TCRLA_Public/131023.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

           Wednesday, October 23, 2013, Vol. 14, No. 210


                            Headlines



A R G E N T I N A

ARGENTINA: Searching for Cash, Tries to Mend Investor Ties


B R A Z I L

OMNI SA: Fitch Assigns 'B' Long-Term Foreign Currency Rating


C A Y M A N  I S L A N D S

CAPITANIA EQUITY: Shareholders Final Meeting Set for Oct. 30
EMERALD ORCHARD: Shareholder to Hear Wind-Up Report on Nov. 8
FLY CAPITAL: Shareholders Final Meeting Set for Nov. 6
KEY FUND: Shareholder to Hear Wind-Up Report on Oct. 30
KNOLLWOOD CDO: Shareholder to Hear Wind-Up Report on Nov. 15

LONE DRAGON: Shareholder to Hear Wind-Up Report on Nov. 15
LONE SEQUOIA: Shareholder to Hear Wind-Up Report on Nov. 15
MK JI: Shareholders' Final Meeting Set for Nov. 15
PROJECT FINANCE: Shareholder to Hear Wind-Up Report on Nov. 15
PROJECT FINANCE XVI: Shareholder to Hear Wind-Up Report on Nov. 15

SFG PIPELINE: Shareholder to Hear Wind-Up Report on Nov. 15
STRATEGOS DEEP: Shareholder to Hear Wind-Up Report on Nov. 7
VALE CAPITAL II: Shareholder to Hear Wind-Up Report on Nov. 15
ZOE PDP: Shareholder to Hear Wind-Up Report on Nov. 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms Say US$$776.7MM Debt Untenable


G U A T E M A L A

CEMENTOS PROGRESO: Fitch Assigns 'BB+' Local Currency IDR


J A M A I C A

ALCOA INC: Files Complaints Against London Metal Exchange
UC RUSAL: To Continue Production Cuts in 2014


T R I N I D A D  &  T O B A G O

NATIONAL QUARRIES: Two Directors Quit


                            - - - - -


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


ARGENTINA: Searching for Cash, Tries to Mend Investor Ties
----------------------------------------------------------
Ken Parks at Daily Bankruptcy Review reports that Argentina's
government has agreed to settle disputes with five foreign
investors, seeking to mend ties with creditors at a time when the
country faces foreign-currency shortages and limited borrowing
options.

Argentina had long asked investors that won compensation at the
World Bank's arbitration body to collect through local courts,
according to Daily Bankruptcy Review.

The report notes that controversial legal strategy brought
Argentina into conflict with the Obama administration, which
suspended some of Argentina's trade benefits and said it would
oppose loans to the country from the World Bank and other
multilateral lenders.


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


OMNI SA: Fitch Assigns 'B' Long-Term Foreign Currency Rating
------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B' and a Recovery Rating of 'RR4' to Omni S.A. Credito,
Financiamento e Investimento's (Omni) upcoming issue of senior
unsecured notes.

The approximately USD 30 million notes are under Omni's Global
Medium Term Note Programme of up to USD 200 million. The final
amount, tenor and interest rate will be set at the time of the
issuance. Proceeds will be used to expand lending activities. The
final rating is contingent upon the receipt of final documents
conforming to the information already received.

The rating assigned to Omni's senior unsecured issuance
corresponds to the finance company's Issuer Default Ratings (IDRs)
of 'B' with a Stable Outlook. The issue's Recovery Rating of 'RR4'
reflects average recovery prospects for bondholders in case of
default.

Omni's ratings reflect the institution's good systems and risk
controls and adequate profitability ratios. They also consider
Omni's experience in its main business focus, financing autos
(cars, trucks and utility vehicles, especially used, up to 25
years old, as well as new and used motorcycles) for the lower
purchasing power classes ('C' and 'D'), a segment with higher
margins and delinquency, less exploited by the competition.

The ratings also contemplate Omni's small size compared with its
peers, high leverage, its business market, greater susceptibility
to fluctuations in the economy and its still limited access to
long-term funding sources. This presupposes high revenue and
business concentrations, typical of institutions with these
characteristics.

