TCRLA_Public/131112.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 12, 2013, Vol. 14, No. 224


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: LIALPA Apologizes for Flight Delays


B O L I V I A

BANCO SOLIDARIO: Moody's Rates Bs60M Subordinated Debt Issuance B1


B R A Z I L

BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Sr. Unsecured Debt Rating
BIC ARRENDAMENTO: Moody's Affirms Currency Issuer Rating at Ba1
GAFISA SA: Posts BRL15.8MM Net Income in 3Mos. Ended September
OSX BRASIL: Files for Bankruptcy Protection, Owes Billions
OSX BRASIL: Vessels Excluded From Planned Bankruptcy Filing


C A Y M A N  I S L A N D S

EXCALIBUR EXPRESS: Shareholders' Final Meeting Set for Nov. 13
S&P DTI: Shareholders Receive Wind-Up Report
SUNTECH POWER: Takes Step Toward Final Wind-Down
TAURUS GLOBAL: Shareholder to Receive Wind-Up Report Today
TAURUS PRECIOUS: Shareholder to Receive Wind-Up Report Today

WESTLAND AGENCIES: Shareholders' Final Meeting Set for Nov. 12
Y&B INVESTMENT: Shareholders' Final Meeting Set for Dec. 6


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Keeps Prime Rate Unchanged at 6.25%


J A M A I C A

BANK OF JAMAICA: Losses Have Now Passed the J$16 Billion Mark


M E X I C O

ARENDAL S. DE RL: S&P Affirms 'B' CCR; Outlook Stable


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Minister Wants Restructuring Plan Tweaked


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: LIALPA Apologizes for Flight Delays
-----------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that the
Leeward Islands Pilots Association (LIALPA) has apologized to
Leeward Islands Air Transport, known as LIAT, passengers for the
cancellation of most flights on Tuesday, November 5 but said it,
"had no other choice", but to hold an emergency meeting that day,
"due to the serious nature of the impulsive and reckless actions
of management."

The emergency meeting was called after Liat's "surprise" decision
to suspend LIALPA president, Carl Burke, while he was acting as a
union representative on behalf of another pilot who was on
suspension, according to Trinidad and Tobago Newsday.

The report notes that LIALPA said the resulting flight
cancellations occurred because its constitution "required a
specific percentage of pilots at a specific base to be in
attendance."

"Due to numerous crew being out on overnights and others away on
training in the United States and France, it was necessary to have
all remaining crew in the respective bases attend. The crew was
immediately released for duty at the end of the meeting," LIALPA
said, the report notes.

The report relays that LIALPA also has "legitimate concerns about
LIAT's flight operations" which had been communicated to the
regional airline's management "via several emails and telephone
exchanges."

Although the pilots returned to work after the emergency meeting,
flight disruptions continued because of the back-log of stranded
passengers seeking to reach their final destinations, the report
says.

The report discloses that LIALPA said "good sense prevailed" and
Liat withdrew the suspensions of Burke and the other unnamed,
pilot.

"Management has also guaranteed the pilots a meeting" yesterday
morning (Wednesday November 6) with Liat's Acting Chief Executive
Officer Julie Reifer-Jones, to discuss the chain of events that
led to this impasse," LIALPA said, the report relays.  The
association said "the outcome of this meeting will determine the
way forward for both parties," the report discloses.

The Leeward Islands Pilots Association pledged that it is taking a
"reasonable and responsible position" in dealing with matters
which affect the traveling public, the report adds.

                             About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.


=============
B O L I V I A
=============


BANCO SOLIDARIO: Moody's Rates Bs60M Subordinated Debt Issuance B1
------------------------------------------------------------------
Moody's Latin America has assigned Banco Solidario S.A. (Bolivia)
(Solidario)'s Bs. 60 million subordinated debt issuance a B1
global local currency subordinated debt rating. At the same time,
Moody's assigned a Aa2.bo local currency national scale debt
rating to the bank's subordinated debt issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Solidario S.A.
(Bolivia):

Bs. 60 million subordinated debt issuance:

Global Local Currency Subordinated Debt Rating: B1

Bolivia National Scale Local Currency Subordinated Debt Rating:
Aa2.bo

Ratings Rationale:

Moody's explained that the B1 local currency subordinated debt
rating derives from Solidario's ba3 baseline credit assessment
that maps from its bank financial strength rating of D- and takes
into account the seniority of the notes.

