TCRLA_Public/100928.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, September 28, 2010, Vol. 11, No. 190

                            Headlines



A R G E N T I N A

ACCION GROUP: Creditors' Proofs of Debt Due on November 12
ALIMENTACION NATURAL: Creditors' Proofs of Debt Due on November 30
ALUMNOR SA: Creditors' Proofs of Debt Due on November 19
ASFALTOS TRINIDAD: Creditors' Proofs of Debt Due on October 21
BABUSH SRL: Creditors' Proofs of Debt Due on November 30

CAVOUR SA: Creditors' Proofs of Debt Due on October 22
COLUCO SA: Creditors' Proofs of Debt Due on December 14
ESAGRA SA: Creditors' Proofs of Debt Due on November 30
FENG COMUNICACIONES: Creditors' Proofs of Debt Due on November 30
GROUPO CLARIN: Judge Freezes Order to Close Fibertel

LASER INDUSTRIAS: Creditors' Proofs of Debt Due on November 15
SARWIN SA: Creditors' Proofs of Debt Due on October 22
SMARTMEDIA SRL: Creditors' Proofs of Debt Due on October 27
* ARGENTINA: Buenos Aires to Sell Five-Year Dollar Bonds


B E L I Z E

* BELIZE: World Bank Approves US$15 Million Loan


B E R M U D A

C D CARPENTRY: Court to Hear Wind-Up Petition on October 8


B R A Z I L

GAFISA SA: Moody's Assigns 'Ba2' Rating on BRL300 Mil. Bonds


C A Y M A N  I S L A N D S

EUREKA (EURO): Shareholders' Final Meeting Set for October 5


J A M A I C A

RBTT BANK: Move to Implement Restructuring Plan Angers Union


M E X I C O

MEXICANA AIRLINES: Conciliator, Administrator Appointed
MEXICANA AIRLINES: Sept. 29 U.S. Court Hearing on Recognition Plea
MEXICANA AIRLINES: Misses Sept. 15 Payments to Airports


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


ACCION GROUP: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------
The court-appointed trustee for Accion Group S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 12, 2010.


ALIMENTACION NATURAL: Creditors' Proofs of Debt Due on November 30
------------------------------------------------------------------
The court-appointed trustee for Alimentacion Natural S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until November 30, 2010.

The trustee will present the validated claims in court as
individual reports on February 7, 2011.  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
March 7, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 20, 2011.


ALUMNOR SA: Creditors' Proofs of Debt Due on November 19
--------------------------------------------------------
The court-appointed trustee for Alumnor S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 19, 2010.

The trustee will present the validated claims in court as
individual reports on February 3, 2011.  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
March 17, 2011.


ASFALTOS TRINIDAD: Creditors' Proofs of Debt Due on October 21
--------------------------------------------------------------
The court-appointed trustee for Asfaltos Trinidad S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 21, 2010.


BABUSH SRL: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------
The court-appointed trustee for Babush S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 30, 2010.


CAVOUR SA: Creditors' Proofs of Debt Due on October 22
------------------------------------------------------
The court-appointed trustee for Cavour S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 22, 2010.


COLUCO SA: Creditors' Proofs of Debt Due on December 14
-------------------------------------------------------
The court-appointed trustee for Coluco S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 14, 2010.

The trustee will present the validated claims in court as
individual reports on February 25, 2011.  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
April 11, 2011.


ESAGRA SA: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------
The court-appointed trustee for Esagra S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 30, 2010.

The trustee will present the validated claims in court as
individual reports on February 10, 2011.  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
March 25, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 31, 2011.


FENG COMUNICACIONES: Creditors' Proofs of Debt Due on November 30
-----------------------------------------------------------------
The court-appointed trustee for Feng Comunicaciones S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 30, 2010.

The trustee will present the validated claims in court as
individual reports on February 14, 2011.  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
March 29, 2011.


GROUPO CLARIN: Judge Freezes Order to Close Fibertel
----------------------------------------------------
Federal Judge Elvio Bautista Sagarra has suspended a government
order forcing Group Clarin SA-owned Internet provider Fibertel to
shut down, Bill Faries at Bloomberg News reports, citing Buenos
Aires-based newspaper Perfil.

According to the report, Perfil related that Judge Sagarra told
Fibertel to continue guaranteeing service to more than one million
clients.

As reported in the Troubled Company Reporter-Latin America on
August 23, 2010, Bloomberg News said that the Argentine government
shut down the Internet service provided by Grupo Clarin SA's
Fibertel unit, saying the company's merger with Cablevision SA was
illegal.  The report related the Planning Minister Julio De Vido
said that customers are free to find other service providers and
the company will cease operations within 90 days.  The
government's decision is "illegal and arbitrary," and Cablevision
will pursue all legal actions to continue with Fibertel's Internet
service, the company said in an e-mailed statement obtained by the
news agency.

                         About Grupo Clarin

Grupo Clarin a media company in Argentina and a market leader in
the cable television and Internet access, printing and publishing,
and broadcasting and programming segments.  Its cable television
network is one of the largest in Latin America, with one of the
largest broadband subscriber base in Argentina.  Its flagship
newspaper -- Diario Clarin -- is the highest circulation newspaper
in Latin America and the second-highest circulation Spanish-
language newspaper in the world.  Grupo Clarin is the largest
producer of media content in Argentina, including news, sports and
entertainment and reaches substantially all segments of the
Argentine population in terms of wealth, geography and age.


