TCRLA_Public/110308.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 8, 2011, Vol. 12, No. 47

                            Headlines



B R A Z I L

BANCO BMG: Moody's Assigns 'Ba2' Rating to Senior Unsec. Notes


C A Y M A N   I S L A N D S

ASTMAX CGM: Members to Hear Wind-Up Report on March 31
CC ASSURANCE: Members to Hear Wind-Up Report on March 22
HALABRISA INVESTMENTS: Member to Hear Wind-Up Report on April 1
HIMALAYA FUNDING: Members to Hear Wind-Up Report on March 30
PLAINFIELD ACCEPTANCE: Members to Hear Wind-Up Report on March 31

SAKURAMORI HOLDINGS: Members to Hear Wind-Up Report on March 30
SAXLINGHAM EUROPE: Members to Hear Wind-Up Report on June 30
SAXLINGHAM EUROPE: Members to Hear Wind-Up Report on June 30
TRADEX CURRENCY: Members to Hear Wind-Up Report on March 29
TRADEX CURRENCY: Members to Hear Wind-Up Report on March 29

WALL CAPITAL: Members to Hear Wind-Up Report on March 22
WATERFALLS INVESTMENTS: Member to Hear Wind-Up Report on April 1
WHARF CAPITAL: Members to Hear Wind-Up Report on March 29
WHARF INTERNATIONAL: Members to Hear Wind-Up Report on March 29


C H I L E

COMPANIA MINERA: Chile Congress Blames Owners for Mine Collapse


C O L O M B I A

BANCO DE COMERCIO: S&P Affirms 'BB+' Counterparty Credit Rating
FINANCIERA ENERGETICA: S&P Affirms 'BB+' Counterparty Ratings


J A M A I C A

JAMALCO: Rehires Trevor Dunkley as Mining Contractor


M E X I C O

BANK OF TOKYO-MITSUBISHI: Moody's Affirms 'D' Bank Strength Rating
DESARRLLADORA METROPOLITANA: Moody's Withdraws 'C' Senior Rating
MAXCOM TELECOMUNICACIONES: S&P Cuts Corp. Credit Rating to 'B-'


X X X X X X X X


* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO BMG: Moody's Assigns 'Ba2' Rating to Senior Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to the proposed 3-year senior unsecured notes to be issued
by Banco BMG S.A. The notes will be denominated in US Dollars and
due February 2014.  The rating outlook is negative.

At the same time, Moody's withdrew the Ba2 foreign currency debt
rating assigned to the proposed BRL-denominated senior unsecured
notes announced by Banco BMG in January 2011.  Those notes were
not issued.

Assignments:

Issuer: Banco BMG S.A.

  -- Senior Unsecured Regular Bond, Assigned Ba2

                        Ratings Rationale

The rating agency explained that the foreign currency senior
unsecured debt rating derives from BMG's Ba2 global local currency
deposit rating.  At this rating level, the bond rating is not
constrained by the country ceiling for foreign currency bonds and
notes for Brazil.

The proposed notes are being issued under the existing multi-
currency US$1 billion Short Term Note Programme rated (P)Ba2 by
Moody's, with negative outlook.

The last rating action on Banco BMG S.A. was on December 9, 2010,
when Moody's changed the outlook to negative from stable on all
ratings assigned to Banco BMG.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
total consolidated assets of R$11,442 million (US$6,893 billion)
and equity of R$2,337 million (US$1,408 million) as of Dec. 31,
2010.


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


ASTMAX CGM: Members to Hear Wind-Up Report on March 31
------------------------------------------------------
The members of ASTMAX CGM Fund Ltd. will receive on March 31,
2011, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CC ASSURANCE: Members to Hear Wind-Up Report on March 22
--------------------------------------------------------
The members of CC Assurance Company, Ltd. will receive on
March 22, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Russell Smith is the company's liquidator.


