/raid1/www/Hosts/bankrupt/TCRLA_Public/110224.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

            Thursday, February 24, 2011, Vol. 12, No. 39

                            Headlines



B R A Z I L

CAMARGO CORREA: Fitch Corrects Press Release on Ratings


C A Y M A N   I S L A N D S

AMATHEA VI: Members' Final Meeting Set for March 7
AVANGARD ABSOLUTE: Shareholders' Final Meeting Set for March 18
BLUEFIN CAPITAL: Shareholder to Hear Wind-Up Report on March 7
BTU HOLDINGS: Commences Liquidation Proceedings
CLAY CAPITAL: Members' Final Meeting Set for March 14

CYPRESS LANE: Members' Final Meeting Set for March 14
DB MARCASSIN: Shareholder to Hear Wind-Up Report on March 15
EYRY VII: Members Receive Wind-Up Report
HELIOS HOLDINGS: Shareholders' Final Meeting Set for March 18
HIGHVIEW AVENUE: Shareholders' Final Meeting Set for March 16

HIGHVIEW AVENUE: Shareholders' Final Meeting Set for March 16
JC INVESTMENTS: Shareholders' Final Meeting Set for March 7
MEDIA PRESS: Placed Under Voluntary Wind-Up
MIYABI LIMITED: Shareholders' Final Meeting Set for March 18
PACIFIC BIOPHARMA: Shareholders' Final Meeting Set for March 14

PAN ASIA: Shareholders' Final Meeting Set for March 8
PONTA NEGRA: Shareholders' Final Meeting Set for March 16
PORT ONE: Shareholders' Final Meeting Set for March 18
TIBURON TAO: Shareholders' Final Meeting Set for March 18
WISTERRYWOODS AND ASSOCIATES: Members' Meeting Set for March 7


M E X I C O

INDUSTRIAS UNIDAS: Revises US$371-Million Debt Restructuring
MEXICANA AIRLINES: Sees US$200 Million Investment After Approvals


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CAMARGO CORREA: Fitch Corrects Press Release on Ratings
-------------------------------------------------------
This announcement corrects the version published on Feb. 18, 2011.

Fitch Ratings has upgraded the foreign and local currency IDRs and
outstanding debt ratings of Brazilian Conglomerate Camargo Correa
S.A.:

Camargo:

  -- Foreign Currency IDR to 'BB+' from 'BB-'; Outlook Stable;

  -- Local Currency IDR to 'BB+' from 'BB-'; Outlook Stable:

  -- National Scale rating to 'AA(bra)' from 'A+(bra)'; Outlook
     Stable:

  -- BRL300 million Debentures Series 1 (due 2012) to 'AA(bra)'
     from 'A+(bra)';

  -- BRL700 million Debentures Series 2 (due 2014) to 'AA(bra)'
     from 'A+(bra)';

  -- National Short-term credit rating to 'F1+(bra)' from
     'F1(bra)';

  -- BRL3 billion commercial paper (CP) second issuance to
     'F1+(bra)' from 'F1(bra)'.

CCSA Finance Limited:

  -- US$250 million senior unsecured bonds due 2016 upgraded to
     'BB+' from 'BB-'.

Fitch has also assigned foreign and local currency Issuer Default
Ratings to CCSA Finance Limited at 'BB+' with a Stable Outlook.

CCSA Finance Limited is wholly-owned by Camargo and incorporated
in the Cayman Islands.  Camargo unconditionally guarantees CCSA
Finance Limited's debt.  CCSA Finance Limited's ratings have been
directly linked to those of Camargo through Fitch's parent and
subsidiary methodology.

The ratings upgrade reflects Camargo's success at reducing debt
incurred for its acquisition of stakes in VBC Energia and CIMPOR
during 2009 and 2010.  The key driver of debt reduction was the
company's recent sale of its 4.5% stake in Itausa for BRL2.7
billion.  Itausa is the holding company that controls Itau
Unibanco, Brazil's largest non-government bank.  The proceeds will
primarily be used to repay a BRL3 billion commercial paper
obligation due during March 2011.  Camargo is expected to continue
to reduce debt and improve its liquidity through the sale of
additional non-core assets.  This is viewed positively by Fitch as
it should enhance the company's focus on its key businesses.

