TCRLA_Public/110321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Monday, March 21, 2011, Vol. 12, No. 56

                            Headlines



A R G E N T I N A

AGROTECNICAS AVANZADAS: Creditors' Proofs of Debt Due June 8
CONSTRUCCIONES PB: Creditors' Proofs of Debt Due April 29
GRACIELA SRL: Creditors' Proofs of Debt Due April 11
INTERNACIONAL DINA: Creditors' Proofs of Debt Due May 12


B R A Z I L

BV FINANCEIRA: Moody's Assigns 'Ba2' Rating to Senior Shares


C A Y M A N   I S L A N D S

BORS INVESTMENTS: Creditors' Proofs of Debt Due April 14
CECRUX INVESTMENTS: Creditors' Proofs of Debt Due April 14
CYNRIC INVESTMENTS: Creditors' Proofs of Debt Due April 14
DAGONET INVESTMENTS: Creditors' Proofs of Debt Due April 14
GAWAIN INVESTMENTS: Creditors' Proofs of Debt Due April 14

HERITAGE REAL: Creditors' Proofs of Debt Due April 18
INTERKRAFT MAC: Creditors' Proofs of Debt Due April 18
JOLS INVESTMENTS: Creditors' Proofs of Debt Due April 14
ONTARIO PARTNERS: Creditors' Proofs of Debt Due April 13
PINEBRIDGE RP: Creditors' Proofs of Debt Due April 13

RIVERSIDE FUNDING: Creditors' Proofs of Debt Due April 13
SANTOSHI CLO: Creditors' Proofs of Debt Due April 13
WHITEBOX DIVERSIFIED: Creditors' Proofs of Debt Due April 19
YONTOSHI CLO2: Creditors' Proofs of Debt Due April 13
YU SHAN: Creditors' Proofs of Debt Due April 14


J A M A I C A

AIR JAMAICA: Caribbean Air Board Ordered to Suspend Activities


X X X X X X X X


* BOND PRICING: For the Week March 14 to March 18, 2011


                            - - - - -


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


AGROTECNICAS AVANZADAS: Creditors' Proofs of Debt Due June 8
------------------------------------------------------------
Dora Paiva, the court-appointed trustee for Agrotecnicas Avanzadas
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 8, 2011.

Ms. Paiva 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. 16, 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:

         Dora Paiva
         Rivadavia 986
         Argentina


CONSTRUCCIONES PB: Creditors' Proofs of Debt Due April 29
---------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Construcciones
PB SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 29, 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
         Tucuman 1506
         Argentina


GRACIELA SRL: Creditors' Proofs of Debt Due April 11
----------------------------------------------------
Jose Eduardo Obes, the court-appointed trustee for Graciela SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 11, 2011.

Mr. Obes 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:

         Jose Eduardo Obes
         Lavalle 1619
         Argentina


INTERNACIONAL DINA: Creditors' Proofs of Debt Due May 12
--------------------------------------------------------
Marcelo Mirasso, the court-appointed trustee for Internacional
Dina SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 12, 2011.

Mr. Mirasso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 15, 2011.

The Trustee can be reached at:

         Marcelo Mirasso
         Lavalle 1675
         Argentina


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


BV FINANCEIRA: Moody's Assigns 'Ba2' Rating to Senior Shares
------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A1.br
(sf) Brazilian national scale rating and of Ba2 (sf) global local
currency rating to the Senior Shares to be issued by BV Financeira
-- Fundo de Investimento em Direitos Creditorios V Nao
Padronizados (BV FIDC V NP or the issuer), a securitization backed
by a pool of performing and non-performing vehicle loans
originated by BV Financeira S.A. -- Credito, Financiamento e
Investimento.

