TCRLA_Public/131125.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

           Monday, November 25, 2013, Vol. 14, No. 233


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'CCC+/C' Rating; Outlook Negative
CONSULTATIO ASSET: Moody's Rates Nine Fixed-Income Funds
GAINVEST S.A.S.G.F.C.I: Moody's Rates Two Fixed-Income Funds
GPS FONDOS: Moody's Assigns Ratings to Three Fixed-Income Funds
PATAGONIA INVERSORA: Moody's Rates Three Fixed-Income Funds

RJ DELTA: Moody's Assigns Ratings to Ten Fixed-Income Funds
SCHRODER SA SGFCI: Moody's Rates Nine Fixed-Income Funds


B E R M U D A

MAIDEN HOLDINGS: A.M. Best Rates Preferred Shares 'bb'


B R A Z I L

OGX PETROLEO: Court Grants Bankruptcy Protection
OSX BRASIL: To Miss Bond Payment as it Seeks Standstill


C A Y M A N  I S L A N D S

354045 INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3
AIM CDO: Creditors' Proofs of Debt Due Dec. 4
ALFA MARINE: Creditors' Proofs of Debt Due Nov. 26
ALMITRA LIMITED: Creditors' Proofs of Debt Due Dec. 4
ARGO CAPITAL: Creditors' Proofs of Debt Due Dec. 4

ATTUNGA MASTER: Creditors' Proofs of Debt Due Dec. 4
ATTUNGA POWER: Creditors' Proofs of Debt Due Dec. 4
INTERKRAFT ENERGY: Placed Under Voluntary Wind-Up
KGF MANAGEMENT: Creditors' Proofs of Debt Due Dec. 4
KGF SLP: Creditors' Proofs of Debt Due Dec. 4

MSREF VI: Commences Liquidation Proceedings
PCA INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 5
PRIMO OPTO: Creditors' Proofs of Debt Due Nov. 25
ROCKWOOD PARTNERS: Creditors' Proofs of Debt Due Dec. 9
TISBURY II: Commences Liquidation Proceedings


J A M A I C A

SANDALS RESORTS: Small Hoteliers Show Concerned About Concession


M E X I C O

BANCO MERCANTIL: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR
CORPOVAEL CERTIFICADOS: Moody's Gives B1 CFR; Keeps Stable Outlook
INDUSTRIAS UNIDAS: Incurs Ps.324.9MM Loss For 9-Mos Ended Sept. 30


P E R U

* PERU: GDP Expands at Slowest Pace Since 2009 in Third Quarter


P U E R T O   R I C O

INSTITUTO MEDICO: Wants to Employ Latimer Biaggi as Counsel


X X X X X X X X X

BOND PRICING: For the Week From Nov. 18 to Nov. 22, 2013


                            - - - - -


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


BANCO PATAGONIA: S&P Affirms 'CCC+/C' Rating; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+/C' global
scale ratings on Banco Patagonia S.A (Banco Patagonia).  The
outlook remains negative.

"The ratings on Banco Patagonia are constrained by the ratings on
the Republic of Argentina.  We rarely rate financial institutions
above the foreign currency ratings on the countries where they
operate as it is unlikely that these institutions would remain
unaffected by developments in their domestic economies," said
Standard & Poor's credit analyst Cynthia Cohen Freue.  Also, all
financial institutions operating in Argentina could face indirect
effects from a sovereign downgrade.  S&P believes a sovereign
downgrade is normally associated with, or could lead to, a weaker
operating environment for financial institutions, which would very
likely weaken their creditworthiness.

Standard & Poor's bases the bank's 'bb-' stand-alone credit
profile (SACP) on its "adequate" business position, "adequate"
risk position, "moderate" capital and earnings, "average" funding,
and "adequate" liquidity, as our criteria define these terms.

Banco Patagonia maintains a good competitive position in the
markets in which it operates, which contributes to S&P's
"adequate" view of its business position.  With total assets of
Argentine peso (ARP) $29.8 billion as of Sept. 30, 2013, Banco
Patagonia ranked ninth in the domestic financial system in terms
of loans, with a 3.6% market share as of July 31, 2013.  The bank
has historically targeted the middle-income population and small
and midsize business segments, with a focus on the interior of the
country, however, following Banco do Brasil S.A's (BdB;
BBB/Negative/A-2) acquisition of Banco Patagonia in 2011, the bank
has been increasing its lending focus on Brazilian companies
operating in Argentina and on Argentine companies with significant
business with Brazilian companies.


CONSULTATIO ASSET: Moody's Rates Nine Fixed-Income Funds
--------------------------------------------------------
Moody's Investors Service has assigned initial global and national
scale bond fund ratings to nine fixed-income funds managed by
Consultatio Asset Management G.F.C.I.S.A. in Argentina. The global
scale and national scale ratings assigned are as follows:

-- Consultatio Income Fund FCI; rating Ba-bf / Aaa-bf.ar.

-- Consultatio Ahorro Plus Argentina FCI; rating B-bf / Aa-bf.ar.

-- Consultatio Renta Local FCI; rating B-bf / Aa-bf.ar.

