TCRLA_Public/101102.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, November 2, 2010, Vol. 11, No. 216

                            Headlines



A R G E N T I N A

ENESIMA SA: Creditors' Proofs of Debt Due November 15
FARMACIA ECHEVERRIA: Creditors' Proofs of Debt Due November 18
FARMACIA PRINCIPAL: Creditors' Proofs of Debt Due November 22
MS PATERNAL: Creditors' Proofs of Debt Due November 23
MS VILLA: Creditors' Proofs of Debt Due November 17

PELOSO SRL: Creditors' Proofs of Debt Due December 10
PSA FINANCE: Moody's Assigns 'Ba3' Senior Debt Rating to Bonds
VANCOUVER SA: Creditors' Proofs of Debt Due November 11


B E R M U D A

BRENCO-BRAZILIAN: Creditors' Proofs of Debt Due November 3
BRENCO-BRAZILIAN: Members' Final Meeting Set for November 24
INA REINSURANCE: Creditors' Proofs of Debt Due November 3
INA REINSURANCE: Members' Final Meeting Set for November 24
MGAH BETA: Creditors' Proofs of Debt Due October 20

MGAH BETA: Members' Final Meeting Set for November 10


B R A Z I L

BANCO DO ESTADO: Moody's Withdraws 'D-' Bank Strength Rating
BANCO SUPERVIELLE: Fitch Assigns 'B-' Rating to US$50 Mil. Bonds


C A Y M A N  I S L A N D S

CONTIGA ABSOLUTE: Creditors' Proofs of Debt Due November 15
CONTIGA ABSOLUTE: Creditors' Proofs of Debt Due November 15
CREP INVESTMENT: Creditors' Proofs of Debt Due November 29
DE LISLE: Creditors' Proofs of Debt Due November 18
DE LISLE: Creditors' Proofs of Debt Due November 18

IRONWOOD (FP): Shareholders' Final Meeting Set for November 16
LIGHTCAST TECHNOLOGIES: Placed Under Voluntary Liquidation
LOOMIS SAYLES: Creditors' Proofs of Debt Due November 29
LOOMIS SAYLES: Creditors' Proofs of Debt Due November 29
LOTUS FLOWER: Creditors' Proofs of Debt Due November 25

MISSION GLOBAL: Creditors' Proofs of Debt Due December 1
MISSION GLOBAL: Creditors' Proofs of Debt Due December 1
MOBILITY RISK: Creditors' Proofs of Debt Due November 29
NEWLANDS LEASING: Creditors' Proofs of Debt Due November 25
NS INFO: Placed Under Voluntary Wind-Up

PMC GLOBAL: Creditors' Proofs of Debt Due November 29
RAM 7: Creditors' Proofs of Debt Due November 25
SALUS EQUITY: Placed Under Voluntary Wind-Up
SAVONA PARTNERS: Creditors' Proofs of Debt Due November 16
TRAFALGAR MERCHANT: Creditors' Proofs of Debt Due November 29


J A M A I C A

CARIBBEAN CEMENT: Management & Unions Reach Agreement to Save Jobs
SUPERPLUS: Sheds Portmore Pines Branch


M E X I C O

COPAMEX SA: Fitch Affirms Issuer Default Rating at 'B+'
OBRASCON HUARTE: Fitch Rates Issuer Default Rating at 'BB-'


T R I N I D A D  &  T O B A G O

TCI BANK: To Be Liquidated


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Assigns 'B+' Rating to Senior Debt


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


ENESIMA SA: Creditors' Proofs of Debt Due November 15
-----------------------------------------------------
The court-appointed trustee for Enesima S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 15, 2010.

The trustee will present the validated claims in court as
individual reports on December 30, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 17, 2011.


FARMACIA ECHEVERRIA: Creditors' Proofs of Debt Due November 18
--------------------------------------------------------------
The court-appointed trustee for Farmacia Echeverria S.R.L.'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 4, 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 18, 2011.


FARMACIA PRINCIPAL: Creditors' Proofs of Debt Due November 22
-------------------------------------------------------------
The court-appointed trustee for Farmacia Principal S.C.S.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 22, 2010.

The trustee will present the validated claims in court as
individual reports on February 8, 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 22, 2011.


MS PATERNAL: Creditors' Proofs of Debt Due November 23
------------------------------------------------------
The court-appointed trustee for MS Paternal S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 23, 2010.

The trustee will present the validated claims in court as
individual reports on February 9, 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 28, 2011.


MS VILLA: Creditors' Proofs of Debt Due November 17
---------------------------------------------------
The court-appointed trustee for MS Villa Urquiza S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 17, 2010.

The trustee will present the validated claims in court as
individual reports on February 3, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 17, 2011.


PELOSO SRL: Creditors' Proofs of Debt Due December 10
-----------------------------------------------------
The court-appointed trustee for Peloso S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 10, 2010.

The trustee will present the validated claims in court as
individual reports on February 25, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


PSA FINANCE: Moody's Assigns 'Ba3' Senior Debt Rating to Bonds
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
senior debt rating to PSA Finance Argentina Compa¤Ħa Financiera's
two bond issuances.

These ratings were assigned to PSA Finance Argentina Compa¤Ħa
Financiera's debt issuances:

  -- Global Local-Currency Debt Rating: Ba3
  -- National Scale Local-Currency Debt Rating: Aa2.ar

Ratings Rationale

The first debt issuance is up to Ar$50 million, with a floating
interest rate and maturity in 24 months; the second issuance is
due in 9 months, for an amount up to Ar$25 million, with a fixed
interest rate.

At the same time, on the National Scale, Moody's Latin America
assigned Aa2.ar local currency debt rating to both issuances.

PSA Finance Argentina Compa¤Ħa Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of Ar$539.4 million, deposits
of Ar$ 5.2 million and equity of Ar$ 119.8 million as of June
2010.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information.

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

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


VANCOUVER SA: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The court-appointed trustee for Vancouver S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 11, 2010.

The trustee will present the validated claims in court as
individual reports on December 28, 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 10, 2011.


