TCRLA_Public/101207.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, December 7, 2010, Vol. 11, No. 241

                            Headlines



A R G E N T I N A

CASA CERROTTI: Creditors' Proofs of Debt Due March 9
COOPERATIVA DE TRABAJO: Creditors' Proofs of Debt Due February 9
FOGATA FACTORY: Creditors' Proofs of Debt Due February 14
MS CATERING: Creditors' Proofs of Debt Due February 21
PEDRO WORNS: Creditors' Proofs of Debt Due March 1

RECPOL ARGENTINA: Asks for Preventive Contest
TSL SA: Creditors' Proofs of Debt Due February 7


B E R M U D A

042707 (BERMUDA): Creditors' Proofs of Debt Due December 8
042707 (BERMUDA): Member to Receive Wind-Up Report on December 29
CAI ALLOCATION: Court Appoints Smith and Frisby as Liquidators
CAI ALLOCATION: Court to Hear Wind-Up Petition on December 10
CAI MASTER: Court Appoints Smith and Frisby as Liquidators

CAI MASTER: Court to Hear Wind-Up Petition on December 10
DIGICEL GROUP: To Launch Private Placement of US$300MM 2017 Notes
DIGICEL LIMITED: Fitch Assigns 'B-/RR4' Rating to Senior Notes
DILMUN WHITEROCK: Creditors' Proofs of Debt Due December 8
DILMUN WHITEROCK: Members' Final Meeting Set for December 24

GE AVIATION: Creditors' Proofs of Debt Due December 8
GE AVIATION: Members' Final Meeting Set for December 28
LATOT (BERMUDA): Member to Receive Wind-Up Report on December 30
LATOT JDZ: Member to Receive Wind-Up Report on December 29
TECHNOLOGY INSURANCE: Creditors' Proofs of Debt Due December 8

TECHNOLOGY INSURANCE: Members' Final Meeting Set for December 27
TELOGY DDJ: Creditors' Proofs of Debt Due December 8
TELOGY DDJ: Members' Final Meeting Set for December 30


B R A Z I L

BANCO BMG: Fitch Affirms Issuer Default Ratings at 'BB-'
NOSSA CAIXA: Moody's Upgrades Global Issuer Rating to 'Ba2'


C A Y M A N  I S L A N D S

ABN AMRO: Creditors' Proofs of Debt Due December 22
AFA VILANDA: Creditors' Proofs of Debt Due December 22
ALVANTAGE ABSOLUTE: Creditors' Proofs of Debt Due December 13
BANK OF AMERICA: Creditors' Proofs of Debt Due December 22
BANK OF AMERICA: Creditors' Proofs of Debt Due December 22

BLAU HERD: Creditors' Proofs of Debt Due December 20
BOMBAY HOLDINGS: Creditors' Proofs of Debt Due December 22
CRYSTAL OCEAN: Creditors' Proofs of Debt Due December 13
E-NEW MEDIA: Creditors' Proofs of Debt Due December 28
EAGLE DIRECTORS: Creditors' Proofs of Debt Due December 22

HCM CREDIT: Creditors' Proofs of Debt Due December 14
HORIZONONE ENERGY: Creditors' Proofs of Debt Due December 22
LEHMAN BROTHERS: Creditors' Proofs of Debt Due December 13
PEQUOT SPECIAL: Creditors' Proofs of Debt Due December 13
PERPETUATION FUND: Creditors' Proofs of Debt Due December 13

RASMALA ISLAMIC: Creditors' Proofs of Debt Due December 13
RASMALA ISLAMIC: Creditors' Proofs of Debt Due December 13
RYADA MULTI-STRATEGY: Creditors' Proofs of Debt Due December 22
TETRA OFFSHORE: Creditors' Proofs of Debt Due December 14
WESTINVEST CORP: Creditors' Proofs of Debt Due December 20


J A M A I C A

AIR JAMAICA: Caribbean Airlines Explains CEO's Dismissal


P A N A M A

GLOBAL BANK: Fitch Takes Rating Actions on US$85MM Bonds


P A R A G U A Y

* Moody's Upgrades Paraguay's Government Bonds Ratings to 'B1'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


CASA CERROTTI: Creditors' Proofs of Debt Due March 9
----------------------------------------------------
The court-appointed trustee for Casa Cerrotti S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 9, 2011.

The trustee will present the validated claims in court as
individual reports on April 27, 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
May 11, 2011.


COOPERATIVA DE TRABAJO: Creditors' Proofs of Debt Due February 9
----------------------------------------------------------------
The court-appointed trustee for Cooperativa de Trabajo y Consumo
Textil del Oeste Ltda.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until February 9, 2011.


FOGATA FACTORY: Creditors' Proofs of Debt Due February 14
---------------------------------------------------------
The court-appointed trustee for Fogata Factory S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 14, 2011.

The trustee will present the validated claims in court as
individual reports on March 29, 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
May 12, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 6, 2011.


MS CATERING: Creditors' Proofs of Debt Due February 21
------------------------------------------------------
Marta Susana Rosental, the court-appointed trustee for MS Catering
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 21, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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.

The Trustee can be reached at:

         Marta Susana Rosental
         Viamonte 1592
         Argentina


PEDRO WORNS: Creditors' Proofs of Debt Due March 1
--------------------------------------------------
The court-appointed trustee for Pedro Worns y Cia. S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 1, 2011.


RECPOL ARGENTINA: Asks for Preventive Contest
---------------------------------------------
Recpol Argentina SA asked for preventive contest.

The company stopped making payments last September.


TSL SA: Creditors' Proofs of Debt Due February 7
------------------------------------------------
Estudio Gabin, the court-appointed trustee for TSL SA's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 7, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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.

The Trustee can be reached at:

         Estudio Gabin
         Schmidtke y Asociados
         Argentina


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


042707 (BERMUDA): Creditors' Proofs of Debt Due December 8
----------------------------------------------------------
The creditors of 042707 (Bermuda) 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 wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


042707 (BERMUDA): Member to Receive Wind-Up Report on December 29
-----------------------------------------------------------------
The member of 042707 (Bermuda) Ltd will receive on December 29,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


CAI ALLOCATION: Court Appoints Smith and Frisby as Liquidators
--------------------------------------------------------------
On November 17, 2010, the Supreme Court of Bermuda appointed Mark
Smith and Rachelle Frisby of Deloitte as joint provisional
liquidators of Cai Allocation Fund, Ltd.


