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

              Tuesday, June 1, 2010, Vol. 11, No. 106

                            Headlines



A R G E N T I N A

LA FLOTA: Creditors' Proofs of Debt Due on August 10
MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due on Sept. 1
PROYINAB SA: Creditors' Proofs of Debt Due on June 29


B E R M U D A

KRISTAPS INSURANCE: Creditors' Proofs of Debt Due on June 10
KRISTAPS INSURANCE: Members to Receive Wind-Up Report on July 2


B R A Z I L

CAIXA ECONOMICA: Plans to Raise US$1-BB With Int'l Investors
COSAN LTD: Mulls Merging Projects With ETH Bioenergia & Petrobras
EMBRATEL SA: America Movil to Retain Firm's Chief in Brazil
JBS SA: Russia Suspends Red-Meat Imports From Units
MARFRIG ALIMENTOS: Russia Suspends Red-Meat Imports From Units


C A Y M A N  I S L A N D S

ADAR INVESTMENTS: Shareholder to Hear Wind-Up Report on June 29
BARCA NINE: Shareholders' Meeting Set for June 25
BLUECREST DIVERSIFIED: Shareholders' Final Meeting Set for June 15
BREVAN HOWARD: Shareholder to Hear Wind-Up Report on June 22
BREVAN HOWARD: Shareholder to Hear Wind-Up Report on June 22

BRORA HOLDING: Shareholders' Final Meeting Set for July 29
CELLAR FINANCE: Members' Final Meeting Set for June 28
DOLOMITE LATIN: Shareholders' Meeting Set for June 24
EXPRESSWAY PARTNERS: Shareholders' Meeting Set for June 25
FIFTY FEATHERS: Shareholders' Meeting Set for June 25

IRVINGTON SCDO: Shareholders' Final Meeting Set for June 25
IRVINGTON SCDO: Members' Final Meeting Set for June 25
KING & SHAXSON: Shareholder to Hear Wind-Up Report on June 22
KING & SHAXSON: Shareholder to Hear Wind-Up Report on June 22
LEWIS BAY: Shareholders' Final Meeting Set for June 21

MIDNIGHT CO: Sole Member to Receive Wind-Up Report on June 24
NG CAYMAN: Shareholder to Hear Wind-Up Report on June 24
PORTLOW FINANCE: Members' Final Meeting Set for June 28
SAS LTD: Shareholders' Final Meeting Set for July 14


C O L O M B I A

ISAGEN SA: Presidential Candidate Seeks Sale of Firm's Stake


H A I T I

* HAITI: World Bank Cancels Country's Debt


H O N D U R A S

* HONDURAS: Economic Growth Expected to Recover to Some 2-3/4%


M E X I C O

CEMEX SAB: Citigroup Inc. Upgrades Firm's Shares
ULTRAPAR PARTICIPACOES: Expected to Bid for Shell's LPG Business


P E R U

EDELNOR SA: Offers US$10.6 Million in Bonds Due 2017


P U E R T O  R I C O

CARIAN MANAGEMENT: Taps C. Conde as Bankruptcy Counsel


V E N E Z U E L A

* VENEZUELA: To Ban Brokerages From Bolivar Debt Sales


X X X X X X X X

* Large Companies With Insolvent Balance Sheets





                         - - - - -


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


LA FLOTA: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------
The court-appointed trustee for La Flota S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
August 10, 2010.

The trustee will present the validated claims in court as
individual reports on September 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 4, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 26, 2011.


MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due on Sept. 1
----------------------------------------------------------------
The court-appointed trustee for Mercury Communications S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until September 1, 2010.

The trustee will present the validated claims in court as
individual reports on October 13, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 24, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 27, 2011.


PROYINAB SA: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------
The court-appointed trustee for Proyinab S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 29, 2010.

The trustee will present the validated claims in court as
individual reports on August 26, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 7, 2010.


=============
B E R M U D A
=============


KRISTAPS INSURANCE: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------------
The creditors of Kristaps Insurance Ltd. are required to file
their proofs of debt by June 10, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


KRISTAPS INSURANCE: Members to Receive Wind-Up Report on July 2
---------------------------------------------------------------
The members of Kristaps Insurance Ltd. will receive, on July 2,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on May 27, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


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


CAIXA ECONOMICA: Plans to Raise US$1-BB With Int'l Investors
------------------------------------------------------------
Caixa Economica Federal's Vice President for Asset Management,
Bolivar Tarrago, said that the company plans to raise US$1 billion
with international investors for a private-equity fund, Telma
Marotto at Bloomberg News reports, citing Valor Economico.

According to the report, Mr. Tarrago said that the fund will
invest in infrastructure projects and in the oil and gas sector in
Brazil.  The report, citing Valor Economico, relates Mr. Tarrago
said that deal will mark the first international transaction for
the company.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


COSAN LTD: Mulls Merging Projects With ETH Bioenergia & Petrobras
-----------------------------------------------------------------
Cosan Limited, ETH Bioenergia, and Petroleo Brasileiro S.A. are
considering merging their proposed ethanol pipeline projects to
cut costs, Bloomberg News reports.  "Initial" talks are underway
between the three firms given that there is no point in three
pipelines following similar routes, the report quoted Luis Felli,
ETH vice president of operations, as saying.

According to the report, ETH Bioenergia and Cosan Limited have
disclosed ambitious plans to develop ethanol pipelines linking the
Brazil's Centre West to ports in Sao Paulo or Rio de Janeiro.

The report notes that ETH Bioenergia inherited a BRL3-4 billion
(US$1.7-2.2 billion) pipeline venture from Brenco.  The report
relates that Cosan Limited assembled plans for a pipeline that
would funnel renewable fuel from the firm's three planned ethanol
clusters in Goias, Mato Grosso do Sul and Mato Grosso to the
coast.  Petrobras, the report says, is developing a US$2 billion
complex of ethanol-only pipelines with Japanese trading house
Mitsui and Camargo Correa SA.

