/raid1/www/Hosts/bankrupt/TCRLA_Public/121113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Tuesday, November 13, 2012, Vol. 13, No. 226


                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS 66: Moody's Rates 2 Debt Sec. Classes 'Ba3'
* ARGENTINA: Moody's Corrects Ratings of Infrastructure Issuers


B R A Z I L

CHEMICAL VII: Moody's Assigns (P)B2 Rating to Sub. Mezz. Shares
QGOG CONSTELLATION: S&P Rates $700MM 7-Year Bonds 'BB+'


C A Y M A N  I S L A N D S

ABSOLUTE ALPHA: Shareholders' Final Meeting Set for Nov. 22
AELOS FUND: Shareholders Receive Wind-Up Report
AIF CAPITAL: Shareholders Receive Wind-Up Report
ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
BLACK EYE: Members Receive Wind-Up Report

D. GORDON: Members Receive Wind-Up Report
D. JABRO: Members Receive Wind-Up Report
FQ GLOBAL: Shareholders Receive Wind-Up Report
GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
GPTH RESEARCH: Shareholders Receive Wind-Up Report

IVY MA: Shareholders Receive Wind-Up Report
J. HILSABECK OVERSEAS: Members Receive Wind-Up Report
KAYMAR INVESTMENTS: Members Receive Wind-Up Report
KLEROS PREFERRED: Shareholders Receive Wind-Up Report
MSG OVERSEAS: Members Receive Wind-Up Report

RUSSELL AIF: Shareholders Receive Wind-Up Report
TAYLOR WOODS: Shareholder to Hear Wind-Up Report on Nov. 15
TAYLOR WOODS MASTER: Hear Wind-Up Report Set for Nov. 15
TMA ASIAN: Shareholders Receive Wind-Up Report
TOKIO MARINE: Shareholder to Hear Wind-Up Report on Nov. 15

WALNUT EQUITY: Shareholders Receive Wind-Up Report


G U Y A N A

EZJET: U.S. Authorities Suspend Flights


M E X I C O

GRUPO POSADAS: Fitch Rates Proposed $225-Mil. Senior Notes 'B+'
GRUPO POSADAS: Moody's Upgrades CFR to 'B2'; Outlook Stable


T R I N I D A D  &  T O B A G O

CL FIN'L: Criminal Probe Launched Against Former CLICO Execs


V E N E N Z U E L A

SIDURURGICA DEL: Fitch Lowers Issuer Default Rating to 'CCC'


X X X X X X X X

* LATIN AMERICAN: Debt Continues to Offer Investment Opportunity
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


SUPERVIELLE CREDITOS 66: Moody's Rates 2 Debt Sec. Classes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 66, which is
a transaction that will be issued by Equity Trust S.A. - acting
solely in its capacity as Issuer and Trustee.

As of Nov. 9, 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.

  - ARS60,000,000 in Class A Fixed Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 66", rated Aaa.ar
    (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
    Local Currency)

  - ARS116,000,000 in Class B Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 66", rated Aaa.ar
    (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
    Local Currency)

  - ARS12,000,000 in Class C Fixed Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos 66", rated Aa2.ar
    (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
    Local Currency)

  - ARS12,000,000 in Certificates of "Fideicomiso Financiero
    Supervielle Creditos 66", rated Aa3.ar (sf) (Argentine
    National Scale) and B1 (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 29,896 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,001,885.94.

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 subordination: 12% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities, calculated under the occurrence of a special event.
And 6% for the Class C Fixed Rate Securities. In addition the
transaction has various reserve funds and excess spread.

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 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 considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. 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 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.52% for Class B Floating Rate Debt
Securities, 6.43% expected loss for Class C Fixed Rate Debt
Securities and 7.11% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of Class A Fixed
Rate debt securities and Class B Floating Rate debt securities
would remain the same. The ratings for Class C Fixed Rate debt
securities would likely be downgraded to B2 (sf) and the
Certificates would be likely downgraded to B3 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

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.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


* ARGENTINA: Moody's Corrects Ratings of Infrastructure Issuers
---------------------------------------------------------------
Moody's Latin America S.A. has changed the rating outlooks to
negative and affirmed the current ratings on various
infrastructure companies operating in Argentina. The companies'
outlook change follows the revision in Argentinean government's
B3 rating outlook to negative from stable on September 17, 2012.

At the same time and in light of the negative outlook, Moody's
downgraded Transportadora de Gas del Sur S.A. ("TGS") National
Scale Rating to A1.ar from Aa3.ar to reflect its relative
positioning in relation to other regulated issuers in the local
market.

