TCRLA_Public/100706.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, July 6, 2010, Vol. 11, No. 131

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INTERNATIONAL: Houston HQ Sells for US$12.5 Million


A R G E N T I N A

ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30
BARI INDUSTRIAS: Creditors' Proofs of Debt Due on August 10
DAYAN & DAYAN: Creditors' Proofs of Debt Due on August 30
DAYANNE SA: Creditors' Proofs of Debt Due on August 26
INTERNET PROVIDERS: Creditors' Proofs of Debt Due on September 8

TOP AIR: Creditors' Proofs of Debt Due on September 16
* ARGENTINA: Creditors Tender US$12.9 Billion of Defaulted Bonds


B E R M U D A

CENTRAL EUROPEAN MEDIA: Advertising Costs Continue to Drop
XL CAPITAL: Parent Completes Move to Ireland and Change of Name


B R A Z I L

BRF BRASIL: SEAE Recommends Conditions for Sadia Takeover Approval
BR MALLS: Buys Additional 75% Stake in Independencia Shopping
COSAN SA: Joint Venture Negotiations With Shell on Schedule
INDEPENDENCIA SA: Pays Interests to Financial Creditors
JBS SA: Unit Reaches Deal to Acquire Arizona Cattle Feedyard


C A Y M A N  I S L A N D S

AMP CDO: Shareholders' Final Meeting Set for July 23
CAYCO I: Shareholders Receive Wind-Up Report
CAYCO II: Shareholders Receive Wind-Up Report
CURETON INVESTMENTS: Shareholders' Final Meeting Set for July 29
DANA PETROLEUM: Shareholders' Final Meeting Set for July 28

DURLACHER ASSURANCE: Shareholders' Final Meeting Set for August 6
FREERIDER: Creditors' and Contributories' Meeting Set for July 12
IBIS INTERNATIONAL: Shareholder to Hear Wind-Up Report on July 22
ING LEASE: Shareholders' Final Meeting Set for July 28
ING LEASE: Shareholders' Final Meeting Set for July 28

ING LEASE: Shareholders' Final Meeting Set for July 28
INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
JLOC THREE: Shareholders' Final Meeting Set for July 23

MOCHA INTERNATIONAL: Shareholders' Final Meeting Set for July 28
RANGER FAMILY: Shareholders' Final Meeting Set for August 6
SCOUT CAPITAL: Shareholder to Hear Wind-Up Report on July 19
SWR INVESTMENTS: Shareholders' Final Meeting Set for July 29
VECTORS RESEARCH: Shareholder to Hear Wind-Up Report on July 22


C O L O M B I A

* COLOMBIA: To Borrow US$2BB to Replace Planned Privatizations
* COLOMBIA: Strengthens Stability With US$200-Million IDB Loan


E C U A D O R

* ECUADOR: CAF Extends US$60 Million Loan for Guayaquil Roads


M E X I C O

GRUPO TMM: Substantial Losses Prompt Going Concern Doubt
UNION DE CREDITO: Fitch Assigns 'E' Bank Financial Strength Rating


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


STANFORD INTERNATIONAL: Houston HQ Sells for US$12.5 Million
------------------------------------------------------------
The Houston headquarters building of indicted financier Robert
Allen Stanford was sold for US$12.5 million after an auction
failed to attract multiple offers, Laurel Brubaker Calkins at
Bloomberg News reports, citing Kevin Sadler, the lead attorney for
court appointed receiver Ralph Janvey.  "We are about to file a
motion to confirm the sale," Mr. Sadler said in an e-mail obtained
by the news agency.

According to the report, Mr. Janvey posted a public notice that
the 186,000-square-foot office tower, located across the street
from Houston's upscale Galleria shopping mall, would be sold in a
sealed-bid auction on June 24.  The report relates that the
opening offer of US$12.5 million was submitted as a stalking-horse
bid by Dirk Laukien, a Houston real estate investor who agreed to
pay cash for the property.

Bloomberg News notes that the building, valued on property tax
rolls at US$7.1 million, has mahogany paneling, marble floors,
open stairwells with custom brass railings, a theater and a
private entrance through the black marble bathroom of Mr.
Stanford's executive suite.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  A criminal case was
pursued against him in June 2009 before the U.S. District Court in
Houston, Texas.  Mr. Stanford pleaded not guilty to 21 charges of
multi-billion dollar fraud, money-laundering and obstruction of
justice.  Assistant Attorney General Lanny Breuer, as cited by
Agence France-Presse News, said in a 57-page indictment that Mr.
Stanford could face up to 250 years in prison if convicted on all
charges.  Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on the criminal charges.  The
criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court,
Southern District of Texas (Houston).  The civil case is SEC v.
Stanford International Bank, 3:09-cv-00298-N, U.S. District Court,
Northern District of Texas (Dallas).


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


ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30
------------------------------------------------------------
Miguel Angel Drucaroff, the court-appointed trustee for Activa
Comercial SA's reorganization proceedings, will be verifying
creditors' proofs of claim until August 30, 2010.

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

The Trustee can be reached at:

         Miguel Angel Drucaroff
         avenida Corrientes 2470
         Argentina


BARI INDUSTRIAS: Creditors' Proofs of Debt Due on August 10
-----------------------------------------------------------
Norma Rosa Garciandia, the court-appointed trustee for Bari
Industrias Plasticas SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until August 10, 2010.

Ms. Garciandia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Norma Rosa Garciandia
         Francisco Solano Lopez 3279
         Argentina


DAYAN & DAYAN: Creditors' Proofs of Debt Due on August 30
---------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Dayan & Dayan
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 30, 2010.

Mr. Troisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Miguel Angel Troisi
         Cerrito 146
         Argentina


DAYANNE SA: Creditors' Proofs of Debt Due on August 26
------------------------------------------------------
Jose Maria Larrory, the court-appointed trustee for Dayanne SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 26, 2010.

