TCRLA_Public/110425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, April 25, 2011, Vol. 12, No. 80

                            Headlines



A R G E N T I N A

CAA SA: Creditors' Proofs of Debt Due May 27
DROGUERIA DEL PLATA: Creditors' Proofs of Debt Due May 18
EL BARREAL: Creditors' Proofs of Debt Due May 30
SOCIEDAD CONCESIONARIA: S&P Lowers Sr. Secured Debt Rating to 'BB'


B E R M U D A

BRITISH AMERICAN: Meeting of Creditors Set for May 19


C A Y M A N  I S L A N D S

AIS HOLDINGS: Shareholders' Final Meeting Set for May 19
AVIAMAX XRS: Shareholders' Final Meeting Set for May 12
AZURE FUNDING: Shareholders' Final Meeting Set for May 12
AZURE FUNDING: Shareholders' Final Meeting Set for May 12
CHAPONE INVESTMENTS: Shareholders' Final Meeting Set for May 18

CQS CREDIT: Shareholders' Final Meeting Set for May 19
CQS GLOBAL: Shareholders' Final Meeting Set for May 18
GOLD ARROW: Shareholders' Final Meeting Set for May 2
INSINGER DE BEAUFORT: Shareholders' Final Meeting Set for May 12
INVEST AD: Shareholders' Final Meeting Set for May 13

PALACE GATE: Shareholders' Final Meeting Set for May 2
SECTOR ATLANTIS: Shareholders' Final Meeting Set for May 12
TRIBECA CONVERTIBLES: Shareholders' Final Meeting Set for May 18
TRIBECA GLOBAL: Shareholders' Final Meeting Set for May 18


C O L O M B I A

AES CHIVOR: Moody's Upgrades Corporate Family Rating to 'Ba1'


J A M A I C A

AIR JAMAICA: Financial Support To Reach J$10 Bil., Says Minister
SUGAR CO: Government To Receive US$2.5MM Payment From Complant


P E R U

* Congress Passes Law for Sugar Mills' Bankruptcy Protection


X X X X X X X X

* BOND PRICING: For the Week April 4 to April 8, 2011




                            - - - - -


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


CAA SA: Creditors' Proofs of Debt Due May 27
--------------------------------------------
Fernando J. Marziano, the court-appointed trustee for CAA SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 27, 2011.

Mr. Marziano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Fernando J. Marziano
         Av. Callao 930
         Argentina


DROGUERIA DEL PLATA: Creditors' Proofs of Debt Due May 18
---------------------------------------------------------
Salomon Simon Whilhelm, the court-appointed trustee for Drogueria
del Plata SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 18, 2011.

Mr. Whilhelm will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Salomon Simon Whilhelm
         Lavalle 1290
         Argentina


EL BARREAL: Creditors' Proofs of Debt Due May 30
------------------------------------------------
Maria L. Orazi, the court-appointed trustee for El Barreal SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 30, 2011.

Ms. Orazi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, 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:

         Maria L. Orazi
         Tucuman 1484
         Argentina


SOCIEDAD CONCESIONARIA: S&P Lowers Sr. Secured Debt Rating to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it corrected its senior
secured debt rating on the wrapped notes due 2028 issued by
Chilean toll-road operator Sociedad Concesionaria Vespucio Norte
Express S.A. (VNE) to 'BB' from 'BB+'.

"On Dec. 22, 2010, we lowered our counterparty credit, financial
strength, and financial enhancement ratings on MBIA Insurance
Corp. (MBIA) to 'B' from 'BB+'.  At that time, we did not lower
our rating on VNE's senior secured debt to its underlying rating
of 'BB'. The senior secured debt rating is the higher of the
underlying rating and that on the bond-insurance provider, MBIA,"
S&P stated.

Ratings List
Rating lowered                     To             From
Sociedad Concesionaria Vespucio Norte Express S.A.
  Senior Secured Debt              BB/Stable      BB+/Negative


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


BRITISH AMERICAN: Meeting of Creditors Set for May 19
-----------------------------------------------------
The Royal Gazette Online reports that the Bermuda Supreme Court
has authorized the Official Receiver, the liquidator of the
British American Insurance Company's defunct Bermuda branch, to
hold a meeting of creditors on May 19, 2011.  The meeting will be
held at the Ruth Seaton James Centre at CedarBridge Academy, says
The Royal Gazette.