LASER INDUSTRIAS: Creditors' Proofs of Debt Due on November 15
--------------------------------------------------------------
The court-appointed trustee for Laser Industrias Integradas
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 15, 2010.

The trustee will present the validated claims in court as
individual reports on December 29, 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
March 14, 2011.


SARWIN SA: Creditors' Proofs of Debt Due on October 22
------------------------------------------------------
The court-appointed trustee for Sarwin S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 22, 2010.

The trustee will present the validated claims in court as
individual reports on December 3, 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 17, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 3, 2011.


SMARTMEDIA SRL: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The court-appointed trustee for Smartmedia S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 27, 2010.

The trustee will present the validated claims in court as
individual reports on December 8, 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
March 17, 2011.



* ARGENTINA: Buenos Aires to Sell Five-Year Dollar Bonds
--------------------------------------------------------
The province of Buenos Aires plans to sell five-year bonds in U.S.
dollars, Caroline Hyde and Sonja Cheung at Bloomberg News report,
citing a banker involved in the transaction.

According to the report, the banker said that the notes may be
priced to yield 11.875% to 12%.  Bloomberg relates the banker said
that Bank of America Corp. and Deutsche Bank AG are managing the
sale.

                         *     *     *

As of September 22, 2010, Buenos Aires province continues to carry
Moody's "B2" long-term and foreign currency long-term debt rating.
The province also continues to carry Standard and Poor's "B"
issuer credit ratings.


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B E L I Z E
===========


* BELIZE: World Bank Approves US$15 Million Loan
------------------------------------------------
Dyon A. Elliott at The Reporter reports that the World Bank has
approved a US$15 million dollar loan for Belize.  The report
relates that government officials, in a press release dated
September 17, 2010, said the loan was approved because the current
administration is dedicated to good governance.

According to the report, Prime Minister Dean Barrow welcomed the
news and went on to point out that the gesture by the World Bank
comes as a clear indication of its "re-engagement" with Belize.
The Reporter relates Chief Executive Officer of the Ministry of
Economic Development, Commerce & Industry and Consumer Protection
Yvonne Hyde said that the money will be used to "improve service
delivery in several municipalities", for infrastructure,
technical assistance and to enhance employees' skills.

                          *     *     *

As of June 3, 2010, the country continues to carry Moody's "CC"
long-term bank and currency deposit ratings.  The country also
continues to carry S&P's "B" currency long-term debt ratings.


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B E R M U D A
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C D CARPENTRY: Court to Hear Wind-Up Petition on October 8
----------------------------------------------------------
A petition to wind-up the operations of C D Carpentry Ltd. will be
heard before the Supreme Court of Bermuda on October 8, 2010, at
9:30 a.m.


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


GAFISA SA: Moody's Assigns 'Ba2' Rating on BRL300 Mil. Bonds
------------------------------------------------------------
Moody's has assigned a Ba2 local currency and a A1.br Brazil
national scale rating to Gafisa S.A.'s proposed BRL300 million
senior unsecured debentures issuance.  The proceeds will be used
in the lengthening of the company's debt profile and lowering the
cost of debt though the payment of upcoming more expensive debt
maturities, such as other unsecured debentures, CCBs and working
capital loans.  At the same time, Moody's affirmed Gafisa's
Ba2/A1.br corporate family ratings and Ba1/Aa2.br senior secured
debentures rating.  The outlook for the ratings was changed to
stable from negative.

Ratings Assigned:

* BRL300 million unsecured debentures: Ba2/A1.br

Ratings Affirmed:

* Corporate Family Rating: Ba2/A1.br
* BRL600 million senior secured debentures: Ba1/Aa2.br

                        Ratings Rationale

The change in outlook to stable mainly reflects Gafisa's stronger
sales speed and higher volume of launches compared to the last
quarter of 2008 when the outlook was changed to negative as well
as higher operating margins (16.9% in the last twelve months ended
in June 2010) that are expected to further increase.  More
favorable macroeconomic environment, government and banking
financial support towards the industry, more comfortable debt
maturity profile after the issuance of the proposed debentures,
lower leverage and better liquidity also support the outlook
stabilization.

Gafisa's Ba2 rating continues to reflect its strong market share
position, its diversified product portfolio with a strategic land
bank position distributed across 198 projects in 22 states, plus
Brasilia capítal district, experienced and conservative management
team, and good access to the capital markets as proven by the
company's BRL1.02 billion net equity issuance in March 2010.  The
rating is further supported by Gafisa's strong brand name in the
Brazilian homebuilding sector and long track record of operations
that started in 1954, thus having managed through a number of
economic crises.  On the other hand, these positive factors are
constrained by Gafisa's higher leverage when compared to higher
rated local peers as well as lower profitability as measured by
gross margin.  Gafisa's concentration on the high-rise segment,
which pressures working capital and free cash flow due to the
extended construction periods of more than 2 years also constrains
the ratings.

During the last twelve months ended in June 2010, Gafisa reported
net sales of BRL3.6 billion, up 61% compared to the same period
last year, reflecting higher volume of launchings and accelerated
pace of construction that allowed the company to recognize a
significant amount of revenues.  Tenda, the lower income brand of
Gafisa contributed with 32% of the revenues with an average price
per unit of BRL100,000.

From 2011 on, according to the company's project delivery
schedule, it is expected that Gafisa will start generating a
higher volume of cash internally, since a large amount of projects
launched in 2007 and 2008 will be delivered to their buyers and
converted into cash.  Moody's expect that the company will use
part of this cash to build a stronger cash cushion to more
comfortably face an eventual downturn in the homebuilding industry
or to pay down part of its corporate debt unrelated to
construction, and deleverage its balance sheet.

