/raid1/www/Hosts/bankrupt/TCRLA_Public/101116.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 16, 2010, Vol. 11, No. 226

                            Headlines



A R G E N T I N A

COSQUEV SRL: Creditors' Proofs of Debt Due December 7
DMG SA: Creditors' Proofs of Debt Due April 18
EQUITY TRUST: Moody's Rates Debt Securities and Certificates
ESTABLECIMIENTO: Creditors' Proofs of Debt Due February 25


B E R M U D A

F-TWO DERIVATIVES: Creditors' Proofs of Debt Due November 19
F-TWO DERIVATIVES: Members' Final Meeting Set for December 10
FUSION CAPITAL: Creditors' Proofs of Debt Due November 23
FUSION CAPITAL: Members' Final Meeting Set for December 7
INTERNATIONAL ASSURANCE: Creditors' Proofs of Debt Due November 19

INTERNATIONAL ASSURANCE: Members' Final Meeting Set for December 7
KAM2 FINANCE: Creditors' Proofs of Debt Due November 19
KAM2 FINANCE: Members' Final Meeting Set for December 10
MG MARINE: Creditors' Proofs of Debt Due November 19
MG MARINE: Members' Final Meeting Set for December 10

PALMETTO PROPERTIES: Creditors' Proofs of Debt Due November 19
PALMETTO PROPERTIES: Members' Final Meeting Set for December 6


B R A Z I L

MINERVA SA: S&P Raises Corporate Credit Rating to 'B'


C A Y M A N  I S L A N D S

ALTIMA ASIA: Creditors' Proofs of Debt Due November 30
ALTIMA ASIA: Creditors' Proofs of Debt Due November 30
ALTIMA GLOBAL: Creditors' Proofs of Debt Due November 30
BERNARD L. MADOFF: Trustee Plans to Sue Insolvent Cayman Fund
COOPER MULTI-STRATEGY: Creditors' Proofs of Debt Due November 29

DELTA US: Creditors' Proofs of Debt Due December 1
HFH RANGER: Creditors' Proofs of Debt Due December 8
HFH RANGER: Creditors' Proofs of Debt Due December 8
HSBC ALPHA: Creditors' Proofs of Debt Due November 29
K SQUARED CAPITAL: Creditors' Proofs of Debt Due December 8

MERIDIAN ABSOLUTE: Creditors' Proofs of Debt Due December 8
MERIDIAN ABSOLUTE: Creditors' Proofs of Debt Due December 8
MERIDIAN PERFORMANCE: Creditors' Proofs of Debt Due December 8
MINERVA CAPITAL: Creditors' Proofs of Debt Due December 8
MINERVA MACRO: Creditors' Proofs of Debt Due December 8

MINERVA MACRO: Creditors' Proofs of Debt Due December 8
SOTRADA (CAYMAN): Creditors' Proofs of Debt Due December 8
TRAFELET CAYMAN: Creditors' Proofs of Debt Due December 1
WCIP CAYMAN: Creditors' Proofs of Debt Due December 8
WIJO CAYMAN: Creditors' Proofs of Debt Due December 8

ZAIS CL: Creditors' Proofs of Debt Due November 29


M E X I C O

GRUPO POSADAS: S&P Downgrades Corporate Credit Rating to 'B-'


P U E R T O   R I C O

EMPRESAS CORDERO: Files for Chapter 11 Protection


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


COSQUEV SRL: Creditors' Proofs of Debt Due December 7
-----------------------------------------------------
The court-appointed trustee for Cosquev S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 7, 2010.

The trustee will present the validated claims in court as
individual reports on February 17, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March  31, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 11, 2011.


DMG SA: Creditors' Proofs of Debt Due April 18
----------------------------------------------
The court-appointed trustee for D.M.G. S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 18, 2011.

The trustee will present the validated claims in court as
individual reports on May 31, 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
July 12, 2011.


