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

              Tuesday, September 7, 2010, Vol. 11, No. 176

                            Headlines



A R G E N T I N A

BEPEZ SA: Proofs of Claim Verification Deadline is October 18
BI POOL: Creditors' Proofs of Debt Due on February 7
DOS ESTRELLAS: Creditors' Proofs of Debt Due on October 28
PAPEL 2.0.: Creditors' Proofs of Debt Due on October 4
SANEX SA: Creditors' Proofs of Debt Due on October 1

SOL 20: Creditors' Proofs of Debt Due on September 24


B E R M U D A

SENERGY ASSET: Creditors' Proofs of Debt Due on September 15
SENERGY ASSET: Members' Final Meeting Set for October 1


C A Y M A N  I S L A N D S

AMAZON IRON: Shareholders' Final Meeting Set for October 1
BASIS YIELD: Goldman Sachs Seeks to Toss US$1.6 Billion Suit
BC CO-INVESTMENT: Shareholders' Final Meeting Set for October 1
BRUNSWICK RUSSIA: Shareholder to Hear Wind-Up Report on Oct. 11
CRUSADER INTERNATIONAL: Shareholders' Meeting Set for Sept. 20

DALMATIAN OFFSHORE: Shareholders' Final Meeting Set for October 1
GS PEP: Shareholders' Final Meeting Set for October 1
GS PEP: Shareholders' Final Meeting Set for October 1
LA JOCONDE: Member to Receive Wind-Up Report on September 13
LAWRENCE CAYMAN: Shareholders' Final Meeting Set for September 30

LAWRENCE MASTER: Shareholders' Final Meeting Set for September 30
LEHMAN BROTHERS: Shareholder to Hear Wind-Up Report on Oct. 29
NSJ INVESTMENT: Shareholders' Final Meeting Set for October 1
RAPTOR GLOBAL: Members' Final Meeting Set for October 14
ROROJO LTD: Shareholders' Final Meeting Set for October 12

SR CAPITAL: Shareholders' Final Meeting Set for October 1
TORREY PINES: Shareholders' Final Meeting Set for October 1
TORREY PINES: Shareholders' Final Meeting Set for October 1


C H I L E

COMPANIA MINERA: Two Owners Begin Bankruptcy Proceedings


C O L O M B I A

EM FALCON: Fitch Downgrades Ratings on Variable Notes to 'BB-'


E L  S A L V A D O R

* EL SALVADOR: IDB Approves US$35 Million Loan


J A M A I C A

DIGICEL GROUP: LIME Undaunted by Recent Court Ruling


M E X I C O

INFU TRUST: S&P Puts 'BB' Rating on US$180 Mil. Notes
MEXICANA AIRLINES: Mexico Sets December Goal to Solve Woes
MEXICANA AIRLINES: Petition & Search for Investors to Continue
MEXICANA AIRLINES: Tenedora Names A. Rodriguez as Administrator


T R I N I D A D  &  T O B A G O

HINDU CREDIT UNION: Group Tells Government Not to Bail Out Firm


V E N E Z U E L A

CASINO GUICHARD: Venezuela to Pay US$690 Million for 80% Stake


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


BEPEZ SA: Proofs of Claim Verification Deadline is October 18
-------------------------------------------------------------
The court-appointed trustee for Bepez S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 18, 2010.


BI POOL: Creditors' Proofs of Debt Due on February 7
----------------------------------------------------
Carlos Bavio, the court-appointed trustee for Bi Pool SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until February 7, 2010.

Mr. Bavio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, 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 7, 2011.

The Trustee can be reached at:

         Carlos Bavio
         Pavon 4374
         Argentina


DOS ESTRELLAS: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Dos Estrellas
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 28, 2010.

Mr. Colace 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. 7, 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 Colace
         Alsina 833
         Argentina


PAPEL 2.0.: Creditors' Proofs of Debt Due on October 4
------------------------------------------------------
The court-appointed trustee for Papel 2.0. S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 4, 2010.

The trustee will present the validated claims in court as
individual reports on November 16, 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
February 1, 2011.


SANEX SA: Creditors' Proofs of Debt Due on October 1
----------------------------------------------------
Susana Costa, the court-appointed trustee for Sanex SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 1, 2010.

Ms. Costa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 38, 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:

         Susana Costa
         Alicia Moreau de Justo 2030
         Argentina


SOL 20: Creditors' Proofs of Debt Due on September 24
-----------------------------------------------------
The court-appointed trustee for Sol 20 S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 24, 2010.

The trustee will present the validated claims in court as
individual reports on November 11, 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
February 4, 2011.


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


SENERGY ASSET: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
The creditors of Senergy Asset Management Ltd are required to file
their proofs of debt by September 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 25, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road, Hamilton
         Bermuda


SENERGY ASSET: Members' Final Meeting Set for October 1
-------------------------------------------------------
The members of Senergy Asset Management Ltd. will hold their final
meeting, on October 1, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 25, 2010.

The company's liquidator is:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road, Hamilton
         Bermuda


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


AMAZON IRON: Shareholders' Final Meeting Set for October 1
----------------------------------------------------------
The shareholders of Amazon Iron Ore Overseas Co. Ltd. will hold
their final meeting, on October 1, 2010, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BASIS YIELD: Goldman Sachs Seeks to Toss US$1.6 Billion Suit
------------------------------------------------------------
Bankruptcy Law360 reports that Goldman Sachs Group Inc. has argued
that Basis Yield Alpha Fund can't bring its US$1.6 billion suit in
the U.S. alleging Goldman's sale of subprime mortgage-backed
securities drove the Australian hedge fund into insolvency because
the transaction occurred in Australia.

According to Law360, the investment bank pressed the U.S. District
Court for the Southern District of New York on Wednesday to toss
the suit, alleging that Basis executed the transaction in
Australia.

                          About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP, represented the petitioners.

The U.S. Bankruptcy Court dismissed Basis Yield's Chapter 15
case on April 30, 2008.


BC CO-INVESTMENT: Shareholders' Final Meeting Set for October 1
---------------------------------------------------------------
The shareholders of BC Co-Investment GP Limited will hold their
final meeting, on October 1, 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 Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1 9002
         Cayman Islands


BRUNSWICK RUSSIA: Shareholder to Hear Wind-Up Report on Oct. 11
---------------------------------------------------------------
The sole shareholder of Brunswick Russia Equity Fund I Limited
will receive, on October 11, 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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


CRUSADER INTERNATIONAL: Shareholders' Meeting Set for Sept. 20
--------------------------------------------------------------
The shareholders of Crusader International Factors Ltd. will hold
their final meeting, on September 20, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Stuart Jessop is the company's liquidator.