HALABRISA INVESTMENTS: Member to Hear Wind-Up Report on April 1
---------------------------------------------------------------
The sole shareholder of Halabrisa Investments Limited will receive
on April 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694, Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


HIMALAYA FUNDING: Members to Hear Wind-Up Report on March 30
------------------------------------------------------------
The members of Himalaya Funding Holding Inc. will receive on
March 30, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


PLAINFIELD ACCEPTANCE: Members to Hear Wind-Up Report on March 31
-----------------------------------------------------------------
The members of Plainfield Acceptance International Ltd. will
receive on March 31, 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:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SAKURAMORI HOLDINGS: Members to Hear Wind-Up Report on March 30
---------------------------------------------------------------
The members of Sakuramori Holdings Ltd. will receive on March 30,
2011, at 9:10 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SAXLINGHAM EUROPE: Members to Hear Wind-Up Report on June 30
------------------------------------------------------------
The members of Saxlingham Europe Fund Limited will receive on
June 30, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Darren Swayne
          c/o Maples FS Limited
          4th Floor, Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands


SAXLINGHAM EUROPE: Members to Hear Wind-Up Report on June 30
------------------------------------------------------------
The members of Saxlingham Europe Master Fund Limited will receive
on June 30, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Darren Swayne
          c/o Maples FS Limited
          4th Floor, Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands


TRADEX CURRENCY: Members to Hear Wind-Up Report on March 29
-----------------------------------------------------------
The members of Tradex Currency Fund Holdings SPC, Ltd. will
receive on March 29, 2011, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Harbour Centre, 42 North Church Street
          George Town, P.O. Box 1348
          Grand Cayman KY1-1108
          Cayman Islands


TRADEX CURRENCY: Members to Hear Wind-Up Report on March 29
-----------------------------------------------------------
The members of Tradex Currency Fund SPC, Ltd. will receive on
March 29, 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:

          Mourant Ozannes Cayman Liquidators Limited
          Harbour Centre, 42 North Church Street
          George Town, P.O. Box 1348
          Grand Cayman KY1-1108
          Cayman Islands


WALL CAPITAL: Members to Hear Wind-Up Report on March 22
--------------------------------------------------------
The members of Wall Capital Limited will receive on March 22,
2011, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


WATERFALLS INVESTMENTS: Member to Hear Wind-Up Report on April 1
----------------------------------------------------------------
The sole shareholder of Waterfalls Investments Ltd. will receive
on April 1, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694, Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


WHARF CAPITAL: Members to Hear Wind-Up Report on March 29
---------------------------------------------------------
The members of Wharf Capital International Limited will receive on
March 29, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


WHARF INTERNATIONAL: Members to Hear Wind-Up Report on March 29
---------------------------------------------------------------
The members of Wharf International Finance Limited will receive on
March 29, 2011, at 9:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


=========
C H I L E
=========


COMPANIA MINERA: Chile Congress Blames Owners for Mine Collapse
---------------------------------------------------------------
The Associated Press reports that a Chilean congressional
commission found two owners of Compania Minera San Esteban
Primera, Marcelo Kemeny and Alejandro Bohn, responsible for the
accident that trapped 33 men a half-mile underground for 69 days
in 2010.

The commission's report, which is expected to be approved by the
lower house, said members unanimously found Messrs. Bohn and
Kemeny responsible for the collapse that trapped the men deep
inside the San Jose mine, according to AP.

The report notes that Deputy Alejandro Garcia Huidobro said the
commission also determined that Chile's mine safety agency was
administratively responsible for failing to fully enforce its
safety rules.  AP relates that the report is expected to help
lawyers for the miners pursue lawsuits against the owners.

Messrs. Bohn and Kemeny denied being negligent or otherwise
responsible for the collapse, the report discloses.  AP adds that
both executives also face charges in an earlier accident in which
a falling slab of rock sliced off a miner's leg.

Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 30, 2010, UPI said that Compania Minera San Esteban Primera
warned it was considering filing for bankruptcy and might not be
able to pay salaries owed to the 33 trapped miners in the
company's mine when they emerge, let alone damages from impending
lawsuits from one of the miners' family.


===============
C O L O M B I A
===============


BANCO DE COMERCIO: S&P Affirms 'BB+' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB+'
long-term foreign currency counterparty credit rating on Banco de
Comercio Exterior de Colombia S.A.  The outlook remains positive.