-- Consultatio Renta Nacional FCI; rating B-bf / A-bf.ar.

-- Consultatio Deuda Argentina FCI; rating B-bf / A-bf.ar.

-- Consultatio Renta Balanceada FCI; rating B-bf / A-bf.ar.

-- Consultatio Renta Fija Argentina FCI; rating B-bf / A-bf.ar.

-- Consultatio FCI Abierto Pymes ; rating B-bf / A-bf.ar.

-- Consultatio EconomĦa Real FCI Abierto para Proyectos
Productivos de EconomĦas Regionales e Infraestructura F.C.I.;
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 profiles in a similar manner.

Looking at the funds' historical maturity-adjusted weighted
average credit quality profiles are comparable to those of
similarly rated peers. " said Moody's lead analyst Carlos de
Nevares.

Consultatio Asset Management G.F.C.I.S.A., is a medium size
independent asset manager in the Argentinean mutual fund Industry
with 2.7% of market share. As of September 2013, Consultatio Asset
Management, managed approximately AR$1,789 million in Assets under
Management (AUM).


GAINVEST S.A.S.G.F.C.I: Moody's Rates Two Fixed-Income Funds
------------------------------------------------------------
Moody's has assigned initial global and national scale bond fund
ratings to two fixed-income funds managed by Gainvest
S.A.S.G.F.C.I ("Gainvest") in Argentina. The global scale and
national scale ratings assigned are as follows:

-- Gainvest Renta Fija; rating B-bf / A-bf.ar.

-- Gainvest FCI Abierto PYMES; rating B-bf / A-bf.ar.

Ratings Rationale:

"The fund ratings are based on Moody's evaluation of each fund's
historical composition and the expectation that the asset manager
will continue to maintain maturity-adjusted weighted average
credit quality profile in 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.

Gainvest S.A.S.G.F.C.I, is a middle size asset manager in the
Argentinean mutual fund Industry with 4.2% of market share. As of
September 2013, Gainvest, managed approximately AR$2.785million in
Assets under Management (AUM).

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.


GPS FONDOS: Moody's Assigns Ratings to Three Fixed-Income Funds
---------------------------------------------------------------
Moody's Investors Service has assigned initial global and national
scale bond fund ratings to three fixed-income funds managed by GPS
Fondos S.G.F.C.I.S.A.. in Argentina. The global scale and national
scale ratings assigned are as follows:

-- GPS Savings; rating B-bf / A-bf.ar.

-- GPS PYMES; rating B-bf / A-bf.ar.

-- GPS LATAM; rating B-bf / A-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 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.

GPS Fondos S.G.F.C.I.S.A., is a medium size asset manager in the
Argentinean mutual fund Industry with 0.5% of market share. As of
September 2013, GPS Fondos, managed approximately AR$336 million
in Assets under Management (AUM).



PATAGONIA INVERSORA: Moody's Rates Three Fixed-Income Funds
-----------------------------------------------------------
Moody's Investors Service has assigned initial global and national
scale bond fund ratings to three fixed-income funds managed by
Patagonia Inversora S.A.S.G.F.C.I in Argentina. The global scale
and national scale ratings assigned are as follows:

-- Lombard Renta en Pesos; rating B-bf / Aa-bf.ar.

-- Lombard Capital; rating B-bf / Aa-bf.ar.

-- Lombard Renta Fija; rating B-bf / A-bf.ar.

Ratings Rationale:

"The fund ratings are based on Moody's evaluation of each fund's
historical composition and the expectation that the asset manager
will continue to maintain maturity-adjusted weighted average
credit quality profile in 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.

Patagonia Inversora S.A.S.G.F.C.I, is a middle size asset manager
in the Argentinean mutual fund Industry with 1.4% of market share.
As of September 2013, Patagonia Inversora, managed approximately
AR$950 million in Assets under Management (AUM).

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.


RJ DELTA: Moody's Assigns Ratings to Ten Fixed-Income Funds
-----------------------------------------------------------
Moody's Investors Service has assigned initial global and national
scale bond fund ratings to ten fixed-income funds managed by RJ
Delta Fund Management S.A.S.G.F.C.I. in Argentina. The global
scale and national scale ratings assigned are as follows:

-- Performance Ahorro; rating B-bf / Aa-bf.ar.

-- RJ Delta Ahorro FCI; rating B-bf / Aa-bf.ar.

-- RJ Delta Renta IV; rating B-bf / A-bf.ar.

-- RJ Delta Renta; rating B-bf / A-bf.ar.

-- RJ Delta Global; rating B-bf / Aa-bf.ar.

-- Delta Federal I; rating B-bf / Baa-bf.ar.

-- Delta Patrimonio I; rating B-bf / A-bf.ar.

-- Delta Patrimonio II; rating B-bf / A-bf.ar.

-- RJ Delta Renta II; rating B-bf / A-bf.ar.

-- RJ Empresas Argentina PYME FCI Abierto; rating B-bf / A-bf.ar.