The issuers and ratings affected by this action are:

  1 . Empresa Distribuidora de EnergĦa Norte S.A. ("EDEN"): B2
      Global Local Currency Corporate Family and Senior Unsecured
      Rating and A1.ar National Scale Ratings

  2. Empresa Distribuidora de Electricidad de Salta S.A.
     ("EDESA"): B2 Senior Unsecured and A2.ar National Scale
     Ratings

  3. Hidroelectrica El Choc˘n S.A. ("HECSA"): B2 Global Local
     Currency Corporate Family and A2.ar National Scale Ratings

  4. Transportadora de Gas del Sur S.A. ("TGS"): B2 Senior
     Unsecured and A1.ar National Scale Ratings

  5. Aeropuertos Argentina 2000 S.A. ("AA2000"): B2 Global Local
     Currency Corporate Family Rating and Senior Unsecured Ratings
     and Aa3.ar National Scale Ratings.

Ratings Rationale

The rating outlook revision for these issuers is triggered by the
negative outlook for the Argentine government's B3 rating. The
negative outlook for the government reflects concerns over
haphazard policies, poor transparency and the quality and
reliability of its official data reporting, and the sovereign's
willingness to pay.

The negative outlook for the affected issuers reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012, and available on
www.moodys.com.

Moody's notes that a rating downgrade of the sovereign would
likely result in negative rating actions for these companies to
maintain the issuers' current notching gap relative to the
sovereign in the absence of any significant change in their
underlying credit quality.



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


CHEMICAL VII: Moody's Assigns (P)B2 Rating to Sub. Mezz. Shares
---------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Baa3
(sf) (Global Scale, Local Currency) and (P)Aaa.br (sf) (Brazilian
National Scale) to the Senior Shares, and of (P)B2 (sf) (Global
Scale, Local Currency) and (P)Ba1.br (sf) (Brazilian National
Scale) to the Mezzanine Shares to be issued by Chemical VII - FIDC
Ind£stria PetroquĦmica, a securitization backed by a pool of trade
receivables and originated by Braskem Group.

Issuer: Chemical VII - FIDC Industria PetroquĦmica (Chemical VII -
FIDC)

   Senior Shares - (P)Baa3 (sf) (Global Scale, Local Currency) &
   (P)Aaa.br (sf) (Brazilian National Scale)

   Subordinated Mezzanine Shares - (P)B2 (sf) (Global Scale, Local
   Currency) & (P)Ba1.br (sf) (Brazilian National Scale)

Ratings Rationale

The ratings are based on the following factors:

  - Credit enhancement in the form of senior subordination ranging
    from a minimum of 9.09% to a maximum of 13.04% to mitigate
    losses due to obligor default and/or dilution;

  - The eligibility criteria of the trade receivables, represented
    by electronic invoices, to be acquired by the issuer, which
    include concentration limits by client, delinquency by client,
    and maximum term of the trade receivables. The maximum
    individual obligor concentration limit is 3%;

  - Low and stable historical delinquency and dilution levels of
    the sellers' trade receivable portfolio;

  - Very low commingling risk as payments by obligors are made to
    the fund's segregated account maintained at Banco Bradesco (A3
    Long-Term Bank Deposit Rating in the Global Scale, Local
    Currency Scale & Aaa.br in the Brazilian National Scale); and

  - Braskem Group's sound track record in sponsoring
    securitization transactions and stable performance of previous
    transactions. Chemical VII -- FIDC is Braskem Group's seventh
    securitization of its trade receivables portfolio. The
    realized performance of the past transactions has been in line
    with Moody's original assumptions used in rating the
    transactions.

Chemical VII - FIDC is a closed-ended FIDC and will have a final
legal maturity of 60 months. Provisional ratings are assigned to
the senior shares and to the mezzanine shares. The shares will be
distributed to qualified investors via a public offering (CVM
Instruction 400). The senior shares and the mezzanine shares
accrue, on a daily basis, a floating-rate of interest equivalent
to the DI Rate (Brazilian Interbank Rate) plus a fixed rate of
0.95% and 3.30% per annum, respectively.

