TCRLA_Public/131105.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, November 5, 2013, Vol. 14, No. 219


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS92.9MM Debt Sec. Ba3(sf)
FIDEICOMISO FINANCIERO: Moody's Rates ARS36MM Debt Sec. Ba3(sf)
FIDEICOMISO FINANCIERO: Moody's Affirms 'B3' Debt Sec. Ratings


B R A Z I L

BANCO INDUSTRIAL: CCB is Close to Reaching Deal to Buy Bank
BRAZILLIAN SECURITIES: Moody's Cuts Ratings of Certs. to 'B2'
INGENIO MAGDALENA: S&P Assigns 'BB-' CCR; Outlook Stable
JBS USA: To Host 3Q 2013 Earnings Conference Call November 15


C A Y M A N  I S L A N D S

BS V COMPANY: Commences Liquidation Proceedings
ERMITAGE GLOBAL: Creditors' Proofs of Debt Due Nov. 21
JAMES ALPHA: Creditors' Proofs of Debt Due Nov. 12
JAPAN HOLDINGS: Creditors' Proofs of Debt Due Nov. 21
JAPAN INVESTMENT: Creditors' Proofs of Debt Due Nov. 21

L'ECRIVAIN: Commences Liquidation Proceedings
LITTLE ROCK: Creditors' Proofs of Debt Due Nov. 20
MSGI LIMITED: Commences Liquidation Proceedings
MUNDER TALF: Creditors' Proofs of Debt Due Nov. 21
NANOSOLAR: Commences Liquidation Proceedings

NICOGIO LTD: Creditors' Proofs of Debt Due Nov. 8
ONE & TWELVE: Commences Liquidation Proceedings
ORCHID FUND: Creditors' Proofs of Debt Due Nov. 18
PEP CHANNEL: Creditors' Proofs of Debt Due Nov. 20
ROBERTO INVESTMENT: Placed Under Voluntary Wind-Up


J A M A I C A

NATIONAL COMMERCIAL BANK: To Develop Financial Center


M E X I C O

BANCOLOMBIA SA: Moody's Confirms Bank Fin'l. Strength Rating at D+
DESARROLLADORA HOMEX: Formalizes First Bridge Loan Under SHF
EMPRESAS ICA: 3Q Consolidated Revenue Drops 10% to Ps.8,363MM
COMPANIA MEXICANA: Creditors Propose Trust for Ex-Employees


P A N A M A

NEWLAND INT'L: Notes Successful Conclusion of Consent Solicitation


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates ARS92.9MM Debt Sec. Ba3(sf)
-----------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero CCF Creditos Serie 4.
This transaction will be issued by Equity Trust Company
(Argentina) S.A. - acting solely in its capacity as issuer and
trustee.

Moody's notes that as of Nov. 1, 2013, the securities contemplated
by this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

-- ARS 92,953,600 in Class A Floating Rate Debt Securities (VDF
TVA) of "Fideicomiso Financiero CCF Creditos Serie 4", rated
Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)

-- ARS 11,619,200 in Class B Floating Rate Debt Securities (VDF
TVB) of "Fideicomiso Financiero CCF Creditos Serie 4", rated A2.ar
(sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local
Currency)

-- ARS 11,619,200 in Certificates (CP) of "Fideicomiso Financiero
CCF Creditos Serie 4", rated B3.ar (sf) (Argentine National Scale)
and Caa2 (sf) (Global Scale, Local Currency)

The rating of the VDF TVA and VDF TVB securities addresses the
expected loss posed to investors related to the payment of
interest and principal by the legal final maturity date (July 12,
2016). The rating of the CP addresses the expected loss posed to
investors related to the repayment of the principal only by the
legal final maturity date. The rating of the CP does not address
any other interest or residual payments.

Ratings Rationale:

The ratings are mainly based on the following factors:

The initial subordination of the VDF TVA securities of 4,17%. If
accrued and collected interest are considered, the subordination
for the VDF TVA will be 15,79% and 5,26% for the VDF TVB.

The turbo sequential payment structure which captures all the
available excess spread in the transaction to pay down the VDF
securities (approximately 54,16% annually, assuming 0% defaults
and 0% prepayments, before expenses and taxes)

The ability of Cordial Compania Financiera S.A. (CCF) (B2/Aa3.ar)
to act as primary servicer of the pool

The ability of Banco Supervielle S.A. (B2/Aa3.ar) to act as master
servicer and backup servicer

The credit quality of the underlying loans

The availability of several reserve funds

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 17,366
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by Cordial Compania Financiera
S.A. (CCF), in an aggregate amount of ARS 97,000,098.15.

