TCRLA_Public/101005.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, October 5, 2010, Vol. 11, No. 196

                            Headlines



A R G E N T I N A

ARIS EDITORA: Creditors' Proofs of Debt Due on October 15
EVENTUAL SERVICE: Creditors' Proofs of Debt Due on December 9
GUJI SA: Creditors' Proofs of Debt Due on November 26
SEGURTAX SRL: Creditors' Proofs of Debt Due on November 30
TERRAMED SRL: Creditors' Proofs of Debt Due on December 2


B A H A M A S

ULTRAPETROL LTD: S&P Downgrades Corporate Credit Rating to 'B-'


B E R M U D A

CHEVRON PHASE: Creditors' Proofs of Debt Due on October 13
CHEVRON PHASE: Members' Final Meeting Set for November 3
CROSS STAFF: Creditors' Proofs of Debt Due on October 18
CROSS STAFF: Members' Final Meeting Set for November 1
PEARL REINSURANCE: Creditors' Proofs of Debt Due on October 13

PEARL REINSURANCE: Members' Final Meeting Set for November 3


B R A Z I L

BANCO BONSUCESSO: Fitch Assigns Issuer Default Rating at 'B+'
BANCO BMG: GE Money Deal Won't Affect Fitch's 'BB-' Rating
COMPANHIA SIDERURGICA: S&P Raises Corp. Credit Rating from 'BB+'


C A Y M A N  I S L A N D S

51 LIF: Creditors' Proofs of Debt Due on October 27
CASOP CHINA: Creditors' Proofs of Debt Due on October 27
COMPASS LIFE: Commences Liquidation Proceedings
CRG PARTNERS: Creditors' Proofs of Debt Due on October 27
DENALI CAPITAL: Creditors' Proofs of Debt Due on October 27
HALLSTEAD INVESTMENTS: Creditors' Proofs of Debt Due on October 27

INCA LIMITED: Creditors' Proofs of Debt Due on October 27
MAGNOLIA LIMITED: Creditors' Proofs of Debt Due on October 27
MARBELLA LIMITED: Creditors' Proofs of Debt Due on October 27
METCALF & EDDY: Creditors' Proofs of Debt Due on October 27
NATASCHA CORPORATION: Creditors' Proofs of Debt Due on October 27

PICCADILY LIMITED: Creditors' Proofs of Debt Due on October 27
RADWA INVESTMENTS: Creditors' Proofs of Debt Due on October 27
RWC DISTRESSED: Creditors' Proofs of Debt Due on October 18
RWC STRATEGIC: Creditors' Proofs of Debt Due on October 18
SHEHEREZADE LIMITED: Creditors' Proofs of Debt Due on October 27

VEGA ASSET: Creditors' Proofs of Debt Due on October 27
VEGA SELECT: Creditors' Proofs of Debt Due on October 27
WARREN INVESTMENTS: Creditors' Proofs of Debt Due on October 27
WOMACK LIMITED: Creditors' Proofs of Debt Due on October 27


J A M A I C A

* JAMAICA: National Debt Rises by More Than JM$26 Billion


M E X I C O

MEXICANA AIRLINES: Hearing on US Recognition Moved to Oct. 21
MEXICANA AIRLINES: JPM Can Access US$970,000 for Reimbursement
MEXICANA AIRLINES: May Cut Workforce by Half, Resume Flying Dec.


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Puts 'B+' Rating; Gives Stable Outlook


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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


ARIS EDITORA: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------
The court-appointed trustee for Aris Editora S.C.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 15, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 11, 2011.


EVENTUAL SERVICE: Creditors' Proofs of Debt Due on December 9
-------------------------------------------------------------
The court-appointed trustee for Eventual Service S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 9, 2010.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 6, 2011.


GUJI SA: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------
The court-appointed trustee for Guji S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 26, 2010.


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


TERRAMED SRL: Creditors' Proofs of Debt Due on December 2
---------------------------------------------------------
The court-appointed trustee for Terramed S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 2, 2010.

The trustee will present the validated claims in court as
individual reports on February 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
March 31, 2011.