The transaction will have a 54 month revolving period followed by
a 6 month amortization period. During the 54-month revolving
period no principal payments will be made on the senior and
mezzanine shares; interest payments will be made semi-annually.
During the final 6 month amortization period, starting on month
55, principal and interest payments will be made on a monthly
basis. Senior and mezzanine shares will follow the same
amortization schedule. Amortization payments to the mezzanine
shares will only be allowed (i) after the scheduled senior
amortization payments are made, and (ii) as long as the minimum
senior subordination ratio is maintained. As long as there are
senior and mezzanine shares outstanding, partial amortization
payments of junior subordinated shares are allowed if the
mezzanine subordination is above 2.8%.

Key eligibility criteria verified by the master servicer includes
(i) obligor concentration up to 3% and (ii) maturity of trade
receivables are 90 day maximum and 9 days minimum.

The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.), Braskem
PetroquĦmica (previously known as Quattor PetroquĦmica S.A.) and
Rio PolĦmeros S.A. (RioPol), together Braskem Group or the
Sellers. Braskem S.A., rated Baa3 backed senior unsecured (Global
Scale). The company's rating is supported by its large size as the
largest petrochemical company in Brazil and in the Americas by
production capacity (based on PE and PP resin capacity), with
historically above industry average operating margins coming from
high capacity utilization rates, long-term client relationships,
and product customization. The rating also reflects the company's
dominant market position in Brazil.

Commingling risk is considered to be very low as obligors are
instructed to pay directly into a segregated account in the name
of the fund by means of invoices generated by Banco Bradesco and
other selected collection banks. Any monies received by the
sellers must be remitted to the segregated account within 2
business days; a non-automatic acceleration event (evento de
avaliacao) is triggered if payments made directly to the sellers'
account trigger 5% of fund's net assets. The sellers will act as
primary servicers.

Moody's has analyzed the sellers' receivables pool for the 36-
month period starting in June 2009 and ending in May 2012 reviewed
by KPMG. During this period, Braskem and Quattor Group (Braskem
Qpar, Braskem PetroquĦmica and RioPol) have generated trade
receivables in the amount of BRL 70.9 billion over approximately
1,056,387 separate invoices. As modeling input assumptions,
Moody's used a central mean of 0.14% monthly dilutions and 0.23%
monthly losses over outstanding balance, and it assumed portfolio
turnover at 41.2 days. Moody's calculates loss assumptions using
as a proxy delinquencies from 91 to 120 days past due over the
total portfolio.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. Moody's key ratings-
model assumptions for this transaction are Braskem's rating, loss
rate and dilution rate. If Braskem's rating is downgraded from
Baa3 to Ba2 and the loss rate and dilution rate are doubled, the
senior and mezzanine ratings assigned would remain unchanged.

The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool. Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the
international competition in the petrochemical industry and severe
economic activity downturn.


QGOG CONSTELLATION: S&P Rates $700MM 7-Year Bonds 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issuer
credit rating to QGOG Constellation S.A., a project developer
company with several project subsidiaries operating in Brazil's
growing oil and gas industry. The outlook is stable. "At the same
time, we assigned 'BB+' issue rating to QGOG Constellation's
US$700 million unsecured seven-year bonds, which are fully and
unconditionally guaranteed by the company's subsidiary and owner
of the portfolio of assets, Constellation Overseas Ltd.
(Constellation; not rated)," S&P said.



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


ABSOLUTE ALPHA: Shareholders' Final Meeting Set for Nov. 22
-----------------------------------------------------------
The shareholders of Absolute Alpha Constant Plus Fund Limited will
hold their final meeting on Nov. 22, 2012, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Susan Lo
         Tricor Services Limited
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


AELOS FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Aelos Fund Ltd. received on Nov. 1, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CCSA Finance Ltd.
         c/o Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


AIF CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of AIF Capital Management Co. Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anthracite Balanced Company (R-20) Limited
received on Nov. 3, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BLACK EYE: Members Receive Wind-Up Report
-----------------------------------------
The members of Black Eye Investment Company received on Oct. 29,
2012, 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


D. GORDON: Members Receive Wind-Up Report
-----------------------------------------
The members of D. Gordon Overseas Fund, Ltd. received on Nov. 6,
2012, 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


D. JABRO: Members Receive Wind-Up Report
----------------------------------------
The members of D. Jabro Overseas Fund, Ltd. received on Nov. 6,
2012, 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


FQ GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of FQ Global Diversified Return Fund Ltd.
received on Nov. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Galisteo Capital Qualified Partners, Ltd.
received on Nov. 9, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GPTH RESEARCH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of GPTH Research & Development Ltd. received on
Nov. 5, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         George Parker
         c/o 225 Broadway, Suite 1901, New York
         New York 10007, USA
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