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 CCF'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 that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults as follows: a mean of 14% and
a coefficient of variation of 60%. Moody's also assumed a
lognormal distribution for prepayments with a mean of 40% and a
coefficient of variation of 50%. These assumptions are derived
from the historical performance to date of the CCF pools. Servicer
default was modeled by simulating the default of CCF as the
servicer consistent with its current ratings. In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points compared with the
base default assumption.

The model results showed 0.14% expected loss for the VDF TVA
securities, 5.16% for the VDF TVB and 18.23% for the CP
certificate.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario, the ratings of the VDF TVB and the CP
would be downgraded to Caa1 (sf) and Caa3 (sf) respectively. The
rating of the VDF TVA securities would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. The transaction is linked to the credit
quality of the servicer, which will transfer collections to the
trust account every 72 hours. Therefore, there are three days of
commingling risk at the servicer level. If CCF is removed as
servicer, Banco Supervielle S.A. will be appointed as the backup
servicer. However, Banco Supervielle belongs to the same economic
group than the primary servicer. This is mitigated by the fact
that collections are initially received by two collection agents
before flowing into CCF's account. Borrowers should be able to
continue making payments at any of these two collection agents if
the servicer needs to be replaced. As a result, any potential
servicer replacement should be simpler in this case than in other
Argentine transactions.

CCF, the originator and primary servicer in the transaction, is a
financial company owned by Banco Supervielle (B2/Aa3.ar) which
holds 95% of CCF's shares. CCF offers financial products such as
credit cards, personal and consumer loans to Wal-Mart customers in
Argentina, based on a commercial agreement with Wal-Mart Argentina
S.R.L. signed in July 2010. CCF current deposit ratings are Aa3.ar
(national scale rating) and B2 (global scale, local currency).

Approximately 27% of the securitized loans were originated through
Tarjeta Automatica's branches, a company owned by Grupo
Supervielle. These loans have been underwritten by CCF and have a
similar risk profile than the loans originated through CCF
branches.

The main source of uncertainty for this transaction is the level
of delinquency of the loans assigned to the trust. A worsening in
macroeconomic conditions such as an increase in unemployment could
increase the losses of the pool. Obligors in this transaction
belong to low or middle income socioeconomic segments, therefore
they may be more affected by a slowdown in the economic activity
or higher unemployment. However, Moody's believes CCF's has in
place solid collection and loss mitigation practices that should
mitigate this risk to some extent.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico.


FIDEICOMISO FINANCIERO: Moody's Rates ARS36MM Debt Sec. Ba3(sf)
---------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Bancor Personales II, to be
issued by Deutsche Bank S.A.- acting solely in its capacity as
issuer and trustee.

Moody's notes that as of Nov. 1, 2013, the securities contemplated
by this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

-- ARS 36,000,000 in Class A Debt Securities (VRDA) of
"Fideicomiso Financiero Bancor Personales II", rated Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

-- ARS 8,500,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Bancor Personales II", rated Aa3.ar (sf) (Argentine
National Scale) and B2 (sf) (Global Scale, Local Currency)

- ARS 6,500,000 in Certificates (CP) of "Fideicomiso Financiero
Bancor Personales II", rated Ba2.ar (sf) (Argentine National
Scale) and Caa1 (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 8,800 eligible personal loans denominated in
Argentine pesos, originated by Banco de la Provincia de Cordoba
S.A., in an aggregate amount of ARS 49.974.091,34.

These personal loans are granted to pensioners and employees of
the Government of the Province of Córdoba in Argentina.

For approximately 67.19% of the securitized portfolio, Banco de
Córdoba, as payment agent, deducts the monthly loan installment
directly from the employee's or pensioner's paycheck. For the rest
of the pool, the loan installment is deduct directly from the
employee's paycheck or the pensioner's payment, by the Government
of the Province of Cordoba, after receiving instructions from
Banco de Cordoba.

Overall credit enhancement is comprised of subordination: 27.95%
for the VRDA and 10.95% for the VRDB. 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 Banco de
Cordoba'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 that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines 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 underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for with a mean 25% and a
coefficient of variation of 70%.

These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was modeled
by simulating the default of the Banco de Cordoba as the servicer
consistent with its current rating of B3/Baa2.ar.

In the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.

