TCRLA_Public/101228.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 28, 2010, Vol. 11, No. 255

                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Corrects Press Release; Affirms Ratings
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
NODO SYSTEM: Creditors' Proofs of Debt Due February 24
PUBLICIDAD HOLMBERG: Creditors' Proofs of Debt Due May 3
* S&P Affirms 'B' Issuer Credit Rating on Province of Buenos Aires


B A R B A D O S

COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating


B E R M U D A

E D & F MAN: Placed Under Voluntary Wind-Up
E D & F MAN: Member to Receive Wind-Up Report on January 10
LSF HANVIT: Placed Under Voluntary Wind-Up
LSF HANVIT: Members to Hear Wind-Up Report on January 12
TILNEY INTERNATIONAL: Placed Under Voluntary Wind-Up

TILNEY INTERNATIONAL: Members to Hear Wind-Up Report on January 12


B R A Z I L

CYRELA BRAZIL: Fitch Affirms 'BB' Issuer Default Ratings


C A Y M A N  I S L A N D S

ARDEN STRATEGIC: Placed Under Voluntary Wind-Up
BRAZILIAN DYNAMICS: Creditors' Proofs of Debt Due December 29
CHAMELEON ALPHA: Creditors' Proofs of Debt Due December 29
CONGAREE OFFSHORE: Placed Under Voluntary Wind-Up
EIFFEL CAYMAN: Creditors' Proofs of Debt Due January 6

GDR LIMITED: Creditors' Proofs of Debt Due January 6
LIU CHONG: Creditors' Proofs of Debt Due December 30
MANHATTAN SYSTEMATIC: Creditors' Proofs of Debt Due January 6
MULBERRY MASTER: Creditors' Proofs of Debt Due December 29
MULBERRY OFFSHORE: Creditors' Proofs of Debt Due December 29

PANAX FUND: Placed Under Voluntary Wind-Up
PENDRAGON (MERLIN): Placed Under Voluntary Wind-Up
RUW II: Creditors' Proofs of Debt Due January 6
TECHNOLOGY MAC: Creditors' Proofs of Debt Due December 29
TOPAZ LIMITED: Creditors' Proofs of Debt Due January 6

TOPAZ MULTI-MANAGER: Creditors' Proofs of Debt Due January 10


E L  S A L V A D O R

* EL SALVADOR: IDB to Provide US$5-Million Financing


H O N D U R A S

* HONDURAS: To Receive US$10-Million Loan Form IDB


M E X I C O

CREDITO INMOBILIARIO: Moody's Junks Ratings on Loan Securitization
COMERCIAL MEXICANA: U.S. Judge Approves Restructuring Plan
COMERCIAL MEXICANA: NY Bankruptcy Court Closes Chapter 15 Case
VITRO SAB: Mexico Judge Accepts Pre-packaged Insolvency Filing
* Moody's Downgrades Rating on Municipality of Metepec to 'Ba1'


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Bankr. Ct. Remands 8 Lawsuits to State Court


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
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BANCO MACRO: Fitch Corrects Press Release; Affirms Ratings
----------------------------------------------------------
This is an amendment to a release that went out on Dec. 17, 2010.
Fitch also affirmed the National Equity Rating, as shown.

Fitch Ratings has affirmed Banco Macro's ratings:

  -- Foreign currency long-term Issuer Default Ratings at 'B';
  -- Local currency long-term IDR at 'B+';
  -- Foreign and local currency short-term IDRs 'B';
  -- Long-term National Rating at 'AA+(arg)';
  -- Short-term National Rating at 'A1+(arg)';
  -- Class 3 US$100 million senior bonds at 'B+/RR4/AA+(arg)';
  -- Class 2 US$150 million senior bonds at 'B/RR4/AA+(arg)';
  -- Class 1 US$150 million subordinated debt at 'RR6'/A+(arg)';
  -- Individual at 'D';
  -- Support '5';
  -- Support Floor 'NF'.
  -- National Equity Rating at Primera Clase Nivel '1(arg)'

In addition, Fitch has revised the rating on the Class 1
subordinated bonds to 'CCC' from 'CCC+' to align it with the
current rating scale which does not apply '+' and '-' modifiers to
ratings below the 'B' category.

The Rating Outlook is Stable.

BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.  BM's long-term IDRs have a Stable Outlook and are
at the country ceiling level, reflecting its strong local
franchise and its sound performance.

After the slowdown seen in 2009, in 2010 the Argentine economy
resumed its growing trend seen since 2003.  This has benefited the
operating environment for banks, with rising deposits and lending
and steadily improving asset quality.  In this context, BM's
performance has been sound, based on its strong revenue
generation, good asset quality and ample liquidity.  A good level
of income diversification has helped offset the increase in
administrative expenses due to the high inflation and the
volatility of the gains from its securities portfolio seen in the
past two years.  Fitch expects BM's overall performance to remain
sound based on its track record and the good prospects for the
Argentine economy in 2011.

BM's loan book has grown strongly in the past few years and, after
a slight deterioration in 2009, its asset quality ratios are
healthy.  BM's non-performing loans accounted for 2.5% of total
loans at Sept. 30, 2010 with sound loan loss reserve coverage of
186.1%.

BM's liquidity is strong, and its capital base is ample.  However,
Fitch expects these to gradually decrease in the next few years as
the bank is set to continue growing.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo, with a 41%
stake.  The former is also the bank's chairman and CEO.  A 30%
stake is in the hands of the public pension fund administrators
after the privatization of the pension system and the balance is
widely held by local and foreign investors.  At Aug. 31, 2010, BM
was the third-largest private sector bank in Argentina by deposits
and the second by assets.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Agro Alianza III.

                        Ratings Rationale

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a local currency national
scale rating of Aa3.ar and a global local currency rating of B2.

The rating assigned to this transaction is primarily based on the
rating of Garantizar.  Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.  The rating addresses the payment of interest
and principal on or before the legal final maturity date of the
securities.

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in Argentine pesos.  The rated
securities will bear a 5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to make
payment under the bills of exchange.  Garantizar, in turn, will
have five days to make this payment into the trust account.  Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which the
funds are initially deposited by either Garantizar, the exporter,
or the individual producers into the Trust account.

The designated Trustee in this transaction is Banco de Valores
S.A., rated by Moody's TQ1.ar.

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


NODO SYSTEM: Creditors' Proofs of Debt Due February 24
------------------------------------------------------
The court-appointed trustee for Nodo System S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 24, 2011.

The trustee will present the validated claims in court as
individual reports on April 13, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 27, 2011.


PUBLICIDAD HOLMBERG: Creditors' Proofs of Debt Due May 3
--------------------------------------------------------
The court-appointed trustee for Publicidad Holmberg S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 3, 2011.

The trustee will present the validated claims in court as
individual reports on June 15, 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
August 11, 2011.


* S&P Affirms 'B' Issuer Credit Rating on Province of Buenos Aires
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
foreign- and local-currency issuer credit ratings and its 'raAA-'
national-scale rating on the Province of Buenos Aires in the
Republic of Argentina.  Standard & Poor's also said that the
outlook remains stable, and the '3' recovery rating on the
province's debt is unchanged.

