TCRLA_Public/110322.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 22, 2011, Vol. 12, No. 57

                            Headlines



A R G E N T I N A

ABN AMRO: Moody's Withdraws 'Ba1' Global Long-Term Rating
PROTENAR SA: Creditors' Proofs of Debt Due April 20
ROGAD SRL: Creditors' Proofs of Debt Due June 30
SABARASA ENTERTAINMENT: Creditors' Proofs of Debt Due April 27
TWO WAYS: Creditors' Proofs of Debt Due April 12


B E R M U D A

BURGAN MAN: Creditors' Proofs of Debt Due March 30
BURGAN MAN: Member to Receive Wind-Up Report on April 18
GLOBAL CROSSING LTD: Incurs $172-Mil. Net Loss in 2010


B R A Z I L

BUNGE LIMITED: Moody's Gives 'Ba1' Rating to Preferred Shares
GENERAL MOTORS: Seeks Court OK for Class Action Settlement


C A Y M A N   I S L A N D S

ANWELL INVESTMENTS: Creditors' Proofs of Debt Due April 14
BCL INTERNATIONAL: Creditors' Proofs of Debt Due April 14
COHORT INVESTMENTS: Creditors' Proofs of Debt Due April 13
FORTRESS (CAYMAN): Creditors' Proofs of Debt Due April 14
JCB FUNDING: Creditors' Proofs of Debt Due April 13

MCC OPTIMA: Members' Final Meeting Set for April 8
PARADIGM SELECT: Creditors' Proofs of Debt Due April 14
PENSO SELECT: Shareholders' Final Meeting Set for April 15
SENTINEL SYMPHONY: Shareholders' Final Meeting Set for April 15
SENTINEL SYMPHONY: Shareholders' Final Meeting Set for April 15

THORNHILL PREMIUM: Creditors' Proofs of Debt Due April 4
TRITON 300: Members' Final Meeting Set for April 8
TRITON 380: Members' Final Meeting Set for April 8
TRITON 465: Members' Final Meeting Set for April 8
WORLD 300: Members Receive Wind-Up Report


C H I L E

TBS INTERNATIONAL: Incurs $247.76 Million Net Loss in 2010


D O M I N I C A N  R E P U B L I C

* 15-Day Deadline Set for 32 Cos. to Pay RD$1.2BB Debt With State


J A M A I C A

DIGICEL LIMITED: Competitor Asks Gov't To Assess Claro Acquisition


M E X I C O

HIPOTECARIA SU: May File for Bankr. If Debt Restructuring Fails


S T  K I T T S  &  N E V I S

BRITISH AMERICAN: BAICO Management Must Pay, Prime Minister Says


T R I N I D A D  &  T O B A G O

CLICO INVESTMENT: NGC Withdraws Petition To Stop Wind Up of Assets


X X X X X X X X


* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ABN AMRO: Moody's Withdraws 'Ba1' Global Long-Term Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.


                        Ratings Rationale

The bank has no rated foreign currency debt outstanding.

ABN AMRO Bank NV (Argentina), located in Buenos Aires, had
Ar$454.2 million in assets, Ar$72.3 and Ar$ 63.3 million in equity
as of September 30, 2010.

These ratings of ABN AMRO Bank NV (Argentina) were withdrawn:

  -- Global Long-Term Local-Currency Deposit Rating: Ba1, stable
     outlook

  -- Global Long-Term Foreign Currency Deposit Rating: Caa1,
     stable outlook

  -- Global Short-Term Local Currency Deposit Rating: Not Prime,
     stable outlook

  -- Global Short-Term Foreign Currency Deposit Rating: Not Prime,
     stable outlook

  -- National Scale Local Currency Deposit Rating: Aaa.ar, stable
     outlook

  -- National Scale Foreign Currency Deposit Rating: Ba1.ar,
     stable outlook

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.


PROTENAR SA: Creditors' Proofs of Debt Due April 20
---------------------------------------------------
Silvia Rosa Pirraglia, the court-appointed trustee for Protenar
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until April 20, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Silvia Rosa Pirraglia
         Talcahuano 426
         Argentina


ROGAD SRL: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Silvia Ines Trombetta, the court-appointed trustee for Rogad SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 30, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Silvia Ines Trombetta
         Viamonte 1337
         Argentina


SABARASA ENTERTAINMENT: Creditors' Proofs of Debt Due April 27
--------------------------------------------------------------
Estudio Prybylski, the court-appointed trustee for Sabarasa
Entertainment SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until April 27, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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 March 14, 2012.