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


BRENCO-BRAZILIAN: Creditors' Proofs of Debt Due November 3
----------------------------------------------------------
The creditors of Brenco-Brazilian Renewable Energy Company Ltd.
are required to file their proofs of debt by November 3, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 11, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


BRENCO-BRAZILIAN: Members' Final Meeting Set for November 24
------------------------------------------------------------
The members of BRENCO-Brazilian Renewable Energy Company Ltd. will
hold their final general meeting on November 24, 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 11, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


INA REINSURANCE: Creditors' Proofs of Debt Due November 3
---------------------------------------------------------
The creditors of INA Reinsurance Company Ltd. are required to file
their proofs of debt by November 3, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 19, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


INA REINSURANCE: Members' Final Meeting Set for November 24
-----------------------------------------------------------
The members of INA Reinsurance Company Ltd. will hold their final
general meeting on November 24, 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 19, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MGAH BETA: Creditors' Proofs of Debt Due October 20
---------------------------------------------------
The creditors of MGAH Beta Hedge 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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MGAH BETA: Members' Final Meeting Set for November 10
-----------------------------------------------------
The members of MGAH Beta Hedge Limited will hold their final
general 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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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


BANCO DO ESTADO: Moody's Withdraws 'D-' Bank Strength Rating
------------------------------------------------------------
Moody's Investors Service withdrew all ratings assigned to Banco
do Estado de Sergipe S.a. for business reason.  The bank doe not
have foreign currency debt rating.

These ratings assigned to Banese were withdrawn:

  -- Bank financial strength rating: D-, stable outlook

  -- Long term global local currency deposit rating: Ba2, stable
     outlook

  -- Short term global local currency deposit rating: Not Prime

  -- Long-term foreign currency deposit rating: Ba2, stable
     outlook

  -- Short-term foreign currency deposit rating: Not Prime

  -- Long-term national scale deposit rating in Brazil: A1.br,
     stable outlook

  -- Short-term national scale deposit rating in Brazil: BR-1

                        Ratings Rationale

Moody's has withdrawn the ratings on Banese at the request of the
issuer and action does not reflect a change in BANESE's
creditworthiness.

The last rating action for BANESE took place on June 17, 2009,
when Moody's assigned for the first time ratings to the bank.  The
outlook was stable for all the ratings.

Banco do Estado de Sergipe S.A. is located in Aracaju, Brazil, and
had total consolidated assets of R$2,450 million (US$1,363
million) and shareholders' equity of R$167.2 million (US$93
million), as of June 30, 2010.


BANCO SUPERVIELLE: Fitch Assigns 'B-' Rating to US$50 Mil. Bonds
----------------------------------------------------------------
Fitch Ratings has assigned a 'B-' rating to Banco Supervielle's up
to US$50 million issuance of subordinated bonds.  The Rating
Outlook is Stable.

The bond will be issued at a fixed rate and due 2017 and
constitute Tier II capital.  The interest will be paid in semi-
annual arrears each year, commencing in 2011, while the principal
of the notes will be paid in a single installment in 2017.

On Oct. 25., Fitch affirmed the short-term notes' ratings at
'A1(arg)' and assigned an 'A+(arg)' rating to the aforementioned
subordinated bonds.

Supervielle's ratings reflect its good performance, adequate asset
quality, sound management approach and effective risk management.
The ratings also factor in the bank's capitalization, which is
reasonable, although lower than that of its peers.

In Fitch's view, Supervielle's capitalization is its main
weakness.  Although it currently shows a slight improving trend,
the expected growth in the near future will likely lead to a
reduction to levels closer to the bank's historical levels.

The bank's profitability at the end of the first half of 20010 is
good and its revenues are adequately diversified.  Its net
interest margin grew strongly over that of the previous year,
boosted by a marked reduction of its cost of funds.  The bank's
management expects to maintain an return on equity of around 20%
over the next few years, a target that Fitch deems achievable.

Liquidity is comfortable and Fitch expects it to remain that way
as the bank policy is prudent.  The bank's management has made big
efforts to improve loan collection, especially of those impaired
loans granted before the change in the bank's ownership (when it
was owned by Societe Generale).  Currently, its asset quality
ratios are healthy, with a non-performing-to-total-loans ratio of
2.33% at June 30, 2010, which is in line with that of its peers,
and loan loss reserve coverage of 103.2%.  Management expect to
maintain asset quality at good levels, with coverage of over 100%
throughout the rest of the year.

Banco Supervielle S.A. is a domestic bank which resulted from the
merger between Banco Banex S.A. and Banco Supervielle S.A.  The
main shareholder is Grupo Supervielle, which was formed by local
investors and has operated since 1887.

Supervielle is Argentina's 17th-largest bank by total assets and
ranked 16th by deposits.  It also has significant factoring and
leasing activities, with a 9% market share.

In September 2008 the bank acquired Banco Regional de Cuyo, which
it is in the process of merging and in July 2010 it announced the
acquisition of certain operations of GE Money Argentina.


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


CONTIGA ABSOLUTE: Creditors' Proofs of Debt Due November 15
-----------------------------------------------------------
The creditors of Contiga Absolute Return Fund Limited are required
to file their proofs of debt by November 15, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2010.

The company's liquidator is:

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


CONTIGA ABSOLUTE: Creditors' Proofs of Debt Due November 15
-----------------------------------------------------------
The creditors of Contiga Absolute Return Master Fund Limited are
required to file their proofs of debt by November 15, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2010.

The company's liquidator is:

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


CREP INVESTMENT: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------
The creditors of Crep Investment L Cayman are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

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


DE LISLE: Creditors' Proofs of Debt Due November 18
---------------------------------------------------
The creditors of The De Lisle Master Fund are required to file
their proofs of debt by November 18, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

         Hugh Dickson
         c/o Andrea Richards
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8249
         Facsimile: (345) 949 7120


DE LISLE: Creditors' Proofs of Debt Due November 18
---------------------------------------------------
The creditors of The De Lisle Fund are required to file their
proofs of debt by November 18, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

         Hugh Dickson
         c/o Andrea Richards
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8249
         Facsimile: (345) 949 7120


IRONWOOD (FP): Shareholders' Final Meeting Set for November 16
--------------------------------------------------------------
The shareholders of Ironwood (FP) Limited will hold their final
meeting on November 16, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Breckenridge Investments Limited
         c/o Trevor Martin
         Telephone: +44 20 7995 2646
         Facsimile: +44 20 7995 4549
         2 King Edward Street London EC1A 1HQ


LIGHTCAST TECHNOLOGIES: Placed Under Voluntary Liquidation
----------------------------------------------------------
On October 9, 2010, the sole shareholder of Lightcast Technologies
Ltd. passed a resolution that voluntarily liquidates the company's
business.

