/raid1/www/Hosts/bankrupt/TCRLA_Public/131217.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 17, 2013, Vol. 14, No. 249


                            Headlines




A R G E N T I N A

EDENOR SA: Marcela Sacavini Quits as Director
EDENOR SA: Pampa Holds 4.7% of Shares Outstanding as of Dec. 11
FIDEICOMISO FINANCIERO: Moody's Rates ARS45.49M Debt Sec. Ba3
FIDEICOMISO FINANCIERO: Moody's Rates ARS192MM Debt Securities Ba3
GENNEIA: Moody's Rates $25MM Notes B3/A3.ar; Outlook Stable


B A R B A D O S

BARBADOS: 3,000 Public Sector Workers to Lose Jobs


B R A Z I L

BR MALLS: Sees 20-25 New Malls in Brazil Next Year
BR MALLS: Fitch Affirms Foreign Currency IDR at BB+


C A Y M A N  I S L A N D S

ADVANCED MULTI: Placed Under Voluntary Wind-Up
ALL SEASONS: Commences Liquidation Proceedings
DAPLON LIMITED: Commences Liquidation Proceedings
EURASIA RESOURCES: Members Receive Wind-Up Report
IRA LTD: Placed Under Voluntary Wind-Up

LUKIAN ASSET: Placed Under Voluntary Wind-Up
NILE HOLDINGS: Creditors' Proofs of Debt Due Dec. 18
OLD LANE: Members Receive Wind-Up Report
QPA LTD: Shareholder Receives Wind-Up Report
QUELLOS TUNE: Shareholder Receives Wind-Up Report

REDSKIN FINANCIAL: Placed Under Voluntary Wind-Up
SINEQUANON CAPITAL: Commences Liquidation Proceedings
TITIAN ABSOLUTE: Placed Under Voluntary Wind-Up
UZBEKISTAN GROWTH: Members Receive Wind-Up Report
ZAXIS ELS: Creditors' Proofs of Debt Due Dec. 27


T R I N I D A D  &  T O B A G O

GUARDIAN HOLDINGS: To Delist From Jamaica Stock Exchange


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Lowers CCR to 'B-'; Outlook Negative
VENEZUELA: S&P Lowers Sovereign Credit Ratings to 'B-'


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


EDENOR SA: Marcela Sacavini Quits as Director
---------------------------------------------
Citing personal reasons, Marcela Sacavini tendered her resignation
from her position as regular director of Edenor SA, the Company
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission.  Ms. Sacavini was appointed Regular Director
by the Ordinary and Extraordinary Shareholders' Meeting held on
April 25, 2013. The said resignation is effective as from the date
of its submission and will be considered by the Company's Board of
Directors at its next meeting.  The Company is informed that the
resignation is not untimely.

                          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.


EDENOR SA: Pampa Holds 4.7% of Shares Outstanding as of Dec. 11
---------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Pampa Inversiones S.A. and Pampa Energia S.A.
disclosed that as of Dec. 11, 2013, they beneficially owned
20,957,800 American Depositary Shares, each representing 20 Class
B Shares, of Empresa Distribuidora y Comercializadora Norte S.A.
(EDENOR) representing 4.7 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/LeXbU8

                          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.


FIDEICOMISO FINANCIERO: Moody's Rates ARS45.49M Debt Sec. Ba3
-------------------------------------------------------------
Moody's Latin America (Moody's) has rated the debt securities and
certificates of Fideicomiso Financiero Credi-Al Serie III. This
transaction will be issued by Equity Trust Company (Argentina)
S.A. -- acting solely in its capacity as issuer and trustee.

Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.

Issuer: Fideicomiso Financiero Credi-Al Serie III

-- ARS 45,490,000 Class A Floating Rate Debt Securities (VRDA TV),
rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global
Scale, Local Currency)

-- ARS 10,498,000 Class B Floating Rate Debt Securities (VRDB TV),
rated Baa3.ar (sf) (Argentine National Scale) and B3 (sf) (Global
Scale, Local Currency)

-- ARS 8,398,000 in Class C Debt Securities (VRDC), rated B1.ar
(sf) (Argentine National Scale) and Caa2 (sf) (Global Scale, Local
Currency)

-- ARS 5,599,000 in Certificates (CP), rated B3.ar (sf) (Argentine
National Scale) and Caa2 (sf) (Global Scale, Local Currency).

