TCRLA_Public/131203.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, December 3, 2013, Vol. 14, No. 239


                            Headlines



A R G E N T I N A

EDENOR SA: Board Approves Merger with Emdersa Holding
PROVINCE OF SALTA: Fitch Affirms B- Long-term Currency Ratings


B A H A M A S

ULTRAPETROL (BAHAMAS): Shareholders Re-Elect 7 Directors


C A Y M A N  I S L A N D S

BRASCAN REAL: Shareholders' Final Meeting Set for Dec. 6
DYNASTY HOLDINGS: Members Receive Wind-Up Report
FAXTOR HG 2007-1: Shareholders' Final Meeting Set for Dec. 6
FOISON ASIA: Shareholders Receive Wind-Up Report
FRANKLIN CLO I: Shareholders' Final Meeting Set for Dec. 6

GOLDEN HORSE: Members Receive Wind-Up Report
HEMISPHERE CDO: Shareholders' Final Meeting Set for Dec. 6
NELSON RE: Shareholder to Receive Wind-Up Report on Dec. 9
PEGASUS FUND: Members' Final Meeting Set for Dec. 2
PEM LTD: Shareholders' Final Meeting Set for Dec. 6

REGAL NATURAL: Shareholders' Final Meeting Set for Dec. 13
SURFER'S PARADISE: Shareholders Receive Wind-Up Report
SV SPECIAL: Shareholders' Final Meeting Set for Dec. 4
THE INVESTCORP: Shareholders' Final Meeting Set for Dec. 18
VINCENT INVESTMENT: Shareholders' Final Meeting Set for Dec. 12


C H I L E

SECUREALERT INC: To Provide GPS Devices to Gendarmeria de Chile


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Trade Trumps Tension at Haiti Border


J A M A I C A

DIGICEL GROUP: Sees Dip in Revenue for July to September Quarter


M E X I C O

BANCO AHORRO: S&P Affirms 'B' Rating; Outlook Positive


T R I N I D A D  &  T O B A G O

CL FIN'L: Minister Points Out Lessons From Company Crisis


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Finalizes Accord With Gazprombank


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


EDENOR SA: Board Approves Merger with Emdersa Holding
-----------------------------------------------------
Edenor S.A.'s Board of Directors held a meeting and resolved to
approve basic and consolidated merger special balance sheets of
Edenor S.A., in connection with the merger of Emdersa Holding
S.A., as merged company, and Edenor S.A., as merging and surviving
company, and further resolved to approve the relevant Merger
Prospectus and Plan of Merger, ad referendum of their approval by
the Shareholders' Meeting.

Furthermore, it resolved to call a General Extraordinary
Shareholders' Meeting to be held on Dec. 20, 2013, at 11:30 a.m.,
at Ortiz de Ocampo 3302, Ground Floor, Building 4, City of Buenos
Aires (not at the Company's corporate office), to consider the
items of the agenda to be formally and timely submitted to the
above-referenced Commission and Stock Exchange.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.


PROVINCE OF SALTA: Fitch Affirms B- Long-term Currency Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Province of Salta's (PS) ratings as
follows:

-- Long Term Foreign Currency Rating at 'B-', Outlook Negative
-- Long Term Local Currency Rating at 'B-'. Outlook Negative
-- Secured notes Long Term Rating at 'B-'

Key Rating Drivers:

In line with Fitch's methodologies and criteria, PS's ratings are
capped by Argentina's Country Ceiling, which was last affirmed
together with the sovereign ratings on 22 November 2013 at 'B-'
with Negative Outlook.

The ratings reflect the province's increasing operating
expenditure and weak socio-economic profile that are balanced by
its ability to manage operating spending pressure and manageable
debt. The province is increasing both provincial staff and
provision of social services which are highly exposed to inflation
pressure. However, the province has managed to post adequate
operating margins and has political room to apply austerity
measures during financial stress. In addition, it is able to fund
public investment without incurring significant new borrowings.

