TCRLA_Public/110503.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, May 3, 2011, Vol. 12, No. 86

                            Headlines



A R G E N T I N A

BANCO COMAFI: Moody's Rates Senior Local Currency Debt at 'Ba3'


B R A Z I L

BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Finc'l. Strength Rating


C A Y M A N   I S L A N D S

ANTHRACITE MASTER: Creditors' Proofs of Debt Due May 26
ARMADILLO CAPITAL: Creditors' Proofs of Debt Due May 26
BORDER INVESTMENTS: Creditors' Proofs of Debt Due May 23
BRIGADIER CAPITAL: Creditors' Proofs of Debt Due May 26
ELGE INVESTMENTS: Creditors' Proofs of Debt Due May 18

EVOLUTION SPECIAL: Creditors' Proofs of Debt Due May 26
GORDON MANAGEMENT: Placed Under Voluntary Wind-Up
ICARUS INTERNATIONAL: Creditors' Proofs of Debt Due May 26
IDU ASSET: Creditors' Proofs of Debt Due May 26
LVP (CAYMAN): Creditors' Proofs of Debt Due May 17

MSR ASIA: Creditors' Proofs of Debt Due May 17
OASIS FUNDS: Creditors' Proofs of Debt Due May 30
PORTREE INVESTMENTS: Creditors' Proofs of Debt Due May 23
QUEENSFERRY INVESTMENTS: Creditors' Proofs of Debt Due May 23
SERENA FINANCE: Creditors' Proofs of Debt Due May 26


J A M A I C A

AUBREY SMITH: Ends Up With JM$15 Million in Bad Debt
LORRESTON BAILEY: Secures Bankruptcy Order Over Entity Assets


M E X I C O

HIPOTECARIA SU: S&P Keeps 'D/mxD' Corporate Credit Rating


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Plan Filing Exclusivity Extended Until June 8
CARIBBEAN PETROLEUM: Court Adjourns Confirmation Hearing to May 9


U R U G U A Y

DISCOUNT BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings


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


BANCO COMAFI: Moody's Rates Senior Local Currency Debt at 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected third issuance of Banco Comafi up to
the amount of ARS80 million under the program of US$200 million.
The outlook for the rating is stable.

At the same time, Moody's Latin America assigned a Aa2.ar national
scale local currency debt rating to Comafi's expected third
issuance.

These ratings were assigned to Banco Comafi S.A.:

   -- Third Issuance of a maximum amount of ARS 80 million:

   -- Ba3 Global Local Currency Debt Rating, with stable outlook

   -- Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

Moody's explained that the local currency senior unsecured debt
rating derives from Comafi's Ba3 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Comafi is headquartered in Buenos Aires, Argentina, and had
assets of AR$ 4.2 billion (US$ 1.1 billion) and deposits for
AR$3.2 billion (US$0.8 billion) as of December 2010.


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


BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Finc'l. Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco Industrial S.A.
(BI)'s D bank financial strength rating (BFSR) and changed the
outlook to positive from stable.  At the same time, Moody's
affirmed the bank's Baa3 local and Ba2 foreign currency long term
deposit ratings, with stable outlooks.

These ratings were affirmed:

   -- Bank financial strength rating: D, outlook changed to
      positive from stable

   -- Long term global local currency deposit rating: Baa3, stable

   -- Short term global local currency deposit rating: Prime-3

   -- Long term foreign currency deposit rating: Ba2, stable

   -- Short term foreign currency deposit rating: Not Prime

Moody's said that Banco Industrial's D BFSR and Ba2 stand-alone
baseline credit assessment reflect the bank's leading franchise in
Guatemala, capable management, and supportive shareholder group,
with a successful track record of growth and diversification
during the past several years.  The stand-alone ratings also
reflect the bank's resilient profit and asset quality metrics,
solid customer funding, and good liquidity and capital management.

BI continues to display a disciplined and well-executed expansion
strategy in the context of the recent financial crisis and
domestic downturn, including the opening of new branches and other
points of sale and the establishment of a new microfinance line of
business.  The bank's new Salvadoran subsidiary, Banco Industrial
S.A. El Salvador will begin operations in 2011.