Moody's rating reflects Solidario's ample profit margins, as well
as its good asset quality metrics, adequate liquidity level and
its well established franchise in the microfinance business. On
the other hand, the rating captures its declining capitalization,
which is likely to become a restriction for further loan growth,
and lagging efficiency indicators. Moody's rating also considers
Solidario's shareholders composition, largely international
microfinance investors, which provides access to global
managerial, strategic and risk management expertise.

Banco Solidario is headquartered in La Paz, Bolivia, and it had
assets of Bs. 7.1 billion and equity of Bs. 548 million, as of
September 2013.

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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


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


BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Sr. Unsecured Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed all its ratings for Banco
Industrial and Comercial S.A.'s (BICBANCO) and changed the outlook
to developing, from negative, including the bank financial
strength (BFSR) of D+, which maps to a baseline credit assessment
(BCA) of ba1; its global local- and foreign-currency deposit
ratings of Ba1 and Not Prime, long- and short-term, respectively;
the long-term foreign-currency senior unsecured debt rating of
Ba1; the senior unsecured MTN program (foreign currency) rating of
(P)Ba1; the long-term foreign-currency subordinated debt rating of
Ba2; and the long- and short-term Brazilian national scale deposit
rating of Aa2.br and BR-1, respectively.

This rating action follows the 31 October 2013 announcement that
BICBANCO's controlling shareholders have agreed to sell their 72%
stake to China Construction Bank Corporation (A1 stable; ba1
stable) for BRL1.6 billion in cash. The sale is now subject to
regulatory authorities' approval.

At the same time, Moody's affirmed Banco Industrial e Comercial
S.A., Cayman's long-term foreign currency debt rating of Ba1 and
the senior unsecured MTN program (foreign currency) rating of
(P)Ba1, and changed the outlook to developing from negative.

The following ratings assigned to Banco Industrial and Comercial
S.A. were affirmed, with the outlook changed to developing, from
negative:

Bank financial strength of D+

Long- and short-term global local-currency deposit ratings of Ba1
and Not Prime

Long- and short-term foreign-currency deposit rating of Ba1 and
Not Prime

Long-term foreign-currency senior unsecured debt rating of Ba1

Senior Unsecured MTN Program (foreign currency) rating of (P)Ba1

Long-term foreign-currency subordinated debt rating of Ba2

Long-term Brazilian national scale deposit rating of Aa2.br

Short-term Brazilian national scale deposit rating of BR-1

The following rating of Banco Industrial e Comercial S.A., Cayman
was also affirmed, with outlook placed on developing:

Long-term foreign currency debt rating of Ba1

Senior Unsecured MTN Program (foreign currency) rating of (P)Ba1

Ratings Rationale:

The change in outlook to developing from negative incorporates
Moody's expectation that BICBANCO's purchase by China Construction
Bank will benefit its access to broader funding sources, and will
allow the repositioning of the bank's franchise in the Brazilian
market. In that context, efforts by the management team to
redefine BICBANCO's core activities in order to improve
profitability would be supported by a large foreign shareholder.

At the same time, Moody's highlights the challenges of
shareholding transition because of CCB's very recent track record
in managing international subsidiaries, as well as aspects
regarding management continuity and strategic definitions by the
new shareholder. BICBANCO is the Chinese bank's first
international acquisition and its total assets represent only 0.3%
of CCB's.

Upon conclusion of the acquisition, which is subject to regulatory
approval by the respective Brazilian and Chinese authorities,
China Construction Bank expects to enter into a subsequent tender
offer to purchase minority shareholders' stake.

Moody's also notes that, in applying the joint-default analysis,
BICBANCO's global local currency deposit rating of Ba1 would not
benefit from uplift derived from parental support because CCB's
current standalone baseline credit assessment is ba1.

The last rating action on BICBANCO occurred on 2 August 2013, when
Moody's downgraded all its ratings and assigned a negative
outlook.

The last rating action on Banco Industrial e Comercial S.A.,
Cayman was on 2 August 2013, when Moody's downgraded the long-term
foreign currency debt rating on Banco Industrial e Comercial S.A.,
Cayman's outstanding senior unsecured notes.

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.

