TCRLA_Public/101012.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 12, 2010, Vol. 11, No. 201

                            Headlines



A R G E N T I N A

OVALGRAF SA: Creditors' Proofs of Debt Due December 22
RAIMAT SA: Creditors' Proofs of Debt Due October 22
TELC SRL: Creditors' Proofs of Debt Due October 29
YIN YANG:  Creditors' Proofs of Debt Due November 18


B E R M U D A

CPX REINSURANCE: Creditors' Proofs of Debt Due October 20
CPX REINSURANCE: Members' Final Meeting Set for November 10
PIONEER MULTI: Creditors' Proofs of Debt Due October 20
PIONEER MULTI: Members' Final Meeting Set for November 17
RSA SECURITY: Commences Wind-Up Proceedings

SENERGY INSURANCE: Creditors' Proofs of Debt Due October 21
SENERGY INSURANCE: Members' Final Meeting Set for November 8
VENTURES ELN: Creditors' Proofs of Debt Due October 20
VENTURES ELN: Members' Final Meeting Set for November 10
VENTURES ELN: Creditors' Proofs of Debt Due October 20

VENTURES ELN: Members' Final Meeting Set for November 10


C A Y M A N  I S L A N D S

ARACRUZ INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 29
BLAISE LIMITED: Members' Final Meeting Set for October 15
CLTIC REINSURANCE: Shareholder to Hear Wind-Up Report on Oct. 19
CORIOLIS LIMITED: Members' Final Meeting Set for October 28
GALLEON QUANTITATIVE: Shareholders' Final Meeting Set for Oct. 29

GUGHI SAILING: Members' Final Meeting Set for October 15
IAT GROUP: Shareholders' Final Meeting Set for October 29
INDORAMA INTERNATIONAL: Shareholders' Meeting Set for October 27
LINCOLN VALE: Shareholders' Final Meeting Set for December 1
LINCOLN VALE: Shareholders' Final Meeting Set for December 1

MALBEC STRATEGIC: Shareholders' Final Meeting Set for October 19
OOJOO ABSOLUTE: Shareholder to Hear Wind-Up Report on October 26
PAI SHIN: Members' Final Meeting Set for October 28
PEQUOT GLOBAL: Shareholders' Final Meeting Set for October 29
PEQUOT MARKET: Shareholders' Final Meeting Set for October 29

PEQUOT NEW: Shareholders' Final Meeting Set for October 29
REV FINANCE: Shareholders' Final Meeting Set for October 19
REV HOLDING: Shareholders' Final Meeting Set for October 19
REV?TRANCHE: Shareholders' Final Meeting Set for October 19
REV?TRANCHE: Shareholders' Final Meeting Set for October 19

TRIPLAS SERIES: Shareholders' Final Meeting Set for October 29


C O S T A  R I C A

PALMAS DEL MAR: To Reopen Soon Under New Management


J A M A I C A

AIR JAMAICA: Contract Staff Can Apply With Caribbean Airlines
JPSCO: Unions Obtain Permission to Challenge IDT Ruling


M E X I C O

CONSUPAGO SA: Fitch Assigns 'BB-' Issuer Default Rating


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


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

The trustee will present the validated claims in court as
individual reports on March 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
April 19, 2011.


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


TELC SRL: Creditors' Proofs of Debt Due October 29
--------------------------------------------------
The court-appointed trustee for Telc S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 29, 2010.

The trustee will present the validated claims in court as
individual reports on November 25, 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 8, 2011.


YIN YANG:  Creditors' Proofs of Debt Due November 18
----------------------------------------------------
The court-appointed trustee for Yin Yang S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 18, 2010.

The trustee will present the validated claims in court as
individual reports on February 16, 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 31, 2011.


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B E R M U D A
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CPX REINSURANCE: Creditors' Proofs of Debt Due October 20
---------------------------------------------------------
The creditors of CPX Reinsurance Ltd. are required to file their
proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


CPX REINSURANCE: Members' Final Meeting Set for November 10
-----------------------------------------------------------
The members of CPX Reinsurance Ltd. will hold their final meeting,
on November 10, 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 October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


PIONEER MULTI: Creditors' Proofs of Debt Due October 20
-------------------------------------------------------
The creditors of Pioneer Multi Opportunities Limited are required
to file their proofs of debt by October 20, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


PIONEER MULTI: Members' Final Meeting Set for November 17
---------------------------------------------------------
The members of Pioneer Multi Opportunities Limited will hold their
final meeting, on November 17, 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 October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


RSA SECURITY: Commences Wind-Up Proceedings
-------------------------------------------
On September 30, 2010, the sole member of RSA Security Holding
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          W. Paul King
          King & Associates
          Dallas Building
          7 Victoria Street, Hamilton
          Bermuda


SENERGY INSURANCE: Creditors' Proofs of Debt Due October 21
-----------------------------------------------------------
The creditors of Senergy Insurance Ltd are required to file their
proofs of debt by October 21, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 4, 2010.