The change in the BFSR outlook to positive reflects the bank's
increasing franchise value and resulting improving profitability
as well as BI's favorable prospects for further growth within its
home country and target markets of Central America, a natural
footprint for the bank and its clients. BI's enhanced franchise
and financial performance also position the bank favorably
relative to other banks rated D for financial strength by Moody's.
Moreover, Moody's sees positively the repayment by the
shareholders in 2010 of the holding company's loan for the 2007
acquisition of Honduras' Banpais which has alleviated the
financial burden of both the group and the bank as its largest
cash flow generator and signals clear support of the bank's
expansion strategy by its owners.

Nevertheless, BI's capitalization ratios relative to peers coupled
with its aggressive dividend distribution policy, remain
challenges to BI's ratings at this juncture, particularly in light
of the bank's growth strategy, said Moody's.  The bank's high
single borrower concentrations are also a key risk factor that
while endemic to its largely corporate lending focus represent the
potential for earnings and asset quality volatility.  These risks
are mitigated in large part by the bank's strong earnings
generating ability, proactive and conservative risk management
practices, and adequate reserve coverage of problem loans.

Competition from larger regional and international banks, either
through existing operations or new acquisitions in the region,
also pose a tangible threat to BI's dominance in Guatemala and its
regional strategy. BI's entrenched positioning with the Guatemalan
corporate and retail segment and deep knowledge of and commitment
to the market as an indigenous bank represent strong mitigants to
this encroachment and remain a challenge to newcomers.  Over the
longer term, however, the bank's still limited access to diverse
inexpensive long term funding sources, including reliable foreign
currency funding to support its expanding operations, could
restrict its ability to compete effectively particularly in a
scenario of heightened competition.

Moody's noted that BI's Baa3 and Prime-3 long- and short-term
local currency deposit ratings incorporate two notches of uplift
from its baseline credit assessment due to the assessment of a
very high probability of systemic support for the bank's local
currency obligations because of its dominant deposit market shares
and key role as a local paying bank and tax collector.  The bank's
Ba2 and Not Prime long- and short-term foreign currency deposit
ratings remain constrained by the Guatemalan country ceilings for
foreign currency deposits.

Based in Guatemala City, BI was the largest bank in the country as
of December 31, 2010, reporting total consolidated assets of
approximately US$6.3 billion, shareholders' equity of US$546
million, and annual net income of US$95.4 million.


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


ANTHRACITE MASTER: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Anthracite Master Company (7) Limited are
required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2011.

The company's liquidator is:

         Simon Conway
         c/o Priscilla Connor
         Telephone: (345) 914 8745
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


ARMADILLO CAPITAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Armadillo Capital Offshore Partners, Ltd. are
required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


BORDER INVESTMENTS: Creditors' Proofs of Debt Due May 23
--------------------------------------------------------
The creditors of Border Investments Limited are required to file
their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidators are:

         Robin Lee McMahon
         Elizabeth Anne Bingham
         c/o Barry MacManus
         Telephone: (+1 345) 814 8997
         Facsimile: (+1 345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay
         PO Box 510, Grand Cayman, KY1-1106
         Cayman Islands


BRIGADIER CAPITAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Brigadier Capital Offshore Holding Company Ltd.
are required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


ELGE INVESTMENTS: Creditors' Proofs of Debt Due May 18
------------------------------------------------------
The creditors of Elge Investments Limited are required to file
their proofs of debt by May 18, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345 949-7128


EVOLUTION SPECIAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Evolution Special Opportunities Master Fund Ltd.
are required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 13, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


GORDON MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on April 13, 2011, the
shareholders of Gordon Management Ltd. resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


ICARUS INTERNATIONAL: Creditors' Proofs of Debt Due May 26
----------------------------------------------------------
The creditors of Icarus International Limited are required to file
their proofs of debt by May 26, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 945-4777
         Facsimile: 945-4799


IDU ASSET: Creditors' Proofs of Debt Due May 26
-----------------------------------------------
The creditors of IDU Asset are required to file their proofs of
debt by May 26, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 13, 2011.

The company's liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands


LVP (CAYMAN): Creditors' Proofs of Debt Due May 17
--------------------------------------------------
The creditors of LVP (Cayman) Limited are required to file their
proofs of debt by May 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 12, 2011.

The company's liquidator is:

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


MSR ASIA: Creditors' Proofs of Debt Due May 17
----------------------------------------------
The creditors of MSR Asia Acquisitions XVIII, Inc. are required to
file their proofs of debt by May 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2011.

