TCRLA_Public/110412.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 12, 2011, Vol. 12, No. 72

                            Headlines



A R G E N T I N A

BANCO DE GALICIA: S&P Assigns 'B' Counterparty Credit Rating
CERAMICA CREGAR: Creditors' Proofs of Debt Due June 17
NUREMBERG SRL: Creditors' Proofs of Debt Due June 23
TELBA DATA: Creditors' Proofs of Debt Due May 18
URSA INGENIERIA: Creditors' Proofs of Debt Due May 11


B A H A M A S

AMR CORP: Reports March Traffic; Load Factor at 80.2%


B E R M U D A

BIOSIGMA BERMUDA: Creditors' Proofs of Debt Due April 22
BIOSIGMA BERMUDA: Members' Final Meeting Set for May 11
GLOBAL SWAP: Creditors' Proofs of Debt Due April 22
GLOBAL SWAP: Members' Final Meeting Set for May 12
SMITH/HODGSON LIMITED: Creditors' Proofs of Debt Due April 25

SMITH/HODGSON LIMITED: Members' Final Meeting Set for May 31


B R A Z I L

AMERICAN APPAREL: Annual Meeting Tentatively Set for June 21
BRF BRASIL: S&P Affirms 'BB+' Corporate Credit Rating
HYPERMARCAS: Fitch Puts BB Issuer Default Ratings; Outlook Stable
HYPERMARCAS: Moody's Puts Ba2 Rating to US$500MM Sr. Unsec. Notes
HYPERMARCAS SA: S&P Assigns 'BB-' Corporate Credit Rating


D O M I N I C A N  R E P U B L I C

TRAILER BRIDGE: Files Form S-8; Registers 800,000 Common Shares


M E X I C O

BANCO AUTOFIN: Moody's Downgrades Deposit Ratings to 'B3'
GREENBRIER COS: Closes $230MM of 3.5% Conv. Sr. Notes Offering
SATELITES MEXICANOS: Professionals Hiring Part of 1st Day Motions
TEPIC MUNICIPALITY: Moody's Downgrades Issuer Ratings to B1
WOLVERINE TUBE: Settles PBGC Claims as Part of Reorg. Plan


P U E R T O  R I C O

HORIZON LINES: To Settle Puerto Rico Trade Lawsuit for $1.76-Mil.


V E N E Z U E L A

DBSI INC: Reaches Final Resolution of Dispute with GigOptix


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
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BANCO DE GALICIA: S&P Assigns 'B' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
counterparty credit and senior unsecured notes ratings, with a
stable outlook, to Argentina-based Banco de Galicia y Buenos Aires
S.A. (Banco Galicia).  Banco Galicia plans to issue seven-year
fixed-rate senior unsecured notes for up to $300 million.

"The ratings on Banco Galicia mainly reflect the relatively high
economic and political risks in Argentina," said Standard & Poor's
credit analyst Sebastian Liutvinas.  "They also incorporate the
bank's weak capitalization and operating efficiency."

Its strong franchise and good competitive position in the
Argentine financial system partially offset these risks.  Banco
Galicia's relatively low nonperforming loans (NPLs) and low-cost
funding profile also support the ratings.

Founded in 1905, Banco Galicia is the third-largest bank in
total loans and fifth in total deposits in Argentina, with
an 8.1% market share in each as of Dec. 31, 2010.  The bank
provides a wide range of universal banking products and
services for individuals, small and midsize enterprises,
and large corporations in Argentina.

The stable outlook on Banco Galicia reflects that on the Republic
of Argentina (unsolicited ratings: B/Stable/B).


CERAMICA CREGAR: Creditors' Proofs of Debt Due June 17
------------------------------------------------------
Estudio Abigador, Collia y Vighenzoni, the court-appointed trustee
for Ceramica Cregar SA's reorganization proceedings, will be
verifying creditors' proofs of claim until June 17, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 April 25, 2012.

The Trustee can be reached at:

         Estudio Abigador
         Collia y Vighenzoni
         Uruguay 856


NUREMBERG SRL: Creditors' Proofs of Debt Due June 23
----------------------------------------------------
Graciela Lema de Muino, the court-appointed trustee for Nuremberg
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 23, 2011.

Ms. de Muino 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.

The Trustee can be reached at:

         Graciela Lema de Muino
         Basualdo 1064
         Argentina


TELBA DATA: Creditors' Proofs of Debt Due May 18
------------------------------------------------
Adriana E. Torrado, the court-appointed trustee for Telba Data
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 18, 2011.

Ms. Torrado 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:

         Adriana E. Torrado
         Tucuman 1553
         Argentina


URSA INGENIERIA: Creditors' Proofs of Debt Due May 11
-----------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for URSA
Ingenieria y Construcciones SA's reorganization proceedings, will
be verifying creditors' proofs of claim until May 11, 2011.

Ms. Giambone will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Silvia Beatriz Giambone
         Av. Pte. Roque Saenz Pena 651
         Argentina


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B A H A M A S
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AMR CORP: Reports March Traffic; Load Factor at 80.2%
-----------------------------------------------------
American Airlines reported that March traffic increased 0.8%
versus the same period last year.  Capacity increased 2.6% year
over year, resulting in a load factor of 80.2% compared to 81.7%
in the same period last year. International traffic increased by
5.2% relative to last year on a capacity increase of 7.1%.
Domestic traffic decreased 1.7% year over year on 0.1% less
capacity.  American boarded 7.4 million passengers in March.

A full-text copy of the press release announcing the Traffic
Results is available for free at http://is.gd/2yQwyh

                       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.


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B E R M U D A
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BIOSIGMA BERMUDA: Creditors' Proofs of Debt Due April 22
--------------------------------------------------------
The creditors of BioSigma Bermuda Limited are required to file
their proofs of debt by April 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 6, 2011.

The company's liquidator is:

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


BIOSIGMA BERMUDA: Members' Final Meeting Set for May 11
-------------------------------------------------------
The members of BioSigma Bermuda Limited will hold their final
general meeting on May 11, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 6, 2011.

The company's liquidator is:

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


GLOBAL SWAP: Creditors' Proofs of Debt Due April 22
---------------------------------------------------
The creditors of The Global Swap Fund Limited are required to file
their proofs of debt by April 22, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2011.