DALMATIAN OFFSHORE: Shareholders' Final Meeting Set for October 1
-----------------------------------------------------------------
The shareholders of Dalmatian Offshore Ltd. will hold their final
meeting, on October 1, 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


GS PEP: Shareholders' Final Meeting Set for October 1
-----------------------------------------------------
The shareholders of GS Pep Offshore SP, Inc. will hold their final
meeting, on October 1, 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:

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


GS PEP: Shareholders' Final Meeting Set for October 1
-----------------------------------------------------
The shareholders of GS Pep Tech Offshore LL Holdings, Inc. will
hold their final meeting, on October 1, 2010, at 8:45 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


LA JOCONDE: Member to Receive Wind-Up Report on September 13
------------------------------------------------------------
The member of La Joconde Limited will receive, on September 13,
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:

         Edward Lavelle
         5 Rue Alfred-Vincent 1211 Geneva
         Switzerland


LAWRENCE CAYMAN: Shareholders' Final Meeting Set for September 30
-----------------------------------------------------------------
The shareholders of Lawrence Cayman Fund Inc will hold their final
meeting, on September 30, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LAWRENCE MASTER: Shareholders' Final Meeting Set for September 30
-----------------------------------------------------------------
The shareholders of Lawrence Master Fund, Ltd will hold their
final meeting, on September 30, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LEHMAN BROTHERS: Shareholder to Hear Wind-Up Report on Oct. 29
--------------------------------------------------------------
The sole shareholder of Lehman Brothers Global Bond Fund,
(Offshore) Ltd will receive, on October 29, 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 Phil Hughes
         Telephone: (345) 815 1402
         Facsimile: (345) 949-1986


NSJ INVESTMENT: Shareholders' Final Meeting Set for October 1
-------------------------------------------------------------
The shareholders of NSJ Investment Cayman Ltd. will hold their
final meeting, on October 1, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAPTOR GLOBAL: Members' Final Meeting Set for October 14
--------------------------------------------------------
The members of The Raptor Global Fund Ltd. will hold their final
meeting, on October 14, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ROROJO LTD: Shareholders' Final Meeting Set for October 12
----------------------------------------------------------
The shareholders of Rorojo Ltd. will hold their final meeting, on
October 12, 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:

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


SR CAPITAL: Shareholders' Final Meeting Set for October 1
---------------------------------------------------------
The shareholders of SR Capital Offshore, Ltd. will hold their
final meeting, on October 1, 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:

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


TORREY PINES: Shareholders' Final Meeting Set for October 1
-----------------------------------------------------------
The shareholders of Torrey Pines Fund, Ltd will hold their final
meeting, on October 1, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TORREY PINES: Shareholders' Final Meeting Set for October 1
-----------------------------------------------------------
The shareholders of Torrey Pines Master Fund, Ltd will hold their
final meeting, on October 1, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


COMPANIA MINERA: Two Owners Begin Bankruptcy Proceedings
--------------------------------------------------------
Two owners of Compania Minera San Esteban Primera, Marcelo Kemeny
and Alejandro Bohn, asked the 17th Civil Court of Santiago to
convene a meeting of creditors to determine the company's
viability, The Santiago Times reports.  The report relates that
this is a process that could lead to its eventual bankruptcy, with
the appointment of an expert facilitator to deal with the fact
that the company is unable to meet its immediate commitments.

As reported in the Troubled Company Reporter-Latin America on
August 30, 2010, UPI said that Compania Minera San Esteban Primera
warned it was considering filing for bankruptcy and might not be
able to pay salaries owed to the 33 trapped miners in the
company's mine when they emerge, let alone damages from impending
lawsuits from one of the miners' family.

According to The Times, Chile Mining Minister Laurence Golborne
said that the government is concerned not just for the 33 trapped
miners, but also for the other workers who have lost their jobs
after the accident: "We are also concerned of the 250 workers who
are now in a situation of job insecurity."

The report notes that the owners started the bankruptcy process
with papers filed by their attorney Jorge Aguilar the same day
they testified to a Chamber of Deputies investigation committee.
The report relates Mr. Aguilar said that the business is US$20
million in debt, while its assets total US$10 million.

The Times says that among the current obligations that San Esteban
does not feel it can handle are the salaries of the miners, those
both stuck in the mine and out of the mine, as well as a portion
of the rescue budget, which is estimated at more than US$11
million.

Meanwhile, the report discloses that union representative Evelyn
Olmos called for the government to front the money so that the
company can pay overdue wages.  However, the report relates, the
government said that the nation's labor laws clearly prohibit the
government paying for the bad debt of private businesses.

Back wages are due not only to the 33 miners trapped at the bottom
of the San Jose mine, but also to another 100 workers at the same
mine and 170 more company employees, the report adds.

                      About Compania Minera

Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.


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


EM FALCON: Fitch Downgrades Ratings on Variable Notes to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by EM Falcon Limited
Series 2008-1:

  -- COP49,000,000,000 variable rate notes to 'BB-sf' from 'Asf';
     Outlook Stable.

The downgrade is a result of Fitch's implementation of its
'Criteria for Rating Caps in Global Structured Finance
Transactions' dated June 23, 2010.  This criteria states that in
cases where the terms and conditions specify the reduction of
interest subject to certain events, Fitch will depart from the
principle of rating to the documents and will also consider the
likelihood of a conditional event occurring in combination with
other structural arrangements.  Fitch considers the reduction of
interest coupon from 15.67% to 0.10% upon the occurrence of a
credit event by the Republic of Colombia (rated 'BB+', with a
Stable Outlook by Fitch) a conditional event.  Therefore, Fitch's
current rating on the notes addresses the payment of a 15.67%
annual coupon and return of principal.

At closing, the issuance proceeds from the notes were used to
purchase US Dollar (US$) 38,113,000 of the US$ 6.625% notes due
April 1, 2018, issued by Morgan Stanley (the collateral, rated
'A', with a Stable Outlook [ISIN: US6174466Q77]).  Additionally,
the issuer entered into an interest rate/cross currency swap with
the swap counterparty, Morgan Stanley Capital Services (MSCS),
which is guaranteed by Morgan Stanley (rated 'A/F1', with a Stable
Outlook).  Through the swap, the issuer forwards all US$ payments
of interest and principal from the collateral to MSCS in exchange
for the agreed upon variable interest and ultimate principal
amounts, as described below.  Also through the swap, the interest
paid to the issuer is variable and is linked to the credit risk of
the reference entity, the Republic of Colombia.  Upon a credit
event of Colombia, principal redemption amounts
(COP49,000,000,000) are guaranteed by MSCS; however, the interest
rate paid to the noteholders (also paid by MSCS) will be reduced
from 15.67% per annum to 0.10% per annum, as per the governing
documents.

