TCRLA_Public/110104.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, January 4, 2011, Vol. 12, No. 2

                            Headlines



A R G E N T I N A

ART & DESIGN: Creditors' Proofs of Debt Due March 7
EXPRESO USPALLATA: Creditors' Proofs of Debt Due March 18
FRANS-GOLD SRL: Creditors' Proofs of Debt Due March 28
FUENTES SRL: Creditors' Proofs of Debt Due March 11
RYT SA: Creditors' Proofs of Debt Due February 28

* ARGENTINA: Reveals Preliminary Results of Invitation


C A Y M A N  I S L A N D S

ACAR CAYMAN: Shareholders' Final Meeting Set for January 7
AERIS CAPITAL: Shareholders' Final Meeting Set for January 7
AERIS CAPITAL: Shareholders' Final Meeting Set for January 7
ALBEMARLE GEARED: Shareholders' Final Meeting Set for January 7
AP.SB.AR: Shareholders' Final Meeting Set for January 7

ARTEMIS HOLDINGS: Shareholder Receives Wind-Up Report
ARTEMIS SILVER: Shareholders' Final Meeting Set for January 7
AS HIROTA: Shareholders' Final Meeting Set for January 7
GLYCOMION LIMITED: Shareholder to Hear Wind-Up Report on Jan. 10
LOGISPRING GP: Shareholders Receive Wind-Up Report

LOOMIS SAYLES: Shareholders' Final Meeting Set for January 7
MOBILITY RISK: Members Receive Wind-Up Report
NIS-SEEM-ASH: Members Receive Wind-Up Report
OCCAM CIRRUS: Shareholders' Final Meeting Set for January 7
SHIVANI HOLDINGS: Members Receive Wind-Up Report

SMITH BREEDEN: Shareholders' Final Meeting Set for January 7
SUNRIDGE CAPITAL: Shareholders' Final Meeting Set for Jan. 7
TDAM CANADIAN: Shareholders' Final Meeting Set for January 7
TDAM CANADIAN: Shareholders' Final Meeting Set for January 7
TDAM NORTH: Shareholders' Final Meeting Set for January 7

TDAM NORTH: Shareholders' Final Meeting Set for January 7


E C U A D O R

BANCO PICHINCHA: Closes US$22-Million Syndicated Loan With IDB


P U E R T O  R I C O

POPULAR INC: Moody's Upgrades Preferred Stock Rating to 'B2'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


ART & DESIGN: Creditors' Proofs of Debt Due March 7
---------------------------------------------------
The court-appointed trustee for Art & Design S.R.L.'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 28, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 10, 2011.


EXPRESO USPALLATA: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
The court-appointed trustee for Expreso Uspallata S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 18, 2011.

The trustee] will present the validated claims in court as
individual reports on May 5, 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 17, 2011.

Creditors will vote to ratify the completed settlement plan
December 1, 2011.


FRANS-GOLD SRL: Creditors' Proofs of Debt Due March 28
------------------------------------------------------
The court-appointed trustee for Frans-Gold S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 28, 2011.


FUENTES SRL: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The court-appointed trustee for Fuentes S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 11, 2011.


RYT SA: Creditors' Proofs of Debt Due February 28
-------------------------------------------------
The court-appointed trustee for RYT S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
February 28, 2011.

The trustee] will present the validated claims in court as
individual reports on April 11, 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 23, 2011.

Creditors will vote to ratify the completed settlement plan
October 24, 2011.


* ARGENTINA: Reveals Preliminary Results of Brady Bonds Invitation
------------------------------------------------------------------
The Republic of Argentina revealed preliminary results of its
invitation announced on December 6, 2010 to tender Brady Bonds for
New Securities and a Cash Payment.  Terms are used herein with the
meanings used in the Invitation Materials, unless otherwise noted.

Principal Amount of Eligible Securities Tendered as of the
Expiration Date

Owners of Eligible Securities having an aggregate principal amount
totaling approximately US$267,201,297.33, or its equivalent,
submitted tenders during the Submission Period of the Invitation,
which ended at 5:00 P.M., on December 29, 2010, the Expiration
Date.  Argentina calculates that the following principal amount of
each series of Eligible Securities submitted tenders as of the
Expiration Date:


