TCRLA_Public/110125.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 25, 2011, Vol. 12, No. 16

                            Headlines



A R G E N T I N A

GE COMPANIA: Moody's Rates Foreign Currency Deposit Rating at Caa1
* ARGENTINA: Moody's Rates Buenos Aires' US$750MM Bonds at 'B3'
* ARGENTINA: S&P Assigns B Rating at Buenos Aires' Sr. Unsec. Bond


B E R M U D A

ATHENA IP: Creditors' Proofs of Debt Due February 11
ATHENA IP: Members' Final Meeting Set for February 22
BENINA FOUNDATION: Creditors' Proofs of Debt Due February 4
BENINA FOUNDATION: Members' Final Meeting Set for February 25
CHOICE ALTERNATIVE: Court Enters Wind-Up Order

EAST LONDON: Creditors & Contributories to Meet on January 31
FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4
FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25
FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4
FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25

HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4
HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25
HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4
HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25
JPMORGAN TRANAUT: Creditors' Proofs of Debt Due February 4

JPMORGAN TRANAUT: Members' Final Meeting Set for February 25
NEW STAR: Creditors' Proofs of Debt Due February 4
NEW STAR: Members' Final Meeting Set for February 24
ST AUGUSTIN: Creditors' Proofs of Debt Due February 4
ST AUGUSTIN: Members' Final Meeting Set for February 25

SUSTAINABLE FORESTRY: Court to Hear Wind-Up Petition on Feb. 11


B R A Z I L

EVEN CONSTRUTORA: Moody's Rates BRL250 Mil. Debentures at Ba3


C A Y M A N   I S L A N D S

ALTVANTAGE ABSOLUTE: Shareholders Receive Wind-Up Report
AXIOMA FUND: Shareholders Receive Wind-Up Report
BBM LONG: Shareholders Receive Wind-Up Report
BBM VALUATION: Shareholders Receive Wind-Up Report
BFH INVESTMENT: Shareholders Receive Wind-Up Report

CHEYNE ANDEAN: Shareholders Receive Wind-Up Report
CREP INVESTMENT: Shareholders Receive Wind-Up Report
CREP INVESTORS: Shareholders Receive Wind-Up Report
CZ LTD: Members Receive Wind-Up Report
DRAGONBACK ASIA: Shareholders Receive Wind-Up Report

DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
EMERGING INVESTMENTS: Shareholders Receive Wind-Up Report
HIGASHI IKEBUKURO: Shareholders Receive Wind-Up Report

LOGIK EVENT: Shareholders Receive Wind-Up Report
MEC HOLDING: Shareholders Receive Wind-Up Report
MLMI CAYMAN: Shareholders Receive Wind-Up Report
MONOLITH MANAGEMENT: Members Receive Wind-Up Report
NL FORTUNE: Shareholders Receive Wind-Up Report

NL GOD: Shareholders Receive Wind-Up Report
PERSHING SQUARE: Shareholders Receive Wind-Up Report
PERSHING SQUARE: Shareholders Receive Wind-Up Report
POST ROAD: Shareholders Receive Wind-Up Report
PUSHPA HOLDINGS: Members Receive Wind-Up Report

R-ONE SAKAI: Shareholders Receive Wind-Up Report
RECODIZING CORPORATION: Shareholders Receive Wind-Up Report
SGL VIETNAM: Shareholders' Final Meeting Set for January 28
TOPAZ MULTI-MANAGER: Shareholder Receives Wind-Up Report
UPCB FINANCE: Moody's Puts Rating on EUR750 Mil. Notes at (P)Ba3

XENOPHI LIMITED: Members Receive Wind-Up Report


E L   S A L V A D O R

SALVADORENO DPR: S&P Lowers Series 2004-1 Notes Rating to BB+


J A M A I C A

AIR JAMAICA: Caribbean Air Chair Says Buyout Not Good Deal


M E X I C O

MEXICANA AIRLINE: Makes Two Test Flights, Hopes for Return


T R I N I D A D  &  T O B A G O

PETROTRIN: Trinmar Workers Protest After Management Walkout


X X X X X X X X

* S&P: European Gaming Co. Becomes 1st Corp. Default in 2011
* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


GE COMPANIA: Moody's Rates Foreign Currency Deposit Rating at Caa1
------------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ to GE Compania Financiera S.A.  At the same time,
Moody's assigned long- and short-term global local-currency
deposit ratings of B2 and Not Prime, as well as long- and short-
term foreign-currency deposit ratings of Caa1 and Not Prime.
Moody's Latin America also assigned GE CF a A1.ar local-currency
deposit rating and a Ba1.ar foreign currency deposit rating in the
Argentine national scale.

The outlook on all the ratings is stable.

Moody's said the E+ BFSR, which maps to a baseline credit
assessment of B2, reflects GE CF's niche operation as a captive
financing vehicle for the Wal-Mart retail franchise in Argentina,
as well as its modest earnings and product diversification.  All
of GE CF's loans are conventional consumer loans and credit card
financings, of which 70% is unsecured, and predominantly targeting
the low income segments of the population, which also tend to be
more vulnerable to economic shocks.

In assigning the ratings, Moody's also noted the concentration of
GE CF's funding with a small group of banks, which provide short-
term local currency loans guaranteed by GE Capital Corporation.
GE CF intends to diversify its funding structure by also sourcing
deposits from institutional investors, as well as by other market
instruments.

The E+ standalone rating also incorporates GE CF's weak asset
quality and low provisioning, with recent delinquent ratios at 15%
and reserves covering about 66% of impaired loans.  Moody's noted,
however, that these ratios are indicative of the market GE CF
operates and of its product focus, which targets.  Moreover, GE
CF's capital levels appear adequate and could withstand higher
loan losses, as per Moody's scenario analysis: as of September
2010, total equity represented 24% of total risk assets.

Moody's noted that the B2 deposit rating does not incorporate any
support from the entity's parent company, GE Capital Corporation
because the operation has been sold to Argentina-based Banco
Supervielle in July 2010; the acquisition is currently pending
regulatory approval.  For the same reason, Moody's does not assess
support from Banco Supervielle, and therefore, the global local
currency deposit rating is in line with the baseline credit
assessment.  The rating agency noted, however, that upon
regulatory approval by the Argentinean Central Bank, the deposit
ratings of GE CF may be reassessed to reflect the new ownership by
Banco Supervielle.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

GE Compania Financiera S.A. is headquartered in San Isidro,
Argentina, and it had assets of AR$ 502 million and equity for Ar$
110 million, as of September 2010.

The following ratings were assigned to GE Compania Financiera S.A.

  * Bank Financial Strength Rating: E+, stable outlook.

  * Long- and short-term global local-currency deposit ratings: B2
    and Not Prime, stable outlook.