Meanwhile, the report discloses, Cosan SA plans to build 570
kilometre of pipelines that would link various regions of the
state of Sao Paulo to the capital city and the coast.  Bloomberg
News relates that Cosan is working in partnership with Uniduto, a
consortium of 88 mills.

                      About Cosan Limited

Cosan Limited -- http://www.cosan.com.br/-- is a global ethanol
and sugar company with integrated operations in Brazil. The
company owns and operates a sugar-loading terminal at the Port of
Santos in the State of Sao Paulo through its subsidiary, Cosan
Operadora Portuaria S.A. (Cosan Portuaria).  Cosan operates in
three segments: sugar, ethanol, and other products and services.

                          *     *     *

As of May 31, 2010, the company continues to carry Standard and
Poor's "BB-" LT issuer credit ratings.


EMBRATEL SA: America Movil to Retain Firm's Chief in Brazil
-----------------------------------------------------------
Crayton Harrison at Bloomberg News reports that America Movil SAB
will retain the head of its Brazil unit and his counterpart at
Telmex Internacional SAB after acquiring the land-line phone
company.

According to the report, citing a company statement, Jo Formoso
Martinez, who leads Embratel Participacoes SA, will remain in his
current position.  Embratel SA is controlled by Telmex
Internacional.

Empresa Brasileira de Telecomunicacoes S.A --
http://www.embratel.com.br-- is a major telecommunications
carrier in Brazil.  It offers up-to-date telecommunications
solutions to the Brazilian market including local, long distance
domestic and international calling; data, video and Internet
transmission.  Embratel can provide services all over the country
through its satellite solutions.  Embratel has been part of the
history of Brazil for 43 years, playing a major role in the
country's development.

                           *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


JBS SA: Russia Suspends Red-Meat Imports From Units
---------------------------------------------------
Brazil said that Russia suspended red-meat imports from some units
of JBS SA and Marfrig Alimentos SA (f/k/a Marfrig Frigoroficos e
Comercio de Alimentos) because of health concerns, The Moscow
Times reports.   The report relates that the suspension came after
a Russian delegation of health inspectors visited 29 plants.

According to the report, a Brazilian Agriculture Ministry
spokeswoman said that Russia halted purchases from:

   -- three beef-processing units of JBS SA,

   -- three at Marfrig, and

   -- two at Frigorifico Riosulense.

The report notes that JBS SA and Marfrig Alimentos fell on the
Bovespa index following the suspension.

Marfrig Alimentos's sales to Russia will not be affected by the
suspension, the company said in a statement obtained by the news
agency.  The report relates JBS SA said that the financial impact
of Russia banning beef imports from three of its plants was likely
to be "irrelevant," as the company has 14 other plants able to
export to Russia.

                             About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

As of April 14, 2010, the company continues to carry these below
investment grade ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;

  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and

  -- Fitch ratings' "B+" LT Issuer Credit ratings


MARFRIG ALIMENTOS: Russia Suspends Red-Meat Imports From Units
--------------------------------------------------------------
Brazil said that Russia suspended red-meat imports from some units
of JBS SA and Marfrig Alimentos SA (f/k/a Marfrig Frigoroficos e
Comercio de Alimentos) because of health concerns, The Moscow
Times reports.   The report relates that the suspension came after
a Russian delegation of health inspectors visited 29 plants.

According to the report, a Brazilian Agriculture Ministry
spokeswoman said that Russia halted purchases from:

   -- three beef-processing units of JBS SA,

   -- three at Marfrig, and

   -- two at Frigorifico Riosulense.

The report notes that JBS SA and Marfrig Alimentos fell on the
Bovespa index following the suspension.

Marfrig Alimentos's sales to Russia will not be affected by the
suspension, the company said in a statement obtained by the news
agency.  The report relates JBS SA said that the financial impact
of Russia banning beef imports from three of its plants was likely
to be "irrelevant," as the company has 14 other plants able to
export to Russia.

                             About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

As of April 14, 2010, the company continues to carry these below
investment grade ratings from the major rating agencies:

  -- Moody's "B1" LT Corp Family Rating;

  -- Standard and Poor's "B+" LT Foreign Issuer Credit
     rating; and

  -- Fitch ratings' "B+" LT Issuer Credit ratings


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


ADAR INVESTMENTS: Shareholder to Hear Wind-Up Report on June 29
---------------------------------------------------------------
The sole shareholder of Adar Investments (Offshore) II Ltd. will
receive, on June 29, 2010, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Aaron Morse
         156 West 56th Street
         Suite 801, New York, NY 10019, U.S.A


BARCA NINE: Shareholders' Meeting Set for June 25
-------------------------------------------------
The shareholders of Barca Nine Limited will hold their final
meeting on June 25, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


BLUECREST DIVERSIFIED: Shareholders' Final Meeting Set for June 15
------------------------------------------------------------------
The shareholders of Bluecrest Diversified Alpha Fund Limited will
hold their final meeting, on June 15, 2010, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


BREVAN HOWARD: Shareholder to Hear Wind-Up Report on June 22
------------------------------------------------------------
The sole shareholder of Brevan Howard P&C Fund Limited will
receive, on June 22, 2010, at 12:00 noon, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Jenny Broadbridge
         Telephone: 345-815-2686
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BREVAN HOWARD: Shareholder to Hear Wind-Up Report on June 22
------------------------------------------------------------
The sole shareholder of Brevan Howard P&C Master Fund Limited will
receive, on June 22, 2010, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Jenny Broadbridge
         Telephone: 345-815-2686
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BRORA HOLDING: Shareholders' Final Meeting Set for July 29
----------------------------------------------------------
The shareholders of Brora Holding Company will hold their final
meeting, on July 29, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Graham Robinson
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103, Cayman Islands


