/raid1/www/Hosts/bankrupt/TCRLA_Public/130326.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, March 26, 2013, Vol. 14, No. 60


                            Headlines



B A H A M A S

BAICO: EC Governments Transfer BAICO Business to Sagicor


B R A Z I L

BANCO BMG: Fitch Affirms 'B' Issuer Default Ratings
JBS S.A.: Good Credit Metrics Cue Moody's to Up Ratings to Ba3
TONON BIONERGIA: Paraiso Acquisition No Impact on Fitch Ratings


C A Y M A N  I S L A N D S

AA EQUITY: Commences Liquidation Proceedings
APACHE FINANCE EXPLORATION: Commences Liquidation Proceedings
APACHE FINANCE KHALDA: Commences Liquidation Proceedings
APACHE FINANCE QARUN: Commences Liquidation Proceedings
CAMULOS PARTNERS: Commences Liquidation Proceedings

CAMULOS SPECIAL: Commences Liquidation Proceedings
CROSBY ACTIVE: Commences Liquidation Proceedings
CROSBY ACTIVE MASTER: Commences Liquidation Proceedings
CROSBY CHINACHIPS: Commences Liquidation Proceedings
ECAMOS ROLLOVER: Placed Under Voluntary Wind-Up

INCOME PARTNERS: Commences Liquidation Proceedings
LIBERTYVIEW CONVERTIBLE: Shareholders Receive Wind-Up Report
LONGACRE CREDIT: Shareholders Receive Wind-Up Report
RAB EXTERNAL: Placed Under Voluntary Wind-Up
TANAMERA HOLDINGS: Commences Liquidation Proceedings

THADDEUS CAPITAL: Placed Under Voluntary Wind-Up
TRYALL INVESTMENTS: Placed Under Voluntary Wind-Up
TT ALPHA: Commences Liquidation Proceedings
TT ASIAN: Commences Liquidation Proceedings
TUCKERBROOK SHORT: Shareholders Receive Wind-Up Report


C H I L E

CHILE MINING: Delays Financials Filing for Dec. 31 Quarter


C O S T A  R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Rating


J A M A I C A

* JAMAICA: Worrying Trend for Coffee Industry


M E X I C O

GRUPO FINANCIERO: Fitch Affirms 'BB-' Perpetual Notes Rating
METROGAS SA: Incurred ARS142.8-Mil. Net Loss in 2012


P U E R T O   R I C O

LAUSELL INC: FirstBank Withdraws Motion for Case Dismissal


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BAICO: EC Governments Transfer BAICO Business to Sagicor
--------------------------------------------------------
Jamaica Observer reports that Eastern Caribbean governments have
finalized an agreement allowing for the transfer of the
traditional insurance business of British-American Insurance
Company Limited (BAICO) to Saigicor Life Inc, a wholly-owned
subsidiary of Barbados-based Sagicor Financial Corporation.

In June last year, the governments grouped under the Eastern
Caribbean Currency Union (ECCU) said they would provide funding to
assist in restoring value to the transferring policies as they
sought to deal with the fall-out caused by the financial collapse
of the Trinidad-based CL Financial Group that includes the
Colonial Life Insurance Company (CLICO) and BAICO, according to
Jamaica Observer.

The report relates that a statement posted on the websites of the
governments noted that following approval from all nine insurance
regulators and courts within the ECCU and the Bahamas, where BAICO
is incorporated, the transfer of the traditional insurance
businesses to Sagicor had been finalised on March 15.

"As a result of the transaction, over 15,000 former BAICO
policyholders have had their policies recapitalized, and are once
again able to enjoy their original policy terms and access their
insurance benefits," the statement said, Jamaica Observer notes.

Jamaica Observer discloses that the statement said Sagicor will
make contact with each affected policyholder whose policy has been
transferred "and to confirm how to continue receiving their policy
related benefits, pay premiums and make claims.

"Sagicor has made interim arrangements with BAICO for BAICO
branches in the ECCU to provide ongoing customer support to
policyholders.  This means that BAICO will accept premiums and
claims, and conduct other customer services on behalf of Sagicor.
. . . Sagicor will also directly contact over an estimated 1,500
persons in the ECCU who are owed historical claim amounts,
surrender payments, maturity payments, and bonuses by BAICO in
order to make these payments.  The ECCU governments have provided
funding for these amounts to be paid.  Recipients will need to
sign an appropriate release as a condition of receiving their
payment," the statement said, the report notes.

Jamaica Observer relays that in the case of policy holders who had
allowed their policies to lapse for a variety of reasons, the
statement said that the governments and Sagicor "will now focus on
identifying whether a solution can be implemented for those
traditional life insurance policyholders whose policies lapsed
between the commencement of BAICO's judicial management and the
announcement of the sale of the traditional life insurance
business to Sagicor."

The business being sold is made up of group pensions and
traditional life policies, including universal life, term life and
endowment, issued by BAICO in Anguilla, Antigua, Dominica,
Grenada, Montserrat, Saint Lucia, St Kitts & Nevis, and St Vincent
and the Grenadines.

BAICO said in its Web site that approximately 17,500 policyholders
are expected to benefit from the sale, restoring the policy values
for nearly two in every three BAICO policyholders, the report
adds.

Sagicor, the Barbadian parent of Sagicor Life Jamaica, is one of
the largest insurers operating in the Caribbean region.

                           About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.


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


BANCO BMG: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has taken the following rating actions on Banco BMG
S.A.:

-- Long-term foreign and local currency Issuer Default Ratings
   (IDRs) affirmed at 'B'; Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability rating (VR) affirmed at 'b-';
-- Support rating affirmed at '4';
-- Support rating floor affirmed at 'B';
-- Long-term national rating affirmed at 'BBB(bra)'; Outlook
    Stable;
-- Short-term national rating affirmed at 'F3(bra)';
-- Subordinated Debt rating affirmed at 'CCC/RR6'.

KEY RATING DRIVERS:

CAPITAL ADEQUACY, FUNDING AND PROFITABILITY

The affirmation of BMG's ratings are based on the bank's improved
funding position following last year's funding agreement with Itau
Unibanco S.A. (Itau; IDR 'BBB+') and the recent activation of its
30% owned joint venture with Itau.

The VR reflects the still heavy pressure on its capital base after
the 2011 acquisition of Banco Schahin S.A. (Schahin), and the
challenges to its profitability that limit BMG's ability to
replenish its deteriorated capital ratios; the IDR above the VR
reflects the support BMG has received from the FGC. The ratings
also recognize BMG's strong position as a market leader in its
main product niche - payroll deduction lending, known locally as
'Consignado' - its improved liquidity position and its
satisfactory asset quality.

In July 2012, BMG announced a joint venture agreement with Itau
that resulted in the creation of Banco Itau BMG Consignado S.A. in
which Itau will have a 70% stake and BMG a 30% stake. The joint
venture's revenues and expenses will be divided according to the
shareholding. This will result in lower operating expenses for BMG
which will continue to operate separately but at a reduced level.
In addition, Itau will be providing to BMG funding of up to BRL300
million per month for a period of at least five years. The joint
venture has begun operating earlier this year, and management
expects that it will begin significantly contributing to BMG's
earnings in 2014.

