TCRLA_Public/101214.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 14, 2010, Vol. 11, No. 246

                            Headlines


A R G E N T I N A

DG PRODUCCIONES: Creditors' Proofs of Debt Due March 7
GVS SA: Creditors' Proofs of Debt Due March 15
MAYOSOL SRL: Creditors' Proofs of Debt Due March 21
POLENE SA: Creditors' Proofs of Debt Due June 1
RAGHSA SA: S&P Assigns 'B-' Corporate Credit Rating


B E R M U D A

DOLE FOOD: Fitch Affirms Issuer Default Rating at 'B'


B R A Z I L
BANCO SANTOS: Trustee Files for Ch. 15 to Recover Assets in U.S.
BANCO SANTOS: Chapter 15 Case Summary
* BRAZIL: Moody's Gives Negative Outlook on Various Local Banks


C A Y M A N  I S L A N D S

AMPSS 2007-4: Shareholders' Final Meeting Set for December 23
ANCHOR MAC: Members Receive Wind-Up Report
ARCAS MAC: Members Receive Wind-Up Report
ATTUNGA AGRICULTURAL: Shareholders' Final Meeting Set for Dec. 22
BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23

BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23
BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23
BUNIAS INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
ELECTRON IAM: Shareholders' Final Meeting Set for December 21
ELLIPTICAL MASTER: Shareholder to Hear Wind-Up Report on Dec. 14

ELLIPTICAL OFFSHORE: Shareholder to Hear Wind-Up Report on Dec. 14
ENDEAVOUR INTERNATIONAL: Shareholders' Meeting Set for Dec. 23
ENDEAVOUR SECURITIES: Shareholders' Meeting Set for December 23
FOCUS IAM: Shareholders' Final Meeting Set for December 21
FORT MAC: Members Receive Wind-Up Report

GUEDOLA FUND: Shareholders' Final Meeting Set for December 22
HAILSTONE IAM: Shareholders' Final Meeting Set for December 21
HSBC STRUCTURED: Shareholder to Hear Wind-Up Report on December 22
LAMIUM INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
MUA320-99 LIMITED: Shareholder to Hear Wind-Up Report on Dec. 22

ORCHIS INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
PARK HOUSE: Shareholder to Receive Wind-Up Report on December 29
PEQUOT DYNAMIC: Shareholders' Final Meeting Set for December 23
PEQUOT DYNAMIC: Shareholders' Final Meeting Set for December 23
RHYTHMS IAM: Shareholders' Final Meeting Set for December 21

ROYALCAP VALUE: Shareholders' Final Meeting Set for December 23
SR ALTERNATIVE: Shareholders' Final Meeting Set for December 22
SUNBEAM IAM: Shareholders' Final Meeting Set for December 21
SUNDERLAND ASSET: Shareholder to Hear Wind-Up Report on Dec. 22
TRICO MARINE: US$7MM Tranche B Term Loan Available Until Dec. 31

TRICO MARINE: Arrowgrass Wants Chapter 11 Trustee Appointed
UNITAS CAPITAL: Shareholders' Final Meeting Set for December 23


C H I L E

E-CL SA: Moody's Corrects Press Release; Withdraws 'Ba2' Rating


C O L O M B I A

GOLDEN AMERICAS: Fitch Assigns 'B+' Issuer Default Rating


J A M A I C A

NATIONAL COMMERCIAL BANK: Taps Sheree Martin as General Manager


M E X I C O

VITRO SAB: U.S. Units Contest Involuntary Ch. 11 Petitions
VITRO SAB: Delays Tender Offer Payment Due to Bondholders Actions
* MEXICO: Moody's Assigns 'B1' Rating to Ixtapaluca Municipality


P U E R T O  R I C O

SONIA MARRERO: Case Summary & 10 Largest Unsecured Creditors


V E N E Z U E L A

GLOBOVISION: Venezuela Acquires Majority Stake in Firm


X X X X X X X X

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


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


DG PRODUCCIONES: Creditors' Proofs of Debt Due March 7
------------------------------------------------------
The court-appointed trustee for DG Producciones Digitales S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 7, 2011.

The trustee will present the validated claims in court as
individual reports on April 19, 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
June 3, 2011.


GVS SA: Creditors' Proofs of Debt Due March 15
----------------------------------------------
The court-appointed trustee for G.V.S. S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 15, 2011.

The trustee will present the validated claims in court as
individual reports on May 2, 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
June 14, 2011.


MAYOSOL SRL: Creditors' Proofs of Debt Due March 21
---------------------------------------------------
The court-appointed trustee for Mayosol S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 21, 2011.

The trustee will present the validated claims in court as
individual reports on May 4, 2011.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 15, 2011.


POLENE SA: Creditors' Proofs of Debt Due June 1
-----------------------------------------------
The court-appointed trustee for Polene S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 1, 2010.

The trustee will present the validated claims in court as
individual reports on July 30, 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
September 10, 2011.


RAGHSA SA: S&P Assigns 'B-' Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Argentinean real estate developer Raghsa S.A.
The outlook is stable.  S&P is also assigning a 'B-' senior
unsecured rating to the company's proposed US$100 million six-year
notes.

"The rating on RAGHSA mainly reflects its exposure to the
Argentine business environment, its relatively small size, and the
volatility inherent to the real estate industry," said Standard &
Poor's credit analyst Candela Macchi.  The extensive experience
that the company has in most business segments in which it
participates, and the domestic recognition of its main development
framework partially offset these factors.  A manageable maturity
profile for the next four years (pro forma after the proposed
issuance) and increasing revenues from the office rental segment
should provide room to consolidate new development projects and
partially mitigate higher debt levels.  S&P assesses RAGHSA's
business risk profile as vulnerable and its financial risk profile
as highly leveraged.

Assuming sustained inflation, a moderate but gradual depreciation
of the Argentine peso, and conservative adjustments over office
rental prices and square meters prices, RAGHSA's main cash-flow
protection metrics are expected to gradually improve because many
of its outstanding projects should start generating funds.  S&P
expects the company's adjusted funds from operations -to-total
debt to decrease to 5.2% in 2011 from 17% in fiscal 2010.  Total
debt to EBITDA should trend up to 7.6x in 2011--from the 5x posted
in fiscal 2010?-and remain below 5x through 2014.

RAGHSA is a real estate developer in Argentina focused on the
development and rental of first-class office buildings, the
development of residential buildings for sale, and the acquisition
of land reserves for future developments.  The company targets
clients in upper and upper-middle socioeconomic levels.  The
company has been engaged in real estate development for more than
40 years.

S&P assesses RAGHSA's liquidity position as adequate based on the
cash cushion that the new debt issuance provides, which covers all
funding needs derived from the company's outstanding projects for
the next two years.