                                                       Percentage of
                                                               Outstanding
                                                                Principal
                                            Principal amount    Amount of
                                               of Eligible       Eligible
                                               Securities       Securities
                                             tendered as of   tendered as
                                                                       of
  Series of Eligible        Outstanding    the Expiration   the Expiration
         Securities        Principal Amount       Date             Date
  ----------------------   --------------   ------------     -------------
U.S. dollar Collateralized
Fixed Rate Bonds due 2023
(USD Par Series L)("USD    US$185,047,000  US$151,123,000      81.67%
Par Bonds")
U.S. dollar Collateralized
Floating Rate Bonds due
2023 (USD Discount Series   US$77,900,000   US$69,766,000      89.56%
L)("USD Discount Bonds")
Deutsche Mark
Collateralized Fixed Rate
Bonds due 2023 (DM Par     EUR46,417,633    EUR32,152,589      69.27%
Series)("DM Par Bonds")
Deutsche Mark
Collateralized Floating
Rate Bonds due 2023 (DM     EUR7,756,298    EUR4,642,530       59.85%
Discount Series)("DM
Discount Bonds")

Argentina has accepted all tenders of Eligible Securities that
have been validly submitted as of the Expiration Date, subject to
the reconciliation of electronic acceptance notices with letters
of transmittal, in the case of tenders of DM Brady Bonds, the
reconciliation of letters of transmittal with certificates
delivered, in the case of tenders of USD Brady Bonds in physical
form, and the satisfaction or the waiver of the conditions to the
Invitation, including the Amendment Condition.

           Quorum Requirements for Bondholders' Meetings

Pursuant to Argentina's preliminary calculations of the aggregate
principal amount of each series of Eligible Securities tendered as
of the Expiration Date, a sufficient amount of Eligible Securities
of each series of Eligible Securities will be present to
constitute a quorum at the Bondholders' Meetings for each series
of Eligible Securities for the purposes of voting on the
Resolutions.

Aggregate Principal Amount of New Securities to be Issued and
Aggregate Cash Payments

Subject to the reconciliation of electronic acceptance notices
with letters of transmittal, in the case of tenders of DM Brady
Bonds, the reconciliation of letters of transmittal with
certificates delivered, in the case of tenders of USD Brady Bonds
in physical form, and to the satisfaction or the waiver of the
conditions to the Invitation, including the Amendment Condition,
Argentina's preliminary calculation of the aggregate principal
amount of each series of New Securities to be issued pursuant to
the Invitation is set forth below:

                                                         Aggregate
                                                                principal
                                                              amount of
                                                              New
                                                             Securities to
Series of New Securities                           ISIN      be issued
------------------------                    -----------       ----------
U.S. dollar-denominated discount bonds due   XS0501194756 or
December 31, 2033 ("Discounts")               XS0564040821  US$28,954,735
U.S. dollar-denominated 8.75% global bonds   XS0501195480 or
due 2017 ("2017 Globals")                     XS0564043502   US$8,502,875
U.S. dollar-denominated GDP-linked
Securities expiring no later than December    XS0501197262   US$86,329,073
15, 2035 ("GDP-linked Securities")

Argentina's preliminary calculation of the aggregate amount of the
Cash Payments to be made pursuant to the Invitation, as of the
date hereof, is US$166,603,924.22, consisting of US$133,407,457.84
in respect of Cash Proceeds of Brady Collateral securing the USD
Brady Bonds, EUR23,672,729.31 consisting of Cash Proceeds of Brady
Collateral securing the DM Brady Bonds, and US$1,908,487.31 and
EUR211,224.18, as applicable, consisting of Cash Payments to be
funded by Argentina.

The preliminary calculations set forth above were made assuming
that the Cash Proceeds would be calculated using interest rates
and swap rates determined as of December 28, 2010, while the
actual Cash Proceeds will be calculated using interest rates and
swap rates at the time of liquidation of the relevant Brady
Collateral.

The Invitation is being extended to holders of Brady Bonds in the
United States on the basis of a prospectus dated April 13, 2010
and a prospectus supplement dated December 3, 2010 filed with the
U.S. Securities and Exchange Commission and to holders of Brady
Bonds in Argentina, Luxembourg, Germany and Italy on the basis of
a separate prospectus dated December 3, 2010.  The Invitation
being extended under the above documents and the related
electronic acceptance notices and/or letters of transmittal
constitute one and the same Invitation.

Application has been made to list each series of New Securities on
the Luxembourg Stock Exchange and to have the New Securities
admitted to trading on the Euro MTF market of the Luxembourg Stock
Exchange.  The Luxembourg Stock Exchange's alternative Euro MTF
market is a multilateral trading facility for the purposes of the
Markets in Financial Instruments Directive (MiFID) 2004/39/EC.
Application will also be made to list the New Securities on the
Buenos Aires Stock Exchange and to have the New Securities
admitted to trading on the Mercado Abierto Electronico.  However,
there can be no guarantee that any such listing will be completed
before the Settlement Date for the Invitation or at all.