Ratings Rationale:

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

RJ Delta Fund Management S.A.S.G.F.C.I., is a significant asset
manager in the Argentinean mutual fund Industry with 4.7% of
market share. As of September 2013, RJ Delta Fund Management,
managed approximately AR$3,146 million in Assets under Management
(AUM).


SCHRODER SA SGFCI: Moody's Rates Nine Fixed-Income Funds
--------------------------------------------------------
Moody's has assigned initial global and national scale bond fund
ratings to nine fixed-income funds managed by Schroder SA SGFCI
("Schroder")in Argentina. The global scale and national scale
ratings

assigned are as follows:

-- Schroder Argentina; rating B-bf / A-bf.ar.

-- Schroder Corto Plazo; rating B-bf / A-bf.ar.

-- Schroder Retorno Absoluto; rating B-bf / A-bf.ar.

-- Schroder Renta Fija; rating B-bf / Aa-bf.ar.

-- Schroder Renta Global; rating B-bf / Aa-bf.ar.

-- Schroder Renta Global Dos; rating B-bf / Aa-bf.ar.

-- Schroder Capital Renta Fija; rating B-bf / Aa-bf.ar.

-- Schroder Desarrollo y Crecimiento FCI Abierto PYME; rating B-
bf/A-bf.ar

-- Schroder Infraestructura; rating B-bf / Baa-bf.ar.

Ratings Rationale:

"The fund ratings are based on Moody's evaluation of each fund's
historical composition and the expectation that the asset manager
will continue to maintain maturity-adjusted weighted average
credit quality profile in 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.

SCHRODER SA SGFCI, is an important independent size asset manager
in the Argentinean mutual fund Industry with 7.11% of market
share. As of September 2013, Schroder SA SGFCI, managed
approximately AR$4.729million in Assets under Management (AUM).

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.


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


MAIDEN HOLDINGS: A.M. Best Rates Preferred Shares 'bb'
------------------------------------------------------
A.M. Best Co. has assigned an indicative rating of "bb" to
preferred shares of the recently filed universal shelf
registration of Maiden Holdings, Ltd. (Maiden) (Hamilton, Bermuda)
[NASDAQ: MHLD].  Concurrently, A.M. Best has assigned indicative
ratings of "bbb-" to senior unsecured debt, "bb+" to subordinated
debt and "bb" to junior subordinated debt of Maiden Holdings North
America, Ltd. (Maiden NA) (Delaware), a direct and wholly owned
subsidiary of Maiden.  The outlook assigned to all ratings is
stable.  The new shelf registration replaces Maiden and Maiden
NA's previous shelf, which was fully utilized.  Consequently, the
indicative ratings for the previous shelf registration have been
withdrawn.  All remaining ratings of Maiden and its subsidiaries
are unchanged.

As of September 30, 2013, Maiden's adjusted debt-to-total capital
and adjusted debt-to-tangible capital are approximately 24% and
26%, respectively.  These measures are within A.M. Best's
guidelines for its current rating level.  In addition, Maiden's
interest coverage ratio is expected to remain solid for its
ratings.


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


OGX PETROLEO: Court Grants Bankruptcy Protection
------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that
Brazilian oil company OGX Petroleo e Gas Participacoes, controlled
by former billionaire Eike Batista, said late evening on Nov. 21,
2013, that the 4th Corporate Court of the Judicial District of Rio
de Janeiro granted its judicial recovery processing.

Sabrina Lorenzi at Reuters reports that Judge Gilberto Matos
granted bankruptcy protection for the company's Brazil-based units
OGX Petroleo e Gas SA and OGX Petroleo e Gas Participacoes SA.

OGX sought court protection from creditors on Oct. 30 after it
failed to convince them to refinance more than $5.1 billion in
obligations, according to Reuters.

Marcio Costa, a lawyer for OGX, told Reuters the decision to deny
protection for two foreign units would complicate the recovery
process, adding that the company plans to appeal the ruling.

"This decision disrupts the judicial recovery process, allowing
some lenders to seek debt payments in Brazil and Austria," Reuters
quoted Mr. Costa as saying.  "Those funds were raised abroad to be
used in Brazil.  The judge didn't take that into consideration,"
Mr. Costa, the report relates.

OGX has two foreign subsidiaries, OGX Internacional and OGX
Austria, Reuters notes.  The judge denied the request for those
units on grounds bankruptcy protection should be decided in the
countries where they are based, according to a copy of the judge's
decision, the report relates.

"This would have created legal uncertainty for international
creditors who would have not been allowed to go on trial for their
credits under our legislation," Mr. Matos said, the report
discloses.

Reuters relays that for the Brazilian operations, the judge's
decision gives OGX 60 days to come up with a restructuring plan.
OGX creditors including California-based bond fund Pacific
Investment Management Co (PIMCO) and New York-based investment
fund BlackRock Inc will then have 30 days to endorse or reject the
plan, the report says.

OGX's sister company shipbuilder OSX Brasil SA filed for
bankruptcy protection on Nov 11, Reuters notes.  The company is
also expected to get court protection from creditors, the report
adds.