In late November 2012, BMG announced that Mr. Alcides Tapias would
assume the position of president of BMG's board of directors
(replacing Mr. Flavio Guimaraes) and that Mr. Antonio Hermann
would become the executive president of the bank (replacing Mr.
Ricardo Guimaraes). These moves and additional recent senior
management hires further professionalize BMG's senior management
and bring multiple synergies given their extensive past experience
in the largest banks in Brazil.

Due primarily to the secured nature of BMG's main lines of
business, asset quality remains very high, with credits classified
in the weaker categories between D and H, representing only 4.2%
of the total credit portfolio (which includes loans sold with
recourse) as of Sept. 30, 2012. BMG continues to maintain
satisfactory levels of concentration. A significant portion of the
bank's funding is secured, largely by Consignado loans; while the
funding it receives under its agreement with Itau will gradually
lower the secured portion of its funding, secured funding will
continue to dominate its funding over at least the near term. The
bank continues to have concentrations in funding due to its nature
as a wholesale bank, however Fitch is beginning to see
improvements toward further diversification and the bank continues
to show its ability to maintain positive gaps in its liquidity
levels.

BMG's profitability was greatly affected by the accounting change
that took effect in January 2012, eliminating the use of
accounting rules that allowed for the anticipation of revenues
arising from portfolio sales. BMG's profitability also was
strongly affected by higher credit costs, expenses of goodwill
amortization related to the Schahin acquisition, and other
operating expenses. The bank has seen improvements in origination
during the last few months and has reduced certain funding costs.
Management expects to release its fourth quarter results in the
near future and based on those, and the improved origination
levels expects to see further improvements during 2013 as it
returns to stronger levels of profitability. Fitch Ratings
believes that more significantly robust results should occur only
in 2014.

As of Sept. 30, 2012, the Fitch core capital ratio (FCC) was only
3.2% despite the regulatory capital ratio being 12.8% and Tier I
regulatory capital being 8.9% (both ratios deteriorated from those
at FYE 2011; Fitch expects the rebuilding of FCC to be gradual,
given the current heavy weight of goodwill and modest near term
outlook for profitability . Following Fitch's methodology, BMG's
capital is adjusted downward primarily to offset the significant
goodwill resulting in a Fitch Core Capital Ratio that allow the
agency to compare the quality of a financial institution's capital
to those of its local and international peers.

RATING SENSITIVITIES:

An upgrade of the bank's IDR is limited in the short term. To
consider an upgrade of the VR, Fitch would expect to see a
relevant improvement in Fitch's FFC ratio to closer to 6%, while
maintaining good asset quality and the improving trends in
funding. Although unlikely in Fitch's view, any further
deterioration of BMG's Fitch Core Capital ratio or negative change
in the funding agreement with its joint venture partner that
impairs its funding mix could lead towards a reduction on the
bank's ratings.

Headquartered in Belo Horizonte, Banco BMG S.A. is a midsized
wholesale bank, which is a market leader paycheck deductible
loans. The bank is privately owned by Mr. Flavio Pentagna
Guimaraes and his family.


JBS S.A.: Good Credit Metrics Cue Moody's to Up Ratings to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded JBS S.A.'s ratings to Ba3 from
B1. The ratings outlook is stable.

Ratings Rationale:

"The upgrade reflects the significant improvement in JBS's credit
metrics over the last few quarters, mainly as a result of its
focus on a organic growth and deleveraging strategy, as well as
good performance of its Brazilian beef operations", said Moody's
vice president Marianna Waltz. Accordingly, the company generated
free cash flow after dividends and capex over the last two
quarters and was able to reduce adjusted gross leverage to 4.3x in
December 2012 from 5.5x a year before.

JBS's ratings are also supported by the global strength of its
operations as one of the world's largest protein producers and by
its diversification in terms of (i) protein products, including
beef, chicken, pork, lamb, and leather; (ii) raw material
sourcing, from production units spread in five continents; and
(iii) end market diversity, as the company exports to more than
150 countries, with no single country representing more than 15%
of total export revenues.

Offsetting part of these positive attributes, Moody's highlights
the inherent volatility of the protein industry, subject to risk
factors such as animal cycles and diseases, weather conditions and
supply imbalances. In addition, the US beef market, the company's
main operating segment, is expected to remain under pressure over
the next several quarters, due to the unfavorable cattle cycle
momentum in the country. Although supply and demand conditions
could improve during the year, following the closing of Cargill's
slaughtering unit in the country and the decrease in export
restrictions to Japan, Moody's still anticipates potential
earnings pressure in the region.

Nevertheless, it is worthy to highlight that JBS's diversified
operations are viewed as a credit positive, as the company's
outperforming segments can mitigate poor results of the
underperforming ones. In this sense, the favorable fundamentals
for the beef segment in Brazil, mainly related to the cattle herd
expansion that translates into lower cattle prices in the country,
should keep supporting the company's operating performance and
credit metrics over the next several quarters.

JBS's liquidity is adequate. The proceeds from the USD 500 million
issued in January will be mainly directly to reduce shorter term
debt, leading to an estimated cash/short term debt ratio of above
1.0x. Moreover the company has USD 1.3 billion in available
committed facilities in its foreign subsidiaries.

The stable outlook reflects Moody's view that the company will
remain focused on organic growth, remain committed to conservative
liquidity management and make further progress in reducing its
financial leverage and maintain liquidity at near current levels.

An upgrade to the ratings could occur if JBS reports stronger and
less volatile consolidated cash flows and proves able to sustain
operating margins at least near current levels. Quantitatively, an
upgrade would require the company to report consistently healthy
free cash flow, while maintaining RCF to Net Debt above 22% and
adjusted Debt-to-EBITDA below 3.5x on a sustained basis.

A downgrade to the rating could be caused by a weaker liquidity
profile or a large debt financed acquisition. Quantitatively, a
downgrade could occur if Debt-to-EBITDA is sustained above 4.2x,
EBITA/Interest below 2.0x or RCF to Net Debt below 15%. All credit
metrics are adjusted according to Moody's standard adjustments and
definitions.

The principal methodology used in this rating was the Global Food
- Protein and Agriculture Industry Methodology published in
September 2009.

Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's
largest protein producer in terms of revenues, slaughter capacity
and production. It is the leader beef, chicken and leather player
and a leading lamb producer on a global basis, besides being the
third largest pork producer in the USA. The company has large
scale and diversification, with presence in more than 100
countries.

Consolidated net revenues totaled BRL 75.7 billion for the fiscal
year ended in 2012, with reported EBITDA margin of 5.8% in the
same period. JBS USA, represented by beef operations in the US,
Australia and Canada, is the company's largest business segment in
terms of revenues, representing 46% of total. Secondly comes JBS
Mercosul, represented by beef and more recently poultry operations
mainly in Brazil, with 24% of revenues. Pilgrim's Pride, the
company's poultry business in the US, accounts for 21% of
revenues, while the US Pork business contributes with the balance
of 9%.