  * Long- and short-term foreign currency deposit ratings: Caa1
    and Not Prime, stable outlook.

  * Long-Term National Scale Local-Currency Deposit Rating: A1.ar

  * Long -Term National Scale Foreign Currency Deposit Rating:
    Ba1.ar


* ARGENTINA: Moody's Rates Buenos Aires' US$750MM Bonds at 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 to the
US$750 million senior unsecured global bonds to be issued by the
Province of Buenos Aires.  Moody's Latin America has also assigned
a rating of A3.ar to these bonds.  The province intends to use
proceeds for general purposes, including infrastructure and social
projects and also to finance fiscal imbalances.

"The bond issuance has been authorized by the provincial
legislature and the executive branch of the province, while the
approval from the Argentine Ministry of Economy is still pending
and expected to be delivered in the upcoming days", said Moody's
Associate Analyst Patricio Esnaola.

"The bonds, which constitute direct, unconditional, unsecured and
unsubordinated obligations of the province, are to be nominated in
US dollars, will amortize in three annual installments in January
2019, 2020 and 2021, and will pay a fixed annual interest rate of
10.875% on a semi-annual basis, beginning in July 2011," said Mr.
Esnaola.

The ratings assigned to the bonds are in line with the province's
issuer ratings (B3/A3.ar), which reflect considerable cost
pressures and weakened financial performance since 2005.  The
ratings also take into account the financial dependence on the
federal government.

Buenos Aires' debt levels, albeit declining when related to
revenues, remain high, but in line with rated peers.  "Based on
the province's stock of net direct and indirect debt as of
September 2010, this bond issuance increases the stock of debt to
almost AR$46.4 billion, equivalent to 65% of 2010 estimated total
revenues and 59% of 2011 budgeted revenues, down from the 87%
recorded as of December 2009", said Mr. Esnaola.

He said the ratings are also constrained by the operating
environment for regional and local governments in Argentina, which
is characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

"This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services while nearly all rely heavily on federal
automatic transfers of the tax share regime, suggesting a low
level of fiscal flexibility in relation to revenue," said Mr.
Esnaola.

The principal methodologies used in this rating were Regional and
Local Governments outside the U.S. published in May 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.

The last rating action for the Province of Buenos Aires was on
January 3, 2011, when Moody's rated Province of Buenos Aires' 2011
Short-Term Treasury Note Program.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process


* ARGENTINA: S&P Assigns B Rating at Buenos Aires' Sr. Unsec. Bond
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
foreign currency issue credit rating to the proposed US$750
million senior unsecured bond due in 2021 that the Province of
Buenos Aires, Argentina, plans to issue.  The recovery rating on
Buenos Aires's unsecured debt is '3', indicating "our" expectation
of meaningful (50% to 70%) recovery in a payment default scenario.

The Province of Buenos Aires continues to have high fiscal
deficits.  For 2010, "we" expect a deficit of close to 10% of
total revenue (once some extraordinary revenues of Argentine pesos
ARS4.1 billion transferred from the central government as part of
the national program for provincial debt reduction -- Programa
Federal de Desendeudamiento -- are deducted), despite economic
activity strongly enhancing provincial revenues.  However, "we"
base the ratings on the support that the Republic of Argentina
(B/Stable/B) provides.

"We" expect 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 ARP4.8 billion (7% of
operating revenues) for 2010 (once extraordinary revenues for
ARP4.1 billion from the central government are deducted).  This
will likely persist in 2011, a year with both gubernatorial and
presidential elections, with an expected overall deficit of
ARS5.05 billion (according to the recently approved provincial
budget).  The province's total financing needs (fiscal deficit
plus principal amortization) are an estimated ARS8.6 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 "our" decision to assign the province the
same rating as the sovereign.  The first principal payments on
internationally issued bonds aren't due until October 2012.

Closing the financing gap for 2011 will depend on two sources.
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.  In this context, the province is issuing
US$750 million in the international markets.  With this additional
debt, total debt would reach 62% of operating revenues budgeted
for 2011.  However, as in previous years, the province will
continue to rely on financial assistance from the federal
government.  Therefore, maintaining a sound political relationship
with the federal government remains key for the province's fiscal
sustainability.

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' 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
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, "we" expect that structural issues will
continue to affect the province's fiscal performance.

Buenos Aires's liquidity has recovered since 2009, when the
province had to issue a medium-term bond to cover short-term
supplier debt.  Nevertheless, liquidity remains tight given the
province's structural fiscal deficit.  Somewhat mitigating this
tight liquidity is the access to short-term notes in the domestic
market and medium-term debt with the international capital
markets.  The province's relatively smooth amortization profile
with respect to market debt provides an additional cushion. Most
of the debt service over the medium term will be on debt held with
the federal government, somewhat diminishing roll-over risk.

Ratings List

Province of Buenos Aires
Issuer Credit Rating                         B/Stable/--

New Rating

Province of Buenos Aires
US$750 mil senior unsecured bond due 2021
  Global Scale                                B
  Recovery Rating                             3
  National Scale                              raAA-


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


ATHENA IP: Creditors' Proofs of Debt Due February 11
----------------------------------------------------
The creditors of Athena IP Trading Limited are required to file
their proofs of debt by February 11, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


ATHENA IP: Members' Final Meeting Set for February 22
-----------------------------------------------------
The members of Athena IP Trading Limited will hold their final
meeting on February 22, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


BENINA FOUNDATION: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------------
The creditors of Benina Foundation are required to file their
proofs of debt by February 4, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


BENINA FOUNDATION: Members' Final Meeting Set for February 25
-------------------------------------------------------------
The members of Benina Foundation will hold their final meeting on
February 25, 2011, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CHOICE ALTERNATIVE: Court Enters Wind-Up Order
----------------------------------------------
On January 14, 2011, the Supreme Court of Bermuda entered an order
that voluntarily winds up the operations of Choice Alternative
Investments, Ltd.

Mark Smith and Rachelle Frisby of Deloitte were appointed as joint
provisional liquidators of the company.


EAST LONDON: Creditors & Contributories to Meet on January 31
-------------------------------------------------------------
The creditors and contributories of East London Bus Group
International Holdings Limited will hold their first meetings on
January 31, 2011, at 11:00 a.m. and 11:30 a.m., respectively.

Mike Morrison and Charles Thresh are the company's joint
provisional liquidators.


FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4
----------------------------------------------------------------
The creditors of Ferndale International Master Fund, Ltd. are
required to file their proofs of debt by February 4, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25
------------------------------------------------------------------
The members of Ferndale International Master Fund, Ltd. will hold
their final meeting on February 25, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4
----------------------------------------------------------------
The creditors of Ferndale International, Ltd. are required to file
their proofs of debt by February 4, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25
------------------------------------------------------------------
The members of Ferndale International, Ltd. will hold their final
meeting on February 25, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------------------
The creditors of Hollander International, Ltd. are required to
file their proofs of debt by February 4, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25
---------------------------------------------------------------
The members of Hollander International, Ltd. will hold their final
meeting on February 25, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------------------
The creditors of Hollander International Master Fund, Ltd. are
required to file their proofs of debt by February 4, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25
---------------------------------------------------------------
The members of Hollander International Master Fund, Ltd. will hold
their final meeting on February 25, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Michael J. Frey
         c/o Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


JPMORGAN TRANAUT: Creditors' Proofs of Debt Due February 4
----------------------------------------------------------
The creditors of JPMorgan Tranaut Holdings Limited are required to
file their proofs of debt by February 4, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


JPMORGAN TRANAUT: Members' Final Meeting Set for February 25
------------------------------------------------------------
The members of JPMorgan Tranaut Holdings Limited will hold their
final meeting on February 25, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEW STAR: Creditors' Proofs of Debt Due February 4
--------------------------------------------------
The creditors of New Star Accelerator Hedge Fund Limited are
required to file their proofs of debt by February 4, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


NEW STAR: Members' Final Meeting Set for February 24
----------------------------------------------------
The members of New Star Accelerator Hedge Fund Limited will hold
their final meeting on February 24, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ST AUGUSTIN: Creditors' Proofs of Debt Due February 4
-----------------------------------------------------
The creditors of St. Augustin Foundation are required to file
their proofs of debt by February 4, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


ST AUGUSTIN: Members' Final Meeting Set for February 25
-------------------------------------------------------
The members of St. Augustin Foundation will hold their final
meeting on February 25, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SUSTAINABLE FORESTRY: Court to Hear Wind-Up Petition on Feb. 11
---------------------------------------------------------------
A petition to wind up the operations of Sustainable Forestry
Management Limited will be heard before the Supreme Court of
Bermuda on February 11, 2011, at 9:30 a.m.


===========
B R A Z I L
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EVEN CONSTRUTORA: Moody's Rates BRL250 Mil. Debentures at Ba3
-------------------------------------------------------------
Moody's America Latina has assigned first-time Ba3 local currency
and A2.br Brazil national scale corporate family ratings to Even
Construtora e Incorporadora S.A. and Ba3/A2.br to its proposed BRL
250 million 5-year senior unsecured debentures.  The proceeds will
be used to pay down debt coming due over the next two years
extending the company's debt maturity schedule and to finance
Even's expansion plans.  The outlook for the ratings is stable.

Ratings Assigned:

  * Corporate Family Rating: Ba3/A2.br
  * BRL250 million 5-year senior unsecured debentures: Ba3/A2.br

"Even's Ba3 rating reflects its strong brand name and track record
in the construction of apartments for the middle income families,
especially in Sao Paulo's metropolitan area.", said Moody's
Analyst, Marcos Schmidt.  "The rating also considers the company's
size and market share in its geographic niche market, good
profitability, in part derived from its low exposure to lower
income housing, and adequate debt protection metrics that compare
well to its local rated peers.  Even has conservative financial
policies that result in adequate liquidity which is also positive
to the rating", added Schmidt.

On the other hand, Even's rating is constrained by the company's
smaller size when compared to local and global rated peers that
diminishes the company's bargaining power acquiring land and raw
materials, relatively high pro-forma leverage measured by debt to
capitalization, small landbank for a company focused in a region
with low availability of new plots of land and many building
restrictions like Sao Paulo's metropolitan area, and concentration
risk related to the reduced geographic diversification.

Even's shareholders are comprised of the founding members with
Carlos Eduardo Terepins holding a 6% stake, Luis Terepins 3%, and
FIP Genoa 16.4%.  Other shareholders include board members and
executive officers with a combined 1% stake, and the remainder
free floating.  FIP Genoa is an Investment vehicle controlled by
Spinnaker, an asset manager based in London focused on investments
in emerging markets with approximately USD 5.8 billion under
management.  The company is traded in the stock market under the
Novo Mercado corporate governance standards, the highest level
in Brazil, it needs to comply with many corporate governance
practices such as: 100% voting shares, 100% Tag along, minimum 5
board members of which 20% must be independent, auditing
committee, ethics code, share trading policy and disclosure
policy.

With some BRL1.7 billion in net revenues in the LTM ending in
September, 2010, Even is still small when compared to its larger,
higher rated competitors, such as Cyrela (Ba2/Aa2.br/Sta) with BRL
4.7 billion, PDG (Ba2/Aa3.br/Sta) with BRL 4.1 billion, and Gafisa
(Ba2/A1.br/Sta) with BRL 3.7 billion, reducing its scale,
bargaining power and diversification both in terms of product and
geography.  The company's landbank is relatively small and
concentrated mainly in the Sao Paulo metropolitan region which
makes up 32 of the total 72 projects in the landbank and 55% of
the BRL3.6 billion PSV.  If the countryside of Sao Paulo is
included the contributions increase to 41 projects and 65% of the
PSV in the state of Sao Paulo.  On the other hand Sao Paulo alone
represents 45% of the Brazilian real estate market and 34% of
the country's GDP.

Even has grown fast since its IPO in 2007, mostly organically.
The company has been able to maintain an adequate capital
structure and interest coverage with total adjusted Debt to Book
Capitalization of 46% in September 2010 and EBIT to Interest of
3.6 times, respectively.  Leverage will increase slightly to
around 48% after the issuance of the proposed BRL250 million
debentures.  Even's pro-forma capital structure is comprised of
unsecured debentures, Sistema Financeiro de Habitacao (55%) and
land financing that will be converted into SFH loans.  Since 75%
of the company's units are priced below BRL 500 thousand they can
benefit from cheaper government-sponsored SFH funds during the
construction and SFH and Fundo de Garantia do Tempo de Servico
funded mortgages for homebuyers.  FGTS is a mandatory employee's
severance fund.  The employer makes a monthly deposit at Caixa
Economica Federal equivalent to 8% of the employee's monthly
salary.  The funds can be withdrawn for retirement or to acquire
an eligible house.

Given high commitments in the beginning of the construction phase,
Brazilian homebuilders generally have substantial working capital
requirements before construction financing kicks in, 20% of the
construction costs on average.  This 20% is a use of the company's
working capital, funded mostly through client's down payment or
internal cash generation from finished projects being delivered.
The financing for all the projects launched by Even has already
been committed and will be disbursed according to the construction
progress. The company will not build any project without having
secured the respective financing.

