TCRLA_Public/131029.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, October 29, 2013, Vol. 14, No. 214



EDENOR SA: Pampa Holds 6.3% of American Depositary Shares


ENEVA SA: Said To Be in Talks to Avert Early Debt Payment
JBS SA: Discloses US$1 Million 7.75% Senior Notes Offering
OGX PETROLEO: Said to File for Bankruptcy in the "Coming Days"
OGX PETROLEO: Expects Tubarao Martelo Oil Output by End of Nov.
* PERNAMBUCO: Gets US$400MM IDB Loan for Reforms Program

C A Y M A N  I S L A N D S

BTR GLOBAL: Shareholder to Receive Wind-Up Report on Nov. 12
CORPORACION ROSARITSA: Member to Receive Wind-Up Report on Nov. 14
CREP INVESTMENT: Shareholder to Receive Wind-Up Report on Nov. 15
INVESTMENT YARD: Shareholder to Receive Wind-Up Report on Nov. 15
MARCUARD GROWTH: Members' Final Meeting Set for Oct. 30

MILMAN INVESTMENTS: Members' Final Meeting Set for Nov. 15
SALITSA LTD: Shareholder to Receive Wind-Up Report on Nov. 14
TIMBERLAKE INSURANCE: Member to Receive Wind-Up Report on Nov. 13
WITCO LIMITED: Members' Final Meeting Set for Nov. 15


* COLOMBIA: To Get US$400MM IDB Loan to Strengthen Training System

P U E R T O  R I C O

PUERTO RICO: Heavily Indebted, Weighs on U.S. Muni-Bond Market


Large Companies With Insolvent Balance Sheets

                            - - - - -


EDENOR SA: Pampa Holds 6.3% of American Depositary Shares
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission on Oct. 23, 2013, Pampa Inversiones S.A. and
Pampa Energia S.A. (Pampa Energy Inc.) disclosed that they
beneficially owned 27,913,674 American Depositary Shares, each
representing 20 Class B Shares, of Empresa Distribuidora y
Comercializadora Norte S.A. (EDENOR) representing 6.3 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended  Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at June 30, 2013, showed Ps.7.21
billion in total assets, Ps.5.47 billion in total liabilities and
Ps.1.74 billion in total equity.


ENEVA SA: Said To Be in Talks to Avert Early Debt Payment
Cristiane Lucchesi, Juan Pablo Spinetto and Blake Schmidt at
Bloomberg News report that Eneva SA is in talks with banks and
partners to avoid redemption of US$300 million of debt owed by a
natural gas company it owns with former billionaire Eike Batista.

Three people with knowledge of the talks said Eneva SA is seeking
accords with creditors of OGX Maranhao Petroleo & Gas SA, in which
Eneva has a 33 percent stake, to forego early payment rights that
may be triggered if Batista's OGX Petroleo & Gas Participacoes SA
enters into default, according to Bloomberg News.  The company
formerly known as MPX Energia is also in talks with prospective
buyers of OGX's stake in the venture and may acquire the remaining
shares itself, according to Bloomberg News.

Bloomberg News discloses that Eneva SA is attempting to
disentangle itself from OGX's collapse after Dusseldorf-based EON
SE started buying shares from Batista in January 2012 to gain a
foothold in Brazil as profits at home declined.  At the time,
Bloomberg News notes, Chief Executive Officer Johannes Teyssen
described German-speaking Batista as "one of the most successful
businessmen in Brazil" and MPX as an ideal partner.

Bloomberg News relays that EON became Eneva SA's largest holder on
May 29 and increased its stake in a private placement on July 4,
three days after OGX said it would probably have to shut its only
producing oil field, and Mr. Batista was replaced as Eneva

Eneva spokesman Guido Knott said EON and Batista continue to
jointly control Eneva through a shareholder agreement, Bloomberg
News says.

                          Looming Default

Bloomberg News discloses that OGX, the centerpiece of Eike
Batista's commodities empire, missed an Oct. 1 interest payment on
US$1.1 billion of bonds, triggering a 30-day grace period.  The
Rio de Janeiro-based company is also considering filing for
bankruptcy protection later this month or early next, two people
briefed on the plans said, Bloomberg News relates.

Either of those events could trigger cross-default clauses in the
debt of affiliated companies such as the gas venture with Eneva,
the people said, Bloomberg News notes.

Maranhao, in which OGX holds a 66 percent stake, has at least
BRL600 million (US$300 million) of outstanding debt.  The company
has a 70 percent stake in seven gas blocks at Brazil's Parnaiba
basin in partnership with Petra Energia SA, Bloomberg News

Units of Banco Itau BBA and Banco Santander SA each lent BRL200
million to Maranhao, while Morgan Stanley issued a 200 million-
real loan, according to the company filings obtained by Bloomberg

                         'Natural' Interest

Bloomberg News notes Eneva SA is negotiating with banks to try to
avert debt redemption and with Petra and other partners to seek a
buyer for OGX's stake in Maranhao, the people said.  EON and Eneva
could also buy OGX's stake, thereby nullifying the cross-default
clauses, two people said, Bloomberg News relates.