IVY MA: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of Ivy MA Holdings Cayman Master 15, Ltd.
received on Nov. 9, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


J. HILSABECK OVERSEAS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of J. Hilsabeck Overseas Fund, Ltd. received on
Nov. 6, 2012, 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


KAYMAR INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Kaymar Investments Ltd. received on Nov. 1, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private  Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


KLEROS PREFERRED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Kleros Preferred Funding IX, Ltd. received on
Oct. 29, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MSG OVERSEAS: Members Receive Wind-Up Report
--------------------------------------------
The members of MSG Overseas Fund, Ltd. received on Nov. 6, 2012,
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


RUSSELL AIF: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Russell AIF Investments, Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


TAYLOR WOODS: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The shareholder of Taylor Woods Fund II Ltd. will receive on
Nov. 15, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


TAYLOR WOODS MASTER: Hear Wind-Up Report Set for Nov. 15
--------------------------------------------------------
The shareholder of Taylor Woods Master Fund II Ltd. will receive
on Nov. 15, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


TMA ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of TMA Asian Equity Long Short Master Fund
received on Oct. 24, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.


TOKIO MARINE: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The shareholder of Tokio Marine Asset Management International Pte
Ltd will receive on Nov. 15, 2012, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-9877


WALNUT EQUITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Walnut Equity Holdings Limited received on
Nov. 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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



===========
G U Y A N A
===========


EZJET: U.S. Authorities Suspend Flights
---------------------------------------
The Jamaica Gleaner reports that the Guyana government has
confirmed that U.S. authorities have suspended the operations of
the low cost budget carrier, EZjet.

Aviation Minister Robeson Benn related at a news conference that
the Department of Transport had suspended the airline's operations
on Thursday and local authorities only learnt of the move,
according to Jamaica Gleaner.

The report relates that Mr. Benn said that as a result, the Guyana
Civil Aviation Authority (GCAA) has suspended Ezjet's operations
out of this Caribbean Community (CARICOM) country.

One media report said that President Donald Ramotar has instructed
Tourism Minister Irfaan Ali to work towards minimizing the effects
on passengers, Jamaica Gleaner notes.

Jamaica Gleaner discloses that officials said that the US had
decided to suspend Ezjet operations because the airline owes huge
sums to the aircraft lease company.  The move by the US has
resulted in a number of flights being cancelled, the report
relays.

Jamaica Gleaner notes that the suspension comes less than a month
after the airlines founder and chief executive officer, Sonny
Ramdeo, has been sued by a hospital chain for alleged
embezzlement.

Since my former bosses are themselves in court over diversion of
over US$550 million of company funds, they elected to claim
ignorance and innocence when it came to coming clean about the
investment, Mr. Ramdeo said in a press release obtained by the
news agency.

"Instead, they alleged that I diverted funds to EZjet, which I did
not.  In the interest of removing all doubt about the viability of
EZjet I am removing myself from EZjet management," Mr. Ramdeo
added, the report says.



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


GRUPO POSADAS: Fitch Rates Proposed $225-Mil. Senior Notes 'B+'
---------------------------------------------------------------
Fitch Ratings assigns a 'B+(exp)/RR3'rating to Grupo Posadas
S.A.B. de C.V.'s (Posadas) proposed senior unsecured notes due
2017 for up to USD $225 million.  The proposed notes' net proceeds
will be applied to the purchase of the USD $200 million senior
notes due 2015.  The expected recovery ratings are 'RR3', which
indicates good recovery prospects given default.  'RR3' rated
securities have characteristics consistent with securities
historically recovering 51% - 70% of current principal and related
interest.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by a track record of high
leverage, as well as industry cyclicality. Posadas' presence in
all major urban and coastal locations in Mexico, consistent
product offering and quality brand image have resulted in
occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers of different income
levels as well as tourists, diversifying its revenue base.

Posadas recently completed a successful divestiture of its South
American hotel operation for USD $275 million.  From the proceeds
USD $245 million are available, mitigating refinancing concerns
related to the MXN2.25 billion 'Certificados Bursatiles' issuance
due April 2013.  The divested South American operations accounted
for approximately 19% of last year EBITDA and historically have
accounted for approximately 14%.  Excluding South American
operations, a one-time charge related to a write-down of accounts
receivable at the vacation club in the fourth quarter of 2011 and
assuming proceeds from the divestiture are used to pay debt, total
adjusted debt to EBITDAR and total debt to EBITDA should improve
to 4.8 times (x) and 4.1x, respectively, from previous levels of
above 6.0x.