According to The Royal Gazette, the scheme of arrangement to repay
life insurance policyholders will return up to 50 cents on the
dollar to the policyholders.

KPMG, the agent for the Official Receiver, posted on its Web site
that two information meetings will also be held on April 26, 2011,
and May 3, 2011.

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

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


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


AIS HOLDINGS: Shareholders' Final Meeting Set for May 19
--------------------------------------------------------
The shareholders of AIS Holdings Limited will hold their final
meeting on May 19, 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:

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


AVIAMAX XRS: Shareholders' Final Meeting Set for May 12
-------------------------------------------------------
The shareholders of Aviamax XRS Ltd will hold their final meeting
on May 12, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


AZURE FUNDING: Shareholders' Final Meeting Set for May 12
---------------------------------------------------------
The shareholders of Azure Funding North America II will hold their
final meeting on May 12, 2011, at 10:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AZURE FUNDING: Shareholders' Final Meeting Set for May 12
---------------------------------------------------------
The shareholders of Azure Funding North America I will hold their
final meeting on May 12, 2011, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHAPONE INVESTMENTS: Shareholders' Final Meeting Set for May 18
---------------------------------------------------------------
The shareholders of Chapone Investments Limited will hold their
final meeting on May 18, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CQS CREDIT: Shareholders' Final Meeting Set for May 19
------------------------------------------------------
The shareholders of CQS Credit Volatility and Correlation Master
Fund Limited will hold their final meeting on May 19, 2011, at
9:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CQS GLOBAL: Shareholders' Final Meeting Set for May 18
------------------------------------------------------
The shareholders of CQS Global Volatility Feeder Fund Limited will
hold their final meeting on May 18, 2011, at 10:40 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLD ARROW: Shareholders' Final Meeting Set for May 2
-----------------------------------------------------
The shareholders of Gold Arrow Global Mining (Offshore) Fund, Ltd.
will hold their final meeting on May 2, 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:

         K.D. Blake
         c/o Gerhard Albertyn
         Telephone: 345-914-4395
         Facsimile:  345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


INSINGER DE BEAUFORT: Shareholders' Final Meeting Set for May 12
----------------------------------------------------------------
The shareholders of Insinger De Beaufort GP Cayman Limited will
hold their final meeting on May 12, 2011, at 10:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INVEST AD: Shareholders' Final Meeting Set for May 13
-----------------------------------------------------
The shareholders of Invest AD UAE Real Estate Opportunity Fund
No. 1 GP Limited will hold their final meeting on May 13, 2011, at
1:15 p.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


PALACE GATE: Shareholders' Final Meeting Set for May 2
------------------------------------------------------
The shareholders of Palace Gate Holdings Limited will hold their
final meeting on May 2, 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
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


SECTOR ATLANTIS: Shareholders' Final Meeting Set for May 12
-----------------------------------------------------------
The shareholders of Sector Atlantis will hold their final meeting
on May 12, 2011, at 10:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TRIBECA CONVERTIBLES: Shareholders' Final Meeting Set for May 18
----------------------------------------------------------------
The shareholders of Tribeca Convertibles Ltd. will hold their
final meeting on May 18, 2011, at 11:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TRIBECA GLOBAL: Shareholders' Final Meeting Set for May 18
----------------------------------------------------------
The shareholders of Tribeca Global Convertible Investments Ltd.
will hold their final meeting on May 18, 2011, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


===============
C O L O M B I A
===============


AES CHIVOR: Moody's Upgrades Corporate Family Rating to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service confirmed the Baa3 senior unsecured
rating of AES Gener S.A. (Gener), and upgraded the corporate
family rating (CFR) and senior unsecured rating of AES Chivor &
Cia. S.C.A. E.S. P. (Chivor) to Ba1 from Ba2.  The rating action
concludes the rating review for Gener, which had been placed under
review for possible downgrade on October 29, 2010.  The rating
outlook for Gener and Chivor is stable.

Upgrades:

   Issuer: AES Chivor & Cia. S.C.A. E.S.P.

   -- Corporate Family Rating, Upgraded to Ba1 from Ba2

   -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from
      Ba2

Outlook Actions:

   Issuer: AES Gener S.A.

   -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

   Issuer: AES Gener S.A.

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

Ratings Rationale

Gener's rating confirmation largely reflects the fact that
construction activities at the 270MW coal-fired Campiche facility
resumed in late 2010 after the Valparaiso Court of Appeals
dismissed the two constitutional protection actions filed against
the construction permit granted in August 2010 by the Puchuncavi
Municipality.  Construction at the facility had been on hold since
June 2009, and its completion is now scheduled for early 2013.

"We view the scheduled completion of the Campiche plant in early
2013 as an important milestone for Gener since it further enhances
the efficiency of its generation fleet and the long-term cash flow
predictability" said Natividad Martel, a Moody's analyst.  Moody's
rating action factors in the continuation of the related
construction risk along with the recognition that output from
Gener's efficient fleet will not fully meet contractual
obligations during 2012.

In addition to the favorable developments on Campiche, the
rating confirmation considers the expected improvement in cash
flows and the related reduction in contingent obligations from
the settlement executed between Gener's subsidiary, Electrica
Santiago (EESA) and three natural gas transportation companies
which resolves the several-year litigation that had existed
between the parties.  The use of LNG at ESSA's plant Nueva Renca
has further improved its financial performance, as Gener is now
able to generate positive margins from this plant during the
current period of extreme dry conditions in the Central
Interconected System (SIC).

Nevertheless, Gener rating is capped by Moody's assessment of the
company's projected credit metrics, particularly retained cash
flow (RCF) to debt and free cash flow (FCF) to debt which remain
weak for the rating category reflecting the company's capital
expenditure program for the next few years as well as expected
pressure from AES Corporation (AES; CFR: B1; positive outlook) on
Gener to make substantial dividend distributions over the next
several years.

The upgrade of Chivor's CFR and senior unsecured debt to Ba1
reflects the companies' strong standalone financial performance
and relative stable cash flow that is underpinned by the company's
commercial policy during the severe El Nio 2009/2010 phenomena.
These factors are somewhat offset by the business concentration
risk that exists at Chivor in terms of its ownership of a single
asset with one fuel source in one geographic region.  The rating
action further considers today's rating confirmation of Gener's
Baa3, since both ratings are highly interrelated given Gener's
reliance on Chivor's dividends and capital calls (reductions) to
fund the remainder of its capital expenditure program.  Despite
the increased pressure to upstream funds and the relatively modest
capital outlays associated with Chivor's 20 MW new hydro-facility,
Moody's anticipates that Chivor will continue to be free cash flow
positive over the near to medium term, and will continue reporting
strong credit metrics for its current rating category, such that
its RCF to debt and FCF to debt are at least 15% and 12%, both on
a sustainable basis.

Gener's stable outlook reflects the expectation that the improved
fleet-mix with the scheduled completion of the Campiche plant will
enhance cash flow and related cash flow predictability over the
medium term, and that the company will maintain adequate liquidity
profile.  The outlook also incorporates Moody's expectation that
Gener will fund any new generation project it may decide to pursue
in a conservative manner, so that its credit metrics remain
commensurate to the Baa rating category, to include if necessary,
accompanying reductions in distributions to AES.

In light of the continued construction of Campiche and the
prospects for additional generation in Chile, given the country's
growth prospects, an upgrade of Gener's ratings over the
intermediate term appears less likely.

Given the importance to the company's commercial and cash flow
enhancement strategy, a substantial delay in the completion of the
Campiche, and the Angamos unit II plants, which is scheduled for
completion in October 2011, could trigger a negative rating
action.  Various additional factors could pressure Gener's rating
including, among others, an unexpected weakening of its
consolidated cash flow such that the CFO pre W/C to debt and CFO
pre W/C interest coverage falls below, 17% and 3.5x, respectively,
on a sustainable basis.