EQUITY TRUST: Moody's Rates Debt Securities and Certificates
------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred IV issued by Equity
Trust Company (Argentina) S.A.- acting solely in its capacity as
issuer and trustee.

  -- ARS14,397,943 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie IV", rated Aaa.ar (sf)
      (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
     Currency)

  -- ARS35,394,944 in Class A Floating Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie IV", rated Aaa.ar (sf)
      (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
     Currency)

  -- ARS8,998,714 in Class B Debt Securities of "Fideicomiso
     Financiero Pvcred Serie IV", rated Ba2.ar (sf) (Argentine
     National Scale) and Caa1 (sf) (Global Scale, Local Currency)

  -- ARS1,199,829 in Certificates of "Fideicomiso Financiero
     Pvcred Serie IV", rated Ca.ar (sf) (Argentine National Scale)
     and Ca (sf) (Global Scale, Local Currency).

                        Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
9,558 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.

These personal loans were originated through Pvcred branches
(using the trade mark "Provencred") and were granted to pensioners
and low/middle income employees.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 11%.  The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus 295 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 13%.  The Class B Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 76% and 17%
for the VRDA TF and the VRDA TV respectively.  The subordination
levels will increase overtime due to the turbo sequential payment
structure.

The transaction also benefits from an estimated 40.55% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 20% for Class A floating rate securities.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2010.  In assigning the rating to this
transaction, Moody's assumed a triangular distribution for losses
centered around the most likely scenario of 20%, with a minimum of
10% and a maximum of 30%.  Also, Moody's assumed a triangular
distribution for prepayments centered around a most likely
scenario of 40%, with a minimum of 30% and a maximum of 50%.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 14.92%
expected loss for Class B Fixed Rate Debt Securities and 67.23%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 10%
from the base case scenario for the pool (i.e., most likely
scenario of 30%, a minimum of 20% and a maximum of 40%), the
ratings of the Class A Fixed Rate would be unchanged.  The ratings
of the Class A Floating Rate, the Class B and the Certificates
would be likely downgraded to Ba2 (sf), Ca (sf) and to C (sf),
respectively.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Pvcred is removed as collection agent,
Banco Comafi (Ba3/Aa2.ar) will be appointed as the back-up
collection agent.

The main source of uncertainty for this transaction is the default
level of the securitized pool.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity and the unemployment rate in Argentina.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.


ESTABLECIMIENTO: Creditors' Proofs of Debt Due February 25
----------------------------------------------------------
The court-appointed trustee for Establecimiento Frigorifico Azul
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until February 25, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 10, 2011.


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


F-TWO DERIVATIVES: Creditors' Proofs of Debt Due November 19
------------------------------------------------------------
The creditors of F-Two Derivatives, Ltd. are required to file
their proofs of debt by November 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


F-TWO DERIVATIVES: Members' Final Meeting Set for December 10
-------------------------------------------------------------
The members of F-Two Derivatives, Ltd. will hold their final
meeting on December 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 November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


FUSION CAPITAL: Creditors' Proofs of Debt Due November 23
---------------------------------------------------------
The creditors of Fusion Capital Ltd. are required to file their
proofs of debt by November 23, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 29, 2010.

The company's liquidators are:

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


FUSION CAPITAL: Members' Final Meeting Set for December 7
---------------------------------------------------------
The members of Fusion Capital Ltd. will hold their final meeting
on December 7, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 29, 2010.

The company's liquidators are:

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


INTERNATIONAL ASSURANCE: Creditors' Proofs of Debt Due November 19
------------------------------------------------------------------
The creditors of International Assurance Company Ltd. are required
to file their proofs of debt by November 19, 2010, to be included
in the company's dividend distribution.