CAI ALLOCATION: Court to Hear Wind-Up Petition on December 10
-------------------------------------------------------------
A petition to wind up the operations of Cai Allocation Fund, Ltd.
will be heard before the Supreme Court of Bermuda on December 10,
2010, at 9:30 a.m.

The Bermuda Monetary Authority filed the petition on November 16,
2010.


CAI MASTER: Court Appoints Smith and Frisby as Liquidators
----------------------------------------------------------
On November 16, 2010, the Supreme Court of Bermuda appointed Mark
Smith and Rachelle Frisby of Deloitte as joint provisional
liquidators of Cai Master Allocation Fund, Ltd.


CAI MASTER: Court to Hear Wind-Up Petition on December 10
---------------------------------------------------------
A petition to wind up the operations of Cai Master Allocation
Fund, Ltd. will be heard before the Supreme Court of Bermuda on
December 10, 2010, at 9:30 a.m.

The Bermuda Monetary Authority filed the petition on November 16,
2010.


DIGICEL GROUP: To Launch Private Placement of US$300MM 2017 Notes
-----------------------------------------------------------------
Digicel Group Limited intends to launch a private placement of
US$300 million of 8.25% senior notes due 2017.  The use of
proceeds of this offering will be for general corporate purposes,
including debt service and capital expenditure.

The notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable
exemption from registration requirements.

                        About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


DIGICEL LIMITED: Fitch Assigns 'B-/RR4' Rating to Senior Notes
--------------------------------------------------------------
On Nov. 24, 2009, Fitch Ratings had assigned a 'B-/RR4' rating to
Digicel Limited's US$500 million 2017 senior notes.  The company
intends to do a reopening of these notes for US$300 million.
Proceeds from the issuance are expected to be used for general
corporate uses.

Fitch rates Digicel Group Limited, DL and Digicel International
Finance Limited, collectively referred to as 'Digicel', as shown
below, with a Stable Rating Outlook.

Digicel's ratings are supported by its solid operating
performance, its position as the leading provider of wireless
services in most of its markets, strong brand recognition,
increasingly diversified revenue and cash flow and positive free
cash flow generation.  The ratings are tempered by continued high
leverage and exposure to politically unstable countries and
economies.  Given Digicel's capital structure and the associated
ratings, Fitch rates debt at DIFL one notch higher than the DL IDR
reflecting its above average recovery prospects.  The DL Issuer
Default Rating reflects the increased burden the DGL subordinated
notes place on the operating assets and the loss of financial
flexibility.  The ratings of DGL incorporate their subordination
to debt at DIFL and DL, as well as the subordinated notes' below-
average recovery prospects in the event of default.

DGL has a diversified asset base that results in lower cash flow
concentration than previous years.  The most important
contributors to EBITDA are Jamaica, Haiti, Trinidad & Tobago,
Eastern Caribbean operations and Papua New Guinea.  This group of
countries is expected to contribute approximately the same
proportion to consolidated EBITDA in the next few years; however,
the mix should increasingly weight PNG as it has more room for
growth.  Growing EBITDA from newer operations, such as Haiti and
Trinidad and Tobago, and the Digicel Pacific Ltd. acquisition has
reduced the proportion of cash flow generation coming from Jamaica
and Haiti, which Fitch estimates should be close to 40% of
consolidated EBITDA.  In Fitch's view cash flow concentration from
Jamaica and Haiti is exposed to fluctuations in these economies,
which are more vulnerable than other countries in which Digicel
operates.

Operating performance in Haiti continues to improve despite the
earthquake that hit the island last January.  Revenue has grown
when compared to last year due to improved average revenues per
unit and a bigger base of customers.  Higher capital expenditures
are expected in Haiti over the next 12 to 18 months to increase
coverage, and expand services and the subscriber base.
Reconstruction efforts taking place in Haiti should fuel the
economy in the short to medium term; however, the long-term
effects to the economy for this natural disaster remain to be
seen.

Haiti is second to Jamaica as the most important contributor of
consolidated EBITDA to DGL.  The company has a property and
network insurance policy which will allow it to replenish costs
incurred to repair the assets and network after paying customary
deductibles.  Digicel has been paid US$20 million out of a US$40
million total claim related to the earthquake.

Fitch expects higher free cash flow in the coming years, which can
be used to reduce debt, absent acquisitions.  FCF should be driven
by slightly growing EBITDA, lower consolidated capital
expenditures despite expected higher levels than previously
anticipated for the next two years and dividend payments of US$40
million.  Digicel has stated that for the near future the company
does not intend to raise its 43.4% stake in Digicel Holdings
(Central America) Limited.

Considering the proposed transaction and 12 months EBITDA for DPL
as of Sept. 30, 2010, the pro forma total debt to EBITDA is 5.1
times.  Total debt considering the proposed transaction should
reach US$4.6 billion.  The debt is allocated: US$2,190 million at
DGL, US$1,310 at DL, US$819 at DIFL and US$289 at DPL.  Debt
maturity profile is manageable over the next three years given the
expected FCF generation and cash balances of US$708 million pro
forma for the proposed transaction.  The most significant bullet
maturities consist of US$510 million due in April 2014 and US$1.4
billion in notes maturing January 2015.  Inability to refinance in
advance at least a portion of these maturities will pressure
liquidity.

DL's outstanding notes are guaranteed by all existing wholly owned
subsidiaries that are guarantors of DL's US$500 million (US$800
million with the proposed transaction) notes due 2017 and US$510
million notes due 2014.  T&T and Haiti are not included among
these guarantors; however, the cash flows from these subsidiaries
are available to DIFL to pay its obligations, including its
guarantee of the DL notes.  The secured DIFL facility has a US$100
million revolving facility of which US$66 million is undrawn,
adding flexibility to the company's liquidity position.  The DIFL
facility is secured by a first priority lien by all shares and
assets of Digicel.

Fitch rates DGL, DL and DIFL, with a Stable Outlook:

DGL

  -- US$1 billion 8.875% senior subordinated notes due 2015 at
     'CCC+/RR5';

  -- US$415 million 9.125/9.875% senior subordinated toggle notes
     due 2015 at 'CCC+/RR5';

  -- US$775 million 10.5% senior subordinated notes due 2018 at
     'CCC+/RR5'.

