TCRLA_Public/101109.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 9, 2010, Vol. 11, No. 221

                            Headlines



A R G E N T I N A

CENTRAL DE NEGOCIOS: Creditors' Proofs of Debt Due December 28
EDENOR SA: Exchange Offer Pushes Back Debt Maturity to 2022
MANASO SRL: Creditors' Proofs of Debt Due December 2
NOVEX SA: Creditors' Proofs of Debt Due February 4
NTW CONSULTING: Creditors' Proofs of Debt Due December 15

PARAMIRO SA: Creditors' Proofs of Debt Due December 14
SERSILIVAN SRL: Creditors' Proofs of Debt Due December 13
VANSAL SA: Creditors' Proofs of Debt Due December 15


B E R M U D A

EMIRATES SWAN: Creditors' Proofs of Debt Due November 18
EMIRATES SWAN: Members' Final Meeting Set for December 13
ENERGY XXI: Closes Concurrent Public Offerings of Common Stock
VENTURES HF: Creditors' Proofs of Debt Due November 10
VENTURES HF: Members' Final Meeting Set for December 2


B R A Z I L

AMERICA LATINA: Fitch Affirms 'BB-' Issuer Default Ratings


C A Y M A N  I S L A N D S

CONSTELLATION I: Shareholder to Receive Wind-Up Report on Nov. 25
DEL MAR: Shareholders' Final Meeting Set for November 26
DEL MAR: Shareholders' Final Meeting Set for November 26
FITX GROUP: Shareholders' Final Meeting Set for November 29
GENESIS VENTURES: Shareholders' Final Meeting Set for November 24

GRIFFIN INTERNATIONAL: Shareholders' Final Meeting Set for Nov. 26
K2 CORP: S&P Downgrades Ratings on Capital Notes to 'D'
KENMAR FX: Shareholders' Final Meeting Set for November 26
LARMAL INVESTMENTS: Shareholders' Final Meeting Set for Nov. 24
LIGHTCAST TECHNOLOGIES: Members' Final Meeting Set for November 16

LOTUS FLOWER: Shareholder to Receive Wind-Up Report on Nov. 25
MARKMAN CAPITAL: Shareholder to Receive Wind-Up Report on Nov. 16
MMT ENERGY: Shareholders' Final Meeting Set for November 30
MMT ENERGY: Shareholders' Final Meeting Set for November 30
ORTUS: Shareholder to Receive Wind-Up Report on November 16

PASA FUNDING: Shareholder to Receive Wind-Up Report on Nov. 30
RAM 7 LEASING: Members' Final Meeting Set for November 26
RWC DISTRESSED: Shareholders' Final Meeting Set for November 16
SAPPORO MAISON: Shareholders' Final Meeting Set for November 26
TITAN HOLDINGS: Shareholders' Final Meeting Set for November 24

VESUVIUS HOLDINGS: Shareholders' Final Meeting Set for November 24


C H I L E

COMPANIA MINERA: Miners Demand Money Owed


J A M A I C A

AIR JAMAICA: Caribbean Air Closing Deal to Take Over Routes
NATIONAL COMMERCIAL BANK: Bank Segment Earnings Drop by JM$911MM


M E X I C O

DOCUFORMAS SAPI: S&P Assigns 'B+' Counterparty Credit Rating
METROFINANCIERA SAPI: S&P Lifts Counterparty Credit Ratings to CCC


V E N E Z U E L A

SIDERURGICA DEL TURBIO: S&P Puts Ratings on CreditWatch Developing


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


CENTRAL DE NEGOCIOS: Creditors' Proofs of Debt Due December 28
--------------------------------------------------------------
The court-appointed trustee for Central de Negocios S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until December 28, 2010.

The trustee will present the validated claims in court as
individual reports on March 14, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 28, 2011.


EDENOR SA: Exchange Offer Pushes Back Debt Maturity to 2022
-----------------------------------------------------------
Edenor S.A. disclosed the final results of its offer to exchange
any and all of its outstanding 10.5% Senior Notes due 2017 for its
9.75% Senior Notes due 2022 plus cash and its offer to purchase
any and all of its outstanding 10.5% Senior Notes due 2017 for
cash.

As of 5:00 p.m., New York City time, on November 1, 2010,
US$90,301,000 in aggregate principal amount of the Existing Notes,
representing approximately 60.7% of the outstanding Existing
Notes, excluding the US$65.3 million of Existing Notes that the
Company held as of the launch of the Offers and cancelled on
October 18, 2010, had been validly tendered in the Exchange Offer
and US$33,593,000 in aggregate principal amount of the Existing
Notes, representing approximately 22.6% of the outstanding
Existing Notes, excluding the US$65.3 million of existing Notes
that the Company held as of the launch of the Offers and cancelled
on October 18, 2010, had been validly tendered (and not validly
withdrawn) in the Offer to Purchase.  The total aggregate
principal amount of the Existing Notes tendered and exchanged (and
not validly withdrawn) in the Offers as of the Expiration Time,
was U.S. $123,894,000, representing approximately 83.3% of the
outstanding Existing Notes, excluding the U.S. $65.3 million of
Existing Notes that the Company held as of the launch of the
Offers and cancelled on October 18, 2010.

                           About Edenor

Based in Buenos Aires, Argentina, Empresa Distribuidora y
Comercializadora Norte S.A. aka Edenor is the largest electricity
distribution company in Argentina in terms of number of customers
and volume of energy sold.  The company commenced operations in
1992, as a result of the privatization of the previously state-
owned SEGBA.  At that time, it was granted a 95-year concession to
distribute electricity on an exclusive basis in its concession
area, the greater Buenos Aires metropolitan area and northern
portion of the City of Buenos Aires.  Edenor is 51% owned by
Electricidad Argentina S.A., an Argentine holding company which is
100% owned by Pampa Holding S.A., another Argentine holding
company with investments in power generation, transmission, and
distribution in Argentina.  EASA, which is controlled by Dolphin
Energia S.A., is Edenor's holding company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services affirmed Empresa
Distribuidora Y Comercializadora Norte S.A.'s "B-/Stable/--"
Foreign Currency rating and revised outlook on the company's Local
Currency rating to "B-/Stable/--" from "B/Watch Neg/--".


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

The trustee will present the validated claims in court as
individual reports on February 18, 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 4, 2011.


NOVEX SA: Creditors' Proofs of Debt Due February 4
--------------------------------------------------
The court-appointed trustee for Novex S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 4, 2011.

The trustee will present the validated claims in court as
individual reports on March 18, 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 29, 2011.