The company's liquidator is:

         Hui (Tom) Zhang
         c/o Stephen R. Nelson
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


LOOMIS SAYLES: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
The creditors of Loomis Sayles Consumer Discretionary Hedge Fund
I, Ltd. are required to file their proofs of debt by November 29,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9005
         Cayman Islands


LOOMIS SAYLES: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
The creditors of Loomis Sayles Consumer Discretionary Hedge Fund
II, Ltd. are required to file their proofs of debt by November 29,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 4, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9005
         Cayman Islands


LOTUS FLOWER: Creditors' Proofs of Debt Due November 25
-------------------------------------------------------
The creditors of Lotus Flower Limited are required to file their
proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 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
         Telephone: 945-4777
         Facsimile: 945-4799


MISSION GLOBAL: Creditors' Proofs of Debt Due December 1
--------------------------------------------------------
The creditors of Mission Global Asset Fund, Ltd are required to
file their proofs of debt by December 1, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

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


MISSION GLOBAL: Creditors' Proofs of Debt Due December 1
--------------------------------------------------------
The creditors of Mission Global Asset Master Fund, Ltd are
required to file their proofs of debt by December 1, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

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


MOBILITY RISK: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
The creditors of Mobility Risk Services, Inc. are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2010.

The company's liquidator is:

         Artex Risk Solutions (Cayman) Ltd.
         The Charles Building, 2nd Floor
         189 North Church Street
         P.O. Box 32345, Grand Cayman KY1-1209
         Cayman Islands
         Telephone: 1 345 945 9273


NEWLANDS LEASING: Creditors' Proofs of Debt Due November 25
-----------------------------------------------------------
The creditors of Newlands Leasing Limited are required to file
their proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 Grand Cayman KY1-1102
         Cayman Islands


NS INFO: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on September 21, 2010,
the shareholder of NS Info Ltd. resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Cayman Islands


PMC GLOBAL: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of PMC Global Equity Hedge Fund Inc are required to
file their proofs of debt by November 29, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 5, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9005
         Cayman Islands


RAM 7: Creditors' Proofs of Debt Due November 25
------------------------------------------------
The creditors of Ram 7 Leasing Ltd. are required to file their
proofs of debt by November 25, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Hassan Hihi
         Royal Air Maroc Aeroport Casa-Anfa
         Casablanca
         Morocco


SALUS EQUITY: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on October 12, 2010, the
shareholder of Salus Equity Market Neutral Offshore Fund Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Cayman Islands


SAVONA PARTNERS: Creditors' Proofs of Debt Due November 16
----------------------------------------------------------
The creditors of Savona Partners Limited are required to file
their proofs of debt by November 16, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2010.

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
         Telephone: 345 949-7128


TRAFALGAR MERCHANT: Creditors' Proofs of Debt Due November 29
-------------------------------------------------------------
The creditors of Trafalgar Merchant Fund are required to file
their proofs of debt by November 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman, KY1-9005
         Cayman Islands


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


CARIBBEAN CEMENT: Management & Unions Reach Agreement to Save Jobs
------------------------------------------------------------------
Unions in negotiations with Caribbean Cement Company Limited over
planned redundancies say they have managed to get the entity to
save many of the jobs that were to be cut, RadioJamiaca reports.

According to the report, Granville Valentine, vice president of
the National Workers Union, said that the management of Caribbean
Cement has agreed to consider a voluntary redundancy exercise and
outsourcing, instead of mandatory job cuts.

"We are very happy because we were looking at more than 100
persons (losing) their jobs but we're quite optimistic that it
will be no more than 30, 35 people (who will be made redundant)
because of the alternate position which we have presented which
the company will look at," the report quoted Mr. Valentine as
saying.

The report notes that Caribbean Cement Company has said it will
not finalize the number of jobs that will be shed in the
restructuring exercise.  The report relates that the company said
it will continue to hold talks with unions to seek ways to
aggressively generate revenue and save costs, in lieu of job cuts.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2010, RadioJamaica said that Caribbean Cement
Company said it is considering job cuts to help keep the business
operational.  The report related faced with problems of a slowdown
in the construction sector, and dumped cement putting a strain on
its market share; Caribbean Cement says it may have to cut staff
to just to remain a viable entity.

Caribbean Cement Company Limited manufactures and sells Portland
cement.


SUPERPLUS: Sheds Portmore Pines Branch
--------------------------------------
The SuperPlus chain has further rationalized its operations with
the sale of another supermarket, RadioJamaica reports.  The report
relates that the branch in Portmore Pines, St. Catherine has been
sold to Empire Supermarket.

According to the report, the deal was inked a week ago.

Chief Executive Officer of SuperPlus Richard Chen told RJR News:
"An opportunity came up, there were persons that were interested
and we thought it was an opportune time. From time to time as
businesses look at their strategies, they divest themselves of
operations and locations and from time to time take on new ones."

The number of SuperPlus supermarkets still in operation has now
been reduced from just over 20 to nine.

                          About Super Plus

Super Plus is one of Jamaica's largest food chains.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that the Super Plus food chain
plans to close five additional stores, increasing the total number
of ceased operations to 13, with the Spanish Town branch as among
those that will be affected in the latest phase of the downsizing.
"We are closing our Spanish Town location as part of our
restructuring operations.  We have closed the Trafalgar Road New
Kingston branch and the Liguanea Branch and we will also close
four other branches in 30 days making a total of 13 stores closed
after the restructuring is over," the report quoted SuperPlus
Chairman Wayne Chen as saying.  The supermarket chain is further
restructuring its operations in order to reduce its debts, he
added.  According to the report, RadioJamaica said Super Plus
closed its branches in Liguanea, St. Andrew, New Kingston, and
Oasis Centre in Spanish Town, St. Catherine; and its head office
at Beverly Vale has reportedly been sold as the company seeks to
rationalize its operations, closing non- performing stores while
at the same time trimming waste.


