TCRLA_Public/110523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, May 23, 2011, Vol. 12, No. 100

                            Headlines



B R A Z I L

OGX PETROLEO: Moody's Assigns 'B1' rating to Sr. Unsecured Notes
TAM CAPITAL: S&P Rates Proposed US$300MM Sr. Unsecured Notes 'B'


C A Y M A N   I S L A N D S

CABOLEASE INC: Members' Final Meeting Set for June 10
CAPITAL TRADING: Shareholders' Final Meeting Set for June 10
CASSIOPEIA MULTI: Member to Receive Wind-Up Report on May 31
CHEYNE SPECIAL: Shareholders Receive Wind-Up Report
ENTRUST CAPITAL: Shareholders' Final Meeting Set for June 10

ING CLARION: Shareholder to Receive Wind-Up Report on June 1
ROCKWELL DIVERSIFIED: Creditors' Proofs of Debt Due May 30
SOLENT CREDIT: Members' Final Meeting Set for May 31
SOLENT CREDIT: Members' Final Meeting Set for May 31
SOLENT CREDIT: Members' Final Meeting Set for May 31


J A M A I C A

SUGAR COMPANY OF JAMAICA: Unions for Workers to Meet With Complant


T R I N I D A D  &  T O B A G O

CL FINANCIAL: State Prepares CLICO 'Exit Strategy'
CL FINANCIAL: Sagicor Seeks to Acquire CLICO
TRINIDAD CEMENT: Chief Executive Officer Denies Firm is Insolvent


X X X X X X X X

* BOND PRICING: For the Week May 16, to May 20, 2011


                            - - - - -


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


OGX PETROLEO: Moody's Assigns 'B1' rating to Sr. Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned OGX Petroleo e Gas
Participa‡oes S.A. a B1 Corporate Family Rating and a B1 rating to
the company's proposed US$2 billion senior unsecured notes. The
proceeds from the notes offering will be used primarily to fund
the company's production and development campaign and for general
corporate purposes. The rating outlook is stable.

"OGX's B1 rating reflects the company's large, world scale
resource base, which provides excellent reserves and production
growth potential," commented Gretchen French, Moody's Vice
President -- Senior Analyst. "However, the company remains pre-
operational with high staging and execution risk."

RATINGS RATIONALE

While OGX's B1 rating favorably considers the company's resource
base, energy sector experienced management team and board and
solid liquidity position, the rating is restrained by the
company's pre-operational status, with no production or proven
reserves, early stage small scale and concentrated production
operations through the third quarter of 2013, and high front-end
leverage, with large up-front capital spending and lack of free
cash flow until 2014.

OGX's resource base provides excellent reserves and production
growth potential more indicative of an investment grade profile.
The company has conducted an accelerated and highly successful
exploration campaign since its IPO in 2008, particularly in the
shallow to mid-waters offshore Campos Basin and the onshore
Parnaiba Basin. As of December 31, 2010, based on volumetric
reservoir estimates, third-party engineering firm DeGolyer &
MacNaughton (D&M) has estimated net 2C contingent resources of
approximately 0.7 billion barrels of oil equivalent (boe).
However, none of these barrels are classified as proven reserves
under SEC definitions and the company remains pre-operational.
First production is not expected until October 2011 from the
Waimea Complex in the Campos Basin. Moody's expects a portion of
OGX's contingent resources will be converted to proven reserves
after the company submits a declaration of commerciality for the
Waimea Complex to the Brazilian National Petroleum, Natural Gas
and Biofuel Agency (ANP). With additional field delineation and
successful development wells, additional contingent resources
should move to the proven category.

Until operating performance that reasonably meets management's
projections is achieved, the ratings remain restrained at the B1
rating. Commercial operation and production ramp up faces inherent
staging and execution risk, as well as the risk of inconsistent
reservoir thickness, reservoir rock quality, and unknown
production decline curves. Moody's notes that D&M's contingent
resources estimates were only based on volumetric analysis with
limited available data and did not include a field development
economic feasibility study. However, D&M appears to have used
conservative assumptions in its estimates of contingent resources.