The Trustee can be reached at:

         Estudio Prybylski
         Estrugo & Asociados
         Lavalle 1527
         Argentina


TWO WAYS: Creditors' Proofs of Debt Due April 12
------------------------------------------------
Miguel Angel Bottarelli, the court-appointed trustee for Two Ways
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 12, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Miguel Angel Bottarelli
         Parana 326
         Argentina


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B E R M U D A
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BURGAN MAN: Creditors' Proofs of Debt Due March 30
--------------------------------------------------
The creditors of Burgan Man 220 Plus Guaranteed Ltd are required
to file their proofs of debt by March 30, 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:

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


BURGAN MAN: Member to Receive Wind-Up Report on April 18
--------------------------------------------------------
The member of Burgan Man 220 Plus Guaranteed Ltd will receive on
April 18, 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 3, 2011.

The company's liquidator is:

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


GLOBAL CROSSING LTD: Incurs $172-Mil. Net Loss in 2010
------------------------------------------------------
Global Crossing Limited reported a break even (total expenses
equal total revenues) on $683 million of consolidated revenue for
the three months ended Dec. 31, 2010, compared with a net loss of
$37 million on $651 million of revenue during the prior year.

Global Crossing Limited reported a consolidated net loss of
$172 million on $2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
$141 million on $2.159 billion of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $2.31 billion
in total assets, $2.79 billion in total liabilities and $477
million in total stockholders' deficit.

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/CFXd56

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
is a global IP and Ethernet solutions provider with the world's
first integrated global IP-based network.  The company offers a
full range of data, voice and collaboration services with an
industry leading customer experience and delivers service to
approximately 40% of the Fortune 500, as well as to 700 carriers,
mobile operators and ISPs.  It delivers converged IP services to
more than 700 cities in more than 70 countries around the world.

                           *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.

Standard & Poor's Ratings Services said it assigned its 'CCC+'
issue-level rating and '6' recovery rating to Bermuda-based Global
Crossing Ltd.'s proposed $150 million of senior unsecured notes
due 2019.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery in the event of a payment default.


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


BUNGE LIMITED: Moody's Gives 'Ba1' Rating to Preferred Shares
-------------------------------------------------------------
Moody's Investors Service has assigned a (P)Baa2 rating to Bunge
Limited Finance Corp.'s shelf filing for senior unsecured notes or
subordinated notes and a (P)Ba1 rating to Bunge Limited's shelf
filing for preferred shares.  Notes issued from the shelf are
fully, unconditionally, and irrevocably guaranteed by Bunge
Limited.  Proceeds are expected to be used for general corporate
purposes including working capital, funding acquisitions, and
reducing debt.  The rating outlook is stable.

                        Ratings Rationale

Bunge's (P) Baa2 long-term debt rating is supported by a modest
amount of balance sheet debt; relatively conservative balance
sheet leverage (as measured by balance sheet net debt-to-net
working capital); its established position in the agricultural
commodity industry, which includes both the merchandising and
processing (crushing) of a range of oilseeds, primarily soybeans,
and grains such as corn and wheat; and by its geographic
diversity.  Bunge has a broad presence in the food chain from
origination to the marketing of products including shortenings,
edible oils, and milled corn and wheat.

Bunge's ratings are stressed by its inconsistent financial
performance over the past three years.  However, high crop prices,
increased export volumes and elevated spreads between farmers and
the exchanges should allow the company to generate higher margins
similar to 2008.  Specifically Moody's expect that LTM EBITDA to
remain above $1.5 billion at the end of first quarter of 2011 and
rise closer to $2 billion by the end of 2011.

The stable outlook reflects the positive impact from higher crop
prices and increased export volumes and the expectation that
financial metrics will be much more supportive of Baa2 ratings in
2011.  There is limited upside to the rating over the near-term.
Moreover, the ratings could be negatively impacted if the company
fails to achieve the EBITDA targets Moody's have set for 2011.

Ratings assigned:

Issuer: Bunge Limited

  -- Preferred Stock Shelf at (P)Ba1

Issuer: Bunge Limited Finance Corp.

  -- Senior Unsecured Shelf at (P)Baa2
  -- Subordinated Shelf at (P)Baa3

With over $46 billion in FY2010 revenues, Bunge Ltd. is a global
agribusiness company engaged in acquiring, storing, transporting,
and processing agricultural commodities, including soybeans,
wheat, canola, and corn.  Bunge is a leading producer of sugar and
ethanol, and a retailer of fertilizers in Brazil and Argentina.


GENERAL MOTORS: Seeks Court OK for Class Action Settlement
----------------------------------------------------------
BankruptcyData.com reports that Motors Liquidation Company,
formerly General Motors Corp., filed a motion with the U.S.
Bankruptcy Court for the Southern District of New York for an
order approving an agreement resolving a proof of claim based on a
previous settlement reached in a class action lawsuit alleging
that GM violated the Unfair Competition Law by creating an
"adjustment program" under the Motor Vehicle Warranty Adjustment
Programs statute, allegedly without providing the Class with
certain notices and repair reimbursements.