The Province of Buenos Aires continues to have high fiscal
deficits.  For 2010, S&P expects a deficit of close to 10% of
total revenue (once some extraordinary revenues of 4.1 billion
Argentine pesos [ARP] transferred from the central government as
part of the national program for provincial debt reduction--
Programa Federal de Desendeudamiento--are deducted), despite the
strong impact economic activity is having on provincial revenues.
However, S&P base the ratings on the support provided by the
Republic of Argentina (B/Stable/B).  S&P expects that Argentina's
GDP will grow by 8% in 2010.  High inflation--estimated at 25% for
2010--also helps the province's finances in the short term because
of its impact on nominal revenue.

Even more significant is that the province continues to run
substantial operating deficits, estimated at ARP4.5 billion (7% of
operating revenues) for 2010.  This will likely persist in 2011, a
year with both gubernatorial and presidential elections, with an
expected deficit of ARP5.05 billion (according to the recently
approved provincial budget).  The province's total financing needs
(fiscal deficit plus principal amortization) are an estimated
ARP10.6 billion for 2011.

Nonetheless, most of the provincial debt (57% as of June 2010) is
held with the federal government at relatively favorable terms.
This significantly limits the roll-over risk of international
market debt, which constitutes 31% of the total debt, and
contributed to S&P's decision to assign the province the same
rating as the sovereign.

Closing the financing gap for 2011 will depend on two sources.  On
the one hand, the modified (November 2009) national Fiscal
Responsibility Law enables provinces to issue debt to finance
operating deficits.  The Province of Buenos Aires issued bonds in
international capital markets for US$800 million in 2010, and it
expects additional issuances in 2011.  On the other hand, as in
previous years, the province will continue to rely on financial
assistance from the federal government.

The province faces short-term challenges stemming from growing
pressure for salary increases in the context of relatively high
inflation in Argentina.  In addition, Buenos Aires's fiscal
performance continues to suffer from structural issues derived
from the unfavorable redistribution of federal resources within
provinces in Argentina.  The Province of Buenos Aires contributes
about 36% of the national GDP but only receives an estimated 22%
of the pool of resources.  This scheme is unlikely to change over
the medium term.  Therefore, S&P expects that structural issues
will to continue to affect the province's fiscal performance over
this same timeframe.

The stable outlook parallels of the outlook on Argentina, given
the strong links between the sovereign and the province.  "Greater
deterioration in the sovereign that could challenge transfers and
additional financing for the Province of Buenos Aires could put
the rating on the province at risk given the strong dependence on
national governments transfers to narrow the fiscal and financial
gap," noted Standard & Poor's credit analyst Sebastian Briozzo.
"In addition, greater fiscal deterioration in the province or
increasing tensions with the central government would also add
downward pressure to the ratings.  Alternatively, a greater level
of financial flexibility for the sovereign could have positive
implications in the rating of the Province of Buenos Aires."


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B A R B A D O S
===============


COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating on Columbus International Inc. and its 'B'
rating on the company's senior secured notes.  The outlook is
stable.

"S&P's ratings on Columbus--a provider of broadband capacity
services and retail broad band enabled services--reflect its weak
business risk profile, its highly leveraged financial risk
profile, the competitive environment within the telecom industry
in the region where it operates, its exposure to foreign exchange
risk (which its U.S. dollar-denominated revenues partially
mitigate), its exposure to regulatory and license renewal risk,
and the rapid pace of technological change in its capital-
intensive industry," said Standard & Poor's credit analyst Marcela
Duenas.  Mitigating factors include Columbus' technologically
advanced subsea cable network throughout the Pan-Caribbean region,
its favorable growth prospects in the markets where it operates
because of low penetration rates, and its geographic
diversification.

For the last 12 months ended Sept. 30, 2010, consolidated revenues
and EBITDA increased 31.1% and 32.9%, respectively, compared with
those of the same period of 2009.  Revenue and EBITDA growth is
derived from the addition of monthly recurring revenue and an
increase in sold capacity at the Columbus Networks business.  In
the flow business, an increase in revenue-generating units, as the
company gains more subscribers or subscribers adopt additional
services, and its continued expansion to digital customers, which
have higher average revenues per user (ARPU), have also supported
this growth.

For the 12 months ended Sept. 30, 2010, Columbus' adjusted total
debt-to-EBITDA, and funds from operations-to-total debt ratios
were 4.6x, and 9.8%, respectively, which are not in line with
S&P's original expectations for year-end 2010 of 4.1x and 18.6%.
However, S&P believes EBITDA growth will help to slightly improve
these ratios in 2011 to 4.3x and 11.7%, respectively, still below
its original expectations.  All of Columbus' debt is denominated
in U.S. dollars, which a natural hedge partially mitigates,
because 52% of its revenues are dollar denominated.

Columbus' liquidity is adequate.  As of Sept. 30, 2010, the
company held approximately $96.5 million in cash and equivalents,
which compares favorably with no short-term debt maturities.  Its
next and only debt maturity is in 2014.

Since inception, the company has generated negative free operating
cash flow because of its high capital expenditures, which are
characteristic of the industry.  As of Sept. 30, 2010, the company
posted FOCF of negative $12.9 million, not meeting S&P's
expectations of positive FOCF generation in the near term.  S&P
had expected capex beyond 2010 to decrease, since most of
Columbus' major network remediation work and upgrades have been
completed.  However, the company's growth initiatives, mainly
continued network build-out in both businesses, have increased its
capex requirements, and, as a result, S&P believes that the FOCF
generation will remain negative for the following years.  As of
Sept. 30, 2010, the company had no headroom under its debt
incurrence covenant.

The stable outlook reflects Columbus' adequate liquidity and S&P's
expectation that the company will maintain stable financial
indicators for the following years.  S&P could lower the rating if
capex, a major acquisition, or operating weakness lead to a debt-
to-EBITDA ratio of more than 5.0x.  On the other hand, while not
likely in the near term, S&P could raise the rating if Columbus is
able to decrease its leverage.


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B E R M U D A
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E D & F MAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On December 3, 2010, the members of E D & F Man (Bermuda) Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 24, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon James Underwood
         c/o Benedict Mackenzie LLP
         62 Wilson Street, London  EC2A 2BU
         England, UK


E D & F MAN: Member to Receive Wind-Up Report on January 10
-----------------------------------------------------------
The member of E D & F Man (Bermuda) Limited will receive on
January 10, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Simon James Underwood
         c/o Benedict Mackenzie LLP
         62 Wilson Street, London  EC2A 2BU
         England, UK


LSF HANVIT: Placed Under Voluntary Wind-Up
------------------------------------------
On December 23, 2010, the members of LSF Hanvit Investment Co.,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF HANVIT: Members to Hear Wind-Up Report on January 12
--------------------------------------------------------
The members of LSF Hanvit Investment Co., Ltd. will receive on
January 12, 2011, at 9:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


TILNEY INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On December 7, 2010, the members of Tilney International Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


TILNEY INTERNATIONAL: Members to Hear Wind-Up Report on January 12
------------------------------------------------------------------
The members of Tilney International Limited will receive on
January 12, 2011, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


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


CYRELA BRAZIL: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes' foreign and local currency Issuer
Default Ratings at 'BB' and long-term national scale at 'AA-
(bra)'.  The Rating Outlook for Cyrela's corporate ratings is
Stable.

Cyrela's ratings reflect the company's position as one of the
largest developer in Brazil's real estate industry, its
conservative financial strategy to maintain a robust liquidity
position to support its business growth and the well-distributed
debt maturity profile.  The ratings also incorporate its capacity
to preserve its credit metrics even in a more challenging
macroeconomic condition, above market average sales speed, the
strength of its franchise and its solid and diversified landbank.

