TCRLA_Public/131122.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

           Friday, November 22, 2013, Vol. 14, No. 232


                            Headlines



A R G E N T I N A

INVESTIS ASSET: Moody's Assigns Bond Fund Rating to 8 Bonds


B A R B A D O S

* BARBADOS: S&P Lowers Rating to 'BB-'; Outlook Negative


B R A Z I L

FIBRIA: Moody's Says Land Sale is Credit Pos.; Reduces Debt


C A Y M A N  I S L A N D S

BRASCAN REAL: Creditors' Proofs of Debt Due Dec. 4
BROADMEAD LIMITED: Creditors' Proofs of Debt Due Dec. 3
CASHMERE HOLDINGS: Creditors' Proofs of Debt Due Dec. 3
CORNERSTONE PROTECTOR: Creditors' Proofs of Debt Due Nov. 26
FOISON ASIA: Creditors' Proofs of Debt Due Nov. 26

HIGHMARK HOLDINGS: Creditors' Proofs of Debt Due Dec. 3
MAXIM HIGH: Creditors' Proofs of Debt Due Dec. 4
MERGER ARB: Creditors' Proofs of Debt Due Nov. 28
MORNINGSIDE PARK: Creditors' Proofs of Debt Due Dec. 4
NELSON RE: Creditors' Proofs of Debt Due Dec. 5

PARNASSUS LIMITED: Creditors' Proofs of Debt Due Dec. 3
PEM LTD: Placed Under Voluntary Wind-Up
TRITON 100: Creditors' Proofs of Debt Due Nov. 26
VISIUM LONG: Creditors' Proofs of Debt Due Dec. 4
WINDMILL CAPITAL: Creditors' Proofs of Debt Due Nov. 26


C O S T A   R I C A

* COSTA RICA: To Get US$450MM Loan for Road, Port Infrastructure


J A M A I C A

C2W MUSIC: Incurs US$166,000++ Losses, Spends Without Earnings
NATIONAL COMMERCIAL BANK: 2013 Net Profit Drops 14.9% to JM$8.5BB


U R U G U A Y

* URUGUAY: IDB Approves US$5MM Loan for Environmental Management


                            - - - - -


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


INVESTIS ASSET: Moody's Assigns Bond Fund Rating to 8 Bonds
-----------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to eight fixed-income funds
managed by INVESTIS ASSET MANAGEMENT SA SGFCI in Argentina. The
global scale and national scale ratings assigned are as follows:

- Compass Ahorro; rating B-bf / A-bf.ar.

- Compass Opportunity; rating B-bf / Aa-bf.ar.

- Compass Renta Fija II; rating B-bf / Aa-bf.ar.

- Compass Renta Fija III; rating B-bf / A-bf.ar.

- Compass Renta Fija; rating Ba-bf / Aaa-bf.ar.

- Compass Pymes Argentina; rating B-bf / A-bf.ar.

- Desarrollo Argentino I; rating B-bf / Baa-bf.ar.

- Desarrollo Argentino II; rating B-bf / Baa-bf.ar.

Ratings Rationale:

"The fund ratings are based on Moody's evaluation of each of the
fund's historical composition and the expectation that the asset
manager will continue to maintain maturity-adjusted weighted
average credit quality profile in a similar manner. Looking at the
funds' histories, their maturity-adjusted weighted average credit
quality profiles are comparable to those of similarly rated
peers." said Moody's lead analyst Carlos de Nevares.

Investis Asset Management SA SGFCI, is a moderate sized asset
manager in the Argentinean mutual fund Industry with 6,85% of
market share. As of September 2013, INVESTIS ASSET MANAGEMENT SA
SGFCI, managed approximately AR$4.556 million in Assets under
Management (AUM).


===============
B A R B A D O S
===============


* BARBADOS: S&P Lowers Rating to 'BB-'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
Barbados to 'BB-' from 'BB+' and affirmed the short-term rating at
'B'.  The rating outlook is negative.

                             RATIONALE

The downgrade reflects the mounting external pressures associated
with a persistent current account deficit and external financing
challenges, as well as the ongoing high fiscal deficit largely
because of a substantial fall in government revenues as a result
of the weak economy.  The twin deficits have strained the
country's international reserves.  They have fallen significantly
over the past six months to below the monetary base, reserve
coverage of which S&P generally views as important in supporting a
pegged currency.  On a gross basis, the international reserves
cover nearly two months of current account payments, down from
more than three months as of year-end 2012.

