TCRLA_Public/110315.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 15, 2011, Vol. 12, No. 52

                            Headlines



A R G E N T I N A

WPE INTERNATIONAL: Fitch Reports Reopening of 10.375% Notes


B E R M U D A

FAIRLINE SHIPPING: Creditors' Proofs of Debt Due March 31
FAIRLINE SHIPPING: Members' Final Meeting Set for April 22
GP3 LTD: Creditors' Proofs of Debt Due March 31
GP3 LTD: Members' Final Meeting Set for April 22
IRC RE: Court Appoints Morrison & Thresh as Liquidators

MGS RELATIVE: Creditors' Proofs of Debt Due March 25
MGS RELATIVE: Member to Receive Wind-Up Report on April 15
ORIGIN LIMITED: Creditors' Proofs of Debt Due March 23
ORIGIN LIMITED: Members' Final Meeting Set for April 12
STRATUM TRADING: Creditors' Proofs of Debt Due March 25

STRATUM TRADING: Member to Receive Wind-Up Report on April 15


B R A Z I L

LOCALIZA RENT: Moody's Upgrades Ratings on Senior Bonds from 'Ba1'


J A M A I C A

ALPART: UC Rusal Not Restarting Operations at Firm
* JAMAICA: Bad Debts Rise to Record Levels in 2010


P U E R T O   R I C O

MIRAMAR REAL ESTATE: Section 341(a) Meeting Scheduled for April 11
MIRAMAR REAL ESTATE: Taps Latimer Biaggi as Bankruptcy Counsel


X X X X X X X X


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


                            - - - - -


=================
A R G E N T I N A
=================


WPE INTERNATIONAL: Fitch Reports Reopening of 10.375% Notes
-----------------------------------------------------------
WPE International Cooperative disclosed the reopening of its
10.375% notes due 2020.  The reopening will carry the same rating
as the original deal at 'B+/RR4'.  This add-on issuance for up to
US$65 million (to US$390 million) is expected to be primarily used
to refinance shorter maturity indebtedness.

WPE International is a direct subsidiary of WPE, which in turn is
wholly owned by Industrias Metalurgicas Pescarmona.  The notes are
irrevocably and unconditionally guaranteed by IMPSA and WPE on a
senior unsecured basis.  The rating of the notes reflects the
creditworthiness of the guarantors.  Fitch rates IMPSA 'B+', with
a Stable Outlook, while WPE is a fully owned subsidiary of IMPSA
with strong operating, strategic and financial ties to its parent
company.


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


FAIRLINE SHIPPING: Creditors' Proofs of Debt Due March 31
---------------------------------------------------------
The creditors of Fairline Shipping Corporation, Ltd. are required
to file their proofs of debt by March 31, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


FAIRLINE SHIPPING: Members' Final Meeting Set for April 22
----------------------------------------------------------
The members of Fairline Shipping Corporation, Ltd. will hold their
final meeting on April 22, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


GP3 LTD: Creditors' Proofs of Debt Due March 31
-----------------------------------------------
The creditors of GP3, Ltd. are required to file their proofs of
debt by March 31, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


GP3 LTD: Members' Final Meeting Set for April 22
------------------------------------------------
The members of GP3, Ltd. will hold their final meeting on
April 22, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Jennifer M. Kelly
         Par La Ville Place, 3rd Floor
         14 Par La Ville Road
         Hamilton
         Bermuda


IRC RE: Court Appoints Morrison & Thresh as Liquidators
-------------------------------------------------------
On February 22, 2011, the Supreme Court of Bermuda appointed Mike
Morrison and Charles Thresh as provisional liquidators of IRC Re
Limited.


MGS RELATIVE: Creditors' Proofs of Debt Due March 25
----------------------------------------------------
The creditors of MGS Relative Value NF Strategies Limited are
required to file their proofs of debt by March 25, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2011.

The company's liquidator is:

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


MGS RELATIVE: Member to Receive Wind-Up Report on April 15
----------------------------------------------------------
The member of MGS Relative Value NF Strategies Limited will
receive on April 15, 2011, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 9, 2011.

The company's liquidator is:

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


ORIGIN LIMITED: Creditors' Proofs of Debt Due March 23
------------------------------------------------------
The creditors of ORIGIN Limited are required to file their proofs
of debt by March 23, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 3, 2011.