Ratings Rationale:

The ratings are based mainly on:

-- The credit enhancement levels, including initial subordination
of 29.80% for the VRDA TV, 13.60% for the VRDB TV, and 0.64% for
the VRDC, calculated over the pool's principal balance and accrued
interest as of the cut-off date. Subordination levels will
increase overtime due to the sequential payment structure;

-- The high excess spread levels of the transaction;

-- The credit quality of the underlying assets and the
availability of various reserve funds.

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an revolving pool of eligible
personal loans denominated in Argentine pesos, bearing fixed
interest rate, and originated by Gramit, a financial company owned
by Comafi's Group in Argentina.

Both the VRDA TV and VRDB TV will bear a floating interest rate
(BADLAR plus a spread). For the VRDA TV, the interest rate will
not be higher than 26% or lower than 17%, while for the VRDB TV,
it will not be higher than 28% or lower than 19%. The VRDC will
bear a fixed interest rate of 28%.

The transaction also benefits from an estimated gross 71% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the interest rate cap of the VRD,
during the revolving period.

During the revolving period, any excess collections after paying
interest and scheduled principal will be used to acquire new
eligible loans. The new loans will be acquired at a 96.20% annual
discount rate and will have to comply with the same eligibility
criteria than the original pool. If there is an early amortization
event, the acquisition of new loans will be suspended and all the
cashflow will be used to amortize the VRDA TV.

Factors that would lead to an upgrade or downgrade of the rating

An increase in delinquency levels beyond Moody's assumptions when
rating this transaction may lead to a downgrade of the ratings.
Although Moody's analyzed the historical performance data of
previous transactions and similar receivables originated by
Gramit, the actual performance of the securitized pool could be
subject to high variability and may be affected, among others, by
the economic activity, real salaries in a high inflation
environment and the unemployment rate in Argentina.

Also, a deterioration in the credit quality of the transaction's
servicer (Gramit) could lead to a downgrade, given that all the
collections will be paid in cash at the branches of Gramit.

Loss and Cash Flow Analysis

Moody's considered the credit enhancement provided through the
initial subordination levels for each rated class, as well as the
historical performance of Gramit's portfolio. In addition, Moody's
considered factors common to consumer loans securitizations such
as delinquencies, prepayments and losses; as well as specific
factors related to the Argentine market, such as the probability
of an increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which determine
the expected loss for the rated securities.

In rating this transaction, Moody's analyzed the historical
performance data of previous transactions and similar receivables
originated by Credi-al, ranging from January 2011 to June 2013.
Moody's assumed a lognormal distribution of losses for the
securitized pool with a mean of 14% and a coefficient of variation
of 60%. Also, Moody's assumed a lognormal distribution for
prepayments with a mean of 2% and a coefficient of variation of
70%

Servicer default was modeled by simulating the default of Gramit
as servicer. In the scenarios in which the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 30
percentage points.

The model results showed 1.16% expected loss for Class A Floating
Rate Debt Securities (VRDA TV), 9.51% for Class B Floating Rate
Debt Securities (VRDB TV), 15.44% for the Class C Debt Securities
(VRDC) and 22.46% for the Certificates (CP).

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Credi-Al is removed as servicer, Banco Comafi,
rated B2/A1.ar, will be appointed as the back-up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario, the ratings of the Class A Floating Rate
Debt Securities, the Class B Floating Rate Debt Securities and the
Certificates would likely be downgraded to B1 (sf), Caa1 (sf) and
Caa3 (sf) respectively. The ratings of the Class C Debt Securities
would likely be unchanged.

Gramit is a financial company owned by Comafi's group that
commercializes personal loans and credit cards under the brand
"Credi-Al". Their business model is based on originating personal
loans to clients who do not have direct access to the banking
system. Gramit operates mainly in Buenos Aires.

