt restructuring plan this week, according
to two people with knowledge of the negotiations.


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.



OGX PETROLEO: Brazil Denies Request to Suspend Oil Field Dev't.
---------------------------------------------------------------
Luciana Magalhaes and Jeff Fick at Daily Bankruptcy Review report
that Brazil's National Petroleum Agency, or ANP, has denied a
request by oil company OGX Petroleo e Gas Participacoes SA,
controlled by businessman Eike Batista, to suspend the development
of three offshore oil fields.


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.



* EIKE BATISTA: Firms Look to Exit Historic Building
----------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that
companies controlled by embattled Brazilian entrepreneur Eike
Batista plan to leave the sumptuous Serrador building in the
center of Rio de Janeiro in the next few months, amid a deepening
financial crisis.




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



BELMONT TRADING: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 16, 2013, the shareholders of Belmont Trading Ltd
resolved to voluntarily liquidate the company's business.


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


The company's liquidator is:


          Alternative Investment Solutions Ltd.
          c/o Margaret Thompson
          Telephone: +1 (345) 946 2475
          10 Market Street
          Suite 140 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands



BRIGANTINE HIGH: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------
The creditors of Brigantine High Grade Funding, Ltd are required
to file their proofs of debt by Nov. 7, 2013, to be included in
the company's dividend distribution.


The company commenced liquidation proceedings on Sept. 23, 2013.


The company's liquidator is:


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



CAPITANIA EQUITY: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 27, 2013, the shareholder of Capitania Equity Strategies
Fund resolved to voluntarily liquidate the company's business.


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


The company's liquidator is:


          Ricardo Quintero
          c/o Rua Tavares Cabral
          102 6th  Floor
          05423-030 Sao Paulo
          Brazil
          Telephone: +1 (345) 914 6365



CONFIDAS CONSULTANTS: Creditors' Proofs of Debt Due Oct. 28
-----------------------------------------------------------
The creditors of Confidas Consultants Ltd. are required to file
their proofs of debt by Oct. 28, 2013, to be included in the
company's dividend distribution.


The company commenced liquidation proceedings on Sept. 24, 2013.


The company's liquidator is:


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



DALTON CDO: Creditors' Proofs of Debt Due Nov. 7
------------------------------------------------
The creditors of Dalton CDO Ltd. are required to file their proofs
of debt by Nov. 7, 2013, to be included in the company's dividend
distribution.


The company commenced liquidation proceedings on Sept. 23, 2013.


The company's liquidator is:


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



EASTON ASIA: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------
The creditors of Easton Asia Fund are required to file their
proofs of debt by Nov. 7, 2013, to be included in the company's
dividend distribution.


The company commenced liquidation proceedings on Sept. 25, 2013.


The company's liquidator is:


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



FLY CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 5, 2013, the shareholders of Fly Capital SPV Limited
resolved to voluntarily liquidate the company's business.


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


The company's liquidator is:


          Gordon McKie
          40 Berkeley Square
          London W1J 5AL
          United Kingdom
          Telephone: +44 20 7451 4297



JAPAN NPL 1: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------
The creditors of Japan NPL 1 Holdings are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.


The company commenced liquidation proceedings on Sept. 23, 2013.


The company's liquidator is:


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



JAPAN NPL 2: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------
The creditors of Japan NPL 2 Holdings are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.


The company commenced liquidation proceedings on Sept. 23, 2013.


The company's liquidator is:


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



KNOLLWOOD CDO II: Creditors' Proofs of Debt Due Nov. 6
------------------------------------------------------
The creditors of Knollwood CDO II Ltd. are required to file their
proofs of debt by Nov. 6, 2013, to be included in the company's
dividend distribution.


The company commenced liquidation proceedings on Sept. 20, 2013.



The company's liquidator is:


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



LIFE CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 5, 2013, the shareholders of Life Capital SPV Limited
resolved to voluntarily liquidate the company's business.