None of Argentina, the information, exchange and tabulation agent
or the custodian has expressed any opinion as to whether the terms
of the Invitation are fair.  In addition, none of the clearing
systems through which holders may tender their Brady Bonds has
expressed any opinion as to whether the terms of the Invitation
are fair.  None of Argentina, the information, exchange and
tabulation agent or the custodian makes any recommendation that
holders tender their Brady Bonds for exchange or refrain from
doing so pursuant to the Invitation, and no one has been
authorized by Argentina, the information, exchange and tabulation
agent or the custodian to make any such recommendation. Holders
must make their own decision as to whether to tender Brady Bonds
in exchange for New Securities and a Cash Payment or refrain from
doing so, and, if holders do tender Brady Bonds, the principal
amount of Brady Bonds to tender.

                        Where to Get Information

Bondholder Communications Group, LLC is acting as information,
exchange and tabulation agent for the Invitation. The Invitation
is not being made hereby, but instead is being made pursuant to
the Invitation Materials.  Copies of the US Prospectus, the EU
Prospectus and the other Invitation Materials can be obtained
online at http://www.bondcom.com/argentinaand by contacting the
information, exchange and tabulation agent at one of the telephone
numbers below.  The information, exchange and tabulation agent
will answer questions regarding tender procedures from clearing
system participants, custodians and holders of USD Brady Bonds in
physical form.

The information, exchange and tabulation agent for the Invitation
is:

                    Bondholder Communications Group, LLC
                           Attn: Roberta Alvarez
                        E-mail: ralvarez@bondcom.com

http://www.bondcom.com/argentina        In New York:
In London:
   30 Broad St., 46th floor                28 Throgmorton
      New York, NY 10004                   London EC2N 2AN
     Tel: +1 212 809 2663             Tel: +44 (0)20 7382 4580
     Fax: +1 212 437 9827             Fax: +44 (0)20 7067 9329
          In Germany:                         In Italy:
      Tel: 0800 180 2501                  Tel: 800 789 917
      Fax: 0800 180 2501                  Fax: 800 789 917

The US Prospectus, i.e. the prospectus dated April 13, 2010 and
the prospectus supplement dated December 3, 2010 comprising the
Invitation, are available on the SEC's website at
http://www.sec.gov/

Argentina has filed a registration statement (including the US
Prospectus) with the SEC for the Invitation to which this
communication relates and the offer and sale of any securities in
the Invitation will be made in the United States by means of such
registration statement.

                          *     *     *

As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.

The company also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.


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


ACAR CAYMAN: Shareholders' Final Meeting Set for January 7
----------------------------------------------------------
The shareholders of Acar Cayman Ltd. will hold their final meeting
on January 7, 2011, 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:

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


AERIS CAPITAL: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Aeris Capital Absolute Return Multi-Strategy
Fund Ltd. will hold their final meeting on January 7, 2011, 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:

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


AERIS CAPITAL: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Aeris Capital Absolute Return Multi-Strategy
Master Fund Ltd. will hold their final meeting on January 7, 2011,
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:

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


ALBEMARLE GEARED: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------------
The shareholders of Albemarle Geared Fund Limited will hold their
final meeting on January 7, 2011, 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


AP.SB.AR: Shareholders' Final Meeting Set for January 7
-------------------------------------------------------
The shareholders of AP.SB.AR Cayman Ltd. will hold their final
meeting on January 7, 2011, at 9:45 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


ARTEMIS HOLDINGS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Artemis Holdings 2XL received on December 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Gerhard Albertyn
          Telephone: 345-914-4395 / 345-949-4800
          Facsimile:  345-949-7164 / 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands


ARTEMIS SILVER: Shareholders' Final Meeting Set for January 7
-------------------------------------------------------------
The shareholders of Artemis Silver Fund will hold their final
meeting on January 7, 2011, 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


AS HIROTA: Shareholders' Final Meeting Set for January 7
--------------------------------------------------------
The shareholders of As Hirota Japan Offshore Fund, Ltd. will hold
their final meeting on January 7, 2011, at 12:15 p.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


GLYCOMION LIMITED: Shareholder to Hear Wind-Up Report on Jan. 10
----------------------------------------------------------------
The shareholder of Glycomion Limited will receive on January 10,
2011, at 10:30 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          David Preston
          Beverly Bernard
          c/o Isabel Mason
          Telephone: 949-7755
          Facsimile: 949-7634


LOGISPRING GP: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Logispring GP Ltd received on December 27,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Frans Van Schaik
          924 West End Avenue
          Apt 25, New York, NY 10025
          USA
          Telephone: 345-949-2648
          Facsimile: 345-949-8613