According to BData, approval of the agreement will result in: (i)
the resolution of approximately $10 million in claims against the
Debtors' estates; and (ii) the alleviation of the financial
burden, time, and uncertainty associated with litigation of the
proof of claim and the class action.

The Court scheduled an April 26, 2011 hearing on the matter.

                          About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At Sept. 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, US$971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.


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


ANWELL INVESTMENTS: Creditors' Proofs of Debt Due April 14
----------------------------------------------------------
The creditors of Anwell 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


BCL INTERNATIONAL: Creditors' Proofs of Debt Due April 14
---------------------------------------------------------
The creditors of BCL International Finance 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 1, 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


COHORT INVESTMENTS: Creditors' Proofs of Debt Due April 13
----------------------------------------------------------
The creditors of Cohort Investments Limited 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 1, 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


FORTRESS (CAYMAN): Creditors' Proofs of Debt Due April 14
---------------------------------------------------------
The creditors of Fortress (Cayman) Corp. 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 18,
2011.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KY1-1102
         Cayman Islands


JCB FUNDING: Creditors' Proofs of Debt Due April 13
---------------------------------------------------
The creditors of JCB Funding 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 4, 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


MCC OPTIMA: Members' Final Meeting Set for April 8
--------------------------------------------------
The members of MCC Optima Partners Focus Fund Ltd. will hold their
final meeting on April 8, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PARADIGM SELECT: Creditors' Proofs of Debt Due April 14
-------------------------------------------------------
The creditors of Paradigm Select Fund, Ltd. SPC 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 2, 2011.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623-9904
         Facsimile: (345) 943-9900


PENSO SELECT: Shareholders' Final Meeting Set for April 15
----------------------------------------------------------
The shareholders of Penso Select Opportunities Fund, Ltd. will
hold their final meeting on April 15, 2011, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946 1577
         Facsimile: (345) 947 0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


SENTINEL SYMPHONY: Shareholders' Final Meeting Set for April 15
----------------------------------------------------------
The shareholders of Sentinel Symphony Offshore Fund, Ltd., will
hold their final meeting on April 15, 2011, at 5:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946 1577
         Facsimile: (345) 947 0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


SENTINEL SYMPHONY: Shareholders' Final Meeting Set for April 15
---------------------------------------------------------------
The shareholders of Sentinel Symphony Select Fund, Ltd., will hold
their final meeting on April 15, 2011, at 5:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Abraham Pfeiffer
         c/o Daniel Priestley
         Telephone: (345) 946 1577
         Facsimile: (345) 947 0826
         c/o PA Corporate Services Limited
         P.O. Box 30310, Grand Cayman KY1-1102
         Cayman Islands


THORNHILL PREMIUM: Creditors' Proofs of Debt Due April 4
--------------------------------------------------------
The creditors of Thornhill Premium Fund Limited are required to
file their proofs of debt by April 4, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 26, 2011.

The company's liquidator is:

         Mr. Peter Hillier
         Alan G. de Saram
         Telephone: 949-4544
         Facsmile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         P.O. Box 709, Grand Cayman, KY1-1107
         Cayman Islands


TRITON 300: Members' Final Meeting Set for April 8
--------------------------------------------------
The members of Triton 300 Ltd. will hold their final meeting on
April 8, 2011, at 9:25 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 380: Members' Final Meeting Set for April 8
--------------------------------------------------
The members of Triton 380 Ltd. will hold their final meeting on
April 8, 2011, at 9:20 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


TRITON 465: Members' Final Meeting Set for April 8
--------------------------------------------------
The members of Triton 465 Ltd. will hold their final meeting on
April 8, 2011, at 9:15 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


WORLD 300: Members Receive Wind-Up Report
-----------------------------------------
The members of World 300 Ltd. received on February 8, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


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C H I L E
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TBS INTERNATIONAL: Incurs $247.76 Million Net Loss in 2010
----------------------------------------------------------
TBS International plc reported a net loss of $218.54 million on
$100.77 million of total revenue for the three months ended
Dec. 31, 2010, compared with a net loss of $10.70 million on
$84.79 million of total revenue for the same period during the
prior year.

The Company also reported a net loss of $247.76 million on
$411.83 million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of $67.04 million on $302.51 million of
total revenue during the prior year.

A copy of the press release announcing the financial results is
available for free at http://ResearchArchives.com/t/s?7553

                    About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about TBS's ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company believes it will not be in compliance with
the financial covenants under its credit facilities during 2010,
which under the agreements would make the debt callable.  "This
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due."

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to $10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at $100 per share directly from TBS in a private
placement.