Issuer: BV Financeira -- Fundo de Investimento em Direitos
Creditorios V Nao Padronizados

  -- Senior Shares - A1.br (sf) (National Scale) & Ba2 (sf)
     (Global Scale, Local Currency)

                        Ratings Rationale

The ratings are based on these factors, among others:

  -- The 37% credit enhancement at closing and on-going minimum
     25% credit enhancement in the form of subordination
     supporting the Senior Shares;

  -- The 4.5% minimum excess spread, whereby excess spread is
     fully retained within the structure while Senior Shares
     remain outstanding, increasing available credit enhancement
     throughout the life of the transaction;

  -- The overall credit characteristics of the securitized pool of
     vehicle loans, which consists of (i) a performing loan pool
     which benefits from BV Financeira's established underwriting
     policy, fund eligibility criteria and concentration limits,
     and (ii) a non-performing loan pool which benefits from BV
     Financeira's historical track record in loan recovery;

  -- The transaction structure and its legal framework, including
     the bankruptcy remoteness of the issuer and well-established
     Brazilian laws and regulations; and

  -- The financial strength, operational quality and ability of BV
     Financeira, the originator and primary servicer, to service
     the underlying assets.

BV FIDC V NP is a closed-ended FIDC and issued a single series of
Senior Shares placed with investors.  The subordinated shares were
entirely retained by the seller parent company, Banco Votorantim.
The Senior Shares will accrue a floating-rate interest of DI Rate
(Brazilian Interbank Rate) times an annual spread of 110%.

The final maturity of the fund will take place 36 months after
initial issuance of the Senior Shares, with a final maturity date
at December 31, 2013.  The Senior Shares will accrue interest
during the first 5 months followed by 31 monthly principal and
interest amortization payments starting on month 6 and ending on
month 36.

No interest or principal payments will be made to the subordinated
shares as long as there are Senior Shares outstanding.  No partial
redemptions of subordinated shares are allowed at any time.

The assets backing the FIDC BV V NP are primarily performing
vehicle loans with identical eligibility criteria to BV
Financeira's previous securitization rated by Moody's, BV FIDC IV.
The administrator may use excess cash flows for purchasing
additional performing vehicle loans subject to the performing loan
eligibility criteria.

The transaction also acquired a static pool of non-performing
vehicle loans over the first month after closing for a purchase
price of BRL 240.0 million up to December 2010.  The performing
pool and non-performing pool represent 64.1% and 35.9% (as of
December 31st, 2010) of the fund's total assets, respectively,
calculated using the purchase price for these assets.

The transaction structure includes triggers leading to revision
events.  Should a revision event occur, revolving purchases of new
vehicle loans are immediately stopped and a shareholders meeting
is called; shareholders may decide to place the fund into early
liquidation.  Key revision event triggers include:

  -- Breach of the minimum subordination level (25%);

  -- Breach of minimum excess spread (4.5%); and

  -- Downgrade of the Senior Shares rated by Moody's below the
     initial A1.br (sf) /Ba2 (sf) rating level.

Any performing loans purchase will meet these criteria:

i.  Final maturity of vehicle loans must be before final maturity
date of the Senior Shares;

ii.  Maximum pool concentration per type of vehicle: motorcycle
10%, heavy vehicles 20% and sedans up to 100%; and

iii.  Sum of installments should not be more than BRL50,000 per
obligor (companies or individuals).

Servicing of performing loans is performed entirely in-house by BV
Financeira and benefits from established systems and processes.

The acquisition of non-performing vehicle loans met these pre-
defined characteristics:

i.  Vehicle loans sold to the fund must be past due and not paid
for a minimum of 90 days and a maximum of 360 days; and

ii.  Loans must be legally and exclusively owned by BV Financeira.

The purchase price for the non-performing vehicle loans was 30% of
outstanding face value, with an investment of BRL 240.0 million.
The breakdown of the non-performing portfolio acquired was within
expected range: 14% 90-120 days past due receivables, 13% 120-150
dpd receivables, 12% 150-180 dpd receivables, 61% 180-360 dpd
receivables.

Banco Bradesco S.A. (which Moody's rates A1 for global local
currency deposits and Aaa.br on Brazilian national scale) will act
as master servicer (custodiante) of the transaction as well as
Payment Bank.  Its responsibilities include, among other duties,
verifying that all receivables purchased by the fund meet the
eligibility criteria, monitoring the early amortization triggers,
in addition to managing all of the issuer's daily financial and
operating activities.