Camargo's credit ratings take into consideration the company's
diversified portfolio of operations, solid market position in the
industries in which it participates, and the positive outlook for
its core businesses.  The ratings also take into consideration
adequate liquidity following the asset sales.  Camargo relies on
dividends, interest and principal payments from operating
subsidiaries to service its debt.  Approximately 50% of the
dividends received are from companies non-fully controlled by
Camargo.  The structural subordination of Camargo's holding
company debt relative to the dividend payments of these companies
is considered in the company's credit ratings.

The Stable Outlook reflects Fitch's expectations that Camargo's
core businesses will perform well during 2011 and that the company
will continue to receive a healthy flow of dividends from its
operating subsidiaries and its equity investments.

Camargo is Forecast to have Strong Revenue and Profitability
Growth during 2011:

Camargo's consolidated revenues for the last 12 months (LTM) ended
June 30, 2010 were BRL16.7 billion, an increase of 6% over the
company's revenues in 2009.  Camargo's consolidated EBITDA for the
LTM ended in June 2010 was BRL3.5 billion, which compares
positively with the company's EBITDA levels of BRL3.1 billion and
BRL2.9 billion during 2009 and 2008, respectively.  The ratings
incorporate an expectation that Camargo's EBITDA for 2010 should
be around BRL3.3 billion and that it will grow by about 15% during
2011.  The projected increase during 2011 is supported by the
expectation of a strong performance of the company's cement and
construction businesses.  A favorable macroeconomic environment in
Brazil should also result in healthy dividends from the company's
investments in energy and highway concessions.

As of June 30, 2010, Camargo had BRL15.8 billion of consolidated
gross debt, an increase from BRL10.8 billion at December 31, 2009.
Camargo's debt consists of BRL10.7 billion of bank loans, BRL4.7
billion of debentures, and BRL539 million of debt related to
acquisitions.  The company's consolidated cash position as of
June 30, 2010, was BRL3.7 billion, resulting in a net debt
position of BRL12.1 billion.  Camargo's net debt is projected to
be below BRL11 billion during 2011, resulting in a net leverage
range of about 2.75x to 3.00x.

Leverage at Camargo Should Decline Sharply in 2011:

The ratings factor in the expectation that Camargo's holding
company debt will significantly decline during 2011, as cash flow
from asset disposals and dividends received will be primarily used
to repay debt.  As of June 30, 2010, Camargo had BRL6.4 billion of
holding company debt, an increase from BRL2.5 billion as of Dec.
31, 2009.  Cash held by the holding company at the end of June was
BRL195m, resulting in a net debt position of BRL6.2 billion.  The
company also had about BRL500 million of cash at is non-operating,
offshore subsidiaries.

Camargo's holding company debt consists primarily of bank loans,
debentures, and obligations for acquisitions.  Assets disposal
during 2011 are expected to generate proceeds of more than
BRL3 billion, while dividend inflows from subsidiaries are
expected to be in the range of BRL1.1 billion.  This should reduce
the holding company's net debt to approximately BRL3.5 billion
(including cash held in non-operating offshore companies).  This
would result in a holding company leverage ratio, as measured by
dividends received to holding company debt, of about 3.0x during
2011.  This ratio is expected to improve to around 2.5x during
2012 as dividends received are expected to increase.

Camargo's Credit Ratings are Supported by the Strong Business and
Financial Profile of its Cement and Construction Subsidiaries:

The ratings incorporate the solid credit profile of Camargo's
fully controlled subsidiaries Camargo Correa Cimentos S.A. and
Construcoes e Comercio Camargo Correa S.A.  Combined, these two
companies represent the main source of dividend inflow from
Camargo's fully controlled subsidiaries.  They distributed
approximately BRL400m of dividends to Camargo in 2010.

