TCRLA_Public/110328.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 28, 2011, Vol. 12, No. 61

                            Headlines



A R G E N T I N A

AAR Y ASOCIADOS: Creditors' Proofs of Debt Due April 18
BANCO SUPERVIELLE: Fitch Affirms 'B-' Rating to US$50 Mil. Bonds
FGV CONSTRUCCIONES: Applies for Bankruptcy Proceedings
FIDEICOMISO FINANCIERO: Moody's Puts Low-B Ratings on Debt Secs.
LA FLUORHIDRICA: Creditors' Proofs of Debt Due June 9

LINDBERG ARGENTINA: Creditors' Proofs of Debt Due April 27
TRUST TECHNOLOGY: Creditors' Proofs of Debt Due May 6


B A H A M A S

KERZNER INT'L: At Risk of Default on $450 Million Debt


B R A Z I L

DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Corporate Credit Rating
ODEBRECHT FINANCE: S&P Assigns 'BB' Senior Unsec. Debt Rating


C A Y M A N   I S L A N D S

ABN AMRO: Shareholders' Final Meeting Set for April 8
ANWELL INVESTMENTS: Members' Final Meeting Set for April 21
BCL INTERNATIONAL: Members' Final Meeting Set for April 21
BORS INVESTMENTS: Members' Final Meeting Set for April 21
CARDINAL INSURANCE: Members' Final Meeting Set for April 8

CECRUX INVESTMENTS: Members' Final Meeting Set for April 21
COHORT INVESTMENTS: Shareholders' Final Meeting Set for April 15
FORTRESS (CAYMAN): Shareholder to Hear Wind-Up Report on April 21
JCB FUNDING: Shareholders' Final Meeting Set for April 15
THORNHILL PREMIUM: Members' Final Meeting Set for April 11

YU SHAN: Members' Final Meeting Set for April 15


C H I L E

RADIENT PHARMACEUTICALS: Gets Add'l Deficiency Notice From NYSE


G U A T E M A L A

BANCO G&T: S&P Affirms 'BB-/B' Counterparty Credit Ratings


J A M A I C A

JAMAICA PUBLIC: Says It Might Have Paid $38MM for 2009 Breaches


M E X I C O

BANCO INDUSTRIAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
HIPOTECARIA SU: S&P Changes Counterparty Credit Rating to 'D'
SEMGROUP LP: Abstention Mandatory Despite Post-Plan Jurisdiction


P U E R T O  R I C O

AMR CORP: Expects Unit Revenue to Hike 4.0% to 4.5% in Q1 2011
BORDERS GROUP: To Close 25 More Stores, Closing Sales Begin
BORDERS GROUP: Receives Final Nod of $500-Mil. DIP Financing
BORDERS GROUP: Seeks Approval of Sutherland Contract Agreements
SAN JUAN BAUTISTA: Files for Bankruptcy Protection


V E N E Z U E L A

TBS INTERNATIONAL: Files Registration Statement on Form S-1


X X X X X X X X


* BOND PRICING: For the Week March 21 to March 25, 2011


                            - - - - -


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A R G E N T I N A
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AAR Y ASOCIADOS: Creditors' Proofs of Debt Due April 18
-------------------------------------------------------
Jorge H. Capurro, the court-appointed trustee for AAR y Asociados
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 18, 2011.

Mr. Capurro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:

         Jorge H. Capurro
         Quintino Boyacuva 333
         Argentina


BANCO SUPERVIELLE: Fitch Affirms 'B-' Rating to US$50 Mil. Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed its 'B-' international rating and
its 'A+(arg)' national rating on Banco Supervielle's up to
US$50 million issuance of subordinated bonds.  The Rating Outlook
is Stable.

The bond, which was issued at a fixed rate, is due 2017 and
constitutes Tier II capital.  The interest will be paid in semi-
annual arrears each year, commencing in 2011, while the principal
of the notes will be paid in a single installment in 2017.

Fitch has also assigned 'A1(arg)' ratings to the short-term notes
class II and III up to ArgP 100 million to be issued by the bank.

Supervielle's ratings reflect its good performance, adequate asset
quality, sound management approach and effective risk management.
The ratings also factor in the bank's capitalization, which is
reasonable, although lower than that of its peers.

In Fitch's view, Supervielle's capitalization is its main weakness
and expected growth in the near future will likely lead to a new
reduction in its levels.

The bank's profitability at the end of 2010 is good, and its
revenues are adequately diversified.  Its net interest margin grew
strongly over that of the previous year, boosted by a marked
reduction of its cost of funds.  The bank's management expects to
maintain a return on equity of around 20% over the next few years,
a target that Fitch deems achievable.

Liquidity is comfortable, and Fitch expects it to remain that way
as the bank's policy is prudent.  Supervielle's management has
made signifcant efforts to improve loan collection, especially of
those impaired loans granted before the change in the bank's
ownership (when it was owned by Societe Generale).  Currently,
its asset quality ratios are healthy, with a non-performing-to-
total-loans ratio of 1.62% at Dec. 31, 2010, which is better than
that of its peers, and loan loss reserve coverage of 107.8%.
Management expects to maintain asset quality at good levels, with
coverage of over 100% throughout the new fiscal year.

Banco Supervielle S.A. is a domestic bank which resulted from the
merger between Banco Banex S.A.  and Banco Supervielle S.A.  The
main shareholder is Grupo Supervielle, which was formed by local
investors and has operated since 1887.

Supervielle is Argentina's 16th-largest bank by total assets and
ranked 15th by deposits.  It also has significant factoring and
leasing activities, with a close to 10% market share.

In September 2008 Supervielle acquired Banco Regional de Cuyo and
in July 2010 it announced the acquisition of certain operations of
GE Money Argentina.


FGV CONSTRUCCIONES: Applies for Bankruptcy Proceedings
------------------------------------------------------
FGV Construcciones SRL applied for bankruptcy proceedings.  The
company has defaulted on its payments due March 2010.


FIDEICOMISO FINANCIERO: Moody's Puts Low-B Ratings on Debt Secs.
----------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos
Banex 44 issued by Deutsche Bank Argentina S.A. -- acting solely
in its capacity as Issuer and Trustee.

  -- ARS31,000,000 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 44", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS54,000,000 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 44", rated
     Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
     Scale, Local Currency)

  -- ARS10,000,000 in Class C Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex 44", rated
     A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global
     Scale, Local Currency)

  -- ARS5,000,000 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex 44", rated Ba1.ar (sf) (Argentine
     National Scale) and Caa1 (sf) (Global Scale, Local Currency)

                        Ratings Rationale

The rated securities are payable from the cash flow coming
from the assets of the trust, which is an amortizing pool of
approximately 22,602 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by
Banco Supervielle, in an aggregate amount of ARS100,002,022.

