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        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 21, 2013, Vol. 14, No. 208


                            Headlines



A R G E N T I N A

ARGENTINA: Settles US$677 Million Arbitration Cases With Bonds
BANCO ECONOMICO: Moody's Puts (P)B2 Rating to USD20MM Debt Program
SUPERVIELLE CREDITOS: Moody's Rates ARS8MM Cert. B3(sf)


B R A Z I L

GOL LINHAS: In Talks With Airlines for Codesharing Accords
OAS INVESTMENTS: Fitch Rates LT Issuer Default Ratings at 'B+'
OAS INVESTMENTS: S&P Retains 'BB-' Rating Following $350MM Add-On
OGX PETROLEO: Vinci Partners Denies It's in Talks to Invest


C A Y M A N  I S L A N D S

CORPORACION ROSARITSA: Creditors' Proofs of Debt Due Nov. 4
DUNYA HOLDING: Shareholders' Final Meeting Set for Nov. 5
FARMHOUSE GLOBAL: Placed Under Voluntary Wind-Up
JOHIM (CAYMAN III): Creditors' Proofs of Debt Due Oct. 28
KARAHA BODAS: Placed Under Voluntary Wind-Up

LODESTONE GLOBAL: Creditors' Proofs of Debt Due Nov. 7
LODESTONE NATURAL: Creditors' Proofs of Debt Due Nov. 7
LODESTONE RESOURCES: Creditors' Proofs of Debt Due Nov. 7
LONGACRE OPPORTUNITY: Shareholders' Final Meeting Set for Nov. 1
MARCUARD GROWTH: Creditors' Proofs of Debt Due Oct. 30

QUEST GLOBAL: Shareholders' Final Meeting Set for Oct. 29
SALITSA LTD: Creditors' Proofs of Debt Due Nov. 4
TAI CHI: Creditors' Proofs of Debt Due Oct. 28


C O S T A   R I C A

BANCO NACIONAL: Fitch to Rate Proposed $500MM Bond Issue at 'BB+'


J A M A I C A

ALCOA INC: Aluminum Prices Increased After Production Halt
* JAMAICA: Remittance Down by US$5 Million for January to July


M E X I C O

GOLDEN AMERICAS: S&P Affirms 'B-' CCR & Sr. Unsecured Debt Rating


P U E R T O  R I C O

PUERTO RICO: Denies Rumors of Bankruptcy, Takeover
RESTAURANT HOLDING: Moody's Cuts Corp. Family Rating to Caa2


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Manager Stays Away as Fraud Probe Deepens


X X X X X X X X X

BOND PRICING: For the Week From Oct.14 to Oct. 18, 2013


                            - - - - -


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


ARGENTINA: Settles US$677 Million Arbitration Cases With Bonds
--------------------------------------------------------------
Bloomberg News reports that Argentina agreed to compensate five
companies that won rulings over investment disputes as the nation
looks for the World Bank to approve US$3 billion in loans,
sparking the biggest bond rally in emerging markets.

The companies agreed to accept payment in dollar bonds and to
reduce the principal amount of their awards by 25 percent, the
Economy Ministry said in a statement obtained by Bloomberg News.

The country will hand over local law bonds due 2015 and 2017 with
a face value of US$506 million for the US$677 million of claims,
the ministry said, Bloomberg News notes.

Bloomberg News discloses that Argentina has been sued more than
any other country in the World Bank's arbitration court by
investors, utilities and energy companies pursuing reimbursement
for currency devaluations, nationalizations and rate freezes after
the nation's US$95 billion default in 2001.

Bloomberg News relates that to enforce existing arbitration
judgments, the U.S., the World Bank's largest shareholder,
suspended in March 2012 Argentina's participation in a trade
program that allows certain goods from developing countries to be
imported duty-free.

"The agreements with the companies that had obtained firm rulings,
which allow for the normalization of US$677 million of debt, were
obtained in extremely favorable conditions for the country. . . .
The Republic won't be using cash or international reserves for the
payment," Bloomberg News quoted the ministry as saying.

Bloomberg News discloses that the companies involved are Blue
Ridge Investments LLC, which owned rights to CMS Gas Transmission
Company claims, CC-WB Holdings LLC, which owned rights to
Continental Casualty Company claims, Vivendi Universal Sociedad
Anonima, Cia. de Aguas del Aconquija Sociedad Anonima and Azurix
Corp.

