TCRLA_Public/131119.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 19, 2013, Vol. 14, No. 229


                            Headlines



A R G E N T I N A

YPF SOCIEDAD: Moody's Upgrades Local Currency Rating to 'B3'


B E R M U D A

MAPELEY ACQUISITIONS: Goes Into Administration


B O G O T A

EMPRESA DE ENERGIA: S&P Retains 'BB+' Ratings After Notes Add-on


C A Y M A N  I S L A N D S

AGN INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
BLUE T FUND: Shareholder Receives Wind-Up Report
CALEDONIAN INSURANCE: Member to Hear Wind-Up Report on Nov. 26
ESTEKENE MASTER: Creditors' Proofs of Debt Due Nov. 25
FIFTH AVENUE: Creditors' Proofs of Debt Due Dec. 10

FIFTH AVENUE IRA: Creditors' Proofs of Debt Due Dec. 10
HELLENIC ALTERNATIVE: Shareholder Receives Wind-Up Report
INTERKRAFT ENERGY: Shareholders' Final Meeting Set for Nov. 15
MAKKAN LIMITED: Creditors' Proofs of Debt Due Dec. 6
PFM SELECT: Commences Liquidation Proceedings

PFM TECHNOLOGY: Commences Liquidation Proceedings
SAN SHAN: Creditors' Proofs of Debt Due Dec. 4
SIPIX TECHNOLOGY: Commences Liquidation Proceedings
WESTERN ASSET: Commences Liquidation Proceedings
WHITE T FUND: Shareholder Receives Wind-Up Report


E C U A D O R

ECUADOR: IDB OKs $270MM Loan to Improve Public Agencies' Services


J A M A I C A

DIGICEL GROUP: To Submit Offer for Orange's Dom Rep Company
* JAMAICA: Records 0.8% Inflation Rate in Oct, STATIN Says


M E X I C O

INTERCORP RETAIL: Moody's Cuts Rating on $300MM Sr. Notes to 'B2'
MEXICANA AIRLINE: OKs Plan to Hive-Off Airline's Maintenance Arm
EL VOCERO: Gets US$1.9-Million Offer From Lead Bidder


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


YPF SOCIEDAD: Moody's Upgrades Local Currency Rating to 'B3'
------------------------------------------------------------
Moody's Investors Service upgraded YPF Sociedad Anonima's Global
Local Currency Rating to B3 from Caa1 and its National Scale
Rating to A2.ar from Ba1.ar. The rating outlook is negative, in
line with the negative outlook on the Argentine government's B3
rating.

"The rating upgrade of YPF reflects its equalization with the
Argentine government's B3 rating," commented Gretchen French,
Moody's Vice President. "Despite a still limited track record
since being nationalized and Moody's continued concerns regarding
an unpredictable government policy framework in Argentine, YPF has
improved its liquidity profile and maintained its strong financial
track record."

Issuer: YPF Sociedad Anonima

Ratings upgraded include:

Global Local Currency Rating to B3 from Caa1

National Scale Rating to A2.ar from Ba1.ar

Ratings withdrawn include:

Bank Credit Facility with Banco de la Nacion

Ratings Rationale:

The ratings upgrade reflects the maintenance of YPF's strong
financial track record under majority ownership and control of the
Argentine government. Since the government of Argentina partially
nationalized YPF in April 2012, YPF has successfully eliminated
its exposure to change-of-control and/or nationalization clauses
in its debt agreements, repaid maturing debt obligations and
extended the company's debt maturity profile. The company has also
demonstrated modest access to the international capital markets
through an agriculture export financing structure and has signed a
number of investment partnership agreements with international
companies.

Moody's acknowledges that YPF's track record since the
nationalization is still fairly short and that the Argentina
government has a history of interference in the energy sector,
with several actions taken by the government indicating a highly
unpredictable operating environment. Nevertheless, Moody's
believes that one of the government's goals continues to be to
keep YPF's financial strength intact.

YPF B3 rating reflects the application of Moody's joint default
rating methodology for government-related issuers (GRIs). The B3
rating combines YPF's underlying baseline credit assessment of b3
rating, changed from caa1, the B3 local currency rating and
negative outlook of the Argentine government, moderate support and
high dependence.