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


ULTRAPETROL LTD: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on Bahamas-based shipping company Ultrapetrol (Bahamas)
Ltd., including lowering the long-term corporate credit rating to
'B-' from 'B'.  At the same time, S&P also lowered its debt rating
on Ultrapetrol's US$180 million preferred ship-mortgage notes due
2014 to 'B-' from 'B'.  The outlook is stable.

"S&P's ratings on Ultrapetrol reflect the company's vulnerable
business risk profile as seen by its weak position in the maritime
shipping industry," said Standard & Poor's credit analyst Candela
Macchi.  The company's highly leveraged financial risk profile is
characterized by substantial debt leverage, volatile cash flows,
and a sizable investment program.  Ultrapetrol's favorable market
position in the barge business at the Hidrovia on the Paran?
River, its increasing presence in offshore markets, and its
relatively low debt maturities in the next two years partially
mitigate the negative factors.

Following weak results in fiscal 2009 and the first half of 2010
(mainly due to a severe drought that affected soybean
transportation), S&P expects the company's EBITDA generation to
remain in the US$60 million-US$70 million range for 2010 and 2011,
with increasing contributions from the offshore and river
businesses.  S&P expects the offshore division to double its
EBITDA generation in 2011 as the company expects three new
platform supply vessels to be fully operational by then.  S&P
expects free operating cash flow to remain negative until 2012
because of high projected capital expenditures.

The stable outlook incorporates S&P's expectations of slightly
better business conditions that should allow some degree of
recovery in credit metrics.  However, S&P expects the rating to
remain constrained by the company's highly leveraged financial
profile.

A significant increase in net debt from any unexpected use of
funds, or additional delays in the delivery date of the PSVs could
cause us to revise the outlook to negative or consider a one-notch
downgrade.  A positive rating action would depend on the company's
ability to reduce debt and improve its main credit metrics.  This
could mean, for example, reporting a debt-to-EBITDA ratio of 4x-5x
and an FFO-to-debt ratio closer to 15%.


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


CHEVRON PHASE: Creditors' Proofs of Debt Due on October 13
----------------------------------------------------------
The creditors of Chevron Phase 1 Finance, Ltd. are required to
file their proofs of debt by October 13, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


CHEVRON PHASE: Members' Final Meeting Set for November 3
--------------------------------------------------------
The members of Chevron Phase 1 Finance, Ltd. will hold their final
meeting, on November 3, 2010, at 9:30 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 September 28, 2010.

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton
         Bermuda


CROSS STAFF: Creditors' Proofs of Debt Due on October 18
--------------------------------------------------------
The creditors of Cross Staff Aquila (Series 2) Limited are
required to file their proofs of debt by October 18, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 21, 2010.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place
         31 Victoria Street, Hamilton HM 10
         Bermuda


CROSS STAFF: Members' Final Meeting Set for November 1
------------------------------------------------------
The members of Cross Staff Aquila (Series 2) Limited will hold
their final meeting, on November 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 September 21, 2010.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place
         31 Victoria Street, Hamilton HM 10
         Bermuda


PEARL REINSURANCE: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------------
The creditors of Pearl Reinsurance Company, Ltd. are required to
file their proofs of debt by October 13, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


PEARL REINSURANCE: Members' Final Meeting Set for November 3
------------------------------------------------------------
The members of Pearl Reinsurance Company, Ltd. will hold their
final meeting, on November 3, 2010, at 9:30 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 September 28, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


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


BANCO BONSUCESSO: Fitch Assigns Issuer Default Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned international scale ratings to Banco
Bonsucesso S.A.:

  -- Long-term Foreign Currency Issuer Default Rating 'B+';
  -- Long-term Local Currency IDR 'B+';
  -- Short-term Foreign Currency IDR 'B';
  -- Short-term Local Currency IDR 'B';
  -- Individual Rating 'D'
  -- Support Rating Floor 'no floor'.

At the same time, Fitch has affirmed Bonsucesso's existing
ratings:

  -- National Long-term Rating at 'BBB+(bra)';
  -- National Short-term Rating at 'F2(bra)';
  -- Support Rating at '5'.