                       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.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30. The bankruptcy filing puts $3.6 billion of dollar
bonds into default in the largest corporate debt debacle on record
in Latin America.  The filing by the oil company that transformed
Eike Batista into Brazil's richest man followed a 16-month decline
that wiped out more than $30 billion of his personal fortune.

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.

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.


OSX BRASIL: To Miss Bond Payment as it Seeks Standstill
-------------------------------------------------------
Boris Korby and Veronica Navarro Espinosa at Bloomberg News report
that OSX Brasil SA, the shipbuilder of former billionaire Eike
Batista, will miss next month's interest payment on $500 million
of ship-backed bonds as it seeks a standstill agreement with
creditors.

OSX notified bond trustee Norsk Tillitsmann AS of its intentions
in a letter released Nov. 21, 3012, reports Bloomberg News.

The $11.56 million payment on bonds maturing 2015 is due Dec. 20.
OSX is seeking to defer the payment to March, according to an Oct.
21 summary of talks between the company, the trustee, bondholders
and their advisers that was provided by Norsk Tillitsmann,
according to Bloomberg News.

The notes were little changed on Nov. 21, 2013, after falling 23
percent this year, more than three times the average drop in
emerging markets, data compiled by Bloomberg show.

While OSX declared bankruptcy earlier this month, its leasing
unit, through which the company owns the ship securing the debt,
wasn't part of the judicial recovery petition filed in a Rio de
Janeiro court, says the report.

                      'Comprehensive Solution'

"We expect to maintain our good faith discussions in order to
reach a mutually acceptable standstill and a comprehensive
solution for all issues under the bond agreement," OSX's advisers
said in the letter to the trustee, Bloomberg News notes.

The notes, which traded at 80 cents on the dollar on Nov. 21,
2013, are backed by an $800 million production, storage and
offloading vessel, known as OSX-3, which was intended to be leased
to bankrupt sister company OGX Petroleo & Gas Participacoes SA to
pump oil off the coast of Brazil, Bloomberg News discloses.

OSX bonds are now trading without accrued interest, according to
Michael Roche, an emerging-market strategist at broker-dealer
Seaport Group LLC, Bloomberg News relates.

                            Ship Seizure

If OSX misses the coupon payment without persuading bondholders to
agree to the proposed standstill request, creditors will probably
begin the process of seizing the ship to recoup their money, Mr.
Dallen said, Bloomberg News relays.

OSX bondholders have already hired law firm Bingham McCutchen LLP
to help them navigate the process of taking control of their
collateral, two people briefed on the arrangements who asked not
to be identified because they're not authorized to speak publicly
said in September, Bloomberg News adds.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2013, The Wall Street Journal said that OSX Brasil SA
filed for bankruptcy protection, the second such filing for a
commodities empire that crumbled this year as losses piled up and
investor confidence plummeted.

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


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


354045 INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3
--------------------------------------------------------
The creditors of 354045 Investments Ltd. 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. 24, 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
          Cayman Islands KY1-1102


AIM CDO: Creditors' Proofs of Debt Due Dec. 4
---------------------------------------------
The creditors of Aim CDO Limited 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


ALFA MARINE: Creditors' Proofs of Debt Due Nov. 26
--------------------------------------------------
The creditors of Alfa Marine 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. 21, 2013.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 6258
          Facsimile: +1 (345) 945 2877


ALMITRA LIMITED: Creditors' Proofs of Debt Due Dec. 4
-----------------------------------------------------
The creditors of Almitra Limited 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:

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


ARGO CAPITAL: Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------
The creditors of Argo Capital Partners Fund Limited 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. 23, 2013.

The company's liquidator is:

          Julian Lloyd Vine
          Lainston International Management (Cayman), Ltd
          Telephone: (345) 943 1206
          Sussex House, 128 Elgin Ave
          P.O. Box 31298 Grand Cayman KY1-1206
          Cayman Islands


ATTUNGA MASTER: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of Attunga Power & Enviro Master Fund 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:

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


ATTUNGA POWER: Creditors' Proofs of Debt Due Dec. 4
---------------------------------------------------
The creditors of Attunga Power & Enviro (Offshore) Fund 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:

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


INTERKRAFT ENERGY: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 23, 2013, the shareholder of Interkraft Energy Fund
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


KGF MANAGEMENT: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of KGF Management are required to file their proofs
of debt by Dec. 4, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 17, 2013.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


KGF SLP: Creditors' Proofs of Debt Due Dec. 4
---------------------------------------------
The creditors of KGF SLP are required to file their proofs of debt
by Dec. 4, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 17, 2013.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


MSREF VI: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 23, 2013, the sole shareholder of MSREF VI River Five,
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949 4544
          Facsimile: (345) 949 8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


PCA INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 5
-------------------------------------------------------
The creditors of PCA International Funds SPC are required to file
their proofs of debt by Dec. 5, 2013, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Stuart Sybersma
          c/o Rachel Williams
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3302
          Facsimile: +1 (345) 949 8258
          e-mail: rachelwilliams@deloitte.com


PRIMO OPTO: Creditors' Proofs of Debt Due Nov. 25
-------------------------------------------------
The creditors of Primo Opto Group Limited 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. 21, 2013.