TONON BIONERGIA: Paraiso Acquisition No Impact on Fitch Ratings
---------------------------------------------------------------
The ratings of Tonon Bionergia S.A. should not be affected by the
company's announced agreement to acquire Paraiso Bioenergia S.A.
for BRL170 million, according to Fitch Ratings.

BRL50 million will be paid in cash upon transaction closing, and
the remaining BRL120 million paid through a share swap. The
transaction is still dependent on some precedent conditions,
including the approval of the Brazilian antitrust authority CADE
(Administrative Council for Economic Defense). After completion
Tonon will become Paraiso's sole shareholder.

As per Fitch's estimates, Tonon's net leverage for the LTM ended
December 2012, on pro forma basis, should slightly increase to
2.7x from 2.3x, without considering cost savings. These estimates
are still consistent with the company's rating category.

The acquisition is strategically positive for Tonon as it
increases its business scale and should allow the capture of
synergies, given the proximity of its main unit to Paraiso's
industrial mill. This factor should allow an optimization of
agricultural management. Fitch also notes that Paraiso's EBITDA
margins are lower than those registered by Tonon, indicating room
for improvement. With this transaction, Tonon will be able to
increase its crushing capacity by 43%, reaching 8.2 million tons
of sugar cane in the 2013/2014 harvest period.

Tonon still faces challenges related to capital expenditures,
which are considered an important key rating driver to support the
existing assigned ratings. Fitch's original estimated investments
of around BRL790 million up to the 2015/2016 harvest period,
should be further increased by Paraiso's recurring capital
expenditures of around BRL80 million per year. Should Tonon
accelerate investments in such a way that results in net leverage
beyond Fitch's expectations, or with material negative impact on
its liquidity, it could trigger a negative rating action.

Paraiso owns a sugar, ethanol and renewable energy mill located in
the city of Brotas, in the State of Sao Paulo, with an annual
installed capacity to crush 2,500,000 tons of sugarcane. Paraiso's
own sugarcane represents roughly 70% of total sugarcane crushed.
The company also has a partnership with Rhodia Energy Services in
co-generation. In the 2011/2012 harvest period Paraiso reported
EBITDA of BRL85million, net debt of BRL199 million and a net
debt/EBITDA ratio of 2.4x.

Fitch currently rates Tonon as follows:

-- Local and foreign currency Issuer Default Ratings (IDRs) 'B';
-- Senior Unsecured Notes due 2020 'B/RR4'.

The Rating Outlook for the corporate ratings is Stable.


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


AA EQUITY: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 31, 2012, the sole shareholder of AA Equity Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


APACHE FINANCE EXPLORATION: Commences Liquidation Proceedings
-------------------------------------------------------------
At an extraordinary meeting held on Dec. 31, 2012, the members of
Apache Finance Qarun Exploration Company LDC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


APACHE FINANCE KHALDA: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Dec. 31, 2012, the members of
Apache Finance Khalda Corporation LDC resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


APACHE FINANCE QARUN: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on Dec. 31, 2012, the members of
Apache Finance Qarun Corporation LDC resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         Paget-Brown Trust Company Ltd.
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


CAMULOS PARTNERS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 28, 2012, the sole shareholder of Camulos Partners
Offshore Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         David A.K. Walker
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CAMULOS SPECIAL: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 28, 2012, the sole shareholder of Camulos Special
Situations Offshore Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         David A.K. Walker
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CROSBY ACTIVE: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 13, 2010, the sole shareholder of Crosby Active
Opportunities Feeder Fund Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Fok Hei Yu
         Telephone: +8 (523) 768 4500
         E-mail: yk.mak@fticonsulting.com


CROSBY ACTIVE MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Aug. 13, 2010, the sole shareholder of Crosby Active
Opportunities Master Fund Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Fok Hei Yu
         Telephone: +8 (523) 768 4500


CROSBY CHINACHIPS: Commences Liquidation Proceedings
----------------------------------------------------
On March 30, 2012, the sole shareholder of Crosby Chinachips
Investment Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Fok Hei Yu
         Telephone: +8 (523) 768 4500


ECAMOS ROLLOVER: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on Dec. 17, 2012, the
shareholders of Ecamos Rollover Trading Company resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Fides Limited
         P.O. Box 10338 Grand Cayman KY1-1003
         Cayman Islands
         Telephone: (345) 949 7232


INCOME PARTNERS: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 31, 2012, the members of Income Partners Greater China
High Yield Fund resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Emil Nguy
         3311-3313 Two IFC, 8 Finance Street
         Central
         Hong Kong


LIBERTYVIEW CONVERTIBLE: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On Feb. 14, 2013, the shareholders of Libertyview Convertible
Arbitrage Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


LONGACRE CREDIT: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 30, 2013, the shareholders of Longacre Credit Event
Offshore Fund, Ltd. received 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


RAB EXTERNAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 19, 2012, the sole shareholder of RAB External Managers
Fund Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

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


TANAMERA HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 2, 2013, the members of Tanamera Holdings Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         Road Town
         Tortola
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point
         9 Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299 6482
         Facsimile: (441) 279 5832


THADDEUS CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 19, 2012, the shareholders of Thaddeus Capital Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Green Staff Ventures Ltd.
         P.O. Box 957 Offshore Incorporations Centre
         Road Town, Tortola
         British Virgin Islands


TRYALL INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 3, 2013, the sole shareholder of Tryall Investments
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TT ALPHA: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 21, 2012, the sole shareholder of TT Asian Opportunities
Alpha Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Penner
         c/o Marcin Czarnocki
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2228
         Facsimile: +1 (345) 949 8258


TT ASIAN: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 21, 2012, the sole shareholder of TT Asian Opportunities
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Michael Penner
         c/o Marcin Czarnocki
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2228
         Facsimile: +1 (345) 949 8258


TUCKERBROOK SHORT: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Jan. 28, 2013, the shareholders of Tuckerbrook Short Alpha
Composite 150, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Hassett
         30 Doaks Lane
         Marblehead, Massachusetts 01945
         United States


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


CHILE MINING: Delays Financials Filing for Dec. 31 Quarter
----------------------------------------------------------
Chile Mining Technologies, Inc., was unable to file its Form 10-Q
within the prescribed time period without unreasonable effort or
expense due to the fact that the audit of the Company's financial
statements for the year ended Dec. 31, 2012, has not been
completed.  The Company anticipates that it will file its Form 10-
Q within the five-day grace period provided by Exchange Act Rule
12b-25.

                         About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended
March 31, 2012, annual report.  The independent auditors noted
that the continuance of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.

The Company's balance sheet at Sept. 30, 2012, showed US$8.72
million in total assets, US$11.24 and a US$2.51 million
stockholders' deficiency.


==================
C O S T A  R I C A
==================


INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the foreign currency Issuer Default
Rating (FC IDR) of Instituto Costarricense de Electricidad y
Subsidiarias at 'BB+', as well as its national scale ratings at
'AAA(cri)' and 'AAA(slv)' . The Rating Outlook is Stable.