According to its base case, and in line with the degree of advance
of the company's projects, S&P expects negative free operating
cash flow for the next four years.  However, the new issuance, no
principal debt maturities until 2015, and no planned dividends
payments partially mitigate liquidity risks.   The fact that
almost all of the company's contracts from the office rental
division are denominated in dollars partially mitigates currency
mismatch risks.

The stable outlook incorporates the manageable debt maturity
profile of the company after the issuance of US$100 million senior
unsecured notes and a gradual consolidation in cash flow
generation from new projects.  Potential rating upside is unlikely
at this point given high debt levels and would depend on the
satisfactory performance of the capital expenditure plan.  Further
increases in debt levels, delays in the completion of projects
under development, and/or worsening in economic conditions with
impact on rents and projects could impact the ratings.


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


DOLE FOOD: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed these ratings of Dole Food Company,
Inc. and its wholly owned subsidiary Solvest, Ltd.:

Dole (Operating Company)

  -- Long-term Issuer Default Rating at 'B';
  -- US$350 million asset-based loan revolver at 'BB/RR1';
  -- US$239 million secured term loan B at 'BB/RR1'.

Solvest Ltd. (Bermuda-based Subsidiary)

  -- Long-term IDR at 'B';
  -- US$593 million secured term loan C at 'BB/RR1'.

Due to Fitch's recovery analysis and the continued absence of
financial stress, primarily resulting from debt reduction, these
ratings have been upgraded:

Dole (Operating Company)

  -- US$227 million 13.875% third-lien secured notes to 'BB-/RR2'
     from 'B+/RR3';

  -- US$315 million 8% third-lien secured notes to 'BB-/RR2' from
     'B+/RR3';

  -- US$155 million 8.75% senior unsecured notes to 'B-/RR5' from
     'CCC/RR6'.

The Rating Outlook has been revised to Positive from Stable.

At Oct. 9, 2010, Dole had US$1.6 billion of total debt including
capital leases.

Rating Rationale:

Dole's ratings reflect its relatively high financial leverage,
mid-single digit margins and the inherent volatility of the fresh
produce industry.  These factors are balanced by the company's
adequate liquidity, limited near-term maturities, manageable debt
amortization schedule and leading worldwide position in the fresh
produce and value-added packaged fruits and vegetables business.

For the latest 12 month period ended Oct. 9, 2010, total debt-to-
operating EBITDA was 4.5 times, operating EBITDA-to-gross interest
expense was 2.1x and funds from operations fixed charge coverage
was 1.4x.  Dole's EBITDA margin for the LTM period was 5.3% and
its free cash flow (defined as cash flow from operations less
capital expenditures and dividends) was US$64 million.  Dole's LTM
credit statistics are currently in line with Fitch's expectations.

Dole's liquidity at Oct. 9, 2010, includes US$201 million of cash
and US$138 million of availability under its ABL revolver which
matures on March 2, 2014.  Dole is currently in compliance with
covenants under its credit agreements.  The company's leverage, as
defined by its term loan credit agreement, was 3.6x at Oct. 9,
2010.  The maximum leverage ratio allowed is 4.75x until June 18,
2011, when the covenant steps down to 4.5x.  Fitch estimates that
Dole currently has in excess of 20% cushion under this covenant.

Dole's nearest upcoming maturity is on July 15, 2013, when the
company's 8.75% unsecured notes become due.  As previously
mentioned, the company's ABL expires March 2, 2014, while its
13.875% and 8% junior lien notes are due March 15, 2014, and
Sept. 21, 2016, respectively.  Dole's term loans mature on
March 3, 2017.  Quarterly term loan amortization requirements
are manageable at US$2.1 million or US$8.5 million annually.

Positive Outlook and Rating Triggers:

The Positive Outlook is due to Fitch's expectation that total
debt-to-operating EBITDA will migrate towards 4.0x in 2011 due
to modest debt reduction and stable to moderately higher EBITDA
margins.  Lower earnings in Dole's European banana business caused
margins to decline during the year-to-date period ended Oct. 9,
2010.  However, Fitch believes European banana pricing could
improve in 2011 as supply conditions normalize.  Furthermore, the
restructuring of Dole's European business is well underway and
could also help improve profitability.

Leverage in the low 4.0x range along with continued FCF generation
is likely to result in an upgrade of Dole's ratings.  Fitch is
currently projecting FCF of roughly US$50 million in 2011.  Dole
has publicly articulated a goal of net leverage in the 2.0x range
driven by operating earnings growth and non-core asset sales.

Dole's term loan credit facility requires that 50% of excess cash
flow, as defined by the agreement, be used to repay the loans.
Both bank facilities mandate that asset sale proceeds be used for
debt repayment.  Dole is targeting US$50 million of assets sales
in both 2010 and 2011.

Recovery Ratings:

The 'RR1' rating on Dole's secured bank facilities indicates that
Fitch views recovery prospects on these obligations as outstanding
at 91% - 100%.  The company's ABL has a first-priority lien on
account receivables and inventory and a second-priority lien on
real estate and intangible property.  Dole's term loans are
secured on a first priority basis by real and intangible property
and on a second priority basis by ABL collateral.

The upgrade of Dole's third-lien secured and senior unsecured
notes is due to Fitch's recovery assumptions that trade payables
related obligations would not be included in claims if there was a
restructuring event and, as previously mentioned, the alleviation
of financial stress on the company.  The 'BB-/RR2' rating on
Dole's third-lien notes reflects Fitch's view that recovery
prospects on these notes would be superior at 71% - 90% if there
was a distressed situation.  Meanwhile, the 'B-/RR5' rating on the
company's senior unsecured notes assumes below average recovery.
Fitch views terms, as outlined by the July 15, 1993 indenture
covering these notes, as offering bondholders minimal credit
protection.


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


BANCO SANTOS: Trustee Files for Ch. 15 to Recover Assets in U.S.
----------------------------------------------------------------
Vanio Cesar Pickler Aguiar, as foreign representative for Sao
Paulo, Brazil-based Banco Santos S.A., filed a Chapter 15 petition
(Bankr. S.D. Fla. Case No. 10-47543) in Miami, Florida.

Mr. Aguiar is the judicial administrator or trustee for Banco
Santos in the bankruptcy action pending in the 2nd Bankruptcy and
Judicial Reorganization Court of Sao Paulo, Brazil.

The trustee seeks recognition of the proceeding pending in the
Brazilian Court as a "foreign main proceeding:, as defined in
11 U.S.C. Secs. 1502(4) and 101(23).

According to the U.S. court filing, Banco Santos was a prominent
bank in Brazil, until events beginning around the end of 2004
eventually led to the bank being liquidated in 2005.  On
November 12, 2004, the Central Bank of Brazil felt compelled to
intervene after it appeared that Banco Santos was facing
insolvency due to an apparent deficit of hundreds of millions of
reals (Brazil's currency).  The insolvency was suspected to have
been the result of unscrupulous dealings by Edemar Cid Ferreira,
the former head of Banco Santos, as well as others of Banco
Santos' officers and directors.

