TCRLA_Public/110517.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 17, 2011, Vol. 12, No. 96

                            Headlines

B E R M U D A

220 PLUS: Creditors' Proofs of Debt Due May 11
220 PLUS: Members' Final Meeting Set for June 9
AL-AWSAT MAN: Creditors' Proofs of Debt Due May 11
AL-AWSAT MAN: Member to Receive Wind-Up Report on May 30
CR HOLDINGS: Creditors' Proofs of Debt Due May 13

CR HOLDINGS: Members' Final Meeting Set for June 3
GIS LEVERAGED: Creditors' Proofs of Debt Due May 18
GIS LEVERAGED: Member to Receive Wind-Up Report on June 8
JASCO LTD: Court to Hear Wind-Up Petition on May 27
MAN 220: Creditors' Proofs of Debt Due May 11

MAN 220: Members' Final Meeting Set for June 10
MAN IP 220: Creditors' Proofs of Debt Due May 11
MAN IP 220: Member to Receive Wind-Up Report on May 27
MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due May 18
MAN MULTI-STRATEGY: Member to Receive Wind-Up Report on June 10

MULTI-STRATEGY TRADING: Creditors' Proofs of Debt Due May 18
MULTI-STRATEGY TRADING: Member to Hear Wind-Up Report on June 8
SC HOLDINGS: Creditors' Proofs of Debt Due May 13
SC HOLDINGS: Members' Final Meeting Set for June 3


B R A Z I L

JBS SA: S&P Affirms 'BB' Ratings, Revises Outlook to Positive


C A Y M A N   I S L A N D S

BTMU PREFERRED: Members' Final Meeting Set for May 31
HORIZON LEASING: Members' Final Meeting Set for May 31
MLMI CAYMAN: Shareholders' Final Meeting Set for May 27
ROMANZA CORPORATION: Shareholders' Final Meeting Set for May 31
TPF1 HOLDINGS: Members' Final Meeting Set for May 31


E L   S A L V A D O R

AES EL SALVADOR: Fitch Affirms 'BB' IDR, Outlook Stable


M E X I C O

CABLEMAS: Fitch Affirms & Withdraws All Ratings On Firm
GRUPO POSADAS: S&P Affirms 'B-' Global Scale Corp. Credit Rating
SATELITES MEXICANOS: Bankruptcy Court Confirms Chapter 11 Plan
VITRO SAB: Mexico Judge Rejects Bankruptcy Petitions on 8 Units


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B E R M U D A
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220 PLUS: Creditors' Proofs of Debt Due May 11
----------------------------------------------
The creditors of 220 Plus (Series Q) Trading Ltd were required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


220 PLUS: Members' Final Meeting Set for June 9
-----------------------------------------------
The members of 220 Plus (Series Q) Trading Ltd will hold their
final meeting on June 9, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 21, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


AL-AWSAT MAN: Creditors' Proofs of Debt Due May 11
--------------------------------------------------
The creditors of Al-Awsat Man Multi-Strategy Guaranteed Ltd were
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 26, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


AL-AWSAT MAN: Member to Receive Wind-Up Report on May 30
--------------------------------------------------------
The member of Al-Awsat Man Multi-Strategy Guaranteed Ltd will
receive on May 30, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 26, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


CR HOLDINGS: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of CR Holdings Limited were required to file their
proofs of debt by May 13, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 27, 2011.

The company's liquidator is:

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


CR HOLDINGS: Members' Final Meeting Set for June 3
--------------------------------------------------
The members of CR Holdings Limited will hold their final meeting
on June 3, 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 27, 2011.

The company's liquidator is:

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


GIS LEVERAGED: Creditors' Proofs of Debt Due May 18
---------------------------------------------------
The creditors of GIS Leveraged 9 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 May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


GIS LEVERAGED: Member to Receive Wind-Up Report on June 8
---------------------------------------------------------
The member of GIS Leveraged 9 Limited will receive on June 8,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


JASCO LTD: Court to Hear Wind-Up Petition on May 27
---------------------------------------------------
A petition to wind up the operations of Jasco Ltd. will be heard
before the Supreme Court of Bermuda on May 27, 2011, at 9:30 a.m.