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

The company's liquidator is:

         Steven J. B. Trumper
         Sofia House, 1st Floor
         48 Church Street
         Hamilton
         Bermuda


INTERNATIONAL ASSURANCE: Members' Final Meeting Set for December 7
------------------------------------------------------------------
The members of International Assurance Company Ltd. will hold
their final meeting on December 7, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

         Steven J. B. Trumper
         Sofia House, 1st Floor
         48 Church Street
         Hamilton
         Bermuda


KAM2 FINANCE: Creditors' Proofs of Debt Due November 19
-------------------------------------------------------
The creditors of KAM2 Finance Company, Ltd. are required to file
their proofs of debt by November 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


KAM2 FINANCE: Members' Final Meeting Set for December 10
--------------------------------------------------------
The members of KAM2 Finance Company, Ltd. will hold their final
meeting on December 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 November 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


MG MARINE: Creditors' Proofs of Debt Due November 19
----------------------------------------------------
The creditors of MG Marine Limited are required to file their
proofs of debt by November 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


MG MARINE: Members' Final Meeting Set for December 10
-----------------------------------------------------
The members of MG Marine Limited will hold their final meeting on
December 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 November 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PALMETTO PROPERTIES: Creditors' Proofs of Debt Due November 19
--------------------------------------------------------------
The creditors of Palmetto Properties Ltd. are required to file
their proofs of debt by November 19, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 20, 2010.

The company's liquidator is:

         Christopher Dye
         Sofia House, 1st Floor
         48 Church Street
         Hamilton
         Bermuda


PALMETTO PROPERTIES: Members' Final Meeting Set for December 6
--------------------------------------------------------------
The members of Palmetto Properties Ltd. will hold their final
meeting on December 6, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 20, 2010.

The company's liquidator is:

         Christopher Dye
         Sofia House, 1st Floor
         48 Church Street
         Hamilton
         Bermuda


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


MINERVA SA: S&P Raises Corporate Credit Rating to 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it raised its global
scale ratings on Brazil-based meat processor Minerva S.A.,
including the corporate credit rating, to 'B' from 'B-'.  The
outlook is stable.

"The rating action reflects the positive trend in Minerva's credit
metrics," said Standard & Poor's credit analyst Piero Parolin.
"The company has achieved this on stronger operating cash
generation from its concluded greenfield projects, its improved
debt profile after a successful bond exchange offer, the benefits
to Brazilian beef exporters of lower subsidies for local producers
in the European Union, and Minerva's ability to sustain adequate
liquidity over economic cycles.

The ratings on Minerva reflect its leveraged financial profile and
still significant interest burden, which, despite efforts to
reduce interest costs, will likely keep free operating cash flow
negative.  They incorporate Minerva's dependence on the successful
ramp-up of expansions and greenfield projects, including Minerva
Dawn Farms, to keep increasing its cash flows.

S&P also factor in the company's exposure to the highly
competitive global beef industry and volatile cattle prices,
highly leveraged financial profile, and still weak, though
improving, credit metrics.

An increasingly geographically diverse asset base, high plant
utilization, and debt structure improvements following Minerva's
exchange offer partially mitigate these risks.  Stronger local and
export demand for beef, a higher expected contribution from MDF,
cash flow recovery, and operating flexibility from a higher
capacity for deboning than for slaughtering are also positives for
the issuer.

The stable outlook reflects S&P's expectation that Minerva's
credit metrics will continue benefiting from favorable market
conditions and expanded capacity, making its credit metrics more
adequate for its rating category.  At the same time, S&P believes
it will keep refinancing risks moderate.


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


ALTIMA ASIA: Creditors' Proofs of Debt Due November 30
------------------------------------------------------
The creditors of Altima Asia Fund Limited are required to file
their proofs of debt by November 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 18, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ALTIMA ASIA: Creditors' Proofs of Debt Due November 30
------------------------------------------------------
The creditors of Altima Asia Master Fund Limited are required to
file their proofs of debt by November 30, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 18, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ALTIMA GLOBAL: Creditors' Proofs of Debt Due November 30
--------------------------------------------------------
The creditors of Altima Global Emerging Markets Fund Limited are
required to file their proofs of debt by November 30, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 14, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BERNARD L. MADOFF: Trustee Plans to Sue Insolvent Cayman Fund
-------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Harley International
(Cayman) Ltd., an insolvent Cayman Islands-based fund that
allegedly funneled money to Bernard Madoff, was ordered to pay
US$1.07 billion to creditors of the convicted con man.