The company's liquidator is:

          Chiu, Chia-Fa
          No. 6 Ziqiang 7th Rd,
          Zhongli City, Taoyuan County 320
          Taiwan
          Telephone: 886-3-452-2016
          Facsimile: 886-3-452-2029


ROCKWOOD PARTNERS: Creditors' Proofs of Debt Due Dec. 9
-------------------------------------------------------
The creditors of Rockwood Partners Credit Opportunities Master
Fund, Ltd. are required to file their proofs of debt by Dec. 9,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 2013.

The company's liquidator is:

          Maricorp Services Ltd.
          J. Andrew Murray
          Telephone: (345) 949-9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman KY1-1105
          Cayman Islands


TISBURY II: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 23, 2013, the sole shareholder of Tisbury II 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:

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


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


SANDALS RESORTS: Small Hoteliers Show Concerned About Concession
----------------------------------------------------------------
RJR News reports that concern is being raised in Barbados about
the granting of special concessions to the Butch Stewart-led
Sandals Resorts.

It has also triggered a call by a major hotel group for the
Barbados government to grant it similar benefits, according to RJR
News.

RJR News relates that the call has come from Intimate Hotels which
represents 52 small hotels across Barbados.

At a press conference on, Renee Coppin, Chairman of Intimate
Hotels, said the entity is concerned about the exclusive list of
concessions that have been provided to Sandals, the report notes.

RJR News relates that Ms. Coppin expressed astonishment that
lavish concessions were provided without full consideration giving
to the impact they would have on other players in the market.  Ms.
Coppin pointed to a further decline in the small hotel sector, the
report relays.

A request has been made for the concessions to Sandals be extended
to small hotels, RJR News notes.

Some of the tax benefits granted to Sandals by the Barbados
government include the exemption of import duties for the next 25
years, the report says.

Sandals Resorts is an operator of all-inclusive resorts for
couples in the Caribbean and part of Sandals Resorts International
(SRI), parent company of Sandals Resorts, Beaches Resorts, Grand
Pineapple Beach Resorts, Fowl Cay Resort and several private
villas. Founded by Jamaican-born Gordon "Butch" Stewart in 1981,
SRI is based in Montego Bay, Jamaica and is responsible for resort
development, service standards, training and day-to-day
operations.

As reported in the Troubled Company Reporter-Latin America on
March 28, 2013, RJR News said that the Sandals Resorts
International chain has reached an agreement with the Bahamian
government that will help alleviate the cost of running its resort
on the island of Great Exuma.  Gordon 'Butch' Stewart, the founder
of Sandals, last year said the Sandals Emerald Bay on Great Exuma
was in a dire situation because of high operating costs and
insufficient airlift, according to RJR News.  RJR News related
that the hotel chain said its effort involved looking to the
Bahamas government for solutions.


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


BANCO MERCANTIL: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banco
Mercantil Santa Cruz S.A. (BMSC) to negative from stable.  At the
same time, S&P affirmed its 'BB-' long-term and 'B' short-term
issuer credit ratings on BMSC.

The negative outlook reflects the potential for the new banking
law to undermine the bank's business stability, asset quality
metrics, and internal capital generation.  Although S&P expects
BMSC will continue to have a wide variety of products and
diversified business lines, the new law could pressure the bank's
net interest margins and could increase its credit risk profile.
S&P could downgrade the bank if the bank's asset quality metrics
or business stability and strategy execution deteriorate.  S&P
could revise its outlook to stable if the bank maintains its
leading position in the Bolivian banking system and sufficient
internal capital generation to maintain our RAC above 3% for the
next 12-18 months.

The ratings on BMSC reflect its "strong" business position, "weak"
capital and earnings, "adequate" risk position, "average" funding,
and "adequate" liquidity (as our criteria define the terms).  The
bank's stand-alone credit profile is 'bb-'.


CORPOVAEL CERTIFICADOS: Moody's Gives B1 CFR; Keeps Stable Outlook
------------------------------------------------------------------
Moody's de Mexico affirmed the Ba3 / A3.mx ratings on Corpovael's
certificados bursatiles (CADU12). At the same time, Moody's
assigned a B1 corporate family rating (CFR) to Corpovael and
withdrew the B1 / Baa2.mx issuer rating. The outlooks remain
stable.

Moody's used the Global Homebuilding Industry when assigning
Corpovael's CFR. CFRs are generally assigned to a corporate family
as if it had a single class of debt and a single consolidated
legal entity structure. A CFR does not reference an obligation or
class of debt and thus does not reflect priority of claim.

The Ba3 / A3.mx ratings for Corpovael's certificados bursatiles
(Mexican local bonds) consider the partial guarantee provided by
Nacional Financiera (Nafin, unrated). The partial guarantee
provides for full recovery on 48% of the instrument's value in the
event of default, while the other 52% is effectively subordinated
to secured debt in the company's capital structure and at risk for
high losses in the event of default. Absent the partial guarantee,
the certificados bursatiles would have been rated B2 on the global
scale. In Moody's view, the partial guarantee effectively provides
for 48% reduction in expected losses on the instruments, which is
consistent with two notches of uplift from B2 to Ba3 on the global
scale.