"The rating on Bancoldex reflects its strategic importance for the
Colombian government economic development strategy," said Standard
& Poor's credit analyst Martin Samper.  S&P currently assess that
Bancoldex has a very important role and a very strong link with
the sovereign.  In S&P's opinion, there is a very high likelihood
that the Colombian government would provide timely and sufficient
support in the event of financial distress.

In accordance with S&P's criteria for government-related entities,
its view of a very high likelihood of extraordinary government
support is based on its assessment of:

Bancoldex's very important role supporting micro, small and
midsize enterprises, microcredit, as well as financing
infrastructure (through private equity) and exports in the
country.  S&P considers these areas to be fundamental to the
government and Colombian economy.

Bancoldex's very strong link with the sovereign that leads us to
believe the government will continue to hold its current
shareholder participation, of 99.8%, and therefore continue to
exert a strong influence on the bank policies, strategic
direction, and management.

Although the bank faces industry and economic risks inherent to
operating in Colombia, its good capitalization, asset quality
indicators, and adequate profitability reflect the company's good
track record during the past few years.  Despite good performance
of the loan portfolio, higher credit risk in the SMEs and
microcredit segments could hurt the bank's profitability.
Bancoldex's stand-alone credit profile is equivalent to the
counterparty credit rating on the bank.

Adequate profitability levels have strengthened capitalization.
At December 2010, the bank reported adjusted capital to assets of
24.1%.  The bank has maintained good asset quality despite
international imbalances.  Loan loss reserves substantially cover
nonperforming loans, which stand at 0.05% and, in S&P's view,
compares well with the bank's peers.  S&P considers Bancoldex's
management to have strong underwriting standards along with good
policies.  Going forward, S&P see this as a profitability driver,
since less loan reserves would be needed to cover nonperforming
loans, improving the bank's efficiency and profitability ratios.

S&P believes that the SME and microcredit sector could strain
Bancoldex's asset quality.  S&P considers that these sectors are
underdeveloped with innovation, technology, and infrastructure
challenges ahead.  This, in S&P's view, is highly important for
the bank, and unfortunately generates ongoing costs for the
institution.  Additionally, S&P see new possible risks, coming
from Bancoldex's new strategies to work with other regional
governments and institutions, since some of the new possible
clients could be in countries with higher economic and industry
risk.

The positive outlook mirrors that of the Republic of Colombia,
given Bancoldex's strategic importance for the Colombian
government's economic development.  S&P also considers that
Bancoldex will maintain its very important role and very strong
link to the sovereign.  If S&P were to raise the foreign currency
rating on the sovereign, S&P would raise Bancoldex's rating.


FINANCIERA ENERGETICA: S&P Affirms 'BB+' Counterparty Ratings
-------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB+'
counterparty credit ratings on Colombian-based Financiera
Energetica Nacional.  At the same time, S&P assigned a 'BB+' local
currency rating on the company.  The outlook is stable.

"The ratings on FEN primarily reflect S&P's view of a high
likelihood that Republic of Colombia government would provide
timely and sufficient extraordinary support to FEN in the event of
financial distress," said Standard & Poor's credit analyst Martin
Samper.

Following S&P's government-related entities criteria, its view of
a high likelihood of extraordinary government support is based on
its assessment of FEN's:

* Important role in the economic development strategy of Colombia.
  Also, the energy industry in the country is growing considerably
  as a result of recent investments in this sector.

* Very strong link with the government.  S&P believes that the
  government will remain a strong and stable shareholder, with
  99.4% ownership, and will continue to exert a strong influence
  on FEN. S&P also believes that FEN's goals are well aligned with
  government's major policies.

However, FEN's stand-alone credit profile reflects its weak
business profile because of its highly concentrated loan portfolio
in the energy industry and business limitations as a result of its
run-off status.  The 'bb-' SACP receives two notches of support.
The strong capitalization and reserves levels, good liquidity, and
no debt obligations in its balance sheet support the SACP.

Formally, FEN is functioning as a fiduciary, and thus it has no
debt outstanding since 2007 and has gradually collected and
recovered its loan book.  Consequently, the government has
proactively diminished FEN's equity by buying shares from its
minority shareholders and gradually lowering the subscribed
capital of the company.  The institution is in a run-off status,
and S&P expects it to finish collecting loans in 2018.

