TCRLA_Public/131114.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

            Thursday, November 14, 2013, Vol. 14, No. 226


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: St Lucia Calls for Shakeup, Guarantees EC$3 Million Loan


A R G E N T I N A

ARGENTINA: S&P Cuts LC Ratings on Three Provinces to 'CCC+'


B R A Z I L

CIA DE SANEAMENTO: Gets Authorization to Increase Rates by 3.14%
COMPANHIA DE SANEAMENTO: S&P Affirms 'BB+' Global Scale Rating
OGX PETROLEO: Wants to Be Renamed Oleo e Gas Brasil SA
PETROLEO BRASILEIRO: PetroChina to Buy Assets in Peru for US$2.6BB


C A Y M A N  I S L A N D S

CROSBY ACTIVE: Shareholders Receive Wind-up Report
DAWN CDO: Shareholders' Final Meeting Set for Nov. 29
INTRAWEST CAYMAN: S&P Puts 'B' CCR on Creditwatch Positive
JAPAN VALUE: Shareholders Receive Wind-up Report
LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25

LITTLE ROCK: Shareholders' Final Meeting Set for Nov. 29
PEP CHANNEL: Shareholders' Final Meeting Set for Nov. 29
RIVERDALE LIMITED: Shareholders' Final Meeting Set for Nov. 21
ROBERTO INVESTMENT: Shareholders' Receive Wind-up Report
SONJA INVESTMENTS: Shareholders' Final Meeting Set for Nov. 21

SYMPHONY CLO: Shareholders' Final Meeting Set for Nov. 29


J A M A I C A

DIGICEL GROUP: Owner Sets Sights on Papua New Guinea


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Sell US$4.5BB in Bonds This Week
PETROLEOS DE VENEZUELA: S&P Assigns 'B' Rating to $4.5BB Sr. Notes


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


LIAT: St Lucia Calls for Shakeup, Guarantees EC$3 Million Loan
--------------------------------------------------------------
Caribbean360.com reports that St. Lucia has called for a shakeup
of the financially strapped regional airline Leeward Islands Air
Transport, known as LIAT, as it agreed to guarantee a three
million EC dollar (One EC dollar = US$0.37 cents) loan for the
airline now undergoing a modernization of its aging fleet.

"It's not just a matter of changing the chief executive officer
but dealing decisively with a problem in management that has been
inherited over the years," Caribbean360.com quoted Prime Minister
Dr. Kenny Anthony as saying.

The report notes that the airline, which last week had been forced
to cancel many of its flights because of a strike by pilots, has
been without a chief executive officer since Trinidadian Ian
Brunton resigned in September.

The report relates that Minister Anthony, who is also the finance
minister, said that there was also a need for a complete overhaul
of the airlines business model in order to ensure its long term
sustainability and recommended a revision of operations and
logistics.

Mr. Anthony, the report discloses, said that LIAT, which flies to
more than 21 destinations daily, must stop operating in a
traditional manner believing that the only two bases it can have
in the region are Antigua and Barbados.

The report says that Castries has now become the fifth regional
court to have a stake in the airline that in September signed a
US$65 million loan with the Barbados-based Caribbean Development
Bank (CDB) to finance the purchase of aircraft in the context of a
fleet modernization project.

The report relays that LIAT said the loan agreements "provide for
the loans to be on lent-to and repaid by LIAT over a 13 year
period following a grace period of two years".

The fleet modernization project involves the replacement of LIAT's
aging fleet through a combination of lease and purchase of
aircraft; the transition costs associated with the changeover; the
upgrade of maintenance facilities, the report discloses.

The report notes that Minister Anthony said that while his
administration was lending support to the regional airline, it was
doing so cautiously.

Minister Anthony said that the guarantee comes with stipulations
including the selection of routes which he contends should be
market driven, the report relays.

Minister Anthony said that the St. Lucia government remains firmly
behind LIAT which he said was essential for air travel across the
region, the report adds.

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.

                            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.