YPF's underlying baseline credit assessment reflects the company's
exposure to Argentine economic instability, including an
unpredictable government policy framework, and exposure to foreign
currency convertibility and transfer risk. The baseline credit
assessment is supported by the company's status as the largest
industrial corporation and energy company in Argentina. YPF
benefits from upstream/downstream integration and other business
diversification, and sizeable oil and gas reserves, including
sizable shale resources in the longer-term.

YPF's negative rating outlook is based on the Argentine
government's negative outlook. YPF's and the government's ratings
are closely linked since YPF is a government-related issuer and
also due to the negative impact of the government's involvement in
the energy sector.  The negative outlook on the sovereign rating
is tied to concerns about the government's haphazard policies,
poor transparency and the quality and reliability of its official
data reporting, as well as the sovereign's willingness to pay its
debt obligations.

YPF's ratings could be downgraded if it is unable to maintain
sufficient liquidity and access to foreign currency in order to
meet its debt service obligations. The ratings could also be
downgraded if the government of Argentina's B3 rating were to be
downgraded.

There is limited upside for YPF's ratings over the near-term. Over
the longer term, an improvement in Argentina's B3 rating and
continued demonstration of a strong financial track record could
result in a ratings upgrade.

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
".ar" for Argentina.

YPF Sociedad Anonima, headquartered in Buenos Aires, is the
largest energy company in Argentina.


=============
B E R M U D A
=============


MAPELEY ACQUISITIONS: Goes Into Administration
----------------------------------------------
Southend Standard News reports that Southend could wind up with
yet another empty office block following confirmation the owner of
EssexHouse, Mapeley Acquisitions the Lloyds Bank building, has
gone into receivership.

Lloyds is due to move out of the Southchurch Road office block on
December 14, with no sign of a new tenant to take it on, according
to Southend Standard News.

The report notes that tower blocks in Victoria Avenue are already
standing empty, but business leaders had hoped owner Mapeley
Acquisitions might find fresh tenants for the Lloyds building.

However, the report relates that the property company, registered
in Bermuda, has now gone into administration, plunging the 12-
storey block's future into doubt.

The report discloses that John Lamb, Southend councilor
responsible for business, expressed shocked at the news.

Lloyds announced in April it was leaving the tower block.  It is
due to leave next month, with the loss of 250 jobs, the report
says.

Mapeley Acquisitions, a subsidiary of London-based Mapeley
Estates, paid GBP6.3million for Essex House in 2005. The building
is now only thought to be worth about GBP2.6million.

The tower block is one of 20 British buildings bought by Mapeley
in the UK with finance Deutsche Bank.

The company paid about GBP244million for the buildings and they
are now thought to be worth just GBP75million, prompting the bank
to petition for the receivers to come in, the report discloses.

Mapeley remains the registered owner, the report adds.


===========
B O G O T A
===========


EMPRESA DE ENERGIA: S&P Retains 'BB+' Ratings After Notes Add-on
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB-' long-term
corporate credit and 'BB+' issue ratings on Colombia-based energy
holding group Empresa de Energia de Bogota S.A.E.S.P. (EEB) remain
unchanged following the proposed $112 million incremental add-on
to its senior unsecured notes due 2021.  The company will use the
proceeds mainly to finance investments in EEB's Guatemalan
subsidiaries, Trecsa and EEBIS.

The transaction doesn't affect S&P's assessment of EEB's financial
risk profile as "intermediate."  S&P's assessment factors in its
expectation that EEB's debt to EBITDA-plus-dividends ratio will
remain about 3.2x, funds from operations to debt of 20% due to the
likely high capital expenditures in 2013 and 2014, and EBITDA
interest coverage of about 3.7x. Due to the stability of the
dividend cash flows--thanks to the shareholder agreement with
Endesa, the operating owner of Emgesa and Codensa, to distribute
100% of its net profit--and that dividends represent around 40% of
EEB's EBITDA generation, S&P considers them in its debt to EBITDA
calculation.  These ratios don't include Emgesa's and Codensa's
debt. EEB partly owns Emgesa and Codensa.