Mr. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Maria Larrory
         Rodriguez Pea 231
         Argentina


INTERNET PROVIDERS: Creditors' Proofs of Debt Due on September 8
----------------------------------------------------------------
Luciano Arturo Melegari, the court-appointed trustee for Internet
Providers SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 8, 2010.

Mr. Melegari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk No.
8, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luciano Arturo Melegari
         Bartolome Mitre 1131
         Argentina


TOP AIR: Creditors' Proofs of Debt Due on September 16
------------------------------------------------------
Nestor Leonidas Zega, the court-appointed trustee for Top Air
Security SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until September 16, 2010.

Mr. Zega will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 11, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 8, 2011.

The Trustee can be reached at:

         Nestor Leonidas Zega
         Teniente General Juan Domingo Peron
         Argentina


* ARGENTINA: Creditors Tender US$12.9 Billion of Defaulted Bonds
----------------------------------------------------------------
Drew Benson at Bloomberg News reports that the Argentine
government said creditors holding about US$12.9 billion worth of
defaulted Argentine bonds tendered their securities in a debt
exchange.

According to the report, the government said that the offer period
closed June 22, 2010.  Barclays Capital Inc. is the global
coordinator for the offer.

The report notes Economy Minister Amado Boudou said that creditors
had turned in US$12.1 billion worth of US$18.3 billion in eligible
defaulted bonds.

                          *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" CC LT foreign bank deposit rating and "B2" CC LT
foreign currency debt ratings.  The company also continues to
carry Standard and Poor's "B-" currency LT debt ratings and "C"
currency ST debt ratings.


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


CENTRAL EUROPEAN MEDIA: Advertising Costs Continue to Drop
----------------------------------------------------------
Krystof Chamonikolas at Bloomberg News reports Central European
Media Enterprises Ltd. said that spending on advertising continued
to decline in the second quarter.

An advertising recovery is "slower and more fragile than
expected," the company said in a statement obtained by the news
agency.  Euro weakening against the U.S. dollar is "affecting our
results," it added, the report relates.

According to the report, analyst Miroslav Adamkovic at Komercni
Banka AS said that he expects the broadcaster will miss its
guidance for 2010 revenue and Ebitda.

The report notes that the company battled a slump of as much as
30% in TV ad spending in 2009 after the global economic crisis
prompted companies to cut marketing.  The report relates that the
company expects "overall growth" to resume in the second half of
2010.

                   About Central European Media

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- invests in, develops and operates
commercial television channels in Central and Eastern Europe.  At
present, the Company has operations in Bulgaria, Croatia, the
Czech Republic, Romania, the Slovak Republic, Slovenia and
Ukraine.  The Company holds its assets through a series of Dutch
and Netherlands Antilles holding companies.  It has ownership
interests in license companies and operating companies in each
market in which it operates.  Operations are conducted either by
the license companies themselves or by separate operating
companies.  The Company generates revenues primarily through
entering into agreements with advertisers, advertising agencies
and sponsors to place advertising on air of the television
channels that it operates.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service affirmed the B2 Corporate
Family Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.


XL CAPITAL: Parent Completes Move to Ireland and Change of Name
---------------------------------------------------------------
Alex Wright at The Royal Gazette reports that XL Group plc's
parent holding company has completed its redomestication to
Ireland from the Cayman Islands.

According to the report, the holding company will subsequently be
named XL Group plc and it will continue to be registered with the
U.S. Securities and Exchange Commission and will be subject to SEC
reporting requirements.  Shares of XL will trade on the New York
Stock Exchange and its main executive offices will be located at
No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland, Mr. Wright
adds.

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional service
firms, insurance companies and other enterprises on a worldwide
basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As of June 21, 2010 the company continues to carry Moody's "Ba1"
preferred stock rating.


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


BRF BRASIL: SEAE Recommends Conditions for Sadia Takeover Approval
------------------------------------------------------------------
The antitrust arm of Brazil's Finance Ministry, SEAE, recommended
that regulator Cade require BRF-Brasil Foods SA to license one of
its two main brands or sell a block of assets before granting
approval of the takeover of Sadia SA, Meat Trade News Daily
reports.

The report relates that the licensing of either the Sadia SA or
Perdigao SA brand should be for a minimum of five years.

The recommendation "was much worse than the market expected,"
Daniela Bretthauer, a Raymond James analyst who rates the stock
"market perform," told the news agency in a telephone interview.
Cade's decision may be a mix of what the ministry agency
recommended, he added, the report relates.

Brasil Foods said in an e-mailed statement obtained by the news
agency that it will "strongly contest" the recommendations and
believes that it has "the arguments and data to justify approval
without restrictions."  "The operation presents, above all,
substantial synergies that will permit better products at more
competitive prices," Brasil Foods said in the statement, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2010, Reuters said that although Sadia SA and Perdigao SA
are already operating under the common name and stock symbol of
Brasil Foods, many aspects of their businesses remain separate
until Cade gives the green light for a full merger of the
companies' divisions, debt and revenues.  The report related that
there were multiple cases of market share concentration in the
joining of Perdigao SA and Sadia SA and proposed options that
would limit the anti-competitive effects of the merger.

                      About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of April 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating.  The company also continues to carry
Standard and Poor's BB+ LT Issuer Credit Ratings.


BR MALLS: Buys Additional 75% Stake in Independencia Shopping
-------------------------------------------------------------
Robin Stringer at Bloomberg News reports that BR Malls
Participacoes SA bought an additional 75% of Independencia
Shopping in Juiz de Fora in the state of Minas Gerais for BRL110.2
million.

According to the report, the company now has a gaining control as
its stake is now 83%.

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- Foreign Currency Issuer Default Rating at 'BB-';
  -- Local currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.