According to Bloomberg, Irving Picard, the trustee overseeing the
liquidation of Mr. Madoff's former firm, Bernard L. Madoff
Investment Securities LLC, sued Harley in May 2009, seeking to
recover phony profits paid to Harley in the six years before the
Madoff bankruptcy was filed.

The report notes that U.S. Bankruptcy Judge Bernard Lifland in New
York entered a judgment against Harley, which is being liquidated
in the Cayman Islands, after ruling the fund had failed to contest
the suit within the deadline for doing so.

In an October 29 report to Judge Lifland detailing his efforts
over the past six months, Mr. Picard said he plans to sue Harley
in a Cayman Islands court, Bloomberg relates.

"We will take such action as we deem appropriate to seek to
recover on the judgment," Kevin McCue, a spokesman for Mr. Picard,
said in an e-mail obtained by the news agency.

                        About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).  Mr.
Picard has retained AlixPartners LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of October 29, 2010, a total of US$5.69 billion in claims by
investors has been allowed, with US$741.2 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by Mr.
Picard.


COOPER MULTI-STRATEGY: Creditors' Proofs of Debt Due November 29
----------------------------------------------------------------
The creditors of Cooper Multi-Strategy Fund 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 wind-up proceedings on January 28, 2010.

The company's liquidator is:

         Ogier
         Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


DELTA US: Creditors' Proofs of Debt Due December 1
--------------------------------------------------
The creditors of Delta U.S. Partners, 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 wind-up proceedings on October 4, 2010.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


HFH RANGER: Creditors' Proofs of Debt Due December 8
----------------------------------------------------
The creditors of HFH Ranger Master Fund Ltd. are required to file
their proofs of debt by December 8, 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


HFH RANGER: Creditors' Proofs of Debt Due December 8
----------------------------------------------------
The creditors of HFH Ranger Fund, Ltd. are required to file their
proofs of debt by December 8, 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


HSBC ALPHA: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
The creditors of HSBC Alpha Investments (UK) Limited 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 September 30, 2010.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


K SQUARED CAPITAL: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------------
The creditors of K Squared Capital (Offshore), Ltd. are required
to file their proofs of debt by December 8, 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


MERIDIAN ABSOLUTE: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------------
The creditors of Meridian Absolute Return Erisa SPC, Ltd., are
required to file their proofs of debt by December 8, 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


MERIDIAN ABSOLUTE: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------------
The creditors of Meridian Absolute Return Erisa Fund, Ltd. are
required to file their proofs of debt by December 8, 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


MERIDIAN PERFORMANCE: Creditors' Proofs of Debt Due December 8
--------------------------------------------------------------
The creditors of Meridian Performance Partners Erisa Fund, Ltd.
are required to file their proofs of debt by December 8, 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


MINERVA CAPITAL: Creditors' Proofs of Debt Due December 8
---------------------------------------------------------
The creditors of Minerva Capital Management (Cayman) Limited are
required to file their proofs of debt by December 8, 2010, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


MINERVA MACRO: Creditors' Proofs of Debt Due December 8
-------------------------------------------------------
The creditors of Minerva Macro Master Fund Limited are required to
file their proofs of debt by December 8, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


MINERVA MACRO: Creditors' Proofs of Debt Due December 8
-------------------------------------------------------
The creditors of Minerva Macro Fund Limited are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


SOTRADA (CAYMAN): Creditors' Proofs of Debt Due December 8
----------------------------------------------------------
The creditors of Sotrada (Cayman) Limited are required to file
their proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 23,
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


TRAFELET CAYMAN: Creditors' Proofs of Debt Due December 1
---------------------------------------------------------
The creditors of Trafelet Cayman 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 wind-up proceedings on October 4, 2010.