By the end of September, 2010 Even had BRL550 million in cash and
marketable securities on its balance sheet.  With the objective of
strengthening its liquidity position, the company is now proposing
BRL250 million in 5-year senior unsecured debentures, where the
proceeds will be used to pay down BRL145 million in debentures
coming due over the next two years.  The balance of the issuance
will be utilized in the company's plans to expand operations
outside the state of Sao Paulo.  The pro-forma cash balance of
BRL655 million, plus adequate availability under the company's SFH
lines, and BRL3.4 billion in receivables on balance sheet leave
the company in a comfortable position to meet its adjusted ST debt
maturity commitments of around BRL336 million.  Adjusted ST debt
are mostly SFH loans for construction that will be self liquidated
with the delivery of the units to the respective homebuyers.
Working capital requirements that have consumed around BRL 500
million a year over the past 5 years should turn positive in 2011
with the delivery of an estimated BRL1.5 billion of PSV in
finished units.

While the proposed unsecured debentures will be structurally
subordinated to Even's existing secured debt with respect to
certain assets, they are rated at the same level as Even's CFR
given the fact that most of the secured debt is collateralized by
specific real estate projects with no recourse to the company's
remaining assets, such as accounts receivables.  As a result there
is high amount of unencumbered assets that in case of a default
should provide good recovery for the unsecured instruments.

The stable outlook takes into consideration that Even will
continue to acquire adequate landbank in a timely fashion and
maintain adequate liquidity on its balance sheet to execute its
launched projects and growth plans, preserving a minimum cash
balance to face weaker economic environments and honor its debt
obligations during a downturn in the homebuilding industry.

Even's rating or outlook could experience upward pressure if the
company is able to increase in size in terms of revenues and
tangible net worth, improve diversification outside the state of
Sao Paulo and build a larger landbank in strategic locations, and
at the same time reduce its leverage metrics.  Quantitatively,
positive pressure could arise from an increase in availability of
strategic landbank to 3.0 years in the current positive cycle of
the Brazilian real estate market, total debt to capitalization in
the mid 40% range, and interest coverage above 4.5 times on a
sustainable basis.

Even's ratings would likely be downgraded if Total Debt to
Capitalization increased above the mid 50% range on a sustainable
basis or if the company were to face a significant deterioration
in its liquidity profile due to a downturn in the homebuilding
industry or due to excessive dividend payout that could instead be
used in the down payment of debt or in the built up of a liquidity
cushion.  Negative pressure could arise if the company's cash
balance decreases to a level that would not be sufficient to meet
the company's short term financial obligations and minimum working
capital requirements.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

Headquartered in Sao Paulo, and established in 1980, Even
Construtora e Incorporadora S.A. is a real estate developer with
activities in the states of Sao Paulo, Minas Gerais, Rio de
Janeiro and Rio Grande do Sul and focus on residential
developments with units priced up to BRL500 thousand.  The company
is vertically integrated, executing all real estate development
phases from the analysis of the prospective land to the
construction of the units and sale to the final homebuyer.  During
the last twelve months ended in September 2010 the company had
BRL1.7 billion in net revenues.


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


ALTVANTAGE ABSOLUTE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Altvantage Absolute Return Fund, Ltd. received
on January 21, 2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


AXIOMA FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of The Axioma Fund, Ltd. received on January 21,
2011, 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


BBM LONG: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of BBM Long Short Fund received on January 21,
2011, 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


BBM VALUATION: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of BBM Valuation Fund received on January 21,
2011, 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


BFH INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of BFH Investment Company received on January 21,
2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


CHEYNE ANDEAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Andean Fund Inc. received on
January 21, 2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


CREP INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Crep Investment G Cayman received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CREP INVESTORS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Crep Investors A Cayman received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CZ LTD: Members Receive Wind-Up Report
--------------------------------------
The members of CZ Ltd. received on January 11, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


DRAGONBACK ASIA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Dragonback Asia Pacific Equity Multi-Strategy
Fund received on January 21, 2011, 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


DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dragonback Volasia Feeder Fund received on
January 21, 2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dragonback Volasia Fund received on
January 21, 2011, 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


DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dragonback Volasia US Feeder Fund received on
January 21, 2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


EMERGING INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Emerging Investments, Ltd. received on
January 21, 2011, 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


HIGASHI IKEBUKURO: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Higashi Ikebukuro Property received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LOGIK EVENT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Logik Event Offshore Fund, Ltd. received on
January 21, 2011, 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


MEC HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MEC Holding Ltd. received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MLMI CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MLMI Cayman NIM 2004-FM1, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MONOLITH MANAGEMENT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Monolith Management Ltd received on January 17,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Albert Pirotte
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


NL FORTUNE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of NL Fortune City Produce, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NL GOD: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of NL God South, Ltd. received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PERSHING SQUARE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pershing Square International IV Trade-Co, Ltd
received on January 21, 2011, 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


PERSHING SQUARE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pershing Square International IVI Trade-Co,
Ltd received on January 21, 2011, 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


POST ROAD: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Post Road Offshore Value Fund, Ltd. received
on January 21, 2011, 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
         87Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


PUSHPA HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Pushpa Holdings LDC received on January 21, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Soros Fund Management LLC
         888 Seventh Avenue
         New York, NY 10106
         USA


R-ONE SAKAI: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of R-One Sakai Holdings received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RECODIZING CORPORATION: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Recodizing Corporation Limited received on
January 17, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited.
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


SGL VIETNAM: Shareholders' Final Meeting Set for January 28
-----------------------------------------------------------
The shareholders of SGL Vietnam Development Limited will hold
their final meeting on January 28, 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:

         Stuart Sybersma
         c/o Heidi Conrad
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 345 949 7500
         Facsimile: +1 345 949 8258


TOPAZ MULTI-MANAGER: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Topaz Multi-Manager Ltd. received on
January 12, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Transcontinental Fund Administration, Ltd.
         c/o Claudia Woerheide
         Telephone: (345) 949-5013
         Facsimile: (345) 946-4654


UPCB FINANCE: Moody's Puts Rating on EUR750 Mil. Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a (P) Ba3 rating to the EUR750
million senior secured notes due 2020 to be issued by UPCB Finance
II Limited.  The rating outlook is stable.

UPCB Finance II, incorporated in Cayman Islands, a trust-owned
special purpose vehicle, will on-lend the proceeds on a senior
secured basis into the UPC Holding BV group.  UPC carries a Ba3
CFR.  The bond proceeds will fund an additional facility under the
existing UPC Broadband Holding B.V. bank facility rated Ba3.  The
borrower under the additional facility, to be referred to as Finco
loan, is expected to be UPC Financing Partnership, an established
borrower under the UPC Bank Facility.

The (P) Ba3 rating on the notes reflects Moody's view that the
senior secured on-lending establishes a claims position for
holders of the new notes that is broadly equivalent to that of
existing lenders under the UPC Bank Facility.