The company's liquidator is:

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


OASIS FUNDS: Creditors' Proofs of Debt Due May 30
-------------------------------------------------
The creditors of Oasis Funds SPC are required to file their proofs
of debt by May 30, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 8, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


PORTREE INVESTMENTS: Creditors' Proofs of Debt Due May 23
---------------------------------------------------------
The creditors of Portree Investments Limited are required to file
their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidators are:

         Robin Lee McMahon
         Elizabeth Anne Bingham
         c/o Barry MacManus
         Telephone: (+1 345) 814 8997
         Facsimile: (+1 345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay
         PO Box 510, Grand Cayman, KY1-1106
         Cayman Islands


QUEENSFERRY INVESTMENTS: Creditors' Proofs of Debt Due May 23
-------------------------------------------------------------
The creditors of Queensferry Investments Limited are required to
file their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidators are:

         Robin Lee McMahon
         Elizabeth Anne Bingham
         c/o Barry MacManus
         Telephone: (+1 345) 814 8997
         Facsimile: (+1 345) 814 8529
         Ernst & Young Ltd, 62 Forum Lane
         Camana Bay
         PO Box 510, Grand Cayman, KY1-1106
         Cayman Islands


SERENA FINANCE: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of Serena Finance Limited are required to file their
proofs of debt by May 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 11, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


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


AUBREY SMITH: Ends Up With JM$15 Million in Bad Debt
----------------------------------------------------
RJR News reports that Kingston businessman, Aubrey Smith, told the
Financial Sector Adjustment Company (FINSAC) Commission of Enquiry
that although he had no outstanding debt with Century National
Bank (CNB) when it was taken over in 1996, he has ended up owing
more than JM$15 million in bad debts.

Mr. Smith has taken the matter to court, seeking a judgment
preventing the Jamaican Redevelopment Foundation (JRF), which
bought the bad debts from the FINSAC, from selling a property he
owns in downtown Kingston, according RJR News.  However, RJR News
relates that Mr. Smith admitted that he has already lost an
attempt to get an interlocutory injunction to stop the sale of the
property pending a court hearing.

Three companies belonging to Mr. Smith were all victims of the
1990s financial meltdown, which led to the establishment of
FINSAC, RJR News recounts.

RJR discloses that Mr. Smith said he believes that he is owed
JM$3.7 million which was overpaid on a demand loan from CNB as
well as JM$2. 5 million, which he claims, was overpaid to Eagle
Merchant Bank after the sale of properties.

Commission attorney Judith Clarke said JRF ignored his pleas that
he owed nothing, on the basis that documents they received from
FINSAC, after purchasing the debts, showed otherwise, RJR News
adds.

The FINSAC Enquiry will resume next week.


LORRESTON BAILEY: Secures Bankruptcy Order Over Entity Assets
-------------------------------------------------------------
Jamaica Observer reports that the Financial Services Commission
(FSC) has reported that although the whereabouts of licensed
securities dealer Lorreston Bailey are unknown, it has secured a
bankruptcy order over the assets of his self-titled entity.

The terms of the provisional order, filed in the Supreme Court by
the FSC on Feb. 7, 2011, require that Lorreston Bailey be given
the opportunity to outline why he should not be declared bankrupt,
according to Jamaica Observer.  Lorreston Bailey will have the
opportunity to respond to the Petition in June this year.

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2011, RadioJamaica said that the FSC will place the
securities dealership operated by Lorreston Bailey into
bankruptcy.  According to a separate TCR-LA report on Dec. 8,
2010, RadioJamaica said that FSC has been granted by the Supreme
Court to continue its temporary management of Lorreston Bailey's
securities dealership.  FSC first assumed temporary management of
the company in September.  A notice from the FSC said an extension
of the period of temporary management has been granted by the
Supreme Court, the report said.  RadioJamaica noted that this
followed concerns that the licensee had given false statements
concerning its affairs and the value of its assets was
substantially less than its liabilities.  The FSC, RadioJamaica
noted, said that the securities dealer also contravened directions
which it issued under the Financial Services Act.  RadioJamaica
disclosed that client liabilities are said to be in the region of
JM$685 million while available assets amount to little over JM$14
million.  The FSC, the report related, said that the Supreme Court
has given it the green light to file a bankruptcy notice against
the securities dealership.  Proceedings commenced on December 28,
2010.  RadioJamaica added that it has been proposed that the
Trustee in Bankruptcy be appointed the Manager/Receiver.  Clients
have been asked to submit claims to the FSC.

