TCRLA_Public/110301.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, March 1, 2011, Vol. 12, No. 42



AES CHIVOR: S&P Affirms 'BB+' Rating; Gives Stable Outlook
CALEMBEL SA: Creditors' Proofs of Debt Due April 12
DE LA BOBE: Creditors' Proofs of Debt Due May 24
EVENTOS DE TENIS: Creditors' Proofs of Debt Due April 12
KEIRA SA: Creditors' Proofs of Debt Due April 28

LEMAX LABORATORIOS: Creditors' Proofs of Debt Due April 26
REGUCI SRL: Creditors' Proofs of Debt Due March 30


GEROVA FINANCIAL: Seymour Pierce Calls Off Planned Merger


FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook
VANGUARDA PARTICIPACOES: S&P Withdraws 'B-' Corp. Credit Rating

C O S T A   R I C A

INSTITUTO NACIONAL: Fitch Affirms 'BB+' Insurer Strength Rating


TCL GROUP: FTI Consulting to Assist Firm With Debt Restructuring

P U E R T O   R I C O

AGUADILLA X RAY: Case Summary & 20 Largest Unsecured Creditors
* PUERTO RICO: EDB Steps Up to Shield Firms From Bankruptcy


* S&P's 2011 Global Corporate Default Tally Remains at Three
* Large Companies With Insolvent Balance Sheets

                            - - - - -


AES CHIVOR: S&P Affirms 'BB+' Rating; Gives Stable Outlook
Standard & Poor's Rating Services said that it affirmed its 'BB+'
ratings on Colombian-based hydro power generator AES Chivor & CIA
S.C.A. E.S.P.  The outlook is stable.

"The rating on Chivor reflects the difficulties of operating in
the highly competitive and largely hydro-based Colombian power
system, its single-asset nature, its exposure to harmful weather,
and its volatile cash-flow generation," said Standard & Poor's
credit analyst Luciano Gremone.  Chivor's relatively strong
competitive position as a low-cost power generator, its sizable
dam and the favorable hydrology within its region, its large
portfolio of short- and medium-term power sales contracts, and its
relatively strong credit metrics partly offset the weaknesses.

Chivor generates an average of about 3,800 gigawatt hours (GWh) of
electricity per year and has medium-term sales contracts (of up to
three years) for about 2,800 GWh to 3,000 GWh (about 75%-85% of
its annual generation).  In addition, to optimize the use of its
water and cash flow generation, when spot prices are below its
contracted sale prices, Chivor reduces its power generation,
retains water in its dam, and purchases power in the spot market
to fulfill part of its signed contracts, spreading the risk.
Likewise, when spot prices are higher than the contracted price,
Chivor will make use of its available water to serve its contracts
and sell its excess capacity in the spot market.  S&P expects
Chivor to maintain generation at about 3,500 GWh to 4,000 GWh with
total sales of 5,500 GWh to 6,000 GWh -- depending on weather --
through 2014.

From 2008 to 2010, Chivor's cash-flow generation has benefited
from a significant increase in power prices in Colombia -- to an
average of US$72 per megawatt hour in 2010, US$65 in 2009, and
US$47 in 2008.  This was mainly because of higher shipments of
thermal generators during drought conditions, appreciation of the
Colombian peso against the dollar, and low power-generation
capacity additions.  The company's good operating performance and
decreasing debt levels improved the funds from operations -to-
total debt ratio to 64.6% and FFO interest coverage to 7.2x in the
12 months ended Sept. 30, 2010, compared with 47.1% and 5.3x,
respectively, in 2009.

Chivor is the fourth-largest power generator in Colombia through
its ownership of a 1,000-megawatt hydropower plant that represents
about 7% of the country's total installed capacity.  Chile's power
generator, AES Gener S.A. (BBB-/Stable/--), fully owns Chivor.

S&P considers Chivor's liquidity position as adequate based on its
strong cash generation and its ability to generate discretionary
cash flow by reducing dividends or capital.  Apart from an US$8
million maturity in 2011, the company faces no other debt
maturities for the next three years.  However, refinancing risk
grows significantly in 2014 when the company's US$170 million
bonds mature in one bullet payment.  Under normal weather
conditions (with prices of about US$50 per MWh, a generation level
of around 3,600 GWh per year) and a stable exchange rate, Chivor
should generate annual FFO of US$80 million to US$85 million.
This should allow Chivor to comfortably cover interest of US$17
million per year and its capital expenditure plan for 2011 and

The stable outlook incorporates S&P's expectation that Chivor will
maintain relatively sound financial metrics despite its fairly
high cash-flow volatility, mainly as a result of its adequate
competitive position in a growing economy with increasing demand.
S&P also expect Chivor to maintain a more conservative level of
contracted sales at or below 85% of its expected annual
generation.  The rating assumes strong levels of FFO to debt and
debt to EBITDA at about 45% and 1.3x, respectively, through 2012.
While S&P is not immediately concerned about refinancing risk, S&P
will monitor Chivor's plans to meet the US$170 million bullet
maturity in December 2014.  The inherent risks of operating in
Colombia, Chivor's single-asset nature, and cash flow volatility
limit rating upside.  S&P could lower the ratings if S&P see
significant deterioration in cash-flow generation, debt service
coverage ratios, and financial flexibility, or an overly
aggressive commercial strategy.