Chivor's stable outlook reflects the improving political and
macroeconomic conditions in Colombia. It also reflects Moody's
assessment of certain improvements in the market framework which
underpin the company's strong financial profile, as well as the
implementation of a commercial policy that offsets its substantial
business concentration risks.

In light of the concentration of the single asset risk in a region
where volatility can impact financial results, an upgrade in the
near-term is not likely.  That said, Moody's recognizes that
Chivor continued to de-lever its balance sheet, which does help to
offset the potential volatitlity in earnings and cash flow that
has historically existed.  Factors that could raise the ratings
include a further improvement in its operating cash flow, such
that it reports a RCF to debt in the high twenties and a FCF to
debt above 20%, on a sustainable basis.

Factors that could create downward rating pressure include: a
significant deterioration in Colombia's political and economic
environment, changes to the country's regulatory framework that
have an adverse impact on the power markets and Chivor, a
significant and prolonged devaluation of the Colombian peso vis--
vis the U.S. dollar that renders Chivor's hedging strategy
inadequate, and a substantial increase in leverage at the Chivor
level.  In addition, if the rating of Gener was to experience a
downgrade, the rating of Chivor could be affected.

The principal methodology used in this rating was Global
Unregulated Utilities and Power Companies published in August
2009.

Headquartered in Santiago de Chile, Gener is Chile's second-
largest electricity generation company and is 71%-owned by AES
and 29% by Chilean public shareholders.  At year-end 2010, Gener
reported consolidated assets amounting to approximately
US$5.7 billion.

Headquartered in Bogota, Chivor is a wholesale power generation
company (1,000MW installed capacity) in Colombia (FC Gov. bond:
Ba1).  Since 1996, it is a wholly-owned subsidiary of Gener and
since 2001 an indirect subsidiary of AES.  At year-end 2010,
Gener reported consolidated assets amounting to approximately
US$1.6 billion.


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


AIR JAMAICA: Financial Support To Reach J$10 Bil., Says Minister
----------------------------------------------------------------
Support for Air Jamaica in terms of legacy payments and interest
payments and servicing existing bond on the international bond
market will reach J$10 billion this year, the RJR News reports,
citing Jamaican Finance Minister Audley Shaw.

According to the RJR News, Minister Shaw said the costs of Air
Jamaica will continue to be significant this year as the
government prepares to pay the airline's debt.  Air Jamaica was
divested to Caribbean Airlines in 2010, but the government kept
the debt in that divestment, the RJR News states.

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

                         *     *     *

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

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


SUGAR CO: Government To Receive US$2.5MM Payment From Complant
--------------------------------------------------------------
The RJR News reports that Complant International will make a
second payment of US$2.5 million to the Jamaican government for
the Sugar Company of Jamaica's Frome, Monymusk and Bernard Lodge
sugar estates.

As reported by the Troubled Company Reporter-Latin America on
April 19, 2011, the RJR News said Complant spent US$9 million last
year to acquire the three sugar factories, and was carrying out
due diligence on the divested entities ahead of the formal
handover in August.  The RJR News related that Complant had
delayed the formal takeover until due diligence is complete, which
is expected in July.

Dr. Christopher Tufton said a feasibility study has already been
carried out to determine the viability of a 200,000-ton refinery
and an ethanol plant, and that the result is being analyzed in
China, the RJR News relates.  The RJR News states that an
additional US$200 million will be invested in these two
enterprises.  According to the RJR News, Dr. Tufton said that a
statement on the findings will be made in August.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


=======
P E R U
=======


* Congress Passes Law for Sugar Mills' Bankruptcy Protection
------------------------------------------------------------
Alex Emery at Bloomberg News reports that the Peruvian congress
has passed a law guaranteeing bankruptcy protection for sugar
mills for a year.