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


The company's liquidator is:


          Gordon McKie
          40 Berkeley Square
          London W1J 5AL
          United Kingdom
          Telephone: +44 20 7451 4297



MIDAS INVESTMENTS: Creditors' Proofs of Debt Due Nov. 8
-------------------------------------------------------
The creditors of Midas Investments Ltd. are required to file their
proofs of debt by Nov. 8, 2013, to be included in the company's
dividend distribution.


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


The company's liquidator is:


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



OLYMPIA (PTC): Creditors' Proofs of Debt Due Nov. 8
---------------------------------------------------
The creditors of Olympia (PTC) Limited are required to file their
proofs of debt by Nov. 8, 2013, to be included in the company's
dividend distribution.


The company commenced liquidation proceedings on Sept. 11, 2013.


The company's liquidator is:


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



VALE CAPITAL II: Creditors' Proofs of Debt Due Nov. 6
-----------------------------------------------------
The creditors of Vale Capital II are required to file their proofs
of debt by Nov. 6, 2013, to be included in the company's dividend
distribution.


The company commenced liquidation proceedings on Sept. 20, 2013.


The company's liquidator is:


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



ZOE PDP: Creditors' Proofs of Debt Due Nov. 6
---------------------------------------------
The creditors of Zoe PDP Limited are required to file their proofs
of debt by Nov. 6, 2013, to be included in the company's dividend
distribution.


The company commenced liquidation proceedings on Sept. 20, 2013.



The company's liquidator is:


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




==================
C O S T A  R I C A
==================



BANCO INTERNACIONAL: S&P Affirms 'BB' ICR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term issuer credit ratings on Banco Internacional de
Costa Rica S.A. (BICSA).  The outlook is stable.


The ratings on BICSA continue to reflect S&P's assessment of its
"adequate" business and risk positions, as well as its "adequate"
capital and earnings.  S&P also continues to view its funding as
"average" with "adequate" liquidity (as S&P's criteria define
these terms).  The bank's stand-alone credit profile (SACP)
remains at 'bb'.


S&P considers BICSA as a government-related entity (GRE) in the
Republic of Costa Rica because of a shareholding structure,
through which the country's two largest public banks wholly own
BICSA.  Nonetheless, S&P views the bank as having "limited
importance" and "limited" link with the government.  These
assessments stem from the following:


   -- A "limited importance" because S&P believes BICSA acts as a
      profit-seeking bank in a very competitive environment, and
      its activity, in S&P's view, could be easily undertaken by a
      private entity; and


   -- S&P considers there is a "limited" link with the government
      as a result of its belief that the government may not be
      willing to provide support on a timely basis.


As a result, S&P bases the ratings on BICSA solely on its SACP,
rather than on expected extraordinary support from the government.




==================
G U A T E M A L A
==================



EMPRESA ELECTRICA: S&P Raises Rating to 'BB'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Empresa
Electrica de Guatemala S.A. (EEGSA) to 'BB' from 'BB-'.  The
outlook is stable.


The upgrade follows the National Electric Energy Commission's
(CNEE) decision to increase the value-added distribution (VAD)
tariff by about 5%, effective Aug. 1, 2013.  Guatemala has
recently implemented a more predictable tariff-fixing process
resulting in a more reliable regulatory framework.  The rating
also reflects EEGSA's "significant" financial risk profile, "fair"
business risk profile, and "adequate" liquidity.  "EEGSA enjoys a
strong competitive position as the largest electricity
distribution company in Guatemala and holds a monopoly position,
which results in a stable and predictable cash flow.  Furthermore,
the rating reflects the company's prudent debt management and our
expectation that its key financial metrics will remain in line
with our base-case scenario," said Standard & Poor's credit
analyst Maria del Sol Gonzalez.  These factors result in EEGSA's
'bb' stand-alone credit risk profile (SACP).