Brazilian investigators believe that Ferreira, with the help of
his wife, son, and others, set up a series of holding companies
and trusts linked substantially to one bank and one offshore
company they apparently controlled -- Bank of Europe in Antigua
and Alsace Lorraine Investment Services Ltd. in the British Virgin
Islands.  Utilizing these offshore vehicles, Banco Santos would
encourage, and in some cases require, investors to deposit cash in
favor of the Bank of Europe in Antigua as collateral for loans in
Brazil.

Eventually the scheme began to unravel, leading Banco Santos to
take measures such as raising cash by selling junk bonds to the
offshore vehicles.  Millions of dollars (or reals) invested
offshore were misappropriated by Ferreira, including spending on a
lavish art collection valued in the tens of millions of dollars.
In addition, Mr. Ferreira lives in a residence in Sao Paulo that
he remodeled circa 2003-2004 at the expense of some US$60 million,
which is owned by two of the Related Entities, whose shares in
turn are owned by offshore vehicles.

As a result of his complicity in the collapse of Banco Santos,
Ferreira was charged by Brazil's federal police with financial
crimes and money laundering, among other things.  He was
eventually convicted and sentenced to 21 years in prison.  He
remains out of prison on bail pending an appeal.  Other persons
associated with Banco Santos also were charged with crimes and
convicted.

On May 4, 2005, Banco Santos was placed into extra-judicial
liquidation, which is a precursor to full bankruptcy under
Brazilian law.  On September 20, 2005, the Brazilian Court issued
an Order converting the extra-judicial liquidation into a full,
court-supervised bankruptcy, and also appointed the Trustee as
Judicial Administrator of Banco Santos.

The Banco Santos Proceeding remains pending and the Trustee is
overseeing efforts to identify, locate, and capture assets
belonging to the estate and the Related Parties.

Today, the Estate of Banco Santos has 1,969 creditors and debts of
about R$2.4 billions (around US$1.4 billion). The total of Banco
Santos' proven assets recovered by the Trustee to date, however,
is 900 million reals (approximately US$530 million).  Based on the
Trustee's investigation, information from the Brazilian
investigators, and other sources, the Trustee believes that a
significant amount of assets were diverted by Mr. Ferreira and/or
others prior to the Central Bank's intervention.

The Trustee desires to proceed with an investigation into the
assets of Banco Santos and of the Related Entities, including, for
example, as to assets that are in the U.S. or that were
transferred through the U.S., as well as transactions involving
Banco Santos and the Related Entities with persons or entities
located in the U.S.

The Chapter 15 petition estimates that the Debtor has assets of
US$500 million to US$1 billion and debts of more than US$1
billion.  Gregory S. Grossman, Esq., in Miami, FL, represents the
Trustee in the Chapter 15 case.  The Trustee is also represented
by:

          Astigarraga Davis, Esq.
          MULLINS & GROSSMAN P.A.
          701 Brickell Avenue, 16th Floor
          Miami, Florida 33131
          Tel: (305) 372-8282
          Fax: (305) 372-8202
          E-mail: ggrossman@astidavis.com
                  edavis@astidavis.com


BANCO SANTOS: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Vanio Cesar Pickler Aguiar
                       c/o Astigarraga Davis
                       701 Brickell Avenue, 16th Floor
                       Miami, FL 33131

Chapter 15 Debtor: Banco Santos
                   Attn: Vanio Cesar Pickler Aguilar
                   Rua D. Elisa Pereriera de Barros,
                   715 - Jd. Europa, CEP 01456-000
                   Sao Paulo, Brazil

Chapter 15 Case No.: 10-47543

Chapter 15 Petition Date: December 9, 2010

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

About the Debtor:   Banco Santos was a prominent bank in Brazil,
                    until events beginning around the end of 2004
                    eventually led to the bank being liquidated in
                    2005.  On November 12, 2004, the Central Bank
                    of Brazil felt compelled to intervene after it
                    appeared that Banco Santos was facing
                    insolvency due to an apparent deficit of
                    hundreds of millions of reals (Brazil's
                    currency).  The insolvency was suspected to
                    have been the result of unscrupulous dealings
                    by Edemar Cid Ferreira, the former head of
                    Banco Santos, as well as others of Banco
                    Santos' officers and directors.

Chapter 15
Petitioner's
Counsel:          Gregory S. Grossman, Esq.
                  701 Brickell Avenue, 16th Floor
                  Miami, FL 33131
                  Tel: (305) 372-8282
                  E-mail: ggrossman@astidavis.com

                        -- and --

                  Astigarraga Davis, Esq.
                  MULLINS & GROSSMAN P.A.
                  701 Brickell Avenue, 16th Floor
                  Miami, Florida 33131
                  Tel: (305) 372-8282
                  Fax: (305) 372-8202
                  E-mail: ggrossman@astidavis.com
                          edavis@astidavis.com

Estimated Assets: US$500,000,001 to US$1 billion

Estimated Assets: More than US$1 billion

The Debtor did not file a list of creditors together with its
petition.


* BRAZIL: Moody's Gives Negative Outlook on Various Local Banks
---------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on all ratings of Banco BMG S.A., Banco Cruzeiro do Sul
S.A., Banco Bonsucesso S.A. and Banco Schahin S.A.

                         Rating Rationale

The change in outlook reflects Moody's view that at these banks'
rating levels (Ba), their specialized franchises may be negatively
affected over the next months by the Brazilian Central Bank's
recently announced macro-prudential measures.  They will primarily
be affected by the increase of capital requirement for long-term
payroll loans and vehicle financing operations, and by the gradual
decrease in the limit for banks to issue DPGEs (time deposits
guaranteed by the deposit insurance fund).  These measures are
likely to require these banks to adjust their loan origination
flow during a period of tightened liquidity and take on higher
funding costs, which may ultimately adversely affect their
business volumes, and thus earnings generation.

Moody's acknowledges the idiosyncrasies of each bank's operation
in respect to their core markets, product mix, and funding
alternatives; nevertheless, all four banks are alike in that their
business models focus largely on originating and selling loans, as
a means to leverage their strong origination capacity, to access
complementary funding, and to maximize capital utilization.  These
banks are also reliant on wholesale funding, and they may have
limited flexibility to re-price their loans to accommodate higher
funding costs.

In changing the outlook on these banks' ratings to negative,
Moody's has accounted for the fact that the prudential measures
will be implemented over time, and could therefore, affect their
financial performance differently depending on managements'
ability to adjust the banks' strategy and business models to new
market and competitive dynamics.