MAN 220: Creditors' Proofs of Debt Due May 11
---------------------------------------------
The creditors of Man 220 Plus Guaranteed (Series Q) Ltd were
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN 220: Members' Final Meeting Set for June 10
-----------------------------------------------
The members of Man 220 Plus Guaranteed (Series Q) Ltd will hold
their final meeting on June 10, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on April 21, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN IP 220: Creditors' Proofs of Debt Due May 11
------------------------------------------------
The creditors of Man IP 220 USD Index Trading Series 2 Ltd are
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN IP 220: Member to Receive Wind-Up Report on May 27
------------------------------------------------------
The member of Man IP 220 USD Index Trading Series 2 Ltd will
receive on May 27, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due May 18
--------------------------------------------------------
The creditors of Man Multi-Strategy Guaranteed (Series 2) 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 May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN MULTI-STRATEGY: Member to Receive Wind-Up Report on June 10
---------------------------------------------------------------
The member of Man Multi-Strategy Guaranteed (Series 2) Limited
will receive on June 10, 2011, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MULTI-STRATEGY TRADING: Creditors' Proofs of Debt Due May 18
------------------------------------------------------------
The creditors of Multi-Strategy Trading (Series 2) 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 May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MULTI-STRATEGY TRADING: Member to Hear Wind-Up Report on June 8
---------------------------------------------------------------
The member of Multi-Strategy Trading (Series 2) Limited will
receive on June 8, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on May 2, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


SC HOLDINGS: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of SC Holdings Limited were required to file their
proofs of debt by May 13, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 27, 2011.

The company's liquidator is:

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


SC HOLDINGS: Members' Final Meeting Set for June 3
--------------------------------------------------
The members of SC Holdings Limited will hold their final meeting
on June 3, 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 27, 2011.

The company's liquidator is:

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


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


JBS SA: S&P Affirms 'BB' Ratings, Revises Outlook to Positive
-------------------------------------------------------------
Standard & Poor's Rating Services revised its outlooks on Brazil-
based protein producer JBS S.A. (JBS) and its U.S. subsidiary JBS
USA LLC (JBS USA) to positive from stable and affirmed its 'BB'
ratings on the companies.

"The outlook revision to positive reflects JBS' improved business
profile because it is successfully integrating acquired assets and
therefore collecting synergies and improving results," said
Standard & Poor's credit analyst Leopoldo Oliveira. "In
particular, JBS has fully integrated Bertin into its Brazilian
operations."

The positive outlook also reflects JBS' improving financial
profile because it is reducing its exposure to short-term debt,
maintaining adequate liquidity, and continuing to post positive
credit metrics as a result of projected increasing cash generation
and debt reduction in the intermediate term.

The ratings on JBS and JBS USA reflect JBS' aggressive financial
profile.  High financial leverage, volatile profitability in the
protein business, and challenging market conditions for its
poultry business -- through its 67% stake in Pilgrim's Pride Corp.
(PPC; BB-/Stable/--) -- are hampering JBS' credit profile,
although it is improving.

JBS' global operations, favorable protein and geographic
diversification, and good intermediate-term market conditions for
beef and pork in the U.S. partly offset the risks.


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


BTMU PREFERRED: Members' Final Meeting Set for May 31
-----------------------------------------------------
The members of BTMU Preferred Capital Limited will hold their
final meeting on May 31, 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


HORIZON LEASING: Members' Final Meeting Set for May 31
------------------------------------------------------
The members of Horizon Leasing Limited will hold their final
meeting on May 31, 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


MLMI CAYMAN: Shareholders' Final Meeting Set for May 27
-------------------------------------------------------
The shareholders of MLMI Cayman NIM 2004-FF1, Ltd. will hold their
final meeting on May 27, 2011, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ROMANZA CORPORATION: Shareholders' Final Meeting Set for May 31
---------------------------------------------------------------
The shareholders of Romanza Corporation will hold their final
meeting on May 31, 2011, at 3:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Owen Kratz
         204 Travis Street #8
         Houston, Texas 77002
         USA
         Telephone: 281-618-0400
         Facsimile: 281-618-0505