The company's liquidator is:

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


SENERGY INSURANCE: Members' Final Meeting Set for November 8
------------------------------------------------------------
The members of Senergy Insurance Ltd. will hold their final
meeting, on November 8, 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 October 4, 2010.

The company's liquidator is:

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


VENTURES ELN: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
The creditors of Ventures ELN I Ltd. are required to file their
proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


VENTURES ELN: Members' Final Meeting Set for November 10
--------------------------------------------------------
The members of Ventures ELN I Ltd. will hold their final meeting,
on November 10, 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 October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


VENTURES ELN: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
The creditors of Ventures ELN Holdings Ltd. are required to file
their proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


VENTURES ELN: Members' Final Meeting Set for November 10
--------------------------------------------------------
The members of Ventures ELN Holdings Ltd. will hold their final
meeting, on November 10, 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 October 1, 2010.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


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


ARACRUZ INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 29
------------------------------------------------------------------
The shareholders of Aracruz International Finance Company will
hold their final meeting, on October 29, 2010, at 2:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLAISE LIMITED: Members' Final Meeting Set for October 15
---------------------------------------------------------
The members of Blaise Limited will hold their final meeting, on
October 15, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CLTIC REINSURANCE: Shareholder to Hear Wind-Up Report on Oct. 19
----------------------------------------------------------------
The shareholder of CLTIC Reinsurance Company, Ltd. will receive,
on October 19, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Schwartz
          c/o Global Captive Management Ltd.
          Governor's Square, 2nd Floor, Building
          3 23 Lime Tree Bay Avenue
          PO Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 7966


CORIOLIS LIMITED: Members' Final Meeting Set for October 28
-----------------------------------------------------------
The members of Coriolis Limited will hold their final meeting, on
October 28, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands


GALLEON QUANTITATIVE: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------------------
The shareholders of Galleon Quantitative Fund, Ltd. will hold
their final meeting, on October 29, 2010, at 12:15 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GUGHI SAILING: Members' Final Meeting Set for October 15
--------------------------------------------------------
The members of Gughi Sailing Ltd. will hold their final meeting,
on October 15, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IAT GROUP: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------
The shareholders of IAT Group Inc. will hold their final meeting,
on October 29, 2010, at 12:30 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INDORAMA INTERNATIONAL: Shareholders' Meeting Set for October 27
----------------------------------------------------------------
The shareholders of Indorama International Ltd. will hold their
final meeting, on October 27, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kishan Kumar Aggarwal
          3 RHU Cross, #08-15 Costa RHU 437433
          Singapore


LINCOLN VALE: Shareholders' Final Meeting Set for December 1
------------------------------------------------------------
The shareholders of Lincoln Vale Adaptive Strategy Fund (US) L.P.
will hold their final meeting, on December 1, 2010, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Directorsplus Limited
          c/o Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          DirectorsPlus Limited
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855, Grand Cayman
          Cayman Islands


LINCOLN VALE: Shareholders' Final Meeting Set for December 1
------------------------------------------------------------
The shareholders of Lincoln Vale Adaptive Strategy Fund (Offshore)
Limited will hold their final meeting, on December 1, 2010, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Directorsplus Limited
          c/o Nicole Ebanks
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          DirectorsPlus Limited
          Grand Pavilion Commercial Centre 1st Floor
          802 West Bay Road
          P.O. Box 31855, Grand Cayman
          Cayman Islands


MALBEC STRATEGIC: Shareholders' Final Meeting Set for October 19
----------------------------------------------------------------
The shareholders of Malbec Strategic Investment Fund will hold
their final meeting, on October 19, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Reid Services Limited
          Clifton House
          75 Fort Street
          P.O. Box 190, Grand Cayman KY1-1104
          Cayman Islands


OOJOO ABSOLUTE: Shareholder to Hear Wind-Up Report on October 26
----------------------------------------------------------------
The shareholder of OOJOO Absolute Return (Feeder) Fund will
receive, on October 26, 2010, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          S. Hahn Sull
          c/o Hahn Sull
          Posco Center East, 7th Floor
          892 Daechi-4 Dong
          Gangnam-Gu 135-777
          Seoul, Korea
          Telephone: +82-2-570-1600
          Direct +82-2-570-1601
          Facsimile. +82-2-570-1690