NTW CONSULTING: Creditors' Proofs of Debt Due December 15
---------------------------------------------------------
The court-appointed trustee for NTW Consulting Group S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until December 15, 2010.

The trustee will present the validated claims in court as
individual reports on February 28, 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 12, 2011.


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

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 12, 2011.


SERSILIVAN SRL: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------
The court-appointed trustee for Sersilivan S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 13, 2010.

The trustee will present the validated claims in court as
individual reports on February 24, 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 8, 2011.


VANSAL SA: Creditors' Proofs of Debt Due December 15
----------------------------------------------------
The creditors of Vansal S.A. are required to file their proofs of
debt by December 15, 2010, to be included in the company's
dividend distribution.


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B E R M U D A
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EMIRATES SWAN: Creditors' Proofs of Debt Due November 18
--------------------------------------------------------
The creditors of Emirates Swan Limited are required to file their
proofs of debt by November 18, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


EMIRATES SWAN: Members' Final Meeting Set for December 13
---------------------------------------------------------
The members of Emirates Swan Limited will hold their final general
meeting on December 13, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 26, 2010.

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


ENERGY XXI: Closes Concurrent Public Offerings of Common Stock
--------------------------------------------------------------
Energy XXI (Bermuda) disclosed the closing of its concurrent
public offerings of common stock and convertible perpetual
preferred stock.

The company sold a total of 13.8 million shares of its common
stock at US$20.75 per share and 1.15 million shares of 5.625%
convertible perpetual preferred stock at US$250 per share,
including over-allotment options, generating US$573.9m of gross
proceeds.

The company had initially targeted gross proceeds of US$400
million, but upsized the offering based on investor demand.

Net proceeds from these offerings totaled US$555.9 million.

The company intends to use US$132.2 million to redeem US$119.7
million aggregate principal amount of its 16% second lien junior
secured notes due 2014 and US$91.5 million of the net proceeds to
repay amounts outstanding under its wholly owned subsidiary's
revolving credit facility.

The remainder of the net proceeds will be used for general
corporate purposes, which may include purchases of the 16% second
lien junior secured notes due 2014 in the open market, repayment
of other outstanding debt, accelerating development of existing
reserves or acquisitions.

                About Energy XXI (Bermuda) Limited

Founded in 2005, Energy XXI (Bermuda) Limited (LSE:EGY) --
http://www.energyxxi.com/-- is an independent oil and natural gas
exploration and production company whose growth strategy
emphasizes acquisitions, enhanced by its value-added organic
drilling program.  The company's properties are primarily located
in the U.S. Gulf of Mexico waters and the Gulf Coast onshore.

                           *     *     *

As reported in the Troubled Company Reporter on November 4, 2010,
Standard & Poor's Ratings Services raised its corporate credit
rating on exploration and production company Energy XXI (Bermuda)
Ltd. to 'B' from 'B-'.The outlook is stable.  In addition, S&P
raised the ratings of the second lien and senior unsecured debt by
one notch to 'BB-' and 'B+', respectively.  The respective
recovery ratings are unchanged.


VENTURES HF: Creditors' Proofs of Debt Due November 10
------------------------------------------------------
The creditors of Ventures HF Holdings Ltd. are required to file
their proofs of debt by November 10, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


VENTURES HF: Members' Final Meeting Set for December 2
------------------------------------------------------
The members of Ventures HF Holdings Ltd. will hold their final
general meeting on December 2, 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 21, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


AMERICA LATINA: Fitch Affirms 'BB-' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of America
Latina Logistica S.A. at 'BB-' and its subsidiaries' National
Scale Ratings at 'A-(bra)' with a Stable Outlook.  Fitch has also
assigned 'A-(bra)' National Scale Ratings to ALL-America Latina
Logistica Malha Sul S.A., ALL-America Latina Logistica Malha Norte
S.A. and ALL-America Latina Logistica Malha Paulista.  Fitch has
assigned ALL subsidiary ratings following the Fitch 'Parent and
Subsidiary Rating Linkage' criteria published in July 14, 2010.
Although the subsidiaries are standalone companies, Fitch's
ratings reflect the strong credit and business relationship among
ALL and its subsidiaries.  This relationship relies on the
majority ownership of ALL; the total influence of the parent in
the managemetnt of its subsidiaries; the strong financial
integration between the companies; and the strategic importance of
the subsidiaries for ALL.  A full list of related rating actions
is shown below.

The ratings reflect ALL's strong business profile and competitive
position as the sole railroad transportation operator in the South
and Mid-West Regions of Brazil, which are markets with significant
growth potential.  The ratings also reflect the company's ability
to generate high and low volatile EBITDA margins under challenging
economic scenario; its leveraged credit profile; and the
aggressive CAPEX program oriented to increase capacity and improve
ALL's operational efficiency.  Structural subordination risks due
to ALL's status as a holding company are mitigated by the
unrestricted cash distribution policy of its operating
subsidiaries, and the fact that the holding company's main debts
are guaranteed by the Brazilian operating companies.

Resilient Business Model Support the Ratings:

ALL's business model has demonstrated resilience to recent adverse
economic conditions, as seen by the increasing volumes transported
by the company during 2008, 2009 and in the first six months of
2010.  During the LTM ended June 30, 2010 ALL transported a total
of 39.7 million tons per useful kilometer as compared to 38.9
million and 38.2 million RTK in 2009 and 2008, respectively.  As a
result, ALL has strengthened its competitive position as the sole
railroad transportation provider in the South and Mid-West Regions
of Brazil and has taken advantage of the existing growth
opportunities.  For the LTM ended June 30, 2010, about 98% of
consolidated EBITDA was generated by the Brazilian activities,
mainly through the transportation of agricultural commodities
(70%) and industrial products (28%).  ALL's operations in
Argentina represent just 5% of consolidated revenues and 1% of
consolidated EBITDA, and continue to exhibit weak performance.
However, this division has demonstrated a slight recovery in the
first half 2010.

Strong Liquidity Position and Well Scheduled Debt Payments Provide
Financial Flexibility:

ALL has a strong liquidity position, supported by approximately
BRL2.1 billion cash and marketable securities as of June 30, 2010.
This large cash position provides the company with the financial
flexibility to support its ambitious expansion plans.  For the
same period, ALL's exposure to refinancing risk was low, as
reflected by its cash to short-term debt ratio of 2.9 times and
short-term debt maturities of just BRL742 million.  ALL's adjusted
total debt for the period was BRL7.1 billion, adjusted for lease
and concession obligations, which compares with BRL6.9 billion in
2008.