DL

  -- Foreign currency IDR at 'B-';

  -- US$500 million 8.25% senior notes due 2017 at 'B-/RR4',
     considering the US$300 million reopening;

  -- US$510 million 12% senior notes due 2014 at 'B-/RR4';

DIFL

  -- Senior secured credit facility at 'B/RR3'.


DILMUN WHITEROCK: Creditors' Proofs of Debt Due December 8
----------------------------------------------------------
The creditors of Dilmun WhiteRock Investments 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 November 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


DILMUN WHITEROCK: Members' Final Meeting Set for December 24
------------------------------------------------------------
The members of Dilmun WhiteRock Investments Limited will hold
their final meeting on December 24, 2010, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


GE AVIATION: Creditors' Proofs of Debt Due December 8
-----------------------------------------------------
The creditors of GE Aviation Equity Investments 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 November 19, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


GE AVIATION: Members' Final Meeting Set for December 28
-------------------------------------------------------
The members of GE Aviation Services Equity Investments Limited
will hold their final meeting on December 28, 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 19, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


LATOT (BERMUDA): Member to Receive Wind-Up Report on December 30
----------------------------------------------------------------
The member of Latot (Bermuda) JDZ Limited will receive on
December 30, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Robin J. Mayor is the company's liquidator.


LATOT JDZ: Member to Receive Wind-Up Report on December 29
----------------------------------------------------------
The member of Latot JDZ Limited will receive on December 29, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

Robin J. Mayor is the company's liquidator.


TECHNOLOGY INSURANCE: Creditors' Proofs of Debt Due December 8
--------------------------------------------------------------
The creditors of Technology Insurance Company 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 November 22, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


TECHNOLOGY INSURANCE: Members' Final Meeting Set for December 27
----------------------------------------------------------------
The members of Technology Insurance Company Limited will hold
their final meeting on December 27, 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 22, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


TELOGY DDJ: Creditors' Proofs of Debt Due December 8
----------------------------------------------------
The creditors of Telogy DDJ (Bermuda) Holding 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 wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


TELOGY DDJ: Members' Final Meeting Set for December 30
------------------------------------------------------
The members of Telogy DDJ (Bermuda) Holding Ltd. will hold their
final meeting on December 30, 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 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


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


BANCO BMG: Fitch Affirms Issuer Default Ratings at 'BB-'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BMG S.A.:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BB-'; Outlook Stable;

  -- Short-term foreign and local currency IDRs at 'B';

  -- Individual rating at 'D';

  -- Support rating at '5';

  -- Support Rating Floor at NF;

  -- Long-term national rating at 'A-(bra)'; Outlook Stable;

  -- Short-term national rating at 'F2(bra)'.

Fitch has also affirmed the long-term foreign currency rating of
the bank's issuances of US$250 million subordinated debt due 2020
and US$300 million subordinated debt due 2019 at 'B'.

The IDRs and national ratings of BMG are driven by the bank's
Individual rating which reflects the bank's good asset quality and
strong franchise in its product niche, payroll and deductible
loans to the public sector and beneficiaries of the Brazilian
social security agency.  This strategy has generated consistent
profitability, making BMG well-positioned regionally.  However,
concentration in these sources of revenue generation and the
vulnerability of its sources of funding to external factors could
affect liquidity, loan origination and profitability.  The bank is
dependent on relatively few institutional funding sources.  These
concentrations constrain its Individual rating.

The bank's principal funding source is the assignment of loans to
other banks, followed by deposits from institutional investors,
and foreign borrowings.  As with other banks with similar funding
profiles, the tight liquidity that followed the global financial
crisis resulted in a reduction of such funding in the second half
of 2008 (2H'08) and into 1H'09.  Quick action by Brazilian
authorities contributed to the easing of these constraints in
2Q'09, enabling a return to BMG's traditional sources of funding.

Similar to its peers, BMG's asset quality suffered during the
liquidity crisis.  Since then, BMG has intensified its origination
focus on its traditional niche, where asset quality remained
strong.  This, together with the current favorable local economy,
has resulted in the current good asset quality indicators.

Profitability ratios continue to be strong, but may come under
pressure as competition has intensified.  A significant portion of
credit revenues has been generated from up-front recognition of
the net gains from loan assignments.  As of 2012, these net gains
will be amortized over the life of the loans assigned, which is
generally two years.

Capitalization ratios have been pressured over time, and encompass
off-balance-sheet loan risks.  The total capital ratio was boosted
by Tier II debt issuance.  However, the quality of capital
declined from previous years when it was composed mostly of Tier I
capital.  The bank's total capital ratio as of Sept. 30, 2010 was
15.7%, while Tier I capital was 11.1%.  According to Fitch's
methodology, Fitch's Eligible Capital to risk-weighed assets ratio
was 13.1% on Sept. 30, 2010.

BMG's Individual rating remains constrained by the balance sheet
and revenue concentrations inherent to its business model
resulting in limited upside potential in the near term.  The
diversification of its sources of funding and/or a sustained
moderation of leverage could lead to improved ratings in the long
term.  On the other hand, a liquidity squeeze could have a
negative impact on the bank's ratings.

BMG is controlled by the Pentagna Guimaraes family, for which the
bank represents its primary business.  It was an originator of the
payroll deductible loan product, and currently is the leader in
this segment, with a 16% market share.


NOSSA CAIXA: Moody's Upgrades Global Issuer Rating to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has upgraded the supported global and
national scale local currency issuer ratings of Nossa Caixa
Desenvolvimento --Agencia de Fomento do Estado de Sao Paulo S.A.
and of Banco de Desenvolvimento de Minas Gerais S.A., following
Moody's ratings upgrades of the states of Sao Paulo and Minas
Gerais, to Baa3 from Ba2, and to Ba1 from Ba3, respectively.

These ratings were upgraded:

Nossa Caixa Desenvolvimento -- Agencia de Fomento do Estado de Sao
Paulo S.A.

  -- Global local currency issuer rating to Ba2 from Ba3, with
     stable outlook

  -- Long-term Brazilian national scale issuer rating to A1.br
     from A3.br

  -- Short-term Brazilian national scale issuer rating to BR-1
     from BR-2

Banco de Desenvolvimento de Minas Gerais S.A.