These personal loans are granted to pensioners that receive
their monthly pensions from ANSES (Argentina's National
Governmental Agency of Social Security - Administracion Nacional
de la Seguridad Social).  The pool is also constituted by loans
granted to government employees of the Province of San Luis.
Banco Supervielle is the payment agent entity and automatically
deducts the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 12.75%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread of 358 bp.  The Floating Rate
Debt Securities' interest rate will never be higher than 21% or
lower than 13%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination: 69% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities.  In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for
each rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 1.54%
expected loss for Class C Fixed Rate Debt Securities and 16.03%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 10%
from the base case scenario for the pool (i.e., most likely
scenario of 20%, a minimum of 15% and a maximum of 30%), the
ratings of the Classes A and Floating Rate would be unchanged.
The ratings for Class C Fixed Rate debt securities would be likely
downgraded to Ca (sf) and to C (sf) for the Certificates.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco Supervielle is removed as servicer,
Deutsche Bank Argentina S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


LA FLUORHIDRICA: Creditors' Proofs of Debt Due June 9
-----------------------------------------------------
Juan Emilio Cavallieri, the court-appointed trustee for La
Fluorhidrica SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 9, 2011.

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

The Trustee can be reached at:

         Juan Emilio Cavallieri
         Avenida Cordoba 904
         Argentina


LINDBERG ARGENTINA: Creditors' Proofs of Debt Due April 27
----------------------------------------------------------
Estudio Kiderman & Asociado, the court-appointed trustee for
Lindberg Argentina SA'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. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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:

         Estudio Kiderman & Asociado
         Cerrito 836
         Argentina


TRUST TECHNOLOGY: Creditors' Proofs of Debt Due May 6
-----------------------------------------------------
Jorge Tomas Byrne, the court-appointed trustee for Trust
Technology SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 6, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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:

         Jorge Tomas Byrne
         Carlos Pellegrini 1055
         Argentina


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KERZNER INT'L: At Risk of Default on $450 Million Debt
------------------------------------------------------
Kerzner International Holdings Ltd. faces possible default on an
estimated $450 million loan as soon as April, Jonathan Keehner and
Beth Jinks at Bloomberg News report, citing people familiar with
the matter.

According to Bloomberg, the sources said that the debt is backed
in part by management contracts and equity in some properties,
with Centerbridge Capital Partners LP and TPG Capital among the
largest holders.

Bloomberg, citing the sources, relates that about $2.5 billion of
separate property company debt due in September requires Kerzner
to obtain an unqualified opinion from auditors on its 2010
financial statements.  The sources opined that another default may
be triggered if that is withheld on concerns about Kerzner's
ability to service or refinance its debt, Bloomberg reports.

The sources said that a default on so-called operating company
debt may lead to the refinancing of Kerzner's $3 billion total
debt, asset sales or changes in ownership, Bloomberg states.

Kerzner International Holdings Limited, through its subsidiaries,
develops and operates resorts, casinos, and luxury hotels.  Its
amenities include family pools, restaurants, boutiques and shops,
conference center, meeting and convention facilities, spas, and
water park amusement.  Kerzner International Holdings Limited was
formerly known as Sun International Hotels Limited and changed its
name to Kerzner International Holdings Limited in July 2002.  The
Company was founded in 1993 and is headquartered in Paradise
Island, the Bahamas.  It has operations in the United States of
America, Dubai, Morocco, Asia, Europe, the United Kingdom, the
Middle East, and Africa.


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DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
global-scale corporate credit rating on Brazil-based diagnostic
service company Diagnosticos da America S.A.  S&P also raised its
Brazil national-scale rating on DASA to 'brAA-' from 'brA+' and
assigned a 'brAA-' rating to DASA's forthcoming issuance of
domestic debentures due 2016.  The outlook is stable.

"The ratings reflect DASA's improved business profile after
the company concluded its all equity-funded merger with MD1
Diagnosticos S.A. (not rated), accomplished without negatively
affecting its capital structure or leverage," said Standard &
Poor's credit analyst Debora Confortini.  MD1 adds image
diagnostic operations to DASA's portfolio and strengthens
profitability and cash flows with higher-margin services.
Operating margins keep improving with a slower pace of
acquisitions and more focus on integrating and capturing
synergies from its expanded asset portfolio.

The ratings also reflect the challenges to integrate acquired
laboratories to DASA's operating model and exposure to the
competitive and fragmented diagnostics industry, one with
relatively low barriers to entry.  They also consider, though to
a lesser extent, its plans to keep growing through acquisitions.
DASA's market leadership in Brazil, quality improvements in its
clinical and image diagnostics operations, an efficient multibrand
platform, and increasing business diversification of regions,
customers, and income levels partially mitigate these risks.  DASA
can also take advantage of favorable long-term prospects for
Brazil's diagnostics industry because of rising life expectancy
and greater access to health insurance.

DASA's business profile is fair.  Results in 2010 reflect the
benefits of larger economies of scale because of its revised
operating model and expanded operations.  Revenues grew 8% in 2010
from 2009, with an EBITDA margin of 28% compared with 25% one year
earlier.  Operating margins should further strengthen with MD1
because image diagnostics centers are more profitable.  In
addition, DASA is benefiting from more contracts with hospitals
and an expanding presence in Southeast Brazil (where profitability
is stronger).  S&P believes DASA will continue to efficiently
balance image and clinical diagnostic services to maximize
operating profitability and return on assets while expanding
geographic diversification.  S&P also expects it to be more
selective when bidding for new assets, focusing on those that are
accretive and that bring synergies or access to new markets.

DASA's financial profile is significant.  The company continued
deleveraging with both higher cash flows and debt repayment,
leading to stronger credit metrics compared with historical
results.  Total debt increased in fourth-quarter 2010 as DASA
raised debt to tender bonds and reinforce cash reserves, with
reported adjusted total debt to EBITDA of 2.5x and funds from
operations to adjusted total debt at 33.2% in December 2010.  S&P
projects debt reduction in 2011, with credit ratios converging to
total debt to EBITDA below 2.0x by year-end 2011 because of
stronger cash flow from acquired assets and integration gains.

DASA's liquidity is adequate.  DASA tendered 87.13% of its bonds
early in 2011, which promissory notes and a domestic bank facility
totaling Brazilian reais (R$)612 million financed (R$302 million
of which in the short term.) Refinancing risk increased by
December 2010, but the proposed debentures issuance, expected to
close in April 2011, will be used primarily to refinance current
debt maturities.  As its base case, S&P assumes DASA will be
successful in extending debt tenors with the new debentures, and
with that it will not face large maturities in the next couple of
years.  Cash and marketable securities amounted to R$352 million
as of December 2010, and S&P expects the company will sustain it
at comfortable levels in the next few years.  S&P expects DASA
will finance capital expenditures and acquisitions mainly with
internal cash generation and keep free operating cash flow
positive, so S&P doesn't project debt to grow significantly in
the next few years.  Debt covenant headroom is adequate.

