TCRLA_Public/110208.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, February 8, 2011, Vol. 12, No. 27

                            Headlines



A R G E N T I N A

BANCO REGIONAL: Moody's Withdraws 'D-' Bank Strength Rating
BLASE SA: Requests for Opening of Bankruptcy Proceedings
INTERNACIONAL DINA: Applies for Reorganization Proceedings
MATCYN SA: Asks for Bankruptcy Proceedings
PROINVEST SA: Files for Bankruptcy

RUTA PUBLICIDAD: Applies for Reorganization Proceedings


B R A Z I L

APERAM SA: S&P Assigns 'BB' Long-Term Corporate Credit Rating


C A Y M A N   I S L A N D S

AMATHEA VIII: Members Receive Wind-Up Report
APPALOOSA LEASING: Shareholders Receive Wind-Up Report
CASCADIA II: Shareholder Receives Wind-Up Report
COOPER ASSET: Shareholder Receives Wind-Up Report
DOMINICAN DISTRIBUTION: Shareholders Receive Wind-Up Report

DR ENERGY: Shareholders Receive Wind-Up Report
GREEN PARK: Shareholders Receive Wind-Up Report
IMPALA ALTERNATIVE: Members Receive Wind-Up Report
ISAM GOLD: Shareholder to Hear Wind-Up Report on March 7
ISAM TREND: Shareholder to Hear Wind-Up Report on March 7

ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
MEDQUAKE LIMITED: Shareholder Receives Wind-Up Report
OCEANUS HOLDING: Shareholders Receive Wind-Up Report
PEQUOT SHORT: Shareholders Receive Wind-Up Report
PEQUOT SHORT: Shareholders Receive Wind-Up Report

RAB GOLD: Shareholders Receive Wind-Up Report
RAB GOLD: Shareholders Receive Wind-Up Report
SUCCESSOR II: Shareholder Receives Wind-Up Report
TERRASSA I: Members Receive Wind-Up Report
TERRASSA II: Members Receive Wind-Up Report

TERRASSA III: Members Receive Wind-Up Report
TERRASSA IV: Members Receive Wind-Up Report
TRICO MARINE: Proofs of Claim Must Be Filed by February 24
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4

WITTENHAM LATIN: Shareholders to Hear Wind-Up Report on February 8
ZAGORA I: Members Receive Wind-Up Report
ZAGORA II: Members Receive Wind-Up Report
ZAGORA III: Members Receive Wind-Up Report
ZAGORA IV: Members Receive Wind-Up Report

ZS-SAX LEASING: Shareholders Receive Wind-Up Report


J A M A I C A

INTERTRADE FINANCE: FSC Suspends Firm's License


P U E R T O   R I C O

JUNCO STEEL: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO REGIONAL: Moody's Withdraws 'D-' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Regional de Cuyo S.A. following the completion of the bank's
merger with Banco Supervielle S.A.

Cuyo has no rated foreign currency debt outstanding.

Banco Regional de Cuyo S.A., located in Mendoza, Argentina, had
AR$904.7 million in assets and AR$111.2 million in equity as of
September 30, 2010.

These ratings of Banco Regional de Cuyo were withdrawn:

* Bank Financial Strength Rating: D-, stable outlook

* Global Long-Term Local-Currency Deposit Rating: Ba3, stable
   outlook

* Global Long-Term Foreign Currency Deposit Rating: Caa1, stable
   outlook

* Global Short-Term Local Currency Deposit Rating: Not Prime,
   stable outlook

* Global Short-Term Foreign Currency Deposit Rating: Not Prime,
   stable outlook

* National Scale Local Currency Deposit Rating: Aa2.ar, stable
   outlook

* National Scale Foreign Currency Deposit Rating: Ba1.ar, stable
   outlook


BLASE SA: Requests for Opening of Bankruptcy Proceedings
--------------------------------------------------------
Blase SA requested for the opening of bankruptcy proceedings.


INTERNACIONAL DINA: Applies for Reorganization Proceedings
----------------------------------------------------------
Internacional Dina SA has applied for reorganization proceedings.

The company has defaulted on its payments due July 31, 2009.