The model results showed 0.00% expected loss for VRDA, 4.39% for
VRDB and 12.13% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 8.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to Caa1 (sf) and Caa3 (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from the Government of Cordoba 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 de Córdoba is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


FIDEICOMISO FINANCIERO: Moody's Affirms 'B3' Debt Sec. Ratings
--------------------------------------------------------------
Moody's Latin America has affirmed the Baa3.ar (national scale
rating) and B3 (global rating, local currency) ratings of the
Class A, Class B and Class C debt securities of Fideicomiso
Financiero Ruta N 6, a financial trust to be established under the
Argentine Law. The ratings on the Classes A and B were originally
assigned on July 8, 2013 and the ratings of Class C on September
10, 2013. Additionally, the ratings of Classes A and B were
affirmed on September 10, 2013.

The expected issuance amount was reduced from ARS 33,300,000 to
ARS 29,600,000 and from ARS 22,187,501 to ARS 19,722,256, for
Classes A and B, respectively. The expected issuance amount for
Class C will remain ARS 21,470,890.

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.

Ratings Rationale:

The ratings assigned are primarily based in the rating of the
Province of Buenos Aires as the obligor under the underlying
bonds. The Province of Buenos Aires is currently rated Baa3.ar
(national scale rating) and B3 (global rating, local currency).
Any future change in the rating of the Province of Buenos Aires is
likely to impact the rating of this transaction.

The underlying assets of the trust are bonds issued by the
Province of Buenos Aires on November 1, 2012 and March 1,2013 in
order to pay debts to providers. The sellers, companies providing
services, improvements or constructing the Provincial Route N°6.,
will assign these bonds to the issuing trust. The rated debt
securities were structured to mirror most of the terms and
conditions of the underlying bonds. Underlying bonds will be
categorized as Series A and Series B depending on their payment
schedule.

The interest rate of the rated debt securities will replicate that
of the underlying bonds. The trustee will issue three classes of
debt securities, Class A, Class B and Class C, which represent
41.81%, 27.86% and 30.33% of the total amount issued respectively.
On each payment date for Class A and B debt securities, they will
receive payments related to Series A underlying bonds. On each
payment date for Class C debt securities, they will receive
payments related Series B underlying bonds.

Class B debt securities will start amortizing once Class A debt
securities have been paid down, while the Class C debt securities
will receive principal and interest payments from the beginning of
the transaction, according to the payment schedule in the
transaction documents. However, in an event of default, all three
classes will receive the underlying bonds proportionately to their
holdings.

The interest and principal payment dates on the rated securities
will occur three business days after the payment date of the
underlying bonds. Trust expenses have been sized at closing and
will be paid at closing or during the life of the transaction from
an expense account created for that purpose.

The promise to investors is to receive timely interest and
principal before legal final, which will occur on June 29, 2016.

Since there is no excess spread or overcollateralization in this
transaction, any additional or unexpected taxes and/or expenses
that exceed the original expenses the arranger estimated can
affect repayment of the debt securities. However, if extraordinary
expenses or taxes become due, investors will have the right to
vote for an early liquidation of the transaction and receive the
underlying bonds as payment in kind on a pro rata basis.

Moody's notes that there is a risk that a court may declare the
assignment of the underlying bonds to the issuing trust void if
the seller files for bankruptcy shortly after the assignment date
and the price paid for the assets is not considered a "fair market
value". However, this risk is mitigated by the fact that the rated
securities will be publicly offered.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico.


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


BANCO INDUSTRIAL: CCB is Close to Reaching Deal to Buy Bank
-----------------------------------------------------------
Cristiane Lucchesi and Dakin Campbell at Bloomberg News, citing an
unnamed source, report that China Construction Bank Corp. is close
to reaching a deal to acquire Brazil's Banco Industrial &
Comercial SA (BicBanco).

The source said that BicBanco will probably fetch a price higher
than its current market value of BRL1.67 billion (US$764 million),
according to Bloomberg News.  Under the agreement, Bloomberg News
notes, Construction Bank would buy the 70 percent held by the
controlling shareholders, the Menezes de Bezerra family, and make
a tender offer to acquire the rest.

Bloomberg News discloses that the source said acquiring a lender
is the easiest way for Construction Bank to obtain a license in
Brazil as it follows customers to the nation.

"Chinese banks are interested in Brazil because it is an emerging
market with faster economic growth," Bloomberg News quoted Edmond
Law, an analyst at UOB Kay Hian Holdings Ltd. in Hong Kong, as
saying.  "The resources sector there is booming, creating fresh
demand for banking services that the Chinese lenders can tap," Mr.
Law said, Bloomberg News relates.