The stable outlook reflects S&P's expectation that DASA will
maintain a prudent approach to acquisitions and continue
benefiting from its larger scale and efficiency initiatives.
S&P also believe it will keep deleveraging, posting adjusted
total debt to EBITDA of 1.5x-2.0x and FFO to adjusted total debt
of 25%-30% in the next three years, while sustaining adequate
cash reserves.  S&P could raise the ratings if DASA improves its
financial profile consistently, maintaining strong liquidity and
reducing leverage to adjusted total debt to EBITDA below 1.5x and
FFO to adjusted total debt above 50%.  S&P could lower the ratings
if DASA fails to integrate new businesses, or if its aggressive
expansion strategy leads to adjusted total debt to EBITDA above
3.0x and FFO to total debt below 20% permanently.


ODEBRECHT FINANCE: S&P Assigns 'BB' Senior Unsec. Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB' senior unsecured debt rating to Odebrecht Finance Ltd.'s
proposed senior unsecured notes.  Brazil-based heavy engineering
and construction company Construtora Norberto Odebrecht S.A.
(BB/Positive/--) unconditionally and irrevocably guarantees the
notes.  OFL is a wholly owned subsidiary of CNO's parent company,
Odebrecht S.A. (ODB; national scale: brAA-/Positive/--).

The group intends to use proceeds of the transaction to pay down
existing debt.  The notes will rank equally with CNO's other
senior unsecured indebtedness and pari passu with OFL's existing
senior unsecured notes, which CNO also guarantees.  The rating on
the notes is the same as that on the guarantor because the notes
compare equally with other issuances of CNO's unsecured debt.

The rating reflects CNO's credit quality and fair business profile
given the firm's exposure to the competitive, volatile, and
cyclical E&C industry.  The rating also considers the domestic
market backlog expansion, and S&P project strong investments in
infrastructure for the next several years.  S&P asses CNO's
financial risk profile as significant given the strong credit
metrics and cash generation.  CNO's total debt consists of long-
term capital market debt issuances, and S&P adjust it by including
guarantees CNO has offered to support other businesses from the
Odebrecht group.

                          Ratings List

               Construtora Norberto Odebrecht S.A.

         Corporate Credit Rating            BB/Positive

                           New Rating

                     Odebrecht Finance Ltd.

              Senior Unsecured                   BB


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ABN AMRO: Shareholders' Final Meeting Set for April 8
-----------------------------------------------------
The shareholders of ABN Amro Nominees (Cayman) Limited will hold
their final meeting on April 8, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Iain Gow
         Zolfo Cooper (Cayman) Limited
         P.O. Box 1102, Cayman Financial Centre
         Building 3, 4th Floor
         Grand Cayman, KY1-1102
         Telephone: +1 (345) 946-0081
         Facsimile: +1 (345) 946-0082
         e-mail: iain.gow@zolfocooper.ky


ANWELL INVESTMENTS: Members' Final Meeting Set for April 21
-----------------------------------------------------------
The members of Anwell Investments Limited will hold their final
meeting on April 21, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BCL INTERNATIONAL: Members' Final Meeting Set for April 21
----------------------------------------------------------
The members of BCL International Finance Limited will hold their
final meeting on April 21, 2011, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BORS INVESTMENTS: Members' Final Meeting Set for April 21
---------------------------------------------------------
The members of Bors Investments Limited will hold their final
meeting on April 21, 2011, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARDINAL INSURANCE: Members' Final Meeting Set for April 8
----------------------------------------------------------
The members of Cardinal Insurance Company (Cayman) Ltd. will hold
their final meeting on April 8, 2011, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

Rick Price is the company's liquidator.


CECRUX INVESTMENTS: Members' Final Meeting Set for April 21
-----------------------------------------------------------
The members of Cecrux Investments Limited will hold their final
meeting on April 21, 2011, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COHORT INVESTMENTS: Shareholders' Final Meeting Set for April 15
----------------------------------------------------------------
The shareholders of Cohort Investments Limited will hold their
final meeting on April 15, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


FORTRESS (CAYMAN): Shareholder to Hear Wind-Up Report on April 21
-----------------------------------------------------------------
The sole shareholder of Fortress (Cayman) Corp. will receive on
April 21, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


JCB FUNDING: Shareholders' Final Meeting Set for April 15
---------------------------------------------------------
The shareholders of JCB Funding Corporation will hold their final
meeting on April 15, 2011, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


THORNHILL PREMIUM: Members' Final Meeting Set for April 11
----------------------------------------------------------
The members of Thornhill Premium Fund Limited will hold their
final meeting on April 11, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Peter Hillier
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman KY1-1107
         Cayman Islands


YU SHAN: Members' Final Meeting Set for April 15
------------------------------------------------
The members of Yu Shan Leasing Limited will hold their final
meeting on April 15, 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:

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


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RADIENT PHARMACEUTICALS: Gets Add'l Deficiency Notice From NYSE
---------------------------------------------------------------
Radient Pharmaceuticals Corporation has received a deficiency
notice from the NYSE Amex indicating the Exchange's belief RPC
omitted material information in a written submission to the
Exchange in support of its pending appeal to the Listing
Qualifications Panel of the Exchange's Committee on Securities and
from certain press releases discussing RPC's collaboration with a
third party non-for-profit group practice.  As a result, the
Exchange Staff has determined RPC failed to comply with Sections
401(e), 402(e) and Section 132(e) of the Exchange's Company Guide.

The Company has been provided with the opportunity to address the
Exchange's most recent determination and intends to timely do so
in connection with its appeal hearing before the Listing
Qualifications Panel.  The Company's securities will remain listed
on the Exchange pending a determination by the Listing
Qualifications Panel following the hearing.  The hearing has been
postponed and is in the process of being rescheduled.  Although
there can be no guarantee as to the final hearing date, the
Company expects to establish a new date in the near future.

                   About Radient Pharmaceuticals

Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is engaged in the
research, development, manufacturing, sale and marketing of its
ONKO-SURE(TM) a proprietary IVD Cancer Test in the United States,
Canada, China, Chile, Europe, India, Korea, Taiwan, Vietnam and
other markets throughout the world.

Radient said in October 2010 it incurred a trigger event on the
12% Convertible Notes issued in first and second quarter of 2010
due to its failure to have the related registration statement
declared effective by June 1, 2010.  The Company filed on Sept. 7,
2010, an Event of Default under those same notes occurred since it
did not hold the related shareholder meeting by August 31, 2010.

