TCRLA_Public/110215.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 15, 2011, Vol. 12, No. 32

                            Headlines




B E R M U D A

CELESTIAL NUTRIFOODS: Appoints Chee Wah as Provisional Liquidator
GEORGIA-PACIFIC GPIII: Creditors' Proofs of Debt Due February 23
GEORGIA-PACIFIC GPIII: Member to Hear Wind-Up Report on March 15
GEORGIA-PACIFIC GPV: Creditors' Proofs of Debt Due February 23
GEORGIA-PACIFIC GPV: Member to Hear Wind-Up Report on March 15

GEORGIA-PACIFIC GPIX: Creditors' Proofs of Debt Due February 23
GEORGIA-PACIFIC GPIX: Member to Hear Wind-Up Report on March 15
GEORGIA-PACIFIC GPX: Creditors' Proofs of Debt Due February 23
GEORGIA-PACIFIC GPX: Member to Hear Wind-Up Report on March 15
GEORGIA-PACIFIC GPXI: Creditors' Proofs of Debt Due February 23

GEORGIA-PACIFIC GPXI: Member to Hear Wind-Up Report on March 15


C A Y M A N   I S L A N D S

ABCDS 2006-1: Shareholders' Final Meeting Set for February 18
CAIP GLOBAL: Shareholder to Receive Wind-Up Report on February 15
D&S (CAYMAN ISLANDS): Member to Hear Wind-Up Report on February 24
EFS SERVICES: Shareholder to Receive Wind-Up Report on February 24
GOLDMAN SACHS: Shareholders' Final Meeting Set for February 18

JUNIPER STREET: Shareholders Receive Wind-Up Report
KALECOTE CAYMAN: Shareholders Receive Wind-Up Report
KUROMATSU FUND: Members' Final Meeting Set for February 18
LATCAP II SPV I: Shareholders' Final Meeting Set for February 18
LATCAP PIV: Shareholders' Final Meeting Set for February 18

LATIGO MASTER: Shareholders Receive Wind-Up Report
LATIGO OFFSHORE: Shareholders Receive Wind-Up Report
LATIGO SPV I: Shareholders Receive Wind-Up Report
LATIGO SPV II: Shareholders Receive Wind-Up Report
MAJUBA NO. 2: Members' Final Meeting Set for February 18

MARINER-CREDIT RISK: Shareholders' Final Meeting Set for Feb. 18
MUIRFIELD DOUBLE: Shareholder to Hear Wind-Up Report on Feb. 17
MUIRFIELD EAGLE: Shareholder to Hear Wind-Up Report on February 17
NATSOURCE MANAGED: Shareholder to Hear Wind-Up Report on Feb. 16
NEW STREAM: 3 Law Firms Represent Investors Opposing Ch. 11 Plan

PIONEER EUROPE: Members Receive Wind-Up Report
RAB-PI ASIA: Shareholders Receive Wind-Up Report
RAB-PI ASIA: Shareholders Receive Wind-Up Report
UNIVERSAL ELECTRONICS: Members Receive Wind-Up Report
WIOSNA LIMITED: Shareholders Receive Wind-Up Report


J A M A I C A

CABLE & WIRELESS: Unit Incurs JM$1.3BB Loss in 2010 4th Quarter


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

* S&P: Global Corporate Default Tally Remains at 2 in 2011
* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


CELESTIAL NUTRIFOODS: Appoints Chee Wah as Provisional Liquidator
-----------------------------------------------------------------
On January 31, 2011, the Supreme Court of Bermuda appointed Yit
Chee Wah as provisional liquidator of Celestial Nutrifoods
Limited.

The Liquidator can be reached at:

          Yit Chee Wah
          FTI Consulting (Singapore) Pte Ltd
          8 Shenton Way #17-02A
          Singapore 068811