MATCYN SA: Asks for Bankruptcy Proceedings
------------------------------------------
Matcyn SA asked for bankruptcy proceedings.

The company has defaulted on its payments due May 2008.


PROINVEST SA: Files for Bankruptcy
----------------------------------
Proinvest SA has filed bankruptcy proceedings.


RUTA PUBLICIDAD: Applies for Reorganization Proceedings
-------------------------------------------------------
Ruta Publicidad SA applied for reorganization proceedings.

The company has defaulted on its payments due February 26, 2010.


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


APERAM SA: S&P Assigns 'BB' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary 'BB' long-term corporate credit rating to Aperam S.A.,
the global stainless and specialty steel producer that has been
spun off from ArcelorMittal (BBB-/Stable/A-3).  The outlook is
stable.

Aperam's gross debt currently consists of US$0.2 billion in
bilateral bank loans and a US$0.9 billion one-year bridge facility
provided by ArcelorMittal Finance (BBB-/Stable/NR).  Aperam
expects to refinance the bridge facility with the proceeds from a
bond issuance and bank loans.

The final rating will depend upon the documentation of the loans
and the bond, as well as successful placement of the long-term
bond and arrangement of bank loans to refinance the bridge
facility.  Accordingly, the preliminary rating should not be
construed as evidence of a final rating.  If Aperam is unable to
attract long-term financing to refinance the bridge facility
within a reasonable time frame, or if there are, for example,
maintenance earnings-based covenants, Standard & Poor's reserves
the right to withdraw or revise its rating.

"The 'BB' preliminary corporate credit rating reflects S&P's view
of Aperam's business risk profile as 'fair' and financial risk
profile as 'significant,'" said Standard & Poor's credit analyst
Elad Jelasko.

S&P considers the business risk profile to be "fair" because of
Aperam's position as the third-largest player in the global
stainless steel industry, its diversified production base and
profitable operations in Brazil, which in S&P's view have further
growth potential; and its large distribution network.

The business risk profile is constrained by the stainless steel
industry's cyclicality and high volatility, which is due, in S&P's
view, to cyclical demand for its products and current
overcapacity.  S&P anticipates no material improvement in industry
conditions in 2011 and notes that Aperam has only limited presence
in nickel alloys and specialty products, which S&P regards as more
advantageous segments of the industry, given lower competition and
generally higher margins.

S&P considers the financial risk profile to be "significant"
because S&P assumes Aperam will maintain a moderate financial
policy, including an ability and willingness to adjust capital
expenditures in line with operating cash flow; a moderate dividend
policy; and conservative liquidity management.  S&P also expects
adequate liquidity with no material debt amortization in 2011-2013
and available committed long-term credit facilities of about
US$400 million-US$500 million.  The financial risk profile is
constrained by the volatility of the company's funds from
operations and working capital, which is linked to the prices of
nickel and ferrochrome, and significant leverage with gross debt
of about US$1.1 billion at the time of the spin-off from
ArcelorMittal.

Aperam consolidates the stainless and specialty steel assets that
were previously owned by the world's largest steelmaker,
ArcelorMittal.  Aperam's shares were allocated to the existing
shareholders of ArcelorMittal, with Lakshmi Mittal and his family
controlling 40.83%.

The stable outlook reflects S&P's view that Aperam will maintain
its business position and demonstrate prudent financial
management.  S&P further anticipates that the company will be able
to achieve a fully adjusted ratio of funds from operations to debt
of above 20% through the cycle.  The preliminary rating
incorporates S&P's assumption that liquidity will be adequate and
the company won't have earnings-based covenants.

S&P might lower the preliminary rating if S&P sees a significant
weakening of Aperam's performance in 2011, or if leverage were to
exceed S&P's expectations because of an overly aggressive
investment appetite.

"We do not envisage an upgrade over the next 12 months because
that would be based on sustainable improvement in industry
conditions, which S&P does not currently anticipate, as well as
Aperam's progress in rationalization of its capacities and
efficiency improvements," said Mr. Jelasko.