Camargo Cimentos's operational performance during the LTM ended
June 30, 2010 is solid and reflects its important 10% and 45%
market share in the Brazilian and Argentinean cement markets.
Fitch views Camargo Cimentos' market positions as solid and
sustainable in the medium-term supported by the company's brand
recognition (Caue and Loma Negra brands) and scale of operations,
with approximately 12 million cement tons sold per year.  During
the LTM ended June 30, 2010, Camargo Cimentos' consolidated EBITDA
and EBITDA margins were BRL602m and 24.4%, respectively.  At the
end of June, the company's total cash and debt positions were
BRL398 million and BRL1.3 billion, respectively.  Net leverage,
measured by the Net Debt / EBITDA ratio, was 1.4X.  Camargo
Cimentos' FCF (cash flow from operations less capital expenditures
less distributed dividends) for the LTM June 2010 was positive at
approximately BRL257m.

CCCCSA has a solid market position as one of the leading
engineering and construction companies in Latin America.  It is
Camargo's second most important subsidiary in terms of revenues
(approximately BRL5 billion).  During the LTM, CCCCSA's
consolidated EBITDA and EBITDA margins were BRL654m and 13%,
respectively.  At the end of June, CCCCSA had BRL386m of cash and
BRL1.1 billion of debt.  Net leverage, measured by Net Debt /
EBITDA, was 1.0X.  CCCCSA's FCF for the LTM June 2010 was minus
BRL959 million due to increasing working capital needs.

Significant Dividend Inflow from Non-controlling Businesses
Expected to Remain Stable at About BRL500 million in 2011:

Camargo's indirect participations of 25.6% and 17% in CPFL Energia
S.A. and Companhia de Concessoes Rodoviarias S.A. provide
additional support to the ratings.  During 2010, Camargo's
indirectly received approximately BRL500m of dividends from these
businesses.  The ratings incorporate an expectation that the
company will continue to receive similar levels of dividends in
the near- to medium-term.

CPFL's 'AA+(bra)' national scale long-term rating reflects the
Brazilian energy sector's positive trend as well as the company's
solid credit profile.  During the LTM September 2010, CPFL's
consolidated EBITDA and EBITDA margins were BRL3.3 billion and
29.5%, respectively.  At the end of September, CPFL's total cash
and debt were BRL1.2 billion and BRL8.8 billion, respectively.
Net leverage, as measured by Net Debt / EBITDA, was 2.4X.  During
the LTM ended in September 2010, CPFL's cash flow from operations,
capex, and distributed dividends were BRL2.5 billion, BRL1.6
billion, and BRL1.4 billion, respectively.  This resulted in a
negative FCF of BRL505 million.

CCR's 'A+(bra)' national scale long-term rating reflects the
company's strong liquidity position and low level of debt.  CCR
also enjoys a leading position within the transportation industry.
During the LTM ended September 30, 2010, CCR's consolidated
EBITDAR and EBITDAR margins were BRL2.4 billion and 60.1%,
respectively.  At the end of September, CCR's total cash and
adjusted debt were BRL1.2 billion and BRL7.9 billion,
respectively.  The company's net leverage, as measured by Net
Debt/ Adjusted EBITDAR ratio, was 2.8X.  During the LTM, CCR
generated BRL1.1 billion of EBITDAR.  It had capital expenditures
of BRL1.0 billion and distributed BRL853mof dividends, resulting
in a negative FCF of BRL830 million.