CELLAR FINANCE: Members' Final Meeting Set for June 28
------------------------------------------------------
The members of Cellar Finance Limited will hold their final
meeting, on June 28, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


DOLOMITE LATIN: Shareholders' Meeting Set for June 24
-----------------------------------------------------
The shareholders of Dolomite Latin America Fund, Ltd. will hold
their final meeting on June 24, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Raj M. Keswani
         122 East 42nd Street, Suite 5005
         New York, NY 10168, USA


EXPRESSWAY PARTNERS: Shareholders' Meeting Set for June 25
----------------------------------------------------------
The shareholders of Expressway Partners Master Fund, Ltd. will
hold their final meeting, on June 25, 2010, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


FIFTY FEATHERS: Shareholders' Meeting Set for June 25
-----------------------------------------------------
The shareholders of Fifty Feathers, Ltd. will hold their final
meeting on June 25, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


IRVINGTON SCDO: Shareholders' Final Meeting Set for June 25
-----------------------------------------------------------
The shareholders of Irvington SCDO 2004-2 Ltd. will hold their
final meeting, on June 25, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


IRVINGTON SCDO: Members' Final Meeting Set for June 25
------------------------------------------------------
The members of Irvington SCDO 2004-1 Ltd. will hold their final
meeting, on June 25, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


KING & SHAXSON: Shareholder to Hear Wind-Up Report on June 22
-------------------------------------------------------------
The sole shareholder of King & Shaxson Premier Master Fund Limited
will receive, on June 22, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


KING & SHAXSON: Shareholder to Hear Wind-Up Report on June 22
-------------------------------------------------------------
The sole shareholder of King & Shaxson Premier Fund Limited will
receive, on June 22, 2010, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Ann Smith
         Telephone: 345-914-4383
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


LEWIS BAY: Shareholders' Final Meeting Set for June 21
------------------------------------------------------
The shareholders of Lewis Bay Macro Offshore Fund, Ltd. will hold
their final meeting, on June 21, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Brendan Dolan
         Alfredo D'Onofrio
         c/o Lewis Bay Capital LLC
         2 Overhill Road, Suite 400
         Scarsdale, New York 10583, USA


MIDNIGHT CO: Sole Member to Receive Wind-Up Report on June 24
-------------------------------------------------------------
The sole member of Midnight Co. Ltd. will receive, on June 24,
2010, at 1:00 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345)-526-1688


NG CAYMAN: Shareholder to Hear Wind-Up Report on June 24
--------------------------------------------------------
The sole shareholder of NG Cayman Ltd. will receive, on June 24,
2010, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592, Landmark Square, 3rd Fl.
         64 Earth Close, Grand Cayman KY1-1203
         Cayman Islands


PORTLOW FINANCE: Members' Final Meeting Set for June 28
-------------------------------------------------------
The members of Portlow Finance Limited will hold their final
meeting, on June 28, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


SAS LTD: Shareholders' Final Meeting Set for July 14
----------------------------------------------------
The shareholders of SAS Ltd. will hold their final meeting, on
July 14, 2010, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Alexander Strang
         c/o Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981, Grand Cayman KY1-1104


===============
C O L O M B I A
===============


ISAGEN SA: Presidential Candidate Seeks Sale of Firm's Stake
------------------------------------------------------------
Colombian presidential candidate Antanas Mockus would probably
seek to sell the government's stake in Isagen SA this year as part
of pledges to fund social spending, Heather Walsh at Bloomberg
News reports, citing Astrid Martinez, the Green Party candidate's
adviser on energy policy.  The report relates that Mr. Martinez
said that Mr. Mockus may begin the sale process soon after taking
office in August if he wins the election.

Mr. Mockus's statistical tie in the presidential race, former
Defense Minister Juan Manuel Santos, would consider whether to
sell the Isagen stake upon taking office, German Cardona, Mr.
Santo's adviser on energy policy, told the news agency in an
interview.

Meanwhile, the report notes Mr. Martinez said that Mr. Mockus
would also seek to sell as much as 15% of Ecopetrol SA "gradually"
over the "medium term."

As reported in the Troubled Company Reporter-Latin America on
May 18, 2010, Bloomberg News said that Colombia won't sell Isagen
SA while President Alvaro Uribe is in office, allowing the next
government to decide whether to sell its majority share in the
company after taking power in August.  The report related that the
government was seeking at least COP3 trillion (US$1.5 billion) for
its 57% stake in Isagen.  Colombia will have its presidential
election in May, and the new president will take power on August
7.  Dow Jones Newswires said that since the process to approve new
borrowing takes several weeks, the next administration might have
run into trouble if it had to tap the capital markets.

                         About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "BB+"
LT Issuer Default ratings.


=========
H A I T I
=========


* HAITI: World Bank Cancels Country's Debt
------------------------------------------
The World Bank said has canceled Haiti's remaining debt to help
the impoverished country recover from a devastating earthquake
four months ago, Agence France-Presse reports.  Haiti will not
have to repay US$36 million dollars owed to the International
Development Association, the bank's fund for the poorest
countries, the Washington-based institution said in a statement
obtained by the news agency.

According to the report, the IDA debt cancellation was made
possible by contributions from 13 member nations.  The report
relates that shortly after the massive earthquake in January, the
186-nation World Bank announced it had suspended repayment of the
IDA debt and would seek to cancel it.

                         *     *     *

As of May 31, 2010, the country continues to carry Moody's "Ba1"
subordinate debt rating.