Robust Liquidity to Support Strong Business Growth:

Cyrela's strong liquidity combined with its lengthened debt
maturity profile strength the company's credit measures.  As of
Sept. 30, 2010, Cyrela reported cash and marketable securities of
BRL986 million and debt of BRL3.1 billion, with BRL1,190 million
due up to the end of 2011 and BRL792 million in 2012.  Out of
total debt, about BRL1.8 billion is represented by loans from the
Housing Financial System.  The company's total debt has
significantly increased in the last few years and should continue
to increase in 2011 and 2012, due to its aggressive business
growth.  Despite this growth, Cyrela has been efficient to manage
an adequate debt profile supported by amortization schedule
compatible with its activities and in great part by credit lines
from SFH.

Cyrela's robust cash and marketable securities resulted in
comfortable cash/short-term debt ratio of 1.2 times and funds from
operations + cash/short-term debt ratio of 3.0x.  The company also
benefits from the potential liquidity supported by BRL1 billion of
receivables from completed and sold units not linked to debt and
about BRL2.5 billion of receivables that will mature between the
last quarter of 2010 and 2011, net of costs to be incurred.  The
company's conservative financial strategy to preserve relevant
liquidity and its low corporate debt maturing in the next two
years is positive and should allow Cyrela to manage the rapid
ramp-up of project launches, above BRL10 billion by 2012.

Leverage is Growing but Manageable:

Although moderately higher, Cyrela's credit metrics remain
adequate for the 'BB' IDR category.  The company reported in the
latest 12 month ended September 2010 leverage measured by total
debt/adjusted EBITDA ratio (including financial expenses allocated
in costs) of 3.1x and, in net debt basis, of 2.1x.  These ratios
compare with 2.8x and 1.1x, respectively, at the end of 2009, and
4.2x and 2.5x at the end of 2008.  Fitch expects net leverage
close to 2.0x at the end of 2011, supported by higher EBITDA
evolution, resulting from an increase in the recognition of cash
generation of projects launched in previous periods, and by the
maintenance of strong cash position.

Above-Average Sales Speed and Operating Margins:

Cyrela has positively managed its business.  The company has been
efficient to preserve its adequate historical operational
performance, with above-average sales speed and margins, even in a
significantly higher scale of activity.  In the LTM ended
September 2010, the company reported BRL4.4 billion of project
launches and sales speed over supply of 64%, compared with an
industry average of about 20% in the Sao Paulo market.  Net
revenues evolved to BRL4.7 billion in the period, compared to
BRL2.8 billion in 2008, as a result of the strong business growth,
while EBITDA margin increased to 21.2% from 18.1% in the same
period.  The company's EBITDA margins are adequate for the segment
and should remain above 20% in the next two years, even with the
increased participation in the company's sales in the lower-income
segment, through its Living subsidiary.

Cash Flow From Operations Should Remain Negative in 2011:

Cyrela reported strong FFO, above BRL1.1 billion in an annual
basis since 2007, but its cash flow from operations has been
negative, strongly pressured by the aggressive business growth and
working capital requirements.  In the LTM ended September 2010,
FFO was BRL1,528 million and CFO was negative BRL887 million and
similar positions were reported in 2009.  Investments totaled
BRL28 million and no dividends were distributed.  Negative free
cash flow of BRL915 million reflects the pressure on CFO and
should remain negative in 2011, as future working capital
requirements is expected to remain high as the company continues
its aggressive growth plans.

Leading Position in the Brazilian Homebuilding Sector:

Cyrela's ratings also reflect the company's position as one of the
largest developer in Brazil's real estate industry, the strength
of its franchise, and its solid and diversified land bank.  As of
Sept. 30, 2010, Cyrela had BRL35.6 billion in potential sales
value of its own landbank, of which about 78% was acquired through
swap contracts.  The company's landbank is strategically well
positioned to support the growth of operations in the low- to
medium-income segments.  Out of the landbank, 88% is composed of
units up to BRL500 thousand, eligible for SFH financing.

Competition is Expected to Increase:

Higher competition is expected in the Brazilian homebuilding
market, since the interest in the economic segment increased since
2009.  Cyrela should continue to increase the participation of its
subsidiary Living and is expected to reach 50% of total project
launches by 2012, benefiting from the strong fundamentals of the
homebuilding sector, high and growing demand from the low income
segment and the support from the Brazilian government.  Fitch
expects Cyrela's participation in the Brazilian homebuilding
market to remain strong, backed by the company's liquidity
position, good access to credit, large scale of its operations,
operational efficiency and experienced management team.

Potential Rating or Outlook Drivers:

Cyrela's ratings could be negatively affected by a more unstable
macroeconomic environment, which may impact the homebuilding
sector's fundamentals and pressure the company's liquidity.
Factors that could lead to consideration of a Negative Outlook or
downgrade include an increase in leverage, with a more
concentrated debt maturity profile, operating margins below
industry average, and a significant reduction in the company's
liquidity position.  Positive rating actions could be driven by a
consistent improvement in the company's free cash flow generation
capacity, coupled with a reduction in corporate debt and
maintenance of robust liquidity position.


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


ARDEN STRATEGIC: Placed Under Voluntary Wind-Up
-----------------------------------------------
On November 25, 2010, the sole shareholder of Arden Strategic
Offshore Advisers, Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
December 27, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BRAZILIAN DYNAMICS: Creditors' Proofs of Debt Due December 29
-------------------------------------------------------------
The creditors of Brazilian Dynamics Investment Fund are required
to file their proofs of debt by December 29, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Ogier
         Catherine Pham / Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CHAMELEON ALPHA: Creditors' Proofs of Debt Due December 29
----------------------------------------------------------
The creditors of Chameleon Alpha Fund Limited are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 8, 2009.

The company's liquidator is:

         Russell Smith
         c/o Jill Zadny
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         PO Box 2499, George Town, Grand Cayman, KY1-1104
         Cayman Islands


CONGAREE OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On November 22, 2010, the sole shareholder of Congaree Offshore
Capital, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 27, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Transcontinental Fund Administration, Ltd
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4554
         Governors Square, Office Suite 4-213-6
         23 Lime tree Bay Avenue
         West Bay, Grand Cayman
         Cayman Islands B.W.I.
         Telephone: (345) 949
         Facsimile: (345) 949


EIFFEL CAYMAN: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Eiffel Cayman Islands Limited are required to
file their proofs of debt by January 6, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

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


GDR LIMITED: Creditors' Proofs of Debt Due January 6
----------------------------------------------------
The creditors of GDR Limited are required to file their proofs of
debt by January 6, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

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


LIU CHONG: Creditors' Proofs of Debt Due December 30
----------------------------------------------------
The creditors of Liu Chong Hing Banking Corporation, Cayman are
required to file their proofs of debt by December 30, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

         Darach E. Haughey
         Deloitte & Touche
         P.O Box 1787, Grand Cayman KY1-1109
         Cayman Islands


MANHATTAN SYSTEMATIC: Creditors' Proofs of Debt Due January 6
-------------------------------------------------------------
The creditors of Manhattan Systematic Fund are required to file
their proofs of debt by January 6, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Fidutec Ltd.
         c/o Charles Lee
         Telephone:  +44 (0)1534 700 864
         Facsimile:   +44 (0)1534 700 800
         Walkers
         Walker House, 28-34 Hill Street
         St Helier, Channel Islands, JE4 8PN
         Teachers Cooperative Savings Bldg
         Mesolongiou Street, Flat 34
         Limassol 3032
         Cyprus


MULBERRY MASTER: Creditors' Proofs of Debt Due December 29
----------------------------------------------------------
The creditors of Mulberry Master Fund, Ltd. are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         Catherine Pham / Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


MULBERRY OFFSHORE: Creditors' Proofs of Debt Due December 29
------------------------------------------------------------
The creditors of Mulberry Offshore Fund, Ltd. are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Ogier
         Catherine Pham
         Michael Bunn
         Telephone: (345) 815-1856 / (345) 815-1848
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PANAX FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On November 17, 2010, the sole shareholder of Panax Fund resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 27, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PENDRAGON (MERLIN): Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 25, 2010, the shareholders of Pendragon (Merlin) Fund
Inc. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 27, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: jchailler@deloitte.com


RUW II: Creditors' Proofs of Debt Due January 6
-----------------------------------------------
The creditors of Ruw II are required to file their proofs of debt
by January 6, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone:  943-5555


TECHNOLOGY MAC: Creditors' Proofs of Debt Due December 29
---------------------------------------------------------
The creditors of Technology Mac 88 Ltd are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2010.