Votorantim Asset Management DTVM Ltda is the trustee.

BV Financeira is the fourth largest originator of vehicle loans in
Brazil, ranking after ItaŁ Unibanco S.A, Banco Bradesco S.A and
Santander, with a total loan portfolio of about BRL25.6 billion as
of June 2010.  It is wholly owned subsidiary of Banco Votorantim
S.A. BV Financeira operates through approximately 20,000 certified
car dealers mainly located in the South and Southeast regions of
Brazil, and focuses primarily on used sedans and sport-utility
vehicles.

BV Financeira is fully controlled by Banco Votorantim S.A. (which
Moody's rates A3 for global local currency deposits and Aaa.br on
Brazilian national scale).

Headquartered in Sao Paulo, Banco Votorantim is one of the largest
banks of the Brazilian banking system, posting BRL110.4 billion in
total assets and BRL8 billion in equity as of June 30, 2010.  In
January 2009, the group settled a strategic partnership with Banco
do Brasil, a federally owned institution and largest bank in the
country, which now holds 50.00% in total equity capital of Banco
Votorantim.  This transaction was approved by regulatory
authorities in September 2009.  Banco Votorantim is involved in
multiple lines of business such as consumer finance (mostly
vehicles financing), corporate banking, capital markets,
brokerage, treasury, international business and asset management.

Moody's key ratings-model assumptions for this transaction include
various performance statistics for the performing loan pool (which
constitutes the bulk of the assets) and the non-performing pool
sub-portfolio.

For the performing loan pool, key statistics include a mean of the
loss rate of 5.5% p.a. and a standard deviation of 3%.  Moody's
assumes that the credit losses are lognormally distributed.
Further model input assumptions included annual prepayment rate of
performing vehicle loans (15%) and minimum discount rate (145% of
DI Rate) used for the purchase of the performing assets by the
FIDC.

For the non-performing pool, key statistics include timing and
recovery amounts for defaulted loans.  Moody's base case
projection for the non-performing pool is a cumulative recovery of
17.0% of outstanding face value during the life of the
transaction.  A 50% haircut was applied to the base case
projection resulting in a 8.5% cumulative recovery used in
modeling assumption supporting the rating.

Another assumption in Moody's modeling involved the breakdown of
the non-performing loan pool per delinquency bucket.  Moody's
modeling assumed a target portfolio presented by the issuer with
following breakdown: 12% 90-120 receivables, 11% 120-150 dpd
receivables, 11% 150-180 dpd receivables, 67% 180-360 dpd
receivables.

These factors (performing pool and non-performing pool statistics,
breakdown of the non-performing pool) were incorporated in a cash
flow model that takes into account all the relevant structural
features of the fund's assets and liabilities and as defined in
the transaction documents.  Monte Carlo simulations were run for a
large number of scenarios, whereby the annual credit loss
assumption for the performing pool was drawn in each scenario from
the lognormal distribution described above.  Other risk factors,
such as rising interest rates, prepayments and recoveries on the
non-performing pool, were statically stressed commensurate with
the Ba2 (sf) /A1.br (sf) rating level.  The resulting cash flows
available to the Senior Share holders for each scenario was then
discounted using the promised 110% of DI Rate to determine if, and
the amount of, loss to the Senior Shares.  Expected loss and
probability of default on the Senior Shares are then computed
across all scenarios.  These statistics were finally translated
into Moody's global scale rating and national scale rating.  Other
methodologies and factors that may have been considered in the
process of rating these issuers can also be found in the Credit
Policy & Methodologies directory on Moody's website.

Deterministic rating sensitivities were evaluated by running the
model and varying single input assumptions while remaining all
other assumptions equal.  For example, by reducing the haircut on
base case recovery assumptions of the non-performing loans from
50% to 25%, the implied transaction rating would raise by one
notch from Ba2 to Ba1 in the global scale.  In stressing the
haircut from 50% to 75%, implied rating would fall from Ba2 to B2
in the global scale.