LOOMIS SAYLES: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Loomis Sayles Consumer Discretionary Hedge
Fund, Ltd. will hold their final meeting on January 7, 2011, 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


MOBILITY RISK: Members Receive Wind-Up Report
---------------------------------------------
The members of Mobility Risk Services, Inc. received on
December 29, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Artex Risk Solutions (Cayman) Ltd.
          The Charles Building, 2nd Floor
          189 North Church Street
          P.O. Box 32345, Grand Cayman KY1-1209
          Cayman Islands
          c/o John Pitcairn
          Telephone:  1 345 945 9273


NIS-SEEM-ASH: Members Receive Wind-Up Report
--------------------------------------------
The members of Nis-Seem-Ash Ltd. received on December 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OCCAM CIRRUS: Shareholders' Final Meeting Set for January 7
-----------------------------------------------------------
The shareholders of Occam Cirrus General Partner Inc. will hold
their final meeting on January 7, 2011, 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


SHIVANI HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Shivani Holdings Limited received on December 29,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SMITH BREEDEN: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of Smith Breeden Credit Master Ltd. will hold
their final meeting on January 7, 2011, 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


SUNRIDGE CAPITAL: Shareholders' Final Meeting Set for Jan. 7
------------------------------------------------------------
The shareholders of Sunridge Capital Partners II Ltd. will hold
their final meeting on January 7, 2011, at 9:15 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


TDAM CANADIAN: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of TDAM Canadian Equity Market Neutral Fund, Ltd.
will hold their final meeting on January 7, 2011, 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


TDAM CANADIAN: Shareholders' Final Meeting Set for January 7
------------------------------------------------------------
The shareholders of TDAM Canadian Equity Market Neutral Master
Fund, Ltd. will hold their final meeting on January 7, 2011, 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


TDAM NORTH: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------
The shareholders of TDAM North American Equity Pairs Fund, Ltd.
will hold their final meeting on January 7, 2011, 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


TDAM NORTH: Shareholders' Final Meeting Set for January 7
---------------------------------------------------------
The shareholders of TDAM North American Equity Pairs Master Fund,
Ltd. will hold their final meeting on January 7, 2011, 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


=============
E C U A D O R
=============


BANCO PICHINCHA: Closes US$22-Million Syndicated Loan With IDB
---------------------------------------------------------------
The Inter-American Development Bank closed a US$22 million
syndicated loan with Banco Pichincha in Ecuador to help fund
lending for housing and to support micro, small and medium
enterprises.

Ecuador has been witnessing a significant increase in demand for
finance in these sectors since 2008, after the IDB closed a six-
year loan of US$50 million (A Loan) from its own resources to
support both housing and MSME's.  To cope with this market trend
Banco Pichincha approached IDB in the fall of 2010 to add a
syndicated loan (B Loan) involving private investors to the
previous amount.  In two months, the IDB raised US$22 million for
the loan, structured as a three-year bullet repayment, more than
two times the original target of US$10 million.

This deal is the first international syndication to an Ecuadorian
financial institution in over a decade, and the largest
international syndication with the longest tenor ever closed with
a financial institution in Ecuador.

Micro enterprises in Ecuador are responsible for the income of
more than one million Ecuadorians, or 25% of the country's urban
labor force.  The ability to channel private sector proceeds to
this area to help meet the customer's demand and create positive
impact in communities is a winning opportunity, according to
Francisco Roig, Investment Officer at the IDB.

"This transaction will contribute to boost international
confidence in the Ecuadorian financial system and its capacity to
contribute to economic development", said Santiago Bayas, Banco
Pichincha's Vice President of Treasury.

The IDB acted as lead arranger in the Banco Pichincha's
syndication, which comprised of US$10 million from Global Bank in
Panama, US$5 million from Dexia Micro-Credit Fund, managed by
BlueOrchard, US$5 million from Banco Aliado in Panama and US$2
million from Panama's Multibank.

"To reach the tenors and amounts Banco Pichincha was looking for,
we knew we had to reach out to liquid institutions that know and
understand the market in Ecuador," said Syndication Officer
Kristin Dacey. Targeting the right participants and Banco
Pichincha being the largest bank in Ecuador with an AAA- local
rating led to the oversubscription of the syndication, Dacey
added.

The operation is aligned with the objectives the IDB beyondBanking
program, which seeks to promote sustainable environmental, social
and governance practices among financial intermediaries in the
region, through financing, risk mitigation and knowledge sharing.