Key Rating Drivers - Senior Unsecured Notes and IDRS

Changes to Omni's IDR would lead to changes to its issuance
ratings. Omni's ratings could benefit from growth in the capital
structure, greater funding diversification, and an improvement in
its asset quality ratios. Negative pressures on the rating could
come from a decrease in operating earnings and operational ROAA
falling below 1%; Fitch core capital ratio falling below 8%; an
increase in the level of encumbered assets; and/or a significant
deterioration of the company's asset quality ratios.

Founded in 1968 as Distribuidora de Titulos e Valores Mobiliarios
(DTVM), a securities dealer, Omni was converted into a finance
company in 1994. In the first half of 2013, Omni presented total
assets of BRL1.54 billion (USD695 million), net worth of BRL157.5
million (USD71.1 million) and net income of BRL11.4 million
(USD5.1 million).


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


CAPITANIA EQUITY: Shareholders Final Meeting Set for Oct. 30
------------------------------------------------------------
The shareholders of Capitania Equity Strategies Fund will hold
their final meeting on Oct. 30, 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:

          Ricardo Quintero
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


EMERALD ORCHARD: Shareholder to Hear Wind-Up Report on Nov. 8
-------------------------------------------------------------
The shareholder of Emerald Orchard Limited will receive on Nov. 8,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949 8244
          Facsimile: (345)949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


FLY CAPITAL: Shareholders Final Meeting Set for Nov. 6
------------------------------------------------------
The shareholders of Fly Capital SPV Limited will hold their final
meeting on Nov. 6, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KEY FUND: Shareholder to Hear Wind-Up Report on Oct. 30
-------------------------------------------------------
The shareholder of Key Fund Ltd will receive on Oct. 30, 2013, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KNOLLWOOD CDO: Shareholder to Hear Wind-Up Report on Nov. 15
------------------------------------------------------------
The shareholder of Knollwood CDO II Ltd. will receive on Nov. 15,
2013, at 11:45 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LONE DRAGON: Shareholder to Hear Wind-Up Report on Nov. 15
----------------------------------------------------------
The shareholder of Lone Dragon Pine I, Ltd will receive on
Nov. 15, 2013, at 9:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LONE SEQUOIA: Shareholder to Hear Wind-Up Report on Nov. 15
------------------------------------------------------------
The shareholder of Lone Sequoia II, Ltd. will receive on Nov. 15,
2013, at 10:45 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MK JI: Shareholders' Final Meeting Set for Nov. 15
--------------------------------------------------
The shareholders of MK JI Ltd will hold their final meeting on
Nov. 15, 2013, at 12:15 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PROJECT FINANCE: Shareholder to Hear Wind-Up Report on Nov. 15
--------------------------------------------------------------
The shareholder of Project Finance XVII Ltd. will receive on
Nov. 15, 2013, at 11:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PROJECT FINANCE XVI: Shareholder to Hear Wind-Up Report on Nov. 15
------------------------------------------------------------------
The shareholder of Project Finance XVI Ltd. will receive on
Nov. 15, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SFG PIPELINE: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The shareholder of SFG Pipeline Holdings, Ltd. will receive on
Nov. 15, 2013, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


STRATEGOS DEEP: Shareholder to Hear Wind-Up Report on Nov. 7
------------------------------------------------------------
The shareholder of Strategos Deep Value Mortgage Master Fund II
Ltd. will receive on Nov. 7, 2013, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Daniel Munley
          2929 Arch Street
          Suite 1703
          Philadelphia
          PA 19104
          USA
          Telephone: (215) 701 9667


VALE CAPITAL II: Shareholder to Hear Wind-Up Report on Nov. 15
--------------------------------------------------------------
The shareholder of Vale Capital II will receive on Nov. 15, 2013,
at 12:30 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ZOE PDP: Shareholder to Hear Wind-Up Report on Nov. 15
------------------------------------------------------
The shareholder of Zoe PDP Limited will receive on Nov. 15, 2013,
at 12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Power Firms Say US$$776.7MM Debt Untenable
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic's power
companies (ADIE) said they're concerned with the government's
mounting debt of more than US$700 million and the current losses
which they affirm make their business unsustainable.