Due to inflation pressure and stricter control on tax collection,
PS's current revenues increased to ARP9.5bn in 2012 from ARP1.6bn
in 2005, outpacing provincial economic growth. Similar to other
Argentinean sub-nationals, PS?s revenue structure is pro-cyclical
and dependent on federal transfers despite having tax-setting
power and collecting hydrocarbon royalties. Federal current
transfers received in 2012 accounted for 70.1% of PS's current
revenues and since 2005 this ratio has never been below 60%,
compared with the national median of 50.7%.

Due to the inflation effect on salaries and the higher provision
of social services, PS's expenditure structure has become more
rigid and concentrated on operating spending: mainly on personnel
costs and current transfers made to municipalities. Staff costs
jumped to ARP5.3bn in 2012 from ARP1.6bn in 2008, absorbing 55.8%
of current revenues in 2012 compared with 44.1% in 2008. Despite
the increasing operating costs PS managed to keep its operating
margin, notwithstanding a decline in 2012, at adequate levels,
reflecting fiscal discipline and an ability to manage salary
demands.

As expected by Fitch, in 2012 the amount of debt of the province
increased which, coupled with the decline in the operating margin,
increased debt and sustainability indicators. However, they remain
well below the provincial average and are consistent with its
current ratings. Further, most of its debt is in local currency
and at fixed interest rates, and 40.3% of its debt is with the
federal government, which Fitch considers as a friendly creditor.
Moreover, according to the projections provided by the PS, a
recovery of financial performance by end-2013 should improve its
debt metrics.

Due to the high inflationary environment in Argentina, it is
difficult for Fitch to make projections of the province's
operating revenues and expenses, and to accurately estimate its
operating margins. Nevertheless, according to the projections for
2013 provided by PS, the administration will seek to maintain
healthy operating margins. In Fitch's opinion, the administration
has the ability to manage operating spending pressure.

In 2012, the only public entity with outstanding debt was REMSA
with ARP80.5m under a financial trust. Although this is off-
balance debt, all debt service is being covered by the province
and this debt is therefore included in "other Fitch classified
debt" in the agency's calculation. The provincial pension fund is
not a direct contingency for the PS as it depends on the federal
government for repayment.

In March 2012, PS issued USD185m 10-year notes secured by its oil
and gas royalties. Following the repayment in December 2012 of the
bond issued under the "Salta Hydrocarbon Royalty Trust",
hydrocarbon royalties were assigned as collateral to USD185m bond.
In September 2013, the sixth service of quarterly interest was
paid at a fixed rate of 9.5% per annum. Up to this date, debt
service had an average coverage of 2.28x. The first amortization
payment will take place in December 2013, after the end of the
grace period of 21 months. Taking into consideration the capital
payment, Fitch estimates the royalties will be insufficient to
serve the debt in certain periods.

Also, the structure has, as credit enhancement, a reserve account
equivalent to the next debt service payment, which would be funded
gradually according to the terms of the transaction documents. On
18 September 2013, the account was made up of a dollar amount of
USD4,394,192, in a foreign account and a pesos amount of
$30,558,826 ($19,414,374 fixed within Macro Bank and $11,130,532
in the account) in a local account, which is equivalent to 100% of
the first service of capital. According to data as of September
2013, the indicators mentioned in the trust agreement have been
fulfilled, and the trigger events are, therefore, not active.

PS is one of the 24 Argentinean provinces, located in the
northwestern region of the country. Its population is estimated at
1.2 million, accounting for 3% of Argentina's population. The
province's GDP per capita in 2010 represented 32.5% of the
national median, due to a low developed provincial economy and
fairly weak socio-economic indicators. The current governor is
Juan Manuel Urtubey, who is running his second mandate in a row
with a majority in the provincial assembly. Mr. Urtubey's
government aims to widen coverage of social services and public
investment, combined with strong incentives for private economic
activity.

Key Assumptions and Sensitivities:

The Negative Outlook on the ratings reflects the high correlation
between the credit risk of the sovereign and the sub-national. A
downgrade of the Country Ceiling could result in a downgrade in
the province's ratings. Also, higher pressure on debt service
payment, due to a sharp increase in debt or a sharp decline in
operating margins, could adversely affect the ratings.