                   About Banco Pichincha

Founded in 1906, Banco Pichincha has established itself as the
leading bank in Ecuador.  BP is the largest bank in Ecuador with a
market share in terms of assets as of December 31st, 2009 of
27.2%.  Banco Pichincha has and continues to be a full-service
bank that provides banking services to corporations, MSMEs, and
the retail segment.  The bank is keen on further diversifying its
credit portfolio by providing housing financing to lower income
clientele, a segment of the market that is currently underserved.

                            *     *     *

As of January 4, 2010, the bank continues to carry Fitch Rating's
"B" short-term issuer default rating and "D" individual rating.


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


POPULAR INC: Moody's Upgrades Preferred Stock Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service upgraded Popular, Inc.'s non-cumulative
preferred stock rating to B2 from Ca.  Following the rating
action, the outlook on Popular and its subsidiaries remains
negative.  The rating agency noted that this action did not affect
Popular's other ratings.  Popular is the holding company of Banco
Popular de Puerto Rico (unsupported bank financial strength rating
of D+, deposit ratings of Baa3/Prime-3).

Upgrades:

Issuer: Popular, Inc.

  -- Non-Cumulative Preferred Stock, Upgraded to B2 from Ca

  -- Multiple Seniority Shelf, Upgraded to a range of (P)B2 to
     (P)Ba1 from a range of (P)Ca to (P)Ba1

Outlook Actions:

Issuer: Popular, Inc.

  -- Outlook, Changed To Negative From Negative(m)

                         Ratings Rationale

The upgrade of Popular's non-cumulative preferred stock rating
follows the company's announcement that it will recommence paying
preferred dividends beginning December 31, 2010.

Popular announced the suspension of dividends on its non-
cumulative preferred stock on June 8, 2009 in conjunction with its
offer to exchange preferred stock and trust preferred securities
for common equity.  Popular has missed 17 consecutive monthly
dividend payments on the non-cumulative preferred stock that was
not exchanged in the tender offer and which remains outstanding.

Popular has committed to its regulators that it will fund the
preferred dividend payments (approximately US$3.7 million
annually) by issuing common stock to employees under the company's
existing retirement plans or, if necessary, by raising common
equity externally.

Moody's last rating action on Popular was on November 1, 2010 when
Moody's downgraded the deposit ratings of Popular's lead bank,
Banco Popular de Puerto Rico, to Baa3/Prime-3 from Baa2/Prime-2.

Popular, Inc., is headquartered in Puerto Rico and reported assets
of US$40.3 billion at September 30, 2010.