COSAN SA: Joint Venture Negotiations With Shell on Schedule
-----------------------------------------------------------
Cosan SA Industria e Comercio's negotiations with Royal Dutch
Shell Plc for a fuel joint venture in Brazil are "absolutely" on
schedule, Laura Price and Lucia Kassai at Bloomberg News report,
citing Cosan SA Chief Financial Officer Marcelo Martins.

According to the report, Mr. Martins said that the joint venture
will absorb all of Cosan's debt.  The report relates Mr. Martins
added that the Brazilian sugar producer will keep its existing
agreements with Exxon Mobil Corp.

The report notes that the two companies signed a non-binding
agreement and have until August 1, 2010, to conclude the deal.

As reported in the Troubled Company Reporter-Latin America on
February 3, 2010, Bloomberg News said that Royal Dutch Shell will
contribute assets including 2,740 service stations and as much as
US$1.93 billion to the 50-50 venture with Cosan SA.  The report
relates that Cosan SA will provide US$4.93 billion of assets,
including plants able to crush 60 million tons of cane a year and
control of an ethanol-trading unit, according to news statements
by the companies.

                         About Cosan S.A.

Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry.  Cosan is also the fourth largest fuel
distributor in Brazil.

                           *     *     *

As of June 21, 2010, the company continues to carry Moody's "Ba3"
long term rating, long-term corp family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings


INDEPENDENCIA SA: Pays Interests to Financial Creditors
-------------------------------------------------------
Independencia SA paid on July 1, 2010, to unsecured financial
creditors 1% on the outstanding principal amount of unsecured
financial claims, Helder Marinho at Bloomberg News reports, citing
an e-mail to investors.

Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter.  It filed for bankruptcy
protection earlier this year after the global economic crisis
caused exports to slump.  Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.

                         *     *     *

As reported in the Troubled Company Reporter on March 25, 2010,
Fitch Ratings assigned 'CCC' currency issuer default ratings and
national scale rating to Independencia S.A.


JBS SA: Unit Reaches Deal to Acquire Arizona Cattle Feedyard
------------------------------------------------------------
The U.S. cattle feeding unit of JBS SA, Five Rivers Cattle Feeding
LLC unit, said it has reached a deal to buy McElhaney Feedyard in
Welton, Arizona, for US$24 million, Bob Burgdorfer at Reuters
reports.

According to the report, JBS SA said that the feedyard will be
part of Five Rivers Cattle.  The report relates that the feedyard
has a one-time capacity of 130,000 cattle and is near JBS's
Tolleson, Arizona, beef plant.

"As I have said before we are strong believers in the U.S.
livestock community and we will continue our efforts to bring
efficiencies to the sector for the benefit of all," the report
quoted JBS SA Director Wesley Batista.

                           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.


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


AMP CDO: Shareholders' Final Meeting Set for July 23
----------------------------------------------------
The shareholders of AMP CDO 2006-1 will hold their final meeting
on July 23, 2010, at 1:30 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CAYCO I: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Cayco I received, on June 23, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CAYCO II: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Cayco II received, on June 23, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


CURETON INVESTMENTS: Shareholders' Final Meeting Set for July 29
----------------------------------------------------------------
The shareholders of Cureton Investments No. 2 Limited will hold
their final meeting on July 29, 2010, at 10:05 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DANA PETROLEUM: Shareholders' Final Meeting Set for July 28
-----------------------------------------------------------
The shareholders of Dana Petroleum (WA) LLC will hold their final
meeting on July 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


DURLACHER ASSURANCE: Shareholders' Final Meeting Set for August 6
-----------------------------------------------------------------
The shareholders of Durlacher Assurance Company, Ltd. will hold
their final meeting on August 6, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stephen Culen
         5709 South Kilbourn
         Chicago, Illinois, 60629-4811
         USA


FREERIDER: Creditors' and Contributories' Meeting Set for July 12
-----------------------------------------------------------------
The creditors and contributories of Freerider Ltd. will hold their
first meetings on July 12, 2010, at 10:00 a.m. and 2:00 p.m.,
respectively, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay, PO Box 510
         Grand Cayman KY1-1106, Cayman Islands
         Telephone: (345) 814-8922
         Facsimile: (345) 949-8529
         e-mail: Claire.loebell@ky.ey.com


IBIS INTERNATIONAL: Shareholder to Hear Wind-Up Report on July 22
-----------------------------------------------------------------
The shareholder of Ibis International, Ltd. will receive on
July 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:

         Ogier
         c/o Susan Taylor
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877


ING LEASE: Shareholders' Final Meeting Set for July 28
------------------------------------------------------
The shareholders of ING Lease Japan Epsilon will hold their final
meeting on July 28, 2010, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


ING LEASE: Shareholders' Final Meeting Set for July 28
------------------------------------------------------
The shareholders of ING Lease Japan Sigma will hold their final
meeting on July 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:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


ING LEASE: Shareholders' Final Meeting Set for July 28
------------------------------------------------------
The shareholders of ING Lease Japan Steven will hold their final
meeting on July 28, 2010, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
-------------------------------------------------------------
The shareholders of Intrepid Capital Fund (Offshore) Leveraged
Intermediate, Ltd. will hold their final meeting on July 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 liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
-------------------------------------------------------------
The shareholders of Intrepid Capital Fund (Offshore) Leveraged
Master, Ltd. will hold their final meeting on July 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 liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


INTREPID CAPITAL: Shareholders' Final Meeting Set for July 21
-------------------------------------------------------------
The shareholders of Intrepid Capital Fund (Offshore) Leveraged,
Ltd. will hold their final meeting on July 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 liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


JLOC THREE: Shareholders' Final Meeting Set for July 23
-------------------------------------------------------
The shareholders of JLOC Three Limited will hold their final
meeting on July 23, 2010, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MOCHA INTERNATIONAL: Shareholders' Final Meeting Set for July 28
----------------------------------------------------------------
The shareholders of Mocha International Limited will hold their
final meeting on July 28, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