BICBANCO is headquartered in Sao Paulo, Brazil, and had total
consolidated assets of R$16.8 billion (US$7.6 billion) and
shareholders' equity of R$1.9 billion (US$867 million), as of 30
June 2013.


BIC ARRENDAMENTO: Moody's Affirms Currency Issuer Rating at Ba1
---------------------------------------------------------------
Moody's America Latina has affirmed all its ratings for BIC -
Arrendamento Mercantil S.A.'s and changed the outlook to
developing from negative, including the long-term global local-
currency issuer rating of Ba1; the long-term Brazilian national
scale issuer rating of Aa2.br; the long-term global local currency
subordinate debt rating of Ba2; and the long-term Brazilian
national scale subordinate debt rating of Aa3.br.

The rating action is in line with the rating action taken on Banco
Industrial and Comercial S.A. (BICBANCO), announced on 6 November
2013 (please refer to PR "Moody's affirms BICBANCO's ratings;
changes outlook to developing ").

The following ratings assigned to BIC - Arrendamento Mercantil
S.A. were affirmed, and the outlook changed to developing, from
negative:

Long-term global local currency issuer rating of Ba1

Long-term Brazilian national scale issuer rating of Aa2.br

Long-term global local currency subordinate debt rating of Ba2

Long-term Brazilian national scale subordinate debt rating of
Aa3.br

Ratings Rationale:

Moody's explained that the local currency issuer rating assigned
to BIC - Arrendamento Mercantil S.A. derives from BICBANCO's Ba1
global local currency deposit rating which, in turn, incorporates
the bank's standalone baseline credit assessment of ba1.

The change in outlook to developing from negative on BIC -
Arrendamento Mercantil S.A. therefore follows the outlook change
on its parent's ratings and incorporates Moody's expectation that
BICBANCO's purchase by China Construction Bank will benefit its
access to broader funding sources, and will allow the
repositioning of the bank's franchise in the Brazilian market. In
that context, efforts by the management team to redefine
BICBANCO's core activities in order to improve profitability would
be supported by a large foreign shareholder.

At the same time, Moody's highlights the challenges of
shareholding transition because of CCB's very recent track record
in managing international subsidiaries, as well as aspects
regarding management continuity and strategic definitions by the
new shareholder. BICBANCO is the Chinese bank's first
international acquisition and its total assets represent only 0.3%
of CCB's.

The last rating action on BIC - Arrendamento Mercantil S.A. was on
2 August 2013, when Moody's downgraded all ratings of the issuer
and placed them on negative outlook.

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.

BIC Leasing is headquartered in Fortaleza, Ceara, Brazil and
reported total assets of approximately R$712 million (US$348
million) and equity of R$188 million (US$92 million) as of 31
December 2012.


GAFISA SA: Posts BRL15.8MM Net Income in 3Mos. Ended September
--------------------------------------------------------------
Bloomberg News reports that Gafisa SA posted a quarterly profit
for the first time in a year.

Adjusted net income for the three months ended in September was
BRL15.8 million (US$6.9 million), according to data compiled by
Bloomberg after the company released results.  The average
estimate of five analysts surveyed by Bloomberg was BRL12.7
million.

While the Sao Paulo-based company had already released some
preliminary figures including booked sales, a 5.19 percentage
point increase in gross margins to 27.6 percent was a "positive
surprise," compared with a forecast for 22.7 percent, Banco Itau
BBA analysts led by David Lawant said in a research note to
clients, Bloomberg News notes.

Bloomberg News discloses that the improvement is a result of the
greater impact of newer projects on revenue, Gafisa SA said in a
regulatory filing.

"Numbers were better than our expectation," the Itau analysts
wrote, Bloomberg News relays. "Gross margins were a positive
surprise and improved on a quarterly basis," Bloomberg News adds.
As reported in the Troubled Company Reporter - Latin America on
Nov. 1, 2013, Moody's America Latina downgraded Gafisa's corporate
family ratings to B1 from Ba3 on its global scale and to Baa3.br
from A3.br on its national scale. At the same time, the company's
BRL600 million senior secured debentures were downgraded to
Ba3/A3.br from Ba2/A1.br, while its BRL300 million senior
unsecured debentures were downgraded to B2/Ba2.br from B1/Baa2.br.
The outlook is negative for all ratings.