The company's liquidator is:

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


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

The company commenced wind-up proceedings on April 5, 2011.

The company's liquidator is:

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


SMITH/HODGSON LIMITED: Creditors' Proofs of Debt Due April 25
-------------------------------------------------------------
The creditors of Smith/Hodgson Limited are required to file their
proofs of debt by April 25, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 30, 2011.

The company's liquidator is:

         Angela Tull-Simmons
         c/o The Property Law Group Ltd.
         Commerce Building, Suite 202
         54 Reid Street, Hamilton HM12
         Bermuda


SMITH/HODGSON LIMITED: Members' Final Meeting Set for May 31
------------------------------------------------------------
The members of Smith/Hodgson Limited will hold their final general
meeting on May 31, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on March 30, 2011.

The company's liquidator is:

         Angela Tull-Simmons
         c/o The Property Law Group Ltd.
         Commerce Building, Suite 202
         54 Reid Street, Hamilton HM12
         Bermuda


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B R A Z I L
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AMERICAN APPAREL: Annual Meeting Tentatively Set for June 21
------------------------------------------------------------
The 2011 Annual Meeting of Stockholders of American Apparel, Inc.,
has been tentatively scheduled for June 21, 2011.  Because the
tentative date of the 2011 Annual Meeting is more than 30 days
before the anniversary date of the 2011 Annual Meeting of
Stockholders, in accordance with Rule 14a-5(f) under the
Securities Exchange Act of 1934, as amended, the Company is
informing stockholders of such change.

For a stockholder proposal to be considered for inclusion in the
Company's proxy statement for the 2011 Annual Meeting in
accordance with Rule 14a-8 under the Exchange Act, the proposal
must be received by the Company's Secretary no later than April
18, 2011.  Any such proposal also must comply with Rule 14a-8
under the Exchange Act.

For a stockholder proposal that is not intended to be included in
the Company's proxy statement for the 2011 Annual Meeting under
Rule 14a-8 under the Exchange Act, written notice of the proposal,
which notice must include the information required by the
Company's bylaws, must be received by the Company's Secretary not
less than 60 days prior to the 2011 Annual Meeting (April 22,
2011), in accordance with the advance notice provisions of the
Company's bylaws.

The address of the Company's Corporate Secretary is: American
Apparel, Inc., Attn: Glenn A. Weinman, Secretary, 747 Warehouse
Street, Los Angeles, California 90021.

                      About American Apparel

Los Angeles, Calif.-based American Apparel, Inc. (NYSE Amex: APP)
-- http://www.americanapparel.com/-- is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel.  As of Sept. 30, 2010, American Apparel employed over
10,000 people and operated 278 retail stores in 20 countries,
including the United States, Canada, Mexico, Brazil, United
Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the
Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan,
South Korea and China.

                       Bankruptcy Warning

American Apparel, Inc., if unable to improve its operating
performance and financial position, obtain alternative sources of
capital or otherwise meet its liquidity needs, may need to
voluntarily seek protection under Chapter 11 of the U.S.
Bankruptcy Code, the retailer said in its annual report on Form
10-K filed with the U.S. Securities and Exchange Commission.

American Apparel reported a net loss of $86.31 million on
$532.99 million of net sales for the year ended Dec. 31, 2010,
compared with net income of $1.11 million on $558.77 million of
net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed
$327.95 million in total assets, $252.93 million in total
liabilities and $75.02 million in total stockholders' equity.

Marcum LLP, in New York, in its audit report on American Apparel's
financial statements for the year ended Dec. 31, 2010, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred a substantial loss from operations and had negative
cash flow from operations for the year ended Dec. 31, 2010.  As a
result of noncompliance with certain loan covenants, debt with
carrying value of approximately $138.0 million at Dec. 31, 2010,
could be declared immediately due and payable.  Notwithstanding
the foregoing, the Company has minimal availability for additional
borrowings from its existing credit facilities, which could result
in the Company not having sufficient liquidity or minimum cash
levels to operate its business.


BRF BRASIL: S&P Affirms 'BB+' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Brazil-based food company BRF Brasil Foods S.A. to positive from
stable.  "We also affirmed our 'BB+' ratings on the company,
including its corporate credit rating," S&P related.

"The positive outlook indicates that we could raise our ratings on
BRF if the company demonstrates consistency in operating
performance and maintains its moderate financial policies,
including the preservation of an adequate liquidity, even under
raw material cost pressures and higher investments," said Standard
& Poor's credit analyst Flavia Bedran.  "We believe the company's
strong branded portfolio of processed food in the domestic market
and increasing value added services in export markets will help it
to successfully increase prices ahead of cost increases,
sustaining double-digits margins onward," S&P stated.

"We don't incorporate into our ratings all the potential synergies
once the Brazilian antitrust authorities approve the merger of BRF
and Sadia S.A.  Once integrated, the group could benefit from
operating and commercial synergies and take advantage of a more
robust branded portfolio, which could strengthen its business
profile that we currently assess as fair," S&P noted.

"Our ratings on BRF reflect the risks associated with global raw
material price swings (mainly soybean and corn); its difficulties
to increase aggregated value in exports, which is, in part, still
associated with commoditized products; its challenges to develop a
well-built distribution network abroad; and the inherent risks of
animal protein business, such as disease outbreaks and
international trade barriers.  Partly mitigating the negative
factors are the company's strong branded portfolio, mainly in the
domestic market and a key factor allowing it to pass on cost
increases to clients; its leading market positions in most
segments it operates; the efficient management of raw material
needs; and the maintenance of adequate liquidity and moderate
financial policies," S&P said.

S&P continued, "The positive outlook reflects our expectation that
BRF will maintain its financial discipline, even if merger and
acquisition transactions occur, and will continue to be able to
pass on raw material price pressures to end customers, delivering
consistent profitability of double-digit margins.  We expect BRF
to sustain total adjusted debt to EBITDA of less than 3x, FFO to
total debt close to 30%, and adequate liquidity.  An upgrade would
occur with the confirmation of the company's more robust business
profile, reflecting more stable cash flow generation and debt-to-
EBITDA ratios of consistently less than 2.5x, even with a more
aggressive investment strategy.  A negative rating revision,
currently unlikely, could occur if operating margins deteriorate
or if the company assumes a more aggressive financial strategy,
including sizable acquisitions, deteriorating liquidity and
weakening cash flow metrics."