It said the electricity distributors (EDE) owe them US$776.8
million, and urged the Government to pay since "we have no
possibility to continue to operate efficiently under these
circumstances," according to Dominican Today.

The report notes that ADIE said the Government must make stronger
efforts to comply with the accumulated debt, since honoring its
commitment is the only guarantee of an electricity supply and the
system's sustainability in the short term.


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


CEMENTOS PROGRESO: Fitch Assigns 'BB+' Local Currency IDR
---------------------------------------------------------
Fitch Ratings has assigned the following ratings to Cementos
Progreso S.A. (Cempro):

-- Local currency IDR 'BB+';
-- Foreign currency IDR 'BB+';
-- Proposed up to USD300 million senior unsecured notes due
   up to 2023 'BB+(exp)' .

The Rating Outlook is Stable

The ratings reflect the company's solid market position as the
leader in Guatemala's cement industry with a stable market share
around 84%. This position has resulted in high margins, moderate
leverage and strong liquidity. Topographic characteristics of the
country, as well as the difficulty of logistics, have limited the
impact of imports; the probability of other competitors starting
operations in the near future is low. Positively factored into the
ratings is Cempro's track record of stable operational results
based on a business model with fully vertically integrated
operations. Further factored in are the positive funds from
operations (FFO) and cash from operations (CFO) that the company
has recorded throughout the business cycle. The ratings are
limited by the company's negative free cash flow (FCF) due to high
dividends pay-out, higher expected leverage as a result of current
investment projects, the cyclical nature of housing construction,
and the limited geographic diversification.

For the period 2013-2016, Fitch projects negative FCF for Cempro
because of the construction of a new cement facility. The Stable
Outlook reflects Fitch's view that Cempro will maintain a positive
trend for its underlying cement operations during its current
investment cycle. This trend should result in Cempro's total debt-
to-EBITDA ratio remaining at or below 3.4x.

The company plans to issue senior unsecured notes up to USD300
million. The notes will be guaranteed by Cementos Progreso S.A.
and Inversiones Sampdoria S.A.

Dominant Market Position
Cempro is the leader in Guatemala's Cement Industry with a
dominant position the company has a market share around 84% in
terms of volume sold in the first half of 2013. Cempro's only
competitor is Cemex, which produces and sells cement and related
materials such as ready-mix concrete and dry-mix products.
Cementos Progreso is the only player with fully vertically
integrated operations in Guatemala, from the extraction of raw
materials to distribution of the end product to the final
consumer. The Guatemalan cement market has grown at historical
compound annual growth rate (CAGR) rates of 6.8% since 1950.
Despite annual volatility, the industry has shown consistent long-
term expansion. The total demand in Guatemala for cement during
2012 was approximately 2.9 million metric tons. The company sold
2.4 million metrics tons and registered USD508 million of total
revenues during 2012 (approximately 1.0% of Guatemala's GDP),
resulting in an installed capacity utilization rate of
approximately 77%. The company has cement production capacity of
3.1 million metric tons distributed in two production facilities,
San Miguel, located in the eastern part of the country, 50
kilometers outside of Guatemala City, and La Pedrera, its
Guatemala City plant. Cement represents 73% of the company's
portfolio, and 79% of demand comes from the self-construction
segment and is supplied 100% in bags. The company's market
position is further supported by its retail distribution network
for construction material with over 450 exclusive distributors,
395 of which are its Construred franchises, out of 500
distributors in Guatemala.

High Margins, Moderate Leverage and Strong Liquidity
The company has the highest EBITDA margins among public industry
peers. Cempro's EBITDA margin during LTM June 30, 2013 was 34.7%,
resulting in EBITDA generation of USD175.5 million for the period.
The ratings include Fitch's expectation that Cempro will maintain
EBITDA margins of around 36% during the next few years. As of June
30, 2013, the company's short-term debt and cash positions were
USD6.8 million and USD73.6 million, respectively. Total debt was
USD419.4 million, primarily composed of bank credit facilities, of
which 76.1% are denominated in USD and the rest in Quetzales.
Cempro's gross leverage (total debt/ EBITDA) as of June 30, 2013
was 2.4x and net leverage (net debt/ EBITDA) for the same period
was 2.0x.

Cement Operations Expected to Grow App. 3.5% in Next Few Years
The company is expected to continue to grow above Guatemala's GDP
levels. Guatemala has maintained increasing economic growth for
more than a decade. From 2001 to 2012, real Guatemalan GDP grew at
a CAGR of 3.5%. During the last five years (2008-2012), the
company's revenues grew at a CAGR of around 3.4%, and its EBITDA
grew at a CAGR of 9.4% due to operational efficiencies.

Cempro's revenues were USD505.1 million during the LTM ended June
30, 2013, USD507.7 million during 2012 and USD501.1 million during
2011. The ratings incorporate the expectation that its revenue
growth during 2013 will be around 0.4% and that sales volume will
be about 2.3 million metric tons. In the medium term, the
company's operations are expected to maintain annual growth rates
in the 3% to 5% range. Expectations of growth are supported not
only by economic growth, but also by Guatemala's housing deficit
of approximately 1.4 million homes. Investments in infrastructure
should also result in high demand for cement.

Negative FCF during 2013-2016 Driven by New Plant Capex Plan
During the LTM ended June 30, 2013, Cempro's FCF was negative
USD71million due to extraordinary dividends to its holding company
which in turn were used to pay for the purchase of Holcim's Ltd.
20% stake in Cempro. This FCF calculation considers cash flow from
operations (CFFO) of USD140.5 million minus Capex and dividends of
USD38.5 million and USD173 million, respectively. The ratings
incorporate the view that the company's operations will generate
negative FCF during 2013-2016 due to high expansion Capex to build
the new plant. Capex including capitalized interests is expected
to represent USD625 in the following four years. Cempro expects to
become FCF positive in 2017. The ratings incorporate expectations
that the company's annual paid-dividend levels will be in the
range of USD40 million-USD55 million during 2013-2016.

Cempro is planning to increase its cement production capacity by
approximately 71% through the building of a new cement plant (San
Gabriel) in Guatemala's western region; the new plant will add
annual cement capacity and clinker production of 2.2 million
metric tons and 1.4 million metric tons, respectively. The San
Gabriel plant, which is estimated to cost about USD800 million
plus financial expenses, is scheduled to start operations during
the first quarter of 2017. Around 49% of the cost of the new plant
will be funded by equity and the rest by debt. The first phase of
construction is already finished, with an investment of USD284
million. Besides the additional capacity to meet 100% domestic
clinker and cement future demand, the San Gabriel plant will
attempt to reach operational efficiencies and important cost
reductions in energy consumption, maintenance and distribution
costs that could represent a 9% cost reduction.

Expected Increase in Leverage
The company is expected to complete its new-plant Capex plan with
a combination of cash, additional debt and its own cash flow
generation. Cempro's gross leverage is anticipated to increase and
remain around 3.0x during the 2013-2016 period, with a leverage
peak of 3.4x in 2015 due to the additional debt required to fund
the construction of the San Gabriel plant. Gross leverage is
expected to decline to its current levels in 2017, reaching
leverage ratios between 1.0x-2.0x in the next few years.

Rating Sensitivities:
Positive Rating Action: Cempro's rating could be positively
affected by significant improvement - above expectations already
incorporated - in its cash flow generation, leverage and liquidity
metrics. Any positive rating action is unlikely to occur before
the company completes its expansion capital expenditure program.

Negative Rating Action: The company's rating could be negatively
affected by some combination of the following factors: significant
deterioration in Guatemala's macroeconomic and business
environment; increasing competition and/or operational efficiency
loss resulting in EBITDA margin deterioration; along with
significantly higher levels of required Capex that lead to
sustained leverage levels above current expectations.