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


FIDEICOMISO FINANCIERO: Moody's Rates ARS192MM Debt Securities Ba3
------------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo rates Fideicomiso
Financiero Supervielle Creditos 75, a transaction that will be
issued by Equity Trust (Argentina) S.A. - acting solely in its
capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

-- ARS 192,000,000 in Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 75", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

-- ARS 8,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 75", rated Ba3.ar (sf) (Argentine National
Scale) and Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 28,086 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,001,254.07.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 4% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 1.16% expected loss for the Floating Rate
Debt Securities and 17.24% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., mean of 6.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and the Certificates would likely be downgraded to
B1 (sf) and Ca (sf) respectively.

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


GENNEIA: Moody's Rates $25MM Notes B3/A3.ar; Outlook Stable
-----------------------------------------------------------
Moody's Latin America assigned B3/A3.ar ratings to Genneia's Class
XIII proposed notes for up to USD 25 million and at the same time
affirmed its B3/A3.ar global local currency corporate family
rating and the B3/A3.ar rating on Genneia's other outstanding
notes. The outlook for all ratings is stable.

Genneia will use the proceeds from the new notes to repay other
short term debt and to anticipate the funding of its next year's
financing needs.

Ratings Rationale:

The B3/A3.ar ratings are supported by Genneia's stable cash flows
arising primarily from its wind and "energia distribuida" (ED)
operations coupled with its moderately leveraged financial
position.

The company's wind farm entered into commercial operations almost
two years ago (in early 2012) and has generated energy in line
with expectations, achieving capacity factors above 40% at times,
which has resulted in stable revenues under a long term (15
years), fixed price "off-take contract" with Cammesa, a federal
government agency that administers the wholesale electricity
market in Argentina.

The ED contracts are also producing stable revenues and cash flows
under long term contracts as well. Originally, the ED contracts'
term was three years but in 2012 the company renewed all of them
and extended its contractual horizon to 7 years. Under the terms
of these ED agreements the company should generate stable revenues
of approximately USD 110 million per year.

The ratings are also supported by the various payment mechanisms
available for debt repayment. Most of Genneia's outstanding debt
is payable from direct transfers to a trustee arising from
collections under the Res. 220 ED contracts and by payments under
the "off-take contract" with Cammesa for the wind farm production.

Nevertheless, the ratings remain constrained by the concentration
of its operations in only the Argentinean market, which has been
highly unpredictable in recent years. Furthermore, most of
Genneia's cash flows arise from contracts where the off-taker is
directly Cammesa, or indirectly Cammesa since it administers the
wholesale electricity market in Argentina. Cammesa administers not
only the operation of the system but also manages all collections
and payments. Since the price paid for electricity by most
consumers is not enough to cover electricity production costs,
Cammesa faces an ongoing operating deficit that is currently
financed with federal government resources to facilitate payments
to the producers. This represents a high degree of exposure to
Argentine government credit risk (B3, Negative), which adds a cap
to the ratings.

Additional constraining factors are Genneia's relatively tight
liquidity and limited financial flexibility. In particular,
Moody's sees Genneia's limited flexibility under its current bank
loan covenants as challenging.

After the investments to acquire rather than lease the turbines
for 4 of its ED power plants earlier this year for about USD 90
million, Genneia has completed most of its investment plan for
2013/2014 which along with stabilized operations and cash flows
should result in positive levels of free cash flow in relation to
existing debt over the coming years. Nevertheless, the company's
liquidity position is expected to remain tight, with substantial
short term debt maturities that will need to be rolled-over. In
that regard, Genneia's continued access to the local capital
market and/or bank financing will remain a key rating
consideration.

The stable outlook reflects Moody's expectation that Genneia will
be able to continue producing stable cash flows while reducing
leverage over time.

Negative pressure on the ratings or outlook could occur if
Genneia's financial policy becomes more aggressive than expected.
Specifically, Moody's would become concerned should debt to EBITDA
exceed 4.5x times; interest coverage (CFO pre WC +
Interest/Interest) falls below 1.5x or RCF /Debt becomes lower
than 10%.

The ratings could also come under downward pressure if payments
from Cammesa begin to experience significant delays. In addition,
given Genneia's exposure to Argentine government credit risk, a
negative rating action at the sovereign level could also add
further downward rating pressure.

