TCRLA_Public/131210.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 10, 2013, Vol. 14, No. 244


                            Headlines



A R G E N T I N A

ARGENTINA: U.S. Urges Supreme Court to Review Debt Case


B R A Z I L

INVESTIMENTOS E PARTICIPACOES: S&P Assigns 'BB' Global Scale CCR


C A Y M A N  I S L A N D S

ASCEND II TRADING: Commences Liquidation Proceedings
COOLMORE SPMA: Commences Liquidation Proceedings
GLC GLOBAL: Commences Liquidation Proceedings
GLC SYSTEMATIC FEEDER I: Commences Liquidation Proceedings
GLC SYSTEMATIC TRADING: Commences Liquidation Proceedings

LYNX II FEEDER: Commences Liquidation Proceedings
LYNX II TRADING: Commences Liquidation Proceedings
MA ASCEND II: Commences Liquidation Proceedings
MA CANYON: Commences Liquidation Proceedings
MA COOLMORE: Commences Liquidation Proceedings

MA GLC GLOBAL: Commences Liquidation Proceedings
MA GLC SYSTEMATIC: Commences Liquidation Proceedings
MA LYNX II: Commences Liquidation Proceedings
MA PGR: Commences Liquidation Proceedings
PGR FEEDER I: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: San Juan Province to Get US$35MM IDB Loan


J A M A I C A

PAN-CARIBBEAN SUGAR: Forks Out US$30 Mil. to Replace Mill Bearings


M E X I C O

VALUE SA: Moody's Affirms Global Local Currency Ratings at 'Ba3'


P A R A G U A Y

PARAGUAY: S&P Affirms Sovereign Sovereign Credit Rating at 'BB-'


T R I N I D A D  &  T O B A G O

PCS NITROGEN: Fires Long-Time Employees to Reduce Workforce
* TRINIDAD AND TOBAGO: To Get US$18MM IDB Loan for IT Services


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
=================


ARGENTINA: U.S. Urges Supreme Court to Review Debt Case
-------------------------------------------------------
Daily Bankruptcy Review, citing Agence France-Presse, reports that
the U.S. government has urged the Supreme Court to intervene in
Argentina's fight over paying up on its defaulted debt, saying a
lower court ruling against the country was wrong.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2013, Bloomberg News said that Argentina lost its bid for
a rehearing of a federal appeals court ruling against it in
litigation over $1.5 billion in the nation's defaulted bonds.  The
U.S Court of Appeals for the Second Circuit in Manhattan on
Nov. 18 rejected Argentina's request that a larger panel of
circuit judges reconsider a decision that a three-judge panel
reached in August, according to Bloomberg News.

Bloomberg News related that the three judges upheld a lower-court
injunction barring Argentina from paying holders of its
restructured debt if it fails to pay a group of investors that
hold defaulted bonds, led by Elliott Management Corp.'s NML
Capital and Aurelius Capital Management LP.  The ruling leaves a
possible appeal to the U.S. Supreme Court as Argentina's last
chance at reversing a decision it said threatens the country with
a new default, Bloomberg News noted.  The appeals court delayed
enforcement of the August ruling, allowing Argentina to continue
paying holders of its restructured debt while it seeks Supreme
Court review, Bloomberg News relayed.

Argentina in 2001 defaulted on a record $95 billion of foreign
debt.  Holders of more than 90 percent of the bonds agreed to take
new exchange bonds in 2005 and 2010, at a deep discount, Bloomberg
News said.  The court also denied requests by groups holding
restructured bonds to reconsider the case, Bloomberg News added.

The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-cv-06978, U.S. District Court, Southern District of New York
(Manhattan).  The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).


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


INVESTIMENTOS E PARTICIPACOES: S&P Assigns 'BB' Global Scale CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' global scale
and 'brA+' national scale corporate credit ratings to
Investimentos e Participacoes em Infraestrutura S.A. (Invepar).
The outlook is stable.

The ratings on Invepar reflect the company's "satisfactory"
business risk profile and "aggressive" financial risk profile.  In
recent years, Invepar has significantly increased its
participation in transportation infrastructure projects in Brazil,
taking advantage of the government's several concession programs
aimed at improving the country's public transportation services
and infrastructure.  Invepar has built a very diversified
portfolio, which includes toll roads, urban mobility projects, and
the largest airport in Latin America, the GRU Airport in Sao
Paulo.  The sharp increase in new projects in its portfolio has
led to a significant need for financing, mostly through new debt
issuances, resulting leveraged credit  metrics.  Although S&P
expects these projects to ramp up and boost cash flow generation
in the next one to three years, S&P also believes Invepar will
continue to actively participate in new public bidding processes.
As a result, its credit metrics will only slightly improve.