The company also benefits from a manageable debt amortization
schedule.  ALL's debt amortization schedule peaks in 2013 and 2014
at a total of BRL1.8 billion during these two years.  Debt
maturing up to 2012 equals BRL1.6 billion and is comfortably
covered by the company's current cash position.  The company's
indebtedness is principally comprised of BRL2.3 billion with lease
and concession obligations; BRL1.7 billion of debentures; and
BRL1.7 billion of loans with Banco Nacional de Desenvolvimento
Economico e Social, which are of a long-term nature.

Cash Flow Should Remain Under Pressure by Interest Expenses and
High Investment Activity:

ALL's strong EBITDAR generation during the past four years has not
translated into strong cash flows.  During the LTM to June 30,
2010, the company's Funds From Operation were pressured by the
onerous interest expenses as a result of the company's
historically high debt balance.  ALL's FFO was BRL407.4 million,
impacted by BRL649.4 million of interest expenses.  During the
same period, the company repaid a portion of its supplier
liabilities dating from 2007 and 2008.  These liabilities arose as
a result of the acquisition of wagons and locomotives, which
generated working capital requirements of BRL476 million.
Consequently, this affected the company's Cash Flow from
Operations generation significantly: for the LTM ended June 30,
2010, ALL generated negative CFFO of BRL59 million.

As a result of the company's weak operating cash flow generation
and the significant volume of investments, ALL's Free Cash Flow
has also been negative since 2008.  FCF generation is expected to
remain negative due to the company's aggressive capex plan up to
2012.  During the LTM to June 30, 2010, ALL's capex figure was
BRL880 million, resulting in negative FCF of BRL947 million.  The
company's investments planned for the next three years add up to
approximately BRL2.3 billion and are expected to be financed by
debt issuance with tenor profiles matching the maturity cycles of
its investments along with its cash on hand.  Fitch expects the
company's FCF to remain negative up to 2011, turning positive in
2012, while additional cash generation is likely to come from the
maturing investments.

High Leverage Due To Growth Plan:

For the LTM ended June 30, ALL's consolidated Net Adjusted
Debt/EBITDAR ratio as calculated by Fitch remains high at 3.7x.
Fitch expects this ratio to temporarily peak at around 4.0x by the
end of 2010 as a result of the company's agressive capex plan, and
to reduce to around 3.0x by the end of 2012.  Supporting this net
debt ratio reduction is the company's expected additional EBITDA
generation from 2011 onwards, supported by the expanded capacity
provided by investments from Rumo.  Rumo is a subsidiary of the
Cosan Group and is a client of ALL in the transportation of sugar
from Sao Paulo to Santos Port.  By 2012, the new line from Alto-
Araguaia to Rondonopolis will also be fully operational, further
improving EBITDA.

Key Rating Drivers:

The ratings may be upgraded as a result of an improvement in the
company's credit profile with a focus on an ongoing reduction in
leverage ratios, along with consistently positions of strong
liquidity.

The ratings could be downgraded if there is deterioration in the
company's operational performance combined with higher leverage
levels or declining liquidity.  Ratings could also be affected if
ALL makes acquisitions and/or investments that are not considered
core to operations by Fitch, or if the company distributes an
unexpected amount of dividends, significantly impacting its
liquidity.

Fitch has affirmed these ratings:

ALL

  -- Long-Term Foreign and Local Currency Issuer Default Ratings (
     IDRs) at 'BB-' (BB minus);

  -- Long-Term National Rating at 'A-(bra)' (A minus (bra));

  -- Long-Term National Rating of the 5th Debenture Issue at 'A-
      (bra)' (A minus (bra));

  -- Long-Term National Rating of the 6th Debenture Issue at 'A-
      (bra)' (A minus (bra)).

ALL Malha Sul

  -- Long-Term National Rating of the 3rd Debenture Issue at 'A-
      (bra)' (A minus (bra)).

ALL Malha Norte

  -- Long-Term National Rating of the 6th Debenture Issue at 'A-
      (bra) (A minus (bra)).

ALL Malha Paulista

  -- Long-Term National Rating of the 1st Debenture Issue at 'A-
     (bra) (A minus (bra)).

The Rating Outlook for the corporate ratings is Stable.

Fitch also has assigned these:

ALL Malha Sul
ALL Malha Norte
ALL Malha Paulista

  -- Long Term National Scale Rating of 'A-(bra)' (A minus (bra)).

The Rating Outlook is Stable.


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


CONSTELLATION I: Shareholder to Receive Wind-Up Report on Nov. 25
-----------------------------------------------------------------
The shareholder of Constellation I Ltd. will receive on
November 25, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Michelle Richie
         Telephone: (345) 8151755
         Facsimile: (345) 949 9876


DEL MAR: Shareholders' Final Meeting Set for November 26
--------------------------------------------------------
The shareholders of Del Mar Distressed Opportunities Master Fund
Ltd. will hold their final meeting on November 26, 2010, at
11:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


DEL MAR: Shareholders' Final Meeting Set for November 26
--------------------------------------------------------
The shareholders of Del Mar Distressed Opportunities Offshore Fund
Ltd. will hold their final meeting on November 26, 2010, at
11:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


FITX GROUP: Shareholders' Final Meeting Set for November 29
-----------------------------------------------------------
The shareholders of FITX Group Limited will hold their final
meeting on November 29, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


GENESIS VENTURES: Shareholders' Final Meeting Set for November 24
-----------------------------------------------------------------
The shareholders of Genesis Ventures Limited will hold their final
meeting on November 24, 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:

         Susan G. Raesmith
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102
         Caymans Islands


GRIFFIN INTERNATIONAL: Shareholders' Final Meeting Set for Nov. 26
------------------------------------------------------------------
The shareholders of Griffin International Umbrella Fund will hold
their final meeting on November 26, 2010, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


K2 CORP: S&P Downgrades Ratings on Capital Notes to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
credit rating on K2 Corp.'s capital notes.  K2 Corp. was a
structured investment vehicle.

The rating action follows receipt of notification that on Aug.
18, 2010 the Grand Court of the Cayman Islands ordered K2 Corp. to
be dissolved with immediate effect.  This followed an April 2010
order by the Grand Court to wind up K2 Corp. and appoint
liquidators.

In October 2009, at K2 Corp.'s request, S&P withdrew its issuer
credit rating on K2 Corp. and its ratings on its senior debt.  S&P
understand that, at around that time, K2 Corp.'s assets were sold
to repay its senior debt.  At the time, S&P withdrew K2 Corp.'s
issuer credit and senior debt ratings, and lowered the rating on
K2 Corp.'s capital notes to 'CC'.