  -- Global local currency issuer rating to Ba1 from Ba2, with
     stable outlook

  -- Long-term Brazilian national scale issuer rating to Aa2.br
     from Aa3.br

                         Rating Rationale

Moody's explained that the rating actions on Nossa Caixa
Desenvolvimento are indicative of 1) the entity's baseline credit
assessment of 15 (on a scale of 1 to 21, where 1 represents the
lowest credit risk), which maps to a B2 on the global rating scale
and remains unchanged; and 2) the assessment of strong support and
very high dependence probability from its shareholder, the state
of Sao Paulo (now rated by Moody's at Baa3, outlook stable).
Moody's noted that the strong likelihood of support from the
government of Sao Paulo, which has subscribed sizable capital
resources to the agency, lifts the stand alone credit rating of
NCD by three notches to a local currency issuer rating of Ba2.

The rating actions on BDMG are indicative of 1) the entity's
baseline credit assessment of 12, which maps to a Ba2 on the
global rating scale and remains unchanged; and 2) the assessment
of high support and very high dependence probability from its
shareholder, the state of Minas Gerais (now rated by Moody's at
Ba1, outlook stable).  Moody's noted that the high likelihood of
support from the government of Minas Gerais lifts the stand alone
credit rating of BDMG by one notch to a local currency issuer
rating of Ba1.

The last rating action on NDC was taken on April 12, 2010, when
Moody's assigned the Ba3 global issuer rating and A3.br Brazilian
national scale rating.

The last rating action on BDMG was taken on December 17, 2009,
when Moody's assigned the Ba2 global issuer rating and Aa3.br
Brazilian national scale rating.

Nossa Caixa Desenvolvimento -- Agencia de Fomento do Estado de Sao
Paulo S.A. is headquartered in Sao Paulo, Brazil.  As of September
30, 2010, the bank had total assets of R$698 million (US$409
million) and equity of R$609.3million (US$356.6 million).

Banco de Desenvolvimento de Minas Gerais S.A. is headquartered in
Belo Horizonte, Minas Gerais, Brazil.  As of September 30, 2010,
the bank had total assets of R$2,398 million (US$1,404 million)
and equity of R$1,059 million (US$620 million).


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


ABN AMRO: Creditors' Proofs of Debt Due December 22
---------------------------------------------------
The creditors of ABN AMRO Trust Services (Cayman) Ltd are required
to file their proofs of debt by December 22, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2010.

The company's liquidator is:

         Richard E. L. Fogerty
         Iain Gow Zolfo Cooper (Cayman) Limited
         P.O. Box 1102 Cayman Financial Centre
         4th Floor, Building 3
         Grand Cayman KY1-1102
         Telephone +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: iain.gow@zolfocooper.ky


AFA VILANDA: Creditors' Proofs of Debt Due December 22
------------------------------------------------------
The creditors of Afa Vilanda Fund Ltd. are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 8, 2010.

The company's liquidator is:

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


ALVANTAGE ABSOLUTE: Creditors' Proofs of Debt Due December 13
-------------------------------------------------------------
The creditors of Alvantage Absolute Return Master Fund, Ltd. are
required to file their proofs of debt by December 13, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 9, 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
         Cayman Islands


BANK OF AMERICA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of Bank Of America Trust And Banking Corporation
(Cayman) Limited are required to file their proofs of debt by
December 22, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 9, 2010.

The company's liquidator is:

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


BANK OF AMERICA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of Bank of America Trust And Banking Corporation
(Cayman) Limited are required to file their proofs of debt by
December 22, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 9, 2010.

The company's liquidator is:

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


BLAU HERD: Creditors' Proofs of Debt Due December 20
----------------------------------------------------
The creditors of Blau Herd Enterprises are required to file their
proofs of debt by December 20, 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:

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


BOMBAY HOLDINGS: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of Bombay Holdings Limited are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 3, 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
         Cayman Islands


CRYSTAL OCEAN: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------
The creditors of Crystal Ocean Fund Ltd. are required to file
their proofs of debt by December 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 10, 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


E-NEW MEDIA: Creditors' Proofs of Debt Due December 28
------------------------------------------------------
The creditors of E-New Media Digital Entertainment Limited are
required to file their proofs of debt by December 28, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on November 5, 2010.

The company's liquidator is:

         Derek Wai Choi Leung
         Suites 3301-03
         33/Floor, Tower 2
         Nina Tower 8 Yeung Uk Road
         Tsuen Wan, New Territories
         Hong Kong
         Telephone: (852) 2594 0600
         Facsimile: (852) 2519 3954


EAGLE DIRECTORS: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of Eagle Directors Ltd. are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         A.R.C. Directors Ltd
         P.O. Box 10250
         Grand Pavilion Commercial Centre Suite # 7
         802 West Bay Road
         Grand Cayman KY1-1003
         Cayman Islands
         Telephone: +1 345 769 3400
         Facsimile: +1 345 769 3404


HCM CREDIT: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------
The creditors of HCM Credit Plus Offshore Fund, Ltd. are required
to file their proofs of debt by December 14, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on November 8, 2010.

The company's liquidator is:

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


HORIZONONE ENERGY: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of Horizonone Energy Plus Offshore Fund Ltd. are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

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


LEHMAN BROTHERS: Creditors' Proofs of Debt Due December 13
----------------------------------------------------------
The creditors of Lehman Brothers Alpha Transport Fund, SPC are
required to file their proofs of debt by December 13, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 5, 2010.

The company's liquidator is:

         Richard Finlay
         Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PEQUOT SPECIAL: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------
The creditors of Pequot Special Opportunities Partners (Cayman)
Ltd. are required to file their proofs of debt by December 13,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 9, 2010.

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


PERPETUATION FUND: Creditors' Proofs of Debt Due December 13
------------------------------------------------------------
The creditors of The Perpetuation Fund are required to file their
proofs of debt by December 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 4, 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


RASMALA ISLAMIC: Creditors' Proofs of Debt Due December 13
----------------------------------------------------------
The creditors of Rasmala Islamic Global Real Estate Opportunity
Fund are required to file their proofs of debt by December 13,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 10, 2010.

The company's liquidator is:

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


RASMALA ISLAMIC: Creditors' Proofs of Debt Due December 13
----------------------------------------------------------
The creditors of Rasmala Islamic Global Real Estate Opportunity
Ltd. are required to file their proofs of debt by December 13,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 10, 2010.