By the end of June, 2010 Gafisa had BRL1.8 billion in cash and
marketable securities on its balance sheet, and BRL945 million in
short term debt coming due during the 4Q'10 and 2011.  Out of the
BRL945 million, BRL466 million are comprised of more expensive
unsecured indebtedness and will be repaid with the BRL300 million
debentures and BRL166 million in existing cash.  BRL300 million of
the short term debt are SFH loans linked to construction that will
be extinguished once the keys are delivered, and the remaining
BRL179 million are other unsecured loans that will be repaid with
the company's existing cash balance.

Beside the BRL1.8 billion in existing cash Gafisa has approved and
signed SFH loans that are sufficient to finance the construction
of all of its already launched projects.

The company has a minimum cash policy of maintaining at least 20%
of the total equity value in cash and a maximum leverage policy of
net debt to equity up to 60%.  Both policies are written policies
approved by the board of directors.

While the proposed unsecured debentures will be structurally
subordinated to Gafisa's existing secured debt, they are rated at
the same level as Gafisa's CFR given the high amount of
unencumbered assets that in case of a default that should provide
good recovery for the unsecured instruments.  As of June 30, 2010,
and pro-forma for the new transaction, 47% of Gafisa's outstanding
debt are secured by assets, mainly receivables from construction
projects being developed with any collateral deficiency becoming
an unsecured claim on the remaining assets of the company but
senior to the proposed debenture issuance.

A meaningful change in the proportion of secured versus unsecured
debt or a decrease in the amount of unencumbered assets that could
be used to pay down the unsecured debentures could result in a
downgrade of Gafisa's unsecured ratings.

Although unlikely in the near term, Gafisa's rating or outlook
could experience upward pressure if the company is able to reduce
its leverage metrics on a sustainable.  Upward pressure could also
arise from improved cash-flow based credit metrics, through
reduced working capital requirements over time and higher volume
of projects achieving their delivery date.  Mortgage availability
at an earlier point of the construction cycle and use of internal
generated cash for reducing debt, not linked to construction would
also be credit positive.  Quantitatively, positive pressure could
arise from sustainable positive CFO ("Cash Flow from Operations")
and FCF ("Free Cash Flow") to total debt above 10%, total debt to
capitalization below 40% (46.9% in the end of June 2010), FFO
("Funds From Operations") to total debt above 25% (19.8% for the
last twelve months ended in June 2010) and interest coverage (EBIT
to Interest expense) above 4.5 times (2.2 times for the last
twelve months ended in June 2010) on a sustainable basis.

Gafisa's ratings would likely be downgraded if Total Debt to
Capitalization increased above 50% (46.9% in the end of June 2010)
on a sustainable basis or if the company were to face a
significant deterioration in its liquidity profile due to a
reduction in the availability and timeliness of disbursements from
SFH credit lines that the company has available with commercial
banks, due to a change in government's support towards the lower
income construction segment, or due to excessive dividend payout
that could instead be used in the down payment of debt unrelated
to construction.  Quantitatively, negative pressure could arise if
the company diverged from the written minimum cash policy
mentioned earlier.

Gafisa's Ba2 local currency corporate family rating reflects its
global default and loss expectation, while the A1.br national
scale rating reflects the standing of its credit quality relative
to other domestic issuers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated A1.br
demonstrate above-average creditworthiness relative to other
domestic issuers.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.

Moody's last rating action for Gafisa occurred on December 10th,
2009, at which time Moody's assigned a Ba1/Aa2.br rating to
Gafisa's BRL600 million secured debentures.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels and geographic regions, operating in 21
different states with 195 projects under development.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


EUREKA (EURO): Shareholders' Final Meeting Set for October 5
------------------------------------------------------------
The shareholders of The Eureka (Euro) Fund Limited will hold their
final meeting, on October 5, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


RBTT BANK: Move to Implement Restructuring Plan Angers Union
------------------------------------------------------------
RBTT Bank's move to implement aspects of its planned restructuring
without completing consultations with the union representing
employees has not gone down well, RadioJamaica reports.

According to the report, Kavan Gayle, president general of
Bustamante Industrial Trade Union said that the bank's management
presented its plan during a meeting a month ago.  However, the
report relates, he said that the union requested more information
which has not yet been provided.

Mr. Gayle, the report notes, wrote to the management of RBTT
demanding that the bank withdraw its planned intention to roll out
the new structure.  He also requested a meeting to further discuss
the latest issue, the report says.  "We have advised the bank that
the staff is restive about the matter because of the level of
uncertainty that exists.  This is an issue that we have
continuously raised with the bank ... this is a problem that we
don't have with any other bank that we represent its employees and
this is an issue that the BITU does not condone," the report
quoted Mr. Gayle as saying.

As reported in the Troubled Company Reporter-Latin America on
August 2, 2010, RadioJamiaca said that more than 30 employees of
RBTT bank could lose their jobs following the closure of three of
the bank's branches.  The report related that RBTT bank disclosed
that following a strategic review of its operations it has decided
to close it branches at Fairview in Montego Bay, St. James, Port
Antonio in Portland and Southfield in St. Elizabeth.