Grupo ICE's ratings are supported by the company's linkage to the
Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'/Stable
by Fitch) which stems from the government ownership. The linkage
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government-mandated strategy in order to assure the country's
electric supply, which temper the ratings to that of the
sovereign. The ratings also reflect the government's implicit and
explicit support, the company's diversified portfolio of assets,
and adequate financial profile. Also factored into Grupo ICE's
ratings is the company's aggressive capital expenditure program
aimed at maintaining a strong market share position in the
telecommunications business and an adequate installed electric
generation capacity.

DIVERSIFIED ASSET PORTFOLIO:

Grupo ICE's ratings are supported by the company's diversified
portfolio of assets and its strong business position in Costa
Rica's electricity and telecommunications industry. The ratings
reflect the company's low business risk resulting from its
business diversification and positive characteristics as a utility
service provider.

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica. The issuer is the largest power generator and electric
distribution utility company in the country. As of year-end 2012,
Grupo ICE had an installed electric generation capacity of 2,080
megawatts (MW) (national capacity of 2,723MW) and was the
exclusive owner of the national transmission grid. The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy in
coordination with Grupo ICE or sell their energy to Grupo ICE. The
company is expected to remain a leader in the telecommunications
industry in the country, notwithstanding recent changes that
opened the industry to competition. Although this will increase
competition, it is also expected to enhance regulatory
transparency. In 2012, ICE's market share in terms of subscribers
was near of 100% in fixed telephony, 80% in mobile and 60% in
broadband.

During 2012, the company generated revenues and EBITDA of
CRC1,156,791 million and CRC286.222 million, respectively. The
company's electricity segment represented approximately 60% of
revenues and EBITDA, with the telecommunications division
contributing the rest. Fitch expects ICE's electricity business to
increase its contribution given the current and future expansion
projects, as well as relatively stable results in the
telecommunications segment.

ADEQUATE FINANCIAL PROFILE:

Grupo ICE's ratings reflect the company's adequate financial
profile characterized by moderate leverage and satisfactory
interest coverage, yet with some exposure to foreign exchange
risk, which should deteriorate over the medium term as the company
pursues its capital expenditures plan. At the end of the latest 12
month (LTM) period ended September 2012, ICE's EBITDA reached
USD566 million, lower than the full-year 2011 (USD593 million).
This decline is related with higher marketing costs in the
telecommunications segment in response to the increased
competition and delays in the tariff adjustments.

As September 2012, Grupo ICE reported total debt of USD3.3
billion, of which USD503 million was short-term and near 80% was
denominated in USD. This translated into a financial leverage
ratio, as measured by total adjusted debt-to-EBITDAR (annualized)
of approximately 6.0x. The company's interest coverage ratio as
measured by EBITDAR-to-interest and rent expenses was at 2.0x
(2.5x EBITDA/interest).

Fitch expects that the projected growth in electric demand of 4%-
5% by 2013 and 2014, would allow Grupo ICE to maintain its
leverage in in approximately 5.0x-6.0x.

AGGRESSIVE CAPITAL EXPENDITURES PLAN:

Grupo ICE's capital investment plan over the next several years is
considered aggressive and could weaken the company's financial
profile, absent increased cash flow generation and adequate tariff
adjustments. The company plans to invest approximately USD3.5
billion over the next five years in order to supply electricity to
meet demand and maintain its leadership position in
telecommunications in Costa Rica.

Going forward, Grupo ICE's credit metrics could deteriorate
significantly. Leverage could increase consistently to over 6.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe or don't received
opportunely the tariff adjustments. Grupo ICE expects to finance
its investments with a combination of internal cash flow, debt,
Build Operate and Transfer (BOT) transactions, project finance
vehicles and operating leases.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE:
Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules. In
recent months, the regulatory and political interference has
affected the electric tariffs adjustment. Every year the company
submits to the regulator for approval an electricity tariff for
end-users. Historically, the regulator has approved these tariffs
at levels that do not fully recognize the company's moderate
exposure to fuel prices borne by its thermoelectric generation
business (8%-10% of annual generation on average).

Positive for the company's business and financial profile is the
approved mechanism to adjust tariffs to reflect fuel cost
variations on a quarterly basis, starting in 2013. This change has
a positive effect on Grupo ICE's working capital and reduces its
exposure to hydrology risk.

The recent Telecom regulatory framework considers changes in
tariffs and competition rules. Fitch expects that new regulations
could enhance regulatory transparency. Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain a
relative stable cash flow generation. Also, the company is exposed
to political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

RATINGS SENSITIVITY

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- An upgrade of Costa Rica's Sovereign rating;
-- If the company is materially isolated from government
   interference.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- A downgrade of Costa Rica's Sovereign rating;
-- Any weakening of legal, operational and/or strategic ties with
   the government could put downward pressure on Grupo ICE's
   ratings;
-- Regulatory intervention that would have a significant negative
   impact on the company's operating and financial profile.

Fitch has affirmed the following ratings for Grupo ICE:

-- Long-term foreign currency (FC) Issuer Default Rating (IDR)
   at 'BB+';
-- Long-term local currency (LC) IDR at 'BB+';
-- Long-term national scale (Costa Rica) at 'AAA(cri)';
-- Long-term national scale (El Salvador) at 'AAA(slv);
-- Senior unsecured debt at 'BB+';
-- Senior unsecured domestic long-term debt (Costa Rica) at
   'AAA(cri)';
-- Senior unsecured domestic long-term debt (El Salvador) at
   'AAA(slv)';
-- Senior unsecured domestic short-term debt at 'F1+(cri)'.

Fitch has also affirmed the following ratings for Compania
Nacional de Fuerza y Luz S.A.:

-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Rating
   Outlook Stable
-- Senior unsecured domestic long-term debt (Costa Rica) at
   'AAA(cri)'.


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


* JAMAICA: Worrying Trend for Coffee Industry
---------------------------------------------
RJR News reports that there is more worrying news regarding the
state of Jamaica's coffee industry.

Jamaica Senator Norman Grant, managing director of the Mavis Bank
Coffee Factory, revealed that data received from the Coffee
Industry Board at the end of last month show a fall in production,
according to RJR News.

RJR News notes that total production of Jamaica Blue Mountain
Coffee Berry was estimated at 145,000 boxes.  The report relates
that the estimated production to the end of July 2013 ranges from
175,000 to 180,000 boxes, a 15% decline from the previous crop.

The decline has been linked to the passage of Hurricane Sandy and
the outbreak of the coffee leaf rust disease, RJR News note.  As a
result the sector will lose an estimated US$5 million in revenue,
the report says.


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


GRUPO FINANCIERO: Fitch Affirms 'BB-' Perpetual Notes Rating
------------------------------------------------------------
Fitch Ratings has affirmed Grupo Financiero Banorte's and Banco
Mercantil del Norte S.A.'s Viability ratings (VR) at 'bbb' and
their long- and short-term Issuer Default Ratings (IDRs) at
'BBB'/'F2', respectively. Ixe Banco, S.A.'s (Ixe) VR was upgraded
to 'bb+' from 'bb'. The National scale ratings for these two
banks, as well as those of certain non-bank subsidiaries that are
driven by support from GFNorte, were affirmed at 'AA+(mex)' and
'F1+(mex)'. The Rating Outlook on the long-term ratings of all
these entities remains Stable.