===============
H O N D U R A S
===============


* HONDURAS: Economic Growth Expected to Recover to Some 2-3/4%
--------------------------------------------------------------
Mario Garza, resident representative of the International Monetary
Fund (IMF) in Tegucigalpa, issued the following statement:

"An IMF mission conducted discussions on the 2010 Article IV
consultation with Honduras during May 17-27.  The mission met with
President Porfirio Lobo, the government's economic team, as well
as private sector and civil society representatives.  Discussions
focused on the economic outlook for 2010 and the macroeconomic
policy response of the government.  There was agreement that the
global crisis that erupted in late 2008 together with the
uncertain political situation in Honduras in 2009 had a strong
adverse impact on the economy and further deteriorated the fiscal
and external accounts.  In light of this situation, there was a
shared view that corrective policies need to be implemented
urgently to avoid a further deterioration in the fiscal and
balance of payments positions that would delay the return to a
path of sustained economic growth.

"For 2010, economic growth is anticipated to recover to some 2 3/4
percent, while the central bank expects to contain inflation at 6
percent.  In the fiscal area, the mission acknowledged the
importance of the tax reform approved in April and recommended its
swift implementation.  The authorities agreed that the revenue
gains from this reform need to be complemented with decisive
actions to regain control over public current spending.  To this
end, it is key to contain the growing wage bill (which used up
over 90 percent of tax revenue in 2009) and ensure that subsidies
be targeted only to the poor.  The mission supported the
authorities' efforts to strengthen the finances of public
enterprises and recommended developing a comprehensive policy to
recover the financial viability of public pension funds.  The goal
of the government's fiscal strategy is, in the short term, to
reduce the public sector financing needs for 2010-11, and in the
medium term, to ensure the sustainability of public finances.

"In the monetary area, the mission agreed with the official
inflation projection for 2010, and recommended that the central
bank contains the expansion of liquidity to strengthen foreign
reserves.  In the financial sector, the priority should be to
further improve bank supervision to secure the soundness of the
loan portfolio and strengthen financial intermediation.  Looking
ahead, the mission supported the authorities' plans to develop a
structural reform agenda that includes greater private sector
participation in infrastructure investment, to improve medium-term
prospects for economic growth and poverty reduction.

"Upon its return to Washington, DC, the mission will present a
staff report to the IMF Executive Board, which will have the
opportunity to give an opinion on the report and conclude the
consultation in July.  The report would be published shortly after
the Executive Board meeting."

                           *     *     *

As of May 31, 2010, the country continues to carry Moody's "B3" CC
long-term Foreign Bank Deposits and "Ba3" CC LT Foreign Curr Debt.


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


CEMEX SAB: Citigroup Inc. Upgrades Firm's Shares
------------------------------------------------
Citigroup Inc. analysts upgraded shares of CEMEX, S.A.B. de C.V.
from "Sell" to "Buy" and increased their price target from
US$10.00 to US$16.00 on May 28, 2010, according to American
Banking & Market News.

According to the report, the analysts wrote, "We believe financial
performance has bottomed, the early stages of recovery are already
under way, balance sheet risk has been greatly reduced, and the
current share price significantly understates an appropriate
valuation . . . Key risks for Cemex SAB's shares include greater-
than-anticipated weakness in US and European construction activity
and the demand for heavy building materials, risk of price decline
for its products owing to weak demand, a highly leveraged capital
structure, risk of equity dilution, and substantial foreign
currency and interest rate exposure."

                        About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.


ULTRAPAR PARTICIPACOES: Expected to Bid for Shell's LPG Business
----------------------------------------------------------------
Ultrapar Participacoes SA is expected to submit a bid for Royal
Dutch Shell Plc's liquefied petroleum gas business, Jonas Bergman
at Bloomberg News reports, citing the Financial Times.

According to the report, the FT said that the auction for the unit
is likely to attract bids from several private equity firms and
Mexico's Grupo Zeta Gas.

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.

                           *      *      *

As of October 19, 2009, the company continues to carry Moody's BB+
long-term issuer credit ratings.


=======
P E R U
=======


EDELNOR SA: Offers US$10.6 Million in Bonds Due 2017
----------------------------------------------------
Edelnor SA plans to sell US$10.6 million of bonds due April 2017,
John Quigley at Bloomberg News reports, citing a company statement
published in Gestion.

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.


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


CARIAN MANAGEMENT: Taps C. Conde as Bankruptcy Counsel
------------------------------------------------------
Carian Management, Inc., has sought authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Firm of Carmen D. Conde Torres, Esq., as bankruptcy counsel.

The Law Offices of C. Conde will, among other things:

     a. advise the Debtor in connection with a determination
        whether a reorganization is feasible and, if not, help the
        Debtor in the orderly liquidation of its assets;

     b. assist the Debtor with respect to negotiations with
        creditors for the purpose of arranging the orderly
        liquidation of assets and/or for proposing a viable plan
        of reorganization;

     c. prepare complaints, answers, orders, reports, memoranda of
        law and/or any other legal papers or documents; and

     d. appear before the Court, or any court in which the debtor
        assert a claim interest or defense directly or indirectly
        related to its bankruptcy case.

The Law Offices of C. Conde will be paid based on the hourly rates
of its personnel:

        Carmen D. Conde Torres, Esq., Senior Attorney     US$275
        Associates                                          $250
        Junior Attorney                                     $200
        Paralegal                                           $100

Carmen D. Torres, Esq., at the Law Offices of C. Conde, assures
the Court that the firm is "disinterested" as that term is defined
in Section 101(14) of the Bankruptcy Code.

Dorado, Puerto Rico-based Carian Management, Inc., filed for
Chapter 11 bankruptcy protection on May 13, 2010 (Bankr. D. P.R.
Case No. 10-04052).  The Company estimated its assets and debts at
$10,000,001 to $50,000,000.