CALEMBEL SA: Creditors' Proofs of Debt Due April 12
Ana Maria Varela, the court-appointed trustee for Calembel SA's
reorganization proceedings will be verifying creditors' proofs of
claim until April 12, 2011.

Ms. Varela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Varela
          con oficinas en Talcahuano 768

DE LA BOBE: Creditors' Proofs of Debt Due May 24
Anibal Alcides Esteva, the court-appointed trustee for De La Bobe
SA's bankruptcy proceedings will be verifying creditors' proofs of
claim until May 24, 2011.

Mr. Esteva will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Anibal Alcides Esteva
          Bulnes 779

EVENTOS DE TENIS: Creditors' Proofs of Debt Due April 12
Juan Carlos Chaker, the court-appointed trustee for Eventos de
Tenis SRL's bankruptcy proceedings will be verifying creditors'
proofs of claim until April 12, 2011.

Mr. Chaker will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Juan Carlos Chaker
          Teniente General Juan Domingo Peron 315

KEIRA SA: Creditors' Proofs of Debt Due April 28
Otto Reinaldo Munch, the court-appointed trustee for Keira SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 28, 2011.

Mr. Munch will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 13, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Otto Reinaldo Munch
          Maipu 509

LEMAX LABORATORIOS: Creditors' Proofs of Debt Due April 26
Maria Gabriela Paulina Stefanelli, the court-appointed trustee for
Lemax Laboratorios SRL's reorganization proceedings will be
verifying creditors' proofs of claim until April 26, 2011.

Ms. Stefanelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Gabriela Paulina Stefanelli
          Bernardo de Irigoyen 1082

REGUCI SRL: Creditors' Proofs of Debt Due March 30
Claudio L. J. Berberia, the court-appointed trustee for Reguci
SRL's bankruptcy proceedings will be verifying creditors' proofs
of claim until March 30, 2011.

Mr. Berberia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Claudio L. J. Berberia
          Olavarria 1743


GEROVA FINANCIAL: Seymour Pierce Calls Off Planned Merger
The Royal Gazette Online, citing the Financial Times, reports that
United Kingdom stockbroker Seymour Pierce called off its planned
merger with Gerova Financial Group.  The report relates that the
disclosure followed a dramatic plunge in the US-listed reinsurer's
share price and growing concern about the value of some assets on
its books.

Ticonderoga Securities, a New York-based broker-dealer which was
also set to merge with Gerova Financial, said it too had
terminated discussions with Gerova, Reuters said, according to the
Royal Gazette Online.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2011, the Royal Gazette Online said trading in shares of
Gerova Financial Group was suspended on the New York Stock
Exchange.  The NYSE cited the need for more information from the
company, according to The Royal Gazette Online.  The report
related that documents shown to the U.S. Securities and
Exchange Commission last June had expressed doubts about some
asset values.  The Royal Gazette Online noted that a boardroom
shake-up has done little to help the company's reputation and the
share price has plunged from a high of US$92.50 in June last year
to US$5.28 before the suspension took effect.

Gerova Financial Group is headquartered in Bermuda.


FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook
Standard & Poor's Ratings Services said that it affirmed its 'BB'
global scale ratings on Brazil-based pulp producer Fibria Celulose
S.A.  The outlook is positive.

"S&P believes Fibria will continue benefiting from strong cash
flows due to favorable market pulp prices, allowing credit metrics
to improve in the intermediate term," said Standard & Poor's
credit analyst Luisa Vilhena.  The sale of its 50% stake of
Conpacel and KSR improves Fibria's liquidity position and, in
turn, net debt ratios.

Nevertheless, Fibria's credit metrics remain somewhat aggressive
and the company plans significant capacity expansion investments
at its Tres Lagoas II project, which will demand long-term
financing in 2013 and 2014 that might limit the company's ability
to reduce total debt, under S&P's base case, with conservative
price assumptions.