RATING ACTION RATIONALE

The affirmations of Banorte's VR and long-and short-term IDRs were
due to its overall adequate financial condition, gradually
improving and consolidating franchise and competitive position, as
well as its still moderate loss absorption capacity. The Support
rating and Support Rating Floor were affirmed at '2' and 'BBB-',
respectively, given Banorte's systemic importance and its role as
the largest domestically-owned bank. Fitch's support rating floors
indicate a level below which the agency will not lower the bank's
Long term IDRs as long as the assessment of the support factors
does not change.

The affirmations of GFNorte's VR and IDRs reflect that its
financial profile is highly correlated with Banorte's, its largest
subsidiary. The company's Support rating and Support rating floors
were affirmed at '5' and 'NF', in view of GFNorte's nature as a
holding company, indicating that, although possible, external
support cannot be relied upon.

Ixe Banco's VR rating was upgraded driven by its improved
individual profile, recently enhanced operating performance,
together with reduced though still high borrower concentrations,
and reasonable capital metrics. The IDRs were also affirmed. The
IDRs and Support rating affirmations reflect the institutional
support that it could receive form GFNorte, if needed.

Ixe's hybrid securities have been affirmed along with Banorte's
hybrid securities, both driven by Fitch's approach to rate these
subordinated securities, which incorporate the relative
subordination and non-performance risk of these securities.

The long- and-short-term National scale ratings of GFNorte's non-
banking subsidiaries: Arrendadora y Factor Banorte, , S.A. de C.V.
SOFOM, E.R. (AyF Banorte), Almacenadora Banorte, S.A. de C.V.,
Organizacion Auxiliar de Credito, Gpo Financiero Banorte
(Almacenadora Banorte), Casa de Bolsa Banorte-Ixe, S.A de C.V.,
Grupo Financiero Banorte (Casa de Bolsa Banorte-Ixe), and Fincasa
Hipotecaria, were affirmed, reflecting GFNorte's legal obligation
to support its subsidiaries, as well as the core role that these
entities represent to the group. The ratings of Ixe Automotriz,
S.A. de C.V. were affirmed at the same level and simultaneously
withdrawn, as a result of the recent merger of this entity into
AyF Banorte.

KEY RATING DRIVERS

Banorte's VR reflects its overall adequate financial condition,
reliable and resilient strategy, and gradually improving and
consolidating franchise and competitive position, both organically
and inorganically. The ratings also consider Banorte's still
moderate loss absorption capacity and the challenges to sustain
capital and liquidity metrics in view of its most recent
acquisition, higher expected loans, and relatively moderate,
though improving, profitability. The Stable Outlook reflects
Banorte's enhanced franchise and gradual positive impact on the
bank's revenue diversification and overall risk profile after the
acquisition of Afore Bancomer (pension fund formerly owned by
Spain BBVA), as well as Fitch's expectation of a gradual
rebuilding of capital metrics to pre-acquisition levels.

GFNorte's ratings factor in its enhanced and consolidating
franchise and business profile after diverse acquisitions in
recent years, its operating performance, which is slightly better
than Banorte's, due to the higher profitability of its non-bank
subsidiaries and the moderate double leverage expected by Fitch at
around 110% at the holding company level by the end of 2013. In
addition, the ratings also reflect the group's ongoing corporate
restructuring in order to simplify its operations. These ratings
drivers as well as the Stable Outlook are in turn underpinned by
GFNorte's major subsidiary, Banorte.

Ixe's IDRs reflect the core strategic importance of Ixe Banco to
GFNorte, the legal obligation that the latter has to support any
of its financial subsidiaries, as well as the fact that Ixe will
soon be merged with the group's main subsidiary, Banorte. Ixe's
VRs are driven by Ixe's strong business model, well-contained
impaired loans and sound liquidity, its improved but still
relatively low capital adequacy and the slightly worsening trend
in asset quality metrics, as well as high borrower concentrations,
common to small-sized banks.

Banorte's subordinated debt is rated three notches below its
National long-term rating and it has thus been affirmed along with
Banorte's VR. Ixe's junior subordinated debt has also been
affirmed and remains four notches below the bank's supported IDR.
These ratings are driven by Fitch's approach to factor in the
degree of subordination and non-performance risk.

The ratings of GFNorte's non-banking subsidiaries (AyFr Banorte,
Casa de Bolsa Banorte-Ixe, Fincasa Hipotecaria, and Almacenadora
Banorte) factor in GFNorte's legal obligation to support its
subsidiaries, as well as their core role to the Group.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT
Banorte's VRs and IDRs could be affected by further material
declines in the bank's capital metrics, such as Fitch core
capital-to-risk-weighted assets below 10.5% and/or the bank's
inability to sustain adequate asset quality metrics in the medium
term; an NPL ratio over 3% may also result in a downgrade of the
bank's ratings. Once capital adequacy is restored to pre-
acquisition levels, Banorte's ratings could benefit over the
medium term from sustained and material improvements in loss
absorption capacity, further consolidation of its franchise,
business and competitive position, as well as an enhancement to
its liquidity profile.

GFNorte's IDRs are aligned with Banorte's and its VR could be
positively affected by a potential upgrade of its main banking
subisidiary (Banorte) together with material improvements of its
loss absorption capacity, further consolidation of its franchise,
an enhanced liquidity profile, as well as adequate performance of
its subsidiaries. Further material declines in the group's capital
metrics, such as tangible common equity-to-tangible assets below
6.5%, double leverage level constantly over 115% and/or pressures
on its liquidity profile may result in a negative rating action.
The group's inability to sustain adequate asset quality metrics
over the medium term may also result in a downgrade.

Ixe's VR, IDRs and Support rating will be equalized to those of
Banorte and withdrawn when the merger of Ixe into Banorte is
completed, which is expected in the short term.

Banorte's Support rating and Support rating floor ratings are
sensitive to a change in Mexico's sovereign rating and/or a change
in the expected propensity of support from the Mexican government;
both factors with a low probability of occurrence.

A potential upgrade of GFNorte's Support rating and Support rating
floor is limited, in view of GFNorte's nature as a holding
company, since external support cannot be relied upon although it
is possible.

Banorte and Ixe's subordinated debt ratings will likely mirror any
change in GFNorte's IDRs, as these are expected to maintain the
same relevance to the group's credit rating.

A potential upgrade or downgrade of GFNorte's non-banking
subsidiaries (AyF Banorte, Casa de Bolsa Banorte-Ixe, Fincasa
Hipotecaria, and Almacenadora Banorte) will be driven by any
potential changes on Banorte's ratings, or changes in the legal
framework that could alter the propensity of GFNorte to support
them, a scenario that seems unlikely at present.