The company's liquidator is:

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


ORIGIN LIMITED: Members' Final Meeting Set for April 12
-------------------------------------------------------
The members of ORIGIN Limited will hold their final meeting on
April 12, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 3, 2011.

The company's liquidator is:

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


STRATUM TRADING: Creditors' Proofs of Debt Due March 25
-------------------------------------------------------
The creditors of Stratum Trading Limited are required to file
their proofs of debt by March 25, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 7, 2011.

The company's liquidator is:

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


STRATUM TRADING: Member to Receive Wind-Up Report on April 15
-------------------------------------------------------------
The member of Stratum Trading Limited will receive on April 15,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on March 7, 2011.

The company's liquidator is:

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


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


LOCALIZA RENT: Moody's Upgrades Ratings on Senior Bonds from 'Ba1'
------------------------------------------------------------------
Moody's America Latina has upgraded the ratings for Localiza Rent
a Car S.A.'s senior unsecured debentures to Baa3 from Ba1.  At the
same time, Localiza's corporate family ratings of Ba1/Aa2.br were
withdrawn.  The outlook for the ratings is stable.

Ratings Upgraded:

  - BRL200 million senior unsecured debentures due 2014: to
    Baa3/Aa1.br from Ba1/Aa2.br

Ratings Withdrawn:

  - Corporate family rating: Ba1/Aa2.br

                        Ratings Rationale

"Localiza's upgrade to Baa3 is supported by the company's stable
operating performance and resilient business model demonstrated
during the credit crisis in 2009.  During the downturn the company
sustained its strong margins and increased its liquidity by
depleting its fleet.  Strong and growing market share position
both in the car and fleet rental segments that leave the closest
competitor with less than half of its market share also support
the upgrade.  The company continues to maintain profitability and
leverage metrics that are comparable to most other Baa3 rated
companies in the region", said Moody's analyst Marcos Schmidt.
"The upgrade is also related to the good economic prospects for
Brazil that are increasing access to bank loans, level of income
and demand for cars maintaining the good momentum for Localiza's
business.", added Schmidt.

On the other hand Localiza's ratings are constrained by the
capital intensive nature of the car rental business, small size
when compared to its global industry peers, lack of significant
international footprint, declining margins, low interest coverage
for the rating category when compared to peers given high interest
rates in Brazil, dependence on the negotiation of attractive
discounts from automobile manufacturers and reliance on the used
cars sales market.

Localiza's Baa3 rating is also based on the company's ability to
maintain the utilization rate of its car rental fleet (69.1% in
2010 vs. 68.8% in 2009 and 67.9% in 2008) and the average age of
its car rental fleet business below one year (6.3 months in 2010
vs. 9.5 in 2009) through the successful management of its vehicle
purchases and sales through its own 55 used vehicle stores.

A key factor for Localiza's rating is therefore its ability to
continue to negotiate attractive discounts from automobile
manufacturers, while managing its used car operations in an
efficient and timely manner, thus allowing the company to maintain
low depreciation expense.  Localiza's size as the largest car
rental company in Brazil and the largest single car buyer in the
country gives the company strong bargaining power.  They have been
acquiring vehicles straight from the manufacturers for a 20%
discount on average.  The ability of the car manufacturers to
offer discounts to rental companies is also premised on lower
taxes paid by the manufacturer when selling new cars straight to
the final consumers.  Localiza's used car operation is competitive
against new car sales due in part to this discount obtained in the
acquisition of new vehicles.

Moody's regards Localiza as having a good level of transparency
and financial disclosure standards, as demonstrated by its
quarterly publication of audited financials in Brazilian GAAP and
annually in US GAAP and going forward will report on an IFRS
standard.  The company hosts regular quarterly conference calls.
The company's shares are traded on BM&FBovespa complying with the
Novo Mercado standards, the highest corporate governance level in
the local market.

Localiza has a board of directors comprised of nine members, with
four independent members.  All directors must hold Localiza shares
and are elected during the annual general shareholders' meeting
for a two year term.  Additionally, the company has a permanent
audit committee comprised of two members, with one independent
members.  Three other committees were created by the board as part
of Localiza's corporate governance best practices.