The company's liquidator is:

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


TOPAZ LIMITED: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Topaz Limited are required to file their proofs
of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Fidutec Ltd.
         c/o Charles Lee
         Telephone:  +44 (0)1534 700 864
         Facsimile:   +44 (0)1534 700 800
         Walkers
         Walker House, 28 - 34 Hill Street
         St Helier, Channel Islands
         JE4 8PN
         Teachers Cooperative Savings Bldg
         Mesolongiou Street
         Flat 34, Limassol 3032
         Cyprus


TOPAZ MULTI-MANAGER: Creditors' Proofs of Debt Due January 10
-------------------------------------------------------------
The creditors of Topaz Multi-Manager Ltd are required to file
their proofs of debt by January 10, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Transcontinental Fund Administration, Ltd
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4554
         Governors Square, Office Suite 4-213-6
         23 Lime tree Bay Avenue
         West Bay, Grand Cayman
         Cayman Islands B.W.I.
         Telephone: (345) 949
         Facsimile: (345) 949


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IDB to Provide US$5-Million Financing
----------------------------------------------------
El Salvador will finance a program to strengthen and modernize its
Legislative Assembly with a US$5 million loan approved by the
Inter-American Development Bank.

The program will work to improve the effectiveness of the
legislative branch by improving legislative functions with
technical assistance and new computer systems.

The IDB loan is for a 25-year term, with a 4 year grace period and
an interest rate based on LIBOR. Local counterpart funds total $1
million.

                             *     *     *

As of December 23, 2010, the country continues to carry Standard
and Poor's "B" currency short-term debt ratings.


===============
H O N D U R A S
===============


* HONDURAS: To Receive US$10-Million Loan Form IDB
--------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to Banco Financiera Comercial Hondurena, S.A. (Banco Ficohsa) in
Honduras to support its loans to environmentally sustainable
projects.

The medium-term financing facility consists of a senior A loan of
US$10 million by the IDB and a senior B loan to be syndicated by
the IDB, targeted at US$10 million.  In addition, the OPEC Fund
for International Development will participate as a co-financier
with the IDB for an additional US$10 million directed at the SME
sector. OFID was established in 1976 by the OPEC member states to
contribute to the social and economic advancement of developing
countries.

Banco Ficohsa will develop an environmentally sustainable, "green"
portfolio of loans directed at small and medium enterprises (SMEs)
and mid-size corporate borrowers, which will cover a number of
eligible sectors.

"The financing facility seeks to improve the availability of
domestic financing for projects that will bring significant
benefits to Honduras by supporting projects in clean energy,
stimulating employment, and generally, by positively impacting the
competitive environment for more sustainable production in the
economy," said Daniela Carrera Marquis, head of the IDB's
Financial Markets Division.

As part of the financing, IDB will support Banco Ficohsa in the
development of green line eligibility criteria to determine the
process for identifying, selecting, and monitoring green projects.

"The work involved in developing the product line will provide
Banco Ficohsa with an important competitive advantage to scale up
sustainable investments," said the project team leader at the IDB,
Jacobo De Leon.

Banco Ficohsa is the second largest bank in Honduras, with a broad
presence nationwide, including over 100 branches and service
centers.

                             *     *     *

As of December 23, 2010, the country continues to carry Standard
and Poor's "B" currency long-term and short-term debt ratings.


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


CREDITO INMOBILIARIO: Moody's Junks Ratings on Loan Securitization
------------------------------------------------------------------
Moody's de Mexico has downgraded a Mexican construction loan
securitization issued and serviced by Credito Inmobiliario (CICB08
Series A certificates) to Caa3 (sf) from B3 (sf) (Global Scale,
Local Currency), and to Caa3.mx (sf) from Ba3.mx (sf) (Mexican
National Scale).  This rating action concludes the review for
possible downgrade that was initiated on April 21st, 2010.

The complete rating action is:

Originator and Servicer: Credito Inmobiliario S.A. de C.V.

Issuer: HSBC Mexico S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- CICB08 Series A Certificates: downgraded to Caa3 (sf) from B3
     (sf) (Global Scale, Local Currency) and to Caa3.mx (sf) from
     Ba3.mx (sf) (Mexican National Scale).

                        Ratings Rationale

The downgrade of the CICB08 certificates reflects a severe credit
deterioration of the portfolio, a significant decline in
collections arising from home sales proceeds resulting from a
considerable slowdown in the pace of sales, the current negative
excess spread of the transaction, and the high portfolio
concentration in terms of projects.

The loan portfolio has experienced a sharp deterioration in
performance in recent months.  As of October 2010, 73.2% of the
pool was delinquent (more than 31 days past due in interest
payments) and 45.2% of the pool was defaulted (over 120+ days past
due in interest payments).  According to information provided by
Cr‚dito Inmobiliario, 39% of the portfolio is currently in the
initial phases of "deed in lieu" or foreclosure proceedings, and
the remainder of the portfolio has been restructured or is in a
restructuring process to extend the loans' maturity date.

Monthly interest and principal collections have remained
significantly weak during the last six months.  The monthly
principal collection rate was approximately 2% of the pool balance
as of October 2010.

Furthermore, the transaction's excess spread is currently negative
as interest collections on the loans have been less than the
amounts needed to pay interest on the certificates.  Even though
the transaction has sufficient cash in the form of an interest
reserve account and other reserves to make interest payments due
in the next following months, the negative excess spread is
eroding credit enhancement available to absorb portfolio losses.

According to the company, the severe credit deterioration of the
portfolio is a consequence of a significant slowdown in house
sales.  As a result, the maturity of a large percentage of loans
in the pool has been extended.  If the negative sales trend
continues, there is a higher risk of project delays that may
extend the life of numerous loans beyond the final maturity date
of the transaction.  In addition, there is a high degree of
uncertainty around the time to recover loans in foreclosure
proceedings, which represent 30.4% of the pool.  Consequently,
loan collections may not be received on time to repay the rated
certificates by the legal final maturity.

As of October 2010, the senior certificates had gross credit
enhancement of 24% in the form of overcollateralization and cash
holdings equivalent to MXP$114 million to protect against
extension and default risk.  However, some of these cash holdings
may be needed to make future disbursements on loans that have not
yet fully utilized their available lines of credit.  As of October
2010, the average construction completion rate for the underlying
housing development projects was approximately 73% across 22
projects, weighted by their total lines of credit amounts.