RANGER FAMILY: Shareholders' Final Meeting Set for August 6
-----------------------------------------------------------
The shareholders of Ranger Family IDF, LLC will hold their final
meeting on August 6, 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


SCOUT CAPITAL: Shareholder to Hear Wind-Up Report on July 19
------------------------------------------------------------
The shareholder of Scout Capital Concentrated Fund, Ltd. will
receive on July 19, 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:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815-828
         Facsimile: (345) 949-9877


SWR INVESTMENTS: Shareholders' Final Meeting Set for July 29
------------------------------------------------------------
The shareholders of SWR Investments Limited 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:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


VECTORS RESEARCH: Shareholder to Hear Wind-Up Report on July 22
---------------------------------------------------------------
The shareholder of Vectors Research Opportunities Offshore Fund,
Ltd. will receive on July 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:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815-1805
         Facsimile: (345) 949-9877


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


* COLOMBIA: To Borrow US$2BB to Replace Planned Privatizations
--------------------------------------------------------------
The Colombian government will increase its borrowing on the local
market and abroad by about US$2 billion to replace revenue from
privatizations that were scheduled for this year, Inti Landauro at
Dow Jones Newswires reports, citing Finance Minister Oscar Ivan
Zuluaga.  The report relates Mr. Zuluaga said that the government
will borrow US$500 million in international bonds, US$500 million
more from multilateral lenders and COP2 trillion (US$1.06 billion)
to replace about COP4.5 trillion expected to be raised in
privatizations.

According to the report, the government anticipated raising at
least COP3 trillion from the sale of its controlling stake in
power generation company Isagen SA and COP1 trillion from the sale
of regional electricity utilities and COP500 billion from other
assets.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2010, Bloomberg News said that Colombian President-elect
Juan Manuel Santos won't sell government stakes in Isagen SA to
finance spending.  The report related that the government was
seeking at least COP3 trillion (US$1.5 billion) for its 57% stake
in Isagen.  Dow Jones Newswires noted 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.

According to Dow Jones Newswires, the government said that the
sale of more debt this year ahead of the government change as Mr.
Zuluaga said it is better to inform the market with "promptness".
This way the treasury is in the position to take advantage of all
the windows of opportunity that may open the markets, he added,
the report relates.

                          *     *     *

As of July 5, 2010, the country continues to carry Moody's "Ba1"
currency issuer ratings.


* COLOMBIA: Strengthens Stability With US$200-Million IDB Loan
--------------------------------------------------------------
Colombia will strengthen its sub-national fiscal stability by
monitoring, tracking and establishing more effective control over
the finances of territorial entities and decentralized national
entities with a US$200 million loan approved by the Inter-American
Development Bank.

The program will help these entities to achieve greater cost
effectiveness, improve the quality and timeliness of territorial
tax information and boost territorial tax revenues.

Colombia's national strategy seeks to consolidate the gains of
decentralization within the framework of fiscal responsibility
that the country launched a decade ago.  Furthermore, it expects
to improve the application of resources from Sistema General de
Participaciones (General Participation System) and meet the goals
of equality, efficiency, quality and sustainability of sector
spending, with emphasis on the areas of education and health.

Among the results expected from monitoring, evaluating and
controlling territorial entities and national decentralized
entities is that at least 32 states and 31 municipalities will be
monitored through a set of sector indicators of coverage and
quality of spending in their health and education services.

In the area of strengthening and harmonizing the territorial tax
information system, by the conclusion of the project it is
expected that 80% of territorial entities will report-through a
single territorial financial form-their financial data, capital
expenditure and debt service, thereby simplifying the reporting
process.

Territorial tax revenues are expected to increase by at least 5%
in real terms between 2008 and 2011, and at least 20 of Colombia's
31 departmental capital cities are expected to be regularly
publishing their annual estimates of tax expenditure in their
medium-term fiscal framework by then.

The IDB loan has a repayment period of 20 years and 5 years of
grace, with an interest rate based on the LIBOR.

                          *     *     *

As of July 5, 2010, the country continues to carry Moody's "Ba1"
currency issuer ratings.


=============
E C U A D O R
=============


* ECUADOR: CAF Extends US$60 Million Loan for Guayaquil Roads
-------------------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador said the
Corporacion Andina de Fomento, a Caracas-based lender, approved a
US$60 million loan for Guayaquil city.

According to the report, citing a statement, the 12-year, variable
interest rate loan will finance road construction.

                         *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
CC LT foreign bank deposit ratings, and "Caa3" FC currency issuer
rating and foreign currency LT debt rating.


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


GRUPO TMM: Substantial Losses Prompt Going Concern Doubt
--------------------------------------------------------
Grupo TMM, S.A.B., filed on June 30, 2010, its annual report on
Form 20-F for the fiscal year ended December 31, 2009.

Salles, Sainz - Grant Thornton, S.C., in Mexico City, Mexico,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that the Company has sustained substantial losses
from continuing operations during the past five years.

The Company reported a net loss of $95.7 million on $308.4 million
of revenue for 2009, compared with net income of $75.4 million on
$363.0 million of revenue for 2008.

Operating income increased 163.4% to $29.5 million for 2009 from
an operating income of $11.2 million for 2008.

Other (expenses) income -- net was ($5.7) million for 2009,
compared to $8.7 million for 2008.  Other (expenses) income -- net
for 2009 included primarily: $3.5 million of goodwill impairment
and $1.2 million from lease equipment expenses.  Other (expenses)
income - net for 2008 included primarily: $17.7 million from a
gain on the sale of certain non-strategic subsidiaries, which was
partially offset by $4.7 million of goodwill impairment, and
$3.8 million from lease equipment expenses.