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


COPAMEX SA: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings affirms Copamex, S.A. de C.V.'s ratings:

  -- Foreign Currency Issuer Default Rating at 'B+';

  -- Local Currency IDR at 'B+';

  -- National scale long-term rating at 'BBB(mex)';

  -- National scale short-term rating at 'F3(mex)';

  -- Short-term local 'Certificados Bursatiles' program at
     'F3(mex)';

The Rating Outlook is Stable.

Copamex's ratings reflect its leading market positions, business
profile and moderate leverage.  The company's credit quality was
recently strengthened by the closing of a long-term syndicated
loan and the extension of a revolver facility backed by accounts
receivable.  This new syndicated loan allowed Copamex to pay
short-term debt, improving the liquidity and financial
flexibility.  This positive event is balanced against the recent
divestiture of the diaper business unit, which will result in less
revenue diversification and increased leverage (pro forma 2010,
excluding the diaper unit) to levels ranging from 4.5 times(x) to
5.0x.  The proceeds obtained from the divestment will be mainly
used for capital expenditures that will improve the company's
profitability.  Fitch estimates that leverage should gradually
decline to levels of around 4.0x, as the capital expenditures
bring higher operating cash flows.

In addition, Copamex's ratings are limited by factors in the
industry in which it operates.  Among those is price volatility in
commodities such as cellulose and energy.  For the latest 12
months ended June 30, 2010, fiber materials represented about 40%
of the company's costs.  The Mexican paper industry usually delays
the pass-through of cost increases to customers, due to the lack
of correlation between fiber prices and the growth of the Mexican
economy.  The company's cost exposure to natural gas and energy
has also led to margin pressures because of high commodity prices,
as reflected in 2008.  For the LTM ended June 30, 2010, Copamex's
EBITDA was MXN514 million, lower than the MXN527 million reported
over the same period in the previous year.

Fitch expects Copamex's EBITDA for full year 2010 will be close to
MXN440 million, including results from nine months of operation of
the diaper business unit before its divestiture.  Excluding the
diaper business, pro forma EBITDA for full year 2010 is expected
to be approximately MXN360 million.  The decline in EBITDA
compared to 2009 reflects higher input costs for the notebook and
printing business in the first half of 2010.  The company's
strategy is focused on operational efficiency improvements,
development of new higher-margin products, as well as organic
growth, the latter supported by moderate capex levels, which
should allow Copamex to generate free cash flow to invest in new
projects.

Some potential factors that could negatively affect Copamex's
credit quality are: A failure to decrease leverage, measured as
total debt-to-EBITDA, to about 4.0x in the next two years, as well
as a sustained weakening of operating cash flow generation due to
business conditions, pricing pressures or raw materials' price
volatility.  Conversely, a strong liquidity position, as well as a
sustained total debt-to-EBITDA ratio below 4.0x over a period of
time could support a rating upgrade or revision to a Positive
Outlook.

Looking forward, Fitch expects debt levels to remain stable, so
that leverage reductions will be driven by EBITDA increases.  As
of June 2010, total on-balance sheet debt was MXN 1,899 million.
This amount included several short and long-term CB issues, which
have already been paid with the proceeds from the syndicated loan
signed with Rabobank.  After this transaction, the company's debt
maturity profile has improved substantially, allowing Copamex to
have virtually no short-term debt as of Oct. 25, 2010.  Taking
into account the debt refinancing, the company's debt is MXN1,818
million, and is comprised of the syndicated loan (MXN1,188
million) and the accounts receivables-backed facility (MXN625
million).  The first one matures in 2015 and has an 18-month grace
period, while the second one comes due in 2016.


OBRASCON HUARTE: Fitch Rates Issuer Default Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings says that Obrascon Huarte Lain's proposed IPO of its
Mexican subsidiary for up to US$1.1bn will reduce leverage but
concerns remain.  Fitch currently rates OHL's Long-term Issuer
Default Rating at 'BB-' and senior unsecured rating at 'BB-'.  The
Outlook is Negative.

"Following this transaction, OHL will remain somewhat over-
leveraged," says Jean-Pierre Husband, Director in Fitch's European
Corporate Finance Department.  "Projected net leverage on a
recourse basis at around 2.5x as at FYE10 is still high for
construction industry players.  Tolerance to debt is low due to
significant operational risks such as cyclical demand, thin profit
margins and the possibility of project delays and cost overruns.
We also remain concerned about European construction and
infrastructure markets, notably in Spain, OHL's home market".

OHL Concessiones Mexico SA, a subsidiary of OHL, plans to raise up
to US$1.1bn of equity in the largest IPO in Mexico in at least 15
years.  A rights issue of up to US$889m will be used to fund new
Mexican projects/concessions (around US$589m) and repay OHL's
recourse debt (around US$300m out of a net recourse debt of around
EUR730m).  In addition, OHL will sell part of its current 100%
shareholding in OHLCM to raise US$192m, which will also be used to
pay down OHL's recourse debt.  Subsequent to the transaction, OHL
will own 70% of the enlarged share capital of OHLCM.

When Fitch put OHL's ratings on Negative Outlook in August 2009,
Fitch stated that one of the credit negative factors was recourse
net leverage increasing to above 4x on a sustained basis.  If the
Mexican IPO transaction goes ahead, this risk is likely to
moderate.  Credit risk at the parent company is heightened by the
substantial investment in equity stakes in ring-fenced concessions
funded by recourse debt raised by the parent.  As the concessions
are ring-fenced entities, as parent, OHL has limited access to
cash flows (primarily dividends paid).  Moreover, OHL's
concessions are less than mature and thus dividends in initial
years are low, leaving a drain on cash from the parent for the
foreseeable future.  In mitigation, OHL has been able to refinance
these concessions, as evidenced by the project financing for OHL's
five Brazilian federal toll-road concessions in Q110.

OHL's ability to reduce its own recourse debt and de-leverage is
constrained by the still weak non-concession construction markets
in Europe, which may unwind OHL's negative working capital
position due to reduced cash inflows as order books shrink and
operating margins decline, as well as delayed collection terms due
to customers being under pressure.