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


ASCEND II TRADING: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Ascend II Trading Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


COOLMORE SPMA: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Coolmore SPMA Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


GLC GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Global Macro SPMA Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


GLC SYSTEMATIC FEEDER I: Commences Liquidation Proceedings
----------------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Systematic Feeder I Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


GLC SYSTEMATIC TRADING: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Systematic Trading Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


LYNX II FEEDER: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Lynx II Feeder I Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


LYNX II TRADING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Lynx II Trading Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA ASCEND II: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Ascend II Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA CANYON: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Canyon VRF Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA COOLMORE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Coolmore Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA GLC GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA GLC Global Macro Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA GLC SYSTEMATIC: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA GLC Systematic Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA LYNX II: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Lynx II Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA PGR: Commences Liquidation Proceedings
-----------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA PGR Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


PGR FEEDER I: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
PGR Feeder I Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


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


* DOMINICAN REPUBLIC: San Juan Province to Get US$35MM IDB Loan
---------------------------------------------------------------
The Dominican Republic's San Juan Province will strengthen its
productive capacity, competitiveness, and environmental and
financial sustainability with the help of a US$35 million loan
from the Inter-American Development Bank.

The province's producers currently confront obstacles that limit
their ability to convert to new crops and develop market linkages.
The IDB program aims to address these limitations by improving
access of producers and entrepreneurs to credit services and
markets, reducing transportation costs in the province's road
network, and optimizing irrigation systems.

The program includes measures to facilitate access to credit for
producers on feasible terms as well as finance public investments.
These investments, primarily in irrigation and roads, are expected
to trigger boosts in productivity and improve market access.

Program activities are designed to improve productivity and
exports of producers participating in the program, as well as
reduce transport time and costs and improve irrigation systems for
users.

The IDB loan is for a term of 181/2 years with a grace period of
12 years and an interest rate based on LIBOR.  Local counterpart
contribution totals US$3.3 million.


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


PAN-CARIBBEAN SUGAR: Forks Out US$30 Mil. to Replace Mill Bearings
------------------------------------------------------------------
RJR News reports that Pan-Caribbean Sugar Company has forked out
US$30 million to replace the mill bearings which were stolen from
the Monymusk Estate earlier this year.

The 26 stolen bearings, each weighing half a ton, were valued at
J$28 million, according to RJR News.

The report notes that a statement from Pan Caribbean said the new
bearings have arrived in the island and will be quickly installed
to ensure the timely start of the Monymusk factory for the
2013/2014 Sugar Crop.

The company is still offering a 100-thousand dollar reward for the
recovery of the stolen bearings, the report relays.

As reported in the Troubled Company Reporter-Latin America on
March 22, 2013, RJR News said that the majority of the 178 workers
whose positions were made redundant by Pan Caribbean Sugar Company
have received their separation packages.  The Bustamante
Industrial Trade Union (BITU) said a small number of persons are
yet to be paid, according to RJR News.  The report related that
this is expected to be done before the end of the month, according
to Harold Brown, BITU deputy island supervisor.  Mr. Brown, the
report noted, said there is an agreement with Pan Caribbean Sugar
that could be beneficial to the displaced workers in the future.


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


VALUE SA: Moody's Affirms Global Local Currency Ratings at 'Ba3'
----------------------------------------------------------------
Moody's de Mexico affirmed Value, S.A. de C.V. Casa de Bolsa's
long- and short-term global local currency Ba3/Not-Prime issuer
ratings, and changed the outlook to stable from positive. At the
same time, Moody's affirmed Value's A3.mx/MX-2 long- and short-
term Mexican National Scale ratings. The outlook on these ratings
is also stable.

Ratings Rationale:

Moody's noted that the Ba3 rating reflects the broker dealer's
stable performance that derives from a low-risk business model and
a highly capitalized operation. Particularly important is Value's
success in leveraging its agency trading business to support its
franchise value as reflected by its good core earnings generation
and comfortable levels of pre-tax margins over time. The ratings
are also underpinned by Value's good track record of operations ,
successful niche business and conservative risk management.