Furthermore, cash flow contribution to consolidated EBITDA from
the Vacation Club operation should increase in the short term as a
result of the divestiture of South America; however, cash flow
contribution from the hotel operations should become increasingly
important in the medium term as new openings and key performance
indicators approach levels registered prior to 2008.  Going
forward, Posadas' strategy will be centered on operating and
providing services to hotels as opposed to owning the properties.
New openings should continue for all brands, mainly Fiesta Inn and
One, under managed and leased formats. This strategy of openings
reduces capex and supports free cash flow generation.

Fitch currently rates Posadas as follows:

  -- Local currency Issuer Default Rating (IDR) 'B';
  -- Foreign currency IDR 'B';
  -- National scale rating 'BB+(mex)';
  -- USD200 million senior notes due 2015 'B+/RR3';
  -- MXN2.25 billion Certificados Bursatiles issuance 'Posadas08'
     due 2013 'BB+(mex)'.

The Rating Outlook is Stable.


GRUPO POSADAS: Moody's Upgrades CFR to 'B2'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 Grupo Posadas,
S.A.B. de C.V.'s (Posadas) corporate family and senior unsecured
ratings and changed the company's ratings outlook to stable from
negative. At the same time Moody's assigned a B2 rating to
Posadas' proposed USD225 million global notes due 2017.

The ratings upgrades result from the combination of reduced
leverage and improved liquidity. Having applied the proceeds of
recent asset sales towards debt reduction and with increased
EBITDA, Posadas' leverage has improved to 5.5x (September 30,
2012) from 7.9x (December 31, 2011). Over the same period,
interest coverage (adj. EBIT/Interest expense) has also improved,
to 1.3x from 0.9x. Moody's anticipates leverage and coverage to
further improve as Posadas uses the proceeds of the sale of its
South American operation to reduce debt, and expect leverage (adj.
debt/EBITDA) to remain in the 4.5x -- 5.0x range over the rating
horizon.

The issuance of the proposed USD225 million global notes will be
neutral to leverage as the proceeds will be used to refinance
existing debt. However, since the refinance transaction results in
a much improved liquidity profile with no major debt maturities
before 2017, the transaction is integral to the ratings upgrade
and outlook stabilization.

Ratings affected:

  - Corporate Family Rating (CFR): upgraded to B2 from B3, outlook
    is stable

  - USD200 million 9.250% senior unsecured notes due 2015: rating
    upgraded to B2 from B3, outlook is stable

  - USD225 million senior unsecured notes due 2017: B2 rating
    assigned, stable outlook

The date of the last Credit Rating Action was December 10, 2010

Ratings Rationale

Posadas' rating reflects its somewhat aggressive financial
profile, small operating scale relative to global industry peers,
and low geographic diversification as it now operates almost
entirely in Mexico. In addition, since the economic outlook for
the two main tourism sources for Mexico, the U.S. and Europe,
remains uncertain, Posadas' ability to achieve its growth plan
could be compromised; this would result in unproductive capital
spending and increased leverage. The company's leading position
and brand equity in the Mexican lodging industry, its nationwide
coverage in Mexico with coastal and urban locations, its segment
diversification across different hotel classes, and service
business growth supports the rating. The rating is also supported
by Moody's expectation that management will follow prudent
financial policies, maintaining adequate liquidity and a dividend
payout that is consistent with earnings and internally generated
cash flow; this is a change from the somewhat aggressive policies
observed in the past.

Posadas' average daily rate (ADR) and occupancy rate have shown
positive trends since hitting their lowest levels in 2009 as a
result of the post crisis economic recovery. ADR was USD88 during
the first nine months of 2012 (9M12) vs. USD89 in 2011, USD85 in
2010, and USD79 in 2009. Similarly, occupancy rate has increased
steadily from 54% in 2009 to 61% in 2011 and to 64% during the
9M12. Revenues per available room (RevPaR) have grown as well from
USD43 in 2009 to USD54 in 2011 at a 12% CAGR. While RevPaR further
recovered to USD56 during the 9M12 it is still below pre-crisis
levels of around USD59.

According to the Consejo Nacional Empresarial Turistico, 88.4
million travelers will visit Mexico in 2012, out of which 23.9
million or 27% will be international travelers. As the economic
outlook for the two main tourism sources for Mexico, the U.S. and
Europe, remains under stress, there could be pressure on Posadas
ability to achieve its projected growth. In addition, Mexico's
security concerns continue to affect the lodging industry mainly
in areas in the northern part of the country.