The rating actions are:

GFNorte:
-- Long-term foreign and local currency IDRs affirmed at 'BBB';
-- Short-term foreign and local currency IDRs affirmed at 'F2';
-- Viability rating affirmed at 'bbb';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'NF'.

Banorte:
-- Long-term foreign and local currency IDRs affirmed at 'BBB';
-- Short-term foreign and local currency IDRs affirmed at 'F2';
-- Viability rating affirmed at 'bbb';
-- Support rating affirmed at '2';
-- Support rating floor affirmed at 'BBB-';
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)';
-- National-scale long-term rating for a local issue of
   subordinated unsecured debt affirmed at 'A+(mex)'.

Ixe:
-- Long-term foreign and local currency IDRs at 'BBB';
-- Short-term foreign and local currency IDRs at 'F2';
-- Viability rating upgraded to 'bb+' from 'bb';
-- Support rating affirmed at '2';
-- USD120 million junior subordinated perpetual notes affirmed
   at 'BB-';
-- USD120 million 10-year junior subordinated securities affirmed
   at 'BB-';
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)'.

AyF Banorte:
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)';
-- National-scale long-term rating for local issues of senior
   unsecured debt affirmed at 'AA+(mex)';
-- National-scale short-term rating for local issues of senior
   unsecured debt affirmed at 'F1+(mex)'.

Almacenadora Banorte:
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)'.

Fincasa Hipotecaria:
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)'.

Casa de Bolsa Banorte-Ixe:
-- National-scale long-term rating affirmed at 'AA+(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)'.

Ixe Automotriz:
-- National-scale long-term rating affirmed at 'AA+(mex)' and
   withdrawn;
-- National-scale short-term rating affirmed at 'F1+(mex)' and
   withdrawn;
-- National-scale short-term rating for local issues of senior
   unsecured debt affirmed and withdrawn at 'F1+(mex)'.

The Outlook for the long-term ratings is Stable.


METROGAS SA: Incurred ARS142.8-Mil. Net Loss in 2012
----------------------------------------------------
MetroGAS S.A. furnished the U.S. Securities and Exchange
Commission on Form 6-K on March 18, 2013, its report on the
Company's consolidated financial statements for the year ended
Dec. 31, 2012.

Price Waterhouse & CO. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern, citing the uncertainties derived from
the delay in obtaining tariff increases and the continuous
increase in operating expenses that have negatively affected the
Company's economic and financial position and from the completion
of the voluntary reorganization proceedings filed by the Company
with an Argentine Court on June 17, 2010.

The Company reported a net loss of ARS142.8 million on
ARS1.210 billion of sales in 2012, compared with a net loss of
ARS61.1 million on ARS1.161 billion of sales in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
ARS2.435 billion in total assets, ARS2.061 billion in total
liabilities, minority interest of ARS989,000 and shareholders'
equity of ARS373.0 million.

A copy of the Form 6-K is available at http://is.gd/mtqKZO

Headquartered in Buenos Aires, Argentina, MetroGAS S.A. is the
largest gas distribution company in Argentina in terms of number
of customers and of delivered gas volumes. MetroGAS distributes
approximately 20.4% of the total natural gas supplied by the nine
distribution companies licensed after the privatization of Gas del
Estado in late 1992, and currently has approximately 2.2 million
customers in its service area (Buenos Aires City and eleven
municipalities in the south of Greater Buenos Aires), a densely
populated area including major power plants and other industrial
and commercial users.

As a consequence of different scenarios that significantly
affected the Company's ability to generate enough fund flows to
satisfy payments to its suppliers and financial creditors, on
June 17, 2010, MetroGAS' Board of Directors requested a
Reorganization proceeding which was filed before the National
Court for Commercial Matters No. 26, Secretariat No.51, case
record No. 056,999.  The Shareholders' Assembly carried out on
Aug. 2, 2010, ratified the decision taken by the Board.

In Feb. 2, 2012, the Company presented a total and final
reformulation of the preventive agreement proposal for unsecured
creditors who are verified and declared acceptable consisting in
the payment of verified or declared unsecured credits by means of
releasement, swap or "dacion en pago" of such credits, of two
kinds of negotiable bonds (the "New Negotiable Bonds") to be due
on Dec. 31, 2018.

During the Bondholders' Meeting of MetroGAS S.A, on June 18, 2012,
the proposal for the reorganization proceedings of MetroGAS S.A.
was unanimously accepted by the Company's creditors.


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


LAUSELL INC: FirstBank Withdraws Motion for Case Dismissal
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
accepted FirstBank of Puerto Rico's withdrawal of its motion to
dismiss Lausell, Inc.'s Chapter 11 case.

On Feb. 13, 2013, FirstBank asked the Court to dismiss the case
and deny the Debtor's motion to use the bank's cash collateral, in
view of the Debtor's actual position, without having available
cash collateral for its day to day operation.

FirstBank, as lender and administrative agent for the syndicated
loan issued to the Debtor in conjunction with Citibank, N.A., and
Alcan Primary Products, LLC, filed a stipulation on the extension
of the use of cash collateral, adequate protection, critical
vendor designation of Alcan Primary Products, LLC and request for
its approval.  An order was entered approving the Stipulation on
Jan. 9, 2013.

The Debtor has requested postpetition financing from EDB in order
to pay off the loans with the Banks, in a DOP transaction for the
reduced amount of $6.3 million.  The Banks have agreed to the
instant Stipulation for the purpose of allowing the Debtor the
time required to finalize its loan application process with EDB.
As part of the Stipulation, the Debtor must submit reports on the
status of the EDB financing every two weeks with the first report
being due on Jan. 18, 2013.

According to FirstBank, the Debtor failed to provide the requested
report and is therefore in default as to the terms of the approved
Stipulation.  "We have been promised an actual report, but the
same has not been forthcoming," Firstbank stated.  Upon insistence
of the banks, the Debtor provided a statement that everything was
the same with EDB.

As additional adequate protection payments, the Debtor is required
to make a payment to the Banks equivalent to the daily rate of
$1,035 to cover interest becoming due during the term of the
Stipulation.  The Debtor is required to make monthly payments to
the Banks of $5,000, for a total of $20,000 during the period of
the Stipulation to cover accrued interest.  FirstBank claimed that
the Debtor failed to make the last monthly payments in accordance
with the Stipulation.

On Feb. 21, 2013, FirstBank withdrew its dismissal motion, saying
that the Debtor has provided the information that had been
requested.

Firstbank is represented by:

      F. David Godreau, Esq.
      LATIMER, BIAGGI, RACHID & GODREAU
      P.O. Box 9022512
      San Juan, PR 00902-2512
      Tel: (787) 724-0230
      Fax: (787) 724-9171

                        About Lausell Inc.

Lausell, Inc., filed a bare-bones Chapter 11 petition (Bankr.
D.P.R. Case No. 12-02918) on April 17, 2012, in Old San Juan,
Puerto Rico.  Lausell, also known as Aluminio Del Caribe, is a
manufacturer of windows and doors.