Given the current constraining rating factors, limited prospects
exist for an upgrade over the near term. Longer term a rating up-
grade would require Genneia to continue to generate stable cash
flows from its ED business and from its wind generation farm for
which Moody's would expect capacity realizations of around 40%.
Quantitatively, a rating upgrade would require Genneia to generate
CFO (pre WC) to debt of above 20%, and positive levels of FCF on a
sustainable basis. A reduction in leverage such that debt to
EBITDA falls below 2.5 times and an improved debt maturity profile
will also be important for an up-grade. In addition, given the
company's exposure to Cammesa, the sovereign rating would need to
be upgraded as well.

Genneia S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991 in the gas distribution
and transportation business under its previous denomination
"Emgasud". However, since 2008 power generation has been its main
business, contributing more than 90% of its total revenues. For
the last 12 months ending September 2013, Genneia reported
revenues of approximately USD 160 million.


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


BARBADOS: 3,000 Public Sector Workers to Lose Jobs
--------------------------------------------------
Trinidad Express reports that Barbados's Finance Minister, Chris
Sinckler, disclosed cost-saving measures that will result in
approximately 3,000 public sector employees on the island losing
their jobs.

Minister Sinckler made the announcement in a ministerial statement
to the Barbados Parliament on Dec. 14, according Trinidad Express.

"We have estimated that it will affect 3,000 employees across the
public service, central government and statutory entities," the
report quoted Minister Sinckler as saying.  "We have agreed that,
if possible, there should be an even split in the proposed
retrenchments between central government and statutory entities;
but if not possible, then the split of 2,000 from the general
service and 1,000 from the statutory entities must be imposed,"
Minister Sinckler said, the report notes.

Minister Sinckler also disclosed that effective January 1, there
will also be a freeze on all increments.

"Effective January 1, 2014, there shall be enforced a freeze on
the payment of increments for the next two years. Appropriate
arrangements will be made for the lost of income to be properly
factored in to the computation of overall pension benefits . . .
both the Ministry of Finance and Economic Affairs and the Ministry
of the Civil Service, including the Personnel Administration
division, have been mandated to continue consultation and
negotiations with the workers' representatives to ensure all
appropriate steps are taken to safeguard the rights of all workers
affected by these measures and to craft interventions aimed at
mitigating the dislocation which will undoubtedly be caused,
including those interested to enter into retraining and
redeployment programs in the private sector," Minister Sinckler
said, the report notes.

Minister Sinckler said all members of parliament, permanent
secretaries and personal assistants were taking a ten per cent
salary reduction, the report relays.

Ministries have also been instructed to immediately cut travel
budgets by 50 per cent, the report notes.

According to the finance minister, the governing Democratic Labor
Party government is trying to plug a gap of BDS$143 million
annually, including BDS$34 million in the last quarter of the
year, the report adds.


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


BR MALLS: Sees 20-25 New Malls in Brazil Next Year
--------------------------------------------------
Thomson Reuters reports that Brazilian mall operator BR Malls
Participacos SA expects 20 to 25 shopping centers to be opened in
Brazil in 2014, and 15 to 20 the following year, Chief Executive
Carlos Medeiros told investors.  Mr. Medeiros said 2015 should be
a year of consolidation among mall operators, according to Thomson
Reuters.

The report notes that Mr. Medeiros said sales at stores open for
at least 12 months at BR Malls properties should grow between 6
percent and 8 percent next year, assuming no major changes in the
macroeconomic outlook.

BR Malls is based in Rio de Janeiro and is the owner and manager
of shopping centers in Brazil.  BR Malls currently owns interests
in 45 malls diversified across 32 cities in Brazil plus has six
projects under development.


BR MALLS: Fitch Affirms Foreign Currency IDR at BB+
---------------------------------------------------
Fitch Ratings has affirmed the ratings of BR MALLS Participacoes
S.A. (BRMALLS) as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'BB+';
-- Local currency IDR at 'BB+;
-- Long-term national scale rating at 'AA(bra)';
-- BRL400 million local debentures, first and second tranches
   due in 2017 and 2019, respectively, at 'AA(bra)';
-- BRL400 million local debentures due in 2016 at 'AA(bra)';
-- BRL320 million local debentures, first and second tranches
   due in 2014 and 2016, respectively, at 'AA(bra)'.