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


ARGENTINA: S&P Cuts LC Ratings on Three Provinces to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its local currency
global scale ratings on the provinces of Cordoba, Buenos Aires,
and Mendoza to 'CCC+' from 'B-' and removed them from CreditWatch
negative. The outlooks are negative.

"At the same time, we affirmed our 'B-' local currency global
scale rating on the city of Buenos Aires and removed it from
CreditWatch negative. The outlook is negative."

"These rating actions follow the Sept. 10, 2013, downgrade of
Argentina to 'CCC+' from 'B-' and our subsequent assessment of
characteristics of each LRG and their capacity to withstand a
sovereign scenario of default," said Standard & Poor's credit
analyst Delfina cavanagh.

"According to our criteria, the local currency global scale
ratings on Argentinean LRGs could be above the sovereign ratings
if there's a measurable likelihood that their credit
characteristics will remain stronger than those of the sovereign
in a scenario of economic or political stress. At the same time,
given that the sovereign is rated in a low-speculative grade, we
incorporate additional specific considerations, because we have
more visibility on the potential sovereign default scenario at
this rating level."

"Conversely, the foreign currency global scale ratings on
Argentinean LRGs are capped at the sovereign's current transfer &
convertibility (T&C) level of 'CCC+'. Consequently, we cap our
foreign currency global scale ratings on all Argentinean LRGs at
'CCC+'."


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


CIA DE SANEAMENTO: Gets Authorization to Increase Rates by 3.14%
----------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Cia. de Saneamento
Basico do Estado de Sao Paulo (Sabesp) was authorized to increase
rates for water and sewage services by 3.14 percent.

The increase, which will be effective Dec. 11, was calculated
considering annual inflation through July, an efficiency rate and
a 2.35 percent adjustment that was granted in April to Sabesp, as
the company is known, Arsesp, the Sao Paulo state's water and
energy regulator, said in an e-mailed statement, according to
Bloomberg News.

Cia. de Saneamento Basico do Estado de Sao Paulo (Sabesp), based
in the city of Sao Paulo, serves 27.7 million people in the
southeastern Brazilian state.


COMPANHIA DE SANEAMENTO: S&P Affirms 'BB+' Global Scale Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on Companhia
de Saneamento Basico do Estado de Sao Paulo (SABESP). The outlook
on both scales remains positive. The company's stand-alone credit
profile (SACP) is 'bb+'.

"The ratings on SABESP reflect its 'bb+' SACP and incorporate our
view that there is a "moderately high" likelihood of extraordinary
support from the state of Sao Paulo (BBB-/Stable/--).

"On Oct. 31, 2013, the regulator, Agencia Reguladora de Saneamento
e Energia, revised tariff schedule, which fixes March 10, 2014, as
the publication date of the definitive base tariff and efficiency
factor under the new proposed tariff methodology. We continue to
assess the current regulatory framework as a limiting factor on
our rating on SABESP. We believe that a more transparent and
predictable tariff procedure should allow SABESP to post stronger
financial performance and can lead to an upgrade."

"We apply our criteria for government-related entities in our
analysis of SABESP because the state of Sao Paulo owns 50.3% of
the company. The remainder is publicly traded, both locally and on
the NYSE through American depositary receipts. We believe that
there is a "moderately high" likelihood of extraordinary support
from the state government in the event of financial distress. This
stems from our view of SABESP's role as "important" because it
provides essential services to the state's population and it has a
"strong" link with the state based on its majority equity stake in
the company. For entities we view as benefiting from supportive
government policies, possibly through direct assistance or
extraordinary intervention--but the likelihood of the latter is
lower--the ratings are usually more closely aligned with the SACP.
Therefore, we exclude uplift to the rating."


OGX PETROLEO: Wants to Be Renamed Oleo e Gas Brasil SA
------------------------------------------------------
Luciana Magalhaes writing for Daily Bankruptcy Review reports that
OGX Petroleo e Gas Participacoes SA, the distressed oil company
controlled by former billionaire Eike Batista, wants to change its
name to Oleo e Gas Brasil SA.