Argentina also agreed to compensate NH-UN Holdings LLC, which
owned claims from National Grid Plc, Bloomberg News relays.

                            Bond Rally

In addition, Bloomberg News notes, the companies agreed to invest
US$68 million in a government bond that matures in 2016 and
carries a 4 percent annual interest rate, the Economy Ministry
said.  Proceeds from the so-called BAADE bond will be used to
finance energy projects in Argentina, Bloomberg News discloses.

Bloomberg News relates that Argentina is settling the outstanding
claims in part to tap World Bank loans, Buenos Aires-based
newspaper Ambito said Oct. 10.  The World Bank is considering
lending US$3 billion to be disbursed through 2016, Economy
Minister Hernan Lorenzino said Oct. 10, Bloomberg News notes.

The World Bank hasn't mentioned the size of the loan and approval
is subject to a vote, Yanina Budkin, a press official for the
lender in Argentina, wrote in an e-mailed response to questions on
Oct. 16, Bloomberg News says.

Argentine bonds have rallied since Oct. 10 on speculation the
nation will obtain fresh funds from the World Bank and settle some
of the outstanding arbitration claims in a sign the government is
normalizing relations with international financial institutions,
Bloomberg News relates.

The extra yield investors demand to own Argentine bonds instead of
U.S. Treasuries plunged 49 basis points, or 0.49 percentage point,
to 855 basis points, according to JPMorgan Chase & Co.'s EMBI
Global Diversified index, Bloomberg News adds.  The spread was at
971 basis points on Oct. 9.


BANCO ECONOMICO: Moody's Puts (P)B2 Rating to USD20MM Debt Program
------------------------------------------------------------------
Moody's Latin America has assigned Banco Economico (Economico)'s
subordinated debt program of USD 20 million a (P)B2 global local
and foreign currency debt rating.  Additionally, Moody's assigned
a B2 global local currency debt rating to the first expected
issuance under the program of Bs. 34.8 million.  At the same time,
Moody's assigned a Aa3.bo local currency national scale debt
rating to the bank's subordinated debt program and to the first
expected issuance under the program and a Aa3.bo foreign currency
national scale debt rating to the bank's subordinated debt
program.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Economico S.A.:

USD 20 million subordinated debt program:

Global Local and Foreign Currency Subordinated Debt Program
Rating: (P)B2

Bolivia National Scale Local and Foreign Currency Subordinated
Debt Program Rating: Aa3.bo

First Bs. 34.8 million subordinated debt issuance:

Global Local Currency Subordinated Debt Rating: B2

Bolivia National Scale Local Currency Subordinated Debt Rating:
Aa3.bo

Ratings Rationale:

Moody's explained that the B2 local currency subordinated debt
rating derives from Economico's b1 baseline credit assessment that
maps from its bank financial strength rating of E+ and takes into
account the seniority of the notes.

Moody's rating reflects Economico's well-established franchise
with small and midsized (SME) companies, as well as its recurrent
profitability, its adequate capitalization and conservative risk
management practices.  On the other hand, Moody's notes
Economico's risky client base represented mainly by SME companies
and microfinance borrowers, its low efficiency level and the
relatively unstable operating environment of Bolivia.

Banco Economico S.A. is headquartered in Santa Cruz de la Sierra,
Bolivia, and it had assets of Bs. 5.4 billion and equity of Bs.
382 million as of September 2013.


SUPERVIELLE CREDITOS: Moody's Rates ARS8MM Cert. B3(sf)
-------------------------------------------------------
Moody's Latin America Calificadora de Riesgo rates Supervielle
Creditos 73, a transaction that will be issued by Equity Trust
(Argentina) S.A. -- acting solely in its capacity as Issuer and
Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

ARS 192,000,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos 73", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)

ARS 8,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 73", rated Baa1.ar (sf) (Argentine National
Scale) and B3 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 28,255 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,001,648.58

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 4% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points and a month of collections
will be lost, given that the trust account is in Banco
Supervielle.

The model results showed 1.53% expected loss for the Floating Rate
Debt Securities and 11.65% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased four
percentage points from the base case scenario for the pool (i.e.,
mean of 6.5% and a coefficient of variation of 50%), the ratings
of Class A Floating Rate debt securities would likely be
downgraded to B1 (sf), and the ratings of the Certificates would
likely be downgraded to Ca (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.