In changing the outlook to stable from positive, Moody's cited the
increasing competition in Value's niche segment of asset
management and brokerage services to high net worth individuals,
which will limit the company's expansion and earnings generation.
Value's less diversified operation and distribution capacity
relative to its larger, international peers --as reflected in
narrow geographic focus in two major Mexican cities-- is likely to
constrain business growth potential. Moreover, because of its
predominantly domestic brokerage business, Value is also less
likely to benefit from growing interest by foreign investors for
Mexican assets. Conversely, management's conservative risk profile
and the company's focus on agency trading in money markets provide
comfort that Value will adhere to its low-risk business model.

Moody's also notes that the decision-making process at Value is
concentrated in a handful of key executives, which may result in
potential key-man risks. Moreover, the brokerage house's family-
based ownership structure raises concerns of potential corporate
governance risks.

Value is primarily engaged in agency trading in the money markets,
and is also active in the distribution of mutual funds.
Proprietary trading is of low relevance for Value thus the firm
bears a low-risk profile overall.

Value is headquartered in Monterrey, NL; Mexico. As of 30
September 2013 it reported MXN 715 million in pre-tax earnings and
held MXN 77 billion of assets under management.

The long-term Mexican National Scale ratings of A.mx indicate
issuers or issues with above-average creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-2 indicate above average ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's and Value); year-end 2012 and 2011 audited financial
statements (source: Value, audited by PricewaterhouseCoopers, S.
C., and Moody's); financial statements and information on market
position (source: CNBV); regulatory capital information (source:
CNBV).


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


PARAGUAY: S&P Affirms Sovereign Sovereign Credit Rating at 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign
and local currency long- and short-term sovereign credit ratings
on the Republic of Paraguay.  The rating outlook remains stable.
The 'BB' transfer and convertibility assessment remains unchanged.

                             RATIONALE

Paraguay's developing political institutions, less developed and
volatile economy, and limited monetary flexibility constrain the
ratings.  The ratings are supported by its solid fiscal position,
low government debt burden, and sound external indicators, though
there are inconsistencies in the external data.

Despite the improvements in the country's economic fundamentals,
still-developing institutional capacity--as highlighted in areas
such as debt management and financial supervision--remains a
rating constraint.  Given Paraguay's still-evolving political
institutions, economic prospects remain vulnerable to political
dynamics and, therefore, more uncertain.  President Horacio
Cartes' ability to maintain a unified base within the Colorado
Party (Partido Colorado, in Spanish) is a key political challenge.
Even though Cartes was elected with the support of the largest
traditional party in Paraguay, he is not necessarily considered a
core member of the party. Ongoing discussions to appoint key
positions in the Administration will still require tough
negotiations between the president and his party.

Standard & Poor's expects the government to have a fiscal deficit
of less than 2% of GDP in 2013.  S&P expects the deficit to
decline over time, based on the implementation of different fiscal
measures, including a Fiscal Responsibility Law and measures aimed
at improving tax collection.  The passage of these pieces of
legislation constitutes an advance in institutionalizing economic
policymaking in Paraguay, but implementation is equally important.

Paraguay has a long tradition of containing fiscal imbalances,
which historically has maintained government debt at very low
levels.  Net general government debt is estimated at 6% of GDP in
2013.  At the same time, the country's external indicators appear
to have strengthened as a result of solid export growth (except in
2009 and 2012) and rising usable official reserves, which now
cover more than three months of current account payments.
Paraguay's external liquidity is based on the expectation that
gross external financing requirements will reach 83% of current
account receipts plus usable reserves in 2013.  The authorities
have recently revised the country's international investment
position to include the external liabilities of the two large
binational hydroelectric dams.  This has moved Paraguay into a
sizable net external liability position and has made the stocks
more consistent with the balance of payments flows.  However, S&P
has decided not to incorporate these changes into its data
analysis until the process has concluded and because of the nature
of the dams' debt.  The creditors of the debt are the same
government owners, and the debt is payable with the export of the
energy produced in the dams.

The high level of dollarization in the economy (a high proportion
of depository corporation claims is in dollars, roughly 45% as of
mid-2013) and a history of central bank deficits have constrained
Paraguay's monetary flexibility.  The latter were a function of
nonperforming loans to government-owned entities and financial
institutions and were largely incurred prior to the 1995 charter
prohibiting such practices.  The government capitalized the
central bank over the past year by issuing a perpetual bond for
$890 million with the aim of solving this long-standing issue.  In
addition, the Paraguayan economy depends highly on agriculture and
international trade, which leaves it more exposed to fluctuations
in world commodity prices, weather, and the economic prospects of
its key trading partners.  Nonetheless, S&P expects a very strong
harvest in 2013, after a difficult 2012 marked by drought, to push
real GDP per capita growth to more than 10% in 2013.  S&P expects
real GDP per capita growth to decelerate starting in 2014,
averaging 3% over the next three years. This growth should boost
Paraguay's low GDP per capita above US$4,000.