As reported in the Troubled Company Reporter on April 19, 2010,
KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted that the Company incurred a significant operating
loss and negative cash flows from operations in 2009 and had a
working capital deficit of $4.2 million at Dec. 31, 2009.

The Company's balance sheet at Sept. 30, 2010, showed
$23.56 million in total assets, $34.22 million in total
liabilities, and a stockholders' deficit of $10.66 million.


=================
G U A T E M A L A
=================


BANCO G&T: S&P Affirms 'BB-/B' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'BB-/B' foreign currency counterparty
credit ratings, on Guatemala-based Banco G&T Continental S.A.
S&P also affirmed its 'BBB-' survivability assessment on the
bank.  At the same time, S&P assigned global-scale local
currency ratings of 'BB-/B'.  The outlook is stable.

"The ratings on G&T Continental reflect a low capitalization
level and double leverage at the holding company," said
Standard & Poor's credit analyst Laurence Wattraint.  Low
capitalization levels are an important concern in the context
of a high dollarized balance sheet and limited coverage of
nonperforming assets.  However, G&T Continental's good market
position, long track record in the Guatemalan banking industry,
large and diversified deposit base, and adequate access to long-
term funding sources support the rating.

Adjusted total equity to adjusted assets is 5.45% and the risk-
adjusted capital ratio is a weak 3.4%, despite fresh capital
coming from the International Finance Corp. (AAA/Stable/A-1+).
Also, its holding company, Corporacion G&T Continental (not rated)
and other minority shareholders provided $22 million in new equity
in 2009.  S&P expects improvements in the capital ratio because of
further capital injection narrowing capital gaps with other Latin
American banks rated 'BB'.  However, S&P expects capitalization
levels to remain low.  In S&P's view, a devaluation of the local
currency will have an important impact on the loan portfolio, and
if the devaluation is significant, it could strain capitalization.

Although NPAs remain at adequate levels of 2.68% and reserve
coverage has improved because of a more-stringent reserve
requirement from regulators, reserve coverage for NPAs (delinquent
loans, restructured loans, and foreclosed assets) was still low
at 73% at December 2010.  S&P's concern about the low reserve
coverage is highlighted by the fact that 40% of the loan portfolio
is dollar denominated, and it is not entirely related to net
dollar generators, which represented 72.5% of total foreign
currency loan portfolio.

G&T Continental has been able to maintain its strong presence
with a market share of 20.47% and 19.5% in terms of assets
and deposits, respectively.  The bank's relatively stable and
fragmented deposit base, representing 85% of the funding base,
supports its adequate liquidity and cheap funding costs at
December 2010.  Loans to deposits stood at 61%.  The bank's
efforts to improve profits have been successful, as reflected
in an increase in core earnings to average adjusted assets to
1.5% in 2010 from 1.34% in 2009.

The stable outlook on G&T Continental reflects S&P's expectation
that the bank will maintain its adequate financial profile,
and that capital will continue to flow into the bank.  S&P is
expecting the bank to grow approximately 6% during the year given
Guatemala's economic conditions, but NPLs and profitability should
remain at current levels.  An upgrade would likely result from
continuing improvement in adjusted capitalization measures, a
significant reduction in double leverage, and RAC above 7% with
coverage of NPAs closer to 100%.  However, if asset quality
deteriorates to NPAs of more than 4.5%, with current capital
levels and reserve coverage, or if expectation of a devaluation
of the quetzal rises, S&P could lower the ratings.


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


JAMAICA PUBLIC: Says It Might Have Paid $38MM for 2009 Breaches
---------------------------------------------------------------
The RJR News reports that the 2009/2010 annual report of the
Office of Utilities Regulation tabled last week in the Jamaican
parliament said customers of the Jamaica Public Service Company
have not been taking up compensation.  In a report received from
JPS, the company revealed that in 2009 it committed 25,000
breaches to customers' rights under the Guaranteed Standards
governing utility companies.  The report says that the breaches
had potential compensation of $38 million, of which, according to
The RJR News, JPS was able to pay $400,000 in the form of credits
to accounts.  The RJR News relates that there was no automatic
compensation for many of the breaches and customers failed to
submit claims.

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of more than 1,600 employees.  The
Company owns and operates 28 generating plants, 54 substations,
and roughly 14,000 kilometers of distribution and transmission
lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.


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


BANCO INDUSTRIAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-
/B' counterparty credit and certificate of deposit ratings on
Banco Industrial S.A.  S&P also affirmed its 'BBB-' survivability
assessment on the bank.  The outlook is stable.

"BI's main weaknesses are its low capitalization, double leverage,
high dollar denomination, and loan concentration of its balance
sheet," said Standard & Poor's credit analyst Laurence Wattraint.
BI's strong commercial position in Guatemala arising from its
capable management and adequate financial performance, such as
asset quality compared with the rest of the system and liquidity,
support the ratings.

As of December 2010, BI registered adjusted total equity to
adjusted assets of 6.95%, lower than the previous year at 7.21%,
because of 9% asset growth and a risk-adjusted capital ratio
before diversification of 5.5%, which S&P considers low.  The
bank's aggressive dividend policy, which is common in the region,
hampers the capitalization ratio.  Also, the bank's double
leverage and lending U.S. dollars up to 50% of the loan portfolio
more than the industry average and with not all of it related to
dollar generators may especially hurt capitalization.  S&P
believes BI has reduced capacity to face unexpected losses based
on its low RAC ratio, even though S&P don't expect losses in the
near term as the bank maintains conservative credit practices.
Furthermore, somewhat mitigating the stretch capitalization, BI's
shareholders provide additional financial flexibility.  In 2009,
BI's holding company (Bicapital Corp.) replaced its outstanding
debt ($150 million) with resources from a private issuance of
preferred shares placed exclusively with its shareholders.
However, double leverage is still present.

The bank has a concentration in corporations.  As of December
2010, nonperforming assets (past-due loans, restructures, and
foreclosed assets) stood at 2.60% with 55% coverage.  When
considering only nonperforming loans, BI shows strong results with
0.74% less than the average of the industry with 2.11% and
coverage of 175%, which is better than the 115% industry average.
S&P don't expect better diversification in the short term.
Guatemala is a small economy, and there is low market depth.

BI is one of Guatemala's principal loan providers for
corporations, with a loan market share of 25%.  S&P believes its
experienced management team has been able to deal adequately with
recent more-adverse economic conditions and that the bank will
keep its leading position in its corporate segment.  S&P expects
more cross-selling, helping medium-term diversification.  BI's
funding profile is adequate and mainly based on deposits, at 84%
of its funding base, and with loans making up 62% of customer
deposits.  BI enjoys a large and stable deposit base, which S&P
believes the bank will sustain in 2011.