OSX BRASIL: Files for Bankruptcy Protection, Owes Billions
----------------------------------------------------------
Luciana Magalhaes, Emily Glazer and Rogerio Jelmayer, writing for
The Wall Street Journal, report that OSX Brasil SA, the ship
building company of troubled tycoon Eike Batista, filed for
bankruptcy protection, the second such filing for a commodities
empire that crumbled this year as losses piled up and investor
confidence plummeted.

"Parts of Mr. Batista's empire were a house of cards, and now they
are falling," the WSJ quoted Guilherme Figueiredo, a fund manager
at M.Safra & Co. in Sao Paulo who helps oversee $1.97 billion in
assets, as saying.

The move on Nov. 11, 2013, at a Rio de Janeiro court follows a
default and bankruptcy filing last month for Mr. Batista's
flagship oil firm OGX Petroleo e Gas Participacoes SA, according
to The WSJ.  The firm went public in 2008 for $4.1 billion but
failed to produce nearly any of the up to 10.8 billion barrels it
claimed to have.  Recently, OGX declared several of its once
promising fields were actually duds.

The WSJ notes that the collapse of OGX sent shockwaves across the
rest of Mr. Batista's companies, which included five interlinking
mining, port, oil, energy and ship building firms taken public
over a frenetic six-year stretch starting in 2006.  The hardest
hit by the oil company collapse is OSX, the ship builder he set up
to build oil platforms and lease them to OGX.  OSX had essentially
one customer, his oil company OGX; when one went down, so did the
other.

The WSJ relates that Mr. Batista has sought to sell off big stakes
in parts of his conglomerate deemed healthier, such as a power
generation company called Eneva SA and a company called LLX
LogĄstica SA building a super-port near Rio de Janeiro.

The WSJ discloses that OSX had outstanding debts of around $2.2
billion as of June 30, including dollar- and local- currency
denominated loans and bonds held by a mix of banks investors and
government institutions, such as Brazil's National Bank for
Economic and Social Development, or BNDES, and the Merchant Marine
Fund.  But the bankruptcy only covers a portion of the debt, as
some major assets were excluded from the filing, according to a
company spokeswoman, The WSJ relays.

The WSJ notes that Eduardo Munhoz, a lawyer who is handling OGX
and OSX dealings on Mr. Batista's behalf, said OSX has also
provided an additional BRL2.2 billion in guarantees for two of the
oil platforms.

The WSJ says OSX wants to sell these platforms to raise money to
pay off the creditors of the debts linked to the oil rigs.  OSX
officials estimate the platforms could be worth $1 billion each,
but that number is impossible to verify, The WSJ relates.

Representatives of the holders of these debts declined to provide
names of the holders.  At least $850 million of these debts were
issued as part of a syndicated loan organized by Brazil's banking
giant Itau Unibanco Holding SA, as well as European banks ING
Groep NV and Banco Santander, according to OSX statements obtained
by The WSJ.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.


OSX BRASIL: Vessels Excluded From Planned Bankruptcy Filing
-----------------------------------------------------------
Cristiane Lucchesi, Jonathan Levin, and Juan Pablo Spinetto at
Bloomberg News, citing two unnamed sources, report that OSX Brasil
SA intends to leave out from a bankruptcy protection filing three
oil vessels used as collateral for US$1.77 billion of debt.

The people said that OSX Brasil is planning to file a judicial
recovery petition, as the process is known in Brazil, according to
Bloomberg News.  The company's leasing unit, through which it owns
the OSX-1, OSX-2 and OSX-3 platforms, won't form part of the
filing, they said, Bloomberg News relates.

Bloomberg News notes that sources said Credit Suisse Group AG was
hired to help sell OSX-1 and OSX-2 that guarantee two syndicated
loans with a total value of US$1.27 billion.  OSX's sole
international bond of US$500 million is also guaranteed by a
vessel, OSX-3, whose value was booked at BRL1.1 billion (US$480
million) as of June 30, Bloomberg News relates.

                             Asset Sale

Bloomberg News notes that in an Oct. 31 statement, the shipbuilder
said it was ready to seek bankruptcy protection if management
decided that was the best way to protect its interests.  OSX
continues to study the measure, a press department official said
by phone, asking not to be named in line with company policy,
Bloomberg News relays.