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


GOL LINHAS: In Talks With Airlines for Codesharing Accords
----------------------------------------------------------
Bloomberg News reports that Gol Linhas Aereas Inteligentes SA said
it is in talks with European airlines including Air France-KLM
(AF) and Deutsche Lufthansa AG (LHA) for codesharing accords.

The company expects to sign two to three agreements to share
booking codes with European partners in the next year, Treasury
Director Eduardo Masson Martins told reporters at an event in Rio
de Janeiro, according to Bloomberg News.

"We have already expressed an interest in improving our relations
with Europe," Bloomberg News quoted Mr. Martins as saying. "At the
end, it's an empty seat that will be filled."

Bloomberg News relates that Mr. Martin said talks with Air France
and Lufthansa are the "strongest."  Gol Linhas also continues to
negotiate with Rome-based Alitalia SpA and other European
airlines, Mr. Martin said, Bloomberg News notes.

Under codesharing agreement, airlines can sell tickets on each
other's flights to expand the number of cities that can be served,
Bloomberg News discloses.

"Partnerships with these European giants would be very good for
the company," Sandro Fernandes, an analyst at brokerage firm
Geraldo Correa in Belo Horizonte, Brazil, told Bloomberg News in a
telephone interview. "With the flight sharing, they can act where
their partners have operations, expanding their range," he added.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigns a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.


OAS INVESTMENTS: Fitch Rates LT Issuer Default Ratings at 'B+'
--------------------------------------------------------------
Fitch rates OAS Investments GmbH's USD350 million reopening senior
unsecured notes due 2019 'B+/RR4'. The notes are unconditionally
guaranteed by OAS S.A. (OAS), Construtora OAS S.A. (Construtora
OAS) and OAS Investimentos (OASI). The proceeds will be used to
extend debt maturity profile.

Fitch currently rates OAS Group as follows:

OAS:
-- Long-term foreign currency Issuer Default Ratings (IDR) 'B+';

-- Long-term local currency IDR 'B+';

-- Long-term national rating 'BBB+(bra)';

-- 3rd debenture issue, BRL300 million, maturity in December 2016,
   long-term national rating 'BBB+(bra)';

-- 4th debenture issue, BRL250 million, maturity in January 2027,
   long-term national rating 'BBB+(bra)';

-- 5th debenture issue, BRL300 million, maturity in May 2015,
   long-term national rating 'BBB+(bra)'.

Construtora OAS:
-- Long-term foreign currency IDR 'B+';
-- Long-term local currency IDR 'B+';
-- Long-term national rating 'BBB+(bra)'.

OAS Investments GmbH:
-- Long-term foreign currency IDR 'B+';
-- Senior notes issue, USD500 million, maturity October 2019,
   'B+/RR4'.

OAS Finance Ltd:
-- Long-term foreign currency IDR 'B+';
-- Senior unsecured bond, USD500 million, 'B+/RR4'.

OAS Empreendimentos S.A. (OAS Empreendimentos)
-- Long-term national rating 'BBB-(bra)';
-- 2nd debenture issue, BRL60 million, maturity in July 2014,
   guaranteed by OAS, long-term national rating 'BBB+(bra)'.

The Rating Outlook for the corporate ratings is Stable.

Key Rating Drivers

The ratings reflect the strong expertise and the position of the
OAS group as one of the five largest contractors in the domestic
civil construction sector by revenues, and its long track record
in engineering and heavy construction in Brazil. Construtora OAS
is the group's heavy construction company and the main cash
generator, and Fitch expects that the company will continue to
report improved results, following the spin-off of the activities
of the investments segment. The ratings also factor the backlog
concentration in some large works; the volatility inherent to the
construction sector; and the support required for the homebuilding
company of the group.

OAS's strong liquidity and extended debt amortization profile were
also factored in the ratings. Fitch expects OAS to preserve
conservative cash cushion to support the group's growth strategy
and debt maturities. The classification also considers the OAS's
capacity to deleverage in the next three years as EBITDA
generation should grow due to the startup of activities of
subsidiaries of OASI that are still in pre-operational phase.
Fitch considers the group's consolidated leverage high due to the
expansion in the infrastructure concession segment, but considers
that most of these investments are funded through project finance
lines, with limited-recourse to OAS, and that the companies should
generate cash flow in the medium term to meet their obligations.