Reliance on international wholesale funding is limited.  It
accounted for 15% of total liabilities at the end of 2010.  S&P is
not concerned about the bank's liquidity.

The stable outlook reflects S&P's expectation that the bank will
sustain its adequate financial performance and its ability to
further leverage past mergers.  S&P believes BI will be able to
cope with economic uncertainties based on its knowledge of the
market and good risk practices.  S&P expects the bank to grow by
6% given Guatemalan economic conditions, asset quality, and
profitability.  A significant reduction of double leverage and
strong improvements in adjusted capitalization and, consequently,
RAC ratio of more than 7% that would cover asset concentrations
and the high proportion of dollar-denominated loans on the balance
sheet would likely lead us to raise the ratings.  A downturn in
the economy that hurts asset quality, profitability, and liquidity
could lead us to lower the ratings.  Also, if the RAC falls below
3% and nonperforming assets rise to more than 4.5%, damaging
profitability, S&P could lower the ratings.


HIPOTECARIA SU: S&P Changes Counterparty Credit Rating to 'D'
-------------------------------------------------------------
Standard & Poor's Rating Services said it revised its counterparty
credit rating on Mexico-based mortgage and construction lender
Hipotecaria Su Casita, S.A. de C.V. SOFOM, E.N.R. to 'D' from 'SD'
and its Mexican national scale rating to 'mxD/mxD' from
'mxSD/mxSD'.

On March 17, 2011, the company stated they would fail to pay all
of its obligations as they come due.  HSC offered a debt exchange
to its current bondholders, and the company stated it will stop
paying interests/coupons for its long-term market debt issues.
S&P will further downgrade the respective issuances to 'D/mxD'
once the company fails to meet their scheduled interests'
payments.

"If HSC is not able to reach an agreement with its creditors
through this debt restructuring, the company will ultimately
default on its upcoming market debt maturities and it has stated
it will file for bankruptcy protection," said Standard & Poor's
credit analyst Arturo Sanchez.  "Under this scenario, the company
could be liquidated."

The liquidity problems the company faced during 2009 and 2010 were
a result of increasing nonperforming assets, an eroding capital
base, and accumulated losses.  These woes are still reflected in
high delinquencies and a very fragile capital base.  At December
2010 the company's NPAs represented a high 48.1% of its total loan
portfolio, while its net losses stood at MXN3,075 million.  The
latter continues to wear away its already feeble capital base.
Its adjusted total equity-to-assets ratio was negative 13.3%.


SEMGROUP LP: Abstention Mandatory Despite Post-Plan Jurisdiction
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the extent to which bankruptcy jurisdiction narrows
after plan confirmation has divided the country's federal courts.
U.S. District Judge Gregory K. Frizzell from Tulsa, Oklahoma, came
down on the side of favoring a broader notion of jurisdiction,
rejecting the narrower version espoused by the U.S. Court of
Appeals in Philadelphia in a 2004 case called Resorts
International.

Mr. Rochelle relates that Judge Frizzell's case involved a lawsuit
brought by the trustee of the litigation trust created under the
confirmed Chapter 11 plan of SemGroup LP.   The Oklahoma case is
Whyte v. PricewaterhouseCoopers LLP, 10-485 (N.D. Okla.).

                        About SemGroup L.P.

SemGroup, L.P. -- http://www.semgrouplp.com/-- is a midstream
service company that provides diversified services for end users
and consumers of crude oil, natural gas, natural gas liquids and
refined products.  Services include purchasing, selling,
processing, transporting, terminalling and storing energy.
SemGroup serves customers in the United States, Canada, Mexico and
Wales.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection (Bankr. D. Del. Case No. 08-11525) on July 22, 2008.
John H. Knight, Esq., L. Katherine Good, Esq. and Mark
D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A.
Mayer, Esq., at Weil Gotshal & Manges LLP, represented the Debtors
in their restructuring efforts.  Kurtzman Carson Consultants
L.L.C. served as the Debtors' claims agent.  The Blackstone Group
L.P. and A.P. Services LLC acted as the Debtors' financial
advisors.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represented the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts.

SemGroup, LP, won confirmation from the Bankruptcy Court of its
Fourth Amended Plan of Reorganization on October 28, 2008.  The
Plan, which distributed more than $2.5 billion in value to
stakeholders, was declared effective on November 30, 2008.


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


AMR CORP: Expects Unit Revenue to Hike 4.0% to 4.5% in Q1 2011
--------------------------------------------------------------
AMR Corporation filed with the U.S. Securities and Exchange
Commission its Eagle Eye communication to investors.  This
document includes (a) actual unit cost, fuel price, capacity and
traffic information for January and February, and (b) forecasts of
unit cost, revenue performance, fuel prices and fuel hedging,
capacity and traffic estimates, liquidity expectations, other
income/expense estimates and share count.

First quarter 2011 mainline unit revenue is expected to increase
between 4.0% and 4.5% compared to first quarter 2010, and first
quarter consolidated unit revenue is expected to increase between
4.1% and 4.6% year over year.  The Company's revenue results
reflect approximately $50 million in lower revenue due to extreme
weather events in the first 45 days of 2011, which resulted in
over 8,000 weather-related cancellations on a consolidated basis.
In total, Cargo and Other Revenue for first quarter 2011 is
expected to increase between 7.5% and 8.0% relative to first
quarter 2010.

AMR expects to end the first quarter with a cash and short-term
investment balance of approximately $6.2 billion, including
approximately $455 million in restricted cash and short-term
investments.  This estimate includes approximately $370 million of
cash collateral expected to be held by AMR relating to fuel
hedging transactions.

A full-text copy of Eagle Eye Communication is available for free
at http://is.gd/T2nzmk

                       About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  As of Dec. 31, 2009, American provided scheduled jet
service to approximately 160 destinations throughout North
America, the Caribbean, Latin America, Europe and Asia.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

The Company's balance sheet at Dec. 31, 2010, showed
$25.09 billion in total assets, $29.03 billion in total
liabilities and a $3.94 billion stockholders' deficit.

AMR recorded a net loss of $471 million in the year 2010, a net
loss of $1.5 billion in 2009, and a net loss of $2.1 billion in
2008.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings,
'Caa1' corporate family and probability of default ratings
from Moody's, and a 'B-' corporate credit rating from Standard &
Poor's.

In November 2010, Standard & Poor's Ratings Services revised its
outlook on AMR Corp. and its major operating subsidiary, American
Airlines Inc., to stable from negative, based on AMR's improved
operating performance, which has bolstered credit quality.  S&P
also affirmed its 'B-' corporate credit rating and most issue
ratings on the two companies and lowered selected ratings on
American's enhanced equipment trust certificates.