The Company's affiliate, AAA Imports, Inc., filed a separate
Chapter 11 petition on May 12, 2010.


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


* VENEZUELA: To Ban Brokerages From Bolivar Debt Sales
------------------------------------------------------
Venezuela will prohibit brokerages from buying and selling
government debt in bolivars as part of a new capital markets law
to be presented this week, Corina Rodriguez Pons and Daniel Cancel
at Bloomberg News report, citing Ricardo Sanguino, president of
the congressional finance committee.  Brokerages will still be
allowed to trade in commercial debt and company stock, Mr.
Sanguino told Bloomberg in a phone interview.  "The bill will try
to limit brokerages to operations with commercial paper and stock
from the private sector and remove them from debt operations
issued by the government," the report quoted Mr. Sanguino as
saying.

According to the report, President Hugo Chavez is tightening
regulation of the financial industry after blaming currency
speculators for weakening the bolivar in the unregulated market
this year and a surge in consumer prices.  The report relates
President Chavez said that brokerages are unnecessary in a
socialist state and "private capitalists" still control the
majority of economic power in the country.

The government, the report notes, moved to dismantle the parallel
currency market after the bolivar plunged 26% this year to a
record low of 8.2 per dollar on May 11.  President Chavez, the
report relates, devalued the bolivar on January 8 and created a
multi-tiered exchange system in a bid to slow capital flight and
to close a budget deficit.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2010, the Associated Press said that Venezuelan
authorities raided about 18 brokerage firms and arrested five
executives.
                       *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


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

SCDPF US      SOC COMERCIAL PL       135360486      -251112324
SDAGF US      SNIAFA SA-B             11229696     -2670544.88
CAD IX        SOC COMERCIAL PL       135360486      -251112324
CVVIF US      SOC COMERCIAL PL       135360486      -251112324
CADN EO       SOC COMERCIAL PL       135360486      -251112324
SCPDS LI      COMERCIAL PL-ADR       135360486      -251112324
COME AR       SOC COMERCIAL PL       135360486      -251112324
CADN SW       SOC COMERCIAL PL       135360486      -251112324
COMEB AR      COMERCIAL PLA-BL       135360486      -251112324
COMEC AR      COMERCIAL PL-C/E       135360486      -251112324
COMED AR      COMERCIAL PLAT-$       135360486      -251112324
SNIA AR       SNIAFA SA               11229696     -2670544.88
SNIA5 AR      SNIAFA SA-B             11229696     -2670544.88
IMPTQ US      IMPSAT FIBER NET       535007008       -17165000
330902Q GR    IMPSAT FIBER NET       535007008       -17165000
XIMPT SM      IMPSAT FIBER NET       535007008       -17165000
IMPT AR       IMPSAT FIBER-CED       535007008       -17165000
IMPTC AR      IMPSAT FIBER-C/E       535007008       -17165000
IMPTD AR      IMPSAT FIBER-$US       535007008       -17165000
IMPTB AR      IMPSAT FIBER-BLK       535007008       -17165000