As reported in the Troubled Company Reporter on Nov. 1, 2013,
Michael Bathon, substituting for Bill Rochelle, the bankruptcy
columnist for Bloomberg News, said that OGX Petroleo & Gas's
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.

According to the report, OGX, a startup based in Rio de Janeiro,
filed documents in a business tribunal there on Oct. 30, said
Sergio Bermudes, a lawyer representing the company's chairman and
founder, Eike Batista.

The Oct. 30 filing by the oil company that transformed Batista
into Brazil's richest man followed a 16-month decline that wiped
out more than $30 billion of his personal fortune.

The Rio businessman had raised billions of dollars in equity
markets to fund OGX's drilling program and other commodities
startups. He then tapped debt markets, selling bonds to investors
including BlackRock Inc. and Pacific Investment Management Co.,
the report related.  When some of the deposits he had valued at $1
trillion turned out to be duds, OGX lost 98 percent of its value
and ran out of cash.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


PETROLEO BRASILEIRO: PetroChina to Buy Assets in Peru for US$2.6BB
------------------------------------------------------------------
Aibing Guo and Benjamin Haas at Bloomberg News report that
PetroChina Co. will buy Petroleo Brasileiro SA (Petrobras)'s
assets in Peru for US$2.6 billion, expanding its portfolio in the
region.

The Beijing-based company will take over three blocks of oil and
gas fields in Peru from the seller, known as Petrobras, it said in
a statement to the Hong Kong stock exchange, according to
Bloomberg News.

Petrobras owns two blocks entirely and has a 46 percent stake in
the third.

Bloomberg News notes that Petrobras SA, the most indebted publicly
traded oil company, has been selling assets to help finance
projects in Brazil's deep waters.

Bloomberg News discloses that China National Petroleum Corp.,
PetroChina's state-owned parent, already owns oil and gas assets
in Peru as well as in Venezuela.

Petrobras, controlled by Brazil's government, agreed to sell oil
blocks and pipelines in Colombia to Perenco UK Ltd. for US$380
million last month, Bloomberg News relates.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 7, 2013, Moody's Investors Service downgraded Petroleo
Brasileiro's multiple seniority shelf to (P)Ba1 from (P)Baa3.


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


CROSBY ACTIVE: Shareholders Receive Wind-up Report
--------------------------------------------------
The shareholders of Crosby Active Opportunities Master Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal at the final general meeting
held on Nov. 13, 2013.


DAWN CDO: Shareholders' Final Meeting Set for Nov. 29
-----------------------------------------------------
The shareholders of Dawn Cdo I, Ltd will hold their final general
meeting on Nov. 29, 2013, at 12:00 noon to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust Spv (Cayman) Limited
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005


INTRAWEST CAYMAN: S&P Puts 'B' CCR on Creditwatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services assigned Denver-based mountain
resort operator and real estate manager and developer Intrawest
Resort Holdings Inc. a preliminary 'B' corporate credit rating.
The rating outlook is stable.

"In addition, we assigned Intrawest's proposed $25 million super-
priority revolver due 2018 our preliminary 'BB-' issue-level
rating, with a preliminary recovery rating of '1', indicating our
expectation for very high (90% to 100%) recovery for lenders in
the event of a payment default.

"We also assigned Intrawest's proposed $540 million first-lien
term loan due 2020 and $55 million letter of credit facility due
2018 our preliminary 'B+' issue-level rating, with a preliminary
recovery rating of '2', indicating our expectation for substantial
(70% to 90%) recovery for lenders in the event of a payment
default."

"At the same time, we placed our ratings on Intrawest Cayman L.P.,
including our 'B-' corporate credit rating, on CreditWatch with
positive implications, reflecting the expected improvement in the
capital structure of primary subsidiary Intrawest Resorts Holdings
Inc. upon the completion of the proposed refinancing. After
raising our ratings on Intrawest Cayman L.P. by one notch, we will
withdraw them, as the entity will no longer have rated debt
outstanding."