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D O M I N I C A N  R E P U B L I C
==================================


* 15-Day Deadline Set for 32 Cos. to Pay RD$1.2BB Debt With State
-----------------------------------------------------------------
Dominican Republic treasury minister Daniel Toribio has set a 15-
day deadline to 32 free zone companies to pay a RD$1.2 billion
debt with the state, sources quoted by hoy.com.do said on
Wednesday.  The sources told hoy.com.do that the government, as
guarantor, was forced to pay the banks after the companies failed
to honor their commitment.


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J A M A I C A
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DIGICEL LIMITED: Competitor Asks Gov't To Assess Claro Acquisition
------------------------------------------------------------------
RJR News reports that telecommunication company LIME Jamaica has
asked the government, the Office of Utilities Regulations, and the
Fair Trading Commission to assess Digicel Group Limited's
acquisition of Claro Jamaica.

The Troubled Company Reporter, citing RadioJamaica, reported on
March 14, 2011, that Digicel Group signed an agreement with
America Movil to acquire its Claro business in Jamaica.

LIME said that assessment should be done before approval of the
deal is given by the relevant minister, RJR New relates.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


HIPOTECARIA SU: May File for Bankr. If Debt Restructuring Fails
---------------------------------------------------------------
Dow Jones Daily Bankruptcy Review reports that Hipotecaria Su
Casita said that unless its planned swap and restructuring of
around MXN7.4 billion in debt succeeds, it might have to seek
bankruptcy protection under Mexico's "concurso mercantil."

Dow Jones Daily relates that the planned debt restructuring
includes the transfer of up to 50% of Hipotecaria Su's equity
to creditors.  According to Dow Jones Daily, Hipotecaria Su
said that it will exchange existing peso-denominated notes for
MXN2.5 billion in new seven-year guaranteed notes and shares for
up to 38.4% of its equity, and exchange around $138 million in
outstanding dollar-denominated notes for $60 million in new 7.5%
seven-year notes and up to 11.6% of the company's shares.  The
offers, says Dow Jones Daily, must be accepted by at least 98% of
noteholders, and need regulatory clearance.

According to Dow Jones Daily, Hipotecaria Su is aiming to conclude
the transactions by April 30, 2011.  Hipotecaria Su estimated that
the offers will give creditors a recovery rate of about 70% of the
nominal value of its existing debt, Dow Jones Daily relates.

According to Dow Jones Daily, Hipotecaria Su fell into default in
2010.

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  It is 40% owned by
Spanish bank Caja Madrid.

As reported by the Troubled Company Reporter-Latin America on
Oct. 22, 2010, Moody's Investors Service downgraded Hipotecaria Su
Casita, S.A. de C.V.'s (Su Casita) senior unsecured debt rating to
C from Ca, global scale local currency issuer rating to C from Ca
and long-term corporate family rating to C from Ca.


============================
S T  K I T T S  &  N E V I S
============================


BRITISH AMERICAN: BAICO Management Must Pay, Prime Minister Says
----------------------------------------------------------------
CUOPM.com reports that St Kitts and Nevis Prime Minister Dr.
Denzil Douglas has blamed British American Insurance Company's
management for the company's collapse.

Prime Minister Douglas said that the management, including both
the local and regional directors "must not be let off the hook,"
CUOPM.com relates.

Prime Minister Douglas said that the local manager of BAICO was
able to convince many citizens to put their life savings in the
company, CUOPM.com states, citing the prime minister.  "When the
sugar workers got their lump sum he approached them and told them
that their monies were safe," CUOPM.com quoted Prime Minister
Douglas as saying.  The Prime Minister said that he had been
approached by those who in some cases had put as much as half a
million dollars into BAICO, CUOPM.com.

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010.  Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla.  At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.



===============================
T R I N I D A D  &  T O B A G O
===============================


CLICO INVESTMENT: NGC Withdraws Petition To Stop Wind Up of Assets
------------------------------------------------------------------
Trinidad Express Newspapers reports that The National Gas Company
has withdrawn its petition to block the winding up of Clico
Investment Bank's assets.

As reported by The Troubled Company Reporter - Latin America on
April 20, 2010, Trinidad Express said that the state-appointed
manager Carl Hiralal of CIB filed a petition with the high court
to wind up the bank on grounds that it had a US$4.7 billion
insolvency hole and was unable to pay its debts as they fall due.

Trinidad Express relates that NGC, together with the National
Insurance Board, filed a petition with the court to stop the wind
up.  According to Trinidad Express, the two companies have a
combined investment of $1.8 billion in CIB.

On March 16, 2011, attorneys representing NGC told the court that
their client decided to withdraw its petition, Trinidad Express
reports.  Trinidad Express states that Deborah Peake, senior
counsel to NIB, told the court that she was informed of NGC's
position on March 14.

The hearing to consider the remaining petition is set for April
11.

Clico Investment Bank is owned and managed by CL Financial, a
privately held conglomerate in Trinidad and Tobago.


===============
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.


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