The rating on EEB's senior unsecured debt reflects its structural
subordination relative to the company's priority liabilities at
the subsidiary level.

RATINGS LIST

Empresa de Energia de Bogota S.A.E.S.P.
  Corporate credit rating               BBB-/Stable/--
  Senior unsecured rating               BB+


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


AGN INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
------------------------------------------------------
The creditors of AGN Investments Ltd are required to file their
proofs of debt by Dec. 10, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2013.

The company's liquidators are:

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


BLUE T FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Blue T Fund received on Nov. 11, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher P. Meyering
          667 Madison Avenue
          New York
          New York 10065, USA


CALEDONIAN INSURANCE: Member to Hear Wind-Up Report on Nov. 26
--------------------------------------------------------------
The sole member of Caledonian Insurance SPC Ltd. will hear on,
Nov. 26, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bernard McGrath
          69 Dr. Roy's Drive
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949 0050
          Facsimile: 949 8062


ESTEKENE MASTER: Creditors' Proofs of Debt Due Nov. 25
------------------------------------------------------
The creditors of Estekene Master Fund Ltd. are required to file
their proofs of debt by Nov. 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


FIFTH AVENUE: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------
The creditors of Fifth Avenue Technology Growth Offshore Fund Ltd.
are required to file their proofs of debt by Dec. 10, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2013.

The company's liquidators are:

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


FIFTH AVENUE IRA: Creditors' Proofs of Debt Due Dec. 10
-------------------------------------------------------
The creditors of Fifth Avenue Technology Growth Ira Offshore Fund
Ltd. are required to file their proofs of debt by Dec. 10, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2013.

The company's liquidators are:

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


HELLENIC ALTERNATIVE: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Hellenic Alternative Assets Recovery Fund
received on Nov. 11, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher P. Meyering
          667 Madison Avenue
          New York 10065, USA


INTERKRAFT ENERGY: Shareholders' Final Meeting Set for Nov. 15
--------------------------------------------------------------
The shareholders of Interkraft Energy Fund Limited will hold their
final meeting on Nov. 15, 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:

          Avalon Management Limited
          Landmark Square, 1st Floor 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


MAKKAN LIMITED: Creditors' Proofs of Debt Due Dec. 6
----------------------------------------------------
The creditors of Makkan Limited are required to file their proofs
of debt by Dec. 6, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 14, 2013.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 5586


PFM SELECT: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 12, 2013, the shareholder of PFM Select Offshore Fund,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


PFM TECHNOLOGY: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 12, 2013, the sole shareholder of PFM Technology Offshore
2x Fund, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


SAN SHAN: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------
The creditors of San Shan SPV I, Ltd. are required to file their
proofs of debt by Dec. 4, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


SIPIX TECHNOLOGY: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 14, 2013, the shareholders of Sipix Technology Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          C.S. Ho
          c/o CARD Corporate Services Ltd.
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands
          Telephone: +886-2-2700-4333
          Facsimile: +886-2-2706-2282


WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 11, 2013, the sole shareholder of Western Asset Real Alpha
Portfolio, Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Gavin L. James
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


WHITE T FUND: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of White T Fund received on Nov. 11, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher P. Meyering
          667 Madison Avenue
          New York 10065, USA


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E C U A D O R
=============


ECUADOR: IDB OKs $270MM Loan to Improve Public Agencies' Services
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed the approval
of a US$270 million loan to Ecuador to improve the ability of
public agencies to provide quality services to citizens.

The country has made significant progress in public administration
in recent years, resulting in improved profiles for public
employees and better financial management of public
administration, among other achievements.

However, significant challenges remain.  Last year, citizens gave
public services an average score of 6.7 out of 10, with health and
transportation services receiving below average scores.  Some 53
percent of the population surveyed reported problems in carrying
out procedures in a public office, and the government has
indicated that an excessive number of employees is assigned to
administrative tasks.

In a bid to improve public administration, the government has
launched a reform that seeks to establish a system of meritocracy
and training for public employees and strengthen interagency
coordination.

The present loan is designed to strengthen the ability of agencies
that provide public services to improve accessibility and reduce
transaction costs for citizens. Measures include automation of
services and simplification of procedures.