Payments of interest and principal are based on the COP Fixed Rate
Payer Calculation Amount (COP49,000,000,000), converted into US$
at the then-prevailing value of the COP/US$ exchange rate.  If an
Early Redemption Event occurs, as defined in the governing
documents, investors may be exposed to the market value risk of
the collateral due to its liquidation prior to maturity, and also
foreign exchange risk upon conversion of the US$-based collateral
proceeds into COP.  In addition, a swap termination payment could
be due from the issuer to the swap counterparty upon early
redemption.

Fitch applied its 'Global Rating Criteria for Single- and Multi-
Name Credit-Linked Notes' for this review and based its rating on
the two-risk CLN matrix with restructuring.  The highest risk-
presenting entity (Republic of Colombia) is considered the
'weakest link', as it contributes the most risk to the transaction
in terms of probability of default.  The swap counterparty
guarantor and the collateral issuer are the same (Morgan Stanley),
and therefore treated as one risk presenting entity.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IDB Approves US$35 Million Loan
----------------------------------------------
El Salvador will improve rural roads in areas with high productive
potential with a US$35 million loan approved by the Inter-American
Development Bank (IDB).

The IDB loan will finance the rehabilitation or improvement of
some 80 km of rural roads within a new approach to rural roads
management which enhances the investment planning and programming
process, optimizing cost and project impact.

The program will also finance institutional strengthening efforts
within the Ministry of Public Works, Transportation, Housing, and
Urban Development (MOPTVDU, for its initials in Spanish) for the
efficient and effective execution of this operation.

The ultimate objective of the program is to contribute to
Government's objective of reducing poverty and boosting economic
growth for households in the area around the road works.

An earlier IDB loan, for US$57.7 million financed a multiphase
program for sustainable roads El Salvador's rural areas and was
executed from 2002 to 2009.

The MOPTVDU will carry out the new program.  The IDB loan is for a
25-year term, with a 4-year grace period, at a Libor-based
variable interest rate.

                           About IDB

Founded in 1959, the IDB is the world's largest and oldest
regional development bank.  In March its 48 member countries
agreed in principle to increase its capital resources to boost its
lending capacity to US$12 billion a year, nearly double its
present sustainable level.  The United States is the single
biggest shareholder, with a 30% stake in the IDB's capital.
Collectively, Latin American and Caribbean borrowing member
countries own a controlling majority of shares.

                           *     *     *

As of September 6, 2010, the country continues to carry Moody's
"Ba1" country ceiling foreign bank deposit rating.  The country
also continues to carry Standard and Poor's "BB" currency long-
term debt ratings and Fitch Ratings' "B" short-term issuer default
rating.


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


DIGICEL GROUP: LIME Undaunted by Recent Court Ruling
----------------------------------------------------
Cable and Wireless's LIME said it is undaunted by a recent court
ruling in its ongoing war with Digicel Group, RadioJamaica
reports.

As reported in the Troubled Company Reporter-Latin America on
September 6, 2010, RadioJamaica said that Supreme Court Judge
Justice Ingrid Mangatal dismissed an application by LIME for an
interlocutory injunction barring Digicel Group from offering
cheaper rates to its landline customers.  According to the report,
Digicel Group began offering landline services to its customers,
more than a year ago.  However, the report related, LIME filed a
lawsuit in October last year, accusing Digicel Group of abusing
its dominant position.  The report noted that LIME also accused
Digicel Group of breaching the Fair Competition and
Telecommunications Act.  The report added that LIME claims the
rates offered should be on par and that Digicel Group was in
breach of the law.

According to the report, LIME said that the court ruling in no way
affects the substantive case against Digicel Group.  The report
relates Camile Facey, LIME's Regional Vice President for Legal,
Regulatory & Corporate Affairs, said that the company looks
forward to the hearing of a lawsuit filed to protect its landline
customers from Digicel Group's anti-competitive pricing.

LIME is seeking to recover JM$100 million in damages which it
claims was lost because of Digicel Group's pricing structure, the
report adds.

                         About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


INFU TRUST: S&P Puts 'BB' Rating on US$180 Mil. Notes
-----------------------------------------------------
In this press release, published earlier, the name of the
Analytical Manager, Emerging Markets Structured Finance, was
incorrect.  A corrected version follows:

Standard & Poor's Ratings Services placed its 'BB (sf)' ratings on
Infu Trust's US$180 million 7.135% fixed-rate notes series 2005
due December 2013 and Mexican Unidades De Inversion 190.2 million
(MXN838.78 million equivalent; one UDI equals MXN4.41) 5.80%
fixed-rate notes series 2005 due December 2013 on CreditWatch with
negative implications.

Infu Trust is an onshore Mexican entity that has issued cross-
border asset-backed notes secured primarily by its rights (the
underlying collateral) to receivables derived from sublease
contracts for certain commercial areas of Mexico City
International Airport's Terminal 1, among others.  These rights
are derived from a private lease contract between Inmobiliaria
Fumisa S.A. de C.V. and Mexico City International Airport.  Fumisa
is a Mexican-based construction company that Mexico City
International Airport contracted to construct and remodel certain
areas of the airport.  The revenues that Fumisa collects generate
the cashflow that is used for debt service payment for both
transactions.

The rating actions follow Mexicana de Aviacion's suspension of
domestic and international flight operations on Aug. 28, 2010.
Mexicana utilizes Terminal l, and the company's actions will have
a direct negative impact on passenger traffic volume in the
terminal.  The expected decline in passenger traffic will have a
negative impact on Terminal 1 tenants' leasing space revenues, as
well as on the associated parking and jetway services.

The Mexican government does not expect Mexicana's suspension of
services to be resolved before December 2010.  However, the trust
benefits from a reserve that covers two payment periods of debt
service; and the transactions' benefit from U.S. dollar- and
Mexican peso-denominated cash flows derived from the assets sold
to the trust, overcollateralization, a reserve account, and a
trigger reserve account, as well as several trigger and early
amortization events designed to mitigate adverse events affecting
the revenue stream.  Despite these factors, even if Mexicana's
domestic and international flights resume fairly soon or were
reassigned to other air carriers, it would take some time before
Terminal 1's passenger traffic volume return to the levels before
Mexicana's service was suspended.

The transactions' current debt service coverage ratios are 1.19x.
S&P will continue to surveil the ratings on these transactions,
and S&P will revise them as necessary to resolve the CreditWatch
placement and to reflect any future changes in the transactions'
underlying credit quality.