Bloomberg News discloses that OSX and OGX were the only two of
Batista's six publicly listed companies that sold bonds in
international markets.  Eike Batista either relinquished control
of, or agreed to sell key assets and stakes in, the four other
startups.  OSX was building three vessels for OGX before the
explorer's tests uncovered an absence of oil in a series of non-
commercial wells, Bloomberg News says.

OSX, the last of Mr. Batista's companies to undertake an initial
public offering, was created to profit from Brazil's local content
rules, which limit the use of imported equipment and services by
the oil and gas industry, Bloomberg News relays.  The company's
shares never recovered the March 2010 IPO price even as Batista
promised to create "the Embraer of the seas," referring to the
world's largest regional-jet maker, Bloomberg News notes.

                           Bank Deal

Bloomberg News discloses that until Sept. 2012 the company was
saying it had firm orders for vessels worth US$7 billion.  Since
then, OSX has been shrinking projects, firing staff and putting
units on sale after contracts were canceled and losses mounted,
Bloomberg News notes.  In March, OSX shelved plans to sell a
second international debt security amid a rout in its securities,
according to a memo from underwriters obtained by Bloomberg News
at the time.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.


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


EXCALIBUR EXPRESS: Shareholders' Final Meeting Set for Nov. 13
--------------------------------------------------------------
The shareholders of Excalibur Express Limited will hold their
final meeting on Nov. 13, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


S&P DTI: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of The S&P DTI Tracker Fund Limited received on
Nov. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jason Schmidt
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


SUNTECH POWER: Takes Step Toward Final Wind-Down
------------------------------------------------
Reuters reported that China's Suntech Power Holdings Co Ltd , once
the world's largest maker of solar panels, filed for provisional
liquidation, signaling that it may go out of business after years
of steep declines in panel prices.

According to the report, Suntech's shares fell as much as 23
percent to $1.15 on the New York Stock Exchange on Nov. 6.

"We do think this is the end for Suntech," Raymond James analyst
Ryan Berney told Reuters.

Suntech filed for provisional liquidation in the Cayman Islands,
where it is incorporated, the report related.  A provisional
liquidation is an emergency procedure that a company can apply for
only after a petition to wind up has been presented at court.

Suntech also said it would consider pursuing a Chapter 15 filing
in the United States that would allow U.S. courts to recognize a
foreign bankruptcy as the main proceeding and block creditors from
seizing U.S. assets, the report further related.

                             About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


TAURUS GLOBAL: Shareholder to Receive Wind-Up Report Today
----------------------------------------------------------
The shareholder of Taurus Global Resources Hedge Fund Limited will
receive today, Nov. 12, 2013, at 9:10 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Taurus Global Resources Limited GP, LLC
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


TAURUS PRECIOUS: Shareholder to Receive Wind-Up Report Today
------------------------------------------------------------
The shareholder of Taurus Precious Metals Fund Limited will
receive today, Nov. 12, 2013, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Taurus Precious Metals Fund GP, LLC
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


WESTLAND AGENCIES: Shareholders' Final Meeting Set for Nov. 12
--------------------------------------------------------------
The shareholders of Westland Agencies Limited will hold their
final meeting on Nov. 12, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


Y&B INVESTMENT: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Y&B Investment Advisors Limited will hold
their final meeting on Dec. 6, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


DOMINICAN REPUBLIC: Keeps Prime Rate Unchanged at 6.25%
-------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said it will keep the 6.25% per year rate unchanged, taking
inflation projection and market expectation into account.

It said it based its decision to keep the monetary policy rate
(TPM) unchanged on the behavior of major macroeconomic variables,
stressing the growth during the first nine months, "consistent
with an expansion of private sector credit in national currency
around 15% a year in September," according to Dominican Today.

The report relates that the Central Bank said it expects the
relatively stable exchange rate will continue, with the entry of
major inflows from the sovereign bonds, pending disbursements from
multilateral agencies, tourists and Dominicans who come for the
holidays and the contributions by the Barrick Gold Corp. mine, of
around US$109.9 million from the annual minimum tax.


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


BANK OF JAMAICA: Losses Have Now Passed the J$16 Billion Mark
--------------------------------------------------------------
RJR News reports that Bank of Jamaica losses have now passed the
J$16 billion mark.