The stable rating outlook reflects Moody's expectations that
Posadas' refinance transaction will close as planned and that the
proceeds from the sale of its South American operation will reduce
debt and allow leverage to be maintained in the 4.5x-to-5.0x
range. The stable outlook is also based on the company maintaining
adequate liquidity.

Ratings would come under negative pressure if Posadas' liquidity
worsens or because of delays in addressing medium term debt
maturities. Ratings could be downgraded if Moody's adjusted
debt/EBITDA increased above 5x with no clear plan for deleveraging
within a reasonable time frame. A decline in revenues per
available room to levels towards USD53 could also pressure the
rating.

Positive ratings pressure would result from Posadas maintaining
adequate liquidity and improving adjusted Debt/EBITDA below 4.5x
and EBIT/Interest above 2.0x, both on a sustainable basis.

The principal methodology used in rating Posada was the Global
Lodging & Cruise Industry Rating Methodology published in December
2010.

Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with 105 hotels and
17,871 rooms in operation. In October 2012 Posadas sold its hotel
business in South America and currently derives most of its
revenues from Mexico, where it operates its key 5- and 4-star
Fiesta Americana and Fiesta Inn formats, a 3-star format ("One"),
its luxury class Live Aqua, and its Vacation Club timeshare
business. The company also has a small operation in Texas. For the
last twelve months ended September 30, 2012, Posadas reported
revenues of MXN6,432 million and EBITDA of MXN912 million.



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


CL FIN'L: Criminal Probe Launched Against Former CLICO Execs
------------------------------------------------------------
The Gleaner reports that more than two years after the insurance
giant, Colonial Life Insurance Company Limited (CLICO) collapsed
because of financial problems, Trinidads Director of Public
Prosecution (DPP), Roger Gaspard, said that a criminal
investigation has been launched against former executives and
several corporate entities aligned to the collapsed insurance
company.

In a statement released, Mr. Gaspard also warned the media against
publishing or broadcasting anything which might jeopardize hinder
or otherwise prejudice the investigation or any possible
proceedings which might result from it, according to The Gleaner.

Mr. Gaspard, The Gleaner relates, said: "I remain mindful of
competing public interest factors including the fair trial rights
of potential defendants, the freedom of the press and the
requirement of open justice."

The report notes that DPP said that the investigation is being
conducted by a special team of police officers, comprising members
of the Anti-Corruption Investigations Bureau and the Fraud Squad.
The report relates that the criminal probe, which began late last
week, followed a recent statement by Attorney General Anand
Ramlogan that the Central Bank had spent TT$305.5 million (One TT
dollar US$0.16) in legal fees between October 2007 and July 2012,
for investigations relating to the collapse of CL Financial group.
It involved an international team of forensic experts to track
multi-million dollar transactions in several jurisdictions.

The Central Bank probe took place even as the Kamla Persad-
Bissessar administration appointed a commission of enquiry,
chaired by Sir Anthony Colman, to probe the same issue in November
2010, The Gleaner notes.

Mr. Ramlogan told reporters that he was aware that a criminal
investigation has been launched and that he has been kept abreast
of all of the developments, the report relays.

Last September, the report recalls that through the passage of
legislation in the Parliament, the Kamla Persad Bissessar-led
coalition People's Partnership Government committed a further
TT$13 billion (US$2.01 billion) to keeping the floundering
insurance company afloat.

                       About CL Financial

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


SIDURURGICA DEL: Fitch Lowers Issuer Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Sidururgica
del Turbio S.A. (Sidetur) and has placed them on Rating Watch
Negative as indicated:

Sidetur S.A.

  -- Foreign currency Long-Term Issuer Default Rating (IDR) to
     'CCC'; Watch Negative from 'B-';

  -- Local currency Long-Term IDR to 'CCC'; Watch Negative from
     'B-';

  -- National scale rating to 'CCC(ven)' from 'BB+(ven)';

  -- National short-term rating to 'C(ven)' from 'F2(ven)'.

Sidetur Finance B.V.

  -- USD100 million unsecured notes due 2016 issued by Sidetur
     Finance B.V., a wholly owned subsidiary of Sidetur to
     'CCC/RR4'; Watch Negative from 'B-/ RR4'.

This rating action follows the government of the Bolivian Republic
of Venezuela's takeover of Sidetur's operations and management, as
set out in Sidetur's press release on Oct. 30, 2012.  The
downgrade of Sidetur's ratings to 'CCC'; Watch Negative and
'CCC(ven)' reflects the real possibility of default and high
uncertainty surrounding the uninterrupted payment to the company's
creditors.