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


AMATHEA VIII: Members Receive Wind-Up Report
--------------------------------------------
The members of Amathea VIII Ltd. received on January 25, 2011, 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


APPALOOSA LEASING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Appaloosa Leasing Limited received on
January 28, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         David Preston
         Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


CASCADIA II: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Cascadia II Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


COOPER ASSET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Cooper Asset Management Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815-1755
         Facsimile: (345) 949-9877


DOMINICAN DISTRIBUTION: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Dominican Distribution Holdings Ltd. received
on January 26, 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


DR ENERGY: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of DR Energy Holdings Ltd. received on
January 26, 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


GREEN PARK: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Green Park Walk Funding received on
February 4, 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


IMPALA ALTERNATIVE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Impala Alternative Energy Fund Ltd. received on
January 25, 2011, 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


ISAM GOLD: Shareholder to Hear Wind-Up Report on March 7
--------------------------------------------------------
The shareholder of Isam Gold will receive on March 7, 2011, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
---------------------------------------------------------
The shareholder of Isam Trend Master will receive on March 7,
2011, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
---------------------------------------------------------
The shareholder of Isam Trend will receive on March 7, 2011, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


MEDQUAKE LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Medquake Limited received on January 28, 2011,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


OCEANUS HOLDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Oceanus Holding Company Ltd. received on
January 26, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jason H. Lee
         Suite 2801, 28th Floor, Two Pacific Place
         88 Queensway
         Hong Kong
         c/o Fiona MacAdam
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


PEQUOT SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pequot Short Credit Master Fund, Ltd. received
on January 28, 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


PEQUOT SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pequot Short Credit Offshore Fund, Ltd.
received on January 28, 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


RAB GOLD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Rab Gold Fund Limited received on January 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


RAB GOLD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Rab Gold Master Fund Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715, Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


SUCCESSOR II: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Successor II Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


TERRASSA I: Members Receive Wind-Up Report
------------------------------------------
The members of Terrassa I Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


TERRASSA II: Members Receive Wind-Up Report
-------------------------------------------
The members of Terrassa II Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


TERRASSA III: Members Receive Wind-Up Report
--------------------------------------------
The members of Terrassa III Limited received on January 25, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


TERRASSA IV: Members Receive Wind-Up Report
-------------------------------------------
The members of Terrassa IV Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


TRICO MARINE: Proofs of Claim Must Be Filed by February 24
----------------------------------------------------------
The Honorable Brendan L. Shannon directs creditors holding claims
that arose against Trico Marine Services, Inc., and its debtor-
affiliates to file their proofs of claim by Feb. 24, 2011.
Governmental units have until Aug. 25, 2011, to file their proofs
of claim.  Further information about the bar date and claim forms
are available at http://dm.epiq11.com/TMG

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico sought Chapter 11 protection (Bankr. D. Del. Case No.
10-12653) on Aug. 25, 2010.  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., John Paul K. Napier, Esq., and Harry A. Perrin,
Esq., at Vinson & Elkins LLP, in Dallas, Tex., and Robert J.
Dehney, Esq., Eric Schwartz, Esq. and Andrew R. Remming, at
Morris, Nichols, Arsht & Tunnell LLP in Wilmington, Del.,
represent the Debtor.  Trico disclosed US$30.5 million in assets
and US$353.6 million in liabilities as of the Petition Date.

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

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

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

The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Del., and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.


TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
----------------------------------------------------------------
The shareholder of Transparent Value Fund SPC, Ltd. will receive
on March 4, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box   31855, Grand Cayman KY1-1207
         Cayman Islands


TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
----------------------------------------------------------------
The shareholder of Transparent Value Master Fund SPC, Ltd. will
receive on March 4, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box   31855, Grand Cayman KY1-1207
         Cayman Islands


WITTENHAM LATIN: Shareholders to Hear Wind-Up Report on February 8
------------------------------------------------------------------
The shareholders of Wittenham Latin America Fund Ltd will receive
on February 8, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Peter Douglas
         GFIA Pte Ltd
         59 Club Street
         Singapore 069434
         Telephone: +65 6222 3289


ZAGORA I: Members Receive Wind-Up Report
----------------------------------------
The members of Zagora I Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


ZAGORA II: Members Receive Wind-Up Report
-----------------------------------------
The members of Zagora II Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


ZAGORA III: Members Receive Wind-Up Report
------------------------------------------
The members of Zagora III Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


ZAGORA IV: Members Receive Wind-Up Report
-----------------------------------------
The members of Zagora IV Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


ZS-SAX LEASING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of ZS-Sax Leasing Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         David Preston
         Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


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


INTERTRADE FINANCE: FSC Suspends Firm's License
-----------------------------------------------
RadioJamaica reports that the Financial Services Commission has
issued a notice advising that it has suspended the license of
Intertrade Finance Corporation Limited.  The report relates that
the suspension has, however, been stayed, which means that the
company can operate as normal, pending an appeal which has been
lodged against the suspension of the license.