PAI SHIN: Members' Final Meeting Set for October 28
---------------------------------------------------
The members of Pai Shin Corp. will hold their final meeting, on
October 28, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Heng, Kuo-Ian
          c/o Michelle R. Bodden-Moxam
          Telephone: 946-6145
          Facsimile: 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman KY1-1208
          Cayman Islands


PEQUOT GLOBAL: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Pequot Global Focus Master Fund, Ltd. will
hold their final meeting, on October 29, 2010, at 1:45 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PEQUOT MARKET: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Pequot Market Neutral Financial Services
Master Fund, Ltd. will hold their final meeting, on October 29,
2010, at 2:15 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PEQUOT NEW: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------
The shareholders of Pequot New River Master Fund, Ltd. will hold
their final meeting, on October 29, 2010, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


REV FINANCE: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev Finance Company will hold their final
meeting, on October 19, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited acting by:
          Schell D. Stubbs
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands

REV HOLDING: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev Holding Company will hold their final
meeting, on October 19, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited acting by:
          Schell D. Stubbs
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


REV-TRANCHE: Shareholders' Final Meeting Set for October 19
------------------------------------------------------------
The shareholders of Rev-Tranche II Holding Company will hold their
final meeting, on October 19, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited acting by:
          Schell D. Stubbs
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


REV-TRANCHE: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev-Tranche II Finance Company will hold their
final meeting, on October 19, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited acting by:
          Schell D. Stubbs
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


TRIPLAS SERIES: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Triplas Series II Synthetic CDO Limited will
hold their final meeting, on October 29, 2010, at 1:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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C O S T A  R I C A
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PALMAS DEL MAR: To Reopen Soon Under New Management
---------------------------------------------------
Jose L. Carmona at Caribbean Business reports that the U.S.
Bankruptcy Court has authorized the transfer of the Palmas del Mar
Country Club recreational facilities to the Tourism Development
Fund pending its final transfer to a new operator, Palmas Athletic
Club Inc., a nonprofit organization created by the Palmas del Mar
Homeowners Association (PHA).

According to the report, both Palmas del Mar Properties, Inc.
(PDMP), the original proprietor of Palmas del Mar Country Club,
Inc. (PCCI), and the PHA welcomed the move by the bankruptcy
court.

The report notes that U.S. Bankruptcy Court determined that the
recreational facilities of Palmas del Mar could be transferred to
the TDF, which would pave the way for the title transfer to Palmas
Athletic Club Inc.

Morgan Stubbe disclosed in June that Palmas del Mar Country Club
would close July 28 due to lack of financing to float the
operations.  The report relates that the Government Development
Bank denied financing to the complex, which has an outstanding
AFICA loan of more than US$27 million.  The report says that the
company and PHA worked to seek avenues to keep the facilities in
operation.

                        About Palmas del Mar

Palmas del Mar Properties Inc., development firm of Palmas del Mar
resort, has invested more than US$53 million throughout the years
in the recreational facilities of the Palmas del Mar community in
Humacao.  PCCI filed for Chapter 11 (reorganization) bankruptcy
protection in August in a bid to expedite the reopening of the
shuttered facilities in Humacao.



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AIR JAMAICA: Contract Staff Can Apply With Caribbean Airlines
-------------------------------------------------------------
Air Jamaica Limited workers who have been on six-month contracts
since the airline's acquisition in May can now apply for jobs with
Caribbean Airlines Limited, RadioJamaica reports.

According to the report, Caribbean Airlines, which has an 84%
stake in Air Jamaica, has issued a memo to employees informing
them that applications for posts can be submitted starting
November 1.  It is not known how many employees are being sought.

The employment offers come as Caribbean Airlines enters the second
phase of the transitional period following the May 1 takeover of
Air Jamaica, the report says.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.

                           *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


JPSCO: Unions Obtain Permission to Challenge IDT Ruling
-------------------------------------------------------
The Supreme Court gave leave to three trade unions representing
Jamaica Public Service Company employees -- the Union of Clerical,
Administrative and Supervisory Employees, National Workers Union
and the Bustamante Industrial Trade Union -- to apply for Judicial
Review of the Industrial Disputes Tribunal award handed down on
June 18.