The company's liquidator is:

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


RYADA MULTI-STRATEGY: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------------
The creditors of Ryada Multi-Strategy Fund are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 1, 2010.

The company's liquidator is:

         Michael Pearson
         Trudy-Ann Baines
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258
         e-mail: tabaines@deloitte.com


TETRA OFFSHORE: Creditors' Proofs of Debt Due December 14
---------------------------------------------------------
The creditors of Tetra Offshore Fund, Ltd. are required to file
their proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 8, 2010.

The company's liquidator is:

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


WESTINVEST CORP: Creditors' Proofs of Debt Due December 20
----------------------------------------------------------
The creditors of Westinvest Corp. are required to file their
proofs of debt by December 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 5, 2010.

The company's liquidator is:

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


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


AIR JAMAICA: Caribbean Airlines Explains CEO's Dismissal
--------------------------------------------------------
RadioJamaica reports that Caribbean Airlines Limited said that the
dismissal of its Chief Executive Officer Captain Ian Brunton was
linked to the entity's acquisition of Air Jamaica Limited.

According to RadioJamaica, Caribbean Airlines said that it had a
contractual right to terminate Captain Brunton and denied that his
firing was an act of retaliation to a reported squabble over an
agreement for the acquisition of nine aircraft.

As reported in the Troubled Company reporter-Latin America on
December 6, 2010, RadioJamaica said that Captain Brunton described
his dismissal as an unnecessary act of viciousness.  According to
the report, Robert Corbie was appointed as the new Chief Executive
Officer of Caribbean Airlines.  The Trinidadian airline has a
controlling stake in Air Jamaica Limited.  RadioJamaica related
Caribbean Airlines has disclosed Mr. Corbie, who is Vice President
of Commercial and Customer Experience, will hold the post for the
time being.  Mr. Corbie will oversee a newly merged work force of
1,866 employees, the report noted.

In a letter sent to Captain Brunton's attorney, the company said
that the board unanimously decided to replace the CEO in order to
better serve the interests of the company's new found synergies
with Air Jamaica, RadioJamaica notes.  The letter, the report
relates, said that the whole board considered the position of
Captain Brunton and decided that the interests of the company
going forward, especially with regard to the synergies that needed
to be developed with Air Jamaica, were better served by a new CEO
with different skill sets.  It further explained that under
Brunton's employment contract, Caribbean Airlines had a right to
terminate his services without notice, the report adds.

                   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.


===========
P A N A M A
===========


GLOBAL BANK: Fitch Takes Rating Actions on US$85MM Bonds
--------------------------------------------------------
Fitch Ratings has taken these rating actions on Global Bank
Corporation's US$85 million secured bonds listed below:

  -- Series B: long-term rating downgraded to 'BB+' from 'BBB-';
     Outlook revised to Stable from Negative;

  -- Series B: national long-term rating downgraded to 'AA+(slv)'
     from 'AAA(slv)'; Outlook revised to Stable from Negative;

  -- Series C: long-term rating downgraded to 'BB+' from 'BBB-';
     Outlook revised to Stable from Negative;

  -- Series C: national long-term rating downgraded to 'AA+(slv)'
     from 'AAA(slv)'; Outlook revised to Stable from Negative;

  -- Series D: long-term rating downgraded to 'BB+' from 'BBB-';
     Outlook revised to Stable from Negative;

  -- Series D: national long-term rating downgraded to 'AA+(slv)'
     from 'AAA(slv)'; Outlook revised to Stable from Negative.

The ratings assigned to GBC's US$85 million secured bonds are
directly linked to GBC's senior unsecured ratings.  Secured bond
investors, however, benefit from strong recovery prospects in the
event of default.

The bond's structure requires a pledge of 150% of the outstanding
bond balance in the form of direct-deduction consumer loans
granted to social security retirees in Panama.  As of October
2010, there was US$17.7 million outstanding on the US$85 million
bonds (Series A bonds were paid in full in July 2010).  The
outstanding balance of loans pledged to the issue was equivalent
to 158.6% of that amount.

The structure in place and the credit profile of the assets
continue to provide strong recovery prospects to bondholders
should GBC default on the secured bonds.  Under stresses
consistent to the 'BB+' rating, the minimum pledge equivalent to
150% of the outstanding bond balance should provide bondholders
with at least 70% recovery should GBC default on the bonds.  Such
recovery expectations allow the issue to be rated two notches
above GBC's Fitch Issuer Default Rating.


===============
P A R A G U A Y
===============


* Moody's Upgrades Paraguay's Government Bonds Ratings to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded Paraguay's local and
foreign currency government bond ratings to B1 from B3.  The
outlook is stable.

Moody's also raised the country's foreign currency bond ceiling to
Ba3 from B2 and the foreign currency deposit ceiling to B2 from
B3.  Both ratings have a stable outlook.  The local currency
deposit ceiling was raised to Ba1 from Ba2.  The local currency
bond ceiling remains unchanged at Ba1.

                        Ratings Rationale

The main drivers for the upgrade are:

1) Improved growth prospects as the country benefits from the
   global commodity cycle, as well as increasing economic ties to
   Brazil. Economic growth this year will likely be the highest in
   decades due to increased agricultural activities.

2) Improved debt metrics, with Paraguay having one of the lowest
   government debt burdens among B-rated peers.

"Paraguay's economic growth in 2010 will be close to 9%, one of
the highest rates since the early 1980s.  Agricultural and meat
exports are a key support factor of growth, bolstered by domestic
demand and construction," said Patrick Esteruelas, Moody's Vice
President - Senior Analyst responsible for Paraguay's ratings.

"While Moody's expect growth in 2011 to be lower, investments in
infrastructure should help trend-growth to remain close to 5%
going forward," he added.

Paraguay's economy also benefits from strong family remittances of
around 5% of GDP.  While lower than in Central America and the
Caribbean, remittances are much higher than those reported by its
neighbors.  Paraguay benefits from geographical diversification as
remittances come from Argentina, Brazil, Europe and the United
States.

Paralleling the trends in GDP growth, the government's budget
moved to a surplus after 2003.  Repeated government surpluses
reflect prudent fiscal policies and tax reforms that have
stabilized government revenue since 2003, while expenditures fell
slightly as percentage of GDP.