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


MEXICANA AIRLINES: Conciliator, Administrator Appointed
-------------------------------------------------------
Mexico's Federal Institute of Business Reorganization Specialists
appointed Jose Gerardo Badin Cherit as conciliator in the
insolvency proceeding of Compania Mexicana de Aviacion, S.A. de
C.V.

FIBRS, a branch of the Mexican federal judiciary, appointed Mr.
Badin Cherit following an order from the Mexican Court, which
approved the airline's petition and moving its case into the
"conciliation" or reorganization phase.

Mr. Badin Cherit has already accepted his appointment as
conciliator, according to court papers filed by Francisco Javier
Christlieb Morales, who was recently appointed as the airline's
administrator by the Mexican Ministry of Transport and
Communications.

As administrator, Mr. Morales is tasked to work with the
conciliator to effect the restructuring of Mexicana Airlines as
the company operates under a "concession title" from the
transportation ministry.

Both the administrator and the conciliator have affirmed the
appointment of Maru Johansen as Mexicana Airlines' foreign
representative in the Chapter 15 case the airline filed before
the U.S. Bankruptcy Court for the Southern District of New York.
They have also agreed that Ms. Johansen will continue serving as
the airline's foreign representative.

According to Mexicana Airlines, the objective of the Concurso
Mercantil -- as insolvency proceedings are referred to in Mexican
law -- is to restructure costs and secure financial viability.
The decision marked the beginning of the conciliation phase and,
pursuant to the procedures stipulated by law and at the proposal
of the Department of Communications and Transportation, the judge
approved the appointment of Mr. Javier Christlieb Morales as
administrator of Mexicana Airlines.  Mr. Christlieb Morales
assumed his duties on September 8.

Mexicana also said that at the behest of the Department of
Communications and Transportation, in its capacity as the granting
authority, Mr. Gerardo Badin Cherit's appointment as arbitrator
was approved by the judge.  Mr. Badin Cherit will be responsible
for facilitating restructuring agreements between the company and
its creditors.

                      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: Sept. 29 U.S. Court Hearing on Recognition Plea
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will hold a hearing on September 29, 2010, to consider the motion
for recognition of Mexicana Airlines' insolvency case as a foreign
main proceeding.

The Bankruptcy Court will also hold a telephone status and
scheduling conference on September 27, 2010, to discuss matters
to be addressed at the hearing.  Anyone who wants to participate
in the conference may contact the Bankruptcy Court to make
arrangements.

The hearing was supposed to take place September 8, 2010, but
Mexicana Airlines asked for an adjournment in light of the
appointment of the conciliator and administrator in its
insolvency case in Mexico.

     Mexicana Wants Banco Mercantile Objection Overruled

Mexicana Airlines asked the U.S. Bankruptcy Court to overrule the
objection of Banco Mercantil del Norte S.A., saying the
conditions which the bank asked the Bankruptcy Court to impose
before granting recognition is "outrageous" and "unsupportable."

Banco Mercantil, a secured lender of Mexicana Airlines, earlier
complained of a ruling handed down by the Mexican court enjoining
the bank from taking any action involving the funds held as
collateral in two deposit accounts.  It argued that the ruling
contradicts the August 18 order issued by the Bankruptcy Court,
which excluded the bank from the scope of injunctive protections
granted to Mexicana Airlines.

The funds serve as collateral for the US$123.6 million that
Mexicana Airlines owes to Banco Mercantil under a 2008 credit
agreement.

Although Banco Mercantile did not question the basis for granting
recognition, one of the bank's conditions would require the
Bankruptcy Court to sit in judgment of the Mexico Court and of
the procedures permitted under the Concurso law, according to
William Heuer, Esq., at Duane Morris LLP, in New York.

"In sum and substance, [Banco Mercantile] has asked this
Bankruptcy Court to partially overrule or render moot an order
entered by the Mexico Court providing Mexicana injunctive
relief," Mr. Heuer says.  He points out that the bank made the
request despite the fact that the airline is not asking the
Bankruptcy Court to enforce an order of the Mexico Court.

"[Banco Mercantile's request has no basis in public policy and
is, in and of itself, contrary to any meaningful concept of
public policy," Mr. Heuer explains.

Mr. Heuer says Banco Mercantile also wants the Bankruptcy Court
to grant it "adequate protection" but the bank failed to address
basic principles of bankruptcy law concerning claims of and
protections provided to secured creditors.

According to Mr. Heuer, the stay that was imposed on Banco
Mercantile by the Mexico Court in the insolvency proceeding
stemmed from a number of actions taken by the bank against the
airline and its assets, many of which relate to funds that were
on deposit in trust accounts in Mexico.  He points out that those
assets are beyond the jurisdiction of the Bankruptcy Court and
that asking the Bankruptcy Court to compel the airline to provide
adequate protection to the bank will undermine the jurisdiction
and authority of the Mexico Court.

According to Mr. Heuer, Banco Mercantile is also not entitled to
adequate protection this early because U.S. judicial power does
not prevent the bank from seizing its collateral.  He also
criticized the bank's assertion that the Mexican law and the
procedure employed by the Mexican court are so repugnant as to
violate public policy in the U.S.

                   Banco Mercantile Responds

Banco Mercantile's lawyer, Paul Hessler, Esq., at Linklaters LLP,
in New York, clarifies that the bank is not seeking "true
injunctions" against Mexicana Airlines or any action against the
Mexican Court.

"[Banco Mercantile] simply asks that the Court condition any
relief it may grant on [Mexicana Airlines] respecting certain
fundamental public policies of the United States," Mr. Hessler
says in court papers.