Lorreston Bailey is a securities dealer.


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


HIPOTECARIA SU: S&P Keeps 'D/mxD' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rankings on
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita;
'D/mxD') to below average from average as a construction loan and
residential mortgage servicer.  "At the same time, it removed
these rankings from CreditWatch with negative implications, where
it had originally placed them on Oct. 5, 2010.  The outlook for
both rankings is now negative," S&P stated.

"At the same time, S&P lowered its subrankings for loan
administration and management and organization to below average
from average.  It continues to maintain its insufficient financial
position," S&P noted.

According to S&P, "The lowered rankings reflect that, in our
opinion, there has been observable deterioration of Su Casita's
servicing capabilities due to the company's delicate financial
position since mid-2010."

On Sept. 30, 2010, Standard & Poor's lowered its global and
Mexican national scale long-term counterparty ratings on the
company to 'CC/mxCC' following the company's announcement of its
intended debt restructuring.  "We viewed this restructuring as
distressed. Subsequently, we further lowered our ratings on
Su Casita to 'SD/mxSD' on Oct. 15, 2010, and to 'D/mxD' on
March 23, 2011.  These downgrades reflected the company's
March 17, 2011, announcement that it would fail to pay all of its
obligations as they came due. the bondholders have not approved
the company's restructuring plan," S&P stated.

                           Outlook

"The negative outlook reflects our belief that Su Casita's
operational performance could further deteriorate, affected by its
delicate financial position.  Portfolio delinquency and
nonperforming ratio trends reveal that the company's collections
processes and operations, in our opinion, are currently
not sufficiently robust to maintain the servicer's adequate
performance," S&P stated.

"Our assessment of the servicer's financial position has been
Insufficient since July 19, 2010, when we last lowered the
rankings to AVERAGE from ABOVE AVERAGE.  Standard & Poor's
believes that Su Casita's weak financial position has affected its
capabilities as a servicer, because a number of managers have
left the company and the observed performance on its serviced
portfolios has continually deteriorated.  Furthermore, we are
concerned about operational faults, which are more likely to occur
as the company's financial position continues to weaken," S&P
added.


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


CARIBBEAN PETROLEUM: Plan Filing Exclusivity Extended Until June 8
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
extended Caribbean Petroleum Corp. and its debtor affiliates'
exclusive period to file a Chapter 11 plan from March 10, through
and including June 8, 2011.

The Debtors' exclusive period for soliciting acceptances of a
Chapter 11 plan is also extended for approximately 90 days from
May 9, through and including Aug. 8, 2011.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel.  The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.


CARIBBEAN PETROLEUM: Court Adjourns Confirmation Hearing to May 9
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware adjourned
the hearing to consider confirmation of the Third Amended Joint
Plan of the Liquidation proposed by Caribbean Petroleum Corp., the
Statutory Committee of Unsecured Creditors, and Banco Popular De
Puerto Rico to May 9, 2011, at 10:00 a.m.

The confirmation hearing was previously set for April 28, 2011.
Instead, only a status conference was to have taken place on that
date.

As reported in the Troubled Company Reporter on April 1, 2011,
under the liquidation plan, FirstBank, owed $12.2 million, will
recover 94% of its allowed claim, and BPPR, owed $146.8 million,
will get 19%.1 of its allowed claim.  Holders of unsecured claim,
owed between $150 million and $3.7 billion, will recover between
0.78% and 19.3%.

On the Plan's effective date, the Debtors will cause the
liquidation trust assets to be transferred to the liquidation
trust and, the liquidation trust will assume all obligations of
the Debtors under the Plan.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq.. at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Del., serve as local counsel.  The
Debtors' financial advisor is FTI Consulting Inc.  The Debtors'
chief restructuring officer is Kevin Lavin of FTI Consulting Inc.
Kurtzman Carson Consultants LLC serves as the noticing, claims and
balloting agent.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.


=============
U R U G U A Y
=============


DISCOUNT BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB/B'
counterparty credit ratings on Uruguay-based Discount Bank Latin
America (DBLA).  The outlook remained stable.

