TCRLA_Public/110221.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

            Monday, February 21, 2011, Vol. 12, No. 36

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Sues Prosecutors, FBI Agents, & SEC Lawyers


B E R M U D A

CONOCO LIBYA: Creditors' Proofs of Debt Due March 2
CONOCO LIBYA: Members' Final Meeting Set for March 22
LAIF IV: Creditors' Proofs of Debt Due March 2
LAIF IV: Members' Final Meeting Set for March 23
MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due March 2

MAN-GLENWOOD SELECT: Members' Final Meeting Set for March 21
NOBLE INVESTMENTS: Creditors' Proofs of Debt Due March 2
NOBLE INVESTMENTS: Members' Final Meeting Set for March 23
SUSTAINABLE FORESTRY: Supreme Court Enters Wind-Up Order


B R A Z I L

BANCO GMAC: Moody's Upgrades Bank Strength Rating to 'D-'
DASLU: Laep Investment In Talks to Acquire Firm, Sources Say
INDEPENDENCIA SA: Moody's Withdraws 'C' Corporate Family Rating


C A Y M A N   I S L A N D S

ALPINE PROPERTIES: Members' Final Meeting Set for February 28
AMADEUS TRUST: Shareholders' Final Meeting Set for March 3
CABLE INVESTMENT: Shareholders' Final Meeting Set for March 4
CARMEL INVESTMENT: Members' Final Meeting Set for February 28
CHESTER GLOBAL: Shareholders' Final Meeting Set for March 18

CORP ONE: Shareholder to Receive Wind-Up Report on February 21
CORP TWO: Shareholder to Receive Wind-Up Report on February 21
ENERGY FLOWINVEST: Shareholders' Final Meeting Set for March 1
FUEL FLOWINVEST: Shareholders' Final Meeting Set for March 1
PANGLOSS LDC: Shareholders' Final Meeting Set for February 28

PETRO FLOWINVEST: Shareholders' Final Meeting Set for March 1


J A M A I C A

AIR JAMAICA: Trinidad PM Intervenes Between CAL Chairman & Board


X X X X X X X X

* BOND PRICING: For the Week February 14, to February 17, 2011



                            - - - - -


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


STANFORD INT'L: Owner Sues Prosecutors, FBI Agents, & SEC Lawyers
-----------------------------------------------------------------
Julie Triedman at The AM Law Daily reports that Stanford
International Bank Limited owner Robert Allen Stanford filed a
lawsuit in Houston federal district court against a dozen Federal
Bureau of Investigation, Justice Department, and U.S. Securities
and Exchange Commission employees, claiming that they have engaged
in "abusive law enforcement" against him.  Mr. Stanford is seeking
US$7.2 billion in damages under the lawsuit, The AM Law Daily
relates.

Mr. Stanford has tapped Houston attorney Stephen Cochell of The
Cochell Law Firm for his lawsuit, according to The AM Law Daily.
The report relates that Mr. Stanford's complaint does not name any
federal agencies as defendants, but rather targets those employed
by the agencies that have spearheaded the cases against him.

The AM Law Daily notes that among the individuals sued are:

   * Stephen Korotosh, who is leading the SEC's civil suit against

     Mr. Stanford; and

   * federal prosecutors Paul Pelletier and Gregg Costa, who have
     leading roles in the criminal case.

The 39-page civil complaint claims that the federal government
illegally used more than US$51 million of Mr. Stanford's money to
fund its investigation, while at the same time rejecting Mr.
Stanford's requests for funds to pay for his own defense, The AM
Law Daily cites.

The AM Law Daily discloses that Mr. Stanford arrived at the US$7.2
billion figure by asserting that he "personally owned assets of
approximately US$3.9 billion, all of which has been lost" due to
U.S. government actions.  As a result of those actions, the report
relates, Mr. Stanford claims that he lost the ability to realize
profits on those assets.  The value of the lost profits is at
US$3.2 billion, he added.