The portfolio is exposed to high loan concentrations, which
increase the risk of losses if a large loan experiences stress.
As of October 2010 the top project represented 21% of the pool,
while the top five projects represented 53% of the pool.
Approximately 30% of the pool is concentrated in the residential
sector, with average home values of MXP$1.523 million.  The
residential housing sector is riskier than the low-income housing
sector, which benefits from a housing shortage and more readily
available mortgage financing from quasi-governmental entities.
Furthermore, approximately 30% of the pool balance is comprised of
vertical construction housing, where construction has to be nearly
100% finished before sales can materialize.

Moody's notes that the transaction is in early amortization since
September 2009, new loans cannot be transferred to the trust, and
all principal collections must be used to amortize the
certificates after establishing the appropriate reserves to fund
future disbursements for existing projects.  However, as of this
time, the required reserves have not been established and as a
result the transaction has not began to amortize.  The legal
maturity for the CICB08 senior certificates is May 2013.

In taking the rating action, Moody's stressed projected loan
collections on a loan by loan basis according to the project
status (whether the project is on its sales phase, construction
advance greater or lower than 70% , deed in lieu or in foreclosure
proceedings), sector type (low income, middle income or
residential) and delinquency status.  Recovery rates ranged from
35% to 95% of the projected home sales on the pool.  According to
Moody's projections of cash flows and future disbursements for
certain pool loans, the recovery rate of the certificates will be
of approximately 70% of the certificates' balance.  Ratings on the
senior certificates can be upgraded if Moody's recovery rate
assumptions increases.  The expected recovery rate for a B1 rating
(global scale) or a Baa1.mx to a Baa3.mx (national scale) rating
ranges from 99% to 100%.

Primary sources of assumption uncertainty are the levels of homes
sales in Mexico and for the 22 projects included in the pool, as
housing demand can be impacted by regional macroeconomic factors
such as rises in unemployment, and the availability of home
financing, particularly in the middle and residential sectors,
where mortgage financing is not as readily available as it is in
the low-income housing sector.  In addition, demand for a
particular housing project can be impacted by factors specific to
the project such as the price of the units, quality of
construction and amenities and location, among others.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


COMERCIAL MEXICANA: U.S. Judge Approves Restructuring Plan
----------------------------------------------------------
Thomas Black at Bloomberg reports that Controladora Comercial
Mexicana SAB said a U.S. judge approved its debt restructuring
plan, which concludes the bankruptcy process in Mexico and the
U.S.

According to Bloomberg, Comercial Mexicana disclosed the
bankruptcy conclusion in a statement to the Mexican Stock
Exchange.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2010, Bloomberg News said that Comerci filed for pre-
approved bankruptcy on July 14, 2010.  Operations will continue
normally, the company said in an e-mailed statement obtained by
the news agency.  According to Dow Jones Newswires, Comercial
Mexicana has submitted its prepackaged US$1.54 billion debt-
restructuring agreement to a Mexican court with 98% of its
creditors on board.  The report related that the restructuring
agreement, which was announced in late May, has the support of all
of its derivatives counterparties and bank creditors, and 88% of
its bond creditors.  The restructuring already has been approved
by the company's shareholders, the report said.  According to
Reuters, Comerci expects a Mexican judge to give the final
approval to the restructuring by year end.  The report related
that Jose Calvillo, which has overseen the restructuring for
nearly two years, said that Comerci will generate at least
MXN4.3 billion (US$335 million) in free cash flow in 2010 and the
figure will expand in line with sales growth in coming years.

                         About Comerci

Controladora Comercial Mexicana SAB de CV is a Mexico-based
holding company that, through its subsidiaries, operates the
Comercial Mexicana, Mega, Bodega CM, Sumesa, City Market and
Alprecio retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  The Company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, such as home
accessories, personal care products and clothing, among others.

As of December 31, 2009, it operated a network of 231 commercial
units and 73 restaurants located in 42 Mexican cities.  It owns
such subsidiaries as Tiendas Comercial Mexicana SA de CV and
Restaurantes California SA de CV.  Through its 50%-owned affiliate
Costco de Mexico SA de CV, the Company operates a chain of
membership warehouses.

Controladora Comercial Mexicana SAB filed for Chapter 15
bankruptcy in the United States on July 16, 2010 (Bankr. S.D.N.Y.
Case No. 10-13750) to aid its main restructuring in Mexico, which
was approved by creditors.  CCM estimated more than US$1 billion
in both debt and assets in its Chapter 15 petition.

The U.S. filing seeks to protect the company from U.S. lawsuits
and creditor claims, following a July 14 announcement that it
filed to restructure in Mexico.

The Chapter 15 Petition was filed by Fernando del Castillo Elorza
as foreign representative.  Gary Kaplan, Esq., at Fried Frank
Harris Shriver & Jacobson in New York, represents the Foreign
Representative.


COMERCIAL MEXICANA: NY Bankruptcy Court Closes Chapter 15 Case
--------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York closed the Chapter 15 case of
Controladora Comercial Mexicana, S.A.B. de C.V.

Fernando del Castillo Elorza filed the motion for an order
pursuant to Sections 350, 1517(d), 1521(a) and 105(a) of the
Bankruptcy Code seeking an order (i) enforcing the order of the
Federal District Court approving the Concurso Plan
and (ii) closing the chapter 15 case, in his capacity as the duly-
appointed foreign representative of Comercial Mexicana.

Judge Bernstein said the Mexican Court's Approval Order is granted
recognition and given full force and effect in the United States.

The Debtor commenced a voluntary insolvency proceeding under
Mexico's Ley de Concursos Mercantiles in Mexico before the Federal
District Court.

Controladora Comercial Mexicana SAB filed for Chapter 15
bankruptcy in the United States on July 16, 2010 (Bankr. S.D.N.Y.
Case No. 10-13750) to aid its main restructuring in Mexico, which
was approved by creditors.  CCM estimated more than US$1 billion
in both debt and assets in its Chapter 15 petition.

The U.S. filing seeks to protect the company from U.S. lawsuits
and creditor claims, following a July 14 announcement that it
filed to restructure in Mexico.

The Chapter 15 Petition was filed by Fernando del Castillo Elorza
as foreign representative.  Gary Kaplan, Esq., at Fried Frank
Harris Shriver & Jacobson in New York, represents the Foreign
Representative.


VITRO SAB: Mexico Judge Accepts Pre-packaged Insolvency Filing
--------------------------------------------------------------
Vitro SAB de CV said Monday the Judge of Fourth Civil and Labor
District Court cited in the city of Monterrey, Nuevo Leon, in
Mexico, consented to the insolvency application with restructuring
plan submitted by the Company.

Alejandro Sanchez Mujica, Vitro's General Counsel, said "This is a
very important step in our orderly restructuring process, aimed to
create value for the majority of creditors within a shorter period
than the one to be achieved through an involuntary proceeding,
since it allows to go directly into the conciliation stage,
arriving sooner to the credit acceptance stage and finally vote on
the proposed restructuring plan."

In a statement Vitro said the acceptance by the judge of the
insolvency proceeding with restructuring plan is a major
breakthrough for the majority of creditors and other stakeholders
interested in the Company moving forward in this process as soon
as possible, as it opens a more expeditious solution than the one
intended by a minority group of funds whose interests differ from
those of the majority that expects a successful concluding
restructuring.  This process will increase the value of their
investment -- higher value of the new debt -- and give the company
long term viability, preserving the source of employment and
Vitro's competitiveness.