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

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


BRAZIL


1007Q BZ       CONST BETER SA          25469474     -4918662.56
1008Q BZ       CONST BETER-PR A        25469474     -4918662.56
1009Q BZ       CONST BETER-PR B        25469474     -4918662.56
1COBAN BZ      CONST BETER-PF A        25469474     -4918662.56
1COBBN BZ      CONST BETER-PF B        25469474     -4918662.56
1COBON BZ      CONST BETER SA          25469474     -4918662.56
1CPMON BZ      CIA PETROLIFERA        377602195     -3014291.72
1CPMPN BZ      CIA PETROLIF-PRF       377602195     -3014291.72
3678565Q BZ    PET MANG-RIGHTS        140673541      -164925695
3678569Q BZ    PET MANG-RIGHTS        140673541      -164925695
4115360Q BZ    PET MANG-RT            140673541      -164925695
4115364Q BZ    PET MANG-RT            140673541      -164925695
81370Z BZ      TELECOMUNICA-ADR       262220712     -16698444.2
AGEN11 BZ      AGRENCO LTD-BDR        542862484      -297848371
AGRE LX        AGRENCO LTD            542862484      -297848371
ALICON BZ      ARTHUR LANGE SA         11642256     -17154461.9
ALICPN BZ      ARTHUR LANGE-PRF        11642256     -17154461.9
ARLA1 BZ       ARTHUR LANG-RT C        11642256     -17154461.9
ARLA10 BZ      ARTHUR LANG-RC P        11642256     -17154461.9
ARLA11 BZ      ARTHUR LAN-DVD C        11642256     -17154461.9
ARLA12 BZ      ARTHUR LAN-DVD P        11642256     -17154461.9
ARLA2 BZ       ARTHUR LANG-RT P        11642256     -17154461.9
ARLA3 BZ       ARTHUR LANGE            11642256     -17154461.9
ARLA4 BZ       ARTHUR LANGE-PRF        11642256     -17154461.9
ARLA9 BZ       ARTHUR LANG-RC C        11642256     -17154461.9
BLDR3 BZ       BALADARE               159454016     -52992212.8
BMBBF US       BOMBRIL                316331265      -123554206
BMBBY US       BOMBRIL SA-ADR         316331265      -123554206
BMBPY US       BOMBRIL SA-ADR         316331265      -123554206
BOBR1 BZ       BOMBRIL-RIGHTS         316331265      -123554206
BOBR2 BZ       BOMBRIL-RGTS PRE       316331265      -123554206
BOBR3 BZ       BOMBRIL                316331265      -123554206
BOBR4 BZ       BOMBRIL-PREF           316331265      -123554206
BOBRON BZ      BOMBRIL CIRIO SA       316331265      -123554206
BOBRPN BZ      BOMBRIL CIRIO-PF       316331265      -123554206
CAFE3 BZ       CAF BRASILIA            21097370      -903951461
CAFE4 BZ       CAF BRASILIA-PRF        21097370      -903951461
CBRZF US       TELEBRAS-PF RCPT       262220712     -16698444.2
CCHI3 BZ       CHIARELLI SA            22274027     -44537138.2
CCHI4 BZ       CHIARELLI SA-PRF        22274027     -44537138.2
CCHON BZ       CHIARELLI SA            22274027     -44537138.2
CCHPN BZ       CHIARELLI SA-PRF        22274027     -44537138.2
COBE3 BZ       CONST BETER SA          25469474     -4918662.56
COBE3B BZ      CONST BETER SA          25469474     -4918662.56
COBE5 BZ       CONST BETER-PF A        25469474     -4918662.56
COBE6 BZ       CONST BETER-PF B        25469474     -4918662.56
COBEAN BZ      CONST BETER-PR A        25469474     -4918662.56
COBEBN BZ      CONST BETER-PR B        25469474     -4918662.56
COBEON BZ      CONST BETER SA          25469474     -4918662.56
CSBRON BZ      CAFE BRASILIA SA        21097370      -903951461
CSBRPN BZ      CAFE BRASILIA-PR        21097370      -903951461
FGUI3 BZ       F GUIMARAES             11016542      -151840377
FGUI4 BZ       F GUIMARAES-PREF        11016542      -151840377
FGUION BZ      FERREIRA GUIMARA        11016542      -151840377
FGUIPN BZ      FERREIRA GUIM-PR        11016542      -151840377
FRNXON BZ      FABRICA RENAUX          63865882     -73255215.1
FRNXPN BZ      FABRICA RENAUX-P        63865882     -73255215.1
FTRX1 BZ       FABRICA TECID-RT        63865882     -73255215.1
FTRX3 BZ       FABRICA RENAUX          63865882     -73255215.1
FTRX4 BZ       FABRICA RENAUX-P        63865882     -73255215.1
FTSJON BZ      TECEL S JOSE            19067322     -52580501.1
FTSJPN BZ      TECEL S JOSE-PRF        19067322     -52580501.1
GAFON BZ       CIMOB PARTIC SA         39881387     -41560336.9
GAFP3 BZ       CIMOB PARTIC SA         39881387     -41560336.9
GAFP4 BZ       CIMOB PART-PREF         39881387     -41560336.9
GAFPN BZ       CIMOB PART-PREF         39881387     -41560336.9
GAZO10 BZ      GAZOLA-RCPT PREF        12452143     -40298506.3