Construtora OAS has the same ratings as the controller OAS, since
it has historically been the group's main operating company and
cash generator. The company is 100% controlled by and
operationally integrated to OAS, besides being the guarantor of
52% of the consolidated debt. As of June 30, 2013, OAS's
engineering division represented 86% of the group's consolidated
gross revenues.

Construtora OAS Improved Credit Metrics
As expected by Fitch, Construtora OAS improved its results and
credit metrics in the first half of 2013, as the group finalized
the spin-off of OAS Investimentos's assets in December 2012. The
investments and expenses of these projects under the Construtora
OAS's structure negatively impacted the company's margins and
leverage ratios during the last periods. In 2012, Construtora OAS
generated EBITDA of BRL306 million, which represented 5.6% of
EBITDA margin. Fitch expects Construtora OAS to increase its
EBITDA margin to around 8% from 2013 onwards.

Strong Liquidity

OAS group has maintained robust liquidity. Fitch expects OAS to
preserve strong cash reserves to support the backlog's growth and
the group's working capital needs, and to continue with its
strategy of lengthening the consolidated debt amortization
profile. As of June 30, 2013, consolidated cash and marketable
securities were BRL3.507 billion and total debt, BRL6.901 billion.
Total consolidated debt did not include most part of the project
finance loans. Only BRL685 million of debt as of June 30, 2013
were related to non-recourse debt.

In January 2013, Brazilian companies had to adjust its financial
statements due to the new accounting standards for consolidation.
On a pro forma basis, considering the subsidiaries not
consolidated, cash and marketable securities were BRL3.988 billion
and total debt was BRL8.550 billion, and included BRL2.517 billion
of non-recourse debt. OAS has an extended debt amortization
profile. Non-restricted cash was sufficient to cover 134% of
BRL1.861 billion of debt due up to December 2014.

Leverage Should Gradually Reduce
OAS's leverage is high and is expected to gradually reduce over
the next three years. The group's aggressive business expansion in
heavy construction and the investments in infrastructure
concessions and in homebuilding have resulted in a significant
increase of OAS's consolidated debt. In 2012, net leverage
adjusted by limited-recourse debt and restricted cash was 6.7x
according to Fitch criteria. Fitch expects net leverage of around
6.0x in 2013, which should gradually decline, more intensively
after 2015 following the startup of great part of current projects
in pre-operational phase.

Strong Backlog Supports Growth
Construtora OAS's backlog increased to BRL18.5 billion in June
2013, a slight increase compared to BRL18.2 billion at end 2012.
The backlog remains, however, somehow concentrated with five
clients representing 49% of the total. The current backlog and the
positive scenario for the infrastructure sector should ensure the
group's growth in the next periods, both in its contractor
activities and in the concession area.

Rating Sensitivities

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Reduction of operating margins and deterioration of credit
   metrics due to downturns in the heavy construction activities
   or increase in execution costs. Such scenarios would pressure
   margins and reduce the group's capacity to generate operating
   cash flow.

-- A weaker liquidity and higher leverage to support increased
   investments could also result in a rating downgrade.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- A consistent reduction in leverage and evolution of operational
   cash flow generation, combined with maintenance of strong
   liquidity position, and lengthened schedule of debt
   amortization.


OAS INVESTMENTS: S&P Retains 'BB-' Rating Following $350MM Add-On
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' rating on
OAS Investments GmbH's senior unsecured bonds due 2019 remains
unchanged following the add-on of up to $350 million.  The terms
and conditions of this add-on are the same as for the existing
$500 million bonds issued in October 2012.

The issue-level ratings reflect the credit quality of the parent
company, OAS S.A. (BB-/Stable/--), as it and its wholly owned
subsidiaries, OAS Investimentos S.A. and Construtora OAS Ltda.,
unconditionally guarantee the debt.  OAS will use the proceeds
from this issuance to refinance its 2014 and 2015 debt maturities.
For recent information on the rating, please see "OAS S.A. 'BB-'
Global Scale And 'brA-' National Scale Ratings Affirmed; OAS
Finance's Perpetual Notes Rated 'BB-'" published April 8, 2013.