Net financing cost recognized during the year ended December 31,
2009, was a $118.4 million expense, compared to a $75.6 million
credit incurred during the year ended December 31, 2008.  The
increase was primarily due to the recognition of significant
currency exchange losses on the Company's Peso-denominated debt as
a result of the revaluation of the Peso in 2009 and significant
currency exchange gains on its Peso-denominated debt as a result
of the devaluation of the Peso in 2008.

The Company's balance sheet at December 31, 2009, showed
$1.003 billion in assets, $882.7 million of liabilities, and
$119.8 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?65dd

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM and
BMV: TMM A) --  http://www.grupotmm.com/-- is one of the largest
integrated logistics and transportation companies in Mexico
providing specialized maritime services and integrated logistics
services, including trucking services and ports and terminals
management services, to premium clients throughout Mexico.


UNION DE CREDITO: Fitch Assigns 'E' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E and a baseline credit assessment of Caa3 to Union de
Credito Empresarial de Cuauhtemoc, S.A. de C.V.  At the same time,
Moody's assigned UCECSA long and short term local and foreign
currency deposit ratings of Caa3 and Not Prime, respectively.
Moody's de Mexico also assigned long and short term Mexican
national scale deposit ratings of Caa3.mx and MX-4, respectively,
to UCECSA.  All these ratings have stable outlooks.

According to Moody's, UCECSA's baseline credit assessment of Caa3
reflects the credit union's limited franchise and short track
record of operations (only since 2005) within its current status
following eight years of inactivity while it resolved a series of
problem loan situations.  The low rating also reflects UCECSA's
marginal market shares and presence within its sector as well as
its narrow product diversification.  Moody's noted in addition
that the company's corporate governance structure, risk management
and systems of control are still evolving and that financial
reporting transparency is also a key concern.

UCECSA's BCA also incorporates its business model as a niche,
monoline lender to the agriculture and agribusiness sector within
its own region.  Its funding access is so far limited to borrowed
funds from members and a credit line from Financiera Rural, a
Mexican development bank.  However, the credit union is looking to
diversify into other government funding sources.

UCECSA is regulated by the CNBV which requires monthly reporting
of financial information.  However, the regulatory framework for
credit unions in Mexico is still developing and is less stringent
than that imposed on the banks, including the lack of minimum
capital adequacy under Basle II and a different methodology for
classifying loans.

The assigned Caa3 local currency deposit rating reflects the
credit union's Caa3 stand-alone baseline credit assessment and
does not incorporate external support from either shareholders or
the government.

Union de Credito Empresarial de Cuauhtemoc, S.A. de C.V., is
headquartered in Cuauhtemoc, Chihuahua and reported Mx$112 million
in assets (US$9.1 million), Mx$89 million in loans, and
accumulated net income of Mx$26 thousand, as of March 31, 2010.
The credit union is focused on providing working capital loans to
shareholders in the agriculture or agribusiness sector in and
around the small city of Cuauhtemoc.

These ratings were assigned to UCECSA:

  -- Bank Financial Strength Rating: E
  -- Baseline Credit Assessment: Caa3
  -- Local Currency Deposits, long term: Caa3
  -- Local Currency Deposits, short term: Not Prime
  -- Foreign Currency Deposits, long term: Caa3
  -- Foreign Currency Deposits, short term: Not Prime
  -- Mexican National Scale Deposit Rating, long term: Caa3.mx
  -- Mexican National Scale Deposit Rating, short term: MX-4
  -- Outlook: Stable


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

IMPSAT FIBER-C/E     IMPTC AR         535007008      -17165000
IMPSAT FIBER NET     330902Q GR       535007008      -17165000
IMPSAT FIBER NET     XIMPT SM         535007008      -17165000
IMPSAT FIBER-$US     IMPTD AR         535007008      -17165000
IMPSAT FIBER-BLK     IMPTB AR         535007008      -17165000
IMPSAT FIBER-CED     IMPT AR          535007008      -17165000
IMPSAT FIBER NET     IMPTQ US         535007008      -17165000
AUTOPISTAS SOL       AUSO AR          358937631    -3636032.25
AUTOPISTAS SOL       APDSF US         358937631    -3636032.25
SOC COMERCIAL PL     COME AR          135360486     -251112324
COMERCIAL PLAT-$     COMED AR         135360486     -251112324
COMERCIAL PLA-BL     COMEB AR         135360486     -251112324
SOC COMERCIAL PL     CVVIF US         135360486     -251112324
COMERCIAL PL-ADR     SCPDS LI         135360486     -251112324
SOC COMERCIAL PL     SCDPF US         135360486     -251112324
SOC COMERCIAL PL     CADN EO          135360486     -251112324
SOC COMERCIAL PL     CADN SW          135360486     -251112324
SOC COMERCIAL PL     CAD IX           135360486     -251112324
COMERCIAL PL-C/E     COMEC AR         135360486     -251112324
SNIAFA SA            SNIA AR           11229696    -2670544.88
SNIAFA SA-B          SDAGF US          11229696    -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696    -2670544.88