Fitch affirmed OHL's ratings in November 2009 following the
EUR199.5m share issue, which was used to repay recourse debt at
the parent company level.  This improved (at a de-consolidated
level) net debt/EBITDAR (adjusted for seasonality, non-recourse
debt and ring-fenced concession cash flows) to 2.6x from 3.2x at
H109.

The FY09 results confirmed both the growth of the international
construction business (revenues increased by 28%) and the
difficult Spanish construction market (revenues down 10.2%).
Recourse EBITDA rose only slightly to EUR291m (versus EUR267.7m at
end-FY08).  These trends were confirmed at end-H110 with recourse
EBITDA of EUR95.6m, down 10.5% on the same period last year.
Domestic construction now accounts for only 7% of group EBITDA.


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


TCI BANK: To Be Liquidated
--------------------------
Caribbean News Now reports that the TCI Bank in the Turks and
Caicos has now moved from provisional liquidation to full
liquidation.  The report relates that this was the decision of
Justice Richard Williams at a hearing in the Supreme Court at
Providenciales (Provo).

According to the report, lawyers from several law firms
represented the various interests.  The report relates that the
major depositor, the TCI National Insurance Board, which has
TT$22.5 million in deposits and corporate stock at stake, was
represented by attorney Arial Misick.

The two provisional liquidators from a Bahamian law firm, Anthony
Kiki Varakis and Mark Munnings, were represented by attorney
Clayton Greene.  The court decided they will continue to act as
the liquidators, the report relates.

The report adds Norman Saunders Jr. represented the stockholders
of the corporation.  Creditors, including depositors, were
represented by Martin Green, while Wendell Swan represented other
interested parties.  Kevin Higgins, managing director of the FSC,
which regulates banks in the TCFI, was represented by Jonathan
Katin.

The report discloses that Guy Chapman represented the group known
as ECIC, which is a consortium of Eastern Caribbean banks, which
has been interested in salvaging the TCI Bank.  The Eastern
Caribbean group has deposits and shares in the TCI Bank reportedly
exceeding TT$10 million, Caribbean News Now notes.  Philip W.
Springer from Barbados appeared to be the lead investor of the
Eastern Caribbean group.

It is believed that the depositors' interests represent TT$60
million, the report relates.  Of this TT$60 million, only the NIB
has first rights for payback of TT$5.5 million of their TT$22.5
million stake, the report adds.

As reported on in the Troubled Company Reporter-Latin America on
June 2, 2010, the Financial Services Commission closed TCI Bank on
April 9 because of mounting unpaid loans and an abrupt $4 million
withdrawal of funds by three large, unidentified customers.
Court-appointed liquidators, Anthony Kikivarakis and Mark
Munnings, partners at Deloitte & Touche Bahamas, are supposed to
be evaluating the remaining assets of shareholders and depositors
and considering any buyout or investment offers that are presented
to them.

Headquartered in the Turks and Caicos Islands, the TCI Bank in
opened for business in December 2005.


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


PETROLEOS DE VENEZUELA: S&P Assigns 'B+' Rating to Senior Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating (at the same level as the corporate credit
rating on the company) to the $3 billion notes due 2017 proposed
by Petroleos de Venezuela S.A. (B+/Stable/--).  The notes benefit
from the unconditional and irrevocable guarantee of payment by
PDVSA's subsidiary, PDVSA Petroleo S.A. (not rated).  Proceeds
from the notes will be used for general corporate purposes,
including capital expenditures and social development expenses.

"The rating on the company's senior unsecured notes is based on
S&P's expectation that the ratio of priority liabilities to total
assets will remain below 15%, allowing for no structural
subordination of the notes," said Standard & Poor's credit analyst
Fabiola Ortiz.

Also, the ratings on PDVSA reflect Standard & Poor's opinion that
there is an extremely high likelihood that the government of
Bolivarian Republic of Venezuela (BB-/Stable/B) would provide
timely and sufficient support to PDVSA in the event of financial
distress.  S&P assess the stand-alone credit profile (SACP) of
PDVSA in the 'b' category.  [Correct to lowercase this, right?]

In accordance with S&P's criteria for government-related entities,
its view of an extremely high likelihood of extraordinary support
is based on S&P's assessment of PDVSA's critical role in
contributing about 50% of the government's revenues and 90% of the
country's exports, and occupying a key position in the sovereign's
meeting of political and economic objectives; and a very strong
link with the government, given the government's full and stable
ownership of the company.

During 2009, PDVSA's social expenses decreased significantly, by
about 76%, mainly on lower contributions from the Fondo de
Desarollo Nacional.  Production taxes also decreased as a result
of lower crude oil production and natural gas processed.  S&P
believes that this large swing in transfers to the FONDEN in a
low-revenue year signals ongoing government support to the
company.

                           Ratings List

                    Petroleos de Venezuela S.A.

        Corporate Credit Rating                      B+/Stable/--

                          Senior Unsecured

        Foreign Currency                             B+

                            New Rating

                          Senior Unsecured

        $3 billion notes due 2017                    B+


===============
X X X X X X X X
===============


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                   Total
                                                   Shareholders
                                    Total Assets   Equity
Company               Ticker        (US$MM)        (US$MM)
-------               ------        ------------   ------------