Deterministic break-even analysis were also performed to assess
the maximum annual credit loss rate the transaction can support
before senior shareholders suffer losses.  For example, should in
an extreme case recoveries on the non-performing pool be nil,
Senior Shares would start to suffer a loss if the annual credit
loss rate on the performing pool would exceed 6.7% or a 1.2x
coverage assuming base case 5.5% credit losses on the performing
pool.  Similarly, for the base case scenario, the break-even loss
rate is 12.4% for the performing pool or a 2.3x coverage level.

The main assumption uncertainty involves the variability of
recoveries of non-performing loans.  The amounts recovered and the
timing of recoveries are subject to variance depending on the
aging of the receivable, recovery efforts on part of the primary
servicer, and market conditions including market price of used
vehicles.

Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying
assets or financial instruments in this transaction and the due
diligence report had a positive impact on the rating.


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


BORS INVESTMENTS: Creditors' Proofs of Debt Due April 14
--------------------------------------------------------
The creditors of Bors Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 28,
2011.

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


CECRUX INVESTMENTS: Creditors' Proofs of Debt Due April 14
----------------------------------------------------------
The creditors of Cecrux Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 24,
2011.

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


CYNRIC INVESTMENTS: Creditors' Proofs of Debt Due April 14
----------------------------------------------------------
The creditors of Cynric Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 28,
2011.

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


DAGONET INVESTMENTS: Creditors' Proofs of Debt Due April 14
-----------------------------------------------------------
The creditors of Dagonet Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2011.

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


GAWAIN INVESTMENTS: Creditors' Proofs of Debt Due April 14
----------------------------------------------------------
The creditors of Gawain Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 28,
2011.

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


HERITAGE REAL: Creditors' Proofs of Debt Due April 18
-----------------------------------------------------
The creditors of Heritage Real Estate Securities Fund I, Ltd are
required to file their proofs of debt by April 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 18,
2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344,Grand Cayman KY1-1108
         Cayman Islands


INTERKRAFT MAC: Creditors' Proofs of Debt Due April 18
------------------------------------------------------
The creditors of Interkraft MAC 34 Ltd. are required to file their
proofs of debt by April 18, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 3, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


JOLS INVESTMENTS: Creditors' Proofs of Debt Due April 14
--------------------------------------------------------
The creditors of Jols Investments Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 28,
2011.

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


ONTARIO PARTNERS: Creditors' Proofs of Debt Due April 13
--------------------------------------------------------
The creditors of Ontario Partners, Ltd. are required to file their
proofs of debt by April 13, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 16,
2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


PINEBRIDGE RP: Creditors' Proofs of Debt Due April 13
-----------------------------------------------------
The creditors of Pinebridge RP Vantage, Ltd. are required to file
their proofs of debt by April 13, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


RIVERSIDE FUNDING: Creditors' Proofs of Debt Due April 13
---------------------------------------------------------
The creditors of Riverside Funding are required to file their
proofs of debt by April 13, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 3, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


SANTOSHI CLO: Creditors' Proofs of Debt Due April 13
----------------------------------------------------
The creditors of Santoshi CLO 2009 Capital Corporation are
required to file their proofs of debt by April 13, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


WHITEBOX DIVERSIFIED: Creditors' Proofs of Debt Due April 19
------------------------------------------------------------
The creditors of Whitebox Diversified Convertible Arbitrage Fund,
Ltd are required to file their proofs of debt by April 19, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344,Grand Cayman KY1-1108
         Cayman Islands


YONTOSHI CLO2: Creditors' Proofs of Debt Due April 13
-----------------------------------------------------
The creditors of Yontoshi CLO2 Capital Corporation are required to
file their proofs of debt by April 13, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


YU SHAN: Creditors' Proofs of Debt Due April 14
-----------------------------------------------
The creditors of Yu Shan Leasing Limited are required to file
their proofs of debt by April 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2011.