Fibria's business profile is satisfactory, given the company's
very competitive cost position, world-class operations and
economies of scale, and strong market position in the eucalyptus
pulp market.  As such, S&P expects Fibria to consistently report
stronger and more stable profitability and cash flows than those
of global peers.  Although pulp prices have stabilized in second
half of 2010, fundamentals for Fibria's main markets are still
favorable, in particular because of strong demand in Asia, still-
low global inventories, and limited supply expansion from
competitors.  This bodes well for firm prices, but S&P
conservatively assume lower prices than current and a declining
price trend in S&P's base case, which has a significant effect on
its cash flow projections.

S&P views Fibria's financial profile as significant.  While still
aggressive, Fibria has significantly reduced financial leverage in
2010 thanks to much stronger cash flows and some debt reduction,
as an improvement in adjusted total debt to EBITDA and funds from
operations to total debt show--4.8x and 18.5%, respectively, in
2010 (compared with 8.8x and 8.7% in 2009).  Fibria is also
reducing exposure to short-term debt.  Under S&P's conservative
price assumptions, S&P projects total adjusted debt to EBITDA at
about 4x-4.5x in 2011, primarily because of debt amortization.  As
Fibria starts investing more heavily in Lagoas II in these years,
gross debt reduction would be somewhat limited under S&P's base
case.  However, S&P expects the company to continue reducing
interest costs and improving debt profile as it moves on with its
liability management strategy.

Fibria's liquidity is adequate.  The company reported cash
reserves of US$2.1 billion and short-term debt maturities of
US$2.1 billion in December 2010.  Short-term exposure is still
high because of obligations owed to previous shareholders of
Aracruz (with the last installment in July 2011), but S&P expects
the company to keep extending debt tenors.  S&P also assumes that
the company will finance a significant portion of its capacity
expansion investments with long-term credit.  Although covenant
headroom may tighten in its base case as a result of capital
expenditure financing, S&P don't expect Fibria to breach covenants
in the intermediate term.

The positive outlook reflects S&P's expectation that Fibria will
continue improving its credit profile, with reduced exposure to
short-term debt and refinancing risks.  S&P may raise the ratings
if Fibria keeps paying down debt as projected, with total adjusted
debt to EBITDA reaching 4x and trending toward 3.5x in the medium
term, if it sustains sound liquidity (leading to net debt to
EBITDA below 3x), and FFO to total debt remains about 25%.  S&P
could lower the ratings if market pulp prices weaken
significantly, so that Fibria's cash flows diminish, liquidity
weakens, and credit ratios diverge substantially from S&P's

VANGUARDA PARTICIPACOES: S&P Withdraws 'B-' Corp. Credit Rating
Standard & Poor's Ratings Services said that it withdrew its 'B-'
global-scale corporate credit rating on agricultural company
Vanguarda Participacoes S.A. at the company's request.  The
outlook was stable.

"The company requested the rating withdrawal because it does not
intend to tap debt in capital markets in the near future," noted
Standard & Poor's credit analyst Alexandre Menezes.

S&P has had limited access to Vanguarda's recent financial
information (managerial, unaudited operating, and financial data
through September 2010).  The information S&P has seen reported a
sharp deterioration in performance and credit metrics in 2010
because of lower crop productivity and weak prices in the
2009/2010 crop.  However, S&P kept the rating at 'B-' given its
expectations that the good prices expected for the 2010/2011 crop
will lead to an improvement in the company's operating performance
and credit metrics.

Based on management information, the company's debt structure has
improved as Vanguarda replaced short-term debt for longer-term
bank debt at lower costs.  Still, S&P expects Vanguarda's
financial performance to remain volatile and subject to market
conditions over the next several crops.  Payments to departing
shareholders could pressure the company's liquidity.

The most recent financial statements S&P received from Vanguarda
are as of March 30, 2010, and the company has not disclose
adequate information about its recent financial performance.  S&P
believes these poor practices significantly hinder S&P's ability
to fully assess Vanguarda's current credit quality and would be an
impediment for us to continue to rate the company.  Indeed, S&P
had mentioned in its release of Dec. 23, 2010, that that S&P could
suspend or withdraw the ratings if Vanguarda failed to deliver
updated financial information early in 2011.  In S&P's view,
Vanguarda's corporate governance significantly lags that of other
companies in Brazil in terms of timeliness of financial and
operating information disclosure, internal policies and controls,
ownership, and overall transparency.

C O S T A   R I C A

INSTITUTO NACIONAL: Fitch Affirms 'BB+' Insurer Strength Rating
Fitch Ratings has affirmed the Insurer Financial Strength rating
of Instituto Nacional de Seguros, S.A. at 'BB+' and its National
IFS rating at 'AAA(cri)'.  The Rating Outlook is Stable.

