TCRLA_Public/131126.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 26, 2013, Vol. 14, No. 234



ARCOR: Moody's Says No Ratings Impact on New Local Notes Issuance
ARGENTINA: Fitch Affirms FC Issuer Default Rating at 'CC'


FIBRIA CELULOSE: Fitch Says Forestry Sales Have No Ratings Impact
OGX PETROLEO: Discloses Annual Calendar Adjustment in 2013

C A Y M A N  I S L A N D S

CAELUS RE II: Creditors' Proofs of Debt Due Dec. 9
CALEDONIAN PCH: Creditors' Proofs of Debt Due Dec. 4
CAMINO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
CHINA WUHAN: Commences Liquidation Proceedings
GO PENG: Placed Under Voluntary Wind-Up

JAPAN REALTY: Commences Liquidation Proceedings
JOETSU INVESTMENTS: Commences Liquidation Proceedings
KHALIJ FUND: Creditors' Proofs of Debt Due Nov. 29
LSE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
MSREF VI RIVER: Commences Liquidation Proceedings

PAMLI GLOBAL: Placed Under Voluntary Wind-Up
RSA MANAGEMENT: Placed Under Voluntary Wind-Up
SALIDA WEALTH: Placed Under Voluntary Wind-Up
SALIDA WEALTH FUND: Placed Under Voluntary Wind-Up
SYC COMMERCIAL: Commences Liquidation Proceedings


SMU SA: Owner Raises US$300 Million for Distressed Firm

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: National Debt as of September is US$27 Bil.


* HAITI: Gets US$50-Million IDB Grant to Improve Transport System


* JAMAICA: Construction Sectors Shows Growth in July-September


Large Companies With Insolvent Balance Sheets

                            - - - - -


ARCOR: Moody's Says No Ratings Impact on New Local Notes Issuance
Moody's Latin America said that the B1 Global Scale Corporate
Family Rating and B1/ ratings for Arcor's USD 200 million
Notes due 2017 and Arcor's Class II and III ARS 300M local notes
are not likely to be affected after the planned issuance of up to
ARS 500 million new local Notes.

Arcor's B1/ ratings continue to take into account the
company's superior fundamental credit quality, its leading market
position in the confectionery and cookies market, its broad
geographic footprint, its franchise strength and growth potential.
In addition, the company shows an adequate liquidity profile
coupled with a sizeable international business that helps the
company continue increasing its footprint in LatAm. Moody's
considers that the planned ARS 500M local notes will not affect
Arcor's financial and credit profile and that the company will
pursue a prudent strategy with respect to its debt allocation,
since proceeds from the new local issuance will be fully used for
refinancing short term debt.

As a result of its credit strengths, Arcor's B1 rating is
positioned two notches above Argentina 's B3 sovereign rating.

Founded in 1951 in Cordoba, Argentina, Arcor S.A.I.C. is one of
the largest food companies in the country with USD 2.8 billion in
sales for the last twelve months ended September 2013 and a total
amount of employees of approximately 20,000. The company holds a
leading market position as one of the largest global producers and
exporters of candy and leading manufacturer of cookies, processed
food and corrugated cardboard under well-known and established

ARGENTINA: Fitch Affirms FC Issuer Default Rating at 'CC'
Fitch Ratings has affirmed Argentina's ratings as follows:

-- Foreign Currency (FC) Issuer Default Rating (IDR) at 'CC';
-- Local Currency (LC) IDR at 'B-'; Outlook Negative;
-- Short-term IDR at 'C';
-- Country Ceiling at 'B-';
-- Foreign Currency Bonds issued under Argentine Law at 'B-'.

Key Rating Drivers:

The affirmation of the FC IDR reflects the fact that Argentina's
FC securities issued under international law continue to be
subject to a high level of default risk given the ongoing legal
dispute in U.S. Courts between Argentina and some of the holdout
creditors. The timeline of a final resolution remains
unpredictable given the different possible scenarios and the
uncertainty as to the length of judicial proceedings.

Argentina's request for rehearing 'en banc' was recently rejected
by the Second Circuit Court of Appeals. Argentina has stated its
intention to present a cert. petition to the U.S. Supreme Court
corresponding to the Second Circuit's August 2013 decision that
rejected all arguments presented by the sovereign. The Court of
Appeals decided to maintain the stay order pending a resolution by
the Supreme Court. This allows the Argentine government to
continue servicing the exchanged bonds. An adverse ruling and the
lifting of the stay could prevent Argentina from servicing its
performing debt if it failed to make payments to the plaintiffs in
this case.

Besides the legal dispute, Argentina's credit fundamentals
continue to deteriorate with the emergence of 'twin deficits' in
the context of extremely constrained financing sources. Highly
distortive and unpredictable policies continue to weigh on its
growth prospects. At the same time, inflation remains elevated,
with private sector estimates significantly higher than the
official statistics.

The most significant macroeconomic challenge confronting Argentina
is the accelerated pace of decline of foreign exchange reserves
despite existing capital and import controls, as well as the
significant difference between official and parallel market
exchange rates. International reserves have fallen by USD10.3
billion or over 20% so far this year and Fitch forecasts further
declines for the next two years. These dynamics expose Argentina
to a risk of disorderly adjustment in case of an external shock.

Argentina's high tax burden, cyclical tax intake and expansionary
policies during the boom years have increased budgetary rigidities
that are difficult to unwind. Debt dynamics will also be less
favorable than in the past, as currency depreciation, emergence of
primary deficits and weaker growth will reverse the trend of debt
reduction seen in the past. Argentina's debt of 51.6% of GDP for
2013 estimated by Fitch is already above the 'B' median.

The sovereign's extremely limited sources of conventional
financing are a credit concern. The government has relied
increasingly on central bank direct financing which undermines the
already weak quality of the country's institutions and at the same
time engenders inflationary pressures.

Fitch does not expect a major change in economic policy after the
mid-term elections, with the authorities managing through 2014 and
2015 with a combination of additional domestic controls and some
pragmatic measures to avoid a deeper economic and external

Rating Sensitivities:

The FC IDR does not have a Rating Outlook. An adverse court ruling
for Argentina and the lifting of the current stay order, if
followed by Argentina's decision to miss a payment on exchanged
debt securities, would constitute a default event. In such a
scenario, Fitch would move Argentina's FC IDR to 'RD' (Restricted
Default) and the bond ratings of the affected securities to 'D'
(Default) should the payment not be made before the expiration of
the grace period. On the other hand, a favorable ruling that
allows Argentina to continue servicing its performing debt and/or
events such as a settlement with the plaintiffs in this legal case
that reduces the likelihood of default could lead to the upgrade
of the FC IDR.

The Negative Outlook on the LC IDR reflects the following risk
factors that may, individually or collectively, result in a
downgrade of the ratings:
--Continued sharp declines in international reserves that
seriously undermine the repayment capacity of Argentina;
--Sustained economic weakness that heightens fiscal pressures,
which in the context of limited financing flexibility leads to
greater monetization of the fiscal deficit with adverse
repercussions for inflation and exchange rate stability.

The current Rating Outlook is Negative for the LC IDR.
Consequently, Fitch's sensitivity analysis does not currently
anticipate developments with a material likelihood, individually
or collectively, leading to a rating upgrade. However, future
developments that may, individually or collectively, lead to a
stabilization of the Outlook include:
-- Easing of external and fiscal financing constraints, including
a sustained stabilization of international reserves;
-- Progress in the overall policy stance that improves prospects
for growth and inflation, as well as greater transparency of
official data;
-- Normalization of relations with creditors and multilaterals.

Key Assumptions:

The ratings and Outlooks are sensitive to a number of assumptions
by Fitch:

-- Fitch assumes no sustained deep decline in commodity prices;
-- No material shock to Argentine's agricultural production and
-- The authorities implement additional measures to mitigate the
pace of foreign reserves depletion.


FIBRIA CELULOSE: Fitch Says Forestry Sales Have No Ratings Impact
According to Fitch Ratings, Fibria Celulose S.A.'s 'BB+' foreign
and local currency Issuer Default Ratings (IDRs) and Positive
Outlook will not be impacted following the announcement by the
company that it had reached a binding agreement to sell
approximately 210,000 hectares of land to Parkia Participacoes for
BRL1.650 billion, of which BRL1.4 billion would be received at the
closing of the transaction.

In Fitch's view, the transaction created by Fibria essentially
monetizes assets that Fitch had already built into the company's
existing ratings as being readily monetizeable. In Fitch's
February press release, in which the company's Rating Outlook was
revised to Positive from Stable, Fitch stated, Fibria had USD1.6
billion of cash and marketable securities and USD562 million of
short-term debt (as of Dec. 31, 2012). The company enjoys strong
access to both the debt and equities market. Fibria's liquidity is
enhanced with USD500 million unused revolving credit facility. The
company also has land with an accounting value of USD900 million
and forestry plantations on this land with an accounting value of
USD1.650 billion. Fibria has monetized portions of these holdings
in the past to lower leverage and enhance liquidity.

Fitch also noted that the company's credit profile was considered
strong for the 'BB+' and 'AA-(bra)' rating categories and that net
debt reduction by about USD300 million would be viewed positively
and could lead to ratings upgrades. The driver of this debt
reduction was viewed to be cash flow from operations rather than
asset sales. Simultaneously, Fitch pointed out that the company's
credit ratios were allowed to be higher than the median ratios for
a given rating category due to its large land and forestry
holdings, its position as the world's largest pulp producer with a
cost structure that is in the lowest quartile for the industry,
and its stable client base.

While a structure was created that does not result in lease
accounting, Fitch views Fibria's reliance upon the forest on these
lands to be high in the near-to-medium term. The company maintains
first-offer and matching rights during the 24 year contract
period. Fibria is also the manager of the forest plantations
throughout the contract.

Positively, the transaction should result in a lowering of the
company's absolute debt levels as well as its cost of debt. The
company should also be able to invest in new projects that over
time could have higher returns than the capital gains associated
with the land holdings. These projects could include the
construction of a new pulp mill at Tres Lagoas.

Fibria's free cash flow has been strong through the first nine
months of 2013 despite relatively weak pulp prices. During the
first three quarters, Fibria has generated BRL2 billion of EBITDA
and BRL524 million of free cash flow from operations. As of Sept.
30, 2013, Fibria had BRL9.5 billion of total debt and BRL1.6
billion of cash and marketable securities. For the latest 12
months, Fibria's net leverage ratio was 3.0x.

OGX PETROLEO: Discloses Annual Calendar Adjustment in 2013
OGX Petroleo e Gas Participaaoes S.A. disclosed that the Company's
financial information disclosure for the third quarter of 2013,
previously issued for until November 22, 2013, was transferred,
with expectation to filing in CVM - Securities Commission, for
until November 29, 2013, after the market settlement on the
BM&FBOVESPA - Securities, commodities and Futures.

The referred adjustment occurs in order to the greater need of
term to evaluate the impacts in the review of the quarterly
information report by the Independent Auditor, owing to the
judicial decision given, in Nov. 21, 2013, by the judgment of the
4th Corporate Court of the Judicial District of the State of Rio
de Janeiro, regarding to the judicial recovery request for OGX
Petroleo e Gas Participacoes S.A., OGX Petroleo e Gas S.A., OGX
International GmbH and OGX Austria GmbH, according to material
fact sent in this date.

                         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.

C A Y M A N  I S L A N D S

CAELUS RE II: Creditors' Proofs of Debt Due Dec. 9
The creditors of Caelus Re II Limited are required to file their
proofs of debt by Dec. 9, 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:

          James Trundle
          Kevin Poole
          P.O. Box 10233 171 Elgin Avenue
          Willow House
          Grand Cayman
          Cayman Islands
          Telephone: 914-2270
          Facsimile: 949-6021

CALEDONIAN PCH: Creditors' Proofs of Debt Due Dec. 4
The creditors of Caledonian PCH Inc. 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. 24, 2013.

The company's liquidators are:

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

CAMINO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 10
The creditors of Camino 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. 25, 2013.

The company's liquidator is:

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

CHINA WUHAN: Commences Liquidation Proceedings
On Oct. 24, 2013, the shareholder of China Wuhan Holdings resolved
to voluntarily liquidate the company's business.