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


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


AIR JAMAICA: Caribbean Air Board Ordered to Suspend Activities
--------------------------------------------------------------
RadioJamaica reports that continued friction among members of the
George Nicholas-led board of Caribbean Airlines Limited has
prompted Austin 'Jack' Warner, the Minister of the Works and
Transport of Trinidad and Tobago, to advise it to suspend
activities.  The report relates that the suspension will remain in
effect until he meets with Prime Minister Kamla Persad-Bissessar
when she returns from London next week.

Caribbean Airlines has a controlling interest in Air Jamaica
Limited.

RadioJamaica notes that Mr. Warner said he was forced to intervene
because the friction among board members was beginning to affect
operations at the airline.  RadioJamaica relates that Mr. Warner
said he did not have the power to dissolve the board or remove
Mr. Nicholas as chairman adding that it was a decision that the
Prime Minister would have to make.

Mr. Warner said that there were a number of issues that
contributed to the lack of unity among members of the board but
declined to elaborate, RadioJamaica says.

                        About Air Jamaica

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

                          *     *     *

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

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


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


* BOND PRICING: For the Week March 14 to March 18, 2011
-------------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS             5.83   12/31/2033    ARS            165.8
ARGENT-PAR              1.18   12/31/2038    ARS             62.5
ARGENT-DIS              7.82   12/31/2033    EUR             70.25
ARGENT-DIS              7.82   12/31/2033    EUR             72
ARGENT-DIS              4.33   12/31/2033    JPY             42
ARGENT-PAR&GDP          0.45   12/31/2038    JPY              8
BODEN 2014                 2   9/30/2014     ARS            162
BOGAR 2018                 2   2/4/2018      ARS            151


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

BANCO BPI (CI)          4.15   11/14/2035    EUR           49.121
BANIF FIN LTD              3   12/31/2019    EUR            18.75
BCP FINANCE BANK        5.01   3/31/2024     EUR           56.783
BCP FINANCE BANK        5.31   12/10/2023    EUR           59.599
BCP FINANCE CO         5.543                 EUR         59.83186
BCP FINANCE CO         4.239                 EUR               58
BES FINANCE LTD        5.772   2/7/2035      EUR         58.15221
BES FINANCE LTD         5.58                 EUR         61.01657
BES FINANCE LTD          4.5                 EUR         60.46845
CHINA FORESTRY          7.75   11/17/2015    USD               62
CHINA FORESTRY          7.75   11/17/2015    USD               55
DUBAI HLDNG COMM           6   2/1/2017      GBP         76.14821
EFG ORA FUNDING          1.7   10/29/2014    EUR         65.36897
ESFG INTERNATION       5.753                 EUR           59.725
IMCOPA INTL CAYM      10.375   12/16/2014    USD               38
PUBMASTER FIN          6.962   6/30/2028     GBP         53.09666
PUBMASTER FIN           8.44   6/30/2025     GBP           55.724
THPA FINANCE LTD       8.241   3/15/2028     GBP         72.93495


CHILE
-----

AGUAS NUEVAS             3.4   5/15/2012     CLP           1.0996
CGE DISTRIBUCION        3.25   12/1/2012     CLP         39.74357
ESVAL S.A.               3.8   7/15/2012     CLP         37.65094
MASISA                  4.25   10/15/2012    CLP          40.4049


VENEZUELA
---------

PETROLEOS DE VEN       12.75   2/17/2022     USD         76.51667
VENEZUELA                  7   3/31/2038     USD            55.25
VENEZUELA                  7   3/31/2038     USD         54.07785
VENEZUELA                  6   12/9/2020     USD            57.35
VENEZUELA               7.65   4/21/2025     USD             59.6
VENEZUELA               8.25   10/13/2024    USD            62.15
VENEZUELA               9.25   5/7/2028      USD            65.75
VENEZUELA               7.75   10/13/2019    USD            66.25
VENEZUELA                  9   5/7/2023      USD               67
VENEZUELA                  7   12/1/2018     USD            66.75
VENEZUELA               9.25   9/15/2027     USD         68.94757
VENEZUELA               9.25   9/15/2027     USD             71.5
VENEZUELA               5.75   2/26/2016     USD             71.1
VENZOD - 189000        9.375   1/13/2034     USD            66.25


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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