              Ratings Placed On Creditwatch Negative

                            Infu Trust
        US$180 million 7.135% fixed-rate notes series 2005
                        due December 2013

                                 Rating
                                 ------
             Series      To                     From
             ------      --                     ----
             2005        BB (sf)/Watch Neg      BB (sf)


                            Infu Trust

       UDI 190.2 million 5.80% fixed-rate notes series 2005
                        due December 2013

                                 Rating
                                 ------
             Series      To                     From
             ------      --                     ----
             2005        BB (sf)/Watch Neg      BB (sf)

               UDI - Mexican Unidades De Inversion.


MEXICANA AIRLINES: Mexico Sets December Goal to Solve Woes
----------------------------------------------------------
Mexico's Labor Minister Javier Lozano has expressed hope that the
troubles of Mexicana Airlines will be resolved in time for the
December travel season, according to a September 2 report by Dow
Jones.

Mr. Lozano said he met this week with Alejandro Rodriguez, the
investment banker who was named administrator of Tenedora K.

"The talks with them are going very well, we need to just break
this vicious cycle generated by the lack of information that
doesn't allow a good business plan to be projected which would
allow the injection of fresh capital," Mr. Lozano said at a press
conference, according to a transcript from the labor ministry.

Only days before Mexicana Airlines stopped flying, Mr. Lozano
said on a local radio station that he was not optimistic about
the investors' plans to save the company.  The official also said
that he did not accept Tenedora K's proposal to terminate three-
quarters of the company's flight attendants, Dow Jones reported.

Mr. Lozano said at the press conference there are other groups
that are interested to rescue the company but he did not disclose
the identity of those groups.

The labor minister said if Mexicana Airlines survives, it will
likely be a much trimmer company with smaller fleet and fewer
routes.  He said, however, that the company will also have a
management that is "professional, serious, responsible, with
capital, with bargaining agreements that make the business
viable," Dow Jones reported.

Meanwhile, Communications and Transport Minister Juan Molinar
said Tenedora K will not be able to save the company without help
from additional investors.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


MEXICANA AIRLINES: Petition & Search for Investors to Continue
--------------------------------------------------------------
Mexicana Airlines suspended operations until further notice as of
midday of August 28, 2010.

Mexicana's parent, Nuevo Grupo Aeronautico S.A. de C.V., said in
a statement, that Mexicana Airlines, MexicanaClick and
MexicanaLink operations were suspended because of its "fragile
financial situation" when it changed owners weeks ago.

As previously reported, a group of Mexican investors called
Tenedora K announced on Aug. 21 it had bought a 95 percent stake
in Grupo Mexicana.  Mexicana said in a statement on its Web
site that current management received the airline "in a state
of technical bankruptcy."

The financial condition, Nuevo Grupo said, has deteriorated
further over the last four weeks due to the decision by the
previous management to suspend ticket sales, forcing it to
continue operating in the interests of passengers without
receiving any revenue.  It also blamed the failure to reach
agreements that would give Mexicana Airlines and its domestic
subsidiaries long-term viability.

Nuevo Grupo said the lack of effectiveness in Mexicana Airlines'
insolvency case to protect additional financial resources as well
as demands for advanced payment from suppliers also contributed
to its fragile financial situation.

"Today's decision is a painful one for the 8,000-strong Grupo
Mexicana family, but we will continue seeking out ways of
securing the company's long-term financial viability, so our
passengers can once again enjoy the quality services they are
accustomed to.  We hope to be back in the air soon and would like
to thank everyone involved in this process for their support and
understanding," Nuevo Grupo said in the statement.

Without giving specific details of the company's financial
situation, Mexico's Transport Minister Juan Francisco Molinar
Horcasitas said Mexicana Airlines was forced to shut down because
it does not have enough money to keep flying and that it "is in a
process that should lead to restructuring," according to a report
by The Associated Press.

Mexicana's bankruptcy petition will continue, as will a search
for potential investors, Dow Jones cited government officials as
saying.

Pilots' union president Fernando Perfecto said halting operations
"is necessary to achieve a neat and orderly restructuring that
gives us all the opportunity to relaunch Mexicana," reports AP.

Flight attendants' union president Lizette Clavel did not rule
out job cuts as part of future negotiations but said they must be
within the current collective agreement, the report added.

Passengers who have already flown a leg of their journey and who
are scheduled to fly with Nuevo Grupo's airlines after August 28,
were advised to consult the company Web site.  The company said
priority will be given to minors traveling unaccompanied,
passengers traveling with children under age 3, and special needs
passengers.

Those who have not yet begun their journey were advised to make
alternative travel arrangements.

     Tour Operators Confident They Could Reschedule Flights

Tour operators said that while news of the suspension of all
flights by Mexicana Airlines was abrupt, it did not come as a
total surprise, according to an August 30 report by New York
Times.

"They stopped selling tickets for about a week so that's not a
good sign," New York Times quoted Mark Noennig, Apple Vacations
vice-president and general manager, as saying.

Tour operators said they began preparing a month ago when the
company filed for bankruptcy protection, New York Times reported.

Jim Osborne, vice-president at Virtuoso, a network of travel
agencies, said the shutdown came during a slow season for travel
to Mexico.

"If it had to be, it's the right time.  If it had happened in
winter, it would have had a much bigger impact," New York Times
quoted Mr. Osborne as saying.

Tour operators said rescheduling flights is relatively easy since
Mexico's resort destinations are served by several airlines.

Meanwhile, Mexican officials played down the effect of the
shutdown on passengers.

Tourism Secretary Gloria Guevara said she did not expect the
shutdown to reduce the ministry's forecast for the number of
tourists visiting Mexico this year, and that many foreign
airlines were already planning new routes to the country, New
York Times reported.

Many Mexicans who bought tickets for their vacations feel the
outlook is not as clear, however.  More than 4,000 people wrote
to a forum set up by a Mexico City daily, El Universal, to
complain and many of them offered tales of ruined vacations and
unanswered telephone calls.

        Aeromexico, 3 Others to Support Stranded Passengers

Aeromexico has implemented a program that offers special fares
for ticket holders affected by the cancellation of flights by
Mexicana Airlines and its domestic subsidiaries.

In a statement posted on its Web site, Aeromexico said the
passenger protection program will be made applicable for domestic
and international flights where it operates scheduled air
service.

The program aims to aid passengers by providing fare assistance
based on a waitlist procedure to be conducted at airports.  It
will be in effect from August 27 to September 20, 2010,
Aeromexico said.

Low-cost carriers Interjet and Volaris also offered special rates
for Mexicana Airlines' passengers, Dow Jones reported.