Intertrade Finance's attorney Anthony Gifford released a statement
saying the main complaint the FSC used to suspend the license of
the securities dealer was the late submission of Intertrade
Finance's financial accounts, according to RadioJamaica.

Mr. Gifford, the report notes, said that he further sought to
debunk public perception that the suspension of the license was
due to the company's integrity being called into question.

"It has nothing to do with integrity.  That is the position we're
putting forward in the Court of Appeal.  I know of no reports of
Intertrade Finance investors having difficulties accessing their
funds no[r] should there be any," RadioJamaica quoted Mr. Gifford
as saying.

RadioJamaica has referred to Section 9 of the Securities Act under
which the license was suspended.  The report relates that section
highlights a license can be suspended if a dealer "ceased to be
fit and proper," "has failed to meet solvency and liquidity
requirements," "submits false or misleading statements," or
operate in contravention of the license.

Intertrade Finance Corporation Limited is a securities dealer.


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


JUNCO STEEL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Junco Steel Corporation
        Cale A No. 155
        Urbanizacion Industrial Minillas
        Bayamon, PR 00960

Bankruptcy Case No.: 11-00827

Chapter 11 Petition Date: February 2, 2011

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

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203
                  E-mail: notices@condelaw.com

Estimated Assets: US$0 to US$50,000

Estimated Debts: US$10,000,001 to US$50,000,000

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb11-00827.pdf

The petition was signed by Miguel Torregrosa Fuertes, general
manager.


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


* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
----------------------------------------------------------------
U.S.-based restaurant Sbarro Inc. missed an interest payment this
week, raising the 2011 global corporate default tally to two, said
an article published February 4 by Standard & Poor's, titled
"Global Corporate Default Update (Jan. 28 - Feb. 3, 2011)
(Premium)."

By comparison, 15 global corporate issuers had defaulted by this
time in 2010 (13 U.S.-based issuers, one Australian issuer, and
one Canadian issuer).

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


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

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


ARGENTINA

IMPSAT FIBER-$US      IMPTD AR         535007008     -17165000
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
IMPSAT FIBER-C/E      IMPTC AR         535007008     -17165000
IMPSAT FIBER-BLK      IMPTB AR         535007008     -17165000
IMPSAT FIBER NET      330902Q GR       535007008     -17165000
IMPSAT FIBER NET      XIMPT SM         535007008     -17165000
IMPSAT FIBER NET      IMPTQ US         535007008     -17165000
SOC COMERCIAL PL      CADN SW        138884129.5     -2.53E+08
COMERCIAL PLAT-$      COMED AR       138884129.5     -2.53E+08
COMERCIAL PL-ADR      SCPDS LI       138884129.5     -2.53E+08
SOC COMERCIAL PL      CADN EO        138884129.5     -2.53E+08
SOC COMERCIAL PL      CVVIF US       138884129.5     -2.53E+08
SOC COMERCIAL PL      SCDPF US       138884129.5     -2.53E+08
COMERCIAL PLA-BL      COMEB AR       138884129.5     -2.53E+08
SOC COMERCIAL PL      COME AR        138884129.5     -2.53E+08
SOC COMERCIAL PL      CAD IX         138884129.5     -2.53E+08
COMERCIAL PL-C/E      COMEC AR       138884129.5     -2.53E+08
SNIAFA SA-B           SDAGF US       11229696.22      -2670545
SNIAFA SA-B           SNIA5 AR       11229696.22      -2670545
SNIAFA SA             SNIA AR        11229696.22      -2670545

