/raid1/www/Hosts/bankrupt/TCRLA_Public/121009.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, October 9, 2012, Vol. 13, No. 201


                            Headlines



A R G E N T I N A

ASOCIACION CIVIL: Creditors' Proofs of Debt Due Nov. 19
EMPRESA PROVINCIAL: Moody's Affirms 'B3' Rating; Outlook Neg.
ESTANCIAS DEL BERMEJO: Creditors' Proofs of Debt Due Nov. 14
FIDEICOMISO FINANCIERO XIV: Moody's Rates Two Securities 'C.ar'
JOHN DEERE: Moody's Assigns 'Ba3' Global Local Currency Rating

MARSALIS SA: Creditors' Proofs of Debt Due Oct. 22
SOLO DOS: Creditors' Proofs of Debt Due Nov. 1
TARCOL SA: Creditors' Proofs of Debt Due Dec. 13


B R A Z I L

BANCO PINE: S&P Affirms 'BB+/B' Counterparty Credit Ratings
BANCO RURAL: S&P Affirms 'B' Global Counterparty Credit Rating


B O L I V I A

BISA LEASING: Moody's Assigns 'Ba2' Rating to Debt Issuance


C A Y M A N  I S L A N D S

9W CREDIT: Member to Hear Wind-Up Report on Oct. 29
9W CREDIT OPPORTUNITIES: Member to Hear Wind-Up Report on Oct. 29
CLEAN RESOURCES: Shareholders Receive Wind-Up
FREIGHTER DUKE: Shareholders' Final Meeting Set for Oct. 12
HARMONY INVESTMENT: Shareholder to Hear Wind-Up Report on Oct. 12

INSPECTION INVESTMENTS: Final Meeting Set for Nov. 5
KALLISTA CB: Shareholders Receive Wind-Up
MLMI CAYMAN NIM: Shareholders' Final Meeting Set for Oct. 12
SURF CAYMAN: Shareholders' Final Meeting Set for Oct. 12
WIN CORPORATION: Shareholders' Final Meeting Set for Oct. 12


M E X I C O

SANLUIS RASSINI: S&P Withdraws 'B' Rating on $250MM Senior Notes
VITRO SAB: Urges Appeals Court to Enforce Bankruptcy Plan in US
* MUNICIPALITY OF ZAPOTLAN: Moody's Affirms 'B1' Issuer Rating


P A N A M A

GLOBAL BANK: Moody's Assigns Rating to First Covered Bond


P U E R T O   R I C O

PONCE DE LEON: Luis E. Vallejo Approved as Real Estate Appraiser


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Has Unfair Advantage, British Airways Exec Says


X X X X X X X X

* ECLAC Sees Fall in Latin America and Caribbean Growth
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


ASOCIACION CIVIL: Creditors' Proofs of Debt Due Nov. 19
-------------------------------------------------------
Estudio Escandell - Lopez Cepero, the court-appointed trustee for
Asociacion Civil Club Atletico Chacarita Juniors's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Nov. 19, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Escandell - Lopez Cepero
         Teniente General Juan Domingo Peron 1509
         Argentina


EMPRESA PROVINCIAL: Moody's Affirms 'B3' Rating; Outlook Neg.
-------------------------------------------------------------
Moody's Latin America S.A. has changed the rating outlook to
negative from stable and affirmed Empresa Provincial de Energia de
C¢rdoba's (EPEC) current B3/A3.ar ratings. The company's outlook
change follows the revision of the Province of Cordoba's B3 rating
outlook to negative from stable.

Ratings Rationale

The rating outlook revision to negative for EPEC is triggered by
the negative outlook for the Province of Cordoba's B3 rating and
by the negative outlook for Argentina's B3 rating. The change in
the outlook for the Province signals the ongoing deterioration in
Argentina's operating environment. In Moody's view, the lack of
consistent and predictable policies at the national level affects
the institutional framework under which provinces and
municipalities operate.

EPEC, wholly owned by the Province of Cordoba, is the province's
vertically-integrated utility and the fourth-largest electricity
company in the country. It is engaged in the generation,
transmission and distribution of electricity in the Province's
territory serving a population of around 860 thousand clients and
annual revenues of approximately ARS 3.0 billion. Because EPEC is
an autarchic agency of the provincial government, it is considered
a government related issuer ("GRI"). As a GRI, the B3 and A3.ar
ratings reflect the application of Moody's joint default analysis
(JDA) framework for GRIs, which takes into account the following
four input factors: i) a baseline credit assessment (BCA) of 17 as
a measure for the rated entity's standalone creditworthiness,
which is consistent with a caa1 rating; ii) the B3 rating of the
Province of Cordoba as the support provider, as well as Moody's
estimates of iii) a high degree of implied government support in
the case of financial distress and iv) a high default dependence
between EPEC and the province.

EPEC's BCA of caa1 reflects its credit profile and it captures the
company's material increase in leverage to fund the company's
expansion program which has resulted in a deterioration in EPEC's
historical credit metrics. The BCA also takes into account EPEC's
historically poor operating margins and weak cash generation.
Offsetting those credit negatives, EPEC's ratings are supported by
the importance of the company for the continuity of the service
provided within the Province of Cordoba, its position as the
fourth largest electricity company in the country behind the three
regulated companies with operations in Buenos Aires, and the
province's 100% ownership.

The ratings could be downgraded if the Province of Cordoba's
ratings are downgraded or if collections under the Res. 220
contracts or receipts under the co-participated tax regime are not
available to be transferred to the trustee in charge of making
payments under EPEC's notes. To that end, an important rating
factor is the short-to-medium term liquidity of the issuer.
Moody's ability to monitor this factor depends in part on the
receipt of certain information, including the timely delivery of
financial information. To date, EPEC has been slow in delivering
timely financial information which at some point could negatively
affect the ratings.

Given the current negative outlook, EPEC's current aggressive
leverage position, weak liquidity and weak operating results, an
upgrade in the rating is unlikely in the near term. However,
EPEC's ratings or outlook could be revised upward if there were an
upgrade of the province's ratings. Additionally, a material
improvement in EPEC's operating results such that cash from from
operations pre-Working Capital (cash flow/Debt -) exceeds 10% and
cash flow coverage of Interest to Interest exceeds 2.0x on a
sustained basis would be important criteria for consideration of
rating upgrade.


ESTANCIAS DEL BERMEJO: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------------------
Marta Susana Serra, the court-appointed trustee for Estancias del
Bermejo SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 14, 2012.

Ms. Serra will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 23, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marta Susana Serra
         Gaona 1488
         Argentina


FIDEICOMISO FINANCIERO XIV: Moody's Rates Two Securities 'C.ar'
---------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XIV to be
issued by Equity Trust Company (Argentina) S.A.- acting solely in
its capacity as issuer and trustee.

Moody's notes that as of Oct. 5, 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.

- ARS20,921,000 in Class A Fixed Rate Debt Securities (VRDA TF)
   of "Fideicomiso Financiero Pvcred Serie XIV", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
   Currency)

- ARS52,302,000 in Class A Floating Rate Debt Securities (VRDA
   TV) of "Fideicomiso Financiero Pvcred Serie XIV", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

- ARS19,019,000 in Class B Debt Securities (VRDB) of "Fideicomiso
   Financiero Pvcred Serie XIV", rated C.ar (sf) (Argentine
   National Scale) and C (sf) (Global Scale, Local Currency)

- ARS2,853,000 in Certificates (CP) of "Fideicomiso Financiero
   Pvcred Serie XIV", rated C.ar (sf) (Argentine National Scale)
   and C (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
9,577 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

The VRDA TF will bear a fixed interest rate of 13%. The VRDA TV
will bear a floating interest rate (BADLAR plus 400bps). The VRDA
TV's interest rate will never be higher than 23% or lower than
14%. The VRDB will bear a fixed interest rate of 23%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 76.02% and
16,07% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance. The subordination levels will
increase overtime due to the turbo sequential payment structure.