For further information, please contact:

          Adrian Meouchi
          Carlos Garza
          Vitro S.A.B. de C.V.
          Telephone: + (52) 81-8863-1765 / 1730
          E-mail: ameouchi@vitro.com
                  cgarza@vitro.com

               - and -

          Albert Chico
          Roberto Riva Palacio
          Vitro, S.A.B. de C.V.
          Telephone: + (52) 81-8863-1661/ 1689
          E-mail: achico@vitro.com
                  rriva@vitro.com

               - and -

          Susan Borinelli
          Barbara Cano
          Breakstone Group
          Telephone: (646) 330-5907
          E-mail: sborinelli@breakstone-group.com
                   bcano@breakstone-group.com

                         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 is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of Ps. 23,991
million ($1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around $1.5 billion in debt, including $1.2 billion in
notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would 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 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 $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 on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.


* Moody's Downgrades Rating on Municipality of Metepec to 'Ba1'
---------------------------------------------------------------
Moody's de Mexico downgraded the issuer rating of the Municipality
of Metepec to A1.mx from Aa3.mx (Mexico National Scale).  Moody's
Investors Service also downgraded the issuer rating of the
Municipality of Metepec to Ba1 from Baa3 (Global Scale, local
currency).  The outlook is stable.

                        Ratings Rationale

The downgrade reflects these factors: 1) the recording of gross
operating balances below the median of investment grade Mexican
municipalities, 2) a significant decline in consolidated financial
performance in 2009, 3) a decline in net working capital position
and 4) anticipated increases in debt levels to finance planned
capital projects.

The stable outlook reflects recent cost controls and revenue
generation initiatives, which Moody's expect will generate a
gradual, albeit not comprehensive, narrowing of fiscal imbalances
over the next two years.

Metepec's gross operating balances have fluctuated between a
minimum of 3.2% of operating revenues in 2006 to a maximum of
10.2% in 2005.  In 2009, due to a reduction in own-source revenue
collection as a consequence of economic contraction and increases
in operating expenditures, the municipality recorded a sizeable
negative gross operating balance equivalent to -14.6% of operating
revenues.

After taking into account capital expenditures and earmarked
revenues for infrastructure, Metepec's consolidated financial
performance has also weakened.  The municipality's cash financing
requirement widened to -6.0% of total revenues in 2009, from -1.2%
in 2008, due to capital spending pressures and underlying
operating imbalances.

In addition, Metepec's liquidity position, measured as net working
capital (current assets minus current liabilities) declined to 3%
of total expenditures in 2009, down from 16% in 2008.

Due to current capital plans, Metepec contracted a new MXN 173
million loan in 2010 with a maturity of 15 years.  With this new
loan, net direct and indirect debt levels are expected to increase
up to 28.5% of total revenues in 2010, a level above the median
for Ba rated Mexican municipalities.

The ratings also take into account Metepec's strong economic base,
which supports a very high level of own-source revenue collection,
well above peers, and a lack of contingent liabilities with the
state's pension system and municipal water company, unlike most Ba
rated Mexican municipalities.


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


CARIBBEAN PETROLEUM: Bankr. Ct. Remands 8 Lawsuits to State Court
-----------------------------------------------------------------
Bankruptcy Judge Brian K. Tester remands eight civil actions
pending before the Puerto Rico court of First Instance, Bayamon
Part, against, among other parties, Caribbean Petroleum
Corporation to the Superior Court of the Commonwealth of Puerto
Rico, Bayamon Part, as per 28 U.S.C. Sec. 1452(b).  Judge Tester
says permissive abstention from the lawsuits is justified by the
cited statutes and case law.

The actions were filed on November 6, 2009, as a result of an
explosion at CAPECO's facilities in Bayamon, Puerto Rico on
October 23, 2009, during fuel offloading operations.  Several fuel
storage tanks, containing gasoline, diesel and petroleum products
and derivatives, exploded, burned or were damaged, causing a fire
that created a smoke plume allegedly containing hazardous
contaminants.  As a result of the incident, the plaintiffs brought
suit against CAPECO and others, including BP Products North
America Inc., seeking recovery of millions of dollars in
compensation for the alleged negligence of defendants.

BP seeks to remove the suits, arguing that the district court has
jurisdiction pursuant to 28 U.S.C. Sec. 1334(b), which provides
that "district courts shall have original but not exclusive
jurisdiction of all civil proceedings arising under title 11, or
arising in or related to cases under title 11."

CHARTIS Insurance Company - Puerto Rico argues that the Bankruptcy
Court should remand and abstain from hearing the Commonwealth
Court Action.  Even if the Court were to determine that subject
matter jurisdiction exists, the lawsuit is subject to mandatory
abstention under 28 U.S.C. Sec. 1334 (c)(2) because the basis of
the suit rests solely on Commonwealth law, and it would not have
been brought in federal court absent the bankruptcy case.  Such
matters, CHARTIS states, are clearly better suited for
determination by the Commonwealth Courts.  In the alternative, the
Bankruptcy Court should exercise its discretion and abstain from
hearing the action pursuant to 28 U.S.C. Sec. 1334(c)(1) and
should equitably remand the case to State court pursuant to 28
U.S.C. Sec. 1452(b).

A copy of the Court's December 23, 2010 Opinion and Order is
available at http://is.gd/jxiXGfrom Leagle.com.

                   About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the
company's operations.  The Debtor estimated assets of
$100 million to $500 million and debts of $500 million to
$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.

Dow Jones' Daily Bankruptcy Review, citing court papers, said that
Puma Energy International BV has been declared the winning bidder
in a bankruptcy sale of the Debtors' assets, with an offer of
US$82 million.


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

COMEC AR        COMERCIAL PL-C/E        138884129       -253031947
COMEB AR        COMERCIAL PLA-BL        138884129       -253031947
SCPDS LI        COMERCIAL PL-ADR        138884129       -253031947
CVVIF US        SOC COMERCIAL PL        138884129       -253031947
SCDPF US        SOC COMERCIAL PL        138884129       -253031947
COMED AR        COMERCIAL PLAT-$        138884129       -253031947
CAD IX          SOC COMERCIAL PL        138884129       -253031947
CADN SW         SOC COMERCIAL PL        138884129       -253031947
CADN EO         SOC COMERCIAL PL        138884129       -253031947
SNIA5 AR        SNIAFA SA-B              11229696      -2670544.88
SNIA AR         SNIAFA SA                11229696      -2670544.88
SDAGF US        SNIAFA SA-B              11229696      -2670544.88


BERMUDA

AGEN11 BZ       AGRENCO LTD-BDR         542862484       -297848371
AGRE LX         AGRENCO LTD             542862484       -297848371
MILK11 BZ       LAEP-BDR                432349610       -161351898
LEAP LX         LAEP INVESTMENTS        432349610       -161351898