BRAZIL


VARIG SA-PREF         VAGV4 BZ       966298025.5      -4.7E+09
VARIG SA-PREF         VARGPN BZ      966298025.5      -4.7E+09
VARIG SA              VARGON BZ      966298025.5      -4.7E+09
VARIG SA              VAGV3 BZ       966298025.5      -4.7E+09
AGRENCO LTD           AGRE LX          542862484     -2.98E+08
AGRENCO LTD-BDR       AGEN11 BZ        542862484     -2.98E+08
LAEP-BDR              MILK11 BZ      432349610.3     -1.61E+08
LAEP INVESTMENTS      LEAP LX        432349610.3     -1.61E+08
HABITASUL             HBTS3 BZ       408678629.1     -108615.4
HABITASUL-PREF B      HBTS6 BZ       408678629.1     -108615.4
HABITASUL-PREF A      HSULAN BZ      408678629.1     -108615.4
HABITASUL             HSULON BZ      408678629.1     -108615.4
HABITASUL-PREF B      HSULBN BZ      408678629.1     -108615.4
HABITASUL-PREF A      HBTS5 BZ       408678629.1     -108615.4
CIA PETROLIFERA       1CPMON BZ      377602195.2      -3014292
CIA PETROLIF-PRF      MRLM4 BZ       377602195.2      -3014292
CIA PETROLIF-PRF      1CPMPN BZ      377602195.2      -3014292
CIA PETROLIFERA       MRLM3B BZ      377602195.2      -3014292
CIA PETROLIF-PRF      MRLM4B BZ      377602195.2      -3014292
CIA PETROLIFERA       MRLM3 BZ       377602195.2      -3014292
BOMBRIL CIRIO-PF      BOBRPN BZ      316331264.9     -1.24E+08
BOMBRIL SA-ADR        BMBBY US       316331264.9     -1.24E+08
BOMBRIL CIRIO SA      BOBRON BZ      316331264.9     -1.24E+08
BOMBRIL               BOBR3 BZ       316331264.9     -1.24E+08
BOMBRIL SA-ADR        BMBPY US       316331264.9     -1.24E+08
BOMBRIL-PREF          BOBR4 BZ       316331264.9     -1.24E+08
BOMBRIL-RIGHTS        BOBR1 BZ       316331264.9     -1.24E+08
BOMBRIL-RGTS PRE      BOBR2 BZ       316331264.9     -1.24E+08
BOMBRIL               BMBBF US       316331264.9     -1.24E+08
TELEBRAS-ADR          TBASY US       262220712.2     -16698444
TELEBRAS SA           TELB3 BZ       262220712.2     -16698444
TELEBRAS-RECEIPT      TLBRUO BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB41 BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB40 BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      CBRZF US       262220712.2     -16698444
TELEBRAS SA-PREF      TLBRPN BZ      262220712.2     -16698444
TELEBRAS/W-I-ADR      TBH-W US       262220712.2     -16698444
TELEBRAS-RTS CMN      TCLP1 BZ       262220712.2     -16698444
TELEBRAS-PF RCPT      TBAPF US       262220712.2     -16698444
TELEBRAS-CM RCPT      TELE31 BZ      262220712.2     -16698444
TELEBRAS-RCT PRF      TELB10 BZ      262220712.2     -16698444
TELEBRAS SA-RT        TELB9 BZ       262220712.2     -16698444
TELEBRAS-CED C/E      RCT4C AR       262220712.2     -16698444
TELECOMUNICA-ADR      81370Z BZ      262220712.2     -16698444
TELEBRAS-BLOCK        TELB30 BZ      262220712.2     -16698444
TELEBRAS-RCT          RCTB33 BZ      262220712.2     -16698444
TELEBRAS-ADR          TBRAY GR       262220712.2     -16698444
TELEBRAS-PF RCPT      TLBRUP BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      TELE41 BZ      262220712.2     -16698444
TELEBRAS-CEDEA $      TEL4D AR       262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB32 BZ      262220712.2     -16698444
TELEBRAS-ADR          TBAPY US       262220712.2     -16698444