The AM Law Daily notes that Mr. Stanford has also asserted that
the government in its pursuit violated his right against
unreasonable search and seizure; his right against cruel and
unusual punishment; his right to counsel; and his right to due
process.

Manhattan criminal defense attorney Douglas Burns said in a
separate Bloomberg News report, The AM Law Daily cites, that Mr.
Stanford's lawsuit faces some huge obstacles, most notably the
fact that agents of the FBI, the SEC, and the Justice Department
"are immune for their legitimate conduct in the case."

                  About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


CONOCO LIBYA: Creditors' Proofs of Debt Due March 2
---------------------------------------------------
The creditors of Conoco Libya Ltd. are required to file their
proofs of debt by March 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 14, 2011.

The company's liquidator is:

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


CONOCO LIBYA: Members' Final Meeting Set for March 22
-----------------------------------------------------
The members of Conoco Libya Ltd. will hold their final meeting on
March 22, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 14, 2011.

The company's liquidator is:

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


LAIF IV: Creditors' Proofs of Debt Due March 2
----------------------------------------------
The creditors of LAIF IV Ltd. are required to file their proofs of
debt by March 2, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 11, 2011.

The company's liquidator is:

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


LAIF IV: Members' Final Meeting Set for March 23
------------------------------------------------
The members of LAIF IV Ltd. will hold their final meeting on
March 23, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 11, 2011.

The company's liquidator is:

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


MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due March 2
----------------------------------------------------------
The creditors of Man-Glenwood Select Dollar Trading Limited are
required to file their proofs of debt by March 2, 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:

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


MAN-GLENWOOD SELECT: Members' Final Meeting Set for March 21
------------------------------------------------------------
The members of Man-Glenwood Select Dollar Trading Limited will
hold their final meeting on March 21, 2011, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

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


NOBLE INVESTMENTS: Creditors' Proofs of Debt Due March 2
--------------------------------------------------------
The creditors of Noble Investments Ltd. are required to file their
proofs of debt by March 2, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 8, 2011.

The company's liquidator is:

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


NOBLE INVESTMENTS: Members' Final Meeting Set for March 23
----------------------------------------------------------
The members of Noble Investments Ltd. will hold their final
meeting on March 23, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 8, 2011.

The company's liquidator is:

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


SUSTAINABLE FORESTRY: Supreme Court Enters Wind-Up Order
--------------------------------------------------------
On February 11, 2011, the Supreme Court of Bermuda entered an
order that winds up the operations of Sustainable Forestry
Management Limited.


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


BANCO GMAC: Moody's Upgrades Bank Strength Rating to 'D-'
---------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Banco GMAC S.A. to D-, from E+.  Moody's also raised
Banco GMAC's long-term local and foreign currency deposit ratings
to Ba3 from B2, as well as the national scale deposit ratings to
A3.br and BR-2 from Ba1.br and BR-4, in the long- and short-term,
respectively.  In addition, the rating agency affirmed Banco
GMAC's short-term local and foreign currency deposit ratings at
Not Prime.  The outlook on all ratings is stable.

                        Ratings Rationale

The upgrade of Banco GMAC's ratings follows the lift of its parent
company Ally Financial Inc.'s issuer and senior unsecured ratings
to B1 from B3, announced on February 7, 2011.

Moody's noted that the upgrade of Banco GMAC's ratings reflects
the much reduced uncertainties about its funding and
capitalization, which had been triggered by the significantly
weakened franchise of its parent company over the past three
years.  Throughout this period, Banco GMAC has maintained its
access to the domestic funding market and has managed to diversify
its sources, with limited dependence from its head-office, either
by selling its loans to third parties or by tapping into special
funding from the deposit insurance corporation.  These efforts,
however, have not prevented an increase in the bank's funding
cost, which, in turn, have hurt its profitability.