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


ALCOA INC: Files Complaints Against London Metal Exchange
---------------------------------------------------------
RJR News reports that Alcoa Incorporated has complained to British
and US market regulators about a proposal by the London Metal
Exchange (LME) to overhaul the warehousing policy.

Alcoa said the LME must suspend its plan or risk damaging the
entire aluminum market, according to RJR News.  The report relates
that it has written to the UK's Financial Conduct Authority and
the US Commodity Futures Trading Commission.

The report notes that LME has proposed rules that would force
warehouses to release more stocks than they take in if deliveries
are delayed by three months or more.  The metals warehousing
business has stoked controversy as firms have made money by
building up stocks and allowing queues to grow for clients seeking
to withdraw material, all the time charging rent for storage, the
report relates.

End-users say those steps have caused long wait times that have
distorted supplies and inflated premiums, or the difference
between LME on-exchange prices and the actual price of physical
delivery of metal, RJR News notes.

But in its letter to regulators, Alcoa said it was fundamentally
wrong for an exchange, which should act as a neutral platform, to
alter the rules of the market with the express aim of moving
prices, the report adds.

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.


UC RUSAL: To Continue Production Cuts in 2014
---------------------------------------------
RJR News reports that Russian aluminum company, UC Rusal, which
has major mining operations in Jamaica, has signaled that it will
continue steep production cuts in 2014.

The company said this is necessary as global markets remain
heavily oversupplied, according to RJR News.  The report, citing
The Wall Street Journal, relates that UC Rusal expects to reduce
output by 647,000 tons next year as it continues to feel the
impact of the full drop in output from several facilities that
were moth-balled part way through this year.

The cuts would come on top of an output decline of 325,000 tons
this year as the company called for an industry-wide cut in
production as massive global oversupply knocked the bottom out
from prices, according to RJR News.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal said its financial losses
for 2012 were bigger than initially reported.  The company has
revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.



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


NATIONAL QUARRIES: Two Directors Quit
-------------------------------------
Asha Javeed at Trinidad Express reports that two directors from
National Quarries (NQ) -- Alban Scott and Perry Polar -- recently
tendered their resignations from the state company that has been
under scrutiny because of allegations of financial impropriety and
fraudulent deals.

Mr. Scott and Mr. Polar join Gregory Nurse who resigned from the
company, taking the count of directors who have severed ties with
the company to three, according to Trinidad Express.

The report notes that the remaining directors are:

   -- Neil Joe Sirju,
   -- Nassa Hosein,
   -- Varsha Sieurajsingh,
   -- Satee Chillar,
   -- Shivanand Dubay, and
   -- Chairman Mitra Ramkhelawan.

Energy Minister Kevin Ramnarine had told the Express that he would
wait until all investigations were completed before taking any
action.  The report relates that their resignations come on the
heels of an audit being conducted by the Ministry of Finance's
Central Audit Committee.

The Express notes that suspended Chief Executive Sandra Fernandez
was asked to meet with the audit committee to review certain
documents.

The Express discloses that it was Mr. Ramkhelawan as well as the
company's secretary Wilma Owen and accountant Bevon Cook who had
been answering questions from the audit committee for the last
week.  The report notes that Ms. Fernandez was suspended one day
after she reported to the police that two senior officials at the
company were forging documents to cover-up the acquisition of
equipment.

Apart from the alleged fraud, the Chaguanas police are also
investigating who authorised a Chaguanas-based police officer to
twice visit Ms. Fernandez's St Joseph home to deliver a suspension
letter on October 10 and another letter again on October 16, the
report says.

The report notes that the officer has since been transferred but
Superintendent Johnny Abraham is investigating on whose orders the
officer under his jurisdiction was acting to deliver the letters.

The resignations come mere days after the board issued a
collective statement justifying the suspension of Ms. Fernandez
even as two other directors -- Mr. Chillar and Mr. Dubay -- had
denied giving board approval to have the CEO suspended, the report
relays.

After two years on the job, Ms. Fernandez was issued a letter of
suspension from Mr. Ramkhelawan citing her questionable
qualifications for the job, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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