American Airlines, meanwhile, announced that it will offer
Mexicana passengers a 20% discount on any published fare for
their original flight plans, according to an August 30 report by
Fort Worth Star Telegram.

American Airlines offers four daily flights between Dallas/Fort
Worth Airport and Mexico City.  It also added an extra flight
between Mexico City and D/FW to accommodate additional passengers
on August 29, but has not increased its regular schedule.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


MEXICANA AIRLINES: Tenedora Names A. Rodriguez as Administrator
---------------------------------------------------------------
Tenedora K has named Alejandro Rodriguez as sole administrator
for Mexicana Airlines, Dow Jones reported.

Mr. Rodriguez has worked as director of investment banking at
Mexico-based BBVA Bancomer and has served on more than 30 company
boards.

Tenedora K's announcement came amid reports that Mexicana
Airlines' chief executive, Manuel Borja, stepped down and left
his office after three years at the post.  News of his departure
came after Tenedora K acquired the shares of Mexicana Airlines'
holding company.

Tenedora K, whose investors include Grupo Industrial Omega and
Grupo Arizan, acquired 95% of Nuevo Grupo Aeronautico's shares
two weeks ago while pilots union ASPA owns the remaining 5%.

U.S. private equity firm, Advent International Corp., helped put
the deal together but is not participating as a shareholder in
the consortium.

"After Tenedora K directly accessed NGA's information and
financial and operating statements, it has been able to confirm
that the impact of labor costs on the financial and competitive
situation of the company is more serious than believed prior to
August 20, when the company was taken over," Tenedora K said in a
statement.

Tenedora K said the investment group is a vehicle for
capitalizing Mexicana Airlines which needs to address labor,
operating and financial issues to remain viable.  It said the
bankruptcy case filed by Mexicana Airlines will continue.

Mexicana Airlines' pilots, ground crews and non-union staff were
working with Tenedora K towards an eventual rescue of the
company.  The investment group, however, is concerned that flight
attendants' union, ASSA, is demanding labor conditions "that will
make the rescue "inviable," Dow Jones reported.

Last week, in an interview with local Radio Formula station,
Communications and Transport Minister Juan Molinar said he knew
of Tenedora K and Advent International's plans to take over
Mexicana Airlines.  He said, however, that the investors had not
filed the corresponding paperwork with the ministry, which
regulates aviation in Mexico, according to the report.

Mr. Molinar acknowledged Mexicana Airlines' situation remained
"critical" but he did not provide additional details about how
much capital will be provided or the company's odds of emerging
from bankruptcy intact, Dow Jones reported.

         Tenedora Provides Initial US$50 Million,
           Fails to Secure Additional Funding

ASPA, the union representing pilots at Mexicana Airlines, said
Tenedora K initially provided US$50 million to keep the company
flying, according to a report by Aviation Week.

A spokesman for ASPA said the investment group provided the
initial funding "just to keep the company flying."  He said the
union also agreed to a 100-day period of reduced pay but will
help decide which routes Mexicana Airlines will keep flying and
with how many aircraft and crew, Aviation Week reported.

The spokesman said the union also will be given better access to
the company's financial situation.

"We realize there will be some cuts in employees -- not only
pilots, but also ground personnel and flight attendants -- but we
don't know yet how many," Aviation Week quoted the union
spokesman as saying. "At the end of the 100 days, we shall know
what's going to happen with all the operation."

Earlier reports said that Mexicana Airlines' mechanics and flight
attendants were contemplating a deal that would reduce their pay
for a 100-day period and would result in a new five-year
agreement that mirrors contract terms at Mexicana Click.  It
seems those deals have not been reached yet, Aviation Week
reported.

Moreover, Tenedora K has been unable to secure investment
commitments for the company which resulted to the carrier
suspending its operations until further notice, reports Dow
Jones.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


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


HINDU CREDIT UNION: Group Tells Government Not to Bail Out Firm
---------------------------------------------------------------
The Trinidad and Tobago government would be wrong to use
taxpayers' money to bail out the Hindu Credit Union, just as the
past administration should not have bailed out CL Financial
Limited, Trinidad Express reports, citing architect Afra Raymond,
head of the Institute of Surveyors of Trinidad and Tobago Ltd.

"In the same way it was wrong for the last administration to use
taxpayers' money to rescue the CL Financial chiefs from the real
consequences of their decisions, it would be equally wrong for
this newly-elected government to also bail out those affected by
the HCU's demise.  Two wrongs could never make a right," the
report quoted Mr. Raymond as saying.  Mr. Raymond is also a member
of the Trinidad and Tobago Transparency Institute, which recently
called for an investigation into the workings of CL Financial's
unit, Angostura Holdings Ltd.

Mr. Raymond, the report notes, said that comparisons of the CLICO
situation to the bailout of some American companies by the US
Government were misleading, as the CLICO deal was "unique".
Describing the CLICO bailout as a "bold-faced attack on our
Treasury", Mr. Raymond stated that the deal should be re-
negotiated as it is, currently, a huge, single loan made by
taxpayers at zero interest, he added.

The first Budget presentation from the People's Partnership
government is due to be read in Parliament on September 8, 2010.

According to the report, unnamed sources close to the government
have hinted that a bailout is in the cards for the fallen HCU.
The report relates Finance Minister Winston Dookeran said that the
government will include some kind of payout for HCU shareholders
and depositors.

                         About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


CASINO GUICHARD: Venezuela to Pay US$690 Million for 80% Stake
--------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Venezuela will pay
US$690 million for an 80% stake in Casino Guichard Perrachon SA's
local retailing operations after President Hugo Chavez seized some
supermarkets earlier this year for what the state called
unauthorized price increases.  The report, citing a statement from
the Information Ministry, relates the government will pay the
Casino-led local unit known as Cativen, US$138 million in cash, or
20% of the total amount, on September 7, 2010.

According to the report, President Chavez seized six Exito brand
retail stores and more than 30 Cada brand supermarkets operated by
Cativen this year for illegally raising prices following a
devaluation.  The report notes that they were converted into
state-run food and household-goods chain known as Abastos
Bicentenarios.  Casino Guichard will keep a 20% stake in the
business, the report adds.