Its October 23 balance sheet shows year-to-date losses at J$16.3
billion, according to RJR News.

The report relates this was up from J$15.9 billion on October 9.

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2013, RJR News said that there has been a further
increase in year-to-date losses at the Bank of Jamaica.  Its
balance sheet as at August 28 puts the figure at JM$15.7 billion,
according to RJR News.  The report noted that this is up from
JM$14.8 billion dollars three weeks earlier.


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


ARENDAL S. DE RL: S&P Affirms 'B' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
corporate credit rating on Arendal S. de R.L. de C.V.  The outlook
is stable.  The rating affirmation follows our ordinary annual
review.

The ratings on Arendal continue to reflect S&P's assessment of its
"vulnerable" business risk profile and "aggressive" financial risk
profile.

S&P's assessment of Arendal's "vulnerable" business risk profile
incorporates the company's relatively short backlog (accounting
for less than a year and a half of revenues), its narrow business
focus (i.e. pipelines and plants), geographic concentration, and
its heavy dependence on public projects, particularly those
associated with Petroleos Mexicanos (foreign currency:
BBB/Positive/--; local currency: A-/Positive/--), Comision Federal
de Electricidad (CFE; Foreign currency: BBB/Positive/--; local
currency: A-/Positive/--), and Secretaria de Seguridad Publica
(NR).  "The company's business risk profile also reflects the
inherent cyclicality, high competition, and capital intensive
nature of the construction industry.  The rating also reflects
Arendal's small scale relative to its peers," said Standard &
Poor's credit analyst Francisco Gutierrez.  The positive ratings
factors are the company's good position and track record in its
core business segments, (i.e. pipelines and plants), proven
technical capacity, and expertise to carry out medium-size and
specialized projects.


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


CARIBBEAN AIRLINES: Minister Wants Restructuring Plan Tweaked
-------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that Trinidad and
Tobago Finance Minister Larry Howai has sent the Caribbean
Airlines Limited board of directors back to the drawing board to
tweak some of their propositions on how to restructure the debt-
riddled State enterprise and make it commercially viable.

"In the proposal they gave me I thought there were further
changes, for example, there were some routes that were kept,
(because the board assumed) I would want to keep them. The point
is I want them to be commercially viable, so if they can take out
these routes and (we can) see what the implications are from an
economic and commercial perspective," the report quoted Minister
Howai as saying.

Minister Howai told the Trinidad Express in an interview at his
Port of Spain office on Tuesday that the point was to minimize any
disruption for the airline, including avoiding having to make
staff cuts.  Minister Howai said he had instructed the board to
make the further changes, and he was expecting the revisions in a
few weeks, and after that, he could take them to Cabinet for final
approvals, the report notes.

In September, the report relates, in keeping with a promise he
made in his 2014 budget presentation, Minister Howai received the
restructuring report for the airline from interim chairman Phillip
Marshal.

So far, Minister Howai said, the company's cash flow was looking
reasonably good, and during the peak summer months, the airline
had even turned a profit, the report notes.

"Their cash position is good, with about US$20 million in the
bank, so it's not an immediate crisis situation as far as the
company was concerned, but a question of how we move forward and
maintain this position during this (off-peak) part of the year
when the profits reverse before it picks back up in December," the
report quoted Minister Howai as saying.

The report relays that the company still has debt though -- with
the last figure he had on hand being TT$650 million.

"This will need to be restructured because it was all going to be
a bullet payment in early next year-no company has TT$650 million
to pay off a loan in one shot just like that.  What (the board)
did in their first iteration of the strategic plan was to put
forward some proposals on how to restructuring that debt over
time.  The company has sufficient assets to allow them to meet
obligations to act as collateral and provide cash flow to meet
obligations on an ongoing basis if they are managed well, based on
the preliminary data that I saw," Minister Howai said, the report
discloses.

Minister Howai said the revisions from the board should include
strategies that will reflect a position for Caribbean Airlines to
adequately collateralise its assets and loans and be in a position
where the government does not have to pay those loans, the report
notes.

"But what I will have to recapitalise the company, because some of
their brought forward loans will have reduced their overall
capital.  But I budgeted TT$400 million for that this year; with
that capital they should be able to restructure the balance
sheet," Minister Howai said, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.


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