"Our ratings on Uruguay-based DBLA reflect its relatively small
presence in the country and limited potential for growth based on
low financial intermediation there," said Standard & Poor's credit
analyst Ricardo Brito.

The ratings also consider the bank's volatile profitability,
dependent on international interest rates.

DBLA's good asset quality indicators, and conservative management
and the low implicit risk in its type of business, partially
offset the weaknesses.

The ratings also incorporate the flexibility that DBLA's strategic
foothold in Uruguay provides for Israel Discount Bank Ltd. (BBB-
/Stable/A-3), its ultimate holding company.  "Our sovereign
ratings on the Oriental Republic of Uruguay (BB/Stable/B)
constrain our global scale ratings on DBLA," S&P noted.

The stable outlook reflects S&P's sovereign outlook on Uruguay.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total    Shareholders
                                         Assets         Equity
Company               Ticker            (US$MM)         (US$MM)
-------               ------          ------------      -------


ARGENTINA

IMPSAT FIBER-US        IMPTD AR         535007008        -17164978
IMPSAT FIBER NET       330902Q GR       535007008        -17164978
IMPSAT FIBER NET       XIMPT SM         535007008        -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008        -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008        -17164978
IMPSAT FIBER-CED       IMPT AR          535007008        -17164978
SOC COMERCIAL PL       CADN EU          143096734       -251846058
SOC COMERCIAL PL       CVVIF US         143096734       -251846058
SOC COMERCIAL PL       COME AR          143096734       -251846058
COMERCIAL PLA-BL       COMEB AR         143096734       -251846058
SOC COMERCIAL PL       SCDPF US         143096734       -251846058
SOC COMERCIAL PL       CADN EO          143096734       -251846058
SOC COMERCIAL PL       CAD IX           143096734       -251846058
COMERCIAL PL-C/E       COMEC AR         143096734       -251846058
SOC COMERCIAL PL       CADN SW          143096734       -251846058
COMERCIAL PLAT-$       COMED AR         143096734       -251846058
COMERCIAL PL-ADR       SCPDS LI         143096734       -251846058
SNIAFA SA              SNIA AR           11229696      -2670544.88
SNIAFA SA-B            SNIA5 AR          11229696      -2670544.88
SNIAFA SA-B            SDAGF US          11229696      -2670544.88