The transaction also benefits from an estimated 24.76% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 23% for the VRDA TV.

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 Pvcred
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
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a triangular distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a most likely scenario of 20%, with
a minimum of 10% and a maximum of 30%; (b) for the "Cuota Ya"
loans, a most likely scenario of 30%, with a minimum of 20% a
maximum of 40%; (c) for "Refinanced" loans, a most likely scenario
of 50%, with a minimum of 40% and a maximum of 60%, (d) for loans
with a discounted installment, a most likely scenario of 18%, with
a maximum of 28% and a minimum of 8%, (e) for "Provenclick" loans
originate through an online platform, a most likely scenario of
30%, with a minimum of 20% a maximum of 40%; . Also, Moody's
assumed a triangular distribution for prepayments centered around
a most likely scenario of 40%, with a minimum of 30% and a maximum
of 50%.

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.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 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 2.02% for the Floating Rate Debt
Securities, 99.98% expected loss for Class B Fixed Rate Debt
Securities and 100% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 5% from
the base case scenario, the ratings of the Class A Fixed Rate
would be unchanged. The ratings of the Class A Floating Rate be
likely downgraded to B2(sf). The ratings of Class A Fixed Rate,
the Class B and the CP would remain unchanged.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.


JOHN DEERE: Moody's Assigns 'Ba3' Global Local Currency Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
debt rating to John Deere Credit Compania Financiera S.A. (JDC)'s
expected first issuance in an amount of up to AR$40 million and to
a second issuance of up to an equivalent amount of US$15 million,
payable in Argentine pesos, under the company's AR$900 million
senior multi-currency debt program. At the same time, Moody's
Latin America assigned a Aaa.ar local currency debt rating for the
aforementioned issuances. All these ratings have stable outlook.

The following ratings were assigned to John Deere Credit Compania
Financiera S.A.

First Issuance up to Ar$40 million:

Global Local-Currency Debt Rating: Ba3, stable outlook

National Scale Local-Currency Debt Rating: Aaa.ar

Second issuance up to U$S15 million, payable in Argentine pesos:

Global Local-Currency Debt Rating: Ba3, stable outlook

National Scale Local-Currency Debt Rating: Aaa.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from John Deere's Ba3 corporate family rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

John Deere Credit Compania Financiera S.A. reported total assets
of Ar$434.8 million and total equity of Ar$48.6 million as of
June 30, 2012.


MARSALIS SA: Creditors' Proofs of Debt Due Oct. 22
--------------------------------------------------
Norberto Ruben Di Napoli, the court-appointed trustee for Marsalis
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 22, 2012.

Mr. Di Napoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Norberto Ruben Di Napoli
         Marcelo Torcuato de Alvear 925
         Argentina


SOLO DOS: Creditors' Proofs of Debt Due Nov. 1
----------------------------------------------
Stella Maris Diaz, the court-appointed trustee for Solo Dos SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 1, 2012.

Ms. Diaz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Stella Maris Diaz
         Colombres 1070
         Argentina


TARCOL SA: Creditors' Proofs of Debt Due Dec. 13
------------------------------------------------
Estudio Emilio Giacumbo-Rafael Hernandez, the court-appointed
trustee for Tarcol SA's reorganization proceedings, will be
verifying creditors' proofs of claim until Dec. 13, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 30, 2013.

The Trustee can be reached at:

         Estudio Emilio Giacumbo-Rafael Hernandez
         Av. Corrientes 1250
         Argentina



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


BANCO PINE: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA' national scale counterparty credit ratings on
Banco Pine S.A. (Pine). The outlook on both scales is stable.

Standard & Poor's bases its ratings on Pine's "moderate" business
position, "adequate" risk position, "adequate" capital and
earnings, "below average" funding, and "adequate" liquidity.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Brazil is 'bbb'. Our economic risk assessment reflects our
opinion that economic improvements and cautious fiscal and
monetary policies have added to the Brazilian economic
authorities' flexibility to manage significant external shocks and
potential distortions arising from the current economic expansion
in Brazil. We believe these potential risks remain manageable, and
the central bank's proactive stance has contained them. Regarding
industry risk, sound regulation, regulators' good track record,
and a high and stable share of core deposits support the Brazilian
banking industry. We consider the banking sector's moderate risk
appetite as a positive factor in our assessment," S&P said.

RATINGS SCORE SNAPSHOT
Issuer Credit Rating           BB+/Stable/B

SACP                           bb+
Anchor                         bbb
Business Position             Moderate (-1)
Capital and Earnings          Adequate (0)
Risk Position                 Adequate (0)
Funding and Liquidity         Below Average and Adequate (-1)

Support                        0
GRE Support                   0
Group Support                 0
Sovereign Support             0

Additional Factors             0



BANCO RURAL: S&P Affirms 'B' Global Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Banco Rural S.A. to negative from stable. "We affirmed our 'B'
global and 'brBB+' national scale counterparty credit ratings on
the bank," S&P said.

"Banco Rural recently published its June 2012 financial
statements. The statements show a loss of Brazilian real (R) $33
million in the semester, following a loss of R$83 million for
fiscal year 2011. The losses for the first semester of this year
are attributable mainly to an increase in loan loss provisions due
to deterioration in asset quality and a reduction in income from
loans, but also because of tax credits writedowns. For the fiscal
year 2011, accounting adjustments required by the central bank,
such as labor and fiscal provisions, also weighed on the banks'
results. In addition, high administrative costs have historically
affected the bank's profitability. The lower income from loans
follows the discontinuation of the payroll lending business and
changes in accounting practices in Brazil as of 2012, also related
to payroll lending," S&P said.

"The balance sheet of Banco Rural, as of June 2012, received a
qualified opinion from its external auditors, which suggests the
losses for the period could be higher. Also, the notes to the
financial statements inform that the central bank requested that
Rural make a capital injection of R$88 million in order to
maintain its capitalization at the minimum required levels.
According to Rural, as of September, R$80 million was already
added to the bank's balance sheet and an additional R$20 million
was approved by the Board and is waiting the central bank's
approval. This follows another inspection in December 2011 by the
central bank that required Rural to adjust its balance sheet by
R$181 million to comply with regulatory capital requirements.
Rural met this requirement through deleveraging, recognition of
losses, and a capital injection of R$65 million," S&P said.

"These injections, while enough to capitalize the bank, do not
change our view of Rural's weak capital and earnings according to
our risk-adjusted capital framework," said Standard & Poor's
credit analyst Vitor Garcia.



=============
B O L I V I A
=============


BISA LEASING: Moody's Assigns 'Ba2' Rating to Debt Issuance
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
debt rating to Bisa Leasing's second issuance for Bs.45.5 million
under the entity's senior debt program up to US$15 million
(Programa de Emisiones de Bonos Bisa Leasing II). At the same
time, Moody's Latin America assigned a Aaa.bo National Scale local
currency debt rating for the aforementioned issuance.

All the ratings have stable outlook.

The following ratings were assigned to Bisa Leasing:

Second Issuance: Bs.45.5 million

Ba2 Global Local Currency Debt Rating, stable outlook

Aaa.bo Bolivian National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Bisa Leasing's Ba2 global local currency
issuer rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Moody's National Scale ratings are intended primarily for use by
Bolivian domestic investors, and they are not comparable to
Moody's globally applicable ratings, which do not carry the ".bo"
notation. An Aa.bo rating on Moody's Bolivia National Scale
indicates an issuer or issue with a very strong creditworthiness
and a low likelihood of credit loss, relative to other domestic
issuers.