Any change in the rating of the province could impact on the
rating of the bond in the same direction. If there is an
improvement in the Argentine hydrocarbon market conditions, Fitch
will revise its potential positive impact on the bond rating,
albeit constrained by the Country Ceiling.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Shareholders Re-Elect 7 Directors
--------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed the results of the annual
general meeting of its shareholders.

At the meeting, the following proposals were approved and adopted:

   1) the approval of the audited financial statements and the
      report of the Auditors thereon for the fiscal year ended
      December 31, 2012,

   2) the re-election of the seven existing Directors of the
      Company,

   3) the ratification and confirmation of acts, transactions and
      proceedings of Directors, Officers and Employees of the
      Company, and

   4) the indemnification of Directors, Officers and Employees of
      the Company.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.


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


BRASCAN REAL: Shareholders' Final Meeting Set for Dec. 6
--------------------------------------------------------
The shareholders of Brascan Real Estate CDO 2004-1, Ltd will hold
their final meeting on Dec. 6, 2013, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DYNASTY HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Dynasty Holdings Limited received on Nov. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


FAXTOR HG 2007-1: Shareholders' Final Meeting Set for Dec. 6
------------------------------------------------------------
The shareholders of Faxtor HG 2007-1. will hold their final
meeting on Dec. 6, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


FOISON ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Foison Asia Fund received on Nov. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRANKLIN CLO I: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Franklin CLO I, Limited will hold their final
meeting on Dec. 6, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GOLDEN HORSE: Members Receive Wind-Up Report
--------------------------------------------
The members of Golden Horse Investments Limited received on
Nov. 26, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


HEMISPHERE CDO: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Hemisphere CDO (Cayman Islands No.1) Limited
will hold their final meeting on Dec. 6, 2013, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


NELSON RE: Shareholder to Receive Wind-Up Report on Dec. 9
----------------------------------------------------------
The shareholder of Nelson Re Ltd. will receive on Dec. 9, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Dena Thompson
          Laura Mclaughlin
          Telephone: 914-2267/ 914-2264
          Facsimile: 949-6021
          PO Box 10233
          171 Elgin Avenue, George Town
          Willow House, 3rd Floor, Cricket Square
          Grand Cayman KY1 -1002
          Cayman Islands


PEGASUS FUND: Members' Final Meeting Set for Dec. 2
---------------------------------------------------
The members of Pegasus Fund Limited will hold their final meeting
on Dec. 2, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


PEM LTD: Shareholders' Final Meeting Set for Dec. 6
---------------------------------------------------
The shareholders of Pem Ltd. will hold their final meeting on
Dec. 6, 2013, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          Telephone: (345) 946-5125
          Facsimile: (345) 946-5126
          FCM LTD.
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


REGAL NATURAL: Shareholders' Final Meeting Set for Dec. 13
----------------------------------------------------------
The shareholders of Regal Natural Resources Fund will hold their
final meeting on Dec. 13, 2013, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SURFER'S PARADISE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Surfer's Paradise Acquisition Corporation
received on Nov. 26, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


SV SPECIAL: Shareholders' Final Meeting Set for Dec. 4
------------------------------------------------------
The shareholders of SV Special Gold Ltd. will hold their final
meeting on Dec. 4, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815-1418
          Facsimile: (345) 949-9877


THE INVESTCORP: Shareholders' Final Meeting Set for Dec. 18
-----------------------------------------------------------
The shareholders of The Investcorp Index-Linked Product SPC will
hold their final meeting on Dec. 18, 2013, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mufeed Rajab
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


VINCENT INVESTMENT: Shareholders' Final Meeting Set for Dec. 12
---------------------------------------------------------------
The shareholders of Vincent Investment Properties Ltd. will hold
their final meeting on Dec. 12, 2013, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949-5122
          Facsimile: (345) 949-7920
          Boundary Hall, Cricket Square
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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C H I L E
=========


SECUREALERT INC: To Provide GPS Devices to Gendarmeria de Chile
---------------------------------------------------------------
SecureAlert Chile SpA, a wholly-owned subsidiary of SecureAlert,
Inc., entered into a 41-month agreement with the Gendarmeria de
Chile (the Republic of Chile's uniformed prison service) to
provide electronic (GPS and residential) monitoring of offenders
and other services to the Chilean government.  The Agreement must
now be formally approved by the office of the Comptroller General
of the Republic of Chile.