S&P understand that K2 Corp. has no assets remaining in order to
make payments to the capital notes.  Accordingly, S&P has lowered
the rating to 'D'.


KENMAR FX: Shareholders' Final Meeting Set for November 26
----------------------------------------------------------
The shareholders of Kenmar FX Master Fund Limited will hold their
final meeting on November 26, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LARMAL INVESTMENTS: Shareholders' Final Meeting Set for Nov. 24
---------------------------------------------------------------
The shareholders of Larmal Investments Corporation Limited will
hold their final meeting on November 24, 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:

         Susan G. Raesmith
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102
         Caymans Islands


LIGHTCAST TECHNOLOGIES: Members' Final Meeting Set for November 16
------------------------------------------------------------------
The members of Lightcast Technologies Ltd. will hold their final
meeting on November 16, 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:

         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


LOTUS FLOWER: Shareholder to Receive Wind-Up Report on Nov. 25
--------------------------------------------------------------
The shareholder of Lotus Flower Limited will receive on
November 25, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


MARKMAN CAPITAL: Shareholder to Receive Wind-Up Report on Nov. 16
-----------------------------------------------------------------
The shareholder of Markman Capital Investments will receive on
November 16, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Baldwin L. Rigby
         Telephone: (242) 502-5700
         Facsimile: (242) 326-0991
         P.O. Box N-3016
         Scotia House 404 East Bay Street
         Nassau
         Bahamas


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

The company's liquidator is:

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


MMT ENERGY: Shareholders' Final Meeting Set for November 30
-----------------------------------------------------------
The shareholders of MMT Energy Feeder Fund SPC will hold their
final meeting on November 30, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ORTUS: Shareholder to Receive Wind-Up Report on November 16
-----------------------------------------------------------
The shareholder of Ortus Multi-Strategy Fund (Cayman) Limited will
receive on November 16, 2010, at 8:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877


PASA FUNDING: Shareholder to Receive Wind-Up Report on Nov. 30
--------------------------------------------------------------
The shareholder of Pasa Funding 2007, Ltd. will receive on
November 30, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         Cayman Islands


RAM 7 LEASING: Members' Final Meeting Set for November 26
---------------------------------------------------------
The members of RAM 7 Leasing Ltd. will hold their final meeting on
November 26, 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:

         Hassan Hihi
         Royal Air Maroc Aeroport Casa-Anfa
         Casablanca
         Morocco


RWC DISTRESSED: Shareholders' Final Meeting Set for November 16
---------------------------------------------------------------
The shareholders of RWC Distressed Convertibles Fund Inc. will
hold their final meeting on November 16, 2010, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAPPORO MAISON: Shareholders' Final Meeting Set for November 26
---------------------------------------------------------------
The shareholders of Sapporo Maison Holdings Inc will hold their
final meeting on November 26, 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:

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


TITAN HOLDINGS: Shareholders' Final Meeting Set for November 24
---------------------------------------------------------------
The shareholders of Titan Holdings Limited will hold their final
meeting on November 24, 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:

         Susan G. Raesmith
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102
         Caymans Islands


VESUVIUS HOLDINGS: Shareholders' Final Meeting Set for November 24
------------------------------------------------------------------
The shareholders of Vesuvius Holdings Limited will hold their
final meeting on November 24, 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:

         Susan G. Raesmith
         The Crighton Building
         Suite 201 256 Crewe Road
         P.O. Box 1166 Grand Cayman KY1-1102
         Caymans Islands


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


COMPANIA MINERA: Miners Demand Money Owed
-----------------------------------------
Compania Minera San Esteban Primera miners from the San Jose mine
grouped together to demand money owed, Barcelona News reports.

According to the report, the workers in Copiapo northern Chile
have been waiting since their mine collapsed, trapping the 33
miners who were rescued last month after 70 days trapped
underground.  The report relates San Esteban Primera has filed for
bankruptcy and has not paid the workers their salaries since the
collapse.

The workers, the report notes, are also waiting for severance pay
that is part of their entitlement.

Barcelona News discloses that the government promised to help the
employees find new work, but still hundreds of workers remain
unemployed.

The employees have also been unable to break their current
contracts, which are still binding while San Esteban Primera is
still in operation, the report adds.

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


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


AIR JAMAICA: Caribbean Air Closing Deal to Take Over Routes
-----------------------------------------------------------
The final closing of the deal in which Trinidad national carrier,
Caribbean Airlines Limited, will acquire and operate six Air
Jamaica Limited aircraft and eight of its routes will take place
in the next few days, RadioJamaica reports, citing Captain Ian
Brunton, Chief Executive Officer of CAL.

According to the report, Captain Brunton said that the company is
in the final phase of acquiring the airline.  The report relates
Captain Brunton said that Caribbean Airlines Limited will be
flying 15 jet airplanes and five aircraft and expects over three
million passengers this year.  However, the report notes, Captain
Brunton noted that the actual transition deal between Air Jamaica
and CAL will actually go on until May next year.

                         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%.  According to a
TCRLA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  Radio Jamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

                           *     *     *

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


NATIONAL COMMERCIAL BANK: Bank Segment Earnings Drop by JM$911MM
----------------------------------------------------------------
National Commercial Bank Jamaica Limited's earnings from its
banking segment fell by JM$911 million to JM$8.7 billion,
RadioJamaica reports.  The report relates that the decline was
primarily as a result of increased staff and operating costs.

According to the report, loans and advances, which totaled JM$86
billion were down JM$2.2 billion due to a fall off in the demand
for credit and the appreciation of the Jamaican dollar which had a
negative impact on the loan portfolio, 50% of which is in US
dollars.  The report relates and there was more worrying news
concerning NCB's bad debt portfolio.

The report says that non-performing loans totaled JM$3 billion as
at September 2010 up from JM$2.3 billion during the corresponding
period last year.

Meanwhile, RadioJamaica relates, despite a reduction in interest
rates and the challenging economic environment, the bank is
reporting an increase in profit for its 2010 financial year.  The
report relates that for the year ended September 30, the bank
earned JM$11 billion profit, JM$827 million or 8% increase over
last year's figure.

NCB's operating revenue during the 12 month period also increased
by JM$2.1 billion to JM$29.3 billion, the report says.

RadioJamaica adds that the wealth and asset management segment
contributed operating profits of JM$3.55 billion for the year
reflecting a JM$1.3 billion or 55% increase over the corresponding
period last year.

                             About NCB

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


DOCUFORMAS SAPI: S&P Assigns 'B+' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
global scale counterparty credit rating to Mexico-based Docuformas
S.A.P.I. de C.V.

The outlook is stable.