Over the next several years, OGX is planning to develop its oil
resources in the prolific Campos Basin through drilling horizontal
wells and using FPSOs and wellhead platforms. First production
will entail an extended well test from OGX's first horizontal
well, with production expected to come onstream at about 15
thousand barrels per day (bpd). The well is at a water depth of
134 meters (440 feet) and will be connected to an FPSO. Management
expects production from the Waimea complex to ramp up to around
40-50 thousand bpd in 2012 from the drilling of two additional
horizontal wells and two injection wells. These three producing
wells represent significant production concentration over the near
to medium term rating horizon. Mody's notes that the company has
certain mitigants in place with respect to its production
concentration, including spare equipment for the wells and five
semi-submersibles operating in the basin to perform workovers, if
needed. While the company expects to have 10 horizontal production
wells onstream and up to 280,000 bpd of installed capacity by
2013, significant production ramp up isn't expected until after
the third quarter of 2013, with 150 thousand bpd targeted in the
later half of 2013.

OGX has secured in Brazil nearly all key equipment for first
production at Waimea, with the notable exception of the FPSO,
which is currently undergoing customization in a Keppel FELS
shipyard in Singapore and which will be leased to OGX from
affiliate company OSX. The customization is approximately 85%
complete and the vessel is expected to be delivered to Brazil this
August. Ramp up of production to 150 thousand bpd is subject to
the delivery of two yet to be constructed wellhead platforms that
will be constructed in Brazil by Technit and two yet to be
constructed FPSOs that will be built in Singapore by SBM and
Modec. In addition, Moody's notes that OGX is awaiting approval
from the Brazilian Institute of the Environment and Natural
Renewable Resources (IBAMA) for environmental licenses to install
and operate offshore production facilities in the Campos Basin.

OGX benefits from a seasoned management team. The company has a
deep exploration and production team with considerable experience
with E&P operations in Brazil, namely Petrobras. In particular,
management has deep experience in a number of offshore field
development projects at Petrobras. In addition, several members of
OGX's board members have substantial energy industry experience.

OGX faces large up-front capital spending and long project lead
times. As such, Moody's expects the company will generate negative
free cash flow through 2013. The company projects total capital
expenditures of just under US$5 billion over the next three years,
and based on Moody's price deck, Moody's estimates negative cash
flow of over US$4 billion. Cash flow deficits could be greater
than projected due to the risk of project delays from equipment
and/or labor constraints or geological or drilling and completion
complications.

The company should have sufficient liquidity over the near to
medium term following the notes issuance. Balance sheet cash will
be the primary funding source for its exploration and development
initiatives in the next two years given limited anticipated
production and internal cash flow generation. At March 31, 2011
and pro forma for the proposed US$2 billion notes issuance, the
company had approximately US$3.97 billion of cash. The company
also had US$508 million in marketable securities at March 31,
2011.

Due to the preponderance of a single class of debt in the capital
structure, the proposed US$2.0 billion senior notes are rated B1,
the same level as the Corporate Family Rating. The notes rank pari
passu with all present and future senior unsecured indebtedness of
the company. The notes have upstream guarantee from OGX Ltda. and
OGX Campos - subsidiaries comprising over 75% of OGX's resources.
OGX Maranhao, which holds the interest in the Parnaiba blocks, is
not a guarantor for the notes. If the company were to incur
material levels of secured debt in the future, the notes could
face notching pressure down from the Corporate Family Rating.
Moody's notes that the proposed notes have a substantial secured
debt carve out for the greater of US$1.0 billion and 10% of
Consolidated Total Assets.

The B1 ratings and stable rating outlook are highly prospective
and assume reasonable achievement of production forecasts over the
next 12-18 months. The company faces significant staging and
execution risk in achieving its production growth targets.

The B1 rating could face positive momentum going forward based on
the production and proven reserve growth potential from OGX's
large resource base. Success in meeting production growth targets
in 2012 and substantial progress on the construction of the two
additional FPSOs and wellhead platforms could result in positive
rating action.

Material delays or production shortfalls (worse than Moody's
stress case scenario of a six month delay) or diminished liquidity
could result in negative pressure on the rating.

The principal methodology used in rating OGX was the Independent
Exploration and Production (E&P) Industry Methodology, published
December 2008.

Based in Rio de Janeiro, Brazil, OGX is one of the largest
independent exploration and production companies in Latin America.