The 'CCC/RR4'; Watch Negative rating for Sidetur Finance B.V.'s
unsecured notes due 2016 reflects Fitch's expectation of average
recoveries for the note holders, given the current uncertainty and
lack of information.  As of June 30, 2012, approximately USD78
million was outstanding on notes. The Watch Negative reflects that
the next coupon payment for Sidetur Finance B.V.'s unsecured notes
is due on Jan. 20, 2013.  Information from the new management team
at Sidetur has not been received regarding if this payment will be
met.

Sidetur's assets are under the control of the Ministerio del Poder
Popular de Industrias and a new management team is in place.  The
government of the Bolivian Republic of Venezuela has stated
previously that it will honor the outstanding debt of expropriated
companies.  Precedents of government payments to previously
private companies exist, such as the payments made to Cemex and
Sidor for their expropriated assets in Venezuela.



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


* LATIN AMERICAN: Debt Continues to Offer Investment Opportunity
--------------------------------------------------------------
Opportunities continue to exist in Latin American debt despite
negative news coming from the region, according to Market Vectors'
fixed income portfolio manager Fran Rodilosso.

"If you just read the headlines, you might surmise that Latin
American countries are presenting the debt markets with multiple
reasons to be concerned," said Rodilosso.  "But, bad news can also
bring opportunity."

Rodilosso pointed to a handful of what he termed "discouraging
recent developments" that seem to be clouding market sentiment,
including Venezuela's re-election of Hugo Chavez and the Vitro
bankruptcy proceedings that took place in Mexico earlier this
year. "Each of these events has received a great deal of negative
attention," he continued.  "But you can see silver linings.  One
includes the fact that Venezuela has continued to exhibit a
willingness to pay the high rates demanded by the market during
the nearly 14 years of the Chavez regime.  Also, Mexico has made
significant economic gains in recent years, making it far more
competitive with China as a global manufacturing hub.  There are a
large number of Mexican corporate bond issuers that are
benefitting."

Mr. Rodilosso noted a recent uptick in volatility in several Latin
American public and private debt markets driven by specific
events, but he also sees factors that moderate his concerns.
"While volatility has certainly made its presence felt in recent
months in many countries, there are many of what I would call 'un-
emerging market' forces at work at the same time.  Low debt-to-GDP
ratios, high FX reserves and a long list of private sector
borrowers have shown the ability and willingness to continue
servicing their debt throughout the economic and credit cycle," he
said.

Mr. Rodilosso also added that he and his colleagues see a number
of opportunities in local currency debt in countries, such as
Mexico and Uruguay, and in some of the corporate debt available in
Mexico and Brazil.  Brazil has seen its own negative headlines
around tepid growth figures and the liquidation of a second-tier
bank with a significant amount of bonds outstanding.  "Brazil is
certainly one of those markets where we think bad news may allow
investors to find credit opportunities," said Rodilosso.

Mr. Rodilosso has more than 20 years of senior level experience in
emerging markets, high-yield debt research and portfolio
management.  Among the Market Vectors ETFs under his watch are
LatAm Aggregate Bond ETF (nyse arca:BONO) and Emerging Markets
Local Currency Bond ETF (nyse arca:EMLC), which each count Mexico
and Brazil among their largest country exposures.  He also manages
five other fixed income ETFs: Emerging Markets High Yield Bond ETF
(nyse arca:HYEM), International High Yield Bond ETF (nyse
arca:IHY), Renminbi Bond ETF (nyse arca:CHLC), Fallen Angel High
Yield Bond ETF (nyse arca:ANGL) and Investment Grade Floating Rate
ETF (nyse arca:FLTR). As of Oct. 31, 2012, the total assets for
these ETFs amounted to approximately $1.2 billion.

Van Eck Associates Corporation does not provide tax, legal or
accounting advice.  Investors should discuss their individual
circumstances with appropriate professionals before making any
decisions.  This information should not be construed as sales or
marketing material or an offer or solicitation for the purchase or
sale of any financial instrument, product or service.

                    About Market Vectors ETFs

Market Vectors exchange-traded products have been offered since
2006 and span many asset classes, including equities, fixed income
(municipal and international bonds) and currency markets.  The
Market Vectors family currently totals $27.9 billion in assets
under management, making it the fifth largest ETP family in the
U.S. and eighth largest worldwide as of Sept. 30, 2012.