Petra is another prospective buyer, one person said, Bloomberg
News notes.

Grupo BTG Pactual, the investment bank controlled by billionaire
Andre Esteves, acquired 28.2 million Eneva shares for US$78.7
million, Eneva said Sept. 6, Bloomberg News notes.  Eike Batista
still holds a 24 percent stake.

Bloomberg News discloses Eneva SA said on Sep. 24 that as a
minority holder in Maranhao, it would be "natural" for the company
to be interested in the remaining shares.  The utility has first
option to buy shares in the venture, according to a regulatory
filing, Bloomberg News relays.

The company had nothing to announce, it said in response to a
regulatory query after O Globo newspaper reported Aug. 21 that OGX
may sell its stake in the Parnaiba gas blocks, Bloomberg News

Bloomberg News says that Eike Batista is seeking BRL1.2 billion
for his remaining 24 percent stake in Eneva, according to two
people with direct knowledge of the talks.

Bloomberg News notes that potential buyers have balked at the
asking price because of concern over cross-default risk at
Maranhao, said one person familiar with the talks.

Eneva SA (ENEV3) is a Brazilian utility controlled by Germany's
EON SE and Eike Batista.

JBS SA: Discloses US$1 Million 7.75% Senior Notes Offering
JBS S.A. disclosed to its shareholders and to the market in
general the pricing of their Senior Notes Offering due 2020 with a
coupon of 7.75% in the aggregate principal amount of US$1.0
billion, with the offering scheduled to close on October 28, 2013.

The Notes will be issued through JBS' wholly-owned subsidiary, JBS
Investments GmbH.

JBS intends to use the proceeds of this offering to extend its
debt maturity profile by refinancing a portion of its outstanding
short-term debt and for general corporate purposes.  The Notes
were more than five times oversubscribed.  Standard & Poor's and
Fitch issued BB and BB- ratings, respectively, for the Notes.

The Notes will not be registered under the Securities Act of 1933,
as amended, or any state securities laws and may not be offered or
sold in the United States or to any U.S. persons absent
registration under the Securities Act, or pursuant to an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.  The Notes are being offered only to
"qualified institutional buyers" under Rule 144A of the Securities
Act or, outside the United States, to persons other than "U.S.
persons" in compliance with Regulation S under the Securities Act.

Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's
largest protein producer in terms of revenues, slaughter capacity
and production. It is the leader beef, chicken and leather player
and a leading lamb producer on a global basis, besides being the
third largest pork producer in the USA. The company has large
scale and diversification, with presence in more than 100

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2013, Fitch Ratings affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-'
as well as its 'A-(bra)' national scale rating.  Fitch has also
affirmed at 'BB-' rating on the notes due in 2016 issued by JBS
and the 'A-(bra)' rating of its debentures due in 2015.

OGX PETROLEO: Said to File for Bankruptcy in the "Coming Days"
Emily Glazer, Luciana Magalhaes and John Lyons, writing for The
Wall Street Journal, reported on Oct. 25 that Petroleo e Gas
Participacoes SA is set to file for bankruptcy protection in
Brazil in the coming days, people familiar with the matter said.
According to the WSJ report, the company is expected to be
reorganized but the next steps are unclear.

Meanwhile, David Kashi, writing for International Business Times,
reported Friday that the Brazilian tycoon Eike Batista's main
company has reportedly filed for bankruptcy after Mr. Batista
couldn't salvage a deal to merge the firm or raise outside
capital.  IBTimes, citing a Wall Street Journal report on Friday,
said Mr. Batista, 56, was unable to find further financial backing
or partners.  Mr. Batista reportedly lost about $33 billion in the
last year.

WSJ said a bankruptcy would be the biggest ever in Latin America,
and an ignominious milestone in the former powerboat racer's rise-
and-fall.  WSJ also said the decision is a jarring reversal from
just last year, when the entrepreneur was listed among the world's
richest on the Forbes list with estimated wealth over $30 billion,
the WSJ report related.  But his wealth has plunged since OGX
admitted it could find little oil. That sent shares falling across
his commodities companies.  Mr. Batista later fell off the Forbes

OGX has been trying to strike a settlement with the company's bond
holders, who collectively hold about $3.6 billion in company
paper, the WSJ report said.  The holders include some of the
world's largest, such as BlackRock Inc. and bond giant Pacific
Investment Management Co., who backed a company that had no oil
production or profits.  Bankruptcy loomed since OGX missed a bond
payment this month.