As a result of the large fiscal deficits, S&P expects the net
general government debt burden to rise to above 70% of GDP in
fiscal 2013 (ending March 2014) from 67% in fiscal 2012 and 60% in
fiscal 2011.  Barbados uses more than 13% of general government
revenues to pay interest on its debt (excluding the interest that
the government pays on debt held by the National Insurance Scheme
[NIS]).

Barbados' economic fundamentals continue to weaken, reflecting
competitiveness and other structural shortcomings, as well as an
only slowly recovering global economy.  Results for the first nine
months of 2013 show that Barbados has fallen back into recession
after a very weak recovery in 2010-2012, and real GDP per capita
has declined on average.  S&P expects real GDP per capita to
decline by about 0.9% in 2013 but to rise in 2014 and move above
1% in 2015 thanks to tourism and construction (in both the private
and public sectors).  With a slow recovery, unemployment will
likely remain high, after reaching 11.6% in 2012.

Including NIS surpluses (estimated at 2.6% of GDP in 2012), the
general government deficit rose to 5.4% of GDP in fiscal 2012 from
1.8% in fiscal 2011.  S&P expects the deficit to edge up to 5.8%
in 2013, as a result of the recession, before gradually falling
over the next three years.  However, there are risks because of
the sluggish outlook for the country's main economic sectors, its
high unemployment, and both the need to reduce deficits and
potential spending pressures.

The country has a stable, predictable, and mature political
system, which benefits from consensus on major economic and social
issues, including support from the private sector and trade unions
for the government's ongoing fiscal and structural adjustment
program.

                              OUTLOOK

The negative outlook reflects the potential for a downgrade over
the next year if investment and growth prospects fail to
strengthen and external and fiscal pressures continue to
complicate financing.  S&P could revise the outlook to stable if
the government is able to adopt measures that significantly reduce
fiscal deficits, leading to declining debt and interest burdens,
which would lower external pressures as well.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


RATINGS LIST

Downgraded; Ratings Affirmed; Outlook Negative
                                        To                 From
Barbados
Sovereign Credit Rating                BB-/Negative/B
BB+/Negative/B

Downgraded
                                        To                 From
Barbados
Transfer & Convertibility Assessment   BB-                BBB-
Senior Unsecured long term             BB-                BB+

Affirmed

Barbados
Senior Unsecured short term


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


FIBRIA: Moody's Says Land Sale is Credit Pos.; Reduces Debt
-------------------------------------------------------------
Moody's commented on Nov. 19 that Fibria's announced land sale for
a total transaction value of BRL 1.65 billion (about USD 708.5
million), is credit positive as it will improve the company's
liquidity profile and could potentially reduce absolute debt
levels. Out of the total proceeds, Fibria will receive BRL 1.4
billion by the end of 2013, and the remaining BRL 250 million will
be received in three installments in a period of 21 years, subject
to land price appreciation. At this point, the company's ratings
remain unchanged given Moody's belief that adjusted leverage
ratios will not differ materially from Moody's previous
expectations in the short to medium term, which is already
incorporated in the Ba1 ratings and positive outlook.


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


BRASCAN REAL: Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------
The creditors of Brascan Real Estate CDO 2004-1, 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. 9, 2013.

The company's liquidator is:

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


BROADMEAD LIMITED: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------------
The creditors of Broadmead Limited are required to file their
proofs of debt by Dec. 3, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


CASHMERE HOLDINGS: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------------
The creditors of Cashmere Holdings Limited are required to file
their proofs of debt by Dec. 3, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


CORNERSTONE PROTECTOR: Creditors' Proofs of Debt Due Nov. 26
------------------------------------------------------------
The creditors of Cornerstone Protector Limited are required to
file their proofs of debt by Nov. 26, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2013.