HYPERMARCAS: Fitch Puts BB Issuer Default Ratings; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'BB' to Hypermarcas S.A. (Hypermarcas).
In addition, Fitch has assigned a 'BB' rating to its proposed
notes issuance of approximately US$500 million due 2021, which
proceeds will be used to refinance indebtedness.  Fitch rates
Hypermarcas' national scale rating 'A+(bra)'.  The Rating Outlook
for the corporate ratings is Stable.

Hypermarcas' ratings reflect its leading position in the
competitive Brazilian consumer products sector, the strength and
diversification of its brands and strong, yet somewhat volatile,
cash flows.  The ratings also incorporate the company's aggressive
expansion via acquisitions that have been financed with a mix of
debt and equity, and constrain the company's credit profile.
Leverage is moderately high but is expected to gradually decline
as recent acquisition provide incremental positive cash flow and
as the company integrates these acquisitions into its portfolio.
The company has a long, successful track record of marketing of
its brands, which should benefit from an expected positive
economic environment.

Fitch expects that the company will carefully manage its
growth strategy going forward in 2011 in order to avoid further
pressure on its capital structure and, consequently, on its
ratings.  The company is expected to be more selective in seeking
for new acquisitions in the short term in order to capture
synergies and further improve its cash flow generation; new debt-
financed acquisitions or by significant cash disbursements may
pressure credit quality.

Strong Business Position, Diversified Product Portfolio:

Hypermarcas has one of the largest and most diversified consumer
products brand portfolios in Brazil, with operations in the
pharmaceutical, beauty and personal care, food and home care
segments.  This balanced portfolio limits the company's exposure
to the performance of a single product line, which allows greater
predictability of its cash flows.  Hypermarcas' business strategy
is to capture synergies through the integration of recently
acquired operations into a single cost platform in terms of
packing, distribution and advertising and marketing, which
represent the major cost components.  The brand repositioning and
new launchings are showing results with strong sales growth in the
same brand sale concept.  Currently, the Pharma and Beauty and
Personal Care segment account for 88.4% of revenues, with a 46%
and 42.4% participation, respectively.

Aggressive Growth Strategy Supports Significant EBITDA Expansion:

The significant expansion of Hypermarcas operations and portfolio
in recent years reflects its aggressive expansion profile via
acquisitions.  Since its creation in 2001, Hypermarcas carried out
36 acquisitions, which totaled around BRL7 billion.  The largest
period of expansion occurred since 2007, with the acquisition of
24 companies, which totaled BRL6.8 billion.  In terms of organic
growth, the company has also showed efficiency in increasing sales
of its product portfolio, mainly driven by product innovations and
strong marketing programs.  In 2010, sales under the same brands
concept increased by 17%.

Hypermarcas successfully grew its EBITDA to BRL734 million in 2010
from BRL60.3 million in 2006 through strategic acquisitions; pro
forma EBITDA in 2010 is around BRL920 million after incorporating
12 month results for recent acquisitions.  The company gained
economies of scale, including lower administrative expenses,
operating synergies, higher bargaining power with suppliers, which
improved profitability; Hypermarcas' EBITDA margin increased from
13% in 2006 to 23% in 2010.  These margins positively compare with
consumer products companies in Brazil as well as with global
players.  In 2010, Hypermarcas recorded negative free cash flow
of BRL22 million as a result of higher capex for expansion
(BRL89.8 million).  In 2009 and 2008, the company generated
BRL163 million and BRL73 million of free cash flow, respectively,
consistent with other consumer staple companies, whose
characteristic is to generate free cash flows given the relatively
low investment requirements in maintenance.

De-leverage Process is Key to Sustain Ratings:

Hypermarcas has moderate high leverage due to the acquisitions.
As of Dec. 31, 2010, the company's total leverage (total
debt/EBITDA) ratio was 5.7 times (x) compared to an average of
4.3x between 2006 and 2009.  On a net basis, leverage (net
debt/EBITDA) ratio was 2.4x compared to an average of 3.8x between
2006 and 2009.  On pro forma basis, considering the acquisitions
that already occurred in 2011, Hypermarcas net leverage ratio
would be around 3.0x.  Fitch expects that the company will
maintain net leverage around 2.5x over the medium term and will
continue to maintain a minimum cash position compatible with its
debt maturities within the next 12 months.  A more favorable debt
profile is also expected as result of the 10-year US$500 million
bond issuance.

Strong Liquidity Position:

Hypermarcas' liquidity remains robust, with BRL2.4 billion in cash
and marketable securities at Dec. 31, 2010.  At Dec. 31, 2010,
Hypermarcas' total debt was BRL4.2 billion, comprised mainly by
debentures (BRL2.1 billion or 50% of total debt) issued in the
Brazilian capital markets, seller financing (BRL1.2 billion or 29%
of debt), and the remainder consisting of working capital and
commercial paper (21%).

Key Rating Drivers:

Rating downgrades would likely be driven by large debt financed
acquisitions, which removed company's capital structure from
historic levels and deterioration in its brands' reputation and in
its leading market position.  The ratings could be favored by a
moderated pace of acquisitions, cash generation above
expectations, both which could result in a sustainable leverage
reduction process and positively impact company's credit quality.


HYPERMARCAS: Moody's Puts Ba2 Rating to US$500MM Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned Ba2/A1.br global and
national scale corporate family ratings to Hypermarcas and a Ba2
foreign currency rating to its proposed senior unsecured notes
offering due 2021 of approximately US$500 million.  The outlook
for the ratings is stable.  This is the first time Moody's has
rated Hypermarcas, a leading personal and home consumer products
company based in Sao Paulo, Brazil.

Hypermarcas' proposed use of proceeds for the new issuance is
primarily to repay a portion of existing indebtedness, so
lengthening its debt profile and the remainder for working capital
and general corporate purposes.

The rating of the proposed notes and the stable outlook assumes
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assumes that these agreements are legally valid, binding,
and enforceable.