BRAZIL

VARIG SA-PREF          VAGV4 BZ         966298026      -4695211316
VARIG SA-PREF          VARGPN BZ        966298026      -4695211316
VARIG SA               VARGON BZ        966298026      -4695211316
VARIG SA               VAGV3 BZ         966298026      -4695211316
AGRENCO LTD            AGRE LX          637647275       -312199404
AGRENCO LTD-BDR        AGEN11 BZ        637647275       -312199404
LAEP-BDR               MILK11 BZ        439175082        -60172005
LAEP INVESTMENTS       LEAP LX          439175082        -60172005
CIA PETROLIFERA        MRLM3 BZ         377602195      -3014291.72
CIA PETROLIFERA        1CPMON BZ        377602195      -3014291.72
CIA PETROLIF-PRF       MRLM4 BZ         377602195      -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ        377602195      -3014291.72
BOMBRIL SA-ADR         BMBBY US         316331265       -123554206
BOMBRIL-RGTS PRE       BOBR2 BZ         316331265       -123554206
BOMBRIL SA-ADR         BMBPY US         316331265       -123554206
BOMBRIL                BOBR3 BZ         316331265       -123554206
BOMBRIL CIRIO-PF       BOBRPN BZ        316331265       -123554206
BOMBRIL-PREF           BOBR4 BZ         316331265       -123554206
BOMBRIL CIRIO SA       BOBRON BZ        316331265       -123554206
BOMBRIL-RIGHTS         BOBR1 BZ         316331265       -123554206
BOMBRIL                BMBBF US         316331265       -123554206
TELEBRAS-CM RCPT       RCTB32 BZ        269372906      -13465060.7
TELEBRAS-ADR           TBX GR           269372906      -13465060.7
TELEBRAS-CEDE PF       RCT4D AR         269372906      -13465060.7
TELEBRAS-PF RCPT       TLBRUP BZ        269372906      -13465060.7
TELEBRAS-RECEIPT       TLBRUO BZ        269372906      -13465060.7
TELEBRAS-CEDEA $       TEL4D AR         269372906      -13465060.7
TELEBRAS-ADR           RTB US           269372906      -13465060.7
TELEBRAS-ADR           TBRAY GR         269372906      -13465060.7
TELEBRAS-RCT           RCTB33 BZ        269372906      -13465060.7
TELEBRAS/W-I-ADR       TBH-W US         269372906      -13465060.7
TELEBRAS-ADR           TBAPY US         269372906      -13465060.7
TELEBRAS-RTS CMN       TCLP1 BZ         269372906      -13465060.7
TELEBRAS-PF RCPT       TBAPF US         269372906      -13465060.7
TELEBRAS-CM RCPT       TBRTF US         269372906      -13465060.7
TELEBRAS SA-RT         TELB9 BZ         269372906      -13465060.7
TELEBRAS-BLOCK         TELB30 BZ        269372906      -13465060.7
TELECOMUNICA-ADR       81370Z BZ        269372906      -13465060.7
TELEBRAS SA-PREF       TELB4 BZ         269372906      -13465060.7
TELEBRAS-PF BLCK       TELB40 BZ        269372906      -13465060.7
TELEBRAS-RTS PRF       RCTB2 BZ         269372906      -13465060.7
TELEBRAS-CEDE PF       RCT4C AR         269372906      -13465060.7
TELEBRAS SA            TBASF US         269372906      -13465060.7
TELEBRAS-CEDE PF       RCTB4 AR         269372906      -13465060.7
TELEBRAS-ADR           TBH US           269372906      -13465060.7
TELEBRAS-RTS CMN       RCTB1 BZ         269372906      -13465060.7
TELEBRAS-COM RT        TELB1 BZ         269372906      -13465060.7
TELEBRAS-CEDE BL       RCT4B AR         269372906      -13465060.7
TELEBRAS-RTS PRF       TLCP2 BZ         269372906      -13465060.7
TELEBRAS-RCT PRF       TELB10 BZ        269372906      -13465060.7
TELEBRAS-CEDE PF       TELB4 AR         269372906      -13465060.7
TELEBRAS-PF RCPT       RCTB42 BZ        269372906      -13465060.7
TELEBRAS-CED C/E       TEL4C AR         269372906      -13465060.7
TELEBRAS-CM RCPT       RCTB31 BZ        269372906      -13465060.7
TELEBRAS SA            TELB3 BZ         269372906      -13465060.7
TELEBRAS-ADR           TBASY US         269372906      -13465060.7
TELEBRAS-PF RCPT       CBRZF US         269372906      -13465060.7
TELEBRAS SA            TLBRON BZ        269372906      -13465060.7
TELEBRAS-PF RCPT       RCTB41 BZ        269372906      -13465060.7
HOTEIS OTHON SA        HOOT3 BZ         255036150      -42606769.7
HOTEIS OTHON-PRF       HOOT4 BZ         255036150      -42606769.7
HOTEIS OTHON-PRF       HOTHPN BZ        255036150      -42606769.7
HOTEIS OTHON SA        HOTHON BZ        255036150      -42606769.7
TEKA-PREF              TKTPF US         246866965       -392777063