The Rating Outlook on the long-terms IDRs and National Rating is
Stable.

Bonsucesso's IDRs are driven by its Individual rating, which
reflects its strong expertise in the competitive segment of
payroll deductible lending, with good systems and controls, as
well as its satisfactory asset quality.  The Individual Rating is
also affected by small funding diversification and low
capitalization.  Bonsucesso's ratings still consider its
relatively modest size as compared to its peers, its high
leverage, and the fact that, as a niche bank, it has typical
concentrations and is more susceptible to economic fluctuations.

Bonsucesso is currently analyzing strategic partnerships, the
issuance of subordinated debt or an IPO to improve its
capitalization.  These measures, if made effective, should benefit
the development of its operations and competitiveness.  Continued
pressure on profitability and leverage, combined with
deterioration of delinquency ratios could negatively affect its
ratings.

Bonsucesso has been relatively successful in expanding its
activities, mainly in payroll deductible lending, with good
profitability and credit quality.  The bank funds itself through
the credit assignment to other financial institutions or
receivables investment funds and time deposits (including
guaranteed by Fundo Garantidor de Credito, created in April 2009),
which helped to recover investors' confidence after the global
crisis in September 2008.  The bank used part of its DPGE limit
and was able to lengthen maturities and reduce concentration by
borrowers in these fundings.  In adverse conditions, Bonsucesso
would have 40% of this limit, or BRL400 million, for an eventual
contingency line to increase its liquidity, which Fitch considers
satisfactory given the low volume of immediately liquid deposits.

The new credit assignment accounting rules with the end of
advanced revenues from assignments with co-obligation, scheduled
for 2011, were postponed to enter into effect in 2012.  Thus,
Bonsucesso should continue presenting good results from the higher
volume of credit and assignments in 2011.  Fitch notes that the
bank is taking measures to reduce the effect of the new rules,
such as increasing assignments with no co-obligation and higher
credit retention in the balance sheet.  Also, notwithstanding the
reduction foreseen in 2012's results, it will remain profitable
and is expected to return to historic levels from 2013 on.

Headquartered in Belo Horizonte, Bonsucesso originated from a
finance company in 1992 and is controlled by the Pentagna
Guimaraes family.


BANCO BMG: GE Money Deal Won't Affect Fitch's 'BB-' Rating
----------------------------------------------------------
Fitch Ratings advised that the acquisition of GE Money Brazil will
not affect the current ratings of Banco BMG S.A. in view of the
small size of the balance sheet of the company, especially when
compared to the structure of the bank.  Fitch currently rates BMG:

BMG:

  -- Long-term foreign currency Issuer Default Rating 'BB-',
     Outlook Stable;

  -- Short-term foreign currency IDR 'B';

  -- Long-term local currency IDR 'BB-', Outlook Stable;

  -- Short-term local currency IDR 'B';

  -- National long-term rating 'A-(bra)', Outlook Stable;

  -- National short-term rating 'F2 (bra)';

  -- Individual rating 'D';

  -- Support rating '5';

  -- Support rating floor 'No Floor'.

On Sept. 29, 2010, BMG announced to the market the acquisition of
GE Money Brazil, which includes Banco GE Capital S.A. and its
Sales promotion and Servicing provider company - GE Promocoes -
which specializes in providing payroll deductible loans to public
sector employees and military personnel and also to retirees and
pensioners who receive regular checks from the national social
security administration, in addition to lending to individuals.
The sale includes the entire business of GE Money Brazil, its
existing partnerships with retailers and the 54 branches.

The settlement of the purchase will occur following the approval
of the Central Bank of Brazil.  The purchase is part of the
previously announced BMG strategy to continue strongly focused in
its payroll deductible loan niche.  The acquisition will enable
BMG to increase the number of its points of sale throughout
various states in Brazil which already numbers over 3 thousand.

The financial details of the agreement have not yet been fully
released, however, Fitch does not expect they will have a
significant impact on BMG's balance sheet or on the strength of
its capital base.