Headquartered in La Paz, Bolivia, Bisa Leasing is the leading
leasing company in the country, with assets of Bs.231 million and
loans of Bs.209 million as of June 30, 2012.



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


9W CREDIT: Member to Hear Wind-Up Report on Oct. 29
---------------------------------------------------
The member of 9W Credit Opportunities Fund, Ltd. will receive on
Oct. 29, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


9W CREDIT OPPORTUNITIES: Member to Hear Wind-Up Report on Oct. 29
-----------------------------------------------------------------
The member of 9W Credit Opportunities Master Fund, Ltd. will
receive on Oct. 29, 2012, at 10:05 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


CLEAN RESOURCES: Shareholders Receive Wind-Up
---------------------------------------------
The shareholders of Clean Resources Asia Long Only Fund Limited
received on Oct. 8, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


FREIGHTER DUKE: Shareholders' Final Meeting Set for Oct. 12
-----------------------------------------------------------
The shareholders of Freighter Duke Limited will hold their final
meeting on Oct. 12, 2012, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HARMONY INVESTMENT: Shareholder to Hear Wind-Up Report on Oct. 12
-----------------------------------------------------------------
The shareholder of Harmony Investment Fund Feeder I Limited will
receive on Oct. 12, 2012, at 11:45 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


INSPECTION INVESTMENTS: Final Meeting Set for Nov. 5
----------------------------------------------------
The shareholders of Inspection Investments Limited will hold their
final meeting on Nov. 5, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KALLISTA CB: Shareholders Receive Wind-Up
-----------------------------------------
The shareholders of Kallista CB Arbitrage Fund Limited received on
Oct. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Saskia Lawrence
         PO Box 765 10 Market Street
         Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7212
         Facsimile: (345) 949 7120


MLMI CAYMAN NIM: Shareholders' Final Meeting Set for Oct. 12
------------------------------------------------------------
The shareholders of MLMI Cayman NIM 2007-HE1, Ltd. will hold their
final meeting on Oct. 12, 2012, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SURF CAYMAN: Shareholders' Final Meeting Set for Oct. 12
--------------------------------------------------------
The shareholders of Surf Cayman NIM 2007-BC2, Ltd. will hold their
final meeting on Oct. 12, 2012, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WIN CORPORATION: Shareholders' Final Meeting Set for Oct. 12
------------------------------------------------------------
The shareholders of Win Corporation Annex Ltd. will hold their
final meeting on Oct. 12, 2012, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



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


SANLUIS RASSINI: S&P Withdraws 'B' Rating on $250MM Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its issue and recovery
ratings on SANLUIS Rassini S.A. de C.V.'s proposed $250 million
senior unsecured notes. "We had rated the proposed notes 'B' with
a recovery rating of '4', indicating our expectations of average
(30% to 50%) recovery of principal in the event of a payment
default. At the same time we affirmed our 'B' corporate credit
rating on SANLUIS Rassini. The outlook is stable," S&P said.

"The rating actions followed the company's announcement that it
won't continue with the proposed transaction to refinance most of
its debt, given that market conditions are not as it expected,"
said Standard & Poor's credit analyst Bernardo Gonzalez.

SANLUIS Rassini's corporate credit rating remains at 'B'.

"Under our new base-case scenario, in which SANLUIS Rassini will
not carry out its refinancing plans, we expect the company to
cover its 2012 and 2013 financial obligations with its own cash
generation," Mr. Gonzalez added.

"In addition, the company will continue to meet our criteria for
an 'adequate' liquidity assessment for those years," S&P said.

"The stable outlook reflects our expectations that SANLUIS
Rassini's credit metrics will remain strong to offset the
unpredictability of its financial performance under its very
aggressive financial policy and volatile markets. It also reflects
our expectations that the company will maintain adequate
profitability because of its flexible and competitive cost
structure, as well as its favorable business position in the NAFTA
and the Brazilian markets," S&P said.

"We could upgrade SANLUIS Rassini if it maintains a less
aggressive financial policy, sound liquidity, and more
conservative financial leverage metrics, while also sustaining its
competitive advantages and overall business performance. On the
other hand, we may downgrade the company if its liquidity and
credit metrics weaken, either because its operating performance
deteriorates, the company is not able to manage its 2014 debt
maturity, or it implements aggressive financial or growth
strategies, which in turn would make it more vulnerable to market
downturns," S&P said.


VITRO SAB: Urges Appeals Court to Enforce Bankruptcy Plan in US
---------------------------------------------------------------
David McLaughlin and Allen Johnson Jr. at Bloomberg News report
that Vitro, S.A.B. de C.V. urged an appeals court to enforce its
bankruptcy plan in the U.S. over opposition from hedge fund
Elliott Management Corp. and other creditors.

Vitro is facing "legal chaos" with a bankruptcy plan that's valid
in Mexico and unenforceable in the U.S., Vitro attorney Andrew
Leblanc told the U.S. Court of Appeals in New Orleans, according
to Bloomberg News.

"Vitro would be crippled in the United States" if a bankruptcy
judge's decision that denied enforcement of the plan in the U.S.
is upheld, Mr. Leblanc said, Bloomberg News notes.

Bloomberg News recalls that the case came directly to the appeals
court following a victory in bankruptcy court by Elliott and other
holders of some of Vitro's $1.2 billion in defaulted bonds.  U.S.
Bankruptcy Judge Harlin Hale in Dallas ruled in June that the
Mexican plan was "manifestly contrary" to U.S. policy because it
reduced the liability of non-bankrupt Vitro units on the bonds,
Bloomberg News relates.

A panel of three appeals court judges heard the case.  The outcome
will help determine the boundaries on what is permissible in a
foreign reorganization that seeks recognition in the U.S., said
Madlyn Gleich Primoff, a bankruptcy attorney at Kaye Scholer LLP
in New York, Bloomberg News discloses.

Bloomberg News notes that Judge Hale faulted the plan for
extinguishing the claims of bondholders against Vitro units that
guaranteed the debt, even though the units aren't in bankruptcy.

Enforcing the plan in the U.S. "would create precedent without any
seeming bounds," Judge Hale said in his ruling, Bloomberg News
notes.

G. Eric Brunstad Jr., a lawyer for the bondholders, said the Vitro
units need only file for bankruptcy to halt collection efforts on
the bonds, Bloomberg News discloses.

Bloomberg News relates that Leblanc, of law firm Milbank, Tweed,
Hadley & McCloy LLP, said there was no violation of U.S. policy
because a majority of unsecured creditors voted for the plan
reducing the units' debt. The bankruptcy judge determined that the
procedure in Mexico was fair and without corruption, he added.

Even if Vitro wins the appeal being argued, the company still must
deal with a separate defeat in August when a U.S. district judge
in Dallas ruled that 10 Vitro units should have been thrown into
bankruptcy involuntarily, Bloomberg News adds.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.


* MUNICIPALITY OF ZAPOTLAN: Moody's Affirms 'B1' Issuer Rating
--------------------------------------------------------------
Moody's de Mexico downgraded the issuer rating of the Municipality
of Zapotlan el Grande to Baa3.mx (Mexico National Scale) from
Baa1.mx. At the same time, Moody's affirmed the issuer rating of
the Municipality of Zapotlan el Grande of B1 (Global Scale, local
currency).  The outlook on the ratings remained as negative.