Despite its run-off status, the management has maintained a good
financial profile.  FEN's loan portfolio is highly concentrated in
the energy sector and in three customers.  Although collection of
loans has improved, most of the loan portfolio has collection
problems.  However, FEN's reserves cover almost 100% of its total
loans and maintain strong capital levels, and there is no debt
funding its business.

The stable outlook reflects S&P's expectation that FEN will
continue to manage its portfolio without disruption and won't need
to borrow in the near future.  Since its GRE role has narrowed in
recent years and is likely to diminish as the loan book widens,
the link to the government is not strong enough to grant the
company the same rating or outlook as the government, according to
S&P's criteria.  Thus the ratings would not move in tandem with
the sovereign rating.  If a sharp decrease in capitalization hurts
FEN's financial strength, S&P could lower the ratings.


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


JAMALCO: Rehires Trevor Dunkley as Mining Contractor
----------------------------------------------------
RadioJamaica reports that JAMALCO (Alcoa Minerals of Jamaica) has
renewed its mining contract with Trevor Dunkley & Company for
three years.  The terms have not been disclosed.

Trevor Dunkley has partnered with Alcoa-controlled Jamalco since
2005, the report recounts.

The local contractor beat out 11 other bidders from Jamaica,
Brazil, Suriname, and the United States to retain the contract,
according to RadioJamaica.

"Four companies withdrew their bids after examining the scope of
work, two were disqualified after the technical team assessed
their operations, and three others were eliminated after the
analysis of their technical proposals for performing the work,"
RadioJamaica quotes Jamalco as saying.  "Of the three remaining
bidders, one was disqualified because its initial proposal was
very uncompetitive and its mining mobile equipment did not meet
Jamalco's requirements.  A major factor in Trevor Dunkley's favor
over the remaining bidder was its very competitive financial
proposal."

                             About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs, or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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


BANK OF TOKYO-MITSUBISHI: Moody's Affirms 'D' Bank Strength Rating
------------------------------------------------------------------
Moody's Investors Service affirmed Bank of Tokyo-Mitsubishi UFJ
(Mexico), S.A., Institucion de Banca Multiple Filial's bank
financial strength rating of D.  Moody's de Mexico also affirmed
BTMUM's Mexican national scale long and short term deposit ratings
of Aa1.mx and MX-1, respectively.

                        Ratings Rationale

The affirmation of BTMUM's ratings is in response to the recent
reclassification of two of the bank's outstanding loans as past
due at the behest of the Mexican banking regulator, which brings
its problem loan ratio to 8.98% of gross loans.

Moody's notes that the bank's robust capitalization and loan loss
reserve coverage are sufficiently strong to support the
hypothetical write off of these two loans, as well as substantial
losses on its securities portfolios, as per Moody's scenario
analysis.  As of year-end 2010, BTMUM reported a Tier 1 ratio of
38.03% and a loan loss reserve coverage of past dues of 46.09%.
Moreover, Moody's notes that over the course of BTMUM's operations
in Mexico, its asset quality indicators have been pristine.

In affirming all ratings, Moody's mentioned that BTMUM's D BFSR is
limited by its small local franchise and narrow business scope.
As a full subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
BTMUM is geared primarily to servicing Japanese corporations
operating in Mexico through a wholesale corporate lending and
deposit-taking bank and trading model.  BTMUM is small, especially
when compared to retail-oriented banks in Mexico and it had MXN5.4
billion (US$436 million) in assets, which represents 0.11% of the
Mexican banking system's assets, as of year-end 2010.

Moody's affirmed BTMUM's deposit ratings based on continued
expectation of very high parental support from BTMU, whose bank
financial strength rating of C translates to a baseline credit
assessment of A3.

The last rating action on BTMUM was on 4 May 2007 when Moody's
upgraded the bank's Mexican national scale long term deposit
rating of Aa1.mx, from Aa3.mx, in line with the establishment of
parental support from BTMU for its Mexican operations.  The last
announcement regarding BTMUM was on 11 February 2009 when Moody's
affirmed BTMUM's BFSR and Mexican National Scale deposit ratings.