"The company will use proceeds from the new term loan, along with
cash on hand and a one-time distribution from affiliate company
Abercrombie & Kent (A&K), to refinance existing secured debt at
Intrawest Cayman L.P. and to pay for fees and expenses."

"Further, concurrent with the proposed refinancing, affiliates of
Intrawest's majority owner Fortress Investment Group will exchange
about $1.1 billion of a total $1.4 billion (as of June 30, 2013)
in principal and accrued interest of subordinated debt at
Intrawest Cayman L.P., for additional equity units in Intrawest
Cayman L.P. Provisions of the proposed additional equity units
allow for a stated preferred return that is to be paid out before
any return to existing common equity units. Nevertheless, we do
not view the additional equity units as debt-like, given there is
no stated maturity and it is our understanding that almost all of
the additional equity units will be allocated to current holders
of Intrawest Cayman L.P.'s common equity in roughly the same
proportion as the common equity holdings."


JAPAN VALUE: Shareholders Receive Wind-up Report
-------------------------------------------------
The shareholders of Japan Value Fund Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal at the final general meeting held on Nov. 12,
2013.


LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Lehman Brothers Philippine Investments I
Limited will hold their final general meeting on Nov. 25, 2013, at
12:00 noon to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher Smith
         Krys Global VL Services Limited
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237
         Grand Cayman KY1-1205
         Cayman Islands
         Tel: +1 345 947 4700
         Fax: +1 345 946 6728
         E-mail: Christopher.Smith@KRyS-Global.com


LITTLE ROCK: Shareholders' Final Meeting Set for Nov. 29
--------------------------------------------------------
The shareholders of Little Rock Ventures Inc., will hold their
final meeting on Nov. 29, 2013, at 12:30 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         A. Lawson
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Tel: 345-949-4800
         Fax: 345-949-7164


PEP CHANNEL: Shareholders' Final Meeting Set for Nov. 29
--------------------------------------------------------
The shareholders of Pep Channel Investments GP Ltd will hold their
final general meeting on Nov. 29, 2013, at 12:15 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust Spv (Cayman) Limited
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005
         Cayman Islands


RIVERDALE LIMITED: Shareholders' Final Meeting Set for Nov. 21
--------------------------------------------------------------
The shareholders of Riverdale Limited will hold their final
meeting on Nov. 21, 2013 to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust Corporate Services (Cayman) Limited
         P.O. Box 32322
         Grand Cayman KY1-1209
         Cayman Islands


ROBERTO INVESTMENT: Shareholders' Receive Wind-up Report
--------------------------------------------------------
The shareholders of Roberto Investment Ltd received the
liquidator's report on the company's wind-up proceedings and
property disposal at the final general meeting held on Oct. 30,
2013.


SONJA INVESTMENTS: Shareholders' Final Meeting Set for Nov. 21
--------------------------------------------------------------
The shareholders of Sonja Investments Ltd will hold their final
meeting on Nov. 21, 2013, at 12:00 noon to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust Corporate Services (Cayman) Limited
          P.O. Box 32322
          Grand Cayman KY1-1209
          Cayman Islands
          Tel: (345) 640-6712


SYMPHONY CLO: Shareholders' Final Meeting Set for Nov. 29
---------------------------------------------------------
The shareholders of Symphony CLO VI, Ltd will hold their final
general meeting on Nov. 29, 2013, at 11:15 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust Spv (Cayman) Limited
         190 Elgin Avenue, George Town
         Grand Cayman KY1-9005
         Cayman Islands


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


DIGICEL GROUP: Owner Sets Sights on Papua New Guinea
----------------------------------------------------
RJR News reports that Digicel Group owner, Irish billionaire Denis
O'Brien has set his eyes on expanding his business footprint in
Papua New Guinea after one of his companies secured a US$15
million contract to roll out a high-speed fibre optic network.

Mr. O'Brien's latest venture comes close to six years after
Digicel Group entered the country's lucrative mobile phone market
to compete against the Government-owned operator Bemobile,
according to RJR News.