Rating assigned:

   Issuer: Hypermarcas S.A.

   -- Proposed approximately US$500 million senior unsecured
      guaranteed notes due 2021: Ba2 (foreign currency)

The outlook for the ratings is stable.

Ratings Rationale

Hypermarcas' Ba2 corporate family rating (CFR) is supported by the
company's diversified product portfolio of well-known brands in
Brazil, especially in the health care, home care and, most
recently, in the pharmaceutical industry segments.  Hypermarcas
enjoys solid leadership position in most of these product
categories and its acquisitive growth strategy has positioned it
as the second largest player in the Pharmaceutical and Packaged
goods (excluding food-based) segment in Brazil.

"Hypermarcas's acquisition strategy has been successful in
enabling the company to extract operating synergies and maximize
its distribution network ," said Moody's Senior Analyst Ricardo
Kovacs.  "In the near term Hypermarcas will likely focus on the
integration of the recently acquired Mantecorp and Mabesa
operations to exploit the expected cost synergies and decrease the
pace of acquisitions."  Moody's expects that Hypermarcas' free
cash flow generation, which became modestly negative in fiscal
2010 will turn materially positive in fiscal years 2011 and 2012
as the pace of acquisition slows and related working capital needs
diminish.  Hypermarcas should be able to generate quarterly
operating profit margins in the range of 20% in fiscal 2011.  As a
result, adjusted debt leverage should decline to 4.2 times in
FY2011 from 5.2 times in FY 2010.

The rating also incorporates Hypermarcas' strong EBITDA margin and
its currently solid liquidity and adequate debt maturity profile,
especially with the proposed debt offering.  Hypermarcas' product
innovation with expected launch of 700 new products in 2011
representing a 75% increase from 2010 -- as well as management's
past equity issuances to bolster its capital structure also
support its credit profile.

The ratings are constrained by Hypermarcas' strategic shift
towards pharmaceutical-related products, which may alter the
company's risk profile given the different operating and
competitive dynamics and the potential for higher legal
contingency costs.  The rating further reflects Hypermarcas'
elevated leverage as well as its high working capital needs and
historical limited free cash generation.

The stable rating outlook reflects expectations for improved cash
flow and lower leverage as the company rolls out new products
while integrating its recent acquisitions and realizing cost
synergies.  Positive pressure on the rating could develop over
time if the company is able to generate good and consistent
organic growth and profitability performance proves sustainable.
This will be the case if retained cash flow to net debt
consistently exceeds 25%, if EBIT/Interest is over 3.0 times and
if the company is able to sustain operating margins above 10%.
Finally, positive rating pressure depends on company financial and
liquidity policies that remain conservative.

The ratings could be lowered if there is a weakening in the
company's margins, resulting in EBITDA consistently below 20%, if
working capital performance does not show an improvement or if the
company is unable to generate positive free cash flows.  The
ratings could also come under pressure if liquidity were impaired
and the company is unable to cover short term debt maturities with
cash balance.

The principal methodology used in this rating was Global Packaged
Goods Industry published in July 2009.

Hypermarcas is a leading manufacturer of health and personal care
products in Brazil.  Since its 2001 inception the company has
grown through a series of acquisitions with current revenues
totaling BRL3.2 billion (US$1.9 billion).  The company has a
product portfolio of more than 190 non-prescription drugs,
hygiene, beauty, food and home product brands designed for
Brazil's lower-middle and middle class segments.

Moody's National Scale Ratings 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
".br" for Brazil.


HYPERMARCAS SA: S&P Assigns 'BB-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
global scale corporate credit and senior unsecured rating to
Brazil-based consumer goods company Hypermarcas S.A.  "At the same
time, we affirmed our 'brA+' Brazilian national scale rating
on the company.  Hypermarcas plans to issue senior notes due 2021,
using the proceeds to refinance existing debt maturities. The
outlooks are stable," S&P stated.

"The ratings on Brazil-based Hypermarcas reflect the risks of
the company's aggressive growth strategy, both organically and
through acquisitions; somewhat high indebtedness in the short
term, made manageable with its proposed senior notes; and higher
pressure on its cash-flow generation," said Standard & Poor's
credit analyst Debora Confortini.  "We also take account of the
challenges the company faces in integrating acquired businesses
within its operating model.  This requires significant investments
in marketing to reposition and sustain its portfolio of acquired
brands.  It is also exposed to a competitive and working-capital-
intensive industry," according to S&P.

These risk factors are partly mitigated by Hypermarcas'
adequate liquidity, consisting of comfortable cash reserves;
leading position in many segments, especially in over-the-
counter pharmaceuticals; satisfactory profitability compared
with global peers; and positive track record in integrating
recent acquisitions.  The ratings also reflect the favorable
long-term prospects for Brazil's consumer goods industry based
on rising purchasing power and decreasing unemployment.

"The stable outlook reflects our expectation that Hypermarcas will
continue to benefit from its larger scale, a focus on integration
with efficiency initiatives, and a more conservative approach to
acquisitions.  We believe the company will deleverage, posting
adjusted total debt to EBITDA of about 3.5x and FFO to adjusted
total debt of 20% in the next two years, while
sustaining adequate cash reserves," S&P stated.

An upgrade would depend on a consistent improvement in
Hypermarcas' financial profile, maintenance of strong liquidity,
and a prudent expansion strategy that allows it to reduce leverage
to an adjusted total debt to EBITDA of less than 3.0x and an FFO
to adjusted total debt of more than 25%.  "On the other hand, we
could lower the ratings if Hypermarcas fails to integrate new
businesses well, or if its aggressive expansion strategy leads to
an adjusted total debt to EBITDA of more than 5.0x and an FFO to
total debt of less than 10%, consistently," S&P noted.


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


TRAILER BRIDGE: Files Form S-8; Registers 800,000 Common Shares
---------------------------------------------------------------
Trailer Bridge, Inc., registered with the U.S. Securities and
Exchange Commission 800,000 shares of common stock to be offered
under the Trailer Bridge, Inc. Stock Incentive Plan and Trailer
Bridge, Inc. Non-Employee Director Stock Incentive Plan.