The rating actions reflect the explicit support the company
receives from the Government of Costa Rica (local currency Issuer
Default Rating 'BB+').  According to the Insurance Law of 2008,
the company's operations in Costa Rica have full government
support; however, its debt or insurance operations abroad do not.

The rating action also reflects Fitch's view that the company
maintains an adequate reinsurance protection, wide technical
reserves coverage and a very strong capital and liquidity

Although INS maintains stability in its ROAA at around 6%, as of
September 2010, the profitability of the company is still affected
by the slowdown in the retained premiums growth rate and some
pricing pressure following market opening, which does not allow
improvements in the loss ratio.  As of September 2010, INS
reported a loss ratio of 60.5%, a relatively high level according
to regional standards.  However, it should be noted that the
company's operating performance in 2010 was negatively impacted by
a one-time donation to the Fire Department, which the Law
Regulating the Insurance Market imposed on INS.

INS' overall performance as of September 2010 is still benefiting
greatly from the net financial income contribution (14.7% of
earned premiums) resulting from a broad base of resources for
investment, given the broad capitalization and reserve level (187%
of premiums written) in the company.

Apart from the important financial income contribution, the rating
action reflects INS' conservative high credit quality investment
portfolio, consisting mainly of sovereign securities and limited
exposures in fixed assets, as it is reflected in a high current
liquid assets to current liabilities and technical reserves ratio
(1.5x), in line with best international standards.

Fitch believes that INS has a high capital solvency margin, which
is also reflected in a low operating leverage (0.6x as of
September 2010).  This is primarily due to the company's high
internal capital generation and to its current policy to
capitalize 100% of its profits.  Fitch expects INS to maintain
adequate levels of capital, also taking in to consideration the
strict requirements on minimum capital and solvency margins stated
on the local 'Regulation on the Solvency of Insurance and
Reinsurance Entities.'

In addition to the high net worth and reserves coverage, INS'
ratings are based on a wide and well structured reinsurance
program with first class international reinsurers.  The
reinsurance program provides the company with extensive
underwriting capacity, adequate protection, and low equity
exposure to deviations in the severity of claims and catastrophic

INS' rating is highly tied to the rating of its shareholder, the
Costa Rican government.  Changes in the rating of the former could
result in changes to INS' ratings.

Key rating drivers that could produce a revision in the Rating
Outlook or lead to changes in INS' stand-alone IFS or its national
IFS rating include:

  -- Changes in the company's operating margins or profitability

  -- Improvements in its operating platform, underwriting
     techniques, claims controls, and diversification of its
     investment portfolio, potentially leading to an enhancement
     of INS' intrinsic financial strength and its ratings;

  -- Material changes in capital or liquidity ratios.


TCL GROUP: FTI Consulting to Assist Firm With Debt Restructuring
RadioJamaica reports that The TCL Group has hired FTI Consulting
Canada, a Canadian firm to assist with its debt restructuring
exercise.  The report relates that FTI Consulting Canada has been
appointed as the Independent Advisor to TCL's Creditor Committee.

FTI will assess the cash generating capability, operations and
structure of the TCL Group and make recommendations to the
Creditor Committee, according to RadioJamaica.

RadioJamaica notes that TCL said the restructuring phase will then
commence with the involvement of the Advisor.  The report relates
that the assignment which is for one month will involve visits to
the Group's main operating subsidiaries.

The Company has also retained the services of BroadSpan Capital as
its Financial Advisor in the exercise, RadioJamaica discloses.

TCL says the debt restructuring is intended to improve the Group's
long term prospects and provide for full repayment of its debts,
RadioJamaica adds.

The TCL Group is Caribbean Cement's parent company.

P U E R T O   R I C O

AGUADILLA X RAY: Case Summary & 20 Largest Unsecured Creditors
Debtor: Aguadilla X Ray Office & Body Imaging
        dba Aguadilla Xray Body Img Center PSC
        P.O. Box 418
        Aguadilla, PR 00605

Bankruptcy Case No.: 11-01408

Chapter 11 Petition Date: February 23, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Antonio Fiol Matta, Esq.
                  1561 Ave Americo Miranda
                  URB Caparra Terrace
                  San Juan, PR 00921
                  Tel: (787) 792-4368
                  Fax: (787) 792-4763

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

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free

The petition was signed by Dr. Jose E. Rivera Rodriguez,

* PUERTO RICO: EDB Steps Up to Shield Firms From Bankruptcy
Caribbean Business reports that Puerto Rico government's Economic
Development Bank (EDB) President Lizzie Rosso has issued US$8.2
million in loans to keep local small and midsize businesses out of

President Rosso called during a press conference for business
organizations to advise members to seek out help from the EDB,
private banks and cooperatives to avoid the loss of business and
jobs that can accompany bankruptcy, according to Caribbean
Business.  The report relates that President Rosso said aid from
the EDB, private banks or cooperatives can help ailing businesses
emerge from financial challenges stronger.