TAM CAPITAL: S&P Rates Proposed US$300MM Sr. Unsecured Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to TAM
Capital 3 Inc.'s forthcoming US$300 million senior unsecured notes
due in 2021. "We are placing the rating on CreditWatch with
positive implications. TAM Capital 3 Inc. is a wholly owned
subsidiary of TAM S.A. (B+/Watch Pos/--). TAM will unconditionally
and irrevocably guarantee the debt at TAM Capital 3 Inc. TAM
reported adjusted total debt, including operating leases, of
Brazilian reais (R$) 8.4 billion as of March 31, 2011. The rating
on the senior unsecured notes is one notch lower than the
corporate credit rating assigned to TAM to reflect effective
subordination of unsecured creditors to secured obligations. Under
our criteria, operating leases and other aircraft financing are
assumed to be senior secured obligations with priority of payment
relative to other unsecured debt. As of March 31, 2011, TAM
reported approximately R$5.6 billion in secured debt," S&P
elaborated.

The CreditWatch listing follows the corporate credit rating on
TAM. "We expect to resolve the CreditWatch status as soon as
regulatory authorities reach their conclusions about the merger
between LAN Airlines S.A. and TAM. This may, however, take several
quarters to complete. Our assessment of TAM's improved business
and financial profiles as we obtain more clarity on LATAM's
strategic plan, the combined company if the merger succeeds, could
lead us to raise our ratings on TAM," S&P added.

Ratings List

TAM S.A.
Corporate Credit Rating                    B+/Watch Pos/--

New Rating

TAM Capital 3 Inc.
  US$300 Mil. Senior Unsecured Due 2021     B/Watch Pos


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


CABOLEASE INC: Members' Final Meeting Set for June 10
-----------------------------------------------------
The members of Cabolease Inc. 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's liquidator is:

         Jose Ricardo Martins Cordeiro
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CAPITAL TRADING: Shareholders' Final Meeting Set for June 10
------------------------------------------------------------
The shareholders of The Capital Trading Fund Offshore, Ltd. will
hold their final meeting on June 10, 2011, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jonathan Culshaw
         Telephone: +44 207 842 6085
         Facsimile: +44 207 353 0487
         Harney Westwood & Riegels LLP
         5 New Street Square, 5th Floor
         London EC4A 3BF
         United Kingdom


CASSIOPEIA MULTI: Member to Receive Wind-Up Report on May 31
------------------------------------------------------------
The member of Cassiopeia Multi Global Strategy Fund Ltd. will
receive on May 31, 2011, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Philip Manduca
         Telephone: + 447770 477499
         High Lanes, North Drive
         Wentworth, Surrey GU25 4NL
         United Kingdom


CHEYNE SPECIAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cheyne Special Situations Special Purpose
Asset Vehicle Inc. received on March 18, 2011, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ENTRUST CAPITAL: Shareholders' Final Meeting Set for June 10
------------------------------------------------------------
The shareholders of Entrust Capital Market Neutral Fund Ltd. will
hold their final meeting on June 10, 2011, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ING CLARION: Shareholder to Receive Wind-Up Report on June 1
------------------------------------------------------------
The shareholder of ING Clarion Market Neutral, Ltd. will receive
on June 1, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


ROCKWELL DIVERSIFIED: Creditors' Proofs of Debt Due May 30
----------------------------------------------------------
The creditors of Rockwell Diversified Fund Limited are required to
file their proofs of debt by May 30, 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:

         Philip Manduca
         Telephone: + 447770 477499
         High Lanes, North Drive
         Wentworth, Surrey GU25 4NL
         United Kingdom


SOLENT CREDIT: Members' Final Meeting Set for May 31
----------------------------------------------------
The members of Solent Credit Opportunities General Partner Limited
will hold their final meeting on May 31, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


SOLENT CREDIT: Members' Final Meeting Set for May 31
----------------------------------------------------
The members of Solent Credit Opportunities Master Fund 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:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


SOLENT CREDIT: Members' Final Meeting Set for May 31
----------------------------------------------------
The members of Solent Credit Opportunities Notes Fund will hold
their final meeting on May 31, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 8240
         Facsimile: (345) 949 7120


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


SUGAR COMPANY OF JAMAICA: Unions for Workers to Meet With Complant
------------------------------------------------------------------
RJR News reports that Dr. Christopher Tufton, the Minister of
Agriculture, has reportedly agreed to a request from trade unions
for a meeting to discuss the fate of sugar workers with the
impending takeover of Sugar Company of Jamaica Holdings Limited
(SCJ)'s factories by the Chinese firm, Complant.