Fitch has also affirmed the following ratings of BR Malls
International Finance Limited (Finco):

-- Foreign currency IDR at 'BB+';
-- USD405 million perpetual notes at 'BB+'.

The Rating Outlook is Stable.

BRMALLS' ratings reflect its dominant business position as the
largest Brazilian shopping center operator, stable and predictable
cash flow generation, geographical and property revenue base
diversification, and low working capital requirements with renters
responsible for most maintenance expenses.

The ratings also factors in BRMALLS' growth strategy, stable
capital structure, large pool of unencumbered assets, and
successful track record in growing the business. The company's
consistent use of a balance of equity and debt to fund its organic
and inorganic growth during the past five years has kept leverage
levels low relative to the value of its assets.

The Stable Rating Outlook reflects the expectation that BRMALLS
will continue to deliver positive operating results based upon its
strong market position and the high quality of its assets.
Leverage is not expected to increase from current levels, as
additional growth is expected to occur through a continued
balanced mix of funding that will not compromise its capital
structure.

Key Rating Drivers:

Business Fundamental, Positive View on the Sector

The ratings consider a positive view on the Brazilian mall
industry in the medium to long term based on its fundamentals,
which include Brazil's positive demographic changes, and the
upward migration of economic classes that has resulted in a
growing middle class. Medium-term retail consumption trends
coupled with still low penetration levels for the retails industry
also support the ratings. In the short term, a slowdown of the
Brazilian retail environment could result in more moderate revenue
growth rates for the shopping mall industry. The sector has
demonstrated resilience to past slowdowns due to its revenue and
rent-contract structures that incorporate fixed and inflation
adjusted components, which reduce the volatility in revenues and
cash flow generation.

Dominant Market Position and Business Diversification Incorporated

BRMALLS' ratings reflect the company's dominant business position
as the largest Brazilian shopping center operator. The company
held an interest in 51 malls with a total gross leasable area
(GLA) of 1,640,662 square meters and owned a GLA of 950,178 square
meters as of Sept. 30, 2013. BRMALLS' increased geographic
coverage, income, and tenant diversification make it less prone to
fluctuations in the domestic economy. The company has operations
in all five regions of Brazil; the largest mall represents
approximately 13% of its total revenue.

Stable Cash Flow Generation

BRMALLS' rents and net operating income per square meter are
stable to positive. They are supported by a lease structure that
consists of fixed rent payments (70%) and tenant reimbursements
(10%), which cover costs associated with property management and
taxes. The lease portfolio has staggered lease expiration dates.
About 75% of BRMALLS' rental income contracts have expiration
dates beginning in 2015 and beyond. BRMALLS' latest 12 month (LTM)
September 2013 EBITDA was BRL1 billion, a 46% increase when
compare with 2011 EBITDA (BRL689 million). The company's EBITDA
margin has remained stable at around 80% during the last five
years.

No Major Changes Expected in Leverage

The gross leverage of BRMALLS is expected to remain around 5x in
the medium term, which compares well with regional and global
players in the industry. As of Sept. 30, 2013, the company's total
debt was BRL5 billion. The company's gross and net leverage ratios
were 5x and 4.7x as of Sept. 30, 2013. Fitch base case projects
2014 revenues at approximately BRL1.4 billion and an EBITDA margin
of 80%. The company's investments during 2013-2014 period are
expected to be around BRL750 million per year, which should result
in gross leverage stable around 5x.

Adequate Liquidity

As of Sept. 30, 2013, the company faces debt amortizations of
BRL759 million and BRL427 million during the next 12 and 24
months, respectively, and has a cash position of BRL357 million.
The company has consistently maintained adequate interest coverage
ratios around 2x over the last four years. BRMALLS also has a high
level of unencumbered assets; approximately 50% of the company's
owned GLA is free of any liens.

Rating Sensitivities:

A stronger capital structure could lead to an increase in the
company's ratings. Fitch would consider a negative rating action
if the company's financial profile deteriorates due to some
combination of the following factors: aggressive capex; adverse
macroeconomic trends leading to weaker credit metrics; significant
dividend distributions; and higher vacancy rates or deteriorating
lease conditions.