The current Ba3 CFR for UPC reflects the company's largely
resilient operating performance together with its consistent
leverage policy of 4.0x Senior Debt to EBITDA and 5.0x Total Debt
to EBITDA enshrined in the terms and conditions of its existing
debt instruments.  Moody's believes that due to UPC's
diversification in the European markets and its strong triple-play
offering, the company remains well positioned to weather the
challenging economic and competitive environments in Eastern
Europe.  The ratings assume that the company will continue to
manage its debt well within a ratio of 5.5x for Debt/EBITDA.

Holders of the new notes will have security over the Issuer's
shares and over its assets, including its rights to and benefit in
the Finco loan.  However, holders of the notes have only indirect
recourse to UPC Financing so that in an enforcement scenario they
would have to enforce their rights under the notes' collateral, in
particular the rights under the Finco loan, before they can
proceed to realize the asset security under the Finco loan.  This
could delay asset realization or make it more costly.

In connection with the Finco loan, the Issuer and UPC Financing
will enter into an accession agreement, pursuant to which the
Issuer will accede to the UPC Bank Facility.  UPC will use the
proceeds from the transaction to replace existing borrowing under
the UPC Bank Facility, further improving UPC's debt maturity
profile.  Moody's notes that the Finco Accession Agreement is
structured in such a way that UPCB Finance II already provides its
consent to a number of potential amendments and waivers to the UPC
Bank Facility.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.

UPC is a pan-European cable provider, a principal subsidiary of
Liberty Global Inc. In 2009, the company generated EUR3.45 billion
in revenues and EUR1.66 billion in reported operating cash flow.


XENOPHI LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Xenophi Limited received on January 21, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Soros Fund Management LLC
         888 Seventh Avenue
         New York, NY 10106
         USA


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


SALVADORENO DPR: S&P Lowers Series 2004-1 Notes Rating to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Salvadoreno DPR Funding Ltd. (Banco HSBC Salvadoreno)'s series
2004-1 and 2004-2 notes and Banagricola DPR Funding Ltd.
(Banco Agricola)'s series 2006-1 notes.

The note issuances are Salvadoran financial future flow
transactions backed by diversified payment rights (DPRs).  The
ratings reflect the respective banks' ability to generate the
necessary assets to service their transactions for timely
principal and interest payments, even under a state of selective
default or other financial impairment, as well as other factors.
"Our" ratings are based on overcollateralization and structural
enhancements that are intended to mitigate sovereign risk.

The rating actions follow the Jan. 14, 2011, lowering of "our"
long-term sovereign credit rating on the Republic of El Salvador
to 'BB-' from 'BB' and the Jan. 17, 2011, lowering of "our" long-
term counterparty credit ratings on Banco HSBC Salvadoreno S.A.
and Banco Agricola S.A. to 'BB-' from 'BB'.

Banco HSBC Salvadoreno and Banco Agricola are the originators of
Salvadoreno DPR Funding's and Banagricola DPR Funding's
transactions, respectively.  The DPRs are created as a result of
the respective originators' role as the financial intermediary
between foreign payors that send funds to the Republic of El
Salvador and resident Salvadoran entities that receive these
funds.

The performance of both transactions has remained strong since
issuance and through the global economic downturn.  As of December
2010, Salvadoreno DPR Funding had a current debt service coverage
ratio (DSCR) of 32.6x and an average DSCR of 40.8x over the life
of the deal.  The series 2004-1 and 2004-2 notes' combined
outstanding amount is US$25.9 million.  Series 2004-1 will mature
in September 2011, and series 2004-2 will mature in June 2011.
Banagricola DPR Funding has a current DSCR of 86.8x and an average
DSCR of 35.7x over the life of the deal.  The series 2006-1 notes'
outstanding amount is US$69 million.  Series 2006-1 will mature in
2013.

"We will continue to review these asset-backed transactions and
will revise "our" ratings as necessary to reflect any changes in
the transactions' underlying credit quality.

Ratings lowered

Transaction                        Rating
                              To            From
Salvadoreno DPR Funding Ltd. (Banco HSBC Salvadoreno)
      Series 2004-1           BB+ (sf)      BBB- (sf)
      Series 2004-2           BB+ (sf)      BBB- (sf)

Banagricola DPR Funding Ltd. (Banco Agricola)
      Series 2006-1           BBB- (sf)     BBB (sf)


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


AIR JAMAICA: Caribbean Air Chair Says Buyout Not Good Deal
----------------------------------------------------------
Vernon Khelawan at Trinidad & Tobago Newsday reports that
Caribbean Airlines Limited Chairman George Nicholas III said the
airline's buy out of Air Jamaica Limited was not a good deal.

According to RadioJamaica, in a story published in the Jamaica
Gleaner, Mr. Nicholas said: "If you look at it, as an accountant
looking at the numbers and going backwards, you would say a
mistake was made.  We will know whether or not the Air Jamaica buy
was a good buy in two to three years time."

Mr. Nicholas, RadioJamaica notes, said he viewed the money spent
on the purchase of Air Jamaica as operating expenses rather than
capital costs.

RadioJamaica discloses that Mr. Nicholas said Air Jamaica routes
were now being expanded again with a review of an additional 12
routes including London Heathrow set to begin again in July.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  As reported in the Troubled Company
Reporter-Latin America on June 23, 2010, Trinidad and Tobago
Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50
million and operated six Air Jamaica aircraft and eight of its
routes.  Jamaica got a 16% stake in the merged operation, with CAL
owning 84%.  According to a TCRLA report on June 29, 2009,
RadioJamaica News said the Jamaican government indicated it will
name a buyer for cash-strapped Air Jamaica.  Radio Jamaica related
the airline has been hemorrhaging over US$150 million per annum
and the government has had to foot the massive bill.  In addition,
Radio Jamaica said, Air Jamaica currently has over US$600 million
in loans outstanding.

                          *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


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


MEXICANA AIRLINE: Makes Two Test Flights, Hopes for Return
----------------------------------------------------------
Paul Kiernan at Dow Jones Newswires reports that Compania Mexicana
de Aviacion or Mexicana Airlines carried out two test flights in
what authorities hope to be a harbinger of the company's eventual
relaunch.

According to the report, Labor Minister Javier Lozano said two
Airbus A320s, operated by Mexicana, flew to Acapulco from Mexico
City and back to re-certify their engines.  "Next week there will
be more Mexicana flights for the company's certification," Dow
Jones quoted Mr. Lozano as saying.

Mexicana Airlines, the report notes, grounded in August after
filing for bankruptcy protection, missed an initial goal to fly
again by December.  Since then, Dow Jones relates that Mr. Lozano
and his counterparts at the Communications and Transportation
Ministry have set -- and subsequently pushed back -- new deadlines
for Mexico's former leading airline group to resume operations.