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

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

GO PENG: Placed Under Voluntary Wind-Up
On Oct. 21, 2013, the shareholders of Go Peng Kuan Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend

The company's liquidator is:

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

JAPAN REALTY: Commences Liquidation Proceedings
On Oct. 23, 2013, the shareholder of Japan Realty Holding Company
VI 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

JOETSU INVESTMENTS: Commences Liquidation Proceedings
On Oct. 23, 2013, the shareholder of Joetsu Investments 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 business.

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

KHALIJ FUND: Creditors' Proofs of Debt Due Nov. 29
The creditors of Khalij Fund Management (Cayman) Limited are
required to file their proofs of debt by Nov. 29, 2013, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +41 21 96 12 511
          Le Forum 1er Etage
          Grand Rue 3, CP 317
          1820 Montreux 2

LSE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
The creditors of LSE Offshore SPV, 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. 24, 2013.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348, George Town Grand Cayman KY1-1108
          Cayman Islands

MSREF VI RIVER: Commences Liquidation Proceedings
On Oct. 23, 2013, the shareholder of MSREF VI River Six, 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 business.

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

PAMLI GLOBAL: Placed Under Voluntary Wind-Up
On Oct. 22, 2013, the sole shareholder of Pamli Global Credit
Strategies Special Situations Offshore Fund Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend

The company's liquidator is:

          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

RSA MANAGEMENT: Placed Under Voluntary Wind-Up
On Oct. 24, 2013, the sole member of RSA Management Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 29, 2013, will be included in the company's dividend

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +41 21 96 12 511
          Le Forum 1er Etage
          Grand Rue 3, CP 317
          1820 Montreux 2

SALIDA WEALTH: Placed Under Voluntary Wind-Up
On Oct. 24, 2013, the shareholder of Salida Wealth Preservation
SPV (International) Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend

The company's liquidator is:

          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

SALIDA WEALTH FUND: Placed Under Voluntary Wind-Up
On Oct. 24, 2013, the shareholder of Salida Wealth Preservation
Fund (International) Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend

The company's liquidator is:

          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

SYC COMMERCIAL: Commences Liquidation Proceedings
On Oct. 21, 2013, the shareholder of SYC Commercial Holdings
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2013, will be included in the company's dividend

The company's liquidator is:

          Chan Mei Lan
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong
          c/o Samuel Wan
          Telephone: +852 2140 2306
          Facsimile: +852 2869 7357


SMU SA: Owner Raises US$300 Million for Distressed Firm
Sebastian Boyd at Bloomberg News report that Chilean billionaire
Alvaro Saieh completed a US$300 million capital increase for his
distressed retailer SMU SA after selling stakes in insurance
companies to raise the funds.

Mr. Saieh has fulfilled his pledge to complete the capital
increase by the end of the year, SMU said in a statement
distributed by an external press agency, according to Bloomberg
News.  The company plans to sell a further US$200 million of
shares by October 2016, says the report.

Bloomberg News notes that Mr. Saieh made his fortune in banking in
the 1980s and last year spent US$1.3 billion to buy Colombia's
Helm Bank.  Bloomberg News relates that SMU is Mr. Saieh's attempt
to build Chile's third-largest retailer by buying a series of
small retail chains throughout Chile.  The company said in July it
had breached terms on its debt after restating earnings to show
higher liabilities, Bloomberg News recalls.

SMU bonds due in 2020 are the best-performing in Bloomberg's
emerging-market corporates index this month after posting Latin
America's worst returns in the first 10 months of the year.

Bloomberg News relays that Inversiones La Construccion SA said on
Oct. 1 it would pay US$170 million in cash and assume debt for a
67 percent stake in Corp Group Vida Chile SA, the holding company
through which Mr. Saieh controls two insurers.  Mr. Saieh also
sold 31 bank branches for US$83 million to Independencia Rentas
Inmobiliarias, a real estate fund that will lease the space back
to Corpbanca, Bloomberg News adds.

Headquartered in Santiago, Chile, SMU S.A. --
-- operates a chain of supermarkets and building supplies stores
in Chile.  It operates in three segments: Supermarkets, Building
Supplies, and Support Services and Financing.  It also provides
business administration and organization services, and consultancy

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: National Debt as of September is US$27 Bil.
Dominican Today News reports that Dominican Republic Central Bank
said that the country's debt as of September is US$27.1 billion.
The report relates that the central bank denied that the debt is
50% of GDP as some economists have stated.