"The rating on Docuformas is supported by the company's adequate
profitability, satisfactory adjusted capitalization, and improving
asset quality," said Standard & Poor's credit analyst Jose Perez-
Gorozpe.  "However, they also reflect the weak controls in place
to manage operational risk, insufficient risk governance within
the firm, and a high concentration in the loan portfolio."

The stable outlook incorporates S&P's expectation that Docuformas
will maintain adequate profits, asset quality, and capital in line
with its risk profile.


METROFINANCIERA SAPI: S&P Lifts Counterparty Credit Ratings to CCC
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its global
and Mexican national scale counterparty credit ratings on Mexico-
based mortgage and construction lender Metrofinanciera S.A.P.I.
de C.V. SOFOM E.N.R., to 'CCC' from 'D' and to 'mxCCC/mxC' from
'mxD/mxD', respectively.  The outlooks are stable.

At the same time, S&P withdrew the national scale ratings on
Metrofinanciera's senior unsecured debt and commercial paper.
This was a consequence of the company's debt restructuring, which
resulted in these instruments being replaced with new bonds that
Standard & Poor's doesn't rate.

S&P also withdrew the 'C' rating on Metrofinanciera's $100 million
perpetual, noncumulative subordinated step-up securities, which
also were part of the debt exchange for new bonds.

"The ratings reflect Metrofinanciera's still weak business and
financial profiles, reflecting high nonperforming assets, a large
land bank investment, and negative adjusted total equity according
to S&P's own measurement," said Standard & Poor's credit analyst
Arturo S?nchez.  "These factors are somewhat offset by a low debt
burden and refinancing risk for the next few years."

The stable outlook reflects S&P's expectation that asset quality
will remain weak, alongside a large land investment, and that the
company will have negative adjusted tangible equity in the next
year.

If Metrofinanciera improves all these issues within the next six
to 12 months, S&P could raise the ratings.  However, if asset
quality does not improve, a downgrade could occur.


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


SIDERURGICA DEL TURBIO: S&P Puts Ratings on CreditWatch Developing
------------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings on
Venezuelan steelmaker Siderurgica del Turbio S.A. on CreditWatch
with developing implications.  This means S&P could raise, lower,
or affirm the ratings following completion of its review.

The CreditWatch placement follows the announcement made by the
government of the Bolivarian Republic of Venezuela (BB-/Stable/B)
on Oct. 31, 2010 that it intends to expropriate Venezuela's
largest privately owned steelmaker.

"The action reflects the uncertainties regarding the actions the
government could take, which may or not introduce additional risk
to the holders of Sidetur's $100 million senior unsecured notes
due in 2016," said Standard & Poor's credit analyst Jose
Coballasi.

Based on S&P's observations of similar events in Venezuela, S&P
believes that if the government completes the expropriation of
Sidetur, Sidetur will continue to honor its financial commitments
and that it could play a prominent role in the government's plans,
particularly the development of affordable housing.  However,
there is the possibility that its financial performance could
weaken as a result of a more aggressive production schedule that
could require important investments in working capital.  S&P will
evaluate Sidetur's nationalization process in order to assess,
under S&P's government-related entity criteria, the level of
support that Venezuela could provide to Sidetur, which could lead
to an upgrade, downgrade, or affirmation of Sidetur's ratings.

S&P will resolve the CreditWatch listing once S&P has more
information about the Venezuelan government's plans regarding
Sidetur.


===============
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-$US     IMPTD AR          535007008        -17165000
IMPSAT FIBER NET     IMPTQ US          535007008        -17165000
IMPSAT FIBER-CED     IMPT AR           535007008        -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008        -17165000
IMPSAT FIBER-C/E     IMPTC AR          535007008        -17165000
IMPSAT FIBER NET     XIMPT SM          535007008        -17165000
IMPSAT FIBER NET     330902Q GR        535007008        -17165000
AUTOPISTAS SOL       AUSO AR           364771500     -6265989.027
AUTOPISTAS SOL       APDSF US          364771500     -6265989.027
SOC COMERCIAL PL     CVVIF US          135685132     -249657809.9
COMERCIAL PLAT-$     COMED AR          135685132     -249657809.9
SOC COMERCIAL PL     SCDPF US          135685132     -249657809.9
SOC COMERCIAL PL     CAD IX            135685132     -249657809.9
SOC COMERCIAL PL     COME AR           135685132     -249657809.9
COMERCIAL PL-C/E     COMEC AR          135685132     -249657809.9
COMERCIAL PLA-BL     COMEB AR          135685132     -249657809.9
SOC COMERCIAL PL     CADN SW           135685132     -249657809.9
SOC COMERCIAL PL     CADN EO           135685132     -249657809.9
COMERCIAL PL-ADR     SCPDS LI          135685132     -249657809.9
SNIAFA SA-B          SNIA5 AR           11229696     -2670544.877
SNIAFA SA-B          SDAGF US           11229696     -2670544.877
SNIAFA SA            SNIA AR            11229696     -2670544.877