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


* BOND PRICING: For the Week April 4 to April 8, 2011
-----------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS          5.83     12/31/2033    ARS          36.9250
ARGENT-PAR           1.18     12/31/2038    ARS          65.1062
ARGENT-DIS           4.330    12/31/2033    JPY          42.00
ARGENT-PAR&GDP       0.450    12/31/2038    JPY           8.0000
BANCO MACRO SA      10.750    06/07/2012    USD          71.54
BODEN 2014           2         9/30/2014    ARS          33.89
BOGAR 2018           2          2/4/2018    ARS          34.40
PRO12                2          1/3/2016    ARS          30.92


BRAZIL
------

CONCESS AUTOBAN     10.650    10/01/2013    BRL           7.45
SANEAMENTO BASIC    12.870    10/15/2015    BRL           8.3350
TRANSMISSORA ALI     7.400     7/15/2015    BRL           8.4500


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

BANCO BPI (CI)       4.15     11/14/2035    EUR          45.89
BCP FINANCE BANK     5.01      3/31/2024    EUR          58.2240
BCP FINANCE BANK     5.31     12/10/2023    EUR          60.4710
BCP FINANCE CO       5.543    06/29/2049    EUR          61.33
BCP FINANCE CO       4.239    10/29/2049    EUR          61
BES FINANCE LTD      6.625     5/29/2049    EUR          65
BES FINANCE LTD      5.58      7/29/2049    EUR          60.50
BES FINANCE LTD      4.5      12/29/2049    EUR          59.3330
BES FINANCE LTD      6        02/07/2035    EUR          57.50
CHINA FORESTRY       7.75     11/17/2015    USD          67.25
CHINA FORESTRY       7.75     11/17/2015    USD          70.50
EFG ORA FUNDING      1.7      10/29/2014    EUR          65.9840
ESFG INTERNATION     5.753     6/29/2049    EUR          57.7500
IMCOPA INTL CAYM    10.375    12/19/2014    USD          36.5000
PUBMASTER FIN        6.962     6/30/2028    GBP          46.5000
PUBMASTER FIN        8.44      6/30/2025    GBP          49.0250
SHINSEI FINANCE      7.160     7/29/2049    USD          75.0000


CHILE
-----

AGUAS NUEVAS         3.4       5/15/2012    CLP           1.3838
CGE DISTRIBUCION     3.25      12/1/2012    CLP          39.8474
ESVAL S.A.           3.8       7/15/2012    CLP          37.8066
MASISA               4.25     10/15/2012    CLP          40.3028
QUINENCO SA          3.50      7/21/2013    CLP          38.1775


PUERTO RICO
-----------

PUERTO RICO CONS     6.20      5/01/2017    USD          55.3750
PUERTO RICO CONS     6.50      4/01/2016    USD          61.3750


VENEZUELA
---------

PETROLEOS DE VEN     5        10/28/2015    USD          64.6670
PETROLEOS DE VEN     5.125    10/28/2016    USD          60.4250
PETROLEOS DE VEN     5.250    04/12/2017    USD          59.5420
PETROLEOS DE VEN     8.500    11/02/2017    USD          69.1250
PETROLEOS DE VEN     5.375    04/12/2017    USD          46.3750
PETROLEOS DE VEN     5.500    04/12/2037    USD          45.3750
PETROLEOS DE VEN     4.900    10/28/2014    USD          72.1250
VENEZUELA            5.75      2/26/2016    USD          73.4000
VENEZUELA            7         12/1/2018    USD          69.2500
VENEZUELA            7.75     10/13/2019    USD          68.4850
VENEZUELA            6         12/9/2020    USD          59.2150
VENEZUELA            9          5/7/2023    USD          68.1150
VENEZUELA            8.25     10/13/2024    USD          64.4500
VENEZUELA            7.65      4/21/2025    USD          61.0000
VENEZUELA            9.25      9/15/2027    USD          73.8150
VENEZUELA            9.25      9/15/2027    USD          71.1502
VENEZUELA            9.25       5/7/2028    USD          67.7200
VENEZUELA            7         3/31/2038    USD          55.9089
VENEZUELA            7         3/31/2038    USD          55.9700
VENZOD - 189000      9.375     1/13/2034    USD          67.8600


                            ***********


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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