Ratings Rationale:

Corpovael's B1 CFR reflects its track record of solid earnings
growth and modest leverage ratio, coupled with efficient operating
processes and cost controls in the midst of a challenging
environment for Mexican homebuilders. These positive factors are
offset by the substantial geographic concentration in the State of
Quintana Roo, whose economy is largely reliant on the tourism
sector. Moreover, mortgages used as take-out financing on the
majority of Corpovael's construction loans are allocated almost
exclusively by Mexican Workers' Housing Fund (INFONAVIT) and there
is a relevant reliance on the Mexican government's support for the
housing sector.

As of September 30, 2013, Corpovael had LTM revenues of around USD
190 million, positioning the company in the bottom of the
homebuilders rated universe in terms of scale. Moreover, Corpovael
has a high concentration in Quintana Roo, with more than 70% of
total homes titled in that state in the same period. This regional
concentration is a concern, particularly considering that Quintana
Roo's economy is heavily reliant on the tourism industry. Somewhat
offsetting this risk is the company's leading position in the low
income housing segment and the recent expansion towards other
states such as Estado de Mexico and Jalisco, which has been
reducing its exposure to Quintana Roo (to the current 70% of total
homes titled as opposed to around 95% in 2012).

Also a credit positive is Corpovael's fully integrated business
model, that allows for better cost controls and high
profitability. As a result, the company's margins and overall
credit metrics have been historically solid. For the LTM ended in
September 30, 2013, Corpovael's gross margin calculated by Moody's
was 29.7%, which is strong for the B1 rating. Likewise, the
company's leverage and capital structure, measured by a debt to
total capitalization of 44% for the same period, as well as its
4.6x interest coverage including capitalized interests, map
comfortably at the rating category. Going forward, Moody's expects
the company to be able to grow while maintaining a strong credit
profile with metrics in line with current levels.

Liquidity is weak mainly due to the large debt maturities in the
upcoming years. As of September 30, 2013 Corpovael's short-term
debt represented approximately 34.4% of total debt, which could
create liquidity challenges if not refinanced timely. Main debt
maturities include the MXN 150 million partial amortizations in
April 2014 and 2015, related to the local notes issued in 2012
(CADU12). In 2015 the company will also have MXN 380 million in
bank debt maturities mainly tied to its development projects,
which amortize as the projects are sold. Mortgage financing, used
for construction loan take-outs, comes mainly from the Mexican
Workers' Housing Fund (INFONAVIT), a potential concern because the
take-out financing for newly built homes can often take 3-6 months
and create liquidity pressures. Somewhat enhancing Corpovael's
liquidity are the around MXN 850 million construction credit lines
(MXN 590 million available) signed with Banamex and SHF maturing
in 2016 and 2018, respectively. The company's four-year land bank
also supports its liquidity position, since it allows for mid-term
growth without major capital commitment needs. Going forward
Moody's expects the company to be able to refinance debt
maturities under the outstanding certificados bursatiles.

The stable outlook is supported by Moody's expectation that
Corpovael will be able to continue to grow in accordance with its
business plan while at least maintaining interest coverage,
leverage (as measured by Debt / Total Capitalization) and gross
margin ratios at current levels. The stable outlook also reflects
Moody's expectation that the company will improve its liquidity
through a timely refinancing of part of its upcoming debt
maturities and that it will gradually reduce its exposure to
Quintana Roo through expansion into other states in Mexico.

Rating improvements are not envisioned in the medium-term, given
the company's relatively small scale and low geographic
diversification. Moreover, a positive rating action would require
broader access to the capital markets and terming out its short-
term construction financing while moving towards a more unsecured
debt capital structure. Upward movement in the rating would also
require maintenance of its current credit metrics and operating
margins with a decrease in geographic concentration in the State
of Quintana Roo to closer to 50%.

Downward rating pressure would result from substantial missteps in
its growth and geographic diversification strategy, such as
significant postponement of new launches, construction delays and
reduction in new home sales. In addition, downward rating
movements would occur should total debt to total capitalization
levels rise closer to 50%, with gross margins below the mid-20%
range on a sustained basis and interest coverage including
capitalized interests falling consistently below 3.0x. Further
weakening of the company's liquidity profile, due to delays in
refinancing of upcoming debt maturities could also lead to a
negative rating action.

The period of time covered in the financial information used to
determine the B1 corporate family rating (CFR) is between January
1, 2010 and September 30, 2013.

The sources and items of information used to determine the B1 CFR
include 2010 and 2012 audited financial statements (source:
Corpovael, S.A. de C.V. audited by Deloitte) and interim quarterly
financial statements for the LTM ended in September 30, 2013
(source: Bolsa Mexicana de Valores).

Heathquartered in the city of Canc£n in the Mexican state of
Quintana Roo, Corpovael, S.A. de C.V. (Cadu) is a privately owned
homebuilding company, controlled by members of the Vaca Elguero
family and operating through an integrated business model in the
Mexican states of Quintana Roo, Jalisco, Estado de Mexico,
Aguascalientes and Guanajuato. The company is focused in the low
income housing segment and has a leading market position in the
state of Quintana Roo that in 2013 will represent around 70% of
Cadu's total titled houses. For the LTM ended in September 30,
2013 the company had revenues of MXN 2,418 million and an EBITDA
margin of around 20%.