BRAZIL

VARIG SA-PREF        VARGPN BZ         966298026      -4695211316
VARIG SA-PREF        VAGV4 BZ          966298026      -4695211316
VARIG SA             VAGV3 BZ          966298026      -4695211316
VARIG SA             VARGON BZ         966298026      -4695211316
AGRENCO LTD          AGRE LX           542862484     -297848370.7
AGRENCO LTD-BDR      AGEN11 BZ         542862484     -297848370.7
LAEP-BDR             MILK11 BZ         432349610     -161351898.4
LAEP INVESTMENTS     LEAP LX           432349610     -161351898.4
PARMALAT             LCSA3 BZ          388720052     -213641143.9
PARMALAT-PREF        LCSA4 BZ          388720052     -213641143.9
PARMALAT BRASIL      LCSAON BZ         388720052     -213641143.9
PARMALAT BRAS-PF     LCSAPN BZ         388720052     -213641143.9
PARMALAT BR-RT C     LCSA5 BZ          388720052     -213641143.9
PARMALAT BR-RT P     LCSA6 BZ          388720052     -213641143.9
CIA PETROLIFERA      MRLM3B BZ         377602195     -3014291.724
CIA PETROLIF-PRF     MRLM4 BZ          377602195     -3014291.724
CIA PETROLIFERA      1CPMON BZ         377602195     -3014291.724
CIA PETROLIFERA      MRLM3 BZ          377602195     -3014291.724
CIA PETROLIF-PRF     MRLM4B BZ         377602195     -3014291.724
CIA PETROLIF-PRF     1CPMPN BZ         377602195     -3014291.724
DOCA INVESTIMENT     DOCA3 BZ          343189539        -89982750
DOCAS SA-RTS PRF     DOCA2 BZ          343189539        -89982750
DOCAS SA-PREF        DOCAPN BZ         343189539        -89982750
DOCAS SA             DOCAON BZ         343189539        -89982750
DOCA INVESTI-PFD     DOCA4 BZ          343189539        -89982750
BOMBRIL-RGTS PRE     BOBR2 BZ          289427238     -121390489.3
BOMBRIL CIRIO-PF     BOBRPN BZ         289427238     -121390489.3
BOMBRIL              BOBR3 BZ          289427238     -121390489.3
BOMBRIL-PREF         BOBR4 BZ          289427238     -121390489.3
BOMBRIL SA-ADR       BMBBY US          289427238     -121390489.3
BOMBRIL CIRIO SA     BOBRON BZ         289427238     -121390489.3
BOMBRIL SA-ADR       BMBPY US          289427238     -121390489.3
BOMBRIL-RIGHTS       BOBR1 BZ          289427238     -121390489.3
BOMBRIL              BMBBF US          289427238     -121390489.3
TELEBRAS SA          TBASF US          244716404     -14836627.73
TELEBRAS-ADR         RTB US            244716404     -14836627.73
TELEBRAS SA-RT       TELB9 BZ          244716404     -14836627.73
TELEBRAS-ADR         TBX GR            244716404     -14836627.73
TELEBRAS-CM RCPT     RCTB32 BZ         244716404     -14836627.73
TELEBRAS-RECEIPT     TLBRUO BZ         244716404     -14836627.73
TELEBRAS-CM RCPT     TELE31 BZ         244716404     -14836627.73
TELEBRAS-ADR         TBASY US          244716404     -14836627.73
TELEBRAS-PF RCPT     RCTB40 BZ         244716404     -14836627.73
TELEBRAS-CEDEA $     TEL4D AR          244716404     -14836627.73
TELEBRAS-PF RCPT     RCTB42 BZ         244716404     -14836627.73
TELEBRAS-ADR         TBAPY US          244716404     -14836627.73
TELEBRAS/W-I-ADR     TBH-W US          244716404     -14836627.73
TELEBRAS-PF RCPT     TELE41 BZ         244716404     -14836627.73
TELEBRAS-RTS CMN     TCLP1 BZ          244716404     -14836627.73
TELEBRAS-COM RT      TELB1 BZ          244716404     -14836627.73
TELEBRAS SA          TELB3 BZ          244716404     -14836627.73
TELEBRAS SA-PREF     TELB4 BZ          244716404     -14836627.73
TELEBRAS-PF RCPT     TBAPF US          244716404     -14836627.73
TELEBRAS-PF BLCK     TELB40 BZ         244716404     -14836627.73
TELEBRAS-RTS PRF     RCTB2 BZ          244716404     -14836627.73
TELEBRAS-RTS PRF     TLCP2 BZ          244716404     -14836627.73
TELEBRAS-RTS CMN     RCTB1 BZ          244716404     -14836627.73
TELEBRAS-ADR         TBH US            244716404     -14836627.73
TELEBRAS-PF RCPT     RCTB41 BZ         244716404     -14836627.73
TELEBRAS-CEDE PF     RCTB4 AR          244716404     -14836627.73
TELEBRAS-CM RCPT     TBRTF US          244716404     -14836627.73
TELEBRAS-CEDEA $     RCT4D AR          244716404     -14836627.73
TELEBRAS-CED C/E     RCT4C AR          244716404     -14836627.73
TELEBRAS-PF RCPT     CBRZF US          244716404     -14836627.73
TELECOMUNICA-ADR     81370Z BZ         244716404     -14836627.73
TELEBRAS-BLOCK       TELB30 BZ         244716404     -14836627.73
TELEBRAS-RCT         RCTB33 BZ         244716404     -14836627.73
TELEBRAS-CEDE BL     RCT4B AR          244716404     -14836627.73
TELEBRAS-ADR         TBRAY GR          244716404     -14836627.73
TELEBRAS SA-PREF     TLBRPN BZ         244716404     -14836627.73
TELEBRAS-RCT PRF     TELB10 BZ         244716404     -14836627.73
TELEBRAS-CEDE PF     TELB4 AR          244716404     -14836627.73
TELEBRAS-CED C/E     TEL4C AR          244716404     -14836627.73
TELEBRAS SA          TLBRON BZ         244716404     -14836627.73
TELEBRAS-CM RCPT     RCTB30 BZ         244716404     -14836627.73
TELEBRAS-CM RCPT     RCTB31 BZ         244716404     -14836627.73
TELEBRAS-PF RCPT     TLBRUP BZ         244716404     -14836627.73
HOTEIS OTHON SA      HOOT3 BZ          239702780     -38730311.42
HOTEIS OTHON SA      HOTHON BZ         239702780     -38730311.42
HOTEIS OTHON-PRF     HOOT4 BZ          239702780     -38730311.42
HOTEIS OTHON-PRF     HOTHPN BZ         239702780     -38730311.42
TEKA                 TKTQF US          229977754     -351007550.5
TEKA-ADR             TEKAY US          229977754     -351007550.5
TEKA                 TEKAON BZ         229977754     -351007550.5
TEKA-ADR             TKTQY US          229977754     -351007550.5
TEKA-PREF            TEKAPN BZ         229977754     -351007550.5
TEKA                 TEKA3 BZ          229977754     -351007550.5
TEKA-PREF            TEKA4 BZ          229977754     -351007550.5
TEKA-PREF            TKTPF US          229977754     -351007550.5
TEKA-ADR             TKTPY US          229977754     -351007550.5
BALADARE             BLDR3 BZ          159454016     -52992212.81