Dow Jones recounts authorities last year approved of a
restructuring plan for Mexicana presented by PC Capital, a local
private equity firm.  Under the plan, the report relates, Mexicana
Airline would reduce its fleet to a fraction of the former size,
exclusively fly Airbus A320 aircraft, and focus only on
profitable, high-traffic routes.

As reported in the Troubled Company Reporter-Latin America on
January 10, 2011, The Latin America Herald said that Mexicana
Airlines is nearing an agreement with its creditors.  Fifty-one
percent of them -- including state-owned bank Bancomext, Banorte
and government-owned Aeropuertos y Servicios Auxiliares, which
oversees Mexico's airports -- have expressed a willingness to sign
a restructuring agreement, Mr. Trevino said, according to Latin
America Herald.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


===============================
T R I N I D A D  &  T O B A G O
===============================


PETROTRIN: Trinmar Workers Protest After Management Walkout
-----------------------------------------------------------
Camille Bethel at Trinidad Express reports that Petroleum Company
of Trinidad and Tobago's workers at its Trinmar subsidiary
protested on January 20, 2011, the walkout of Petrotrin managers
on a scheduled meeting with representatives of the Oilfields
Workers' Trade Union.

According to the report, Ernesto Kesar, president of the
Oilfields' Workers Trade Union's Trinmar branch, alleged that
managers at Petrotrin were perpetuating the loss of millions of
dollars in equipment over the past two years.  The report relates
that Mr. Kesar led hundreds of Petrotrin workers at Trinmar in the
protest action.

Trinidad Express notes that Petrotrin said the aborting of the
meeting was a misunderstanding.

"We have raised several key issues that need to be addressed at
Petrotrin, including the issue of increasing security patrols
throughout the producing fields because we have a situation now
where equipment is being stolen in the field right under the noses
of managers.  We have called on the Minister of Energy, Carolyn
Seepersad-Bachan, to intervene and we are even calling on Prime
Minister Kamla Persad-Bissessar, to intervene because these
managers have destroyed our producing fields," Trinidad Express
quoted Mr. Kesar as saying.  "We have drawn all of this to the
attention of the management more than two years ago and none of
these things have been addressed.  There has been no increase in
security presence, no increase in security systems," he added.

The report notes that Mr. Kesar added that the union also
complained about manpower and staffing for Exploration and
Production, and alleged unfair and unsafe contractor practices in
Exploration and Production.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, given it
higher labor costs.  The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade.   The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


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


* S&P: European Gaming Co. Becomes 1st Corp. Default in 2011
-------------------------------------------------------------
Czech Republic-based gaming company SAZKA defaulted early this
month -- the first default of 2011, said an article published
Jan. 20 by Standard & Poor's Global Fixed Income Research, titled
"And They're Off, The First Default Of 2011 Recorded."  By
comparison, 11 global corporate issuers defaulted during the same
period in 2010 (nine U.S.-based issuers, one Australian issuer,
and one Canadian issuer).

SAZKA missed a principal payment, which was one of the top reasons
for default in 2010.  Of the defaults during the year, 28 resulted
from missed interest or principal payments, 25 defaults resulted
from Chapter 11 and foreign bankruptcy filings, 23 from distressed
exchanges, three from receiverships, and one each from regulatory
directives and administration.

S&P expects that the default rate will continue to decline in
2011.  Its baseline projection for the U.S. corporate speculative-
grade default rate in the 12 months ending in September 2011 is
2.4% (35 defaults).   S&P believes that this likely will be close
to the trough for this cycle.  S&P's alternative forecasts are
2.0% (29 defaults) at the optimistic end and 4.5% (66 defaults) at
the pessimistic end.  Its pessimistic scenario is the same as the
long-term (1981 to 2009) average default rate and is a slight
increase from the current level.

S&P bases its forecasts on quantitative and qualitative factors
that we consider, including, but not limited to, Standard & Poor's
proprietary default model for the U.S. corporate speculative-grade
bond market.  S&P updates its outlook for the U.S. issuer-based
corporate speculative-grade default rate each quarter after
analyzing the latest economic data and expectations.


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

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


ARGENTINA

IMPTD AR        IMPSAT FIBER-$US        535007008        -17165000
IMPT AR         IMPSAT FIBER-CED        535007008        -17165000
IMPTC AR        IMPSAT FIBER-C/E        535007008        -17165000
IMPTB AR        IMPSAT FIBER-BLK        535007008        -17165000
330902Q GR      IMPSAT FIBER NET        535007008        -17165000
XIMPT SM        IMPSAT FIBER NET        535007008        -17165000
IMPTQ US        IMPSAT FIBER NET        535007008        -17165000
CADN SW         SOC COMERCIAL PL        138884129       -253031947
COMED AR        COMERCIAL PLAT-$        138884129       -253031947
SCPDS LI        COMERCIAL PL-ADR        138884129       -253031947
CADN EO         SOC COMERCIAL PL        138884129       -253031947
CVVIF US        SOC COMERCIAL PL        138884129       -253031947
SCDPF US        SOC COMERCIAL PL        138884129       -253031947
COMEB AR        COMERCIAL PLA-BL        138884129       -253031947
COME AR         SOC COMERCIAL PL        138884129       -253031947
CAD IX          SOC COMERCIAL PL        138884129       -253031947
COMEC AR        COMERCIAL PL-C/E        138884129       -253031947
SDAGF US        SNIAFA SA-B            11229696.2      -2670544.88
SNIA5 AR        SNIAFA SA-B            11229696.2      -2670544.88
SNIA AR         SNIAFA SA              11229696.2      -2670544.88