In 2010 Localiza achieved BRL2.5 billion in net revenues a 37.4%
increase when compared to 2009, the revenue growth was due to a
33.1% increase in number of daily rentals and a 3.6% increase in
average rental rate in the car rental division, combined with a
13.3% increase in the number of daily rentals and 5.5% growth in
the average rental rate in the fleet rental division.

At the end of 2010 Localiza had BRL415.7 million in cash and
equivalents on its balance sheet, enough to pay down 100% of its
short term debt of BRL233.7 million.  If the short term debt was
paid down with its cash balance the company would have a
comfortable debt maturity schedule with no further debt repayments
during 2011 and relatively moderate amounts in 2012 and 2013.

Localiza's 100% unencumbered fleet of 88,060 cars with an
estimated value of BRL2.4 billion, is a source of alternative
liquidity.  During the economic slowdown especially during the
1H'09 the company was able to sell 15,107 cars and reduced
purchases to 5,333 cars.  The cars were sold with no major
discount to the market through Localiza's used car stores network.
The company generated BRL465 million FCF in the period and paid
down the upcoming debt maturities.

Localiza's cash balance of BRL415.7 million plus BRL2.4 billion in
fleet value would cover its total adjusted debt of around BRL1.9
billion by around 1.5 times.

The stable outlook assumes that Localiza will continue to
successfully execute its growth strategy with access to the
capital markets, always adjusting its fleet size to expected
market conditions on a timely basis.

Although unlikely based on Localiza's current size and geographic
footprint, upward pressure on Localiza's current rating or outlook
would further gains in market share, geographic diversification
and revenues while maintaining Gross Debt to EBITDA below 2.25
times (2.5 times in the last twelve months ended in September,
2010) and achieving EBITDA to interest expense coverage of above
5.0 times (4.0 times in the last twelve months ended in September,
2010).  The implementation of financial policies that included
maximum leverage and minimum cash amounts, a long-term committed
bank standby facility that would reduce reliance on capital
markets to refinance existing debt maturities, would also be
considered as an enhancement to the company's liquidity profile
and overall credit quality.

Conversely, negative pressure on the current outlook or ratings
could arise if Localiza fails to reduce its fleet size during a
major downturn in the Brazilian car rental market.
Quantitatively, Localiza's rating could come under downward
pressure if EBITDA margins for its fleet management and car rental
business were to fall below 45% (51.1% in the last twelve months
ended in September, 2010), EBITDA interest coverage to below 3.0
times (4.0 times in the last twelve months ended in September,
2010) or if Gross Debt to EBITDA exceeded 3.5 times (2.5 times in
the last twelve months ended in September, 2010) on a sustained
basis.

Localiza, founded in 1973 and headquartered in Belo Horizonte,
Minas Gerais, Brazil, operates car rental, fleet management, and
used car businesses in Brazil.  It also franchises rental car
operations throughout Latin America.  As of December 31, 2010,
Localiza had a total fleet of 88,060 company-owned cars and 476
car rental locations (415 in Brazil, with 234 company-owned) in
eight countries.  Localiza is the market leader in Brazil in each
of the car rental lines of business, including replacement and
fleet management markets, and also has the largest number of car
rental locations at the principal Brazilian airports.


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


ALPART: UC Rusal Not Restarting Operations at Firm
--------------------------------------------------
RadioJamaica reports that Russian mining giant UC Rusal has
indicated that will not restart production at its Alumina Partners
of Jamaica (ALPART) operation in the foreseeable future.
RadioJamaica, citing an internet report, relates the disclosure
was made by a top executive of the Russian company.

The internet report quoted Yakov Itskov, the Chief Executive
Officer Of International Bauxite and Alumina for Rusal, as saying
that operations will remain at a standstill, according to
RadioJamaica.

In a separate RadioJamaica report, former Chairman of the Jamaica
Bauxite Institute, Dr. Carlton Davis, said the rising price of oil
may have led to UC Rusal's decision not to restart production at
ALPART.  Mr. Davis said that with ALPART being a major user of
oil, UC Rusal might be discouraged to approve mining activities at
this time, notes the report.