RATINGS LIST

OAS S.A.
  Corporate credit rating           BB-/Stable/--

OAS Investments GmbH
  Senior unsecured bonds            BB-


OGX PETROLEO: Vinci Partners Denies It's in Talks to Invest
-----------------------------------------------------------
Rogerio Jelmayer and Luciana Magalhaes at Daily Bankruptcy Review
reports that Brazilian private-equity fund Vinci Partners denied
it was in talks to invest in troubled oil company OGX Petroleo e
Gas Participacoes SA, controlled by investor Eike Batista, in
another controversial chapter involving the former Brazilian
billionaire.

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
==========================


CORPORACION ROSARITSA: Creditors' Proofs of Debt Due Nov. 4
-----------------------------------------------------------
The creditors of Corporacion Rosaritsa are required to file their
proofs of debt by Nov. 4, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 2013.

The company's liquidators are:

          Jackie Stirling
          Anthony Campbell
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949 6674
          Facsimile: (345) 945 2722


DUNYA HOLDING: Shareholders' Final Meeting Set for Nov. 5
---------------------------------------------------------
The shareholders of Dunya Holding Ltd. will hold their final
meeting on Nov. 5, 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:

          Ian Goddard
          Michelle Mclaughlin
          Fides Limited, 2nd Floor
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 949 7232


FARMHOUSE GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Sept. 24, 2013, the sole shareholder of Farmhouse Global
Partners Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

         Peter Ort
         600 Alexander Road, Suite 2-4A
         Princeton, NJ 08540
         United States
         Telephone: +1 (609) 454 3571
         Facsimile: +1 (609) 454 3665


JOHIM (CAYMAN III): Creditors' Proofs of Debt Due Oct. 28
---------------------------------------------------------
The creditors of Johim (Cayman III) Limited 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. 25, 2013.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          10 Market Street #765
          Camana Bay Grand Cayman
          Cayman Islands KY1 9006
          Telephone: +1 (345) 769 7207
          Facsimile: +1 (345) 949 7120


KARAHA BODAS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 9, 2013, the shareholders of Karaha Bodas Company, L.L.C.
resolved to voluntarily wind up the company's operations.

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

The company's liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW (Cayman) Limited
          PO Box 897 Windward 1, Regatta Office Park
          West Bay Road
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


LODESTONE GLOBAL: Creditors' Proofs of Debt Due Nov. 7
------------------------------------------------------
The creditors of Lodestone Global Natural Resources Feeder Company
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. 20, 2013.

The company's liquidator is:

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


LODESTONE NATURAL: Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------------
The creditors of Lodestone Global Natural Resources General
Partner 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. 25, 2013.

The company's liquidator is:

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


LODESTONE RESOURCES: Creditors' Proofs of Debt Due Nov. 7
---------------------------------------------------------
The creditors of Lodestone Global Natural Resources Hedge 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. 26, 2013.

The company's liquidator is:

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


LONGACRE OPPORTUNITY: Shareholders' Final Meeting Set for Nov. 1
----------------------------------------------------------------
The shareholders of Longacre Opportunity Offshore Fund, Ltd will
hold their final meeting on Nov. 1, 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:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MARCUARD GROWTH: Creditors' Proofs of Debt Due Oct. 30
------------------------------------------------------
The creditors of Marcuard Growth Fund II are required to file
their proofs of debt by Oct. 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 4, 2013.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


QUEST GLOBAL: Shareholders' Final Meeting Set for Oct. 29
---------------------------------------------------------
The shareholders of Quest Global Investing Corporation will hold
their final meeting on Oct. 29, 2013, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.


SALITSA LTD: Creditors' Proofs of Debt Due Nov. 4
-------------------------------------------------
The creditors of Salitsa Ltd. are required to file their proofs of
debt by Nov. 4, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 26, 2013.