The company and creditors convened in Rio de Janeiro to strike a
restructuring deal, but those talks fell through, people familiar
with the talks said, the WSJ report further related.  OGX is also
running out of cash. One difficulty in the discussions has been
Mr. Batista's snap decision-making, say people involved. He has
recently switched bankers and lawyers, and fired management with
little notice.

Luciana Magalhaes, writing for Daily Bankruptcy Review, had
reported that advisers for OGX and for some of the oil firm's
bondholders could wrap up the current round of talks on overdue
bond payments as early as Oct. 24 or 25, said a person familiar
with the situation.

                          About OGX Petroleo

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: Expects Tubarao Martelo Oil Output by End of Nov.
Jeb Blount and Sabrina Lorenzi at Reuters report that two sources
said OGX Petroleo e Gas Participacoes SA expects to start output
from its Tubarao Martelo offshore oil field by the end of

The company has begun the process of linking up the field's
completed production wells to the OSX-3 floating production,
storage and offloading platform (FPSO), the sources said,
according to Reuters.  The vessel, a converted oil tanker, is
owned by Batista's OSX Brasil SA shipyard and ship-leasing
company, Reuters notes.

Eike Batista, the report relates, is counting on output at Tubarao
Martelo to ease talks with creditors over the restructuring of
about US$5 billion of OGX debt to keep the company operating.

Without a deal, the report notes, OGX risks losing its exploration
and production licenses to Tubarao Martelo and other areas.  Those
areas represent the company's only major source of new revenue
from oil production or asset sales, Reuters relates.

In May, Reuters recalls, Malaysia's state oil company Petroliam
Nasional Bhd agreed to buy 40 percent of Tubarao Martelo and an
adjacent area for US$850 million but has yet to pay for the areas
due to the unresolved debt issues.

The OSX-3 production ship assigned to Tubarao Martelo's output is
complete and anchored in the field, according to a transcript of
conversations between OSX management and bondholders made by the
Norwegian trustee of OSX bonds, the report discloses.

The report relates that OSX has US$19 million left to pay on its
installation contract with Japanese construction and engineering
group Modec Inc. under engineering, procurement, construction and
installation contract.  It owes $11 million of that by the end of
January and $8 million by August, the transcript said, the report

Reuters says that OSX-3, which should be ready to enter service in
the field by the end of October, according to the Norwegian
transcripts, could be sold for US$1.15 to US$1.17 billion if the
buyer were to use it in the Atlantic Ocean without much conversion

Because OSX gets all of its current revenue from OGX, which also
leases its OSX-1 ship in the Tubarao Azul field, its fate is
directly tied to OGX, the report notes.  Tubarao Azul and Tubarao
Martelo are both in the Campos offshore basin northeast of Rio de
Janeiro, the report discloses.

Reuters notes that lower-than-expected output at OGX's first
field, Tubarao Azul, in 2012 led to a collapse in the share prices
of all the traded companies in Batista's mining, oil, shipbulding,
port operation and electricity group, EBX.

                        About OGX Petroleo

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.

* PERNAMBUCO: Gets US$400MM IDB Loan for Reforms Program
The state of Pernambuco in Brazil will use a loan for US$400
million from the Inter-American Development Bank (IDB) to
consolidate its fiscal balance in a program of reforms designed to
expand public and private investment on a sustainable basis and
raise revenue.

The IDB financing is being extended as policy-based loan, which
will provide flexible support for policy and institutional reforms
through rapid disbursement of lending resources.

Measures to improve the efficiency and transparency of public
spending are expected to cut in half the time needed to issue
environmental permits and expropriation decrees associated with
priority investments, and improve mechanisms for public-private
partnerships, among other actions.  The program will increase
public investment funded by the state's own resources from 29
percent to 35 percent and boost tax revenues from 9.3 percent of
its gross domestic product (GDP) in 2012 to 9.5 percent of GDP in

Pernambuco's economy ranks as the tenth largest among Brazil's 27
states, accounting for 2.5 percent of the country's GDP. The
Bank's policy-based loan will establish a regulatory framework
through the issuance of regulations, resolutions, and
institutional changes need for the adoption of procedures for
revenue management, public expenditure, and investment projects

The IDB financing has a term of 20 years with a five- year grace
period and an interest rate based on LIBOR.