The Agreement calls for the Company's subsidiary to deliver and
put into service up to 9,400 electronic monitoring (GPS) devices
over a 41 month period.  The Company was required under the
Agreement, to post a performance bond under the Agreement in the
approximate amount of US$3,400,000.  In addition the Company's
subsidiary will design and construct a real-time monitoring and
data center to be staffed by Chilean government employees.
Training for the monitoring center personnel will also be provided
by the Company's subsidiary.  The maximum sum to be paid for the
services provided by the Company's subsidiary is approximately
US$70,000,000, at current exchange rates, over the term of the
Agreement.

                          About SecureAlert

Sandy, Utah-based SecureAlert, Inc., markets and deploys offender
management programs, combining patented GPS tracking technologies,
fulltime 24/7/365 intervention-based monitoring capabilities and
case management services.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the fiscal year ended Sept. 30, 2012, citing
losses, negative cash flows from operating activities, notes
payable in default and an accumulated deficit, which conditions
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at June 30, 2013, showed
$27.63 million in total assets, $9.73 million in total
liabilities, and $17.90 million in total equity.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Trade Trumps Tension at Haiti Border
----------------------------------------------------------
Dominican Today reports that Dajabon's cross-border market has
eased tensions among Haitians and Dominicans, as merchants from
both sides hawk products and merchandise as always, but this time
with numerous troops posted at the bridge across the Masacre
River.

Haitians began crossing into Dajabon (northwest) on foot and in
vehicles to purchase mostly pastas, cooking oil and vegetables,
while according to Defense Minister Sigfrido Pared, trade was cut
in half at Jimani's market (west) and shuttered in Pedernales
(southwest), according to Dominican Today.

The report relates that Border Security (CESFRONT) agents and Army
troops frisked some Haitians with suspicious profiles prior to
their entry into Dominican territory.

                          Merchants Upbeat

The report notes that Freddy Morillo, head of Dajabon's merchants
association said trade has been normal so far, but didn't rule out
future incidents.  "We're in contact with our Haitian colleagues
coordinating measures to avert disturbances in the course of the
market," Mr. Morillo said, the report relates.

Haitian truckers also crossed into Dominican territory without
incident, after threats to boycott the market on alleged abuses
from their Dajabon and Santiago counterparts, the report adds.


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


DIGICEL GROUP: Sees Dip in Revenue for July to September Quarter
----------------------------------------------------------------
RJR News reports that movements in the value of the Jamaican
dollar and currencies in two other markets have contributed to a
decline in total group revenues at Digicel Group.

Revenues at Digicel Group, which is owned by businessman Denis
O'Brien, fell US$7 million to US$691 million the three months to
the end of September, according to RJR News.

The report relates that Irish Times newspaper said the information
is contained in financial statements sent to Digicel Group
bondholders.

Despite underlying growth of two per cent, the company blamed a
fall against the dollar in the currencies of Haiti, Papua New
Guinea and Jamaica for the dip in sales, RJR News notes.

In Jamaica, revenues fell by nine per cent to US$107 million, the
report relates.

Digicel Group said its underlying revenues had grown by one per
cent, and added that the Jamaican dollar had fallen by 12 per
cent, the report notes.

While revenues fell slightly, it was an improved performance on
the previous three months to the end of June, when Digicel Group
made a net loss of about US$11 million, the report adds.

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

                             *     *     *

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


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


BANCO AHORRO: S&P Affirms 'B' Rating; Outlook Positive
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
global scale and 'mxBBB-/MxA-3' national scale issuer credit
ratings on Banco Ahorro Famsa S.A. Institucion de Banca Multiple
(BAF).  The outlook is positive.