TEKA-ADR               TEKAY US         246866965       -392777063
TEKA-PREF              TEKA4 BZ         246866965       -392777063
TEKA-ADR               TKTPY US         246866965       -392777063
TEKA                   TEKA3 BZ         246866965       -392777063
TEKA-PREF              TEKAPN BZ        246866965       -392777063
TEKA                   TEKAON BZ        246866965       -392777063
TEKA                   TKTQF US         246866965       -392777063
TEKA-ADR               TKTQY US         246866965       -392777063
PET MANG-RECEIPT       RPMG10 BZ        231024467       -184606117
PET MANGUINH-PRF       RPMG4 BZ         231024467       -184606117
PET MANG-RT            4115360Q BZ      231024467       -184606117
PET MANG-RT            RPMG1 BZ         231024467       -184606117
PET MANG-RIGHTS        3678565Q BZ      231024467       -184606117
PET MANG-RECEIPT       RPMG9 BZ         231024467       -184606117
PETRO MANGUINHOS       RPMG3 BZ         231024467       -184606117
PET MANG-RIGHTS        3678569Q BZ      231024467       -184606117
PET MANG-RT            RPMG2 BZ         231024467       -184606117
PET MANG-RT            4115364Q BZ      231024467       -184606117
PETRO MANGUINHOS       MANGON BZ        231024467       -184606117
PETRO MANGUIN-PF       MANGPN BZ        231024467       -184606117
SANSUY-PREF A          SNSY5 BZ         172563384      -94849032.9
SANSUY SA-PREF A       SNSYAN BZ        172563384      -94849032.9
SANSUY                 SNSY3 BZ         172563384      -94849032.9
SANSUY-PREF B          SNSY6 BZ         172563384      -94849032.9
SANSUY SA              SNSYON BZ        172563384      -94849032.9
SANSUY SA-PREF B       SNSYBN BZ        172563384      -94849032.9
DOC IMBITUBA           IMBI3 BZ          96977064      -42592602.5
DOCAS IMBITUB-PR       IMBIPN BZ         96977064      -42592602.5
DOCAS IMBITUBA         IMBION BZ         96977064      -42592602.5
DOC IMBITUB-PREF       IMBI4 BZ          96977064      -42592602.5
DOC IMBITUBA-RTC       8174503Q BZ       96977064      -42592602.5
DOC IMBITUBA-RT        8218594Q BZ       96977064      -42592602.5
DOC IMBITUBA-RTP       8174507Q BZ       96977064      -42592602.5
DOC IMBITUBA-RT        IMBI1 BZ          96977064      -42592602.5
VARIG PART EM-PR       VPSC4 BZ          83017829       -495721700
VARIG PART EM SE       VPSC3 BZ          83017829       -495721700
TEXTEIS RENAU-RT       TXRX2 BZ          73095834       -103943206
TEXTEIS RENAUX         RENXON BZ         73095834       -103943206
TEXTEIS RENA-RCT       TXRX10 BZ         73095834       -103943206
TEXTEIS RENAU-RT       TXRX1 BZ          73095834       -103943206
TEXTEIS RENAUX         RENXPN BZ         73095834       -103943206
TEXTEIS RENA-RCT       TXRX9 BZ          73095834       -103943206
RENAUXVIEW SA-PF       TXRX4 BZ          73095834       -103943206
RENAUXVIEW SA          TXRX3 BZ          73095834       -103943206
FABRICA RENAUX-P       FTRX4 BZ          63865882      -73255215.1
FABRICA RENAUX         FRNXON BZ         63865882      -73255215.1
FABRICA TECID-RT       FTRX1 BZ          63865882      -73255215.1
FABRICA RENAUX-P       FRNXPN BZ         63865882      -73255215.1
FABRICA RENAUX         FTRX3 BZ          63865882      -73255215.1
MINUPAR-RT             MNPR1 BZ          63144534      -60655823.4
MINUPAR SA             MNPRON BZ         63144534      -60655823.4
MINUPAR                MNPR3 BZ          63144534      -60655823.4
MINUPAR SA-PREF        MNPRPN BZ         63144534      -60655823.4
MINUPAR-RCT            MNPR9 BZ          63144534      -60655823.4
VARIG PART EM TR       VPTA3 BZ          49432124       -399290396
VARIG PART EM-PR       VPTA4 BZ          49432124       -399290396
CIMOB PARTIC SA        GAFON BZ          44047412      -45669963.6
CIMOB PART-PREF        GAFP4 BZ          44047412      -45669963.6
CIMOB PART-PREF        GAFPN BZ          44047412      -45669963.6
CIMOB PARTIC SA        GAFP3 BZ          44047412      -45669963.6
BOTUCATU-PREF          STRP4 BZ          27663605      -7174512.03
STAROUP SA             STARON BZ         27663605      -7174512.03
BOTUCATU TEXTIL        STRP3 BZ          27663605      -7174512.03
STAROUP SA-PREF        STARPN BZ         27663605      -7174512.03