The report relates that it is believed that the latter has over 50
per cent market share.

Siera Support Services, an Ireland-based sister company of Digicel
Papau New Guinea has won the contract to build the high-speed
fibre optic network, the report notes.

Digicel Group is a telecommunications provider with over 13
million customers across its 31 markets in the Caribbean, Central
America and Asia Pacific.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415
million outstanding) and a portion of the 8.875% senior notes due
2015 (US$1 billion outstanding) via tender offers.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: To Sell US$4.5BB in Bonds This Week
-----------------------------------------------------------
Kejal Vyas, writing for The Wall Street Journal, reports that
Venezuela state energy company Petroleos de Venezuela, or PdVSA,
will sell US$4.5 billion in bonds this week in a private
placement, Oil Minister Rafael Ramirez said.

The securities will be sold to various funds and institutions and
will carry assorted maturity dates, Mr. Ramirez told reporters
without specifying details, according to The Wall Street Journal.

The report notes that the minister said the debt sale, which will
be the first out of Venezuela this year, will allow the company to
meet its oil-industry commitments through the end of the year.

The WSJ relates that the announcement comes as Venezuelan bonds
have sold off hard in debt markets, along with securities from
other developing countries.  Bonds issued by PdVSA as well as
Venezuela's central government attract high interest from
investors thanks to their high yields, and related high risk, the
report says.

The WSJ discloses that a heavy debt issuer in years past, dollar-
denominated bonds in Venezuela have often been used as a vehicle
to distribute hard currency in the local economy.  The bonds are
sold to foreign investors after the initial sale from PdVSA, the
report adds.


PETROLEOS DE VENEZUELA: S&P Assigns 'B' Rating to $4.5BB Sr. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior
unsecured debt rating to Petroleos de Venezuela S.A.'s (PDVSA;
B/Negative/--) $4.5 billion notes due 2026. The notes benefit from
the unconditional and irrevocable guarantee of payment by PDVSA
Petroleo S.A. (not rated), PDVSA's exploration-and-production
subsidiary.

"The rating on the notes is based on our corporate credit rating
on PDVSA. The rating on PDVSA reflects, in turn, our opinion that
there is an "almost certain" likelihood of government
extraordinary support to PDVSA under financial distress scenarios,
extraordinary financial burden under sovereign distress scenario,
and our assessment of the company's 'b' stand-alone credit profile
(SACP). Our assessment of an "almost certain" likelihood of
extraordinary support is primarily based on PDVSA's:"Critical"
role as it contributes about 50% of Venezuela's revenues and
90% of its exports, and plays a key role in meeting the
sovereign's political and economic objectives and Its "integral"
link with the government, given its full and stable ownership of
the company and high involvement in the day-to-day operations."

"Our SACP assessment, in turn, reflects the company's "weak"
business risk profile due to the government's heavy intervention
and the company's challenge to increase production. PDVSA's top-
line growth has suffered from lower crude oil production, which
the Organization of the Petroleum Exporting Countries
establishes."

"The rating also reflects its "aggressive" financial risk profile
due to the continued rise in debt, the challenges to finance the
very high capital expenditures needed to develop reserves and
increase production, and considerable contributions to the
government's social programs, which PDVSA increased to about $40
billion during 2012, representing 35% of its total revenues.
However, the company's financial performance and main credit
metrics continue to remain relatively strong during the first half
of the year with a total debt to EBITDA of 1.4x and funds from
operations (FFO) to total debt of 42%, compared with 1.0x and 27%,
respectively, during the same period of 2012."

"The rating on the proposed senior unsecured notes is also based
on our expectation that the ratio of priority liabilities to total
assets will remain below 15%, allowing for no structural
subordination of the notes."


RATINGS LIST

Petroleos de Venezuela S.A.
  Corporate credit rating           B/Negative/--


Rating Assigned

Petroleos de Venezuela S.A.
  $4.5 billion sr. unsec. notes     B


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

                            ***********


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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