                       About Trailer Bridge

Jacksonville, Fla.-based Trailer Bridge, Inc., is an integrated
trucking and marine freight carrier that provides freight
transportation between the continental U.S., Puerto Rico and the
Dominican Republic.

BDO USA, LLP, in Miami, Fla., expressed substantial doubt about
Trailer Bridge's ability to continue as a going concern.  The
independent auditors noted that the Company has a significant
working capital deficit resulting from the current maturities of
long term debt.

The Company reported a net loss of $2.3 million on $118.2 million
of revenues for 2010, compared with net income of $2.6 million  on
$114.3 million of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed
$116.4 million in total assets, $116.7 million in total
liabilities, and a stockholders' deficit of $316,395.


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


BANCO AUTOFIN: Moody's Downgrades Deposit Ratings to 'B3'
---------------------------------------------------------
Moody's Investors Service downgraded Banco Autofin Mexico, S.A.
(Banco Autofin)'s long term local and foreign currency deposit
ratings to B3, from B1.  The bank financial strength rating was
affirmed at E+.  At the same time, Moody's de MExico downgraded
Banco Autofin's long term Mexican National Scale deposit rating to
Ba2.mx, from Baa2.mx; and its short term National Scale deposit
rating to MX-4, from MX-3.  All ratings have a stable outlook.

These rating actions were taken:

   -- Bank financial strength rating of E+, affirmed

   -- Long term local currency deposit rating to B3, from B1

   -- Long term foreign currency deposit rating to B3, from B1

   -- Long term Mexican national scale debt rating to Ba2.mx, from
      Baa2.mx

   -- Short term Mexican national scale debt rating to MX-4, from
      MX-3

Ratings Rationale

Moody's downgrade of Banco Autofin's ratings reflects
(i) continued challenges the bank faces in its core business
of car financing, which pressure margins (ii) still untested
changes in strategic direction, as it moves into agribusiness
financing, and (iii) continued dependence from related party
relationships.  As a result, the bank's E+ BFSR now maps to a
baseline credit assessment of B3, from B2 previously.

Moody's noted that Autofin's car finance operation continues to
face strong competition from much larger finance institutions,
with resulting margin compression and modest business volume
origination.  Autofin has sought to increase its fleet dealer
financing in response to lower growth on individual car lending
and on its taxi financing program within the Federal District.
Loans acquired from its sister-company, Autofinanciamiento de
MExico, S.A., have also declined.  These challenges are compounded
by the bank's still significant reliance on more expensive
wholesale funding and by high expense base, relative to that of
its peers, which have contributed to continued operating losses.

Management's decision to expand the bank's focus into
agribusiness commodity repos exposes Banco Autofin to transition
and implementation risks, because this line of business requires
a very different know-how than its core car financing business.
Since mid-2010, Banco Autofin's new commodities repos have
increased to reach MXN333 million, representing 15% of total
assets as of year-end 2010.

One critical challenge to the ratings is Banco Autofin's large
loan exposures to related parties, especially those within an
unrelated industry, and to large single borrowers.  In Moody's
view, related party exposures create conflicts of interest that
are difficult for the board or management to handle, and thus,
increase the bank's credit risk.  Moreover, large loans could
experience fast deterioration and results in higher earnings
volatility.

The downgrade of the bank's deposit ratings reflects the view that
parental support is difficult to assess given the limited publicly
available information on its controlling group, Grupo Autofin.
The deposit rating therefore, reflects Banco Autofin's standalone
B3 baseline credit assessment and does not benefit of any uplift
of parental support.

Though Moody's expects marginal improvements in Banco Autofin's
earnings, the nature of these earnings bear more risk and
potential volatility than the original retail-centered strategy.
This is because its funding has a high proportion of expensive
deposits while part of its earnings are sourced from agricultural
commodity financing.

The bank's adjusted Tier 1 ratio continues to be adequately high
to absorb Moody's stresses on Banco Autofin's portfolio of loans
and securities within anticipated and stressed losses, especially
when incorporating higher expected losses related to the bank's
large exposure to related party loans.  As of year-end 2010, the
unadjusted tier one ratio of the bank stood at 18.03%, maintained
by continued support from shareholders through capitalizations in
2007, 2009, and 2010.

Banco Autofin is headquartered in Mexico City, Mexico.  As of
year-end 2010, the bank reported MXN2.219 billion in assets,
MXN1.726 billion in loans, and MXN540 million in equity.


GREENBRIER COS: Closes $230MM of 3.5% Conv. Sr. Notes Offering
--------------------------------------------------------------
The Greenbrier Companies, Inc., announced the closing of its
previously announced offering of $230 million aggregate principal
amount of 3.5% Convertible Senior Notes due 2018 which includes
$15 million aggregate principal amount of the Notes issued to the
initial purchasers in connection with the exercise of their over-
allotment option.  The Notes were offered only to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended.  The Notes are senior unsecured
obligations and rank equally in right of payment with the
Company's other unsecured debt.

Greenbrier intends to use the net proceeds from the offering,
together with additional cash on hand, to (i) purchase any and all
of Greenbrier's outstanding $235 million aggregate principal
amount of its 8 3/8% senior notes due 2015 that are tendered
pursuant to a cash tender offer and consent solicitation which
Greenbrier announced on March 30, 2011, (ii) pay the consent and
other fees in connection with such cash tender offer and consent
solicitation and (iii) redeem or otherwise retire any and all 2015
Notes that remain outstanding following consummation or
termination of the cash tender offer.

The Notes and the shares of Greenbrier common stock issuable upon
conversion of the Notes will not be registered under the
Securities Act or the securities laws of any other jurisdiction
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

The Company has increased the size of its previously announced
offering of $200 million aggregate principal amount of Convertible
Senior Notes due 2018 to $215 million.  Greenbrier has also
granted the initial purchasers a 30-day over-allotment option to
purchase up to an additional $15 million aggregate principal
amount of Notes on the same terms and conditions.