BRAZIL

FER C ATL-RCT PF     VSPT10 BZ        1.185E+09    -50468104.7
FER C ATLANT-PRF     VSPT4 BZ         1.185E+09    -50468104.7
FER C ATL-RCT CM     VSPT9 BZ         1.185E+09    -50468104.7
FER C ATLANT         VSPT3 BZ         1.185E+09    -50468104.7
FERROVIA CEN-DVD     VSPT12 BZ        1.185E+09    -50468104.7
FERROVIA CEN-DVD     VSPT11 BZ        1.185E+09    -50468104.7
VARIG SA             VARGON BZ        966298026    -4695211316
VARIG SA             VAGV3 BZ         966298026    -4695211316
VARIG SA-PREF        VAGV4 BZ         966298026    -4695211316
VARIG SA-PREF        VARGPN BZ        966298026    -4695211316
LAEP-BDR             MILK11 BZ        446499199    -70952298.9
LAEP INVESTMENTS     LEAP LX          446499199    -70952298.9
PARMALAT BR-RT C     LCSA5 BZ         388720052     -213641144
PARMALAT             LCSA3 BZ         388720052     -213641144
PARMALAT BRAS-PF     LCSAPN BZ        388720052     -213641144
PARMALAT BRASIL      LCSAON BZ        388720052     -213641144
PARMALAT-PREF        LCSA4 BZ         388720052     -213641144
PARMALAT BR-RT P     LCSA6 BZ         388720052     -213641144
CIA PETROLIFERA      1CPMON BZ        377602195    -3014291.72
CIA PETROLIFERA      MRLM3B BZ        377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195    -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195    -3014291.72
CIA PETROLIFERA      MRLM3 BZ         377602195    -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195    -3014291.72
DOCAS SA-PREF        DOCAPN BZ        319046939     -119089653
DOCAS SA             DOCAON BZ        319046939     -119089653
DOCAS SA-RTS PRF     DOCA2 BZ         319046939     -119089653
DOCA INVESTI-PFD     DOCA4 BZ         319046939     -119089653
DOCA INVESTIMENT     DOCA3 BZ         319046939     -119089653
BOMBRIL-PREF         BOBR4 BZ         292257859     -115839632
BOMBRIL SA-ADR       BMBPY US         292257859     -115839632
BOMBRIL CIRIO SA     BOBRON BZ        292257859     -115839632
BOMBRIL-RGTS PRE     BOBR2 BZ         292257859     -115839632
BOMBRIL              BMBBF US         292257859     -115839632
BOMBRIL-RIGHTS       BOBR1 BZ         292257859     -115839632
BOMBRIL              BOBR3 BZ         292257859     -115839632
BOMBRIL CIRIO-PF     BOBRPN BZ        292257859     -115839632
BOMBRIL SA-ADR       BMBBY US         292257859     -115839632
TELEBRAS-RTS PRF     RCTB2 BZ         244857050    -14105541.5
TELEBRAS-PF RCPT     TBAPF US         244857050    -14105541.5
TELEBRAS-PF BLCK     TELB40 BZ        244857050    -14105541.5
TELEBRAS-PF RCPT     CBRZF US         244857050    -14105541.5
TELEBRAS-RTS CMN     TCLP1 BZ         244857050    -14105541.5
TELEBRAS-ADR         TBH US           244857050    -14105541.5
TELEBRAS-PF RCPT     RCTB41 BZ        244857050    -14105541.5
TELEBRAS SA-RT       TELB9 BZ         244857050    -14105541.5
TELEBRAS-PF RCPT     RCTB42 BZ        244857050    -14105541.5
TELEBRAS-CM RCPT     TBRTF US         244857050    -14105541.5
TELEBRAS-CEDE PF     TELB4 AR         244857050    -14105541.5
TELEBRAS-RTS CMN     RCTB1 BZ         244857050    -14105541.5
TELEBRAS-CM RCPT     RCTB30 BZ        244857050    -14105541.5
TELEBRAS-ADR         RTB US           244857050    -14105541.5
TELEBRAS-CED C/E     TEL4C AR         244857050    -14105541.5
TELEBRAS-ADR         TBRAY GR         244857050    -14105541.5
TELEBRAS-RCT         RCTB33 BZ        244857050    -14105541.5
TELEBRAS-BLOCK       TELB30 BZ        244857050    -14105541.5
TELEBRAS-CEDEA $     RCT4D AR         244857050    -14105541.5
TELEBRAS-CEDEA $     TEL4D AR         244857050    -14105541.5
TELEBRAS-RECEIPT     TLBRUO BZ        244857050    -14105541.5
TELEBRAS SA          TELB3 BZ         244857050    -14105541.5
TELEBRAS-ADR         TBASY US         244857050    -14105541.5
TELEBRAS/W-I-ADR     TBH-W US         244857050    -14105541.5
TELEBRAS SA          TLBRON BZ        244857050    -14105541.5
TELEBRAS-ADR         TBX GR           244857050    -14105541.5
TELEBRAS-PF RCPT     RCTB40 BZ        244857050    -14105541.5
TELEBRAS-CEDE PF     RCTB4 AR         244857050    -14105541.5
TELEBRAS SA          TBASF US         244857050    -14105541.5
TELEBRAS-RCT PRF     TELB10 BZ        244857050    -14105541.5
TELEBRAS-CED C/E     RCT4C AR         244857050    -14105541.5
TELEBRAS SA-PREF     TLBRPN BZ        244857050    -14105541.5
TELEBRAS-PF RCPT     TLBRUP BZ        244857050    -14105541.5
TELEBRAS-CM RCPT     TELE31 BZ        244857050    -14105541.5
TELEBRAS-CM RCPT     RCTB32 BZ        244857050    -14105541.5
TELEBRAS-CEDE BL     RCT4B AR         244857050    -14105541.5
TELEBRAS SA-PREF     TELB4 BZ         244857050    -14105541.5
TELEBRAS-RTS PRF     TLCP2 BZ         244857050    -14105541.5
TELEBRAS-COM RT      TELB1 BZ         244857050    -14105541.5
TELEBRAS-ADR         TBAPY US         244857050    -14105541.5
TELECOMUNICA-ADR     81370Z BZ        244857050    -14105541.5
TELEBRAS-CM RCPT     RCTB31 BZ        244857050    -14105541.5
TELEBRAS-PF RCPT     TELE41 BZ        244857050    -14105541.5
HOTEIS OTHON-PRF     HOTHPN BZ        238707299    -35774972.9
HOTEIS OTHON SA      HOTHON BZ        238707299    -35774972.9