BORDERS GROUP: To Close 25 More Stores, Closing Sales Begin
-----------------------------------------------------------
Borders Group, Inc. and its debtor affiliates informed Judge
Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York on March 19, 2011, that they intend to close
25 more stores in addition to the 200 stores they are currently
liquidating.

Sales with respect to the 25 additional stores are to commence on
or after March 24, 2011.

The 25 additional closing stores located at:

(1) 12th Street, West Des Moines, Iowa
(2) 15th St., Buckhead, Georgia
(3) 21st St., Philadelphia, Pennsylvania
(4) 23rd St., Overland, Kansas
(5) 38th St., Stamford, Connecticut
(6) 49th St., Waipahu, Hawaii
(7) 67th St., Tacoma, Washington
(8) 68th St., San Rafael, California
(9) 75th St., Wilmette, Illinois
(10) 87th St., Milpitas, California
(11) 106th St., Indianapolis, Indiana
(12) 111th St., San Diego, California
(13) 135th St., Tulsa, Oklahoma
(14) 140th St., Stafford, Texas
(15) 153rd St., Kahului, Hawaii
(16) 196th St., Braintree, Massachusetts
(17) 198th St., Fort Wayne, Indiana
(18) 227th St., Shrewsbury, Massachusetts
(19) 301st St., Federal Way, Washington
(20) 351st St., Pleasant Hill, California
(21) 354th St., Hollywood, California
(22) 386th St., Nashville, Tennessee
(23) 406th St., Goleta, California
(24) 419th St., Fairfield, Connecticut
(25) 512th St., Bakersfield, California

Borders got Court permission to conduct store closing sales of
the originally identified 200 store locations on February 18,
2011.  The February 18 Order further authorized Borders, without
any need for further motion or order of the Court, to include
certain additional stores referred to as "put option stores" in
the sale.

Borders previously disclosed its plan to close up to 75 of 136
potential other stores.  Borders' chief executive officer said in
a conference call held on March 11, 2011, that the final number
of additional stores will depend on the outcome of landlord
concessions and may be closer to 20 or 25 stores.

A joint venture composed of Hilco Merchant Resources, LLC, SB
Capital Group, LLC, Tiger Capital Group, and Gordon Brothers
Retail Partners, LLC was hired by Borders to handle the
liquidation of the 200 stores.

Borders reveals that its is currently working to finalize an
agreement with the liquidators with respect to the closing of the
25 additional stories, and will file the agreement on the
Court's docket upon execution.

The Wall Street Journal had noted that Borders will have 433
stores after the initial round of liquidating 200 stores is
finished.  The additional store closings will bring Borders' total
store count to about 400, the Journal relayed.

                  March 17 Store Closing List

As widely reported, Borders posted on March 17, 2011, in its
reorganization Web site, an updated list of closing stores to
reflect 28 more stores to be liquidated.  The list, however, was
taken down and a "to-be-provided" notice replaced the list.

The March 17 list identified these store locations, which were
slated to close by late May 2011:

  (1) Bakersfield, California
  (2) Goleta, California
  (3) Hollywood, California
  (4) Milpitas, California
  (5) Pleasant Hill, California
  (6) San Diego, California
  (7) San Rafael, California
  (8) Fairfield, Connecticut
  (9) Stamford, Connecticut
(10) Atlanta, Georgia
(11) Kahului (Maui), Hawaii
(12) Waipahu, Hawaii
(13) Wilmette, Illinois
(14) West Des Moines, Iowa
(15) Fort Wayne, Indiana
(16) Indianapolis, Indiana
(17) Overland Park, Kansas
(18) Louisville, Kentucky
(19) Braintree, Massachusetts
(20) Shrewsbury, Massachusetts
(21) Tulsa, Oklahoma
(22) North Wales, Pennsylvania
(23) Philadelphia, Pennsylvania
(24) Cranston, Rhode Island
(25) Nashville, Tennessee
(26) Stafford, Texas
(27) Federal Way, Washington
(28) Tacoma, Washington

A copy of the March 17 list is available for free at:

   http://bankrupt.com/misc/Borders_Mar17StoreClosings.pdf

The closing of the 28 stores will leave Borders with only half of
its superstores, Reuters noted in another report.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Receives Final Nod of $500-Mil. DIP Financing
------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York granted final approval of Borders Group,
Inc. and its debtor affiliates' request to obtain approximately
$500 million in debtor-in-possession financing pursuant to a
Senior Secured, Super-Priority Debtor-in-Possession Credit
Agreement among the Debtors and lender parties led by GE Capital
Markets, Inc.

Judge Glenn held that given their current financial condition,
financing arrangements, and capital structure, the Debtors are
unable to obtain financing from sources other than the DIP
Lenders on terms more favorable than the DIP Facility.

Subject to the DIP Facility, all other related documents, and the
Final DIP Order, the Debtors are authorized to:

  (A) seek extensions of credit under the Working Capital
      Facility up to an aggregate principal amount of
      $450,000,000, at any one time outstanding, consisting of

      -- a revolving credit facility up to an aggregate
         amount of $410,000,000, including (x) a sublimit for
         letters of credit up to $75 million, and (y) a sublimit
         for swingline loans of up to $50 million;

      -- a first-in, last-out, fully-funded tranche in the
         principal amount of $20 million; and

      -- a letter of credit facility for up to $20 million to be
         provided by the Working Capital Agent or one of its
         affiliates in support of the Actual Cash Management
         Exposure; and

  (B) borrow an aggregate principal amount of $55 million under
      the Term B Facility.

The DIP Obligations will include all loans, letter of credit
reimbursement obligations, and any other indebtedness or
obligations, contingent or absolute, which may now or from time
to time be owing by any of the Debtors to the DIP Lenders under
their respective DIP Loan Documents or the Final Order,
including, without limitation, all principal, accrued interest,
costs, fees, expenses and other amounts owed pursuant to the
respective DIP Loan Documents.

Judge Glenn acknowledged that the Debtors will use the proceeds
of the DIP Facility:

  (a) for the repayment in full in cash of $196,050,000 in
      principal amount of revolver loans and $33,699,708 of
      issued and outstanding letters of credit, and other
      obligations under the Debtors' Prepetition Revolver Credit
      Agreement and the funding of an indemnity account as
      provided in a payoff letter by Bank of America, N.A., as
      administrative agent under the Prepetition Revolver;

  (b) for the repayment of the obligations under the Debtors'
      Prepetition Term Loan Agreement, including $48.6 million,
      and the funding of an indemnity account as provided in a
      payoff letter by GA Capital, LLC, as administrative agent
      under the Prepetition Term Loan; and

  (c) in a manner consistent with the DIP Loan Documents and in
      accordance with a prepared budget.