BRAZIL

IMBI1 BZ      DOC IMBITUBA-RTC       117726172     -17225602.7
IMBI2 BZ      DOC IMBITUBA-RTP       117726172     -17225602.7
81370Z BZ     TELECOMUNICA-ADR       244857050     -14105541.5
FTRX1 BZ      FABRICA TECID-RT        63036915       -59781833
PRMN3B BZ     PROMAN                  13486223     -113662.457
TEKAY US      TEKA-ADR               237346006      -337859942
BMBBF US      BOMBRIL                292257859      -115839632
CBRZF US      TELEBRAS-PF RCPT       244857050     -14105541.5
TKTQF US      TEKA                   237346006      -337859942
TKTPF US      TEKA-PREF              237346006      -337859942
REIC US       REII INC                16269472        -2354589
RPMG1 BZ      PET MANG-RIGHTS        111979912      -134952358
RPMG2 BZ      PET MANG-RIGHTS        111979912      -134952358
RPMG9 BZ      PET MANG-RECEIPT       111979912      -134952358
RPMG10 BZ     PET MANG-RECEIPT       111979912      -134952358
SNST3 BZ      SANESALTO               28244078     -875835.818
BDFCE US      B&D FOOD CORP           16269472        -2354589
BOBR2 BZ      BOMBRIL-RGTS PRE       292257859      -115839632
BOBR1 BZ      BOMBRIL-RIGHTS         292257859      -115839632
TBH-W US      TELEBRAS/W-I-ADR       244857050     -14105541.5
MILK11 BZ     LAEP-BDR               446499199     -70952298.9
LEAP LX       LAEP INVESTMENTS       446499199     -70952298.9
BLDR3 BZ      BALADARE               144928981     -33970462.8
TXRX1 BZ      TEXTEIS RENAU-RT        61309988     -90847301.6
TXRX2 BZ      TEXTEIS RENAU-RT        61309988     -90847301.6
TXRX9 BZ      TEXTEIS RENA-RCT        61309988     -90847301.6
TXRX10 BZ     TEXTEIS RENA-RCT        61309988     -90847301.6
TELB9 BZ      TELEBRAS SA-RT         244857050     -14105541.5
MRLM4 BZ      CIA PETROLIF-PRF       377602195     -3014291.72
MRLM3 BZ      CIA PETROLIFERA        377602195     -3014291.72
NOVA3 BZ      NOVA AMERICA SA         21287489      -183535527
NOVA4 BZ      NOVA AMERICA-PRF        21287489      -183535527
PRMN3 BZ      PROMAN                  13486223     -113662.457
STLB3 BZ      STEEL DO BRASIL         24189041     -2271641.06
BDFC US       B&D FOOD CORP           16269472        -2354589
TELB3 BZ      TELEBRAS SA            244857050     -14105541.5
TLBRON BZ     TELEBRAS SA            244857050     -14105541.5
TBASF US      TELEBRAS SA            244857050     -14105541.5
TELB4 BZ      TELEBRAS SA-PREF       244857050     -14105541.5
TLBRPN BZ     TELEBRAS SA-PREF       244857050     -14105541.5
TBAPY US      TELEBRAS-ADR           244857050     -14105541.5
TBRAY GR      TELEBRAS-ADR           244857050     -14105541.5
RCTB4 AR      TELEBRAS-CEDE PF       244857050     -14105541.5
RCT4C AR      TELEBRAS-CED C/E       244857050     -14105541.5
RCT4D AR      TELEBRAS-CEDEA $       244857050     -14105541.5
RCT4B AR      TELEBRAS-CEDE BL       244857050     -14105541.5
TBH US        TELEBRAS-ADR           244857050     -14105541.5
TBX GR        TELEBRAS-ADR           244857050     -14105541.5
RTB US        TELEBRAS-ADR           244857050     -14105541.5
TBASY US      TELEBRAS-ADR           244857050     -14105541.5
TELB10 BZ     TELEBRAS-RCT PRF       244857050     -14105541.5
RCTB1 BZ      TELEBRAS-RTS CMN       244857050     -14105541.5
RCTB2 BZ      TELEBRAS-RTS PRF       244857050     -14105541.5
TCLP1 BZ      TELEBRAS-RTS CMN       244857050     -14105541.5
TLCP2 BZ      TELEBRAS-RTS PRF       244857050     -14105541.5
TELB1 BZ      TELEBRAS-COM RT        244857050     -14105541.5
RCTB31 BZ     TELEBRAS-CM RCPT       244857050     -14105541.5
TELE31 BZ     TELEBRAS-CM RCPT       244857050     -14105541.5
RCTB33 BZ     TELEBRAS-RCT           244857050     -14105541.5
TBRTF US      TELEBRAS-CM RCPT       244857050     -14105541.5
RCTB32 BZ     TELEBRAS-CM RCPT       244857050     -14105541.5
RCTB41 BZ     TELEBRAS-PF RCPT       244857050     -14105541.5
TELE41 BZ     TELEBRAS-PF RCPT       244857050     -14105541.5
RCTB42 BZ     TELEBRAS-PF RCPT       244857050     -14105541.5
TELB4 AR      TELEBRAS-CEDE PF       244857050     -14105541.5
TEL4C AR      TELEBRAS-CED C/E       244857050     -14105541.5
RCTB30 BZ     TELEBRAS-CM RCPT       244857050     -14105541.5
RCTB40 BZ     TELEBRAS-PF RCPT       244857050     -14105541.5
TBAPF US      TELEBRAS-PF RCPT       244857050     -14105541.5
TLBRUO BZ     TELEBRAS-RECEIPT       244857050     -14105541.5
TLBRUP BZ     TELEBRAS-PF RCPT       244857050     -14105541.5
TELB30 BZ     TELEBRAS-BLOCK         244857050     -14105541.5
TELB40 BZ     TELEBRAS-PF BLCK       244857050     -14105541.5
TEL4D AR      TELEBRAS-CEDEA $       244857050     -14105541.5
ARLA3 BZ      ARTHUR LANGE            11642256     -17154461.9
ALICON BZ     ARTHUR LANGE SA         11642256     -17154461.9
ARLA4 BZ      ARTHUR LANGE-PRF        11642256     -17154461.9
ALICPN BZ     ARTHUR LANGE-PRF        11642256     -17154461.9
ARLA1 BZ      ARTHUR LANG-RT C        11642256     -17154461.9
ARLA2 BZ      ARTHUR LANG-RT P        11642256     -17154461.9
ARLA9 BZ      ARTHUR LANG-RC C        11642256     -17154461.9
ARLA10 BZ     ARTHUR LANG-RC P        11642256     -17154461.9
ARLA11 BZ     ARTHUR LAN-DVD C        11642256     -17154461.9
ARLA12 BZ     ARTHUR LAN-DVD P        11642256     -17154461.9