Mr. Hessler says the Bankruptcy Court has the "inherent power" to
condition the granting of Chapter 15 relief on the airline's
agreement not to pursue inconsistent rulings in its insolvency
case in light of the public policy requiring the protection of
secured creditors and the airline's decision to seek assistance
from the Bankruptcy Court.

"The Court has the power to deny recognition to [Mexicana
Airlines] and necessarily has the ability to take the lesser step
of conditioning the granting of such relief on [Mexicana
Airlines] taking or refraining from taking certain actions," Mr.
Hessler says.

According to Mr. Hessler, if the Bankruptcy Court granted the
bank's request, Mexicana Airlines would simply be unable to seek
the protections of Chapter 15 recognition in the U.S. while
simultaneously depriving the bank of its rights on the U.S.
properties as a secured creditor.  He points out that the
airline, however, would remain free to seek whatever relief it
chooses with respect to its property and insolvency case in
Mexico.

Federico Santos Cernuda, a legal director of Banco Mercantil, and
Jorge Sepulveda, Esq., a partner at Mexico-based Bufete Garcia
Jimeno S.C., filed statements with the Bankruptcy Court in
support of the bank's objection.

Mr. Cernuda says Banco Mercantil relies on the cash held in the
bank accounts to offset or mitigate any potential damages to the
bank and that it is not willing to risk its collateral without
some form of protection for that collateral.

For his part, Mr. Sepulveda says that even if Banco Mercantil
were entitled to be treated as a "creditor with collateral," the
superior priority of statutorily required labor credits would
likely materially reduce the bank's recovery on its collateral in
the insolvency case if it prohibited use of those funds.  He
points out that those labor credits are decided by special
administrative courts and not bound by the insolvency case.

                      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: Misses Sept. 15 Payments to Airports
-------------------------------------------------------
Mexicana Airlines drew criticism anew from a consortium of
airports and airport authorities after it allegedly failed to pay
its debt due September 15, 2010, as agreed at the status
conference held early this month.

The airport group's attorney, Selinda Melnik, Esq., at Edwards
Angell Palmer & Dodge LLP, in New York, says Mexicana Airlines
has failed to provide any of the protections required other than
payment of passenger facility charges and the initial funding of
the PFC reserve account which the airline failed to replenish in
violation of Federal law.

Mexicana Airlines reportedly does not have available funds to pay
its debt.  Its attorneys have already informed the group that the
airline would coordinate with the airport authorities for the
turnover of space it uses at the airports next month if it failed
to pay its debt by September 30, 2010.

The objection drew support from The Greater Orlando Aviation
Authority and The Port Authority of New York and New Jersey.

                      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).


===============
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-$US      IMPTD AR          535007008        -17165000
IMPSAT FIBER NET      XIMPT SM          535007008        -17165000
IMPSAT FIBER NET      330902Q GR        535007008        -17165000
IMPSAT FIBER-C/E      IMPTC AR          535007008        -17165000
IMPSAT FIBER-BLK      IMPTB AR          535007008        -17165000
IMPSAT FIBER-CED      IMPT AR           535007008        -17165000
IMPSAT FIBER NET      IMPTQ US          535007008        -17165000
AUTOPISTAS SOL        AUSO AR           364771500      -6265989.03
AUTOPISTAS SOL        APDSF US          364771500      -6265989.03
COMERCIAL PL-C/E      COMEC AR          135685132       -249657810
SOC COMERCIAL PL      COME AR           135685132       -249657810
SOC COMERCIAL PL      CADN EO           135685132       -249657810
SOC COMERCIAL PL      CADN SW           135685132       -249657810
SOC COMERCIAL PL      CVVIF US          135685132       -249657810
SOC COMERCIAL PL      SCDPF US          135685132       -249657810
SOC COMERCIAL PL      CAD IX            135685132       -249657810
COMERCIAL PL-ADR      SCPDS LI          135685132       -249657810
COMERCIAL PLA-BL      COMEB AR          135685132       -249657810
COMERCIAL PLAT-$      COMED AR          135685132       -249657810
SNIAFA SA-B           SNIA5 AR           11229696      -2670544.88
SNIAFA SA-B           SDAGF US           11229696      -2670544.88
SNIAFA SA             SNIA AR            11229696      -2670544.88