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


ADVANCED MULTI: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 29, 2013, the sole member of Advanced Multi Management
Advisory Corporation resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 13, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Banque Leonardo
          Telephone: (345) 949 7555
          c/o H&J Corporate Services (Cayman) Ltd.
          Anderson Square, 5th Floor
          Shedden Road
          P.O. Box 866 Grand Cayman, KY1-1103
          Cayman Islands


ALL SEASONS: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 8, 2013, the sole shareholder of All Seasons Asia Fund Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448
          Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


DAPLON LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 11, 2013, the sole shareholder of Daplon Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2013, will be included in the company's dividend
distribution.

The company's liquidators are:

          Sharon Barrett
          RSM Farrell Grant Sparks
          Molyneux House
          Bride Street
          Dublin 8
          Ireland
          Telephone +353 1 418 2000


EURASIA RESOURCES: Members Receive Wind-Up Report
-------------------------------------------------
On Dec. 9, 2013, the members of Eurasia Resources Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


IRA LTD: Placed Under Voluntary Wind-Up
---------------------------------------
On Nov. 4, 2013, the shareholders of Ira Ltd. resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


LUKIAN ASSET: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 31, 2013, the shareholders of Lukian Asset Management
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 13, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


NILE HOLDINGS: Creditors' Proofs of Debt Due Dec. 18
----------------------------------------------------
The creditors of Nile Holdings Limited are required to file their
proofs of debt by Dec. 18, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 7, 2013.

The company's liquidator is:

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


OLD LANE: Members Receive Wind-Up Report
----------------------------------------
On Dec. 16, 2013, the members of Old Lane FFA, Ltd. received 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


QPA LTD: Shareholder Receives Wind-Up Report
--------------------------------------------
On Dec. 18, 2013, the sole shareholder of QPA, Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


QUELLOS TUNE: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Nov. 18, 2013, the sole shareholder of Quellos Tune Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


REDSKIN FINANCIAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 8, 2013, the sole shareholder of Redskin Financial Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SINEQUANON CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 5, 2013, the sole shareholder of Sinequanon Capital
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Smeets Law (Cayman)
          Reference: JAPF
          Telephone: +1 (345) 815 2800
          Facsimile: +1 (345) 947 4728
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman KY1-1209
          Cayman Islands


TITIAN ABSOLUTE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 15, 2013, the sole shareholder of Titian Absolute Return
Fund Platform SPC resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


UZBEKISTAN GROWTH: Members Receive Wind-Up Report
-------------------------------------------------
On Dec. 9, 2013, the members of Uzbekistan Growth Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alan Turner
          Turners
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0700


ZAXIS ELS: Creditors' Proofs of Debt Due Dec. 27
------------------------------------------------
The creditors of Zaxis ELS ND Fund, Ltd. are required to file
their proofs of debt by Dec. 27, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 2013.

The company's liquidators are:

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


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


GUARDIAN HOLDINGS: To Delist From Jamaica Stock Exchange
--------------------------------------------------------
Jamaica Observer reports that citing low levels of trading
activity on the Jamaica Stock Exchange (JSE), Guardian Holdings
sought and got approval from the regulator to delist from the
exchange.

"The action by (Guardian) was reached after it undertook a
thorough analysis of the costs and benefits of maintaining its
dual listing on the Trinidad and Tobago Stock Exchange (TTSE) and
the JSE," said the regional insurer, which will continue to trade
in the twin-island republic, according to Jamaica Observer.

Indeed, the Jamaica Central Securities Depository listed just 70
persons and accounts holding some 3.4 million shares, which
represented less than 1.5 per cent of the total 231.9 million
ordinary shares issued by the company as at the end of November,
the report notes.

Perhaps more importantly, Guardian's shares traded on the JSE for
the second and most recent time in March, while the 852 shares
that crossed the floor was dwarfed by the 3.46 million shares that
traded on the TTSE, the report discloses.

Interestingly, the report relates, over the last 12 months, the
stock price in Jamaica fell slightly from J$278 a year ago to
J$270 the last time it traded, while in Trinidad the share price
fell more precipitously-after starting the year at TT$18.30, it
peaked at TT$19.98 in February and closed at TT$13.50 on Dec. 13.

On the other hand, remaining shareholders will have to contend
with exchange rate differences when registered and trading
overseas, the report notes.