Moody's last rating action on BMG was on June 29, 2010, when
Moody's assigned a foreign currency debt rating of Ba3 to the
bank's US$250 million 8.875% subordinated unsecured notes due
2020.  All the other ratings remained unchanged.

Moody's last rating action on BCSul was on September 9, 2010, when
Moody's assigned a foreign currency debt rating of Ba3 to the
bank's US$400 million 8.875% subordinated unsecured notes due
2020.  All the other ratings remained unchanged.

Moody's last rating action on Bonsucesso was on October 14, 2010,
when Moody's assigned a foreign currency debt rating of Ba3 to the
bank's US$125 million 9.50% subordinated unsecured notes due 2020.
All the other ratings remained unchanged.

Moody's last rating action on Schahin was on October 19, 2009,
when Moody's affirmed all ratings assigned to the bank.  The
ratings outlook was maintained stable.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil, and had
total consolidated assets of R$10,971 million (US$6,422 million)
and shareholders' equity of R$2,285 million (US$1,337 million), as
of September 30, 2010.

Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil,
and had total unconsolidated assets of R$10,627 million (US$6,220
million) and shareholders' equity of R$1,140 million (US$667.3
million), as of September 30, 2010.

Banco Bonsucesso S.A. is headquartered in Belo Horizonte, Brazil,
and had total consolidated assets of R$2,031 million (US$1,130
million) and shareholders' equity of R$377.2 million (US$210
million), as of June 30, 2010.

Banco Schahin S.A. is headquartered in Sao Paulo, Brazil, and had
total unconsolidated assets of R$2,524 million (US$1,404 million)
and shareholders' equity of R$229.2 million (US$127.5 million), as
of June 30, 2010.

The outlook on these ratings was changed to negative from stable:

Banco BMG S.A.:

  -- Bank financial strength rating: D
  -- Long-term global local currency deposit rating: Ba2
  -- Long-term foreign currency deposit rating: Ba2
  -- Long-term foreign currency senior unsecured debt rating: Ba2
  -- Long-term foreign currency subordinated debt rating: Ba3
  -- Long-term Brazilian national scale deposit rating: Aa3.br

Banco Cruzeiro do Sul S.A.:

  -- Bank financial strength rating: D
  -- Long-term global local currency deposit rating: Ba2
  -- Long-term foreign currency deposit rating: Ba2
  -- Long-term foreign currency senior unsecured debt rating: Ba2
  -- Long-term foreign currency subordinated debt rating: Ba3
  -- Long-term Brazilian national scale deposit rating: A1.br
  -- Short-term Brazilian national scale deposit rating: BR-1

Banco Bonsucesso S.A.:

  -- Bank financial strength rating: D
  -- Long-term global local currency deposit rating: Ba2
  -- Long-term foreign currency deposit rating: Ba2
  -- Long-term foreign currency senior unsecured debt rating: Ba2
  -- Long-term foreign currency subordinated debt rating: Ba3
  -- Long-term Brazilian national scale deposit rating: A1.br
  -- Short-term Brazilian national scale deposit rating: BR-1

Banco Schahin S.A.:

  -- Bank financial strength rating: D-
  -- Long-term global local currency deposit rating: Ba3
  -- Long-term foreign currency deposit rating: Ba3
  -- Long-term foreign currency senior unsecured debt rating: Ba3
  -- Long-term foreign currency subordinated debt rating: B1
  -- Long-term Brazilian national scale deposit rating: A2.br


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


AMPSS 2007-4: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of AMPSS 2007-4 SPC will hold their final meeting
on December 23, 2010, at 11:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ANCHOR MAC: Members Receive Wind-Up Report
------------------------------------------
The members of Anchor Mac Limited received on December 13, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ARCAS MAC: Members Receive Wind-Up Report
------------------------------------------
The members of Arcas Mac 79 Ltd. received on December 13, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ATTUNGA AGRICULTURAL: Shareholders' Final Meeting Set for Dec. 22
-----------------------------------------------------------------
The shareholders of Attunga Agricultural Trading (Offshore) Fund
will hold their final meeting on December 22, 2010, at 4:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------------
The shareholders of The Blackhorse Asia Master Fund NT will hold
their final meeting on December 23, 2010, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------------
The shareholders of The Blackhorse Asia Fund NT will hold their
final meeting on December 23, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLACKHORSE ASIA: Shareholders' Final Meeting Set for December 23
----------------------------------------------------------------
The shareholders of The Blackhorse Asia (US) Fund NT will hold
their final meeting on December 23, 2010, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BUNIAS INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
---------------------------------------------------------------
The shareholders of Bunias Investments Limited will hold their
final meeting on December 22, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


ELECTRON IAM: Shareholders' Final Meeting Set for December 21
-------------------------------------------------------------
The shareholders of Electron IAM Limited will hold their final
meeting on December 21, 2010, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ELLIPTICAL MASTER: Shareholder to Hear Wind-Up Report on Dec. 14
----------------------------------------------------------------
The shareholder of Elliptical Master Fund, Ltd will receive on
December 14, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Margot MacInnis
         Krys & Associates (Cayman) Ltd.
         Governors Square, Building 6
         2nd Floor 23 Lime Tree Bay Avenue
         Grand Cayman KY1-1205, Cayman Islands
         Telephone: +1 345-947-4700
         Facsimile: +1 345-946-6728


ELLIPTICAL OFFSHORE: Shareholder to Hear Wind-Up Report on Dec. 14
------------------------------------------------------------------
The shareholder of Elliptical Offshore Fund, Ltd will receive on
December 14, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Margot Macinnis
         Krys & Associates (Cayman) Ltd.
         Governors Square, Building 6
         2nd Floor 23 Lime Tree Bay Avenue
         Grand Cayman KY1-1205, Cayman Islands
         Telephone: +1 345-947-4700
         Facsimile: +1 345-946-6728


ENDEAVOUR INTERNATIONAL: Shareholders' Meeting Set for Dec. 23
--------------------------------------------------------------
The shareholders of Endeavour International Services Ltd. will
hold their final meeting on December 23, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ENDEAVOUR SECURITIES: Shareholders' Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Endeavour Securities Corporation will hold
their final meeting on December 23, 2010, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FOCUS IAM: Shareholders' Final Meeting Set for December 21
----------------------------------------------------------
The shareholders of Focus IAM Limited will hold their final
meeting on December 21, 2010, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


FORT MAC: Members Receive Wind-Up Report
----------------------------------------
The members of Fort Mac 84 Ltd received on December 13, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


GUEDOLA FUND: Shareholders' Final Meeting Set for December 22
-------------------------------------------------------------
The shareholders of Guedola Fund SPC will hold their final meeting
on December 22, 2010, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HAILSTONE IAM: Shareholders' Final Meeting Set for December 21
--------------------------------------------------------------
The shareholders of Hailstone Iam Limited will hold their final
meeting on December 21, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