                     About Casino Guichard

Groupe Casino aka Casino Guichard Perrachon SA is a large French
multinational corporation, formerly part of the CAC 40 index,
whose main business is with retail and distribution in hyper and
supermarkets.  The company's head office is in Saint- tienne.[2]


===============
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 NET      IMPTQ US        535007008      -17165000
IMPSAT FIBER-$US      IMPTD AR        535007008      -17165000
IMPSAT FIBER NET      XIMPT SM        535007008      -17165000
IMPSAT FIBER-BLK      IMPTB AR        535007008      -17165000
IMPSAT FIBER-CED      IMPT AR         535007008      -17165000
IMPSAT FIBER-C/E      IMPTC AR        535007008      -17165000
IMPSAT FIBER NET      330902Q GR      535007008      -17165000
AUTOPISTAS SOL        AUSO AR         364771500    -6265989.03
AUTOPISTAS SOL        APDSF US        364771500    -6265989.03
SOC COMERCIAL PL      CADN SW         135685132     -249657810
SOC COMERCIAL PL      COME AR         135685132     -249657810
COMERCIAL PLAT-$      COMED AR        135685132     -249657810
SOC COMERCIAL PL      SCDPF US        135685132     -249657810
SOC COMERCIAL PL      CAD IX          135685132     -249657810
COMERCIAL PL-ADR      SCPDS LI        135685132     -249657810
SOC COMERCIAL PL      CADN EO         135685132     -249657810
COMERCIAL PLA-BL      COMEB AR        135685132     -249657810
COMERCIAL PL-C/E      COMEC AR        135685132     -249657810
SOC COMERCIAL PL      CVVIF US        135685132     -249657810
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 CM      VSPT9 BZ        1.185E+09    -50468104.7
FER C ATLANT-PRF      VSPT4 BZ        1.185E+09    -50468104.7
FERROVIA CEN-DVD      VSPT12 BZ       1.185E+09    -50468104.7
FER C ATLANT          VSPT3 BZ        1.185E+09    -50468104.7
FER C ATL-RCT PF      VSPT10 BZ       1.185E+09    -50468104.7
FERROVIA CEN-DVD      VSPT11 BZ       1.185E+09    -50468104.7
VARIG SA              VARGON BZ       966298026    -4695211316
VARIG SA-PREF         VARGPN BZ       966298026    -4695211316
VARIG SA              VAGV3 BZ        966298026    -4695211316
VARIG SA-PREF         VAGV4 BZ        966298026    -4695211316
LAEP INVESTMENTS      LEAP LX         446499199    -70952298.9
LAEP-BDR              MILK11 BZ       446499199    -70952298.9
PARMALAT              LCSA3 BZ        388720052     -213641144
PARMALAT-PREF         LCSA4 BZ        388720052     -213641144
PARMALAT BR-RT C      LCSA5 BZ        388720052     -213641144
PARMALAT BR-RT P      LCSA6 BZ        388720052     -213641144
PARMALAT BRASIL       LCSAON BZ       388720052     -213641144
PARMALAT BRAS-PF      LCSAPN BZ       388720052     -213641144
CIA PETROLIF-PRF      MRLM4B BZ       377602195    -3014291.72
CIA PETROLIFERA       1CPMON BZ       377602195    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ       377602195    -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ        377602195    -3014291.72
CIA PETROLIFERA       MRLM3 BZ        377602195    -3014291.72
CIA PETROLIFERA       MRLM3B BZ       377602195    -3014291.72
DOCAS SA              DOCAON BZ       319046939     -119089653
DOCAS SA-RTS PRF      DOCA2 BZ        319046939     -119089653
DOCA INVESTIMENT      DOCA3 BZ        319046939     -119089653
DOCA INVESTI-PFD      DOCA4 BZ        319046939     -119089653
DOCAS SA-PREF         DOCAPN BZ       319046939     -119089653
BOMBRIL-RIGHTS        BOBR1 BZ        292257859     -115839632
BOMBRIL-PREF          BOBR4 BZ        292257859     -115839632
BOMBRIL               BOBR3 BZ        292257859     -115839632
BOMBRIL SA-ADR        BMBPY US        292257859     -115839632
BOMBRIL SA-ADR        BMBBY US        292257859     -115839632
BOMBRIL-RGTS PRE      BOBR2 BZ        292257859     -115839632
BOMBRIL               BMBBF US        292257859     -115839632
BOMBRIL CIRIO-PF      BOBRPN BZ       292257859     -115839632
BOMBRIL CIRIO SA      BOBRON BZ       292257859     -115839632
TELEBRAS-RTS PRF      RCTB2 BZ        244716404    -14836627.7
TELECOMUNICA-ADR      81370Z BZ       244716404    -14836627.7
TELEBRAS-ADR          TBX GR          244716404    -14836627.7
TELEBRAS-PF RCPT      RCTB41 BZ       244716404    -14836627.7
TELEBRAS-CEDE BL      RCT4B AR        244716404    -14836627.7
TELEBRAS-CEDE PF      TELB4 AR        244716404    -14836627.7
TELEBRAS-CED C/E      TEL4C AR        244716404    -14836627.7
TELEBRAS-CM RCPT      RCTB31 BZ       244716404    -14836627.7
TELEBRAS-PF RCPT      CBRZF US        244716404    -14836627.7
TELEBRAS SA-PREF      TLBRPN BZ       244716404    -14836627.7
TELEBRAS-RCT PRF      TELB10 BZ       244716404    -14836627.7
TELEBRAS-RECEIPT      TLBRUO BZ       244716404    -14836627.7
TELEBRAS-CM RCPT      TELE31 BZ       244716404    -14836627.7
TELEBRAS-PF RCPT      RCTB40 BZ       244716404    -14836627.7
TELEBRAS/W-I-ADR      TBH-W US        244716404    -14836627.7
TELEBRAS SA-RT        TELB9 BZ        244716404    -14836627.7
TELEBRAS-CEDE PF      RCTB4 AR        244716404    -14836627.7
TELEBRAS-PF RCPT      TBAPF US        244716404    -14836627.7
TELEBRAS-PF RCPT      TELE41 BZ       244716404    -14836627.7
TELEBRAS SA           TBASF US        244716404    -14836627.7
TELEBRAS-ADR          RTB US          244716404    -14836627.7
TELEBRAS-CED C/E      RCT4C AR        244716404    -14836627.7
TELEBRAS-BLOCK        TELB30 BZ       244716404    -14836627.7
TELEBRAS-RCT          RCTB33 BZ       244716404    -14836627.7
TELEBRAS-ADR          TBRAY GR        244716404    -14836627.7
TELEBRAS-CM RCPT      RCTB32 BZ       244716404    -14836627.7
TELEBRAS-RTS CMN      RCTB1 BZ        244716404    -14836627.7
TELEBRAS-ADR          TBH US          244716404    -14836627.7