Ratings Rationale

According to Moody's analyst Roxana Munoz, "the downgrade reflects
a further deterioration in the gross operating balances of the
municipality, cash financing deficits and higher debt levels than
its national peers.  Moreover, the negative outlook reflects
Moody's view that there is a significant risk that the recent
deterioration of key credit factors could continue and reach
levels that are no longer consistent with Zapotlan's current
B1/Baa3.mx ratings."  In 2011, the municipality's gross operating
balance fell to -11.5% of operating revenues from an already
negative -6.3% registered in 2010, mainly due to an increase in
operating expenditures related to the Pan-American Games and
public security. Controlling current expenditures will prove
difficult in the short term since the municipality has plans to
continue strengthening both, public security and general services
in the municipality.

As a result of its weak operating performance, coupled with high
capital expenditure levels, Zapotlan registered cash financing
deficits in 2010 and 2011 equivalent to -17.4% and -17.8% of its
total revenues respectively, a high level compared to national
peers. "We expect consolidated financial results to remain
negative in the near future" added Ms. Munoz.

The cash financing deficits have driven Zapotlan's net direct and
indirect debt to 61.2% of operating revenues, up from 42.7% in
2009.

The municipality acquired additional debt to finance a portion of
its capital expenditures during 2012. Moody's expects net direct
and indirect debt levels to increase to an estimated 67.3% of
operating revenues at the end of the year. Debt service costs are
estimated to reach a high 8.5% of total revenues in 2012, compared
to 4.8% registered in 2011.

What Could Move The Ratings Up/Down

Although we do not anticipate upward pressure over the near to
medium term, an increase in operating revenues and spending
restraint, leading to a) a sustainable correction of the negative
operating and consolidated results, and b) a stabilization in net
direct and indirect debt levels, could stabilize the ratings.
If the municipality is not able to reverse the deterioration in
its operating and financial performance, stabilizing debt metrics,
the ratings could face further downward pressure.

The date of the last Credit Rating Action was November 14, 2006.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.



===========
P A N A M A
===========


GLOBAL BANK: Moody's Assigns Rating to First Covered Bond
---------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of Baa3
to the first series of covered bonds (CBs) issued under the
US$500,000,000 covered bond program of the issuer, Global Bank
Corporation (Ba1/D+BFSR). This first series, 2012-1, has a
notional balance of US$200,000,000. Global Bank may issue further
series under this program, with all CB issuances ranking pari
passu. As with all CBs, the bonds will benefit from two layers of
protection, by having recourse to both the issuer and a collateral
pool held under a guaranty trust.

This transaction is the first covered bond that Moody's rates in
Latin America. It is also Global Bank's first covered bond
issuance.

The CBs constitute direct, unconditional and senior obligations of
Global Bank. They are also secured by the cover pool, which
includes a pool of US dollar-denominated residential mortgage
loans originated by Global Bank in Panama, eligible substitution
assets, and any cash that Global Bank assigns to the guaranty
trust to meet the minimum over-collateralization requirement.

The program was established under both Panamanian and English law.
Unlike many European jurisdictions, Panama does not have specific
covered bond legislation. Instead, the program relies on existing
contractual law. The program was structured using securitization
mechanisms intended to isolate the cover pool in the event of
issuer insolvency.

Issuer: Global Bank Corporation

- US$200,000,000 Series 2012-1, Assigned Baa3

Guaranty Trustee: HSBC Investment Corporation (Panama), S.A.

Trustee: The Bank of New York Mellon

Ratings Rationale

Moody's Baa3 rating takes into account the following factors:

- the credit strength of the issuer, rated Ba1

- the value of the cover pool; the CBs are backed primarily by
   residential mortgage loans originated and serviced by the
   issuer

- the 18.5% minimum level of over-collateralization that Global
   Bank commits to maintain, calculated as a percentage of the CBs
   and considering mortgage pool assets subject to an Asset
   Percentage of 84.4%

- an analysis of market risk, and

- the transaction's legal structure.

The 2012-1 Series CBs were issued as soft-bullet bonds with a
five-year term, with the option to extend the legal final maturity
date up to 12 months. Moody's has assigned a Timely Payment
Indicator (TPI) of "Very Improbable" to the CBs.

For further details, please refer to our new issue report "Global
Bank - Covered Bond Program", dated October 5, 2012.

Collateral Overview

The cover pool assets include residential mortgage loans secured
by properties in Panama to primarily low- and middle-income
Panamanian citizens. The issuer services around half the mortgage
pool via automatic payroll deductions.

The mortgages have been registered with the Public Registry of
Panama. In Panama, a mortgage is enforceable against the borrower
once registered in the Public Registry. Further, the issuer will
also register its assignment of the mortgages to the Guaranty
Trust in the Public Registry to isolate the mortgages in the event
of issuer insolvency.

As of the cut-off date, July 31, 2012, the pool had the following
characteristics (in some cases weighted average): a total
outstanding balance of US$241,375,865; an average balance of
US$61,450; an average interest rate of 6.2%; 93.8% in first liens;
6.2% in second liens; seasoning of 2.3 years; a remaining term of
23.8 years; and a combined current loan-to-value (LTV) ratio of
74.9%.

The mortgages carry a fixed rate, as stipulated in the mortgage
agreements. However, these agreements give the servicer the right
to change the interest rate at its discretion. Therefore, Moody's
considers the mortgages adjustable-rate for modeling purposes.
Furthermore, around 25% of the pool's interest is accrued in the
form of interest subsidies from the Panamanian government given
that nearly half the initial pool is comprised of preferential
mortgages.

Key Rating Assumptions/Factors

Moody's determines covered bond ratings by a two-step process: an
expected loss analysis and a TPI framework analysis.

Expected Loss: Moody's determines a rating based on a bond's
expected loss. Moody's covered bond model (COBOL) determines
expected loss as a function of the issuer's probability of default
and the stressed losses on the cover pool following issuer
default.

The stressed cover pool loss assumption for this program is 59.8%.
This is an estimate of the all-in cover pool losses that Moody's
currently models in the event of issuer default. Cover pool losses
can be split between market risk of 49.8% and collateral risk of
10.1%.

For this particular program, the market risk loss of 49.8% is
comprised of losses due to refinancing risk (29.9%) and losses due
to the interest rate mismatch between the cover pool assets and
the CBs (19.9%). With respect to refinancing risk, the maturities
of the cover pool mortgages do not match the maturities of the
CBs: the mortgages have a remaining average life of 23.8 years,
while the CBs have a five-year bullet principal repayment.
Therefore, as with other CB programs, following an issuer default
the CB holders may need to rely on the proceeds of cover pool
asset sales to ensure timely principal repayment.

With respect to interest rate mismatch, the cover pool mortgages
are adjustable-rate, while the CBs accrue interest at a fixed
rate, which in declining interest rate scenarios results in
stressed model runs.

Collateral risk measures losses resulting directly from the credit
quality of the assets in the cover pool. Collateral risk is
derived from the collateral score, which for this program is
currently 15.0%, the product of a stressed borrower frequency of
default assumption of 25.0% and a severity of loss assumption of
60.0%. The collateral risk loss of 10.1% equals the collateral
score of 15.0% after a haircut of one third. Moody's haircuts the
collateral score to account for the ability of the issuer to
maintain the pool's credit quality. Because the base collateral
score reflects a static pool's expected losses, the score does not
take into account the benefit of an issuer that can, and is
motivated to, replace delinquent mortgages or add more collateral
to the pool if delinquencies rise. Another reason for the haircut
is that not every Issuer default will expose the cover pool to a
scenario of severe stress, which is what the collateral score
addresses.