The bank said the debt is 44.9% of GDP, of which "the biggest
component is the foreign debt of the public non-financial Sector
(NFP)," totaling US$13.8 billion (23% of GDP), according to
Dominican Today News.

The report notes that while the Central Bank's internal and
external debt tops US$8.3 billion, the intra-governmental debt
(bonds and the Bank's recapitalization) totals US$3.17 billion.


* HAITI: Gets US$50-Million IDB Grant to Improve Transport System
Haiti will improve the efficiency and safety of its road
transportation system and advance regional integration with a
US$50 million grant from the Inter-American Development Bank

The overall objective of the program is to make road transport in
Haiti more efficient in order to foster economic activity, while
facilitating regional and international integration and economic

The specific objectives of the project include the rehabilitation,
improvement and two-year maintenance of 22.7 kilometers of the
Ennery-Plaisance road section on Route Nationale 1 (RN-1);
enhanced road safety conditions along the road reducing the risk
of accidents involving both vehicles and pedestrians; paving of
main streets in small communities and the institutional
strengthening of the transport sector.  The project also includes
a road safety baseline and communication campaign on road safety
for RN1.

The financing consists of a US$50 million grant from the IDB Grant
Facility with a disbursement period of five years.


* JAMAICA: Construction Sectors Shows Growth in July-September
RJR News reports that data from the Bank of Jamaica (BOJ) have
shed light on the expansion of the construction sector during the
July to September quarter.

BOJ said that the sector grew during the three months compared to
a four per cent contraction during the corresponding period last
year, according to RJR News.  The report relates that BOJ said the
industry's performance largely reflected increases in commercial
and residential construction projects.

BOJ's data showed that for commercial projects, the expansion was
associated with infrastructural development programs such as
Highway 2000 and on-going hotel projects which commenced in the
June quarter, according to RJR News.  The report relays that BOJ's
data revealed growth of 0.7 per cent in housing starts largely
influenced the assessed increase in residential projects.

Meanwhile, notes the report, BOJ said the hotels and restaurants
sector also grew during the July to September period although at a
slower pace than the 2.9 per cent growth recorded in 2012.

The report discloses that BOJ said a 1.1 percent increase in
stopover arrivals was the main contributor.  This was influenced
by additional airlifts from Russia, Costa Rica and Cuba as well as
new charters out of the United Kingdom and Canada, BOJ data added,
RJR News relates.


Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34
EMP DISTRIB-ADR        PWD1 GR          1394532241     -3893195.34
EMPRESA DISTRI-A       0122196D AR      1394532241     -3893195.34
EMPRESA DISTRI-C       0122368D AR      1394532241     -3893195.34
ENDESA COST-ADR        CRCNY US         355868840      -87473853.9
ENDESA COSTAN-         CECO2 AR         355868840      -87473853.9
ENDESA COSTAN-         CECOD AR         355868840      -87473853.9
ENDESA COSTAN-         CECOC AR         355868840      -87473853.9
ENDESA COSTAN-         EDCFF US         355868840      -87473853.9
ENDESA COSTAN-A        CECO1 AR         355868840      -87473853.9
ESTRELA SA             ESTR3 BZ         71379818.6     -111239805
ESTRELA SA             ESTRON BZ        71379818.6     -111239805
ESTRELA SA-PREF        ESTR4 BZ         71379818.6     -111239805
ESTRELA SA-PREF        ESTRPN BZ        71379818.6     -111239805
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18875306.2     -40047314.2
FERRAGENS HAGA         HAGAON BZ        18875306.2     -40047314.2
FERRAGENS HAGA-P       HAGAPN BZ        18875306.2     -40047314.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18875306.2     -40047314.2
HOTEIS OTHON SA        HOOT3 BZ         227432125      -70780169.8
HOTEIS OTHON SA        HOTHON BZ        227432125      -70780169.8
HOTEIS OTHON-PRF       HOOT4 BZ         227432125      -70780169.8
HOTEIS OTHON-PRF       HOTHPN BZ        227432125      -70780169.8
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         219009123      -69129785
IGUACU CAFE            IGCSON BZ        219009123      -69129785
IGUACU CAFE            IGUCF US         219009123      -69129785
IGUACU CAFE-PR A       IGUA5 BZ         219009123      -69129785
IGUACU CAFE-PR A       IGCSAN BZ        219009123      -69129785
IGUACU CAFE-PR A       IGUAF US         219009123      -69129785
IGUACU CAFE-PR B       IGUA6 BZ         219009123      -69129785
IGUACU CAFE-PR B       IGCSBN BZ        219009123      -69129785
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         54968258.7     -3370955902
LOJAS ARAPUA           LOARON BZ        54968258.7     -3370955902
LOJAS ARAPUA-GDR       3429T US         54968258.7     -3370955902
LOJAS ARAPUA-GDR       LJPSF US         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOAR4 BZ         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOARPN BZ        54968258.7     -3370955902
LOJAS ARAPUA-PRF       52353Z US        54968258.7     -3370955902
LUPATECH SA            LUPA3 BZ         684389276      -151417630
LUPATECH SA            LUPAF US         684389276      -151417630
LUPATECH SA -RCT       LUPA9 BZ         684389276      -151417630
LUPATECH SA-ADR        LUPAY US         684389276      -151417630
LUPATECH SA-RT         LUPA11 BZ        684389276      -151417630
LUPATECH SA-RTS        LUPA1 BZ         684389276      -151417630
MINUPAR                MNPR3 BZ         119382337      -92195102.2
MINUPAR SA             MNPRON BZ        119382337      -92195102.2
MINUPAR SA-PREF        MNPRPN BZ        119382337      -92195102.2
MINUPAR-PREF           MNPR4 BZ         119382337      -92195102.2
MINUPAR-RCT            9314634Q BZ      119382337      -92195102.2
MINUPAR-RCT            0599564D BZ      119382337      -92195102.2
MINUPAR-RCT            MNPR9 BZ         119382337      -92195102.2
MINUPAR-RT             9314542Q BZ      119382337      -92195102.2
MINUPAR-RT             0599562D BZ      119382337      -92195102.2
MINUPAR-RTS            MNPR1 BZ         119382337      -92195102.2
NORDON MET             NORD3 BZ         11154278.4     -30655920.5
NORDON METAL           NORDON BZ        11154278.4     -30655920.5
NORDON MET-RTS         NORD1 BZ         11154278.4     -30655920.5
NOVA AMERICA SA        NOVA3 BZ         21287490.2     -183535537
NOVA AMERICA SA        NOVA3B BZ        21287490.2     -183535537
NOVA AMERICA SA        NOVAON BZ        21287490.2     -183535537
NOVA AMERICA SA        1NOVON BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4 BZ         21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4B BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVAPN BZ        21287490.2     -183535537
NOVA AMERICA-PRF       1NOVPN BZ        21287490.2     -183535537
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          64304554.3     -1269120.57
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23274759.4     -4575396.32
PUYEHUE RIGHT          PUYEHUOS CI      23274759.4     -4575396.32
RECRUSUL               RCSL3 BZ         41210099.9     -18423894.9
RECRUSUL - RCT         4529789Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         4529793Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163582D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163583D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614675D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614676D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         RCSL10 BZ        41210099.9     -18423894.9
RECRUSUL - RT          4529781Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          4529785Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163579D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163580D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614673D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614674D BZ      41210099.9     -18423894.9