The rating incorporates the challenges inherent in operating in
Guatemala, CNEE's role in setting the VAD tariff to compensate
distribution companies for their investment, and the Guatemalan
power sector's dependence on a developing economy that is
especially vulnerable in times of economic stress.



GUATEMALA ELECTRICITY: S&P Raises Rating on $100MM Notes to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Guatemala
Electricity Trust's $100 million fixed-rate 8.5% notes to
'BB (sf)' from 'BB- (sf)'.  The rating action follows S&P's
upgrade earlier of the underlying obligor, Empresa Electrica de
Guatemala S.A. (EEGSA), to 'BB' from 'BB-'.


The source of repayment of the notes are all credit and
collections rights originated under an international loan
agreement entered into between Citibank N.A. and EEGSA, which were
sold to the trust.  The rating on the notes is based on the
foreign currency rating on EEGSA as the underlying obligor.  The
rating on the notes also reflects its well-defined structure and
the enforceability given by the participation agreement in which
Citibank assigns 100% participation of all credit and collection
rights under the loan agreement.


The notes were issued on Dec. 21, 2004, pay semi-annual interest
of 8.5%, and are scheduled to amortize at maturity on Dec. 21,
2014.




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



ALCOA INC: Posts Slim Profit Of US$24 Million
---------------------------------------------
RJR News reports that the US-based part owner of Jamalco in
Clarendon has made a turnaround after racking up financial losses.
Alcoa Inc. revealed that it realized a slim profit, despite lower
sales and weak aluminum prices, according to RJR News.


The company posted a net profit of US$24 million largely as a
result of cost-cutting efforts compared to a US$143 million loss
during the corresponding period last year, according to RJR News.


The report notes that sales fell slightly to US$5.77 billion
dollars from US$5.83 billion in 2012.  RJR News relates that the
world's top aluminum maker by revenue recently lost its spot on
the Dow, which it held for 54 years, after a two-year slide in the
price for raw aluminum driven by global oversupply.


RJR News discloses that Alcoa, which has been one of the worst
performing metals stocks on the market, owns 55 per cent of
Jamalco.  The remaining 45 per cent is held by the Government
through Clarendon Alumina Partners.


                           *     *     *


As reported in the Troubled Company Reporter-Latin America on
May 31, 2013, Moody's Investors Service downgraded the senior
unsecured debt ratings of Alcoa Inc. to Ba1 from Baa3 and assigned
a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default
Rating.  Moody's confirmed the Ba2 preferred stock rating.  At the
same time, Moody's withdrew the company's Prime-3 commercial paper
rating and assigned a Speculative Grade Liquidity Rating of SGL-1.
This concludes the review for downgrade initiated on December 18,
2012.  The rating outlook is stable.



* JAMAICA: Bank of Jamaica Asked to Relax Liquidity Requirements
----------------------------------------------------------------
RJR News reports that Richard Byles, chairman of the Economic
Programme Oversight Committee (EPOC), has urged the Bank of
Jamaica (BOJ) to relax some of the requirements for banks
regarding liquidity.


Mr. Byles whose committee monitors implementation of the deal with
the International Monetary Fund (IMF) has suggested that tight
liquidity in the Jamaican economy is contributing to a rise in
interest rates and, as a consequence, the banks are restrained
from lending, according to RJR News.


"Because there is a liquidity crunch, the financial sector is
being very cautious about lending, because they don't know whether
people are going to come for their deposits and they want to be in
a position to pay those deposits out.  So in a way the programmed
has hit a little pothole in the sense that we should be seeing
banks rushing to give credit, instead they are reluctant because
the liquidity is tight and they are just making sure that they can
cover all the withdrawals," the report quoted Mr. Byles as saying.


The report notes that Mr. Byles said the lower level of liquidity
in the system is due to the government's move to centralize its
accounts at the Bank of Jamaica through the Central Treasury
Management System.


RJR News discloses that effort by the government to bring all its
accounts into the Bank of Jamaica has seen an estimated J$30
billion removed from the formal banking sector.