The Notes will bear interest at an annual rate of 3.5% payable
semiannually in arrears in cash on April 1 and October 1 of each
year, beginning on Oct. 1, 2011.  The Notes will be convertible
into shares of Greenbrier's common stock, based on an initial
conversion rate of 26.2838 shares of Greenbrier's common stock per
$1,000 principal amount of Notes, which is equivalent to an
initial conversion price of approximately $38.05 per share of
common stock.  This represents a premium of 37.5% above the last
reported sale price of Greenbrier's common stock on the New York
Stock Exchange on Wednesday, March 30, 2011 (which was $27.67 per
share).  The conversion rate and conversion price are subject to
adjustment in certain events, such as distributions, dividends or
stock splits.  The Notes will mature on April 1, 2018, unless
earlier repurchased by the Company or converted in accordance with
their terms prior to such date.  The Notes will be senior
unsecured obligations and will rank equally with all of the
Company's existing and future senior unsecured debt and senior to
all of its existing and future subordinated debt.

                       About Greenbrier Cos.

Based in Lake Oswego, Oregon, The Greenbrier Companies Inc.
operates in three primary business segments: manufacturing,
refurbishment and parts, and leasing and services.  The
manufacturing segment, operating from four facilities in the
United States, Mexico and Poland, produces double-stack intermodal
railcars, conventional railcars, tank cars and marine vessels.
The refurbishment & parts segment performs railcar repair,
refurbishment and maintenance activities in the United States and
Mexico.  The leasing & services segment owns roughly 8,000
railcars and provides management services for roughly 225,000
railcars.

The Company's balance sheet as of Nov. 30, 2010, showed
$1.1 billion in total assets, $812.7 million in total assets and
$296.5 million in total equity.

                         *     *     *

Greenbrier carries a 'Caa1' corporate family rating from Moody's
Investors Service and a Speculative Grade Liquidity
Rating of SGL-3.  In August 2010, Moody's said Greenbrier's rating
outlook is negative in consideration of the continued sluggish
demand for new railcars and the company's need to address
certain refinancing needs.

Greenbrier carries 'B-' issuer credit ratings from Standard &
Poor's Ratings Services.  S&P said in May 2010 that the ratings on
Greenbrier reflect the company's fair business risk profile
stemming from the cyclicality of the freight car manufacturing
industry; the dramatic decline in demand for new railcars as a
result of slower economic growth and weaker carloadings; and
limited customer diversity.  The Company, according to S&P, also
has a highly leveraged financial risk profile, marked by increased
debt balances as a result of acquisitions completed in recent
years.


SATELITES MEXICANOS: Professionals Hiring Part of 1st Day Motions
-----------------------------------------------------------------
BankruptcyData.com reports that Satelites Mexicanos filed with the
U.S. Bankruptcy Court a motion to retain Epiq Bankruptcy Solutions
(Contact: Jennifer M. Meyerowitz) as claims and noticing agent.

Satelites Mexicanos also filed with the U.S. Bankruptcy Court
motions to retain:

   -- Lazard Freres & Co. (Contact: J. Blake O'Dowd) as investment
      bank and financial advisor for a monthly fee of $175,000 for
      the first two months, and $150,000 for each additional
      month, an initial restructuring fee of $2 million, and a
      restructuring fee of $8 million;

   -- Greenberg Traurig (Contact: Victoria Counihan) as counsel
      for hourly rates ranging from 235 to 945, Ernst & Young
      (Contact: Florence V. Lentini) as financial advisor for the
      following hourly rates: partner/principal at 650 to 700,
      senior manager at 500 to 500, manager at 375 to 400, and
      senior/staff at 200 to 325; and

   -- Rubio Villegas & Asociados (Contact: Luis Rubio Barnetche)
      as special Mexican corporate and regulatory counsel for
      hourly rates ranging from 150 to 385.

                         About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
Rovider of fixed satellite services in the Americas, with coverage
to more than 90% of the population to the Americas, including more
than 45 nations and territories.  Satmex also provides Latin
American television programming in the United States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex filed for Chapter 11 bankruptcy protection on April 6, 2011
(Bankr. D. Del. Case No. 11-11035).

Satmex, based in Mexico City, has sought bankruptcy protection for
the second time in less than five years.  Satmex first filed for
bankruptcy in August 2006 in New York and exited four months later
with a plan to repay creditors owed about $743 million with new
debt and equity.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel.  Lazard Freres & Co. LLC is
the Debtors' investment banker.  Ernst & Young LLP is the Debtors'
financial advisor.  Rubio Villegas & Asociados, S.C., serves as
the Debtors' special Mexican corporate and regulatory counsel.
Epiq Bankruptcy Solutions is the Debtors' claims and notice agent.

Jefferies & Company, Inc., is the financial advisor to supporting
2nd lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting 2nd lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

Affiliates Alterna'TV International Corporation (Bankr. D. Del.
Case No. 11-11034) and Alterna'TV Corporation (Bankr. D. Del. Case
No. 11-11033) simultaneously filed separate Chapter 11 petitions.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel.  Lazard Freres & Co. LLC is
the Debtors' investment banker.  Ernst & Young LLP is the Debtors'
financial advisor.  Rubio Villegas & Asociados, S.C., serves as
the Debtors' special Mexican corporate and regulatory counsel.
Epiq Bankruptcy Solutions is the Debtors' claims and notice agent.

Jefferies & Company, Inc., is the financial advisor to supporting
2nd lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting 2nd lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

In its schedules, Satmex disclosed $393,427,253 in total assets
and $457,699,978 in total debts.

Affiliates Alterna'TV International Corporation (Bankr. D. Del.
Case No. 11-11034) and Alterna'TV Corporation (Bankr. D. Del. Case
No. 11-11033) simultaneously filed separate Chapter 11 petitions.


TEPIC MUNICIPALITY: Moody's Downgrades Issuer Ratings to B1
-----------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Tepic's issuer
ratings to B1 (Global Scale, local currency) and Baa2.mx (Mexico
National Scale) from Ba2 and A2.mx, respectively.  At the same
time the issuer ratings have been placed under review for possible
downgrade.

Ratings Rationale

The downgrade reflects a significant deterioration in Tepic's
finances, including sizable cash financing deficits in 2009 and
2010, which has led to a substantial increase in short and long
term debt and a sharp deterioration in liquidity.

Following the recording of moderate, albeit increasing, cash
financing requirements in prior years, Tepic registered sizable
cash financing requirements in 2009 and 2010, equivalent to 38.3%
and 34.3% of total revenues respectively.  These requirements,
which were among the largest of rated municipalities in Mexico,
were driven by large increases in capital expenditures, operating
spending pressures and relatively limited own-source revenue
growth.