President Rosso, the report notes, said tourism and agriculture
are among the sectors that the EDB continues to support as
important industries for the island's economic recovery.


* S&P's 2011 Global Corporate Default Tally Remains at Three
The 2011 global corporate default tally remains at three after no
issuers defaulted last week, said an article published by Standard
& Poor's, titled "Global Corporate Default Update (Feb. 18 - 24,
2011) (Premium)."

Two of the defaults were based in the U.S., and one was based in
the Czech Republic.  By comparison, 17 global corporate issuers
had defaulted by this time last year (14 U.S.-based issuers and
one each based in Australia, Bahrain, and Canada).

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

* Large Companies With Insolvent Balance Sheets

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


IMPSAT FIBER-$US       IMPTD AR         535007008     -17165000
IMPSAT FIBER-C/E       IMPTC AR         535007008     -17165000
IMPSAT FIBER NET       IMPTQ US         535007008     -17165000
IMPSAT FIBER NET       330902Q GR       535007008     -17165000
IMPSAT FIBER-BLK       IMPTB AR         535007008     -17165000
IMPSAT FIBER-CED       IMPT AR          535007008     -17165000
IMPSAT FIBER NET       XIMPT SM         535007008     -17165000
SOC COMERCIAL PL       CVVIF US         138884129     -2.53E+08
SOC COMERCIAL PL       CADN SW          138884129     -2.53E+08
COMERCIAL PL-ADR       SCPDS LI         138884129     -2.53E+08
SOC COMERCIAL PL       CAD IX           138884129     -2.53E+08
COMERCIAL PLAT-$       COMED AR         138884129     -2.53E+08
SOC COMERCIAL PL       CADN EO          138884129     -2.53E+08
COMERCIAL PLA-BL       COMEB AR         138884129     -2.53E+08
COMERCIAL PL-C/E       COMEC AR         138884129     -2.53E+08
SOC COMERCIAL PL       COME AR          138884129     -2.53E+08
SOC COMERCIAL PL       SCDPF US         138884129     -2.53E+08
SNIAFA SA-B            SNIA5 AR          11229696      -2670545
SNIAFA SA-B            SDAGF US          11229696      -2670545
SNIAFA SA              SNIA AR           11229696      -2670545