ARGENTINA

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


BRAZIL

ACO ALTONA            EALT3 BZ        81612029     -10647927.2
ACO ALTONA SA         EAAON BZ        81612029     -10647927.2
ACO ALTONA-PREF       EALT4 BZ        81612029     -10647927.2
ACO ALTONA-PREF       EAAPN BZ        81612029     -10647927.2
AGRENCO LTD           AGRE LX        542862484      -297848371
AGRENCO LTD-BDR       AGEN11 BZ      542862484      -297848371
ARTHUR LAN-DVD C      ARLA11 BZ       11642256     -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ       11642256     -17154461.9
ARTHUR LANGE          ARLA3 BZ        11642256     -17154461.9
ARTHUR LANGE SA       ALICON BZ       11642256     -17154461.9
ARTHUR LANGE-PRF      ARLA4 BZ        11642256     -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ       11642256     -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ        11642256     -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ       11642256     -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ        11642256     -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ        11642256     -17154461.9
BALADARE              BLDR3 BZ       159454016     -52992212.8
BOMBRIL               BOBR3 BZ       289427238      -121390489
BOMBRIL               BMBBF US       289427238      -121390489
BOMBRIL CIRIO SA      BOBRON BZ      289427238      -121390489
BOMBRIL CIRIO-PF      BOBRPN BZ      289427238      -121390489
BOMBRIL SA-ADR        BMBBY US       289427238      -121390489
BOMBRIL SA-ADR        BMBPY US       289427238      -121390489
BOMBRIL-PREF          BOBR4 BZ       289427238      -121390489
BOMBRIL-RGTS PRE      BOBR2 BZ       289427238      -121390489
BOMBRIL-RIGHTS        BOBR1 BZ       289427238      -121390489
BOTUCATU TEXTIL       STRP3 BZ        27663605     -7174512.03
BOTUCATU-PREF         STRP4 BZ        27663605     -7174512.03
CAF BRASILIA          CAFE3 BZ        20327861      -810559464
CAF BRASILIA-PRF      CAFE4 BZ        20327861      -810559464
CAFE BRASILIA SA      CSBRON BZ       20327861      -810559464
CAFE BRASILIA-PR      CSBRPN BZ       20327861      -810559464
CHIARELLI SA          CCHI3 BZ        22274027     -44537138.2
CHIARELLI SA          CCHON BZ        22274027     -44537138.2
CHIARELLI SA-PRF      CCHPN BZ        22274027     -44537138.2
CHIARELLI SA-PRF      CCHI4 BZ        22274027     -44537138.2
CIA PETROLIFERA       MRLM3B BZ      377602195     -3014291.72
CIA PETROLIFERA       1CPMON BZ      377602195     -3014291.72
CIA PETROLIFERA       MRLM3 BZ       377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ       377602195     -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ      377602195     -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ      377602195     -3014291.72
CIMOB PARTIC SA       GAFON BZ        39881387     -41560336.9
CIMOB PARTIC SA       GAFP3 BZ        39881387     -41560336.9
CIMOB PART-PREF       GAFPN BZ        39881387     -41560336.9
CIMOB PART-PREF       GAFP4 BZ        39881387     -41560336.9
CONST BETER SA        1007Q BZ        23747401     -4784798.53
CONST BETER SA        COBE3B BZ       23747401     -4784798.53
CONST BETER SA        1COBON BZ       23747401     -4784798.53
CONST BETER SA        COBEON BZ       23747401     -4784798.53
CONST BETER SA        COBE3 BZ        23747401     -4784798.53
CONST BETER-PF A      1COBAN BZ       23747401     -4784798.53
CONST BETER-PF A      COBE5 BZ        23747401     -4784798.53
CONST BETER-PF B      1COBBN BZ       23747401     -4784798.53
CONST BETER-PF B      COBE6 BZ        23747401     -4784798.53
CONST BETER-PR A      COBEAN BZ       23747401     -4784798.53
CONST BETER-PR A      1008Q BZ        23747401     -4784798.53
CONST BETER-PR B      1009Q BZ        23747401     -4784798.53
CONST BETER-PR B      COBEBN BZ       23747401     -4784798.53
D H B                 DHBI3 BZ       139112728      -464095219
D H B-PREF            DHBI4 BZ       139112728      -464095219
DHB IND E COM         DHBON BZ       139112728      -464095219
DHB IND E COM-PR      DHBPN BZ       139112728      -464095219
DOC IMBITUBA          IMBI3 BZ        93031452     -40080158.4
DOC IMBITUBA-RTC      IMBI1 BZ        93031452     -40080158.4
DOC IMBITUBA-RTP      IMBI2 BZ        93031452     -40080158.4
DOC IMBITUB-PREF      IMBI4 BZ        93031452     -40080158.4
DOCA INVESTIMENT      DOCA3 BZ       343189539       -89982750
DOCA INVESTI-PFD      DOCA4 BZ       343189539       -89982750
DOCAS IMBITUBA        IMBION BZ       93031452     -40080158.4
DOCAS IMBITUB-PR      IMBIPN BZ       93031452     -40080158.4
DOCAS SA              DOCAON BZ      343189539       -89982750
DOCAS SA-PREF         DOCAPN BZ      343189539       -89982750
DOCAS SA-RTS PRF      DOCA2 BZ       343189539       -89982750
ESTRELA SA            ESTRON BZ       76255458     -69760619.7
ESTRELA SA            ESTR3 BZ        76255458     -69760619.7
ESTRELA SA-PREF       ESTRPN BZ       76255458     -69760619.7
ESTRELA SA-PREF       ESTR4 BZ        76255458     -69760619.7
F GUIMARAES           FGUI3 BZ        11016542      -151840377
F GUIMARAES-PREF      FGUI4 BZ        11016542      -151840377
FABRICA RENAUX        FRNXON BZ       63036915       -59781833
FABRICA RENAUX        FTRX3 BZ        63036915       -59781833
FABRICA RENAUX-P      FTRX4 BZ        63036915       -59781833
FABRICA RENAUX-P      FRNXPN BZ       63036915       -59781833
FABRICA TECID-RT      FTRX1 BZ        63036915       -59781833
FER HAGA-PREF         HAGA4 BZ        18770787     -60946123.6
FERRAGENS HAGA        HAGAON BZ       18770787     -60946123.6