"ALPART is the most inefficient user of oil of all the alumina
plants in Jamaica and at the present price of oil, it would be
very difficult to see (operations resume).  On top of that, the
35% owner of ALPART has a major stake in Brazil and as a
consequence, they may not be as enthusiastic about ALPART,
certainly not at this time," RadioJamaica quotes Dr. Davis as
saying.

ALPART ceased operations in May 2009 amid a drop in alumina
demand, the report notes.  RadioJamaica adds that the closure
resulted in 900 workers losing their jobs.

                           About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15.  The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008.  Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.

Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


* JAMAICA: Bad Debts Rise to Record Levels in 2010
--------------------------------------------------
RadioJamaica reports that the growth in bad debt across Jamaica's
financial sector rose to its highest level on record in 2010,
despite a slowdown in rate of growth of soured loans.   The report
relates that Bank of Jamaica data show that during 2010, non-
performing loans rose by 36%.

That was, however, considerably lower than the 68% growth that bad
debts recorded in 2009, according to RadioJamaica.

Overall, RadioJamaica notes, at the end of 2010, bad debts in the
financial sector amounted to more than JM$22 billion, the highest
level yet, despite a slowing of the economic contraction.  The
report relates that the recession, which hit Jamaica in 2007, with
its resultant job losses, sent bad debts spiraling as consumers
found it difficult to service loans.

RadioJamaica says that commercial Banks are the hardest hit,
accounting for 60% of total bad debts.  Currently, bad debts
represent 6.5% of total loans, up from under 5% in 2009, the
report discloses.

Financial institutions at the end of December had set aside more
than JM$15 billion as provisions for loan losses, in the event
they are unable to collect soured loans, RadioJamaica adds.

                             *     *     *

As of February 16, 2011, Jamaica continues to carry Standard and
Poor's "B-" currency long-term debt ratings and "C" currency
short-term debt ratings.  The country continues to carry Moody's
"B3" country ceiling foreign bank deposit rating and "Ba3" country
ceiling long-term foreign currency debt rating.


=====================
P U E R T O   R I C O
=====================


MIRAMAR REAL ESTATE: Section 341(a) Meeting Scheduled for April 11
------------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of Miramar
Real Estate Management Inc.'s creditors on April 11, 2011, at 9:00
a.m.  The meeting will be held at 341 Meeting Room, Ochoa
Building, 500 Tanca Street, First Floor, San Juan, Puerto Rico.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
filed for Chapter 11 bankruptcy protection on March 2, 2011
(Bankr. D. P.R. Case No. 11-01786).  Fausto D. Godreau Zayas,
Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at US$100 million to US$500 million.


MIRAMAR REAL ESTATE: Taps Latimer Biaggi as Bankruptcy Counsel
--------------------------------------------------------------
Miramar Real Estate Management, Inc., asks for authorization from
the U.S. Bankruptcy Court for the District of Puerto Rico to
employ the law firm of Latimer, Biaggi, Rachid & Godreau as its
bankruptcy counsel.

Latimer Biaggi will:

     a. give the Debtor legal advice with respect to the Debtor's
        Chapter 11 case;

     b. represent the Debtor in any adversary proceeding, index or
        contested matters filed by or against Debtor; and

     c. represent or advise the Debtor in any other matter
        requested by it.

Latimer Biaggi will be paid based on the hourly rates of its
professionals:

        Partners                US$175
        Associates              US$125

F. David Godreau Zayas, Esq., a member at Latimer Biaggi, assures
the Court that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
filed for Chapter 11 bankruptcy protection on March 2, 2011
(Bankr. D. P.R. Case No. 11-01786).  The Debtor estimated its
assets and debts at US$100 million to US$500 million.


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


* S&P's Global Corporate Default Tally Remains at Three in 2011
---------------------------------------------------------------
The 2011 global corporate default tally remains at three issuers
after no issuers defaulted this week, said an article published
March 11 by Standard & Poor's, titled "Global Corporate Default
Update (March 4 - 10, 2011) (Premium)."

Two of these defaults were based in the U.S. and one was based in
the Czech Republic.  By comparison, 19 global corporate issuers
defaulted at this time last year (15 U.S.-based issuers and one
each based in Argentina, 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 defaults resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.


* 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.


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