TPI Framework: Moody's timely payment indicator (TPI) indicates
the likelihood that timely payment will be made to covered
bondholders following issuer default. The TPI framework limits the
covered bond rating to a certain number of notches above the
issuer's rating. Moody's has assigned this program a TPI of "very
improbable," which limits the covered bond rating to one notch
above the issuer's rating of Ba1.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The downgrade of Global Bank's rating from Ba1 to Ba2, all else
being equal, would likely cause a one-notch downgrade of the CBs
unless the issuer chooses to commit more overcollateralization by
contractually lowering the maximum asset percentage. For example,
an issuer rating of Ba2 would require a maximum asset percentage
of 83.0% (or overcollateralization of 20.5% as a percent of the
CBs) in order to maintain the Baa3 rating on the CBs. In order to
change the maximum asset percentage the issuer may have to amend
the transaction documents.

Furthermore, due to Moody's TPI framework, an issuer downgrade of
more than 2 notches to B1 or below would likely cause a downgrade
of the covered bonds regardless of any increase in the amount of
committed overcollateralization. The TPI Leeway measures the
number of downgrade notches the issuer could withstand before
Moody's TPI framework would cap the covered bond ratings below
Baa3. Based on the current TPI of "very improbable", the TPI
Leeway for this program is 2 notches, meaning that the covered
bonds could no longer maintain a Baa3 rating if the issuer's
rating were downgraded to B1.

A multiple notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (a) a
sovereign downgrade negatively affecting the issuer's senior
unsecured rating; (b) a multiple notch downgrade of the issuer; or
(c) a material reduction in the value of the cover pool.

Panama's Baa3 sovereign rating, with a positive outlook, reflects
strong medium-term growth prospects and favorable government debt
dynamics.

For further details on Cover Pool Losses, Collateral Risk, Market
Risk, Collateral Score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures are
based on the most recent cover pool information provided by the
issuer and are subject to change over time.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in July 2012.

The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's ratings are subject to revision, suspension or withdrawal
at any time at Moody's absolute discretion. The ratings are
expressions of opinion and not recommendations to purchase, sell
or hold securities. Moody's ratings are subject to revision,
suspension or withdrawal at any time at its absolute discretion.



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


PONCE DE LEON: Luis E. Vallejo Approved as Real Estate Appraiser
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the Bankruptcy Court for
the District of Puerto Rico authorized Ponce De Leon 1403 Inc., to
employ Luis E. Vallejo as real estate appraiser.  To the best of
the Debtor's knowledge, Mr. Vallejo is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.

                      About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso
Vicens as accountant, with compensation to be paid in such amounts
as may be allowed by the Court.



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


CARIBBEAN AIR: Has Unfair Advantage, British Airways Exec Says
--------------------------------------------------------------
RJR News reports that Colm Lacy, a senior British Airways head of
commercial at Gatwick Airport, has complained that Caribbean
Airlines Limited is benefiting from an unfair advantage as a
result of using subsidized fuel on its London-Caribbean route.

Mr. Lacy said CAL's air fares reflect the fact that the airline is
not paying in full for fuel, according to RJR News.  The report
relates that Mr. Lacy's statement follows Caribbean Airline's June
re-entry into the market flying between Gatwick and Trinidad.

Mr. Lacy said that the cost of flying between Britain and the
Caribbean had increased because of the Airport Passenger Duty
(APD), which was having a negative impact on the airline's plans
to expand its capacity to the region, RHR, RJR News says.

The report relates that Mr. Lacy noted that while BA planned
growth to the region two years ago, it has had to scale back as
costs go up.

CAL Chairman Rabindra Moonan described subsidized fuel as a plus
for the airline, the report adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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


* ECLAC Sees Fall in Latin America and Caribbean Growth
-------------------------------------------------------
Caribbean360.com reports that the Economic Commission for Latin
America and the Caribbean (ECLAC) said that the weak global
economy, mainly due to the difficulties faced by Europe, United
States and China, has affected growth in Latin America and the
Caribbean.

According to the Economic Survey of Latin America and the
Caribbean 2012, launched in Santiago, Chile, by the United Nations
agency, the slowdown experienced by economies in 2011 carried over
into the first half of 2012, and this has brought down the growth
projection for the entire year from the 3.7% announced in June to
3.2%, according to Caribbean360.com.

The report, citing the survey, notes that private consumption has
been the main driver of regional growth, thanks to the growth in
labour markets, increased credit and -- in some cases --
remittances.  However, that the dramatic slowdown in external
demand and the downward trend in the prices of most export
commodities have made foreign trade the main way in which
international crises have been passed on to the region's
economies, Caribbean360.com relates.

"The economic performance of Latin America and the Caribbean in
2012 and 2013 is largely subject to the form taken by adjustment
processes in developed countries, as well as the slowdown in
China.  It will also be dependent on the region's own response
capacity", indicated Alicia Barcena, Executive Secretary of ECLAC,
as she presented the document, the report notes.

In this sphere, the region has accumulated valuable experience in
recent years that should enable it to respond appropriately to
external turmoil, the report discloses.  Caribbean360.com says
that the survey describes measures adopted by governments in the
face of international economic difficulties in the period 2008-
2012, and concludes that most countries now have the fiscal room
for manoeuvre to react with anti-cyclical policies to stabilize
the patterns of employment, investment and growth.

According to ECLAC estimates for 2012, growth will be led by
Panama (with GDP growth of 9.5%), followed by Haiti (6.0%) and
Peru (5.9%), Caribbean360.com notes.

Caribbean360.com says that Bolivia, Chile, Costa Rica, Nicaragua
and Venezuela will grow by 5.0% this year, while Mexico will
expand by 4.0%.  Paraguay will be the only country to shrink (by
2.0%), and this is due to exceptional climatic factors that
destroyed part of its production of soya - its main export
product, Caribbean360.com relates.

In terms of subregions, the Caribbean will grow by 1.6%, Central
America by 4.4% and South America by 2.8%, Caribbean360.com
relays.

Caribbean360.com notes that the scenario predicted for 2013
includes a continuation of the slight downward growth trend for
most South American countries, as they are more dependent on
commodity exports to China, with growth similar to 2012 levels for
Mexico and Central American countries.

In the Caribbean, the recovery will be gradual, with growth rates
slightly higher than in 2012 in countries that are the most
dependent on tourism, Caribbean360.com discloses.

As for inflation, the report states that it has maintained its
downward trend in the second half of 2012, with an average
cumulative variation in the 12 months to June of 5.5%, which is
the lowest figure since November 2010 thanks to smaller increases
in food prices, Caribbean360.com says.

As far as employment is concerned, the document explains that the
increase in work and its quality, plus higher wages, have all
contributed to a moderate expansion of internal demand and
consumption in the region, Caribbean360.com notes.

Caribbean360.com says that in a selected group of countries, the
urban regional unemployment rate fell from 7.2% in the first half
of 2011 to 6.8% one year later.

For the region as a whole, average unemployment is expected to be
6.5% for the year as a whole, compared with 6.7% en 2011,
Caribbean360.com adds.