Paraguay's estimated government debt-to-revenues ratio of 81% in
2010 will be one of the lowest in the B category with additional
reductions anticipated next year.

The country's external position has improved significantly.
External debt, which peaked at 65% of GDP and 121% of current
account earnings in 2002, has declined on a relative basis as
exports have soared taking the corresponding debt ratios to 27% of
GDP and 50% of current account revenues, respectively --
Paraguay's external debt ratios are now lower than the 'B' peer
group median.

Politically the country is still managing the transition to a
fuller democracy after six decades of single-party rule.  Even
though President Lugo has been battling political scandals and
personal health problems, he appears to have reached a working
agreement with the opposition-controlled congress, supporting
Moody's view about policy continuity.

              Credit Triggers For A Possible Upgrade

These would involve:

1. A continuation of current trends, maintaining current low debt
   ratios and support for macroeconomic stability.  Increases in
   government revenues, either from greater royalties for
   electricity exports to Brazil or the implementation of a long-
   delayed personal income tax would be credit positive if not
   matched by an equivalent increase in expenditures.

2. Evidence that export-oriented agricultural production can
   support higher long-term growth.  Greater infrastructure
   investment leading to higher growth could also support a
   ratings improvement.

             Credit Triggers For A Possible Downgrade

These would involve:

1. Economic shocks that reverse recent improvements in debt and
   fiscal indicators would be a credit negative.

2. Political turmoil that undermines support for current
   macroeconomic policies could also lead to a downgrade.

The last rating action on Paraguay was taken on June 24 2010 when
Moody's placed Paraguay's B3 government ratings on review for
possible upgrade.


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


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

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


ARGENTINA

IMPSAT FIBER-$US        IMPTD AR      535007008          -17165000
IMPSAT FIBER NET        XIMPT SM      535007008          -17165000
IMPSAT FIBER-CED        IMPT AR       535007008          -17165000
IMPSAT FIBER-C/E        IMPTC AR      535007008          -17165000
IMPSAT FIBER NET        330902Q GR    535007008          -17165000
IMPSAT FIBER-BLK        IMPTB AR      535007008          -17165000
IMPSAT FIBER NET        IMPTQ US      535007008          -17165000
AUTOPISTAS SOL          AUSO AR       364771500        -6265989.03
AUTOPISTAS SOL          APDSF US      364771500        -6265989.03
COMERCIAL PLA-BL        COMEB AR      138884129         -253031947
SOC COMERCIAL PL        SCDPF US      138884129         -253031947
COMERCIAL PLAT-$        COMED AR      138884129         -253031947
SOC COMERCIAL PL        CAD IX        138884129         -253031947
SOC COMERCIAL PL        CVVIF US      138884129         -253031947
COMERCIAL PL-ADR        SCPDS LI      138884129         -253031947
SOC COMERCIAL PL        CADN EO       138884129         -253031947
SOC COMERCIAL PL        CADN SW       138884129         -253031947
SOC COMERCIAL PL        COME AR       138884129         -253031947
COMERCIAL PL-C/E        COMEC AR      138884129         -253031947
SNIAFA SA-B             SNIA5 AR      11229696        -2670544.88
SNIAFA SA               SNIA AR       11229696        -2670544.88
SNIAFA SA-B             SDAGF US      11229696        -2670544.88