SANSUY-PREF B        SNSY6 BZ          147187163     -86606310.78
SANSUY               SNSY3 BZ          147187163     -86606310.78
SANSUY SA-PREF A     SNSYAN BZ         147187163     -86606310.78
SANSUY SA-PREF B     SNSYBN BZ         147187163     -86606310.78
SANSUY SA            SNSYON BZ         147187163     -86606310.78
SANSUY-PREF A        SNSY5 BZ          147187163     -86606310.78
GRADIENTE-PREF A     IGBR5 BZ          145256033     -273857291.8
GRADIENTE EL-PRB     IGBBN BZ          145256033     -273857291.8
GRADIENTE-PREF B     IGBR6 BZ          145256033     -273857291.8
IGB ELETRONICA       IGBR3 BZ          145256033     -273857291.8
GRADIENTE-PREF C     IGBR7 BZ          145256033     -273857291.8
GRADIENTE ELETR      IGBON BZ          145256033     -273857291.8
GRADIENTE EL-PRC     IGBCN BZ          145256033     -273857291.8
GRADIENTE EL-PRA     IGBAN BZ          145256033     -273857291.8
PET MANG-RT          RPMG2 BZ          140673541       -164925695
PET MANG-RT          4115360Q BZ       140673541       -164925695
PET MANG-RT          4115364Q BZ       140673541       -164925695
PET MANGUINH-PRF     RPMG4 BZ          140673541       -164925695
PET MANG-RT          RPMG1 BZ          140673541       -164925695
PETRO MANGUINHOS     RPMG3 BZ          140673541       -164925695
PETRO MANGUIN-PF     MANGPN BZ         140673541       -164925695
PET MANG-RIGHTS      3678569Q BZ       140673541       -164925695
PET MANG-RECEIPT     RPMG9 BZ          140673541       -164925695
PETRO MANGUINHOS     MANGON BZ         140673541       -164925695
PET MANG-RIGHTS      3678565Q BZ       140673541       -164925695
PET MANG-RECEIPT     RPMG10 BZ         140673541       -164925695
D H B                DHBI3 BZ          139112728     -464095219.3
D H B-PREF           DHBI4 BZ          139112728     -464095219.3
DHB IND E COM-PR     DHBPN BZ          139112728     -464095219.3
DHB IND E COM        DHBON BZ          139112728     -464095219.3
RIMET-PREF           REEM4 BZ           98343507     -133499963.5
RIMET-PREF           REEMPN BZ          98343507     -133499963.5
RIMET                REEM3 BZ           98343507     -133499963.5
RIMET                REEMON BZ          98343507     -133499963.5
VARIG PART EM-PR     VPSC4 BZ           96617351     -460274609.3
VARIG PART EM SE     VPSC3 BZ           96617351     -460274609.3
DOC IMBITUB-PREF     IMBI4 BZ           93031452     -40080158.43
DOC IMBITUBA-RTC     IMBI1 BZ           93031452     -40080158.43
DOCAS IMBITUBA       IMBION BZ          93031452     -40080158.43
DOCAS IMBITUB-PR     IMBIPN BZ          93031452     -40080158.43
DOC IMBITUBA         IMBI3 BZ           93031452     -40080158.43
DOC IMBITUBA-RTP     IMBI2 BZ           93031452     -40080158.43
WETZEL SA            MWELON BZ          87767331     -7143891.358
WETZEL SA-PREF       MWELPN BZ          87767331     -7143891.358
WETZEL SA            MWET3 BZ           87767331     -7143891.358
WETZEL SA-PREF       MWET4 BZ           87767331     -7143891.358
ACO ALTONA           EALT3 BZ           81612029     -10647927.21
ACO ALTONA SA        EAAON BZ           81612029     -10647927.21
ACO ALTONA-PREF      EALT4 BZ           81612029     -10647927.21
ACO ALTONA-PREF      EAAPN BZ           81612029     -10647927.21
ESTRELA SA-PREF      ESTRPN BZ          76255458     -69760619.71
ESTRELA SA           ESTRON BZ          76255458     -69760619.71
ESTRELA SA-PREF      ESTR4 BZ           76255458     -69760619.71
ESTRELA SA           ESTR3 BZ           76255458     -69760619.71
RIOSULENSE SA        RSULON BZ          68368524     -9647727.042
RIOSULENSE SA-PR     RSULPN BZ          68368524     -9647727.042
RIOSULENSE SA-PR     RSUL4 BZ           68368524     -9647727.042
RIOSULENSE SA        RSUL3 BZ           68368524     -9647727.042
RENAUXVIEW SA        TXRX3 BZ           63668805     -94477605.85
TEXTEIS RENAUX       RENXON BZ          63668805     -94477605.85
RENAUXVIEW SA-PF     TXRX4 BZ           63668805     -94477605.85
TEXTEIS RENA-RCT     TXRX10 BZ          63668805     -94477605.85
TEXTEIS RENAU-RT     TXRX1 BZ           63668805     -94477605.85
TEXTEIS RENAU-RT     TXRX2 BZ           63668805     -94477605.85
TEXTEIS RENAUX       RENXPN BZ          63668805     -94477605.85
TEXTEIS RENA-RCT     TXRX9 BZ           63668805     -94477605.85
FABRICA RENAUX-P     FTRX4 BZ           63036915     -59781833.04
FABRICA RENAUX       FRNXON BZ          63036915     -59781833.04
FABRICA TECID-RT     FTRX1 BZ           63036915     -59781833.04
FABRICA RENAUX       FTRX3 BZ           63036915     -59781833.04
FABRICA RENAUX-P     FRNXPN BZ          63036915     -59781833.04
MINUPAR SA-PREF      MNPRPN BZ          60015033     -53107712.85
MINUPAR              MNPR3 BZ           60015033     -53107712.85
MINUPAR-RT           MNPR1 BZ           60015033     -53107712.85
MINUPAR-RCT          MNPR9 BZ           60015033     -53107712.85
MINUPAR SA           MNPRON BZ          60015033     -53107712.85
MINUPAR-PREF         MNPR4 BZ           60015033     -53107712.85
VARIG PART EM TR     VPTA3 BZ           49432124     -399290425.8
VARIG PART EM-PR     VPTA4 BZ           49432124     -399290425.8
CIMOB PART-PREF      GAFPN BZ           39881387     -41560336.89
CIMOB PART-PREF      GAFP4 BZ           39881387     -41560336.89
CIMOB PARTIC SA      GAFON BZ           39881387     -41560336.89
CIMOB PARTIC SA      GAFP3 BZ           39881387     -41560336.89
WIEST SA-PREF        WISAPN BZ          39838114     -93371563.06
WIEST-PREF           WISA4 BZ           39838114     -93371563.06
WIEST SA             WISAON BZ          39838114     -93371563.06
WIEST                WISA3 BZ           39838114     -93371563.06
SANESALTO            SNST3 BZ           31044051     -1843297.832
STAROUP SA-PREF      STARPN BZ          27663605     -7174512.028
BOTUCATU TEXTIL      STRP3 BZ           27663605     -7174512.028
STAROUP SA           STARON BZ          27663605     -7174512.028