FERRAGENS HAGA-P      HAGAPN BZ       18770787     -60946123.6
FERREIRA GUIMARA      FGUION BZ       11016542      -151840377
FERREIRA GUIM-PR      FGUIPN BZ       11016542      -151840377
GAZOLA                GAZO3 BZ        12452143     -40298506.3
GAZOLA SA             GAZON BZ        12452143     -40298506.3
GAZOLA SA-DVD CM      GAZO11 BZ       12452143     -40298506.3
GAZOLA SA-DVD PF      GAZO12 BZ       12452143     -40298506.3
GAZOLA SA-PREF        GAZPN BZ        12452143     -40298506.3
GAZOLA-PREF           GAZO4 BZ        12452143     -40298506.3
GAZOLA-RCPT PREF      GAZO10 BZ       12452143     -40298506.3
GAZOLA-RCPTS CMN      GAZO9 BZ        12452143     -40298506.3
GRADIENTE ELETR       IGBON BZ       145256033      -273857292
GRADIENTE EL-PRA      IGBAN BZ       145256033      -273857292
GRADIENTE EL-PRB      IGBBN BZ       145256033      -273857292
GRADIENTE EL-PRC      IGBCN BZ       145256033      -273857292
GRADIENTE-PREF A      IGBR5 BZ       145256033      -273857292
GRADIENTE-PREF B      IGBR6 BZ       145256033      -273857292
GRADIENTE-PREF C      IGBR7 BZ       145256033      -273857292
HAGA                  HAGA3 BZ        18770787     -60946123.6
HERCULES              HETA3 BZ        10710103      -164239944
HERCULES SA           HERTON BZ       10710103      -164239944
HERCULES SA-PREF      HERTPN BZ       10710103      -164239944
HERCULES-PREF         HETA4 BZ        10710103      -164239944
HOTEIS OTHON SA       HOOT3 BZ       239702780     -38730311.4
HOTEIS OTHON SA       HOTHON BZ      239702780     -38730311.4
HOTEIS OTHON-PRF      HOOT4 BZ       239702780     -38730311.4
HOTEIS OTHON-PRF      HOTHPN BZ      239702780     -38730311.4
IGB ELETRONICA        IGBR3 BZ       145256033      -273857292
LAEP INVESTMENTS      LEAP LX        432349610      -161351898
LAEP-BDR              MILK11 BZ      432349610      -161351898
MINUPAR               MNPR3 BZ        60015033     -53107712.8
MINUPAR SA            MNPRON BZ       60015033     -53107712.8
MINUPAR SA-PREF       MNPRPN BZ       60015033     -53107712.8
MINUPAR-PREF          MNPR4 BZ        60015033     -53107712.8
MINUPAR-RCT           MNPR9 BZ        60015033     -53107712.8
MINUPAR-RT            MNPR1 BZ        60015033     -53107712.8
NORDON MET            NORD3 BZ        15209019     -20936822.9
NORDON METAL          NORDON BZ       15209019     -20936822.9
NORDON MET-RTS        NORD1 BZ        15209019     -20936822.9
NOVA AMERICA SA       1NOVON BZ       21287489      -183535527
NOVA AMERICA SA       NOVA3B BZ       21287489      -183535527
NOVA AMERICA SA       NOVAON BZ       21287489      -183535527
NOVA AMERICA SA       NOVA3 BZ        21287489      -183535527
NOVA AMERICA-PRF      NOVAPN BZ       21287489      -183535527
NOVA AMERICA-PRF      NOVA4 BZ        21287489      -183535527
NOVA AMERICA-PRF      1NOVPN BZ       21287489      -183535527
NOVA AMERICA-PRF      NOVA4B BZ       21287489      -183535527
PARMALAT              LCSA3 BZ       388720052      -213641144
PARMALAT BRASIL       LCSAON BZ      388720052      -213641144
PARMALAT BRAS-PF      LCSAPN BZ      388720052      -213641144
PARMALAT BR-RT C      LCSA5 BZ       388720052      -213641144
PARMALAT BR-RT P      LCSA6 BZ       388720052      -213641144
PARMALAT-PREF         LCSA4 BZ       388720052      -213641144
PET MANG-RECEIPT      RPMG9 BZ       128717705      -153478601
PET MANG-RECEIPT      RPMG10 BZ      128717705      -153478601
PET MANG-RIGHTS       3678569Q BZ    128717705      -153478601
PET MANG-RIGHTS       3678565Q BZ    128717705      -153478601
PET MANG-RT           RPMG2 BZ       128717705      -153478601
PET MANG-RT           4115360Q BZ    128717705      -153478601
PET MANG-RT           4115364Q BZ    128717705      -153478601
PET MANG-RT           RPMG1 BZ       128717705      -153478601
PET MANGUINH-PRF      RPMG4 BZ       128717705      -153478601
PETRO MANGUINHOS      RPMG3 BZ       128717705      -153478601
PETRO MANGUINHOS      MANGON BZ      128717705      -153478601
PETRO MANGUIN-PF      MANGPN BZ      128717705      -153478601
PROMAN                PRMN3B BZ       13088926     -87154.5455
PROMAN                PRMN3 BZ        13088926     -87154.5455
RENAUXVIEW SA         TXRX3 BZ        63668805     -94477605.8
RENAUXVIEW SA-PF      TXRX4 BZ        63668805     -94477605.8
RIMET                 REEM3 BZ        98343507      -133499964
RIMET                 REEMON BZ       98343507      -133499964
RIMET-PREF            REEM4 BZ        98343507      -133499964
RIMET-PREF            REEMPN BZ       98343507      -133499964
RIOSULENSE SA         RSULON BZ       68368524     -9647727.04
RIOSULENSE SA         RSUL3 BZ        68368524     -9647727.04
RIOSULENSE SA-PR      RSULPN BZ       68368524     -9647727.04
RIOSULENSE SA-PR      RSUL4 BZ        68368524     -9647727.04
SANESALTO             SNST3 BZ        31044051     -1843297.83
SANSUY                SNSY3 BZ       147187163     -86606310.8
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 A         SNSY5 BZ       147187163     -86606310.8
SANSUY-PREF B         SNSY6 BZ       147187163     -86606310.8
SAUIPE                PSEG3 BZ        11690510     -5076538.04
SAUIPE SA             PSEGON BZ       11690510     -5076538.04
SAUIPE SA-PREF        PSEGPN BZ       11690510     -5076538.04
SAUIPE-PREF           PSEG4 BZ        11690510     -5076538.04
SCHLOSSER             SCLO3 BZ        11513499     -58660176.3
SCHLOSSER SA          SCHON BZ        11513499     -58660176.3
SCHLOSSER SA-PRF      SCHPN BZ        11513499     -58660176.3