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


AMATHEA VI: Members' Final Meeting Set for March 7
--------------------------------------------------
The members of Amathea VI Ltd. will hold their final meeting on
March 7, 2011, to receive 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


AVANGARD ABSOLUTE: Shareholders' Final Meeting Set for March 18
---------------------------------------------------------------
The shareholders of Avangard Absolute Return Fund. will hold their
final meeting on March 18, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLUEFIN CAPITAL: Shareholder to Hear Wind-Up Report on March 7
--------------------------------------------------------------
The sole shareholder of Bluefin Capital Management Ltd. 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:

          Kenneth Krys
          c/o Jonathan Murphy
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947-4700
          Facsimile: (345) 946-6728


BTU HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on January 27, 2011, the
members of BTU Holdings Company resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          S.L.C. Whicker
          K. Beighton
          KPMG
          P.O. Box 493, Century Yard
          Cricket Square, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-815-2663 / 345-949-4800
          Facsimile: 345-949-7164 / 345-949-7164


CLAY CAPITAL: Members' Final Meeting Set for March 14
-----------------------------------------------------
The members of Clay Capital Offshore Fund, Ltd will hold their
final meeting on March 14, 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 House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


CYPRESS LANE: Members' Final Meeting Set for March 14
-----------------------------------------------------
The members of Cypress Lane Asia Fund will hold their final
meeting on March 14, 2011, to receive 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


DB MARCASSIN: Shareholder to Hear Wind-Up Report on March 15
------------------------------------------------------------
The sole shareholder of DB Marcassin (Cayman) Holdings Limited
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's liquidator is:

          Jeremy Spratt
          c/o Jacqueline Edwards
          Telephone: +44 (0) 20 7311 8563 / 345-949-4800
          Facsimile: +44 (0) 20 7694 3533 / 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands


EYRY VII: Members Receive Wind-Up Report
----------------------------------------
The members of EYRY VII Fund SPC received on January 24, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          H&J Corporate Services (Cayman) Ltd.
          Anderson Square, 5th Floor
          Shedden Road
          PO Box 866, Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7555


HELIOS HOLDINGS: Shareholders' Final Meeting Set for March 18
-------------------------------------------------------------
The shareholders of Helios Holdings Corporation will hold their
final meeting on March 18, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alexandria Bancorp Limtied
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428, Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122


HIGHVIEW AVENUE: Shareholders' Final Meeting Set for March 16
-------------------------------------------------------------
The shareholders of Highview Avenue Energy Fund, Ltd will hold
their final meeting on March 16, 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:

          Mcgladrey & Pullen Cayman
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311, Grand Cayman KY1-1003
          Cayman Islands


HIGHVIEW AVENUE: Shareholders' Final Meeting Set for March 16
-------------------------------------------------------------
The shareholders of Highview Avenue Energy Trading, Ltd will hold
their final meeting on March 16, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mcgladrey & Pullen Cayman
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311, Grand Cayman KY1-1003
          Cayman Islands


JC INVESTMENTS: Shareholders' Final Meeting Set for March 7
-----------------------------------------------------------
The shareholders of JC Investments Limited will hold their final
meeting on March 7, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: 945-4777
          Facsimile: 945-4799
          P.O. Box 707, Grand Cayman KY1-1107
          Cayman Islands


MEDIA PRESS: Placed Under Voluntary Wind-Up
-------------------------------------------
On February 3, 2011, the sole shareholder of Media Press Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350, Grand Cayman KY1-1108
          Cayman Islands


MIYABI LIMITED: Shareholders' Final Meeting Set for March 18
------------------------------------------------------------
The shareholders of Miyabi Limited will hold their final meeting
on March 18, 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


PACIFIC BIOPHARMA: Shareholders' Final Meeting Set for March 14
---------------------------------------------------------------
The shareholders of Pacific Biopharma Group, Ltd. will hold their
final meeting on March 14, 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:

          Dr. Glenn Rice
          325 Moseley Road, Hillsborough
          California 94010
          U.S.A.