CONST BETER-PF B       COBE6 BZ          25469474       -4918659.9
CONST BETER SA         1COBON BZ         25469474       -4918659.9
CONST BETER-PF A       1COBAN BZ         25469474       -4918659.9
CONST BETER-PR A       COBEAN BZ         25469474       -4918659.9
CONST BETER SA         COBEON BZ         25469474       -4918659.9
CONST BETER-PR B       COBEBN BZ         25469474       -4918659.9
CONST BETER-PF A       COBE5 BZ          25469474       -4918659.9
CONST BETER SA         1007Q BZ          25469474       -4918659.9
CONST BETER SA         COBE3B BZ         25469474       -4918659.9
CONST BETER-PF B       1COBBN BZ         25469474       -4918659.9
CONST BETER SA         COBE3 BZ          25469474       -4918659.9
STEEL - RCT ORD        STLB9 BZ          23040051      -8699861.07
STEEL - RT             STLB1 BZ          23040051      -8699861.07
STEEL DO BRASIL        STLB3 BZ          23040051      -8699861.07
FERRAGENS HAGA         HAGAON BZ         21299043      -62858780.7
HAGA                   HAGA3 BZ          21299043      -62858780.7
FERRAGENS HAGA-P       HAGAPN BZ         21299043      -62858780.7
FER HAGA-PREF          HAGA4 BZ          21299043      -62858780.7
CAFE BRASILIA SA       CSBRON BZ         21097370       -903951461
CAFE BRASILIA-PR       CSBRPN BZ         21097370       -903951461
CAF BRASILIA-PRF       CAFE4 BZ          21097370       -903951461
CAF BRASILIA           CAFE3 BZ          21097370       -903951461
TECEL S JOSE-PRF       SJOS4 BZ          19067323      -52580501.1
TECEL S JOSE           SJOS3 BZ          19067323      -52580501.1
TECEL S JOSE-PRF       FTSJPN BZ         19067323      -52580501.1
TECEL S JOSE           FTSJON BZ         19067323      -52580501.1
NORDON MET             NORD3 BZ          16108143      -22352940.6
NORDON METAL           NORDON BZ         16108143      -22352940.6
NORDON MET-RTS         NORD1 BZ          16108143      -22352940.6
REII INC               REIC US           14423532         -3506007
B&D FOOD CORP          BDFCE US          14423532         -3506007
LATTENO FOOD COR       LATF US           14423532         -3506007
B&D FOOD CORP          BDFC US           14423532         -3506007
CHIARELLI SA-PRF       CCHI4 BZ          14300741      -46729432.5
CHIARELLI SA           CCHI3 BZ          14300741      -46729432.5
CHIARELLI SA-PRF       CCHPN BZ          14300741      -46729432.5
CHIARELLI SA           CCHON BZ          14300741      -46729432.5
GAZOLA-RCPT PREF       GAZO10 BZ         12452144      -40298531.2
GAZOLA SA              GAZON BZ          12452144      -40298531.2
GAZOLA SA-DVD PF       GAZO12 BZ         12452144      -40298531.2
GAZOLA SA-PREF         GAZPN BZ          12452144      -40298531.2
GAZOLA-RCPTS CMN       GAZO9 BZ          12452144      -40298531.2
GAZOLA-PREF            GAZO4 BZ          12452144      -40298531.2
GAZOLA                 GAZO3 BZ          12452144      -40298531.2
GAZOLA SA-DVD CM       GAZO11 BZ         12452144      -40298531.2
ARTHUR LANG-RT P       ARLA2 BZ          11642256      -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ         11642256      -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ          11642256      -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ          11642256      -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ         11642256      -17154461.9
ARTHUR LAN-DVD C       ARLA11 BZ         11642256      -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ         11642256      -17154461.9
ARTHUR LANGE SA        ALICON BZ         11642256      -17154461.9
FERREIRA GUIM-PR       FGUIPN BZ         11016542       -151840377
FERREIRA GUIMARA       FGUION BZ         11016542       -151840377


CHILE

CHILESAT CORP SA       TELEX CI         1.075E+09      -61844614.3
CHILESAT CO-ADR        TL US            1.075E+09      -61844614.3
TELMEX CORP SA         CHILESAT CI      1.075E+09      -61844614.3
CHILESAT CO-RTS        CHISATOS CI      1.075E+09      -61844614.3
TELEX-A                TELEXA CI        1.075E+09      -61844614.3
TELMEX CORP-ADR        CSAOY US         1.075E+09      -61844614.3
TELEX-RTS              TELEXO CI        1.075E+09      -61844614.3


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                   * * * End of Transmission * * *