BRAZIL


VARIG SA-PREF           VAGV4 BZ      966298026        -4695211316
VARIG SA                VAGV3 BZ      966298026        -4695211316
VARIG SA                VARGON BZ     966298026        -4695211316
VARIG SA-PREF           VARGPN BZ     966298026        -4695211316
AGRENCO LTD-BDR         AGEN11 BZ     542862484         -297848371
AGRENCO LTD             AGRE LX       542862484         -297848371
LAEP-BDR                MILK11 BZ     432349610         -161351898
LAEP INVESTMENTS        LEAP LX       432349610         -161351898
CIA PETROLIF-PRF        MRLM4 BZ      377602195        -3014291.72
CIA PETROLIF-PRF        MRLM4B BZ     377602195        -3014291.72
CIA PETROLIFERA         MRLM3B BZ     377602195        -3014291.72
CIA PETROLIFERA         MRLM3 BZ      377602195        -3014291.72
CIA PETROLIFERA         1CPMON BZ     377602195        -3014291.72
CIA PETROLIF-PRF        1CPMPN BZ     377602195        -3014291.72
BOMBRIL SA-ADR          BMBPY US      289427238         -121390489
BOMBRIL-PREF            BOBR4 BZ      289427238         -121390489
BOMBRIL SA-ADR          BMBBY US      289427238         -121390489
BOMBRIL-RIGHTS          BOBR1 BZ      289427238         -121390489
BOMBRIL CIRIO SA        BOBRON BZ     289427238         -121390489
BOMBRIL                 BMBBF US      289427238         -121390489
BOMBRIL                 BOBR3 BZ      289427238         -121390489
BOMBRIL-RGTS PRE        BOBR2 BZ      289427238         -121390489
BOMBRIL CIRIO-PF        BOBRPN BZ     289427238         -121390489
TEKA-ADR                TKTQY US      246866965         -392777063
TEKA-ADR                TEKAY US      246866965         -392777063
TEKA-ADR                TKTPY US      246866965         -392777063
TEKA-PREF               TKTPF US      246866965         -392777063
TEKA-PREF               TEKA4 BZ      246866965         -392777063
TEKA-PREF               TEKAPN BZ     246866965         -392777063
TEKA                    TKTQF US      246866965         -392777063
TEKA                    TEKAON BZ     246866965         -392777063
TEKA                    TEKA3 BZ      246866965         -392777063
TELEBRAS-PF RCPT        TBAPF US      244716404        -14836627.7
TELEBRAS-PF RCPT        TELE41 BZ     244716404        -14836627.7
TELEBRAS SA-RT          TELB9 BZ      244716404        -14836627.7
TELEBRAS-RCT PRF        TELB10 BZ     244716404        -14836627.7
TELEBRAS-CEDEA $        TEL4D AR      244716404        -14836627.7
TELEBRAS-ADR            TBAPY US      244716404        -14836627.7
TELEBRAS SA-PREF        TLBRPN BZ     244716404        -14836627.7
TELEBRAS-PF RCPT        CBRZF US      244716404        -14836627.7
TELEBRAS SA-PREF        TELB4 BZ      244716404        -14836627.7
TELEBRAS-PF RCPT        RCTB41 BZ     244716404        -14836627.7
TELEBRAS SA             TELB3 BZ      244716404        -14836627.7
TELEBRAS-PF BLCK        TELB40 BZ     244716404        -14836627.7
TELEBRAS-RTS PRF        RCTB2 BZ      244716404        -14836627.7
TELEBRAS-ADR            TBASY US      244716404        -14836627.7
TELEBRAS SA             TLBRON BZ     244716404        -14836627.7
TELEBRAS-CED C/E        RCT4C AR      244716404        -14836627.7
TELECOMUNICA-ADR        81370Z BZ     244716404        -14836627.7
TELEBRAS-BLOCK          TELB30 BZ     244716404        -14836627.7
TELEBRAS-RCT            RCTB33 BZ     244716404        -14836627.7
TELEBRAS-CM RCPT        RCTB30 BZ     244716404        -14836627.7
TELEBRAS-CEDE BL        RCT4B AR      244716404        -14836627.7
TELEBRAS-CEDE PF        TELB4 AR      244716404        -14836627.7
TELEBRAS-CED C/E        TEL4C AR      244716404        -14836627.7
TELEBRAS-CM RCPT        RCTB31 BZ     244716404        -14836627.7
TELEBRAS-ADR            TBRAY GR      244716404        -14836627.7
TELEBRAS-PF RCPT        TLBRUP BZ     244716404        -14836627.7
TELEBRAS-ADR            TBX GR        244716404        -14836627.7
TELEBRAS-CEDEA $        RCT4D AR      244716404        -14836627.7
TELEBRAS-CM RCPT        TBRTF US      244716404        -14836627.7
TELEBRAS-COM RT         TELB1 BZ      244716404        -14836627.7
TELEBRAS-CM RCPT        RCTB32 BZ     244716404        -14836627.7
TELEBRAS-RECEIPT        TLBRUO BZ     244716404        -14836627.7
TELEBRAS-CM RCPT        TELE31 BZ     244716404        -14836627.7
TELEBRAS-RTS CMN        RCTB1 BZ      244716404        -14836627.7
TELEBRAS-PF RCPT        RCTB42 BZ     244716404        -14836627.7
TELEBRAS-PF RCPT        RCTB40 BZ     244716404        -14836627.7
TELEBRAS-RTS PRF        TLCP2 BZ      244716404        -14836627.7
TELEBRAS-CEDE PF        RCTB4 AR      244716404        -14836627.7
TELEBRAS-ADR            TBH US        244716404        -14836627.7
TELEBRAS-ADR            RTB US        244716404        -14836627.7
TELEBRAS/W-I-ADR        TBH-W US      244716404        -14836627.7
TELEBRAS SA             TBASF US      244716404        -14836627.7
TELEBRAS-RTS CMN        TCLP1 BZ      244716404        -14836627.7
HOTEIS OTHON-PRF        HOOT4 BZ      239702780        -38730311.4
HOTEIS OTHON SA         HOOT3 BZ      239702780        -38730311.4
HOTEIS OTHON SA         HOTHON BZ     239702780        -38730311.4
HOTEIS OTHON-PRF        HOTHPN BZ     239702780        -38730311.4
BALADARE                BLDR3 BZ      159454016        -52992212.8
SANSUY SA               SNSYON BZ     147187163        -86606310.8
SANSUY                  SNSY3 BZ      147187163        -86606310.8
SANSUY SA-PREF A        SNSYAN BZ     147187163        -86606310.8
SANSUY-PREF A           SNSY5 BZ      147187163        -86606310.8
SANSUY-PREF B           SNSY6 BZ      147187163        -86606310.8
SANSUY SA-PREF B        SNSYBN BZ     147187163        -86606310.8
PET MANG-RT             4115364Q BZ   140673541         -164925695
PETRO MANGUINHOS        MANGON BZ     140673541         -164925695
PET MANG-RT             4115360Q BZ   140673541         -164925695
PET MANG-RECEIPT        RPMG10 BZ     140673541         -164925695
PET MANG-RT             RPMG1 BZ      140673541         -164925695
PET MANGUINH-PRF        RPMG4 BZ      140673541         -164925695
PET MANG-RECEIPT        RPMG9 BZ      140673541         -164925695
PETRO MANGUINHOS        RPMG3 BZ      140673541         -164925695
PET MANG-RIGHTS         3678565Q BZ   140673541         -164925695
PET MANG-RIGHTS         3678569Q BZ   140673541         -164925695
PET MANG-RT             RPMG2 BZ      140673541         -164925695
PETRO MANGUIN-PF        MANGPN BZ     140673541         -164925695
VARIG PART EM-PR        VPSC4 BZ      96617351         -460274609