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


INDUSTRIAS UNIDAS: Incurs Ps.324.9MM Loss For 9-Mos Ended Sept. 30
------------------------------------------------------------------
Industrias Unidas, S.A. de C.V. disclosed its unaudited results
for the first nine months ended September 30, 2013.

The company's consolidated net loss for the first nine months
ended September 30, 2013 was Ps.324.9 million (U.S. $24.7
million), compared to a net loss of Ps.372.9 million in the same
period of 2012.  This decrease is primarily due to an improvement
in the margins of several products, driven by market conditions.
The company's net revenues for the first nine months ended
September 30, 2013 decreased 4.4% to Ps.8,704.2 million from
Ps.9,104.9 million in the same period of 2012.

This decrease was mainly due to a decrease of 7.1% in the copper
value (measured by the Comex monthly average) and an appreciation
of 4.1% of US dollar versus Mexican peso (average prices YTD
September 30, 2012 and 2013). The company's costs and revenues
closely follow copper prices since the market practice is to pass
on to the buyer any changes in the price of raw materials.

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

                          http://is.gd/PY4ZPd

                       About Industrias Unidas

Industrias Unidas, S.A. de C.V. is a Mexican diversified
industrial group, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  As of September 2009, last twelve
month revenues were about US$1.3 billion.

                           *     *     *

The company continues to carry Moody's "Caa3" long-term rating.


=======
P E R U
=======


* PERU: GDP Expands at Slowest Pace Since 2009 in Third Quarter
---------------------------------------------------------------
John Quigley at Bloomberg News reports that Peru's economic growth
decelerated in the third quarter as an export slump damped private
investment.

Gross domestic product rose 4.4 percent from a year earlier, the
statistics agency said in an e-mailed statement obtained by
Bloomberg News.

Bloomberg News relates that the median forecast of 13 analysts in
a Bloomberg survey was for a 4.3 percent rise. GDP rose 5.6
percent in the second quarter.

Peru's central bank cut its overnight rate Nov. 7 for the first
time in four years as weak global growth curbs demand for metals
that account for half of Peru's export revenue, Bloomberg News
notes.  Though GDP deceleration likely bottomed out in the third
quarter, more rate cuts likely will be needed next year to bolster
business confidence and domestic demand, said Alex Muller-Jiskra,
an analyst at BTG Pactual in Santiago, Bloomberg News relates.

"The rate cut is going to help," Mr. Muller-Jiskra told Bloomberg
in a telephone interview.  "Confidence is decisive for private
investment, which has been underpinning growth in recent years,"
Mr. Muller-Jiskra said, Bloomberg News relates.

Bloomberg News discloses that exports fell 16 percent in September
from a year earlier as copper and gold sales declined, taking this
year's drop to 9.4 percent and leaving a $932 million trade gap,
the widest since 1999, according to the central bank.

Business sentiment is rebounding after the government began
reducing bureaucratic delays on $27 billion of private investment
and the central bank intervened to halt sol depreciation,
Bloomberg News relays.

Fixed asset investment rose at an annual rate of 2.8 percent in
the three months to Sept. 30, compared with an 8.6 percent gain in
the second quarter, as construction slowed and machinery imports
fell, the agency said, Bloomberg News adds.


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


INSTITUTO MEDICO: Wants to Employ Latimer Biaggi as Counsel
-----------------------------------------------------------
Instituto Medico del Norte, Inc., asks the U.S. Bankruptcy Court
for the District of Puerto Rico for authorization to employ the
law firm of Latimer, Biaggi, Rachid & Godreau as counsel for the
Debrtor.

Latimer, Biaggi, Rachid & Godreau will provide these services:

   a) give Debtor legal advice with respect to its Chapter 11
      case.

   b) represent Debtor in any adversary proceeding, index or
      contested matter filed by or against Debtor.

   c) represent or advise Debtor in any other matter requested by
      it.

   d) defend in Court Debtor's Disclosure Statement and Plan.

   e) take care of other confirmation issues related to Debtor.

The Debtor assures the Court that the law firm represents no other
entity in connection with its case, is disinterested as the term
is defined in Section 101(14) of the Bankruptcy Code, and
represents or holds no interest adverse to the interest of the
estate with respect to the matters on which it is to be employed.

Attorneys at the firm will be paid at the rate of $250 per hour,
plus expenses.  All associates will be paid $125 per hour plus
expenses.  A retainer of $20,000 has already been paid.

                      About Instituto Medico

Instituto Medico del Norte, Inc., aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez, sought protection under Chapter 11
of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961). The case is assigned to Judge Mildred Caban Flores.

The Debtor is represented by Fausto David Godreau Zayas, Esq. --
dgodreau@LBRGlaw.com -- and Rafael A Gonzalez Valiente, Esq. --
rgonzalez@lbrglaw.com -- at LATIMER BIAGGI RACHID & GODREAU, in
San Juan, Puerto Rico.