HOTEIS OTHON-PRF     HOOT4 BZ         238707299    -35774972.9
HOTEIS OTHON SA      HOOT3 BZ         238707299    -35774972.9
TEKA-ADR             TKTPY US         237346006     -337859942
TEKA-ADR             TEKAY US         237346006     -337859942
TEKA-PREF            TKTPF US         237346006     -337859942
TEKA                 TKTQF US         237346006     -337859942
TEKA                 TEKA3 BZ         237346006     -337859942
TEKA-PREF            TEKA4 BZ         237346006     -337859942
TEKA-PREF            TEKAPN BZ        237346006     -337859942
TEKA-ADR             TKTQY US         237346006     -337859942
TEKA                 TEKAON BZ        237346006     -337859942
BALADARE             BLDR3 BZ         159454016    -52992212.8
SANSUY               SNSY3 BZ         147187163    -86606310.8
SANSUY SA-PREF A     SNSYAN BZ        147187163    -86606310.8
SANSUY SA            SNSYON BZ        147187163    -86606310.8
SANSUY SA-PREF B     SNSYBN BZ        147187163    -86606310.8
SANSUY-PREF A        SNSY5 BZ         147187163    -86606310.8
SANSUY-PREF B        SNSY6 BZ         147187163    -86606310.8
GRADIENTE EL-PRC     IGBCN BZ         145256033     -273857292
GRADIENTE EL-PRA     IGBAN BZ         145256033     -273857292
GRADIENTE EL-PRB     IGBBN BZ         145256033     -273857292
GRADIENTE ELETR      IGBON BZ         145256033     -273857292
IGB ELETRONICA       IGBR3 BZ         145256033     -273857292
GRADIENTE-PREF C     IGBR7 BZ         145256033     -273857292
GRADIENTE-PREF B     IGBR6 BZ         145256033     -273857292
GRADIENTE-PREF A     IGBR5 BZ         145256033     -273857292
DHB IND E COM-PR     DHBPN BZ         133817651     -443044246
DHB IND E COM        DHBON BZ         133817651     -443044246
D H B-PREF           DHBI4 BZ         133817651     -443044246
D H B                DHBI3 BZ         133817651     -443044246
PET MANG-RIGHTS      3678565Q BZ      111979912     -134952358
PET MANG-RECEIPT     RPMG9 BZ         111979912     -134952358
PET MANG-RT          RPMG1 BZ         111979912     -134952358
PET MANGUINH-PRF     RPMG4 BZ         111979912     -134952358
PET MANG-RIGHTS      3678569Q BZ      111979912     -134952358
PETRO MANGUINHOS     RPMG3 BZ         111979912     -134952358
PETRO MANGUIN-PF     MANGPN BZ        111979912     -134952358
PET MANG-RT          RPMG2 BZ         111979912     -134952358
PET MANG-RECEIPT     RPMG10 BZ        111979912     -134952358
PETRO MANGUINHOS     MANGON BZ        111979912     -134952358
VARIG PART EM SE     VPSC3 BZ          96617351     -460274609
VARIG PART EM-PR     VPSC4 BZ          96617351     -460274609
RIMET                REEM3 BZ          94618909     -152507221
RIMET-PREF           REEMPN BZ         94618909     -152507221
RIMET                REEMON BZ         94618909     -152507221
RIMET-PREF           REEM4 BZ          94618909     -152507221
DOCAS IMBITUB-PR     IMBIPN BZ         94039192    -39398915.1
DOCAS IMBITUBA       IMBION BZ         94039192    -39398915.1
DOC IMBITUBA-RTC     IMBI1 BZ          94039192    -39398915.1
DOC IMBITUB-PREF     IMBI4 BZ          94039192    -39398915.1
DOC IMBITUBA         IMBI3 BZ          94039192    -39398915.1
DOC IMBITUBA-RTP     IMBI2 BZ          94039192    -39398915.1
WETZEL SA-PREF       MWET4 BZ          84310496    -7570637.42
WETZEL SA-PREF       MWELPN BZ         84310496    -7570637.42
WETZEL SA            MWET3 BZ          84310496    -7570637.42
WETZEL SA            MWELON BZ         84310496    -7570637.42
ACO ALTONA SA        EAAON BZ          80346370    -11622480.4
ACO ALTONA-PREF      EALT4 BZ          80346370    -11622480.4
ACO ALTONA-PREF      EAAPN BZ          80346370    -11622480.4
ACO ALTONA           EALT3 BZ          80346370    -11622480.4
ESTRELA SA           ESTR3 BZ          76255458    -69760619.7
ESTRELA SA-PREF      ESTRPN BZ         76255458    -69760619.7
ESTRELA SA           ESTRON BZ         76255458    -69760619.7
ESTRELA SA-PREF      ESTR4 BZ          76255458    -69760619.7
RIOSULENSE SA        RSUL3 BZ          68368524    -9647727.04
RIOSULENSE SA-PR     RSULPN BZ         68368524    -9647727.04
RIOSULENSE SA-PR     RSUL4 BZ          68368524    -9647727.04
RIOSULENSE SA        RSULON BZ         68368524    -9647727.04
TEXTEIS RENAUX       RENXON BZ         63634626    -91597740.4
TEXTEIS RENAU-RT     TXRX1 BZ          63634626    -91597740.4
RENAUXVIEW SA        TXRX3 BZ          63634626    -91597740.4
RENAUXVIEW SA-PF     TXRX4 BZ          63634626    -91597740.4
TEXTEIS RENA-RCT     TXRX9 BZ          63634626    -91597740.4
TEXTEIS RENAU-RT     TXRX2 BZ          63634626    -91597740.4
TEXTEIS RENAUX       RENXPN BZ         63634626    -91597740.4
TEXTEIS RENA-RCT     TXRX10 BZ         63634626    -91597740.4
MINUPAR              MNPR3 BZ          63223032    -58260845.7
MINUPAR SA-PREF      MNPRPN BZ         63223032    -58260845.7
MINUPAR SA           MNPRON BZ         63223032    -58260845.7
MINUPAR-PREF         MNPR4 BZ          63223032    -58260845.7
FABRICA RENAUX-P     FTRX4 BZ          63036915      -59781833
FABRICA RENAUX       FRNXON BZ         63036915      -59781833
FABRICA TECID-RT     FTRX1 BZ          63036915      -59781833