HSBC STRUCTURED: Shareholder to Hear Wind-Up Report on December 22
------------------------------------------------------------------
The shareholder of HSBC Structured Financing (Me) Limited will
receive on December 22, 2010, at 10:45 a.m., the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


LAMIUM INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
---------------------------------------------------------------
The shareholders of Lamium Investments Limited will hold their
final meeting on December 22, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


MUA320-99 LIMITED: Shareholder to Hear Wind-Up Report on Dec. 22
----------------------------------------------------------------
The shareholder of MUA320-99 Limited will receive on December 22,
2010, at 10:45 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


ORCHIS INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
---------------------------------------------------------------
The shareholders of Orchis Investments Limited will hold their
final meeting on December 22, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


PARK HOUSE: Shareholder to Receive Wind-Up Report on December 29
----------------------------------------------------------------
The shareholder of Park House Investments Limited will receive on
December 29, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PEQUOT DYNAMIC: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Pequot Dynamic Strategies Master Fund, Ltd.
will hold their final meeting on December 23, 2010, at 10:45 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PEQUOT DYNAMIC: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Pequot Dynamic Strategies Offshore Fund, Ltd.
will hold their final meeting on December 23, 2010, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RHYTHMS IAM: Shareholders' Final Meeting Set for December 21
------------------------------------------------------------
The shareholders of Rhythms IAM Limited will hold their final
meeting on December 21, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


ROYALCAP VALUE: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Royalcap Value Fund II, Ltd. will hold their
final meeting on December 23, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SR ALTERNATIVE: Shareholders' Final Meeting Set for December 22
---------------------------------------------------------------
The shareholders of SR Alternative Financing I SPC will hold their
final meeting on December 22, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe
         London


SUNBEAM IAM: Shareholders' Final Meeting Set for December 21
------------------------------------------------------------
The shareholders of Sunbeam IAM Limited will hold their final
meeting on December 21, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Bonnie Willkom
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


SUNDERLAND ASSET: Shareholder to Hear Wind-Up Report on Dec. 22
---------------------------------------------------------------
The shareholder of Sunderland Asset Funding Limited will receive
on December 22, 2010, at 10:45 a.m., the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


TRICO MARINE: US$7MM Tranche B Term Loan Available Until Dec. 31
----------------------------------------------------------------
In a regulatory filing Wednesday, Trico Marine Services, Inc.,
discloses that on December 3, 2010, Trico Shipping AS entered into
an amendment and waiver to the priority credit agreement by and
among Trico Shipping, as borrower, Trico Supply AS ("Holdings")
and certain of Holdings' other wholly owned subsidiaries, as
guarantors, Cantor Fitzgerald Securities, as administrative agent,
and certain lender parties.

The Fourth Amendment amended the Priority Credit Agreement by
extending the termination date of the US$7,000,000 Tranche B Term
Loan commitment from October 31, 2010, to December 31, 2010.  In
addition, the Fourth Amendment provided a waiver of the following
defaults under the Priority Credit Agreement: (i) failure to meet
minimum LTM EBITDA targets for the periods ending November 30,
2010; and (ii) certain cross-defaults to the indenture governing
the 11-7/8% senior secured notes due 2014 issued by Trico Shipping
and the Trico Shipping working capital facility.  The US$7,000,000
Tranche B was drawn subsequent to the execution of the Fourth
Amendment.

Affiliates of certain funds managed by Tennenbaum Capital
Partners, LLC are lenders under Trico Marine Services, Inc.'s
Second Amended and Restated Credit Agreement dated as of June 11,
2010, as amended, the Company's Senior Secured, Super-Priority
Debtor-in-Possession Credit Agreement, dated as of August 24,
2010, as amended, and Trico Shipping's Credit Agreement dated as
of October 30, 2009, as amended.  At present, certain lenders
under the Priority Credit Agreement are holders of the Notes.

A complete text of the Fourth Amendment is available for free at:

               http://researcharchives.com/t/s?70cb

                       About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC serves as independent accountants and
tax advisors to the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


TRICO MARINE: Arrowgrass Wants Chapter 11 Trustee Appointed
-----------------------------------------------------------
Arrowgrass Master Fund Ltd., and Arrowgrass Distressed
Opportunities Fund Limited, each a holder of Trico Marine
Services, Inc.'s 3.00% Senior  Convertible Debentures due 2027,
filed a for their supplement to their motion to:

   i) direct Trico Marine Services, Inc., to place subsidiaries
      in Chapter 11 cases or, alternatively;

  ii) appoint a Chapter 11 trustee.

Arrowgrass filed the supplement because the facts highlighting the
Debtors' conflicts of interest are now so apparent.

On October 26, 2010, Arrowgrass filed the motion to protect and
preserve the value of parent's interests in its subsidiaries
comprising the Trico Supply Group by requesting, inter alia, the
appointment of a trustee.  Arrowgrass stated that parent's
management breached its duties of care and loyalty to the parent's
creditors, inter alia, by failing to maximize the value of the
Debtors' estates.  Central to the breach by the parent's
management are clear conflicts that disable management from
fulfilling its duties to parent's creditors.

In connection with the motion, Arrowgrass served notices of
deposition on current members of the board, the chief executive
officer, and the chief operating officer of the parent, who have
personal knowledge of the facts and circumstances surrounding the
transactions in question.  Yet, after more than a month of
discussions, the Debtors have still not made these individuals
available for depositions.

Arrowgrass related that cause exists: (i) to require the immediate
appointment of a Chapter 11 trustee under section 1104(a)(1) of
the Bankruptcy Code; and (ii) for the Court to compel to have the
Non-Debtor OpCos placed into Chapter 11.  The Debtors' failure to
properly disclose the fact, that there is little to no value in
the holding companies other than the causes of action, is the most
telling evidence of the Debtors' conflicts.  The value of the
Debtors' estates lies in these actions, yet the Debtors' and their
professionals remain steadfast against pursuing them.

Arrowgrass added that the causes of action must be dealt with
prior to the formulation of any plan of reorganization.
Arrowgrass is represented by:

     Paul N. Silverstein, Esq.
     Robin Russell, Esq.
     Jonathan I. Levine, Esq.
     Abhishek Mathur, Esq.
     450 Lexington Avenue
     New York, NY 10017
     Tel: (212) 850-2800
     Fax: (212) 850-2929

                        About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort.  The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-
12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.


UNITAS CAPITAL: Shareholders' Final Meeting Set for December 23
---------------------------------------------------------------
The shareholders of Unitas Capital Consulting Company Ltd. will
hold their final meeting on December 23, 2010, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


E-CL SA: Moody's Corrects Press Release; Withdraws 'Ba2' Rating
---------------------------------------------------------------
This is a correction to the ratings withdrawal.  Substitute first
paragraph under ratings rationale with "Moody's Investors Service
has withdrawn the credit rating for its own business reasons.