These requirements led to a sharp deterioration in liquidity and
increases in debt burden.  Net direct and indirect debt as a
percentage of operating revenues increased from 20% in 2008 to 55%
in 2010, which is one of the highest levels among the Mexican
municipalities rated by Moody's.  Given the size of the adjustment
that would be necessary in order to restore balance to Tepic's
fiscal accounts, Moody's believes that Tepic's cash financing
requirements are likely to continue and its debt levels are likely
to increase further in the coming years.  Net working capital
(current assets net of current liabilities) declined to -12.0% of
total expenditures in 2010, down from 0.2% two years earlier,
owing to the maintenance of relatively low levels of cash and
rapid increases in short-term borrowing.  Short term lines of
credit increased fivefold between 2008 and 2010 -- reaching 21% of
total revenue in 2010 from 5% in 2008.  This increased reliance of
on short-term debt financing, coupled with the city's ongoing cash
financing requirements and weak liquidity position, exposes it to
significant near-term debt repayment obligations.

Given institutional constraints, Moody's believe it is unlikely
that Tepic will be able to refinance this debt and it will be
forced to repay it instead from cash flows.  However, these are
not likely to be adequate unless the city is able to undertake
dramatic reductions in its expenditures over the coming months and
conserve cash until the next administration begins.

The ratings review will focus on Tepic's capacity to execute a
plan to control operating and capital expenditures in order to
respect all upcoming debt service obligations in a full and timely
manner.  Moody's expects to conclude the review within three
months, over which period we will closely monitor Tepic's progress
in repaying its short-term debt.  However, the review could be
concluded in as little as 4 to 6 weeks if within that time frame
Tepic fails to develop a feasible plan to repay all of its
remaining short-term debt obligations over the next six months.

Under the scenario that Tepic fails to a) develop a feasible plan
to repay or refinance its short term lines of credit and b)
demonstrates initiatives to rebalance fiscal results, Moody's will
likely downgrade its ratings further.

However, if Tepic a) executes a near-term plan to fully service
its short-term lines of credit and refinances these obligations
and b) begins to demonstrate steps towards the rebalancing of
fiscal results, Moody's could confirm its ratings.

The last rating action on the Municipality of on Tepic was on
November 14, 2006, when Moody's upgraded its issuer ratings to
Ba2/A2.mx from Ba3/A3.mx.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.


WOLVERINE TUBE: Settles PBGC Claims as Part of Reorg. Plan
----------------------------------------------------------
Wolverine Tube, Inc., announced on April 8, 2011, that it signed a
memorandum of understanding with the Pension Benefit Guaranty
Corporation relating to a settlement of claims asserted by the
PBGC.  The settlement terms will be incorporated into Wolverine's
plan of reorganization and have the support of the company's
noteholders who earlier agreed to support the reorganization plan.
The settlement remains subject to final effectiveness of
Wolverine's reorganization plan, which is anticipated in the next
60 days, and the termination of Wolverine's defined benefit
Retirement Plan in accordance with statutory requirements.
Wolverine intends to move forward expeditiously to obtain
Bankruptcy Court approval of its disclosure statement, complete
its reorganization and emerge from bankruptcy.

Steven S. Elbaum, Chairman of Wolverine, stated that, "Wolverine
is very pleased to have reached an agreement with PBGC which
converts its underfunding liability and other related claims into
a payment obligation to be funded over 10 years and which will be
within Wolverine's expected financial capacity."

"We appreciate PBGC's focused and constructive approach in
reaching a resolution which is fair and which strengthens
Wolverine's ability to be a strong and viable competitor and
employer. This agreement represents an important milestone in
Wolverine's effort to emerge from bankruptcy," added Elbaum.
"Wolverine is grateful to its noteholders, customers, suppliers,
and employees who have supported it throughout this process.
Wolverine will be well positioned to successfully compete in the
global markets."

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


HORIZON LINES: To Settle Puerto Rico Trade Lawsuit for $1.76-Mil.
-----------------------------------------------------------------
Horizon Lines, Inc., entered into a Settlement Agreement with the
Commonwealth of Puerto Rico and the named plaintiffs, individually
and representing a class of indirect purchasers to resolve claims
relating to the Puerto Rico trade.  Sea Star Line, LLC, and
Crowley Liner Services, Inc., are also parties to the Settlement
Agreement.  The Settlement Agreement was entered into by the
parties pursuant to a Memorandum of Understanding among the same
parties.  The Settlement Agreement is subject to court approval.
There can be no assurance that the Settlement Agreement will be
approved.

Under the Settlement Agreement, the plaintiffs and the
Commonwealth of Puerto Rico agree to settle claims alleged in
three lawsuits filed against each of the Company, Sea Star and
Crowley.  Two lawsuits are putative class-action lawsuits on
behalf of indirect purchasers, one of which is pending in the
Court of First Instance for the Commonwealth of Puerto Rico and
the other is pending in the United States District Court for the
District of Puerto Rico.  The third was filed by the Commonwealth
of Puerto Rico in the Court of First Instance in its own right and
on behalf of indirect purchasers.  Pursuant to the Settlement
Agreement, each of the defendants will pay a one-third share of
the total settlement amount of $5,300,000.  Accordingly, the
Company has agreed to pay $1,766,667 as its share of the
settlement amount.  If the Settlement Agreement is finally
approved, the settling defendants will receive a full release from
the named plaintiffs, from the members of the settlement class,
and from the Commonwealth of Puerto Rico in its own right and as
parens patriae.

                        About Horizon Lines

Horizon Lines, Inc., based in Charlotte, North Carolina, through
its wholly-owned indirect operating subsidiary, Horizon Lines,
LLC, currently operates 11 of its 15 Jones Act qualified U.S.
flag container ships in Jones Act liner services between the
continental United States and either Alaska, Hawaii, or Puerto
Rico and five U.S. flag container ships between the Far East,
U.S. west coast and Guam.