TPF1 HOLDINGS: Members' Final Meeting Set for May 31
----------------------------------------------------
The members of TPF1 Holdings Inc. will hold their final meeting on
May 31, 2011, at 10:15 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


=====================
E L   S A L V A D O R
=====================


AES EL SALVADOR: Fitch Affirms 'BB' IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed AES El Salvador Trust's foreign and
local currency Issuer Default Rating (IDRs) at 'BB'. The rating
action applies to US$300 million of Political Risk Protected (PRP)
bond issuance due Feb.1, 2016. Concurrently, Fitch affirmed
Compania de Alumbrado Electrico de San Salvador (CAESS) and
Empresa Electrica de Oriente (EEO) at 'A+(slv)'.  The Rating
Outlook for all ratings is Stable.

AES El Salvador's ratings are based on the combined credit
strength of its operating assets and reflect the group's
relatively large size compared to the market, low business risk
profile, and its predictable cash flow generation. The rating also
reflects its relatively high leverage, and its high exposure to
government intervention risk, and the continued sovereign risk
exposure through subsidies and intervention. The rating takes into
account the weakening macroeconomic conditions in El Salvador.

AES El Salvador Trust is a special-purpose vehicle (SPV) located
in Panama that was created to issue US$300 million of notes on
behalf of AES El Salvador. AES El Salvador Trust's ratings are
based on the combined credit quality of AES El Salvador's
operating assets: Compania de Alumbrado Electrico de San Salvador
(CAESS), Empresa Electrica de Oriente (EEO), AES CLESA y Cia
(CLESA), and Distribuidora Electrica de Usulutan (DEUSEM). These
operating companies are the guarantors of AES El Salvador's
outstanding debt issuance.

The company's political risk protected (PRP) notes benefit from
external liquidity facilities totaling 12 months of interest
payments. A six-month debt-service reserve account, coupled with a
six-month letter of credit provided by Credit Suisse (CS, acting
through its Cayman Islands branch), helps protect against a
potential currency inconvertibility/non-transfer event. The
facilities will remain available for the life of the notes as long
as certain criteria are met. While the stated maturity of the
notes is 2016, the notes can be extended by 12 months during an
event of transfer and convertibility restrictions.

Large market position and low risk business:

Its low risk business gives the company a stable customer base and
a predictable cash flow. Although distribution service territories
are not exclusive and distributors are free to compete for
customers, the risk of new competition is low given that
distribution companies possess significant economies of scale. AES
El Salvador accounts for over 80% of El Salvador's electricity
distribution area market share. It serves more than 1.1 million of
customers with 973 employees, in 2010 sold 3.526 gigawatt hours
(GWh), which represents 67% of El Salvador total energy demand
during the year. The company's operations are considered efficient
compared with other distribution companies in the region. The
group, on a consolidated basis, has reported energy loses of 8.9%
as of December 2010.

According to recent changes in the electricity law, distribution
companies in El Salvador are now required to enter into long-term
contracts to supply their expected demand; by June 30, 2011,
distribution companies will be required to have contracts for
least 70% of their peak demand and by June 30, 2015, 80%. Given
that customers are currently free to transfer between electricity
suppliers, this holds the potential for the company to lose demand
to other suppliers, yet, still paying wheeling fees to the
incumbent distribution company.

Leverage ratio remains high:

As of December 2010 total EBITDA continued to be weak, at US$61
million with total debt of US$300 million, which resulted in a
high leverage ratio of 4.9 times (x). Average EBITDA during the
last three fiscal year accounts US$61.3 million, below the
previous historical data around US$81 million, due to the impact
of the tariff regime approved for the period 2008 - 2012. AES El
Salvador's interest coverage continues to be adequate for the
rating category at approximately 2.5x. Going forward, short term
liquidity pressures were reduced due to quarterly energy cost
adjustments through tariff adjustments beginning this year,
instead of the semiannual revision. However, liquidity could be
affected in case of higher energy prices for final users that
could lead to account receivables ageing.