TELEBRAS SA-PREF      TELB4 BZ       262220712.2     -16698444
TELEBRAS-ADR          TBX GR         262220712.2     -16698444
TELEBRAS-ADR          RTB US         262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB30 BZ      262220712.2     -16698444
TELEBRAS-RTS CMN      RCTB1 BZ       262220712.2     -16698444
TELEBRAS-PF BLCK      TELB40 BZ      262220712.2     -16698444
TELEBRAS-CEDEA $      RCT4D AR       262220712.2     -16698444
TELEBRAS-CM RCPT      TBRTF US       262220712.2     -16698444
TELEBRAS-RTS PRF      RCTB2 BZ       262220712.2     -16698444
TELEBRAS-ADR          TBH US         262220712.2     -16698444
TELEBRAS-CEDE PF      RCTB4 AR       262220712.2     -16698444
TELEBRAS SA           TBASF US       262220712.2     -16698444
TELEBRAS SA           TLBRON BZ      262220712.2     -16698444
TELEBRAS-PF RCPT      RCTB42 BZ      262220712.2     -16698444
TELEBRAS-COM RT       TELB1 BZ       262220712.2     -16698444
TELEBRAS-CEDE BL      RCT4B AR       262220712.2     -16698444
TELEBRAS-CEDE PF      TELB4 AR       262220712.2     -16698444
TELEBRAS-CED C/E      TEL4C AR       262220712.2     -16698444
TELEBRAS-CM RCPT      RCTB31 BZ      262220712.2     -16698444
TELEBRAS-RTS PRF      TLCP2 BZ       262220712.2     -16698444
HOTEIS OTHON SA       HOTHON BZ      255036149.9     -42606770
HOTEIS OTHON SA       HOOT3 BZ       255036149.9     -42606770
HOTEIS OTHON-PRF      HOTHPN BZ      255036149.9     -42606770
HOTEIS OTHON-PRF      HOOT4 BZ       255036149.9     -42606770
TEKA-PREF             TEKA4 BZ         246866965     -3.93E+08
TEKA-PREF             TKTPF US         246866965     -3.93E+08
TEKA                  TEKA3 BZ         246866965     -3.93E+08
TEKA-ADR              TKTPY US         246866965     -3.93E+08
TEKA                  TKTQF US         246866965     -3.93E+08
TEKA-ADR              TKTQY US         246866965     -3.93E+08
TEKA                  TEKAON BZ        246866965     -3.93E+08
TEKA-ADR              TEKAY US         246866965     -3.93E+08
TEKA-PREF             TEKAPN BZ        246866965     -3.93E+08
SANSUY SA-PREF A      SNSYAN BZ      172563384.2     -94849033
SANSUY SA-PREF B      SNSYBN BZ      172563384.2     -94849033
SANSUY-PREF A         SNSY5 BZ       172563384.2     -94849033
SANSUY-PREF B         SNSY6 BZ       172563384.2     -94849033
SANSUY SA             SNSYON BZ      172563384.2     -94849033
SANSUY                SNSY3 BZ       172563384.2     -94849033
BALADARE              BLDR3 BZ       159454015.9     -52992213
PET MANG-RIGHTS       3678565Q BZ    140673540.9     -1.65E+08
PET MANG-RT           4115360Q BZ    140673540.9     -1.65E+08
PET MANG-RECEIPT      RPMG10 BZ      140673540.9     -1.65E+08
PETRO MANGUIN-PF      MANGPN BZ      140673540.9     -1.65E+08
PET MANG-RT           RPMG1 BZ       140673540.9     -1.65E+08
PETRO MANGUINHOS      RPMG3 BZ       140673540.9     -1.65E+08
PET MANGUINH-PRF      RPMG4 BZ       140673540.9     -1.65E+08
PETRO MANGUINHOS      MANGON BZ      140673540.9     -1.65E+08
PET MANG-RECEIPT      RPMG9 BZ       140673540.9     -1.65E+08
PET MANG-RT           4115364Q BZ    140673540.9     -1.65E+08
PET MANG-RT           RPMG2 BZ       140673540.9     -1.65E+08
PET MANG-RIGHTS       3678569Q BZ    140673540.9     -1.65E+08
DOCAS IMBITUBA        IMBION BZ       96977064.5     -42592603