The rating upgrade is also supported by the resilience of the
bank's car finance operation in Brazil, as suggested by its
relatively stable market share despite much increased competition
in the segment.  This performance is the result of Banco GMAC's
long-standing relationship with General Motors and its dealers,
from which the bank sources nearly 90% of its loan originations;
it also reflects the sustainably robust demand for cars and car
financing in Brazil, which has ensured that business volumes
remained strong.

Moody's notes that Banco GMAC's unsupported ratings (D-/Ba3) are
currently positioned one notch higher than Ally's B1 issuer
rating, in recognition of the relatively less challenging
conditions faced by the Brazilian operation.  Nevertheless,
further upward movements on the parent's ratings may not
necessarily trigger similar movements on Banco GMAC's ratings nor
the maintenance of such gap.  This is because Banco GMAC's ratings
are constrained by its limited earnings generation potential,
which is intrinsically tied to the bank's monoline niche activity
of car financing, and which remains a highly competitive segment.
Profitability is also constrained by the predominantly wholesale
funding profile that tends to be volatile and expensive, thus
potentially pressuring the bank's profit margins.  Moody's note
that recent regulatory measures for consumer financing in Brazil
have not directly affected Banco GMAC's origination volumes, but
have resulted in higher funding costs overall.

Additionally, Moody's views changes in Banco GMAC's asset quality
metrics over the past two years as reflecting increased volume of
loan sales to third parties.  The rating agency, however, will
continue to monitor the performance of the loan book and asset
quality indicators to the extent that a scenario of increasing
competition could result in less strict loan origination policies.

The last rating action on Banco GMAC was on February 25, 2010,
when Moody's upgraded Banco GMAC's BFSR to E+ from E, the long-
term local and foreign currency deposit ratings to B2 from Caa2,
and the long-term national scale deposit rating of to Ba1.br from
B2.br.  The outlook on all ratings was stable.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.

Banco GMAC is headquartered in Sao Paulo, Brazil.  As of September
2010, Banco GMAC had total assets of BRL$7.3 billion (US$4.3
billion) and shareholders' equity of BRL1.1 billion (US$678
million).

These ratings of Banco GMAC S.A. were upgraded:

  * Bank financial strength rating: to D- from E+, stable outlook

  * Long-term global local-currency deposit rating: to Ba3 from
    B2, stable outlook

  * Long-term foreign-currency deposit rating: to Ba3 from B2,
    stable outlook

  * Long-term Brazilian national scale deposit ratings: to A3.br
    from Ba1.br, stable outlook

  * Short-term Brazilian national scale deposit ratings: to BR-2
    from BR-4

These ratings of Banco GMAC S.A. were affirmed:

  * Short-term global local-currency deposit rating: Not Prime

  * Short-term foreign-currency deposit rating: Not Prime


DASLU: Laep Investment In Talks to Acquire Firm, Sources Say
------------------------------------------------------------
Fabiola Moura and Francisco Marcelino at Bloomberg News, citing
unnamed sources with direct knowledge of the matter, report that
Laep Investments Ltd. is in talks to make an offer for Daslu.
Bloomberg relates the sources said that Laep may bid for Daslu on
Feb. 24 during a meeting with the retailer's creditors.

Daslu was raided by Brazilian police and tax agents in July 2005
and its owner, Eliana Tranchesi, was found guilty and sentenced to
94 years and six months in prison in 2009 on tax evasion charges,
according to Bloomberg.

Laep invested US$10 million in Daslu after the retailer filed for
protection against creditors in July, one of the people familiar
with the matter said, Bloomberg discloses.

Bloomberg relates that Paulo Figueiredo, the spokesman for Laep
and owner of the A4 Comunicacao communications firm, said the
company isn't in talks to acquire Daslu.

Headquartered in Sao Paulo, Daslu is Brazil's biggest luxury
department store.


INDEPENDENCIA SA: Moody's Withdraws 'C' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the C corporate family
rating on Independencia S.A. and the Ca senior secured rating of
Independencia International Ltd., affecting US$165 million of
senior secured credit facility.  The facility is a term loan due
in 2015 and is guaranteed by Independencia S.A.