The company's liquidators are:

          Jackie Stirling
          Anthony Campbell
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949 6674
          Facsimile: (345) 945 2722


TAI CHI: Creditors' Proofs of Debt Due Oct. 28
----------------------------------------------
The creditors of Tai Chi Fund Limited 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. 25, 2013.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          10 Market Street #765
          Camana Bay Grand Cayman
          Cayman Islands KY1 9006
          Telephone: +1 (345) 769 7207
          Facsimile: +1 (345) 949 7120


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


BANCO NACIONAL: Fitch to Rate Proposed $500MM Bond Issue at 'BB+'
-----------------------------------------------------------------
Fitch Ratings expects to assign a 'BB+' rating to Banco Nacional
de Costa Rica's (BNCR) proposed senior unsecured US$500 million
144A/Reg S bond issuance. The tenor of the issuance is to be
defined. Proceeds are expected to be used for short-term debt
repayment and loan growth. The final rating of the issuance is
contingent upon the receipt of final documents and legal opinions
conforming to the information already received.

Key Rating Drivers

BNCR's Issuer Default Rating (IDR) and the expected issuance
rating are support driven. Sovereign support for all state-owned
banks is explicit in the National Banking System Law. According to
this law, all state-owned banks have the guarantee and full
collaboration of the state. The explicit guarantee allows BNCR's
Long-Term IDR and the expected rating of the issuance to be
aligned with the sovereign rating.

Established in 1914, BNCR is the largest bank in Costa Rica. The
bank's assets (US$ 9,400 million) account for roughly one-third of
the system's assets. BNCR is also the largest deposit holder in
Costa Rica, with a market share of 33% of total deposits. The bank
holds a leadership position in several business lines including
mortgage and commercial loans, and has recently increased its
exposure in the agricultural and energy sectors. Similar to many
government-owned banks in Latin America, the bank is not totally
isolated from government decisions and, in Fitch's opinion, is
likely to participate in certain economic sectors in collaboration
with government priorities.

BNCR offers diversified commercial banking services through an
extensive branch network and complements its services with four
wholly owned subsidiaries in regulated non-credit activities in
Costa Rica and a minority stake in the Panamanian general license
bank Banco Internacional de Costa Rica (BICSA, 'BB+'; Stable
Outlook).

BNCR's performance is moderate but sufficient to support asset
growth and maintain an adequate capital position. Its
profitability ratios remain below both domestic and international
peers' average (i.e. emerging market commercial banks with a
similar Viability Rating (VR)). Profitability is limited by the
bank's low efficiency and high credit costs. First-half 2013
profits were undermined by constrained credit growth and a
sensible contraction in the bank's Net Interest Margin (NIM).

Fitch expects the bank's profitability to improve over the second
half of 2013, driven by higher loan growth and funding cost
reductions; however, year-end profitability ratios will maintain
their relative position with respect to peers. While credit costs
will continue to pose a burden on 2013's profits, Fitch does not
anticipate changes in the bank's adequate capital position. BNCR's
Fitch Ratings core capital ratio has been stable at approximately
16%, above its international peers' median of 14%.

Constrained by slow economic growth and a restriction enacted by
the Central Bank, BNCR grew at a moderate pace over the first half
of 2013 and experienced some asset quality deterioration. Past due
loans increased and compare unfavorably with its peers' averages;
reserves coverage is considered limited.

The bank benefits from a stable and diversified deposit base,
which provides funding for a sizable proportion of its operations.
In Fitch's opinion, liability management presents some challenges
related to tenor mismatches and expects the proposed long-term
issuance to improve these issues.

Ratings Sensitivities

Changes in the bank's IDRs and issuance ratings are contingent on
sovereign rating actions for Costa Rica (rated 'BB+'; Stable
Outlook).


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


ALCOA INC: Aluminum Prices Increased After Production Halt
----------------------------------------------------------
RJR News reports that Aluminium prices have risen after Alcoa Inc.
said its smelter in Saudi Arabia, which is in start-up phase, has
temporarily stopped production on one of two pot lines.

Three month aluminum closed 0.4 per cent higher at US$1,856 a ton,
according to RJR News.

Alcoa is part owner of the Jamalco plant in Clarendon.

                          *     *     *

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: Remittance Down by US$5 Million for January to July
--------------------------------------------------------------
RJR News reports that the latest remittance figures released show
inflows into the island between January and July were down by US$5
million.

The Bank of Jamaica said the inflows totaled just under US$1.2
billion in the seven-month period, according to RJR News.  Most of
the contraction in inflows was seen in traditional remittance
companies, RJR News relates.


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


GOLDEN AMERICAS: S&P Affirms 'B-' CCR & Sr. Unsecured Debt Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior secured debt ratings on Golden Americas Ltd.
(GA).  The outlook is stable.