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



CEMEX SAB: Disclose Acceptance for Purchase of US$470M 2016 Notes
-----------------------------------------------------------------
CEMEX, S.A.B. de C.V. discloses that holders of approximately
US$470 million of the outstanding 9.50% Senior Secured Notes due
2016 issued by CEMEX Finance LLC tendered their 2016 Notes at or
prior to the early tender deadline of 5:00 p.m., New York City
time, on Oct. 8, 2013, pursuant to CEMEX's previously discloses
cash tender offer to purchase any and all of the outstanding 2016
Notes.


The cash tender offer is being made pursuant to an offer to
purchase and a related letter of transmittal, each dated Sept. 25,
2013, relating to the 2016 Notes.


The following table summarizes the material pricing terms for the
tender offer:


Title of  CUSIP/ISIN    Aggregate        Early   Base
Security              Principal        Tender  Consideration
                        Amount           Date
                        Outstanding


9.50%    12516UAA3 /    $825,000,000     5:00    $1,032.50*
Senior   US12516UAA34                    p.m.,
Secured  U12763AA3 /                     New
Notes    USU12763AA37                    York
due                                      City
2016                                   time,
                                         on
                                         Oct. 8,
                                         2013


Holders of 2016 Notes that validly tendered on or prior to the
Early Tender Date and whose 2016 Notes have been accepted for
purchase are entitled to receive US$1,062.50 per US$1,000
principal amount of 2016 Notes accepted for purchase, which
includes an early tender payment equal to US$30 per US$1,000
principal amount of 2016 Notes accepted for purchase.  The early
settlement date on which CEMEX will make payment for such 2016
Notes is expected to be Oct. 9, 2013.


Holders who tender 2016 Notes after the Early Tender Date but at
or prior to 11:59 p.m., New York City time, on Oct. 23, 2013, and
whose 2016 Notes are accepted for purchase will be entitled to
receive only the Base Consideration per US$1,000 principal amount
of 2016 Notes, which amount is equal to the Total Consideration
less the Early Tender Payment.  Holders who validly tender their
2016 Notes in the tender offer and whose 2016 Notes are accepted
for purchase will also receive accrued and unpaid interest on
their accepted 2016 Notes from the last interest payment date to,
but not including, the applicable settlement date. 2016 Notes that
have been validly tendered cannot be withdrawn, except as may be
required by applicable law.


CEMEX has retained Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Citigroup Global Markets Inc. to act as Dealer
Managers for the tender offer.



                        About CEMEX SAB


Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.


                                  *     *     *


As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2013, Standard & Poor's Ratings Services raised its
ratings on CEMEX S.A.B. de C.V. (CEMEX) and its subsidiaries,
CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc., to
global scale 'B+' from 'B' and to national scale 'mxBBB' from
'mxBBB-'.  The outlook is stable.




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



AMBAC FINANCIAL: Discloses US$2.5 Billion Puerto Rico Exposure
--------------------------------------------------------------
Dow Jones Newswires reports that Ambac Financial Group Inc.
disclosed it insures US$2.5 billion of Puerto Rico-related debt,
exposure the bond insurer is making public as a result of worries
about the island's deepening economic and financial difficulties.


Of the company's exposure to Puerto Rico debt, about 90% is
revenue debt -- including revenue pledges from toll receipts, and
sales, gas, rum, and hotel-occupancy taxes, according to Dow Jones
Newswires.


The report relates that Ambac's largest exposure is to sales-tax
revenue bonds totaling US$808 million and issued by the Puerto
Rico Sales Tax Financing Corp.  The report relates that those
bonds are safer than other debt issued by Puerto Rico, as the
government isn't allowed to tap the agency's sales taxes to pay
other obligations.


Other exposure listed by Ambac, including the rum and hotel-
occupancy tax revenue bonds, are subject to claw back under Puerto
Rico's constitution, the report discloses.