BRAZIL


VAGV4 BZ        VARIG SA-PREF           966298026      -4695211316
VARGPN BZ       VARIG SA-PREF           966298026      -4695211316
VARGON BZ       VARIG SA                966298026      -4695211316
VAGV3 BZ        VARIG SA                966298026      -4695211316
AGRE LX         AGRENCO LTD             542862484       -297848371
AGEN11 BZ       AGRENCO LTD-BDR         542862484       -297848371
MILK11 BZ       LAEP-BDR                432349610       -161351898
LEAP LX         LAEP INVESTMENTS        432349610       -161351898
HBTS3 BZ        HABITASUL               408678629      -108615.446
HBTS6 BZ        HABITASUL-PREF B        408678629      -108615.446
HSULAN BZ       HABITASUL-PREF A        408678629      -108615.446
HSULON BZ       HABITASUL               408678629      -108615.446
HSULBN BZ       HABITASUL-PREF B        408678629      -108615.446
HBTS5 BZ        HABITASUL-PREF A        408678629      -108615.446
1CPMON BZ       CIA PETROLIFERA         377602195      -3014291.72
MRLM4 BZ        CIA PETROLIF-PRF        377602195      -3014291.72
1CPMPN BZ       CIA PETROLIF-PRF        377602195      -3014291.72
MRLM3B BZ       CIA PETROLIFERA         377602195      -3014291.72
MRLM4B BZ       CIA PETROLIF-PRF        377602195      -3014291.72
MRLM3 BZ        CIA PETROLIFERA         377602195      -3014291.72
BOBRPN BZ       BOMBRIL CIRIO-PF        316331265       -123554206
BMBBY US        BOMBRIL SA-ADR          316331265       -123554206
BOBRON BZ       BOMBRIL CIRIO SA        316331265       -123554206
BOBR3 BZ        BOMBRIL                 316331265       -123554206
BMBPY US        BOMBRIL SA-ADR          316331265       -123554206
BOBR4 BZ        BOMBRIL-PREF            316331265       -123554206
BOBR1 BZ        BOMBRIL-RIGHTS          316331265       -123554206
BOBR2 BZ        BOMBRIL-RGTS PRE        316331265       -123554206
BMBBF US        BOMBRIL                 316331265       -123554206
TBASY US        TELEBRAS-ADR            262220712      -16698444.2
TELB3 BZ        TELEBRAS SA             262220712      -16698444.2
TLBRUO BZ       TELEBRAS-RECEIPT        262220712      -16698444.2
RCTB41 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
RCTB40 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
CBRZF US        TELEBRAS-PF RCPT        262220712      -16698444.2
TLBRPN BZ       TELEBRAS SA-PREF        262220712      -16698444.2
TBH-W US        TELEBRAS/W-I-ADR        262220712      -16698444.2
TCLP1 BZ        TELEBRAS-RTS CMN        262220712      -16698444.2
TBAPF US        TELEBRAS-PF RCPT        262220712      -16698444.2
TELE31 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
TELB10 BZ       TELEBRAS-RCT PRF        262220712      -16698444.2
TELB9 BZ        TELEBRAS SA-RT          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
TLBRUP BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TELE41 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TEL4D AR        TELEBRAS-CEDEA $        262220712      -16698444.2
RCTB32 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
TBAPY US        TELEBRAS-ADR            262220712      -16698444.2
TELB4 BZ        TELEBRAS SA-PREF        262220712      -16698444.2
TBX GR          TELEBRAS-ADR            262220712      -16698444.2
RTB US          TELEBRAS-ADR            262220712      -16698444.2
RCTB30 BZ       TELEBRAS-CM RCPT        262220712      -16698444.2
RCTB1 BZ        TELEBRAS-RTS CMN        262220712      -16698444.2
TELB40 BZ       TELEBRAS-PF BLCK        262220712      -16698444.2
RCT4D AR        TELEBRAS-CEDEA $        262220712      -16698444.2
TBRTF US        TELEBRAS-CM RCPT        262220712      -16698444.2
RCTB2 BZ        TELEBRAS-RTS PRF        262220712      -16698444.2
TBH US          TELEBRAS-ADR            262220712      -16698444.2
RCTB4 AR        TELEBRAS-CEDE PF        262220712      -16698444.2
TBASF US        TELEBRAS SA             262220712      -16698444.2
TLBRON BZ       TELEBRAS SA             262220712      -16698444.2
RCTB42 BZ       TELEBRAS-PF RCPT        262220712      -16698444.2
TELB1 BZ        TELEBRAS-COM RT         262220712      -16698444.2
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
TLCP2 BZ        TELEBRAS-RTS PRF        262220712      -16698444.2
HOTHON BZ       HOTEIS OTHON SA         255036150      -42606769.7
HOOT3 BZ        HOTEIS OTHON SA         255036150      -42606769.7
HOTHPN BZ       HOTEIS OTHON-PRF        255036150      -42606769.7
HOOT4 BZ        HOTEIS OTHON-PRF        255036150      -42606769.7
TEKA4 BZ        TEKA-PREF               246866965       -392777063
TKTPF US        TEKA-PREF               246866965       -392777063
TEKA3 BZ        TEKA                    246866965       -392777063
TKTPY US        TEKA-ADR                246866965       -392777063
TKTQF US        TEKA                    246866965       -392777063
TKTQY US        TEKA-ADR                246866965       -392777063
TEKAON BZ       TEKA                    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
SNSY5 BZ        SANSUY-PREF A           172563384      -94849032.9
SNSY6 BZ        SANSUY-PREF B           172563384      -94849032.9
SNSYON BZ       SANSUY SA               172563384      -94849032.9
SNSY3 BZ        SANSUY                  172563384      -94849032.9
BLDR3 BZ        BALADARE                159454016      -52992212.8
3678565Q BZ     PET MANG-RIGHTS         140673541       -164925695
4115360Q BZ     PET MANG-RT             140673541       -164925695
RPMG10 BZ       PET MANG-RECEIPT        140673541       -164925695
MANGPN BZ       PETRO MANGUIN-PF        140673541       -164925695
RPMG1 BZ        PET MANG-RT             140673541       -164925695
RPMG3 BZ        PETRO MANGUINHOS        140673541       -164925695
RPMG4 BZ        PET MANGUINH-PRF        140673541       -164925695
MANGON BZ       PETRO MANGUINHOS        140673541       -164925695
RPMG9 BZ        PET MANG-RECEIPT        140673541       -164925695
4115364Q BZ     PET MANG-RT             140673541       -164925695
RPMG2 BZ        PET MANG-RT             140673541       -164925695
3678569Q BZ     PET MANG-RIGHTS         140673541       -164925695
IMBION BZ       DOCAS IMBITUBA         96977064.5      -42592602.5
IMBI2 BZ        DOC IMBITUBA-RTP       96977064.5      -42592602.5