The ratings on GA reflect its "highly leveraged" financial risk
profile, due to its significant debt and the fact that its
repayment capacity relies entirely on Termocandelaria Power Ltd.'s
(TPL; not rated) ability to upstream funds to GA.  The rating also
reflects S&P's assessment of the company's business risk profile
as "fair," reflecting GA's investment in Colombia-based electric
generation company Termobarranquilla S.A. E.S.P. (TEBSA; not
rated) and Termocandelaria S.C.A (Termocalendaria; not rated),
both under TPL after their merger in November 2012.  GA now owns a
14.43% stake in TPL, which absorbed GGEI (Golden Gate Energy
Investments Ltd.), which in turn owns 57.4% of TEBSA and 100% of
Termocandelaria.

"Management fees account for the bulk of GA's cash flow
generation, which the company uses to repay its debt.  TEBSA makes
subordinated debt payments to TPL, which it, in turn, upstreams to
GA.  GA's rated debt also benefits from a debt service reserve
account, which covers the next two coupon payments," said Standard
& Poor's credit analyst Veronica Yanez.


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


PUERTO RICO: Denies Rumors of Bankruptcy, Takeover
--------------------------------------------------
Jamaica Observer reports that the government of Puerto Rico denied
that it is near bankruptcy or might need US federal intervention,
offering those assurances during a conference call with investors
aimed at alleviating concerns about a recent cut in planned bond
sales and the island's continuing financial crisis.

Governor Alejandro Garcia Padilla said that the US territory would
not default on its debts as it heads into its eighth year of
recession, according to Jamaica Observer.

"We will do everything, and I repeat, everything that is necessary
for Puerto Rico to honor all its commitments. . . . It's not only
a constitutional but also a moral obligation," the report quoted
Governor Padilla as saying.

Jamaica Observer notes that investors became rattled when the
island's Government Development Bank recently announced it would
cut bond sales to between US$500 million and US$1.2 billion for
the rest of the year, after investors pushed the yield on Puerto
Rico bonds above 10 per cent.

Jamaica Observer discloses that the Caribbean territory's
government is a major issuer of bonds in the US, where the bonds
are popular because they are exempt from federal and state taxes.

Jamaica Observer notes that Governor Padilla said he would
introduce legislation before year's end to overhaul the pension
system for teachers, which is at risk of running out of funds.
Earlier this year, Governor Padilla reformed a separate and larger
public pension system that was crumbling under a US$37.3 billion
unfunded liability, the report relates.

Jamaica Observer notes that Governor Padilla also increased the
borrowing capacity of Puerto Rico's main debt issuer, the Sales
Tax Financing Authority, in a move praised by several municipal
bond analysts.

The move comes as the territory struggles with US$70 billion in
public debt and a 13.9 per cent unemployment rate, higher than any
US state, Jamaica Observer says.

Jamaica Observer notes that Treasury Secretary Melba Acosta said
rumors about the US government intervening to help alleviate
Puerto Rico's financial crisis are not true.  But Ms. Acosta said
US officials are discussing setting up a committee that would help
find ways to boost the island's economy, the report discloses.

Investors, however, kept questioning the possibility of the
federal government becoming involved, and whether territorial
agencies could file for Chapter 7 or 11 bankruptcy restructuring,
Jamaica Observer says.

One noted the market is speculating that the island's power
company could file for bankruptcy because it operates as a mostly
autonomous entity, Jamaica Observer says.

"There seems to be a lot of misinformation out there. . . .
Bankruptcy is completely out of the question concerning Puerto
Rico," the report quoted Jose Coleman, executive vice president of
the Government Development Bank, as saying.

Ms. Acosta, the report relates, promised investors that the
government would cut its US$820 million budget deficit in half by
2015.  Officials noted that the deficit has already been reduced
from US$2.4 billion, the report notes.

Officials also pledged to start holding regular investor webcasts
at least once a quarter and said agencies including the Highway
Transportation Authority would start posting their quarterly and
monthly results, the report discloses.

David Chafey Jr., board president of the Government Development
Bank, said he doesn't expect the island's four main public
corporations to need subsidies or loans for the upcoming fiscal
year, in part because of such measures as an average 60 per cent
rate increase by the state water company, the report adds.