Bankruptcy Judge Mildred Caban Flores oversees the case.  Charles
Alfred Cuprill, Esq., at Charles A. Curpill, PSC, serves as
counsel to the Debtor.

The Bayamon, Puerto Rico-based company disclosed $34,059,950 in
assets and liabilities of $24,489,414 in its amended schedules.


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


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


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


  ARGENTINA
  ---------

SNIAFA SA-B         SDAGF US       11229696.2    -2670544.88
CENTRAL COSTAN-B    CRCBF US        369642685    -49030758.7
ENDESA COSTAN-A     CECO1 AR        369642685    -49030758.7
ENDESA COSTAN-      CECO2 AR        369642685    -49030758.7
CENTRAL COST-BLK    CECOB AR        369642685    -49030758.7
ENDESA COSTAN-      CECOD AR        369642685    -49030758.7
ENDESA COSTAN-      CECOC AR        369642685    -49030758.7
ENDESA COSTAN-      EDCFF US        369642685    -49030758.7
CENTRAL COSTAN-C    CECO3 AR        369642685    -49030758.7
CENTRAL COST-ADR    CCSA LI         369642685    -49030758.7
ENDESA COST-ADR     CRCNY US        369642685    -49030758.7
CENTRAL COSTAN-B    CNRBF US        369642685    -49030758.7
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
  ------