AES El Salvador's liquidity is supported by its cash on hand,
which as of year end 2010 was approximately US$26 million, and an
US$40.5 million short-term bank credit facility to buy electricity
from generators. Fitch expects leverage ratio to maintain around
5x as result of current tariffs regime and no significant
variation of debt level.

Exposure to government intervention risk is high:
The ratings incorporate AES El Salvador's high exposure to
regulatory risk, and receipt of government subsidies. The
weakening macroeconomic conditions in El Salvador could affect
large subsidies due to pressures on country fiscal accounts. The
government expects to improve targeting on electricity subsidies.

The Salvadorian government implemented an extraordinary subsidy
for users with consumption below 300 kilowatts (KWh), which was in
force during six months through October 2010. This subsidy
represented US$15.8 million to AES El Salvador group. The
government still subsidies consumers with a monthly consumption of
99KWh or less, this subsidy amounted US$70 million (US$67.4
million during 2009). Number of clients subsided (consumption
99KWh or less) amounted to 667,482 which is 58% of total clients
as of December 2010. This could create working capital needs for
distribution companies depending on the timely disbursement of
subsidies from the government. Should distribution companies be
forced to issue additional debt to fund its working capital
requirements, while it continues distributing dividends, its
credit quality could deteriorate further.

Key Ratings drivers

   -- AES El Salvador's ratings could be negatively affected by
      any combination of these factors: deterioration of credit
      metrics; shortages of electricity supply resulting in lower
      consumption and lower cash flow generation; further
      political or regulatory intervention that negatively affects
      the company's financial performance, deterioration of
      macroeconomic conditions in El Salvador;

   -- AES El Salvador's ratings could be positively affected by a
      sustainable leverage reduction; regulatory stability; and
      improving macroeconomic conditions in El Salvador.

Fitch has taken these rating actions:

   -- AES El Salvador foreign currency and local currency IDR
      affirmed at 'BB';

   -- AES El Salvador's US$300 million PRI notes due 2016 affirmed
      at 'BB';

   -- Compania de Alumbrado Electrico de San Salvador (CAESS)
      national scale rating affirmed at 'A+(slv)';

   -- Empresa Electrica de Oriente (EEO) national scale rating
      affirmed at 'A+(slv)'.


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M E X I C O
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CABLEMAS: Fitch Affirms & Withdraws All Ratings On Firm
-------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn all
ratings of Cablemas, S.A. de C.V. (Cablemas), as they are no
longer considered by Fitch to be relevant to the agency's
coverage, consistent with Fitch's policies. Fitch will no longer
provide ratings or credit research on this issuer. The company
does not have outstanding balances of public debt instruments and
Fitch anticipates Cablemas will not incur on these type of
financing in the foreseeable future.

On November 2010, Cablemas refinanced its public debt composed of
US$175 million senior notes and US$50 million in bank facilities
with loans from Grupo Televisa, S.A.B. (parent company); following
the senior notes redemption, the company is no longer required to
file public financial information on a standalone basis.

Fitch has affirmed and withdrawn these ratings of Cablemas:

   -- Local currency Issuer Default Rating (IDR), 'BB';

   -- Foreign currency IDR, 'BB';

   -- National scale rating, 'A+(mex)'.

The Rating Outlook of all ratings is Stable.


GRUPO POSADAS: S&P Affirms 'B-' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B-' global scale and the national 'mxBB-' national scale
corporate credit ratings, on Mexican hotel company Grupo Posadas
S.A.B. de C.V., and removed them from CreditWatch, where they were
placed with negative implications on Nov. 12, 2010. The outlook is
negative.

"The 'B-' global scale corporate credit rating on Posadas reflects
the company's aggressive financial policy, weak liquidity, and
high leverage," said Standard & Poor's credit analyst Monica
Ponce. "These factors are partially offset by the company's
position as the largest hotel operator in Mexico and its
diversified hotel portfolio, including recognized brands."

The company has renegotiated its covenants, increasing the
headroom on some. If the accounts receivable the company has
discounted increase by more than 30% from current levels, a step-
down in the covenants could occur.