IMBI3 BZ        DOC IMBITUBA           96977064.5      -42592602.5
IMBI1 BZ        DOC IMBITUBA-RTC       96977064.5      -42592602.5
IMBI4 BZ        DOC IMBITUB-PREF       96977064.5      -42592602.5
IMBIPN BZ       DOCAS IMBITUB-PR       96977064.5      -42592602.5
VPSC3 BZ        VARIG PART EM SE       96617351.1       -460274609
VPSC4 BZ        VARIG PART EM-PR       96617351.1       -460274609
TXRX4 BZ        RENAUXVIEW SA-PF       73095833.7       -103943215
TXRX1 BZ        TEXTEIS RENAU-RT       73095833.7       -103943215
RENXPN BZ       TEXTEIS RENAUX         73095833.7       -103943215
TXRX10 BZ       TEXTEIS RENA-RCT       73095833.7       -103943215
RENXON BZ       TEXTEIS RENAUX         73095833.7       -103943215
TXRX2 BZ        TEXTEIS RENAU-RT       73095833.7       -103943215
TXRX3 BZ        RENAUXVIEW SA          73095833.7       -103943215
TXRX9 BZ        TEXTEIS RENA-RCT       73095833.7       -103943215
FRNXPN BZ       FABRICA RENAUX-P         63865882      -73255215.1
FTRX1 BZ        FABRICA TECID-RT         63865882      -73255215.1
FTRX4 BZ        FABRICA RENAUX-P         63865882      -73255215.1
FRNXON BZ       FABRICA RENAUX           63865882      -73255215.1
FTRX3 BZ        FABRICA RENAUX           63865882      -73255215.1
MNPRPN BZ       MINUPAR SA-PREF        63144533.8      -60655823.4
MNPR9 BZ        MINUPAR-RCT            63144533.8      -60655823.4
MNPR4 BZ        MINUPAR-PREF           63144533.8      -60655823.4
MNPR1 BZ        MINUPAR-RT             63144533.8      -60655823.4
MNPRON BZ       MINUPAR SA             63144533.8      -60655823.4
MNPR3 BZ        MINUPAR                63144533.8      -60655823.4
VPTA3 BZ        VARIG PART EM TR       49432124.2       -399290426
VPTA4 BZ        VARIG PART EM-PR       49432124.2       -399290426
GAFPN BZ        CIMOB PART-PREF        39881386.6      -41560336.9
GAFON BZ        CIMOB PARTIC SA        39881386.6      -41560336.9
GAFP4 BZ        CIMOB PART-PREF        39881386.6      -41560336.9
GAFP3 BZ        CIMOB PARTIC SA        39881386.6      -41560336.9
SNST3 BZ        SANESALTO                31044051      -1843297.83
STARON BZ       STAROUP SA             27663604.9      -7174512.03
STARPN BZ       STAROUP SA-PREF        27663604.9      -7174512.03
STRP3 BZ        BOTUCATU TEXTIL        27663604.9      -7174512.03
STRP4 BZ        BOTUCATU-PREF          27663604.9      -7174512.03
1009Q BZ        CONST BETER-PR B       25469474.3      -4918662.56
1COBBN BZ       CONST BETER-PF B       25469474.3      -4918662.56
COBE3 BZ        CONST BETER SA         25469474.3      -4918662.56
1008Q BZ        CONST BETER-PR A       25469474.3      -4918662.56
COBE5 BZ        CONST BETER-PF A       25469474.3      -4918662.56
COBEON BZ       CONST BETER SA         25469474.3      -4918662.56
1COBON BZ       CONST BETER SA         25469474.3      -4918662.56
1COBAN BZ       CONST BETER-PF A       25469474.3      -4918662.56
COBEBN BZ       CONST BETER-PR B       25469474.3      -4918662.56
COBEAN BZ       CONST BETER-PR A       25469474.3      -4918662.56
COBE3B BZ       CONST BETER SA         25469474.3      -4918662.56
1007Q BZ        CONST BETER SA         25469474.3      -4918662.56
COBE6 BZ        CONST BETER-PF B       25469474.3      -4918662.56
STLB9 BZ        STEEL - RCT ORD        22548846.4       -4346785.7
STLB3 BZ        STEEL DO BRASIL        22548846.4       -4346785.7
STLB1 BZ        STEEL - RT             22548846.4       -4346785.7
CCHI3 BZ        CHIARELLI SA           22274026.8      -44537138.2
CCHI4 BZ        CHIARELLI SA-PRF       22274026.8      -44537138.2
CCHON BZ        CHIARELLI SA           22274026.8      -44537138.2
CCHPN BZ        CHIARELLI SA-PRF       22274026.8      -44537138.2
HAGA4 BZ        FER HAGA-PREF          21299042.6      -62858771.3
HAGA3 BZ        HAGA                   21299042.6      -62858771.3
HAGAON BZ       FERRAGENS HAGA         21299042.6      -62858771.3
HAGAPN BZ       FERRAGENS HAGA-P       21299042.6      -62858771.3
CAFE3 BZ        CAF BRASILIA           21097369.7       -903951461
CSBRPN BZ       CAFE BRASILIA-PR       21097369.7       -903951461
CSBRON BZ       CAFE BRASILIA SA       21097369.7       -903951461
CAFE4 BZ        CAF BRASILIA-PRF       21097369.7       -903951461
FTSJON BZ       TECEL S JOSE           19067322.2      -52580501.1
SJOS3 BZ        TECEL S JOSE           19067322.2      -52580501.1
SJOS4 BZ        TECEL S JOSE-PRF       19067322.2      -52580501.1
FTSJPN BZ       TECEL S JOSE-PRF       19067322.2      -52580501.1
NORDON BZ       NORDON METAL           16108142.8      -22352940.6
NORD3 BZ        NORDON MET             16108142.8      -22352940.6
NORD1 BZ        NORDON MET-RTS         16108142.8      -22352940.6
UNCI3 BZ        UNI CIDADE             15873892.4      -6485540.41
GAZON BZ        GAZOLA SA              12452143.1      -40298506.3
GAZO9 BZ        GAZOLA-RCPTS CMN       12452143.1      -40298506.3
GAZO10 BZ       GAZOLA-RCPT PREF       12452143.1      -40298506.3
GAZO3 BZ        GAZOLA                 12452143.1      -40298506.3
GAZPN BZ        GAZOLA SA-PREF         12452143.1      -40298506.3
GAZO11 BZ       GAZOLA SA-DVD CM       12452143.1      -40298506.3
GAZO4 BZ        GAZOLA-PREF            12452143.1      -40298506.3
GAZO12 BZ       GAZOLA SA-DVD PF       12452143.1      -40298506.3
ARLA9 BZ        ARTHUR LANG-RC C       11642255.9      -17154461.9
ARLA10 BZ       ARTHUR LANG-RC P       11642255.9      -17154461.9
ARLA1 BZ        ARTHUR LANG-RT C       11642255.9      -17154461.9
ALICON BZ       ARTHUR LANGE SA        11642255.9      -17154461.9
ARLA3 BZ        ARTHUR LANGE           11642255.9      -17154461.9
ARLA11 BZ       ARTHUR LAN-DVD C       11642255.9      -17154461.9
ARLA4 BZ        ARTHUR LANGE-PRF       11642255.9      -17154461.9
ARLA2 BZ        ARTHUR LANG-RT P       11642255.9      -17154461.9
ALICPN BZ       ARTHUR LANGE-PRF       11642255.9      -17154461.9
ARLA12 BZ       ARTHUR LAN-DVD P       11642255.9      -17154461.9
FGUI3 BZ        F GUIMARAES            11016542.1       -151840377
FGUIPN BZ       FERREIRA GUIM-PR       11016542.1       -151840377
FGUI4 BZ        F GUIMARAES-PREF       11016542.1       -151840377
FGUION BZ       FERREIRA GUIMARA       11016542.1       -151840377


COLOMBIA

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