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

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

ARGENTINA
-----------

SOC COMERCIAL PL     SCDPF US        222756992      -310302930
SNIAFA SA-B          SDAGF US       11229696.2     -2670544.88
CENTRAL COSTAN-B     CRCBF US        410955501       -20459083
SOC COMERCIAL PL     CAD IX          222756992      -310302930
SOC COMERCIAL PL     CVVIF US        222756992      -310302930
SOC COMERCIAL PL     CADN EO         222756992      -310302930
SOC COMERCIAL PL     CADN EU         222756992      -310302930
COMERCIAL PL-ADR     SCPDS LI        222756992      -310302930
ENDESA COSTAN-A      CECO1 AR        410955501       -20459083
ENDESA COSTAN-       CECO2 AR        410955501       -20459083
CENTRAL COST-BLK     CECOB AR        410955501       -20459083
ENDESA COSTAN-       CECOD AR        410955501       -20459083
ENDESA COSTAN-       CECOC AR        410955501       -20459083
ENDESA COSTAN-       EDCFF US        410955501       -20459083
CENTRAL COSTAN-C     CECO3 AR        410955501       -20459083
CENTRAL COST-ADR     CCSA LI         410955501       -20459083
ENDESA COST-ADR      CRCNY US        410955501       -20459083
CENTRAL COSTAN-B     CNRBF US        410955501       -20459083
SOC COMERCIAL PL     COME AR         222756992      -310302930
SOC COMERCIAL PL     CADN SW         222756992      -310302930
COMERCIAL PLA-BL     COMEB AR        222756992      -310302930
SOC COMERCIAL PL     COMEC AR        222756992      -310302930
SOC COMERCIAL PL     COMED AR        222756992      -310302930
SNIAFA SA            SNIA AR        11229696.2     -2670544.88
SNIAFA SA-B          SNIA5 AR       11229696.2     -2670544.88
IMPSAT FIBER NET     IMPTQ US        535007008       -17164978
IMPSAT FIBER NET     330902Q GR      535007008       -17164978
IMPSAT FIBER NET     XIMPT SM        535007008       -17164978
IMPSAT FIBER-CED     IMPT AR         535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR        535007008       -17164978
IMPSAT FIBER-$US     IMPTD AR        535007008       -17164978
IMPSAT FIBER-BLK     IMPTB AR        535007008       -17164978