PAN ASIA: Shareholders' Final Meeting Set for March 8
-----------------------------------------------------
The shareholders of Pan Asia Special Opportunities Fund (Cayman)
will hold their final meeting on March 8, 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:

          Pan Asia Capital Manager Limited
          Hong Kong Diamond Exchange Building, 8th Floor
          8 Duddell Street, Central
          Hong Kong


PONTA NEGRA: Shareholders' Final Meeting Set for March 16
---------------------------------------------------------
The shareholders of Ponta Negra Offshore Fund I, Ltd will hold
their final meeting on March 16, 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


PORT ONE: Shareholders' Final Meeting Set for March 18
------------------------------------------------------
The shareholders of Port One Limited will hold their final meeting
on March 18, 2011, at 8:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TIBURON TAO: Shareholders' Final Meeting Set for March 18
---------------------------------------------------------
The shareholders of Tiburon Tao Fund Limited will hold their final
meeting on March 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


WISTERRYWOODS AND ASSOCIATES: Members' Meeting Set for March 7
--------------------------------------------------------------
The members of Wisterrywoods and Associates will hold their final
meeting on March 7, 2011, to receive 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


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


INDUSTRIAS UNIDAS: Revises US$371-Million Debt Restructuring
------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Industrias Unidas
SA (IUSA) said it reached a revised agreement in principle with
creditors to swap US$371 million in debt.

Holders of US$200 million in 11.5% senior notes due 2016 and
lenders that extended an US$800,000 credit facility will get new
secured notes, IUSA said in an e-mailed statement obtained by the
news agency.

IUSA will also exchange a separate series of secured notes with
holders of US$146 million in various copper sales agreements and
US$25 million of commercial paper, according to Bloomberg.

Bloomberg notes that the debt swap will be part of the
restructuring of Tubo de Pasteje and its U.S. subsidiary
Cambridge-Lee Holdings Inc., which made a December 2009 Chapter 11
filing in the U.S. Bankruptcy Court for the District of Delaware.
The report relates IUSA said that the debt swap disclosed should
be complete by May 15.

The Chapter 11 filing followed a payment default in Nov. 2009 on
the 11.5% senior notes due 2016, Bloomberg cites.

                      About Industrias Unidas

Industrias Unidas is a Mexican diversified industrial group,
manufacturing a wide range of copper-based and electrical products
for the housing and electrical power sectors mainly in Mexico and
the U.S.  As of September 2009, last twelve month revenues were
about US$1.3 billion.

                           *     *     *

As of November 22, 2010, the company continues to carry Moody's
"Caa3" long-term rating.


MEXICANA AIRLINES: Sees US$200 Million Investment After Approvals
-----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Nuevo Grupo
Aeronautico, the holding company that controls bankrupt Compania
Mexicana de Aviacion or Mexicana Airlines, expects to get US$200
million from three investors once it receives approvals from
government regulators.

The company, whose controlling shares were acquired by PC Capital
SAPI, will liquidate its pre-bankruptcy workforce and restart
operations in the days following the investment, the airline said
in a statement obtained by Bloomberg.

Alejo Peralta Teran, Ruben Vila Garciasordo and Alejandro
Ampudia Marco will supply the new funding, joining PC Capital as
investors in Mexicana Airlines, the company said, according to
Bloomberg.  The report relates that a foreign investor also plans
to join in the next few weeks, it said, without providing details.

Peralta, Vila and Ampudia are all Mexican investors, according to
Mexico City's Excelsior newspaper, Bloomberg relates.

The airline eventually expects to hire back about 4,000 workers,
the Mexican newspaper added, Bloomberg notes.

                   About Mexicana Airlines

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

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

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

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

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


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Caribbean Insolvency Symposium
      Westin Casuarina Resort & Spa, Grand Cayman Island
         Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Valcon
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/ Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Marriott Tampa Waterside, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   TMA Spring Conference
      JW Marriott, Chicago, IL
         Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - New York City
      Association of the Bar of the City of New York,
      New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      Hilton New York, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Canadian-American Cross-Border Insolvency Symposium
      Fairmont Royal York, Toronto, Ont.
         Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Mich.
            Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Sanctuary at Kiawah Island, Kiawah Island, S.C.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      Dublin, Ireland
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
   Hilton San Diego Bayfront, San Diego, CA
      Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
   23rd Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********


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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