The ratings on BAF reflect its core status to its parent Mexico-
based retailer Grupo Famsa S.A.B. de C.V. (Grupo Famsa;
B/Positive/--).  The bank has a "weak" business position,
"adequate" capital and earnings, "moderate" risk position,
"average" funding, and "adequate" liquidity, as S&P's criteria
define these terms.  The issuer credit ratings on BAF are limited
by the rating of its parent, Grupo Famsa, given that the bank is
considered a captive operation closely linked with the group.
BAF's stand-alone credit profile (SACP) is 'bb'.

"The issuer credit rating on BAF is three notches below its SACP,
reflecting the ratings on Grupo Famsa.  BAF's business activities
are mainly related to the group and most of BAF's products are
offered through Famsa stores, other subsidiaries' customers, and
suppliers.  The significant integration between the bank and the
group generates strategies, growth, and risk management that
benefit BAF," said Standard & Poor's credit analyst Ricardo Grisi.


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


CL FIN'L: Minister Points Out Lessons From Company Crisis
---------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Finance Minister Larry Howai said the Colonial Life Insurance
Company Limited (Clico)/ CL Financial Limited crisis were the
result of a lack of adherence to the proper corporate governance
practices.

Minister Howai said this crisis has taught the country that the
State and private sectors must be held to the same level of
accountability at all times, according to Trinidad and Tobago
Newsday.

The report relates that observing the lack of sound risk
management and corporate governance practices played a major role
in the world financial crisis of 2008, Minister Howai said: "At
home, we had the unfortunate experience of the CL Financial
debacle."

While Minister Howai welcomed the Code and its objectives,
Minister Howai said it was important to remember that "that the
best rules amount to nothing if they are not adhered to or
enforced," the report notes.

The report relates that Minister Howai said while many persons in
TT believe the private sector cannot be held to the same level of
accountability as the State sector, both the 2008 world financial
meltdown and "our own experience with CL Financial has taught us
differently."

Meanwhile, the report discloses that Attorney General Anand
Ramlogan said that Government hopes to receive the final report of
the Clico/HCU Commission of Enquiry report before Easter.

The government is currently considering a proposed new CL
Financial shareholders agreement, the report adds.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


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


PETROLEOS DE VENEZUELA: Finalizes Accord With Gazprombank
---------------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that OAO Gazprombank
signed a US$1 billion loan for the Petrozamora joint venture in
Venezuela to increase crude production and expand infrastructure.

Petroleos de Venezuela SA and Gazprombank finalized the accord in
Caracas attended by PDVSA President Rafael Ramirez and Gazprombank
executives Boris Ivanov and Alexander Muranov.  The eight-year
loan will be used to almost double Petrozamora's production to
104,000 barrels a day from 63,000 barrels, according to Bloomberg
News.

"The deal shows that despite the problems and challenges Venezuela
is still able to secure enough financial support to move forward
with its oil projects," Tissot Associate Consultant Roger Tissot
told Bloomberg News in a phone interview from British Columbia.

PDVSA has a 60 percent stake in the Petrozamora project in Western
Venezuela while Gazprombank owns the rest.  The venture was formed
in May 2012 to explore and produce from oil fields Lagunillas
Tierra and Bachaquero Tierra in western Venezuela's Zulia state.

"Since constituting Petrozamora we have spent two years opening
offices and building up personnel," Gazprombank Vice President
Muranov told reporters, Bloomberg News relates. "Now that we have
the project financed we can concentrate on increasing production",
Mr. Muranov added, Bloomberg News says.

Mr. Ramirez, also Venezuela's oil minister, said the financing
accord with Gazprombank is one of five between international
partners totaling US$10 billion that aim to increase production to
678,000 barrels a day from 365,000 barrels, Bloomberg News notes.

Still, Mr. Ramirez told reporters Venezuela cut its 2014 oil
output target to 3 million barrels a day from 4 million to
maintain its OPEC production quota for next year, Bloomberg News
discloses.

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2013, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B+'.  The outlook
remains negative.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

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

SNIAFA SA-B            SDAGF US         11229696.2     -2670544.88

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
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.


                            ***********


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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