The company's liquidator is:

         Ogier
         c/o Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


WCIP CAYMAN: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------
The creditors of WCIP Cayman, Ltd. are required to file their
proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 20, 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


WIJO CAYMAN: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------
The creditors of Wijo Cayman Inc. are required to file their
proofs of debt by December 8, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 22,
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


ZAIS CL: Creditors' Proofs of Debt Due November 29
--------------------------------------------------
The creditors of Zais CL, 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 wind-up proceedings on October 15, 2010.

The company's liquidator is:

         Ogier
         Danielle Walker
         Telephone: (345) 815-1880
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


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


GRUPO POSADAS: S&P Downgrades Corporate Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings on
Mexican hotel operator Grupo Posadas S.A.B. de C.V., including
cutting the global scale corporate credit rating to 'B-' from 'B+'
and the national scale corporate credit rating to 'mxBB-' from
'mxBBB'.  S&P also placed the ratings on CreditWatch with negative
implications.

The rating action reflects the company's higher debt leverage, its
more aggressive financial policy, as well as its weakening
liquidity position.  The CreditWatch placement reflects the
uncertainty regarding the successful negotiation of Posadas'
covenants under its bank loan agreements while facing the high
possibility of a breach by year end.  S&P will resolve the
CreditWatch after S&P receives information on the renegotiation of
the covenants.

"S&P could lower the ratings if the company fails to renegotiate
the covenants' thresholds during the grace period contemplated
under the loan agreement and the bank accelerates the debt," said
Standard & Poor's credit analyst Monica Ponce.

The company's debt levels are high, resulting in a highly
leveraged financial profile.  For the 12 months ended Sept. 30,
2010, adjusted total debt to EBITDA and funds from operations to
total debt ratios stood at 6.7x and 5.3%, respectively, which
compare negatively with the 5.1x and 14.4% reported for the same
period of the previous year.  The increased leverage is mainly due
to the company's lower EBITDA generation, reflecting the slower-
than-expected recovery in its operations and the negative impact
that the holding company of the airline Mexicana, Nuevo Grupo
Aeronautico's bankruptcy had on Posadas' results.  Also, the
company distributed a Mexican peso MXN224 million dividend to its
shareholders in 2010, and in the third quarter of 2010 Posadas'
management granted a MXN49 million loan to NGA on its last day of
operation, further proving the company's aggressiveness.

The company's higher debt and the lower-than-expected EBITDA have
tightened the company's covenants under some of its bank loans.
S&P believes that by year-end 2010, its unadjusted net debt to
EBITDA ratio will be around 4.75x, above the 4.5x ratio that is
allowed as a maximum under Posadas' covenants.  If the company
does not negotiate the current covenants, the debt under the loan
agreements could be accelerated.

Offsetting factors on the corporate credit rating on Posadas are
the company's position as the largest hotel operator in Mexico,
and its diversified hotel portfolio, including well-recognized
brands.


=====================
P U E R T O   R I C O
=====================


EMPRESAS CORDERO: Files for Chapter 11 Protection
-------------------------------------------------
caribbeanbusinesspr.com reports that Empresas Cordero Badillo
filed for Chapter 11 bankruptcy as founder Atilano Cordero Badillo
works to sell off the pieces of his once-mighty Supermercados
Grande grocery store chain.

According to the report, the US$32 million restructuring filing
reportedly lists more than US$21 million in debts to suppliers and
an $11 million debt to Citibank.

Cordero Badillo announced the dismantling of Supermercados Grande
this summer after starting to sell of pieces of the 31-store chain
that rang up sales of US$400 million annually, the report notes.

Empresas Cordero Badillo is located in Guaynabo, Puerto Rico.


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