VARIG SA-PREF          VARGPN BZ        966298026      -4.7E+09
VARIG SA-PREF          VAGV4 BZ         966298026      -4.7E+09
VARIG SA               VARGON BZ        966298026      -4.7E+09
VARIG SA               VAGV3 BZ         966298026      -4.7E+09
AGRENCO LTD-BDR        AGEN11 BZ        542862484     -2.98E+08
AGRENCO LTD            AGRE LX          542862484     -2.98E+08
LAEP-BDR               MILK11 BZ        428368527     -1.18E+08
LAEP INVESTMENTS       LEAP LX          428368527     -1.18E+08
HABITASUL              HSULON BZ        408678629     -108615.4
HABITASUL-PREF A       HBTS5 BZ         408678629     -108615.4
HABITASUL-PREF B       HSULBN BZ        408678629     -108615.4
HABITASUL-PREF B       HBTS6 BZ         408678629     -108615.4
HABITASUL-PREF A       HSULAN BZ        408678629     -108615.4
HABITASUL              HBTS3 BZ         408678629     -108615.4
CIA PETROLIFERA        MRLM3 BZ         377602195      -3014292
CIA PETROLIF-PRF       MRLM4B BZ        377602195      -3014292
CIA PETROLIF-PRF       1CPMPN BZ        377602195      -3014292
CIA PETROLIFERA        MRLM3B BZ        377602195      -3014292
CIA PETROLIF-PRF       MRLM4 BZ         377602195      -3014292
CIA PETROLIFERA        1CPMON BZ        377602195      -3014292
BOMBRIL-RGTS PRE       BOBR2 BZ         316331265     -1.24E+08
BOMBRIL                BMBBF US         316331265     -1.24E+08
BOMBRIL                BOBR3 BZ         316331265     -1.24E+08
BOMBRIL-PREF           BOBR4 BZ         316331265     -1.24E+08
BOMBRIL CIRIO-PF       BOBRPN BZ        316331265     -1.24E+08
BOMBRIL SA-ADR         BMBPY US         316331265     -1.24E+08
BOMBRIL CIRIO SA       BOBRON BZ        316331265     -1.24E+08
BOMBRIL SA-ADR         BMBBY US         316331265     -1.24E+08
BOMBRIL-RIGHTS         BOBR1 BZ         316331265     -1.24E+08
TELEBRAS-CM RCPT       RCTB32 BZ        262220712     -16698444
TELEBRAS-PF RCPT       RCTB40 BZ        262220712     -16698444
TELEBRAS-CM RCPT       TBRTF US         262220712     -16698444
TELEBRAS-RCT PRF       TELB10 BZ        262220712     -16698444
TELEBRAS SA            TBASF US         262220712     -16698444
TELEBRAS-ADR           RTB US           262220712     -16698444
TELEBRAS/W-I-ADR       TBH-W US         262220712     -16698444
TELEBRAS-CEDEA $       RCT4D AR         262220712     -16698444
TELEBRAS-RTS CMN       TCLP1 BZ         262220712     -16698444
TELEBRAS-PF RCPT       TBAPF US         262220712     -16698444
TELEBRAS-PF RCPT       TELE41 BZ        262220712     -16698444
TELEBRAS-CEDEA $       TEL4D AR         262220712     -16698444
TELEBRAS-ADR           TBAPY US         262220712     -16698444
TELEBRAS SA-PREF       TELB4 BZ         262220712     -16698444
TELEBRAS-PF BLCK       TELB40 BZ        262220712     -16698444
TELEBRAS-RTS PRF       RCTB2 BZ         262220712     -16698444
TELEBRAS-PF RCPT       RCTB42 BZ        262220712     -16698444
TELEBRAS SA-RT         TELB9 BZ         262220712     -16698444
TELEBRAS-RTS CMN       RCTB1 BZ         262220712     -16698444
TELEBRAS-ADR           TBH US           262220712     -16698444
TELEBRAS-CEDE PF       RCTB4 AR         262220712     -16698444
TELEBRAS-CED C/E       RCT4C AR         262220712     -16698444
TELEBRAS-CEDE BL       RCT4B AR         262220712     -16698444
TELECOMUNICA-ADR       81370Z BZ        262220712     -16698444
TELEBRAS-BLOCK         TELB30 BZ        262220712     -16698444
TELEBRAS-RCT           RCTB33 BZ        262220712     -16698444
TELEBRAS-CEDE PF       TELB4 AR         262220712     -16698444
TELEBRAS-ADR           TBRAY GR         262220712     -16698444
TELEBRAS-CED C/E       TEL4C AR         262220712     -16698444
TELEBRAS-CM RCPT       RCTB31 BZ        262220712     -16698444
TELEBRAS SA-PREF       TLBRPN BZ        262220712     -16698444
TELEBRAS-PF RCPT       TLBRUP BZ        262220712     -16698444
TELEBRAS-COM RT        TELB1 BZ         262220712     -16698444
TELEBRAS-PF RCPT       CBRZF US         262220712     -16698444
TELEBRAS-PF RCPT       RCTB41 BZ        262220712     -16698444
TELEBRAS-ADR           TBX GR           262220712     -16698444
TELEBRAS-RTS PRF       TLCP2 BZ         262220712     -16698444
TELEBRAS SA            TELB3 BZ         262220712     -16698444
TELEBRAS-ADR           TBASY US         262220712     -16698444
TELEBRAS-RECEIPT       TLBRUO BZ        262220712     -16698444