SCHLOSSER-PREF        SCLO4 BZ        11513499     -58660176.3
STAROUP SA            STARON BZ       27663605     -7174512.03
STAROUP SA-PREF       STARPN BZ       27663605     -7174512.03
STEEL - RCT ORD       STLB9 BZ        22548846      -4346785.7
STEEL - RT            STLB1 BZ        22548846      -4346785.7
STEEL DO BRASIL       STLB3 BZ        22548846      -4346785.7
TECEL S JOSE          FTSJON BZ       17924946     -18569451.2
TECEL S JOSE          SJOS3 BZ        17924946     -18569451.2
TECEL S JOSE-PRF      SJOS4 BZ        17924946     -18569451.2
TECEL S JOSE-PRF      FTSJPN BZ       17924946     -18569451.2
TEKA                  TKTQF US       229977754      -351007551
TEKA                  TEKAON BZ      229977754      -351007551
TEKA                  TEKA3 BZ       229977754      -351007551
TEKA-ADR              TEKAY US       229977754      -351007551
TEKA-ADR              TKTQY US       229977754      -351007551
TEKA-ADR              TKTPY US       229977754      -351007551
TEKA-PREF             TEKAPN BZ      229977754      -351007551
TEKA-PREF             TEKA4 BZ       229977754      -351007551
TEKA-PREF             TKTPF US       229977754      -351007551
TELEBRAS SA           TBASF US       244716404     -14836627.7
TELEBRAS SA           TELB3 BZ       244716404     -14836627.7
TELEBRAS SA           TLBRON BZ      244716404     -14836627.7
TELEBRAS SA-PREF      TELB4 BZ       244716404     -14836627.7
TELEBRAS SA-PREF      TLBRPN BZ      244716404     -14836627.7
TELEBRAS SA-RT        TELB9 BZ       244716404     -14836627.7
TELEBRAS/W-I-ADR      TBH-W US       244716404     -14836627.7
TELEBRAS-ADR          RTB US         244716404     -14836627.7
TELEBRAS-ADR          TBX GR         244716404     -14836627.7
TELEBRAS-ADR          TBASY US       244716404     -14836627.7
TELEBRAS-ADR          TBAPY US       244716404     -14836627.7
TELEBRAS-ADR          TBH US         244716404     -14836627.7
TELEBRAS-ADR          TBRAY GR       244716404     -14836627.7
TELEBRAS-BLOCK        TELB30 BZ      244716404     -14836627.7
TELEBRAS-CED C/E      RCT4C AR       244716404     -14836627.7
TELEBRAS-CED C/E      TEL4C AR       244716404     -14836627.7
TELEBRAS-CEDE BL      RCT4B AR       244716404     -14836627.7
TELEBRAS-CEDE PF      RCTB4 AR       244716404     -14836627.7
TELEBRAS-CEDE PF      TELB4 AR       244716404     -14836627.7
TELEBRAS-CEDEA $      TEL4D AR       244716404     -14836627.7
TELEBRAS-CEDEA $      RCT4D AR       244716404     -14836627.7
TELEBRAS-CM RCPT      RCTB32 BZ      244716404     -14836627.7
TELEBRAS-CM RCPT      TELE31 BZ      244716404     -14836627.7
TELEBRAS-CM RCPT      TBRTF US       244716404     -14836627.7
TELEBRAS-CM RCPT      RCTB30 BZ      244716404     -14836627.7
TELEBRAS-CM RCPT      RCTB31 BZ      244716404     -14836627.7
TELEBRAS-COM RT       TELB1 BZ       244716404     -14836627.7
TELEBRAS-PF BLCK      TELB40 BZ      244716404     -14836627.7
TELEBRAS-PF RCPT      RCTB40 BZ      244716404     -14836627.7
TELEBRAS-PF RCPT      RCTB42 BZ      244716404     -14836627.7
TELEBRAS-PF RCPT      TELE41 BZ      244716404     -14836627.7
TELEBRAS-PF RCPT      TBAPF US       244716404     -14836627.7
TELEBRAS-PF RCPT      RCTB41 BZ      244716404     -14836627.7
TELEBRAS-PF RCPT      CBRZF US       244716404     -14836627.7
TELEBRAS-PF RCPT      TLBRUP BZ      244716404     -14836627.7
TELEBRAS-RCT          RCTB33 BZ      244716404     -14836627.7
TELEBRAS-RCT PRF      TELB10 BZ      244716404     -14836627.7
TELEBRAS-RECEIPT      TLBRUO BZ      244716404     -14836627.7
TELEBRAS-RTS CMN      TCLP1 BZ       244716404     -14836627.7
TELEBRAS-RTS CMN      RCTB1 BZ       244716404     -14836627.7
TELEBRAS-RTS PRF      RCTB2 BZ       244716404     -14836627.7
TELEBRAS-RTS PRF      TLCP2 BZ       244716404     -14836627.7
TELECOMUNICA-ADR      81370Z BZ      244716404     -14836627.7
TEXTEIS RENA-RCT      TXRX10 BZ       63668805     -94477605.8
TEXTEIS RENA-RCT      TXRX9 BZ        63668805     -94477605.8
TEXTEIS RENAU-RT      TXRX1 BZ        63668805     -94477605.8
TEXTEIS RENAU-RT      TXRX2 BZ        63668805     -94477605.8
TEXTEIS RENAUX        RENXON BZ       63668805     -94477605.8
TEXTEIS RENAUX        RENXPN BZ       63668805     -94477605.8
UNI CIDADE            UNCI3 BZ        15460621     -5200646.59
VARIG PART EM SE      VPSC3 BZ        96617351      -460274609
VARIG PART EM TR      VPTA3 BZ        49432124      -399290426
VARIG PART EM-PR      VPSC4 BZ        96617351      -460274609
VARIG PART EM-PR      VPTA4 BZ        49432124      -399290426
VARIG SA              VAGV3 BZ       966298026     -4695211316
VARIG SA              VARGON BZ      966298026     -4695211316
VARIG SA-PREF         VARGPN BZ      966298026     -4695211316
VARIG SA-PREF         VAGV4 BZ       966298026     -4695211316
WETZEL SA             MWELON BZ       87767331     -7143891.36
WETZEL SA             MWET3 BZ        87767331     -7143891.36
WETZEL SA-PREF        MWELPN BZ       87767331     -7143891.36
WETZEL SA-PREF        MWET4 BZ        87767331     -7143891.36
WIEST                 WISA3 BZ        39838114     -93371563.1
WIEST SA              WISAON BZ       39838114     -93371563.1
WIEST SA-PREF         WISAPN BZ       39838114     -93371563.1
WIEST-PREF            WISA4 BZ        39838114     -93371563.1


CHILE

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


                            ***********

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. Agravante, 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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