The Court held that the repayment of the Debtors' Prepetition
Loan Obligations in accordance with the Interim and Final DIP
Orders, and the Payoff Letters is necessary as the Prepetition
Agents and the Prepetition Lenders have not otherwise consented
to the use of their Cash Collateral or the subordination of their
liens to the DIP Liens.

Judge Glenn also granted the DIP Lenders allowed superpriority
administrative expense claim status in each of the Debtors'
Chapter 11 Cases or any case under Chapter 7 of the Bankruptcy
Code upon conversion of any of these Chapter 11 cases or any
other successor or subsequent case under the Bankruptcy Code.

Judge Glenn further granted to the Working Capital Agent
automatically perfected security interests in and liens on all of
the DIP collateral, including, without limitation, all property
constituting "Cash Collateral," as the term is defined under
Section 363 of the Bankruptcy Code, which liens will be subject
to the priorities set forth in the Final DIP Order.

The DIP Liens will be junior only to the (i) Carve-Out, and
(ii) Prepetition Permitted Liens, and will otherwise be senior in
priority and superior to any security, mortgage, collateral
interest, lien or claim on or to any of the DIP Collateral.

The Carve-Out refers to:

  (i) all fees required to be paid to the Clerk of the
      Bankruptcy Court and to the Office of the U.S. Trustee
      pursuant to 28 U.S.C. Section 1930(a);

(ii) upon a Termination Declaration Date, the sum of
      $4,000,000, which amount may be used subject to the terms
      of the applicable DIP Order to pay any fees or expenses
      of the bankruptcy professionals of the Debtors and any
      statutory committees appointed in the Debtors' cases;

(iii) any accrued and unpaid fees and expenses of the Debtors'
      and the Committee's professionals incurred prior to the
      receipt of the Carve-Out Trigger Notice; and

(iv) any professional fees and documented out-of-pocket
      expenses of a chapter 7 trustee under Section 726(b) of
      the Bankruptcy Code up to a maximum amount of $100,000 in
      the aggregate.

The Prepetition Permitted Liens will include all liens that were
valid, senior, enforceable, non-avoidable, prior and perfected
under applicable law as of the Petition Date.

The Debtors are further authorized and directed to pay the
principal, interest, fees, expenses and other amounts payable
under each of the DIP Loan Documents as they become due,
including, without limitation, letter of credit fees, continuing
commitment fees, closing fees, servicing fees, audit fees,
structuring fees, administrative agent's fees, the fees and
disbursements of each DIP Loan Agent's professionals, and the
legal expenses of the DIP Lenders  all to the extent provided by
and in accordance with the DIP Loan Documents.

The automatic stay is modified as necessary to effectuate all of
the terms and provisions of the Final DIP Order, the Court ruled.

On the Termination Date, all DIP Obligations will be
immediately due and payable, and all commitments to extend credit
under the DIP Facility will terminate, and all letters of credit
outstanding will be cash collateralized, backed or cancelled.

Judge Glenn clarified that nothing in the Final DIP Order or the
DIP Loan Documents will prejudice the rights of the Official
Committee of Unsecured Creditors, if granted standing, to seek to
assert claims against any of the Prepetition Lender Parties on
behalf of the Debtors or the Debtors' creditors and interest
holders, or to object to or to challenge the stipulations,
findings or Debtors' Stipulations relating to the Prepetition
Credit Facilities.  The Creditors' Committee, must (i) file any
motion seeking standing, or (ii) after obtaining Court-approved
standing, must commence, as appropriate, a contested matter or
adversary proceeding raising that objection or challenge.

All objections to the DIP Credit Facility to the extent not
withdrawn or resolved are overruled, Judge Glenn ruled.

As to Dallas/Fort Worth International Airport Board's Objection,
Judge Glenn clarified that a Concessionaire's Bond issued by
SAFECO Insurance Company of America in favor of DFWIAB is
excluded from any liens granted to the DIP Lenders or their
agents and assigns.  DFWIAB is not required to seek the approval
of this or any other court prior to proceeding against or
collecting on the Bond if and when permissible under a Concession
Lease Agreement with Borders, Inc., Lease No. 238963, including a
Board's Consent to Assignment and Assumption of Lease No. 238963,
Judge Glenn held.

A full-text copy of the Borders Final DIP order dated March 16,
2011, is available for free at:

      http://bankrupt.com/misc/Borders_FinalDIPOrder.pdf

                Cash Collateral Use Gets Approval

Judge Glenn authorized the Debtors, on a final basis, to use
their Prepetition Lenders' cash collateral pursuant to a prepared
budget.

The Debtors prepared a Budget for their Cash Collateral use for
the period from March 12, 2011, to June 25, 2011, a copy of which
is available for free at:

     http://bankrupt.com/misc/Borders_MartoJun2011Budget.pdf

All objections to the Cash Collateral Motion to the extent not
withdrawn or resolved are hereby overruled, Judge Glenn held.

The Debtors may use Cash Collateral until the occurrence of a
termination date as set forth in the Final DIP Order; provided,
that during a five-business day period after any DIP Lender files
a termination declaration date, the Debtors may use Cash
Collateral in accordance with the Budget solely to meet payroll
and to pay expenses critical to the preservation of the Debtors
and their estates as agreed by the DIP Loan Agents and the Term B
Lenders, subject to the terms of the DIP Loan Documents and the
Final DIP Order.

The Final Cash Collateral Order provides that the Debtors'
Prepetition Lenders are entitled to adequate protection of their
interest in the Prepetition Collateral, including the Cash
Collateral in these forms:

  (A) For the Prepetition Revolver Lenders, the Debtors (i)
      established an account for the Prepetition Revolver Agent
      into which the sum of $500,000 was deposited as security
      for their general reimbursement obligations under the
      Prepetition Revolver and granted an exclusive senior
      priority lien on the Prepetition Revolver Indemnity
      Account and all amounts therein, and (ii) the Debtors
      granted, on a final basis, adequate protection lien and
      superiority claims to the Prepetition Revolver Agent.

  (B) For the Prepetition Term Loan Lenders, the Debtors (i)
      established an account for the Prepetition Term Loan Agent
      into which the sum of $300,000 as security for the
      Debtors' reimbursement obligations under the Prepetition
      Term Loan Agreement; and (ii) granted, on a final basis,
      an adequate protection lien and superpriority claim to the
      Prepetition Term Loan Agent.