The Observer says that the Jamaican dollar devalued against the US
by 14.5 per cent over the last 12 months compared to the 0.6 per
cent depreciation experienced by the Trinidadian dollar over the
same period, but Guardian's share price on Dec. 13 was still 22
per cent higher in Jamaica than in Trinidad, in US dollar terms.

The report says that Jamaican shareholders will also have to
consider money lost to the spread in converting currency should
they decide to sell shares after December 24 when Guardian closes
its register.  The stock will delist from the JSE on December 31.

Guardian's market capitalization of J$62.6 billion is the third
highest on the JSE, after CIBC FirstCaribbean International Bank
at J$137.3 billion and Sagicor Financial Corporation, J$72.2
billion.

A company is allowed to voluntarily apply for removal from the JSE
-- as was the case with Guardian -- provided that it submits a
detailed written application to the JSE.

In early 2010, the report recalls, GraceKennedy opted to delist
from the Barbados Stock Exchange (BSE) and Eastern Caribbean
Securities Exchange (ECSE) for similar reasons.  Then, it had just
110 stockholders across the two Caribbean-based exchanges compared
to the 5,600 and 1,500 shareholders that were registered at the
respective central securities depositories in Jamaica and
Trinidad, the report adds.

Headquartered in Trinidad and Tobago, Guardian Holdings Limited,
through its subsidiaries, provides insurance and investment
products primarily in the Caribbean and England.  It operates in
three segments: Life, Health and Pensions; Property and Casualty
Insurance; and Asset Management.  The Life, Health and Pensions
segment underwrites various classes of long-term life, health, and
pension insurance products, as well as related investment
activities.  Guardian Holdings was founded in 1982.


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


PETROLEOS DE VENEZUELA: S&P Lowers CCR to 'B-'; Outlook Negative
----------------------------------------------------------------
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.

The rating action on PDVSA followed the downgrade of Venezuela to
'B-' from 'B'.  Based on S&P's criteria for GREs, it assess that
there is an "almost certain" likelihood that the government would
provide timely and extraordinary support to PDVSA, in case of
financial distress, and result in extraordinary financial burden
on it, in case of sovereign stress.  S&P also revised its
assessment of the company's stand-alone credit profile (SACP) to
'b-'.  S&P's assessment of an "almost certain" likelihood of
extraordinary government support is based on:

   -- PDVSA's "critical" role as it contributes about 50% of
      Venezuela's revenues and 90% of its exports;

   -- Key role in meeting the sovereign's political and economic
      objectives; and

   -- Its "integral" link with the government, given its full and
      stable ownership of the company.

S&P's anchor of 'b+', in turn, reflects the company's "weak"
business risk profile due to the government's heavy intervention
and the company's challenge to increase production.  S&P's
assessment of an "aggressive" financial risk profile reflects a
continued rise in debt, the challenges to finance the very high
capital expenditures needed to develop reserves and increase
production, and considerable contributions to the government's
social programs.

The company's financial policy has a negative impact on S&P's
rating outcome.  In addition S&P applies a downward adjustment of
one notch for comparable rating analysis.  This is based on S&P's
view that, on a stand-alone basis, the company's credit quality is
highly intertwined with that of the sovereign.  S&P considers that
the government has a high involvement in the company and the
sector, as see in PDVSA's high fiscal contributions to the
government's social programs, which the company increased to about
35% of its revenues in 2012.


VENEZUELA: S&P Lowers Sovereign Credit Ratings to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on the Bolivarian
Republic of Venezuela to 'B-' from 'B'.  The outlook on the long-
term ratings is negative.  At the same time, S&P affirmed its 'B'
short-term foreign and local currency sovereign credit ratings on
Venezuela.  S&P also lowered its transfer & convertibility (T&C)
assessment on the sovereign to 'B-' from 'B'.

                             RATIONALE

The downgrade is based on the growing radicalization of economic
policy over the last two months in the context of a sustained
decline in international reserves and the continued high levels of
political polarization.  In the run-up to the Dec. 8, 2013,
municipal elections, the government of President Nicolas Maduro
was able to pass in Congress on Nov. 19 a law that delegated
special powers to the president, allowing the executive to govern
by decree over a wide variety of economic matters for a period of
one year.  S&P expects President Maduro to rely extensively on
these special powers to increase the public sector's participation
in the economy.