GEORGIA-PACIFIC GPIII: Creditors' Proofs of Debt Due February 23
----------------------------------------------------------------
The creditors of Georgia-Pacific GPIII, Ltd. are required to file
their proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPIII: Member to Hear Wind-Up Report on March 15
----------------------------------------------------------------
The member of Georgia-Pacific GPIII, Ltd. will receive on
March 15, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPV: Creditors' Proofs of Debt Due February 23
--------------------------------------------------------------
The creditors of Georgia-Pacific GPV, Ltd. are required to file
their proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPV: Member to Hear Wind-Up Report on March 15
--------------------------------------------------------------
The member of Georgia-Pacific GPV, Ltd. will receive on March 15,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPIX: Creditors' Proofs of Debt Due February 23
---------------------------------------------------------------
The creditors of Georgia-Pacific GPIX, Ltd. are required to file
their proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPIX: Member to Hear Wind-Up Report on March 15
---------------------------------------------------------------
The member of Georgia-Pacific GPIX, Ltd. will receive on March 15,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPX: Creditors' Proofs of Debt Due February 23
--------------------------------------------------------------
The creditors of Georgia-Pacific GPX, Ltd. are required to file
their proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPX: Member to Hear Wind-Up Report on March 15
--------------------------------------------------------------
The member of Georgia-Pacific GPX, Ltd. will receive on March 15,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPXI: Creditors' Proofs of Debt Due February 23
---------------------------------------------------------------
The creditors of Georgia-Pacific GPXI, Ltd. are required to file
their proofs of debt by February 23, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


GEORGIA-PACIFIC GPXI: Member to Hear Wind-Up Report on March 15
---------------------------------------------------------------
The member of Georgia-Pacific GPXI, Ltd. will receive on March 15,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

          Kehinde A. L. George
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11
          Bermuda


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


ABCDS 2006-1: Shareholders' Final Meeting Set for February 18
-------------------------------------------------------------
The shareholders of ABCDS 2006-1, Ltd. will hold their final
meeting on February 18, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAIP GLOBAL: Shareholder to Receive Wind-Up Report on February 15
-----------------------------------------------------------------
The sole shareholder of Caip Global Partners, Ltd will receive on
February 15, 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:

          Ogier
          c/o Danielle Walker
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1880
          Facsimile: (345) 949-9877


D&S (CAYMAN ISLANDS): Member to Hear Wind-Up Report on February 24
------------------------------------------------------------------
The member of D&S (Cayman Islands) Limited will receive on
February 24, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EFS SERVICES: Shareholder to Receive Wind-Up Report on February 24
------------------------------------------------------------------
The sole shareholder of EFS Services Holding Limited will receive
on February 24, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS: Shareholders' Final Meeting Set for February 18
--------------------------------------------------------------
The shareholders of Goldman Sachs U.S. Large Cap Equity Alpha
Transport Fund, Ltd. will hold their final meeting on February 18,
2011, at 10:15 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


JUNIPER STREET: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Juniper Street Absolute Return Ltd received on
February 4, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KALECOTE CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Kalecote Cayman One Limited received on
February 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Reto Silvani
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


KUROMATSU FUND: Members' Final Meeting Set for February 18
----------------------------------------------------------
The members of Kuromatsu Fund will hold their final meeting on
February 18, 2011, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LATCAP II SPV I: Shareholders' Final Meeting Set for February 18
----------------------------------------------------------------
The shareholders of Latcap II SPV I GP Ltd. will hold their final
meeting on February 18, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LATCAP PIV: Shareholders' Final Meeting Set for February 18
-----------------------------------------------------------
The shareholders of Latcap PIV SPV I GP Ltd. will hold their final
meeting on February 18, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LATIGO MASTER: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Latigo Master Fund Ltd received on February 7,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LATIGO OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Latigo Offshore Fund, Ltd received on
February 7, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LATIGO SPV I: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Latigo SPV I, Ltd received on February 7,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LATIGO SPV II: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Latigo SPV II, Ltd received on February 7,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MAJUBA NO. 2: Members' Final Meeting Set for February 18
--------------------------------------------------------
The members of Majuba No. 2 will hold their final meeting on
February 18, 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:

          Bernard McGrath
          69 Dr. Roy's Drive, PO Box 1043
          George Town, Grand Cayman KY1-1102
          Cayman Islands


MARINER-CREDIT RISK: Shareholders' Final Meeting Set for Feb. 18
----------------------------------------------------------------
The shareholders of Mariner-Credit Risk Advisors Relative Value
Offshore Fund, Ltd. will hold their final meeting on February 18,
2011, at 9:15 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MUIRFIELD DOUBLE: Shareholder to Hear Wind-Up Report on Feb. 17
---------------------------------------------------------------
The sole shareholder of Muirfield Double Eagle Fund, Ltd. will
receive on February 17, 2011, at 10:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Danielle Walker
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1880
          Facsimile: (345) 949-9877


MUIRFIELD EAGLE: Shareholder to Hear Wind-Up Report on February 17
------------------------------------------------------------------
The sole shareholder of Muirfield Eagle Fund SPC, Ltd. will
receive on February 17, 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:

          Ogier
          c/o Danielle Walker
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1880
          Facsimile: (345) 949-9877


NATSOURCE MANAGED: Shareholder to Hear Wind-Up Report on Feb. 16
----------------------------------------------------------------
The sole shareholder of Natsource Managed Holdings Ltd. will
receive on February 16, 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:

          Ogier
          c/o Danielle Walker
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1880
          Facsimile: (345) 949-9877


NEW STREAM: 3 Law Firms Represent Investors Opposing Ch. 11 Plan
----------------------------------------------------------------
Toptani Law Offices, Mazzeo Song & Bradham LLP and Stevens & Lee,
P.C. will represent a group of investors that will take formal
legal action to oppose the proposed pre-packaged bankruptcy plan
of New Stream Capital, L.P., a Connecticut-based hedge fund that
once boasted firm-wide assets of US$1.2 billion.

Several months ago, New Stream announced that it had entered into
an agreement with its Bermuda investors to liquidate its master
fund, and that upon the consent of its US and Cayman investors, it
would voluntarily file Chapter 11 bankruptcy petitions.  However,
the US and Cayman investors only recently received a formal Plan
of Reorganization and Disclosure Statement describing the terms of
New Stream's proposed liquidation.  On Monday, New Stream
announced an amendment to the Disclosure Statement, thereby
extending the time by which US and Cayman investors must cast
their ballots with respect to the Plan from Feb. 22 to
March 8.

The investor group opposing New Stream's Plan is comprised of US
and Cayman investors who invested nearly US$90 million in New
Stream after it announced a new fund structure at the end of 2007.
The investor group identifies four main concerns with the proposed
Plan and in sum, the investor group believes that the Plan
presents a woefully inequitable division of New Stream's remaining
assets and is contrary to applicable law.

First, the Bermuda investors are receiving far too large a
percentage of New Stream's remaining assets on account of their
allegedly senior secured position because: (a) when the US and
Cayman investors invested in the current fund structure, they
relied on New Stream's assurances that all investors would be
treated pari passu, and (b) a substantial portion of the
investments made by the US and Cayman investors -- who contributed
nearly one-half of New Stream's total investment capital -- was
used to purchase and maintain life insurance assets that the
Bermuda investors now claim as their collateral.  These life
insurance assets, which were valued by New Stream at US$350
million, are being sold for US$127.5 million, the proceeds of
which will be distributed to the Bermuda investors under the Plan.
As a result, it is likely that the US and Cayman investors will
receive less than 5% of New Stream's remaining assets, while the
Bermuda investors will receive at least 95%.

Second, those few assets that are being distributed to the US and
Cayman investors under the Plan appear to be grossly overvalued.
In particular, the allegedly most significant asset being
distributed to the US and Cayman investors is the common stock in
a company called NorthStar Financial Services Ltd.  The Disclosure
Statement values NorthStar at up to US$40 million, but less than a
year ago, New Stream's President, Perry Gilles, submitted a sworn
affidavit in the Bermuda Supreme Court in which he testified that
a sale of NorthStar in 2009 would have required payment to the
purchaser of up to US$75 million.

Third, several valuable causes of action to rectify these and
other injustices are being released under the Plan without
adequate consideration.  For example, Mr. Gilles also testified by
sworn affidavit in the Bermuda litigation that New Stream
regularly commingled its assets without regard to legal ownership
between the different New Stream entities.  Furthermore, he
vigorously advocated that in a bankruptcy case, the US and Cayman
investors would be able to assert good claims for substantive
consolidation and/or equitable subordination to equalize the
distribution of assets.

Fourth, New Stream management and other insiders are receiving
unwarranted benefits under the proposed Plan: (a) they are being
released from all investor and creditor claims without any
adequate consideration, (b) US$2 million is being set aside for
management to respond to an ongoing SEC investigation (as well as
any administrative, regulatory or criminal investigation against
the debtors or their former or current managers, officers,
directors and employees, and to pay defense costs not paid by
insurance carriers), (c) the debtors are indemnifying their
managers, officers, directors and employees, (d) management will
receive additional fees and management roles in various new
entities, and (e) New Stream's attorney-client privilege is being
preserved, which will likely benefit only the insiders and hinder
investigations into any insider malfeasance.

By seeking to induce US and Cayman investors to relinquish the
significant claims they hold, New Stream is promoting an
inequitable Plan that provides a cash windfall for the Bermuda
investors and releases its management from liability.  The
investor group will vigorously oppose this result.