RESTAURANT HOLDING: Moody's Cuts Corp. Family Rating to Caa2
------------------------------------------------------------
Moody's Investors Service downgraded Restaurant Holding Company's
Corporate Family Rating to Caa2 from B3 and Probability of Default
Rating to Caa3-PD from Caa1-PD. Concurrently, Moody's lowered the
ratings on the company's $22 million senior secured revolver due
2016 and $178 million senior secured term loan due 2017 to Caa2
from B3. The ratings outlook is negative.

Ratings Rationale:

The downgrade of the Corporate Family Rating to Caa2 reflects
continued economic weakness and high competition amongst quick
service restaurants ("QSR") in RHC's primary markets which have
resulted in material declines in operating performance and cash
flow. The downgrade also reflects RHC's high leverage and weak
interest coverage -- debt/EBITDA and EBITA/interest expense for
the LTM period ended July 31, 2013 was 6.6 times and less than 1.0
time, respectively -- negative same store sales and customer
traffic, weak liquidity and concerns about the sustainability of
the capital structure over the near term. Moody's expects the
company's financial performance will remain under pressure due to
the highly promotional environment among QSR's in RHC's primary
market and the high unemployment in Puerto Rico -- where all of
RHC's Burger King and Firehouse Subs stores are located. The
rating is supported by the company's leading position in the
Puerto Rico QSR segment as a result of its exclusive development
agreement within Puerto Rico and the strength of the Burger King
brand.

The negative rating outlook reflects Moody's view that RHC's
operating performance will not improve in the near term given the
aggressive promotional environment in its primary market and the
likelihood that the economy in Puerto Rico will not improve in the
near term. The negative rating outlook also reflects the
possibility that RHC may violate its total leverage covenant when
the maximum leverage steps down by 0.5 times in October 2013.

The ratings could be downgraded if the probability of a default
increases. Additionally, continued negative trends in operating
metrics, particularly in guest traffic, could place pressure on
the ratings. The ratings could be upgraded if the company's
liquidity profile improves significantly. Additionally, positive
ratings pressure could develop if RHC is able to improve same-
store sales and guest traffic at its existing restaurants on a
sustainable basis such that EBITA/interest expense is sustained
above 1 times.

Ratings downgraded:

Corporate Family Rating to Caa2 from B3

Probability of Default Rating to Caa3-PD from Caa1-PD

$22 million senior secured revolver due 2016 to Caa2 (LGD 3, 32%)
from B3 (LGD 3, 32%)

$178 million senior secured term loan due 2017 to Caa2 (LGD 3,
32%) from B3 (LGD 3, 32%)

Restaurant Holding Company, LLC ("RHC") is owned by BHK
Acquisition Corp., which in turn, is majority-owned by Castle
Harlan Partners, a private equity firm that purchased the company
in 2004. Through its subsidiary -- Caribbean Restaurants LLC --
RHC has an exclusive territorial development agreement with Burger
King Corporation, which makes RHC the sole franchisee of Burger
King restaurants in Puerto Rico with approximately 179 units as of
April 2013. RHC is also the immediate parent company of Latin
American Subs, LLC. In 2011, Latin American Subs, LLC acquired the
rights to operate the Firehouse Subs franchise in Puerto Rico and
currently there are seven Firehouse Subs restaurants operating.
RHC is a private company and as such, does not file public
financials.


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


CARIBBEAN AIRLINES: Manager Stays Away as Fraud Probe Deepens
-------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited (CAL) manager has
received an additional two weeks suspension as an investigation
continues into a multi-million dollar racket.  It allegedly
involved the use of fraudulent credit cards which has already cost
the airline more than US$12 million in losses, according to RJR
News.

RJR News relates that Trinidad Express newspaper said that the
accounting manager was initially sent on leave on September 23 for
two weeks.  While on leave, management requested he provide the
CAL board with a comprehensive report about the transactions which
led to the airline's losses, RJR News notes.

RJR News says that sources said that from January 2012 to June
this year, CAL lost more than US$1.7 million in charge backs.

The report discloses that following a forensic investigation by
CAL's internal auditing department as well as Ernst and Young, the
manager was suspended.

Sources said the credit card activities involve Jamaicans,
Europeans and Nigerians, RJR News adds.


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


BOND PRICING: For the Week From Oct.14 to Oct. 18, 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 * * *