The meeting is set for June 1.

The unions want answers on how the employees will be treated when
the factories are fully placed under Complant's control, according
to RJR News.  "We have written to the minister requesting a
meeting to discuss the winding up process (and) the terminal
arrangements for the workers who have been engaged since January
2009.  A meeting has been arranged for June 1 at 10 o'clock to
commence those discussions," Mr. Morrison told RJR's Financial
Report in an interview.

Last year, RJR News recalls that Complant spent US$9 million to
acquire the Frome, Bernard Lodge, and Monymusk sugar factories in
Westmoreland, St. Catherine and Clarendon respectively.

Complant, which is still carrying out due diligence on the
entities ahead of the formal handover in early August, recently
dispatched a high-level delegation to the island to hold talks
with the government, RJR News notes.

                            About SCJ

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

                           *     *     *

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


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: State Prepares CLICO 'Exit Strategy'
--------------------------------------------------
Ria Taitt at Trinidad Express reports Finance Minister Winston
Dookeran said the government has paid TT$225 million to 7,242
Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago) depositors whose investments were
TT$75,000 or less; and has paid TT$19 million to 93 persons who
were "in distress" under the compassionate window facility.

CLICO is a subsidiary of CL Financial Limited.

Minister Dookeran said most of the 11,000 eligible depositors have
been paid, according to Trinidad Express.  Those who have not been
paid out are those who cannot be located," he added.

Trinidad Express notes that of this 93 persons, (those with
investments over TT$75,000) Minister Dookeran said his
understanding was that most of the cases have been "for age and
medical purposes".

Trinidad Express discloses that Minister Dookeran said with
respect to the 15,000 depositors who have an investment of over
TT$75,000, government has to take legislation to Parliament before
it can issue the bonds.  He said he was hoping to do this before
the end of the current parliamentary session by June 17, the
report relates.

Meanwhile, Minister Dookeran said government was preparing an
"exit strategy" from CLICO.  "We are in the process of doing an
exit strategy from this problem.  It would still take some time .
. . There are issues of restructuring of the shareholding of the
company . . . . The most difficult part of the exit strategy is
how the State would get back the money it has invested.  That
remains an issue but we are trying to address that problem now,"
Trinidad Express quoted Minister Dookeran as saying.

Minister Dookeran said government has been able to put CLICO in
more stable position, Trinidad Express discloses.  The interest of
some 225,000 traditional policyholders had been addressed, since
the statutory reserves had been restored, he added.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


CL FINANCIAL: Sagicor Seeks to Acquire CLICO
--------------------------------------------
RJR News reports that insurance company, Sagicor Life Jamaica is
eyeing the purchase of troubled Trinidad and Tobago counterpart,
Colonial Life Insurance Company (Trinidad) Limited
(CLICO).

CLICO is a subsidiary of CL Financial Limited.

Sagicor, which is on the verge of receiving JM$200 million from
the International Finance Corporation, said that money would
better place it to carry out the acquisition, according to RJR
News.

RJR News says that Dr. Dodridge Miller, the Chairman of the Board
of Directors of Sagicor Life Jamaica, said a Sagicor team had
already met with the Trinidad Government and had also alerted the
Barbados Government and regulators of its interest.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


TRINIDAD CEMENT: Chief Executive Officer Denies Firm is Insolvent
-----------------------------------------------------------------
Darcel Choy at Trinidad and Tobago Newsday reports that Trinidad
Cement Limited Group Director and Group Chief Executive Officer
Dr. Rollin Bertrand assured that despite two years of decline in
revenue and "cash flow problems", the company was not insolvent.

Audited yearly results showed TCL recorded a 10% decline in
revenue of TT$179 million in 2010 following the 16% decline of
TT$333 million recorded in 2009, according to T&T Newsday.

Mr. Bertrand told the news agency in an interview that the group
was experiencing cash flow problems as a consequence of
contraction in the markets.  "The group however is looking to
develop new markets which we have identified.  With the current
liquidity challenges we approached our lenders to see how our debt
can be restructured and we plan to develop these markets to bring
the group back to profitability," T&T Newsday quoted Mr. Bertrand
as saying.

Mr. Bertrand, T&T Newsday notes, said that shareholders were
concerned about the group's performance but he was sure the plan
would return it to profitability.