The report relates that the dispute stemmed from the
implementation of a previous IDT award in 2003.  According to the
report, at that time the IDT outline a salary structure to be paid
to the JPSCO employees.  The report relates that this was based on
the top five to ten percent paid to employees at companies similar
to JPSCO.  That award was upheld by the Supreme Court and the
Court of Appeal which in 2006 dismissed a legal challenge by
JPSCO, the report notes.

RadioJamaica discloses that consultants had calculated that JPSCO
would have to pay JM$4.1 billion in outstanding overtime and
redundancy costs to the JPSCO employees.  However, the report
relates, during meetings in 2008 JPSCO's negotiators argued that
they could only pay JM$2.3 billion.

The report discloses that Heads of Agreement were signed by the
disputing parties and the Ministry of Labor on May 6, 2008,
providing that there would be a net payment of the amount agreed
to for the 2001-2007 period.  In addition any attendant costs
associated with the exercise would be honored by JPSCO, the report
says.

After the increases on basic pay had been paid, the unions claimed
that adjustments to overtime and redundancy payments were due,
RadioJamaica relates.

However, the report relates, JPSCO countered arguing that it all
claims had been settled and that no additional monies would be
paid.  Attorneys representing the unions, Gifford, Thompson and
Company said in arriving at a decision, the IDT was divided two to
one.

The report states that the tribunal observed that it was an
implied term of the contracts of employment, that if basic pay was
increased, overtime pay adjustments would have to follow.  Justice
Glen Brown gave leave to the Unions to challenge the award on the
basis of errors of law on the part of the IDT, the report adds.

The matter is scheduled for full hearing before the Supreme Court.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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M E X I C O
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CONSUPAGO SA: Fitch Assigns 'BB-' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has assigned these ratings to Consupago S.A. de
C.V.:

  -- Long-term foreign currency Issuer Default Rating 'BB-';
  -- Short-term foreign currency IDR 'B';
  -- Long-term local currency IDR 'BB-';
  -- Short-term local currency IDR 'B';
  -- Senior unsecured debt for up to MX$750 million 'BB-';
  -- Long-term national-scale rating 'A-(mex)';
  -- Short-term national-scale rating 'F2(mex)'.

In addition, Fitch affirms this:

  -- Short-term national-scale rating for local MX$1,000 million
     senior unsecured Debt at 'F2(mex)'.

Consupago's ratings reflect its strong capitalization, good
financial performance, high margins and recurring sound earnings,
adequate asset quality and loan loss reserve coverage, as well as
the benefits of its business model based on loan collections
through direct debit from payrolls of public sector employees (its
target market).  This model mitigates the 'unwillingness' of its
clients to pay for risk.  The ratings also consider its modest
funding flexibility, portfolio concentration, and what Fitch
considers could potentially become an important source of business
risk.  Its operating model relies to some extent on the goodwill
of public entities (employers) and unions, as there is full
delegation of the collection process.  Moreover, other risks would
include any potential legal process challenging the validity of
payroll deductions for servicing loans granted by private parties,
as well as the potential for changes or implementation of
regulations that could alter the risks and returns of this
business model.

Consupago's ratings could be upgraded over time if it enhances its
funding flexibility and risk diversification, and improves
efficiency and cost control while maintaining profitability,
liquidity, capital and asset quality metrics.  Downward pressure
would arise from significant portfolio deterioration that affects
revenues and earnings due to increasing credit costs; further
concentration by employer; and/or the introduction of specific
regulations for this activity that could lead to lower returns and
increased competition.

Consupago is one of the most important companies in payroll
deduction activity, serving the employees of over 140 government
agencies and unions across Mexico.  Consupago has strong
capitalization due to its sound profitability, in turn driven by
high margins (annualized net interest margin of 67.2% during
first-half 2010) and reasonable efficiency, as well as the ability
to maintain low credit costs, driving return on assets of 10.6%
over that period.  As of June 2010, its capitalization ratio
(equity to total assets) was 39.4%.  At the same date, it had a
total loan portfolio of MXN$2.1 billion, of which 6.1% were past
due loans.  This has had a significant increase recently (June
2009: 3.8%), mainly influenced by delinquencies among the
employees of one of its largest government entities, which arose
after a technology update by that employer caused a temporary
failure to properly retain the payroll deductions.  Consupago's
loan loss reserves have historically been higher than total past-
due loans, even after the aforementioned pick-up in delinquencies
(112.3% as of June 2010).  The company charged-off around 5.4% of
average loans.  The funding mix represents a key challenge in the
medium term due to the limited number and high concentration of
creditors, in addition to high funding costs and relatively ample
reliance on secured financing.


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