Horizon Lines reported a net loss of $57.97 million on $1.16
billion of operating revenue for the fiscal year ended Dec. 26,
2010, compared with a net loss of $31.27 million on $1.12 billion
of operating revenue for the fiscal year ended Dec. 20, 2009.

The Company's balance sheet at Dec. 26, 2010 showed
$785.75 million in total assets, $745.96 million in total
liabilities and $39.79 million in total stockholders' equity.

Ernst & Young LLP, in Charlotte, North Carolina, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  Ernst &
Young noted that there is uncertainty that Horizon Lines will
remain in compliance with certain debt covenants throughout 2011
and will be able to cure the acceleration clause contained in the
convertible notes.

                           *     *     *

As reported in the Troubled Company Reporter on March 8, 2011,
Moody's Investors Service said Horizon Lines, Inc.'s plea
agreement regarding antitrust matters in the Puerto Rico trade
lane is credit negative but does not at this time affect its
'Caa1' Corporate Family or its other debt ratings of Horizon.

The last rating action on Horizon was on May 18, 2010 when Moody's
lowered its ratings, including the corporate family rating to
'Caa1' and maintained the negative outlook.


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


DBSI INC: Reaches Final Resolution of Dispute with GigOptix
-----------------------------------------------------------
GigOptix, Inc., announced on April 8, 2011, that it has entered
into a settlement agreement with the trustees of the DBSI
Liquidating Trust and the DBSI Estate Litigation Trust.

The settlement arises out of potential claims related to the
bankruptcy of DBSI, Inc. Affiliates of DBSI, Inc. were investors
in a predecessor of GigOptix, which resulted in them becoming
stockholders of GigOptix. DBSI, Inc. was the beneficial owner of
the investment held by its affiliates.  In November 2008, DBSI,
Inc. filed for bankruptcy. The DBSI Liquidating Trust now holds
the shares of GigOptix stock and warrants to purchase 660,473
shares of GigOptix stock.  The warrants have a weighted average
exercise price of $32.35 per share with a range of exercise
periods that expire between Dec. 31, 2011 and April 23, 2017.

An affiliate of the DBSI Liquidating Trust, the DBSI Estate
Litigation Trust, has been evaluating various potential claims
which it might assert against a number of entities, including
GigOptix and certain affiliated parties.  GigOptix's management
has engaged in discussions with the trustee regarding whether the
DBSI Estate Litigation Trust has any claims against GigOptix.
GigOptix has disputed the existence of any such claims, and
intended to vigorously defend any claims made.

The settlement resolves the disputed claims and completely
eliminates all potential litigation.  As part of the settlement,
the trustees have agreed to the cancellation and return of the
existing warrants to purchase 660,473 shares of GigOptix stock.
In exchange, GigOptix has agreed to issue to the DBSI Liquidating
Trust two warrants which will not be exercisable for a period of
six months from the date of issuance; one warrant for 500,000
shares of GigOptix stock which will have a term of three years and
an exercise price of $2.60 per share, and the other warrant, also
for 500,000 shares of GigOptix stock, which will have a term of
four years and an exercise price of $3.00 per share.  The Warrants
may be exercised on a "cashless" exercise basis.  The trustees
have also agreed to release their claims against GigOptix, its
subsidiaries, directors and employees.

GigOptix's Chairman of the Board and Chief Executive Officer,
Dr. Avi Katz, stated, "I am happy to put this matter behind us.
Although we believed that the trustees' claims would not have been
successful, we were eager to avoid the legal expense, waste of
management time and bandwidth and the risk that is always
associated with litigation. I am pleased we were able to resolve
this issue with this significant GigOptix stockholder without any
out of pocket cash costs."

                           About GigOptix

GigOptix is a leading supplier of high performance electronic and
electro-optic components that enable next generation 40G and 100G
fiber-optic telecommunications and data-communications networks.
The Company offers a broad portfolio of high speed electronic
devices including polymer electro-optic modulators, modulator
drivers, laser drivers and receiver amplifiers for telecom,
datacom, Infiniband and consumer optical systems, covering serial
and parallel communication technologies from 1G to 100G. GigOptix
also offers the widest range of mixed-signal and RF ASIC solutions
in the market including Standard Cell, Hybrid and Structured ASICs
targeting the Consumer, Industrial, Defense & Avionics industries.

                           About DBSI Inc.

Headquartered in Meridian, Idaho, DBSI Inc. and its affiliates
were engaged in numerous commercial real estate and non-real
estate projects and businesses.  On Nov. 10, 2008, and other
subsequent dates, DBSI and 180 of its affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-12687).
DBSI estimated assets and debts between $100 million and
$500 million as of the Chapter 11 filing.

Lawyers at Young Conaway Stargatt & Taylor LLP represent the
Debtors as counsel.  The Official Committee of Unsecured Creditors
tapped Greenberg Traurig, LLP, as its bankruptcy counsel.
Kurtzman Carson Consultants LLC is the Debtors' notice claims and
balloting agent.

Joshua Hochberg, a former head of the Justice Department fraud
unit, served as an Examiner and called the seller and servicer of
fractional interests in commercial real estate an "elaborate shell
game" that "consistently operated at a loss" in his report
released in October 2009.  McKenna Long & Aldridge LLP was counsel
to the Examiner.

On Sept. 11, 2009, the Honorable Peter J. Walsh entered an Order
appointing James R. Zazzali as Chapter 11 trustee for the Debtors'
estates.  On Oct. 26, 2010, the trustee of DBSI Inc. won court
confirmation of its Chapter 11 plan of liquidation, paving the way
for it to pay creditors and avoid years of expensive litigation
over its complex web of affiliates.  The plan, which was declared
effective Oct. 29, 2010, was jointly proposed by DBSI's unsecured
creditors and the bankruptcy trustee in charge of DBSI and its
170-plus affiliates.

Pursuant to DBSI Inc.'s confirmed Chapter 11 plan, the DBSI Real
Estate Liquidating Trust was established as of the effective date
and certain of the Debtors' assets, including the Debtors'
ownership interest in Florissant Market Place was transferred to
the RE Trust.  Mr. Zazzali and Conrad Myers were appointed as the
post-confirmation trustees.  Messrs. Zazzali and Myers are
represented by lawyers at Blank Rime LLP and Gibbons P.C.


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

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