Moody's Investors Service has withdrawn E-CL's Ba2 issuer rating
for its own business reasons.

Moody's last rating action on E-CL was on June 3, 2010 when
Moody's upgraded E-CL's Issuer Rating to Ba2 from Ba3.

This rating was withdrawn:

  -- Issuer: Ba2

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Headquartered in Santiago, Chile, E-CL S.A. (ex Edelnor S.A.) is
the largest independent power generator in the Sistema
Interconectado del Norte Grande region of northern Chile.  The
company is publicly traded, but is substantially controlled by GDF
Suez and CODELCO.


===============
C O L O M B I A
===============


GOLDEN AMERICAS: Fitch Assigns 'B+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned a foreign currency Issuer Default
Rating of 'B+' to Golden Americas Ltd and an expected long-term
rating of 'B+/RR4' to its US$14.4 million proposed note issuance
due 2018.  The Rating Outlook is Stable.

Golden Americas is a holding company that indirectly owns 15% of
Termobarranquila, the largest thermoelectric generating company in
Colombia.  It also has a 26.3% indirect ownership stake in a
leasing company, Los Amigos Leasing Company, which in turn owns
the majority of TEBSA's operating assets.  The FC IDR of Golden
Americas reflects its minority shareholder position in LEASECO as
well as the structural subordination of its debt to that of
LEASECO.  Positively, the rating factors in the relatively stable
and predictable cash flow of TEBSA, as well as GA low debt levels.

Structural Subordination:

GA is a special purposed vehicle that was created to raise funds
to finance the acquisition of TEBSA.  As a result, it is in a
highly subordinated position relative to the cash flow of its
operating subsidiary, TEBSA.  Through a very well structured
agreement, TEBSA makes lease payments to LEASECO, which are used
to service about US$20.5 million of secured debt obligations.
LEASECO then forwards the remaining proceeds, if any, to an
intermediate holding company called Golden Gate, in which GA has a
26.3% stake.  This structure diminishes GA's ability to control
the flow of dividends it relies upon to for servicing its US14.4
million of financial debt.

Although GA does not control GG, the company does benefit from a
shareholders' agreement that allows the company to appoint two of
the five members of the board of directors of Golden Gate.  GA is
mandated by its debt covenants to vote against allowing GG to
enter into any indebtedness if proceeds from such borrowing are
not associated with an increases in capacity or the refinancing of
existing debt.  Should the intermediate holding company issue any
debt, it will further increase GA's structural subordination to
its cash flow, therefore negatively impacting GA's credit quality.

Relatively Stable and Predictable Cash Flow Generation:

TEBSA's cash flow is considered to be stable and predictable,
reflecting a well structure power purchase agreement (PPA) between
TEBSA and the state-owned utility GECELCA (National Scale Rating
of 'AA-(COL)').  This 20-year PPA, which is based on very stable
and predictable fixed capacity payments and compensation for
start-ups, has been in existence since 1996 and accounts for the
bulk of TEBSA's revenues.  These payments are estimated to amount
to approximately US$50 million per year through 2015.  TEBSA, in
turn, uses the proceeds from the PPA to cover fixed costs of about
US$10 million per year and to service it lease agreement with
LEASECO.  As a result of this structure, the credit quality of GA
and GECELCA are essentially linked.

TEBSA's standalone credit quality is supported by its competitive
position as the largest thermoelectric generation plant in
Colombia with 21% of the thermoelectric installed capacity and
9.2% of the total power generating capacity.  Its credit quality
also benefits from its relationship with its offtaker, GECELCA.
TEBSA's 791 MW of installed thermoelectric capacity are primarily
located on Colombia's Atlantic Coast.  TEBSA receives its fuel
needs from GECELCA under terms also outlined in the PPA, which
mitigates the company's exposure to fuel cost risk and adds to
cash flow stability and predictability.

As of Sept. 2010, TEBSA reported a negative EBITDA of (US$7.7)
million and a total subordinated debt of US$64.4 million.  The
weak EBITDA of TEBSA reflects both the onerous lease payments to
LEASECO which are accounted as operative cost and the declining
PPA payments from GECELCA, which have bottomed at US$50 million in
accordance with the preset capacity payment schedule.

Conservative Debt Level and Credit Metrics:

GA's credit protection metrics are considered adequate for the
assigned rating and are expected to remain relatively stable going
forward as a result of the stable cash flow to be generated by
LEASECO.  GA's cash flow generation is expected to be
approximately US$2.6 million and US$4 million per year over the
next six years, which compares favorably with its debt service,
composed entirely of interest expense, of US$1.4 million.  The
proposed issuance of US$14.4 million of notes due in 2018 will be
used to repay the bridge loan and to increase GA's stake in GG to
26.3%.


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


NATIONAL COMMERCIAL BANK: Taps Sheree Martin as General Manager
---------------------------------------------------------------
Jamaica Observer reports that National Commercial Bank has
promoted Sheree Martin to general manager, marketing,
communications and service delivery effective December 1, 2010.
According to Jamaica Observer, Ms. Martin, who formerly held the
post of senior assistant general manager in the unit, is now
charged with oversight of all marketing, communications, service
delivery and corporate philanthropic policies and functions of the
NCB Group.  The report relates that Ms. Martin reports directly to
NCB Group Managing Director Patrick Hylton.

                              About NCB

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

                          *     *     *

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


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


VITRO SAB: U.S. Units Contest Involuntary Ch. 11 Petitions
----------------------------------------------------------
Vitro America, LLC and 14 other U.S. indirect subsidiaries of
Vitro, S.A.B. de C.V. have filed a joint answer in the U.S.
Bankruptcy Court for the Northern District of Texas, contesting
the involuntary chapter 11 petitions filed against them on
November 17 by dissident minority bondholders who together hold
approximately 6% of Vitro SAB's outstanding U.S. bonds.  In their
answer, Vitro America and its affiliates contest the basis for the
involuntary petitions and assert affirmative defenses, including
that Vitro America and its affiliates are generally paying their
debts as they become due.  A status conference before the
Bankruptcy Court has been scheduled for December 20.

"Vitro America and its U.S. affiliates intend to continue to
operate as usual with no changes to our day-to-day operations
while the involuntary chapter 11 proceedings are being resolved.
We are grateful for the support from our customers, vendors and
employees during this time, and continue to ask for their
cooperation as we continue to seek a prompt resolution of this
matter for the benefit of all of our stakeholders," said Arturo
Carrillo, President and Chief Executive Officer of Vitro America.