DESARRLLADORA METROPOLITANA: Moody's Withdraws 'C' Senior Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Desarrolladora
Metropolitana SA de CV's C senior unsecured debt rating.  Moody's
de Mexico has withdrawn Demet's C global scale local currency
issuer rating and C.mx national scale issuer rating.

These ratings were withdrawn:

* Desarrolladora Metropolitana SA de CV -- global scale local
  currency issuer rating at C, national scale issuer rating at
  C.mx, senior unsecured long-term debt at C.

                        Ratings Rationale

The credit rating has been withdrawn because Moody's Investors
Service believes it has insufficient or otherwise inadequate
information to support the maintenance of the credit rating.

The C rating reflected the potential for above-average loss
severity on Demet's senior unsecured debt as the company has not
been able to resolve its failure to pay the debt service due on
its US dollar senior unsecured global bonds with a maturity of May
9, 2017 and has not presented a refinancing plan for its
outstanding bonds.  The bonds currently have a balance of
approximately US$174 million.  No resolution to the company's
current debt payment default and no acceptable refinancing plan in
place with its bond holders will most likely lead to an imminent
acceleration of the total debt balance.

The last rating action on Demet was on January 8, 2010 when
Moody's downgraded the ratings of Demet to C from Ca senior
unsecured debt; to C, from Ca global scale local currency issuer
rating and to C.mx, from Ca.mx national scale issuer rating.  This
action concluded Moody's review.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


MAXCOM TELECOMUNICACIONES: S&P Cuts Corp. Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and senior secured debt ratings on Maxcom
Telecomunicaciones S.A.B. de C.V. to 'B-' from 'B'.  The outlook
is negative.  The '3' recovery rating on the company's senior
secured debt is unchanged.

"The downgrade reflects Maxcom's weaker financial performance,
especially its continued negative free operating cash flow and
consequent high cash-burn rate," said Standard & Poor's credit
analyst Marcela Duenas.  The company's cash position had fallen to
Mexican pesos 375.2 million as of Dec. 31, 2010, limiting its
financial flexibility.  S&P expects continued weak financial
results due to intense competition.

S&P's rating on Mexico City-based Maxcom reflects the company's
highly leveraged financial profile and its vulnerable business
profile; the strong competition from land line, mobile telephony,
and cable operators; and its operation in a capital-intensive
industry that has kept FOCF negative.  In addition, frequent
management changes continue to be a rating factor.  Maxcom's
telecom service offerings, including quadruple-play bundled
packages at very competitive prices; and expertise in managing
customer credit partially mitigate the weaknesses.

Maxcom is a voice-driven, middle-to-low income residential, and
small and midsize enterprise-oriented company.

During 2010, Maxcom's revenue growth was nominal.  Although data
and TV products in the residential segment increased, the
commercial segment offset this growth with an approximate 15%
decline in revenue-generating units.  EBITDA margins remained
stable around 27%, due to expense efficiencies.  S&P believes
revenues and margins will remain flat in the coming quarters as a
result of stiff competition in the telecommunications industry.

The negative outlook reflects the company's tight liquidity and
S&P's expectations of continued weak financial performance.  A
downgrade is possible if the company's leverage and cash-burn rate
increase as a result of negative FOCF in future quarters.


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


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

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


ARGENTINA

IMPSAT FIBER-$US       IMPTD AR         535007008     -17165000
IMPSAT FIBER-C/E       IMPTC AR         535007008     -17165000
IMPSAT FIBER NET       IMPTQ US         535007008     -17165000
IMPSAT FIBER NET       330902Q GR       535007008     -17165000
IMPSAT FIBER-BLK       IMPTB AR         535007008     -17165000
IMPSAT FIBER-CED       IMPT AR          535007008     -17165000
IMPSAT FIBER NET       XIMPT SM         535007008     -17165000
SOC COMERCIAL PL       CVVIF US         138884129     -2.53E+08
SOC COMERCIAL PL       CADN SW          138884129     -2.53E+08
COMERCIAL PL-ADR       SCPDS LI         138884129     -2.53E+08
SOC COMERCIAL PL       CAD IX           138884129     -2.53E+08
COMERCIAL PLAT-$       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


BRAZIL


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


COLOMBIA

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
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *