TCRLA_Public/110405.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, April 5, 2011, Vol. 12, No. 67

                            Headlines


A R G E N T I N A

ARTES GRAFICAS: Creditors' Proofs of Debt Due April 18
BUENOS AIRES: Fitch Affirms 'B' Long-Term Debt Ratings
CEREALES MERCEDES: Declares Bankruptcy
EMPRESA DE ARMADOS: Declares Bankruptcy
ROBINSA SA: Requests Opening of Bankruptcy Proceedings

SOCIEDAD INDUSTRIAL: Creditors' Proofs of Debt Due June 1


B E R M U D A

AL ISLAMI: Creditors' Proofs of Debt Due April 13
AL ISLAMI: Members to Receive Wind-Up Report on May 4
DORSET LIMITED: Creditors' Proofs of Debt Due April 13
DORSET LIMITED: Member to Receive Wind-Up Report on May 3
FIRST DATA: Creditors' Proofs of Debt Due April 13

FIRST DATA: Member to Receive Wind-Up Report on April 30
FOUNDING PARTNERS: Contributories & Creditors to Meet on April 15


B O L I V I A

BANCO DE CREDITO: Moody's Upgrades Deposit Rating to 'Ba1'
BISA SEGUROS: Moody's Affirms B1 Financial Strength Rating
FONDO FINANCIERO: Moody's Upgrades Deposit Ratings to 'B2'
LA BOLIVIANA: Moody's Affirms 'B1' Financial Strength Rating
LA VITALICIA: Moody's Affirms B1 Financial Strength Rating

ZURICH BOLIVIANA: Moody's Affirms 'B1' Financial Strength Rating


C A Y M A N  I S L A N D S

AERGO 85: Shareholders' Final Meeting Set for April 28
BETA FINANCE: Shareholders' Final Meeting Set for April 29
CPI CAPITAL: Shareholders' Final Meeting Set for April 28
DIPTV, LTD: Shareholder to Receive Wind-Up Report on May 2
DOMINION PENSION: Shareholders' Final Meeting Set for April 28

EMPORIA PREFERRED: Shareholders' Final Meeting Set for April 28
FIVE FINANCE: Shareholders' Final Meeting Set for April 29
INVEST AD: Shareholders' Final Meeting Set for April 28
INVEST AD: Shareholders' Final Meeting Set for April 28
INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for May 25

MINUTES OFFSHORE: Shareholder to Receive Wind-Up Report on May 3
MSR ASIA: Members' Final Meeting Set for April 25
ODIN CDO I: Shareholders' Final Meeting Set for April 29
SAL 97A: Shareholders' Final Meeting Set for April 27
WHITEBRIDGE: Shareholders' Final Meeting Set for April 28


M E X I C O

WOLVERINE TUBE: Taps Deloitte Financial as Financial Advisor


P U E R T O  R I C O

EL AMAL: Files for Chapter 11 Bankruptcy Protection
SPANISH BROADCASTING: Posts $15.04 Million Net Income in 2010


V E N E Z U E L A

FERTINITRO FINANCE: Fitch Keeps 'CCC' Bond Rating on Watch Neg.


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
=================


ARTES GRAFICAS: Creditors' Proofs of Debt Due April 18
------------------------------------------------------
Susana Noemi Mosquera, the court-appointed trustee for Artes
Graficas Cosgraf SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 18, 2011.

Ms. Mosquera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

         Susana Noemi Mosquera
         Rivadavia 1210
         Argentina


BUENOS AIRES: Fitch Affirms 'B' Long-Term Debt Ratings
------------------------------------------------------
Fitch Ratings has affirmed the city of Buenos Aires' 'B' long-term
foreign currency (LTFC) debt rating, including its euro medium-
term note (EMTN) program of US$1400 million, and its 'B' long-term
local currency (LTLC) debt rating.  The Rating Outlook of all
ratings remains Stable.  The city of Buenos Aires' international
ratings are limited by Argentina's sovereign rating.
The city of Buenos Aires' ratings are based on the following
credit strengths:

   -- High budget flexibility;

   -- Strong local revenues;

   -- Incomes collected by the city itself in relation to total
      revenues represented 87.8% in 2009 and 86.2% according to
      provisional figures for 2010;

   -- Adequate fiscal performance;

   -- Manageable profile and amount of debt;

   -- Strong socio-economic profile and weight in the national
      economy in terms of GDP contribution.

However, they also show the following risks or limitations:

   -- Salary pressures in an inflationary context could affect the
      city's operating margin;

   -- High proportion of debt in foreign currency;

   -- Financial pressure in relation to the infrastructure
      investment program of the city.

The city of Buenos Aires has an adequate operating surplus before
interest expenses in relation to current revenues, but in 2009
some deterioration was observed as part of a slowdown in the
development of revenues and increasing operating expenses, mainly
by pressure on salaries (16% in 2008 vs. 10.6% in 2009).  However,
during the economic recovery of 2010, the September numbers showed
a significant improvement.  Should the provisional figures for the
2010 fiscal year be confirmed, the operating margins could
represent 17.7% of current revenues.  These developments could
signal an improvement in the fiscal flexibility and payment
capacity of financial commitments compared with previous years.

The budget for 2011 estimates a financial deficit of
US$2.039 million mainly due to an ambitious public investment
program, and it assumes a positive operating savings of around
11.1% over current revenues.  In order to finance this deficit and
repay debt service for $1.717 million, the city has to take a
public credit for $4.181 million, through the issuance of a bond
in the capital market (after authorization by the Parliament),
credits with the BIRF, CAF and funding with suppliers and
additional financing with short-term debt.

Since restructuring its debt in 2002, the city of Buenos Aires
has met its debt obligations in a timely fashion reflecting an
improvement in its debt ratios.  The total debt / current revenues
ratio has been improving, showing a decline from 35.5% in 2005 to
17.5% as of December 2009.

During 2009 and 2010, the city of Buenos Aires issued two
bonds in the international capital market for US$50 million
and US$475 million, and a bond with suppliers in the local
market for ARP690 million in order to comply with the public
investment program.  As of December 2010, the direct debt
balance was ARP4.486 million and of such balance 74% was
nominated in foreign currency.

Although the level of debt was increased, these debt ratios are
acceptable according to the city's financial situation and to the
current rating level.  Provisional figures for 2010 show that the
debt represented 23.2% of current revenues and the debt service
49.6% of operational savings.

As of December 2010, the series II, III, IV and V under the EMTN
Program were totally cancelled, and currently only series I and
new bonds remain outstanding. Series I will be cancelled in April
2011.

In order to handle cash management the city is issuing short-term
debt in the local market (called 'Letras de Tesoreria') under a
Program for ARP950 million.  As of December 2010 the outstanding
was ARP539 million.

Fitch views the city of Buenos Aires' debt as manageable which, in
conjunction with its important financial autonomy, places the city
in a favorable position to support different stress scenarios.
However, Fitch will continue monitoring debt dynamics and will
evaluate the specific terms and conditions of possible new
issuance.

The city of Buenos Aires is the second largest economic region
in the country after the Province of Buenos Aires, contributing
approximately 21% of Argentina's Gross Domestic Product.  The
economy of the city is diversified among a number of economic
sectors, but the main is the services.  The city is the country's
largest financial and business centre.  With approximately
3 million inhabitants, the city of Buenos Aires' population
represents 7.5% of Argentina's total.


CEREALES MERCEDES: Declares Bankruptcy
--------------------------------------
Cereales Mercedes SRL declared bankruptcy at the request if Oscar
Alberto Alberghini for a debt of $17,946.

The trustee can be reached at:

         Hector Kaiser
         Montevideo 666
         Argentina


EMPRESA DE ARMADOS: Declares Bankruptcy
---------------------------------------
Empresa de Armados, Servicios y Packing SA declared bankruptcy at
the request of Bag Industrial Group.

The trustee can be reached at:

         Elizabeth Maria Teresa Zanaboni
         Vera 272
         Argentina


ROBINSA SA: Requests Opening of Bankruptcy Proceedings
------------------------------------------------------
Robinsa SA requested the opening of bankruptcy proceedings.  The
company has reported assets of $2.88 million and $3.17 million of
liabilities.


SOCIEDAD INDUSTRIAL: Creditors' Proofs of Debt Due June 1
---------------------------------------------------------
Estudio Rego-Saavedra, the court-appointed trustee for Sociedad
Industrial Argentina SA's reorganization proceedings, will be
verifying creditors' proofs of claim until June 1, 2011.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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 16, 2012.

The Trustee can be reached at:

         Estudio Rego-Saavedra
         Arenales 2552
         Argentina


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


AL ISLAMI: Creditors' Proofs of Debt Due April 13
-------------------------------------------------
The creditors of Al Islami Far Eastern Real Estate Fund 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 wind-up proceedings on March 28, 2011.

The company's liquidator is:

         Seow Bee Lian
         6 Temasek Boulevard
         #16-02 Suntec Tower Four
         Singapore 038986


AL ISLAMI: Members to Receive Wind-Up Report on May 4
-----------------------------------------------------
The members of Al Islami Far Eastern Real Estate Fund Limited will
receive on May 4, 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 28, 2011.

The company's liquidator is:

         Seow Bee Lian
         6 Temasek Boulevard
         #16-02 Suntec Tower Four
         Singapore 038986


DORSET LIMITED: Creditors' Proofs of Debt Due April 13
------------------------------------------------------
The creditors of Dorset 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 wind-up proceedings on March 25, 2011.

The company's liquidator is:

         Christopher C. Morris
         c/o Century House
         16 Par-la-Ville Road
         Hamilton HM08
         Bermuda


DORSET LIMITED: Member to Receive Wind-Up Report on May 3
---------------------------------------------------------
The member of Dorset Limited will receive on May 3, 2011, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on March 25, 2011.

The company's liquidator is:

         Christopher C. Morris
         c/o Century House
         16 Par-la-Ville Road
         Hamilton HM08
         Bermuda


FIRST DATA: Creditors' Proofs of Debt Due April 13
--------------------------------------------------
The creditors of First Data International 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 wind-up proceedings on March 29, 2011.

The company's liquidator is:

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


FIRST DATA: Member to Receive Wind-Up Report on April 30
--------------------------------------------------------
The member of First Data International Limited will receive on
April 30, 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 29, 2011.

The company's liquidator is:

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


FOUNDING PARTNERS: Contributories & Creditors to Meet on April 15
-----------------------------------------------------------------
The contributories and creditors of Founding Partners Capital
(Bermuda) Limited will hold their first meetings on April 15,
2011, at 9:00 a.m. and 9:30 a.m., respectively to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Stephen Lowe is the company's provisional liquidator.


=============
B O L I V I A
=============


BANCO DE CREDITO: Moody's Upgrades Deposit Rating to 'Ba1'
----------------------------------------------------------
Moody's Investors Service upgraded to Ba1, from Ba3, the long-term
global local currency deposit rating of Banco de Credito de
Bolivia S.A., with a stable outlook.

Ratings Rationale

This rating action follows a similar action on Bolivia's country
ceiling for local currency deposits.  Refer to Moody's press
release "Moody's upgrades Bolivia's ratings to B1; Outlook
positive", dated December 2, 2010.

Banco de Credito de Bolivia is a subsidiary of Banco de Credito
del Peru. Headquartered in La Paz, Bolivia, the entity had assets
of BOB7.8 billion and equity for BOB655 million, as of December
2010.

This rating action was taken on Banco de Credito de Bolivia S.A.:

   * Global Long Term Local Currency Deposit Rating: upgraded to
     Ba1 from Ba3, with stable outlook.


BISA SEGUROS: Moody's Affirms B1 Financial Strength Rating
----------------------------------------------------------
Moody's Lain America has affirmed the B1 global local-currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian National Sacle of BISA Seguros y
Reaseguros S.A. (BISA Seguros) and La Vitalicia Seguros y
Reaseguros de Vida S.A (La Vitalicia).  The companies' ratings
have a stable outlook.

BISA Seguros and La Vitalicia are the general insurance and life
subsidiaries, respectively, of the major Bolivian financial
conglomerate BISA Group, whose ultimate parent company is Banco
BISA S.A.  According to Moody's, the two insurers benefit from
their affiliation with this large domestic financial services
group.

Moody's said that BISA Seguros' ratings primarily reflect the
company's good profitability trend, its stable combined ratio over
the past five years, which has been consistently below 100%, and
its sustained leadership in the Bolivian property and casualty
insurance market.  The rating agency noted that even when BISA
Seguros fell to the second position based on gross premiums as of
December 2010, the company is still the leader based on net
premiums. Offsetting these positive developments are 1) the
company's significant investment risks, given their concentrations
in local government bonds and domestic bank deposits which are
below investment-grade, and 2) Bolivia's specific operating
environment, which in Moody's view also has a speculative grade
profile.  The rating agency noted these two factors are common to
most Bolivian insurers, and that as investment policy is mandated
by local regulatory guidelines, local insurers have limited
flexibility with respect to portfolio composition.

Commenting on La Vitalicia, Moody's noted that the company's
ratings are primarily explained by the insurer's sustained
strong profitability -- which has been supported by favorable
investment results -- as well as by its leading position in the
life and annuities segment and its relatively stable and good
capitalization indications.  "Although as of December 31, 2010,
the company suffered a decline in its return on capital metric,
the company has established voluntary reserves that allows it to
face low market interest rates without further eroding the
company's capitalization and profitability.  However, should the
current low interest scenario persist, the company's financial
profile could be affected at some point in time", commented
Moody's analyst Diego Nemirovsky.  These strengths are tempered by
the company's significant investment risks -- common to most
Bolivian insurers -- its asset-liability management challenges
given inflation-adjusted annuities with spread compression and
reinvestment risks, and its declining market share trend as a
result of a recent pension reform that will eliminate the annuity
segment, currently representing around 21% of the company's
premiums.

For the fiscal year ended December 31, 2010, BISA Seguros and La
Vitalicia, both based in La Paz, Bolivia, reported net income of
BOB18 million and BOB42 million, respectively, and total gross
premiums of BOB336 million and BOB106 million, respectively.  As
of that date, BISA Seguros reported total shareholders' equity of
BOB96 million, whereas La Vitalicia reported BOB396 million of
total shareholders' equity.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.


FONDO FINANCIERO: Moody's Upgrades Deposit Ratings to 'B2'
----------------------------------------------------------
Moody's Investors Service upgraded Fondo Financiero Privado Eco
Futuro's (Eco Futuro) long term global local and foreign currency
deposit ratings to B2 from B3.  At the same time, Moody's upgraded
Eco Futuro's long term local and foreign currency deposit ratings
in the Bolivian national scale to Aa3.bo from A1.bo.

As a consequence of the aforementioned rating action, the rating
agency also upgraded Eco Futuro's local currency subordinated debt
ratings to B3 from Caa1 in the global scale and to A1.bo from
A2.bo in the national scale.

The bank financial strength rating of E+, the short term global
local and foreign currency deposit ratings of Not Prime were
affirmed, as well as the short term local and foreign currency
deposit ratings of BO-1.

The outlook on all the ratings is now stable.

The following ratings were upgraded:

   * Long-term global local-currency deposit ratings: upgraded to
     B2, from B3, stable outlook;

   * Long-Term National Scale Local-Currency Deposit Rating:
     upgraded to Aa3.bo from A1.bo;

   * Long-term global foreign-currency deposit ratings: upgraded
     to B2, from B3, stable outlook;

   * Long-Term National Scale Foreign-Currency Deposit Rating:
     upgraded to Aa3.bo from A1.bo;

   * Long-term global local-currency debt rating: upgraded to B3,
     from Caa1, stable outlook; and

   * Long-Term National Scale Local-Currency debt rating: upgraded
     to A1.bo from A2.bo.

The following ratings were affirmed:

   * Bank Financial Strength Rating of E+;

   * Short-term global local-currency deposit rating of Not Prime;

   * Short-term global foreign-currency deposit rating of Not
     Prime;

   * Short-term national scale local-currency deposit rating of
     BO-1; and

   * Short-term national scale foreign-currency deposit rating of
     BO-1.

Ratings Rationale

The rating actions are an acknowledgment that Eco Futuro has
managed to expand its franchise and consolidate its operations
among its peer private financial funds (Fondos Financieros
Privados -- FFP), following the completion of its acquisition by
FADES in 2008.  Eco Futuro now ranks as the second largest FFP in
Bolivia in terms of loans (16.4%) and third in terms of assets
(14.7%) and has a broader footprint both in rural and urban areas,
a position that ensures its access to deposits and customers.
FFPs are regulated non-bank banks predominantly focused on micro-
lending in Bolivia.

The rating action also incorporates Eco Futuro's improved
financial performance, which is reflected in its good
profitability and capitalization indicators.  In this regard,
Moody's said that the entity's net interest margin averaged 14%
during the last two years, reaching 16.3% in December 2010.
Profitability was essentially supported by recurring earnings
generation from lending activities and by adequate asset quality
indicators, which are in line with those of microlenders.

Moody's notes that Eco Futuro benefits from economies of scale, as
indicated by operating efficiency ratios that are better than
peers, as it deals with an environment growing increasingly
competitive because of the financial system's abundant liquidity
and the consequent pressure for lower margins.  The conditions are
typically associated with risky loan origination, and should
therefore be monitored.  While we observe Eco Futuro's recent
moderate growth rate relative to its FFP peers' and a non-
performing loan ratio of 1.8% of the total lending book, Moody's
is concerned about potential rising household indebtedness that
could affect the company's asset quality and profitability in the
future.  The entity's capital base remained adequate, supported by
earnings retention, capital injections and subordinated debt
issuances, yielding BIS ratio of 15.5 % as of December 2010.

Moody's also noted the diversification in Eco Futuro's funding
sources, led by the increased share of deposits and consequent
decline in its reliance on multilateral institutions.  As an
illustration, the latter represented 13% of total funding as of
December 2010, whilst it was 32% by the end of 2008.  Deposits
gained importance in the funding mix (67% of total funding),
although these are still concentrated among the main depositors, a
counterparty of the significant participation of institutional
investors which gather 24% of the total deposit base.

Moody's noted that the B2 global local-currency deposit rating
incorporates the lift of Eco Futuro's baseline credit assessment
to B2 from B3, both being mapped from the E+ BFSR.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".bo" for Bolivia.  Refer to Moody's Rating Implementation
Guidance published in August 2010 entitled "Mapping Moody's
National Scale Ratings to Global Scale Ratings."

Fondo Financiero Privado Eco Futuro is headquartered in La Paz,
Bolivia, and had, as of December 2010, BOB930 million in assets
and BOB94.8 million in equity.


LA BOLIVIANA: Moody's Affirms 'B1' Financial Strength Rating
------------------------------------------------------------
Moody's Latin America has affirmed the B1 global local-currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian National Scale of La Boliviana Ciacruz de
Seguros y Reaseguros and Zurich Boliviana Seguros Personales.  The
companies' ratings have a stable outlook.

Zurich Boliviana is a medium-sized life insurer in the Bolivian
market, and focuses primarily on underwriting short-term life
insurance policies for both individuals and corporations.  The
company distributes its policies through multiple sales channels,
including independent agents, brokers, and direct sales.  La
Boliviana is a property-and-casualty insurer and underwrites
insurance coverages for both personal and commercial lines,
including fire, general liability, motor, and transportation.

According to Moody's, the companies' ratings primarily reflect
their adequate product diversification, brand recognition and
reputation, and their relatively strong and sustained financial
profiles in comparison with other Bolivian insurers.  Expanding on
its rationale, Moody's noted that Zurich Boliviana has
consistently maintained a strong capital position relative to
other local insurers, along with a good profitability track
record.  La Boliviana, in turn, has sustained profitable
underwriting margins (with a combined ratio under 100%) and stable
gross underwriting leverage.

Moody's regards Zurich Boliviana and La Boliviana as benefiting
from a certain degree of support from majority-owner, Zurich
Financial Services with respect to product design, underwriting,
staff training, as well as internal reporting and controls.
Furthermore, the use of the "Zurich" brand in the local life
operating subsidiary is an important factor in terms of market
reputation and growth potential.

Offsetting these strengths, however, Moody's noted that both
companies have significant investment risks -- common to all
Bolivian insurers -- arising from their concentrated investments
in Bolivian sovereign bonds and Bolivian bank deposits.  Moody's
believes the concentrated exposure to these non-investment-grade
assets significantly constrains the companies' capital strength
when viewed on a risk-adjusted basis.  Investment policy is
mandated by local regulatory guidelines; therefore, local insurers
have limited flexibility with respect to portfolio composition.
Bolivia's operating environment, which in Moody's view has a
speculative grade profile, is also a factor that constrains
insurers' credit profile.  For the fiscal year ended December 31,
2010, La Boliviana and Zurich Boliviana, both based in La Paz,
Bolivia, reported net income of BOB14 million and BOB10 million,
respectively, and total gross premiums of BOB210 million and
BOB69 million, respectively.  As of that date, La Boliviana
reported total shareholders' equity of BOB93 million, whereas
Zurich Boliviana reported BOB54 million of total shareholders'
equity.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.


LA VITALICIA: Moody's Affirms B1 Financial Strength Rating
----------------------------------------------------------
Moody's Lain America has affirmed the B1 global local-currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian National Sacle of BISA Seguros y
Reaseguros S.A. (BISA Seguros) and La Vitalicia Seguros y
Reaseguros de Vida S.A (La Vitalicia).  The companies' ratings
have a stable outlook.

BISA Seguros and La Vitalicia are the general insurance and life
subsidiaries, respectively, of the major Bolivian financial
conglomerate BISA Group, whose ultimate parent company is Banco
BISA S.A.  According to Moody's, the two insurers benefit from
their affiliation with this large domestic financial services
group.

Moody's said that BISA Seguros' ratings primarily reflect the
company's good profitability trend, its stable combined ratio over
the past five years, which has been consistently below 100%, and
its sustained leadership in the Bolivian property and casualty
insurance market.  The rating agency noted that even when BISA
Seguros fell to the second position based on gross premiums as of
December 2010, the company is still the leader based on net
premiums. Offsetting these positive developments are 1) the
company's significant investment risks, given their concentrations
in local government bonds and domestic bank deposits which are
below investment-grade, and 2) Bolivia's specific operating
environment, which in Moody's view also has a speculative grade
profile.  The rating agency noted these two factors are common to
most Bolivian insurers, and that as investment policy is mandated
by local regulatory guidelines, local insurers have limited
flexibility with respect to portfolio composition.

Commenting on La Vitalicia, Moody's noted that the company's
ratings are primarily explained by the insurer's sustained
strong profitability -- which has been supported by favorable
investment results -- as well as by its leading position in the
life and annuities segment and its relatively stable and good
capitalization indications.  "Although as of December 31, 2010,
the company suffered a decline in its return on capital metric,
the company has established voluntary reserves that allows it to
face low market interest rates without further eroding the
company's capitalization and profitability.  However, should the
current low interest scenario persist, the company's financial
profile could be affected at some point in time", commented
Moody's analyst Diego Nemirovsky.  These strengths are tempered by
the company's significant investment risks -- common to most
Bolivian insurers -- its asset-liability management challenges
given inflation-adjusted annuities with spread compression and
reinvestment risks, and its declining market share trend as a
result of a recent pension reform that will eliminate the annuity
segment, currently representing around 21% of the company's
premiums.

For the fiscal year ended December 31, 2010, BISA Seguros and La
Vitalicia, both based in La Paz, Bolivia, reported net income of
BOB18 million and BOB42 million, respectively, and total gross
premiums of BOB336 million and BOB106 million, respectively.  As
of that date, BISA Seguros reported total shareholders' equity of
BOB96 million, whereas La Vitalicia reported BOB396 million of
total shareholders' equity.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.


ZURICH BOLIVIANA: Moody's Affirms 'B1' Financial Strength Rating
----------------------------------------------------------------
Moody's Latin America has affirmed the B1 global local-currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian National Scale of La Boliviana Ciacruz de
Seguros y Reaseguros and Zurich Boliviana Seguros Personales.  The
companies' ratings have a stable outlook.

Zurich Boliviana is a medium-sized life insurer in the Bolivian
market, and focuses primarily on underwriting short-term life
insurance policies for both individuals and corporations.  The
company distributes its policies through multiple sales channels,
including independent agents, brokers, and direct sales.  La
Boliviana is a property-and-casualty insurer and underwrites
insurance coverages for both personal and commercial lines,
including fire, general liability, motor, and transportation.

According to Moody's, the companies' ratings primarily reflect
their adequate product diversification, brand recognition and
reputation, and their relatively strong and sustained financial
profiles in comparison with other Bolivian insurers.  Expanding on
its rationale, Moody's noted that Zurich Boliviana has
consistently maintained a strong capital position relative to
other local insurers, along with a good profitability track
record.  La Boliviana, in turn, has sustained profitable
underwriting margins (with a combined ratio under 100%) and stable
gross underwriting leverage.

Moody's regards Zurich Boliviana and La Boliviana as benefiting
from a certain degree of support from majority-owner, Zurich
Financial Services with respect to product design, underwriting,
staff training, as well as internal reporting and controls.
Furthermore, the use of the "Zurich" brand in the local life
operating subsidiary is an important factor in terms of market
reputation and growth potential.

Offsetting these strengths, however, Moody's noted that both
companies have significant investment risks -- common to all
Bolivian insurers -- arising from their concentrated investments
in Bolivian sovereign bonds and Bolivian bank deposits.  Moody's
believes the concentrated exposure to these non-investment-grade
assets significantly constrains the companies' capital strength
when viewed on a risk-adjusted basis.  Investment policy is
mandated by local regulatory guidelines; therefore, local insurers
have limited flexibility with respect to portfolio composition.
Bolivia's operating environment, which in Moody's view has a
speculative grade profile, is also a factor that constrains
insurers' credit profile.  For the fiscal year ended December 31,
2010, La Boliviana and Zurich Boliviana, both based in La Paz,
Bolivia, reported net income of BOB14 million and BOB10 million,
respectively, and total gross premiums of BOB210 million and
BOB69 million, respectively.  As of that date, La Boliviana
reported total shareholders' equity of BOB93 million, whereas
Zurich Boliviana reported BOB54 million of total shareholders'
equity.


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


AERGO 85: Shareholders' Final Meeting Set for April 28
------------------------------------------------------
The shareholders of AERGO 85 Limited will hold their final meeting
on April 28, 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:

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


BETA FINANCE: Shareholders' Final Meeting Set for April 29
----------------------------------------------------------
The shareholders of Beta Finance Corporation will hold their final
meeting on April 29, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Telephone: (345) 949-8244
         Fax: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


CPI CAPITAL: Shareholders' Final Meeting Set for April 28
---------------------------------------------------------
The shareholders of CPI Capital Partners Asia Pacific MLP II Ltd.
will hold their final meeting on April 28, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         P.O. Box N1576, Citibank Bldg.
         Thompson Blvd., Nassau
         Bahamas


DIPTV, LTD: Shareholder to Receive Wind-Up Report on May 2
----------------------------------------------------------
The shareholder of DIPTV, Ltd., will receive on May 2, 2011, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815-1805
         Fax: (345) 949-9877


DOMINION PENSION: Shareholders' Final Meeting Set for April 28
--------------------------------------------------------------
The shareholders of Dominion Pension Plan (Cayman) Limited will
hold their final meeting on April 28, 2011, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EMPORIA PREFERRED: Shareholders' Final Meeting Set for April 28
---------------------------------------------------------------
The shareholders of Emporia Preferred Funding IV, Ltd., will hold
their final meeting on April 28, 2011, at 10:15 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


FIVE FINANCE: Shareholders' Final Meeting Set for April 29
----------------------------------------------------------
The shareholders of Five Finance Corporation will hold their final
meeting on April 29, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Telephone: (345) 949-8244
         Fax: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


INVEST AD: Shareholders' Final Meeting Set for April 28
-------------------------------------------------------
The shareholders of Invest Ad Real Estate Fund Managers Limited
will hold their final meeting on April 28, 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:

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


INVEST AD: Shareholders' Final Meeting Set for April 28
-------------------------------------------------------
The shareholders of Invest Ad Real Estate Carried Interest Company
Limited will hold their final meeting on April 28, 2011, at
9:30 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


INVESTCORP MINI-FUND: Shareholders' Final Meeting Set for May 25
----------------------------------------------------------------
The shareholders of Investcorp Mini-Fund 5 Limited will hold their
final meeting on May 25, 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:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Fax: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MINUTES OFFSHORE: Shareholder to Receive Wind-Up Report on May 3
----------------------------------------------------------------
The sole shareholder of Minutes Offshore LDC will receive on
May 3, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Michael J. Nelson
         23 Schooner Road
         Northpoint, New York 11768
         U.S.A
         Telephone: 345-949-2648
         Fax: (345) 949-8613


MSR ASIA: Members' Final Meeting Set for April 25
-------------------------------------------------
The members of MSR Asia Acquisitions VII, Inc., will hold their
final meeting on April 25, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


ODIN CDO I: Shareholders' Final Meeting Set for April 29
--------------------------------------------------------
The shareholders of Odin CDO I (Cayman Islands No.1) Limited will
hold their final meeting on April 29, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Fax: (345) 949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


SAL 97A: Shareholders' Final Meeting Set for April 27
-----------------------------------------------------
The shareholders of Sal 97A Limited will hold their final meeting
on April 27, 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:

         Trident Liquidators (Cayman) Limited.
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Fax: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


WHITEBRIDGE: Shareholders' Final Meeting Set for April 28
---------------------------------------------------------
The shareholders of Whitebridge will hold their final meeting on
April 28, 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 liquidators are:

         Darren Riley
         Ellen J. Christian
         Telephone: 345 945 9208
         Fax: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman


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


WOLVERINE TUBE: Taps Deloitte Financial as Financial Advisor
------------------------------------------------------------
Wolverine Tube Inc. and its debtor-affiliates ask the Hon. Peter
J. Walsh of the U.S. Bankruptcy Court for the District of Delaware
for permission to employ Deloitte Financial Advisory Services LLP
as financial advisor to perform financial reporting services.

A hearing is set for April 15, 2011, at 9:30 a.m., to consider
approval of the Debtors' request.  Objections, if any, are due
April 8, 2011, at 4:00 p.m.

The firm's professionals and their hourly rates:

   Partner, Principal, Director     $500
   Senior Manager                   $420
   Manager                          $360
   Senior Associate                 $280
   Associate                        $220

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Wolverine Tube

Huntsville, Alabama-based Wolverine Tube, Inc., is a global
manufacturer and distributor of copper and copper alloy tube,
fabricated products, and metal joining products.  The Company
currently operates seven facilities in the United States, Mexico,
China, and Portugal.  It also has distribution operations in the
Netherlands and the United States.

Wolverine Tube sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 10-13522) on Nov. 1, 2010.  Mark E. Felger, Esq.,
and Simon E. Fraser, Esq., at Cozen O'Connor represent the Debtor.
Scott K. Rutsky, Esq., and Adam T. Berkowitz, Esq., at Proskauer
Rose LLP, serve as the Debtor's special corporate and tax counsel.
Deloitte Financial Advisory Services LLP is the Debtor's financial
advisor.  Donlin Recano & Company, Inc., is the Debtor's claim
agent.  The Debtor disclosed $115 million in total assets and
$237 million in total debts at the time of the filing.

Affiliates Tube Forming, L.P. (Bankr. D. Del. Case No. 10-13523),
Wolverine Joining Technologies, LLC (Bankr. D. Del. Case No.
10-13524), TF Investor Inc. (Bankr. D. Del. Case No. 10-13525),
and WT Holding Company, Inc. (Bankr. D. Del. Case No. 10-13526)
filed separate Chapter 11 petitions.

No official committee of unsecured creditors has been appointed in
the case.

The Debtors filed a prearranged chapter 11 plan proposing to pay
unsecured creditors in full and turning ownership of the
reorganized company over to their noteholders.


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


EL AMAL: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------
El Amal President Mahammad Yassin said that the Company has filed
for Chapter 11 bankruptcy, El Nuevo Dia reports.  El Nuevo relates
that Mr. Yassin blamed the Company's collapse on Puerto Rico's
economic situation and banking crisis.

According to the Bloomberg Terminal, the Company, under Saleh
Yassin, Mahammad Yassin's father, filed for Chapter 11 bankruptcy
protection in March 2009.

El Amal is a 22-store pharmacy chain in Puerto Rico.


SPANISH BROADCASTING: Posts $15.04 Million Net Income in 2010
-------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting
net income of $15.04 million on $136.12 million of net revenue for
the year ended Dec. 31, 2010, compared with a net loss of
$13.78 million on $139.39 million of net revenue during the prior
year.

The Company also reported net income of $3.36 million on
$34.88 million of net revenue for the quarter ended Dec. 31,
2010, compared with a net loss of $7.83 million on $35.96 million
of net revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$474.82 million in total assets, $430.98 million in total
liabilities, $92.35 million in 10 3/4% Series B cumulative
exchangeable redeemable preferred stock, and $48.51 million in
total stockholders' deficit.

Raul Alarcon, Jr., Chairman and CEO, commented, "We experienced
volatile advertising conditions in many of our markets during
2010, even as we continued to drive strong audience shares across
our multi-media platform.  We are encouraged with the revenue
growth at our television segment during the fourth quarter and we
are seeing some improvement in the advertising climate in select
markets year-to-date.  We have continued to focus on strategically
investing in our content and distribution, while carefully
managing our costs.  As a result, we were able to drive
considerable improvement in our operating income for the full
year.  In 2011, we remain committed to building on our strong
Hispanic media brands, growing our multi-media footprint and
improving our operating results."

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/EBzcnE

                     About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. -- http://www.spanishbroadcasting.com/-- owns and
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


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


FERTINITRO FINANCE: Fitch Keeps 'CCC' Bond Rating on Watch Neg.
---------------------------------------------------------------
Fitch Ratings maintains FertiNitro Finance Inc.'s (FertiNitro)
'CCC'-rated US$250 million 8.29% secured bonds due 2020 on Rating
Watch Negative.  The 'CCC' rating reflects FertiNitro's expected
payment of $45.6 million in semi-annual debt service due April 1.
The anticipated timely payment prevents further decline to the
rating.

However, Fitch maintains the Rating Watch Negative status as
FertiNitro and state-owned petrochemical company Pequiven continue
to work with relevant parties to reach agreement on the effects of
the recent expropriation of FertiNitro.  Fitch notes that
FertiNitro has stated that it intends to continue meeting its debt
obligations.

Fitch expects rating pressure to remain through 2011, as the
project reaches its maximum annual debt service requirement of
$91.5 million.  The subsequent decline in debt service coincides
with the maturity of bank debt separate from the secured bonds.

Due to a planned outage for plant overhaul in October and November
2010, the capacity factor for the urea plant declined to 67% in
2010 from 74% in 2009.  While management projects the recent major
maintenance will result in a 2011 capacity factor of 85% for the
urea plant, Fitch projects the capacity factor will be more
consistent with 2009 at 74%.  Despite the reduced production in
2010, FertiNitro achieved positive cash flow resulting in a debt
service coverage ratio of 1.1 times (x) as urea prices rebounded
in the last quarter of the year resulting in an average price
of $225/ metric ton (MT) similar to the 2009 average price of
approximately $224/MT.  Fitch notes that FertiNitro will continue
to be exposed to volatility in urea and ammonia prices.  Fitch has
also expressed concerns that FertiNitro, per national decree, must
sell urea at $36/MT in the local Venezuelan market.  Mitigating
this concern is that local sales were below management's
projection and were only 15% of 2010 urea sales. Notable increases
in local sales could erode FertiNitro's cash flow.

FertiNitro continues to invest in infrastructure improvements with
$9.5 million in capital expenditures planned in 2011, which are
important to stabilizing operations. Specifically, FertiNitro will
procure spare parts, upgrade water demineralization systems, and
PDVSA will continue to improve the reliability and capacity of the
methane gas pipeline for FertiNitro's fuel supply.

Fitch notes a material decrease in annual debt service from
$91.5 million in 2011 to $35.5 million in 2012, rising to
$50 million by 2019.  With a declining debt burden and continued
stability in plant operations, Fitch projects some improvement in
debt service coverage ratios (DSCR) but continued variability with
some years below 1.0x DSCR.  Further, FertiNitro reports that it
benefits from the ability to pay PDVSA for gas supply up to 180
days after delivery, providing additional financial flexibility
and cash flow relief.  This benefit is expected to continue.

Key drivers that could affect the rating:
   -- Adequate cash flow to continue making debt service payments
      including $45.9 million due Oct. 1, 2011;

   -- Continued sustained DSCRs above 1.0x;

   -- Continued sustained improvement in plant production levels
      and minimization of forced outages;

   -- Replenishing the debt service reserve fund to equal six
      months of debt service;

   -- Domestic sales remain below management's budget and an
      insignificant portion of total sales; and

   -- No further adverse impacts of government intervention.

Security:

Offshore accounts, project agreements, some real property and some
real shares in FertiNitro.

Project Summary:

FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 MT of ammonia and 4,400 MT of urea.  Of total revenues, 80%
are derived from urea sales and the remainder from ammonia.
FertiNitro is owned 35% by a Koch Industries, Inc. subsidiary, 35%
by Pequiven, 20% by a Snamprogetti S.p.A. subsidiary, and 10% by a
Cerveceria Polar, C.A. subsidiary.


===============
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

COMERCIAL PLA-BL       COMEB AR         143096734.1     -
251846058.1
COMERCIAL PL-ADR       SCPDS LI         143096734.1     -
251846058.1
COMERCIAL PLAT-$       COMED AR         143096734.1     -
251846058.1
COMERCIAL PL-C/E       COMEC AR         143096734.1     -
251846058.1
IMPSAT FIBER NET       XIMPT SM         535007008       -17164978
IMPSAT FIBER NET       330902Q GR       535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008       -17164978
IMPSAT FIBER-CED       IMPT AR          535007008       -17164978
SNIAFA SASNIA          AR               11229696.22     -
2670544.877
SNIAFA SA-B            SDAGF US         11229696.22     -
2670544.877
SNIAFA SA-B            SNIA5 AR         11229696.22     -
2670544.877
SOC COMERCIAL PL       COME AR          143096734.1     -
251846058.1
SOC COMERCIAL PL       CADN EU          143096734.1     -
251846058.1
SOC COMERCIAL PL       CADN SW          143096734.1     -
251846058.1
SOC COMERCIAL PL       CVVIF US         143096734.1     -
251846058.1
SOC COMERCIAL PL       CADN EO          143096734.1     -
251846058.1
SOC COMERCIAL PL       CAD IX           143096734.1     -
251846058.1
SOC COMERCIAL PL       SCDPF US         143096734.1     -
251846058.1


BRAZIL

AGRENCO LTD            AGRE LX          542862428.6     -297848343
AGRENCO LTD-BDR        AGEN11 BZ        542862428.6     -297848343
ARTHUR LAN-DVD C       ARLA11 BZ         11642255.92    -
17154461.86
ARTHUR LAN-DVD P       ARLA12 BZ         11642255.92    -
17154461.86
ARTHUR LANGE SA        ALICON BZ         11642255.92    -
17154461.86
ARTHUR LANGE-PRF       ALICPN BZ         11642255.92    -
17154461.86
ARTHUR LANG-RC C       ARLA9 BZ          11642255.92    -
17154461.86
ARTHUR LANG-RC P       ARLA10 BZ         11642255.92    -
17154461.86
ARTHUR LANG-RT C       ARLA1 BZ          11642255.92    -
17154461.86
ARTHUR LANG-RT P       ARLA2 BZ          11642255.92    -
17154461.86
BOMBRIL                BMBBF US         316331264.9     -
123554206.2
BOMBRIL                BOBR3 BZ         316331264.9     -
123554206.2
BOMBRIL CIRIO SA       BOBRON BZ        316331264.9     -
123554206.2
BOMBRIL CIRIO-PF       BOBRPN BZ        316331264.9     -
123554206.2
BOMBRIL SA-ADR         BMBBY US         316331264.9     -
123554206.2
BOMBRIL SA-ADR         BMBPY US         316331264.9     -
123554206.2
BOMBRIL-PREF           BOBR4 BZ         316331264.9     -
123554206.2
BOMBRIL-RGTS PRE       BOBR2 BZ         316331264.9     -
123554206.2
BOMBRIL-RIGHTS         BOBR1 BZ         316331264.9     -
123554206.2
BOTUCATU TEXTIL        STRP3 BZ          27663604.95      -
7174512.028
BOTUCATU-PREF          STRP4 BZ          27663604.95      -
7174512.028
CAF BRASILIA           CAFE3 BZ          21097369.71    -
903951460.5
CAF BRASILIA-PRF       CAFE4 BZ          21097369.71    -
903951460.5
CAFE BRASILIA SA       CSBRON BZ         21097369.71    -
903951460.5
CAFE BRASILIA-PR       CSBRPN BZ         21097369.71    -
903951460.5
CHIARELLI SA           CCHI3 BZ          22274026.77     -
44537138.21
CHIARELLI SA           CCHON BZ          22274026.77     -
44537138.21
CHIARELLI SA-PRF       CCHPN BZ          22274026.77     -
44537138.21
CHIARELLI SA-PRF       CCHI4 BZ          22274026.77     -
44537138.21
CIA PETROLIFERA        1CPMON BZ        377602195.2      -
3014291.724
CIA PETROLIFERA        MRLM3 BZ         377602195.2      -
3014291.724
CIA PETROLIF-PRF       MRLM4 BZ         377602195.2      -
3014291.724
CIA PETROLIF-PRF       1CPMPN BZ        377602195.2      -
3014291.724
CIMOB PARTIC SA        GAFON BZ          39881386.59    -
41560353.19
CIMOB PARTIC SA        GAFP3 BZ          39881386.59    -
41560353.19
CIMOB PART-PREF        GAFP4 BZ          39881386.59    -
41560353.19
CIMOB PART-PREF        GAFPN BZ          39881386.59    -
41560353.19
CONST BETER SA         1007Q BZ          25469474.32     -
4918659.899
CONST BETER SA         COBEON BZ         25469474.32     -
4918659.899
CONST BETER SA         COBE3 BZ          25469474.32     -
4918659.899
CONST BETER SA         1COBON BZ         25469474.32     -
4918659.899
CONST BETER SA         COBE3B BZ         25469474.32     -
4918659.899
CONST BETER-PF A       1COBAN BZ         25469474.32     -
4918659.899
CONST BETER-PF A       COBE5 BZ          25469474.32     -
4918659.899
CONST BETER-PF B       1COBBN BZ         25469474.32     -
4918659.899
CONST BETER-PF B       COBE6 BZ          25469474.32     -
4918659.899
CONST BETER-PR A       COBEAN BZ         25469474.32     -
4918659.899
CONST BETER-PR B       COBEBN BZ         25469474.32     -
4918659.899
DOC IMBITUBA           IMBI3 BZ          96977064.5     -
42592602.52
DOC IMBITUBA-RT        IMBI1 BZ          96977064.5     -
42592602.52
DOC IMBITUBA-RT        8218594Q BZ       96977064.5     -
42592602.52
DOC IMBITUBA-RTC       8174503Q BZ       96977064.5     -
42592602.52
DOC IMBITUBA-RTP       8174507Q BZ       96977064.5     -
42592602.52
DOC IMBITUB-PREF       IMBI4 BZ          96977064.5     -
42592602.52
DOCAS IMBITUBA         IMBION BZ         96977064.5     -
42592602.52
DOCAS IMBITUB-PR       IMBIPN BZ         96977064.5     -
42592602.52
FABRICA RENAUX         FTRX3 BZ          63865882.02    -
73255215.05
FABRICA RENAUX         FRNXON BZ         63865882.02    -
73255215.05
FABRICA RENAUX-P       FTRX4 BZ          63865882.02    -
73255215.05
FABRICA RENAUX-P       FRNXPN BZ         63865882.02    -
73255215.05
FABRICA TECID-RT       FTRX1 BZ          63865882.02    -
73255215.05
FER HAGA-PREF          HAGA4 BZ          21299042.62    -
62858780.72
FERRAGENS HAGA         HAGAON BZ         21299042.62    -
62858780.72
FERRAGENS HAGA-P       HAGAPN BZ         21299042.62    -
62858780.72
FERREIRA GUIMARA       FGUION BZ         11016542.14   -
151840377.4
FERREIRA GUIM-PR       FGUIPN BZ         11016542.14   -
151840377.4
GAZOLA                 GAZO3 BZ          12452144.11    -
40298531.2
GAZOLA SA              GAZON BZ          12452144.11    -
40298531.2
GAZOLA SA-DVD CM       GAZO11 BZ         12452144.11    -
40298531.2
GAZOLA SA-DVD PF       GAZO12 BZ         12452144.11    -
40298531.2
GAZOLA SA-PREF         GAZPN BZ          12452144.11    -
40298531.2
GAZOLA-PREF            GAZO4 BZ          12452144.11    -
40298531.2
GAZOLA-RCPT PREF       GAZO10 BZ         12452144.11    -
40298531.2
GAZOLA-RCPTS CMN       GAZO9 BZ          12452144.11    -
40298531.2
HAGA                   HAGA3 BZ          21299042.62    -
62858780.72
HOTEIS OTHON SA        HOOT3 BZ         255036149.9     -
42606769.75
HOTEIS OTHON SA        HOTHON BZ        255036149.9     -
42606769.75
HOTEIS OTHON-PRF       HOTHPN BZ        255036149.9     -
42606769.75
HOTEIS OTHON-PRF       HOOT4 BZ         255036149.9     -
42606769.75
LAEP INVESTMENTS       LEAP LX          439175081.9     -
60172004.98
LAEP-BDR               MILK11 BZ        439175081.9     -
60172004.98
MINUPAR                MNPR3 BZ          63144533.79    -
60655823.36
MINUPAR SA             MNPRON BZ         63144533.79    -
60655823.36
MINUPAR SA-PREF        MNPRPN BZ         63144533.79    -
60655823.36
MINUPAR-RCT            MNPR9 BZ          63144533.79    -
60655823.36
MINUPAR-RT             MNPR1 BZ          63144533.79    -
60655823.36
NORDON MET             NORD3 BZ          16108142.83    -
22352940.65
NORDON METAL           NORDON BZ         16108142.83    -
22352940.65
NORDON MET-RTS         NORD1 BZ          16108142.83    -
22352940.65
PET MANG-RECEIPT       RPMG9 BZ         231024467.2    -
184606117.1
PET MANG-RECEIPT       RPMG10 BZ        231024467.2    -
184606117.1
PET MANG-RIGHTS        3678569Q BZ      231024467.2    -
184606117.1
PET MANG-RIGHTS        3678565Q BZ      231024467.2    -
184606117.1