The Adequate Protection Liens will be junior only to (i) the
Carve-Out; (ii) the DIP Liens; and (iii) the Prepetition
Permitted Revolver Liens, Judge Glenn ruled.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


BORDERS GROUP: Seeks Approval of Sutherland Contract Agreements
---------------------------------------------------------------
Borders Group Inc. and its units seek the Bankruptcy Court's
permission to:

  (i) enter into a statement of work agreement and master
      services agreement with Sutherland Global Services, Inc.;
      and

(ii) pay a $781,250 prepetition claim owed to Sutherland.

In July 2010, Borders Group, Inc. entered into a Letter of Intent
with Sutherland Global Services, Inc. and Sutherland Global
Services Philippines, Inc., whereby Sutherland was obligated to
initiate and incorporate Borders' customer service calls into
Sutherland's outsourced contact center in the Philippines.

Pursuant to the LOI, Sutherland established a "Level One,"
English-speaking customer call contact center that provided
support for Borders' rewards and loyalty programs, Borders.com
inquiries and other customer service related inquiries.
Sutherland also provided other support, including technological
assistance, cataloguing and retaining customer emails and other
Web site correspondences.

The LOI expressly provided that it did not constitute a complete
and final agreement; instead, the LOI would serve as a bridge
agreement while the parties negotiated a more comprehensive
master services agreement.

The LOI was supposed to terminate by September 7, 2010, unless
the parties were able to enter into a master services agreement
or enter into a further extension.  In September 2010, the
Debtors and Sutherland agreed to extend the LOI Termination Date
through, and including, October 22, 2010.

The parties then continued to negotiate the terms of a master
services agreement, but did not enter into another extension.
Nonetheless, since the Petition Date, the parties have continued
to operate in accordance with the LOI and the Debtors have been
pre-paying for Sutherland's services.

                 Services & Operating Agreements

The Debtors and Sutherland have now agreed in principle on the
forms of a Master Services Agreement and a Statement of Work
Agreement or SOW, which the parties will execute upon obtaining
Court permission.

The MSA is an umbrella agreement that provides the formal
contractual terms to govern the Debtors' and Sutherland's
relationship under the SOW.  In addition to more formally
outlining the services and the compensation structure, the MSA
outlines the parties' rights and remedies, including termination
rights and notice requirements.

The SOW is an operating agreement that governs Sutherland's
operation of the Philippines Contact Center.  Under the SOW,
Sutherland is obligated to provide certain services, including:
(i) fielding incoming phone and email customer service inquiries;
(ii) managing the toll-free number; (iii) managing customer care
resolution, including check and refund requests; (iv) processing
Web site and phone gift card purchases; (v) fulfilling
Borders.com invoices; and (vi) handling damaged and unsettled
goods.  The SOW will expire on October 17, 2013.

Full-text copies of the forms of the MSA and SOW are available
for free at:

     http://bankrupt.com/misc/Borders_SutherlandMSA.pdf
     http://bankrupt.com/misc/Borders_SutherlandSOW.pdf

As of the Petition Date, the Debtors owe Sutherland $781,250 for
services rendered in connection with operating the Philippines
Contact Center.  The Sutherland Claim is comprised of:

  -- $685,444 for customer service related production charges,
  -- $68,205 for electronic and eReader related charges,
  -- $12,375 for training and development related charges, and
  -- $15,225 for reimbursement of expenses for services rendered
     from December 2010 through January 2011.

Andrew K. Glenn, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York -- AGlenn@kasowitz.com -- tells the Court that
Sutherland has indicated that it will not enter into any of the
Contact Agreements unless and until the Sutherland Claim is paid
in full.  Sutherland has also stated its intention to terminate
all services if the Debtors do not pay the Sutherland Claim.

Mr. Glenn asserts that providing and maintaining the Philippines
Contact Center is an integral component to maintain the Debtors'
operations.  The Debtors rely heavily on Sutherland to provide
this service, he stresses.

Finding a replacement for Sutherland could take many months, Mr.
Glenn emphasizes.  Any interruption in obtaining the services
provided at the Philippines Contact Center, he insists, would:
(i) damage the Debtors' business reputation; (ii) undermine the
Debtors' ability to provide a phone or web vehicle for customer
complaints and questions, which is necessary to retain customer
and store loyalty; and (iii) adversely and irreparably affect the
Debtors' restructuring efforts.

Against this backdrop, the Debtors ask to Court to grant critical
vendor status on Sutherland.

The Debtors further ask the Court that any order approving their
motion with respect to Sutherland be made effective immediately
by waiving the 14-day stay under Rule 6004(h) of the Federal
Rules of Bankruptcy Procedure.

The Court will consider the Debtors' request on April 7, 2011.
Objections are due no later than March 31.

                        About Borders Group

Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores.  At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico.  Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner. Esq, Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group.  Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000)


SAN JUAN BAUTISTA: Files for Bankruptcy Protection
--------------------------------------------------
San Juan Bautista Medical Center Corp. filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-02270) on
March 18, 2011.

The Debtor said in a press release that reorganization will help
protect the educational workshops and clinical practices of some
259 students at the medical school and some 1,675 healthcare
students as well as some 377 jobs.  The Debtor disclosed that it
owes: (i) $21.1 million to Prepa; (ii) $6 million in taxes; (iii)
$1.7 million to the Labor Department, (iv) $1 million to the State
Insurance Fund, (v) $994,000 to Borschow Hospital, (vi) $867,734
to the Puerto Rico Aqueduct & Sewer Authority, (vii) $471,000 to
Continental Casualty; and (viii) thousands of dollars to other
medical facilities and individuals.

Eva Llorens at the caribbeanbusinesspr.com relates that San Juan
Bautista is trying to stop Puerto Rico Electric Power Authority
from cutting off electricity to the Debtor's San Juan Bautista
School of Medicine.

San Juan Bautista Medical Center operates 190-bed San Juan
Bautista Hospital in Caguas, Puerto Rico.  San Juan Bautista was
part of the government's plan to start a medicalization program
for drug addicts.  The hospital has 150 beds for patients with
physical ailments and 40 beds for mental-health patients.


=================
V E N E Z U E L A
=================


TBS INTERNATIONAL: Files Registration Statement on Form S-1
-----------------------------------------------------------
TBS International plc on Feb. 14, 2011, filed a registration
statement on Form S-1 with respect to a proposed offering of non-
transferable subscription rights to all holders of its ordinary
shares as of Feb. 7, 2011.  The subscription rights, when issued,
would be exercisable for the purchase of Series A Preference
Shares of the Company.  The Company expects to issue the
subscription rights promptly after the effectiveness of the
registration statement.

                   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 US$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 US$100 per share directly from TBS in a
private placement.


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


* BOND PRICING: For the Week March 21 to March 25, 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.


                   * * * End of Transmission * * *