TELEBRAS-CEDEA $      RCT4D AR        244716404    -14836627.7
TELEBRAS-CM RCPT      TBRTF US        244716404    -14836627.7
TELEBRAS-RTS CMN      TCLP1 BZ        244716404    -14836627.7
TELEBRAS-COM RT       TELB1 BZ        244716404    -14836627.7
TELEBRAS-ADR          TBASY US        244716404    -14836627.7
TELEBRAS SA           TELB3 BZ        244716404    -14836627.7
TELEBRAS-RTS PRF      TLCP2 BZ        244716404    -14836627.7
TELEBRAS-CEDEA $      TEL4D AR        244716404    -14836627.7
TELEBRAS-PF RCPT      RCTB42 BZ       244716404    -14836627.7
TELEBRAS-ADR          TBAPY US        244716404    -14836627.7
TELEBRAS SA-PREF      TELB4 BZ        244716404    -14836627.7
TELEBRAS SA           TLBRON BZ       244716404    -14836627.7
TELEBRAS-CM RCPT      RCTB30 BZ       244716404    -14836627.7
TELEBRAS-PF BLCK      TELB40 BZ       244716404    -14836627.7
TELEBRAS-PF RCPT      TLBRUP BZ       244716404    -14836627.7
HOTEIS OTHON SA       HOTHON BZ       238707299    -35774972.9
HOTEIS OTHON SA       HOOT3 BZ        238707299    -35774972.9
HOTEIS OTHON-PRF      HOTHPN BZ       238707299    -35774972.9
HOTEIS OTHON-PRF      HOOT4 BZ        238707299    -35774972.9
TEKA-ADR              TEKAY US        237346006     -337859942
TEKA                  TEKAON BZ       237346006     -337859942
TEKA-ADR              TKTQY US        237346006     -337859942
TEKA-PREF             TEKAPN BZ       237346006     -337859942
TEKA                  TKTQF US        237346006     -337859942
TEKA-ADR              TKTPY US        237346006     -337859942
TEKA                  TEKA3 BZ        237346006     -337859942
TEKA-PREF             TEKA4 BZ        237346006     -337859942
TEKA-PREF             TKTPF US        237346006     -337859942
BALADARE              BLDR3 BZ        159454016    -52992212.8
SANSUY SA-PREF A      SNSYAN BZ       147187163    -86606310.8
SANSUY SA-PREF B      SNSYBN BZ       147187163    -86606310.8
SANSUY-PREF B         SNSY6 BZ        147187163    -86606310.8
SANSUY SA             SNSYON BZ       147187163    -86606310.8
SANSUY-PREF A         SNSY5 BZ        147187163    -86606310.8
SANSUY                SNSY3 BZ        147187163    -86606310.8
GRADIENTE EL-PRA      IGBAN BZ        145256033     -273857292
GRADIENTE ELETR       IGBON BZ        145256033     -273857292
GRADIENTE EL-PRC      IGBCN BZ        145256033     -273857292
IGB ELETRONICA        IGBR3 BZ        145256033     -273857292
GRADIENTE EL-PRB      IGBBN BZ        145256033     -273857292
GRADIENTE-PREF B      IGBR6 BZ        145256033     -273857292
GRADIENTE-PREF A      IGBR5 BZ        145256033     -273857292
GRADIENTE-PREF C      IGBR7 BZ        145256033     -273857292
D H B                 DHBI3 BZ        133817651     -443044246
DHB IND E COM         DHBON BZ        133817651     -443044246
DHB IND E COM-PR      DHBPN BZ        133817651     -443044246
D H B-PREF            DHBI4 BZ        133817651     -443044246
PET MANG-RT           RPMG1 BZ        111979912     -134952358
PET MANG-RECEIPT      RPMG10 BZ       111979912     -134952358
PETRO MANGUIN-PF      MANGPN BZ       111979912     -134952358
PET MANGUINH-PRF      RPMG4 BZ        111979912     -134952358
PETRO MANGUINHOS      MANGON BZ       111979912     -134952358
PETRO MANGUINHOS      RPMG3 BZ        111979912     -134952358
PET MANG-RT           RPMG2 BZ        111979912     -134952358
PET MANG-RIGHTS       3678569Q BZ     111979912     -134952358
PET MANG-RIGHTS       3678565Q BZ     111979912     -134952358
PET MANG-RECEIPT      RPMG9 BZ        111979912     -134952358
VARIG PART EM-PR      VPSC4 BZ         96617351     -460274609
VARIG PART EM SE      VPSC3 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 IMBITUBA        IMBION BZ        94039192    -39398915.1
DOC IMBITUB-PREF      IMBI4 BZ         94039192    -39398915.1
DOC IMBITUBA          IMBI3 BZ         94039192    -39398915.1
DOCAS IMBITUB-PR      IMBIPN BZ        94039192    -39398915.1
DOC IMBITUBA-RTC      IMBI1 BZ         94039192    -39398915.1
DOC IMBITUBA-RTP      IMBI2 BZ         94039192    -39398915.1
WETZEL SA             MWELON BZ        84310496    -7570637.42
WETZEL SA             MWET3 BZ         84310496    -7570637.42
WETZEL SA-PREF        MWELPN BZ        84310496    -7570637.42
WETZEL SA-PREF        MWET4 BZ         84310496    -7570637.42
ACO ALTONA            EALT3 BZ         80346370    -11622480.4
ACO ALTONA SA         EAAON BZ         80346370    -11622480.4
ACO ALTONA-PREF       EALT4 BZ         80346370    -11622480.4
ACO ALTONA-PREF       EAAPN BZ         80346370    -11622480.4
ESTRELA SA            ESTRON BZ        76255458    -69760619.7
ESTRELA SA            ESTR3 BZ         76255458    -69760619.7
ESTRELA SA-PREF       ESTRPN BZ        76255458    -69760619.7
ESTRELA SA-PREF       ESTR4 BZ         76255458    -69760619.7
RIOSULENSE SA         RSUL3 BZ         68368524    -9647727.04
RIOSULENSE SA         RSULON BZ        68368524    -9647727.04
RIOSULENSE SA-PR      RSULPN BZ        68368524    -9647727.04
RIOSULENSE SA-PR      RSUL4 BZ         68368524    -9647727.04
TEXTEIS RENAUX        RENXON BZ        63634626    -91597740.4
TEXTEIS RENA-RCT      TXRX9 BZ         63634626    -91597740.4
RENAUXVIEW SA         TXRX3 BZ         63634626    -91597740.4
TEXTEIS RENA-RCT      TXRX10 BZ        63634626    -91597740.4
TEXTEIS RENAU-RT      TXRX2 BZ         63634626    -91597740.4
TEXTEIS RENAUX        RENXPN BZ        63634626    -91597740.4
TEXTEIS RENAU-RT      TXRX1 BZ         63634626    -91597740.4
RENAUXVIEW SA-PF      TXRX4 BZ         63634626    -91597740.4
MINUPAR SA-PREF       MNPRPN BZ        63223032    -58260845.7
MINUPAR SA            MNPRON BZ        63223032    -58260845.7
MINUPAR               MNPR3 BZ         63223032    -58260845.7