PET MANG-RT            RPMG2 BZ         231024467.2    -
184606117.1
PET MANG-RT            4115364Q BZ      231024467.2    -
184606117.1
PET MANG-RT            4115360Q BZ      231024467.2    -
184606117.1
PET MANG-RT            RPMG1 BZ         231024467.2    -
184606117.1
PET MANGUINH-PRF       RPMG4 BZ         231024467.2    -
184606117.1
PETRO MANGUINHOS       RPMG3 BZ         231024467.2    -
184606117.1
PETRO MANGUINHOS       MANGON BZ        231024467.2    -
184606117.1
PETRO MANGUIN-PF       MANGPN BZ        231024467.2    -
184606117.1
RENAUXVIEW SA          TXRX3 BZ          73095833.69   -
103943205.8
RENAUXVIEW SA-PF       TXRX4 BZ          73095833.69   -
103943205.8
SANSUY                 SNSY3 BZ         172563384.2     -
94849032.91
SANSUY SA              SNSYON BZ        172563384.2     -
94849032.91
SANSUY SA-PREF A       SNSYAN BZ        172563384.2     -
94849032.91
SANSUY SA-PREF B       SNSYBN BZ        172563384.2     -
94849032.91
SANSUY-PREF A          SNSY5 BZ         172563384.2     -
94849032.91
SANSUY-PREF B          SNSY6 BZ         172563384.2     -94849032.91
STAROUP SA             STARON BZ         27663604.95     -7174512.028
STAROUP SA-PREF        STARPN BZ         27663604.95     -7174512.028
STEEL - RCT ORD        STLB9 BZ          23040051.4      -8699861.073
STEEL - RT             STLB1 BZ          23040051.4      -8699861.073
STEEL DO BRASIL        STLB3 BZ          23040051.4      -8699861.073
TECEL S JOSE           SJOS3 BZ          19067323.42    -52580501.1
TECEL S JOSE           FTSJON BZ         19067323.42    -52580501.1
TECEL S JOSE-PRF       FTSJPN BZ         19067323.42    -52580501.1
TECEL S JOSE-PRF       SJOS4 BZ          19067323.42    -52580501.1
TEKA                   TKTQF US          246866965     -392777063.4
TEKA                   TEKAON BZ         246866965     -392777063.4
TEKA                   TEKA3 BZ          246866965     -392777063.4
TEKA-ADR               TKTQY US          246866965     -392777063.4
TEKA-ADR               TKTPY US          246866965     -392777063.4
TEKA-ADR               TEKAY US          246866965     -392777063.4
TEKA-PREF              TKTPF US          246866965     -392777063.4
TEKA-PREF              TEKAPN BZ         246866965     -392777063.4
TEKA-PREF              TEKA4 BZ          246866965     -392777063.4
TELEBRAS SA            TBASF US          269372906.3    -13465060.74
TELEBRAS SA            TELB3 BZ          269372906.3    -13465060.74
TELEBRAS SA            TLBRON BZ         269372906.3    -13465060.74
TELEBRAS SA-PREF       TELB4 BZ          269372906.3    -13465060.74
TELEBRAS SA-RT         TELB9 BZ          269372906.3    -13465060.74
TELEBRAS/W-I-ADR       TBH-W US          269372906.3    -13465060.74
TELEBRAS-ADR           TBX GR            269372906.3    -13465060.74
TELEBRAS-ADR           TBAPY US          269372906.3    -13465060.74
TELEBRAS-ADR           TBH US            269372906.3    -13465060.74
TELEBRAS-ADR           TBRAY GR          269372906.3    -13465060.74
TELEBRAS-ADR           RTB US            269372906.3    -13465060.74
TELEBRAS-ADR           TBASY US          269372906.3    -13465060.74
TELEBRAS-BLOCK         TELB30 BZ         269372906.3    -13465060.74
TELEBRAS-CED C/E       RCT4C AR          269372906      -13465060.74
TELEBRAS-CED C/E       TEL4C AR          269372906.3    -13465060.74
TELEBRAS-CEDE BL       RCT4B AR          269372906.3    -13465060.74
TELEBRAS-CEDE PF       RCTB4 AR          269372906.3    -13465060.74
TELEBRAS-CEDE PF       TELB4 AR          269372906.3    -13465060.74
TELEBRAS-CEDEA $       TEL4D AR          269372906.3    -13465060.74
TELEBRAS-CEDEA $       RCT4D AR          269372906.3    -13465060.74
TELEBRAS-CM RCPT       TBRTF US          269372906.3    -13465060.74
TELEBRAS-CM RCPT       RCTB32 BZ         269372906.3    -13465060.74
TELEBRAS-CM RCPT       RCTB31 BZ         269372906.3    -13465060.74
TELEBRAS-COM RT        TELB1 BZ          269372906.3    -13465060.74
TELEBRAS-PF BLCK       TELB40 BZ         269372906.3    -13465060.74
TELEBRAS-PF RCPT       TLBRUP BZ         269372906.3    -13465060.74
TELEBRAS-PF RCPT       RCTB42 BZ         269372906.3    -13465060.74
TELEBRAS-PF RCPT       CBRZF US          269372906.3    -13465060.74
TELEBRAS-PF RCPT       RCTB41 BZ         269372906.3    -13465060.74
TELEBRAS-PF RCPT       TBAPF US          269372906.3    -13465060.74
TELEBRAS-RCT           RCTB33 BZ         269372906.3    -13465060.74
TELEBRAS-RCT PRF       TELB10 BZ         269372906.3    -13465060.74
TELEBRAS-RECEIPT       TLBRUO BZ         269372906.3    -13465060.74
TELEBRAS-RTS CMN       RCTB1 BZ          269372906.3    -13465060.74
TELEBRAS-RTS CMN       TCLP1 BZ          269372906.3    -13465060.74
TELEBRAS-RTS PRF       RCTB2 BZ          269372906.3    -13465060.74
TELEBRAS-RTS PRF       TLCP2 BZ          269372906.3    -13465060.74
TELECOMUNICA-ADR       81370Z BZ         269372906.3    -13465060.74
TEXTEIS RENA-RCT       TXRX9 BZ           73095833.69   -103943205.8
TEXTEIS RENA-RCT       TXRX10 BZ          73095833.69   -103943205.8
TEXTEIS RENAU-RT       TXRX1 BZ           73095833.69   -103943205.8
TEXTEIS RENAU-RT       TXRX2 BZ           73095833.69   -103943205.8
TEXTEIS RENAUX         RENXON BZ          73095833.69   -103943205.8
TEXTEIS RENAUX         RENXPN BZ          73095833.69   -103943205.8
VARIG PART EM SE       VPSC3 BZ           96617351.14   -460274609.3
VARIG PART EM TR       VPTA3 BZ           49432124.18   -399290396.3
VARIG PART EM-PR       VPSC4 BZ           96617351.14   -460274609.3
VARIG PART EM-PR       VPTA4 BZ           49432124.18   -399290396.3
VARIG SA               VARGON BZ         966298025.5    -4695211316
VARIG SA               VAGV3 BZ          966298025.5    -4695211316
VARIG SA-PREF          VARGPN BZ         966298025.5    -4695211316
VARIG SA-PREF          VAGV4 BZ          966298025.5    -4695211316


COLOMBIA

CHILESAT               CO-ADR TL US      953784479.1    -103476226.9
CHILESAT CORP SA       TELEX CI          953784479.1    -103476226.9
CHILESAT CO-RTS        CHISATOS CI       953784479.1    -103476226.9
TELEX-A                TELEXA CI         953784479.1    -103476226.9
TELEX-RTS              TELEXO CI         953784479.1    -103476226.9
TELMEX CORP SA         CHILESAT CI       953784479.1    -103476226.9
TELMEX CORP-ADR        CSAOY US          953784479.1    -103476226.9


                            ***********


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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