Bloomberg News notes that two people said BicBanco hired New York-
based Citigroup Inc. to advise on the sale to Construction Bank.
Morgan Stanley is advising the Chinese lender, one of the people
said, Bloomberg News relays.

BicBanco said in a statement that controlling shareholders are in
talks to sell a stake, and no agreement has been reached,
Bloomberg News adds.

Banco Industrial e Comercial S.A. -- http://www.bicbanco.com.br/-
- provides various banking products and services.  It operates
through Wholesale and Retail segments.  The company accepts
various deposit products, including time deposits, savings
accounts, and demand deposits, as well as interbank deposits; and
offers auto finance, wholesale short term loans, and payroll and
personal loans.  It also provides leasing, consumer credit,
foreign exchange, and funds management services, as well as
operates as a securities dealer and brokerage house.  In addition,
the company is involved in discounting of notes receivables.


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Moody's Investors Service downgraded Banco
Industrial and Comercial S.A.'s (BICBANCO) global local- and
foreign-currency deposit ratings to Ba1 and Not Prime, from Baa3
and Prime-3, long-and short-term, respectively. Moody's also
lowered BICBANCO's standalone baseline credit assessment (BCA) to
ba1, from baa3, and confirmed the bank financial strength rating
of D+. At the same time, Moody's also downgraded the long-term
foreign-currency senior unsecured debt rating to Ba1, from Baa3,
the long-term foreign-currency subordinated debt rating to Ba2,
from Ba1, and the long-term Brazilian national scale deposit
rating to Aa2.br, from Aa1.br. The short-term Brazilian national
scale deposit rating of BR-1 was not affected by the rating
action.  Moody's also placed a negative outlook on all ratings.


BRAZILLIAN SECURITIES: Moody's Cuts Ratings of Certs. to 'B2'
-------------------------------------------------------------
Moody's America Latina, Ltda. has downgraded the ratings of the
first issuance of the 177th Series of certificates issued by
Brazilian Securities Companhia de Securitizacao to B2 from B1,
global local currency scale, and to Ba2.br from Baa2.br on the
Brazilian national scale.

Ratings Rationale:

The certificates are backed by cedulas de credito bancario (CCB or
Bank Loan) which document a bank loan to Gafisa S.A. (Gafisa), one
of the largest fully integrated homebuilders in Brazil.

Moody's views the certificates as being full pass through
securities of the underlying Bank Loan.

The rating action follows Moody's downgrade of Gafisa's ratings on
October 30, 2013. The senior unsecured ratings were downgraded to
B2 / Ba2.br from B1 / Baa2.br. The ratings outlook is negative.

The B2 / Ba2.br of the 177th Series of certificates issued by
Brazilian Securities are primarily based on Gafisa's ability to
make payments under the bank loan agreement. This is commensurate
with Gafisa's B2/Ba2.br senior unsecured debt rating. Any future
changes to the senior unsecured debt rating of Gafisa will lead to
a change in the ratings assigned to the certificates.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels.

For more details, please refer to the press release titled
"Moody's downgrades Gafisa's ratings to B1, outlook remains
negative".

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brasil. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in October 2012 entitled
"Mapping Moody's National Scale Ratings to Global Scale Ratings."


INGENIO MAGDALENA: S&P Assigns 'BB-' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Ingenio Magdalena S.A. (Magdalena) and to its
proposed $400 million, long-term bond.  The outlook on the
corporate credit rating is stable.

The ratings on Magdalena reflect its "weak" business risk profile,
"significant" financial risk profile, and "less than adequate"
liquidity.  S&P believes Magdalena's single asset in Guatemala,
along with the exposure to unpredictable factors such as weather
and harvest yields, constrains its business risk profile.
However, the company's rising cash flows from energy sales, the
flexibility to refine all its raw sugar production, the good
location for sugarcane growth, and increasing irrigation capacity
are positive rating factors, which have resulted in high levels of
agricultural yields and in EBITDA margins that compare favorably
with those of Brazilian peers.


JBS USA: To Host 3Q 2013 Earnings Conference Call November 15
-------------------------------------------------------------
JBS USA, LLC will hold its third quarter 2013 earnings conference
call on Friday, November 15, 2013, at 9:00 a.m. EST (7:00 a.m.
MST).

The call will be open to investors in the Company's bonds and term
loan, as well as lenders to the Company's revolving credit
facility and prospective investors, securities analysts and market
makers.

JBS USA, LLC is a processor of beef and pork in the United States
and the number one processor of beef in Australia in terms of
daily slaughtering capacity.  The Company is an indirect wholly
owned subsidiary of Brazil-based JBS S.A.