The program's expected results include raising the public approval
rating of public agencies from the present 6.7 to 8 out of a
maximum of 10, increasing career employees from 66 percent to 75
percent, and reducing the percentage of citizens reporting
problems in carrying out procedures from 53 percent to 35 percent.

The loan has a repayment period of 25 years and a rate based on
LIBOR.


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


DIGICEL GROUP: To Submit Offer for Orange's Dom Rep Company
-----------------------------------------------------------
RJR News reports that Digicel Group Limited is expected to submit
a one billion euro offer this week for the Dominican Republic
operations of Orange, formerly France Telecom, as the deadline for
bids approaches.

Cable & Wireless, which owns LIME, one of Digicel's main Caribbean
rivals, is also among the bidders, according to RJR News.

The report notes that if Digicel is successful with its bid it
will put it in direct competition with Claro which is the largest
operator in the Dominican Republic with over half the market.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2013, Fitch assigned a 'B' Issuer Default Rating on
Digicel Limited's proposed US$700 million senior notes due 2021.
Proceeds from the issuance are expected to be used to refinance
DL's US$510 million senior notes due 2014 and for general
corporate uses.  The Issuer Default Rating (IDR) of DL and
its parent, Digicel Group Limited, is 'B'. The Rating Outlook is
Stable.


* JAMAICA: Records 0.8% Inflation Rate in Oct, STATIN Says
----------------------------------------------------------
Jamaica Observer reports that the inflation rate in October was
0.8 per cent, according to the Statistical Institute of Jamaica
(Statin).

A 20 per cent rise in the cost of water supply and miscellaneous
services related to dwellings was the main driver of a 3.9 per
cent increase in the index for housing, water, electricity, gas
and other fuels, according to Jamaica Observer.

The report notes that all other divisions, with the exception of
transport and communication, recorded increases ranging from 0.1
per cent (for restaurants and accommodation) to 1.8 per cent
(alcohol beverages and tobacco).

The report relates that the index for food and non-alcoholic
beverages rose by 0.4 per cent during the month.

The report discloses that Statin said transport prices fell by 0.4
per cent due to lower petrol prices and airfares, while
communication fell by 0.6 per cent as some telecommunications
rates were reduced.

The consumer price index movement during the month pushed 12-month
inflation to October to 10.3 per cent, while the inflation for the
fiscal year so far (April to October) was 5.7 per cent, the report
notes.

Urban centers outside of the Greater Kingston Metropolitan Area
(GKMA) registered higher price movements (0.9 per cent) while
rural areas was on par with the GKMA at 0.8 per cent, the report
adds.


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


INTERCORP RETAIL: Moody's Cuts Rating on $300MM Sr. Notes to 'B2'
-----------------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the rating of
Intercorp Retail Inc.'s USD300 million senior notes due 2018. At
the same time, Moody's affirmed Intercorp's corporate family
rating of B1. The rating outlook is stable.

Rating Action:

-- USD300 million 8.875% senior guaranteed notes due 2018 rating
downgraded to B2 from B1. Outlook is stable.

-- Intercorp Retail Inc.'s corporate family rating (CFR) B1 rating
affirmed. Outlook is stable.

Rating Rationale:

"The rating downgrade reflects Intercorp's senior guaranteed notes
increased structural subordination to Intercorp's debt at the
subsidiary level, in particular to debt from companies in the
unrestricted subsidiary group." said Alonso S nchez, an Assistant
Vice President at Moody's. The ratings are supported by
Intercorp's defensive business profile in its food and pharmacy
retail operation; its relevant market position in the Peruvian
retail sector despite its relatively small size compared to other
international peers; and its experienced management team. The
rating also incorporates Moody's expectation that the company will
reduce its leverage over the next few years and that free cash
flow will remain negative due to the company's high capital
expenditures. Also incorporated in the rating is the fact that the
real estate subsidiary, which is an important cash flow
contributor and expected to continue to grow over time, is not
part of the restricted subsidiary group potentially limiting
Intercorp's ability to fully capture its cash flows to support
debt service of the rated notes.