TELEBRAS-CM RCPT       TELE31 BZ        262220712     -16698444
TELEBRAS SA            TLBRON BZ        262220712     -16698444
TELEBRAS-CM RCPT       RCTB30 BZ        262220712     -16698444
HOTEIS OTHON-PRF       HOTHPN BZ        255036150     -42606770
HOTEIS OTHON SA        HOTHON BZ        255036150     -42606770
HOTEIS OTHON-PRF       HOOT4 BZ         255036150     -42606770
HOTEIS OTHON SA        HOOT3 BZ         255036150     -42606770
TEKA-ADR               TKTQY US         246866965     -3.93E+08
TEKA                   TKTQF US         246866965     -3.93E+08
TEKA                   TEKAON BZ        246866965     -3.93E+08
TEKA-PREF              TEKAPN BZ        246866965     -3.93E+08
TEKA                   TEKA3 BZ         246866965     -3.93E+08
TEKA-ADR               TKTPY US         246866965     -3.93E+08
TEKA-ADR               TEKAY US         246866965     -3.93E+08
TEKA-PREF              TEKA4 BZ         246866965     -3.93E+08
TEKA-PREF              TKTPF US         246866965     -3.93E+08
PET MANG-RIGHTS        3678569Q BZ      231024467     -1.85E+08
PET MANG-RT            4115364Q BZ      231024467     -1.85E+08
PET MANGUINH-PRF       RPMG4 BZ         231024467     -1.85E+08
PETRO MANGUIN-PF       MANGPN BZ        231024467     -1.85E+08
PET MANG-RIGHTS        3678565Q BZ      231024467     -1.85E+08
PET MANG-RT            RPMG2 BZ         231024467     -1.85E+08
PET MANG-RECEIPT       RPMG9 BZ         231024467     -1.85E+08
PET MANG-RECEIPT       RPMG10 BZ        231024467     -1.85E+08
PET MANG-RT            4115360Q BZ      231024467     -1.85E+08
PETRO MANGUINHOS       RPMG3 BZ         231024467     -1.85E+08
PETRO MANGUINHOS       MANGON BZ        231024467     -1.85E+08
PET MANG-RT            RPMG1 BZ         231024467     -1.85E+08
SANSUY-PREF B          SNSY6 BZ         172563384     -94849033
SANSUY SA              SNSYON BZ        172563384     -94849033
SANSUY SA-PREF A       SNSYAN BZ        172563384     -94849033
SANSUY SA-PREF B       SNSYBN BZ        172563384     -94849033
SANSUY                 SNSY3 BZ         172563384     -94849033
SANSUY-PREF A          SNSY5 BZ         172563384     -94849033
DOC IMBITUBA-RTC       IMBI1 BZ          96977064     -42592603
DOCAS IMBITUBA         IMBION BZ         96977064     -42592603
DOCAS IMBITUB-PR       IMBIPN BZ         96977064     -42592603
DOC IMBITUBA           IMBI3 BZ          96977064     -42592603
DOC IMBITUB-PREF       IMBI4 BZ          96977064     -42592603
DOC IMBITUBA-RTP       8174507Q BZ       96977064     -42592603
DOC IMBITUBA-RTC       8174503Q BZ       96977064     -42592603
VARIG PART EM SE       VPSC3 BZ          96617351      -4.6E+08
VARIG PART EM-PR       VPSC4 BZ          96617351      -4.6E+08
TEXTEIS RENA-RCT       TXRX10 BZ         73095834     -1.04E+08
TEXTEIS RENAU-RT       TXRX2 BZ          73095834     -1.04E+08
TEXTEIS RENAU-RT       TXRX1 BZ          73095834     -1.04E+08
TEXTEIS RENAUX         RENXON BZ         73095834     -1.04E+08
TEXTEIS RENAUX         RENXPN BZ         73095834     -1.04E+08
TEXTEIS RENA-RCT       TXRX9 BZ          73095834     -1.04E+08
RENAUXVIEW SA          TXRX3 BZ          73095834     -1.04E+08
RENAUXVIEW SA-PF       TXRX4 BZ          73095834     -1.04E+08
FABRICA RENAUX-P       FRNXPN BZ         63865882     -73255215
FABRICA TECID-RT       FTRX1 BZ          63865882     -73255215
FABRICA RENAUX-P       FTRX4 BZ          63865882     -73255215
FABRICA RENAUX         FTRX3 BZ          63865882     -73255215
FABRICA RENAUX         FRNXON BZ         63865882     -73255215
MINUPAR SA-PREF        MNPRPN BZ         63144534     -60655823
MINUPAR-PREF           MNPR4 BZ          63144534     -60655823
MINUPAR-RT             MNPR1 BZ          63144534     -60655823
MINUPAR SA             MNPRON BZ         63144534     -60655823
MINUPAR-RCT            MNPR9 BZ          63144534     -60655823
MINUPAR                MNPR3 BZ          63144534     -60655823
VARIG PART EM TR       VPTA3 BZ          49432124     -3.99E+08
VARIG PART EM-PR       VPTA4 BZ          49432124     -3.99E+08
CIMOB PART-PREF        GAFP4 BZ          39881387     -41560357
CIMOB PARTIC SA        GAFP3 BZ          39881387     -41560357
CIMOB PART-PREF        GAFPN BZ          39881387     -41560357
CIMOB PARTIC SA        GAFON BZ          39881387     -41560357
SANESALTO              SNST3 BZ          31044051      -1843298