                     About Vitro America LLC

Headquartered in Memphis, Tennessee, Vitro America is a leading
fabricator, distributor, and installer of glass in the
construction and automotive replacement markets.  Vitro America
serves more than 40,000 customers from more than 100 locations
throughout the United States. Vitro America is a wholly owned
subsidiary of Vitro SAB, one of the largest glass manufacturers in
the world.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro has launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer will be consummated with
a bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro has engaged Susman Godfrey, L.L.P. as U.S. special
litigation Counsel to analyze the potential rights that Vitro
may exercise in the United States against the ad hoc group of
dissident bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No.
10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No.
10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case
No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No.
10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No.
10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No.
10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481);
VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).


VITRO SAB: Delays Tender Offer Payment Due to Bondholders Actions
-----------------------------------------------------------------
Vitro S.A.B. de C.V. disclosed that the settlement payment for the
cash tender offer conducted as a modified Dutch auction in respect
of Vitro's outstanding senior notes will be delayed due to the
disruptive actions by certain members of the so-called "ad hoc
committee" of holders of the Old Notes.

As previously announced, the Tender Offer was expected to settle
on December 10, 2010.  However, without notice to Vitro or any of
its affiliates or any of the participants whose notes they seek to
attach, three funds managed by Aurelius Capital Management filed
suit against Vitro and several of its subsidiaries in New York
State court on December 3, 2010, premised on Vitro's default and
non-payment of the Old Notes, and obtained from the court a pre-
judgment order of attachment on any assets of Vitro located in New
York.  On December 9, 2010, certain funds managed by Elliott
Management Corp. obtained a pre-judgment order of attachment
similar to the Aurelius Order.  On December 9, 2010, the Aurelius
Order was served on D.F. King, which acts as the depositary for
the Tender Offer.  As a result, D.F. King has determined not to
direct the settlement of the Tender Offer until it receives
further guidance from the New York court as to whether its
instructions to settle the Tender Offer will violate the terms of
the Orders and has refused to instruct the Depository Trust
Company to complete the settlement.

Vitro and its wholly-owned subsidiary Administracion de Inmuebles
Vitro, S.A. de C.V., which is not a defendant in either the
Aurelius Action or the Elliot Action, launched the Tender Offer
jointly and have taken the necessary steps to secure a prompt
hearing from the New York court for the purpose of obtaining a
determination that the settlement of the Tender Offer does not
violate the Orders.  A hearing has been scheduled for December 16,
2010, in the New York court, at which Vitro and AIV will seek that
determination, as well as a determination that the distribution of
the consent payments to the holders who have provided their
consents to the Exchange Offer and Consent Solicitation are
likewise permitted.  Vitro and AIV believe that the settlement of
the Tender Offer, and the distribution of the consent payments as
previously announced, in accordance with the applicable offering
documentation, would not violate the Orders and look forward to a
prompt resolution that permits all parties to proceed pursuant to
the terms of the offering documentation as previously announced.

Vitro and AIV have been advised by the depositary that, as of the
Tender Offer Expiration Time on December 7, 2010, approximately
US$44 million in aggregate principal amount of Old Notes had been
tendered pursuant to the Tender Offer.  As previously announced,
Vitro and AIV will accept all of the Old Notes tendered pursuant
to the Tender Offer at a price of US$575 per $1,000 principal
amount of Old Notes, the purchase of which Old Notes will be
financed with the net proceeds of the Loan Agreement between AIV
and Fintech Investments Ltd.  As described in the solicitation
statement, as payment for AIV's obligations under the Loan
Agreement, AIV will cause all of such tendered Old Notes to be
settled directly with, and delivered to, Fintech.  Settlement of
the Tender Offer will proceed as soon as possible following
clearance from the New York court.

"The actions of Aurelius, Elliott or other litigious bondholders
will not disrupt the overall plan for Vitro's restructuring, and
Vitro is committed not to permit such actions to frustrate the
efforts of tendering holders to sell their bonds as contemplated
by the tender offer documents," stated Mr. Claudio Del Valle,
Vitro's Chief Restructuring Officer.  "As was the case in some
recent restructurings, the goal of these opportunistic U.S.
vulture funds in this case is to extract for themselves as much
short-term gains as possible through coercive litigation, at the
expense of Vitro's long-term creditors and other stakeholders and
in total disregard of the company's long-term financial debt
capacity and viability.  As we have said repeatedly, Vitro will
not be bullied or intimidated by these aggressive, litigious
measures," Mr. Del Valle further added.

As previously announced, Vitro is making the relevant consent
payments to all participating creditors who provided their
consents to the Exchange Offer and Consent Solicitation in respect
of their Restructured Debt pursuant to lock-up agreements or the
parallel solicitation in Mexico relating to Vitro's outstanding
Certificados Bursatiles as previously scheduled and will make the
relevant consent payments to holders of Old Notes who validly
tendered their Old Notes in the Exchange Offer and Consent
Solicitation as soon as possible following clearance from the New
York court or otherwise in a way that does not violate the Orders.

Vitro will be filing its pre-packaged Concurso Plan with the
relevant Mexican court no later than December 16, 2010.  Vitro and
its advisors are fully confident that Vitro's Concurso Plan, which
has been prepared and negotiated with the advice and approval of
some of the leading insolvency law practitioners in Mexico, will
be approved by the Mexican court notwithstanding the various
baseless allegations made in the press and circulating in the
market relating to certain legal aspects of Vitro's proposed
restructuring plan.

Fernando del Castillo, partner at the Mexican law firm of
Santamarina y Steta, SC, acting as Fintech's special concurso
mercantil counsel, has reviewed Vitro's Concurso Plan and filings,
pursuant to a confidentiality agreement with the company, and has
stated that: "In my opinion and from the perspective of Mexican
law, Vitro's plan of reorganization meets all the requirements to
be approved and become binding on all unsecured creditors of the
company."  He further commented: "Intercompany claims held by
affiliates of the debtor are allowed to participate and vote the
debtor's plan for the purpose of confirmation of the debtor's
plan. This is in fact a tested aspect of the Concurso Law as
evidenced in various recent high-profile cases in Mexico where
claims of subsidiaries in a concurso process have voted a plan of
reorganization of its parent company and their vote has counted
for such approval".

Vitro does not intend to extend the expiration time of the
Exchange Offer and Consent Solicitation beyond the new expiration
time of December 21, 2010.  Following such expiration time,
creditors of the company will still be able to voluntarily consent
to the Concurso Plan and enter into lock-up agreements with Vitro
but will not be entitled to receive a consent payment (of up to
10% of the aggregate principal amount of the Old Notes they hold)
in respect of their participation in the Concurso Plan.