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


BOND PRICING: For the Week From Nov. 18 to Nov. 22, 2013
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Almendral Telecomunicaciones SA3.5     12/15/2014   CLP    33.5
Argentina Bocon                2        1/3/2016    ARS     9.15
Argentina Bocon                2        3/15/2014   ARS     0.21
Argentina Bocon                2        3/15/2024   ARS    17.89
Argentina Bo                   2        9/30/2014   ARS   599.6
Argentina Bonar Bonds         21.792    1/30/2014   ARS    11.01
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentinal International Bond  7.82    12/31/2033   EUR    69.5
Argentinal International Bond  1.18    12/31/2038   ARS     7.13
Argentinal International Bond  7.82    12/31/2033   EUR    72.75
Argentinal International Bond  7.82    12/31/2033   EUR    70
Argentinal International Bond  0.45    12/31/2038   JPY     8
BA-CA Finance Cayman 2 Ltd     1.838                EUR    60
Banco BPI SA/Cayman Islands    4.15    11/14/2035   EUR    55.5
Banif Finance Ltd              1.591                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    59.93
BCP Finance Co Ltd             5.543                EUR    45
BCP Finance Co Ltd             4.239                EUR    44.33
BES Finance Ltd                5.58                 EUR    72
BES Finance Ltd                4.5                  EUR    63.5
CA La Electricidad de Caracas  8.5      4/10/2018   USD    75.5
Caixa Geral De Depositos
Finance                        0.991                EUR    39.2
Caixa Geral De Depositos
Finance                        1.021                EUR    39.2
China Precious Metal Resources
Holdings Co Ltd                7.25      2/4/2018   HKD    68.67
Cia Cervecerias Unidas SA      4        12/1/2024   CLP    59.51
Cia Energetica de Sao Paulo    9.75      1/15/2015  BRL    66.27
CSAV                           6.4      10/1/2022   CLP    64.89
CLISA                          9.5      12/15/2016  USD    73
Edenor SA                      9.75     10/25/2022  USD    65.5
Edenor SA                     10.5      10/9/2017   USD    70
Edenor SA                      9.75     10/25/2022  USD    67.13
ERB Hellas Cayman Islands Ltd  1.825     6/8/2017   EUR    58.67
ERB Hellas Cayman Islands Ltd  9         3/8/2019   EUR    49.38
ESFG International Ltd         5.753                EUR    50
Formosa Province of Argentina  5         2/27/2022  USD    75.13
Gol Finance                    8.75                 USD    68.5
Gol Finance                    8.75                 USD    68.25
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    70.75
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    71.88
Inversiones Alsacia SA         8         8/18/2018  USD    78
Inversiones Alsacia SA         8         8/18/2018  USD    75.58
Inversora de Electrica
de Buenos Aires SA             6.5       9/26/2017  USD    45.25
Metro de Santiago              5.5       7/15/2027  CLP     3.635
MetroGas SA                    8.875    12/31/2018  USD    71.63
MetroGas SA                    8.875    12/31/2018  USD    68.5
NQ Mobile Inc                  4        10/15/2018  USD    70.2
Petroleos de Venezuela SA      5.25      4/12/2017  USD    71.75
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.85
Petroleos de Venezuela SA      5.375     4/12/2027  USD    55
Petroleos de Venezuela SA      9        11/17/2021  USD    72.5
Petroleos de Venezuela SA      5.5       4/12/2037  USD    52.5
Petroleos de Venezuela SA      5.125    10/28/2016  USD    76.25
Petroleos de Venezuela SA      5.125    10/28/2016  USD    73.75
Petroleos de Venezuela SA      9        11/17/2021  USD    71.36
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.63
Petroleos de Venezuela SA      6        11/15/2026  USD    49.63
Provincia del Chaco            4        12/4/2026   USD    38.63
Provincia del Chaco            4        11/4/2023   USD    66.13
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    62.55
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    66.25
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Republic of Venezuela           9.25     9/15/2027  USD    72.92
Republic of Venezuela           7        3/31/2038  USD    59.17
Sifco SA                       11.5      6/6/2016   USD    42.63
SMU SA                          7.75     2/8/2020   USD    62.75
SMU SA                          7.75     2/8/2020   USD    62.24
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP    62.08
Transener                       9.75     8/15/2021  USD    65.75
Transener                       9.75     8/15/2021  USD    62.5
Venezuela Gov't
International Bond              9        5/7/2023   USD    71.5

Venezuela Gov't
International Bond              7.75    10/13/2019  USD    73.75
Venezuela Gov't
International Bond              9.25     5/7/2028   USD    70.5
Venezuela Gov't
International Bond              9.375    1/13/2034  USD    70.75
Venezuela Gov't
International Bond              7.65     4/21/2025  USD    65
Venezuela Gov't
International Bond              7        3/31/2038  USD    59.75
Venezuela Gov't
International Bond              6       12/9/2020   USD    64.75
Venezuela Gov't
International Bond              8.25    10/13/2024  USD    67.5


                            ***********


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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