As reported in the Troubled Company Reporter on Sept. 5, 2013,
Moody's Investors Service has assigned a Ba2 senior secured bank
debt rating to a proposed US$400 million term loan to be issued by
JBS USA LLC and a Ba3 senior unsecured debt rating to proposed
US$400 million 144A senior unsecured notes, to be issued jointly
by JBS USA LLC and JBS USA Finance, Inc.  Proceeds from the
Incremental Term Loan and private notes offerings will be used to
fund a tender offer for any or all of the US$700 million 11.625%
notes due May 2014. The rating outlook is negative.


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


BS V COMPANY: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 4, 2013, the sole member of BS V Company resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Tomotake Kurosaki
          5-9-9, Chuo, Ota, Tokyo
          Japan


ERMITAGE GLOBAL: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
The creditors of Ermitage Global Dynamic Trading Fund are required
to file their proofs of debt by Nov. 21, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2013.

The company's liquidator is:

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


JAMES ALPHA: Creditors' Proofs of Debt Due Nov. 12
--------------------------------------------------
The creditors of James Alpha Liquid GSE Master Fund SPC are
required to file their proofs of debt by Nov. 12, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2013.

The company's liquidator is:

          James Alpha Management, LLC
          Michael Montague
          Telephone: +1 (646) 201 4042
          c/o Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1
          Cayman Islands


JAPAN HOLDINGS: Creditors' Proofs of Debt Due Nov. 21
-----------------------------------------------------
The creditors of Japan Investment Partnership Holdings Inc. are
required to file their proofs of debt by Nov. 21, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2013.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


JAPAN INVESTMENT: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------------
The creditors of Japan Investment Partnership Inc are required to
file their proofs of debt by Nov. 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2013.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


L'ECRIVAIN: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 10, 2013, the shareholder of L'Ecrivain & Co Ltd resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Dizame Consulting S.A
          Telephone: 00423 237 71 00
          Facsimile: 00423 237 71 11
          P.O. Box 958 Pasea Estate, Road Town
          Tortola, British Virgin Islands


LITTLE ROCK: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------
The creditors of Little Rock Ventures Inc. are required to file
their proofs of debt by Nov. 20, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2013.

The company's liquidator is:

          Dieter Kindlimann
          Zollikerstrasse 181, CH 8008 Zurich
          Switzerland
          Telephone: +41 (044) 384 7740


MSGI LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 10, 2013, the shareholders of MSGI Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          122 Mary Street
          Charles Adams Ritchie & Duckworth
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


MUNDER TALF: Creditors' Proofs of Debt Due Nov. 21
--------------------------------------------------
The creditors of Munder Talf Offshore Fund, Ltd are required to
file their proofs of debt by Nov. 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 9, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


NANOSOLAR: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 6, 2013, the shareholders of Nanosolar resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Russell Homer
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          PO Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


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

The company commenced wind-up proceedings on Oct. 8, 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


ONE & TWELVE: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 10, 2013, the shareholder of One & Twelve Company Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Dizame Consulting S.A
          Telephone: 00423 237 71 00
          Facsimile: 00423 237 71 11
          P.O. Box 958 Pasea Estate, Road Town
          Tortola, British Virgin Islands


ORCHID FUND: Creditors' Proofs of Debt Due Nov. 18
--------------------------------------------------
The creditors of The Orchid Fund Limited are required to file
their proofs of debt by Nov. 18, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2013.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Andrew Edwards
          Telephone: +1 (345) 815 2608
          Facsimile: +1 (345) 949 7164


PEP CHANNEL: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------
The creditors of Pep Channel Investments II GP Ltd are required to
file their proofs of debt by Nov. 20, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2013.

The company's liquidator is:

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


ROBERTO INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 4, 2013, the sole shareholder of Roberto Investment Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 30, 2013, will be included in the company's dividend
distribution.

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


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


NATIONAL COMMERCIAL BANK: To Develop Financial Center
-----------------------------------------------------
The Gleaner reports that National Commercial Bank Jamaica Limited
said it planned consolidation of two branches into a new financial
center to be developed over the next 17 months.

The customers of the Manor Park and Manor Centre branches will be
relocated to the new NCB Constant Spring branch, to be constructed
at 124-126 Constant Spring Road in Kingston, according to The
Gleaner.  The report relates that the new location will also house
subsidiaries NCB Capital Markets, NCB Insurance Company and
Advantage General Insurance Company Limited.

The report discloses that Belinda Williams, manager of group
corporate services, said that cramped space in the original
branches led to the creation of a new outlet which will offer both
investment and banking services from one location instead of two.