Moody's is notching down the rating of the 8.875% senior notes due
2018 as their structural subordination is anticipated to increase
over time. The notes benefit from an unconditional and irrevocable
guaranty by certain restricted subsidiaries. However, Intercorp's
strategy to support its growing non-retail businesses in the
unrestricted subsidiaries (real estate, department stores,
consumer finance, and home improvement) with additional debt
increases subordination of the rated notes. Debt at the non-
restricted subsidiaries is estimated to represent between 60% and
80% of total consolidated debt over the next five years, up from
around 18% prior to its corporate reorganization. The largest
portion of additional debt should come at InRetail Real Estate to
support its growing shopping mall portfolio and at Financiera Uno
to fund its loan portfolio growth.

The stable outlook reflects Moody's expectation that Intercorp's
projected organic growth and stronger earnings will lead to
improved credit metrics consistent with the rating category. The
outlook also reflects the expectation that there will not be any
acquisitions and/or changes in financial policies and that the
company's liquidity will not deteriorate.

An upgrade could be considered if the company is able to execute
its growth plan and generate consistent EBITDA growth. For an
upgrade to be considered adjusted debt/EBITDA should fall below
3.5x and EBITA/Interest expense move above 2.25x on a sustained
basis.

A downgrade could be triggered if credit metrics deteriorate for
example as a result of lower than anticipated revenue growth
affecting cash flow generation or if leverage, measured as
adjusted debt/EBITDA, remains above 5.5 times, EBITA/Interest
expense falls below 1.25x or RCF/Net Debt declines below 5%. A
deterioration in liquidity or failure to timely address long term
debt amortizations could also lead to a downgrade

Intercorp Retail, Inc. is a holding company for a group of leading
retailers in Peru which include a supermarket chain (Supermercados
Peruanos), a pharmacy chain (InkaFarma), department stores
(Oechsle), home improvement stores (Promart), a financial company
(Financiera Uno) and a real estate company (InRetail Real Estate).
Total revenues and EBITDA accounted for approximately USD2.2
billion and USD203 million, respectively, over the last twelve
months ended June 30,2013 on a Moody's adjusted basis.


MEXICANA AIRLINE: OKs Plan to Hive-Off Airline's Maintenance Arm
----------------------------------------------------------------
Latin American Herald Tribune reports that authorities said a
Mexican judge ruled in favor of a proposal that would remove
Mexicana's maintenance arm, Mexicana MRO Services, from the
beleaguered Mexican airline group's bankruptcy proceedings.

"This decision is a key step on the road to removing MRO from the
process it's currently in," its four main creditors said in a
statement issued by the Communications and Transportation
Secretariat after the ruling, according to Latin American Herald
Tribune.

The report notes that those four creditors, who hold 92 percent of
MRO's debt, proposed on Oct. 31 that the subsidiary company be
taken out of the process, continue to operate and a trust be
created for the benefit of retirees and workers of the Mexicana
group of companies currently under bankruptcy protection.

The report relates that two Mexican banks, Banorte and Bancomext;
airport group Grupo Aeroportuario del Pacifico, through the
Guadalajara Airport; and Mexico City's Benito Juarez International
Airport submitted the proposal to Judge Edith Alarcon, who ruled
in their favor.

The creditors said in a statement that they were pleased with the
ruling by Alarcon, who is in charge of Mexicana's bankruptcy
proceedings, saying she had instructed Mexicana's conciliator,
Gerardo Badin, to formalize a creditors' agreement based on their
proposal, the report relays.

The report discloses that those four companies agreed to convert
their debt into equity and take control of MRO, in what could be a
step prior to the liquidation of the assets of Mexicana de
Aviacion airline-once Mexico's leading carrier-and sister budget
airlines Click and Link.

The creditors said the debt-for-equity swap would directly benefit
not only MRO's 1,200 workers, but "some 8,500 retirees and former
workers of the (Mexicana group of airlines) currently in
bankruptcy proceedings," the report notes.

Mexicana de Aviacion, Click and Link grounded their operations in
August 2010 and filed for bankruptcy protection shortly thereafter
to restructure a debt load of more than US$800 million, the report
discloses.

The report adds that over the past three years, authorities have
sought to reach a settlement with the airline group's employees
and mulled the sale of its assets, including the maintenance
subsidiary.