DOC IMBITUBA-RTP      IMBI2 BZ        96977064.5     -42592603
DOC IMBITUBA          IMBI3 BZ        96977064.5     -42592603
DOC IMBITUBA-RTC      IMBI1 BZ        96977064.5     -42592603
DOC IMBITUB-PREF      IMBI4 BZ        96977064.5     -42592603
DOCAS IMBITUB-PR      IMBIPN BZ       96977064.5     -42592603
VARIG PART EM SE      VPSC3 BZ       96617351.14      -4.6E+08
VARIG PART EM-PR      VPSC4 BZ       96617351.14      -4.6E+08
RENAUXVIEW SA-PF      TXRX4 BZ       73095833.69     -1.04E+08
TEXTEIS RENAU-RT      TXRX1 BZ       73095833.69     -1.04E+08
TEXTEIS RENAUX        RENXPN BZ      73095833.69     -1.04E+08
TEXTEIS RENA-RCT      TXRX10 BZ      73095833.69     -1.04E+08
TEXTEIS RENAUX        RENXON BZ      73095833.69     -1.04E+08
TEXTEIS RENAU-RT      TXRX2 BZ       73095833.69     -1.04E+08
RENAUXVIEW SA         TXRX3 BZ       73095833.69     -1.04E+08
TEXTEIS RENA-RCT      TXRX9 BZ       73095833.69     -1.04E+08
FABRICA RENAUX-P      FRNXPN BZ      63865882.02     -73255215
FABRICA TECID-RT      FTRX1 BZ       63865882.02     -73255215
FABRICA RENAUX-P      FTRX4 BZ       63865882.02     -73255215
FABRICA RENAUX        FRNXON BZ      63865882.02     -73255215
FABRICA RENAUX        FTRX3 BZ       63865882.02     -73255215
MINUPAR SA-PREF       MNPRPN BZ      63144533.79     -60655823
MINUPAR-RCT           MNPR9 BZ       63144533.79     -60655823
MINUPAR-PREF          MNPR4 BZ       63144533.79     -60655823
MINUPAR-RT            MNPR1 BZ       63144533.79     -60655823
MINUPAR SA            MNPRON BZ      63144533.79     -60655823
MINUPAR               MNPR3 BZ       63144533.79     -60655823
VARIG PART EM TR      VPTA3 BZ       49432124.18     -3.99E+08
VARIG PART EM-PR      VPTA4 BZ       49432124.18     -3.99E+08
CIMOB PART-PREF       GAFPN BZ       39881386.59     -41560337
CIMOB PARTIC SA       GAFON BZ       39881386.59     -41560337
CIMOB PART-PREF       GAFP4 BZ       39881386.59     -41560337
CIMOB PARTIC SA       GAFP3 BZ       39881386.59     -41560337
SANESALTO             SNST3 BZ          31044051      -1843298
STAROUP SA            STARON BZ      27663604.95      -7174512
STAROUP SA-PREF       STARPN BZ      27663604.95      -7174512
BOTUCATU TEXTIL       STRP3 BZ       27663604.95      -7174512
BOTUCATU-PREF         STRP4 BZ       27663604.95      -7174512
CONST BETER-PR B      1009Q BZ       25469474.32      -4918663
CONST BETER-PF B      1COBBN BZ      25469474.32      -4918663
CONST BETER SA        COBE3 BZ       25469474.32      -4918663
CONST BETER-PR A      1008Q BZ       25469474.32      -4918663
CONST BETER-PF A      COBE5 BZ       25469474.32      -4918663
CONST BETER SA        COBEON BZ      25469474.32      -4918663
CONST BETER SA        1COBON BZ      25469474.32      -4918663
CONST BETER-PF A      1COBAN BZ      25469474.32      -4918663
CONST BETER-PR B      COBEBN BZ      25469474.32      -4918663
CONST BETER-PR A      COBEAN BZ      25469474.32      -4918663
CONST BETER SA        COBE3B BZ      25469474.32      -4918663
CONST BETER SA        1007Q BZ       25469474.32      -4918663
CONST BETER-PF B      COBE6 BZ       25469474.32      -4918663
STEEL - RCT ORD       STLB9 BZ        23040051.4      -8699861
STEEL DO BRASIL       STLB3 BZ        23040051.4      -8699861