BOTUCATU-PREF        STRP4 BZ           27663605     -7174512.028
CONST BETER SA       1007Q BZ           23747401     -4784798.526
CONST BETER SA       COBE3B BZ          23747401     -4784798.526
CONST BETER-PF A     1COBAN BZ          23747401     -4784798.526
CONST BETER SA       1COBON BZ          23747401     -4784798.526
CONST BETER SA       COBEON BZ          23747401     -4784798.526
CONST BETER-PR A     COBEAN BZ          23747401     -4784798.526
CONST BETER-PF A     COBE5 BZ           23747401     -4784798.526
CONST BETER SA       COBE3 BZ           23747401     -4784798.526
CONST BETER-PR A     1008Q BZ           23747401     -4784798.526
CONST BETER-PR B     1009Q BZ           23747401     -4784798.526
CONST BETER-PF B     1COBBN BZ          23747401     -4784798.526
CONST BETER-PR B     COBEBN BZ          23747401     -4784798.526
CONST BETER-PF B     COBE6 BZ           23747401     -4784798.526
STEEL - RCT ORD      STLB9 BZ           22548846     -4346785.695
STEEL DO BRASIL      STLB3 BZ           22548846     -4346785.695
STEEL - RT           STLB1 BZ           22548846     -4346785.695
CHIARELLI SA-PRF     CCHPN BZ           22274027     -44537138.21
CHIARELLI SA         CCHI3 BZ           22274027     -44537138.21
CHIARELLI SA-PRF     CCHI4 BZ           22274027     -44537138.21
CHIARELLI SA         CCHON BZ           22274027     -44537138.21
NOVA AMERICA SA      1NOVON BZ          21287489     -183535527.2
NOVA AMERICA-PRF     NOVAPN BZ          21287489     -183535527.2
NOVA AMERICA SA      NOVA3B BZ          21287489     -183535527.2
NOVA AMERICA SA      NOVAON BZ          21287489     -183535527.2
NOVA AMERICA-PRF     NOVA4 BZ           21287489     -183535527.2
NOVA AMERICA-PRF     1NOVPN BZ          21287489     -183535527.2
NOVA AMERICA-PRF     NOVA4B BZ          21287489     -183535527.2
NOVA AMERICA SA      NOVA3 BZ           21287489     -183535527.2
CAF BRASILIA         CAFE3 BZ           20327861     -810559464.2
CAF BRASILIA-PRF     CAFE4 BZ           20327861     -810559464.2
CAFE BRASILIA-PR     CSBRPN BZ          20327861     -810559464.2
CAFE BRASILIA SA     CSBRON BZ          20327861     -810559464.2
TECEL S JOSE-PRF     SJOS4 BZ           19067322      -52580501.1
TECEL S JOSE         FTSJON BZ          19067322      -52580501.1
TECEL S JOSE         SJOS3 BZ           19067322      -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ          19067322      -52580501.1
FERRAGENS HAGA-P     HAGAPN BZ          18770787     -60946123.59
FERRAGENS HAGA       HAGAON BZ          18770787     -60946123.59
FER HAGA-PREF        HAGA4 BZ           18770787     -60946123.59
HAGA                 HAGA3 BZ           18770787     -60946123.59
UNI CIDADE           UNCI3 BZ           15460621     -5200646.591
NORDON MET-RTS       NORD1 BZ           15209019     -20936822.94
NORDON METAL         NORDON BZ          15209019     -20936822.94
NORDON MET           NORD3 BZ           15209019     -20936822.94
PROMAN               PRMN3B BZ          12878932     -38408.01805
PROMAN               PRMN3 BZ           12878932     -38408.01805
GAZOLA-RCPTS CMN     GAZO9 BZ           12452143     -40298506.25
GAZOLA SA-DVD CM     GAZO11 BZ          12452143     -40298506.25
GAZOLA-RCPT PREF     GAZO10 BZ          12452143     -40298506.25
GAZOLA               GAZO3 BZ           12452143     -40298506.25
GAZOLA-PREF          GAZO4 BZ           12452143     -40298506.25
GAZOLA SA-DVD PF     GAZO12 BZ          12452143     -40298506.25
GAZOLA SA            GAZON BZ           12452143     -40298506.25
GAZOLA SA-PREF       GAZPN BZ           12452143     -40298506.25
SAUIPE               PSEG3 BZ           11690510     -5076538.038
SAUIPE SA-PREF       PSEGPN BZ          11690510     -5076538.038
SAUIPE-PREF          PSEG4 BZ           11690510     -5076538.038
SAUIPE SA            PSEGON BZ          11690510     -5076538.038
ARTHUR LAN-DVD P     ARLA12 BZ          11642256     -17154461.86
ARTHUR LANGE SA      ALICON BZ          11642256     -17154461.86
ARTHUR LANG-RT C     ARLA1 BZ           11642256     -17154461.86
ARTHUR LAN-DVD C     ARLA11 BZ          11642256     -17154461.86
ARTHUR LANGE         ARLA3 BZ           11642256     -17154461.86
ARTHUR LANG-RC C     ARLA9 BZ           11642256     -17154461.86
ARTHUR LANG-RC P     ARLA10 BZ          11642256     -17154461.86
ARTHUR LANGE-PRF     ARLA4 BZ           11642256     -17154461.86
ARTHUR LANGE-PRF     ALICPN BZ          11642256     -17154461.86
ARTHUR LANG-RT P     ARLA2 BZ           11642256     -17154461.86
SCHLOSSER-PREF       SCLO4 BZ           11513499     -58660176.33
SCHLOSSER            SCLO3 BZ           11513499     -58660176.33
SCHLOSSER SA-PRF     SCHPN BZ           11513499     -58660176.33
SCHLOSSER SA         SCHON BZ           11513499     -58660176.33
FERREIRA GUIM-PR     FGUIPN BZ          11016542     -151840377.4
FERREIRA GUIMARA     FGUION BZ          11016542     -151840377.4
F GUIMARAES-PREF     FGUI4 BZ           11016542     -151840377.4
F GUIMARAES          FGUI3 BZ           11016542     -151840377.4
HERCULES             HETA3 BZ           10710103     -164239944.3
HERCULES-PREF        HETA4 BZ           10710103     -164239944.3
HERCULES SA-PREF     HERTPN BZ          10710103     -164239944.3
HERCULES SA          HERTON BZ          10710103     -164239944.3


CHILE

CHILESAT CO-ADR      TL US             670035499     -88041020.22
CHILESAT CORP SA     TELEX CI          670035499     -88041020.22
TELEX-A              TELEXA CI         670035499     -88041020.22
TELMEX CORP-ADR      CSAOY US          670035499     -88041020.22
TELMEX CORP SA       CHILESAT CI       670035499     -88041020.22
CHILESAT CO-RTS      CHISATOS CI       670035499     -88041020.22
TELEX-RTS            TELEXO CI         670035499     -88041020.22


                            ***********

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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