BRAZIL

FERROVIA CEN-DVD      VSPT11 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
FER C ATLANT-PRF      VSPT4 BZ          1.185E+09      -50468104.7
FER C ATL-RCT CM      VSPT9 BZ          1.185E+09      -50468104.7
FERROVIA CEN-DVD      VSPT12 BZ         1.185E+09      -50468104.7
VARIG SA-PREF         VARGPN BZ         966298026      -4695211316
VARIG SA-PREF         VAGV4 BZ          966298026      -4695211316
VARIG SA              VARGON BZ         966298026      -4695211316
VARIG SA              VAGV3 BZ          966298026      -4695211316
LAEP INVESTMENTS      LEAP LX           432349610       -161351898
LAEP-BDR              MILK11 BZ         432349610       -161351898
PARMALAT BRAS-PF      LCSAPN BZ         388720052       -213641144
PARMALAT-PREF         LCSA4 BZ          388720052       -213641144
PARMALAT BR-RT P      LCSA6 BZ          388720052       -213641144
PARMALAT BRASIL       LCSAON BZ         388720052       -213641144
PARMALAT BR-RT C      LCSA5 BZ          388720052       -213641144
PARMALAT              LCSA3 BZ          388720052       -213641144
CIA PETROLIFERA       MRLM3B BZ         377602195      -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ          377602195      -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ         377602195      -3014291.72
CIA PETROLIFERA       1CPMON BZ         377602195      -3014291.72
CIA PETROLIFERA       MRLM3 BZ          377602195      -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ         377602195      -3014291.72
DOCAS SA-PREF         DOCAPN BZ         343189539        -89982750
DOCAS SA              DOCAON BZ         343189539        -89982750
DOCA INVESTI-PFD      DOCA4 BZ          343189539        -89982750
DOCA INVESTIMENT      DOCA3 BZ          343189539        -89982750
DOCAS SA-RTS PRF      DOCA2 BZ          343189539        -89982750
BOMBRIL               BOBR3 BZ          292257859       -115839632
BOMBRIL SA-ADR        BMBPY US          292257859       -115839632
BOMBRIL-RGTS PRE      BOBR2 BZ          292257859       -115839632
BOMBRIL CIRIO SA      BOBRON BZ         292257859       -115839632
BOMBRIL               BMBBF US          292257859       -115839632
BOMBRIL SA-ADR        BMBBY US          292257859       -115839632
BOMBRIL-PREF          BOBR4 BZ          292257859       -115839632
BOMBRIL-RIGHTS        BOBR1 BZ          292257859       -115839632
BOMBRIL CIRIO-PF      BOBRPN BZ         292257859       -115839632
TELEBRAS-RTS CMN      TCLP1 BZ          244716404      -14836627.7
TELEBRAS-CEDEA $      TEL4D AR          244716404      -14836627.7
TELEBRAS-ADR          TBAPY US          244716404      -14836627.7
TELEBRAS SA-PREF      TELB4 BZ          244716404      -14836627.7
TELEBRAS-PF RCPT      RCTB41 BZ         244716404      -14836627.7
TELEBRAS-PF BLCK      TELB40 BZ         244716404      -14836627.7
TELEBRAS-RTS PRF      RCTB2 BZ          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-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-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 SA-RT        TELB9 BZ          244716404      -14836627.7
TELEBRAS/W-I-ADR      TBH-W US          244716404      -14836627.7
TELEBRAS-PF RCPT      TELE41 BZ         244716404      -14836627.7
TELEBRAS-PF RCPT      TBAPF US          244716404      -14836627.7
TELEBRAS SA           TBASF US          244716404      -14836627.7
TELEBRAS-ADR          RTB US            244716404      -14836627.7
TELEBRAS-ADR          TBX GR            244716404      -14836627.7
TELEBRAS-CED C/E      RCT4C AR          244716404      -14836627.7
TELECOMUNICA-ADR      81370Z BZ         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-RTS CMN      RCTB1 BZ          244716404      -14836627.7
TELEBRAS-ADR          TBH US            244716404      -14836627.7
TELEBRAS-CEDE PF      RCTB4 AR          244716404      -14836627.7
TELEBRAS-CM RCPT      RCTB32 BZ         244716404      -14836627.7
TELEBRAS-CEDEA $      RCT4D AR          244716404      -14836627.7
TELEBRAS-CM RCPT      TBRTF US          244716404      -14836627.7
TELEBRAS-COM RT       TELB1 BZ          244716404      -14836627.7
TELEBRAS-RTS PRF      TLCP2 BZ          244716404      -14836627.7
TELEBRAS-PF RCPT      RCTB42 BZ         244716404      -14836627.7
TELEBRAS SA           TELB3 BZ          244716404      -14836627.7
TELEBRAS-ADR          TBASY US          244716404      -14836627.7
TELEBRAS SA           TLBRON BZ         244716404      -14836627.7
TELEBRAS-CM RCPT      RCTB30 BZ         244716404      -14836627.7
TELEBRAS-PF RCPT      TLBRUP BZ         244716404      -14836627.7
HOTEIS OTHON SA       HOOT3 BZ          239702780      -38730311.4
HOTEIS OTHON-PRF      HOOT4 BZ          239702780      -38730311.4
HOTEIS OTHON SA       HOTHON BZ         239702780      -38730311.4
HOTEIS OTHON-PRF      HOTHPN BZ         239702780      -38730311.4
TEKA                  TEKAON BZ         229977754       -351007551
TEKA                  TEKA3 BZ          229977754       -351007551
TEKA                  TKTQF US          229977754       -351007551
TEKA-PREF             TEKA4 BZ          229977754       -351007551
TEKA-PREF             TEKAPN BZ         229977754       -351007551
TEKA-PREF             TKTPF US          229977754       -351007551