Posadas' covenant headroom under the US$20 million committed bank
loan is tight. "However, we anticipate no breach of covenants in
the next year. The remaining open derivative positions that the
company holds could pressure its liquidity position if foreign
exchange becomes volatile. As of March 31, 2011, the company's
outstanding net mark-to-market was an MXN66.7 million loss,
while its margin calls were about MXN200 million," S&P stated.

The bankruptcy of Nuevo Grupo Aeronautico (NGA) affected Posadas'
third quarter 2010 results. The company provided NGA with
reservation and ticket sale services and rooms for NGA's crew, and
had all-inclusive package deals with the airline.


SATELITES MEXICANOS: Bankruptcy Court Confirms Chapter 11 Plan
--------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. disclosed that the U.S.
Bankruptcy Court in the District of Delaware has confirmed its
prepackaged plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code.  Satmex, together with its subsidiaries Alterna'
TV Corporation and Alterna' TV International Corporation, filed
the Plan on April 6, 2011.  The Plan is purely a balance sheet
restructuring, and has no effect on employees or trade creditors
As part of the Plan, the issuance of US$325 million in principal
amount of new 9.5% senior secured notes due 2017 was also
approved.  The Notes were issued at par on May 5, 2011, by Satmex
Escrow, S.A. de C.V., a bankruptcy-remote wholly owned subsidiary
of Satmex.  If certain conditions are satisfied, Satmex Escrow
will merge with and into Satmex in connection with the emergence
of Satmex and its subsidiaries from Chapter 11, which, as planned,
is expected on May 26, 2011.

Upon emergence from Chapter 11, the net proceeds from the offering
of the Notes will be used to repay Satmex's existing First
Priority Senior Secured Notes due 2011 and, along with the
proceeds of a US$96.25 million fully-backstopped rights offering
of equity securities to holders of Satmex's Second Priority Senior
Secured Notes due 2013, fund the completion of the Satmex's Satmex
8 satellite scheduled to be launched in 2012 to replace its Satmex
5 satellite, to purchase 100% of the current equity in Satmex
(subject to the satisfaction of certain conditions) and to
position Satmex to pursue future growth opportunities.

"We believe the reorganization plan and new capital structure will
allow Satmex to emerge from Chapter 11 with the financial
flexibility necessary to complete the construction and launch of
Satmex 8 and realize our substantial growth potential," said
Patricio E. Northland, Satmex Chief Executive Officer.  "I want to
again extend my appreciation for the support of our employees,
business partners and customers, to whom we look forward to
continuing to provide the highest quality of fixed satellite
services."

Lazard and its Mexican alliance partner, Alfaro, Davila y Rios,
S.C. serve as financial advisors to Satmex.  Greenberg Traurig
acts as U.S. counsel and Rubio Villegas & Asociados acts as
Satmex's Mexican counsel.

Jefferies & Company, Inc. is serving as financial advisor to
certain holders of the Second Priority Notes.  Ropes & Gray LLP
serves as U.S. counsel and Cervantes Sainz as Mexican counsel to
the group.

Dechert LLP is U.S. counsel to certain holders of the First
Priority Notes.  Galicia Abogados, S.C. is Mexican counsel to the
group.

Bracewell & Giuliani LLP serves as counsel to the Series B
Directors of Satmex's Board.

                        About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider 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 first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna' TV International Corporation and
Alterna' TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets
and US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
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.

Jefferies & Company, Inc., is the financial advisor to supporting
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second 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.


VITRO SAB: Mexico Judge Rejects Bankruptcy Petitions on 8 Units
---------------------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
said a Mexican judge rejected bankruptcy petitions against eight
of its units.

Nine bankruptcy filings against units remain and the judge is
expected to dismiss them as well, Vitro said in an e-mail
statement to Mexico's stock exchange, according to Bloomberg.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Vitro America, et al., Kurtzman Carson Consultants is the
claims and notice agent.  Alvarez & Marsal North
America LLC, is the Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abidi Qureshi, Esq., and
Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, as counsel.


===============
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-USD     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.


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