BRAZIL
------

TELECOMUNICA-ADR     81370Z BZ       470957698     -17289190.9
FABRICA TECID-RT     FTRX1 BZ       71426302.5     -70883547.3
LARK SA MAQU-RTS     LARK1 BZ        4842545.5     -13952540.7
LARK SA MAQU-RTS     LARK2 BZ        4842545.5     -13952540.7
TEKA-ADR             TEKAY US        341291511      -388484677
BOMBRIL              BMBBF US        351909380     -20217403.6
TELEBRAS-PF RCPT     CBRZF US        470957698     -17289190.9
TEKA                 TKTQF US        341291511      -388484677
TEKA-PREF            TKTPF US        341291511      -388484677
BATTISTELLA-RIGH     BTTL1 BZ        251786497     -39723897.3
BATTISTELLA-RI P     BTTL2 BZ        251786497     -39723897.3
BATTISTELLA-RECE     BTTL9 BZ        251786497     -39723897.3
BATTISTELLA-RECP     BTTL10 BZ       251786497     -39723897.3
AGRENCO LTD-BDR      AGEN11 BZ       640440282      -323456366
REII INC             REIC US          14423532        -3506007
PET MANG-RIGHTS      3678565Q BZ     287903103      -170622863
PET MANG-RIGHTS      3678569Q BZ     287903103      -170622863
PET MANG-RECEIPT     0229292Q BZ     287903103      -170622863
PET MANG-RECEIPT     0229296Q BZ     287903103      -170622863
BOMBRIL HOLDING      FPXE3 BZ       19416015.8      -489914902
BOMBRIL              FPXE4 BZ       19416015.8      -489914902
SANESALTO            SNST3 BZ       31802628.1     -2924062.87
B&D FOOD CORP        BDFCE US         14423532        -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ        351909380     -20217403.6
BOMBRIL-RIGHTS       BOBR1 BZ        351909380     -20217403.6
TELEBRAS/W-I-ADR     TBH-W US        470957698     -17289190.9
AGRENCO LTD          AGRE LX         640440282      -323456366
CELGPAR              GPAR3 BZ       2639764737      -675967203
RECRUSUL - RT        4529781Q BZ    42222280.6     -19730363.1
RECRUSUL - RT        4529785Q BZ    42222280.6     -19730363.1
RECRUSUL - RCT       4529789Q BZ    42222280.6     -19730363.1
RECRUSUL - RCT       4529793Q BZ    42222280.6     -19730363.1
RECRUSUL-BON RT      RCSL11 BZ      42222280.6     -19730363.1
RECRUSUL-BON RT      RCSL12 BZ      42222280.6     -19730363.1
BALADARE             BLDR3 BZ        159454016     -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ        118475706     -73851057.6
TEXTEIS RENAU-RT     TXRX2 BZ        118475706     -73851057.6
TEXTEIS RENA-RCT     TXRX9 BZ        118475706     -73851057.6
TEXTEIS RENA-RCT     TXRX10 BZ       118475706     -73851057.6
TELEBRAS SA-RT       0250949D BZ     470957698     -17289190.9
CIA PETROLIF-PRF     MRLM4 BZ        377602195     -3014291.72
CIA PETROLIFERA      MRLM3 BZ        377602195     -3014291.72
CONST BETER SA       COBE3 BZ       31374373.7     -1555470.16
NOVA AMERICA SA      NOVA3 BZ         21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ         21287489      -183535527
ALL ORE MINERACA     AORE3 BZ       23865481.1     -5135565.77
B&D FOOD CORP        BDFC US          14423532        -3506007
PET MANG-RT          4115360Q BZ     287903103      -170622863
PET MANG-RT          4115364Q BZ     287903103      -170622863
STEEL - RT           STLB1 BZ       23865481.1     -5135565.77
STEEL - RCT ORD      STLB9 BZ       23865481.1     -5135565.77
MINUPAR-RT           9314542Q BZ     165999220     -3127207.83
MINUPAR-RCT          9314634Q BZ     165999220     -3127207.83
CONST LINDEN RT      CALI1 BZ       12670514.8     -3490373.87
CONST LINDEN RT      CALI2 BZ       12670514.8     -3490373.87
PET MANG-RT          0229249Q BZ     287903103      -170622863
PET MANG-RT          0229268Q BZ     287903103      -170622863
RECRUSUL - RT        0163579D BZ    42222280.6     -19730363.1
RECRUSUL - RT        0163580D BZ    42222280.6     -19730363.1
RECRUSUL - RCT       0163582D BZ    42222280.6     -19730363.1
RECRUSUL - RCT       0163583D BZ    42222280.6     -19730363.1
PORTX OPERA-GDR      PXTPY US        976769403     -9407990.35
PORTX OPERACOES      PRTX3 BZ        976769403     -9407990.35
ALL ORE MINERACA     STLB3 BZ       23865481.1     -5135565.77
MINUPAR-RT           0599562D BZ     165999220     -3127207.83
MINUPAR-RCT          0599564D BZ     165999220     -3127207.83
CONST LINDEN RCT     CALI9 BZ       12670514.8     -3490373.87
CONST LINDEN RCT     CALI10 BZ      12670514.8     -3490373.87
CONST BETER-PFA      COBE5B BZ      31374373.7     -1555470.16
CONST BETER-PF B     COBE6B BZ      31374373.7     -1555470.16
PET MANG-RT          RPMG2 BZ        287903103      -170622863
PET MANG-RT          RPMG1 BZ        287903103      -170622863
PET MANG-RECEIPT     RPMG9 BZ        287903103      -170622863
PET MANG-RECEIPT     RPMG10 BZ       287903103      -170622863
RECRUSUL - RT        RCSL1 BZ       42222280.6     -19730363.1
RECRUSUL - RT        RCSL2 BZ       42222280.6     -19730363.1
RECRUSUL - RCT       RCSL9 BZ       42222280.6     -19730363.1
RECRUSUL - RCT       RCSL10 BZ      42222280.6     -19730363.1
TEKA-RTS             TEKA1 BZ        341291511      -388484677
TEKA-RTS             TEKA2 BZ        341291511      -388484677
TEKA-RCT             TEKA9 BZ        341291511      -388484677
TEKA-RCT             TEKA10 BZ       341291511      -388484677
TELEBRAS-COM RTS     TELB1 BZ        470957698     -17289190.9
TELEBRAS SA-RCT      TELB9 BZ        470957698     -17289190.9
MINUPAR-RTS          MNPR1 BZ        165999220     -3127207.83
MINUPAR-RCT          MNPR9 BZ        165999220     -3127207.83
TELEBRAS SA          TELB3 BZ        470957698     -17289190.9
TELEBRAS SA          TLBRON BZ       470957698     -17289190.9
TELEBRAS SA          TBASF US        470957698     -17289190.9
TELEBRAS SA-PREF     TELB4 BZ        470957698     -17289190.9
TELEBRAS SA-PREF     TLBRPN BZ       470957698     -17289190.9
TELEBRAS-ADR         TBAPY US        470957698     -17289190.9
TELEBRAS-ADR         TBRAY GR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCTB4 AR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCT4C AR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCT4D AR        470957698     -17289190.9
TELEBRAS-CEDE BL     RCT4B AR        470957698     -17289190.9
TELEBRAS-ADR         TBH US          470957698     -17289190.9
TELEBRAS-ADR         TBX GR          470957698     -17289190.9
TELEBRAS-ADR         RTB US          470957698     -17289190.9
TELEBRAS-ADR         TBASY US        470957698     -17289190.9
TELEBRAS-RCT PRF     TELB10 BZ       470957698     -17289190.9
TELEBRAS-RTS CMN     RCTB1 BZ        470957698     -17289190.9
TELEBRAS-RTS PRF     RCTB2 BZ        470957698     -17289190.9
TELEBRAS-RTS CMN     TCLP1 BZ        470957698     -17289190.9
TELEBRAS-RTS PRF     TLCP2 BZ        470957698     -17289190.9
TELEBRAS-COM RT      0250948D BZ     470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB31 BZ       470957698     -17289190.9
TELEBRAS-CM RCPT     TELE31 BZ       470957698     -17289190.9
TELEBRAS-RCT         RCTB33 BZ       470957698     -17289190.9
TELEBRAS-CM RCPT     TBRTF US        470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB32 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB41 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TELE41 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB42 BZ       470957698     -17289190.9
TELEBRAS-CEDE PF     TELB4 AR        470957698     -17289190.9
TELEBRAS-CED C/E     TEL4C AR        470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB30 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB40 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TBAPF US        470957698     -17289190.9
TELEBRAS-RECEIPT     TLBRUO BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TLBRUP BZ       470957698     -17289190.9
TELEBRAS-BLOCK       TELB30 BZ       470957698     -17289190.9
TELEBRAS-PF BLCK     TELB40 BZ       470957698     -17289190.9
TELEBRAS-CEDEA $     TEL4D AR        470957698     -17289190.9
ARTHUR LANGE         ARLA3 BZ       11642255.9     -17154461.9
ARTHUR LANGE SA      ALICON BZ      11642255.9     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ       11642255.9     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ      11642255.9     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ       11642255.9     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ       11642255.9     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ       11642255.9     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ      11642255.9     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ      11642255.9     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ      11642255.9     -17154461.9
BOMBRIL              BOBR3 BZ        351909380     -20217403.6
BOMBRIL CIRIO SA     BOBRON BZ       351909380     -20217403.6
BOMBRIL-PREF         BOBR4 BZ        351909380     -20217403.6
BOMBRIL CIRIO-PF     BOBRPN BZ       351909380     -20217403.6
BOMBRIL SA-ADR       BMBPY US        351909380     -20217403.6
BOMBRIL SA-ADR       BMBBY US        351909380     -20217403.6
BUETTNER             BUET3 BZ        106502172     -24836079.6
BUETTNER SA          BUETON BZ       106502172     -24836079.6
BUETTNER-PREF        BUET4 BZ        106502172     -24836079.6
BUETTNER SA-PRF      BUETPN BZ       106502172     -24836079.6
BUETTNER SA-RTS      BUET1 BZ        106502172     -24836079.6
BUETTNER SA-RT P     BUET2 BZ        106502172     -24836079.6
CAF BRASILIA         CAFE3 BZ        160938140      -149281089
CAFE BRASILIA SA     CSBRON BZ       160938140      -149281089
CAF BRASILIA-PRF     CAFE4 BZ        160938140      -149281089
CAFE BRASILIA-PR     CSBRPN BZ       160938140      -149281089
CHIARELLI SA         CCHI3 BZ       11281940.7     -81454622.1