STEEL - RT            STLB1 BZ        23040051.4      -8699861
CHIARELLI SA          CCHI3 BZ       22274026.77     -44537138
CHIARELLI SA-PRF      CCHI4 BZ       22274026.77     -44537138
CHIARELLI SA          CCHON BZ       22274026.77     -44537138
CHIARELLI SA-PRF      CCHPN BZ       22274026.77     -44537138
FER HAGA-PREF         HAGA4 BZ       21299042.62     -62858771
HAGA                  HAGA3 BZ       21299042.62     -62858771
FERRAGENS HAGA        HAGAON BZ      21299042.62     -62858771
FERRAGENS HAGA-P      HAGAPN BZ      21299042.62     -62858771
CAF BRASILIA          CAFE3 BZ       21097369.71     -9.04E+08
CAFE BRASILIA-PR      CSBRPN BZ      21097369.71     -9.04E+08
CAFE BRASILIA SA      CSBRON BZ      21097369.71     -9.04E+08
CAF BRASILIA-PRF      CAFE4 BZ       21097369.71     -9.04E+08
TECEL S JOSE          FTSJON BZ      19067322.24     -52580501
TECEL S JOSE          SJOS3 BZ       19067322.24     -52580501
TECEL S JOSE-PRF      SJOS4 BZ       19067322.24     -52580501
TECEL S JOSE-PRF      FTSJPN BZ      19067322.24     -52580501
NORDON METAL          NORDON BZ      16108142.83     -22352941
NORDON MET            NORD3 BZ       16108142.83     -22352941
NORDON MET-RTS        NORD1 BZ       16108142.83     -22352941
UNI CIDADE            UNCI3 BZ       15873892.37      -6485540
GAZOLA SA             GAZON BZ       12452143.07     -40298506
GAZOLA-RCPTS CMN      GAZO9 BZ       12452143.07     -40298506
GAZOLA-RCPT PREF      GAZO10 BZ      12452143.07     -40298506
GAZOLA                GAZO3 BZ       12452143.07     -40298506
GAZOLA SA-PREF        GAZPN BZ       12452143.07     -40298506
GAZOLA SA-DVD CM      GAZO11 BZ      12452143.07     -40298506
GAZOLA-PREF           GAZO4 BZ       12452143.07     -40298506
GAZOLA SA-DVD PF      GAZO12 BZ      12452143.07     -40298506
ARTHUR LANG-RC C      ARLA9 BZ       11642255.92     -17154462
ARTHUR LANG-RC P      ARLA10 BZ      11642255.92     -17154462
ARTHUR LANG-RT C      ARLA1 BZ       11642255.92     -17154462
ARTHUR LANGE SA       ALICON BZ      11642255.92     -17154462
ARTHUR LANGE          ARLA3 BZ       11642255.92     -17154462
ARTHUR LAN-DVD C      ARLA11 BZ      11642255.92     -17154462
ARTHUR LANGE-PRF      ARLA4 BZ       11642255.92     -17154462
ARTHUR LANG-RT P      ARLA2 BZ       11642255.92     -17154462
ARTHUR LANGE-PRF      ALICPN BZ      11642255.92     -17154462
ARTHUR LAN-DVD P      ARLA12 BZ      11642255.92     -17154462
F GUIMARAES           FGUI3 BZ       11016542.14     -1.52E+08
FERREIRA GUIM-PR      FGUIPN BZ      11016542.14     -1.52E+08
F GUIMARAES-PREF      FGUI4 BZ       11016542.14     -1.52E+08
FERREIRA GUIMARA      FGUION BZ      11016542.14     -1.52E+08


COLOMBIA

CHILESAT CORP SA      TELEX CI       953784479.1     -1.03E+08
TELMEX CORP SA        CHILESAT CI    953784479.1     -1.03E+08
CHILESAT CO-ADR       TL US          953784479.1     -1.03E+08
CHILESAT CO-RTS       CHISATOS CI    953784479.1     -1.03E+08
TELEX-RTS             TELEXO CI      953784479.1     -1.03E+08
TELEX-A               TELEXA CI      953784479.1     -1.03E+08
TELMEX CORP-ADR       CSAOY US       953784479.1     -1.03E+08

                            ***********

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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