RECRUSUL SA            RESLON BZ        41210099.9     -18423894.9
RECRUSUL SA-PREF       RESLPN BZ        41210099.9     -18423894.9
RECRUSUL SA-RCT        RCSL9 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL1 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL2 BZ         41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL11 BZ        41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL12 BZ        41210099.9     -18423894.9
RECRUSUL-PREF          RCSL4 BZ         41210099.9     -18423894.9
REDE EMP ENE ELE       ELCA4 BZ         1068602117     -71011565.8
REDE EMP ENE ELE       ELCA3 BZ         1068602117     -71011565.8
REDE EMPRESAS-PR       REDE4 BZ         1068602117     -71011565.8
REDE ENERGIA SA        REDE3 BZ         1068602117     -71011565.8
REDE ENERG-UNIT        REDE11 BZ        1068602117     -71011565.8
REDE ENER-RCT          3907731Q BZ      1068602117     -71011565.8
REDE ENER-RCT          REDE9 BZ         1068602117     -71011565.8
REDE ENER-RCT          REDE10 BZ        1068602117     -71011565.8
REDE ENER-RT           3907727Q BZ      1068602117     -71011565.8
REDE ENER-RT           REDE1 BZ         1068602117     -71011565.8
REDE ENER-RT           REDE2 BZ         1068602117     -71011565.8
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         89516044.1     -84915135
RENAUXVIEW SA-PF       TXRX4 BZ         89516044.1     -84915135
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         22323863.1     -3810831.28
SANSUY                 SNSY3 BZ         180592889      -139972527
SANSUY SA              SNSYON BZ        180592889      -139972527
SANSUY SA-PREF A       SNSYAN BZ        180592889      -139972527
SANSUY SA-PREF B       SNSYBN BZ        180592889      -139972527
SANSUY-PREF A          SNSY5 BZ         180592889      -139972527
SANSUY-PREF B          SNSY6 BZ         180592889      -139972527
SAUIPE                 PSEG3 BZ         18741726.8     -4445594.67
SAUIPE SA              PSEGON BZ        18741726.8     -4445594.67
SAUIPE SA-PREF         PSEGPN BZ        18741726.8     -4445594.67
SAUIPE-PREF            PSEG4 BZ         18741726.8     -4445594.67
SCHLOSSER              SCLO3 BZ         57116503.7     -55719510.4
SCHLOSSER SA           SCHON BZ         57116503.7     -55719510.4
SCHLOSSER SA-PRF       SCHPN BZ         57116503.7     -55719510.4
SCHLOSSER-PREF         SCLO4 BZ         57116503.7     -55719510.4
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         18737018.1     -11880129.9
STEEL - RT             STLB1 BZ         18737018.1     -11880129.9
TEKA                   TKTQF US         371193871      -375865470
TEKA                   TEKA3 BZ         371193871      -375865470
TEKA                   TEKAON BZ        371193871      -375865470
TEKA-ADR               TEKAY US         371193871      -375865470
TEKA-ADR               TKTPY US         371193871      -375865470
TEKA-ADR               TKTQY US         371193871      -375865470
TEKA-PREF              TKTPF US         371193871      -375865470
TEKA-PREF              TEKA4 BZ         371193871      -375865470
TEKA-PREF              TEKAPN BZ        371193871      -375865470
TEKA-RCT               TEKA9 BZ         371193871      -375865470
TEKA-RCT               TEKA10 BZ        371193871      -375865470
TEKA-RTS               TEKA1 BZ         371193871      -375865470
TEKA-RTS               TEKA2 BZ         371193871      -375865470
TEXTEIS RENA-RCT       TXRX9 BZ         89516044.1     -84915135
TEXTEIS RENA-RCT       TXRX10 BZ        89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX1 BZ         89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX2 BZ         89516044.1     -84915135
TEXTEIS RENAUX         RENXON BZ        89516044.1     -84915135
TEXTEIS RENAUX         RENXPN BZ        89516044.1     -84915135
VARIG PART EM SE       VPSC3 BZ         83017833.2     -495721727
VARIG PART EM TR       VPTA3 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPTA4 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPSC4 BZ         83017833.2     -495721727
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         591011112      -26163506.4
VULCABRAS AZ-PRF       VULC4 BZ         591011112      -26163506.4
VULCABRAS SA           VULCON BZ        591011112      -26163506.4
VULCABRAS SA-PRF       VULCPN BZ        591011112      -26163506.4
VULCABRAS-RCT          VULC9 BZ         591011112      -26163506.4
VULCABRAS-REC PR       VULC10 BZ        591011112      -26163506.4
VULCABRAS-RECEIP       0853207D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        0853205D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        VULC2 BZ         591011112      -26163506.4
VULCABRAS-RT PRF       VULC11 BZ        591011112      -26163506.4
VULCABRAS-RTS          VULC1 BZ         591011112      -26163506.4
WETZEL SA              MWET3 BZ         95682256.3     -5467518.71
WETZEL SA              MWELON BZ        95682256.3     -5467518.71
WETZEL SA-PREF         MWET4 BZ         95682256.3     -5467518.71
WETZEL SA-PREF         MWELPN BZ        95682256.3     -5467518.71


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to


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

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