Since the global financial crisis, GE Money Brazil has been
reducing its operations in Brazil.  The total assets of GE Capital
as of year-end 2009 do not exceed 10% of the combined asset
figures of both banks of the same date, also the loan portfolio
represented less than 3% of the total combined loan portfolio of
both banks at the same date, when including the assigned loan
portfolio of BMG.

Headquartered in Belo Horizonte, Minas Gerais, BMG has been
conducting business as a multiple bank since 1989.  It is
controlled by the Pentagna Guimaraes family.  In the financial
sector since 1930, the bank is the family's primary business,
however, they also hold investments in real estate, agribusiness
and the food processing sector.


COMPANHIA SIDERURGICA: S&P Raises Corp. Credit Rating from 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit ratings on Brazil-based integrated steelmaker
Companhia Sider?rgica Nacional to 'BBB-' from 'BB+' on the global
scale and to 'brAAA' from 'brAA+' on the national scale.  At the
same time, S&P raised its ratings on CSN's controlling
shareholder, National Steel S.A., to 'BB' from 'BB-'.  The
outlooks are stable.

"The upgrade reflects CSN's stronger-than-peers operating
performance, even during the market slowdown in 2008 and part of
2009," said Standard & Poor's credit analyst Fl?via Bedran.  "S&P
believes CSN will consistently sustain strong liquidity, as it has
historically, mitigating its aggressive gross leverage ratios."

S&P's projections suggest that the company's net debt ratios are
adequate for the rating category, even using conservative steel
price assumptions, despite CSN's ongoing large, but partly
discretionary, capital expenditures program and aggressive
dividend distribution.


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


51 LIF: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------
The creditors of 51 L.I.F. Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


CASOP CHINA: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Casop China Environmental Investments Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 30, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


COMPASS LIFE: Commences Liquidation Proceedings
-----------------------------------------------
On September 15, 2010, Compass Life Assurance (Cayman) Ltd.
commenced liquidation proceedings.



CRG PARTNERS: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of CRG Partners LDC are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


DENALI CAPITAL: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Denali Capital CLO VIII, Ltd. are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 17,
2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


HALLSTEAD INVESTMENTS: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------------
The creditors of Hallstead Investments Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


INCA LIMITED: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Inca Limited are required to file their proofs of
debt by October 27, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


MAGNOLIA LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Magnolia Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


MARBELLA LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Marbella Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


METCALF & EDDY: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Metcalf & Eddy International, Limited are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 2,
2010.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


NATASCHA CORPORATION: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------------
The creditors of Natascha Corporation are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


PICCADILY LIMITED: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------------
The creditors of Piccadily Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


RADWA INVESTMENTS: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------------
The creditors of Radwa Investments Ltd are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


RWC DISTRESSED: Creditors' Proofs of Debt Due on October 18
-----------------------------------------------------------
The creditors of RWC Distressed Convertibles Fund Inc. are
required to file their proofs of debt by October 18, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


RWC STRATEGIC: Creditors' Proofs of Debt Due on October 18
----------------------------------------------------------
The creditors of RWC Strategic Opportunities Fund Inc. are
required to file their proofs of debt by October 18, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102
         Cayman Islands


SHEHEREZADE LIMITED: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Sheherezade Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


VEGA ASSET: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------
The creditors of Vega Asset Management Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


VEGA SELECT: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Vega Select Liquidity Fund Limited are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


WARREN INVESTMENTS: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Warren Investments Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


WOMACK LIMITED: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Womack Limited are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 15, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Caymans Islands


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


* JAMAICA: National Debt Rises by More Than JM$26 Billion
---------------------------------------------------------
Jamaica's national debt rose by more than JM$26 billion in July to
reach JM$1.463 trillion, at the end of that month, RadioJamaica
reports.  The report relates that at that level of debt, it means
each man, woman and child in Jamaica, owes more than half a
million dollars.

According to the report, the debt level is the second highest on
record for the national debt.  The report notes that in February,
the debt rose to JM$1.481 trillion, which is the highest level
ever recorded.

Currently, 54% of the debt is recognized as being domestic, while
the rest is classified as external, RadioJamaica adds.