The company's liquidator is:

          Andrea Williams
          c/o UBS Fund Services, PO Box 852
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 914 1000
          Facsimile: +1 (345) 914 4060


FOISON ASIA: Creditors' Proofs of Debt Due Nov. 26
--------------------------------------------------
The creditors of Foison Asia Fund are required to file their
proofs of debt by Nov. 26, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


HIGHMARK HOLDINGS: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------------
The creditors of Highmark Holdings Limited are required to file
their proofs of debt by Dec. 3, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MAXIM HIGH: Creditors' Proofs of Debt Due Dec. 4
------------------------------------------------
The creditors of Maxim High Grade CDO 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. 21, 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


MERGER ARB: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------
The creditors of Merger ARB Capital are required to file their
proofs of debt by Nov. 28, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2013.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services (Cayman) Ltd.
          Voltastrasse 61
          PO Box 2520 CH-8033 Zurich
          Switzerland
          Telephone: +41 44 366 4016
          Facsimile: +41 44 366 4039


MORNINGSIDE PARK: Creditors' Proofs of Debt Due Dec. 4
------------------------------------------------------
The creditors of Morningside Park CLO, 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. 21, 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


NELSON RE: Creditors' Proofs of Debt Due Dec. 5
-----------------------------------------------
The creditors of Nelson Re Ltd. are required to file their proofs
of debt by Dec. 5, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 18, 2013.

The company's liquidators are:

          Dena Thompson
          Laura McLaughlin
          Name: Dena Thompson and Laura McLaughlin
          P.O. Box 10233 171 Elgin Avenue, George Town
          Willow House, 3rd Floor, Cricket Square
          Grand Cayman KY1 -1002
          Cayman Islands
          Telephone: 914-2264
          Facsimile: 949-6021


PARNASSUS LIMITED: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------------
The creditors of Parnassus Limited are required to file their
proofs of debt by Dec. 3, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


PEM LTD: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on Sept. 22, 2013, the
shareholders of Pem Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor's Square
          Ground Floor, West Bay Road
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


TRITON 100: Creditors' Proofs of Debt Due Nov. 26
-------------------------------------------------
The creditors of Triton 100 Ltd are required to file their proofs
of debt by Nov. 26, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 23, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


VISIUM LONG: Creditors' Proofs of Debt Due Dec. 4
------------------------------------------------
The creditors of Visium Long Bias Offshore Fund 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. 22, 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


WINDMILL CAPITAL: Creditors' Proofs of Debt Due Nov. 26
-------------------------------------------------------
The creditors of Windmill Capital LLC are required to file their
proofs of debt by Nov. 26, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 5, 2013.

The company's liquidator is:

          Andrea Williams
          c/o UBS Fund Services, PO Box 852
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 914 1000
          Facsimile: +1 (345) 914 4060


===================
C O S T A   R I C A
===================


* COSTA RICA: To Get US$450MM Loan for Road, Port Infrastructure
----------------------------------------------------------------
Costa Rica will upgrade its road and port infrastructure,
improving the movement of persons and goods and strengthening
trade and regional integration with a US$400 million loan from the
Inter-American Development Bank (IDB) and a US$50 million loan
from the China Co-financing Fund for Latin America.

The project will repair or pave up to 110 kilometers of the
national road network, widen 51 kilometers of roads from two to
four lanes, and build or repair 19 bridges and nearly 400 meters
of breakwater in ports.  These measures are expected to help
reduce vehicle operations by 7 percent and travel time by 28
percent.

In addition, the improvements to roads and bridges are expected to
help communities throughout the country to transport their
products at lower cost and more efficiently to domestic and
foreign markets.  Better transformation infrastructure also will
help Costa Ricans access social services by allowing them to reach
health, education and other government facilities more easily and
in timely fashion.

Another part of the project is the Puerto Caldera master plan and
the rehabilitation and reinforcement of the port's breakwater,
which should extend its useful life by around 50 years.  Also
included is the rebuilding and expansion of ferry terminals and
piers in the Gulf of Nicoya, including Puntarenas (Barrio El
Carmen), Paquera, and Playa Naranjo.

The US$400 million IDB loan is for a 24-year term, with a 6-1/2-
year grace period and at a LIBOR-based interest rate


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


C2W MUSIC: Incurs US$166,000++ Losses, Spends Without Earnings
--------------------------------------------------------------
RJR News reports that C2W Music has released information showing
it racked up losses of more than US$166,000 as it continues to
spend without earning.

Earnings for the quarter were zero, with the company indicating
that in its business such a situation pervades as it awaits the
collection of royalties on copyrights, according to RJR News.