FABRICA RENAUX-P     FRNXPN BZ         63036915      -59781833
FABRICA RENAUX       FTRX3 BZ          63036915      -59781833
VARIG PART EM-PR     VPTA4 BZ          49432124     -399290426
VARIG PART EM TR     VPTA3 BZ          49432124     -399290426
WIEST SA             WISAON BZ         39838114    -93371563.1
WIEST SA-PREF        WISAPN BZ         39838114    -93371563.1
WIEST                WISA3 BZ          39838114    -93371563.1
WIEST-PREF           WISA4 BZ          39838114    -93371563.1
CIMOB PARTIC SA      GAFP3 BZ          36817395    -33083086.5
CIMOB PART-PREF      GAFP4 BZ          36817395    -33083086.5
CIMOB PART-PREF      GAFPN BZ          36817395    -33083086.5
CIMOB PARTIC SA      GAFON BZ          36817395    -33083086.5
BOTUCATU TEXTIL      STRP3 BZ          35101567    -13482713.5
STAROUP SA           STARON BZ         35101567    -13482713.5
BOTUCATU-PREF        STRP4 BZ          35101567    -13482713.5
STAROUP SA-PREF      STARPN BZ         35101567    -13482713.5
SANESALTO            SNST3 BZ          28244078    -875835.818
STEEL DO BRASIL      STLB3 BZ          24189041    -2271641.06
CHIARELLI SA-PRF     CCHI4 BZ          22274027    -44537138.2
CHIARELLI SA         CCHI3 BZ          22274027    -44537138.2
CHIARELLI SA-PRF     CCHPN BZ          22274027    -44537138.2
CHIARELLI SA         CCHON BZ          22274027    -44537138.2
NOVA AMERICA-PRF     NOVA4B BZ         21287489     -183535527
NOVA AMERICA SA      NOVA3 BZ          21287489     -183535527
NOVA AMERICA-PRF     1NOVPN BZ         21287489     -183535527
NOVA AMERICA SA      NOVAON BZ         21287489     -183535527
NOVA AMERICA SA      1NOVON BZ         21287489     -183535527
NOVA AMERICA SA      NOVA3B BZ         21287489     -183535527
NOVA AMERICA-PRF     NOVAPN BZ         21287489     -183535527
NOVA AMERICA-PRF     NOVA4 BZ          21287489     -183535527
CAF BRASILIA         CAFE3 BZ          18540302     -790303366
CAF BRASILIA-PRF     CAFE4 BZ          18540302     -790303366
CAFE BRASILIA-PR     CSBRPN BZ         18540302     -790303366
CAFE BRASILIA SA     CSBRON BZ         18540302     -790303366
TECEL S JOSE         FTSJON BZ         17924946    -18569451.2
TECEL S JOSE-PRF     SJOS4 BZ          17924946    -18569451.2
TECEL S JOSE         SJOS3 BZ          17924946    -18569451.2
TECEL S JOSE-PRF     FTSJPN BZ         17924946    -18569451.2
HAGA                 HAGA3 BZ          17657785    -62285757.3
FER HAGA-PREF        HAGA4 BZ          17657785    -62285757.3
FERRAGENS HAGA-P     HAGAPN BZ         17657785    -62285757.3
FERRAGENS HAGA       HAGAON BZ         17657785    -62285757.3
NORDON MET           NORD3 BZ          15427479    -20563974.4
NORDON MET-RTS       NORD1 BZ          15427479    -20563974.4
NORDON METAL         NORDON BZ         15427479    -20563974.4
SCHLOSSER SA         SCHON BZ          13140656    -56631899.1
SCHLOSSER            SCLO3 BZ          13140656    -56631899.1
SCHLOSSER SA-PRF     SCHPN BZ          13140656    -56631899.1
SCHLOSSER-PREF       SCLO4 BZ          13140656    -56631899.1
PROMAN               PRMN3B BZ         13088926    -87154.5455
PROMAN               PRMN3 BZ          13088926    -87154.5455
GAZOLA-RCPT PREF     GAZO10 BZ         12452143    -40298506.3
GAZOLA SA-DVD CM     GAZO11 BZ         12452143    -40298506.3
GAZOLA               GAZO3 BZ          12452143    -40298506.3
GAZOLA SA-PREF       GAZPN BZ          12452143    -40298506.3
GAZOLA-PREF          GAZO4 BZ          12452143    -40298506.3
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143    -40298506.3
GAZOLA SA-DVD PF     GAZO12 BZ         12452143    -40298506.3
GAZOLA SA            GAZON BZ          12452143    -40298506.3
ARTHUR LANGE SA      ALICON BZ         11642256    -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642256    -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ         11642256    -17154461.9
ARTHUR LANGE         ARLA3 BZ          11642256    -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642256    -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642256    -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642256    -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642256    -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642256    -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642256    -17154461.9
HERCULES SA          HERTON BZ         10710103     -164239944
HERCULES-PREF        HETA4 BZ          10710103     -164239944
HERCULES SA-PREF     HERTPN BZ         10710103     -164239944
HERCULES             HETA3 BZ          10710103     -164239944


CHILE

CHILESAT CO-ADR      TL US            649980376    -82003656.5
TELMEX CORP-ADR      CSAOY US         649980376    -82003656.5
TELEX-A              TELEXA CI        649980376    -82003656.5
TELEX-RTS            TELEXO CI        649980376    -82003656.5
TELMEX CORP SA       CHILESAT CI      649980376    -82003656.5
CHILESAT CO-RTS      CHISATOS CI      649980376    -82003656.5
CHILESAT CORP SA     TELEX CI         649980376    -82003656.5


                            ***********

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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