VARIG PART EM SE        VPSC3 BZ      96617351         -460274609
DOCAS IMBITUB-PR        IMBIPN BZ     93031452        -40080158.4
DOC IMBITUBA-RTP        IMBI2 BZ      93031452        -40080158.4
DOC IMBITUBA-RTC        IMBI1 BZ      93031452        -40080158.4
DOC IMBITUB-PREF        IMBI4 BZ      93031452        -40080158.4
DOCAS IMBITUBA          IMBION BZ     93031452        -40080158.4
DOC IMBITUBA            IMBI3 BZ      93031452        -40080158.4
FABRICA RENAUX-P        FTRX4 BZ      63865882        -73255215.1
FABRICA TECID-RT        FTRX1 BZ      63865882        -73255215.1
FABRICA RENAUX-P        FRNXPN BZ     63865882        -73255215.1
FABRICA RENAUX          FRNXON BZ     63865882        -73255215.1
FABRICA RENAUX          FTRX3 BZ      63865882        -73255215.1
RENAUXVIEW SA           TXRX3 BZ      63668805        -94477605.8
TEXTEIS RENAU-RT        TXRX1 BZ      63668805        -94477605.8
RENAUXVIEW SA-PF        TXRX4 BZ      63668805        -94477605.8
TEXTEIS RENAUX          RENXPN BZ     63668805        -94477605.8
TEXTEIS RENA-RCT        TXRX9 BZ      63668805        -94477605.8
TEXTEIS RENAUX          RENXON BZ     63668805        -94477605.8
TEXTEIS RENAU-RT        TXRX2 BZ      63668805        -94477605.8
TEXTEIS RENA-RCT        TXRX10 BZ     63668805        -94477605.8
MINUPAR-PREF            MNPR4 BZ      60015033        -53107712.8
MINUPAR-RT              MNPR1 BZ      60015033        -53107712.8
MINUPAR SA-PREF         MNPRPN BZ     60015033        -53107712.8
MINUPAR                 MNPR3 BZ      60015033        -53107712.8
MINUPAR SA              MNPRON BZ     60015033        -53107712.8
MINUPAR-RCT             MNPR9 BZ      60015033        -53107712.8
VARIG PART EM TR        VPTA3 BZ      49432124         -399290426
VARIG PART EM-PR        VPTA4 BZ      49432124         -399290426
CIMOB PARTIC SA         GAFP3 BZ      39881387        -41560336.9
CIMOB PART-PREF         GAFP4 BZ      39881387        -41560336.9
CIMOB PARTIC SA         GAFON BZ      39881387        -41560336.9
CIMOB PART-PREF         GAFPN BZ      39881387        -41560336.9
SANESALTO               SNST3 BZ      31044051        -1843297.83
BOTUCATU TEXTIL         STRP3 BZ      27663605        -7174512.03
STAROUP SA              STARON BZ     27663605        -7174512.03
BOTUCATU-PREF           STRP4 BZ      27663605        -7174512.03
STAROUP SA-PREF         STARPN BZ     27663605        -7174512.03
CONST BETER-PF A        COBE5 BZ      23747401        -4784798.53
CONST BETER-PF B        COBE6 BZ      23747401        -4784798.53
CONST BETER-PR A        1008Q BZ      23747401        -4784798.53
CONST BETER-PF B        1COBBN BZ     23747401        -4784798.53
CONST BETER SA          1COBON BZ     23747401        -4784798.53
CONST BETER-PR B        COBEBN BZ     23747401        -4784798.53
CONST BETER SA          COBE3 BZ      23747401        -4784798.53
CONST BETER-PF A        1COBAN BZ     23747401        -4784798.53
CONST BETER-PR B        1009Q BZ      23747401        -4784798.53
CONST BETER SA          COBEON BZ     23747401        -4784798.53
CONST BETER SA          1007Q BZ      23747401        -4784798.53
CONST BETER-PR A        COBEAN BZ     23747401        -4784798.53
CONST BETER SA          COBE3B BZ     23747401        -4784798.53
STEEL - RT              STLB1 BZ      22548846         -4346785.7
STEEL - RCT ORD         STLB9 BZ      22548846         -4346785.7
STEEL DO BRASIL         STLB3 BZ      22548846         -4346785.7
CHIARELLI SA            CCHON BZ      22274027        -44537138.2
CHIARELLI SA            CCHI3 BZ      22274027        -44537138.2
CHIARELLI SA-PRF        CCHI4 BZ      22274027        -44537138.2
CHIARELLI SA-PRF        CCHPN BZ      22274027        -44537138.2
FERRAGENS HAGA          HAGAON BZ     21299043        -62858771.3
FER HAGA-PREF           HAGA4 BZ      21299043        -62858771.3
FERRAGENS HAGA-P        HAGAPN BZ     21299043        -62858771.3
HAGA                    HAGA3 BZ      21299043        -62858771.3
CAF BRASILIA            CAFE3 BZ      21097370         -903951461
CAF BRASILIA-PRF        CAFE4 BZ      21097370         -903951461
CAFE BRASILIA-PR        CSBRPN BZ     21097370         -903951461
CAFE BRASILIA SA        CSBRON BZ     21097370         -903951461
TECEL S JOSE            FTSJON BZ     19067322        -52580501.1
TECEL S JOSE            SJOS3 BZ      19067322        -52580501.1
TECEL S JOSE-PRF        SJOS4 BZ      19067322        -52580501.1
TECEL S JOSE-PRF        FTSJPN BZ     19067322        -52580501.1
NORDON MET-RTS          NORD1 BZ      16108143        -22352940.6
NORDON MET              NORD3 BZ      16108143        -22352940.6
NORDON METAL            NORDON BZ     16108143        -22352940.6
UNI CIDADE              UNCI3 BZ      15460621        -5200646.59
PROMAN                  PRMN3 BZ      12878932        -38408.0181
PROMAN                  PRMN3B BZ     12878932        -38408.0181
GAZOLA                  GAZO3 BZ      12452143        -40298506.3
GAZOLA SA-DVD PF        GAZO12 BZ     12452143        -40298506.3
GAZOLA SA               GAZON BZ      12452143        -40298506.3
GAZOLA SA-DVD CM        GAZO11 BZ     12452143        -40298506.3
GAZOLA SA-PREF          GAZPN BZ      12452143        -40298506.3
GAZOLA-RCPT PREF        GAZO10 BZ     12452143        -40298506.3
GAZOLA-RCPTS CMN        GAZO9 BZ      12452143        -40298506.3
GAZOLA-PREF             GAZO4 BZ      12452143        -40298506.3
ARTHUR LANGE            ARLA3 BZ      11642256        -17154461.9
ARTHUR LANG-RC P        ARLA10 BZ     11642256        -17154461.9
ARTHUR LANG-RT P        ARLA2 BZ      11642256        -17154461.9
ARTHUR LANGE SA         ALICON BZ     11642256        -17154461.9
ARTHUR LANGE-PRF        ARLA4 BZ      11642256        -17154461.9
ARTHUR LANG-RT C        ARLA1 BZ      11642256        -17154461.9
ARTHUR LAN-DVD P        ARLA12 BZ     11642256        -17154461.9
ARTHUR LANGE-PRF        ALICPN BZ     11642256        -17154461.9
ARTHUR LAN-DVD C        ARLA11 BZ     11642256        -17154461.9
ARTHUR LANG-RC C        ARLA9 BZ      11642256        -17154461.9
F GUIMARAES-PREF        FGUI4 BZ      11016542         -151840377
F GUIMARAES             FGUI3 BZ      11016542         -151840377
FERREIRA GUIM-PR        FGUIPN BZ     11016542         -151840377


CHILE


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


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Psyche A. Castillon, 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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