                             *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating to 'C' from
'CCC'.  In addition, Fitch has affirmed Jamaica's long-term and
short-term foreign currency ratings at 'CCC' and 'C' respectively,
and affirmed the Country Ceiling at 'B-'.  Jamaica's sovereign
ratings Outlook remains Negative.


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


MEXICANA AIRLINES: Hearing on US Recognition Moved to Oct. 21
-------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York adjourned from September 29 to October 21,
2010, the hearing on Mexicana Airlines' motion for recognition of
its insolvency case in Mexico as a foreign main proceeding.

The hearing was originally scheduled for 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.

Earlier, Banco Mercantil del Norte S.A. asked the Bankruptcy
Court anew to permit the bank to "freely exercise" its rights to
its collateral or to receive protection being granted to secured
creditors as a condition to Mexicana Airlines' obtaining Chapter
15 recognition.

In a statement filed with the Bankruptcy Court, Paul Hessler,
Esq., at Linklaters LLP, in New York, pointed out that Banco
Mercantil is prohibited from taking an action involving the
collateral because of the ruling handed down by the Mexican court
overseeing the airline's insolvency case.

Banco Mercantil is a secured lender of Mexicana Airlines, which
owes the bank as much as US$123.6 million under a 2008 credit
agreement.  The airline's debt under the agreement is secured by
two deposit accounts pledged in favor of the collateral agent,
Inter National Bank.

Earlier, the Mexican court issued a ruling enjoining Banco
Mercantil from taking any action involving the funds held as
collateral in the deposit accounts.  The ruling, the bank said,
contradicts the August 18 order issued by the Bankruptcy Court
which excluded it from the scope of injunctive protections
granted to Mexicana Airlines.

"It is disingenuous for Mexicana to claim that [Banco Mercantil]
should not be entitled to adequate protection because it is free
to exercise its rights on its collateral while Mexicana
simultaneously takes and threatens further action in another
jurisdiction if [Banco Mercantil] attempts to do so," according
to Mr. Hessler.

According to the bank's lawyer, Banco Mercantil is currently
impeded from enforcing its interest because of the threat of
sanction in Mexico.

Mr. Hessler asked the Bankruptcy Court to grant the recognition
only on the condition that Mexicana Airlines won't take any
action to undermine the protections to which the bank and other
secured creditors are entitled in the U.S.

"The Chapter 15 recognition that Mexicana seeks comes with
certain statutorily-imposed strings attached including the
requirement that secured creditors either be adequately protected
or free to exercise their rights against collateral," the lawyer
argued.

Mr. Hessler also criticized Mexicana Airlines' assertion that the
bank is not entitled to protection because it is not based in the
U.S.  He pointed out that while the bank is the ultimate
beneficiary, U.S.-based INB is the secured party whose rights are
being abrogated.

In a declaration filed with the Bankruptcy Court in support of
Banco Mercantil's objection, Jorge Sepulveda, Esq., at Mexico-
based Bufete Garcia Jimeno S.C., said that the bank may not
demand replacement liens for the diminution of its collateral.

Mr. Sepulveda pointed out that only the conciliator may decide on
the replacement or creation of collateral under Mexican
insolvency law.

Meanwhile, Airbus Americas Customer Services Inc. has asked the
Bankruptcy Court to allow the firm to file an objection to
Mexicana Airlines' motion for recognition.

The deadline for filing objections to the motion expired on
September 20, 2010.

The move came after Airbus received lately unexpected orders for
replacement parts from Mexicana Airlines although the airline has
already shut down its flight operations.  The firm could not
determine whether the orders were for third-party planes, or they
were for Mexicana Airlines' aircraft which fall under their 2005
agreement.

Airbus supplies aircraft parts to Mexicana Airlines under the
2005 agreement.  The airline allegedly breached the contract
after it failed to make the necessary payments.

Airbus said the objection merely seeks payment for the materials
it supplied under the 2005 agreement or permission from the
Bankruptcy Court to refuse to ship parts to Mexicana until the
defaults are cured.

        Maru Johansen Affirmed as Foreign Representative

In a declaration, Gerardo Badin affirmed the appointment of Maru
Johansen as Mexicana Airlines' foreign representative in the
Chapter 15 case it filed before the U.S. Bankruptcy Court for the
Southern District of New York.