FABRICA TECID-RT    FTRX1 BZ         70649866    -75488504.5
TEKA-ADR            TEKAY US        363575481     -371579997
BOMBRIL             BMBBF US        344846084    -16082109.1
TEKA                TKTQF US        363575481     -371579997
TEKA-PREF           TKTPF US        363575481     -371579997
BATTISTELLA-RIGH    BTTL1 BZ        246036232    -51251360.7
BATTISTELLA-RI P    BTTL2 BZ        246036232    -51251360.7
BATTISTELLA-RECE    BTTL9 BZ        246036232    -51251360.7
BATTISTELLA-RECP    BTTL10 BZ       246036232    -51251360.7
AGRENCO LTD-BDR     AGEN11 BZ       325151004     -611658179
REII INC            REIC US          14423532       -3506007
PET MANG-RIGHTS     3678565Q BZ     246810937     -224879124
PET MANG-RIGHTS     3678569Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229292Q BZ     246810937     -224879124
PET MANG-RECEIPT    0229296Q BZ     246810937     -224879124
LUPATECH SA         LUPA3 BZ        943240001    -5971578.45
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        344846084    -16082109.1
BOMBRIL-RIGHTS      BOBR1 BZ        344846084    -16082109.1
AGRENCO LTD         AGRE LX         325151004     -611658179
LUPATECH SA         LUPAF US        943240001    -5971578.45
CELGPAR             GPAR3 BZ       2657428496     -817505840
RECRUSUL - RT       4529781Q BZ    41094940.3    -21379158.8
RECRUSUL - RT       4529785Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529789Q BZ    41094940.3    -21379158.8
RECRUSUL - RCT      4529793Q BZ    41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL11 BZ      41094940.3    -21379158.8
RECRUSUL-BON RT     RCSL12 BZ      41094940.3    -21379158.8
BALADARE            BLDR3 BZ        159454016    -52992212.8
TEXTEIS RENAU-RT    TXRX1 BZ        113010473    -78451102.1
TEXTEIS RENAU-RT    TXRX2 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX9 BZ        113010473    -78451102.1
TEXTEIS RENA-RCT    TXRX10 BZ       113010473    -78451102.1
CIA PETROLIF-PRF    MRLM4 BZ        377602195    -3014291.72
CIA PETROLIFERA     MRLM3 BZ        377602195    -3014291.72
NOVA AMERICA SA     NOVA3 BZ         21287489     -183535527
NOVA AMERICA-PRF    NOVA4 BZ         21287489     -183535527
LUPATECH SA-RT      LUPA11 BZ       943240001    -5971578.45
ALL ORE MINERACA    AORE3 BZ       21657457.4    -7184940.82
B&D FOOD CORP       BDFC US          14423532       -3506007
LUPATECH SA-ADR     LUPAY US        943240001    -5971578.45
PET MANG-RT         4115360Q BZ     246810937     -224879124
PET MANG-RT         4115364Q BZ     246810937     -224879124
STEEL - RT          STLB1 BZ       21657457.4    -7184940.82
STEEL - RCT ORD     STLB9 BZ       21657457.4    -7184940.82
MINUPAR-RT          9314542Q BZ     153054388    -2037402.69
MINUPAR-RCT         9314634Q BZ     153054388    -2037402.69
CONST LINDEN RT     CALI1 BZ       14128873.9    -2140102.39
CONST LINDEN RT     CALI2 BZ       14128873.9    -2140102.39
PET MANG-RT         0229249Q BZ     246810937     -224879124
PET MANG-RT         0229268Q BZ     246810937     -224879124
RECRUSUL - RT       0163579D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0163580D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163582D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0163583D BZ    41094940.3    -21379158.8
PORTX OPERA-GDR     PXTPY US        976769403    -9407990.35
PORTX OPERACOES     PRTX3 BZ        976769403    -9407990.35
ALL ORE MINERACA    STLB3 BZ       21657457.4    -7184940.82
MINUPAR-RT          0599562D BZ     153054388    -2037402.69
MINUPAR-RCT         0599564D BZ     153054388    -2037402.69
CONST LINDEN RCT    CALI9 BZ       14128873.9    -2140102.39
CONST LINDEN RCT    CALI10 BZ      14128873.9    -2140102.39
PET MANG-RT         RPMG2 BZ        246810937     -224879124
PET MANG-RT         RPMG1 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG9 BZ        246810937     -224879124
PET MANG-RECEIPT    RPMG10 BZ       246810937     -224879124
RECRUSUL - RT       0614673D BZ    41094940.3    -21379158.8
RECRUSUL - RT       0614674D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614675D BZ    41094940.3    -21379158.8
RECRUSUL - RCT      0614676D BZ    41094940.3    -21379158.8
TEKA-RTS            TEKA1 BZ        363575481     -371579997
TEKA-RTS            TEKA2 BZ        363575481     -371579997
TEKA-RCT            TEKA9 BZ        363575481     -371579997
TEKA-RCT            TEKA10 BZ       363575481     -371579997
LUPATECH SA-RTS     LUPA1 BZ        943240001    -5971578.45
LUPATECH SA -RCT    LUPA9 BZ        943240001    -5971578.45
MINUPAR-RTS         MNPR1 BZ        153054388    -2037402.69
MINUPAR-RCT         MNPR9 BZ        153054388    -2037402.69
RECRUSUL SA-RTS     RCSL1 BZ       41094940.3    -21379158.8
RECRUSUL SA-RTS     RCSL2 BZ       41094940.3    -21379158.8
RECRUSUL SA-RCT     RCSL9 BZ       41094940.3    -21379158.8
RECRUSUL - RCT      RCSL10 BZ      41094940.3    -21379158.8
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        344846084    -16082109.1
BOMBRIL CIRIO SA    BOBRON BZ       344846084    -16082109.1
BOMBRIL-PREF        BOBR4 BZ        344846084    -16082109.1
BOMBRIL CIRIO-PF    BOBRPN BZ       344846084    -16082109.1
BOMBRIL SA-ADR      BMBPY US        344846084    -16082109.1
BOMBRIL SA-ADR      BMBBY US        344846084    -16082109.1
BUETTNER            BUET3 BZ        106809932      -26451201
BUETTNER SA         BUETON BZ       106809932      -26451201
BUETTNER-PREF       BUET4 BZ        106809932      -26451201
BUETTNER SA-PRF     BUETPN BZ       106809932      -26451201
BUETTNER SA-RTS     BUET1 BZ        106809932      -26451201
BUETTNER SA-RT P    BUET2 BZ        106809932      -26451201
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        262778568    -57161259.5
IGUACU CAFE         IGCSON BZ       262778568    -57161259.5
IGUACU CAFE         IGUCF US        262778568    -57161259.5
IGUACU CAFE-PR A    IGUA5 BZ        262778568    -57161259.5
IGUACU CAFE-PR A    IGCSAN BZ       262778568    -57161259.5
IGUACU CAFE-PR A    IGUAF US        262778568    -57161259.5
IGUACU CAFE-PR B    IGUA6 BZ        262778568    -57161259.5
IGUACU CAFE-PR B    IGCSBN BZ       262778568    -57161259.5
SCHLOSSER           SCLO3 BZ       56671769.6    -52218991.3
SCHLOSSER SA        SCHON BZ       56671769.6    -52218991.3
SCHLOSSER-PREF      SCLO4 BZ       56671769.6    -52218991.3
SCHLOSSER SA-PRF    SCHPN BZ       56671769.6    -52218991.3
COBRASMA            CBMA3 BZ       84044218.1    -2153724140
COBRASMA SA         COBRON BZ      84044218.1    -2153724140
COBRASMA-PREF       CBMA4 BZ       84044218.1    -2153724140
COBRASMA SA-PREF    COBRPN BZ      84044218.1    -2153724140
CONST A LINDEN      CALI3 BZ       14128873.9    -2140102.39
CONST A LINDEN      LINDON BZ      14128873.9    -2140102.39
CONST A LIND-PRF    CALI4 BZ       14128873.9    -2140102.39
CONST A LIND-PRF    LINDPN BZ      14128873.9    -2140102.39
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        262638432     -199076300
DOCAS SA            DOCAON BZ       262638432     -199076300
DOCA INVESTI-PFD    DOCA4 BZ        262638432     -199076300
DOCAS SA-PREF       DOCAPN BZ       262638432     -199076300
DOCAS SA-RTS PRF    DOCA2 BZ        262638432     -199076300
FABRICA RENAUX      FTRX3 BZ         70649866    -75488504.5
FABRICA RENAUX      FRNXON BZ        70649866    -75488504.5
FABRICA RENAUX-P    FTRX4 BZ         70649866    -75488504.5
FABRICA RENAUX-P    FRNXPN BZ        70649866    -75488504.5
HAGA                HAGA3 BZ       20081896.3    -49045924.8
FERRAGENS HAGA      HAGAON BZ      20081896.3    -49045924.8
FER HAGA-PREF       HAGA4 BZ       20081896.3    -49045924.8
FERRAGENS HAGA-P    HAGAPN BZ      20081896.3    -49045924.8
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
HOTEIS OTHON SA     HOOT3 BZ        255452990    -73565093.7
HOTEIS OTHON SA     HOTHON BZ       255452990    -73565093.7
HOTEIS OTHON-PRF    HOOT4 BZ        255452990    -73565093.7
HOTEIS OTHON-PRF    HOTHPN BZ       255452990    -73565093.7
RENAUXVIEW SA       TXRX3 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXON BZ       113010473    -78451102.1
RENAUXVIEW SA-PF    TXRX4 BZ        113010473    -78451102.1
TEXTEIS RENAUX      RENXPN BZ       113010473    -78451102.1
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       83538938.3     -102223933
ESTRELA SA          ESTRON BZ      83538938.3     -102223933
ESTRELA SA-PREF     ESTR4 BZ       83538938.3     -102223933
ESTRELA SA-PREF     ESTRPN BZ      83538938.3     -102223933
WETZEL SA           MWET3 BZ       93591243.4    -7959637.41
WETZEL SA           MWELON BZ      93591243.4    -7959637.41
WETZEL SA-PREF      MWET4 BZ       93591243.4    -7959637.41
WETZEL SA-PREF      MWELPN BZ      93591243.4    -7959637.41
MINUPAR             MNPR3 BZ        153054388    -2037402.69
MINUPAR SA          MNPRON BZ       153054388    -2037402.69
MINUPAR-PREF        MNPR4 BZ        153054388    -2037402.69
MINUPAR SA-PREF     MNPRPN BZ       153054388    -2037402.69
NORDON MET          NORD3 BZ       12234778.3    -30283728.6
NORDON METAL        NORDON BZ      12234778.3    -30283728.6
NORDON MET-RTS      NORD1 BZ       12234778.3    -30283728.6
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       41094940.3    -21379158.8
RECRUSUL SA         RESLON BZ      41094940.3    -21379158.8
RECRUSUL-PREF       RCSL4 BZ       41094940.3    -21379158.8
RECRUSUL SA-PREF    RESLPN BZ      41094940.3    -21379158.8
PETRO MANGUINHOS    RPMG3 BZ        246810937     -224879124
PETRO MANGUINHOS    MANGON BZ       246810937     -224879124
PET MANGUINH-PRF    RPMG4 BZ        246810937     -224879124
PETRO MANGUIN-PF    MANGPN BZ       246810937     -224879124
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        183655397     -138233505
SANSUY SA           SNSYON BZ       183655397     -138233505
SANSUY-PREF A       SNSY5 BZ        183655397     -138233505
SANSUY SA-PREF A    SNSYAN BZ       183655397     -138233505
SANSUY-PREF B       SNSY6 BZ        183655397     -138233505
SANSUY SA-PREF B    SNSYBN BZ       183655397     -138233505
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        363575481     -371579997
TEKA                TEKAON BZ       363575481     -371579997
TEKA-PREF           TEKA4 BZ        363575481     -371579997
TEKA-PREF           TEKAPN BZ       363575481     -371579997
TEKA-ADR            TKTPY US        363575481     -371579997
TEKA-ADR            TKTQY US        363575481     -371579997
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        246036232    -51251360.7
BATTISTELLA-PREF    BTTL4 BZ        246036232    -51251360.7
SAUIPE SA           PSEGON BZ      18005034.4    -5223527.47
SAUIPE              PSEG3 BZ       18005034.4    -5223527.47
SAUIPE SA-PREF      PSEGPN BZ      18005034.4    -5223527.47
SAUIPE-PREF         PSEG4 BZ       18005034.4    -5223527.47
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
  --------

PUYEHUE RIGHT       PUYEHUOS CI    24251713.9    -3390038.99
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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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