                        Ratings Rationale

The credit ratings have been withdrawn because Independencia is
currently under a Court supervised restructuring process.


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


ALPINE PROPERTIES: Members' Final Meeting Set for February 28
-------------------------------------------------------------
The members of Alpine Properties Ltd. will hold their final
meeting on February 28, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          William L. Nash III
          c/o Alan G. de Saram
          Charles Adams Ritchie & Duckworth
          Zephyr House, 122 Mary Street
          George Town, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-8460


AMADEUS TRUST: Shareholders' Final Meeting Set for March 3
----------------------------------------------------------
The shareholders of Amadeus Trust Company Ltd. will hold their
final meeting on March 3, 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:

          Graham Robinson
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P. O. Box 897, Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CABLE INVESTMENT: Shareholders' Final Meeting Set for March 4
-------------------------------------------------------------
The shareholders of Cable Investment Management Ltd will hold
their final meeting on March 4, 2011, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARMEL INVESTMENT: Members' Final Meeting Set for February 28
-------------------------------------------------------------
The members of Carmel Investment Fund will hold their final
meeting on February 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHESTER GLOBAL: Shareholders' Final Meeting Set for March 18
------------------------------------------------------------
The shareholders of Chester Global Emerging Markets Fund Ltd will
hold their final meeting on March 18, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands


CORP ONE: Shareholder to Receive Wind-Up Report on February 21
--------------------------------------------------------------
The sole shareholder of Corp One, Ltd. will receive on
February 21, 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:

          Jon Edward Goldman
          c/o Campbell Corporate Services Limited
          Scotia Centre
          P. O.  Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 2648


CORP TWO: Shareholder to Receive Wind-Up Report on February 21
--------------------------------------------------------------
The sole shareholder of Corp Two, Ltd. will receive on
February 21, 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:

          Jon Edward Goldman
          c/o Campbell Corporate Services Limited
          Scotia Centre
          P. O.  Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 2648


ENERGY FLOWINVEST: Shareholders' Final Meeting Set for March 1
--------------------------------------------------------------
The shareholders of Energy Flowinvest Capital Limited will hold
their final meeting on March 1, 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:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


FUEL FLOWINVEST: Shareholders' Final Meeting Set for March 1
------------------------------------------------------------
The shareholders of Fuel Flowinvest Capital Limited will hold
their final meeting on March 1, 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:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


PANGLOSS LDC: Shareholders' Final Meeting Set for February 28
-------------------------------------------------------------
The shareholders of Pangloss LDC will hold their final meeting on
February 28, 2011, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8240
          Facsimile: (345) 949 7120


PETRO FLOWINVEST: Shareholders' Final Meeting Set for March 1
-------------------------------------------------------------
The shareholders of Petro Flowinvest Capital Limited will hold
their final meeting on March 1, 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:

          Essa Zainal
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


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


AIR JAMAICA: Trinidad PM Intervenes Between CAL Chairman & Board
----------------------------------------------------------------
RadioJamaica reports that Trinidad and Tobago Prime Minister Kamla
Persad-Bissessar has intervened in what may be a brewing
disagreement between Caribbean Airlines Limited Chairman George
Nicholas and other members of the board.

RadioJamaica, citing a report in Trinidad's Express newspaper,
relates that some directors met with Mrs. Persad-Bissessar to
discuss operations at the state-owned airline.  RadioJamaica notes
that Transport Minister Jack Warner, the minister responsible for
the airline, said he only became aware of the meeting when he saw
the directors at the Prime Minister's office.

RadioJamaica discloses that Mr. Warner told reporters that he was
aware there were some rumblings between Mr. Nicholas and the other
Caribbean Airlines directors.  Mr. Warner will meet with the board
on Feb. 22, 2011.