Market Vectors ETFs are sponsored by Van Eck Global.  Founded in
1955, Van Eck Global was among the first U.S. money managers
helping investors achieve greater diversification through global
investing.  November 09, the firm continues this tradition by
offering innovative, actively managed investment choices in hard
assets, emerging markets, precious metals including gold, and
other alternative asset classes.  Van Eck Global has offices
around the world and manages approximately $37.8 billion in
investor assets as of Sept. 30, 2012.

There are risks involved with investing in ETFs, including
possible loss of money.  Shares are not actively managed and are
subject to risks similar to those of stocks, including those
regarding short selling and margin maintenance requirements.
Ordinary brokerage commissions apply.  Debt securities carry
interest rate and credit risk.  Interest rate risk refers to the
risk that bond prices generally fall as interest rates rise and
vice versa. Credit risk is the risk of loss on an investment due
to the deterioration of an issuer's financial health.  The Funds'
underlying securities may be subject to call risk, which may
result in the Funds having to reinvest the proceeds at lower
interest rates, resulting in a decline in the Funds' income.

The Funds, as they invest in high yield securities, may also be
subject to a greater risk of loss of income and principal than
higher rated securities.  Investments in emerging markets
securities are subject to elevated risks which include, among
others, expropriation, confiscatory taxation, issues with
repatriation of investment income, limitations of foreign
ownership, political instability, armed conflict and social
instability.  The prices of high yield securities are likely to be
more sensitive to adverse economic changes or individual issuer
developments than higher rated securities.  The secondary market
for high yield securities may be less liquid than the market for
higher quality securities and, as such, may have an adverse effect
of market prices of certain securities.  As the Fund may invest in
securities denominated in foreign currencies and some of the
income received by the Fund will be in foreign currency, changes
in currency exchange rates may negatively impact the Fund's
return.  Investments in emerging markets securities are subject to
elevated risks which include, among others, expropriation,
confiscatory taxation, issues with repatriation of investment
income, limitations of foreign ownership, political instability,
armed conflict and social instability.  Investors should be
willing to accept a high degree of volatility and the potential of
significant loss.  For a more complete description of these and
other risks, please refer to the Fund's prospectus and summary
prospectus.  The Fund may loan its securities, which may subject
it to additional credit and counterparty risk.

The "net asset value" (NAV) of an ETF is determined at the close
of each business day, and represents the dollar value of one share
of the ETF; it is calculated by taking the total assets of an ETF
subtracting total liabilities, and dividing by the total number of
shares outstanding.  The NAV is not necessarily the same as an
ETF's intraday trading value.  Investors should not expect to buy
or sell shares at NAV.  Total returns are based upon closing
"market price" (price) of the ETF on the dates listed.

Fund shares are not individually redeemable and will be issued and
redeemed at their NAV only through certain authorized broker-
dealers in large, specified blocks of shares called "creation
units" and otherwise can be bought and sold only through exchange
trading.  Creation units are issued and redeemed principally in
kind.  Shares may trade at a premium or discount to their NAV in
the secondary market.

Investing involves substantial risk and high volatility, including
possible loss of principal.  Bonds and bond funds will decrease in
value as interest rates rise.  An investor should consider the
investment objective, risks, charges and expenses of the Fund
carefully before investing.  To obtain a prospectus and summary
prospectus, which contain this and other information, call
888.MKT.VCTR or visit vaneck.com/etf.  Please read the prospectus
and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor 335 Madison Avenue,
New York, NY 10017


* 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
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         2657428496       -817505840
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        0614673D BZ      42222280.6      -19730363.1
RECRUSUL - RT        0614674D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0614675D BZ      42222280.6      -19730363.1
RECRUSUL - RCT       0614676D 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
RECRUSUL SA-RTS      RCSL1 BZ         42222280.6      -19730363.1
RECRUSUL SA-RTS      RCSL2 BZ         42222280.6      -19730363.1
RECRUSUL SA-RCT      RCSL9 BZ         42222280.6      -19730363.1
RECRUSUL - RCT       RCSL10 BZ        42222280.6      -19730363.1
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         11165368.9      -88048393.7
CHIARELLI SA         CCHON BZ         11165368.9      -88048393.7
CHIARELLI SA-PRF     CCHI4 BZ         11165368.9      -88048393.7
CHIARELLI SA-PRF     CCHPN BZ         11165368.9      -88048393.7
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
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.


                   * * * End of Transmission * * *