BOBR3 BZ      BOMBRIL                292257859      -115839632
BOBRON BZ     BOMBRIL CIRIO SA       292257859      -115839632
BOBR4 BZ      BOMBRIL-PREF           292257859      -115839632
BOBRPN BZ     BOMBRIL CIRIO-PF       292257859      -115839632
BMBPY US      BOMBRIL SA-ADR         292257859      -115839632
BMBBY US      BOMBRIL SA-ADR         292257859      -115839632
CAFE3 BZ      CAF BRASILIA            18540302      -790303366
CSBRON BZ     CAFE BRASILIA SA        18540302      -790303366
CAFE4 BZ      CAF BRASILIA-PRF        18540302      -790303366
CSBRPN BZ     CAFE BRASILIA-PR        18540302      -790303366
CCHI3 BZ      CHIARELLI SA            22274027     -44537138.2
CCHON BZ      CHIARELLI SA            22274027     -44537138.2
CCHI4 BZ      CHIARELLI SA-PRF        22274027     -44537138.2
CCHPN BZ      CHIARELLI SA-PRF        22274027     -44537138.2
IMBI3 BZ      DOC IMBITUBA           117726172     -17225602.7
IMBION BZ     DOCAS IMBITUBA         117726172     -17225602.7
IMBI4 BZ      DOC IMBITUB-PREF       117726172     -17225602.7
IMBIPN BZ     DOCAS IMBITUB-PR       117726172     -17225602.7
SCLO3 BZ      SCHLOSSER               14638347     -55030424.6
SCHON BZ      SCHLOSSER SA            14638347     -55030424.6
SCLO4 BZ      SCHLOSSER-PREF          14638347     -55030424.6
SCHPN BZ      SCHLOSSER SA-PRF        14638347     -55030424.6
DOCA3 BZ      DOCA INVESTIMENT        88417961     -18059127.9
DOCAON BZ     DOCAS SA                88417961     -18059127.9
DOCA4 BZ      DOCA INVESTI-PFD        88417961     -18059127.9
DOCAPN BZ     DOCAS SA-PREF           88417961     -18059127.9
DOCA2 BZ      DOCAS SA-RTS PRF        88417961     -18059127.9
EALT3 BZ      ACO ALTONA              80346370     -11622480.4
EAAON BZ      ACO ALTONA SA           80346370     -11622480.4
EALT4 BZ      ACO ALTONA-PREF         80346370     -11622480.4
EAAPN BZ      ACO ALTONA-PREF         80346370     -11622480.4
FTRX3 BZ      FABRICA RENAUX          63036915       -59781833
FRNXON BZ     FABRICA RENAUX          63036915       -59781833
FTRX4 BZ      FABRICA RENAUX-P        63036915       -59781833
FRNXPN BZ     FABRICA RENAUX-P        63036915       -59781833
HAGA3 BZ      HAGA                    17657785     -62285757.3
HAGAON BZ     FERRAGENS HAGA          17657785     -62285757.3
HAGA4 BZ      FER HAGA-PREF           17657785     -62285757.3
HAGAPN BZ     FERRAGENS HAGA-P        17657785     -62285757.3
SJOS3 BZ      TECEL S JOSE            17924946     -18569451.2
FTSJON BZ     TECEL S JOSE            17924946     -18569451.2
SJOS4 BZ      TECEL S JOSE-PRF        17924946     -18569451.2
FTSJPN BZ     TECEL S JOSE-PRF        17924946     -18569451.2
GAFP3 BZ      CIMOB PARTIC SA         36817395     -33083086.5
GAFON BZ      CIMOB PARTIC SA         36817395     -33083086.5
GAFP4 BZ      CIMOB PART-PREF         36817395     -33083086.5
GAFPN BZ      CIMOB PART-PREF         36817395     -33083086.5
GAZO3 BZ      GAZOLA                  12452143     -40298506.3
GAZON BZ      GAZOLA SA               12452143     -40298506.3
GAZO4 BZ      GAZOLA-PREF             12452143     -40298506.3
GAZPN BZ      GAZOLA SA-PREF          12452143     -40298506.3
GAZO9 BZ      GAZOLA-RCPTS CMN        12452143     -40298506.3
GAZO10 BZ     GAZOLA-RCPT PREF        12452143     -40298506.3
GAZO11 BZ     GAZOLA SA-DVD CM        12452143     -40298506.3
GAZO12 BZ     GAZOLA SA-DVD PF        12452143     -40298506.3
IGBR3 BZ      IGB ELETRONICA         145256033      -273857292
IGBON BZ      GRADIENTE ELETR        145256033      -273857292
IGBR5 BZ      GRADIENTE-PREF A       145256033      -273857292
IGBAN BZ      GRADIENTE EL-PRA       145256033      -273857292
IGBR6 BZ      GRADIENTE-PREF B       145256033      -273857292
IGBBN BZ      GRADIENTE EL-PRB       145256033      -273857292
IGBR7 BZ      GRADIENTE-PREF C       145256033      -273857292
IGBCN BZ      GRADIENTE EL-PRC       145256033      -273857292
HETA3 BZ      HERCULES                11597352      -168514681
HERTON BZ     HERCULES SA             11597352      -168514681
HETA4 BZ      HERCULES-PREF           11597352      -168514681
HERTPN BZ     HERCULES SA-PREF        11597352      -168514681
HOOT3 BZ      HOTEIS OTHON SA        238707299     -35774972.9
HOTHON BZ     HOTEIS OTHON SA        238707299     -35774972.9
HOOT4 BZ      HOTEIS OTHON-PRF       238707299     -35774972.9
HOTHPN BZ     HOTEIS OTHON-PRF       238707299     -35774972.9
TXRX3 BZ      RENAUXVIEW SA           61309988     -90847301.6
RENXON BZ     TEXTEIS RENAUX          61309988     -90847301.6
TXRX4 BZ      RENAUXVIEW SA-PF        61309988     -90847301.6
RENXPN BZ     TEXTEIS RENAUX          61309988     -90847301.6
LCSA3 BZ      PARMALAT               388720052      -213641144
LCSAON BZ     PARMALAT BRASIL        388720052      -213641144
LCSA4 BZ      PARMALAT-PREF          388720052      -213641144
LCSAPN BZ     PARMALAT BRAS-PF       388720052      -213641144
LCSA5 BZ      PARMALAT BR-RT C       388720052      -213641144
LCSA6 BZ      PARMALAT BR-RT P       388720052      -213641144
ESTR3 BZ      ESTRELA SA              61011894     -54580283.6
ESTRON BZ     ESTRELA SA              61011894     -54580283.6
ESTR4 BZ      ESTRELA SA-PREF         61011894     -54580283.6
ESTRPN BZ     ESTRELA SA-PREF         61011894     -54580283.6