NCB has not disclosed the investment to be made in the project.

Earlier this year, the report recalls. NCB announced the
consolidation of two branches -- Newport West and Red Hills Mall
branch in Kingston.  In September, the bank cut 43 jobs, the
report adds.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2013, Standard & Poor's Ratings Services raised its issuer
credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to
'B-/B' from 'CCC+/C'.  The upgrade follows Jamaica's entrance into
an IMF (International Monetary Fund) program, which along with
additional external funding from other multilateral lenders,
improved the country's external liquidity and bolstered investor
confidence.  S&P removed the ratings on the bank from the
CreditWatch negative and assigned a stable outlook.  NCBJ's 'b'
stand-alone credit profile (SACP) remains unchanged.


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


BANCOLOMBIA SA: Moody's Confirms Bank Fin'l. Strength Rating at D+
------------------------------------------------------------------
Moody's Investors Service has confirmed all ratings for
Bancolombia S.A. including its standalone bank financial strength
rating (BFSR) of D+, which maps to an unsupported baseline credit
assessment (BCA) of baa3; its global local currency long- and
short-term deposit ratings of Baa2/Prime-3; foreign currency long-
and short-term deposit ratings of Baa3/Prime-3; foreign currency
senior debt rating of Baa2; and foreign currency subordinated debt
rating of Ba1. The outlook on the ratings was changed to negative.

The rating action concludes the review for downgrade initiated on
22 February 2013 following Bancolombia's announced intention to
acquire HSBC Bank (Panama), S.A. (now called Banistmo, S.A.). In
December 2012, Bancolombia had announced its intention to acquire
a minority stake in Grupo Financiero Agromercantil de Guatemala
(GFAM), whose main asset is Banco Agromercantil de Guatemala, S.A.

Ratings Rationale:

In confirming Bancolombia's ratings, Moody's noted that the
acquisitions will expand the bank's earnings generation capacity
in line with the sizable presence the bank will achieve in the
fast-growing Panamanian market, as it incorporates and further
levers the local Banistmo operation. Moody's expects Bancolombia
to capture opportunities to also improve its overall funding mix,
taking advantage of Banistmo's large depositor base. The bank's
expansion into Guatemala, on the other hand, will allow it to more
fully service its customer base, which it currently does via a
representative office, now through the established business of
Banco Agromercantil. Moody's anticipates, however, that
integration and operating costs associated with the acquisitions
will limit the short-term revenue contribution that Bancolombia
can achieve, particularly because it will need to introduce its
own systems in Panama.

In that regard, Moody's expects only mild deterioration in the
bank's asset quality because both acquisitions target credit
segments familiar to Bancolombia, namely commercial and corporate
lending, with Banistmo also adding diversification towards retail
lending, which accounts for 49% of its loan book. Overall, the
combined loan mix of Bancolombia is likely to remain essentially
the same. According to Moody's analysis of the proforma financial
statements, both the banks appear to have adequate asset quality
with generally low levels of past due loans and a relatively high
cushion of capital and loan loss reserves, in line with
Bancolombia's own risk profile.

Moody's however, notes that the acquisitions materially weaken
Bancolombia's capital ratios, which Moody's estimates will decline
to 5.9% as measured by Tier 1 Capital as a percentage of risk-
weighted assets from current 10.6%, after Moody's deducts
intangibles, according to new Colombian capitalization norms, and
risk-weight government securities. At this level, Bancolombia's
capital ratio provides limited loss absorption capacity when
compared to that of peers in Colombia and in the region. The
negative outlook on the ratings, therefore, incorporates Moody's
view that capital ratios will remain low over the next six to 12
months, as the bank continues to replenish capital internally, and
taking into account modest earnings contribution from the newly
acquired banks over the short term. Any decision to raise
additional capital would improve Bancolombia's credit outlook. The
bank's shareholders gave approval last February for a capital
injection of about $2.2 billion, which if carried out would
improve Bancolombia's loss absorption capacity.

Bancolombia's local currency deposit rating of Baa2 incorporates
one notch of uplift from its baa3 standalone BCA, based on Moody's
assessment that systemic support will be forthcoming in case of
stress as a result of the bank's importance to Colombia's banking
system. However, as , the bank continues to expand out of
Colombia, the systemic support uplift could be reduced.

The date of the last Credit Rating Action was 22 February 2013
when Moody's placed all of Bancolombia's ratings on review for
downgrade.