The report notes that Ambac also said about 10% of the total
Puerto Rico debt it insures is commonwealth general obligation-
backed debt.


The bond insurer, which sells protection on mortgage securities,
filed for Chapter 11 bankruptcy protection in late 2010 after the
Internal Revenue Service questioned the accounting that allowed
the company to receive more than US$700 million in tax refunds,
the report relays.


Ambac completed its financial restructuring and came out of
bankruptcy protection on May 1.



                       About Ambac Financial


Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.


Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.


Ambac's bond insurance unit, Ambac Assurance Corp., is being
restructured by state regulators in Wisconsin.  AAC is domiciled
in Wisconsin and regulated by the Office of the Commissioner of
Insurance of the State of Wisconsin.  The parent company is not
regulated by the OCI.


Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.


The Blackstone Group LP is the Debtor's financial advisor.
Kurtzman Carson Consultants LLC is the claims and notice agent.
KPMG LLP is tax consultant to the Debtor.


Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors.  Lazard Freres
& Co. LLC is the Committee's financial advisor.


Bankruptcy Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012.  The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims.  The second modified version of the confirmed Plan was
declared effective on May 1, 2013, with Ambac obtaining bankruptcy
court approval of a $100+ million claims settlement with the
Internal Revenue Service.


Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).




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



BOND PRICING: For the Week From Oct.7 to Oct. 11, 2013
------------------------------------------------------


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


Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    65
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR    63
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR    62.5
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    63.5


Provincia de Buenos
Aires/Argentina                9.625    4/18/2028   USD    67.691


Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD    52


Capex SA                      10        3/10/2018   USD    71.25


Banco Macro SA                 9.75    12/18/2036   USD    76.9
Transener SA                   9.75     8/15/2021   USD    52.78
Argentina Boden Bonds          2        9/30/2014   ARS     8.49
Argentina Bonar Bonds         20.6633   1/30/2014   ARS    11.27


Argentine Government
Int'l Bond                     1.18    12/31/2038   ARS     4.96


Cia Latinoamericana
de Infraestructura & Servic    9.5     12/15/2016   USD    65


Inversora de Electrica
de Buenos Aires SA             6.5      9/26/2017   USD    33.875


Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    64


Empresa Distribuidora
Y Comercializadora Norte      10.5      10/9/2017   USD    53
Argentine Government
Int'l Bond                    8.28     12/31/2033  USD     64.125


Argentina Bocon               2         3/15/2014  ARS      3.53
Banco Macro SA                9.75     12/18/2036  USD     76.25
Capex SA                     10         3/10/2018  USD     73.375
Argentina Bocon               2          1/3/2016  ARS      7.92
Argentina Bocon               2         3/15/2024  ARS     15.56


Argentine Government
Int'l Bond                    7.82     12/31/2033  ARS     45


MetroGas SA                   8.875    12/31/2018  EUR     68.75


Empresa Distribuidora
Y Comercializadora Norte      9.75     10/25/2022  USD     51.25


Argentine Government
Int'l Bond                    4.33     12/31/2033  USD     35


Provincia de Buenos
Aires/Argentina               9.625     4/18/2028  JPY     68
Transener SA                  9.75      8/15/2021  USD     50
Banco Macro SA                9.75     12/18/2036  USD     75
Argentine Government
Int'l Bond                   0.45     12/31/2038  USD     8


Argentine Government
Int'l Bond                    4.33     12/31/2033  JPY     35


MetroGas SA                   8.875    12/31/2018  JPY     65.375


Banco Hipotecario SA          3.95      8/14/2017  USD     69.75
Provincia del Chaco           4         12/4/2026  USD     31.375
Formosa Province of Argentina 5         2/27/2022  USD     68.25
Provincia del Chaco           4         11/4/2023  USD     59.875
Argentine Republic
Government International Bon  5.83     12/31/2033  USD     21.65
BR Cia Energetica
de Sao Paulo                  9.75      1/15/2015  ARS     67.234