The report relates that the lack of earnings has also affected
C2W's cash position, with it reporting just over US$1,600 left to
conduct its operation.


NATIONAL COMMERCIAL BANK: 2013 Net Profit Drops 14.9% to JM$8.5BB
-----------------------------------------------------------------
National Commercial Bank Jamaica Limited (NCB) disclosed unaudited
financial results for the financial year ended September 30, 2013
at its recent Investors' Briefing held at the Bank's Wellness &
Recreation Centre.

In reviewing the Group's performance highlights, Group Finance and
Deputy Managing Director, Dennis Cohen, spoke to the diversity of
income streams coming from seven key businesses (Retail & SME,
Treasury, NCB Capital Markets, NCB Insurance, Corporate Banking,
Payment Services and Advantage General Insurance Company Limited
(AGIC)), which offset the fallouts evidenced in some areas. He
also spoke to the asset and equity growth that continues to be the
highest in the market.  Despite, the falloff, the key leading
business indicators, showed the future to be encouraging.

For the reporting period NCB had 17.7% growth in asset driven by
growth in its loan portfolio with year-over-year stockholders'
equity growth of 9.2%. Capital adequacy for NCBJ of 12.6%; capital
to risk weighted assets ratio (risk assessed assets as a
percentage of qualifying capital) for NCB Capital Markets Limited
of 20.9%; solvency ratio for NCBIC of 36.3%; and, Minimum Capital
Test (MCT) for AGIC of 251.7% .

The Group posted net profit of JM$8.5 billion, a decrease of
14.9%, or JM$1.5 billion when compared with the year ended
September 30, 2012; this reportedly being as a result of one off
impacts from national debt exchange, private debt exchange, IPO
related expenses and staff redundancy costs.  Operating income
however, increased by 9.9%, or JM$3.4 billion, when compared with
the same period, as did the Group's net loan portfolio which grew
by 26.1%, or JM$29.2 billion.

"We have engaged in a transformation of our business model and
that is why we are excited about for our prospects," Hylton said.
"We are not only transforming NCB, the way we serve our customers
and improving our efficiency, but we are transforming the way
banking is done in
Jamaica."

NCB recently retrofitted the 1-7 Knutsford Boulevard branch to
deliver the ultimate customer experience, while combining
security, ease and convenience.  Aptly called 'Bank on the Go',
this is the first in a series of reconfigurations being piloted by
NCB.  Customers were surprised on Monday, November 11, 2013 as
they had a firsthand experience of the retrofitted area, which is
accessible 24 hours daily.  In using these alternate electronic
channels, customers will be able to save money and time.

Hylton said that, "Imperatively, going forward we will be focusing
on our people; ensuring that we expand their mindsets and
capabilities so that they are better able to execute on strategies
and opportunities, so that we obtain optimum positioning in the
region."

                      *     *     *

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



=============
U R U G U A Y
=============


* URUGUAY: IDB Approves US$5MM Loan for Environmental Management
----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a loan for
US$5 million to support the development and strengthening of
environmental management in Uruguay by improving administrative
operations of the Ministry of Housing, Land Use Planning, and
Environment DINAMA).

Uruguay's National Environment Directorate will have technical
responsibility for the program, which will improve the ministry's
capacity to evaluate possible environmental impacts of large-scale
investment programs prior to entering the authorization system.

The program also will also develop clearer rules for the private
sector and more systemic and efficient procedures for the public
sector in order to reduce paperwork, lower costs, and increase the
quality of assessments and environmental controls.

Financing will be provided for equipment to strengthen the
laboratory capacity of DINAMA through technologies to automate the
processing of samples and equipment, as well as for software and
technical assistance to implement the second phase of
environmental information system.

Expected outcomes include a 20 percent reduction in the time
needed to authorize large projects, a 30 percent reduction in
authorization time for other projects, a 100 percent increase in
the number of subjects addressed by environmental controls, and a
40 percent reduction in nitrogen and phosphorus loads discharged
into the Santa Lucia River Basin from existing industrial point
sources.

The IDB loan for US$5 million has a term of 25 years, a 5-1/2 year
grace period, and an interest rate based on LIBOR. The local
counterpart contribution totals US$2 million.



                            ***********


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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