Mr. Badin was recently appointed as conciliator in Mexicana
Airlines' insolvency case in Mexico.

                      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: JPM Can Access US$970,000 for Reimbursement
------------------------------------------------------------
Mexicana Airlines' foreign representative Maru Johansen entered
into an agreement permitting JPMorgan Chase Bank N.A. to get
funds for the reimbursement of more than US$970,000, from the
US$2.76 million in cash held by the bank.

The US$2.76 million was posted as collateral to secure the
obligations of Mexicana Airlines to reimburse JPMorgan for every
amount drawn by the bank under the letters of credit issued by
the bank.

The letters of credit were issued to secure Mexicana Airlines'
payment obligations to MK Aviation S.A. and Wells Fargo Bank
Northwest N.A. under certain aircraft operating leases.

As of September 3, 2010, JPMorgan paid Wells Fargo a total of
US$920,000, which was drawn from the letters of credit.

Under the deal, Mexicana Airlines and JPMorgan also agreed that
the bank will continue to hold the remaining funds to secure the
airline's reimbursement obligations under the undrawn letters of
credit.

The Mexicana-JPMorgan deal is formalized in a six-page
stipulation, a copy of which is available for free at:

      http://bankrupt.com/misc/Mexicana_StipJPMorganLoC.pdf

The Bankruptcy Court will consider approval of the agreement at
the hearing scheduled for October 1, 2010.

                      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: May Cut Workforce by Half, Resume Flying Dec.
----------------------------------------------------------------
Mexicana Airlines is planning to eliminate half of its workforce
and reduce its routes and fleet of aircraft by 70%, according to
a September 28, 2010 report by Latin American Herald Tribune.

Operations might also resume in December, says the report.

Citing union sources, the Tribune reported that the cutbacks will
mean 3,900 jobs will be eliminated and that the airline will fly
only 30 airplanes on 23 routes.  Six of these routes are domestic
while the rest are international, most of them to and from the
United States and Canada.

At a recent forum on labor markets, Mexico's Labor Secretary
Javier Lozano said the airline's business plan involves a
"substantial (reduction) in the number of aircraft and routes and
flight frequency" and a new workplace model.

Mr. Lozano said it would lead to a "significant cutback in job
posts," adding that there's talk that the airline may operate
with just 30 airplanes instead of 110, according to the report.

The business plan also involves signing a new collective
bargaining agreement to be overseen by the government in order to
ensure that work conditions and job cuts are in compliance with
the law, says the report.

Mr. Lozano acknowledged that it will not be easy for Mexicana
Airlines but both business leaders and the unions are willing to
resume the airline's operations, according to the report.

A Mexican judge earlier allowed Mexicana Airlines to suspend
payment on its debt and left it in the hands of Javier Christlieb
Morales, the court-appointed administrator.

                      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).


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


PETROLEOS DE VENEZUELA: S&P Puts 'B+' Rating; Gives Stable Outlook
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
ratings on Venezuelan state-owned oil company Petroleos de
Venezuela S.A.  The outlook remained stable.

The 'B+' corporate credit rating on PDVSA, which is one notch
lower than the sovereign rating on its owner, the Bolivarian
Republic of Venezuela (BB-/Stable/B), reflects S&P's opinion that
there is an extremely high likelihood that the government of
Venezuela would provide timely and sufficient extraordinary
support to PDVSA in the event of financial distress.  S&P assess
the stand-alone credit profile of PDVSA in the 'B' category.

"The one-notch differential between the issuer and the sovereign
rating on Venezuela reflects PDVSA's weaker stand-alone credit
quality because of its less-than-adequate liquidity, aggressive
financial policy, and continued delays in the release of its
financial information," said Standard & Poor's credit analyst
Fabiola Ortiz.  "It also reflects S&P's view that the company
could prioritize transfers to the government before debt payments
in a distressed scenario."

The stable outlook reflects S&P's view that PDVSA's relationship
with the government will not change significantly in the next two
to three years.


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