Gol Finance                   8.75                 USD     63.5


Sifco SA                     11.5        6/6/2016  USD     47.125


Gol Finance                   8.75                 USD     62
SMU SA                        7.75       2/8/2020  USD     66
SMU SA                        7.75       2/8/2020          63.2
Cia Sud Americana
de Vapores SA                 6.4       10/1/2022  USD     64.7677
Talca Chillan Sociedad
Concesionaria SA              2.75     12/15/2019  CLP     61.2163


Almendral
Telecomunicaciones SA         3.5      12/15/2014  CLP     33.1948
Cia Cervecerias Unidas SA     4         12/1/2024  CLP     59.3633


Empresa de Transporte
de Pasajeros Metro SA         5.5       7/15/2027  CLP     3.69218


Aguas Andinas SA              4.15      12/1/2026  CLP     72.9238


Hidili Industry
International                 8.625     11/4/2015  USD     74.75
Development Ltd


Renhe Commercial
Holdings Co Ltd              13         3/10/2016  USD     62.55


Renhe Commercial
Holdings Co Ltd              11.75      5/18/2015  USD     67.507


China Forestry
Holdings Co Ltd              10.25     11/17/2015  USD     36.375


Renhe Commercial
Holdings Co Ltd              13         3/10/2016  USD     61.75
Hidili Industry


International Development    8.625     11/4/2015  USD      72.75
Ltd


China Forestry
Holdings Co Ltd             10.25     11/17/2015  USD      36.375


Renhe Commercial
Holdings Co Ltd             11.75      5/18/2015  USD      67.625


Global A&T
Electronics Ltd             10          2/1/2019  USD      68.125


Global A&T Electronics
Ltd                         10          2/1/2019  USD      68.375


Bank Austria
Creditanstalt
Finance Cayman Ltd        1.614                   EUR       56.95


BCP Finance Co Ltd        5.543                   EUR      28.875


BES Finance Ltd           5.58                    EUR      61.7


Bank Austria Creditanstalt
Finance Cayman Ltd2       1.838                   EUR      56.827


ESFG International Ltd    5.753                  EUR       50.75
BCP Finance Co Ltd        4.239                  EUR       28.767
BES Finance Ltd           4.5                    EUR       56.438
Caixa Geral De
Depositos Finance         1.021                  EUR       30.55
Banif Finance Ltd         1.591                  EUR       44


Banco Finantia
International Ltd         2.475      7/26/2017   EUR       44.05


BES Finance Ltd           3.058                  EUR       73.875


ERB Hellas Cayman
Islands Ltd              9            3/8/2019   EUR       42.125
BCP Finance Bank Ltd     5.31       12/10/2023   EUR       67.5
BCP Finance Bank Ltd     5.01        3/31/2024   EUR       64.625


Banco BPI SA/
Cayman Islands           4.15       11/14/2035   EUR       45.625


Mongolian Mining Corp    8.875       3/29/2017   USD       74.75
Puerto Rico Conservation 6.5          4/1/2016   PR        53


Petroleos de
Venezuela SA             9.75        5/17/2035   USD       73.25


Petroleos de
Venezuela SA             5.375       4/12/2027   USD       55


Venezuela Government
International Bond       8.25       10/13/2024   USD       70.5


Venezuela Government
International Bond       9.25         5/7/2028   USD       74.5


Petroleos de
Venezuela SA             5.5         4/12/2037   USD       54.25


Venezuela Government
International Bond       6           12/9/2020   USD       69.75


Venezuela Government
International Bond       7           3/31/2038   USD       62.25


Venezuela Government
International Bond       7.65        4/21/2025   USD       67.5


Petroleos de
Venezuela SA             9.75        5/17/2035   USD       72.5


Bolivarian Republic
of Venezuela             7           3/31/2038   USD       62.157



                            ***********



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


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


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



                            ***********



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


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


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


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


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


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



                   * * * End of Transmission * * *