RadioJamaica notes that sources close to the meeting suggested
that the directors were upset with aspects of Caribbean Airlines'
operations.  Prime Minister Persad-Bissessar received a complaint
about Mr. Nicholas as Chairman of the board, and that a request
was made for him to be removed from the post, the sources added.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

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


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


* BOND PRICING: For the Week February 14, to February 17, 2011
--------------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA
---------

Argentina
ARGENT-PAR             1.18   12/31/2038       ARS         68.6
ARGENT- DIS            7.82   12/31/2033       EUR         74
ARGENT- DIS            7.82   12/31/2033       EUR         73.125
ARGENT- DIS            4.33   12/31/2033       JPY         42
ARGENT- PAR&GDP        0.45   12/31/2038       JPY          8
BODEN 2014                2   9/30/2014        ARS        165.5
BOGAR 2018                2   2/4/2018         ARS        160.8


CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035       EUR        51.626
BANIF FIN LTD          3      12/31/2019       EUR        67.625
BCP FINANCE BANK       5.01   3/31/2024        EUR        61.092
BCP FINANCE BANK       5.31   12/10/2023       EUR        63.898
BCP FINANCE CO        4.239                    EUR        55.617
BCP FINANCE CO        5.543                    EUR        56.883
BES FINANCE LTD       5.772   2/7/2035         EUR        58.517
BES FINANCE LTD        5.58                    EUR        59.017
BES FINANCE LTD         4.5                    EUR        61.661
BES FINANCE LTD       6.625                    EUR        67.938
CHINA FORESTRY         7.75   11/17/2015       USD        73.25
CHINA FORESTRY         7.75   11/17/2015       USD        73.125
EFG ORA FUNDING         1.7   10/29/2014       EUR        62.96
ESFG INTERNATION      5.753                    EUR        59.375
IMCOPA INTL CAYM      10.38   12/16/2014       USD        38
PUBMASTER FIN         6.962   6/30/2028        GBP        51.01
PUBMASTER FIN          8.44   6/30/2025        GBP        56.25
THPA FINANCE LTD      8.241   3/15/2028        GBP        71.41


CHILE
-----

AGUAS NUEVAS            3.4   5/15/2012        CLP         0.95
CGE DISTRIBUCION       3.25   12/1/2012        CLP        39.56
ESVAL S.A.              3.8   7/15/2012        CLP        37.49
MASISA                 4.25   10/15/2012       CLP        40.00


PUERTO RICO
-----------

PUERTO RICO CONS        6.5   4/1/2016         USD        50


VENEZUELA
---------

PETROLEOS DE VEN        5.5   4/12/2037        USD        44.960
PETROLEOS DE VEN      5.375   4/12/2027        USD        45.970
PETROLEOS DE VEN       5.25   4/12/2017        USD        58.340
PETROLEOS DE VEN      5.125   10/28/2016       USD        58.769
PETROLEOS DE VEN          5   10/28/2015       USD        61.822
PETROLEOS DE VEN        4.9   10/28/2014       USD        66.821
PETROLEOS DE VEN        8.5   11/2/2017        USD        67.707
PETROLEOS DE VEN        8.5   11/2/2017        USD        68.284
PETROLEOS DE VEN        8.5   11/2/2017        USD        68.043
VENEZUELA                 7   3/31/2038        USD        55.5
VENEZUELA                 7   3/31/2038        USD        55.688
VENEZUELA                 6   12/9/2020        USD        58.25
VENEZUELA              7.65   4/21/2025        USD        60.9
VENEZUELA              8.25   10/13/2024       USD        63.75
VENEZUELA              7.75   10/13/2019       USD        67.25
VENEZUELA              9.25   5/7/2028         USD        67.5
VENEZUELA                 9   5/7/2023         USD        68
VENEZUELA                 7   12/1/2018        USD        67.75
VENEZUELA              9.25   9/15/2027        USD        70.602
VENEZUELA              5.75   2/26/2016        USD        72.25
VENEZUELA              9.25   9/15/2027        USD        73.1
VENZOD - 189000       9.375   1/13/2034        USD        68.25


                            ***********

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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