Bancolombia is headquartered in Medellín, Antioquia, Colombia and
had USD56.6 billion in assets, USD39.4 billion in loans, USD36.4
billion in deposits, and net income of USD364 million as of June
2013. Banistmo is headquartered in Panama City, Panama and had
USD9.1 billion in assets, USD5.1 billion in domestic loans, USD5.9
billion in deposits and net loss of USD6.1 million as of June
2013. GFAM is headquartered in Guatemala City, Guatemala and had
USD2.4 billion in assets, USD1.6 billion in loans, USD2.0 billion
in deposits and net income of USD33 million as of year-end 2012.

The following ratings assigned to Bancolombia were confirmed with
a negative outlook:

Bank Financial Strength Rating of D+

Long term global local currency bank deposit ratings of Baa2

Short term global local currency bank deposit ratings of Prime-3

Long term foreign currency bank deposit ratings of Baa3

Short term foreign currency bank deposit ratings of Prime-3

Long term foreign currency senior unsecured debt ratings of Baa2

Long term foreign currency subordinated debt ratings of Ba1


DESARROLLADORA HOMEX: Formalizes First Bridge Loan Under SHF
------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. formalized the first bridge
loan with ABC Capital under the Sociedad Hipotecaria Federal (SHF)
guarantee program.  Resources from this loan will be used for
working capital purposes in the construction of vertical homes.

It will facilitate the Company's ability to leverage on the
Federal Subsidy program from CONAVI for vertical homes in Mexico.

As of December 31, 2012, 55 percent of Homex home production was
vertical, and the Company estimates that this percentage will
increase to 60 percent as of the end of 2013.

On March 6, 2013, Sociedad Hipotecaria Federal (SHF) presented the
SHF Guarantee Program for Home Construction, as the first measure
of an integral strategy of public policies from the Federal
Government for the housing industry, under the institutional
coordination of the Secretaria de Desarrollo Agrario, Territorial
y Urbano (SEDATU).  Under this program, the SHF provides coverage
of up to 30 percent of first losses from home construction
portfolios.  This program was launched in support of the
homebuilding industry to facilitate and increase financing to the
sector.

"We are very pleased to be the first company in our industry to
formalize a bridge loan under the SHF guarantee program in
conjunction with ABC Capital.  These federal government programs
are very supportive of those of us in the housing industry; while
at the same time enabling more Mexican families to enjoy their
dreams of acquiring a quality home," said Gerardo de Nicolas,
Chief Executive Officer of Homex.

Desarrolladora Homex, S.A.B. de C.V. is a Mexican construction and
real estate company engaged in the development, construction and
sale of entry-level and middle-income housing in Mexico and
Brazil.  Founded in Culiacan, the state capital of Sinaloa in
1989, the company started operations developing commercial areas
gradually focusing on design, construction and commercialization
of homes.  The company is headquartered in Culiacan, Mexico.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 6, 2013,
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to C.mx from Ca.mx (global
scale, local currency rating to C from Ca). This concludes Moody's
review.


EMPRESAS ICA: 3Q Consolidated Revenue Drops 10% to Ps.8,363MM
-------------------------------------------------------------
Empresas ICA, S.A.B. de C.V. disclosed its unaudited results for
the third quarter of 2013.

ICA generated strong increases in operating income and Adjusted
EBITDA driven by the development of concessioned projects in the
third quarter of 2013.  The Construction segment continues
recovering work volumes in the execution of its projects. ICA
generated Ps. 1,197 million in operating income, an increase of
70% as compared to third quarter 2012, and Ps. 1,556 million in
Adjusted EBITDA, an increase of 27%.  This strong performance was
principally the result of the continued rapid growth of the
Concessions and Airports segments.  As a result, the Adjusted
EBITDA margin reached 18.6%.

Consolidated revenues decreased in third quarter 2013, principally
as a result of obstacles for the execution of new projects.
Despite efforts to accelerate the rate of construction of these
projects, delays in the delivery of rights of way, adverse
weather, and delays in payments by clients affected construction
revenue.  In particular, the storms that hit Mexico in September
severely impacted Guerrero, Oaxaca, Tamaulipas, and Veracruz.
Several ICA projects were affected, with the impacts likely to
extend to the fourth quarter.

Taking into account the first nine months results and the
environment expected for the infrastructure sector for the rest of
the year, ICA now expects that total revenues for the year will
not grow as compared to 2012, while full year Adjusted EBITDA is
expected to remain in the range of 13 to 16%.