C A Y M A N  I S L A N D S

BTR GLOBAL: Shareholder to Receive Wind-Up Report on Nov. 12
The sole shareholder of BTR Global Prospector II Trading Limited
will receive on Nov. 12, 2013, at 2:30 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877

CORPORACION ROSARITSA: Member to Receive Wind-Up Report on Nov. 14
The member of Corporacion Rosaritsa will receive on Nov. 14, 2013,
at 10:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

CREP INVESTMENT: Shareholder to Receive Wind-Up Report on Nov. 15
The sole shareholder of Crep Investment W Cayman will receive on
Nov. 15, 2013, at 3:00 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
         Cayman Islands
         c/o Kim Charaman/Jennifer Chailler
         Telephone: (345) 943 3100

INVESTMENT YARD: Shareholder to Receive Wind-Up Report on Nov. 15
The sole shareholder of Investment Yard Management Limited will
receive on Nov. 15, 2013, at 3:15 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
         Cayman Islands
         c/o Kim Charaman/Jennifer Chailler
         Telephone: (345) 943 3100

MARCUARD GROWTH: Members' Final Meeting Set for Oct. 30
The members of Marcuard Growth Fund II will hold their final
meeting on Oct. 30, 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:

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

MILMAN INVESTMENTS: Members' Final Meeting Set for Nov. 15
The members of Milman Investments Limited will hold their final
meeting on Nov. 15, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands

SALITSA LTD: Shareholder to Receive Wind-Up Report on Nov. 14
The sole shareholder of Salitsa Ltd. will receive on Nov. 14,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

TIMBERLAKE INSURANCE: Member to Receive Wind-Up Report on Nov. 13
The member of Timberlake Insurance SPC Ltd. will receive on
Nov. 13, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Owen Dinnall
          Dena Thompson
          Telephone: 914-2255/ 914-2267/ 949-5263
          Facsimile: 949 6021
          P.O. Box 10233 Grand Cayman
         Cayman Islands

WITCO LIMITED: Members' Final Meeting Set for Nov. 15
The members of Witco Limited will hold their final meeting on
Nov. 15, 2013, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


* COLOMBIA: To Get US$400MM IDB Loan to Strengthen Training System
A loan for US$400 million from the Inter-American Development Bank
(IDB) will help Colombia to improve the quality and relevance of
its human resources training system as a basis for boosting the
country's long-term productivity.

The operation is the second extended from an IDB programmatic
policy-based credit line directed at helping to create the
institutional foundations and technical processes on which
Colombia's future National Qualifications System will be created.

The new system will improve the linkage between the country's
labor market and human resource formation by defining, evaluating,
and developing capacity in relation to the needs of the workplace.
It will also make possible the progressive expansion of job skills

The present operation will continue to support improvements in the
system's institutional structure, the design of technical and
operational procedures for designing competency, and certification
standards.  It will also seek to involve the productive sector as
a key actor in the reforms being carried out and in the future

The IDB's programmatic loans are fast-disbursing instruments that
provide Bank borrowing member countries with resources to support
public sector budgets related to program goals.

The IDB loan is for a 20-year term, with a 5.5-year grace period
and an interest rate based on LIBOR.

P U E R T O  R I C O

PUERTO RICO: Heavily Indebted, Weighs on U.S. Muni-Bond Market
The Economist reported that although investors are now less
jittery about a possible default by the American Treasury, they
are rightly still nervous about a drama unfolding in the market
for state and local debt.  Since May, yields on bonds issued by
Puerto Rico, a self-governing American territory, have shot up to
between 8% and 10%, despite their (barely) investment-grade rating
and tax-exempt interest.

According to the report, Puerto Rico carries outsized importance
in America's almost $4 trillion municipal-debt market, which
includes bonds issued by states and other local authorities as
well as by cities.  The island's current debt, between $52 billion
and $70 billion (depending on how it is measured), is the third-
largest behind California's and New York's, despite a far smaller
and poorer population.  In America's 50 states the average ratio
of state debt to personal income is 3.4%.  Ratings agency Moody's
puts Puerto Rico's tax-supported debt at 89%.

The report notes Puerto Rico's debt has long been a staple of
American municipal-bond funds because of its high yields and its
exemption from federal and local taxes -- of particular appeal to
investors in high-tax states -- the report related.  That let
Puerto Rico keep borrowing despite its shaky economic and
financial condition, until Detroit's bankruptcy in July alerted
investors to the threat of default by other governments in similar

America won control of Puerto Rico in the Spanish-American war of
1898, the report related.  Its people have American citizenship
and receive American government pensions, but pay no federal tax
on their local income.

Puerto Rico's economy has big structural problems, according to
the report.  Participation in the labor force, at 41%, is some 20
percentage points below America's. The island has the federal
minimum wage, even though local productivity and incomes are far
lower than in the rest of America, creating a strong disincentive
to hire. Inflated benefit payments, for disability for instance,
discourage work.  Moody's Analytics reckons the territory's
bloated public sector accounts for 20% of employment, compared
with 3.7% for the average state (though it provides some services
that the federal government would on the mainland). Growth and
investment are hampered by bureaucracy, stunted infrastructure and


Large Companies With Insolvent Balance Sheets

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

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88

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


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

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

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


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

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