Accordingly, Vitro strongly encourages creditors who have not yet
provided their consents to the Exchange Offer and Consent
Solicitation to carefully evaluate the terms and conditions of the
proposed restructuring (including the announced consent payments)
and consult with their own advisors or the independent legal and
financial advisors appointed by Vitro to respond to inquiries
from, and act on behalf of, interested holders.  Vitro believes
that it is in the best interest of all long-term creditors of the
company to voluntarily participate in Vitro's proposed
restructuring (either before or after the expiration time of the
Exchange Offer and Consent Solicitation) as they will be the
interested parties that would be most adversely affected by a
protracted and adversarial insolvency process that would only
serve to delay their receipt of the restructuring consideration
under the Concurso Plan.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.


* MEXICO: Moody's Assigns 'B1' Rating to Ixtapaluca Municipality
----------------------------------------------------------------
Moody's de Mexico assigned a first-time issuer rating of Baa2.mx
(Mexico National Scale) to the Municipality of Ixtapaluca.
Moody's Investors Service assigned a first-time issuer rating of
B1 (Global Scale, local currency) to the Municipality of
Ixtapaluca.  The ratings outlook is stable.

                        Ratings Rationale

The ratings reflect these four factors: 1) historic track record
of negative gross operating balances due to structural
misalignment between the growth rate in operating revenues and
operating expenditures, 2) anticipated significant increase in
debt levels to finance capital projects, 3) weak net working
capital position due to historically high levels of accounts
payable and 4) risks related to the poor financial performance of
the municipal water company (ODAPAS).  The stable outlook reflects
recent cost controls and revenue generation initiatives, which
have led to an increase in own-source revenue collection and are
expected to improve financial performance moderately over the
medium-term.

Ixtapaluca's gross operating balances have shown a declining trend
due to a structural misalignment between the growth rate in
operating revenues and operating expenditures.  Between 2005 and
2009, operating revenues increased at a compound annual growth
rate of 16.7%, compared to a higher CAGR of 22.7% for operating
expenditures.  This misalignment was caused by pressures in
personnel spending and a weak economic base that constrains own-
source revenue generation.  While the municipality has implemented
initiatives to increase tax collection and reduce operating
expenditures that will lead to a more balanced gross operating
results, Moody's expects this improvement to be moderate over the
medium term.

Ixtapaluca has plans to contract a new loan for MXN 172 million in
2010 with a maturity of 13 years to finance capital projects.
This new loan will increase net direct and indirect debt levels up
to 38.2% of total revenues for 2010, a high level, up from 7.8% of
total revenues in 2008.  Debt service for this new loan is
expected to represent roughly 5.2% of total revenues in 2011,
which in addition to current debt service and payments to ISSEMyM
will add pressure to Ixtapaluca's already narrow financial
flexibility.

As a consequence of unbalanced operating and consolidated
financial results and accumulation of historical past-due payments
with the electricity company, LyFC, (which are currently being
negotiated with CFE, which replaced LyFC), the state's pension
system (ISSEMyM), and the Federal Ministry of Finance (SHCP),
Ixtapaluca's net working capital position has deteriorated since
2006.  As of August 2010, Ixtapaluca was able to reduce the amount
of current liabilities via payment agreements with ISSEMyM and
SHCP.  As a result, the municipality recorded a positive, albeit
narrow, net working capital position equal to 0.2% of total
expenditures at that time.

Ixtapaluca's water company (ODAPAS) has recorded notable financial
deficits that have been financed with short-term liabilities.
While financial support from the municipality to the company has
only occurred once, this represents a credit negative for the
municipality, since Ixtapaluca may have to provide financial
support to ODAPAS in a recurrent manner to finance its operations
in the near future.


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


SONIA MARRERO: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sonia M. Acevedo Marrero
        Villa Verde
        Calle F H-2
        Guaynabo, PR 00966

Bankruptcy Case No.: 10-11522

Chapter 11 Petition Date: December 8, 2010

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Francisco R. Moya Huff, Esq.
                  250 Ponce De Leon Avenue
                  City Towers, 7th Floor
                  Hato Rey, PR 00918
                  Tel: (787) 723-0714
                       (787) 724-2447
                  Fax: (787) 725-3685
                  E-mail: moyahuff55@prtc.net

Estimated Assets: US$100,001 to US$500,000

Estimated Debts: US$100,000,001 to US$500,000,000

Debtor's List of 10 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Miniwarehouse Corporation          --                US$89,000,000
P.O. Box 192259
San Juan, PR 00919-2259

Margarita Rosado Munoz             --                  $29,000,000
Apartado 190233
San Juan, PR 00919-0233

David Rosado Munoz                 --                  $29,000,000
P.O. Box 270036
San Juan, PR 00927-0036

Gabriel Rosado Munoz               --                  $29,000,000
P.O. Box 363507
San Juan, PR 00936-3507

Munoz Boneta, Benitez,             --                     $169,623
Perals Bruguese

Hilger J. Hertell                  --                      $12,000

Banco Popular DE PR                --                       $6,265

Patricia Stubbe                    --                       $5,000

BMA Bayamon 1232                   --                         $857

Crim                               --                         $144



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


GLOBOVISION: Venezuela Acquires Majority Stake in Firm
------------------------------------------------------
Fabiola Sanchez at Bloomberg reports that Venezuela has acquired a
minority stake in Globovision, raising tensions in President Hugo
Chavez's long-running battle with Venezuela's only remaining
opposition-aligned television station.

According to Bloomberg, state-run AVN news agency reported that
the government now controls 20% of Globovision's shares -- assets
absorbed in the June takeover of Banco Federal -- and has the
right to name a Globovision board member.

Bloomberg notes ANV said that Venezuela's banking regulator
liquidated a Banco Federal subsidiary, Sindicato Avila, thereby
giving Preisdent Chavez's government a minority stake in
Corpomedios GV Inversiones, the corporation that controls
Globovision.

Authorities took control of Banco Federal earlier this year,
citing financial problems and irregularities, Bloomberg discloses.
President Chavez said in July that shares belonging to Nelson
Mezerhane -- Banco Federal's former owner -- would be seized by
the government as it covers the deposits of bank customers,
Bloomberg recounts.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2010, The Associated Press said that the majority owner
of Globovision, Guillermo Zuloaga, has left Venezuela to avoid an
arrest warrant as multiple cases brought by authorities leave the
company facing an uncertain future.  The report related that Mr.
Zuloaga departure means that two of the company's owners are out
of the country.  According to separate TCRLA report on
September 7, 2009, citing The Associated Press, that Venezuela
Telecommunications Chief Diosdado Cabello said there is a new
probe into a television station opposed to President Hugo Chavez's
government.  The report related that Mr. Cabello said the recent
investigation into Globovision was opened because the channel
allegedly broadcast a ticker strip of text messages from viewers
calling for a coup.  The report said that the series of
investigations into Globovision, the only fiercely anti-Chavez
channel remaining on the open airwaves, could lead to its closure.

Globovision is a Venezuelan TV station.


===============
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, 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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