MINUPAR-PREF          MNPR4 BZ         63223032    -58260845.7
FABRICA RENAUX-P      FRNXPN BZ        63036915      -59781833
FABRICA RENAUX        FTRX3 BZ         63036915      -59781833
FABRICA TECID-RT      FTRX1 BZ         63036915      -59781833
FABRICA RENAUX-P      FTRX4 BZ         63036915      -59781833
FABRICA RENAUX        FRNXON BZ        63036915      -59781833
VARIG PART EM TR      VPTA3 BZ         49432124     -399290426
VARIG PART EM-PR      VPTA4 BZ         49432124     -399290426
WIEST SA              WISAON BZ        39838114    -93371563.1
WIEST-PREF            WISA4 BZ         39838114    -93371563.1
WIEST                 WISA3 BZ         39838114    -93371563.1
WIEST SA-PREF         WISAPN BZ        39838114    -93371563.1
CIMOB PART-PREF       GAFPN BZ         36817395    -33083086.5
CIMOB PART-PREF       GAFP4 BZ         36817395    -33083086.5
CIMOB PARTIC SA       GAFON BZ         36817395    -33083086.5
CIMOB PARTIC SA       GAFP3 BZ         36817395    -33083086.5
STAROUP SA            STARON BZ        35101567    -13482713.5
BOTUCATU-PREF         STRP4 BZ         35101567    -13482713.5
STAROUP SA-PREF       STARPN BZ        35101567    -13482713.5
BOTUCATU TEXTIL       STRP3 BZ         35101567    -13482713.5
SANESALTO             SNST3 BZ         31044051    -1843297.83
STEEL - RT            STLB1 BZ         22548846     -4346785.7
STEEL - RCT ORD       STLB9 BZ         22548846     -4346785.7
STEEL DO BRASIL       STLB3 BZ         22548846     -4346785.7
CHIARELLI SA-PRF      CCHPN BZ         22274027    -44537138.2
CHIARELLI SA-PRF      CCHI4 BZ         22274027    -44537138.2
CHIARELLI SA          CCHI3 BZ         22274027    -44537138.2
CHIARELLI SA          CCHON BZ         22274027    -44537138.2
NOVA AMERICA SA       1NOVON BZ        21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ        21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ         21287489     -183535527
NOVA AMERICA SA       NOVA3B BZ        21287489     -183535527
NOVA AMERICA SA       NOVAON BZ        21287489     -183535527
NOVA AMERICA-PRF      1NOVPN BZ        21287489     -183535527
NOVA AMERICA SA       NOVA3 BZ         21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ        21287489     -183535527
CAFE BRASILIA-PR      CSBRPN BZ        18540302     -790303366
CAF BRASILIA          CAFE3 BZ         18540302     -790303366
CAF BRASILIA-PRF      CAFE4 BZ         18540302     -790303366
CAFE BRASILIA SA      CSBRON BZ        18540302     -790303366
TECEL S JOSE-PRF      FTSJPN BZ        17924946    -18569451.2
TECEL S JOSE          SJOS3 BZ         17924946    -18569451.2
TECEL S JOSE          FTSJON BZ        17924946    -18569451.2
TECEL S JOSE-PRF      SJOS4 BZ         17924946    -18569451.2
FERRAGENS HAGA        HAGAON BZ        17657785    -62285757.3
FERRAGENS HAGA-P      HAGAPN BZ        17657785    -62285757.3
FER HAGA-PREF         HAGA4 BZ         17657785    -62285757.3
HAGA                  HAGA3 BZ         17657785    -62285757.3
NORDON MET            NORD3 BZ         15427479    -20563974.4
NORDON METAL          NORDON BZ        15427479    -20563974.4
NORDON MET-RTS        NORD1 BZ         15427479    -20563974.4
SCHLOSSER             SCLO3 BZ         13140656    -56631899.1
SCHLOSSER SA          SCHON BZ         13140656    -56631899.1
SCHLOSSER-PREF        SCLO4 BZ         13140656    -56631899.1
SCHLOSSER SA-PRF      SCHPN BZ         13140656    -56631899.1
PROMAN                PRMN3B BZ        13088926    -87154.5455
PROMAN                PRMN3 BZ         13088926    -87154.5455
GAZOLA SA-DVD CM      GAZO11 BZ        12452143    -40298506.3
GAZOLA SA             GAZON BZ         12452143    -40298506.3
GAZOLA SA-DVD PF      GAZO12 BZ        12452143    -40298506.3
GAZOLA                GAZO3 BZ         12452143    -40298506.3
GAZOLA SA-PREF        GAZPN BZ         12452143    -40298506.3
GAZOLA-RCPTS CMN      GAZO9 BZ         12452143    -40298506.3
GAZOLA-RCPT PREF      GAZO10 BZ        12452143    -40298506.3
GAZOLA-PREF           GAZO4 BZ         12452143    -40298506.3
ARTHUR LAN-DVD P      ARLA12 BZ        11642256    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ        11642256    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ         11642256    -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ         11642256    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ         11642256    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ         11642256    -17154461.9
ARTHUR LANGE SA       ALICON BZ        11642256    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ        11642256    -17154461.9
ARTHUR LANGE          ARLA3 BZ         11642256    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ        11642256    -17154461.9
HERCULES SA-PREF      HERTPN BZ        10710103     -164239944
HERCULES SA           HERTON BZ        10710103     -164239944
HERCULES-PREF         HETA4 BZ         10710103     -164239944
HERCULES              HETA3 BZ         10710103     -164239944


CHILE

CHILESAT CORP SA      TELEX CI        649980376    -82003656.5
CHILESAT CO-RTS       CHISATOS CI     649980376    -82003656.5
CHILESAT CO-ADR       TL US           649980376    -82003656.5
TELEX-A               TELEXA CI       649980376    -82003656.5
TELMEX CORP SA        CHILESAT CI     649980376    -82003656.5
TELMEX CORP-ADR       CSAOY US        649980376    -82003656.5
TELEX-RTS             TELEXO CI       649980376    -82003656.5
INVERMAR              INVERMAR CI     200945008    -2078000.13
INVERMAR-RT           INVEROSA CI     200945008    -2078000.13


                            ***********

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.


           * * * End of Transmission * * *