TEKA-ADR              TKTPY US          229977754       -351007551
TEKA-ADR              TEKAY US          229977754       -351007551
TEKA-ADR              TKTQY US          229977754       -351007551
BALADARE              BLDR3 BZ          159454016      -52992212.8
SANSUY SA             SNSYON BZ         147187163      -86606310.8
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                SNSY3 BZ          147187163      -86606310.8
SANSUY-PREF A         SNSY5 BZ          147187163      -86606310.8
GRADIENTE EL-PRC      IGBCN BZ          145256033       -273857292
IGB ELETRONICA        IGBR3 BZ          145256033       -273857292
GRADIENTE EL-PRB      IGBBN BZ          145256033       -273857292
GRADIENTE ELETR       IGBON BZ          145256033       -273857292
GRADIENTE-PREF B      IGBR6 BZ          145256033       -273857292
GRADIENTE-PREF A      IGBR5 BZ          145256033       -273857292
GRADIENTE-PREF C      IGBR7 BZ          145256033       -273857292
GRADIENTE EL-PRA      IGBAN BZ          145256033       -273857292
DHB IND E COM-PR      DHBPN BZ          139112728       -464095219
DHB IND E COM         DHBON BZ          139112728       -464095219
D H B-PREF            DHBI4 BZ          139112728       -464095219
D H B                 DHBI3 BZ          139112728       -464095219
PET MANG-RECEIPT      RPMG10 BZ         128717705       -153478601
PET MANGUINH-PRF      RPMG4 BZ          128717705       -153478601
PETRO MANGUINHOS      MANGON BZ         128717705       -153478601
PET MANG-RT           RPMG2 BZ          128717705       -153478601
PET MANG-RT           RPMG1 BZ          128717705       -153478601
PET MANG-RECEIPT      RPMG9 BZ          128717705       -153478601
PETRO MANGUINHOS      RPMG3 BZ          128717705       -153478601
PET MANG-RIGHTS       3678569Q BZ       128717705       -153478601
PET MANG-RIGHTS       3678565Q BZ       128717705       -153478601
PETRO MANGUIN-PF      MANGPN BZ         128717705       -153478601
RIMET-PREF            REEM4 BZ           98343507       -133499964
RIMET                 REEMON BZ          98343507       -133499964
RIMET                 REEM3 BZ           98343507       -133499964
RIMET-PREF            REEMPN BZ          98343507       -133499964
VARIG PART EM SE      VPSC3 BZ           96617351       -460274609
VARIG PART EM-PR      VPSC4 BZ           96617351       -460274609
DOC IMBITUBA-RTP      IMBI2 BZ           93031452      -40080158.4
DOCAS IMBITUB-PR      IMBIPN BZ          93031452      -40080158.4
DOC IMBITUB-PREF      IMBI4 BZ           93031452      -40080158.4
DOC IMBITUBA          IMBI3 BZ           93031452      -40080158.4
DOCAS IMBITUBA        IMBION BZ          93031452      -40080158.4
DOC IMBITUBA-RTC      IMBI1 BZ           93031452      -40080158.4
WETZEL SA-PREF        MWELPN BZ          84310496      -7570637.42
WETZEL SA-PREF        MWET4 BZ           84310496      -7570637.42
WETZEL SA             MWELON BZ          84310496      -7570637.42
WETZEL SA             MWET3 BZ           84310496      -7570637.42
ACO ALTONA-PREF       EALT4 BZ           81612029      -10647927.2
ACO ALTONA SA         EAAON BZ           81612029      -10647927.2
ACO ALTONA-PREF       EAAPN BZ           81612029      -10647927.2
ACO ALTONA            EALT3 BZ           81612029      -10647927.2
ESTRELA SA            ESTRON BZ          76255458      -69760619.7
ESTRELA SA-PREF       ESTRPN BZ          76255458      -69760619.7
ESTRELA SA            ESTR3 BZ           76255458      -69760619.7
ESTRELA SA-PREF       ESTR4 BZ           76255458      -69760619.7
RIOSULENSE SA         RSULON BZ          68368524      -9647727.04
RIOSULENSE SA         RSUL3 BZ           68368524      -9647727.04
RIOSULENSE SA-PR      RSUL4 BZ           68368524      -9647727.04
RIOSULENSE SA-PR      RSULPN BZ          68368524      -9647727.04
TEXTEIS RENAU-RT      TXRX2 BZ           63634626      -91597740.4
TEXTEIS RENAUX        RENXON BZ          63634626      -91597740.4
TEXTEIS RENAUX        RENXPN BZ          63634626      -91597740.4
TEXTEIS RENA-RCT      TXRX9 BZ           63634626      -91597740.4
RENAUXVIEW SA-PF      TXRX4 BZ           63634626      -91597740.4
TEXTEIS RENA-RCT      TXRX10 BZ          63634626      -91597740.4
RENAUXVIEW SA         TXRX3 BZ           63634626      -91597740.4
TEXTEIS RENAU-RT      TXRX1 BZ           63634626      -91597740.4
FABRICA RENAUX        FTRX3 BZ           63036915        -59781833
FABRICA RENAUX        FRNXON BZ          63036915        -59781833
FABRICA RENAUX-P      FRNXPN BZ          63036915        -59781833
FABRICA RENAUX-P      FTRX4 BZ           63036915        -59781833
FABRICA TECID-RT      FTRX1 BZ           63036915        -59781833
MINUPAR SA-PREF       MNPRPN BZ          60015033      -53107712.8
MINUPAR SA            MNPRON BZ          60015033      -53107712.8
MINUPAR-RCT           MNPR9 BZ           60015033      -53107712.8
MINUPAR-RT            MNPR1 BZ           60015033      -53107712.8
MINUPAR-PREF          MNPR4 BZ           60015033      -53107712.8
MINUPAR               MNPR3 BZ           60015033      -53107712.8
VARIG PART EM TR      VPTA3 BZ           49432124       -399290426
VARIG PART EM-PR      VPTA4 BZ           49432124       -399290426
WIEST                 WISA3 BZ           39838114      -93371563.1