T&T Newsday relates that auditor Ernst and Young said the group
was not in compliance with certain loan ratio requirements and as
such was in default of its obligations under various loan
agreements.  The report discloses that the auditors said lenders
could therefore initiate legal action to demand immediate
repayment of outstanding loan obligations, which the group was not
in a position to immediately meet.  This condition, along with
other matters, indicated the existence of a "material uncertainty"
that may impact on the group's ability to continue as a going
concern, they added.

Meanwhile, T&T Newsday relates that the Readymix Group, a member
of TCL, recorded a net loss of TT$3.4 million for 2010.  The
report notes that Caribbean Cement Co Ltd, another subsidiary,
recorded a net loss after tax of TT$1.56 billion compared to a
loss of TT$145 million for the previous year mainly due to a
changing market mix of local and export sales which saw revenue
falling by TT$939 million.

Ernest and Young in their note said the TCL Group's current
liabilities exceeded its current assets by TT$839 million as at
December 31, 2010, the report adds.

Trinidad Cement Limited Group is a cement company in Trinidad and
Tobago.


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


* BOND PRICING: For the Week May 16, to May 20, 2011
----------------------------------------------------

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


ARGENTINA
---------

ARGENT-PAR            1.18    12/31/2038     ARS            61.49
ARGENT-DIS            7.82    12/31/2033     EUR            73
ARGENT-DIS            7.82    12/31/2033     EUR            72.75
ARGENT-DIS            4.33    12/31/2033     JPY            42
ARGENT-PAR&GDP        0.45    12/31/2038     JPY             8
ARGNT-BOCON PR13      2        3/15/2024     ARS           110.04
BODEN 2014            2        9/30/2014     ARS            32.5
BOGAR 2018            2        2/4/2018      ARS            31.85
PRO12                 2        1/3/2016      ARS           118.14


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

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
BCP FINANCE BANK      5.01     3/31/2024     EUR            47.206
BCP FINANCE BANK      5.31    12/10/2023     EUR            49.744
BCP FINANCE CO        5.54                   EUR            65.956
BCP FINANCE CO        4.23                   EUR            65.65
BES FINANCE LTD       5.77     2/7/2035      EUR            57.101
BES FINANCE LTD       5.58                   EUR            64.864
BES FINANCE LTD       4.5                    EUR            66.012
BES FINANCE LTD       6.62                   EUR            73.009
EFG ORA FUNDING       1.7     10/29/2014     EUR            62.834
ESFG INTERNATION      5.75                   EUR            58.322
IMCOPA INTL CAYM     10.37    12/19/2014     USD            36.5

CHILE
-----

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
AGUAS NUEVAS          3.4     5/15/2012      CLP             0.13
CGE DISTRIBUCION      3.25    12/1/2012      CLP            40.042
ESVAL S.A.            3.8     7/15/2012      CLP            37.677
MASISA                4.25    10/15/2012     CLP            29.682
QUINENCO SA           3.5     7/21/2013      CLP            38.182


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

PUERTO RICO CONS      6.2     5/1/2017       USD            53.531
PUERTO RICO CONS      6.5     4/1/2016       USD            63.375


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD            46.082
PETROLEOS DE VEN      5.375   4/12/2027      USD            47.81
PETROLEOS DE VEN      5.25    4/12/2017      USD            60.148
PETROLEOS DE VEN      5.125  10/28/2016      USD            61.709
PETROLEOS DE VEN      5      10/28/2015      USD            65.873
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.244
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.055
PETROLEOS DE VEN      4.9    10/28/2014      USD            73.904
VENEZUELA             7       3/31/2038      USD            56.146
VENEZUELA             7       3/31/2038      USD            57.1
VENEZUELA             6       12/9/2020      USD            60
VENEZUELA             7.65     4/21/2025     USD            61.625
VENEZUELA             8.25    10/13/2024     USD            64.125
VENEZUELA             9.25     5/7/2028      USD            68
VENEZUELA             9        5/7/2023      USD            69
VENEZUELA             7.75    10/13/2019     USD            69.625
VENEZUELA             7       12/1/2018      USD            70.625
VENEZUELA             9.25     9/15/2027     USD            71.737
VENEZUELA             9.25     9/15/2027     USD            72.42
VENZOD - 189000       9.375    1/13/2034     USD            68.75



                            ***********

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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