New Steam has represented to investors that those investors who
abstain from voting will automatically be deemed to have cast
their votes in opposition to the Plan.  However, the Disclosure
Statement provides otherwise.  Therefore, investors who wish to
oppose the Plan must return their ballots marked "NO" on or before
March 8, 2011 by 5:00 p.m. (PST).

New Stream Capital, L.P., is a Connecticut-based hedge fund.


PIONEER EUROPE: Members Receive Wind-Up Report
----------------------------------------------
The members of Pioneer Europe Mac 70 Ltd. received on February 9,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


RAB-PI ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Rab-Pi Asia Fund Limited received on
February 10, 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-PI ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Rab-Pi Asia (Master) Fund Limited received on
February 10, 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


UNIVERSAL ELECTRONICS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Universal Electronics Holding Co., Ltd. received on
January 31, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Shih, Meng-Kuo (A.K.A. Brian Shih)
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052, Grand Cayman KY1-1208
          Cayman Islands


WIOSNA LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Wiosna Limited received on February 8, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gustavo Compagnoni
          Ruta 8, km 17,500, Edificio @2 piso 4
          91600 Montevideo
          c/o 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


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



CABLE & WIRELESS: Unit Incurs JM$1.3BB Loss in 2010 4th Quarter
---------------------------------------------------------------
RadioJamaica reports that Cable and Wireless Jamaica racked up a
JM$1.3 billion loss during the October to December quarter.  This
was a massive decline from the JM$351 million loss the Company
suffered during the corresponding period in the previous year,
according to the report.

RadioJamaica further relates that the Company's revenue for the
quarter increased by 10% to JM$6.2 billion from JM$5.7 billion in
2009.  However, RadioJamaica notes, operating expenses rose by
JM$500 million to JM$3 billion primarily due to increased brand
promotional activity and higher employee costs as a result of wage
agreements.

Cable and Wireless Managing Director Garfield Sinclair said that
while some key performance indicators are headed in the right
direction, the Company still has some way to go to return to
profitability, RadioJamaica notes.  The report relates that Mr.
Sinclair said the landline business will receive a much needed
facelift in the coming quarter and has already begun to show
renewed signs of strength.

However, RadioJamaica discloses, Mr. Sinclair said that broadband
penetration continues to be far too low given its positive effect
on GDP growth and the Company will continue to work with the
government to expand service in Jamaica.

                      About Cable & Wireless

Cable & Wireless Communications PLC is a global provider of
telecommunication and Internet services.  The Group's global
communication services offer IP voice and hosting services to
businesses located the UK, USA, Europe and Cable & Wireless
telecommunication services provide fixed and mobile voice, data
and IP services to consumers and business located in the
Caribbean.

                              *     *     *

As of February 14, 2011, the Company continues to carry Standard
and Poor's "B" short-term issuer credit ratings.  The Company also
continues to carry Moody's "B1" senior unsecured debt rating.


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


PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Petroleos de Venezuela S.A.'s 'B+'
foreign and local currency Issuer Default Ratings and its
'AAA(ven)' national scale rating.  This rating action affect
approximately US$17 billion of debt outstanding.  Additionally,
Fitch expects to rate PDVSA's proposed US$3 billion senior
unsecured debt issuance due 2020, 2021 and 2022 'B+/RR4'.

The Rating Outlook is Stable.

PDVSA's credit quality reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources.  This underscores the close link between the company's
credit profile and that of the sovereign.  PDVSA's ratings also
consider the company's strong balance sheet; sizeable proven
hydrocarbon reserves; strategic interests in international
downstream assets; private participation in upstream operations;
and geographic proximity to the North American market.

Ratings Linked To Government:

PDVSA is a state-owned entity whose royalties and tax payments
represent more than 50% of the government's revenues, and it is of
strategic importance to the economic and social policies of the
country.  Over the past five years, PDVSA's total transfers to the
government have averaged approximately 35% of revenues.  Also, the
government has used PDVSA's balance sheet to nationalize
electricity companies and acquire industrial companies.  During
2008, the government also took the additional step of changing
PDVSA's charter and mission statement to allow it to participate
in any industry that could contribute to the social development of
the country, including health care, education, and agriculture.