GAZO11 BZ      GAZOLA SA-DVD CM        12452143     -40298506.3
GAZO12 BZ      GAZOLA SA-DVD PF        12452143     -40298506.3
GAZO3 BZ       GAZOLA                  12452143     -40298506.3
GAZO4 BZ       GAZOLA-PREF             12452143     -40298506.3
GAZO9 BZ       GAZOLA-RCPTS CMN        12452143     -40298506.3
GAZON BZ       GAZOLA SA               12452143     -40298506.3
GAZPN BZ       GAZOLA SA-PREF          12452143     -40298506.3
HAGA3 BZ       HAGA                    21299043     -62858771.3
HAGA4 BZ       FER HAGA-PREF           21299043     -62858771.3
HAGAON BZ      FERRAGENS HAGA          21299043     -62858771.3
HAGAPN BZ      FERRAGENS HAGA-P        21299043     -62858771.3
HBTS3 BZ       HABITASUL              408678629     -108615.446
HBTS5 BZ       HABITASUL-PREF A       408678629     -108615.446
HBTS6 BZ       HABITASUL-PREF B       408678629     -108615.446
HOOT3 BZ       HOTEIS OTHON SA        255036150     -42606769.7
HOOT4 BZ       HOTEIS OTHON-PRF       255036150     -42606769.7
HOTHON BZ      HOTEIS OTHON SA        255036150     -42606769.7
HOTHPN BZ      HOTEIS OTHON-PRF       255036150     -42606769.7
HSULAN BZ      HABITASUL-PREF A       408678629     -108615.446
HSULBN BZ      HABITASUL-PREF B       408678629     -108615.446
HSULON BZ      HABITASUL              408678629     -108615.446
IMBI1 BZ       DOC IMBITUBA-RTC        96977064     -42592602.5
IMBI2 BZ       DOC IMBITUBA-RTP        96977064     -42592602.5
IMBI3 BZ       DOC IMBITUBA            96977064     -42592602.5
IMBI4 BZ       DOC IMBITUB-PREF        96977064     -42592602.5
IMBION BZ      DOCAS IMBITUBA          96977064     -42592602.5
IMBIPN BZ      DOCAS IMBITUB-PR        96977064     -42592602.5
LEAP LX        LAEP INVESTMENTS       432349610      -161351898
MANGON BZ      PETRO MANGUINHOS       140673541      -164925695
MANGPN BZ      PETRO MANGUIN-PF       140673541      -164925695
MILK11 BZ      LAEP-BDR               432349610      -161351898
MNPR1 BZ       MINUPAR-RT              63144534     -60655823.4
MNPR3 BZ       MINUPAR                 63144534     -60655823.4
MNPR4 BZ       MINUPAR-PREF            63144534     -60655823.4
MNPR9 BZ       MINUPAR-RCT             63144534     -60655823.4
MNPRON BZ      MINUPAR SA              63144534     -60655823.4
MNPRPN BZ      MINUPAR SA-PREF         63144534     -60655823.4
MRLM3 BZ       CIA PETROLIFERA        377602195     -3014291.72
MRLM3B BZ      CIA PETROLIFERA        377602195     -3014291.72
MRLM4 BZ       CIA PETROLIF-PRF       377602195     -3014291.72
MRLM4B BZ      CIA PETROLIF-PRF       377602195     -3014291.72
NORD1 BZ       NORDON MET-RTS          16108143     -22352940.6
NORD3 BZ       NORDON MET              16108143     -22352940.6
NORDON BZ      NORDON METAL            16108143     -22352940.6
RCT4B AR       TELEBRAS-CEDE BL       262220712     -16698444.2
RCT4C AR       TELEBRAS-CED C/E       262220712     -16698444.2
RCT4D AR       TELEBRAS-CEDEA $       262220712     -16698444.2
RCTB1 BZ       TELEBRAS-RTS CMN       262220712     -16698444.2
RCTB2 BZ       TELEBRAS-RTS PRF       262220712     -16698444.2
RCTB30 BZ      TELEBRAS-CM RCPT       262220712     -16698444.2
RCTB31 BZ      TELEBRAS-CM RCPT       262220712     -16698444.2
RCTB32 BZ      TELEBRAS-CM RCPT       262220712     -16698444.2
RCTB33 BZ      TELEBRAS-RCT           262220712     -16698444.2
RCTB4 AR       TELEBRAS-CEDE PF       262220712     -16698444.2
RCTB40 BZ      TELEBRAS-PF RCPT       262220712     -16698444.2
RCTB41 BZ      TELEBRAS-PF RCPT       262220712     -16698444.2
RCTB42 BZ      TELEBRAS-PF RCPT       262220712     -16698444.2
RENXON BZ      TEXTEIS RENAUX          73095834      -103943215
RENXPN BZ      TEXTEIS RENAUX          73095834      -103943215
RPMG1 BZ       PET MANG-RT            140673541      -164925695
RPMG10 BZ      PET MANG-RECEIPT       140673541      -164925695
RPMG2 BZ       PET MANG-RT            140673541      -164925695
RPMG3 BZ       PETRO MANGUINHOS       140673541      -164925695
RPMG4 BZ       PET MANGUINH-PRF       140673541      -164925695
RPMG9 BZ       PET MANG-RECEIPT       140673541      -164925695
RTB US         TELEBRAS-ADR           262220712     -16698444.2
SJOS3 BZ       TECEL S JOSE            19067322     -52580501.1
SJOS4 BZ       TECEL S JOSE-PRF        19067322     -52580501.1
SNST3 BZ       SANESALTO               31044051     -1843297.83