CHIARELLI SA         CCHON BZ       11281940.7     -81454622.1
CHIARELLI SA-PRF     CCHI4 BZ       11281940.7     -81454622.1
CHIARELLI SA-PRF     CCHPN BZ       11281940.7     -81454622.1
IGUACU CAFE          IGUA3 BZ        290414421     -57976224.4
IGUACU CAFE          IGCSON BZ       290414421     -57976224.4
IGUACU CAFE          IGUCF US        290414421     -57976224.4
IGUACU CAFE-PR A     IGUA5 BZ        290414421     -57976224.4
IGUACU CAFE-PR A     IGCSAN BZ       290414421     -57976224.4
IGUACU CAFE-PR A     IGUAF US        290414421     -57976224.4
IGUACU CAFE-PR B     IGUA6 BZ        290414421     -57976224.4
IGUACU CAFE-PR B     IGCSBN BZ       290414421     -57976224.4
COBRASMA             CBMA3 BZ       85057466.1     -2098881762
COBRASMA SA          COBRON BZ      85057466.1     -2098881762
COBRASMA-PREF        CBMA4 BZ       85057466.1     -2098881762
COBRASMA SA-PREF     COBRPN BZ      85057466.1     -2098881762
CONST A LINDEN       CALI3 BZ       12670514.8     -3490373.87
CONST A LINDEN       LINDON BZ      12670514.8     -3490373.87
CONST A LIND-PRF     CALI4 BZ       12670514.8     -3490373.87
CONST A LIND-PRF     LINDPN BZ      12670514.8     -3490373.87
CONST BETER SA       1007Q BZ       31374373.7     -1555470.16
CONST BETER SA       COBEON BZ      31374373.7     -1555470.16
CONST BETER SA       COBE3B BZ      31374373.7     -1555470.16
CONST BETER-PR A     1008Q BZ       31374373.7     -1555470.16
CONST BETER-PR A     COBEAN BZ      31374373.7     -1555470.16
CONST BETER-PF A     COBE5 BZ       31374373.7     -1555470.16
CONST BETER-PR B     1009Q BZ       31374373.7     -1555470.16
CONST BETER-PR B     COBEBN BZ      31374373.7     -1555470.16
CONST BETER-PF B     COBE6 BZ       31374373.7     -1555470.16
CONST BETER-PF A     1COBAN BZ      31374373.7     -1555470.16
CONST BETER-PF B     1COBBN BZ      31374373.7     -1555470.16
CONST BETER SA       1COBON BZ      31374373.7     -1555470.16
D H B                DHBI3 BZ        138254322      -115344519
DHB IND E COM        DHBON BZ        138254322      -115344519
D H B-PREF           DHBI4 BZ        138254322      -115344519
DHB IND E COM-PR     DHBPN BZ        138254322      -115344519
DOCA INVESTIMENT     DOCA3 BZ        272567787      -202595760
DOCAS SA             DOCAON BZ       272567787      -202595760
DOCA INVESTI-PFD     DOCA4 BZ        272567787      -202595760
DOCAS SA-PREF        DOCAPN BZ       272567787      -202595760
DOCAS SA-RTS PRF     DOCA2 BZ        272567787      -202595760
FABRICA RENAUX       FTRX3 BZ       71426302.5     -70883547.3
FABRICA RENAUX       FRNXON BZ      71426302.5     -70883547.3
FABRICA RENAUX-P     FTRX4 BZ       71426302.5     -70883547.3
FABRICA RENAUX-P     FRNXPN BZ      71426302.5     -70883547.3
HAGA                 HAGA3 BZ       19331081.5       -49945686
FERRAGENS HAGA       HAGAON BZ      19331081.5       -49945686
FER HAGA-PREF        HAGA4 BZ       19331081.5       -49945686
FERRAGENS HAGA-P     HAGAPN BZ      19331081.5       -49945686
CIMOB PARTIC SA      GAFP3 BZ       44047411.7     -45669963.6
CIMOB PARTIC SA      GAFON BZ       44047411.7     -45669963.6
CIMOB PART-PREF      GAFP4 BZ       44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ       44047411.7     -45669963.6
IGB ELETRONICA       IGBR3 BZ        412300919      -112050649
GRADIENTE ELETR      IGBON BZ        412300919      -112050649
GRADIENTE-PREF A     IGBR5 BZ        412300919      -112050649
GRADIENTE EL-PRA     IGBAN BZ        412300919      -112050649
GRADIENTE-PREF B     IGBR6 BZ        412300919      -112050649
GRADIENTE EL-PRB     IGBBN BZ        412300919      -112050649
GRADIENTE-PREF C     IGBR7 BZ        412300919      -112050649
GRADIENTE EL-PRC     IGBCN BZ        412300919      -112050649
HOTEIS OTHON SA      HOOT3 BZ        260899978     -73596837.4
HOTEIS OTHON SA      HOTHON BZ       260899978     -73596837.4
HOTEIS OTHON-PRF     HOOT4 BZ        260899978     -73596837.4
HOTEIS OTHON-PRF     HOTHPN BZ       260899978     -73596837.4
RENAUXVIEW SA        TXRX3 BZ        118475706     -73851057.6
TEXTEIS RENAUX       RENXON BZ       118475706     -73851057.6
RENAUXVIEW SA-PF     TXRX4 BZ        118475706     -73851057.6
TEXTEIS RENAUX       RENXPN BZ       118475706     -73851057.6
PARMALAT             LCSA3 BZ        388720096      -213641152
PARMALAT BRASIL      LCSAON BZ       388720096      -213641152
PARMALAT-PREF        LCSA4 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
LARK MAQS            LARK3 BZ        4842545.5     -13952540.7
LARK MAQUINAS        LARON BZ        4842545.5     -13952540.7
LARK MAQS-PREF       LARK4 BZ        4842545.5     -13952540.7
LARK MAQUINAS-PR     LARPN BZ        4842545.5     -13952540.7
ESTRELA SA           ESTR3 BZ       74664947.5      -103550581
ESTRELA SA           ESTRON BZ      74664947.5      -103550581
ESTRELA SA-PREF      ESTR4 BZ       74664947.5      -103550581
ESTRELA SA-PREF      ESTRPN BZ      74664947.5      -103550581
WETZEL SA            MWET3 BZ       93378445.8     -6763345.61
WETZEL SA            MWELON BZ      93378445.8     -6763345.61
WETZEL SA-PREF       MWET4 BZ       93378445.8     -6763345.61
WETZEL SA-PREF       MWELPN BZ      93378445.8     -6763345.61
MINUPAR              MNPR3 BZ        165999220     -3127207.83
MINUPAR SA           MNPRON BZ       165999220     -3127207.83
MINUPAR-PREF         MNPR4 BZ        165999220     -3127207.83
MINUPAR SA-PREF      MNPRPN BZ       165999220     -3127207.83
NORDON MET           NORD3 BZ       12401871.5     -30368143.1
NORDON METAL         NORDON BZ      12401871.5     -30368143.1
NORDON MET-RTS       NORD1 BZ       12401871.5     -30368143.1
NOVA AMERICA SA      NOVA3B BZ        21287489      -183535527
NOVA AMERICA SA      NOVAON BZ        21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ        21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ        21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ        21287489      -183535527
NOVA AMERICA SA      1NOVON BZ        21287489      -183535527
RECRUSUL             RCSL3 BZ       42222280.6     -19730363.1
RECRUSUL SA          RESLON BZ      42222280.6     -19730363.1
RECRUSUL-PREF        RCSL4 BZ       42222280.6     -19730363.1
RECRUSUL SA-PREF     RESLPN BZ      42222280.6     -19730363.1
PETRO MANGUINHOS     RPMG3 BZ        287903103      -170622863
PETRO MANGUINHOS     MANGON BZ       287903103      -170622863
PET MANGUINH-PRF     RPMG4 BZ        287903103      -170622863
PETRO MANGUIN-PF     MANGPN BZ       287903103      -170622863
RIMET                REEM3 BZ        103098361      -185417655
RIMET                REEMON BZ       103098361      -185417655
RIMET-PREF           REEM4 BZ        103098361      -185417655
RIMET-PREF           REEMPN BZ       103098361      -185417655
SANSUY               SNSY3 BZ        183826187      -133218258
SANSUY SA            SNSYON BZ       183826187      -133218258
SANSUY-PREF A        SNSY5 BZ        183826187      -133218258
SANSUY SA-PREF A     SNSYAN BZ       183826187      -133218258
SANSUY-PREF B        SNSY6 BZ        183826187      -133218258
SANSUY SA-PREF B     SNSYBN BZ       183826187      -133218258
BOTUCATU TEXTIL      STRP3 BZ       27663604.9     -7174512.03
STAROUP SA           STARON BZ      27663604.9     -7174512.03
BOTUCATU-PREF        STRP4 BZ       27663604.9     -7174512.03
STAROUP SA-PREF      STARPN BZ      27663604.9     -7174512.03
TEKA                 TEKA3 BZ        341291511      -388484677
TEKA                 TEKAON BZ       341291511      -388484677
TEKA-PREF            TEKA4 BZ        341291511      -388484677
TEKA-PREF            TEKAPN BZ       341291511      -388484677
TEKA-ADR             TKTPY US        341291511      -388484677
TEKA-ADR             TKTQY US        341291511      -388484677
F GUIMARAES          FGUI3 BZ       11016542.1      -151840377
FERREIRA GUIMARA     FGUION BZ      11016542.1      -151840377
F GUIMARAES-PREF     FGUI4 BZ       11016542.1      -151840377
FERREIRA GUIM-PR     FGUIPN BZ      11016542.1      -151840377
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
BATTISTELLA          BTTL3 BZ        251786497     -39723897.3
BATTISTELLA-PREF     BTTL4 BZ        251786497     -39723897.3
SAUIPE SA            PSEGON BZ      15164420.8     -2756081.99
SAUIPE               PSEG3 BZ       15164420.8     -2756081.99
SAUIPE SA-PREF       PSEGPN BZ      15164420.8     -2756081.99
SAUIPE-PREF          PSEG4 BZ       15164420.8     -2756081.99
CIA PETROLIFERA      MRLM3B BZ       377602195     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ       377602195     -3014291.72
CIA PETROLIFERA      1CPMON BZ       377602195     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ       377602195     -3014291.72
LATTENO FOOD COR     LATF US          14423532        -3506007
VARIG PART EM TR     VPTA3 BZ       49432124.2      -399290396
VARIG PART EM-PR     VPTA4 BZ       49432124.2      -399290396
VARIG PART EM SE     VPSC3 BZ       83017828.6      -495721700
VARIG PART EM-PR     VPSC4 BZ       83017828.6      -495721700

COLOMBIA
---------

LA POLAR SA          LAPOLAR CI      605994833      -543186477
PUYEHUE RIGHT        PUYEHUOS CI    24251713.9     -3390038.99
LA POLAR-RT          LAPOLARO CI     605994833      -543186477
LA POLAR-RT          LAPOLAOS CI     605994833      -543186477
PUYEHUE              PUYEH CI       24251713.9     -3390038.99


                            ***********


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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 Chapman at 240/629-3300.


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