Strong Credit Metrics:

PDVSA's cash generation declined during 2009 due to lower
hydrocarbon prices, later recovering during 2010.  As of the last
12 months ended June 30, 2010, the company reported an EBITDA and
funds from operations of approximately US$24.7 billion and US$17.5
billion, respectively, up from US$12.7 billion and US$11.3 billion
during 2009.  Total financial debt as of June 30, 2010 increased
to US$21.9 billion from US$15.1 billion as of 2008 as a result of
debt issuance during 2009.  The company's leverage ratios remain
strong for the rating category with a total debt-to-EBITDA ratio
of 0.9 times and a total adjusted debt-to-EBITDAR ratio of 1.4x.
The total adjusted debt-to-proved developed producing reserves
ratio was also strong at 1.7x as of June 2010.  Despite lower cash
flow generation, capital expenditures remained high at US$15.3
billion during 2009; however, PDVSA's total contributions to the
government during 2009 significantly declined to US$24.2 billion
from US$47.9 billion in 2008.

Going forward, the company's credit metrics could be pressured by
aggressive capital investments to increase production coupled with
considerable transfers to central government.  PDVSA is expected
to invest more than US$200 billion over the next four to five
years to increase production, refinancing capacity and develop
reserves.  This will require issuing additional debt given the
long lead times before additional production start coming online.
Additional funds could also come from joint ventures.  PDVSA's
total financial debt-to-EBITDA could range between 2.0x and 2.5x
in the long term depending on prevailing hydrocarbon price and
production levels.

Large Hydrocarbon Reserves:

Hydrocarbon reserves in the country continue to increase with
proved hydrocarbon reserves of 242 billion barrels of oil
equivalent (boe; approximately 85% oil and 15% natural gas) and
proved developed hydrocarbon reserves of 21 billion boe as of
December 2009.  Since the strike at the end of 2002, reporting
disclosures and corporate communications have improved and are now
more consistent with pre-strike levels.  Venezuela's reported oil
production has remained relatively stable during the past four
years at approximately 3 million barrels per day (bpd; 3.7 boed
including natural gas production) despite US$57.7 billion of
upstream investments during the past five years, which has helped
offset decline rates.

PDVSA is Venezuela's national oil company, with reported oil
production of 3.7 million boed, refining capacity of 3.03 million
bpd, proved hydrocarbon reserves of 242 million boe (85% oil and
15% natural gas) and proved developed hydrocarbon reserves of 21
million boe as of December 2009.

Fitch has affirmed these ratings:

  -- Foreign currency Issuer Default Rating at 'B+';
  -- Local currency IDR at 'B+';
  -- US$3 billion senior notes (due 2017) at 'B+/RR4';
  -- US$3 billion zero coupon notes (due 2011) at 'B+/RR4';
  -- US$618 million senior notes (due 2013) at 'B+/RR4';
  -- US$1.3 billion senior notes (due 2014) at 'B+/RR4';
  -- US$1.3 billion senior notes (due 2015) at 'B+/RR4';
  -- US$400 million senior notes (due 2016) at 'B+/RR4';
  -- US$3 billion senior notes (due 2017) at 'B+/RR4';
  -- US$3 billion senior notes (due 2027) at 'B+/RR4';
  -- US$1.5 billion senior notes (due 2037) at 'B+/RR4';
  -- Long-term national scale rating at 'AAA(ven)'.


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


* S&P: Global Corporate Default Tally Remains at 2 in 2011
----------------------------------------------------------
The 2011 global corporate default tally remains at two issuers
after no issuers defaulted this week, said an article published
Feb. 11 by Standard & Poor's, titled "Global Corporate Default
Update (Feb. 4 - 10, 2011) (Premium)."  By comparison, 17 global
corporate issuers had defaulted by this time last year (14 U.S.-
based issuers and one issuer each from Australia, Bahrain, and
Canada).

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

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for December 2011
is 1.8%.  (A total of 27 issuers would need to default during that
period to reach the forecast.)

This is another 1.47-percentage-point (or another 45%) decline
from 3.27% in December 2010.  The rate of decline will remain
sharp, but somewhat slower than what was seen in the past 13
months.  In S&P's optimistic default rate forecast scenario, the
economy and the financial markets improve more than expected.  In
this scenario, S&P expects the default rate to be 1.3% (22
defaults).  On the other hand, if the economic recovery stalls and
the financial markets deteriorate -- which is S&P's pessimistic
scenario -- S&P expects the default rate to be 3.5% (52 defaults)
by the end of 2011.  S&P bases its forecasts on quantitative and
qualitative factors that it considers, 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

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.



                   * * * End of Transmission * * *