BRAZIL


VARGPN BZ       VARIG SA-PREF           966298026      -4695211316
VARGON BZ       VARIG SA                966298026      -4695211316
VAGV3 BZ        VARIG SA                966298026      -4695211316
VAGV4 BZ        VARIG SA-PREF           966298026      -4695211316
MRLM3 BZ        CIA PETROLIFERA         377602195      -3014291.72
1CPMON BZ       CIA PETROLIFERA         377602195      -3014291.72
MRLM4 BZ        CIA PETROLIF-PRF        377602195      -3014291.72
MRLM3B BZ       CIA PETROLIFERA         377602195      -3014291.72
1CPMPN BZ       CIA PETROLIF-PRF        377602195      -3014291.72
MRLM4B BZ       CIA PETROLIF-PRF        377602195      -3014291.72
BOBR2 BZ        BOMBRIL-RGTS PRE        316331265       -123554206
BOBR1 BZ        BOMBRIL-RIGHTS          316331265       -123554206
BOBR4 BZ        BOMBRIL-PREF            316331265       -123554206
BMBBY US        BOMBRIL SA-ADR          316331265       -123554206
BOBR3 BZ        BOMBRIL                 316331265       -123554206
BMBPY US        BOMBRIL SA-ADR          316331265       -123554206
BOBRPN BZ       BOMBRIL CIRIO-PF        316331265       -123554206
BOBRON BZ       BOMBRIL CIRIO SA        316331265       -123554206
BMBBF US        BOMBRIL                 316331265       -123554206
RCT4B AR        TELEBRAS-CEDE BL        262220712      -16698444.2
TELB4 AR        TELEBRAS-CEDE PF        262220712      -16698444.2
TEL4C AR        TELEBRAS-CED C/E        262220712      -16698444.2
RCTB31 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
RCTB30 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
TLBRON BZ       TELEBRAS SA             262220712      -16698444.2
TLBRUO BZ       TELEBRAS-RECEIPT        262220712      -16698444.2
TELE31 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
TBASY US        TELEBRAS-ADR            262220712      -16698444.2
RCTB40 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TELB3 BZ        TELEBRAS SA             262220712      -16698444.2
TBH-W US        TELEBRAS/W-I-ADR        262220712      -16698444.2
TELB10 BZ       TELEBRAS-RCT PRF        262220712      -16698444.2
TCLP1 BZ        TELEBRAS-RTS CMN        262220712      -16698444.2
TBAPF US        TELEBRAS-PF RCPT        262220712      -16698444.2
RCTB41 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
CBRZF US        TELEBRAS-PF RCPT        262220712      -16698444.2
TLBRPN BZ       TELEBRAS SA-PREF        262220712      -16698444.2
RCT4C AR        TELEBRAS-CED C/E        262220712      -16698444.2
81370Z BZ       TELECOMUNICA-ADR        262220712      -16698444.2
TELB30 BZ       TELEBRAS-BLOCK          262220712      -16698444.2
RCTB33 BZ       TELEBRAS-RCT            262220712      -16698444.2
TBRAY GR        TELEBRAS-ADR            262220712      -16698444.2
TELB9 BZ        TELEBRAS SA-RT          262220712      -16698444.2
TLCP2 BZ        TELEBRAS-RTS PRF        262220712      -16698444.2
TEL4D AR        TELEBRAS-CEDEA $        262220712      -16698444.2
TELE41 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TBAPY US        TELEBRAS-ADR            262220712      -16698444.2
TELB4 BZ        TELEBRAS SA-PREF        262220712      -16698444.2
TBASF US        TELEBRAS SA             262220712      -16698444.2
RTB US          TELEBRAS-ADR            262220712      -16698444.2
RCTB42 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
RCTB1 BZ        TELEBRAS-RTS CMN        262220712      -16698444.2
RCTB2 BZ        TELEBRAS-RTS PRF        262220712      -16698444.2
RCT4D AR        TELEBRAS-CEDEA $        262220712      -16698444.2
TBRTF US        TELEBRAS-CM RCPT        262220712      -16698444.2
RCTB32 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
TBH US          TELEBRAS-ADR            262220712      -16698444.2
RCTB4 AR        TELEBRAS-CEDE PF        262220712      -16698444.2
TBX GR          TELEBRAS-ADR            262220712      -16698444.2
TLBRUP BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TELB1 BZ        TELEBRAS-COM RT         262220712      -16698444.2
TELB40 BZ       TELEBRAS-PF BLCK        262220712      -16698444.2
HOOT4 BZ        HOTEIS OTHON-PRF        255036150      -42606769.7
HOTHPN BZ       HOTEIS OTHON-PRF        255036150      -42606769.7
HOTHON BZ       HOTEIS OTHON SA         255036150      -42606769.7
HOOT3 BZ        HOTEIS OTHON SA         255036150      -42606769.7
TKTPY US        TEKA-ADR                246866965       -392777063
TEKA4 BZ        TEKA-PREF               246866965       -392777063
TEKAON BZ       TEKA                    246866965       -392777063
TKTQF US        TEKA                    246866965       -392777063
TKTPF US        TEKA-PREF               246866965       -392777063
TEKA3 BZ        TEKA                    246866965       -392777063
TKTQY US        TEKA-ADR                246866965       -392777063
TEKAY US        TEKA-ADR                246866965       -392777063
TEKAPN BZ       TEKA-PREF               246866965       -392777063
SNSYAN BZ       SANSUY SA-PREF A        172563384      -94849032.9
SNSYBN BZ       SANSUY SA-PREF B        172563384      -94849032.9
SNSY6 BZ        SANSUY-PREF B           172563384      -94849032.9
SNSYON BZ       SANSUY SA               172563384      -94849032.9
SNSY5 BZ        SANSUY-PREF A           172563384      -94849032.9
SNSY3 BZ        SANSUY                  172563384      -94849032.9
BLDR3 BZ        BALADARE                159454016      -52992212.8
RPMG10 BZ       PET MANG-RECEIPT        140673541       -164925695
MANGPN BZ       PETRO MANGUIN-PF        140673541       -164925695
4115360Q BZ     PET MANG-RT             140673541       -164925695
RPMG9 BZ        PET MANG-RECEIPT        140673541       -164925695
RPMG4 BZ        PET MANGUINH-PRF        140673541       -164925695
3678565Q BZ     PET MANG-RIGHTS         140673541       -164925695
MANGON BZ       PETRO MANGUINHOS        140673541       -164925695
3678569Q BZ     PET MANG-RIGHTS         140673541       -164925695
RPMG1 BZ        PET MANG-RT             140673541       -164925695
4115364Q BZ     PET MANG-RT             140673541       -164925695
RPMG2 BZ        PET MANG-RT             140673541       -164925695
RPMG3 BZ        PETRO MANGUINHOS        140673541       -164925695
IMBI1 BZ        DOC IMBITUBA-RTC         96977064      -42592602.5
IMBI2 BZ        DOC IMBITUBA-RTP         96977064      -42592602.5
IMBIPN BZ       DOCAS IMBITUB-PR         96977064      -42592602.5
IMBI4 BZ        DOC IMBITUB-PREF         96977064      -42592602.5
IMBION BZ       DOCAS IMBITUBA           96977064      -42592602.5
IMBI3 BZ        DOC IMBITUBA             96977064      -42592602.5
VPSC3 BZ        VARIG PART EM SE         96617351       -460274609
VPSC4 BZ        VARIG PART EM-PR         96617351       -460274609
FTRX1 BZ        FABRICA TECID-RT         63865882      -73255215.1
FTRX4 BZ        FABRICA RENAUX-P         63865882      -73255215.1
FRNXPN BZ       FABRICA RENAUX-P         63865882      -73255215.1