STAROUP SA-PREF        STARPN BZ         27663605      -7174512
BOTUCATU TEXTIL        STRP3 BZ          27663605      -7174512
STAROUP SA             STARON BZ         27663605      -7174512
BOTUCATU-PREF          STRP4 BZ          27663605      -7174512
CONST BETER SA         1007Q BZ          25469474      -4918663
CONST BETER-PF B       1COBBN BZ         25469474      -4918663
CONST BETER SA         1COBON BZ         25469474      -4918663
CONST BETER-PR A       COBEAN BZ         25469474      -4918663
CONST BETER-PR A       1008Q BZ          25469474      -4918663
CONST BETER-PR B       1009Q BZ          25469474      -4918663
CONST BETER SA         COBE3B BZ         25469474      -4918663
CONST BETER SA         COBE3 BZ          25469474      -4918663
CONST BETER-PF A       1COBAN BZ         25469474      -4918663
CONST BETER-PR B       COBEBN BZ         25469474      -4918663
CONST BETER-PF B       COBE6 BZ          25469474      -4918663
CONST BETER-PF A       COBE5 BZ          25469474      -4918663
CONST BETER SA         COBEON BZ         25469474      -4918663
STEEL - RCT ORD        STLB9 BZ          23040051      -8699861
STEEL - RT             STLB1 BZ          23040051      -8699861
STEEL DO BRASIL        STLB3 BZ          23040051      -8699861
CHIARELLI SA-PRF       CCHI4 BZ          22274027     -44537138
CHIARELLI SA-PRF       CCHPN BZ          22274027     -44537138
CHIARELLI SA           CCHON BZ          22274027     -44537138
CHIARELLI SA           CCHI3 BZ          22274027     -44537138
FER HAGA-PREF          HAGA4 BZ          21299043     -62858771
FERRAGENS HAGA-P       HAGAPN BZ         21299043     -62858771
FERRAGENS HAGA         HAGAON BZ         21299043     -62858771
HAGA                   HAGA3 BZ          21299043     -62858771
CAF BRASILIA-PRF       CAFE4 BZ          21097370     -9.04E+08
CAFE BRASILIA SA       CSBRON BZ         21097370     -9.04E+08
CAFE BRASILIA-PR       CSBRPN BZ         21097370     -9.04E+08
CAF BRASILIA           CAFE3 BZ          21097370     -9.04E+08
TECEL S JOSE-PRF       FTSJPN BZ         19067322     -52580501
TECEL S JOSE           FTSJON BZ         19067322     -52580501
TECEL S JOSE-PRF       SJOS4 BZ          19067322     -52580501
TECEL S JOSE           SJOS3 BZ          19067322     -52580501
NORDON MET             NORD3 BZ          16108143     -22352941
NORDON MET-RTS         NORD1 BZ          16108143     -22352941
NORDON METAL           NORDON BZ         16108143     -22352941
GAZOLA-PREF            GAZO4 BZ          12452143     -40298506
GAZOLA SA              GAZON BZ          12452143     -40298506
GAZOLA SA-DVD CM       GAZO11 BZ         12452143     -40298506
GAZOLA-RCPT PREF       GAZO10 BZ         12452143     -40298506
GAZOLA SA-PREF         GAZPN BZ          12452143     -40298506
GAZOLA SA-DVD PF       GAZO12 BZ         12452143     -40298506
GAZOLA                 GAZO3 BZ          12452143     -40298506
GAZOLA-RCPTS CMN       GAZO9 BZ          12452143     -40298506
ARTHUR LANGE           ARLA3 BZ          11642256     -17154462
ARTHUR LANG-RC P       ARLA10 BZ         11642256     -17154462
ARTHUR LANG-RC C       ARLA9 BZ          11642256     -17154462
ARTHUR LAN-DVD C       ARLA11 BZ         11642256     -17154462
ARTHUR LANGE SA        ALICON BZ         11642256     -17154462
ARTHUR LAN-DVD P       ARLA12 BZ         11642256     -17154462
ARTHUR LANG-RT P       ARLA2 BZ          11642256     -17154462
ARTHUR LANGE-PRF       ALICPN BZ         11642256     -17154462
ARTHUR LANG-RT C       ARLA1 BZ          11642256     -17154462
ARTHUR LANGE-PRF       ARLA4 BZ          11642256     -17154462
FERREIRA GUIMARA       FGUION BZ         11016542     -1.52E+08
F GUIMARAES            FGUI3 BZ          11016542     -1.52E+08
FERREIRA GUIM-PR       FGUIPN BZ         11016542     -1.52E+08
F GUIMARAES-PREF       FGUI4 BZ          11016542     -1.52E+08


CHILESAT CORP SA       TELEX CI         953784479     -1.03E+08
TELMEX CORP-ADR        CSAOY US         953784479     -1.03E+08
TELMEX CORP SA         CHILESAT CI      953784479     -1.03E+08
TELEX-RTS              TELEXO CI        953784479     -1.03E+08
CHILESAT CO-ADR        TL US            953784479     -1.03E+08
CHILESAT CO-RTS        CHISATOS CI      953784479     -1.03E+08
TELEX-A                TELEXA CI        953784479     -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


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 * * *