RSUL3 BZ      RIOSULENSE SA           61902902     -11292932.5
RSULON BZ     RIOSULENSE SA           61902902     -11292932.5
RSUL4 BZ      RIOSULENSE SA-PR        61902902     -11292932.5
RSULPN BZ     RIOSULENSE SA-PR        61902902     -11292932.5
MWET3 BZ      WETZEL SA               84310496     -7570637.42
MWELON BZ     WETZEL SA               84310496     -7570637.42
MWET4 BZ      WETZEL SA-PREF          84310496     -7570637.42
MWELPN BZ     WETZEL SA-PREF          84310496     -7570637.42
MNPR3 BZ      MINUPAR                 63223032     -58260845.7
MNPRON BZ     MINUPAR SA              63223032     -58260845.7
MNPR4 BZ      MINUPAR-PREF            63223032     -58260845.7
MNPRPN BZ     MINUPAR SA-PREF         63223032     -58260845.7
NORD3 BZ      NORDON MET              15697474     -20987944.8
NORDON BZ     NORDON METAL            15697474     -20987944.8
NORD1 BZ      NORDON MET-RTS          15697474     -20987944.8
NOVA3B BZ     NOVA AMERICA SA         21287489      -183535527
NOVAON BZ     NOVA AMERICA SA         21287489      -183535527
NOVA4B BZ     NOVA AMERICA-PRF        21287489      -183535527
NOVAPN BZ     NOVA AMERICA-PRF        21287489      -183535527
1NOVPN BZ     NOVA AMERICA-PRF        21287489      -183535527
1NOVON BZ     NOVA AMERICA SA         21287489      -183535527
RPMG3 BZ      PETRO MANGUINHOS       111979912      -134952358
MANGON BZ     PETRO MANGUINHOS       111979912      -134952358
RPMG4 BZ      PET MANGUINH-PRF       111979912      -134952358
MANGPN BZ     PETRO MANGUIN-PF       111979912      -134952358
REEM3 BZ      RIMET                   63757622      -107162240
REEMON BZ     RIMET                   63757622      -107162240
REEM4 BZ      RIMET-PREF              63757622      -107162240
REEMPN BZ     RIMET-PREF              63757622      -107162240
SNSY3 BZ      SANSUY                 147187163     -86606310.8
SNSYON BZ     SANSUY SA              147187163     -86606310.8
SNSY5 BZ      SANSUY-PREF A          147187163     -86606310.8
SNSYAN BZ     SANSUY SA-PREF A       147187163     -86606310.8
SNSY6 BZ      SANSUY-PREF B          147187163     -86606310.8
SNSYBN BZ     SANSUY SA-PREF B       147187163     -86606310.8
STRP3 BZ      BOTUCATU TEXTIL         35101567     -13482713.5
STARON BZ     STAROUP SA              35101567     -13482713.5
STRP4 BZ      BOTUCATU-PREF           35101567     -13482713.5
STARPN BZ     STAROUP SA-PREF         35101567     -13482713.5
TEKA3 BZ      TEKA                   237346006      -337859942
TEKAON BZ     TEKA                   237346006      -337859942
TEKA4 BZ      TEKA-PREF              237346006      -337859942
TEKAPN BZ     TEKA-PREF              237346006      -337859942
TKTPY US      TEKA-ADR               237346006      -337859942
TKTQY US      TEKA-ADR               237346006      -337859942
VAGV3 BZ      VARIG SA               966298026     -4695211316
VARGON BZ     VARIG SA               966298026     -4695211316
VAGV4 BZ      VARIG SA-PREF          966298026     -4695211316
VARGPN BZ     VARIG SA-PREF          966298026     -4695211316
WISA3 BZ      WIEST                   39838114     -93371563.1
WISAON BZ     WIEST SA                39838114     -93371563.1
WISA4 BZ      WIEST-PREF              39838114     -93371563.1
WISAPN BZ     WIEST SA-PREF           39838114     -93371563.1
VSPT3 BZ      FER C ATLANT           1.185E+09     -50468104.7
VSPT4 BZ      FER C ATLANT-PRF       1.185E+09     -50468104.7
VSPT11 BZ     FERROVIA CEN-DVD       1.185E+09     -50468104.7
VSPT12 BZ     FERROVIA CEN-DVD       1.185E+09     -50468104.7
VSPT9 BZ      FER C ATL-RCT CM       1.185E+09     -50468104.7
VSPT10 BZ     FER C ATL-RCT PF       1.185E+09     -50468104.7
PSEGON BZ     SAUIPE SA               10045350     -7741102.15
PSEG3 BZ      SAUIPE                  10045350     -7741102.15
PSEGPN BZ     SAUIPE SA-PREF          10045350     -7741102.15
PSEG4 BZ      SAUIPE-PREF             10045350     -7741102.15
MRLM3B BZ     CIA PETROLIFERA        377602195     -3014291.72
MRLM4B BZ     CIA PETROLIF-PRF       377602195     -3014291.72
1CPMON BZ     CIA PETROLIFERA        377602195     -3014291.72
1CPMPN BZ     CIA PETROLIF-PRF       377602195     -3014291.72
LATF US       LATTENO FOOD COR        16269472        -2354589
VPTA3 BZ      VARIG PART EM TR        49432124      -399290426
VPTA4 BZ      VARIG PART EM-PR        49432124      -399290426
VPSC3 BZ      VARIG PART EM SE        96617351      -460274609
VPSC4 BZ      VARIG PART EM-PR        96617351      -460274609


CHILE

TL US         CHILESAT CO-ADR        506644999     -60450603.1
TELEX CI      CHILESAT CORP SA       506644999     -60450603.1
CHISATOS CI   CHILESAT CO-RTS        506644999     -60450603.1
CHILESAT CI   TELMEX CORP SA         506644999     -60450603.1
TELEXA CI     TELEX-A                506644999     -60450603.1
CSAOY US      TELMEX CORP-ADR        506644999     -60450603.1
TELEXO CI     TELEX-RTS              506644999     -60450603.1


                            ***********

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. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  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 Christopher Beard at 240/629-3300.


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