                      About Mexicana Airlines

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

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

The Mexicana group of airlines includes MexicanaClick (Click),
formerly Click Mexicana, and MexicanaLink (Link).  Click is
Mexicana's regional operator while Link operated as a feeder
airline for both Mexicana and Click.

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

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

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


=====================
P U E R T O   R I C O
=====================


EL VOCERO: Gets US$1.9-Million Offer From Lead Bidder
-----------------------------------------------------
Katy Stech at The Wall Street Journal reports that Puerto Rico's
El Vocero newspaper could soon get a new owner that would preserve
its voice on the 3.6 million-resident island.

A trustee in charge of the newspaper's bankruptcy case has
proposed to hold a public auction on Nov. 22.  Documents filed
with the U.S. Bankruptcy Court in Old San Juan show that the
newspaper already has a $1.9 million offer from an investor group
that would continue to operate the paper, which publishes columns
by Ricky Rossello, a rumored aspiring political candidate whose
political advocacy group is pushing for the island to become a
U.S. state, according to The WSJ.

The WSJ relates that challenging offers will have to start at $2
million, according to court papers.  And under the latest auction
rules, pretty much anyone can bid.

Earlier in the case, bankruptcy attorneys who hadn't yet turned
over the newspaper's case to the trustee proposed restrictions
that would have blocked offers from the politically powerful Ferre
family that controls the competing El Nuevo Dia newspaper, the WSJ
notes.  The restrictions were meant to prevent the Ferre family
from either shutting it down or creating "an illegal monopoly,"
according to earlier court papers, The WSJ relates.

"Should El Vocero disappear, it would essentially mean that Puerto
Rico would be receiving its news from only one daily newspaper,
certainly not something that anyone desires," the newspaper's
attorneys had said in earlier court papers, The WSJ relays.

Prior to the newspaper's bankruptcy, its officials approached
potential investors to consider purchasing the paper, including
former New York Daily News co-owner Mr. Fred Drasner and the
investment firm behind Puerto Rico's Channel 5 television station,
The WSJ says.

The trustee who's handling the public auction said that the
newspaper's sale needs to be finalized by Nov. 30 to avoid a
shutdown, according to court papers obtained by The WSJ.

The WSJ notes that the attorneys put El Vocero into bankruptcy on
Sept. 20 after more than a decade of struggles. In court papers,
newspaper officials blamed universal challenges that face the
print media industry: declining advertising revenue and increasing
paper and ink costs.

Last year, The WSJ recalls, El Vocero became a free newspaper -- a
strategy that increased circulation to about 160,000 readers,
according to court papers.  But the newspaper has stopped using
the industry's formal circulation auditing process, which caused
advertising agencies to shy away, The WSJ discloses.

Advertising revenues have dropped about 20% every year since the
audits ended, according to court papers, The WSJ notes.

When El Vocero's founding editor Gaspar Roca died in 2007, the
newspaper was behind on its tax bill and hadn't been paying its
paper supplier on time, The WSJ discloses.

In 2009, says The WSJ, the newspaper's circulation department laid
off 107 union workers, triggering a National Labor Relations Board
dispute that could end up costing it more than $10 million,
according to court papers.

The last straw came when the union's pension administrators asked
a federal judge to force the newspaper to pay up on delinquent
pension contributions that, at one point, had grown to more than
$435,000, The WSJ adds.

Founded in 1974, El Vocero grew to reach its circulation peak in
the early 1990s with about 270,000 daily editions before financial
troubles hit.


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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
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BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
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BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
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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
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HAGA                   HAGA3 BZ         18875306.2     -40047314.2
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HOTEIS OTHON SA        HOTHON BZ        227432125      -70780169.8
HOTEIS OTHON-PRF       HOOT4 BZ         227432125      -70780169.8
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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
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IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
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LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
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LAEP-BDR               MILK11 BZ        222902269      -255311026
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NOVA AMERICA SA        NOVAON BZ        21287490.2     -183535537
NOVA AMERICA SA        1NOVON BZ        21287490.2     -183535537
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NOVA AMERICA-PRF       NOVAPN BZ        21287490.2     -183535537
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PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
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PET MANG-RT            4115364Q BZ      155768607      -254677565
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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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