WIEST-PREF            WISA4 BZ           39838114      -93371563.1
WIEST SA-PREF         WISAPN BZ          39838114      -93371563.1
WIEST SA              WISAON BZ          39838114      -93371563.1
CIMOB PARTIC SA       GAFON BZ           36817395      -33083086.5
CIMOB PART-PREF       GAFPN BZ           36817395      -33083086.5
CIMOB PARTIC SA       GAFP3 BZ           36817395      -33083086.5
CIMOB PART-PREF       GAFP4 BZ           36817395      -33083086.5
BOTUCATU-PREF         STRP4 BZ           35101567      -13482713.5
STAROUP SA            STARON BZ          35101567      -13482713.5
BOTUCATU TEXTIL       STRP3 BZ           35101567      -13482713.5
STAROUP SA-PREF       STARPN BZ          35101567      -13482713.5
SANESALTO             SNST3 BZ           31044051      -1843297.83
STEEL - RCT ORD       STLB9 BZ           22548846       -4346785.7
STEEL DO BRASIL       STLB3 BZ           22548846       -4346785.7
STEEL - RT            STLB1 BZ           22548846       -4346785.7
CHIARELLI SA-PRF      CCHI4 BZ           22274027      -44537138.2
CHIARELLI SA          CCHI3 BZ           22274027      -44537138.2
CHIARELLI SA          CCHON BZ           22274027      -44537138.2
CHIARELLI SA-PRF      CCHPN BZ           22274027      -44537138.2
NOVA AMERICA-PRF      NOVAPN BZ          21287489       -183535527
NOVA AMERICA SA       NOVAON BZ          21287489       -183535527
NOVA AMERICA SA       NOVA3B BZ          21287489       -183535527
NOVA AMERICA-PRF      1NOVPN BZ          21287489       -183535527
NOVA AMERICA SA       NOVA3 BZ           21287489       -183535527
NOVA AMERICA-PRF      NOVA4B BZ          21287489       -183535527
NOVA AMERICA-PRF      NOVA4 BZ           21287489       -183535527
NOVA AMERICA SA       1NOVON BZ          21287489       -183535527
FER HAGA-PREF         HAGA4 BZ           18770787      -60946123.6
FERRAGENS HAGA-P      HAGAPN BZ          18770787      -60946123.6
FERRAGENS HAGA        HAGAON BZ          18770787      -60946123.6
HAGA                  HAGA3 BZ           18770787      -60946123.6
CAFE BRASILIA SA      CSBRON BZ          18540302       -790303366
CAF BRASILIA          CAFE3 BZ           18540302       -790303366
CAFE BRASILIA-PR      CSBRPN BZ          18540302       -790303366
CAF BRASILIA-PRF      CAFE4 BZ           18540302       -790303366
TECEL S JOSE-PRF      SJOS4 BZ           17924946      -18569451.2
TECEL S JOSE-PRF      FTSJPN BZ          17924946      -18569451.2
TECEL S JOSE          FTSJON BZ          17924946      -18569451.2
TECEL S JOSE          SJOS3 BZ           17924946      -18569451.2
NORDON MET-RTS        NORD1 BZ           15427479      -20563974.4
NORDON MET            NORD3 BZ           15427479      -20563974.4
NORDON METAL          NORDON BZ          15427479      -20563974.4
PROMAN                PRMN3B BZ          13088926      -87154.5455
PROMAN                PRMN3 BZ           13088926      -87154.5455
GAZOLA                GAZO3 BZ           12452143      -40298506.3
GAZOLA-PREF           GAZO4 BZ           12452143      -40298506.3
GAZOLA-RCPT PREF      GAZO10 BZ          12452143      -40298506.3
GAZOLA SA             GAZON BZ           12452143      -40298506.3
GAZOLA SA-DVD PF      GAZO12 BZ          12452143      -40298506.3
GAZOLA SA-DVD CM      GAZO11 BZ          12452143      -40298506.3
GAZOLA SA-PREF        GAZPN BZ           12452143      -40298506.3
GAZOLA-RCPTS CMN      GAZO9 BZ           12452143      -40298506.3
ARTHUR LANG-RC C      ARLA9 BZ           11642256      -17154461.9
ARTHUR LANGE          ARLA3 BZ           11642256      -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ           11642256      -17154461.9
ARTHUR LANGE SA       ALICON 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 C      ARLA11 BZ          11642256      -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ          11642256      -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ          11642256      -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ           11642256      -17154461.9
SCHLOSSER SA          SCHON BZ           11513499      -58660176.3
SCHLOSSER             SCLO3 BZ           11513499      -58660176.3
SCHLOSSER SA-PRF      SCHPN BZ           11513499      -58660176.3
SCHLOSSER-PREF        SCLO4 BZ           11513499      -58660176.3
HERCULES SA-PREF      HERTPN BZ          10710103       -164239944
HERCULES SA           HERTON BZ          10710103       -164239944
HERCULES              HETA3 BZ           10710103       -164239944
HERCULES-PREF         HETA4 BZ           10710103       -164239944


CHILE

CHILESAT CORP SA      TELEX CI          670035499      -88041020.2
TELMEX CORP SA        CHILESAT CI       670035499      -88041020.2
TELEX-A               TELEXA CI         670035499      -88041020.2
CHILESAT CO-RTS       CHISATOS CI       670035499      -88041020.2
CHILESAT CO-ADR       TL US             670035499      -88041020.2
TELMEX CORP-ADR       CSAOY US          670035499      -88041020.2
TELEX-RTS             TELEXO CI         670035499      -88041020.2
INVERMAR-RT           INVEROSA CI       200945008      -2078000.13
INVERMAR              INVERMAR 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.


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