                              OUTLOOK

The stable outlook reflects S&P's view that there is less than a
one-in-three chance that it would change the rating over the next
year as institutional challenges, low economic development, and
external vulnerabilities offset the promise of the new
government's fiscal reform agenda.  The ambitious fiscal reform
agenda of the new Administration of President Cartes is likely to
face significant implementation challenges that could jeopardize
its ability to improve external and fiscal dynamics and make them
less vulnerable to political events.

S&P could raise the ratings if the government continues to improve
economic institutions via better external and fiscal performance.
The rating could also benefit from important investment projects,
which would further boost growth prospects and external
indicators. Additional reform measures in the areas of debt
management and financial supervision would also improve rating
prospects.  On the other hand, rapid credit growth that impairs
external and fiscal flexibility or leads to financial sector
problems could lead to a downgrade.

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

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

RATINGS LIST

Ratings Affirmed

Paraguay (Republic of)
Sovereign Credit Rating                  BB-/Stable/B
Transfer & Convertibility Assessment     BB
Senior Unsecured                         BB


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


PCS NITROGEN: Fires Long-Time Employees to Reduce Workforce
-----------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that PCS Nitrogen
Trinidad Ltd has fired more than a dozen long-standing employees
as the company moves to reduce its workforce.

Potash Corporation of Saskatchewan (PotashCorp), the Canadian
parent company, also disclosed that it is taking steps to reduce
its workforce in Canada, the United States and Trinidad and Tobago
by 18 per cent, according to Trinidad Express.

PCS Nitrogen's employees, some of whom have been employed for
three decades, were handed termination letters, with immediate
effect, the report notes.

The report notes that PotashCorp issued a statement that the
company expects to reduce the workforce by region.

The company stated that approximately 440 people would be laid off
in Saskatchewan, 130 in New Brunswick, 350 in Florida, 85 in North
Carolina and 40 workers in other US locations and
Trinidad, the report relates.

The company explained that a significant portion of fertilizer
demand comes from developing market growth which has been less
robust than expected, the report relays.

Trinidad Express notes that PotashCorp stated that the company had
identified necessary changes to respond to market conditions;
reduce costs to enhance the global competitive position of the
company; and maintain operational flexibility in potash to meet
anticipated future demand growth.

"This is a difficult day for our employes and our company. While
these are the steps we must take to run the sustainable business
and protect the long-term interests of all our stakeholders, these
decisions are never easy.  We understand the impact is not only on
our people, but also in the communities where we work and live,
and PotashCorp will work hard to help those affected through this
challenging time," the report quoted PotashCorp President and
Chief Executive officer Bill Doyle as saying.

PotashCorp is a crop nutrient company and plays an integral role
in global food production.

PCS Nitrogen Trinidad Ltd is located on the Pt Lisas Industrial
Estate.


* TRINIDAD AND TOBAGO: To Get US$18MM IDB Loan for IT Services
--------------------------------------------------------------
Trinidad and Tobago will receive an US$18 million loan from the
Inter-American Development Bank (IDB) to help the country expand
its ability to offer global information technology-enabled
services (ITeS).

The project aims to help position Trinidad and Tobago as a
regional hub for the provision of global IT services by providing
training, investment promotion and branding, and capacity building
to improve the business climate and regulations.

Trinidad is well positioned to capitalize on a worldwide trend
toward outsourcing of IT services.  The country ranks well
regionally for the quality of its educational system, including
math and science knowledge and management training.  Its English-
speaking population is equipped with the necessary language skills
required by the industry. In addition, the country's IT
infrastructure is considered among the best in the region.

Because the country's small population means the talent pool is
limited, the project includes creation of a Global Services
Internationalization Hub to provide training and support services
adapted to the needs of local companies and international
investors.  The project finances the lease of a building to
establish physical space for the hub, creating opportunities for
collaborative work and innovation, which will enable Small and
Medium Enterprises (SMEs) to increase their export capacity.

Additionally, the project includes creation of a marketing and
branding strategy and engagement with Trinidad and Tobago's
diaspora population in order to promote the country's image as a
reliable provider of global ITeS.

The IDB loan is for 25 years, with a grace period of 5-1/2 years,
with an interest rate based on LIBOR.


=================
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)
-------                ------         ---------      ------------

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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