Over the last two months, the government already extended its
control over different sectors of the economy--in particular over
commercial activities--in an attempt to boost its chances in the
municipal elections.  The recent political shift overturns an
earlier initiative that had taken place in mid-year to introduce
more pragmatic economic policy--such as a more frequent dialogue
with the private sector and the introduction of more flexibility
in the allocation of foreign exchange.  In October, the president
replaced Nelson Merentes, in the important position of vice
president for economic affairs, with Oil Minister Rafael Ramirez.
We believe that this change, along with other political
developments, reduces the likelihood of a more pragmatic approach
to economic policy based on wider consultation with the private
sector.  The results of the Dec. 8 municipal elections, in which
the governing party won the consolidated votes by about 6.5
percentage points, will reinforce the trend toward more government
intervention in the private sector, extending macroeconomic
dislocations and further increasing the risks to economic, fiscal,
and external sustainability.

Increasing tension with the opposition and lack of cohesion within
the government's party will continue to hurt the already weak
economic performance.  S&P expects GDP to increase modestly by an
average of 1% in real terms between 2013 and 2014.  S&P expects
Venezuela's GDP per capita--measured at the official exchange
rate--to reach close to $13,000 at year-end 2013.  S&P expects
inflation to reach 50% by year-end 2013 from 20% in 2012, while
the scarcity index increased to 23% as of October 2013, compared
with 17% one year before.  International reserves will decrease to
$20 billion at year-end 2013, compared with $29.5 billion in 2012-
-with 80% of the reserves held in gold.  The parallel exchange
rate has reached levels several times that of the official one,
reflecting the scarcity of dollars.  S&P expects Venezuela's
external liquidity position to continue to deteriorate in the
coming 12 months.  S&P expects gross external financing needs to
increase to 95% of current account receipts next year from 85% in
2013 despite the still strong inflows derived from oil exports.

As in the past, the government will still rely on the ability to
devaluate the official exchange rate to improve fiscal prospects
over the short term.  S&P believes the chances of a devaluation of
the official exchange rate over the first few months of 2014 have
increased significantly.  This action could provide relief to the
government's fiscal accounts in the short term by increasing the
local currency value of dollar-denominated oil revenues.  S&P
expects the general government deficit to remain at about 5% of
GDP this year and next.  Venezuela's net general government debt
remains at a relatively low 22% of GDP in 2013 (based on the
official exchange rate).

Sharp political polarization, erratic economic policymaking that
exacerbates both the economy's oil dependence and the prevailing
macroeconomic inconsistencies, and weakening external liquidity
remain the main constraints to the ratings on Venezuela.

Growing restrictions on external liquidity as a result of
Petroleos de Venezuela S.A.'s marginally decreasing oil production
and a more uncertain outlook for oil prices will continue to limit
Venezuela's ability to deal with growing domestic political and
economic challenges.  The country's vast oil and gas reserves, the
government's relatively low debt burden, and its low level of
external debt continue to support the rating.

                              OUTLOOK

The negative outlook reflects the possibility that sustained
political polarization and growing economic distortions--in
particular lower international reserves--could increase the risks
of a government debt default over the next two years.  S&P's
outlook also reflects the risk that, even if the government
attempts to take adjustment measures (such as a devaluation or
fiscal adjustment), it may not be able to implement them
effectively because of the difficult political environment as a
result of still strong political opposition as well as
disagreements within the government coalitions.  S&P could lower
the rating by one notch under such a scenario.

Steps to defuse the heightened political tensions in Venezuela
would reduce the risks of eroding governability and of greater
volatility in economic policies.  That, along with a growing track
record of pragmatic economic policies aimed at containing economic
imbalances, could lead us to revise the outlook to stable.

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

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

RATINGS LIST

Downgraded; Ratings Affirmed
                                        To                 From
Bolivarian Republic of Venezuela
Sovereign Credit Rating                B-/Negative/B
B/Negative/B

Downgraded
                                        To                 From
Bolivarian Republic of Venezuela
Transfer & Convertibility Assessment
  Local Currency                        B-                 B
Senior Unsecured                       B-                 B



=================
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     -5467518.00


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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


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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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