SNSY3 BZ       SANSUY                 172563384     -94849032.9
SNSY5 BZ       SANSUY-PREF A          172563384     -94849032.9
SNSY6 BZ       SANSUY-PREF B          172563384     -94849032.9
SNSYAN BZ      SANSUY SA-PREF A       172563384     -94849032.9
SNSYBN BZ      SANSUY SA-PREF B       172563384     -94849032.9
SNSYON BZ      SANSUY SA              172563384     -94849032.9
STARON BZ      STAROUP SA              27663605     -7174512.03
STARPN BZ      STAROUP SA-PREF         27663605     -7174512.03
STLB1 BZ       STEEL-RT                22548846      -4346785.7
STLB3 BZ       STEEL DO BRASIL         22548846      -4346785.7
STLB9 BZ       STEEL-RCT ORD           22548846      -4346785.7
STRP3 BZ       BOTUCATU TEXTIL         27663605     -7174512.03
STRP4 BZ       BOTUCATU-PREF           27663605     -7174512.03
TBAPF US       TELEBRAS-PF RCPT       262220712     -16698444.2
TBAPY US       TELEBRAS-ADR           262220712     -16698444.2
TBASF US       TELEBRAS SA            262220712     -16698444.2
TBASY US       TELEBRAS-ADR           262220712     -16698444.2
TBH US         TELEBRAS-ADR           262220712     -16698444.2
TBH-W US       TELEBRAS/W-I-ADR       262220712     -16698444.2
TBRAY GR       TELEBRAS-ADR           262220712     -16698444.2
TBRTF US       TELEBRAS-CM RCPT       262220712     -16698444.2
TBX GR         TELEBRAS-ADR           262220712     -16698444.2
TCLP1 BZ       TELEBRAS-RTS CMN       262220712     -16698444.2
TEKA3 BZ       TEKA                   246866965      -392777063
TEKA4 BZ       TEKA-PREF              246866965      -392777063
TEKAON BZ      TEKA                   246866965      -392777063
TEKAPN BZ      TEKA-PREF              246866965      -392777063
TEKAY US       TEKA-ADR               246866965      -392777063
TEL4C AR       TELEBRAS-CED C/E       262220712     -16698444.2
TEL4D AR       TELEBRAS-CEDEA $       262220712     -16698444.2
TELB1 BZ       TELEBRAS-COM RT        262220712     -16698444.2
TELB10 BZ      TELEBRAS-RCT PRF       262220712     -16698444.2
TELB3 BZ       TELEBRAS SA            262220712     -16698444.2
TELB30 BZ      TELEBRAS-BLOCK         262220712     -16698444.2
TELB4 AR       TELEBRAS-CEDE PF       262220712     -16698444.2
TELB4 BZ       TELEBRAS SA-PREF       262220712     -16698444.2
TELB40 BZ      TELEBRAS-PF BLCK       262220712     -16698444.2
TELB9 BZ       TELEBRAS SA-RT         262220712     -16698444.2
TELE31 BZ      TELEBRAS-CM RCPT       262220712     -16698444.2
TELE41 BZ      TELEBRAS-PF RCPT       262220712     -16698444.2
TKTPF US       TEKA-PREF              246866965      -392777063
TKTPY US       TEKA-ADR               246866965      -392777063
TKTQF US       TEKA                   246866965      -392777063
TKTQY US       TEKA-ADR               246866965      -392777063
TLBRON BZ      TELEBRAS SA            262220712     -16698444.2
TLBRPN BZ      TELEBRAS SA-PREF       262220712     -16698444.2
TLBRUO BZ      TELEBRAS-RECEIPT       262220712     -16698444.2
TLBRUP BZ      TELEBRAS-PF RCPT       262220712     -16698444.2
TLCP2 BZ       TELEBRAS-RTS PRF       262220712     -16698444.2
TXRX1 BZ       TEXTEIS RENAU-RT        73095834      -103943215
TXRX10 BZ      TEXTEIS RENA-RCT        73095834      -103943215
TXRX2 BZ       TEXTEIS RENAU-RT        73095834      -103943215
TXRX3 BZ       RENAUXVIEW SA           73095834      -103943215
TXRX4 BZ       RENAUXVIEW SA-PF        73095834      -103943215
TXRX9 BZ       TEXTEIS RENA-RCT        73095834      -103943215
UNCI3 BZ       UNI CIDADE              15873892     -6485540.41
VAGV3 BZ       VARIG SA               966298026     -4695211316
VAGV4 BZ       VARIG SA-PREF          966298026     -4695211316
VARGON BZ      VARIG SA               966298026     -4695211316
VARGPN BZ      VARIG SA-PREF          966298026     -4695211316
VPSC3 BZ       VARIG PART EM SE        96617351      -460274609
VPSC4 BZ       VARIG PART EM-PR        96617351      -460274609
VPTA3 BZ       VARIG PART EM TR        49432124      -399290426
VPTA4 BZ       VARIG PART EM-PR        49432124      -399290426


COLOMBIA


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


                            ***********

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 2011.  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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