FTRX3 BZ        FABRICA RENAUX           63865882      -73255215.1
FRNXON BZ       FABRICA RENAUX           63865882      -73255215.1
TXRX9 BZ        TEXTEIS RENA-RCT         63668805      -94477605.8
TXRX3 BZ        RENAUXVIEW SA            63668805      -94477605.8
TXRX10 BZ       TEXTEIS RENA-RCT         63668805      -94477605.8
TXRX2 BZ        TEXTEIS RENAU-RT         63668805      -94477605.8
RENXPN BZ       TEXTEIS RENAUX           63668805      -94477605.8
TXRX1 BZ        TEXTEIS RENAU-RT         63668805      -94477605.8
TXRX4 BZ        RENAUXVIEW SA-PF         63668805      -94477605.8
RENXON BZ       TEXTEIS RENAUX           63668805      -94477605.8
MNPRON BZ       MINUPAR SA               63144534      -60655823.4
MNPR9 BZ        MINUPAR-RCT              63144534      -60655823.4
MNPR3 BZ        MINUPAR                  63144534      -60655823.4
MNPR4 BZ        MINUPAR-PREF             63144534      -60655823.4
MNPRPN BZ       MINUPAR SA-PREF          63144534      -60655823.4
MNPR1 BZ        MINUPAR-RT               63144534      -60655823.4
VPTA3 BZ        VARIG PART EM TR         49432124       -399290426
VPTA4 BZ        VARIG PART EM-PR         49432124       -399290426
GAFPN BZ        CIMOB PART-PREF          39881387      -41560336.9
GAFP3 BZ        CIMOB PARTIC SA          39881387      -41560336.9
GAFP4 BZ        CIMOB PART-PREF          39881387      -41560336.9
GAFON BZ        CIMOB PARTIC SA          39881387      -41560336.9
SNST3 BZ        SANESALTO                31044051      -1843297.83
STRP4 BZ        BOTUCATU-PREF            27663605      -7174512.03
STRP3 BZ        BOTUCATU TEXTIL          27663605      -7174512.03
STARON BZ       STAROUP SA               27663605      -7174512.03
STARPN BZ       STAROUP SA-PREF          27663605      -7174512.03
COBE6 BZ        CONST BETER-PF B         25469474      -4918662.56
1008Q BZ        CONST BETER-PR A         25469474      -4918662.56
1COBON BZ       CONST BETER SA           25469474      -4918662.56
COBEAN BZ       CONST BETER-PR A         25469474      -4918662.56
1COBAN BZ       CONST BETER-PF A         25469474      -4918662.56
COBE5 BZ        CONST BETER-PF A         25469474      -4918662.56
COBE3 BZ        CONST BETER SA           25469474      -4918662.56
1007Q BZ        CONST BETER SA           25469474      -4918662.56
COBEON BZ       CONST BETER SA           25469474      -4918662.56
1009Q BZ        CONST BETER-PR B         25469474      -4918662.56
COBE3B BZ       CONST BETER SA           25469474      -4918662.56
1COBBN BZ       CONST BETER-PF B         25469474      -4918662.56
COBEBN BZ       CONST BETER-PR B         25469474      -4918662.56
STLB9 BZ        STEEL - RCT ORD          22548846       -4346785.7
STLB1 BZ        STEEL - RT               22548846       -4346785.7
STLB3 BZ        STEEL DO BRASIL          22548846       -4346785.7
CCHPN BZ        CHIARELLI SA-PRF         22274027      -44537138.2
CCHON BZ        CHIARELLI SA             22274027      -44537138.2
CCHI4 BZ        CHIARELLI SA-PRF         22274027      -44537138.2
CCHI3 BZ        CHIARELLI SA             22274027      -44537138.2
HAGAON BZ       FERRAGENS HAGA           21299043      -62858771.3
HAGA3 BZ        HAGA                     21299043      -62858771.3
HAGAPN BZ       FERRAGENS HAGA-P         21299043      -62858771.3
HAGA4 BZ        FER HAGA-PREF            21299043      -62858771.3
CAFE3 BZ        CAF BRASILIA             21097370       -903951461
CAFE4 BZ        CAF BRASILIA-PRF         21097370       -903951461
CSBRON BZ       CAFE BRASILIA SA         21097370       -903951461
CSBRPN BZ       CAFE BRASILIA-PR         21097370       -903951461
SJOS3 BZ        TECEL S JOSE             19067322      -52580501.1
SJOS4 BZ        TECEL S JOSE-PRF         19067322      -52580501.1
FTSJON BZ       TECEL S JOSE             19067322      -52580501.1
FTSJPN BZ       TECEL S JOSE-PRF         19067322      -52580501.1
NORD1 BZ        NORDON MET-RTS           16108143      -22352940.6
NORD3 BZ        NORDON MET               16108143      -22352940.6
NORDON BZ       NORDON METAL             16108143      -22352940.6
UNCI3 BZ        UNI CIDADE               15460621      -5200646.59
PRMN3 BZ        PROMAN                   12878932      -38408.0181
PRMN3B BZ       PROMAN                   12878932      -38408.0181
GAZO10 BZ       GAZOLA-RCPT PREF         12452143      -40298506.3
GAZO11 BZ       GAZOLA SA-DVD CM         12452143      -40298506.3
GAZO9 BZ        GAZOLA-RCPTS CMN         12452143      -40298506.3
GAZO4 BZ        GAZOLA-PREF              12452143      -40298506.3
GAZO12 BZ       GAZOLA SA-DVD PF         12452143      -40298506.3
GAZO3 BZ        GAZOLA                   12452143      -40298506.3
GAZON BZ        GAZOLA SA                12452143      -40298506.3
GAZPN BZ        GAZOLA SA-PREF           12452143      -40298506.3
ARLA10 BZ       ARTHUR LANG-RC P         11642256      -17154461.9
ARLA9 BZ        ARTHUR LANG-RC C         11642256      -17154461.9
ALICON BZ       ARTHUR LANGE SA          11642256      -17154461.9
ARLA12 BZ       ARTHUR LAN-DVD P         11642256      -17154461.9
ARLA3 BZ        ARTHUR LANGE             11642256      -17154461.9
ARLA4 BZ        ARTHUR LANGE-PRF         11642256      -17154461.9
ARLA1 BZ        ARTHUR LANG-RT C         11642256      -17154461.9
ARLA2 BZ        ARTHUR LANG-RT P         11642256      -17154461.9
ALICPN BZ       ARTHUR LANGE-PRF         11642256      -17154461.9
ARLA11 BZ       ARTHUR LAN-DVD C         11642256      -17154461.9
FGUI4 BZ        F GUIMARAES-PREF         11016542       -151840377
FGUION BZ       FERREIRA GUIMARA         11016542       -151840377
FGUIPN BZ       FERREIRA GUIM-PR         11016542       -151840377
FGUI3 BZ        F GUIMARAES              11016542       -151840377


CHILE


CHISATOS CI     CHILESAT CO-RTS         953784479       -103476159
CSAOY US        TELMEX CORP-ADR         953784479       -103476159
TELEXA CI       TELEX-A                 953784479       -103476159
TELEXO CI       TELEX-RTS               953784479       -103476159
TELEX CI        CHILESAT CORP SA        953784479       -103476159
CHILESAT CI     TELMEX CORP SA          953784479       -103476159
TL US           CHILESAT CO-ADR         953784479       -103476159


URUGUAY

IMPTD AR        IMPSAT FIBER-$US        535007008        -17165000
IMPTC AR        IMPSAT FIBER-C/E        535007008        -17165000
IMPT AR         IMPSAT FIBER-CED        535007008        -17165000
330902Q GR      IMPSAT FIBER NET        535007008        -17165000
XIMPT SM        IMPSAT FIBER NET        535007008        -17165000
IMPTQ US        IMPSAT FIBER NET        535007008        -17165000
IMPTB AR        IMPSAT FIBER-BLK        535007008        -17165000



                            ***********

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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, 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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