A full text copy of the company's results is available free at:

                        http://is.gd/mLNV2h

Headquartered in Mexico City, ICA is the largest engineering,
procurement and construction company in Mexico and the largest
provider of construction services to both public and private-
sector clients. In the last twelve months ended in June, 2013,
ICA's revenue and Moody's adjusted EBITDA margin were about $ 3.4
billion and 15.2% respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2013, Moody's Investors Service confirmed Empresas ICA,
S.A.B. de C.V. corporate family and senior unsecured ratings at B2
and changed the outlook to negative.  This concludes the ratings
review initiated on May 17, 2013, prompted by ICA's higher than
anticipated debt leverage and liquidity risk.

The following ratings were affected:

- Corporate Family Rating: confirmed at B2

- 8.375% $ 350 million global notes due 2017: confirmed at B2

- 8.9% $ 500 million global notes due 2021: confirmed at B2


COMPANIA MEXICANA: Creditors Propose Trust for Ex-Employees
----------------------------------------------------------
Agencia EFE News reports that four creditors of the MRO
maintenance company, a unit of Mexico's debt-ridden Compania
Mexicana de Aviacion or Mexicana Airlines, proposed creating a
trust to support retirees and workers linked to the different
companies currently in bankruptcy proceedings.

This measure "will directly benefit not only the 1,200 workers at
the (MRO) maintenance base," but also some 8,500 retired and
former employees of the companies" that make up the group, one of
the creditors, the Mexico City International Airport (AICM), said
in a statement, according to Agencia EFE News.

The report notes that the trust, it added, would receive "the
rights over the loans" owed by MRO, which is "a strategic
installation for national aviation" and "the most important asset
of Mexicana de Aviacion."

The creditors -- banks Banorte and Bancomext; Grupo Aeroportuario
del Pacifico, through the Guadalajara airport; and AICM, which
collectively hold 92 percent of MRO's loans -- made the proposal
to the judge in Mexicana's bankruptcy proceedings, Edith
Encarnacion Alarcon, the report discloses.

The former workers and retirees belong to airlines Mexicana de
Aviacion, Aerovias Caribe S.A. (Click) and Mexicana Inter and
currently are not receiving "any type of compensation," the
statement said, the report relays.

The report notes that Mexicana de Aviacion and sister budget
carriers Click and Link grounded their operations in August 2010
after nearly nine decades in business and filed for bankruptcy
protection shortly thereafter to restructure a debt load of more
than US$800 million.

The airline group, which was acquired last year by Spanish hotel
and air-transport group Med Atlantica, has yet to resume domestic
or international flights, leaving some 8,500 workers in limbo, the
report adds.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


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


NEWLAND INT'L: Notes Successful Conclusion of Consent Solicitation
------------------------------------------------------------------
Newland International Properties, Corp. (Newland), with a property
based in Panama City, Panama, received the requisite consents with
respect to its previously announced consent solicitation.

Pursuant to the consent solicitation, holders representing 80.37%
of Newland's 9.5% Senior Secured Notes due 2017 consented to
certain amendments to Newland's indenture, dated as of July 3,
2013, between Newland and CSC Trust Company of Delaware, as
trustee, pursuant to which the Notes were issued.

The amendments will enable Newland to apply a portion of the net
proceeds from the sale of the Casino located in the project to its
January 3, 2014 scheduled minimum amortization payment under the
indenture.  As previously announced, Newland expects to consummate
the sale of the Casino and certain related properties to Sun
International later this month.  This transaction will produce
cash to Newland of US$45.5 million, which, in Newland's opinion,
represents full value for these properties.

In addition, the amendments will adjust certain technical and
other terms that Newland and a steering committee of Note holders
has agreed will facilitate Newland's ability to meet its financial
and marketing targets.  A notice regarding the amendments will be
provided to all Note holders in accordance with the indenture.
Newland expects to execute as soon as possible a first
supplemental indenture to the indenture reflecting the amendments.

The amendments will enable Newland to remain on a sound financial
footing as well as to maximize the value of Newland's inventory
and Newland appreciates the good relations it continues to have
with its Note holders.

As reported in the Troubled Company Reporter-Latin America on
Sept. 2, 2013, Fitch Ratings has assigned a rating to the
restructured senior secured notes issued by Newland International
Properties, Corp. (Newland).  In April 2013, Newland, a Panamanian
company established to develop the Trump Ocean Club (TOC) luxury
hotel and condominium, filed for Chapter 11 bankruptcy protection
in the United States.  One month later, Newland received approval
to restructure the defaulted $220 million senior secured notes due
November 2014.  Newland's principal assets are the real property
and facilities that comprise the TOC.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------


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


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
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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